Greece Aviation Annual Report

Table of Contents
Highlights of 2012
01. J oint Address by the Chairman and the CEO
02. T he Airport Company
10
03. M arket Overview
14
04. F inancial Performance
22
05. O ur Business Units
26
06. C orporate Responsibility
32
Financial Statements
36
2012 Airport Moments
Highlights of 2012
ANNUAL REPORT 2012
01. Joint Address by the Chairman and the CEO
For the aviation industry worldwide, 2012 was marked

by slow economic growth: Airlines around the globe
proceeded with consolidations and cost management
actions eventually achieving profits yet with slim margins
- while airports recorded modest traffic rise, formulated
by the strong growth of emerging economies versus the
slow
development
of
more mature markets,
such as the US and
Europe. Europes airports
overall demonstrated a
slow development with a
two-pace growth, as the
Eurozone crisis resulted in
a stagnant course of EU
airports compared to a
significant traffic increase
in non-EU airports.
In Greece, the critical
state of the country was
the determining factor
regarding the evolution
of the aviation market in
the course of the year,
affecting both the airline
offer and the travelling
demand.
the observed recovery trend being more apparent in the

international sector.
Amid these conditions, overall in 2012 64 carriers
connected directly Athens to 109 destinations (76 of which
international) in 47 countries with scheduled services. The
Airport Company, within
the context of defending
traffic volumes, containing
traffic losses and assisting
airlines to sustain their
operations to the extent
possible, continued to offer
its Traditional Growth
Incentive
Scheme
as
well as airline marketing
support programmes. In
addition, AIA proceeded
with the introduction
of a series of targeted
new measures clearly
demonstrating its active
engagement in supporting
its airlinepartners during
these critical times while
helping them reduce their
operating costs.
Further to the special

With the Greek GDP
winter Low Fares incentive,
contracting by 6.4% and
AIA
also
introduced
the private consumption
for the summer period
index by 9.1%, the Greeks
2012
three
significant
propensity to travel was
targeted incentives, the
severely impacted, while
Sustainability, Transfer, and
at the same time foreign
Niche Routes Incentives,
visitors numbers were also
aiming to sustain and
significantly reduced as
protect
flights
and
a result of the tarnished
traffic levels. Not only
image of Athens and Greece
was the above Incentive
abroad in combination
Scheme extended through
with the slow-down in
the
Winter
2012-2013
European economies. On
period, but it was further
the supply side, both
enriched with the Load
Greek and foreign carriers
Factor Incentive aiming
Professor Nickolaos G. Travlos
proceeded with extensive
at encouraging airlines to
Chairman of the Board of Directors
capacity cuts in order to
achieve high load factors.
effectively accommodate the falling demand. All of the
At the end of 2012, 14 different incentives were in place,
above resulted in the airports traffic decline by 10.4% in
addressing both development & sustainability aspects,
passenger volumes and by 11.5% in aircraft movements.
while 60% of the operating carriers, carrying 95% of AIA's
It is, however, important to point that deterioration
traffic, made use of one or more of AIAs targeted incentives
in passenger demand in the second quarter, mainly
launched during the year.
attributed to the social and political circumstances amidst
the Greek elections period, was followed by a gradual
In recognition of AIAs consistent and dynamic support to
containment of losses in the last two quarters of the year,
the airlines despite the countrys economic problems and
ANNUAL REPORT 2012
overall traffic downturn, the airline industry rewarded the

airport once again: More specifically, in the frame of OAGRoutes Airport Marketing Awards, airlines acknowledged
AIAs contribution to their development efforts through
a wide-scale and innovative marketing programme and
offered AIA the Highly Commended distinction during
the 2012 European Routes
conference in Tallinn,
Estonia. At the same time,
AIA was also announced as
Nominee during the 2012
Routes World conference
in Abu Dhabi.
Despite
the
severely
unfavourable macroeconomic
environment, with the traffic
loss and contraction in
all business activities
resulting in lower profits
vs. 2011, the Airport
Company continued to
maintain profit margins
above the average airport
industry
and
other
major Greek companies.
AIAs targeted efforts
were directed towards
protecting traffic volumes
and revenue streams, by
significantly enhancing its
incentive policy towards
both aeronautical and
non-aeronautical business
and by providing savings
on the cost side. Thus, the
Airport Company recorded
significant profits during
2012, i.e. Profit Before
Tax of 97.6 million and a
proposed distribution of
79.5 million as dividend
to its shareholders.
audits that demonstrated a full harmonisation not only

with the new stringent European aviation requirements
but also with the TSAs most recent directives. In addition,
in the ground handling sector, training and certifications
activity throughout the year was particularly notable.
Evaluating, as every year,
our crisis planning &
emergency management
and response, the annual
ICAO full scale emergency
exercise was held, simulating
Hijacking at the airport.
This years exercise was
one of the largest and more
complicated exercises since
the airport opening, and
involved 300 participants.
Another highlight adding
to the airports experience
was our welcoming of
Emirates A380 carrying
out a full turnaround of
their scheduled flight.
Having
obtained
the
official certification for
Airbus A380 operations,
this was a valuable test
proving the smooth and
efficient handling of the
aircraft by airport facilities.
In the retail sector, in 2012

AIAs twofold strategic aim
was to deliver a unique
airport
experience
to
passengers and visitors,
while promoting its retail
partners offer, given the
crisis impact on the domestic
market for the fourth
year in a row. Focusing
on activities related to
sales promotion, as well
Within the framework of
as to the enhancement
Dr Ioannis N. Paraschis
our operational responsibility,
of
consumers
airport
Chief Executive Officer
safe, orderly and efficient
experience, a series of
airport operations were maintained throughout the
activities to support the Shopping Centres sales took place.
year, offering a very high level of service, while close
As part of the efforts to adapt to the consumer needs and
cooperation with stakeholders ensured the expected high
market trends, a number of new concepts, brands, and
level of operational and quality performance. Aiming at
brand changes were also implemented. In the property
further improving the overall safety performance, a series
business field, although the general market trend
of safety activities were organised, while regarding AIAs
affected AIAs relevant sector, revenues also witnessed
security operations the high level of the airports systems
the positive effect from the full-year operation of the
was reasserted by a number of national and international
Airports Photovoltaic Park.
01. Joint Address by the Chairman and the CEO
Other corporate projects and developments were highlighted by the enhancement of passenger experience through
a number of aesthetic and operational improvements that took place in the Main Terminal Building. AIAs Ambience
Improvement project included the renovation of facilities and a number of significant technological new elements,
offering passengers and visitors an excellent airport experience and enhanced facilitation, in a renewed environment
with the city of Athens standing out even more.
At the same time, the athenspotlighted programme, a significant AIA initiative aiming to boost the attractiveness of
Athens as a city break destination for foreign visitors, continued successfully throughout 2012 witnessing an increase in
its popularity, as substantiated by the distribution of more than 100,000 city-cards. Enhanced cooperation with airlines
and tourism authorities has further enriched the programmes attractiveness and penetration among foreign travellers
visiting Athens.
For another year, our external business activity continued by exporting AIA expertise and value proposition to the
domestic and international aviation market. The provision of operational support and value added services, on one hand
increased AIAs ancillary revenues and on the other hand further bolstered AIAs experience for future endeavours.
As a socially responsible operator, in 2012 AIA followed a balanced, stakeholder-focused approach in accordance with the
international standards and best practices. Our corporate responsibility programme advanced with the implementation
of a revised policy, which defines the governance structure within the Airport Company. Our focus expanded equally
across the operational, corporate and environmental fields, at the same time meeting the multiple challenges of the
current financial and social climate by cultivating a safe and ethical working environment.
2013 Outlook
After a remarkably difficult and challenging year, 2013 comes with diverse prospects. On the one side it is definitely
another year of economic recession, with reduced disposable income for the Greek travellers but also with the financial
crisis affecting countries within and outside the Eurozone. These phenomena will directly impact our airport business in
numerous aspects, such as the traffic demand and supply, the propensity to spend on commercial activities, the property
market, etc. thus testing the endurance of the airport business community.
On the other side, although negative trends continue in 2013, macroeconomic indicators point towards a gradual
stabilisation. Nevertheless, it is our decision to remain conservative and demonstrate prudence for our next steps since
the situation is still considered to be volatile.
While our country is struggling to emerge out of the financial crisis, the aviation market shows uneven signs of
development. The traditional markets of Western Europe and North America are stagnant or in decline, while the markets
of the Middle East and the Asia Pacific show double-digit growth rates. The continuation of this imbalance is likely to
lead to a new world in our industry over the next decade, with the European aviation both airports and airlines - being
challenged.
In the midst of this ever-changing and always challenging world, the countrys aviation map is also likely to change; the
final outcome of the intended acquisition of Olympic Air by Aegean, which is currently under scrutiny by the European
Commission, tenders for the privatisation of Greek regional airports, restructuring of the Hellenic Civil Aviation Authority
are among others developments that are bound to affect the current status of the domestic aviation market. AIA is
closely monitoring these developments.
ANNUAL REPORT 2012
Since shareholders have announced their intentions for a concession extension and sale of shares, the Airport Company
is fully prepared to support these endeavours. In the meantime, all market and economic challenges are being addressed:
targeted measures and incentives are designed to support airline traffic, commercial concessions and property contracts;
futhermore, cost control efforts are being made, while safeguarding critical operations, Airports safety and security and
maintaining the high quality of services provided. These are the means we have chosen to deploy in order to sustain the
value of our business for all stakeholders.
The Airport Company, established on a solid basis successfully operates for twelve years under effective management
and with the commitment and support of its shareholders. Despite the current adversities, we are determined to ensure
that AIA continues to deliver substantial value to all stakeholders and the Greek economy and remains an asset with a
positive outlook for the future.
02. The Airport Company
CORPORATE PROFILE
Athens International Airport S.A. (AIA) was established
in 1996 as a public-private partnership with a 30-year
concession agreement. Ratified by Greek Law 2338/95,
the concession agreement grants the right to use the
airport site for the purpose of the design, financing,
construction, completion, commissioning, maintenance,
operation, management and development of the airport.
AIA is a privately managed company with the Greek State
holding 55% of shares, while the private shareholders
collectively hold 45%.
AIA is internationally considered a pioneer public-private
partnership, being the first major greenfield airport with
the participation of the private sector. The cost for the
development of the airport was financed mainly from
bank loans - with European Investment Bank being the
major lender, while the remaining funding was provided
through private shareholders equity and EU and Greek
State grants.
ANNUAL REPORT 2012
With a corporate goal to create sustainable value to

all stakeholders by offering value for money services,
AIA has implemented a successful development
strategy in both its aeronautical and non-aeronautical
sectors. Offering one of the most advanced incentives
and marketing support schemes, AIA ensures the
sustainability and development of domestic, regional and
international traffic, working closely with home carriers
and international carriers, legacy airlines and Low Cost
Carriers. In the non-aeronautical sector, AIA boasts
advanced and extensive development initiatives ranging
from the high-quality consumer-related products offered
at its commercial terminals, up to its real estate assets.
In addition, AIAs IT & Telecommunications system and
business activities are stellar examples of technological
and business expertise. True to its industry, AIA exports
the companys pioneering know-how to aviation partners
around the world.
Board of Directors
Constantine Michalos
Elected Chairman of AIAs Board of Directors in October 2012

