Page 76 - Annual Report 2015 EN
P. 76
Financial Statements
The analysis of financial assets and bank deposits’ balances based on credit ratings is presented in
the following table:
Held-to-maturity nancial assets Aaa-A3 2015 Aaa-A3 2014
Available-for-sale nancial assets 213,141,013 Caa1-C 250,750,261 Caa1-C
Bank deposits’ balances
Total 0 0 0 0
121,178,096 9,207,000 18,854,100 0
334,319,109 269,604,361 5,942,704
88,776 5,942,704
9,295,776
The above criteria are satisfied with respect to the Held-to-maturity financial assets and the Bank
deposits’ balances. As regards the investment in the Available-for-sale financial asset, for which the
above criteria are not satisfied, subsequent to year-end date the Company has obtained the consent
and waiver of EIB subject to the subsequent fulfillment of certain conditions. Further information is
presented in Note 5.9, Note 5.19 and Note 5.31.
Trade receivables
Regarding credit exposure from customers, the Company has an established credit policy and
procedures in place aiming to minimise collection losses. Credit control assesses the credit quality of
the customers, taking into account independent credit ratings where available, their financial position,
past experience in payments and other relevant factors. Cash and other collateral are obtained from
customers when considered necessary under the circumstances.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables subject to impairment testing 2015 2014
Fully performed 14,935,057 22,703,222
Past due but not impaired 30,313,574
Impaired 29,301,115
Total trade and other receivables subject to impairment testing 4,100,817 14,942,290
49,349,448 66,946,627
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past due, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2015 2014
1-30 days 17,361,035 14,008,537
31-60 days
Over 60 days 1,991,297 5,337,647
Total of past due but not impaired receivables 10,961,242 9,954,932
30,313,574 29,301,115
Credit quality of nancial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for
doubtful debt. The Company has established a credit policy which requires the customers to extend
securities for the use of airport’s services and facilities. The securities held by the Company are in the
form of cash deposits and bank letter of guarantee. The fair value of the collaterals held by the Company
as at 31 December 2015 is analysed as follows:
Fair value of collaterals held 2015 2014
Letter of guarantees 57,032,578 52,232,051
Cash deposits 24,790,350
Total fair value of collaterals held 27,515,361 77,022,401
84,547,939
The collaterals above have been received against the outstanding balance of all trade receivable accounts.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
33 of 56
The analysis of financial assets and bank deposits’ balances based on credit ratings is presented in
the following table:
Held-to-maturity nancial assets Aaa-A3 2015 Aaa-A3 2014
Available-for-sale nancial assets 213,141,013 Caa1-C 250,750,261 Caa1-C
Bank deposits’ balances
Total 0 0 0 0
121,178,096 9,207,000 18,854,100 0
334,319,109 269,604,361 5,942,704
88,776 5,942,704
9,295,776
The above criteria are satisfied with respect to the Held-to-maturity financial assets and the Bank
deposits’ balances. As regards the investment in the Available-for-sale financial asset, for which the
above criteria are not satisfied, subsequent to year-end date the Company has obtained the consent
and waiver of EIB subject to the subsequent fulfillment of certain conditions. Further information is
presented in Note 5.9, Note 5.19 and Note 5.31.
Trade receivables
Regarding credit exposure from customers, the Company has an established credit policy and
procedures in place aiming to minimise collection losses. Credit control assesses the credit quality of
the customers, taking into account independent credit ratings where available, their financial position,
past experience in payments and other relevant factors. Cash and other collateral are obtained from
customers when considered necessary under the circumstances.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables subject to impairment testing 2015 2014
Fully performed 14,935,057 22,703,222
Past due but not impaired 30,313,574
Impaired 29,301,115
Total trade and other receivables subject to impairment testing 4,100,817 14,942,290
49,349,448 66,946,627
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past due, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2015 2014
1-30 days 17,361,035 14,008,537
31-60 days
Over 60 days 1,991,297 5,337,647
Total of past due but not impaired receivables 10,961,242 9,954,932
30,313,574 29,301,115
Credit quality of nancial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for
doubtful debt. The Company has established a credit policy which requires the customers to extend
securities for the use of airport’s services and facilities. The securities held by the Company are in the
form of cash deposits and bank letter of guarantee. The fair value of the collaterals held by the Company
as at 31 December 2015 is analysed as follows:
Fair value of collaterals held 2015 2014
Letter of guarantees 57,032,578 52,232,051
Cash deposits 24,790,350
Total fair value of collaterals held 27,515,361 77,022,401
84,547,939
The collaterals above have been received against the outstanding balance of all trade receivable accounts.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
33 of 56
