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FINANCIAL STATEMENTS
a) Bank loans
Following discussions held between AIA and EIB on the loan restructuring, both parties agreed to the partial release of
the Greek State’s Guarantee on the outstanding balance of EIB Loan. Specifically, under a supplemental agreement dated
19 December 2008 signed between AIA and EIB, both parties agreed to modify certain terms of the EIB Loan Agreement
related to the loan guarantees and applicable interest rates. The modified terms were effective from 31 July 2009 includes
the consolidation and division of the outstanding balance of the initial loan (€800.464.832) into two loans, Loan A and
Loan B equal to €361.838.628 and €438.626.204 respectively.
EIB will benefit from a Greek State Guarantee in respect of Loan B only. EIB, has charged a step-up margin of 30bps on
the initial interest rate applicable to the balance of Loan A.
The repayment instalments from December 2009 to December 2015 have been assigned against the Loan A outstanding
balance, whereas the repayment of Loan B will be effected through the instalments of the period from June 2016 to
June 2021.
The Company has the right to voluntarily prepay on a Repayment Date according to Article 4 of the Supplemental
Agreement all or part of the EIB Loan A and following prepayment in full of Loan A, the full or part prepayment of Loan
B in amounts of at least €20.000.000, subject to a Prepayment Indemnity. No prepayment was effected during the year
ended 31 December 2009, since the applicable prepayment indemnity would not be beneficial for the Company.
Collaterals & restrictions derived from the restatement of the EIB loan agreement
Following the prepayment of Cargo and Commercial loans all the securities have been assigned to the EIB as the sole lender.
More specific within this context the Airport Company and the EIB have signed the following security documents:
• The Accounts Pledge agreement
• Assignment of Claims under ADA
• The Contracts Assignment Agreement
• The Assignment and Transfer of Usufruct
• The Assignment of insurance Claims
Furthermore AIA is obliged to create a security interest over any asset of the company to the EIB under the finance documents.
b) Loans under ADA
According to article 13.4.3 of the ADA, if at any time between the airport opening and 31 December 2007, Olympic
Airways defaults in payment of any airport charges for a period in excess of 60 days, the Company can request from the
Greek State a subordinated and unsecured loan. Against the overdue balance of Olympic Airways, the Company had
applied in June 2004 for advances of a subordinated loan for an aggregate amount of €21.387.063 representing the
overdue charges in excess of 60 days for the period 1 September 2003 to 14 February 2004.
On 30th of December 2007, AIA received from OAW the amount of €14.040.752 against its past due billings. From the
aforementioned payment, the amount of €1.740.598 concerned the Company’s debt covered by the Subordinated loan
under the Article 13.4.3 of the ADA was set-off with the existing overdue claim towards the Greek State regarding the
excess municipal tax paid related to the previous years on January 2008 leaving an outstanding balance of €19.646.465.
This loan has been repaid to the Greek State in September 2009.
The analysis of bank loans as at 31 December 2009 is presented below:
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 58 OF 69
a) Bank loans
Following discussions held between AIA and EIB on the loan restructuring, both parties agreed to the partial release of
the Greek State’s Guarantee on the outstanding balance of EIB Loan. Specifically, under a supplemental agreement dated
19 December 2008 signed between AIA and EIB, both parties agreed to modify certain terms of the EIB Loan Agreement
related to the loan guarantees and applicable interest rates. The modified terms were effective from 31 July 2009 includes
the consolidation and division of the outstanding balance of the initial loan (€800.464.832) into two loans, Loan A and
Loan B equal to €361.838.628 and €438.626.204 respectively.
EIB will benefit from a Greek State Guarantee in respect of Loan B only. EIB, has charged a step-up margin of 30bps on
the initial interest rate applicable to the balance of Loan A.
The repayment instalments from December 2009 to December 2015 have been assigned against the Loan A outstanding
balance, whereas the repayment of Loan B will be effected through the instalments of the period from June 2016 to
June 2021.
The Company has the right to voluntarily prepay on a Repayment Date according to Article 4 of the Supplemental
Agreement all or part of the EIB Loan A and following prepayment in full of Loan A, the full or part prepayment of Loan
B in amounts of at least €20.000.000, subject to a Prepayment Indemnity. No prepayment was effected during the year
ended 31 December 2009, since the applicable prepayment indemnity would not be beneficial for the Company.
Collaterals & restrictions derived from the restatement of the EIB loan agreement
Following the prepayment of Cargo and Commercial loans all the securities have been assigned to the EIB as the sole lender.
More specific within this context the Airport Company and the EIB have signed the following security documents:
• The Accounts Pledge agreement
• Assignment of Claims under ADA
• The Contracts Assignment Agreement
• The Assignment and Transfer of Usufruct
• The Assignment of insurance Claims
Furthermore AIA is obliged to create a security interest over any asset of the company to the EIB under the finance documents.
b) Loans under ADA
According to article 13.4.3 of the ADA, if at any time between the airport opening and 31 December 2007, Olympic
Airways defaults in payment of any airport charges for a period in excess of 60 days, the Company can request from the
Greek State a subordinated and unsecured loan. Against the overdue balance of Olympic Airways, the Company had
applied in June 2004 for advances of a subordinated loan for an aggregate amount of €21.387.063 representing the
overdue charges in excess of 60 days for the period 1 September 2003 to 14 February 2004.
On 30th of December 2007, AIA received from OAW the amount of €14.040.752 against its past due billings. From the
aforementioned payment, the amount of €1.740.598 concerned the Company’s debt covered by the Subordinated loan
under the Article 13.4.3 of the ADA was set-off with the existing overdue claim towards the Greek State regarding the
excess municipal tax paid related to the previous years on January 2008 leaving an outstanding balance of €19.646.465.
This loan has been repaid to the Greek State in September 2009.
The analysis of bank loans as at 31 December 2009 is presented below:
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 58 OF 69