Dean, ALBA Graduate Business School, 1998 - today
Professor of Finance and Holder of the Kitty Kyriacopoulos
Chair in Finance, ALBA Graduate Business School, 1998 - today
Former Chairman of the MSc in Banking and Financial
Management, University of Piraeus
Former Chairman of the Department of Banking and Financial
Management, University of Piraeus
Former Associate Professor of Finance, Boston College, USA,
1990 - 1996
Vice-Chairman of the Board of Directors, Transparency
International - Greece, 2012 - today
Elected Member of AIAs Board of Directors in October 2012

President of the Athens Chamber of Commerce and Industry
President of the Central Union of Greek Chambers of
Commerce and Industry
Member of the Board of Directors, Astir Palace Hotel
Holger Linkweiler
Vice-Chairman of the Board of Directors
Elected Vice-Chairman of AIAs Board of Directors in May 2012

and Member of AIAs Board of Directors since June 2011
Chairman of the Administrative Council of Tirana
International Airport
Member of the Board of Directors of Budapest Airport and
Sydney Airport
Member of the Supervisory Boards of Flughafen Dsseldorf
GmbH and Flughafen Hamburg GmbH
Dr. Jacques F. Poos
Member of the Board of Directors
Elected Member of AIAs Board of Directors in June 2005

Former Member of the College of Quaestors of the European
Parliament
Former Deputy Prime Minister and Foreign Minister of
Luxembourg
Member of the Council of the Luxembourg Central Bank
Loukas Papazoglou
Member of AIAs Board of Directors between 2005 and 2010;

re-elected in January 2012
Financier
Gerhard Schroeder
Elected Member of AIAs Board of Directors in May 2012

Chairman of the Board of Directors of Budapest Airport
Member of the Supervisory Boards of Flughafen Dsseldorf
GmbH, Flughafen Hamburg GmbH (Vice-Chairman) and
Lufthansa Technik Budapest Ltd.
Member of the Board of Directors of Sydney Airport (alternate)
Dr. rer. pol. Hans-Georg Vater

re-elected in November 2000
Member of the Supervisory Board of Klckner & Co. AG
Member of Supervisory Board of Dematic Group s..r.l.,
Luxembourg (until 28.12.2012)
Professor Stratos Papadimitriou
Former Chairman of the Board of Directors
Chairman of AIAs Board of Directors between 2010 and October

2012
George Kalamaras
Reiner Schrnkler
Elected Member of AIAs Board of Directors in October 2012

CEO of the socit anonyme Information Society S.A. until
the end of November 2012
Independent Consultant on Information and Communication
Technologies
Owner of a small innovative IT company
Computer and ICT Engineer
Vice-Chairman of AIAs Board of Directors between 2010 and May

2012
Michael Kefalogiannis

re-elected in October 2012
Vice-Chairman of DEMCO Group (one of the largest privately
owned, Greece-based diversified Group of companies)
Chairman of the Board of Directors of CYAN Hotel Group
(ETXEK S.A.) Crete, Greece
Former Vice-Chairman of the Board of Directors
Ioannis Karydas
Former Member of the Board of Directors
Member of AIAs Board of Directors between 2009 and October

2012
Michael Maillis
Member of AIAs Board of Directors between October 2011 and

October 2012
Antonios Trifillis

re-elected in 2010 until October 2012
Note: Former BoD members are shown in italics
11
02. The Airport Company
Seating from left to right: Dr. J. Poos, Mrs E. Papathanasopoulou (Secretary to the BoD), Prof. N.G. Travlos, Mr H. Linkweiler, Dr. H.G. Vater
Standing from left to right: Mr M. Kefalogiannis, Mr G. Kalamaras, Mr G. Schroeder, Dr I.N. Paraschis (CEO),

Mr C. Michalos, Mr Loukas Papazoglou
Board Committees
Composition of Board Committees as per Board of Directors decision of 29th November 2012.
Audit Committee:

Prof. N. Travlos (Chairman)

Dr. H.G. Vater (Member)

S. Lorentziadis (Member)
Investment Committee:

H. Linkweiler (Chairman)

G. Kalamaras (Member)

G. Schroeder (Member)
Finance Committee:

Dr. H.G. Vater (Chairman)

H. Linkweiler (Member)

Dr. J. Poos (Member)

M. Kefalogiannis (Member)

C. Michalos (Member)
Personnel Committee:

Prof. N. Travlos (Chairman)

H. Linkweiler (Member)

Dr. J. Poos (Member)
ANNUAL REPORT 2012
SHAREHOLDER STRUCTURE
The shareholder structure of Athens International Airport, according to the relevant Books of Shares and Shareholders, is:
Shareholder
Number of Shares
Hellenic Republic Asset

Development Fund (HRADF)
9,000,000
30%
Hochtief AirPort GmbH
8,000,004
26.667%
Greek State
7,500,000
25%
Hochtief AirPort Capital GmbH
4,000,002
13.333%
Copelouzos Dimitrios
599,997
2%
Copelouzou Kiriaki
299,999
1%
Copelouzos Christos
299,999
1%
Copelouzou Eleni-Asimina
299,999
1%
30,000,000
100%
Total
Chief Officers
Mr George P. Eleftherakos
Mr Alexandros M. Aravanis
Mr Basil I. Fondrier
Chief Operations Officer
Chief Development Officer

Chief Financial Officer
13
03. Market Overview
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03. Market Overview
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03. Market Overview
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03. Market Overview
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04. Financial Performance
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04. Financial Performance
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05. Our Business Units
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31
06. Corporate Responsibility
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ANNUAL REPORT 2012
35
as at 31 December 2012
in accordance with the
Inter n a t i o n a l F i n a n c i a l
Report i n g S t a n da rd s
Trade Reg. No.: 35925/04/B/96/60M
General Electronic Commercial Reg. (G.E.MI.) No.: 2229601000
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated)
Page 1 of 54
The attached Financial Statements are those that were approved by the Board of Directors of ATHENS INTERNATIONAL
AIRPORT S.A. on 25 April 2013 and have been published by posting on the Internet at the website address www.aia.gr
The Financial Statements and the Notes to the Financial Statements, as presented on pages 13 to 52, have been prepared
in accordance with International Financial Reporting Standards, as adopted by the European Union, and have been signed,
on behalf of the Board of Directors by:
Prof. Nickolaos Travlos
Vice Chairman of the Board of Directors
Holger Linkweiler
Dr Ioannis Paraschis
Chief Financial Officer
Basil Fondrier
Accounting Manager
Panagiotis Michalarogiannis
Page 2 of 54
REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS
Dear Sirs,
It is a pleasure to welcome you today to the 17th Ordinary General Meeting of the Shareholders of Athens International
Airport S.A. (AIA), during which we shall review the year 2012.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as applicable, we submit herewith to your General
Assembly the Companys Financial Statements for its 17th financial period. The present report includes the analysis of
these statements as well as any supplementary information necessary or useful for the statements appreciation and
approval by the General Assembly, according to the proposal of the Board of Directors.
The year 2012 was marked by slow worldwide economic growth and high fuel prices. Airlines around the globe proceeded
with consolidations and cost management actions and achieved at the end to see profits, yet with slim profit margins
(+1% according to IATA). Airports showed modest traffic growth (+3.9% on passengers according to ACI), formulated
by the strong growth of emerging economies versus the slow development of more mature markets, such as the US and
Europe. Examining in more detail the situation in Europe, European airports saw a two-pace growth, with the Eurozone
crisis resulting in a stagnant course of EU airports (+0.2%) compared to traffic increase in non-EU airports (+8.8%).
Overall, Europe showed a slow development (+2%) with the European carriers not expected to see profits.
In Greece, the critical situation of the country was the determining factor of the aviation markets evolution in the
course of the year under review and it affected both the airline offer as well as the travelling demand. With the Greek
GDP contracting by 6.4% and the private consumption index by 9.1%, as per the first estimation for the year 2012 from
the National Statistical Service, the Greeks propensity to travel was severely impacted, while at the same time foreign
visitors were significantly reduced as a result of the tarnished image of Athens and Greece abroad, combined with
the slow-down in European economies. On the supply side, both Greek and foreign carriers proceeded with extensive
capacity cuts in order to effectively accommodate the falling demand. As a result, the airports traffic for the year 2012
presented a decline of -10.4% in terms of passenger volumes and -11.5% in terms of number of aircraft movements.
Despite the severely unfavorable macroeconomic environment with significant traffic loss and contraction in all business
activities, resulting in lower profits vs. 2011 of (31.9) million, the Airport Company continues to post healthy profits,
maintaining profit margins above the average airport industry and other major Greek companies. AIAs targeted efforts
are directed towards protecting traffic volumes and revenue streams, by significantly enhancing its incentive policy
towards both aeronautical and non-aeronautical business and by providing savings on the cost side. Thus the Airport
Company recorded significant profits during 2012, i.e. Profit before Tax of 97.6 million and a distribution of 79.5
million as dividend to its shareholders is proposed.
1. Traffic Highlights
Under the adverse macroeconomic and aviation industry environment in Greece and Europe, AIAs traffic for the year
2012 amounted to 153 thousand flights and 12.94 million passengers, presenting a decline vs. the corresponding prioryear levels of -11.5% and -10.4% respectively. Both in terms of aircraft movements and passenger throughput, the
international sector was the one suffering the most. More specifically, international passengers were reduced by -11.7%,
compared to a -7.9% decline of domestic passengers. With international traffic largely relying on incoming visitors (by
70%), this outcome reflects, on top of the reduced numbers of Greek travellers, the decline of foreign visitors as a result
of the tarnished image of Athens and Greece abroad, combined with the Eurozone crisis. Focusing on the evolution of
passenger traffic throughout the year, it is important to pinpoint that after a deterioration in passenger demand in the
second quarter, which was mainly due to the social and political circumstances amidst the Greek elections period, the
last two quarters of the year saw a gradual limitation of losses, i.e. with passenger traffic losses versus the corresponding
month of 2011 evolving from -15.8% in May to -8.2% in December; the observed recovery trend was more apparent in
the international sector. Overall, in 2012, Athens was directly connected with scheduled services with 109 destinations
(76 international) in 47 countries, operated by a total of 64 carriers.
Page 3 of 54
2. Business Highlights
The Airport Companys business highlights for the year 2012 are presented hereunder:
Airport Operations
Safe, orderly and efficient airport operations were maintained throughout the year, offering a very high level of service,
while close cooperation with stakeholders was sustained in order to ensure the expected high level of the airports
operational and quality performance. Furthermore, AIA exploited a number of external business opportunities, building
experience for future ventures.
For another year, AIAs safety records demonstrated an enhanced performance, while a revision of all Operations
major documents and manuals was completed. Aiming at further improving the overall safety performance AIAs
Aviation Safety Services Office organized a series of safety activities, including airside safety awareness presentations,
meetings with stakeholders, and safety campaigns at the airside.
In the framework of AIAs security operations, the high level of the airports systems was once again verified, following
a number of national and international audits that demonstrated a full harmonisation not only with the new stringent
European Aviation requirements, but also with the TSAs (USA) most recent directives.
Having obtained the official certification for Airbus A380 operations, the airport welcomed Emirates A380 carrying
out a full turnaround of their scheduled flight. Besides the promotional value of the event for the airline, this was also
a valuable test proving the smooth and efficient handling of the aircraft by airport facilities.
In the context of the Crisis Planning & Emergency Management, during 2012 AIA pursued its strategic objectives,
through a series of training activities, workshops with third parties, and 8 emergency exercises, among which the
annual ICAO emergency exercise, this time a full-scale one titled Hijacking at the airport. This 6-hour duration
drill, which involved 300 participants, was one of the largest and more complicated exercises since airport opening.
More than 150 people from the airport community and involved organisations who observed the exercise, found it
extremely worthwhile.
In the context of our ground handling sector, the activity that was recorded throughout the year in the field of
trainings and certifications was particularly notable: this included the successful hosting of IATAs pool trainings in
the fields of a) drinking water and b) fuel quality, with the participation of industry delegates from intercontinental
airports and fuel inspectors respectively, whereas it is worth mentioning that, following a Joint Inspection Group
(JIG) inspection, the concessionaires in charge of the operation of the airports aviation fuel storage and distribution
systems were awarded JIG Certificates of Excellence, rightfully claiming a role model position in their very demanding
and competitive area of operations.
Airport Marketing & Pricing

