Page 99 - Annual_Report_2016
P. 99
aia.gr Annual Report 2016
Long term securities relate to performance guarantees provided for by the lessees for long- term lease
agreements. Long-term securities are measured at their net present value, by discounting the future cash
flow payments with the weighted average borrowing rate, at the balance sheet date. The weighted average
borrowing rate for the Company for 2016 was at the rate of 6.12%.
5.25 Trade & other payables
Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts 2016 2015
Suppliers 15,155,794 10,330,934
Advance payments from customers 15,012,996 13,285,820
Beneficiaries of money – guarantees 15,024,519 13,077,100
Value added tax (200,523)
Other taxes payable and payroll withholdings 866,251
Grant of rights fee payable 3,782,798 2,642,051
Other payables 15,000,000 9,122,223
Total trade & other payable accounts
28,874 6,136
64,871,232 48,263,741
The amount shown above for suppliers represents the short term liabilities of the Company towards its
trade creditors as at the corresponding year end for the goods bought and the services they had rendered
in the respective year.
Advance payments from customers represent the prepayments effected by the airlines which have selected
the “Rolling prepayment” method in settling their financial obligations to the Company for the use of the
airport facilities.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for
the prompt fulfilment of their financial liabilities arising from the signed concessions agreements. The cash
guarantees are adjusted each year in accordance with the latest estimate of the expected sales forecast of
the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.26 Other current liabilities
Other current liabilities are analysed as follows:
Analysis of other current liabilities 2016 2015
Accrued expenses for services and fees 12,729,074 12,394,171
Total other current liabilities 12,729,074 12,394,171
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public,
which had not been invoiced at year end.
5.27 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are
negotiated for an average term of 5 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €242,828, were
recognised in the income statement, while the corresponding amount for the year 2015 was at €221,908.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating
leases, which are presented in note 5.28.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
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Long term securities relate to performance guarantees provided for by the lessees for long- term lease
agreements. Long-term securities are measured at their net present value, by discounting the future cash
flow payments with the weighted average borrowing rate, at the balance sheet date. The weighted average
borrowing rate for the Company for 2016 was at the rate of 6.12%.
5.25 Trade & other payables
Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts 2016 2015
Suppliers 15,155,794 10,330,934
Advance payments from customers 15,012,996 13,285,820
Beneficiaries of money – guarantees 15,024,519 13,077,100
Value added tax (200,523)
Other taxes payable and payroll withholdings 866,251
Grant of rights fee payable 3,782,798 2,642,051
Other payables 15,000,000 9,122,223
Total trade & other payable accounts
28,874 6,136
64,871,232 48,263,741
The amount shown above for suppliers represents the short term liabilities of the Company towards its
trade creditors as at the corresponding year end for the goods bought and the services they had rendered
in the respective year.
Advance payments from customers represent the prepayments effected by the airlines which have selected
the “Rolling prepayment” method in settling their financial obligations to the Company for the use of the
airport facilities.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for
the prompt fulfilment of their financial liabilities arising from the signed concessions agreements. The cash
guarantees are adjusted each year in accordance with the latest estimate of the expected sales forecast of
the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.26 Other current liabilities
Other current liabilities are analysed as follows:
Analysis of other current liabilities 2016 2015
Accrued expenses for services and fees 12,729,074 12,394,171
Total other current liabilities 12,729,074 12,394,171
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public,
which had not been invoiced at year end.
5.27 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are
negotiated for an average term of 5 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €242,828, were
recognised in the income statement, while the corresponding amount for the year 2015 was at €221,908.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating
leases, which are presented in note 5.28.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
52 of 57
