Page 80 - 2board23full
P. 80
Financial Statements
Analysis of trade & other payable accounts 2011 2010
Suppliers 10,164,558 12,358,753
Advance payments from customers 18,117,954 18,160,673
Beneficiaries of money – guarantees 14,843,105 15,532,486
Value added tax 591,685 1,875,686
Other taxes payable and payroll withholdings 2,539,349 2,182,692
Grants of rights fee payable 1,000,000 1,250,000
Other payables 147,376 136,164
Total trade & other payable accounts 47,404,027 51,496,454
The amount shown above for suppliers represents the short term liabilities of the Company towards its trade creditors as
at the corresponding year end for the goods bought and the services they had rendered in the respective year.
Advance payments from customers represent the prepayments effected by the airlines which have selected the “Rolling
prepayment” method in settling their financial obligations to the Company for the use of the airport facilities.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for the prompt fulfilment
of their financial liabilities arising from the signed concessions agreements. The cash guarantees are adjusted each year in
accordance with the latest estimate of the expected sales forecast of the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.25 Other current liabilities
Other current liabilities are analysed as follows:
Analysis of other current liabilities 2011 2010
Accrued expenses for services and fees 9,185,285 9,394,134
Other 31,798 50,655
Total other current liabilities 9,217,083 9,444,789
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public, which had not
been invoiced at year end.
The carrying amount of other current liabilities closely approximates their fair value at balance sheet date.
5.26 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are negotiated for
an average term of 4 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €249,129, were recognised in the
income statement, while the corresponding amount for the year 2010 was at €249,706.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating leases, which
are presented in note 5.27.
The Company as a lessor
Refer to note 5.1
5.27 Commitments
As at 31 December 2011 the Company has the following significant commitments:
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 45 of 50
Analysis of trade & other payable accounts 2011 2010
Suppliers 10,164,558 12,358,753
Advance payments from customers 18,117,954 18,160,673
Beneficiaries of money – guarantees 14,843,105 15,532,486
Value added tax 591,685 1,875,686
Other taxes payable and payroll withholdings 2,539,349 2,182,692
Grants of rights fee payable 1,000,000 1,250,000
Other payables 147,376 136,164
Total trade & other payable accounts 47,404,027 51,496,454
The amount shown above for suppliers represents the short term liabilities of the Company towards its trade creditors as
at the corresponding year end for the goods bought and the services they had rendered in the respective year.
Advance payments from customers represent the prepayments effected by the airlines which have selected the “Rolling
prepayment” method in settling their financial obligations to the Company for the use of the airport facilities.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for the prompt fulfilment
of their financial liabilities arising from the signed concessions agreements. The cash guarantees are adjusted each year in
accordance with the latest estimate of the expected sales forecast of the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.25 Other current liabilities
Other current liabilities are analysed as follows:
Analysis of other current liabilities 2011 2010
Accrued expenses for services and fees 9,185,285 9,394,134
Other 31,798 50,655
Total other current liabilities 9,217,083 9,444,789
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public, which had not
been invoiced at year end.
The carrying amount of other current liabilities closely approximates their fair value at balance sheet date.
5.26 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are negotiated for
an average term of 4 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €249,129, were recognised in the
income statement, while the corresponding amount for the year 2010 was at €249,706.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating leases, which
are presented in note 5.27.
The Company as a lessor
Refer to note 5.1
5.27 Commitments
As at 31 December 2011 the Company has the following significant commitments:
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 45 of 50
