Page 94 - Annual_Report_2016
P. 94
Financial Statements aia.gr
5.20 Bank loans 2016 2015
Borrowings are analysed as follows:
295,632,204 369,271,797
Analysis of loans 295,632,204 369,271,797
Long term loans 73,639,593 69,354,407
EIB loan 938,646 2,750,300
Total long term loans
Short term loans 74,578,239 72,104,707
EIB loan
Accrued interest & related expenses 370,210,443 441,376,504
Total short term loans
Total bank loans
The Company and EIB, under a supplemental agreement signed on 19 December 2008 between them,
agreed to partial release the Greek State’s Guarantee on the outstanding balance of EIB Loan and to modify
certain terms of the EIB Master Facility Agreement related to the applicable interest rates. The modified
terms are effective from 31 July 2009 and include the consolidation and division of the outstanding balance
of the initial loan into two loans, Loan A and Loan B. As of 31 December 2016 Loan A was fully repaid while
the outstanding balance of Loan B was €369,271,797.
The weighted average interest rate for all tranches under Loan B is 6.12%.
All the covenants set under the EIB Master Facility Agreement have been fulfilled as of 31 December 2016.
As explained in Note 3.1.4 and Note 5.10, as of 1 December 2016, and following the negotiations with EIB
and the Greek State in its capacity as EIB Loan Guarantor, the Company obtained the waiver of EIB for
the investment of €9,900,000 in the Available-for-sale financial asset that did not meet the criteria of
“Authorised Investments”. The waiver imposed the undertaking to the Airport Company to open a new
pledged Reserve Account (Attica Sub-Account) with the amount of the acquisition cost of the Available-
for-sale financial asset (€9,900,000) and the decrease of the amount available for Dividend distribution to
the Company’s Shareholders by the balance of the Attica Sub-Account. The relevant Attica Sub-Account
opened on 1 December 2016 and the amount of €9,900,000 was deposited on 2 January 2017.
The Company may only transfer amounts out of this bank account in situations where the Company
has disposed of some or all of its shares in Attica Bank on market terms. Furthermore, in terms of this
remediation agreement, any funds left over once the entire Attica Bank shareholding is disposed of, will be
transferred into the Proceeds account.
The amortised cost of the long term financial liabilities at fixed interest rates (i.e. EIB Loan) is determined
using the effective interest rate method, by discounting the future contractual cash flows with the effective
interest rate applied to those liabilities. The fair value of the financial liabilities at fixed interest rates is
determined by discounting the future contractual cash flows with the current mid-swap interest rate for
the average loan life period of such liabilities. The fair value measurement of the financial liabilities is
categorised as Level 2.
Fair value of the borrowings 2016 2015
Carrying amount 369,271,797 438,626,204
Fair value 424,890,870 521,762,789
Excess of fair value over carrying amount (55,619,073)
(83,136,585)
All borrowings are denominated in Euro, the functional currency of the Company.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
47 of 57
5.20 Bank loans 2016 2015
Borrowings are analysed as follows:
295,632,204 369,271,797
Analysis of loans 295,632,204 369,271,797
Long term loans 73,639,593 69,354,407
EIB loan 938,646 2,750,300
Total long term loans
Short term loans 74,578,239 72,104,707
EIB loan
Accrued interest & related expenses 370,210,443 441,376,504
Total short term loans
Total bank loans
The Company and EIB, under a supplemental agreement signed on 19 December 2008 between them,
agreed to partial release the Greek State’s Guarantee on the outstanding balance of EIB Loan and to modify
certain terms of the EIB Master Facility Agreement related to the applicable interest rates. The modified
terms are effective from 31 July 2009 and include the consolidation and division of the outstanding balance
of the initial loan into two loans, Loan A and Loan B. As of 31 December 2016 Loan A was fully repaid while
the outstanding balance of Loan B was €369,271,797.
The weighted average interest rate for all tranches under Loan B is 6.12%.
All the covenants set under the EIB Master Facility Agreement have been fulfilled as of 31 December 2016.
As explained in Note 3.1.4 and Note 5.10, as of 1 December 2016, and following the negotiations with EIB
and the Greek State in its capacity as EIB Loan Guarantor, the Company obtained the waiver of EIB for
the investment of €9,900,000 in the Available-for-sale financial asset that did not meet the criteria of
“Authorised Investments”. The waiver imposed the undertaking to the Airport Company to open a new
pledged Reserve Account (Attica Sub-Account) with the amount of the acquisition cost of the Available-
for-sale financial asset (€9,900,000) and the decrease of the amount available for Dividend distribution to
the Company’s Shareholders by the balance of the Attica Sub-Account. The relevant Attica Sub-Account
opened on 1 December 2016 and the amount of €9,900,000 was deposited on 2 January 2017.
The Company may only transfer amounts out of this bank account in situations where the Company
has disposed of some or all of its shares in Attica Bank on market terms. Furthermore, in terms of this
remediation agreement, any funds left over once the entire Attica Bank shareholding is disposed of, will be
transferred into the Proceeds account.
The amortised cost of the long term financial liabilities at fixed interest rates (i.e. EIB Loan) is determined
using the effective interest rate method, by discounting the future contractual cash flows with the effective
interest rate applied to those liabilities. The fair value of the financial liabilities at fixed interest rates is
determined by discounting the future contractual cash flows with the current mid-swap interest rate for
the average loan life period of such liabilities. The fair value measurement of the financial liabilities is
categorised as Level 2.
Fair value of the borrowings 2016 2015
Carrying amount 369,271,797 438,626,204
Fair value 424,890,870 521,762,789
Excess of fair value over carrying amount (55,619,073)
(83,136,585)
All borrowings are denominated in Euro, the functional currency of the Company.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
47 of 57
