Page 91 - Annual Report 2013
P. 91
Annual Report 2013
which is amortised over the concession period. An amount of €2.435.104 is included in 2013 amortisation
of the intangible concession asset with respect to the grant of rights fee (2012: €2.435.104).
Long term securities relate to performance guarantees provided for by the lessees for long- term lease
agreements. Long-term securities are measured at their net present value, by discounting the future cash
flow payments with the weighted average borrowing rate, at the balance sheet date. The weighted average
borrowing rate for the Company for 2013 was at the rate of 6,20%.
5.25 Trade & other payables
Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts 2013 2012
Suppliers 8,402,932 10,824,764
Advance payments from customers 4,724,600 4,923,478
Beneficiaries of money – guarantees 13,762,404 14,897,334
Value added tax 1,437,971 2,525,072
Other taxes payable and payroll withholdings 3,834,870 3,303,744
Grants of rights fee payable 1,250,000 1,000,000
Other payables 6,059 14,538
Total trade & other payable accounts 33,418,836 37,488,930
The amount shown above for suppliers represents the short term liabilities of the Company towards its
trade creditors as at the corresponding year end for the goods bought and the services they had rendered
in the respective year.
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.
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
Other current liabilities are analysed as follows:
Analysis of other current liabilities 2013 2012
Accrued expenses for services and fees 12,998,493 9,398,582
Total other current liabilities 12,998,493 9,398,582
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public,
which had not been invoiced at year end.
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 €223.299, were
recognised in the income statement, while the corresponding amount for the year 2012 was at €246.737.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating
leases, which are presented in note 5.28.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 50 of 58
which is amortised over the concession period. An amount of €2.435.104 is included in 2013 amortisation
of the intangible concession asset with respect to the grant of rights fee (2012: €2.435.104).
Long term securities relate to performance guarantees provided for by the lessees for long- term lease
agreements. Long-term securities are measured at their net present value, by discounting the future cash
flow payments with the weighted average borrowing rate, at the balance sheet date. The weighted average
borrowing rate for the Company for 2013 was at the rate of 6,20%.
5.25 Trade & other payables
Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts 2013 2012
Suppliers 8,402,932 10,824,764
Advance payments from customers 4,724,600 4,923,478
Beneficiaries of money – guarantees 13,762,404 14,897,334
Value added tax 1,437,971 2,525,072
Other taxes payable and payroll withholdings 3,834,870 3,303,744
Grants of rights fee payable 1,250,000 1,000,000
Other payables 6,059 14,538
Total trade & other payable accounts 33,418,836 37,488,930
The amount shown above for suppliers represents the short term liabilities of the Company towards its
trade creditors as at the corresponding year end for the goods bought and the services they had rendered
in the respective year.
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.
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
Other current liabilities are analysed as follows:
Analysis of other current liabilities 2013 2012
Accrued expenses for services and fees 12,998,493 9,398,582
Total other current liabilities 12,998,493 9,398,582
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public,
which had not been invoiced at year end.
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 €223.299, were
recognised in the income statement, while the corresponding amount for the year 2012 was at €246.737.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating
leases, which are presented in note 5.28.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 50 of 58
