Page 70 - 2board23full
P. 70
Financial Statements
5.2 Depreciation & amortisation charges 2012 2011
Analysis of depreciation & amortisation charges 4,076,131 4,009,580
0 21,530
Depreciation of owned assets
Depreciation of leased assets 83,612,292 83,549,250
Amortisation of intangible assets (15,076,887) (15,076,768)
Amortisation of cohesion fund related to intangible assets
72,611,536 72,503,592
Total depreciation & amortisation expenses
2012 2011
Refer to notes 5.7-5.9 for further information.
43,356,694 46,669,882
5.3 Net financial expenses 5,664,835 5,608,903
57,384 35,767
Analysis of net financial expenses
49,078,913 52,314,552
Financial expenses
(1,104,625) (5,220,362)
Interest expenses and related costs on bank loans
Unwinding of discount for long term liabilities (1,104,625) (5,220,362)
Other financial expenses 47,974,287 47,094,190
Financial expenses
Financial revenues
Bank interest income
Financial revenues
Net financial expenses
Interest and related expenses amounting to €43,572,327 (2011: €47,984,771) were paid during the year ended 31
December 2012.
The weighted average interest rate earned by the Company on its cash surplus (investments in time deposits and financial
assets) for 2012 was 0.50% (2011: 2.01%). The average maturity of the Company’s investments (time deposits and held-to-
maturity financial assets) for 2012 was 241 days (2011: 58 days).
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a levy on all passengers
older than 5 years old, departing from Greek Airports, for the purpose of ensuring that passengers share the responsibility
for funding the commercial aviation infrastructure within the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a
monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
According to article 26.1 of law 2338/1995, the “Airport Development Agreement”, the Greek State undertook the
responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/2014. The Greek State also committed
that article 40 of law 2065/1992 “will not be amended or modified in any respect which materially prejudices the
financial return of the Airport Company”.
Based on the provisions of article 26.2 of law 2338/1995, in conjunction with article 16 of law 2892/2001, the airport company, at
all times prior to airport opening and at all times after the airport opening, is entitled to make withdrawals from the Spata Airport
Development Fund, in order to fund borrowing costs incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2012 the Company was entitled to subsidies under the ADF amounting to €56,399,151
(2011: €63,369.428) as analysed below:
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 35 of 54
5.2 Depreciation & amortisation charges 2012 2011
Analysis of depreciation & amortisation charges 4,076,131 4,009,580
0 21,530
Depreciation of owned assets
Depreciation of leased assets 83,612,292 83,549,250
Amortisation of intangible assets (15,076,887) (15,076,768)
Amortisation of cohesion fund related to intangible assets
72,611,536 72,503,592
Total depreciation & amortisation expenses
2012 2011
Refer to notes 5.7-5.9 for further information.
43,356,694 46,669,882
5.3 Net financial expenses 5,664,835 5,608,903
57,384 35,767
Analysis of net financial expenses
49,078,913 52,314,552
Financial expenses
(1,104,625) (5,220,362)
Interest expenses and related costs on bank loans
Unwinding of discount for long term liabilities (1,104,625) (5,220,362)
Other financial expenses 47,974,287 47,094,190
Financial expenses
Financial revenues
Bank interest income
Financial revenues
Net financial expenses
Interest and related expenses amounting to €43,572,327 (2011: €47,984,771) were paid during the year ended 31
December 2012.
The weighted average interest rate earned by the Company on its cash surplus (investments in time deposits and financial
assets) for 2012 was 0.50% (2011: 2.01%). The average maturity of the Company’s investments (time deposits and held-to-
maturity financial assets) for 2012 was 241 days (2011: 58 days).
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a levy on all passengers
older than 5 years old, departing from Greek Airports, for the purpose of ensuring that passengers share the responsibility
for funding the commercial aviation infrastructure within the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a
monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
According to article 26.1 of law 2338/1995, the “Airport Development Agreement”, the Greek State undertook the
responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/2014. The Greek State also committed
that article 40 of law 2065/1992 “will not be amended or modified in any respect which materially prejudices the
financial return of the Airport Company”.
Based on the provisions of article 26.2 of law 2338/1995, in conjunction with article 16 of law 2892/2001, the airport company, at
all times prior to airport opening and at all times after the airport opening, is entitled to make withdrawals from the Spata Airport
Development Fund, in order to fund borrowing costs incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2012 the Company was entitled to subsidies under the ADF amounting to €56,399,151
(2011: €63,369.428) as analysed below:
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 35 of 54
