Page 60 - Annual_Report_2016
P. 60
Financial Statements aia.gr
o The Greek economy is expected to show modest growth but the overall environment continues to be
fragile, affecting the Greek residents’ propensity to travel.
o On the other hand, the geopolitical situation favours Greek tourism, therefore international demand for
the leisure markets could prove to be strong.
• The Airport Company is expected to maintain its profitable path with revenues growing in line with
traffic. Cost efficiency continues to be one of the best among European airports while AIA maintains
its value for money attribute across all services and business functions and with excellent records on all
aspects of corporate responsibility.
• Further to airport’s traffic growth and the establishment of the increased terminal facilities’ capacity,
the Airport Company continues to undertake investments which will maintain and improve its value
proposition to passengers and users, and at the same time make business sense. For 2017 the most
important investments refer to operational and commercial upgrades at the terminal facilities as part
of a multiyear terminal improvement investment plan. This year the upgrade of the Main Terminal’s
Intra-Schengen area will be completed and the upgrade of the Satellite Terminal areas will be initiated.
At the same time the company’s investment plan provides for spending on many areas of the airport’s
airside, terminal and landside facilities, with investments ranging from user experience improvements
to necessary safety, compliance and other regulatory needs; and from actions designed to cater for the
immediate needs of the airport users to actions necessary for the airport’s long-term needs.
Year 2017 could evolve into a historical milestone both for the Airport Company and for the country’s
aviation industry: concession of 14 Greek regional airports marks a new era in the Greek aviation market;
and more importantly for AIA, if the concession period extension is finally concluded, 2017 will prove to
be of crucial importance. It will be a development with a beneficial impact on all airport stakeholders
and will offer a necessary time horizon for the airport’s business and investment planning. Under a fair
transaction, all shareholders will sustain their value in the company; the Greek State will achieve not only
the economic benefits from the transaction as concurrent grantor and shareholder, but will also benefit
from the continuation of a successful operator in the country’s main airport; airlines and business partners
will benefit from the closer alignment of the infrastructure cost recovery to its useful life and will continue
to operate in the healthy business environment of AIA; employees will have an extended prospect of
professional development; finally all other stakeholders will continue to reap the benefits of an operator
that tops in all aspects of corporate and social responsibility.
Spata, 9 June 2017
For the Board of Directors of Athens International Airport S.A.
Dr. Dimitrios Dimitriou
Chairman
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
13 of 57
o The Greek economy is expected to show modest growth but the overall environment continues to be
fragile, affecting the Greek residents’ propensity to travel.
o On the other hand, the geopolitical situation favours Greek tourism, therefore international demand for
the leisure markets could prove to be strong.
• The Airport Company is expected to maintain its profitable path with revenues growing in line with
traffic. Cost efficiency continues to be one of the best among European airports while AIA maintains
its value for money attribute across all services and business functions and with excellent records on all
aspects of corporate responsibility.
• Further to airport’s traffic growth and the establishment of the increased terminal facilities’ capacity,
the Airport Company continues to undertake investments which will maintain and improve its value
proposition to passengers and users, and at the same time make business sense. For 2017 the most
important investments refer to operational and commercial upgrades at the terminal facilities as part
of a multiyear terminal improvement investment plan. This year the upgrade of the Main Terminal’s
Intra-Schengen area will be completed and the upgrade of the Satellite Terminal areas will be initiated.
At the same time the company’s investment plan provides for spending on many areas of the airport’s
airside, terminal and landside facilities, with investments ranging from user experience improvements
to necessary safety, compliance and other regulatory needs; and from actions designed to cater for the
immediate needs of the airport users to actions necessary for the airport’s long-term needs.
Year 2017 could evolve into a historical milestone both for the Airport Company and for the country’s
aviation industry: concession of 14 Greek regional airports marks a new era in the Greek aviation market;
and more importantly for AIA, if the concession period extension is finally concluded, 2017 will prove to
be of crucial importance. It will be a development with a beneficial impact on all airport stakeholders
and will offer a necessary time horizon for the airport’s business and investment planning. Under a fair
transaction, all shareholders will sustain their value in the company; the Greek State will achieve not only
the economic benefits from the transaction as concurrent grantor and shareholder, but will also benefit
from the continuation of a successful operator in the country’s main airport; airlines and business partners
will benefit from the closer alignment of the infrastructure cost recovery to its useful life and will continue
to operate in the healthy business environment of AIA; employees will have an extended prospect of
professional development; finally all other stakeholders will continue to reap the benefits of an operator
that tops in all aspects of corporate and social responsibility.
Spata, 9 June 2017
For the Board of Directors of Athens International Airport S.A.
Dr. Dimitrios Dimitriou
Chairman
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
13 of 57
