Page 81 - Annual Report 2015 EN
P. 81
Annual Report 2015
5.3 Net nancial expenses
Analysis of net nancial expenses 2015 2014
Financial expenses
Interest expenses and related costs on bank loans 32,108,265 36,050,996
Unwinding of discount for long term liabilities 6,386,269 6,272,049
Other nancial expenses 95,359
Financial expenses 756,463
Financial revenues 39,250,997 42,418,403
Interest income
Financial revenues (663,806) (640,009)
(663,806) (640,009)
Net nancial expenses 38,587,191 41,778,394
Interest and related expenses amounting to €32,314,338 (2014: €36,844,510) were paid during the year
ended 31 December 2015.
The weighted average interest rate earned by the Company on its cash surplus (investments in time
deposits and financial assets) for 2015 was 0.05% (2014: 0.19%). The average maturity of the Company’s
investments (time deposits and held-to-maturity financial assets) for 2015 was 461 days (2014: 397 days).
Interest income amounting to €542,461 (2014: €553,653) was received during the year ended 31
December 2015.
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with Law 2065/1992, as amended with Law 2892/2001, the Greek State imposed a levy
on all passengers older than 5 years old, departing from Greek Airports, for the purpose of ensuring that
passengers share the responsibility for funding the commercial aviation infrastructure within the Hellenic
Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation
Authority on a monthly basis, through bank accounts opened at the Bank of Greece for each airport, in
favour of the Hellenic Civil Aviation Authority.
According to article 26.1 of Law 2338/1995, the “Airport Development Agreement”, the Greek State
undertook the responsibility to collect the passenger fee over the period from 1 November 1994 to at least
1 November 2014. The Greek State also committed that article 40 of Law 2065/1992 “will not be amended
or modified in any respect which materially prejudices the financial return of the Airport Company”.
The Greek State continuous to charge the ADF to passengers departing from the Athens Airport and it
transfers the amount that corresponds to the Company for periods following 1 November 2014.
Based on the provisions of article 26.2 of Law 2338/1995, in conjunction with article 16 of Law
2892/2001, the Company, at all times prior to airport opening and at all times after the airport opening, is
entitled to make withdrawals from the Spata Airport Development Fund, in order to fund borrowing costs
and capital repayments incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2015 the Company was entitled to subsidies under the ADF amounting
to €76,127,106 (2014: €66,753,890) as analysed below:
Receivables meeting interest and related expenses 2015 2014
Excess over borrowing cost 32,108,265 36,050,996
Total subsidies receivable 44,018,841 30,702,894
76,127,106 66,753,890
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
38 of 56
5.3 Net nancial expenses
Analysis of net nancial expenses 2015 2014
Financial expenses
Interest expenses and related costs on bank loans 32,108,265 36,050,996
Unwinding of discount for long term liabilities 6,386,269 6,272,049
Other nancial expenses 95,359
Financial expenses 756,463
Financial revenues 39,250,997 42,418,403
Interest income
Financial revenues (663,806) (640,009)
(663,806) (640,009)
Net nancial expenses 38,587,191 41,778,394
Interest and related expenses amounting to €32,314,338 (2014: €36,844,510) were paid during the year
ended 31 December 2015.
The weighted average interest rate earned by the Company on its cash surplus (investments in time
deposits and financial assets) for 2015 was 0.05% (2014: 0.19%). The average maturity of the Company’s
investments (time deposits and held-to-maturity financial assets) for 2015 was 461 days (2014: 397 days).
Interest income amounting to €542,461 (2014: €553,653) was received during the year ended 31
December 2015.
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with Law 2065/1992, as amended with Law 2892/2001, the Greek State imposed a levy
on all passengers older than 5 years old, departing from Greek Airports, for the purpose of ensuring that
passengers share the responsibility for funding the commercial aviation infrastructure within the Hellenic
Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation
Authority on a monthly basis, through bank accounts opened at the Bank of Greece for each airport, in
favour of the Hellenic Civil Aviation Authority.
According to article 26.1 of Law 2338/1995, the “Airport Development Agreement”, the Greek State
undertook the responsibility to collect the passenger fee over the period from 1 November 1994 to at least
1 November 2014. The Greek State also committed that article 40 of Law 2065/1992 “will not be amended
or modified in any respect which materially prejudices the financial return of the Airport Company”.
The Greek State continuous to charge the ADF to passengers departing from the Athens Airport and it
transfers the amount that corresponds to the Company for periods following 1 November 2014.
Based on the provisions of article 26.2 of Law 2338/1995, in conjunction with article 16 of Law
2892/2001, the Company, at all times prior to airport opening and at all times after the airport opening, is
entitled to make withdrawals from the Spata Airport Development Fund, in order to fund borrowing costs
and capital repayments incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2015 the Company was entitled to subsidies under the ADF amounting
to €76,127,106 (2014: €66,753,890) as analysed below:
Receivables meeting interest and related expenses 2015 2014
Excess over borrowing cost 32,108,265 36,050,996
Total subsidies receivable 44,018,841 30,702,894
76,127,106 66,753,890
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
38 of 56
