Page 82 - Annual_Report_2016
P. 82
Financial Statements aia.gr
Trade receivables
Regarding credit exposure from customers, the Company has an established credit policy and procedures
in place aiming to minimise collection losses. Credit control assesses the credit quality of the customers,
taking into account independent credit ratings where available, their financial position, past experience
in payments and other relevant factors. Cash and other collateral are obtained from customers when
considered necessary under the circumstances.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables subject to impairment testing 2016 2015
Fully performed 23,570,484 14,935,057
Past due but not impaired 32,974,390 30,313,574
Impaired
Total trade and other receivables subject to impairment testing 3,265,105 4,100,817
59,809,979 49,349,448
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past due, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2016 2015
1-30 days 14,094,663 17,361,035
31-60 days 4,843,507 1,991,297
Over 60 days 14,036,220
Total of past due but not impaired receivables 32,974,390 10,961,242
30,313,574
Credit quality of financial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for doubtful
debt. The Company has established a credit policy which requires the customers to extend securities
for the use of airport’s services and facilities. The securities held by the Company are in the form of cash
deposits and bank letter of guarantee. The fair value of the collaterals held by the Company as at 31
December 2016 is analysed as follows:
Fair value of collaterals held 2016 2015
Letter of guarantees 61,286,818 57,032,578
Cash deposits 30,731,694 27,515,361
Total fair value of collaterals held 92,018,511
84,547,939
The collaterals above have been received against the outstanding balance of all trade receivable accounts.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to
information about counterparty secured amounts:
Group 1 – Fully secured 2016 2015
Group 2 – Partially secured
Group 3 – Not secured 17,772,428 9,708,012
Total 5,274,470 5,051,941
523,586 175,105
23,570,484 14,935,057
Provision for impairment
As of 31 December 2016, trade receivables of €36,239,495 (2015: €34,414,391) were partially or fully tested
for impairment and adequately provided for their unsecured amount. The amount of provision stood at
€2,513,479 as of 31 December 2016. The individually impaired receivables mainly relate to customers,
who are in unexpectedly difficult economic situations. It was assessed that a portion of the receivables is
expected to be recovered. In addition, the provision relating to receivables collected during the year has
been reversed.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
35 of 57
Trade receivables
Regarding credit exposure from customers, the Company has an established credit policy and procedures
in place aiming to minimise collection losses. Credit control assesses the credit quality of the customers,
taking into account independent credit ratings where available, their financial position, past experience
in payments and other relevant factors. Cash and other collateral are obtained from customers when
considered necessary under the circumstances.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables subject to impairment testing 2016 2015
Fully performed 23,570,484 14,935,057
Past due but not impaired 32,974,390 30,313,574
Impaired
Total trade and other receivables subject to impairment testing 3,265,105 4,100,817
59,809,979 49,349,448
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past due, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2016 2015
1-30 days 14,094,663 17,361,035
31-60 days 4,843,507 1,991,297
Over 60 days 14,036,220
Total of past due but not impaired receivables 32,974,390 10,961,242
30,313,574
Credit quality of financial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for doubtful
debt. The Company has established a credit policy which requires the customers to extend securities
for the use of airport’s services and facilities. The securities held by the Company are in the form of cash
deposits and bank letter of guarantee. The fair value of the collaterals held by the Company as at 31
December 2016 is analysed as follows:
Fair value of collaterals held 2016 2015
Letter of guarantees 61,286,818 57,032,578
Cash deposits 30,731,694 27,515,361
Total fair value of collaterals held 92,018,511
84,547,939
The collaterals above have been received against the outstanding balance of all trade receivable accounts.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to
information about counterparty secured amounts:
Group 1 – Fully secured 2016 2015
Group 2 – Partially secured
Group 3 – Not secured 17,772,428 9,708,012
Total 5,274,470 5,051,941
523,586 175,105
23,570,484 14,935,057
Provision for impairment
As of 31 December 2016, trade receivables of €36,239,495 (2015: €34,414,391) were partially or fully tested
for impairment and adequately provided for their unsecured amount. The amount of provision stood at
€2,513,479 as of 31 December 2016. The individually impaired receivables mainly relate to customers,
who are in unexpectedly difficult economic situations. It was assessed that a portion of the receivables is
expected to be recovered. In addition, the provision relating to receivables collected during the year has
been reversed.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
35 of 57
