Page 58 - Annual_Report_2016
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Financial Statements aia.gr
The 2016 Training Plan resulted in a total of 18,383 training hours, with 100% of the employees attending at
least one training session and receiving the equivalent of 26.5 hours per FTE.
In June 2016, AIA, wishing to substantially contribute to youth employability in Greece, implemented
the second round of “Praxis” program and offered to 100 young people, between ages 19 to 29, the
opportunity for on-the-job training through a paid working experience at the airport for a period up to 6
months. At the completion of the program, outplacement services are scheduled for the trainees through
an external advisor.
3.4 Corporate Citizenship
Regarding corporate citizenship, AIA consistently promotes the country’s cultural heritage and
contemporary art while connecting social contribution with business objectives. In regard to its cultural
impact, in 2016 AIA launched numerous art collaborations in its two temporary art exhibitions areas, in
addition to the ongoing permanent exhibitions. Examples of such events include the “Drops of Breath”
exhibition on the 1st worldwide underwater dance performance that took place under the ancient Temple
of Poseidon at Cape Sounio, the photo exhibition “Olympic Games 1896” in collaboration with the Benaki
Museum and Costa Navarino, the digital installation “EverythingHappensAsItShould.com” in cooperation
with the Polyeco Contemporary Art Initiative, the “Sheltering Sky” exhibition of contemporary Greek
jewellery designers and the Pulitzer Prize-winning photographer, Yannis Behrakis’, exhibition titled “People
on the Move” with the aim to raise public awareness on the refugee crisis. Through the “Fly me to the
Moon” programme, AIA offered passengers for the 3rd consecutive year a unique entertainment experience
at the airport featuring renowned performers.
At the same time, AIA’s concern with the challenges faced by Greek society is converted into programmes
of great value, such as the contribution to the Prolepsis Institute for ensuring proper nutrition for the
children of neighbouring schools.
The company’s ties with local society remained intact through this year’s Community Engagement Plan
implementation. Some of the most important initiatives for 2016 include the provision of financial rewards
to local schools for their participation in AIA’s Recycling Programme and to top students from local high
schools admitted to Greek Universities, a programme for raising awareness on water conservation issues
that was implemented to 13 local elementary schools and attended by 1,728 students, the launch of a new
Environmental Management Programme which aims to raise awareness on the airport’s environmental
protection measures in the Mesogaia area and included presentations to 253 high school students and
financial assistance to local cultural and athletic associations and families in need. Moreover, for the 9th
consecutive year AIA continued to financially support the Vravrona Archaeological Museum and the
conservation and promotion of the Vravrona Wetland.
4. 2016 Financial Statements’ Highlights
The Financial Statements have been prepared in accordance with the International Financial Reporting
Standards (IFRS) and the Accounting Policies approved by the Board of Directors of AIA.
Operating revenues AIA reached the amount of €404.6 million, higher by 8.95% (or €33.2 million)
compared to the previous financial year, mainly attributed to the passenger traffic increase.
In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €83.3 million, higher
by €7.2 million or 9.47% in comparison to the prior financial year, as a result of increased passenger traffic. Part
of the ADF receipts covered interest expenses, i.e. €27.7 million versus €32.1 million in the previous year and
therefore were recorded as subsidies related to financial expenses, while the remaining €55.6 million covered
part of the instalments of the loan received for the construction of the airport and it was transferred to other
revenues, with the corresponding amount of the previous year standing at €44.0 million.
In 2016 operating expenses increased by €24.2 million or 21.9% mainly due to (i) the increase in impairment
losses in relation to the fair value measurement of Company’s available for sale financial assets amounting
to €8.0 million, (ii) the variable fee element of the Grant of Rights Fee recorded in other operating
expenses (refer to Note 2.4.2) amounting to €7.6 million and (iii) the increase in indirect taxes paid by the
Company also recorded in other operating expenses amounting to €6.2 million.
