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Financial Statements
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of "ATHENS INTERNATIONAL AIRPORT S.A."
Report on the Financial Statements
We have audited the accompanying financial statements of ATHENS INTERNATIONAL AIRPORT S.A. (“the Company”)
which comprise the statement of financial position as of 31 December 2011 and the statements of income, comprehensive
income, changes in equity and cash flows for the year then ended and a summary of significant accounting policies and
other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards, as adopted by the European Union, and for such internal control as
management determines is necessary to enable the preparation of separate and consolidated financial statements that
are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at
December 31, 2011 and its financial performance and cash flows for the year then ended in accordance with International
Financial Reporting Standards, as adopted by the European Union.
Emphasis of Matter
Without qualifying our opinion, we draw your attention to the uncertainty over the outcome of the VAT dispute of Euro
163,4 million between the Company and Greek State, for which the Company believes that the arbitration court will
award the case in the Company’s favour, as described in Note 5.28 to these financial statements.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 49 of 50
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of "ATHENS INTERNATIONAL AIRPORT S.A."
Report on the Financial Statements
We have audited the accompanying financial statements of ATHENS INTERNATIONAL AIRPORT S.A. (“the Company”)
which comprise the statement of financial position as of 31 December 2011 and the statements of income, comprehensive
income, changes in equity and cash flows for the year then ended and a summary of significant accounting policies and
other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards, as adopted by the European Union, and for such internal control as
management determines is necessary to enable the preparation of separate and consolidated financial statements that
are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at
December 31, 2011 and its financial performance and cash flows for the year then ended in accordance with International
Financial Reporting Standards, as adopted by the European Union.
Emphasis of Matter
Without qualifying our opinion, we draw your attention to the uncertainty over the outcome of the VAT dispute of Euro
163,4 million between the Company and Greek State, for which the Company believes that the arbitration court will
award the case in the Company’s favour, as described in Note 5.28 to these financial statements.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 49 of 50
