Page 84 - Annual Report 2013
P. 84
Financial Statements
Construction works in progress mainly refer to additions and improvements on the existing infrastructure
assets such as technical works, building and facilities, roads etc. These assets will be returned to the
Grantor at the end of the Concession Period, together with all other infrastructure assets as described
in note 1. Upon the completion of the construction, such assets related to the infrastructure, will increase
either the cost of the concession intangible asset or the owned assets.
5.14 Trade receivables
Trade receivable accounts are analysed as follows:
Analysis of trade receivable accounts 2013 2012
Domestic customers 44,037,433 57,095,849
Foreign customers 669,053 566,649
Greek state & public sector 7,435,059 6,116,270
Accrued revenues 358,267 236,064
Provision for impairment of trade receivables (5,445,222) (6,323,132)
Other 1,079,964 1,200,793
Total trade receivable accounts 48,134,555 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.
During 2013 a provision release of €877.910 was recognized in the income statement, resulting in an
impairment provision as at 31 December 2013 of €5.445.222 (2012: €6.323.132).
5.15 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2013 2012
Accrued ADF 6,632,077 2,764,449
Other 33,812,626 63,122,409
Total other receivable accounts 40,444,703 65,886,858
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 2014.
Other accounts receivable represent mainly €8,6m concerning the balance of prepayment of
VAT imposed for the years 1998-2009, required by the law in order to refer the issue to 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 the matter to the Athens Administrative
Court of First Instance and €11,3m concerning part of the cleaning and electricity fees imposed by Paiania
Municipality for the years 2004-2013 which has also been referred to the Athens Administrative Court for
resolution (refer to note 5.29 for more details).
43 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
Construction works in progress mainly refer to additions and improvements on the existing infrastructure
assets such as technical works, building and facilities, roads etc. These assets will be returned to the
Grantor at the end of the Concession Period, together with all other infrastructure assets as described
in note 1. Upon the completion of the construction, such assets related to the infrastructure, will increase
either the cost of the concession intangible asset or the owned assets.
5.14 Trade receivables
Trade receivable accounts are analysed as follows:
Analysis of trade receivable accounts 2013 2012
Domestic customers 44,037,433 57,095,849
Foreign customers 669,053 566,649
Greek state & public sector 7,435,059 6,116,270
Accrued revenues 358,267 236,064
Provision for impairment of trade receivables (5,445,222) (6,323,132)
Other 1,079,964 1,200,793
Total trade receivable accounts 48,134,555 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.
During 2013 a provision release of €877.910 was recognized in the income statement, resulting in an
impairment provision as at 31 December 2013 of €5.445.222 (2012: €6.323.132).
5.15 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2013 2012
Accrued ADF 6,632,077 2,764,449
Other 33,812,626 63,122,409
Total other receivable accounts 40,444,703 65,886,858
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 2014.
Other accounts receivable represent mainly €8,6m concerning the balance of prepayment of
VAT imposed for the years 1998-2009, required by the law in order to refer the issue to 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 the matter to the Athens Administrative
Court of First Instance and €11,3m concerning part of the cleaning and electricity fees imposed by Paiania
Municipality for the years 2004-2013 which has also been referred to the Athens Administrative Court for
resolution (refer to note 5.29 for more details).
43 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
