Page 95 - Annual Report 2013
P. 95
Annual Report 2013
Other:
a) Following the termination of Home Base Agreement from the Olympic Engineering S.A (now Athenian
Engineering S.A.), on 24 December 2012, such termination to come into force as from 1 May 2013, the
above referred company, by virtue of an extrajudicial statement, dated 22 February 2013, notified our
Company that its assessment about the commercial value of Home Base’s landed property is amounted
to €43,5m. That assessment, as Olympic Engineering S.A. claims in its extrajudicial statement, is based
on the results of a respective estimation study, which was conducted by an independent international
organization. Our Company, with its extrajudicial statement, dated 7 March 2013 which was addressed to
Olympic Engineering S.A. notified that it does not accept said assessment about the commercial value of
Home Base’s landed property, and is already proceeding to its own assessment in accordance with the
rules and principles of the economic science. The dispute has been referred to international arbitration
(London Court of International Arbitration-LCIA) for final resolution, as provided by the Agreement. Based
on Company’s experts’ opinion by reference to the provisions of the Agreement signed between the
parties and taken into consideration the reciprocal claims, no provision has been recognised.
b) There are a number of pending legal lawsuits against the Company amounting to approximately €5,5m
(2012: €5m) for which management, following consultation with its Legal Counsel, believes that there is
sufficient ground to successfully defend these claims. No provision for these claims has been recognised
in these financial statements on the basis that no material liability is expected to arise.
5.30 Related parties transactions
Athens International Airport S.A. is a privately managed Company, having as major shareholders the Greek
State and AviAlliance Group, each one of them holding more than 20% of the shares as at 31 December
2013.
The AviAlliance Group became the main Private Shareholder of the Company during 2013, following
the sale of Hochtief AG’s shares in Hochtief AirPort GmbH (AIA’s shareholder by 26,67%) to a limited
partnership under German law (“WAP”) named World Airport Partners GmbH & Co.KG, that is a wholly-
owned subsidiary of the Public Sector Pension Investment Board (PSP Investments), a Canadian Crown
corporation organized under the laws of Canada. Subsequently, as at 30 October 2013, Hochtief AirPort
GmbH was renamed to AviAlliance GmbH. Furthermore the Company’s other shareholder Hochtief
AirPort Capital GmbH & Co KGaA (13,33% share) was renamed to AviAlliance Capital GmbH & Co KGaA
as at 29 November 2013.
The Company had undertaken related party transactions with companies controlled by its previous Private
Shareholder, by providing goods or services or carrying out of any works needed for the operation of
the airport. The Company has not undertaken any related party transactions with companies controlled
by its current main Private Shareholder AviAlliance Group. Furthermore, the Company provides either
aeronautical or non-aeronautical services to Public sector controlled entities and at the same time,
receives services from public entities i.e. fire protection, medical etc. The above goods/services/works
are based on corresponding market’s terms and conditions. The transactions with the Greek State for the
full year and with the previous Private Shareholder (Hochtief AG Group) up to 29 November 2013 have as
follows:
a) Sales of services and rental fees
Sales of services 2013 2012
Hochtief Group 244,638 384,802
Greek State 11,321,588 12,850,452
Total 11,566,226 13,235,254
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 54 of 58
Other:
a) Following the termination of Home Base Agreement from the Olympic Engineering S.A (now Athenian
Engineering S.A.), on 24 December 2012, such termination to come into force as from 1 May 2013, the
above referred company, by virtue of an extrajudicial statement, dated 22 February 2013, notified our
Company that its assessment about the commercial value of Home Base’s landed property is amounted
to €43,5m. That assessment, as Olympic Engineering S.A. claims in its extrajudicial statement, is based
on the results of a respective estimation study, which was conducted by an independent international
organization. Our Company, with its extrajudicial statement, dated 7 March 2013 which was addressed to
Olympic Engineering S.A. notified that it does not accept said assessment about the commercial value of
Home Base’s landed property, and is already proceeding to its own assessment in accordance with the
rules and principles of the economic science. The dispute has been referred to international arbitration
(London Court of International Arbitration-LCIA) for final resolution, as provided by the Agreement. Based
on Company’s experts’ opinion by reference to the provisions of the Agreement signed between the
parties and taken into consideration the reciprocal claims, no provision has been recognised.
b) There are a number of pending legal lawsuits against the Company amounting to approximately €5,5m
(2012: €5m) for which management, following consultation with its Legal Counsel, believes that there is
sufficient ground to successfully defend these claims. No provision for these claims has been recognised
in these financial statements on the basis that no material liability is expected to arise.
5.30 Related parties transactions
Athens International Airport S.A. is a privately managed Company, having as major shareholders the Greek
State and AviAlliance Group, each one of them holding more than 20% of the shares as at 31 December
2013.
The AviAlliance Group became the main Private Shareholder of the Company during 2013, following
the sale of Hochtief AG’s shares in Hochtief AirPort GmbH (AIA’s shareholder by 26,67%) to a limited
partnership under German law (“WAP”) named World Airport Partners GmbH & Co.KG, that is a wholly-
owned subsidiary of the Public Sector Pension Investment Board (PSP Investments), a Canadian Crown
corporation organized under the laws of Canada. Subsequently, as at 30 October 2013, Hochtief AirPort
GmbH was renamed to AviAlliance GmbH. Furthermore the Company’s other shareholder Hochtief
AirPort Capital GmbH & Co KGaA (13,33% share) was renamed to AviAlliance Capital GmbH & Co KGaA
as at 29 November 2013.
The Company had undertaken related party transactions with companies controlled by its previous Private
Shareholder, by providing goods or services or carrying out of any works needed for the operation of
the airport. The Company has not undertaken any related party transactions with companies controlled
by its current main Private Shareholder AviAlliance Group. Furthermore, the Company provides either
aeronautical or non-aeronautical services to Public sector controlled entities and at the same time,
receives services from public entities i.e. fire protection, medical etc. The above goods/services/works
are based on corresponding market’s terms and conditions. The transactions with the Greek State for the
full year and with the previous Private Shareholder (Hochtief AG Group) up to 29 November 2013 have as
follows:
a) Sales of services and rental fees
Sales of services 2013 2012
Hochtief Group 244,638 384,802
Greek State 11,321,588 12,850,452
Total 11,566,226 13,235,254
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 54 of 58
