Page 86 - Annual_Report_2016
P. 86
Financial Statements aia.gr
5.2 Operating expenses
Operating expenses in Income Statement are classified by nature. Operating expenses increased in year
2016 by €24,172,376 (2015: decrease €935,395) mainly due to the following reasons:
a) the impairment loss in relation to the fair value measurement of Company’s available for sale financial
assets (refer to Note 5.10) amounting to €8,019,000 (2015: €924,000),
b) the variable fee component of the Grant of rights fee (on top of the fixed amount of €15,000,000)
recorded in other operating expenses (refer to Note 2.4.2) amounting to €7,599,458 (2015: €0) and
c) the increase in indirect taxes paid by the Company from 1 January 2016 onwards such as property
taxes, VAT, stamp duty and other duties and taxes which are recorded in other operating expenses,
amounting to €6,211,165.
5.3 Depreciation & amortisation charges
Analysis of depreciation & amortisation charges 2016 2015
Depreciation of owned assets 3,444,023 2,988,204
Amortisation of intangible assets 85,842,266 86,490,373
Amortisation of cohesion fund related to intangible assets (15,076,777) (15,076,777)
Total depreciation & amortisation expenses 74,209,512 74,401,800
5.4 Net financial expenses 2016 2015
Analysis of net financial expenses 27,672,394 32,108,265
6,702,622 6,386,269
Financial expenses
Interest expenses and related costs on bank loans 257,413 756,463
Unwinding of discount for long term liabilities 34,632,429 39,250,997
Other financial expenses
Financial expenses (430,680) (663,806)
Financial revenues (430,680) (663,806)
Interest income
Financial revenues
Net financial expenses 34,201,749 38,587,191
Interest and related expenses amounting to €29,745,705 (2015: €32,314,338) were paid during the year ended 31
December 2016.
The weighted average interest rate earned by the Company on its cash surplus (investments in time deposits
and financial assets) for 2016 was approximately zero (2015: 0.05%). The average maturity of the Company’s
investments (time deposits and held-to-maturity financial assets) for 2016 was 398 days (2015: 461 days).
Interest income amounting to €446,847 (2015: €542,461) was received during the year ended 31 December 2016.
5.5 Subsidies received
Airport Development Fund (ADF)
In accordance with Law 2065/1992, as amended with Law 2892/2001, the Greek State imposed a levy
on all passengers older than 5 years old, departing from Greek Airports, for the purpose of ensuring that
passengers share the responsibility for funding the commercial aviation infrastructure within the Hellenic
Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation
Authority on a monthly basis, through bank accounts opened at the Bank of Greece for each airport, in
favour of the Hellenic Civil Aviation Authority.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
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5.2 Operating expenses
Operating expenses in Income Statement are classified by nature. Operating expenses increased in year
2016 by €24,172,376 (2015: decrease €935,395) mainly due to the following reasons:
a) the impairment loss in relation to the fair value measurement of Company’s available for sale financial
assets (refer to Note 5.10) amounting to €8,019,000 (2015: €924,000),
b) the variable fee component of the Grant of rights fee (on top of the fixed amount of €15,000,000)
recorded in other operating expenses (refer to Note 2.4.2) amounting to €7,599,458 (2015: €0) and
c) the increase in indirect taxes paid by the Company from 1 January 2016 onwards such as property
taxes, VAT, stamp duty and other duties and taxes which are recorded in other operating expenses,
amounting to €6,211,165.
5.3 Depreciation & amortisation charges
Analysis of depreciation & amortisation charges 2016 2015
Depreciation of owned assets 3,444,023 2,988,204
Amortisation of intangible assets 85,842,266 86,490,373
Amortisation of cohesion fund related to intangible assets (15,076,777) (15,076,777)
Total depreciation & amortisation expenses 74,209,512 74,401,800
5.4 Net financial expenses 2016 2015
Analysis of net financial expenses 27,672,394 32,108,265
6,702,622 6,386,269
Financial expenses
Interest expenses and related costs on bank loans 257,413 756,463
Unwinding of discount for long term liabilities 34,632,429 39,250,997
Other financial expenses
Financial expenses (430,680) (663,806)
Financial revenues (430,680) (663,806)
Interest income
Financial revenues
Net financial expenses 34,201,749 38,587,191
Interest and related expenses amounting to €29,745,705 (2015: €32,314,338) were paid during the year ended 31
December 2016.
The weighted average interest rate earned by the Company on its cash surplus (investments in time deposits
and financial assets) for 2016 was approximately zero (2015: 0.05%). The average maturity of the Company’s
investments (time deposits and held-to-maturity financial assets) for 2016 was 398 days (2015: 461 days).
Interest income amounting to €446,847 (2015: €542,461) was received during the year ended 31 December 2016.
5.5 Subsidies received
Airport Development Fund (ADF)
In accordance with Law 2065/1992, as amended with Law 2892/2001, the Greek State imposed a levy
on all passengers older than 5 years old, departing from Greek Airports, for the purpose of ensuring that
passengers share the responsibility for funding the commercial aviation infrastructure within the Hellenic
Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation
Authority on a monthly basis, through bank accounts opened at the Bank of Greece for each airport, in
favour of the Hellenic Civil Aviation Authority.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
39 of 57
