Page 54 - Annual Report 2015 EN
P. 54
Financial Statements
3.5 Employer’s Responsibility
At the end of 2015, AIA’s headcount was 620 people under open-ended contracts and 62 under
fixed-term contracts. 30.0% of our personnel reside at the local communities, reflecting our seamless
connection with the Mesogeia area. As a responsible employer aligned with market practices, AIA
provides to all open-ended and fixed-term employees and their dependents a Group insurance
programme which includes medical, life, and disability coverage. Also, all open-ended employees are
offered a pension programme in which 96.3% of them have selected to participate with their own
contribution.
As AIA strives to offer enhanced Human Resources services to all employees, emphasis was placed in
developing and evolving the new Employee Performance Management System, improving target setting at
individual level and employee competency measurement to reinforce corporate mission, vision and values.
Extensive training for both appraisers and appraisees was provided in 2015 involving all AIA employees.
Focusing on enhancing employees’ knowledge and expertise, the execution of AIA’s Training Plan in
2015 resulted in a total of 19,694 training hours with 100% of employees attending at least one training
session (28.97 training hours/ per FTE).
4. 2015 Financial Statements’ Highlights
The Financial Statements have been prepared in accordance with the International Financial Reporting
Standards (IFRS) and the Accounting Policies approved by the Board of Directors of AIA.
The operating revenues of AIA reached the amount of €371.3 million, higher by 17.6% (or €55.7 million)
compared to the previous financial year, the main cause being the increase of the passenger traffic.
In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €76.1
million, higher by €9.4 million or 14.0% in comparison to the prior financial year, as a result of increased
passenger traffic. Part of the ADF receipts covered interest expenses, i.e. €32.1 million versus €36.1
million in the previous year and therefore were recorded as subsidies related to financial expenses, while
the remaining €44.0 million covered part of the instalments of the loan received for the construction of
the airport and it was transferred to other revenues, with the corresponding amount of the previous year
standing at €30.7 million.
Cost savings efforts continued in 2015 resulting to a decrease of operating expenses of €0.9 million or
0.8%, despite significant traffic increase.
Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were increased in the
year 2015 by €56.6 million or 27.8% compared to the previous year, reaching the level of €260.7 million.
Depreciation charge was €74.4 million in 2015, higher than the corresponding charge in 2014 of €71.7
million, mainly due to the Airport’s Homebase facilities handover from Athenian Engineering to AIA.
The net financial expenses stood at €38.6 million presenting a decrease of €3.2 million or 7.6% versus 2014.
Profit before Tax reached the amount of €179.8 million. After accounting for the aggregate charge for
income tax of €59.2 million, the statutory and other reserves of €6.0 million and the prior years’ retained
earnings of €0.1 million, there remains a distributable profit of €114.7 million. The Board proposes to
the shareholders a dividend distribution of €114.6 million or €3.82 per ordinary share.
The Statement of Financial Position of 31 December 2015 reflects total Assets of €1.2 billion. The value
of AIA’s Non-Current Assets (€0.86 billion) represents 70.0% of Total Assets, indicating that AIA still
remains a capital intensive company.
All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart
from the conditional assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed
Assets were depreciated at rates reflecting their estimated useful lives and the legal limits on their use
as provided by the ADA. The value of the Usufruct of the Land that was assigned by the Greek State
for the development and operation of the Airport, the present value of the fixed component Grant of
Rights Fee and the value of the Intangible Assets are equally depreciated over the operation of the 25-
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
11 of 56
3.5 Employer’s Responsibility
At the end of 2015, AIA’s headcount was 620 people under open-ended contracts and 62 under
fixed-term contracts. 30.0% of our personnel reside at the local communities, reflecting our seamless
connection with the Mesogeia area. As a responsible employer aligned with market practices, AIA
provides to all open-ended and fixed-term employees and their dependents a Group insurance
programme which includes medical, life, and disability coverage. Also, all open-ended employees are
offered a pension programme in which 96.3% of them have selected to participate with their own
contribution.
As AIA strives to offer enhanced Human Resources services to all employees, emphasis was placed in
developing and evolving the new Employee Performance Management System, improving target setting at
individual level and employee competency measurement to reinforce corporate mission, vision and values.
Extensive training for both appraisers and appraisees was provided in 2015 involving all AIA employees.
Focusing on enhancing employees’ knowledge and expertise, the execution of AIA’s Training Plan in
2015 resulted in a total of 19,694 training hours with 100% of employees attending at least one training
session (28.97 training hours/ per FTE).
4. 2015 Financial Statements’ Highlights
The Financial Statements have been prepared in accordance with the International Financial Reporting
Standards (IFRS) and the Accounting Policies approved by the Board of Directors of AIA.
The operating revenues of AIA reached the amount of €371.3 million, higher by 17.6% (or €55.7 million)
compared to the previous financial year, the main cause being the increase of the passenger traffic.
In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €76.1
million, higher by €9.4 million or 14.0% in comparison to the prior financial year, as a result of increased
passenger traffic. Part of the ADF receipts covered interest expenses, i.e. €32.1 million versus €36.1
million in the previous year and therefore were recorded as subsidies related to financial expenses, while
the remaining €44.0 million covered part of the instalments of the loan received for the construction of
the airport and it was transferred to other revenues, with the corresponding amount of the previous year
standing at €30.7 million.
Cost savings efforts continued in 2015 resulting to a decrease of operating expenses of €0.9 million or
0.8%, despite significant traffic increase.
Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were increased in the
year 2015 by €56.6 million or 27.8% compared to the previous year, reaching the level of €260.7 million.
Depreciation charge was €74.4 million in 2015, higher than the corresponding charge in 2014 of €71.7
million, mainly due to the Airport’s Homebase facilities handover from Athenian Engineering to AIA.
The net financial expenses stood at €38.6 million presenting a decrease of €3.2 million or 7.6% versus 2014.
Profit before Tax reached the amount of €179.8 million. After accounting for the aggregate charge for
income tax of €59.2 million, the statutory and other reserves of €6.0 million and the prior years’ retained
earnings of €0.1 million, there remains a distributable profit of €114.7 million. The Board proposes to
the shareholders a dividend distribution of €114.6 million or €3.82 per ordinary share.
The Statement of Financial Position of 31 December 2015 reflects total Assets of €1.2 billion. The value
of AIA’s Non-Current Assets (€0.86 billion) represents 70.0% of Total Assets, indicating that AIA still
remains a capital intensive company.
All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart
from the conditional assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed
Assets were depreciated at rates reflecting their estimated useful lives and the legal limits on their use
as provided by the ADA. The value of the Usufruct of the Land that was assigned by the Greek State
for the development and operation of the Airport, the present value of the fixed component Grant of
Rights Fee and the value of the Intangible Assets are equally depreciated over the operation of the 25-
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
11 of 56
