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Financial Statements
REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS
Dear Sirs,
It is a pleasure to welcome you today to the 17th Ordinary General Meeting of the Shareholders of Athens International
Airport S.A. (AIA), during which we shall review the year 2012.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as applicable, we submit herewith to your General
Assembly the Company’s Financial Statements for its 17th financial period. The present report includes the analysis of
these statements as well as any supplementary information necessary or useful for the statements’ appreciation and
approval by the General Assembly, according to the proposal of the Board of Directors.
The year 2012 was marked by slow worldwide economic growth and high fuel prices. Airlines around the globe proceeded
with consolidations and cost management actions and achieved at the end to see profits, yet with slim profit margins
(+1% according to IATA). Airports showed modest traffic growth (+3.9% on passengers according to ACI), formulated
by the strong growth of emerging economies versus the slow development of more mature markets, such as the US and
Europe. Examining in more detail the situation in Europe, European airports saw a two-pace growth, with the Eurozone
crisis resulting in a stagnant course of EU airports (+0.2%) compared to traffic increase in non-EU airports (+8.8%).
Overall, Europe showed a slow development (+2%) with the European carriers not expected to see profits.
In Greece, the critical situation of the country was the determining factor of the aviation market’s evolution in the
course of the year under review and it affected both the airline offer as well as the travelling demand. With the Greek
GDP contracting by 6.4% and the private consumption index by 9.1%, as per the first estimation for the year 2012 from
the National Statistical Service, the Greeks’ propensity to travel was severely impacted, while at the same time foreign
visitors were significantly reduced as a result of the tarnished image of Athens and Greece abroad, combined with
the slow-down in European economies. On the supply side, both Greek and foreign carriers proceeded with extensive
capacity cuts in order to effectively accommodate the falling demand. As a result, the airport’s traffic for the year 2012
presented a decline of -10.4% in terms of passenger volumes and -11.5% in terms of number of aircraft movements.
Despite the severely unfavorable macroeconomic environment with significant traffic loss and contraction in all business
activities, resulting in lower profits vs. 2011 of € (31.9) million, the Airport Company continues to post healthy profits,
maintaining profit margins above the average airport industry and other major Greek companies. AIA’s targeted efforts
are directed towards protecting traffic volumes and revenue streams, by significantly enhancing its incentive policy
towards both aeronautical and non-aeronautical business and by providing savings on the cost side. Thus the Airport
Company recorded significant profits during 2012, i.e. Profit before Tax of €97.6 million and a distribution of €79.5
million as dividend to its shareholders is proposed.
1. Traffic Highlights
Under the adverse macroeconomic and aviation industry environment in Greece and Europe, AIA’s traffic for the year
2012 amounted to 153 thousand flights and 12.94 million passengers, presenting a decline vs. the corresponding prior-
year levels of -11.5% and -10.4% respectively. Both in terms of aircraft movements and passenger throughput, the
international sector was the one suffering the most. More specifically, international passengers were reduced by -11.7%,
compared to a -7.9% decline of domestic passengers. With international traffic largely relying on incoming visitors (by
70%), this outcome reflects, on top of the reduced numbers of Greek travellers, the decline of foreign visitors as a result
of the tarnished image of Athens and Greece abroad, combined with the Eurozone crisis. Focusing on the evolution of
passenger traffic throughout the year, it is important to pinpoint that after a deterioration in passenger demand in the
second quarter, which was mainly due to the social and political circumstances amidst the Greek elections period, the
last two quarters of the year saw a gradual limitation of losses, i.e. with passenger traffic losses versus the corresponding
month of 2011 evolving from -15.8% in May to -8.2% in December; the observed recovery trend was more apparent in
the international sector. Overall, in 2012, Athens was directly connected with scheduled services with 109 destinations
(76 international) in 47 countries, operated by a total of 64 carriers.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 3 of 54
REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS
Dear Sirs,
It is a pleasure to welcome you today to the 17th Ordinary General Meeting of the Shareholders of Athens International
Airport S.A. (AIA), during which we shall review the year 2012.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as applicable, we submit herewith to your General
Assembly the Company’s Financial Statements for its 17th financial period. The present report includes the analysis of
these statements as well as any supplementary information necessary or useful for the statements’ appreciation and
approval by the General Assembly, according to the proposal of the Board of Directors.
The year 2012 was marked by slow worldwide economic growth and high fuel prices. Airlines around the globe proceeded
with consolidations and cost management actions and achieved at the end to see profits, yet with slim profit margins
(+1% according to IATA). Airports showed modest traffic growth (+3.9% on passengers according to ACI), formulated
by the strong growth of emerging economies versus the slow development of more mature markets, such as the US and
Europe. Examining in more detail the situation in Europe, European airports saw a two-pace growth, with the Eurozone
crisis resulting in a stagnant course of EU airports (+0.2%) compared to traffic increase in non-EU airports (+8.8%).
Overall, Europe showed a slow development (+2%) with the European carriers not expected to see profits.
In Greece, the critical situation of the country was the determining factor of the aviation market’s evolution in the
course of the year under review and it affected both the airline offer as well as the travelling demand. With the Greek
GDP contracting by 6.4% and the private consumption index by 9.1%, as per the first estimation for the year 2012 from
the National Statistical Service, the Greeks’ propensity to travel was severely impacted, while at the same time foreign
visitors were significantly reduced as a result of the tarnished image of Athens and Greece abroad, combined with
the slow-down in European economies. On the supply side, both Greek and foreign carriers proceeded with extensive
capacity cuts in order to effectively accommodate the falling demand. As a result, the airport’s traffic for the year 2012
presented a decline of -10.4% in terms of passenger volumes and -11.5% in terms of number of aircraft movements.
Despite the severely unfavorable macroeconomic environment with significant traffic loss and contraction in all business
activities, resulting in lower profits vs. 2011 of € (31.9) million, the Airport Company continues to post healthy profits,
maintaining profit margins above the average airport industry and other major Greek companies. AIA’s targeted efforts
are directed towards protecting traffic volumes and revenue streams, by significantly enhancing its incentive policy
towards both aeronautical and non-aeronautical business and by providing savings on the cost side. Thus the Airport
Company recorded significant profits during 2012, i.e. Profit before Tax of €97.6 million and a distribution of €79.5
million as dividend to its shareholders is proposed.
1. Traffic Highlights
Under the adverse macroeconomic and aviation industry environment in Greece and Europe, AIA’s traffic for the year
2012 amounted to 153 thousand flights and 12.94 million passengers, presenting a decline vs. the corresponding prior-
year levels of -11.5% and -10.4% respectively. Both in terms of aircraft movements and passenger throughput, the
international sector was the one suffering the most. More specifically, international passengers were reduced by -11.7%,
compared to a -7.9% decline of domestic passengers. With international traffic largely relying on incoming visitors (by
70%), this outcome reflects, on top of the reduced numbers of Greek travellers, the decline of foreign visitors as a result
of the tarnished image of Athens and Greece abroad, combined with the Eurozone crisis. Focusing on the evolution of
passenger traffic throughout the year, it is important to pinpoint that after a deterioration in passenger demand in the
second quarter, which was mainly due to the social and political circumstances amidst the Greek elections period, the
last two quarters of the year saw a gradual limitation of losses, i.e. with passenger traffic losses versus the corresponding
month of 2011 evolving from -15.8% in May to -8.2% in December; the observed recovery trend was more apparent in
the international sector. Overall, in 2012, Athens was directly connected with scheduled services with 109 destinations
(76 international) in 47 countries, operated by a total of 64 carriers.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 3 of 54
