Page 96 - Annual Report 2013
P. 96
Financial Statements
b) Purchases of services
Purchases of services 2013 2012
Greek State 5,347,413 5,988,124
Hochtief Group 2,061,963 1,803,594
Total 7,409,376 7,791,718
c) Year end balances arising from sales/purchases of services and rental fees
Year end balances arising form sales/ 2013 2012
purchases of services and rental fees
Trade and other receivables:
Greek State 8,173,699 5,597,398
Hochtief Group 0 49,118
Trade and other payables:
Payables to Hochtief Group 0 448,940
Total 8,173,699 6,095,456
d) Key management compensation
Key management includes personnel authorised by the Board of Directors for planning, directing and
controlling the activities of the Company. Compensation paid or payable to key management for employee
services rendered is shown below:
Analysis of BoD and key management compensation 2013 2012
Board of directors’ fees 461,040 430,920
Short-term employment benefits of key management 1,656,039 1,298,253
Total BoD and key management compensation 2,117,079 1,729,173
5.31 Events after the balance sheet date
a) Further to a temporary tax audit initiated 2013 and completed in 2014 concerning the fiscal year 2012,
the tax authority issued a temporary VAT assessment for the year 2012, amounting to €0,9m -including
penalties- which corresponds to VAT on the acquisition of fixed assets and operating expenses related to
VAT exempt activities. The Company duly appealed before the competent Dispute Resolution Department
of the Ministry of Finance aiming to resolve the issue at the administrative level.
b) Further to a temporary tax audit on real property for the year 2013 the tax authority issued in 2014 a real
property tax assessment amounting to €3m including penalties. The Tax Authority questioned the right
of the Company to be exempted of any property tax until 31 December 2015 as provided by article 26.5
of Law 2093/1992, in combination with articles 25.1.1 & 25.1.2 of Law 2338/1995 (the Airport Development
Agreement).
c) Other than the above, no significant events have been incurred after the balance sheet date, until the
approval of the Financial Statements by the Board of Directors.
5.32 Restatements due to IAS 19R
Due to the application of the revised IAS 19 “Employee Benefits” regarding the immediate recognition
of past service cost in income statement as well as the recognition of actuarial gains/losses in other
Comprehensive Income in the period in which they have arisen, Company adjusted the income statement,
equity, employee retirement benefits and deferred tax liabilities as follows:
55 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
b) Purchases of services
Purchases of services 2013 2012
Greek State 5,347,413 5,988,124
Hochtief Group 2,061,963 1,803,594
Total 7,409,376 7,791,718
c) Year end balances arising from sales/purchases of services and rental fees
Year end balances arising form sales/ 2013 2012
purchases of services and rental fees
Trade and other receivables:
Greek State 8,173,699 5,597,398
Hochtief Group 0 49,118
Trade and other payables:
Payables to Hochtief Group 0 448,940
Total 8,173,699 6,095,456
d) Key management compensation
Key management includes personnel authorised by the Board of Directors for planning, directing and
controlling the activities of the Company. Compensation paid or payable to key management for employee
services rendered is shown below:
Analysis of BoD and key management compensation 2013 2012
Board of directors’ fees 461,040 430,920
Short-term employment benefits of key management 1,656,039 1,298,253
Total BoD and key management compensation 2,117,079 1,729,173
5.31 Events after the balance sheet date
a) Further to a temporary tax audit initiated 2013 and completed in 2014 concerning the fiscal year 2012,
the tax authority issued a temporary VAT assessment for the year 2012, amounting to €0,9m -including
penalties- which corresponds to VAT on the acquisition of fixed assets and operating expenses related to
VAT exempt activities. The Company duly appealed before the competent Dispute Resolution Department
of the Ministry of Finance aiming to resolve the issue at the administrative level.
b) Further to a temporary tax audit on real property for the year 2013 the tax authority issued in 2014 a real
property tax assessment amounting to €3m including penalties. The Tax Authority questioned the right
of the Company to be exempted of any property tax until 31 December 2015 as provided by article 26.5
of Law 2093/1992, in combination with articles 25.1.1 & 25.1.2 of Law 2338/1995 (the Airport Development
Agreement).
c) Other than the above, no significant events have been incurred after the balance sheet date, until the
approval of the Financial Statements by the Board of Directors.
5.32 Restatements due to IAS 19R
Due to the application of the revised IAS 19 “Employee Benefits” regarding the immediate recognition
of past service cost in income statement as well as the recognition of actuarial gains/losses in other
Comprehensive Income in the period in which they have arisen, Company adjusted the income statement,
equity, employee retirement benefits and deferred tax liabilities as follows:
55 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
