Page 97 - Annual Report 2015 EN
P. 97
Annual Report 2015
and 3730/2015 of the Administrative Courts of Appeal the petitions for the fiscal years 2010-
2012 and 2014 were fully upheld, thus rendering the imposition of municipal charges for the fiscal
years 2010-2012 and 2014 fully unlawful. The hearing of the petition for the fiscal year 2013 was
postponed for 11 May 2016. The Company filed a lawsuit versus the Municipality of Paiania with
the competent Administrative Court of Athens requesting the reimbursement of the municipal
charges imposed for the fiscal years 2010-2012 and already paid to the latter, amounting to €8.8m.
b) By means of a decision taken on 27 December 2012 the Mayor of Spata Municipality charged
the Company with the payment of a total of €2.2m for the compensative municipal charges and
penalties for the provision for waste, landscaping, cleanliness and lighting maintenance for the
fiscal year 2007, against spaces in Main Terminal Building and Satellite Terminal Building of
the Airport. In addition in 2013 the Spata Municipality served upon our Company a Mayor’s
decision imposing municipal charges for the fiscal years 2008-2010 including surcharges in
the amount of €6.5m. Regarding the imposition for the fiscal year 2007, Management filed a
petition with the Administrative Court of Athens versus the Municipality of Spata, accompanied
by corresponding petition for the deferment of payment, 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 has been provisionally granted by order of
the competent judge of the Administrative Court of Athens until the issuance of a Court Decision
on the petitions. In addition, on the basis of new applicable legislation, the Company prior to its
legal actions before the competent administrative courts filed a motion for the annulment of said
decision before the General Secretary of Decentralized Administration of Attica. By virtue of
the decision no 14104/12028 dated 14 March 2013 our motion was fully upheld. Regarding the
imposition of municipal charges for the fiscal years 2008-2010 additional petition was filed before
the Competent Administrative Court of Athens alongside with the petition for the suspension of
payment of the respective charges and the motion for the annulment of the said decision before
the General Secretary of Decentralized Administration of Attica. Said deferment of payment has
been provisionally granted by order of the competent judge of the Administrative Court of Athens
until the issuance of a Court Decision on the petitions. The General Secretary of Decentralized
Administration of Attica by its decision 8889/7425/2014 accepted our petition and annulled the
imposition of charges.
Other
a) Following the termination of Home Base Contract from the Athenian Engineering S.A (successor
of Olympic Engineering S.A.), on 24 December 2012, such termination to come into force as
from 1 May 2013, the above referred company, by virtue of an extrajudicial statement, dated 22
February 2013, notified the Company that its assessment about the commercial value of Home
Base’s landed property is amounted to €43.5m. That assessment, as Athenian Engineering S.A.
claims in its extrajudicial statement, was based on the results of a respective estimation study,
which was conducted by an independent international organization. The Company, with its
extrajudicial statement, dated 7 March 2013 which was addressed to Athenian Engineering
S.A. notified that it does not accept said assessment about the commercial value of Home Base’s
landed property, and is already proceeding to its own assessment in accordance with the rules
and principles of the economic science. The dispute has been referred to international arbitration
(London Court of International Arbitration-LCIA) for final resolution, as provided in the contract.
Based on the LCIA decision (Nr. 132494), which was issued on 22 January 2015 and notified
to the Company on 12 February 2015, the commercial value of Home Base’s landed property
was set at €14.1m, which after deducting the accepted debt of Athenian Engineering towards
the Company of €10.6m, leads to a net outflow payment for the Company of €3.5m plus overdue
interest. The parties accepted the decision of the court, which has been reflected in 2015 financial
statements and abdicated from any further claim.
