Page 96 - Annual Report 2015 EN
P. 96
Financial Statements
5 of Article 26 of Law 2093/1992, in conjunction with Articles 25.1.1 & 25.1.2 of the ADA. The
Company duly appealed before the competent Dispute Resolution Department of the Ministry of
Finance aiming to resolve the issue at the administrative level, which however rejected our appeal.
The Company appealed to the Administrative Court of Appeals on 4 September 2014, against the
decision of the Tax Authority to impose property tax and also referred the issue to the London
Court of International Arbitration together with the issues described in a) above, in accordance
with Article 44 of the ADA. The hearing of the case before the Administrative Court of Appeals
set for 12 January 2015, will finally take place on 9 May 2016. No provision has been recognised
based on the final award of the London Court of International Arbitration No 142821, which was
issued at the favour of the Company on 21 January 2016.
c) Further to the completion of the final tax audit on real property for the fiscal years 2008 and 2009,
the Tax Authority issued in 2014 a real property tax assessment for these fiscal years, amounting
to €11.6m -including penalties-. With respect to property tax, the Tax Authority questioned the
right of the Company to be exempted of any property tax until 31 December 2015, as provided by
paragraph 5 of Article 26 of Law 2093/1992, in conjunction with Articles 25.1.1 & 25.1.2 of the
ADA. The Company duly appealed before the competent Dispute Resolution Department of the
Ministry of Finance aiming to resolve the issue at the administrative level, which however rejected
our appeal. The Company appealed to the Administrative Court of Appeals on 9 January 2015,
against the decision of the Tax Authority to impose property tax and also referred the issue to the
London Court of International Arbitration together with the issues described in a) and b) above,
in accordance with Article 44 of the ADA. The hearing of the case before the Administrative Court
of Appeals set for 4 May 2015, will finally take place on 19 September 2016. No provision has
been recognised, based on the final award of the London Court of International Arbitration No
142821, which was issued at the favour of the Company on 21 January 2016.
d) Further to the provisions of Law 4172/2013 a Special Fee on Properties Estate for the fiscal year
2013 was imposed to the Company as usufructuary of the Airport land amounting to €12.9m. With
respect to property tax, the Tax Authority questioned the right of the Company to be exempted
of any property tax until 31.12.2015 as provided by paragraph 5 of Article 26 of Law 2093/1992,
in conjunction with Articles 25.1.1 & 25.1.2 of the ADA. The Company appealed before the
Administrative Court of Appeals on 7 July 2014, against the decision of the Tax Authority to
impose property tax and also referred the issue to the London Court of International Arbitration
together with the issues described in a), b) and c) above, in accordance with Article 44 of the ADA.
The hearing of the case before the Administrative Court of Appeals set for 12 January 2015, was
finally postponed for 9 May 2016. No provision has been recognised, based on the final award of
the London Court of International Arbitration No 142821, which was issued at the favour of the
Company on 21 January 2016.
Municipal charges
a) By means of a decision taken on 5 November 2009 the Mayor of Paiania Municipality charged
the Company with the payment of a total of €37.0m for the compensative municipal charges and
penalties for the provision for waste, landscaping, cleanliness and lighting maintenance for the
period 1 January 2004 to 31 December 2009. In addition the Municipality of Paiania has started
charging municipal charges for the provision for waste, landscaping, cleanliness and lighting
maintenance through monthly electricity bills since March 2010, amounting in total at 2015 year-
end to €18.7m. Management filed a number of petitions with the Administrative Court of Athens
versus the Municipality of Paiania, accompanied by corresponding petitions for the deferment
of payments, claiming that in accordance with the provisions of the ADA, the Company has
been granted with the exclusive right to provide such services to airport users. Said deferment
of payment for the fiscal years 2004-2009 has been finally granted by order of the competent
Administrative Court of Athens until the issuance of a Court Decision on the petitions, while
the respective petitions for the deferment of payment for the fiscal years 2010-2013 have been
rejected on the ground that the Company would not suffer an irreparable damage. By virtue
of Decisions 124/2014 and 75/2015 the deferment of payment of municipality charges for the
fiscal years 2014-2015 has been granted. On 4 July 2012, the Administrative Court of Appeals
accepted in substance the petitions of the Company related to the imposition of municipal charges
and penalties for the fiscal years 2004-2009 rendering the respective decisions of the Mayor of
Paiania as null and void to that effect. As per decisions No. 3495/2013, 3496/2013, 3497/2013
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
53 of 56
5 of Article 26 of Law 2093/1992, in conjunction with Articles 25.1.1 & 25.1.2 of the ADA. The
Company duly appealed before the competent Dispute Resolution Department of the Ministry of
Finance aiming to resolve the issue at the administrative level, which however rejected our appeal.
