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2011
4.11 The Company’s Closing Cash position is €267.0 million. The cash surplus is invested in time deposits and euro
currency securities in order to minimise any risk, while increasing investments’ yield.
4.12 The Company is exposed to financial risks such as to price, credit, liquidity and concentration risks. The nature of the
risks as well as the scope and the policies of the Company for the management of the financial risks are presented
in Section 3 of the Notes to the Financial Statements. Other risks and uncertainties related to tax disputes and
municipal charges disputes with the Greek State and with one of the surrounding municipalities are analytically
referred to the note 5.28 of the Notes to the Financial Statements.
5. 2012 Outlook
The upcoming year is expected to be a particularly critical and challenging one, with the development of the Greek
macroeconomic crisis being the overwhelming issue. In 2012, GDP is expected to be negative for a fourth year in a row.
The successful fulfilment of major objectives for the restructuring of the Greek economy will be necessary to reduce short
and mid-term risks and to improve the economy’s outlook.
Within this adverse environment, we expect that in 2012 AIA will face a further reduction in traffic demand. The rapid
recovery of the European and global air travel is not expected to counterbalance the impact from reduced demand by
Greek travellers, from the tarnished image of the country for incoming tourism, or from the sharp decline in business
related travel. Taking also into account the moderate capacity reductions of the airlines, the Airport Company projects
for 2012 an annual passenger throughput of 14.1 million, corresponding to estimated operating revenues of €316 million.
In order to mitigate the effects of this demand-driven decline, the Airport Company will continue to make efforts for
cost containment for a fourth consecutive year, while safeguarding critical operations, airport’s safety and security and
maintaining the high quality of services provided.
At the same time the company further enriches its airline incentives programme with a special winter schedule incentive
in order to lift travel demand during this low season by enhancing low airline fares. In our commercial activities we will
do our best endeavours to protect existing contracts and terms without endangering tenants’ and concessionaires’
sustainability.
Finally, AIA expects that the discussions for the extension of the concession period with the Greek State will carry on in
2012, with the intention to reach terms that will be agreeable to all parties. Such an agreement will add significant value
to all stakeholders involved.
With the Greek economy in the midst of a debt and financial crisis, the Company has demonstrated financial stability and
healthy results. Although the declining market trends are taking their toll on our financial performance, we continue to
be a company with outstanding performance not only among Greek companies, but also topping the major European
airports in terms of financial results, operating performance and quality of services. Our shareholders should remain
confident that with all parties continuing to support the foundations upon which this PPP endeavour was developed, AIA
will continue to generate positive value and to surpass expectations in the difficult times ahead.
Spata, 15 February 2012
For the Board of Directors of Athens International Airport S.A.
Prof. Stratos Papadimitriou Page 10 of 50
Chairman
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated)
4.11 The Company’s Closing Cash position is €267.0 million. The cash surplus is invested in time deposits and euro
currency securities in order to minimise any risk, while increasing investments’ yield.
4.12 The Company is exposed to financial risks such as to price, credit, liquidity and concentration risks. The nature of the
risks as well as the scope and the policies of the Company for the management of the financial risks are presented
in Section 3 of the Notes to the Financial Statements. Other risks and uncertainties related to tax disputes and
municipal charges disputes with the Greek State and with one of the surrounding municipalities are analytically
referred to the note 5.28 of the Notes to the Financial Statements.
5. 2012 Outlook
The upcoming year is expected to be a particularly critical and challenging one, with the development of the Greek
macroeconomic crisis being the overwhelming issue. In 2012, GDP is expected to be negative for a fourth year in a row.
The successful fulfilment of major objectives for the restructuring of the Greek economy will be necessary to reduce short
and mid-term risks and to improve the economy’s outlook.
Within this adverse environment, we expect that in 2012 AIA will face a further reduction in traffic demand. The rapid
recovery of the European and global air travel is not expected to counterbalance the impact from reduced demand by
Greek travellers, from the tarnished image of the country for incoming tourism, or from the sharp decline in business
related travel. Taking also into account the moderate capacity reductions of the airlines, the Airport Company projects
for 2012 an annual passenger throughput of 14.1 million, corresponding to estimated operating revenues of €316 million.
In order to mitigate the effects of this demand-driven decline, the Airport Company will continue to make efforts for
cost containment for a fourth consecutive year, while safeguarding critical operations, airport’s safety and security and
maintaining the high quality of services provided.
At the same time the company further enriches its airline incentives programme with a special winter schedule incentive
in order to lift travel demand during this low season by enhancing low airline fares. In our commercial activities we will
do our best endeavours to protect existing contracts and terms without endangering tenants’ and concessionaires’
sustainability.
Finally, AIA expects that the discussions for the extension of the concession period with the Greek State will carry on in
2012, with the intention to reach terms that will be agreeable to all parties. Such an agreement will add significant value
to all stakeholders involved.
With the Greek economy in the midst of a debt and financial crisis, the Company has demonstrated financial stability and
healthy results. Although the declining market trends are taking their toll on our financial performance, we continue to
be a company with outstanding performance not only among Greek companies, but also topping the major European
airports in terms of financial results, operating performance and quality of services. Our shareholders should remain
confident that with all parties continuing to support the foundations upon which this PPP endeavour was developed, AIA
will continue to generate positive value and to surpass expectations in the difficult times ahead.
Spata, 15 February 2012
For the Board of Directors of Athens International Airport S.A.
Prof. Stratos Papadimitriou Page 10 of 50
Chairman
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated)
