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• The operating revenues of the Airport Company reached the amount of €295.5 million lower by 11.2% (or €37.3
million) compared to the previous financial year, the main cause being the decrease of the passenger traffic by 10.4%
in 2012 vs. 2011.
• In total, Airport Company’s participation in the Airport Development Fund (ADF) reached the amount of €56.4 million,
lower by €7.0 million or 11.0% in comparison to the prior financial year, as a result of lower passenger traffic. In
line with the previous year’s practice, part of the ADF receipts covered interest expenses, i.e. €43.3 million versus
€46.7 million in the previous year, and were therefore recorded as subsidies related to financial expenses, while the
remaining, €13.1 million was transferred to other revenues, compared to €16.7 million in the previous year.
• Operating expenses decreased by €9.7 million or 7.4% compared with 2011, standing at €120.6 million. Cost reduction
efforts continued in 2012 as mostly depicted by the reduction of personnel costs by €1.5 million, lower expenses
for outsourcing services by €4.2 million and reduction of all other operating expenses by €0.4 million. Additionally,
despite the fact that provisions for impairment losses were higher due to the adverse macroeconomic environment,
the effective risk management of the Airport Company contributed to a lower overall amount set aside for provisions
for extraordinary risks and impairment losses by €3.6 million.
• Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the year 2012 by
€27.6 million or 13.6% compared to the previous year, reaching the level of €174.9 million.
• Depreciation charge was €72.6 million in 2012 marginally higher than the corresponding charge in 2011 of €72.5
million.
• The net financial expenses stood at €48.0 million, presenting a small increase of €0.9 million or 1.9% versus 2011.
• Profit before Tax reached the amount of €97.6 million. After accounting for the aggregate charge for income tax
of €20.8 million, the statutory and other reserves of €3.8 million and the prior years’ retained earnings of €16.7
million, there remains a distributable profit of €89.7 million. The Board is to propose to the shareholders a dividend
distribution of €79.5 million, or €2.65 per ordinary share.
• The Statement of Financial Position of 31 December 2012 reflects Total Assets of €1.29 billion. The value of the Airport
Company’s Non-Current Assets (€0.99 billion) represents 76.9% of Total Assets, indicating that AIA remains a capital
intensive company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates
reflecting their estimated useful lives and the legal limits on their use as provided by the ADA. The value of the
Usufruct of the Land that was assigned by the Greek State for the development and operation of the Airport, the
present value of the Grant of Rights Fee and the value of the Intangible Assets are equally depreciated over the
operation of the 25-year concession period. Investment in Associates consists of €3.25 million and represents the
carrying amount of the Company’s participation in the equity of Athens Airport Fuel Pipeline Company S.A.
• The Airport Company’s Closing Cash position is €13.5 million, not including investments in held-to-maturity financial
assets, which amounted to €201.1 million. The cash surplus is invested in short term time deposits and highly rated
supranational euro-securities with maturity up to two years.
• The Airport Company is exposed to financial risks such as to price, credit, and liquidity and concentration risks. The
nature of the risks as well as the scope and the policies of the Airport Company for the management of the financial
risks are presented in Section 3 of the Notes to the Financial Statements. Other risks and uncertainties related to tax
disputes and municipal charges disputes with the Greek State and with two of the surrounding municipalities are
analytically referred to the note 5.29 of the Notes to the Financial Statements.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 10 of 54
million) compared to the previous financial year, the main cause being the decrease of the passenger traffic by 10.4%
in 2012 vs. 2011.
• In total, Airport Company’s participation in the Airport Development Fund (ADF) reached the amount of €56.4 million,
lower by €7.0 million or 11.0% in comparison to the prior financial year, as a result of lower passenger traffic. In
line with the previous year’s practice, part of the ADF receipts covered interest expenses, i.e. €43.3 million versus
€46.7 million in the previous year, and were therefore recorded as subsidies related to financial expenses, while the
remaining, €13.1 million was transferred to other revenues, compared to €16.7 million in the previous year.
• Operating expenses decreased by €9.7 million or 7.4% compared with 2011, standing at €120.6 million. Cost reduction
efforts continued in 2012 as mostly depicted by the reduction of personnel costs by €1.5 million, lower expenses
for outsourcing services by €4.2 million and reduction of all other operating expenses by €0.4 million. Additionally,
despite the fact that provisions for impairment losses were higher due to the adverse macroeconomic environment,
the effective risk management of the Airport Company contributed to a lower overall amount set aside for provisions
for extraordinary risks and impairment losses by €3.6 million.
• Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the year 2012 by
€27.6 million or 13.6% compared to the previous year, reaching the level of €174.9 million.
• Depreciation charge was €72.6 million in 2012 marginally higher than the corresponding charge in 2011 of €72.5
million.
• The net financial expenses stood at €48.0 million, presenting a small increase of €0.9 million or 1.9% versus 2011.
• Profit before Tax reached the amount of €97.6 million. After accounting for the aggregate charge for income tax
of €20.8 million, the statutory and other reserves of €3.8 million and the prior years’ retained earnings of €16.7
million, there remains a distributable profit of €89.7 million. The Board is to propose to the shareholders a dividend
distribution of €79.5 million, or €2.65 per ordinary share.
• The Statement of Financial Position of 31 December 2012 reflects Total Assets of €1.29 billion. The value of the Airport
Company’s Non-Current Assets (€0.99 billion) represents 76.9% of Total Assets, indicating that AIA remains a capital
intensive company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates
reflecting their estimated useful lives and the legal limits on their use as provided by the ADA. The value of the
Usufruct of the Land that was assigned by the Greek State for the development and operation of the Airport, the
present value of the Grant of Rights Fee and the value of the Intangible Assets are equally depreciated over the
operation of the 25-year concession period. Investment in Associates consists of €3.25 million and represents the
carrying amount of the Company’s participation in the equity of Athens Airport Fuel Pipeline Company S.A.
• The Airport Company’s Closing Cash position is €13.5 million, not including investments in held-to-maturity financial
assets, which amounted to €201.1 million. The cash surplus is invested in short term time deposits and highly rated
supranational euro-securities with maturity up to two years.
• The Airport Company is exposed to financial risks such as to price, credit, and liquidity and concentration risks. The
nature of the risks as well as the scope and the policies of the Airport Company for the management of the financial
risks are presented in Section 3 of the Notes to the Financial Statements. Other risks and uncertainties related to tax
disputes and municipal charges disputes with the Greek State and with two of the surrounding municipalities are
analytically referred to the note 5.29 of the Notes to the Financial Statements.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 10 of 54
