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Financial Statements
Analysis of other non-current liabilities 2010 2009
Grant of rights fee payable 94,086,357 90,421,540
Long term securities provided by customers 2,780,365 2,744,601
Obligations under finance leases 7,667 41,126
Total other non-current liabilities 96,874,389 93,207,267
The airport Company shall pay a quarterly fee to the Greek State during the concession period for the rights and privileges
granted in ADA. The carrying amount of the liability represents the present value of the future payment at the balance
sheet date. In 2010 a finance charge amounting to €4.664.817 has been recorded as the unwind interest of the liability
due to the passage of time (2009: €4.485.745). The amount payable within the next 12 months is included in the other
current liabilities. The present value of total future payments at the time of airport opening has been included in the cost
of the intangible concession asset which is amortised over the concession period. An amount of €2.435.104 is included in
2010 amortisation of the intangible concession asset with respect to the grant of rights fee (2009: €2.435.104).
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
2010 was at the rate of 6,23%.
It is the Company’s policy to lease certain assets under finance lease agreements with an average duration of 4 years.
The Company’s obligations under finance leases are secured by the lessors’ title to the leased assets. Upon the maturity
of the lease agreements the Company holds the right to purchase the leased assets at €3 each. As at 31 December 2010
the average borrowing rate for the financial lease was at 6,50% (2009 at 6,50%).
Finance lease liabilities are payable as follows:
Minimum lease payments
2010 2009
Principal Interest Total Principal Interest Total
Less than 1 year 33,459 1,623 35,082 33,108 3,840 36,948
Between 1 & 5 years 7,667 141 7,808 41,126 1,764 42,890
Total lease payments 41,126 1,764 42,890 74,234 5,604 79,838
5.24 Trade & other payables
Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts 2010 2009
Suppliers 12,358,753 14,677,088
Advance payments from customers 18,160,673 17,397,561
Beneficiaries of money – guarantees 15,532,486 16,285,732
Value added tax
Other taxes payable and payroll withholdings 1,875,686 1,734,941
Grants of rights fee payable 2,182,692 2,235,897
Other payables 1,250,000 1,000,000
136,164 140,290
Total trade & other payable accounts 51,496,454 53,471,509
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.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 45 of 51
Analysis of other non-current liabilities 2010 2009
Grant of rights fee payable 94,086,357 90,421,540
Long term securities provided by customers 2,780,365 2,744,601
Obligations under finance leases 7,667 41,126
Total other non-current liabilities 96,874,389 93,207,267
The airport Company shall pay a quarterly fee to the Greek State during the concession period for the rights and privileges
granted in ADA. The carrying amount of the liability represents the present value of the future payment at the balance
sheet date. In 2010 a finance charge amounting to €4.664.817 has been recorded as the unwind interest of the liability
due to the passage of time (2009: €4.485.745). The amount payable within the next 12 months is included in the other
current liabilities. The present value of total future payments at the time of airport opening has been included in the cost
of the intangible concession asset which is amortised over the concession period. An amount of €2.435.104 is included in
2010 amortisation of the intangible concession asset with respect to the grant of rights fee (2009: €2.435.104).
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
2010 was at the rate of 6,23%.
It is the Company’s policy to lease certain assets under finance lease agreements with an average duration of 4 years.
The Company’s obligations under finance leases are secured by the lessors’ title to the leased assets. Upon the maturity
of the lease agreements the Company holds the right to purchase the leased assets at €3 each. As at 31 December 2010
the average borrowing rate for the financial lease was at 6,50% (2009 at 6,50%).
Finance lease liabilities are payable as follows:
Minimum lease payments
2010 2009
Principal Interest Total Principal Interest Total
Less than 1 year 33,459 1,623 35,082 33,108 3,840 36,948
Between 1 & 5 years 7,667 141 7,808 41,126 1,764 42,890
Total lease payments 41,126 1,764 42,890 74,234 5,604 79,838
5.24 Trade & other payables
Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts 2010 2009
Suppliers 12,358,753 14,677,088
Advance payments from customers 18,160,673 17,397,561
Beneficiaries of money – guarantees 15,532,486 16,285,732
Value added tax
Other taxes payable and payroll withholdings 1,875,686 1,734,941
Grants of rights fee payable 2,182,692 2,235,897
Other payables 1,250,000 1,000,000
136,164 140,290
Total trade & other payable accounts 51,496,454 53,471,509
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.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 45 of 51
