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5.2 Depreciation & amortisation charges 2010 2009
Analysis of depreciation & amortisation charges
Depreciation of owned assets 3,867,811 4,851,841
Amortisation of cohesion fund related to owned assets 0 (3,047)
Depreciation of leased assets 28,462
Amortisation of intangible assets 28,755
Amortisation of cohesion fund related to intangible assets 83,349,869 83,127,060
Total depreciation & amortisation expenses (15,076,768) (15,076,768)
72,169,667 72,927,548
Refer to notes 5.7-5.9 for further information.
5.3 Net financial expenses
Analysis of net financial expenses 2010 2009
Financial expenses
49,823,391 53,259,505
Interest expenses and related costs on bank loans 5,206,825 4,801,553
Unwinding of discount for long term liabilities 39,672 358,769
Other financial expenses
55,069,888 58,419,827
Financial expenses
Financial revenues (7,352,991) (5,901,182)
0 (20,480,568)
Bank interest income
Interest income from trade receivables (7,352,991) (26,381,750)
47,716,897 32,038,077
Financial revenues
Net financial expenses
Interest and related expenses amounting to €52.343.380 (2009: €50.427.049) were paid during the year ended 31
December 2010. No interest income from trade receivables was recognized in 2010 (2009: €20.480.568) since the
amount of interest assessed by the arbitration court to be implied to OA Group for its overdue account had already been
recognized in 2009. The weighted average interest rate earned by the Company on its cash surplus for 2010 was 2,92%
(2009: 2,65%). The average maturity of the Company’s time deposits for 2010 was 50 days (2009: 34 days).
The discounting effect on the financial assets would be lower by €444.315 in 2010 (€1.332.192 in 2009) if the discounting
rate was 1% higher while the discounting effect would be higher by €455.193 in 2010 (€1.364.241 in 2009) if the
discounting rate was lower by 1%.
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a levy on all passengers
older than 5 years old, departing from Greek Airports, for the purpose of ensuring that passengers share the responsibility
for funding the commercial aviation infrastructure within the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a
monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 32 of 51
Analysis of depreciation & amortisation charges
Depreciation of owned assets 3,867,811 4,851,841
Amortisation of cohesion fund related to owned assets 0 (3,047)
Depreciation of leased assets 28,462
Amortisation of intangible assets 28,755
Amortisation of cohesion fund related to intangible assets 83,349,869 83,127,060
Total depreciation & amortisation expenses (15,076,768) (15,076,768)
72,169,667 72,927,548
Refer to notes 5.7-5.9 for further information.
5.3 Net financial expenses
Analysis of net financial expenses 2010 2009
Financial expenses
49,823,391 53,259,505
Interest expenses and related costs on bank loans 5,206,825 4,801,553
Unwinding of discount for long term liabilities 39,672 358,769
Other financial expenses
55,069,888 58,419,827
Financial expenses
Financial revenues (7,352,991) (5,901,182)
0 (20,480,568)
Bank interest income
Interest income from trade receivables (7,352,991) (26,381,750)
47,716,897 32,038,077
Financial revenues
Net financial expenses
Interest and related expenses amounting to €52.343.380 (2009: €50.427.049) were paid during the year ended 31
December 2010. No interest income from trade receivables was recognized in 2010 (2009: €20.480.568) since the
amount of interest assessed by the arbitration court to be implied to OA Group for its overdue account had already been
recognized in 2009. The weighted average interest rate earned by the Company on its cash surplus for 2010 was 2,92%
(2009: 2,65%). The average maturity of the Company’s time deposits for 2010 was 50 days (2009: 34 days).
The discounting effect on the financial assets would be lower by €444.315 in 2010 (€1.332.192 in 2009) if the discounting
rate was 1% higher while the discounting effect would be higher by €455.193 in 2010 (€1.364.241 in 2009) if the
discounting rate was lower by 1%.
5.4 Subsidies received
Airport Development Fund (ADF)
In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a levy on all passengers
older than 5 years old, departing from Greek Airports, for the purpose of ensuring that passengers share the responsibility
for funding the commercial aviation infrastructure within the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a
monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 32 of 51
