Page 93 - Annual_Report_2016
P. 93
aia.gr Annual Report 2016
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had
not been collected by the Company at year-end. This amount is estimated to be collected progressively in
year 2017.
Other Accounts Receivable mainly consists of payments for taxes and duties carried out by the Company,
that relate to various tax disputes, as required by relevant laws in order for the tax disputes to be referred
to the competent Courts for resolution. The Company has assessed that these amounts are fully refundable
upon the successful resolution of the legal cases. The major tax disputes as referred also in note 5.29
Contingent Liabilities and involve taxes imposed for VAT, Property Taxes, Special Once Off Taxes and
Municipal Charges.
5.16 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2016 2015
Cash on hand 2,002,302 2,003,467
Current & time deposits 283,825,180 121,266,872
Total cash & cash equivalents 285,827,482 123,270,339
5.17 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises
30,000,000 ordinary shares of €10 each amounting to €300,000,000.
The Company is jointly controlled by the Greek State (25.0% of the shares), the Hellenic Republic Asset
Development Fund (30.0% of the shares), the AviAlliance and other private shareholders (45.0% of the
shares).
5.18 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5.0% of the net after tax annual profits to form the
legal reserve, which is used to offset any accumulated losses. The creation of the legal reserve ceases to be
compulsory when the balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2016 the Company’s legal reserve increased by an amount of €6,619,571 (2015: €6,032,987)
and amounted to €61,604,149 (2015: €54,984,579).
In addition, there are a reserve for tax purposes amounting to €360,137 (2015: €360,137), a reserve for
actuarial gains/losses recognized due to the adoption of the amended IAS 19, amounting to €94,708 (2015:
€458,059).
Analysis of other reserves 2016 Movement 2015
Statutory reserves 61,604,149 6,619,571 54,984,579
Reserves for tax purposes 360,137 0 360,137
Actuarial gains/(losses) reserve net of tax 94,708 458,059
Αvailable-for-sale financial assets reserve net of tax 0 (363,351) 164,010
Totals (164,010)
62,058,994 6,092,210 55,966,785
5.19 Retained earnings
In accordance with Greek Corporate Law, companies are required each year, to declare dividends of at least
35.0% of after tax profits, after allowing for the legal reserve.
In addition, the prevailing bank loan agreements impose specific conditions for the permitted dividend
distribution, which have been fulfilled since 2003 when the Company was in the financial position to
distribute dividends. The dividends paid in 2016 were €114,600,000 (€3.82 per share). Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December
2016 of €1.35 per share, amounting to a total dividend of €40,500,000 is to be proposed at the Annual
General Meeting for distribution. These financial statements do not reflect this dividend payable.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
46 of 57
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had
not been collected by the Company at year-end. This amount is estimated to be collected progressively in
year 2017.
Other Accounts Receivable mainly consists of payments for taxes and duties carried out by the Company,
that relate to various tax disputes, as required by relevant laws in order for the tax disputes to be referred
to the competent Courts for resolution. The Company has assessed that these amounts are fully refundable
upon the successful resolution of the legal cases. The major tax disputes as referred also in note 5.29
Contingent Liabilities and involve taxes imposed for VAT, Property Taxes, Special Once Off Taxes and
Municipal Charges.
5.16 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2016 2015
Cash on hand 2,002,302 2,003,467
Current & time deposits 283,825,180 121,266,872
Total cash & cash equivalents 285,827,482 123,270,339
5.17 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises
30,000,000 ordinary shares of €10 each amounting to €300,000,000.
The Company is jointly controlled by the Greek State (25.0% of the shares), the Hellenic Republic Asset
Development Fund (30.0% of the shares), the AviAlliance and other private shareholders (45.0% of the
shares).
5.18 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5.0% of the net after tax annual profits to form the
legal reserve, which is used to offset any accumulated losses. The creation of the legal reserve ceases to be
compulsory when the balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2016 the Company’s legal reserve increased by an amount of €6,619,571 (2015: €6,032,987)
and amounted to €61,604,149 (2015: €54,984,579).
In addition, there are a reserve for tax purposes amounting to €360,137 (2015: €360,137), a reserve for
actuarial gains/losses recognized due to the adoption of the amended IAS 19, amounting to €94,708 (2015:
€458,059).
Analysis of other reserves 2016 Movement 2015
Statutory reserves 61,604,149 6,619,571 54,984,579
Reserves for tax purposes 360,137 0 360,137
Actuarial gains/(losses) reserve net of tax 94,708 458,059
Αvailable-for-sale financial assets reserve net of tax 0 (363,351) 164,010
Totals (164,010)
62,058,994 6,092,210 55,966,785
5.19 Retained earnings
In accordance with Greek Corporate Law, companies are required each year, to declare dividends of at least
35.0% of after tax profits, after allowing for the legal reserve.
In addition, the prevailing bank loan agreements impose specific conditions for the permitted dividend
distribution, which have been fulfilled since 2003 when the Company was in the financial position to
distribute dividends. The dividends paid in 2016 were €114,600,000 (€3.82 per share). Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December
2016 of €1.35 per share, amounting to a total dividend of €40,500,000 is to be proposed at the Annual
General Meeting for distribution. These financial statements do not reflect this dividend payable.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
46 of 57
