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2011
At the balance sheet date the Company has unused tax losses of €581,886,038 available for offset against future taxable
profits. A deferred tax asset amounting to €116,377,208 (2010: €129,810,953) has been recognised in respect to these
tax losses. According to the provisions of article 25.1.2.(k) of the ADA, (law 2338/1995) tax losses can be carried forward
to relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided by paragraph 8
of article 26 of law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the accelerated depreciation method
provided by law 2093/1992 refers to tax depreciation and constitutes an allowable deduction for tax purposes even
though the depreciation in the annual statutory accounts of the Company may differ from year to year. At the balance
sheet date the Company recognised a deferred tax liability on the outstanding accelerated depreciation, net of the
corresponding accelerated amortisation of the cohesion fund, amounting to €170,349,856 (2010: €184,755,914).
In 2011 the tax audit for the year’s 2004-2009 was concluded. No additional taxes were imposed since the Company
remains in a tax loss position.
5.23 Other non-current liabilities 2011 2010
Other long-term liabilities are analysed as follows: 97,939,444 94,086,357
2,629,619 2,780,788
Analysis of other non-current liabilities 0 7,244
423 0
Grant of rights fee payable
Long term securities provided by customers 100,569,486 96,874,389
Obligations under finance leases
Other
Total other non-current liabilities
The airport Company shall pay a quarterly fee to the Greek State during the concession period for the rights and privileges
granted in ADA. The carrying amount of the liability represents the present value of the future payment at the balance
sheet date. In 2011 a finance charge amounting to €4,853,088 has been recorded as the unwind interest of the liability
due to the passage of time (2010: €4,664,817). The amount payable within the next 12 months is included in the other
current liabilities. The present value of total future payments at the time of airport opening has been included in the cost
of the intangible concession asset which is amortised over the concession period. An amount of €2,435,104 is included in
2011 amortisation of the intangible concession asset with respect to the grant of rights fee (2010: €2,435,104).
Long-term securities relate to performance guarantees provided for by the lessees for long- term lease agreements.
Long-term securities are measured at their net present value, by discounting the future cash flow payments with the
weighted average borrowing rate, at the balance sheet date. The weighted average borrowing rate for the Company for
2011 was at the rate of 6,23%.
It is the Company’s policy to lease certain assets under finance lease agreements with an average duration of 4 years.
The Company’s obligations under finance leases are secured by the lessors’ title to the leased assets. Upon the maturity
of the lease agreements the Company holds the right to purchase the leased assets at €3 each. As at 31 December 2011
the average borrowing rate for the financial lease was at 6,50% (2010 at 6,50%).
Finance lease liabilities are payable as follows:
Minimum lease payments
2011 2010
Principal Interest Total Principal Interest Total
35,082
Less than 1 year 7,244 152 7,396 33,459 1,623
7,808
Between 1 & 5 years 0 0 0 7,667 141 42,890
Total lease payments 7,244 152 7,396 41,126 1,764
5.24 Trade & other payables
Trade & other payable accounts are analysed as follows:
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 44 of 50
At the balance sheet date the Company has unused tax losses of €581,886,038 available for offset against future taxable
profits. A deferred tax asset amounting to €116,377,208 (2010: €129,810,953) has been recognised in respect to these
tax losses. According to the provisions of article 25.1.2.(k) of the ADA, (law 2338/1995) tax losses can be carried forward
to relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided by paragraph 8
of article 26 of law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the accelerated depreciation method
provided by law 2093/1992 refers to tax depreciation and constitutes an allowable deduction for tax purposes even
though the depreciation in the annual statutory accounts of the Company may differ from year to year. At the balance
sheet date the Company recognised a deferred tax liability on the outstanding accelerated depreciation, net of the
corresponding accelerated amortisation of the cohesion fund, amounting to €170,349,856 (2010: €184,755,914).
In 2011 the tax audit for the year’s 2004-2009 was concluded. No additional taxes were imposed since the Company
remains in a tax loss position.
5.23 Other non-current liabilities 2011 2010
Other long-term liabilities are analysed as follows: 97,939,444 94,086,357
2,629,619 2,780,788
Analysis of other non-current liabilities 0 7,244
423 0
Grant of rights fee payable
Long term securities provided by customers 100,569,486 96,874,389
Obligations under finance leases
Other
Total other non-current liabilities
The airport Company shall pay a quarterly fee to the Greek State during the concession period for the rights and privileges
granted in ADA. The carrying amount of the liability represents the present value of the future payment at the balance
sheet date. In 2011 a finance charge amounting to €4,853,088 has been recorded as the unwind interest of the liability
due to the passage of time (2010: €4,664,817). The amount payable within the next 12 months is included in the other
current liabilities. The present value of total future payments at the time of airport opening has been included in the cost
of the intangible concession asset which is amortised over the concession period. An amount of €2,435,104 is included in
2011 amortisation of the intangible concession asset with respect to the grant of rights fee (2010: €2,435,104).
Long-term securities relate to performance guarantees provided for by the lessees for long- term lease agreements.
Long-term securities are measured at their net present value, by discounting the future cash flow payments with the
weighted average borrowing rate, at the balance sheet date. The weighted average borrowing rate for the Company for
2011 was at the rate of 6,23%.
It is the Company’s policy to lease certain assets under finance lease agreements with an average duration of 4 years.
The Company’s obligations under finance leases are secured by the lessors’ title to the leased assets. Upon the maturity
of the lease agreements the Company holds the right to purchase the leased assets at €3 each. As at 31 December 2011
the average borrowing rate for the financial lease was at 6,50% (2010 at 6,50%).
Finance lease liabilities are payable as follows:
Minimum lease payments
2011 2010
Principal Interest Total Principal Interest Total
35,082
Less than 1 year 7,244 152 7,396 33,459 1,623
7,808
Between 1 & 5 years 0 0 0 7,667 141 42,890
Total lease payments 7,244 152 7,396 41,126 1,764
5.24 Trade & other payables
Trade & other payable accounts are analysed as follows:
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 44 of 50
