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Advance payments from customers represent the prepayments effected by the airlines which have selected the “Rolling
prepayment” method in settling their financial obligations to the Company for the use of the airport facilities.
In year 2012 an amount of €12.3m given by an airline remaining pending at 2011 year end was fully settled with its
overdue financial obligations.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for the prompt fulfilment
of their financial liabilities arising from the signed concessions agreements. The cash guarantees are adjusted each year in
accordance with the latest estimate of the expected sales forecast of the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.26 Other current liabilities 2012 2011
Other current liabilities are analysed as follows:
Analysis of other current liabilities
Accrued expenses for services and fees 9,398,582 9,185,285
Other 0 31,798
Total other current liabilities 9,398,582 9,217,083
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public, which had not been
invoiced at year end. The carrying amount of other current liabilities closely approximates their fair value at balance sheet date.
5.27 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are negotiated for
an average term of 4 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €246,737, were recognised in the
income statement, while the corresponding amount for the year 2011 was at €249,129. At the balance sheet date the
Company has outstanding commitments under non-cancellable operating leases, which are presented in note 5.28.
The Company as a lessor
Refer to note 5.1
5.28 Commitments
As at 31 December 2012 the Company has the following significant commitments:
a) Capital expenditure commitments amounting to approximately €2.9m (2011: €1.9m)
b) Operating service commitments, which are estimated to be approximately to €89.1m (2011: €109.3m) mainly related
to security, maintenance, fire protection, transportation, parking and cleaning services, to be settled as follows:
Analysis of operating service commitments 2012 2011
Within 1 year 37,736,101 34,573,892
Between 1 and 5 years 44,695,762 67,111,515
More than 5 years
6,713,744 7,631,420
Total operating service commitments
89,145,607 109,316,827
c) Operating lease commitments are analysed as follows:
Analysis of operating lease commitments 2012 2011
Within 1 year 215,878 195,868
Between 1 and 5 years 394,044 394,998
Total operating lease commitments 609,922 590,866
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 48 of 54
prepayment” method in settling their financial obligations to the Company for the use of the airport facilities.
In year 2012 an amount of €12.3m given by an airline remaining pending at 2011 year end was fully settled with its
overdue financial obligations.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for the prompt fulfilment
of their financial liabilities arising from the signed concessions agreements. The cash guarantees are adjusted each year in
accordance with the latest estimate of the expected sales forecast of the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.26 Other current liabilities 2012 2011
Other current liabilities are analysed as follows:
Analysis of other current liabilities
Accrued expenses for services and fees 9,398,582 9,185,285
Other 0 31,798
Total other current liabilities 9,398,582 9,217,083
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public, which had not been
invoiced at year end. The carrying amount of other current liabilities closely approximates their fair value at balance sheet date.
5.27 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are negotiated for
an average term of 4 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €246,737, were recognised in the
income statement, while the corresponding amount for the year 2011 was at €249,129. At the balance sheet date the
Company has outstanding commitments under non-cancellable operating leases, which are presented in note 5.28.
The Company as a lessor
Refer to note 5.1
5.28 Commitments
As at 31 December 2012 the Company has the following significant commitments:
a) Capital expenditure commitments amounting to approximately €2.9m (2011: €1.9m)
b) Operating service commitments, which are estimated to be approximately to €89.1m (2011: €109.3m) mainly related
to security, maintenance, fire protection, transportation, parking and cleaning services, to be settled as follows:
Analysis of operating service commitments 2012 2011
Within 1 year 37,736,101 34,573,892
Between 1 and 5 years 44,695,762 67,111,515
More than 5 years
6,713,744 7,631,420
Total operating service commitments
89,145,607 109,316,827
c) Operating lease commitments are analysed as follows:
Analysis of operating lease commitments 2012 2011
Within 1 year 215,878 195,868
Between 1 and 5 years 394,044 394,998
Total operating lease commitments 609,922 590,866
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 48 of 54
