Page 78 - Annual Report 2013
P. 78
Financial Statements
During 2013, the Company proceeded with the re-estimation of useful lives of specific assets categories
as follows:
Mechanical Equipment 10 years
Vehicles 8-10 years
Fixtures & Equipment 10 years
Hardware 5 years
Computer Software 5 years
The re-estimation of the useful lives had a positive eect on Company’s Income Statement amounting to €0,8m.
Refer to notes 5.7-5.9 for further information.
5.3 Net financial expenses
Analysis of net financial expenses 2013 2012
Financial expenses
Interest expenses and related costs on bank loans 39,892,945 43,356,694
Unwinding of discount for long term liabilities 5,930,683 5,664,835
Other financial expenses 88,464 57,384
Financial expenses 45,912,092 49,078,913
Financial revenues
Interest income (7,692,917) (1,104,625)
Financial revenues (7,692,917) (1,104,625)
Net financial expenses 38,219,175 47,974,287
Interest and related expenses amounting to €38.919.008 (2012: €43.572.327) were paid during the year
ended 31 December 2013.
The weighted average interest rate earned by the Company on its cash surplus (investments in time deposits
and financial assets) for 2013 was 0,16% (2012: 0,50%). The average maturity of the Company’s investments
(time deposits and held-to-maturity financial assets) for 2013 was 362 days (2012: 241 days). Interest income
amounting to €7.534.285 (2012: €1.124.377) was received during the year ended 31 December 2013.
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 November 1994 to 1
November 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.
37 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
During 2013, the Company proceeded with the re-estimation of useful lives of specific assets categories
as follows:
Mechanical Equipment 10 years
Vehicles 8-10 years
Fixtures & Equipment 10 years
Hardware 5 years
Computer Software 5 years
The re-estimation of the useful lives had a positive eect on Company’s Income Statement amounting to €0,8m.
Refer to notes 5.7-5.9 for further information.
5.3 Net financial expenses
Analysis of net financial expenses 2013 2012
Financial expenses
Interest expenses and related costs on bank loans 39,892,945 43,356,694
Unwinding of discount for long term liabilities 5,930,683 5,664,835
Other financial expenses 88,464 57,384
Financial expenses 45,912,092 49,078,913
Financial revenues
Interest income (7,692,917) (1,104,625)
Financial revenues (7,692,917) (1,104,625)
Net financial expenses 38,219,175 47,974,287
Interest and related expenses amounting to €38.919.008 (2012: €43.572.327) were paid during the year
ended 31 December 2013.
The weighted average interest rate earned by the Company on its cash surplus (investments in time deposits
and financial assets) for 2013 was 0,16% (2012: 0,50%). The average maturity of the Company’s investments
(time deposits and held-to-maturity financial assets) for 2013 was 362 days (2012: 241 days). Interest income
amounting to €7.534.285 (2012: €1.124.377) was received during the year ended 31 December 2013.
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 November 1994 to 1
November 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.
37 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
