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FINANCIAL STATEMENTS 2009 2008
6.022.464 14.591.071
4.14 Construction works in progress 6.022.464 14.591.071
Analysis of construction works in progress
Construction works in progress
Total construction works in progress
Construction works in progress mainly refer to additions and improvements on the existing infrastructure assets such as
technical works, building and facilities, roads etc. These assets will be returned to the Grantor at the end of the Concession
Period, together with all other infrastructure assets as described in note 1. Upon the completion of the construction, such
assets related to the infrastructure, will increase the cost of the concession intangible asset.
4.15 Trade receivables 2009 2008
Trade receivable accounts are analysed as follows: 125.742.934 144.933.521
Analysis of trade receivable accounts 932.520 344.013
Domestic customers 2.218.042 2.255.447
Foreign customers 20.890.665 34.593.339
Greek state & public sector (3.938.111) (93.801.898)
Accrued property rentals & other income
Impairment of financial assets 195.257 143.615
Other 146.041.307 88.468.037
Total trade receivable accounts
All receivables are initially measured at their fair value, which is equivalent to their nominal value, since the Company
extends to its customers short-term credit. Should any of the trade receivable accounts exceed the approved credit terms,
the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor interest
rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only recognised
when it is probable that the income will be collected.
During 2009, an amount of €91.493.298 of the impairment loss provision was reversed since the impairment indicators
identified in the past ceased to exist as a result of certain positive developments with respect to OA Group during the
current year ended 31 December 2009. The outstanding balance from this customer is expected to be substantially
settled within the short term. The impairment loss reversal is included in other revenues (refer to note 4.1). In addition
an impairment loss of €1.629.511 was recognised at year end for specific trade receivable accounts resulting in an
accumulated impairment loss as at 31 December 2009 of €3.938.111 (2008: €93.801.898).
The carrying amount of trade receivables closely approximates their fair value at balance sheet date.
4.16 Other receivables 2009 2008
Other receivable accounts are analysed as follows: 36.393.313 32.164.622
Analysis of other receivable accounts 4.429.776 4.041.136
Accrued ADF 40.823.089 36.205.758
Other
Total other receivable accounts PAGE 55 OF 69
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated)
6.022.464 14.591.071
4.14 Construction works in progress 6.022.464 14.591.071
Analysis of construction works in progress
Construction works in progress
Total construction works in progress
Construction works in progress mainly refer to additions and improvements on the existing infrastructure assets such as
technical works, building and facilities, roads etc. These assets will be returned to the Grantor at the end of the Concession
Period, together with all other infrastructure assets as described in note 1. Upon the completion of the construction, such
assets related to the infrastructure, will increase the cost of the concession intangible asset.
4.15 Trade receivables 2009 2008
Trade receivable accounts are analysed as follows: 125.742.934 144.933.521
Analysis of trade receivable accounts 932.520 344.013
Domestic customers 2.218.042 2.255.447
Foreign customers 20.890.665 34.593.339
Greek state & public sector (3.938.111) (93.801.898)
Accrued property rentals & other income
Impairment of financial assets 195.257 143.615
Other 146.041.307 88.468.037
Total trade receivable accounts
All receivables are initially measured at their fair value, which is equivalent to their nominal value, since the Company
extends to its customers short-term credit. Should any of the trade receivable accounts exceed the approved credit terms,
the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor interest
rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only recognised
when it is probable that the income will be collected.
During 2009, an amount of €91.493.298 of the impairment loss provision was reversed since the impairment indicators
identified in the past ceased to exist as a result of certain positive developments with respect to OA Group during the
current year ended 31 December 2009. The outstanding balance from this customer is expected to be substantially
settled within the short term. The impairment loss reversal is included in other revenues (refer to note 4.1). In addition
an impairment loss of €1.629.511 was recognised at year end for specific trade receivable accounts resulting in an
accumulated impairment loss as at 31 December 2009 of €3.938.111 (2008: €93.801.898).
The carrying amount of trade receivables closely approximates their fair value at balance sheet date.
4.16 Other receivables 2009 2008
Other receivable accounts are analysed as follows: 36.393.313 32.164.622
Analysis of other receivable accounts 4.429.776 4.041.136
Accrued ADF 40.823.089 36.205.758
Other
Total other receivable accounts PAGE 55 OF 69
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated)