Aeronautical pricing and the offer of complete developmental programmes for airlines, including incentives and marketing
support packages, constitute the cornerstone of AIAs aeronautical development strategy. In the course of 2012, amid
the continuing adverse economic condition in Greece and the respective impact on the aviation industry, AIA within the
context of defending traffic volumes, containing traffic losses and assisting airlines to sustain, at the extent possible, their
operations, continued to offer airline support programmes and its Traditional Growth Incentive Scheme and proceeded
with the introduction of a series of additional, targeted, new measures clearly demonstrating its active engagement in
supporting its airlinespartners during these critical times while helping them reduce their operating costs.
During 2012, for a fourth consecutive year AIA maintained all charges unchanged without any inflationary adjustments.
This freezing of charges was complemented by the introduction of even stronger Targeted Schemes for the airlines,
starting as early as February 2012 and continuing until the end of the year.
Page 4 of 54
Further to the special winter incentive (Low Fares Incentive), aiming at encouraging airlines to increase the volume of
Low Fares, AIA also introduced for the summer period 2012 three significant Targeted Incentives, aiming to sustain
and protect flights and traffic levels during those challenging times. In particular, the Sustainability Incentive aimed
at sustaining the same level of operated flights versus the previous corresponding period while the Transfer incentive
aimed at defending transfer traffic levels. The Niche Routes Incentive was also set in place in order to stimulate
additional traffic and attract new direct services from niche markets that are currently not operated to/from Athens.
Not only was the above Incentive Scheme extended for the Winter 2012-2013 period but it was further enriched
with the Load Factor Incentive aiming at encouraging airlines at achieving high Load Factors. At the end of 2012, 14
different incentives both addressing developmental & sustainability aspects were in place.
60% of the operating carriers took advantage of one or more of AIAs targeted sustainability incentives launched
during 2012. Furthermore, more than 50 of our airline partners were benefited significantly by AIAs traditional
developmental incentives & marketing support.
An initial assessment of the incentives implemented demonstrates that the particular issues for which these
incentives have been designed and implemented have been, at a large extent, successfully dealt with. Indicatively, the
implementation of the Transfer Incentive since the beginning of summer 2012 contributed to the sustainability of the
summer transfer traffic levels vs. the previous corresponding period, allowing, at the same time, the eligible carriers
to design a competitive and aggressive pricing policy for transfer passengers.
The airline industry, in recognition of AIAs consistent and dynamic support to the airlines developmental efforts
through its wide-scale and innovative marketing programme, despite the countrys economic problems and overall
traffic downturn, rewarded AIA in the course of 2012. More specifically, AIA, in the frame of OAG-Routes Airport
Marketing Awards was offered the Highly Commended distinction, during the 2012 European Routes conference in
Tallinn, Estonia and was also announced as Nominee during the 2012 Routes World conference in Abu Dhabi.
The athenspotlighted programme which was launched back in November 2011 a significant AIA initiative aiming
to boost the attractiveness of the City of Athens as a city break destination for foreign visitors continued successfully
throughout 2012. The popularity of the city-card has been increased while the distribution reached almost the
100,000 cards. The enhanced cooperation with the airlines and the tourism authorities has further enriched programs
attractiveness and penetration among foreign travelers visiting Athens.
Consumers
The activities comprising the Consumers Business Unit (CBU) portfolio aim at delivering a unique airport experience to
passengers and visitors and at promoting AIAs partners so as to increase sales and AIAs revenues. The wide spectrum
of high quality services ranges from terminal and landside operations to shopping, dining and parking services. With
the domestic market being in crisis for the fourth year in a row, still recording a GDP decline and marking a further
reduced Greek discretionary income, the CBU annual plan was focused on activities related to promoting sales, as well
as enhancing consumers Airport experience.
A series of promotional activities took place aiming to support the Shopping Centres sales, of which the food &
beverage tasty deals and the retail shop/win now promotional campaigns are standing out in terms of scale and
impact as they both enjoyed remarkable figures of consumers participation. The first activity catered for a variety
of value-for-money food package offers, while the second offered to consumers the chance to instantly win gift
certificates, discount vouchers and other gifts for the retail shops.
As part of the efforts to adapt to the consumer needs and market trends, a number of new concepts and brands
were implemented, including the opening of the first store in Greece of a famous beauty and accessories boutique,
signifying a landmark for all users at the Departures level with its strong brand and unique design, a new betting
agency and a new stand-alone jewellery store. In addition, brand changes were also implemented in three of the
existing food & beverage units enhancing the assortment of the catering offer and a consumer electronics store was
fully refurbished introducing a more attractive and innovative concept to passengers.
Page 5 of 54
With regards to the Airport car parking facilities, the prevailing unfavourable economic conditions affected overall
sales, as Greek residents represent the main parking clientele, while it is also depicted on passengers preference for
low cost alternatives to access the Airport, such as public transport means, drop-off and short-term parking. Within
this context, the short-term parking benefited over the long-term and executive valet products. In order to facilitate
parking users, e-Parking, AIAs new electronic service for booking a parking space, was introduced in October.
e-Parking serves as a platform for offering a series of customized products to parking users, providing special price
offers and privileges to customers. The e-parking service is available through AIAs webpage www.aia.gr.
During the year, over a million airport users interacted with Terminal Services staff for airport information and
assistance. The Airport Call Centre received more than 529,000 calls and maintained a high answer rate with 92% of
passengers being served within 20 seconds.
Property
They key developments in the fields of real estate, cargo business, asset & utilities, and facilities management for 2012
were:
Although the general market trend affected AIAs property business, our revenues had also the positive effect from
the full-year operation of the Airports Photovoltaic Park (PVP). Completing a full year of operations in 2012, the
8MWp capacity Photovoltaic Park produced more than 13,500 MWh.
The Airports Retail Park was negatively affected by the diminishing disposable income of domestic consumers recording
a 10% drop in visitors versus 2011. Average spending marked a considerable decline in the range of 16%-26%.
Within this adverse economic environment, Metropolitan Expo attracted two new major events in 2012, namely
HORECA, the leading trade show for the hospitality & foodservice industry and POSIDONIA, the global marketplace
for ship builders and suppliers of shipping related equipment and services.
Offices & auxiliary space leases recorded a drop 1.5% in the overall occupancy rate, i.e. 86.4% versus 87.7% in 2011,
due to the declining business activity and downsizing of leased space by most tenants, in an effort to reduce operating
costs.
Cargo throughput experienced a drop of 11% compared to 2011, recording a total volume of 76,400 tonnes, also
affected by the sharper drop of the more profitable non-EU country imports. In an effort to recover volumes, AIA
focused on the attraction of additional export flows by facilitating Greek producers expanding to new markets, within
the framework of an Airport Export Initiative joint project, supported by the entire Airport Cargo Community.
On 24 December 2012, Olympic Engineering requested the termination of the lease agreement for the technical base.
AIA with the support of internal and external expert resources and in accordance with the provisions of the said
agreement and the Airport Development Agreement (ADA), is exercising its best endeavours to ensure the optimum
outcome of this development in terms of operational, economic or legal impact.
Information Technology & Telecommunications

