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Financial Statements
assets related to the infrastructure, will increase either the cost of the concession intangible asset or the owned assets.
During 2012, construction works in progress amounted to €7.5m were called off by the Board of Directors due to the
shrinkage of passengers’ traffic as a result of continuing economic crisis. This amount was transferred to the operating
results of the year and is depicted in the line “Net provisions and impairment losses” of the Income Statement.
5.14 Trade receivables
Trade receivable accounts are analysed as follows:
Analysis of trade receivable accounts 2012 2011
Domestic customers 57,095,849 37,592,346
Foreign customers 566,649 537,410
Greek state & public sector
Accrued revenues 6,116,270 2,971,198
Provision for impairment of trade receivables 236,064 6,736,265
Other (3,305,553)
(6,323,132) 1,086,300
Total trade receivable accounts 1,200,793
45,617,966
58,892,494
All receivables are initially measured at their fair value, which is equivalent to their nominal value, since the Company
extends to its customers short-term credit. Should any of the trade receivable accounts exceed the approved credit
terms, the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor
interest rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only
recognised when it is probable that the income will be collected.
Trade receivables from domestic customers have been increased in year 2012 mainly due to uncollected receivables that
were settled after year end.
During 2012 an additional provision for anticipated credit losses was made of €3,017,579 was recognized in the income
statement, resulting in an impairment provision as at 31 December 2012 of €6,323,132 (2011: €3,305,553).The carrying
amount of trade receivables closely approximates their fair value at balance sheet date.
5.15 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2012 2011
Accrued ADF 2,764,449 3,249,060
Other 63,122,409 56,649,821
Total other receivable accounts 65,886,858 59,898,881
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had not been
collected by the Company at year-end. This amount is estimated to be collected progressively in year 2013.
Other accounts receivable represent mainly €43,6m concerning prepayment of VAT imposed for the years 1998-2009, required
by the law in order to refer the issue in front of the Athens Administrative Court of First Instance, €9m concerning excess
of the special once off tax surcharge imposed in 2009 and which the Company has already referred in front of the Athens
Administrative Court of First Instance and €6.4m concerning part of the cleaning and electricity fees imposed by Paiania
Municipality for the years 2004-2012 which has also been referred to the Athens Administrative Court for resolution(refer to
note 5.29 for more details).
The carrying amount of other receivables closely approximates their fair value at balance sheet date.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 41 of 54
assets related to the infrastructure, will increase either the cost of the concession intangible asset or the owned assets.
During 2012, construction works in progress amounted to €7.5m were called off by the Board of Directors due to the
shrinkage of passengers’ traffic as a result of continuing economic crisis. This amount was transferred to the operating
results of the year and is depicted in the line “Net provisions and impairment losses” of the Income Statement.
5.14 Trade receivables
Trade receivable accounts are analysed as follows:
Analysis of trade receivable accounts 2012 2011
Domestic customers 57,095,849 37,592,346
Foreign customers 566,649 537,410
Greek state & public sector
Accrued revenues 6,116,270 2,971,198
Provision for impairment of trade receivables 236,064 6,736,265
Other (3,305,553)
(6,323,132) 1,086,300
Total trade receivable accounts 1,200,793
45,617,966
58,892,494
All receivables are initially measured at their fair value, which is equivalent to their nominal value, since the Company
extends to its customers short-term credit. Should any of the trade receivable accounts exceed the approved credit
terms, the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor
interest rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only
recognised when it is probable that the income will be collected.
Trade receivables from domestic customers have been increased in year 2012 mainly due to uncollected receivables that
were settled after year end.
During 2012 an additional provision for anticipated credit losses was made of €3,017,579 was recognized in the income
statement, resulting in an impairment provision as at 31 December 2012 of €6,323,132 (2011: €3,305,553).The carrying
amount of trade receivables closely approximates their fair value at balance sheet date.
5.15 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2012 2011
Accrued ADF 2,764,449 3,249,060
Other 63,122,409 56,649,821
Total other receivable accounts 65,886,858 59,898,881
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had not been
collected by the Company at year-end. This amount is estimated to be collected progressively in year 2013.
Other accounts receivable represent mainly €43,6m concerning prepayment of VAT imposed for the years 1998-2009, required
by the law in order to refer the issue in front of the Athens Administrative Court of First Instance, €9m concerning excess
of the special once off tax surcharge imposed in 2009 and which the Company has already referred in front of the Athens
Administrative Court of First Instance and €6.4m concerning part of the cleaning and electricity fees imposed by Paiania
Municipality for the years 2004-2012 which has also been referred to the Athens Administrative Court for resolution(refer to
note 5.29 for more details).
The carrying amount of other receivables closely approximates their fair value at balance sheet date.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 41 of 54
