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Financial Statements
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a
pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
The increase in the provision due to passage of time is recognised as interest expense.
2.17 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the
ordinary course of the Company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future
economic benefits will flow to the entity and specific criteria have been met for each of the Company’s activities as
described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to
the sale have been resolved. The Company bases its estimates on historical results, taking into consideration the type of
customer, the type of transaction and the specifics of each arrangement.
2.17.1 Sales of services
Revenue from the sale of services is derived from “air activities” and “non-air activities”.
“Air Activities” mean the provision of facilities, services and equipment for the purpose of landing, parking and servicing
of aircrafts; the handling of passengers, baggage, cargo or mail on airport premises; and the transfer of passengers,
baggage, cargo or mail to and from aircrafts and trains.
“Non-Air Activities” mean the provision, operation, maintenance, repair, renewal staffing and supervision of the
following services, facilities and equipment: car parking, general retail shops, restaurants, bars and other refreshment
facilities, vehicle rental, porter service, hotels etc.
Airport charges
Revenues related to airport charges are recognised in the income statement when the services are rendered. The criteria
for the recognition of income related to airport charges is the aircraft’s take off. Each arrival of an aircraft and its
subsequent departure is considered as a cycle of movement/flight where all necessary services have been rendered.
Article 14 of law 2338/1995, the “Airport Development Agreement”, sets the rules for defining the charges levied to the
users of the airport with respect of the facilities and services provided at the airport. According to the aforementioned
article, the Company is entitled to determine at its discretion the level of airport charges in order to achieve a maximum
return of 15% per annum on the capital allocated to air activities.
Concession agreements
The Company’s business area has at the balance sheet date, a total of 62 concession contracts, concerning the performance
of various commercial activities at the airport.
A concession involves granting of rights to a concession holder to operate and manage a commercial activity in a specific
location designated by the Company. The concession rights are calculated according to an agreed scale as a percentage
of the sales generated by the concession holder subject to an annual minimum guaranteed fee. A separate part of the
concession contract is entered into for the space required for warehouses, for which a fixed rent is payable.
Concession revenues are recognised in the income statement on a monthly basis, while the settlement of the annual
concession fees is finally recognised by the Company in the income statement, at year-end.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 27 of 54
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a
pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
The increase in the provision due to passage of time is recognised as interest expense.
2.17 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the
ordinary course of the Company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future
economic benefits will flow to the entity and specific criteria have been met for each of the Company’s activities as
described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to
the sale have been resolved. The Company bases its estimates on historical results, taking into consideration the type of
customer, the type of transaction and the specifics of each arrangement.
2.17.1 Sales of services
Revenue from the sale of services is derived from “air activities” and “non-air activities”.
“Air Activities” mean the provision of facilities, services and equipment for the purpose of landing, parking and servicing
of aircrafts; the handling of passengers, baggage, cargo or mail on airport premises; and the transfer of passengers,
baggage, cargo or mail to and from aircrafts and trains.
“Non-Air Activities” mean the provision, operation, maintenance, repair, renewal staffing and supervision of the
following services, facilities and equipment: car parking, general retail shops, restaurants, bars and other refreshment
facilities, vehicle rental, porter service, hotels etc.
Airport charges
Revenues related to airport charges are recognised in the income statement when the services are rendered. The criteria
for the recognition of income related to airport charges is the aircraft’s take off. Each arrival of an aircraft and its
subsequent departure is considered as a cycle of movement/flight where all necessary services have been rendered.
Article 14 of law 2338/1995, the “Airport Development Agreement”, sets the rules for defining the charges levied to the
users of the airport with respect of the facilities and services provided at the airport. According to the aforementioned
article, the Company is entitled to determine at its discretion the level of airport charges in order to achieve a maximum
return of 15% per annum on the capital allocated to air activities.
Concession agreements
The Company’s business area has at the balance sheet date, a total of 62 concession contracts, concerning the performance
of various commercial activities at the airport.
A concession involves granting of rights to a concession holder to operate and manage a commercial activity in a specific
location designated by the Company. The concession rights are calculated according to an agreed scale as a percentage
of the sales generated by the concession holder subject to an annual minimum guaranteed fee. A separate part of the
concession contract is entered into for the space required for warehouses, for which a fixed rent is payable.
Concession revenues are recognised in the income statement on a monthly basis, while the settlement of the annual
concession fees is finally recognised by the Company in the income statement, at year-end.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 27 of 54