In 2012, IT&T deployed effectively its business strategy aiming at maintaining high level of operational excellence,
through either improving corporate IT&T systems or developing enhanced and enriched value for money services for
customers. Consulting services to third parties were also kept at the foregoing of IT&T Business Unit activities for 2012.
Page 6 of 54
Key developments were:

In order to support the status achieved in the operational excellence internet speed was upgraded from 200 Mbps
to 400Mbps for the entire airport community without any price increase to our airport customers. This upgrade was
implemented by exploring the vast OTE internet bandwidth and the state of the art connection between AIA and OTE
networks.
A new Geographical Information System (GIS) Web-Platform was developed for the integration of hardware, software,
and data in capturing, managing, analyzing and displaying all forms of geographically referenced information related
to AIAs assets and facilities. By introducing GIS, users are gaining an unprecedented access to the most updated
information on the airports facilities. At the same time data retrieval time can be shortened while data analysis
capabilities are expanded.
Moreover, the asset maintenance management module was incorporated into the Corporate Business Information
System (CBIS), as part of a unified platform for monitoring of all technical services and activities allowing secure access
to all involved parties. This new functionality reduces unnecessary administration, improves coordination and aims at
long-term reduction of maintenance expenses.
AIAs MIS system was upgraded to its latest product version including the new MIS Dashboard functionality.
Following this major upgrade, AIAs MIS platform can now manage more efficiently data from more than 10 different
systems and produce decision making reports, including the new state of the art dashboard services.
In the field of consulting services AIAs IT&T signed a new contract with TSAKOS Group for the Provision of Cloud &
VPN Security Services. Through this contract AIA enters the market of Hellenic Shipping Industry and promotes an
IT&T new product based on the cloud service provision.
Other Corporate Projects & Developments

With regards to major development projects, the Airport Company progressed throughout 2012 as follows:
Aiming to enhance the passenger experience, a number of aesthetic and operational improvements took place at
the Main Terminal Building (MTB) under an ambience improvement project. Utilising a number of technological
advances, a new network island has been created offering to travellers wireless internet, free computer access,
docking stations for laptops and mobile chargers, while digital virtual assistants have been located to various arrivals
points providing useful info to passengers. Furthermore, the renovation of bus lounges together with the promotion
of Athens as a friendly and appealing destination, the installation of video walls incorporating destination related
information, the dynamic update of time-to-gate information and the automatic baggage tracing information points,
together with the new modern Central Information point at Arrivals will improve passenger satisfaction and increase
the terminals functionality.
We continued for another year to export our expertise and value proposition to the domestic and international
aviation market with the provision of operational support and value added services. Close cooperation with our
customers resulted in the development of new state of-the-art services & solutions, which allowed AIA to enter new
promising markets, while new contracts have been awarded. Our external business activity, on one hand increasing
AIAs ancillary revenues and on the other hand building AIAs experience for future endeavours is highlighted as
follows:
AIA was selected by Eurocontrol to participate in an EC funded project for the acceleration of the implementation of
the Airport-Collaborative Decision Making (A-CDM) at European Airports. By implementing the information-sharing
capabilities of A-CDM, the Airport Company will obtain an important tool for capacity utilisation optimisation.
Furthermore, AIAs Baggage Handling Services department (BHS) was selected as consultant by Queen Alia International
Airport (QAIA) in Amman Jordan, for the final testing commissioning and takeover of their newly installed BHS.
QAIA was provided also with consultant services by AIA and OFC (our fuelling concessionaire) jointly in relation to fuel
handling, a project to be completed in 2013.
Page 7 of 54
Moreover and following the successful completion of a service contract signed in 2011 between AIA and QAIA for
the Provision of consultancy services on GSM infrastructure, a new agreement was concluded for the provision of
consulting services on testing and commissioning of the airports new IT&T systems.
Finally, AIA continued in 2012 its consulting services to Abu Dhabi Airport Company for the provision of airport
marketing survey services.
follows a balanced, stakeholder-focused approach, in accordance with the international standards and best practices.
The Corporate Responsibility (CR) programme for 2012 was advanced significantly through the implementation of the
newly revised Corporate Responsibility Policy, which defines the revenant governance structure within the Airport
Company and related activities (materiality analysis, CR strategy development, CR reporting & assurance, CR networking).
The materiality analysis, presenting the significant issues for AIA and the perceived impact on its stakeholders, is
elaborated by AIAs CR Committee and approved by the top Management. Based on the outcome, the annual CR strategy
was deployed, along with specific sustainability objectives (action plans) per business area.
Operational Responsibility: AIA continues to make airside safety improvements and take initiatives to flawlessly
maintain uninterrupted and effective Airport operation, but also to minimize the risks in case emergency situations
arise. Especially in this adverse economic environment, the concern for the safety performance of employees and
the effectiveness of emergency management system is heightened. Efforts are intensified by all involved in order to
overcome the constraints imposed on financial and human resources.
During 2012, the indicator related with the number of serious incidents per 100,000 aircraft movements was reduced
to 41.74 (-26.36% vs. 2011), exceeding the corporate target for outstanding performance (47 incidents). However,
more training and awareness activities were planned and held during last year (focusing on FOD management,
incident reporting and other safety issues).
During 2012 further progress was also made in developing and updating our operational procedure documentation:
the Aerodrome Operations Manual and the Guidelines for our Customers Manual. Furthermore, the Airport
Emergency Plan was extensively tested to ensure readiness and eight emergency exercises were conducted.
Within the scope of provision of on ground assistance services to persons with disability and/or reduced mobility
(PRM), the Coordination office relocated to a new area, closer to facilities and services frequently used, in order to
further accommodate the needs of PRMs.
Our striving for passenger satisfaction is evidenced with the continuous increase for another year in a row of the
Passenger Satisfaction index which is measured on a daily basis through our passenger survey. Thus, our relevant
score for 2012 was further increased vs. 2011 from 4.20 to 4.24 (on a 5-point scale).
Corporate Citizenship: AIA has established a fruitful dialogue with its neighbors and works closely with representatives
from the local communities to address issues of common concern. The 2012 Local Communities Action Plan included
a number of different initiatives including the installation of a much-needed central heating system at a local nursery
school while the reward programme for local schools engaging in recycling continues to be a success.
AIA further to a transportation hub has turned into a cultural hub for travellers and visitors. Our commitment is to offer a
unique travel and cultural experience while promoting our countrys cultural identity. Approximately 250,000 persons
visited the permanent exhibitions located at the MTB. In 2012, the exhibition dedicated to Eleftherios Venizelos was
refurbished with the support of the National Research Foundation Eleftherios Venizelos and the region of Crete. In
parallel, AIA cooperates with the most prominent cultural institutions of Athens such as the Archaeological Museum
of Athens - as to accommodate temporary thematic exhibitions at the Airport premises. Moreover, AIA supports major
Greek cultural entities, such as the Byzantine and Christian Museum, the Greek National Theatre, Megaron Athens
Concert Hall etc.
Page 8 of 54
Within our 2012 Airport & Children programme, we welcomed 6,500 young passengers and their families in the
dedicated childrens entertainment area, located at the MTB and operated by qualified staff of the Greek Association
The Smile of the Child. Furthermore, through our Visitor Service programme, we offered an insight into Airports
operational and functional areas, to more than 2,500 guests from schools, other institutions and organizations.
Following the 2012 corporate CR programme, AIA continued to support children and other social groups in need by
contributing to various humanitarian activities.
Environmental Responsibility: AIAs Photovoltaic Park enhances the Airports environmental profile since its green
energy production is equivalent to the annual prevention of nearly 12,000 tonnes of CO2 emissions, for a life-cycle of
more than 20 years.
In 2012, AIA achieved two important targets set in 2008 in the context of its first Climate Change Corporate Action
Plan; more specifically it increased its recycling rate to over 50% (from 34% in 2007 to 52% in 2012) and also planted
more than 50,000 m2 of trees and shrubs on the Airport property. In addition, AIA continues to make progress against
its 2020 target of reducing CO2 emissions under its direct control by 25% and maintained its Level 2 (Reduction)
Airport Carbon Accreditation.
Application of the "Polluter Pays" concept has helped incentivise recycling at the source by third parties operating at
the Airport. AIA remains one of very few airports worldwide to operate its own Sewage Treatment Plant (STP), which
treated 262,879 m3 of sewage in 2012.
Further to a successful audit by an independent body, the certification of our Environmental Management System was
renewed in accordance with the ISO 14001 standard until January 2016.
The 2nd Round of the Study on Aircraft Noise (Noise Mapping) at our Airport was performed in compliance with the
relevant European and Greek legislation and approved by the Hellenic Ministry of Environment, Energy and Climate
Change.
Finally, AIA's continuing support of initiatives to protect and promote the Vravrona Wetland have helped transform
this site into a popular destination for school children and other visitors interested in its unique combination of
archaeological and environmental value.
Employers Responsibility: AIAs headcount, at the end of 2012, was 642 people under open-ended contracts while 44
persons were employed seasonally in order to cover peak period requirements and replacement needs. Compared to the
previous year, AIAs total staff count was lower by 5%, mainly due to retirement.
AIA meets the multiple challenges of the current financial and social climate by cultivating a safe and ethical working
environment. The implementation of the corporate business strategy is closely linked with the continuous development
of Airport Companys employees and therefore significant resources are allocated for training and development activities.
The annual corporate Training Plan for 2012 involved 13,108 hours with a variety of training methods, such as in-class
and on-the-job training, workshops, job assignments and e-learning courses. 78% of the employees attended at least
one training session corresponding to 18.5 hours per FTE. During 2012, AIA continued the participation in a long-term
developmental program supported by ACI and ICAO, namely Airport Management Professional Accreditation Program
(AMPAP). This specialised training involves all functional areas of the airport business. Furthermore, AIA Management
completed successfully a leadership development program, with Harvard Business Publishing.
As a responsible employer, AIA provides to all permanent employees and their dependents (a total of 1,774 persons) a
group insurance program covering the fields of health and life, as well as a pension programme to which 93.8% of our
employees have selected to participate with their own contribution.
4. 2012 Financial Statements Highlights

