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Advance payments from customers represent the prepayments effected by the airlines which have selected the “Rolling
prepayment” method in settling their financial obligations to the Company for the use of the airport facilities.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for the prompt fulfilment
of their financial liabilities arising from the signed concessions agreements. The cash guarantees are adjusted each year in
accordance with the latest estimate of the expected sales forecast of the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.25 Other current liabilities 2010 2009
Other current liabilities are analysed as follows:
9,394,134 8,367,994
Analysis of other current liabilities 17,196 303,440
Accrued expenses for services and fees 9,411,330 8,671,434
Other
33,459 33,108
Total accrued expenses and deferred income
9,444,789 8,704,542
Obligations under finance leases
Total other current liabilities
The carrying amount of other current liabilities closely approximates their fair value at balance sheet date.
5.26 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are negotiated for
an average term of 4 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €249.706, were recognised in the
income statement, while the corresponding amount for the year 2009 was € 245.849.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating leases, which
are presented in note 5.27.
The Company as a lessor
Refer to note 5.1
5.27 Commitments
As at 31 December 2010 the Company has the following significant commitments:
a) Capital expenditure commitments amounting to approximately €20,4m (2009: €3,5m)
b) Operating service commitments, which are estimated to be approximately to €89,3m (2009: €117,0m) mainly related
to security, maintenance, fire protection and cleaning services, to be settled as follows:
Analysis of operating service commitments 2010 2009
Within 1 year 41,116,412 36,448,578
Between 1 and 5 years 40,230,281 71,704,887
More than 5 years
7,930,434 8,874,076
Total operating service commitments
89,277,127 117,027,541
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 46 of 51
prepayment” method in settling their financial obligations to the Company for the use of the airport facilities.
Beneficiaries of money – guarantees represent the cash guarantees provided by the concessionaires for the prompt fulfilment
of their financial liabilities arising from the signed concessions agreements. The cash guarantees are adjusted each year in
accordance with the latest estimate of the expected sales forecast of the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.25 Other current liabilities 2010 2009
Other current liabilities are analysed as follows:
9,394,134 8,367,994
Analysis of other current liabilities 17,196 303,440
Accrued expenses for services and fees 9,411,330 8,671,434
Other
33,459 33,108
Total accrued expenses and deferred income
9,444,789 8,704,542
Obligations under finance leases
Total other current liabilities
The carrying amount of other current liabilities closely approximates their fair value at balance sheet date.
5.26 Operating lease arrangements
The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are negotiated for
an average term of 4 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to €249.706, were recognised in the
income statement, while the corresponding amount for the year 2009 was € 245.849.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating leases, which
are presented in note 5.27.
The Company as a lessor
Refer to note 5.1
5.27 Commitments
As at 31 December 2010 the Company has the following significant commitments:
a) Capital expenditure commitments amounting to approximately €20,4m (2009: €3,5m)
b) Operating service commitments, which are estimated to be approximately to €89,3m (2009: €117,0m) mainly related
to security, maintenance, fire protection and cleaning services, to be settled as follows:
Analysis of operating service commitments 2010 2009
Within 1 year 41,116,412 36,448,578
Between 1 and 5 years 40,230,281 71,704,887
More than 5 years
7,930,434 8,874,076
Total operating service commitments
89,277,127 117,027,541
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 46 of 51
