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FINANCIAL STATEMENTS
4.4 Net financial expenses
Analysis of net financial expenses 2009 2008
Financial expenses
Interest expenses and related costs on bank loans 53.259.505 57.429.709
Unwinding of discount for long term liabilities 4.801.553 4.354.302
Other financial expenses 358.769 60.120
Financial expenses
Financial revenues 58.419.827 61.844.130
Bank interest income
Interest income from trade receivables (5.901.182) (9.175.915)
Other financial revenues (20.480.568) (470.439)
Financial revenues
Net financial expenses 0 (2.005.500)
(26.381.750) (11.651.854)
32.038.077 50.192.276
Interest and related expenses amounting to €50.427.049 (2008: €57.333.474) were paid during the year ended 31
December 2009. The interest income is increased in 2009 due to the recognition of interest revenue attributable to OA
Group as a result of the positive outcome under the LCIA with respect to the domestic carrier’s debts.
The weighted average interest rate earned by the Company on its cash surplus for 2009 was 2,65% (2008: 4,77%). The
average maturity of the Company’s time deposits for 2009 was 34 days (2008: 21 days).
The discounting effect on the financial assets would be lower by €1.332.192 in 2009 (€743.132 in 2008) if the discounting
rate was 1% higher while the discounting effect would be higher by €1.364.241 in 2009 (€761.338 in 2008) if the
discounting rate was lower by 1%.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 45 OF 69
4.4 Net financial expenses
Analysis of net financial expenses 2009 2008
Financial expenses
Interest expenses and related costs on bank loans 53.259.505 57.429.709
Unwinding of discount for long term liabilities 4.801.553 4.354.302
Other financial expenses 358.769 60.120
Financial expenses
Financial revenues 58.419.827 61.844.130
Bank interest income
Interest income from trade receivables (5.901.182) (9.175.915)
Other financial revenues (20.480.568) (470.439)
Financial revenues
Net financial expenses 0 (2.005.500)
(26.381.750) (11.651.854)
32.038.077 50.192.276
Interest and related expenses amounting to €50.427.049 (2008: €57.333.474) were paid during the year ended 31
December 2009. The interest income is increased in 2009 due to the recognition of interest revenue attributable to OA
Group as a result of the positive outcome under the LCIA with respect to the domestic carrier’s debts.
The weighted average interest rate earned by the Company on its cash surplus for 2009 was 2,65% (2008: 4,77%). The
average maturity of the Company’s time deposits for 2009 was 34 days (2008: 21 days).
The discounting effect on the financial assets would be lower by €1.332.192 in 2009 (€743.132 in 2008) if the discounting
rate was 1% higher while the discounting effect would be higher by €1.364.241 in 2009 (€761.338 in 2008) if the
discounting rate was lower by 1%.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 45 OF 69
