Page 90 - Annual Report 2013
P. 90
Financial Statements
The movement in deferred income tax assets and liabilities during the year, without taking into
consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Deferred tax liabilities Accelerated Grant Usufruct Total
tax of rights of the
depreciation fee site
As at 1 January 2012 170,349,856 7,061,803 103,169 177,514,828
Charged/(credited) to the income statement (11,355,753) (487,021) 9,597 (11,833,177)
and other comprehensive income
As at 31 December 2012 Restated 158,994,103 6,574,782 112,766 165,681,651
Charged/(credited) to the income statement 32,826,067 1,339,307 46,307 34,211,681
and other comprehensive income
As at 31 December 2013 191,820,170 7,914,089 159,073 199,893,332
Deferred tax assets Tax losses Provisions Retirement Other Total
benefit
obligations
As at 1 January 2012 (116,377,208) (5,264,155) (1,418,953) (22,688,177) (145,748,493)
Charged/(credited) to the
income statement and other 14,026,175 920,162 381,198 (2,194,303) 13,133,232
comprehensive income
As at 31 December 2012 (102,351,033) (4,343,993) (1,037,755) (24,882,480) (132,615,261)
Restated
Charged/(credited) to the
income statement and other (12,864,576) 543,203 (174,991) (9,404,878) (21,901,242)
comprehensive income
As at 31 December 2013 (115,215,609) (3,800,790) (1,212,746) (34,287,358) (154,516,503)
At the balance sheet date the Company has unused tax losses of €443.136.957 available for offset against
future taxable profits. A deferred tax asset amounting to €115.215.609 (2012 Restated: €102.351.033) has
been recognised in respect to these tax losses. According to the provisions of article 25.1.2.(k) of the ADA,
(Law 2338/1995) tax losses can be carried forward to relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided
by paragraph 8 of article 26 of Law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the
accelerated depreciation method provided by Law 2093/1992 refers to tax depreciation and constitutes
an allowable deduction for tax purposes even though the depreciation in the annual statutory accounts
of the Company may differ from year to year. At the balance sheet date the Company recognised a
deferred tax liability on the outstanding accelerated depreciation, net of the corresponding accelerated
amortisation of the cohesion fund, amounting to €191.820.170 (2012: €158.994.103).
5.24 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities 2013 2012
Grant of rights fee payable 106,264,592 102,004,717
Long term securities provided by customers 2,508,665 2,452,065
Total other non-current liabilities 108,773,257 104,456,782
The Company pays a quarterly fee to the Greek State during the concession period for the rights and
privileges granted in ADA. The carrying amount of the liability represents the present value of the future
payment at the balance sheet date. In 2013 a finance charge amounting to €5.259.875 has been recorded
as the unwind interest of the liability due to the passage of time (2012: €5.065.273). The amount payable
within the next 12 months is included in the other current liabilities. The present value of total future
payments at the time of airport opening has been included in the cost of the intangible concession asset
49 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
The movement in deferred income tax assets and liabilities during the year, without taking into
consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Deferred tax liabilities Accelerated Grant Usufruct Total
tax of rights of the
depreciation fee site
As at 1 January 2012 170,349,856 7,061,803 103,169 177,514,828
Charged/(credited) to the income statement (11,355,753) (487,021) 9,597 (11,833,177)
and other comprehensive income
As at 31 December 2012 Restated 158,994,103 6,574,782 112,766 165,681,651
Charged/(credited) to the income statement 32,826,067 1,339,307 46,307 34,211,681
and other comprehensive income
As at 31 December 2013 191,820,170 7,914,089 159,073 199,893,332
Deferred tax assets Tax losses Provisions Retirement Other Total
benefit
obligations
As at 1 January 2012 (116,377,208) (5,264,155) (1,418,953) (22,688,177) (145,748,493)
Charged/(credited) to the
income statement and other 14,026,175 920,162 381,198 (2,194,303) 13,133,232
comprehensive income
As at 31 December 2012 (102,351,033) (4,343,993) (1,037,755) (24,882,480) (132,615,261)
Restated
Charged/(credited) to the
income statement and other (12,864,576) 543,203 (174,991) (9,404,878) (21,901,242)
comprehensive income
As at 31 December 2013 (115,215,609) (3,800,790) (1,212,746) (34,287,358) (154,516,503)
At the balance sheet date the Company has unused tax losses of €443.136.957 available for offset against
future taxable profits. A deferred tax asset amounting to €115.215.609 (2012 Restated: €102.351.033) has
been recognised in respect to these tax losses. According to the provisions of article 25.1.2.(k) of the ADA,
(Law 2338/1995) tax losses can be carried forward to relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided
by paragraph 8 of article 26 of Law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the
accelerated depreciation method provided by Law 2093/1992 refers to tax depreciation and constitutes
an allowable deduction for tax purposes even though the depreciation in the annual statutory accounts
of the Company may differ from year to year. At the balance sheet date the Company recognised a
deferred tax liability on the outstanding accelerated depreciation, net of the corresponding accelerated
amortisation of the cohesion fund, amounting to €191.820.170 (2012: €158.994.103).
5.24 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities 2013 2012
Grant of rights fee payable 106,264,592 102,004,717
Long term securities provided by customers 2,508,665 2,452,065
Total other non-current liabilities 108,773,257 104,456,782
The Company pays a quarterly fee to the Greek State during the concession period for the rights and
privileges granted in ADA. The carrying amount of the liability represents the present value of the future
payment at the balance sheet date. In 2013 a finance charge amounting to €5.259.875 has been recorded
as the unwind interest of the liability due to the passage of time (2012: €5.065.273). The amount payable
within the next 12 months is included in the other current liabilities. The present value of total future
payments at the time of airport opening has been included in the cost of the intangible concession asset
49 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
