Page 87 - Annual_Report_2016
P. 87
aia.gr Annual Report 2016
According to article 26.1 of Law 2338/1995, the “Airport Development Agreement”, the Greek State
undertook the responsibility to collect the passenger fee over the period from 1 November 1994 to at least
1 November 2014. The Greek State also committed that article 40 of Law 2065/1992 “will not be amended
or modified in any respect which materially prejudices the financial return of the Airport Company”.
The Greek State continuous to charge the ADF to passengers departing from the Athens Airport and it
transfers the amount that corresponds to the Company for periods following 1 November 2014.
Based on the provisions of article 26.2 of Law 2338/1995, in conjunction with article 16 of Law 2892/2001,
the Company, at all times prior to airport opening and at all times after the airport opening, is entitled to
make withdrawals from the Spata Airport Development Fund, in order to fund borrowing costs and capital
repayments incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2016 the Company was entitled to subsidies under the ADF amounting to
€83,341,393 (2015: €76,127,106) as analysed below:
Receivables meeting interest and related expenses 2016 2015
Excess over borrowing cost
Total subsidies receivable 27,672,394 32,108,265
55,668,999 44,018,841
83,341,393 76,127,106
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as
other revenues in line with the accounting policy 2.13.
5.6 Income tax expense
Domestic income tax is calculated at 29.0% (2015: 29.0%) on taxable income or, in circumstance where
the Company has tax losses carried forward, on gross dividends declared for distribution. (For further
information refer to note 5.23).
The total income taxes charged to the income statement are analysed as follows:
Income tax on dividends 2016 2015
Deferred income tax
Total income tax expense for the year (16,542,253) (46,808,451)
(40,127,201) (12,375,653)
(56,669,454) (59,184,104)
The following is the reconciliation between income taxes as presented in the income statement, with those
resulting from the application of the enacted tax rates:
Reconciliation of effective income tax rate Rate 2016 Rate 2015
Profit before tax for the year 29.00% 189,060,866 29.00% 179,843,849
Income tax 1.04% (54,827,651) 0.82% (52,154,716)
Expenses not deductible for tax purposes (1,474,406)
Revenues relieved from income tax (0.07)% (1,972,801) (0.05)%
Effect of change in tax rates 0.00% 130,998 3.13% 83,032
Total income tax expense for the year 0 (5,638,014)
29.97% 32.91% (59,184,104)
(56,669,454)
Refer to notes 5.23 and 5.29 for further analysis of income and deferred taxes.
5.7 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the weighted
average number of shares during the year as follows:
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
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According to article 26.1 of Law 2338/1995, the “Airport Development Agreement”, the Greek State
undertook the responsibility to collect the passenger fee over the period from 1 November 1994 to at least
1 November 2014. The Greek State also committed that article 40 of Law 2065/1992 “will not be amended
or modified in any respect which materially prejudices the financial return of the Airport Company”.
The Greek State continuous to charge the ADF to passengers departing from the Athens Airport and it
transfers the amount that corresponds to the Company for periods following 1 November 2014.
Based on the provisions of article 26.2 of Law 2338/1995, in conjunction with article 16 of Law 2892/2001,
the Company, at all times prior to airport opening and at all times after the airport opening, is entitled to
make withdrawals from the Spata Airport Development Fund, in order to fund borrowing costs and capital
repayments incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2016 the Company was entitled to subsidies under the ADF amounting to
€83,341,393 (2015: €76,127,106) as analysed below:
Receivables meeting interest and related expenses 2016 2015
Excess over borrowing cost
Total subsidies receivable 27,672,394 32,108,265
55,668,999 44,018,841
83,341,393 76,127,106
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as
other revenues in line with the accounting policy 2.13.
5.6 Income tax expense
Domestic income tax is calculated at 29.0% (2015: 29.0%) on taxable income or, in circumstance where
the Company has tax losses carried forward, on gross dividends declared for distribution. (For further
information refer to note 5.23).
The total income taxes charged to the income statement are analysed as follows:
Income tax on dividends 2016 2015
Deferred income tax
Total income tax expense for the year (16,542,253) (46,808,451)
(40,127,201) (12,375,653)
(56,669,454) (59,184,104)
The following is the reconciliation between income taxes as presented in the income statement, with those
resulting from the application of the enacted tax rates:
Reconciliation of effective income tax rate Rate 2016 Rate 2015
Profit before tax for the year 29.00% 189,060,866 29.00% 179,843,849
Income tax 1.04% (54,827,651) 0.82% (52,154,716)
Expenses not deductible for tax purposes (1,474,406)
Revenues relieved from income tax (0.07)% (1,972,801) (0.05)%
Effect of change in tax rates 0.00% 130,998 3.13% 83,032
Total income tax expense for the year 0 (5,638,014)
29.97% 32.91% (59,184,104)
(56,669,454)
Refer to notes 5.23 and 5.29 for further analysis of income and deferred taxes.
5.7 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the weighted
average number of shares during the year as follows:
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
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