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INDEPENDENT AUDITOR’S REPORT
To the Shareholders of ATHENS INTERNATIONAL AIRPORT S.A.
Report on the Financial Statements
We have audited the accompanying financial statements of ATHENS INTERNATIONAL AIRPORT S.A (“the Company”)
which comprise the balance sheet as of 31 December 2010 and the statements of income, comprehensive income,
changes in equity and cash flows for the year then ended and a summary of significant accounting policies and other
explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards as adopted by European Union. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers the system of internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’s system of internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of
the Company as of 31 December 2010, and of its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards, as adopted by the European Union.
Emphasis of Matter
Without qualifying our opinion, we draw your attention to the uncertainty over the outcome of the VAT dispute between
the Company and Greek State, for which the Company believes that the arbitration court will award the case in its
favour, as described in Note 5.28 to these financial statements.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 50 of 51
To the Shareholders of ATHENS INTERNATIONAL AIRPORT S.A.
Report on the Financial Statements
We have audited the accompanying financial statements of ATHENS INTERNATIONAL AIRPORT S.A (“the Company”)
which comprise the balance sheet as of 31 December 2010 and the statements of income, comprehensive income,
changes in equity and cash flows for the year then ended and a summary of significant accounting policies and other
explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards as adopted by European Union. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers the system of internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’s system of internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of
the Company as of 31 December 2010, and of its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards, as adopted by the European Union.
Emphasis of Matter
Without qualifying our opinion, we draw your attention to the uncertainty over the outcome of the VAT dispute between
the Company and Greek State, for which the Company believes that the arbitration court will award the case in its
favour, as described in Note 5.28 to these financial statements.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 50 of 51
