Page 87 - Annual Report 2015 EN
P. 87
Annual Report 2015
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had
not been collected by the Company at year-end. This amount is estimated to be collected progressively in
year 2016.
Other Accounts Receivable mainly consists of payments for taxes and duties carried out by the Company,
that relate to various tax disputes, as required by relevant laws in order for the tax disputes to be referred
to the competent Courts for resolution. The Company has assessed that these amounts are fully refundable
upon the successful resolution of the legal cases. The major tax disputes as referred also in note 5.28
Contingent Liabilities and involve taxes imposed for VAT, Property Taxes, Special Once Off Taxes and
Municipal Charges.
5.15 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2015 2014
Cash on hand 2,003,467 3,107
Current & time deposits 121,266,872 24,796,804
Total cash & cash equivalents 123,270,339 24,799,911
5.16 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises
30,000,000 ordinary shares of €10 each amounting to €300,000,000.
The Company is jointly controlled by the Greek State (25.0% of the shares), the Hellenic Republic Asset
Development Fund (30.0% of the shares), the AviAlliance and other private shareholders (45.0% of the
shares).
5.17 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5.0% of the net after tax annual profits to form the
legal reserve, which is used to offset any accumulated losses. The creation of the legal reserve ceases to be
compulsory when the balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2015 the Company’s legal reserve increased by an amount of €6,032,987 (2014:
€4,590,762) and amounted to €54,984,579 (2014:€48,951,592).
In addition, there are a reserve for tax purposes amounting to €360,137 (2014:€ 360,137), a reserve for
actuarial gains/losses recognized due to the adoption of the amended IAS 19, amounting to €458,059
(2014:€326,283) and a reserve for Available-for-sale financial assets valuation amounting to €164,010
(2014:€0).
Analysis of other reserves 2015 Movement 2014
Statutory reserves 54,984,579 6,032,987 48,951,592
Reserves for tax purposes
Actuarial gains/(losses) reserve net of tax 360,137 0 360,137
Αvailable-for-sale nancial assets reserve net of tax 458,059 131,776 326,283
Totals 164,010 164,010
55,966,785 6,328,773 0
49,638,012
5.18 Retained earnings
In accordance with Greek Corporate Law, companies are required each year, to declare dividends of at least
35.0% of after tax profits, after allowing for the legal reserve.
In addition, the prevailing bank loan agreements impose specific conditions for the permitted dividend
distribution, which have been fulfilled since 2003 when the Company was in the financial position to
distribute dividends. The dividends paid in 2015 were €87,300,000 (€2.91 per share). Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
44 of 56
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had
not been collected by the Company at year-end. This amount is estimated to be collected progressively in
year 2016.
Other Accounts Receivable mainly consists of payments for taxes and duties carried out by the Company,
that relate to various tax disputes, as required by relevant laws in order for the tax disputes to be referred
to the competent Courts for resolution. The Company has assessed that these amounts are fully refundable
upon the successful resolution of the legal cases. The major tax disputes as referred also in note 5.28
Contingent Liabilities and involve taxes imposed for VAT, Property Taxes, Special Once Off Taxes and
Municipal Charges.
5.15 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2015 2014
Cash on hand 2,003,467 3,107
Current & time deposits 121,266,872 24,796,804
Total cash & cash equivalents 123,270,339 24,799,911
5.16 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises
30,000,000 ordinary shares of €10 each amounting to €300,000,000.
The Company is jointly controlled by the Greek State (25.0% of the shares), the Hellenic Republic Asset
Development Fund (30.0% of the shares), the AviAlliance and other private shareholders (45.0% of the
shares).
5.17 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5.0% of the net after tax annual profits to form the
legal reserve, which is used to offset any accumulated losses. The creation of the legal reserve ceases to be
compulsory when the balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2015 the Company’s legal reserve increased by an amount of €6,032,987 (2014:
€4,590,762) and amounted to €54,984,579 (2014:€48,951,592).
In addition, there are a reserve for tax purposes amounting to €360,137 (2014:€ 360,137), a reserve for
actuarial gains/losses recognized due to the adoption of the amended IAS 19, amounting to €458,059
(2014:€326,283) and a reserve for Available-for-sale financial assets valuation amounting to €164,010
(2014:€0).
Analysis of other reserves 2015 Movement 2014
Statutory reserves 54,984,579 6,032,987 48,951,592
Reserves for tax purposes
Actuarial gains/(losses) reserve net of tax 360,137 0 360,137
Αvailable-for-sale nancial assets reserve net of tax 458,059 131,776 326,283
Totals 164,010 164,010
55,966,785 6,328,773 0
49,638,012
5.18 Retained earnings
In accordance with Greek Corporate Law, companies are required each year, to declare dividends of at least
35.0% of after tax profits, after allowing for the legal reserve.
In addition, the prevailing bank loan agreements impose specific conditions for the permitted dividend
distribution, which have been fulfilled since 2003 when the Company was in the financial position to
distribute dividends. The dividends paid in 2015 were €87,300,000 (€2.91 per share). Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
44 of 56
