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Financial Statements
making processes, a training program for the enhancement of “customer focus”, was designed and implemented to all
AIA employees. This constituted the first phase of the customer-centric project, which was initiated in 2011 and will be
concluded in 2012 comprising the entire airport business community and aiming to make a difference in customer service.
Moreover, emphasis was placed on the development of leadership and managerial skills for Directors and Managers
through a blended training program offered in cooperation with Harvard Business Publishing.
At the end of 2011, our headcount was 679 people under open-ended contracts while during the past year, 31 persons
(28 fixed term, 3 trainees) were seasonally employed in order to cover workload, during peak periods and replacement
needs. The average age of our employees is 42 years with high educational background. 31% of our personnel reside
at the local communities confirming our interest to Mesogeia area.
4. 2011 Financial Statements’ Highlights
4.1 The Financial Statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS) and the Accounting Policies approved by the Board of Directors of the Company.
4.2 The operating revenues of the Company reached the amount of €332.8 million lower by 6.7% (or €23.8 million)
compared to the previous financial year, the main contributor being the decrease of the passenger traffic by 6.3%
in 2011 vs. 2010.
4.3 In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €63.4 million, lower by
€3.6 million or 5.4% in comparison to the prior financial year, as a result of lower passenger traffic. In line with the
previous year’s practice, part of the ADF receipts covered interest expenses, i.e. €46.7 million versus €49.8 million in
the previous year, and were therefore recorded as subsidies related to financial expenses, while the remaining, €16.7
million was transferred to other revenues, compared to €17.2 million in the previous year.
4.4 Cost reduction efforts continued in 2011 as depicted by the lower personnel cost by €1.5 million, and lower expenses
for outsourcing services by €1.7 million. However, the impairment losses and the provisions for extraordinary risks,
which were in total higher by €4.2 million, as well as the higher cost charged for utilities by €0.7 million, resulted in
operating expenses of €130.3 million, higher by €2.4 million in 2011 vs. 2010.
4.5 Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the year 2011 by
€26.2 million or 11.4% compared to the previous year, reaching the level of €202.5 million.
4.6 Depreciation charge was €72.5 million in 2011 slightly higher to the corresponding charge in 2010 of €72.2 million,
due to the implementation of the photovoltaic park in 2011.
4.7 The net financial expenses stood at €47.1 million, presenting a slight decrease of 0.6 million or 1.3% versus 2010.
4.8 Profit before Tax reached the amount of €129.5 million versus €158.5 million in 2010, or -18.3%. After accounting
for the accumulated income taxes of €25.5 million, the statutory and other reserves of €5.3 million and the prior
year’s retained earnings of €29.1 million, there remain retained earnings of €127.8 million. The Board proposes to
the shareholders a dividend distribution of €111.0 million, or €3.7 per ordinary share.
4.9 The Balance Sheet of December 31st, 2011 reflects Total Net Assets of €1.4 billion. The value of the Company’s
Non-Current Assets (€1.0 billion) represents 71.4% of Total Assets, indicating that AIA remains a capital intensive
Company.
4.10 All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates reflecting
their estimated useful lives and the legal limits on their use as provided by the Airport Development Agreement (ADA).
The value of the Usufruct of the Land that was assigned by the Greek State for the development and operation of the
Airport, the present value of the Grant of Rights Fee and the value of the Intangible Assets are equally depreciated over
the operation of the 25-year concession period. Investment in Associates consists of €3.25 million and represents the
carrying amount of the Company’s participation in the equity of Athens Airport Fuel Pipeline Company S.A.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 9 of 50
making processes, a training program for the enhancement of “customer focus”, was designed and implemented to all
AIA employees. This constituted the first phase of the customer-centric project, which was initiated in 2011 and will be
concluded in 2012 comprising the entire airport business community and aiming to make a difference in customer service.
Moreover, emphasis was placed on the development of leadership and managerial skills for Directors and Managers
through a blended training program offered in cooperation with Harvard Business Publishing.
At the end of 2011, our headcount was 679 people under open-ended contracts while during the past year, 31 persons
(28 fixed term, 3 trainees) were seasonally employed in order to cover workload, during peak periods and replacement
needs. The average age of our employees is 42 years with high educational background. 31% of our personnel reside
at the local communities confirming our interest to Mesogeia area.
4. 2011 Financial Statements’ Highlights
4.1 The Financial Statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS) and the Accounting Policies approved by the Board of Directors of the Company.
4.2 The operating revenues of the Company reached the amount of €332.8 million lower by 6.7% (or €23.8 million)
compared to the previous financial year, the main contributor being the decrease of the passenger traffic by 6.3%
in 2011 vs. 2010.
4.3 In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €63.4 million, lower by
€3.6 million or 5.4% in comparison to the prior financial year, as a result of lower passenger traffic. In line with the
previous year’s practice, part of the ADF receipts covered interest expenses, i.e. €46.7 million versus €49.8 million in
the previous year, and were therefore recorded as subsidies related to financial expenses, while the remaining, €16.7
million was transferred to other revenues, compared to €17.2 million in the previous year.
4.4 Cost reduction efforts continued in 2011 as depicted by the lower personnel cost by €1.5 million, and lower expenses
for outsourcing services by €1.7 million. However, the impairment losses and the provisions for extraordinary risks,
which were in total higher by €4.2 million, as well as the higher cost charged for utilities by €0.7 million, resulted in
operating expenses of €130.3 million, higher by €2.4 million in 2011 vs. 2010.
4.5 Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the year 2011 by
€26.2 million or 11.4% compared to the previous year, reaching the level of €202.5 million.
4.6 Depreciation charge was €72.5 million in 2011 slightly higher to the corresponding charge in 2010 of €72.2 million,
due to the implementation of the photovoltaic park in 2011.
4.7 The net financial expenses stood at €47.1 million, presenting a slight decrease of 0.6 million or 1.3% versus 2010.
4.8 Profit before Tax reached the amount of €129.5 million versus €158.5 million in 2010, or -18.3%. After accounting
for the accumulated income taxes of €25.5 million, the statutory and other reserves of €5.3 million and the prior
year’s retained earnings of €29.1 million, there remain retained earnings of €127.8 million. The Board proposes to
the shareholders a dividend distribution of €111.0 million, or €3.7 per ordinary share.
4.9 The Balance Sheet of December 31st, 2011 reflects Total Net Assets of €1.4 billion. The value of the Company’s
Non-Current Assets (€1.0 billion) represents 71.4% of Total Assets, indicating that AIA remains a capital intensive
Company.
4.10 All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates reflecting
their estimated useful lives and the legal limits on their use as provided by the Airport Development Agreement (ADA).
The value of the Usufruct of the Land that was assigned by the Greek State for the development and operation of the
Airport, the present value of the Grant of Rights Fee and the value of the Intangible Assets are equally depreciated over
the operation of the 25-year concession period. Investment in Associates consists of €3.25 million and represents the
carrying amount of the Company’s participation in the equity of Athens Airport Fuel Pipeline Company S.A.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 9 of 50
