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FINANCIAL STATEMENTS
4.5 Subsidies received funding borrowing cost
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a fee on passengers,
departing from Greek Airports older than 5 years old, aiming to ensuring that airlines and passengers will share the
responsibility for the development cost of the commercial aviation infrastructure in the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a monthly
basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
According to article 26.1 of law 2338/1995, the “Airport Development Agreement”, the Greek State undertook the
responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/2014. The Greek State also committed
that article 40 of law 2065/1992 “will not be amended or modified in any respect which materially prejudices the financal
return of the Airport Company”.
Based on the provisions of article 26.2 of law 2338/1995, in conjunction with article 16 of law 2892/2001, the airport
Company, at all times prior to airport opening and at all times after the airport opening, is entitled to make withdrawals
from the Spata Airport Development Fund, in order to fund borrowing cost derived from loans received for infrastructure
development.
For the year ended 31 December 2009 the Company was entitled to subsidies under the ADF amounting to €69.328.690
(2008: €75.811.777) as analysed below:
2009 2008
Receivables meeting interest and related expenses 53.540.081 56.008.859
Excess over borrowing cost 15.788.609 19.802.918
Total subsidies receivable 69.328.690 75.811.777
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as other revenues
in line with the accounting policy 2.14. Part of this amount was actually collected, while the balance was accounted for
as receivable in the balance sheet. (Refer to note 4.16)
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 46 OF 69
4.5 Subsidies received funding borrowing cost
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a fee on passengers,
departing from Greek Airports older than 5 years old, aiming to ensuring that airlines and passengers will share the
responsibility for the development cost of the commercial aviation infrastructure in the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a monthly
basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
According to article 26.1 of law 2338/1995, the “Airport Development Agreement”, the Greek State undertook the
responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/2014. The Greek State also committed
that article 40 of law 2065/1992 “will not be amended or modified in any respect which materially prejudices the financal
return of the Airport Company”.
Based on the provisions of article 26.2 of law 2338/1995, in conjunction with article 16 of law 2892/2001, the airport
Company, at all times prior to airport opening and at all times after the airport opening, is entitled to make withdrawals
from the Spata Airport Development Fund, in order to fund borrowing cost derived from loans received for infrastructure
development.
For the year ended 31 December 2009 the Company was entitled to subsidies under the ADF amounting to €69.328.690
(2008: €75.811.777) as analysed below:
2009 2008
Receivables meeting interest and related expenses 53.540.081 56.008.859
Excess over borrowing cost 15.788.609 19.802.918
Total subsidies receivable 69.328.690 75.811.777
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as other revenues
in line with the accounting policy 2.14. Part of this amount was actually collected, while the balance was accounted for
as receivable in the balance sheet. (Refer to note 4.16)
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 46 OF 69