The Financial Statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS) and the Accounting Policies approved by the Board of Directors of the Airport Company.
Page 9 of 54
The operating revenues of the Airport Company reached the amount of 295.5 million lower by 11.2% (or 37.3
million) compared to the previous financial year, the main cause being the decrease of the passenger traffic by 10.4%
in 2012 vs. 2011.
In total, Airport Companys participation in the Airport Development Fund (ADF) reached the amount of 56.4 million,
lower by 7.0 million or 11.0% in comparison to the prior financial year, as a result of lower passenger traffic. In
line with the previous years practice, part of the ADF receipts covered interest expenses, i.e. 43.3 million versus
46.7 million in the previous year, and were therefore recorded as subsidies related to financial expenses, while the
remaining, 13.1 million was transferred to other revenues, compared to 16.7 million in the previous year.
Operating expenses decreased by 9.7 million or 7.4% compared with 2011, standing at 120.6 million. Cost reduction
efforts continued in 2012 as mostly depicted by the reduction of personnel costs by 1.5 million, lower expenses
for outsourcing services by 4.2 million and reduction of all other operating expenses by 0.4 million. Additionally,
despite the fact that provisions for impairment losses were higher due to the adverse macroeconomic environment,
the effective risk management of the Airport Company contributed to a lower overall amount set aside for provisions
for extraordinary risks and impairment losses by 3.6 million.
Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the year 2012 by
27.6 million or 13.6% compared to the previous year, reaching the level of 174.9 million.
Depreciation charge was 72.6 million in 2012 marginally higher than the corresponding charge in 2011 of 72.5
million.
The net financial expenses stood at 48.0 million, presenting a small increase of 0.9 million or 1.9% versus 2011.
Profit before Tax reached the amount of 97.6 million. After accounting for the aggregate charge for income tax
of 20.8 million, the statutory and other reserves of 3.8 million and the prior years retained earnings of 16.7
million, there remains a distributable profit of 89.7 million. The Board is to propose to the shareholders a dividend
distribution of 79.5 million, or 2.65 per ordinary share.
The Statement of Financial Position of 31 December 2012 reflects Total Assets of 1.29 billion. The value of the Airport
Companys Non-Current Assets (0.99 billion) represents 76.9% of Total Assets, indicating that AIA remains a capital
intensive company.
All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates
reflecting their estimated useful lives and the legal limits on their use as provided by the ADA. The value of the
Usufruct of the Land that was assigned by the Greek State for the development and operation of the Airport, the
present value of the Grant of Rights Fee and the value of the Intangible Assets are equally depreciated over the
operation of the 25-year concession period. Investment in Associates consists of 3.25 million and represents the
carrying amount of the Companys participation in the equity of Athens Airport Fuel Pipeline Company S.A.
The Airport Companys Closing Cash position is 13.5 million, not including investments in held-to-maturity financial
assets, which amounted to 201.1 million. The cash surplus is invested in short term time deposits and highly rated
supranational euro-securities with maturity up to two years.
The Airport Company is exposed to financial risks such as to price, credit, and liquidity and concentration risks. The
nature of the risks as well as the scope and the policies of the Airport Company for the management of the financial
risks are presented in Section 3 of the Notes to the Financial Statements. Other risks and uncertainties related to tax
disputes and municipal charges disputes with the Greek State and with two of the surrounding municipalities are
analytically referred to the note 5.29 of the Notes to the Financial Statements.
Page 10 of 54
5. 2013 Outlook
Within the first months of 2013, there are certain developments on major corporate issues.
On 27 February 2013 a final award was issued by the London Court of International Arbitration (LCIA), whereby the
Tribunal declared that the Acts of Determination, by which Tax Authorities imposed VAT and penalties thereon, on
the acquisition of fixed assets and operating expenses related to VAT exempt activities, for the financial periods
1998- 2009, have been issued in breach of law; therefore the Tribunal ordered that the Hellenic Republic shall pay, or
otherwise declares that the Airport Company is entitled to set off all amounts awarded in its favour by this Award of
Tribunal (as analytically referred to notes 5.29 and 5.31 of the Notes to the Financial Statements).
Following the termination of Home Base Contract by the Olympic Engineering S.A. (OE), on 24 December 2012, as
aforementioned, such termination to come into force as from 1 May 2013, OE, notified AIA on 22 February 2013 its
assessment about the commercial value of Home Bases landed property amounting to 43.5 million. That assessment,
as per OE, is based on the results of a respective estimation study, which was conducted by an independent international
organization. The Airport Company notified OE on 7th March 2013, that it does not accept said assessment about the
commercial value of Home Bases landed property, and is already proceeding to its own assessment in accordance
with the rules and principles of the economic science. It is noted that in case of any dispute that may arise between
AIA and OE, regarding the determination of the commercial value of the Home Bases landed property, such dispute
shall be referred to LCIA for final resolution, as provided in the Contract.
After a remarkably difficult and challenging year, 2013 comes with diverse prospects. On the one side it is definitely
another year of economic recession, with reduced disposable income for the Greek travellers but also with the financial
crisis affecting countries within and outside the Eurozone. These phenomena will directly impact our airport business
on numerous aspects, such as the traffic demand and supply, the propensity to spend on commercial activities, the
property market, etc. thus testing the endurance of the airport business community.
On the other side, although negative trends continue in 2013, macroeconomic indicators point towards a gradual
stabilization. Nevertheless, the fragility of the situation compels us to remain conservative and to demonstrate
prudence for our next steps.
While our country is struggling to emerge out of the financial crisis, the aviation market shows uneven signs of
development. The traditional markets of Western Europe and North America are stagnant or in decline, while the
markets of the Middle East and the Asia Pacific show double-digit growth rates. The continuation of this imbalance
is likely to lead to a new world in our industry over the next decade, with the European aviation both airports and
airlines being challenged.
In the midst of this ever-changing and always challenging world, the countrys aviation map is also likely to change.
The final outcome of the intended acquisition of Olympic Air by Aegean, which is currently under scrutiny by the
European Commission, the tenders for the privatisation of Greek regional airports, the restructuring of the Hellenic
Civil Aviation Authority are among others developments that are going to affect the current status of the domestic
aviation market. AIA is closely monitoring these developments.
As the shareholders have announced their intentions for a concession extension and sale of shares, the Airport
Company is fully prepared to support these endeavours. In the meantime, all market and economic challenges are
being addressed; targeted measures and incentives to support airline traffic, commercial concessions and property
contracts, together with cost containment efforts while safeguarding critical operations, Airports safety and security
and maintaining the high quality of services provided. These are some of our instruments for sustaining the value of
our business towards all stakeholders.
Page 11 of 54
The Airport Company has been established on a solid basis and has been operating successfully for twelve years
now under effective management and with the commitment and support of its shareholders. Despite the current
adversities, AIA will continue to deliver substantial value to all stakeholders and the Greek Economy and will remain
an asset with a positive outlook for the future.
Spata, 25 April 2013

For the Board of Directors of Athens International Airport S.A.
Prof. Nickolaos Travlos

Chairman
Page 12 of 54
CONTENTS
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012
PAGE
14
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012
15
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2012
16
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012
17
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2012
18
NOTES TO THE FINANCIAL STATEMENTS
19
Incorporation & activities of the Company
19
Significant accounting policies
19
Financial risk management
29
Critical accounting estimates and judgements
33
Notes to the financial statements
34
5.1
Operating revenues
34
5.2
Depreciation & amortisation charges
35
5.3
Net financial expenses
35
5.4
Subsidies received
35
5.5
Income tax expense
36
5.6
Basic earnings per share
36
5.7
Property plant & equipment-owned assets
37
5.8
Property, plant & equipment-leased assets
38
5.9
Intangible assets
39
5.10
Held-to-maturity financial assets
40
5.11
Other non-current assets
40
5.12
Inventories
40
5.13
Construction works in progress
40
5.14
Trade receivables
41
5.15
Other receivables
41
5.16
Cash and cash equivalents
42
5.17
Share capital
42
5.18
Statutory & other reserves
42
5.19
Retained earnings
42
5.20
Bank loans
42
5.21
Employee retirement benefits
43
5.22
Provisions
45
5.23
Income & deferred tax liabilities
45
5.24
Other non-current liabilities
47
5.25
Trade & other payables
47
5.26
Other current liabilities
48
5.27
Operating lease arrangements
48
5.28
Commitments
48
5.29
Contingent liabilities
49
5.30
Related parties transactions
50
5.31
Events after the balance sheet date
51
Page 13 of 54
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012
Note
2012
2011
Operating revenues
5.1
282,096,280
Other revenues
5.1
13,408,588
19,020,500
Total operating revenues
295,504,868
332,786,636
Personnel expenses
40,123,436
41,603,704
Outsourcing expenses
54,885,783
59,068,626
313,766,136
Operating expenses
Public relations & marketing expenses
2,815,161
3,248,032
Utility expenses
10,631,219
10,837,265
Insurance premiums
2,943,606
3,277,106
728,193
4,346,61
Provision and impairment losses
5.13, 5.22
Other operating expenses
8,508,334
7,947,594
Total operating expenses
120,635,733
130,328,939
EBITDA
174,869,135
202,457,697
5.2
72,611,536
72,503,592
Operating profit
102,257,599
129,954,105
5.3
47,974,287
47,094,190
Subsidies received for borrowing costs
5.4
(43,325,943)
(46,668,204)
Profit before tax
97,609,255
129,528,119
Income tax expense
5.5
(20,820,598)
(25,546,633)
Profit after tax
76,788,657
103,981,486
2,56
3,47
5.6
The notes on pages 19 to 52 are an integral part of these financial statements.
Page 14 of 54
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012
Note
2012
2011
Profit for the year
76,788,657
103,981,486
Other comprehensive income
Total comprehensive income

for the year
76,788,657
103,981,486
Page 15 of 54
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012
ASSETS
Note
2012
2011
Non-current assets

Property plant & equipment - owned assets

Property plant & equipment - leased assets
Intangible assets
Non-current held-to-maturity financial assets
Inventories
Trade receivables
Current held-to-maturity financial assets
Other receivables
Cash & cash equivalents
5.7
5.8
5.9
5.10
5.11
21,223,526
0
916,170,010
49,624,430
3,422,984
23,769,031
43,653
982,270,583
0
3,415,687
990,440,950
1,009,498,954
5,922,544
1,416,135
58,892,494
151,470,177
65,886,858
13,537,607
5,437,283
8,366,263
45,617,966
0
59,898,881
266,971,892
Total current assets
297,125,814
386,292,285
TOTAL ASSETS
1,287,566,764
1,395,791,239
300,000,000
41,717,428
89,676,265
300,000,000
37,838,931
127,766,105
431,393,693
465,605,036
565,376,960
8,034,838
18,659,231
32,711,934
104,456,782
623,236,490
8,168,542
25,077,858
31,766,336
100,569,486
729,239,744
788,818,712
60,170,815
37,488,930
19,875,000
9,398,582
56,996,381
47,404,027
27,750,000
9,217,083
Total current liabilities

