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Financial Statements
• Employer’s Responsibility: AIA offers a safe and modern work environment with systems and tools, as well as
opportunities to sustain a healthy work-life balance for all employees. The Corporate Training Plan involved a total
of 11,237 hours of training while 96% of the employees attended at least one training session. An extensive offering
of trainings was provided; emphasis was given on the dissemination of the corporate vision, mission and values to
all AIA personnel, representing the 29% of the total training hours, and constituting the first phase of a Customer-
Centric Project, which has been initiated in 2010 and will be concluded in 2011 comprising the entire airport business
community and aiming to make a difference in customer service.
4. 2010 Financial Statements’ Highlights
• The Financial Statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS) and the Accounting Policies approved by the Board of Directors of the Company.
• The operating revenues of the Company reached the amount of €356.5 million lower by 22.1% (or €100.9 million)
compared to the previous financial year, the main contributors being first the absence of extraordinary effects in 2010
such as the significant decrease of the provision for impairment losses in 2009 based on the LCIA award and second
the decrease of the passenger traffic by 5% in 2010 vs. 2009.
• In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €67.0 million, lower by
€2.3 million or 3.3% in comparison to the prior financial year, as a result of lower passenger traffic. In line with the
previous year’s practice, part of the ADF receipts covered interest expenses, i.e. €49.8 million versus €53.5 million in
the previous year, and were therefore recorded as subsidies related to financial expenses, while the remaining, €17.2
million was transferred to other revenues, compared to €15.8 million in the previous year.
• Operating expenses decreased by €13.6 million or 9.6% compared with 2009, standing at €127.9 million. The year-
on-year decrease is mainly attributed to the cost reduction efforts by management leading to lower personnel cost
by €4.1 million, decreased expenses for outsourcing services by €4.4 million and lower impairment losses provisions
created in 2010 by €4.1 million, due to the fact that specific financial assets were re-estimated at their carrying
amount at year end.
• Overall taking into account the absence of extraordinary effects the earnings before interest, tax, depreciation &
amortisation (EBITDA) were decreased in the year 2010 by €87.3 million or 27.6% compared to the previous year,
reaching the level of €228.6 million.
• Depreciation charge was €72.2 million in 2010 similar to the corresponding charge in 2009 of €72.9 million.
• The net financial expenses increased by €15.7 million or 48.9% versus 2009. This variance is mainly attributed to non-
recurring interest revenue from overdue accounts, which was recognised in 2009.
• Profit before Tax reached the amount of €158.5 million. After accounting for the accumulated income taxes of €35.7
million, the once off tax surcharge imposed by the Greek State on 2009 profits of €26.3 million, the statutory and
other reserves of €5.0 million, a reserve of €2.5 million covering the adverse impact of deferred taxation in the
following year and the prior year’s retained earnings of €12.5 million, there remains a distributable profit of €101.5
million. Given potential funding requirements associated with the concession extension a dividend distribution of
€75.0 million, out of an available amount of €101.5 million, is proposed to the shareholders.
• The Balance Sheet of December 31st, 2010 reflects Total Net Assets of €1.44 billion. The value of the Company’s Non-
Current Assets (€1.06 billion) represents 74% of Total Assets, indicating that AIA remains a capital intensive Company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates
reflecting their estimated useful lives and the legal limits on their use as provided by the Airport Development
Agreement (ADA). The value of the Usufruct of the Land that was assigned by the Greek State for the development
and operation of the Airport, the present value of the Grant of Rights Fee and the value of the Intangible Assets are
equally depreciated over the operation of the 25-year concession period. Investment in Associates consists of €3.25
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 9 of 51
• Employer’s Responsibility: AIA offers a safe and modern work environment with systems and tools, as well as
opportunities to sustain a healthy work-life balance for all employees. The Corporate Training Plan involved a total
of 11,237 hours of training while 96% of the employees attended at least one training session. An extensive offering
of trainings was provided; emphasis was given on the dissemination of the corporate vision, mission and values to
all AIA personnel, representing the 29% of the total training hours, and constituting the first phase of a Customer-
Centric Project, which has been initiated in 2010 and will be concluded in 2011 comprising the entire airport business
community and aiming to make a difference in customer service.
4. 2010 Financial Statements’ Highlights
• The Financial Statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS) and the Accounting Policies approved by the Board of Directors of the Company.
• The operating revenues of the Company reached the amount of €356.5 million lower by 22.1% (or €100.9 million)
compared to the previous financial year, the main contributors being first the absence of extraordinary effects in 2010
such as the significant decrease of the provision for impairment losses in 2009 based on the LCIA award and second
the decrease of the passenger traffic by 5% in 2010 vs. 2009.
• In total, AIA’s participation in the Airport Development Fund (ADF) reached the amount of €67.0 million, lower by
€2.3 million or 3.3% in comparison to the prior financial year, as a result of lower passenger traffic. In line with the
previous year’s practice, part of the ADF receipts covered interest expenses, i.e. €49.8 million versus €53.5 million in
the previous year, and were therefore recorded as subsidies related to financial expenses, while the remaining, €17.2
million was transferred to other revenues, compared to €15.8 million in the previous year.
• Operating expenses decreased by €13.6 million or 9.6% compared with 2009, standing at €127.9 million. The year-
on-year decrease is mainly attributed to the cost reduction efforts by management leading to lower personnel cost
by €4.1 million, decreased expenses for outsourcing services by €4.4 million and lower impairment losses provisions
created in 2010 by €4.1 million, due to the fact that specific financial assets were re-estimated at their carrying
amount at year end.
• Overall taking into account the absence of extraordinary effects the earnings before interest, tax, depreciation &
amortisation (EBITDA) were decreased in the year 2010 by €87.3 million or 27.6% compared to the previous year,
reaching the level of €228.6 million.
• Depreciation charge was €72.2 million in 2010 similar to the corresponding charge in 2009 of €72.9 million.
• The net financial expenses increased by €15.7 million or 48.9% versus 2009. This variance is mainly attributed to non-
recurring interest revenue from overdue accounts, which was recognised in 2009.
• Profit before Tax reached the amount of €158.5 million. After accounting for the accumulated income taxes of €35.7
million, the once off tax surcharge imposed by the Greek State on 2009 profits of €26.3 million, the statutory and
other reserves of €5.0 million, a reserve of €2.5 million covering the adverse impact of deferred taxation in the
following year and the prior year’s retained earnings of €12.5 million, there remains a distributable profit of €101.5
million. Given potential funding requirements associated with the concession extension a dividend distribution of
€75.0 million, out of an available amount of €101.5 million, is proposed to the shareholders.
• The Balance Sheet of December 31st, 2010 reflects Total Net Assets of €1.44 billion. The value of the Company’s Non-
Current Assets (€1.06 billion) represents 74% of Total Assets, indicating that AIA remains a capital intensive Company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates
reflecting their estimated useful lives and the legal limits on their use as provided by the Airport Development
Agreement (ADA). The value of the Usufruct of the Land that was assigned by the Greek State for the development
and operation of the Airport, the present value of the Grant of Rights Fee and the value of the Intangible Assets are
equally depreciated over the operation of the 25-year concession period. Investment in Associates consists of €3.25
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 9 of 51
