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Financial Statements
Trade and other receivables subject to impairment testing 2012 2011
Fully performed 29,410,452 28,849,082
Past due but not impaired 32,618,643 18,405,302
Impaired 18,011,498
Total trade and other receivables subject 80,040,593 6,812,317
to impairment testing 54,066,701
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2012 2011
1-30 days 6,819,364 7,639,470
31-60 days 8,262,932 2,257,181
Over 60 days 17,536,347 8,508,651
Total of past due but not impaired receivables 32,618,643 18,405,302
Credit quality of financial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for doubtful debt. The
Company has established a credit policy which requires the customers to extend securities for the use of airport’s services
and facilities. The securities held by the Company are in the form of cash deposits and bank letter of guarantee. The fair
value of the collaterals held by the Company as at 31 December 2012 is analysed as follows:
Fair value of collaterals held 2012 2011
Letter of Guarantees 53,995,130 50,394,485
24,220,431
Cash deposits 23,396,413 74,614,916
Total fair value of collaterals held 77,391,543
The collaterals above have been received against the outstanding balance of all trade receivable accounts
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to information
about counterparty secured amounts:
2012 2011
Group 1 – Fully secured 8,694,968 21,884,646
Group 2 – Partially secured 19,932,370 6,883,178
Group 3 – Not secured 81,258
Total 783,114
29,410,452 28,849,082
Provision for impairment
As of 31 December 2012, trade receivables of €50,630,141 (2011: €25,217,619) were partially or fully tested for
impairment and adequately provided for their unsecured amount. The amount of provision stood at €6,323,132 as
of 31 December 2012. The individually impaired receivables mainly relate to customers, who are in unexpectedly
difficult economic situations. It was assessed that a portion of the receivables is expected to be recovered.
Movements on the provision for impairment of trade receivables are as follows:
2012 2011
At 1 January 3,305,553 3,849,528
Addition (Release) of provision for receivables impairment 3,017,579 (543,975)
At 31 December 6,323,132 3,305,553
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 31 of 54
Trade and other receivables subject to impairment testing 2012 2011
Fully performed 29,410,452 28,849,082
Past due but not impaired 32,618,643 18,405,302
Impaired 18,011,498
Total trade and other receivables subject 80,040,593 6,812,317
to impairment testing 54,066,701
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2012 2011
1-30 days 6,819,364 7,639,470
31-60 days 8,262,932 2,257,181
Over 60 days 17,536,347 8,508,651
Total of past due but not impaired receivables 32,618,643 18,405,302
Credit quality of financial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for doubtful debt. The
Company has established a credit policy which requires the customers to extend securities for the use of airport’s services
and facilities. The securities held by the Company are in the form of cash deposits and bank letter of guarantee. The fair
value of the collaterals held by the Company as at 31 December 2012 is analysed as follows:
Fair value of collaterals held 2012 2011
Letter of Guarantees 53,995,130 50,394,485
24,220,431
Cash deposits 23,396,413 74,614,916
Total fair value of collaterals held 77,391,543
The collaterals above have been received against the outstanding balance of all trade receivable accounts
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to information
about counterparty secured amounts:
2012 2011
Group 1 – Fully secured 8,694,968 21,884,646
Group 2 – Partially secured 19,932,370 6,883,178
Group 3 – Not secured 81,258
Total 783,114
29,410,452 28,849,082
Provision for impairment
As of 31 December 2012, trade receivables of €50,630,141 (2011: €25,217,619) were partially or fully tested for
impairment and adequately provided for their unsecured amount. The amount of provision stood at €6,323,132 as
of 31 December 2012. The individually impaired receivables mainly relate to customers, who are in unexpectedly
difficult economic situations. It was assessed that a portion of the receivables is expected to be recovered.
Movements on the provision for impairment of trade receivables are as follows:
2012 2011
At 1 January 3,305,553 3,849,528
Addition (Release) of provision for receivables impairment 3,017,579 (543,975)
At 31 December 6,323,132 3,305,553
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 31 of 54