Total liabilities
126,933,327
856,173,071
141,367,491
930,186,203
TOTAL EQUITY & LIABILITIES
1,287,566,764
1,395,791,239
Total non- current assets

Current assets
5.12
5.13
5.14
5.10
5.15
5.16
EQUITY & LIABILITIES

Equity

Share capital
Retained earnings
Bank loans
Provisions
Deferred tax liabilities
Bank loans
Income tax payable
5.17
5.18
5.19
Total equity
Non-current liabilities
5.20
5.21
5.22
5.23
5.24
Total non-current liabilities

Current liabilities
5.20
5.25
5.23
5.26
Page 16 of 54
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012

Balance as at 31 December 2010
Share
Reserves
Capital
300,000,000
Retained
Earnings
Total
Equity
32,514,608 104,108,942 436,623,550
Comprehensive Income
Net profit for the year 2011
103,981,486
103,981,486
Total Comprehensive Income
0 103,981,486 103,981,486
Dividends distributed to the shareholders
(75,000,000)
(75,000,000)
Total transactions with owners
(75,000,000)
(75,000,000)
Transfer to statutory reserves
5,324,323
(5,324,323)
Transactions with owners
300,000,000
37,838,931 127,766,105 465,605,036
Comprehensive Income
Net profit for the year 2012
76,788,657
76,788,657
Total Comprehensive Income
76,788,657
76,788,657
0 (111,000,000)
(111,000,000)
0 (111,000,000)
(111,000,000)
Transactions with owners

Dividends distributed to the shareholders
Total transactions with owners
Transfer to statutory and other reserves
3,878,498
300,000,000
41,717,428
(3,878,498)
89,676,265 431,393,693
Page 17 of 54
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2012
Note
Operating activities
Profit for the year before tax
2012
2011
97,609,255
129,528,119
72,611,536
72,503,592
Adjustments for:
Depreciation & amortisation expenses
5.2
Provision for impairment of financial assets
5.14
3,017,579
(543,975)
5.3
47,974,287
47,094,190
(Gain)/loss on PPE disposals
7,479,086
100,207
Increase/(decrease) in retirement benefits
5.21
(133,704)
372,496
Increase/(decrease) in provisions
5.22
(7,041,490)
3,841,825
Increase/(decrease) in other assets/liabilities
(1,213,250)
(1,372,862)
Increase/(decrease) in working capital
(32,784,619)
36,090,205
187,518,681
287,613,797

Cash generated from operations
Income tax paid
5.23
(27,750,000)
(50,010,523)
Interest paid
5.3
(43,572,327)
(47,984,771)
116,196,354
189,618,503
(4,450,763)
(22,683,978)
Net cash flow from operating activities

Investment activities
Acquisition of PPE
5.7, 5.8, 5.9
Interest received
5.3
1,124,377
5,637,821
Investments to held-to-maturity financial assets
5.10
(201,094,607)
289,062
273,093
(204,131,931)
(16,773,063)
Dividends received from associate

Net cash flow from investment activities
Financial activities
Dividends paid
5.19
(111,000,000)
(75,000,000)
Repayment of bank loans
5.20
(54,491,156)
(51,315,744)
(7,551)
(33,842)
(165,498,707)
(126,349,586)
(253,434,285)
46,495,853
266,971,892
220,476,039
13,537,607
266,971,892
Repayment of finance lease obligations

Net cash flow from financial activities
Net increase/(decrease) in cash &
cash equivalents
Cash & cash equivalents at
the beginning of the year
Cash & cash equivalents at
the end of the year
Page 18 of 54
NOTES TO THE FINANCIAL STATEMENTS

1 Incorporation & activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil airports
and related activities. As a civil airport operator the Company manages the Athens International Airport at Spata,
Greece. The Company is a Societe Anonyme incorporated and domiciled in Greece. The address of its registered office is
Spata, Attica 190 19.
The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose of the finance,
construction, operation and development of the new international airport at Spata Attica. In exchange for the finance,
construction, operation and development of the airport the Greek State granted the Athens International Airport S.A. a
30 year concession commencing on 11 June 1996. At the end of the concession arrangement (11 June 2026) the airport
together with all usufruct additions will revert to the Greek State, which will enjoy all rights of ownership over these
without payment of any kind and clear of any security, unless the concession arrangement is renewed.
The Companys return from air activities is capped at 15% on the capital allocated to air activities. In the event that
the Companys actual compounded cumulative return exceeds 15%, in 3 out of any 4 consecutive financial periods, the
Company is obliged to pay any excess return to the Greek State.
The terms and conditions of the concession for the Athens International Airport are stipulated in the Airport
Development Agreement (ADA). The ADA and the Companys Articles of Association were ratified and enacted under
law 2338/14.9.1995.
The Company commenced its commercial operations in March 2001 following a construction period of approximately 5
years initiated in September 1996.
According to the Medium Term Fiscal Strategy ratified by the Greek Parliament in November 2012 and the Memorandum
of Economic Policies, agreed between the Greek State and European Commission in December 2012, the process for the
potential extension of the existing Concession Agreement is scheduled to be re-addressed in the second quarter of 2013.
The number of permanent staff employed at year-end was 642 employees, compared to 679 employees at the end of 2011.
The financial statements have been approved by the Board of Directors on 25 April 2013.
Significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These
policies have consistently been applied to all the years presented.
2.1.
Basis of preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union, IFRIC Interpretations and the Companies Act 2190/1920 as applicable
to companies reporting under IFRS. The Companys financial statements have been prepared under the historical cost
convention.
2.1.1
Going concern
As a result of the funding activities undertaken and the increased focus on working capital, the Companys forecasts
and projections, taking account of reasonably possible changes in trading performance, show that the Company should
be able to operate within the level of its current financing. Currently interest expenses are covered by operating profits
more than 2 times.
After making enquiries, management has reasonable expectations that the Company has adequate resources to continue
in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis
in preparing its financial statements.
2.1.2 Changes in accounting policies and disclosures

New standards, amendments to standards and interpretations:
Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods
beginning during the current financial year and subsequent years. The Companys evaluation of the effect of these new
standards, amendments to standards and interpretations is as follows:
Page 19 of 54
Standards and Interpretations effective for the current financial year

IFRS 7 (Amendment) Financial Instruments: Disclosures transfers of financial assets
This amendment sets out disclosure requirements for transferred financial assets not derecognised in their entirety as
well as on transferred financial assets derecognised in their entirety but in which the reporting entity has continuing
involvement. It also provides guidance on applying the disclosure requirements. This amendment does not affect the
Companys financial statements.
Standards and Interpretations effective from periods beginning on or after 1 January 2013
IFRS 9 Financial Instruments (effective for annual periods beginning on or after 1 January 2015)
IFRS 9 is the first Phase of the Boards project to replace IAS 39 and deals with the classification and measurement of
financial assets and financial liabilities. The IASB intends to expand IFRS 9 in subsequent phases in order to add new
requirements for impairment and hedge accounting. The Company is currently investigating the impact of IFRS 9 on its
financial statements. IFRS 9 has not been endorsed by the EU.
IAS 12 (Amendment) Income Taxes (Effective for annual periods beginning on or after 1 January 2013)
The amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets
when investment property is measured using the fair value model in IAS 40 Investment Property. This amendment is
not relevant to the Company.
IFRS 13 Fair Value Measurement (Effective for annual periods beginning on or after 1 January 2013)
IFRS 13 provides new guidance on fair value measurement and disclosure requirements. These requirements do not
extend the use of fair value accounting but provide guidance on how it should be applied where its use is already
required or permitted by other standards within IFRSs. IFRS 13 provides a precise definition of fair value and a single
source of fair value measurement and disclosure requirements for use across IFRSs. Disclosure requirements are enhanced
and apply to all assets and liabilities measured at fair value, not just financial ones.
IAS 1 (Amendment) Presentation of Financial Statements (effective for annual periods beginning on or after 1 July
2012)
The amendment requires entities to separate items presented in other comprehensive income into two groups, based on
whether or not they may be recycled to profit or loss in the future.
IAS 19 (Amendment) Employee Benefits (effective for annual periods beginning on or after 1 January 2013)
This amendment makes significant changes to the recognition and measurement of defined benefit pension expense and
termination benefits (eliminates the corridor approach) and to the disclosures for all employee benefits. The key changes
relate mainly to recognition of actuarial gains and losses, recognition of past service cost/curtailment, measurement
of pension expense, disclosure requirements, treatment of expenses and taxes relating to employee benefit plans and
distinction between short-term and other long-term benefits. Refer to Note 5.21 for the estimated impact of a
hypothetical early adoption of the amended IAS 19 for the year ended 31 December 2012.
IFRS 7 (Amendment) Financial Instruments: Disclosures (effective for annual periods beginning on or after 1 January
2013)
The IASB has published this amendment to include information that will enable users of an entitys financial statements
to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entitys
recognised financial assets and recognised financial liabilities, on the entitys financial position.
Page 20 of 54
IAS 32 (Amendment) Financial Instruments: Presentation (effective for annual periods beginning on or after 1
January 2014)
This amendment to the application guidance in IAS 32 clarifies some of the requirements for offsetting financial assets
and financial liabilities on the statement of financial position.
Group of standards on consolidation and joint arrangements (effective for annual periods beginning on or after 1
January 2014)
The IASB has published five new standards on consolidation and joint arrangements: IFRS 10, IFRS 11, IFRS 12, IAS 27
(amendment) and IAS 28 (amendment). These standards are effective for annual periods beginning on or after 1 January
2014. Earlier application is permitted only if the entire package of five standards is adopted at the same time. These
new standards are not relevant to the Company.
Amendments to standards that form part of the IASBs 2011 annual improvements project
The amendments set out below describe the key changes to IFRSs following the publication in May 2012 of the results
of the IASBs annual improvements project. These amendments are effective for annual periods beginning on or after 1
January 2013 and have not yet been endorsed by the EU.
IAS 1 Presentation of financial statements
The amendment clarifies the disclosure requirements for comparative information when an entity provides a third balance
sheet either (a) as required by IAS 8 Accounting policies, changes in accounting estimates and errors or (b) voluntarily.
IAS 16 Property, plant and equipment
The amendment clarifies that spare parts and servicing equipment are classified as property, plant and equipment rather
than inventory when they meet the definition of property, plant and equipment, i.e. when they are used for more than
one period.
IAS 32 Financial instruments: Presentation
The amendment clarifies that income tax related to distributions is recognised in the income statement and income tax
related to the costs of equity transactions is recognised in equity, in accordance with IAS 12.
IAS 34 Interim financial reporting
The amendment clarifies the disclosure requirements for segment assets and liabilities in interim financial statements, in
line with the requirements of IFRS 8 Operating segments.
2.2
Foreign currency translation
2.2.1 Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the Company operates (the functional currency). The Companys financial statements are
presented in EURO (), which is the Companys functional and presentation currency.
2.2.2 Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the income statement.
Page 21 of 54
2.3
Property, plant and equipment
Property, plant and equipment mainly comprise movable assets, such as vehicles and furniture & fixtures which do not
form part of the service concession intangible asset.
The items included under the heading Property, plant & equipment in the accompanying statement of financial position
are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure
that is directly attributable to the acquisition of the items.
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Company and the cost
of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and
maintenance are charged to the income statement during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to allocate the cost of the various categories of property, plant
and equipment to their residual values over their estimated useful lives, as follows:
Mechanical Equipment
6-15 years
Vehicles
Fixtures & Equipment
Hardware
5-9 years

