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Financial Statements
REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS
Dear Sirs,
With pleasure I am welcoming you today to the 15th Ordinary General Meeting of Shareholders of Athens International
Airport S.A., during which we shall review the year 2010.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as this was replaced by article 35 of Presidential
Decree (P.D.) 409/1986, we submit herewith to your General Assembly the Company’s Financial Statements for its 15th
financial period. The present report includes the analysis of these statements and any supplementary information
necessary or useful for the statements’ appreciation and approval by the General Assembly, according to the proposal
of the Board of Directors.
2010 was a year of recovery for the global aviation industry, with airports worldwide seeing overall passenger volumes
exceeding crisis period volumes (+6% vs. 2009) and airlines around the globe presenting profits, although with a slim
profit margin. However, recovery progressed in a two-paced manner, with developing markets illustrating rapid growth,
and more mature markets presenting a slower recovery. Europe, impacted by the continent’s economic uncertainty and
continuing debt crisis, as well as the December’s severe weather conditions, showed a slow demand growth of 3.7%.
Despite the European and global recovery, the Greek aviation market was characterised by unfavourable developments
in 2010 driven mostly by the extremely difficult macroeconomic situation of the country, in combination with the fleet
and network consolidation of the two home-based carriers. The above industry-wide and Athens-specific developments
affected Athens International Airport’s traffic, which presented a moderate shortfall on passenger volumes (15.4 million
passengers, -5.0%), and a sharper decrease on the number of flights (191.8 thousand flights, -8.7%).
Despite the unfavourable macroeconomic environment, the Company managed to sustain healthy profitability, helped
by its solid revenue streams from both aeronautical and non aeronautical activities coupled with enhanced cost reduction
efforts by management. The Company recorded Profit before Tax of €158.5 million and a distribution of €75.0 million as
dividend to its shareholders is proposed.
1. Traffic Highlights
Athens International Airport’s (ΑΙΑ) traffic for the year 2010 amounted to 15.4 million passengers and 191.8 thousand
movements, experiencing a decline of 5% and 8.7% respectively. The overall negative developments in the Greek economy
combined with the consolidation of homebase carriers’ services particularly to Greek destinations were the main driving
factors for the unfavourable traffic evolution, affecting mostly the domestic sector. Domestic flights experienced a
decline of 11.4%, while international services presented smaller losses at the level of 6.1%. In terms of passenger traffic,
the domestic sector experienced a decline of 9.4%, while the international illustrated a more robust performance, with
a small loss of 2.4%. Focusing on international passenger traffic evolution, the Middle East was the best performing
region of the year, being the only regional market to achieve growth, both on passenger throughput (+10.3%), as well as
on movements (+5.6%). However, on a smaller scale, the sub-regions of South East Asia and North Africa also presented
passenger traffic increase at the level of 4.7% and 1% respectively.
Amid the overall negative climate, however, 6 new destinations (Erbil, St. Petersburg, Sulaymaniyah, Tallinn, Verona,
Zagreb) were added to the airport’s network, while we welcomed 8 new airline partners (Air Canada, Bellair, Croatia
Airlines, Estonian Air, Meridiana, SkyExpress, Transaero, Viking Hellas). Overall, in 2010, ΑΙΑ offered direct scheduled
services to 113 destinations (78 international) in 49 countries, serviced by 72 airlines.
2. Business Highlights
The Airport Company’s business highlights for 2010 are summarised below:
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 3 of 51
REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS
Dear Sirs,
With pleasure I am welcoming you today to the 15th Ordinary General Meeting of Shareholders of Athens International
Airport S.A., during which we shall review the year 2010.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as this was replaced by article 35 of Presidential
Decree (P.D.) 409/1986, we submit herewith to your General Assembly the Company’s Financial Statements for its 15th
financial period. The present report includes the analysis of these statements and any supplementary information
necessary or useful for the statements’ appreciation and approval by the General Assembly, according to the proposal
of the Board of Directors.
2010 was a year of recovery for the global aviation industry, with airports worldwide seeing overall passenger volumes
exceeding crisis period volumes (+6% vs. 2009) and airlines around the globe presenting profits, although with a slim
profit margin. However, recovery progressed in a two-paced manner, with developing markets illustrating rapid growth,
and more mature markets presenting a slower recovery. Europe, impacted by the continent’s economic uncertainty and
continuing debt crisis, as well as the December’s severe weather conditions, showed a slow demand growth of 3.7%.
Despite the European and global recovery, the Greek aviation market was characterised by unfavourable developments
in 2010 driven mostly by the extremely difficult macroeconomic situation of the country, in combination with the fleet
and network consolidation of the two home-based carriers. The above industry-wide and Athens-specific developments
affected Athens International Airport’s traffic, which presented a moderate shortfall on passenger volumes (15.4 million
passengers, -5.0%), and a sharper decrease on the number of flights (191.8 thousand flights, -8.7%).
Despite the unfavourable macroeconomic environment, the Company managed to sustain healthy profitability, helped
by its solid revenue streams from both aeronautical and non aeronautical activities coupled with enhanced cost reduction
efforts by management. The Company recorded Profit before Tax of €158.5 million and a distribution of €75.0 million as
dividend to its shareholders is proposed.
1. Traffic Highlights
Athens International Airport’s (ΑΙΑ) traffic for the year 2010 amounted to 15.4 million passengers and 191.8 thousand
movements, experiencing a decline of 5% and 8.7% respectively. The overall negative developments in the Greek economy
combined with the consolidation of homebase carriers’ services particularly to Greek destinations were the main driving
factors for the unfavourable traffic evolution, affecting mostly the domestic sector. Domestic flights experienced a
decline of 11.4%, while international services presented smaller losses at the level of 6.1%. In terms of passenger traffic,
the domestic sector experienced a decline of 9.4%, while the international illustrated a more robust performance, with
a small loss of 2.4%. Focusing on international passenger traffic evolution, the Middle East was the best performing
region of the year, being the only regional market to achieve growth, both on passenger throughput (+10.3%), as well as
on movements (+5.6%). However, on a smaller scale, the sub-regions of South East Asia and North Africa also presented
passenger traffic increase at the level of 4.7% and 1% respectively.
Amid the overall negative climate, however, 6 new destinations (Erbil, St. Petersburg, Sulaymaniyah, Tallinn, Verona,
Zagreb) were added to the airport’s network, while we welcomed 8 new airline partners (Air Canada, Bellair, Croatia
Airlines, Estonian Air, Meridiana, SkyExpress, Transaero, Viking Hellas). Overall, in 2010, ΑΙΑ offered direct scheduled
services to 113 destinations (78 international) in 49 countries, serviced by 72 airlines.
2. Business Highlights
The Airport Company’s business highlights for 2010 are summarised below:
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 3 of 51
