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e) In accordance with the Law 3808/2009 the Greek State imposed a “special once off tax surcharge” on the profits
generated by legal entities in year 2008. The Company was advised by the Tax Authorities that it is liable to pay a
special once off tax surcharge amounting to €23m which was higher by €9m than the amount that should be paid in
accordance with the provisions of the law and the tax privileges which have been granted by the ADA. Tax Authorities
refused to modify the assessment of the once off tax surcharge and management proceeded with the legal actions to
remedy the erroneous tax bill referring the issue to the Athens Administrative Court of First Instance on 18 February
2010. No provision has been recognised based on Company’s experts’ opinion by reference to the specific legislation
governing its tax affairs, since the case is expected to be successfully concluded at its favour. (refer also to note 5.14)
f) There are a number of pending legal lawsuits against the Company amounting to approximately €3,1m (2009: €3,3m)
for which management, following consultation with its Legal Counsel, believes that there is sufficient ground to
successfully defend these claims. No provision for these claims has been recognised in these financial statements on
the basis that no material liability is expected to arise.
5.29 Related parties transactions
The Company is jointly controlled by the Greek State and Hochtief Airport Group.
The Company has a related party relationship with its primary shareholders, by rendering or receiving services for the
operation of the airport. More specifically, the Company provides either aeronautical or non aeronautical services to
public sector controlled entities and receiving public or private services i.e. fire protection, medical, cleaning services etc.
In addition, the Company has to pay to the Greek State a facility fee of 0,5% per annum on the outstanding balance
on the guarantee provided to EIB for the loan B. The above services are based on corresponding market’s terms and
conditions and analysed as follows:
a) Sales of services 2010 2009
Sales of services
Greek State 16,355,667 69,449,902
Total 16,355,667 69,449,902
b) Purchases of services
Purchases of services 2010 2009
Greek State 2,193,131 3,298,311
Hochtief Airport Group 3,387,180 3,646,041
Total 5,580,311 6,944,352
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 48 of 51
generated by legal entities in year 2008. The Company was advised by the Tax Authorities that it is liable to pay a
special once off tax surcharge amounting to €23m which was higher by €9m than the amount that should be paid in
accordance with the provisions of the law and the tax privileges which have been granted by the ADA. Tax Authorities
refused to modify the assessment of the once off tax surcharge and management proceeded with the legal actions to
remedy the erroneous tax bill referring the issue to the Athens Administrative Court of First Instance on 18 February
2010. No provision has been recognised based on Company’s experts’ opinion by reference to the specific legislation
governing its tax affairs, since the case is expected to be successfully concluded at its favour. (refer also to note 5.14)
f) There are a number of pending legal lawsuits against the Company amounting to approximately €3,1m (2009: €3,3m)
for which management, following consultation with its Legal Counsel, believes that there is sufficient ground to
successfully defend these claims. No provision for these claims has been recognised in these financial statements on
the basis that no material liability is expected to arise.
5.29 Related parties transactions
The Company is jointly controlled by the Greek State and Hochtief Airport Group.
The Company has a related party relationship with its primary shareholders, by rendering or receiving services for the
operation of the airport. More specifically, the Company provides either aeronautical or non aeronautical services to
public sector controlled entities and receiving public or private services i.e. fire protection, medical, cleaning services etc.
In addition, the Company has to pay to the Greek State a facility fee of 0,5% per annum on the outstanding balance
on the guarantee provided to EIB for the loan B. The above services are based on corresponding market’s terms and
conditions and analysed as follows:
a) Sales of services 2010 2009
Sales of services
Greek State 16,355,667 69,449,902
Total 16,355,667 69,449,902
b) Purchases of services
Purchases of services 2010 2009
Greek State 2,193,131 3,298,311
Hochtief Airport Group 3,387,180 3,646,041
Total 5,580,311 6,944,352
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 48 of 51