5-6 years
3-4 years
Land, buildings, installations, fencing, aircraft ground power system, runways, taxiways, aircraft bridges and aprons held
under the Service Concession Arrangement constitutes the total infrastructure that has been recognised as an intangible
asset.(refer to accounting policy 2.4).
The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within other (losses)/gains net, in the income statement.
2.4
Intangible assets
2.4.1 Service concession arrangement

The Service Concession Arrangement is the right that has been granted by the Greek State to the Company for the
purpose of the finance, construction, operation and development of the Athens International Airport. The above right
has a finite useful life of approximately 25 years which is equal to the duration of the concession arrangement following
the completion of the construction phase.
The Service Concession Arrangement has been accounted under the intangible asset model since the Company, as
operator, is paid by the users and the concession grantor has not provided any contractual guarantees with respect to
the recoverability of the investment. The intangible asset corresponds to the right granted by the concession grantor to
the Company to charge users of the airport services.
The Service Concession Arrangement consists of the fair value of acquiring the service concession which principally
includes the cost of the usufruct and the costs incurred to construct the infrastructure (net of government grants
received) as well as the present value of future obligations for the grant of rights fee payable to the Greek Government
as set out in the Service Concession Arrangement.
Amortisation is calculated using the straight-line method to allocate the cost of the right over the duration of the Service
Concession Arrangement which is approximately 25 years.
Any subsequent costs incurred in maintaining the serviceability of the infrastructure is expensed as incurred unless
such cost relate to major upgrades which increase the income generating ability of the infrastructure. These costs are
capitalised as part of the service concession intangible asset and are amortised on a straight-line basis over the remaining
period of the Service Concession Arrangement.
Page 22 of 54
2.4.2 Computer software

Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the
specific software. These costs are depreciated over their estimated useful lives (3 to 4 years).
Costs associated with developing or maintaining computer software programmes are recognised as an expense as
incurred. Costs that are directly associated with the development of identifiable and unique software products controlled
by the Company, and that will probably generate economic benefits exceeding costs beyond one year, are recognised
as intangible assets. Costs include the employee costs incurred as a result of developing software and an appropriate
portion of relevant overheads.
Computer software development costs that recognised as assets are depreciated over their estimated useful lives (3 to
4 years).
2.5
Impairment of non-financial assets
Assets, such as the service concession intangible asset, that are subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment
loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an assets fair value less costs to sell and value in use. If the recoverable amount is lower than the
carrying amount, the difference is recognised as an impairment loss in the income statement and the carrying amount
of the asset is reduced by the same amount. For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than
goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
2.6
Financial assets
2.6.1 Classification
The Company classifies its financial assets depending on the purpose for which the financial assets were acquired.
Management determines the classification of its financial assets at initial recognition.
The Company has two classes of financial assets comprising held-to-maturity investments and loans and receivables. It
does not hold any financial assets at fair value through profit and loss nor any available for sale financial assets.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in
an active market. They are included in current assets, except for maturities greater than 12 months after the end of
the reporting date, which are classified as non-current assets. The Companys loans and receivables recognised in the
statement of financial position comprise Trade and other receivables and Cash and cash equivalents. Refer to notes
2.8 and 2.9 respectively.
Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable payments and fixed
maturities that companys management has the positive intention and ability to hold to maturity, other than:
those that the Company upon initial recognition designates at fair value through profit or loss
those that the Company designates as available for sale
those that meet the definition of loans and receivables
2.6.2 Recognition and measurement

Regular-way purchases and sales of financial assets are recognised on trade date the date on which the Company
commits to purchase or sell the asset.
Loans and receivables are initially recognised at fair value and are subsequently measured at amortised cost using the
effective interest rate method.
Held-to-maturity financial assets are initially recognised at amortised cost and are subsequently measured at amortised
cost using the effective interest rate method.
Financial assets are derecognised only when the contractual rights to the cash flows from the financial asset expire or
the Company transfers substantially all risks and rewards of ownership.
Page 23 of 54
2.6.3 Impairment
The Company assesses at each end of the reporting period whether there is objective evidence that a financial asset or
group of financial assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are
incurred only if there is objective evidence of impairment as a result of one or more events that have occurred after the
initial recognition of the asset (a probable loss event) and that probable loss event (or events) has an impact on the
estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Objective
evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the
Company about the following events:
Significant financial difficulty of the issuer or debtor;
A breach of contract, such as a default or delinquency in payments;
It is becoming probable that the issuer or debtor will enter bankruptcy or other financial reorganisation;
The disappearance of an active market for that financial asset because of financial difficulties; or
Observable data indicating that there is a measurable decrease in the estimated future cash flow from a group of
financial assets since the initial recognition of those assets, including:
adverse changes in the payment status of issuers or debtors; or
national or local economic conditions that correlate with defaults on the assets.
If there is objective evidence that an impairment loss has been incurred on trade receivables or held-to-maturity investments
carried at amortised cost, the amount of the loss is measured as the difference between the assets carrying amount and
the present value of estimated future cash flows (excluding future credit losses that have been incurred) discounted at
the financial assets original effective interest rate. The carrying amount of the asset is reduced through the use of an
allowance account, and the amount of the loss is recognised in the income statement under provision for impairment.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an
event occurring after the impairment was recognised (such as improved credit rating), the previously recognised impairment
loss is reversed by adjusting the allowance account. The amount of the reversal is recognised in the income statement.
2.7
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average
method. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable
selling expenses.
2.8
Trade receivables
Trade receivables are amounts due from customers for aeronautical and other services performed in the ordinary course
of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as
non-current assets.
2.9
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less.
2.10
Share capital
Ordinary shares are classified as equity. Incremental costs associated directly with the issue of new ordinary shares are
shown in equity as a reduction, net of tax, from the proceeds.
Page 24 of 54
2.11
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they
are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured
at amortised cost using the effective interest method.
2.12
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised
in the income statement over the period of the borrowings using the effective interest method.
Borrowing costs are capitalised if they are directly attributable to the acquisition or construction of a qualifying asset.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.
2.13
Government grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will
be received and the Company will comply with all attached conditions.
Government grants relating to borrowing and other related costs are recognised in the income statement to match them
with the costs that they are intended to compensate.
Government grants relating to non-current assets are off-set against the cost of the relevant non-current asset. The
grant is recognised as income over the life of the respective depreciable non-current asset by way of a reduction in the
depreciation/amortisation charge.
2.14
Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is
also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of Greek tax laws enacted or substantively enacted at the
balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulations is subject to interpretation and establishes provisions where appropriate on the basis of
amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax base
of assets and liabilities and their carrying amounts in the Companys financial statements. However, the deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit and loss. Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and
are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by
the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
Page 25 of 54
2.15
Employee benefits
2.15.1 Pension obligations

The Company has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan
under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined
contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on
retirement, usually dependent on one or more factors such as age, years of service and compensation.
The Companys obligations to pay employee retirement benefits under Law 2112/1920 are considered and accounted for
as defined benefit plans.
The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value
of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments
for unrecognised actuarial gains or losses and past service costs. The defined benefit obligation is calculated annually
by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that
are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the
terms of the related pension liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions in excess of the greater of 10% of the value of plan assets or 10% of the defined benefit obligation are
charged or credited to income statement over the employees expected average remaining working lives.
Past-service costs are recognised immediately in income statement, unless the changes to the pension plan are conditional
on the employees remaining in service for a specified period of time (the vesting period). In this case, the past-service
costs are amortised on a straight-line basis over the vesting period.
For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance
plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the
contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid
contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is
available.
2.15.2 Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal retirement date,
or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises
termination benefits when it is demonstrably committed to either: terminating the employment of current employees
according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an
offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
are discounted to present value.
2.15.3 Bonus plans

The Company recognises a liability and an expense for bonuses based on achievement of predefined financial and
operational targets. The Company recognises a provision where contractually obliged or where there is a past practice
that has created a constructive obligation.
2.16
Provisions
Provisions are recognised when: the Company has a present legal or constructive obligation as a result of past events;
it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably
estimated. Provisions include the obligations under the Service Concession Arrangement to maintain the serviceability
of major infrastructure components, such as runways, taxiways, aprons, etc. which require major overhauls at regular
intervals during the concession period. Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined
by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Page 26 of 54
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a
pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
The increase in the provision due to passage of time is recognised as interest expense.
2.17
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the
ordinary course of the Companys activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future
economic benefits will flow to the entity and specific criteria have been met for each of the Companys activities as
described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to
the sale have been resolved. The Company bases its estimates on historical results, taking into consideration the type of
customer, the type of transaction and the specifics of each arrangement.
2.17.1 Sales of services

