Page 46 - Annual Report 2015 EN
P. 46
Financial Statements
Reporting by the BoD to the Annual General
Meeting of the Shareholders
Dear Sirs,
It is a pleasure to welcome you today to the 20th Annual Ordinary General Meeting of the Shareholders of
Athens International Airport S.A. (AIA and/or the Company) during which we shall review the year 2015.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as applicable, we submit
herewith to your General Assembly the AIA’s Financial Statements for its 20th financial period. The
present report includes the analysis of these statements as well as any supplementary information
necessary or useful for the statements’ appreciation and approval by the General Assembly, according to
the proposal of the Board of Directors.
Year 2015 saw a surge of global demand for air travel despite weak economic growth, supported by lower
fares enabled by low fuel prices but also reflecting new market dynamics, strong demand for aviation
connectivity and changing consumer behaviours. More specifically, according to IATA and ACI, air
travellers worldwide, increased by more than 6.0%, the strongest growth level in the last 5 years, while the
worldwide airline industry achieved significantly enhanced net profit margins in 2015, at the level of 4.6%
(compared to 2.3% in 2014). According to ACI EUROPE, passenger traffic across the European airport
network rose by 5.2%. With a +5.6% growth, EU airports outpaced the European average, with airports in
a number of countries such as Ireland, Portugal and Greece achieving double-digit growth, while non-EU
airports reported a considerably slower growth of +3.9% mainly due to reduced demand for air travel in
Russia and Ukraine.
For AIA, 2015 was a milestone year since despite the economic and political developments in the
country; the airport’s traffic not only enjoyed strong traffic growth but also reached record traffic levels.
This favorable outcome was created by the positive evolution of a number of important air travel
growth drivers: the dynamic expansion of the Greek home-based carrier’s international network and the
strengthening of the low-cost home-based carrier’s position, both supported by the pricing and targeted
incentives policy of AIA. Both carriers expanded their network and attracted an increasing number of
passengers, while the competition between these two main carriers especially in the domestic sector led
to lower air ticket prices and promotional fares and helped Greeks increase their air travel despite the
ongoing economic crisis. Lastly, the increase of inbound tourism of Greece and Athens to record levels,
with the city of Athens not only strengthening its position as a popular destination per se, but also being
increasingly selected by foreign passengers as an intermediate stop.
As a result of all the above, in 2015 airport’s passenger traffic reached the record levels of 18.09 million
exceeding prior-year levels by 2.9 million passengers which corresponds to a significant increase of 19.0%,
whereas the number of flights amounted to 176.2 thousands surpassing the respective 2014 levels by
14.0%.
These traffic developments were realised in a year of extraordinary macroeconomic conditions in the
country with the introduction of capital controls at the beginning of the summer. Despite uncertainty and
exceptional conditions, passenger traffic dynamics remained strong within the year and robust growth
momentum in terms of traffic and revenues continued.
In addition, despite growth, AIA sustained costs at low levels, further strengthening efficiency and
productivity. AIA’s achievement to handle substantial traffic increase while sustaining costs at low levels
and maintaining high quality of services was acknowledged by the Air Transport Research Society (ATRS)
with the 2015 Top Efficiency Excellence Award.
In 2015 AIA recorded Profit before Tax of €179.8 million; a distribution of €114.6 million as dividend to its
shareholders is proposed.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
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Reporting by the BoD to the Annual General
Meeting of the Shareholders
Dear Sirs,
It is a pleasure to welcome you today to the 20th Annual Ordinary General Meeting of the Shareholders of
Athens International Airport S.A. (AIA and/or the Company) during which we shall review the year 2015.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as applicable, we submit
herewith to your General Assembly the AIA’s Financial Statements for its 20th financial period. The
present report includes the analysis of these statements as well as any supplementary information
necessary or useful for the statements’ appreciation and approval by the General Assembly, according to
the proposal of the Board of Directors.
Year 2015 saw a surge of global demand for air travel despite weak economic growth, supported by lower
fares enabled by low fuel prices but also reflecting new market dynamics, strong demand for aviation
connectivity and changing consumer behaviours. More specifically, according to IATA and ACI, air
travellers worldwide, increased by more than 6.0%, the strongest growth level in the last 5 years, while the
worldwide airline industry achieved significantly enhanced net profit margins in 2015, at the level of 4.6%
(compared to 2.3% in 2014). According to ACI EUROPE, passenger traffic across the European airport
network rose by 5.2%. With a +5.6% growth, EU airports outpaced the European average, with airports in
a number of countries such as Ireland, Portugal and Greece achieving double-digit growth, while non-EU
airports reported a considerably slower growth of +3.9% mainly due to reduced demand for air travel in
Russia and Ukraine.
For AIA, 2015 was a milestone year since despite the economic and political developments in the
country; the airport’s traffic not only enjoyed strong traffic growth but also reached record traffic levels.
This favorable outcome was created by the positive evolution of a number of important air travel
growth drivers: the dynamic expansion of the Greek home-based carrier’s international network and the
strengthening of the low-cost home-based carrier’s position, both supported by the pricing and targeted
incentives policy of AIA. Both carriers expanded their network and attracted an increasing number of
passengers, while the competition between these two main carriers especially in the domestic sector led
to lower air ticket prices and promotional fares and helped Greeks increase their air travel despite the
ongoing economic crisis. Lastly, the increase of inbound tourism of Greece and Athens to record levels,
with the city of Athens not only strengthening its position as a popular destination per se, but also being
increasingly selected by foreign passengers as an intermediate stop.
As a result of all the above, in 2015 airport’s passenger traffic reached the record levels of 18.09 million
exceeding prior-year levels by 2.9 million passengers which corresponds to a significant increase of 19.0%,
whereas the number of flights amounted to 176.2 thousands surpassing the respective 2014 levels by
14.0%.
These traffic developments were realised in a year of extraordinary macroeconomic conditions in the
country with the introduction of capital controls at the beginning of the summer. Despite uncertainty and
exceptional conditions, passenger traffic dynamics remained strong within the year and robust growth
momentum in terms of traffic and revenues continued.
In addition, despite growth, AIA sustained costs at low levels, further strengthening efficiency and
productivity. AIA’s achievement to handle substantial traffic increase while sustaining costs at low levels
and maintaining high quality of services was acknowledged by the Air Transport Research Society (ATRS)
with the 2015 Top Efficiency Excellence Award.
In 2015 AIA recorded Profit before Tax of €179.8 million; a distribution of €114.6 million as dividend to its
shareholders is proposed.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
3 of 56
