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Financial Statements
5.3 Net financial expenses 2011 2010
Analysis of net financial expenses 46,669,882 49,823,391
Financial expenses 5,608,903 5,206,825
35,767 39,672
Interest expenses and related costs on bank loans
Unwinding of discount for long term liabilities 52,314,552 55,069,888
Other financial expenses
(5,220,362) (7,352,991)
Financial expenses
Financial revenues (5,220,362) (7,352,991)
47,094,190 47,716,897
Bank interest income
Financial revenues
Net financial expenses
Interest and related expenses amounting to €47,984,771 (2010: €52,343,380) were paid during the year ended 31 December
2011.
The weighted average interest rate earned by the Company on its cash surplus for 2011 was 2,01% (2010: 2,92%). The
average maturity of the Company’s time deposits for 2011 was 58 days (2010: 50 days).
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a levy on all passengers
older than 5 years old, departing from Greek Airports, for the purpose of ensuring that passengers share the responsibility
for funding the commercial aviation infrastructure within the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a
monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
According to article 26.1 of law 2338/1995, the “Airport Development Agreement”, the Greek State undertook the
responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/2014. The Greek State also committed
that article 40 of law 2065/1992 “will not be amended or modified in any respect which materially prejudices the
financial return of the Airport Company”.
Based on the provisions of article 26.2 of law 2338/1995, in conjunction with article 16 of law 2892/2001, the airport company,
at all times prior to airport opening and at all times after the airport opening, is entitled to make withdrawals from the Spata
Airport Development Fund, in order to fund borrowing costs incurred in respect to loans received for funding infrastructure
development.
For the year ended 31 December 2011 the Company was entitled to subsidies under the ADF amounting to €63,369,428
(2010: €67,012,038) as analysed below:
2011 2010
Receivables meeting interest and related expenses 46,668,204 49,819,391
Excess over borrowing cost 16,701,224 17,192,647
Total subsidies receivable 63,369,428 67,012,038
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as other revenues
in line with the accounting policy 2.13.
5.5 Income tax expense
Domestic income tax is calculated at 20% (2010: 24%) on taxable income or, in circumstance where the Company has
tax losses carried forward, on gross dividends declared for distribution. (For further information refer to note 5.22).
The total income taxes charged to the income statement are analysed as follows:
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 33 of 50
5.3 Net financial expenses 2011 2010
Analysis of net financial expenses 46,669,882 49,823,391
Financial expenses 5,608,903 5,206,825
35,767 39,672
Interest expenses and related costs on bank loans
Unwinding of discount for long term liabilities 52,314,552 55,069,888
Other financial expenses
(5,220,362) (7,352,991)
Financial expenses
Financial revenues (5,220,362) (7,352,991)
47,094,190 47,716,897
Bank interest income
Financial revenues
Net financial expenses
Interest and related expenses amounting to €47,984,771 (2010: €52,343,380) were paid during the year ended 31 December
2011.
The weighted average interest rate earned by the Company on its cash surplus for 2011 was 2,01% (2010: 2,92%). The
average maturity of the Company’s time deposits for 2011 was 58 days (2010: 50 days).
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a levy on all passengers
older than 5 years old, departing from Greek Airports, for the purpose of ensuring that passengers share the responsibility
for funding the commercial aviation infrastructure within the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a
monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
According to article 26.1 of law 2338/1995, the “Airport Development Agreement”, the Greek State undertook the
responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/2014. The Greek State also committed
that article 40 of law 2065/1992 “will not be amended or modified in any respect which materially prejudices the
financial return of the Airport Company”.
Based on the provisions of article 26.2 of law 2338/1995, in conjunction with article 16 of law 2892/2001, the airport company,
at all times prior to airport opening and at all times after the airport opening, is entitled to make withdrawals from the Spata
Airport Development Fund, in order to fund borrowing costs incurred in respect to loans received for funding infrastructure
development.
For the year ended 31 December 2011 the Company was entitled to subsidies under the ADF amounting to €63,369,428
(2010: €67,012,038) as analysed below:
2011 2010
Receivables meeting interest and related expenses 46,668,204 49,819,391
Excess over borrowing cost 16,701,224 17,192,647
Total subsidies receivable 63,369,428 67,012,038
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as other revenues
in line with the accounting policy 2.13.
5.5 Income tax expense
Domestic income tax is calculated at 20% (2010: 24%) on taxable income or, in circumstance where the Company has
tax losses carried forward, on gross dividends declared for distribution. (For further information refer to note 5.22).
The total income taxes charged to the income statement are analysed as follows:
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 33 of 50
