Page 63 - Annual Report 2015 EN
P. 63
Annual Report 2015
Notes to the nancial statements
1. Incorporation & activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation
of civil airports and related activities. As a civil airport operator the Company manages the Athens
International Airport at Spata, Greece. The Company is a Societe Anonyme incorporated and domiciled
in Greece. The address of its registered office is Spata, Attica 190 19.
The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose
of the finance, construction, operation and development of the new international airport at Spata Attica.
In exchange for the finance, construction, operation and development of the airport the Greek State
granted the Athens International Airport S.A. a 30 year concession commencing on 11 June 1996. At
the end of the concession arrangement (11 June 2026), subject to the stipulations of Article 33 of the
ADA and without prejudice to all rights and obligations then having accrued to the Greek State and/or
the Company, the airport together with all usufruct additions will revert to the Greek State, which will
enjoy all rights of ownership over these without payment of any kind and clear of any security, unless
the concession arrangement is renewed.
The Company’s return from air activities is capped at 15.0% on the capital allocated to air activities. In
the event that the Company’s actual compounded cumulative return exceeds 15.0%, in 3 out of any 4
consecutive financial periods, the Company is obliged to pay any excess return to the Greek State.
The terms and conditions of the concession for the Athens International Airport are stipulated in the
Airport Development Agreement (“ADA”). The ADA and the Company’s Articles of Association were
ratified and enacted under Law 2338/14.9.1995.
The Company commenced its commercial operations in March 2001 following a construction period of
approximately 5 years initiated in September 1996.
The number of open-ended staff employed at year-end was 620 employees, compared to 623 employees
at the end of 2014.
The financial statements have been approved by the Board of Directors on 31 March 2016.
2. Signi cant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have consistently been applied to all the years presented.
2.1 Basis of preparation
The financial statements of the Company have been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union, IFRIC Interpretations and the
Companies Act 2190/1920 as applicable to companies reporting under IFRS. The Company’s financial
statements have been prepared under the historical cost convention, with the exception that the
Available-for-sale financial assets are measured at fair value.
2.1.1 Going concern
As a result of the funding activities undertaken and the increased focus on working capital, the
Company’s forecasts and projections, taking account of reasonably possible changes in trading
performance, show that the Company should be able to operate within the level of its current financing.
Currently net interest expenses are covered by operating profits more than 4 times.
After making enquiries, management has reasonable expectations that the Company has adequate
resources to continue in operational existence for the foreseeable future. The Company therefore
continues to adopt the going concern basis in preparing its financial statements.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
20 of 56
Notes to the nancial statements
1. Incorporation & activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation
of civil airports and related activities. As a civil airport operator the Company manages the Athens
International Airport at Spata, Greece. The Company is a Societe Anonyme incorporated and domiciled
in Greece. The address of its registered office is Spata, Attica 190 19.
The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose
of the finance, construction, operation and development of the new international airport at Spata Attica.
In exchange for the finance, construction, operation and development of the airport the Greek State
granted the Athens International Airport S.A. a 30 year concession commencing on 11 June 1996. At
the end of the concession arrangement (11 June 2026), subject to the stipulations of Article 33 of the
ADA and without prejudice to all rights and obligations then having accrued to the Greek State and/or
the Company, the airport together with all usufruct additions will revert to the Greek State, which will
enjoy all rights of ownership over these without payment of any kind and clear of any security, unless
the concession arrangement is renewed.
The Company’s return from air activities is capped at 15.0% on the capital allocated to air activities. In
the event that the Company’s actual compounded cumulative return exceeds 15.0%, in 3 out of any 4
consecutive financial periods, the Company is obliged to pay any excess return to the Greek State.
The terms and conditions of the concession for the Athens International Airport are stipulated in the
Airport Development Agreement (“ADA”). The ADA and the Company’s Articles of Association were
ratified and enacted under Law 2338/14.9.1995.
The Company commenced its commercial operations in March 2001 following a construction period of
approximately 5 years initiated in September 1996.
The number of open-ended staff employed at year-end was 620 employees, compared to 623 employees
at the end of 2014.
The financial statements have been approved by the Board of Directors on 31 March 2016.
2. Signi cant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have consistently been applied to all the years presented.
2.1 Basis of preparation
The financial statements of the Company have been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union, IFRIC Interpretations and the
Companies Act 2190/1920 as applicable to companies reporting under IFRS. The Company’s financial
statements have been prepared under the historical cost convention, with the exception that the
Available-for-sale financial assets are measured at fair value.
2.1.1 Going concern
As a result of the funding activities undertaken and the increased focus on working capital, the
Company’s forecasts and projections, taking account of reasonably possible changes in trading
performance, show that the Company should be able to operate within the level of its current financing.
Currently net interest expenses are covered by operating profits more than 4 times.
After making enquiries, management has reasonable expectations that the Company has adequate
resources to continue in operational existence for the foreseeable future. The Company therefore
continues to adopt the going concern basis in preparing its financial statements.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
20 of 56