The Company appealed to the Administrative Court of Appeals on 4 September 2014, against the
decision of the Tax Authority to impose property tax and also referred the issue to the London
Court of International Arbitration together with the issues described in a) above, in accordance
with Article 44 of the ADA. The hearing of the case before the Administrative Court of Appeals
set for 12 January 2015, will finally take place on 9 May 2016. No provision has been recognised
based on the final award of the London Court of International Arbitration No 142821, which was
issued at the favour of the Company on 21 January 2016.
c) Further to the completion of the final tax audit on real property for the fiscal years 2008 and 2009,
the Tax Authority issued in 2014 a real property tax assessment for these fiscal years, amounting
to €11.6m -including penalties-. With respect to property tax, the Tax Authority questioned the
right of the Company to be exempted of any property tax until 31 December 2015, as provided by
paragraph 5 of Article 26 of Law 2093/1992, in conjunction with Articles 25.1.1 & 25.1.2 of the
ADA. The Company duly appealed before the competent Dispute Resolution Department of the
Ministry of Finance aiming to resolve the issue at the administrative level, which however rejected
our appeal. The Company appealed to the Administrative Court of Appeals on 9 January 2015,
against the decision of the Tax Authority to impose property tax and also referred the issue to the
London Court of International Arbitration together with the issues described in a) and b) above,
in accordance with Article 44 of the ADA. The hearing of the case before the Administrative Court
of Appeals set for 4 May 2015, will finally take place on 19 September 2016. No provision has
been recognised, based on the final award of the London Court of International Arbitration No
142821, which was issued at the favour of the Company on 21 January 2016.
d) Further to the provisions of Law 4172/2013 a Special Fee on Properties Estate for the fiscal year
2013 was imposed to the Company as usufructuary of the Airport land amounting to €12.9m. With
respect to property tax, the Tax Authority questioned the right of the Company to be exempted
of any property tax until 31.12.2015 as provided by paragraph 5 of Article 26 of Law 2093/1992,
in conjunction with Articles 25.1.1 & 25.1.2 of the ADA. The Company appealed before the
Administrative Court of Appeals on 7 July 2014, against the decision of the Tax Authority to
impose property tax and also referred the issue to the London Court of International Arbitration
together with the issues described in a), b) and c) above, in accordance with Article 44 of the ADA.
The hearing of the case before the Administrative Court of Appeals set for 12 January 2015, was
finally postponed for 9 May 2016. No provision has been recognised, based on the final award of
the London Court of International Arbitration No 142821, which was issued at the favour of the
Company on 21 January 2016.
Municipal charges
a) By means of a decision taken on 5 November 2009 the Mayor of Paiania Municipality charged
the Company with the payment of a total of €37.0m for the compensative municipal charges and
penalties for the provision for waste, landscaping, cleanliness and lighting maintenance for the
period 1 January 2004 to 31 December 2009. In addition the Municipality of Paiania has started
charging municipal charges for the provision for waste, landscaping, cleanliness and lighting
maintenance through monthly electricity bills since March 2010, amounting in total at 2015 year-
end to €18.7m. Management filed a number of petitions with the Administrative Court of Athens
versus the Municipality of Paiania, accompanied by corresponding petitions for the deferment
of payments, claiming that in accordance with the provisions of the ADA, the Company has
been granted with the exclusive right to provide such services to airport users. Said deferment
of payment for the fiscal years 2004-2009 has been finally granted by order of the competent
Administrative Court of Athens until the issuance of a Court Decision on the petitions, while
the respective petitions for the deferment of payment for the fiscal years 2010-2013 have been
rejected on the ground that the Company would not suffer an irreparable damage. By virtue
of Decisions 124/2014 and 75/2015 the deferment of payment of municipality charges for the
fiscal years 2014-2015 has been granted. On 4 July 2012, the Administrative Court of Appeals
accepted in substance the petitions of the Company related to the imposition of municipal charges
and penalties for the fiscal years 2004-2009 rendering the respective decisions of the Mayor of
Paiania as null and void to that effect. As per decisions No. 3495/2013, 3496/2013, 3497/2013
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
53 of 56