b) There are a number of pending legal lawsuits against the Company amounting to approximately
€4.9m (2014: €5.1m) for which Management, following consultation with its Legal Counsel,
believes that there is sufficient ground to successfully defend these claims. No provision for these
claims has been recognised in these financial statements on the basis that no material liability is
expected to arise.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
54 of 56
and 3730/2015 of the Administrative Courts of Appeal the petitions for the fiscal years 2010-
2012 and 2014 were fully upheld, thus rendering the imposition of municipal charges for the fiscal
years 2010-2012 and 2014 fully unlawful. The hearing of the petition for the fiscal year 2013 was
postponed for 11 May 2016. The Company filed a lawsuit versus the Municipality of Paiania with
the competent Administrative Court of Athens requesting the reimbursement of the municipal
charges imposed for the fiscal years 2010-2012 and already paid to the latter, amounting to €8.8m.
b) By means of a decision taken on 27 December 2012 the Mayor of Spata Municipality charged
the Company with the payment of a total of €2.2m for the compensative municipal charges and
penalties for the provision for waste, landscaping, cleanliness and lighting maintenance for the
fiscal year 2007, against spaces in Main Terminal Building and Satellite Terminal Building of
the Airport. In addition in 2013 the Spata Municipality served upon our Company a Mayor’s
decision imposing municipal charges for the fiscal years 2008-2010 including surcharges in
the amount of €6.5m. Regarding the imposition for the fiscal year 2007, Management filed a
petition with the Administrative Court of Athens versus the Municipality of Spata, accompanied
by corresponding petition for the deferment of payment, 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 has been provisionally granted by order of
the competent judge of the Administrative Court of Athens until the issuance of a Court Decision
on the petitions. In addition, on the basis of new applicable legislation, the Company prior to its
legal actions before the competent administrative courts filed a motion for the annulment of said
decision before the General Secretary of Decentralized Administration of Attica. By virtue of
the decision no 14104/12028 dated 14 March 2013 our motion was fully upheld. Regarding the
imposition of municipal charges for the fiscal years 2008-2010 additional petition was filed before
the Competent Administrative Court of Athens alongside with the petition for the suspension of
payment of the respective charges and the motion for the annulment of the said decision before
the General Secretary of Decentralized Administration of Attica. Said deferment of payment has
been provisionally granted by order of the competent judge of the Administrative Court of Athens
until the issuance of a Court Decision on the petitions. The General Secretary of Decentralized
Administration of Attica by its decision 8889/7425/2014 accepted our petition and annulled the
imposition of charges.
Other
a) Following the termination of Home Base Contract from the Athenian Engineering S.A (successor
of Olympic Engineering S.A.), on 24 December 2012, such termination to come into force as
from 1 May 2013, the above referred company, by virtue of an extrajudicial statement, dated 22
February 2013, notified the Company that its assessment about the commercial value of Home
Base’s landed property is amounted to €43.5m. That assessment, as Athenian Engineering S.A.
claims in its extrajudicial statement, was based on the results of a respective estimation study,
which was conducted by an independent international organization. The Company, with its
extrajudicial statement, dated 7 March 2013 which was addressed to Athenian Engineering
S.A. notified that it does not accept said assessment about the commercial value of Home Base’s
landed property, and is already proceeding to its own assessment in accordance with the rules
and principles of the economic science. The dispute has been referred to international arbitration
(London Court of International Arbitration-LCIA) for final resolution, as provided in the contract.
Based on the LCIA decision (Nr. 132494), which was issued on 22 January 2015 and notified
to the Company on 12 February 2015, the commercial value of Home Base’s landed property
was set at €14.1m, which after deducting the accepted debt of Athenian Engineering towards
the Company of €10.6m, leads to a net outflow payment for the Company of €3.5m plus overdue
interest. The parties accepted the decision of the court, which has been reflected in 2015 financial
statements and abdicated from any further claim.
b) There are a number of pending legal lawsuits against the Company amounting to approximately
€4.9m (2014: €5.1m) for which Management, following consultation with its Legal Counsel,
believes that there is sufficient ground to successfully defend these claims. No provision for these
claims has been recognised in these financial statements on the basis that no material liability is
expected to arise.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
54 of 56
