Page 51 - Annual Report 2013
P. 51
Annual Report 2013
The development and application of a waste management concept based on the “Polluter Pays” princi-
ple which incorporates financial incentives to promote recycling throughout the airport community has
resulted in remarkable progress, reaching 55% in 2013.
Employer’s Responsibility
At the end of 2013, AIA’s headcount was 635 people under open-ended contracts while 42 persons
were employed for a fixed period of time or seasonally. As a responsible employer aligned with market
practices, AIA provides to all open-ended employees and their dependants (a total of 1.854 persons) a
health group insurance program as well as a pension program. In the latter, 94,20% of our employees
have selected to participate with their own contribution.
The Training Plan in 2013, involved a total of 15.131 hours of training, while 87% of the employees attend-
ed at least one training session. The number of hours being provided to employees on training is the
equivalent of 22,2 hours per Full Time Equivalent Employee (FTE). During the year, a management de-
velopment programme was implemented, linked to our performance management system. Moreover,
in order to promote thorough awareness of the revised Code of Business Conduct, an online learning
programme was completed by all employees.
To monitor the working environment and other factors important in attaining AIA’s strategic goals,
an employee opinion survey was carried out to elicit the views of the employees. The survey was
addressed to all employees and the results were processed by an external specialized, independent
organization.
4. 2013 Financial Statements’ Highlights
• The Financial Statements have been prepared in accordance with the International Financial Report-
ing Standards (IFRS) and the Accounting Policies approved by the Board of Directors of the Airport
Company.
• The operating revenues of the Airport Company reached the amount of €272,0 million lower by 7,90%
(or €23,5 million) compared to the previous financial year, the main cause being the decrease of the
passenger traffic by 3,20% in 2013 vs. 2012 and general adverse market conditions.
• In total, Airport Company’s participation in the Airport Development Fund (ADF) reached the amount
of €55,5 million, lower by €0,9 million or 1,50% in comparison to the prior financial year, as a result of
lower passenger traffic. In line with the previous year’s practice, part of the ADF receipts covered inter-
est expenses, i.e. €39,8 million versus €43,3 million in the previous year, and therefore were recorded
as subsidies related to financial expenses, while the remaining, €15,7 million was transferred to other
revenues, compared to €13,1 million in the previous year.
• Operating expenses decreased by €12,3 million or 10,20% compared with 2012, standing at €108,4
million. Cost reduction efforts continued in 2013 as mostly depicted by the reduction of personnel
costs by €1,0 million, lower expenses for outsourcing services by €6,9 million and reduction of all other
operating expenses by €4,4 million. Additionally, the effective risk management of the Airport Company
contributed to a lower overall amount set aside for provisions for extraordinary risks and impairment
losses by €1,5 million.
• Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the
year 2013 by €11,2 million or 6,40% compared to the previous year, reaching the level of €163,6 million.
• Depreciation charge was €71,2 million in 2013 marginally lower than the corresponding charge in 2012
of €72,6 million.
• The net financial expenses stood at €38,2 million, presenting a decrease of €9,7 million or 20,30%
versus 2012.
• Profit before Tax reached the amount of €93,9 million. After accounting for the aggregate charge for
income tax of €34,9 million, the statutory and other reserves of €2,9 million and the prior years’ retained
earnings of €9,2 million, there remains a distributable profit of €65,3 million. The Board of Directors
proposes to the shareholders a dividend distribution of €65,1 million, or €2,17 per ordinary share.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 10 of 58
The development and application of a waste management concept based on the “Polluter Pays” princi-
ple which incorporates financial incentives to promote recycling throughout the airport community has
resulted in remarkable progress, reaching 55% in 2013.
Employer’s Responsibility
At the end of 2013, AIA’s headcount was 635 people under open-ended contracts while 42 persons
were employed for a fixed period of time or seasonally. As a responsible employer aligned with market
practices, AIA provides to all open-ended employees and their dependants (a total of 1.854 persons) a
health group insurance program as well as a pension program. In the latter, 94,20% of our employees
have selected to participate with their own contribution.
The Training Plan in 2013, involved a total of 15.131 hours of training, while 87% of the employees attend-
ed at least one training session. The number of hours being provided to employees on training is the
equivalent of 22,2 hours per Full Time Equivalent Employee (FTE). During the year, a management de-
velopment programme was implemented, linked to our performance management system. Moreover,
in order to promote thorough awareness of the revised Code of Business Conduct, an online learning
programme was completed by all employees.
To monitor the working environment and other factors important in attaining AIA’s strategic goals,
an employee opinion survey was carried out to elicit the views of the employees. The survey was
addressed to all employees and the results were processed by an external specialized, independent
organization.
4. 2013 Financial Statements’ Highlights
• The Financial Statements have been prepared in accordance with the International Financial Report-
ing Standards (IFRS) and the Accounting Policies approved by the Board of Directors of the Airport
Company.
• The operating revenues of the Airport Company reached the amount of €272,0 million lower by 7,90%
(or €23,5 million) compared to the previous financial year, the main cause being the decrease of the
passenger traffic by 3,20% in 2013 vs. 2012 and general adverse market conditions.
• In total, Airport Company’s participation in the Airport Development Fund (ADF) reached the amount
of €55,5 million, lower by €0,9 million or 1,50% in comparison to the prior financial year, as a result of
lower passenger traffic. In line with the previous year’s practice, part of the ADF receipts covered inter-
est expenses, i.e. €39,8 million versus €43,3 million in the previous year, and therefore were recorded
as subsidies related to financial expenses, while the remaining, €15,7 million was transferred to other
revenues, compared to €13,1 million in the previous year.
• Operating expenses decreased by €12,3 million or 10,20% compared with 2012, standing at €108,4
million. Cost reduction efforts continued in 2013 as mostly depicted by the reduction of personnel
costs by €1,0 million, lower expenses for outsourcing services by €6,9 million and reduction of all other
operating expenses by €4,4 million. Additionally, the effective risk management of the Airport Company
contributed to a lower overall amount set aside for provisions for extraordinary risks and impairment
losses by €1,5 million.
• Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the
year 2013 by €11,2 million or 6,40% compared to the previous year, reaching the level of €163,6 million.
• Depreciation charge was €71,2 million in 2013 marginally lower than the corresponding charge in 2012
of €72,6 million.
• The net financial expenses stood at €38,2 million, presenting a decrease of €9,7 million or 20,30%
versus 2012.
• Profit before Tax reached the amount of €93,9 million. After accounting for the aggregate charge for
income tax of €34,9 million, the statutory and other reserves of €2,9 million and the prior years’ retained
earnings of €9,2 million, there remains a distributable profit of €65,3 million. The Board of Directors
proposes to the shareholders a dividend distribution of €65,1 million, or €2,17 per ordinary share.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 10 of 58
