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Financial Statements
affecting the accounting treatment relate mainly to the recognition of actuarial gains/losses and past service costs. More
specifically:
• Actuarial Gains/Losses: The corridor approach has been eliminated and actuarial gains and losses are now recognized
in full via Other Comprehensive Income. Restatements to prior year comparatives will be also required (as applicable
for changes in accounting policies).
• Past Service Cost: Past-service costs will be recognized in the period of a plan amendment unvested benefits will no
longer be spread over a future-service period.
The Company will proceed with the adoption of the revised IAS 19 on 1 January 2013, with a restatement of 2012 comparable.
The effects of the adoption of the revised IAS 19 on 1 January 2013 will result in an overall increase of €1,417,825 (net
of taxes of €354,456) in retained earnings as of 31 December 2012 which is attributable to an increase of €65,845 (net
of taxes of €16,461) in net income and a decrease of €343,947 (net of taxes of €85,987) in other comprehensive income
respectively for the year ended 31 December 2012 and an increase of €1,695,927 (net of taxes) in retained income as of
1 January 2012.
The restated provision for Employee Retirement Benefits will become equal to the present value of the obligations
(€6,048,633 on 1 January 2012 and €6,262,557 on 31 December 2012).
5.22 Provisions
Analysis of provisions As at Additions Utilisations Releases As at
31 Dec 2012
1 Jan 2012
Claims on airport charges 0
9,820,836 0 0 9,820,836
Restoration expenses 13,975,165
12,566,210 1,423,172 14,217 0
Net other provisions 4,684,066
2,690,812 2,017,427 8,446 15,727
To be settled over 1 year 18,659,231
Total provisions 25,077,858 3,440,599 22,663 9,836,563 18,659,231
25,077,858 3,440,599 22,663 9,836,563
The provision for claims on airport charges relates to the interim legal measures taken by airport users in the First Instance
Court with respect to the legality of the pricing of certain airport charges. Based on the initial favourable outcome by
the First Instance Court and the passing of time with no further legal proceedings, management believes that there are
no further significant risks and uncertainties associated with this matter that require continuing provisioning. Therefore
the existing provision was released in its entirety at year end. This release of €9.8m is depicted in the line “Net provisions
and impairment losses” of the Income Statement.
The provision for restoration expenses relates to the future expenses that result from the Company’s contractual
obligations to maintain or to restore the infrastructure to a specified condition before it is handed over to the Greek
State at the end of the service arrangement. It is expected that an aggregate amount of €34m will be spent on major
restoration activities commencing in year 2015 through to 2025 based on management’s current best estimates.
5.23 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the Company is in a tax
loss position, in accordance with paragraph 1 of article 99 of law 2238/1994.
At the balance sheet date the recognition of the income tax liability amounting to €19,875,000 (2011: €27,750,000) was
determined by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Deferred tax assets & liabilities
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 45 of 54
affecting the accounting treatment relate mainly to the recognition of actuarial gains/losses and past service costs. More
specifically:
• Actuarial Gains/Losses: The corridor approach has been eliminated and actuarial gains and losses are now recognized
in full via Other Comprehensive Income. Restatements to prior year comparatives will be also required (as applicable
for changes in accounting policies).
• Past Service Cost: Past-service costs will be recognized in the period of a plan amendment unvested benefits will no
longer be spread over a future-service period.
The Company will proceed with the adoption of the revised IAS 19 on 1 January 2013, with a restatement of 2012 comparable.
The effects of the adoption of the revised IAS 19 on 1 January 2013 will result in an overall increase of €1,417,825 (net
of taxes of €354,456) in retained earnings as of 31 December 2012 which is attributable to an increase of €65,845 (net
of taxes of €16,461) in net income and a decrease of €343,947 (net of taxes of €85,987) in other comprehensive income
respectively for the year ended 31 December 2012 and an increase of €1,695,927 (net of taxes) in retained income as of
1 January 2012.
The restated provision for Employee Retirement Benefits will become equal to the present value of the obligations
(€6,048,633 on 1 January 2012 and €6,262,557 on 31 December 2012).
5.22 Provisions
Analysis of provisions As at Additions Utilisations Releases As at
31 Dec 2012
1 Jan 2012
Claims on airport charges 0
9,820,836 0 0 9,820,836
Restoration expenses 13,975,165
12,566,210 1,423,172 14,217 0
Net other provisions 4,684,066
2,690,812 2,017,427 8,446 15,727
To be settled over 1 year 18,659,231
Total provisions 25,077,858 3,440,599 22,663 9,836,563 18,659,231
25,077,858 3,440,599 22,663 9,836,563
The provision for claims on airport charges relates to the interim legal measures taken by airport users in the First Instance
Court with respect to the legality of the pricing of certain airport charges. Based on the initial favourable outcome by
the First Instance Court and the passing of time with no further legal proceedings, management believes that there are
no further significant risks and uncertainties associated with this matter that require continuing provisioning. Therefore
the existing provision was released in its entirety at year end. This release of €9.8m is depicted in the line “Net provisions
and impairment losses” of the Income Statement.
The provision for restoration expenses relates to the future expenses that result from the Company’s contractual
obligations to maintain or to restore the infrastructure to a specified condition before it is handed over to the Greek
State at the end of the service arrangement. It is expected that an aggregate amount of €34m will be spent on major
restoration activities commencing in year 2015 through to 2025 based on management’s current best estimates.
5.23 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the Company is in a tax
loss position, in accordance with paragraph 1 of article 99 of law 2238/1994.
At the balance sheet date the recognition of the income tax liability amounting to €19,875,000 (2011: €27,750,000) was
determined by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Deferred tax assets & liabilities
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 45 of 54
