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2011
NOTES TO THE FINANCIAL STATEMENTS
1 Incorporation & activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil airports
and related activities. As a civil airport operator the Company manages the Athens International Airport at Spata,
Greece. The Company is a Societe Anonyme incorporated and domiciled in Greece. The address of its registered office is
Spata, Attica 190 19.
The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose of the finance,
construction, operation and development of the new international airport at Spata Attica. In exchange for the finance,
construction, operation and development of the airport the Greek State granted the Athens International Airport S.A. a
30 year concession commencing on 11 June 1996. At the end of the concession arrangement (11 June 2026) the airport
together with all usufruct additions will revert to the Greek State, which will enjoy all rights of ownership over these
without payment of any kind and clear of any security, unless the concession arrangement is renewed.
The Company’s return from air activities is capped at 15% on the capital allocated to air activities. In the event that
the Company’s actual compounded cumulative return exceeds 15%, in 3 out of any 4 consecutive financial periods, the
Company is obliged to pay any excess return to the Greek State.
The terms and conditions of the concession for the Athens International Airport are stipulated in the Airport
Development Agreement (“ADA”). The ADA and the Company’s Articles of Association were ratified and enacted under
law 2338/14.9.1995.
The Company commenced its commercial operations in March 2001 following a construction period of approximately 5
years initiated in September 1996.
The Greek State and the Company have commenced negotiations in 2011 for the extension of the existing concession
agreement for the Athens International Airport. Although significant progress was made, the relevant discussions have
not yielded a result yet, and we expect these to continue in 2012.
The number of permanent staff employed at year-end was 679 employees, compared to 690 employees at the end of 2010.
2 Significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These
policies have consistently been applied to all the years presented.
2.1. Basis of preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union, IFRIC Interpretations and the Companies Act 2190/1920 as applicable
to companies reporting under IFRS. The Company’s financial statements have been prepared under the historical cost
convention.
2.1.1 Going concern
As a result of the funding activities undertaken and the increased focus on working capital, the Company’s forecasts
and projections, taking account of reasonably possible changes in trading performance, show that the Company should
be able to operate within the level of its current financing. Currently interest expenses are covered by operating profits
more than 2 times.
After making enquiries, management has reasonable expectations that the Company has adequate resources to continue
in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis
in preparing its financial statements.
2.1.2 Changes in accounting policies and disclosures
a) Standards, Amendments and Interpretations effective in 2011
Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods
beginning during the current reporting period.
The following amendments to standards and interpretations are applied by the Company but have little or no effect on
the explanatory notes and financial data in the 2011 financial statements.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 18 of 50
NOTES TO THE FINANCIAL STATEMENTS
1 Incorporation & activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil airports
and related activities. As a civil airport operator the Company manages the Athens International Airport at Spata,
Greece. The Company is a Societe Anonyme incorporated and domiciled in Greece. The address of its registered office is
Spata, Attica 190 19.
The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose of the finance,
construction, operation and development of the new international airport at Spata Attica. In exchange for the finance,
construction, operation and development of the airport the Greek State granted the Athens International Airport S.A. a
30 year concession commencing on 11 June 1996. At the end of the concession arrangement (11 June 2026) the airport
together with all usufruct additions will revert to the Greek State, which will enjoy all rights of ownership over these
without payment of any kind and clear of any security, unless the concession arrangement is renewed.
The Company’s return from air activities is capped at 15% on the capital allocated to air activities. In the event that
the Company’s actual compounded cumulative return exceeds 15%, in 3 out of any 4 consecutive financial periods, the
Company is obliged to pay any excess return to the Greek State.
The terms and conditions of the concession for the Athens International Airport are stipulated in the Airport
Development Agreement (“ADA”). The ADA and the Company’s Articles of Association were ratified and enacted under
law 2338/14.9.1995.
The Company commenced its commercial operations in March 2001 following a construction period of approximately 5
years initiated in September 1996.
The Greek State and the Company have commenced negotiations in 2011 for the extension of the existing concession
agreement for the Athens International Airport. Although significant progress was made, the relevant discussions have
not yielded a result yet, and we expect these to continue in 2012.
The number of permanent staff employed at year-end was 679 employees, compared to 690 employees at the end of 2010.
2 Significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These
policies have consistently been applied to all the years presented.
2.1. Basis of preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union, IFRIC Interpretations and the Companies Act 2190/1920 as applicable
to companies reporting under IFRS. The Company’s financial statements have been prepared under the historical cost
convention.
2.1.1 Going concern
As a result of the funding activities undertaken and the increased focus on working capital, the Company’s forecasts
and projections, taking account of reasonably possible changes in trading performance, show that the Company should
be able to operate within the level of its current financing. Currently interest expenses are covered by operating profits
more than 2 times.
After making enquiries, management has reasonable expectations that the Company has adequate resources to continue
in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis
in preparing its financial statements.
2.1.2 Changes in accounting policies and disclosures
a) Standards, Amendments and Interpretations effective in 2011
Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods
beginning during the current reporting period.
The following amendments to standards and interpretations are applied by the Company but have little or no effect on
the explanatory notes and financial data in the 2011 financial statements.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 18 of 50
