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FINANCIAL STATEMENTS
4. Notes to the financial statements
4.1 Operating revenues
Operating revenues were measured at the fair value of the consideration received or receivable, taking into account the
amount of any trade discounts or tax-volume rebates.
The fair value of the consideration received or receivable is equal to the invoiced amount, since the Company doesn’t
provide any deferred credit terms to its customers, in the form of interest-free instalments or at below market interest
rates.
The Company, in cases where it is likely, based on estimations, that the economic benefits related to a transaction are
not expected to flow to the entity, does not recognise the revenue of the specific transaction.
a) Airport charges
Revenues related to airport charges are recognised in the Income Statement when the services are rendered. The criteria for
the recognition of income related to airport charges is the aircraft’s take off. Each arrival of an aircraft and its subsequent
departure is considered as a cycle of movement/flight where all necessary services have been rendered.
Article 14 of law 2338/1995, the “Airport Development Agreement”, sets the rules for defining the charges levied to the
users of the airport with respect of the facilities and services provided at the airport.
According to the aforementioned article, the Company shall be free and at its discretion determine the level of airport
charges in order to cover:
• all operating costs and expenses allocated to air activities for each period;
• the proportion of all overheads allocated to air activities for each period;
• depreciation of all assets allocated to air activities by applying the straight line depreciation method over the projected
life of these assets;
• interest paid during the period on the proportion of the debt allocated to air activities;
• income tax paid during the period allocated to air activities; and,
• a compounded cumulative return on the air activities capital at the maximum level of 15% per annum.
“Air Activities” means the provision of facilities, services and equipment for the purpose of:
• Landing, parking of aircrafts;
• The servicing of aircrafts;
• The handling of passengers, baggage, cargo or mail on airport premises; and,
• The transfer of passengers, baggage, cargo or mail to and from aircrafts and trains.
Since the airport’s opening the Company has never exceeded the cumulative equity return of 15% on the air activities
capital, setting the airport charges at a level reasonably acceptable by the users of the airport.
b) Building space rentals
The Company rents properties -including building spaces and cargo- within the airport premises under the form of an
operating lease.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 39 OF 69
4. Notes to the financial statements
4.1 Operating revenues
Operating revenues were measured at the fair value of the consideration received or receivable, taking into account the
amount of any trade discounts or tax-volume rebates.
The fair value of the consideration received or receivable is equal to the invoiced amount, since the Company doesn’t
provide any deferred credit terms to its customers, in the form of interest-free instalments or at below market interest
rates.
The Company, in cases where it is likely, based on estimations, that the economic benefits related to a transaction are
not expected to flow to the entity, does not recognise the revenue of the specific transaction.
a) Airport charges
Revenues related to airport charges are recognised in the Income Statement when the services are rendered. The criteria for
the recognition of income related to airport charges is the aircraft’s take off. Each arrival of an aircraft and its subsequent
departure is considered as a cycle of movement/flight where all necessary services have been rendered.
Article 14 of law 2338/1995, the “Airport Development Agreement”, sets the rules for defining the charges levied to the
users of the airport with respect of the facilities and services provided at the airport.
According to the aforementioned article, the Company shall be free and at its discretion determine the level of airport
charges in order to cover:
• all operating costs and expenses allocated to air activities for each period;
• the proportion of all overheads allocated to air activities for each period;
• depreciation of all assets allocated to air activities by applying the straight line depreciation method over the projected
life of these assets;
• interest paid during the period on the proportion of the debt allocated to air activities;
• income tax paid during the period allocated to air activities; and,
• a compounded cumulative return on the air activities capital at the maximum level of 15% per annum.
“Air Activities” means the provision of facilities, services and equipment for the purpose of:
• Landing, parking of aircrafts;
• The servicing of aircrafts;
• The handling of passengers, baggage, cargo or mail on airport premises; and,
• The transfer of passengers, baggage, cargo or mail to and from aircrafts and trains.
Since the airport’s opening the Company has never exceeded the cumulative equity return of 15% on the air activities
capital, setting the airport charges at a level reasonably acceptable by the users of the airport.
b) Building space rentals
The Company rents properties -including building spaces and cargo- within the airport premises under the form of an
operating lease.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 39 OF 69