Overall earnings before interest, tax, depreciation & amortisation (EBITDA) in 2016 were increased by €9.1
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
11 of 57
The 2016 Training Plan resulted in a total of 18,383 training hours, with 100% of the employees attending at
least one training session and receiving the equivalent of 26.5 hours per FTE.
In June 2016, AIA, wishing to substantially contribute to youth employability in Greece, implemented
the second round of “Praxis” program and offered to 100 young people, between ages 19 to 29, the
opportunity for on-the-job training through a paid working experience at the airport for a period up to 6
months. At the completion of the program, outplacement services are scheduled for the trainees through
an external advisor.
3.4 Corporate Citizenship
Regarding corporate citizenship, AIA consistently promotes the country’s cultural heritage and
contemporary art while connecting social contribution with business objectives. In regard to its cultural
impact, in 2016 AIA launched numerous art collaborations in its two temporary art exhibitions areas, in
addition to the ongoing permanent exhibitions. Examples of such events include the “Drops of Breath”
exhibition on the 1st worldwide underwater dance performance that took place under the ancient Temple
of Poseidon at Cape Sounio, the photo exhibition “Olympic Games 1896” in collaboration with the Benaki
Museum and Costa Navarino, the digital installation “EverythingHappensAsItShould.com” in cooperation
with the Polyeco Contemporary Art Initiative, the “Sheltering Sky” exhibition of contemporary Greek
jewellery designers and the Pulitzer Prize-winning photographer, Yannis Behrakis’, exhibition titled “People
on the Move” with the aim to raise public awareness on the refugee crisis. Through the “Fly me to the
Moon” programme, AIA offered passengers for the 3rd consecutive year a unique entertainment experience
at the airport featuring renowned performers.
At the same time, AIA’s concern with the challenges faced by Greek society is converted into programmes
of great value, such as the contribution to the Prolepsis Institute for ensuring proper nutrition for the
children of neighbouring schools.
The company’s ties with local society remained intact through this year’s Community Engagement Plan
implementation. Some of the most important initiatives for 2016 include the provision of financial rewards
to local schools for their participation in AIA’s Recycling Programme and to top students from local high
schools admitted to Greek Universities, a programme for raising awareness on water conservation issues
that was implemented to 13 local elementary schools and attended by 1,728 students, the launch of a new
Environmental Management Programme which aims to raise awareness on the airport’s environmental
protection measures in the Mesogaia area and included presentations to 253 high school students and
financial assistance to local cultural and athletic associations and families in need. Moreover, for the 9th
consecutive year AIA continued to financially support the Vravrona Archaeological Museum and the
conservation and promotion of the Vravrona Wetland.
4. 2016 Financial Statements’ Highlights
The Financial Statements have been prepared in accordance with the International Financial Reporting
Standards (IFRS) and the Accounting Policies approved by the Board of Directors of AIA.
Operating revenues AIA reached the amount of €404.6 million, higher by 8.95% (or €33.2 million)
compared to the previous financial year, mainly attributed to the passenger traffic increase.
In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €83.3 million, higher
by €7.2 million or 9.47% in comparison to the prior financial year, as a result of increased passenger traffic. Part
of the ADF receipts covered interest expenses, i.e. €27.7 million versus €32.1 million in the previous year and
therefore were recorded as subsidies related to financial expenses, while the remaining €55.6 million covered
part of the instalments of the loan received for the construction of the airport and it was transferred to other
revenues, with the corresponding amount of the previous year standing at €44.0 million.
In 2016 operating expenses increased by €24.2 million or 21.9% mainly due to (i) the increase in impairment
losses in relation to the fair value measurement of Company’s available for sale financial assets amounting
to €8.0 million, (ii) the variable fee element of the Grant of Rights Fee recorded in other operating
expenses (refer to Note 2.4.2) amounting to €7.6 million and (iii) the increase in indirect taxes paid by the
Company also recorded in other operating expenses amounting to €6.2 million.
Overall earnings before interest, tax, depreciation & amortisation (EBITDA) in 2016 were increased by €9.1
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
11 of 57
