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Financial Statements
terms, the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor
interest rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only
recognised when it is probable that the income will be collected.
During 2010, an additional release of provision for anticipated credit losses of €88.583 was recognized in the income
statement, resulting in an impairment provision as at 31 December 2010 of €3.849.528 (2009: €3.938.111).
The carrying amount of trade receivables closely approximates their fair value at balance sheet date.
5.14 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2010 2009
Accrued ADF 26,443,181 36,393,313
Other 49,831,155 4,429,776
Total other receivable accounts 76,274,336 40,823,089
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had not been
collected by the Company at year-end. This amount is estimated to be collected progressively in year 2011.
Other accounts receivable represent mainly €37,7m concerning 25% prepayment of VAT imposed for the years 2001-
2003, required by the law in order to refer the issue in front of the Athens Administrative Court of First Instance and
€9,0m concerning excess of the special once off tax surcharge imposed in 2009 and which the Company has already
referred in front of the Athens Administrative Court of First Instance (refer to note 5.28 for more details).
The carrying amount of other receivables closely approximates their fair value at balance sheet date.
5.15 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2010 2009
Cash on hand 4,948 6,445
Current & time deposits 220,471,092 243,905,547
Total cash & cash equivalents 220,476,040 243,911,992
5.16 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises 30.000.000 ordinary
shares of €10 each amounting to €300.000.000.
The Company is jointly controlled by the Greek State (55% of the shares) and Hochtief Airport Group and other private
shareholders (45% of the shares).
5.17 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5% of the net after tax annual profits to form the legal reserve,
which is used to offset any accumulated losses. The creation of the legal reserve ceases to be compulsory when the
balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2010 the Company’s legal reserve increased by an amount of €4.827.501 (2009: €9.087.008) and
amounted to €32.372.414 (2009:€27.544.913).
In addition, there is a reserve for tax purposes amounting to €142.196 (2009:€7.533)
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 39 of 51
terms, the Company charges such customers default interest, (that is, interest on overdue accounts) at 6 months Euribor
interest rate plus a pre-determined margin, as stipulated in the respective customer agreements. Such interest is only
recognised when it is probable that the income will be collected.
During 2010, an additional release of provision for anticipated credit losses of €88.583 was recognized in the income
statement, resulting in an impairment provision as at 31 December 2010 of €3.849.528 (2009: €3.938.111).
The carrying amount of trade receivables closely approximates their fair value at balance sheet date.
5.14 Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts 2010 2009
Accrued ADF 26,443,181 36,393,313
Other 49,831,155 4,429,776
Total other receivable accounts 76,274,336 40,823,089
Accrued ADF represents the amount of the passengers’ airport fee attributable to the Company, which had not been
collected by the Company at year-end. This amount is estimated to be collected progressively in year 2011.
Other accounts receivable represent mainly €37,7m concerning 25% prepayment of VAT imposed for the years 2001-
2003, required by the law in order to refer the issue in front of the Athens Administrative Court of First Instance and
€9,0m concerning excess of the special once off tax surcharge imposed in 2009 and which the Company has already
referred in front of the Athens Administrative Court of First Instance (refer to note 5.28 for more details).
The carrying amount of other receivables closely approximates their fair value at balance sheet date.
5.15 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2010 2009
Cash on hand 4,948 6,445
Current & time deposits 220,471,092 243,905,547
Total cash & cash equivalents 220,476,040 243,911,992
5.16 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises 30.000.000 ordinary
shares of €10 each amounting to €300.000.000.
The Company is jointly controlled by the Greek State (55% of the shares) and Hochtief Airport Group and other private
shareholders (45% of the shares).
5.17 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5% of the net after tax annual profits to form the legal reserve,
which is used to offset any accumulated losses. The creation of the legal reserve ceases to be compulsory when the
balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2010 the Company’s legal reserve increased by an amount of €4.827.501 (2009: €9.087.008) and
amounted to €32.372.414 (2009:€27.544.913).
In addition, there is a reserve for tax purposes amounting to €142.196 (2009:€7.533)
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 39 of 51
