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Financial Statements
All receivables are initially measured at their fair value, which is equivalent to their nominal value, since the Company
extends to its customers short-term credit. Should any of the trade receivable accounts exceed the approved credit
terms, the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor
interest rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only
recognised when it is probable that the income will be collected.
During 2011, an additional release of provision for anticipated credit losses of €543,975 was recognized in the income
statement, resulting in an impairment provision as at 31 December 2011 of €3,305,553 (2010: €3,849,528).
The carrying amount of trade receivables closely approximates their fair value at balance sheet date. Specific past due
accounts amounting to €20.9 million standing for a long time uncollected were fully settled within the year.
5.14 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2011 2010
Accrued ADF 3,249,060 26,443,181
Other 56,649,821 49,831,155
Total other receivable accounts 59,898,881 76,274,336
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had not been collected
by the Company at year-end. This amount is estimated to be collected progressively in year 2012. The Company succeeded to
collect within the year almost all of the past due balances related to ADF of prior years, amounted to €22.6 million.
Other accounts receivable represent mainly €43.6m concerning prepayment of VAT imposed for the years 1998-2009,
required by the law in order to refer the issue in front of the Athens Administrative Court of First Instance and €9.0m
concerning excess of the special once off tax surcharge imposed in 2009 and which the Company has already referred in
front of the Athens Administrative Court of First Instance (refer to note 5.28 for more details).
The carrying amount of other receivables closely approximates their fair value at balance sheet date.
5.15 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2011 2010
Cash on hand 2,894 4,948
Current & time deposits 266,968,998 220,471,092
Total cash & cash equivalents 266,971,892 220,476,040
5.16 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises 30.000.000 ordinary
shares of €10 each amounting to €300,000,000.
The Company is jointly controlled by the Greek State (55% of the shares) and Hochtief Airport Group and other private
shareholders (45% of the shares).
5.17 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5% of the net after tax annual profits to form the legal reserve,
which is used to offset any accumulated losses. The creation of the legal reserve ceases to be compulsory when the
balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2011 the Company’s legal reserve increased by an amount of €5,199,073 (2010: €4,827,501) and
amounted to €37,571,487 (2010: €32,372,414).
In addition, there is a reserve for tax purposes amounting to €125,248 (2010: €142,196)
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 39 of 50
All receivables are initially measured at their fair value, which is equivalent to their nominal value, since the Company
extends to its customers short-term credit. Should any of the trade receivable accounts exceed the approved credit
terms, the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor
interest rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only
recognised when it is probable that the income will be collected.
During 2011, an additional release of provision for anticipated credit losses of €543,975 was recognized in the income
statement, resulting in an impairment provision as at 31 December 2011 of €3,305,553 (2010: €3,849,528).
The carrying amount of trade receivables closely approximates their fair value at balance sheet date. Specific past due
accounts amounting to €20.9 million standing for a long time uncollected were fully settled within the year.
5.14 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2011 2010
Accrued ADF 3,249,060 26,443,181
Other 56,649,821 49,831,155
Total other receivable accounts 59,898,881 76,274,336
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had not been collected
by the Company at year-end. This amount is estimated to be collected progressively in year 2012. The Company succeeded to
collect within the year almost all of the past due balances related to ADF of prior years, amounted to €22.6 million.
Other accounts receivable represent mainly €43.6m concerning prepayment of VAT imposed for the years 1998-2009,
required by the law in order to refer the issue in front of the Athens Administrative Court of First Instance and €9.0m
concerning excess of the special once off tax surcharge imposed in 2009 and which the Company has already referred in
front of the Athens Administrative Court of First Instance (refer to note 5.28 for more details).
The carrying amount of other receivables closely approximates their fair value at balance sheet date.
5.15 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2011 2010
Cash on hand 2,894 4,948
Current & time deposits 266,968,998 220,471,092
Total cash & cash equivalents 266,971,892 220,476,040
5.16 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises 30.000.000 ordinary
shares of €10 each amounting to €300,000,000.
The Company is jointly controlled by the Greek State (55% of the shares) and Hochtief Airport Group and other private
shareholders (45% of the shares).
5.17 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5% of the net after tax annual profits to form the legal reserve,
which is used to offset any accumulated losses. The creation of the legal reserve ceases to be compulsory when the
balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2011 the Company’s legal reserve increased by an amount of €5,199,073 (2010: €4,827,501) and
amounted to €37,571,487 (2010: €32,372,414).
In addition, there is a reserve for tax purposes amounting to €125,248 (2010: €142,196)
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 39 of 50
