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FINANCIAL STATEMENTS
4.11 Government grants
A government grant relating to assets is recognised in the balance sheet initially as a deduction of the acquisition cost of
the fixed assets when there is reasonable assurance that it will be received and that the Company will comply with the
conditions attaching to it. Grants that compensate the Company for the cost of an asset are recognised in the income
statement, as other operating income or deducted from reported amount of the related asset, on a systematic basis over
the useful life of the asset.
Investment grants on owned & intangible assets: the Cohesion Fund
In accordance with paragraph 22.3 of the ADA, the Greek State undertook the responsibility to secure for the Company
the grants from European Community of €400.000.000 for the financing of the construction cost of the airport. Following
the signing off of the Identified Construction Contract, between the Company and the Consortium of the Constructors,
the Greek State applied for the Cohesion Fund financing. The Company, having fulfilled all the conditions called for by
the Cohesion Fund, was finally financed an amount of €398.124.115.
In accordance with IAS 20, government grants relating to assets are presented in the balance sheet either by setting up
the grants as deferred income or by deducting the grants received, against the acquisition cost of the pertinent fixed
assets. The Company adopted the second method of presentation that is, deducting the grants from the carrying amount
of the assets. For the allocation of the cohesion fund grants received, refer to notes 4.8 & 4.10.
The cohesion fund grant is amortised using the straight-line method over the useful life of the assets, which were financed
with this grant.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 53 OF 69
4.11 Government grants
A government grant relating to assets is recognised in the balance sheet initially as a deduction of the acquisition cost of
the fixed assets when there is reasonable assurance that it will be received and that the Company will comply with the
conditions attaching to it. Grants that compensate the Company for the cost of an asset are recognised in the income
statement, as other operating income or deducted from reported amount of the related asset, on a systematic basis over
the useful life of the asset.
Investment grants on owned & intangible assets: the Cohesion Fund
In accordance with paragraph 22.3 of the ADA, the Greek State undertook the responsibility to secure for the Company
the grants from European Community of €400.000.000 for the financing of the construction cost of the airport. Following
the signing off of the Identified Construction Contract, between the Company and the Consortium of the Constructors,
the Greek State applied for the Cohesion Fund financing. The Company, having fulfilled all the conditions called for by
the Cohesion Fund, was finally financed an amount of €398.124.115.
In accordance with IAS 20, government grants relating to assets are presented in the balance sheet either by setting up
the grants as deferred income or by deducting the grants received, against the acquisition cost of the pertinent fixed
assets. The Company adopted the second method of presentation that is, deducting the grants from the carrying amount
of the assets. For the allocation of the cohesion fund grants received, refer to notes 4.8 & 4.10.
The cohesion fund grant is amortised using the straight-line method over the useful life of the assets, which were financed
with this grant.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 53 OF 69
