Page 97 - Annual_Report_2016
P. 97
aia.gr Annual Report 2016
5.22 Provisions As at Additions Utilisations Releases As at
Analysis of provisions 1 Jan 2016 556,815 291,881 0 31 Dec 2016
0 0
Restoration expenses 14,735,429 1,369,956 291,881 0 15,000,363
Net other provisions 1,535,751 1,926,771 2,905,706
To be settled over 1 year 17,906,069
16,271,180
Total provisions 16,271,180 1,926,771 291,881 0 17,906,069
The provision for restoration expenses relates to the future expenses that result from the Company’s
contractual obligations to maintain or to restore the infrastructure to a specified condition before it is
handed over to the Greek State at the end of the service concession arrangement. It is expected that
an aggregate amount of €16.91m will be spent on major restoration activities commencing in year 2017
through to 2025 based on management’s current best estimates.
5.23 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the
Company is in a tax loss position, in accordance with paragraph 1 of article 47 of Law 4172/2013.
At the balance sheet date the recognition of the income tax liability amounting to €16,542,254 (2015:
€46,808,450) was determined for current year by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Deferred tax assets & liabilities
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Deferred tax assets & liabilities 2016 2015
Deferred tax assets: (41,908,087) (98,837,961)
Deferred tax assets to be recovered after more than 12 months (31,281,798) (29,527,734)
Deferred tax assets to be recovered within 12 months (128,365,695)
Total deferred tax assets (73,189,885)
Deferred tax liabilities: 171,395,266
Deferred tax liabilities to be settled after more than 12 months 156,789,603 18,348,333
Deferred tax liabilities to be settled within 12 months 17,689,986 189,743,599
Total deferred tax liabilities
174,479,589
Deferred tax liabilities (net) 101,289,704 61,377,904
The gross movement on the deferred income tax account is as follows: 2016 2015
As at 1 January 61,377,903 48,862,805
Income statement charge 40,127,201 12,375,654
Other comprehensive income (215,401)
As at 31 December 101,289,704 139,444
61,377,903
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
50 of 57
5.22 Provisions As at Additions Utilisations Releases As at
Analysis of provisions 1 Jan 2016 556,815 291,881 0 31 Dec 2016
0 0
Restoration expenses 14,735,429 1,369,956 291,881 0 15,000,363
Net other provisions 1,535,751 1,926,771 2,905,706
To be settled over 1 year 17,906,069
16,271,180
Total provisions 16,271,180 1,926,771 291,881 0 17,906,069
The provision for restoration expenses relates to the future expenses that result from the Company’s
contractual obligations to maintain or to restore the infrastructure to a specified condition before it is
handed over to the Greek State at the end of the service concession arrangement. It is expected that
an aggregate amount of €16.91m will be spent on major restoration activities commencing in year 2017
through to 2025 based on management’s current best estimates.
5.23 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the
Company is in a tax loss position, in accordance with paragraph 1 of article 47 of Law 4172/2013.
At the balance sheet date the recognition of the income tax liability amounting to €16,542,254 (2015:
€46,808,450) was determined for current year by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Deferred tax assets & liabilities
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Deferred tax assets & liabilities 2016 2015
Deferred tax assets: (41,908,087) (98,837,961)
Deferred tax assets to be recovered after more than 12 months (31,281,798) (29,527,734)
Deferred tax assets to be recovered within 12 months (128,365,695)
Total deferred tax assets (73,189,885)
Deferred tax liabilities: 171,395,266
Deferred tax liabilities to be settled after more than 12 months 156,789,603 18,348,333
Deferred tax liabilities to be settled within 12 months 17,689,986 189,743,599
Total deferred tax liabilities
174,479,589
Deferred tax liabilities (net) 101,289,704 61,377,904
The gross movement on the deferred income tax account is as follows: 2016 2015
As at 1 January 61,377,903 48,862,805
Income statement charge 40,127,201 12,375,654
Other comprehensive income (215,401)
As at 31 December 101,289,704 139,444
61,377,903
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
50 of 57
