Page 98 - Annual_Report_2016
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Financial Statements aia.gr
The movement in deferred income tax assets and liabilities during the year, without taking into
consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Deferred tax liabilities Accelerated tax Grant of rights Usufruct of Total
depreciation fee the site 184,320,718
As at 1 January 2015 176,868,206 171,549
Charged/(credited) to the income statement and 5,255,241 7,280,962 33,710 5,422,881
other comprehensive income 182,123,446 133,931 205,259 189,743,599
As at 31 December 2015 (14,571,745) 13,916 (15,264,010)
Charged/(credited) to the income statement and 167,551,701 7,414,893 219,175 174,479,590
other comprehensive income (706,180)
As at 31 December 2016 6,708,712
Deferred tax assets Tax losses Provisions Retirement benefit Other Total
(95,156,157) (3,699,508) obligations (34,734,256) (135,457,911)
As at 1 January 2015 (1,867,990)
Charged/(credited) to the income statement 12,050,155 (2,907,023) 7,092,216
and other comprehensive income (83,106,002) (1,727,661) (323,254) (37,641,279) (128,365,695)
As at 31 December 2015
Charged/(credited) to the income statement 57,444,149 (5,427,169) (2,191,244) (1,545,516) 55,175,810
and other comprehensive income (25,661,853) (39,186,795) (73,189,885)
As at 31 December 2016 (282,361) (440,462)
(5,709,530) (2,631,706)
At the balance sheet date the Company has unused tax losses of €88,489,149 available for offset against
future taxable profits. A deferred tax asset amounting to €25,661,853 (2015: €83,106,002) has been
recognised in respect to these tax losses. According to the provisions of article 25.1.2.(k) of the ADA, (Law
2338/1995) tax losses can be carried forward to relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided
by paragraph 8 of article 26 of Law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the
accelerated depreciation method provided by Law 2093/1992 refers to tax depreciation and constitutes an
allowable deduction for tax purposes even though the depreciation in the annual statutory accounts of the
Company may differ from year to year. At the balance sheet date the Company recognised a deferred tax
liability on the outstanding accelerated depreciation, net of the corresponding accelerated amortisation of
the cohesion fund, amounting to €167,551,701 (2015: €182,123,446).
5.24 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities 2016 2015
Grant of rights fee payable 98,648,464 107,829,884
Long term securities provided by customers 2,037,818 2,111,244
Total other non-current liabilities
100,686,282 109,941,127
The Company pays a quarterly fee to the Greek State during the concession period for the rights and
privileges granted in ADA. The carrying amount of the liability represents the present value of the future
payment that concerns the fixed part of the fee at the balance sheet date. In 2016 a finance charge
amounting to €5,818,583 has been recorded as the unwind interest of the liability due to the passage of
time (2015: €5,708,799). The amount payable within the next 12 months is included in the other current
liabilities. The present value of total future payments at the time of airport opening has been included in
the cost of the intangible concession asset which is amortised over the concession period. An amount of
€2,435,104 is included in 2016 amortisation of the intangible concession asset with respect to the grant of
rights fee (2015: €2,435,104).
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
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The movement in deferred income tax assets and liabilities during the year, without taking into
consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Deferred tax liabilities Accelerated tax Grant of rights Usufruct of Total
depreciation fee the site 184,320,718
As at 1 January 2015 176,868,206 171,549
Charged/(credited) to the income statement and 5,255,241 7,280,962 33,710 5,422,881
other comprehensive income 182,123,446 133,931 205,259 189,743,599
As at 31 December 2015 (14,571,745) 13,916 (15,264,010)
Charged/(credited) to the income statement and 167,551,701 7,414,893 219,175 174,479,590
other comprehensive income (706,180)
As at 31 December 2016 6,708,712
Deferred tax assets Tax losses Provisions Retirement benefit Other Total
(95,156,157) (3,699,508) obligations (34,734,256) (135,457,911)
As at 1 January 2015 (1,867,990)
Charged/(credited) to the income statement 12,050,155 (2,907,023) 7,092,216
and other comprehensive income (83,106,002) (1,727,661) (323,254) (37,641,279) (128,365,695)
As at 31 December 2015
Charged/(credited) to the income statement 57,444,149 (5,427,169) (2,191,244) (1,545,516) 55,175,810
and other comprehensive income (25,661,853) (39,186,795) (73,189,885)
As at 31 December 2016 (282,361) (440,462)
(5,709,530) (2,631,706)
At the balance sheet date the Company has unused tax losses of €88,489,149 available for offset against
future taxable profits. A deferred tax asset amounting to €25,661,853 (2015: €83,106,002) has been
recognised in respect to these tax losses. According to the provisions of article 25.1.2.(k) of the ADA, (Law
2338/1995) tax losses can be carried forward to relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided
by paragraph 8 of article 26 of Law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the
accelerated depreciation method provided by Law 2093/1992 refers to tax depreciation and constitutes an
allowable deduction for tax purposes even though the depreciation in the annual statutory accounts of the
Company may differ from year to year. At the balance sheet date the Company recognised a deferred tax
liability on the outstanding accelerated depreciation, net of the corresponding accelerated amortisation of
the cohesion fund, amounting to €167,551,701 (2015: €182,123,446).
5.24 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities 2016 2015
Grant of rights fee payable 98,648,464 107,829,884
Long term securities provided by customers 2,037,818 2,111,244
Total other non-current liabilities
100,686,282 109,941,127
The Company pays a quarterly fee to the Greek State during the concession period for the rights and
privileges granted in ADA. The carrying amount of the liability represents the present value of the future
payment that concerns the fixed part of the fee at the balance sheet date. In 2016 a finance charge
amounting to €5,818,583 has been recorded as the unwind interest of the liability due to the passage of
time (2015: €5,708,799). The amount payable within the next 12 months is included in the other current
liabilities. The present value of total future payments at the time of airport opening has been included in
the cost of the intangible concession asset which is amortised over the concession period. An amount of
€2,435,104 is included in 2016 amortisation of the intangible concession asset with respect to the grant of
rights fee (2015: €2,435,104).
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
51 of 57