Revenue from the sale of services is derived from air activities and non-air activities.
Air Activities mean the provision of facilities, services and equipment for the purpose of landing, parking and servicing
of aircrafts; the handling of passengers, baggage, cargo or mail on airport premises; and the transfer of passengers,
baggage, cargo or mail to and from aircrafts and trains.
Non-Air Activities mean the provision, operation, maintenance, repair, renewal staffing and supervision of the
following services, facilities and equipment: car parking, general retail shops, restaurants, bars and other refreshment
facilities, vehicle rental, porter service, hotels etc.
Airport charges
Revenues related to airport charges are recognised in the income statement when the services are rendered. The criteria
for the recognition of income related to airport charges is the aircrafts take off. Each arrival of an aircraft and its
subsequent departure is considered as a cycle of movement/flight where all necessary services have been rendered.
Article 14 of law 2338/1995, the Airport Development Agreement, sets the rules for defining the charges levied to the
users of the airport with respect of the facilities and services provided at the airport. According to the aforementioned
article, the Company is entitled to determine at its discretion the level of airport charges in order to achieve a maximum
return of 15% per annum on the capital allocated to air activities.
Concession agreements
The Companys business area has at the balance sheet date, a total of 62 concession contracts, concerning the performance
of various commercial activities at the airport.
A concession involves granting of rights to a concession holder to operate and manage a commercial activity in a specific
location designated by the Company. The concession rights are calculated according to an agreed scale as a percentage
of the sales generated by the concession holder subject to an annual minimum guaranteed fee. A separate part of the
concession contract is entered into for the space required for warehouses, for which a fixed rent is payable.
Concession revenues are recognised in the income statement on a monthly basis, while the settlement of the annual
concession fees is finally recognised by the Company in the income statement, at year-end.
Page 27 of 54
2.17.2 Building space rentals and services

The Company rents properties held under the concession and located within the airport premises under operating leases.
Revenue from such leases is recognised in the income statement on a straight line basis over the lease term.
2.17.3 Parking fees

Revenues related to parking services to vehicles used by passengers and visitors to reach airport are recognized in the
income statement when the service is concluded. The criterion for the recognition of revenue related to parking charges
is the vehicles departure. Each arrival of a vehicle and its subsequent departure is considered as a cycle of movement
where all services have been rendered.
2.17.4 Interest income

Interest income is recognised on a time-proportion basis using the effective interest method. When a receivable is
impaired, the Company reduces the carrying amount to its recoverable amount, being the estimated future cash flow
discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest
income. Interest income on impaired loans and receivables is recognised using the original effective interest rate.
2.17.5 Dividend income

Dividend income is recognised when the right to receive payment is established.
2.18
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise
the asset and settle the liability simultaneously.
2.19
Leases
Leases under which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made by the Company under operating leases (net of any incentives received from the lessor)
are charged to the income statement on a straight-line basis over the period of the lease.
The Company does not lease any material property, plant or equipment under finance leases under which it substantially
retains all the risks and rewards of ownership.
2.20
Dividend distribution
Dividend distribution to the Companys shareholders is recognised as a liability in the Companys financial statements in
the period in which the dividends are approved by the Companys shareholders.
2.21
Fair value estimation
The Company does not have any financial assets or liabilities that are carried at fair value at the balance sheet date.
For financial statement disclosure purposes:
The carrying amounts of trade receivables and payables are assumed to approximate their fair values at the balance sheet date.
The fair value of borrowings is estimated by discounting the future contractual cash flows at current market interest
rates that are available to the Company for similar financial instruments.
2.22
Associates
Associates are all entities over which the Company has significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights. Investments in associates are initially recognised at cost and
subsequently at cost less any impairment losses. Dividend income is recognised when the right to such income is established.
The Company's investment in its associate amounts to 3.2m as of 31 December 2012 represents less than 1% of total assets
at that date. This investment has not been accounted for under the equity method of accounting on the basis that it is not
considered to be material to the Company's operations and the departure from IAS 28 is unlikely to influence the economic
decision of the users of these financial statements.
Page 28 of 54
3 Financial risk management

3.1
Financial risk factors
The Company is exposed to financial risk, such as market risk (fluctuations in exchange rates, interest rates and price risk),
credit risk and liquidity risk. The general risk management program of the Company focuses on the unpredictability of
the financial markets, and attempts to minimize their potential negative influence on the financial performance of the
Company.
The financial risk management of the Company is performed internally by a qualified unit, which operates under specific
rules that have been approved by the Board of Directors.
3.1.1
Exchange rate risk
Exchange rate risk occurs if future business transactions, recognized assets and liabilities and net investments in activities
outside the euro zone are expressed in a currency other than the functional currency of the Company (euro).
The Companys exposure to foreign exchange risk is very limited since its business is substantially transacted in its
functional currency.
3.1.2 Cash flow and fair value interest rate risk

The cash flow interest rate risk is the risk of fluctuations in the future cash flows of a financial instrument as a result of
fluctuations in the market interest rate.
The Company has interest-bearing assets in the form of cash and cash equivalent (short term time deposits and other
highly liquid investments), thus profits and cash flows from investment activities are dependent in market interest rates.
During 2012 the Companys cash and cash equivalent (short term time deposits and other liquid investments) earned an
effective interest rate (referring to yield from time deposits) amounting to 2.65% (2011: 2.01%), which together with the
effect from debt securities classified as Held-to-maturity is adjusted to 0.50% (2011: 2.01%). The impact from possible
future interest rates on the Companys financial performance, regarding cash and cash equivalents, is presented below:
2012
Interest rates fluctuation
Impact on interest receipts
2011
+1%
-1%
+1%
-1%
137,256
(137,256)
2,706,798
(2,706,798)
The Company is also exposed to interest rate risk arising from its long-term borrowings. Borrowings issued at variable
interest rates expose the Company to cash flow interest rate risk while borrowings issued at fixed interest rates expose
the Company to fair value interest rate risk.
The Companys borrowings are borrowings with fixed interest rates. Hence the financial performance cannot be affected
by fluctuations in interest rates with respect to such loans. The fair value interest rate risk of such loans is presented in
note 5.20 Bank loans.
The fair value interest rate risk is the risk of fluctuations in the value of a financial instrument as a result of fluctuations
in the market interest rate. The Company is exposed to fair value interest rate risk as a result of discounting liabilities and
receivables of long term settlement. Such liabilities and receivables are discounted using the prevailing pre-tax risk free
rate which is affected by interest rates fluctuations. The impact from possible future interest rates on the Companys
financial performance from liabilities of long term settlement is presented below:
Page 29 of 54
2012
Interest rates fluctuation
Grant of rights fee payable
Provision for major restoration expenses
Total impact on interest expenses
2011
+1%
-1%
+1%
-1%
122,189
(160,237)
51,118
(93,616)
85,306
(67,626)
33,338
(23,456)
207,495
(227,863)
84,456
(117,073)
3.1.3 Price risk

Price risk is the risk of fluctuations in the value of assets and liabilities as a result of changes in market prices. The
Companys exposure to equity securities price risk is limited to the investment in an unlisted entity which represents less
than 1% of total asset. The Company is not exposed to commodity price risk.
3.1.4 Credit risk

Credit risk arises from cash and cash equivalents held with banks, short term and long term held-to- maturity financial
assets and credit exposures from customers.
Cash and cash equivalents Held-to-maturity financial assets

For banks and financial institutions, only independently rated parties with minimum ratings described below, as set
out under the Master Facility Agreement between the Company and the European Investment Bank, are acceptable.
The Company could cooperate with banks or financial institutions or proceed with the purchase of financial assets that
satisfy the following criteria:

Long term unsecured and unguaranteed debt should be rated at:

a. A3 or higher by Moodys; or
b. A- or higher by S&P; or
c.
A- or higher by Fitch
The maturity date of an investment should not exceed the period of 2 years from the investment date
Operates a branch in Greece or such other places as may be agreed between the Company and EIB; and
Is acceptable by EIB
All cooperation banks are acceptable by EIB.
The analysis of held-to-maturity financial assets and bank deposits balances based on credit ratings is presented in the
following table:
2012

Bank deposits' balances
Total
2011
Aaa-A3
Caa1-C
Aaa-A3
Caa1-C
201,094,607
5,538,899
7,995,009
229,395,824
37,573,174
206,633,506
7,995,009
229,395,824
37,573,174
Trade receivables
Regarding credit exposure from customers, the Company has an established credit policy and procedures in place aiming
to minimise collection losses. Credit control assesses the credit quality of the customers, taking into account independent
credit ratings where available, their financial position, past experience in payments and other relevant factors. Cash and
other collateral are obtained from customers when considered necessary under the circumstances.
Trade and other receivables are analysed as follows in terms of credit risk:
Page 30 of 54
Trade and other receivables subject to impairment testing

Fully performed
Past due but not impaired
Impaired
Total trade and other receivables subject

to impairment testing
2012
2011
29,410,452
32,618,643
18,011,498
28,849,082
18,405,302
6,812,317
80,040,593
54,066,701
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables

1-30 days
31-60 days
Over 60 days
Total of past due but not impaired receivables
2012
2011
6,819,364
8,262,932
17,536,347
7,639,470
2,257,181
8,508,651
32,618,643
18,405,302
Credit quality of financial assets

The credit quality of the financial assets is quite satisfactory, taking into account the allowance for doubtful debt. The
Company has established a credit policy which requires the customers to extend securities for the use of airports services
and facilities. The securities held by the Company are in the form of cash deposits and bank letter of guarantee. The fair
value of the collaterals held by the Company as at 31 December 2012 is analysed as follows:
Fair value of collaterals held

Letter of Guarantees
Cash deposits
Total fair value of collaterals held
2012
2011
53,995,130
23,396,413
50,394,485
24,220,431
77,391,543
74,614,916
The collaterals above have been received against the outstanding balance of all trade receivable accounts
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to information
about counterparty secured amounts:
2012
Group 1 Fully secured
Group 2 Partially secured
Group 3 Not secured
Total
2011
8,694,968
19,932,370
783,114
21,884,646
6,883,178
81,258
29,410,452
28,849,082
Provision for impairment

As of 31 December 2012, trade receivables of 50,630,141 (2011: 25,217,619) were partially or fully tested for
impairment and adequately provided for their unsecured amount. The amount of provision stood at 6,323,132 as
of 31 December 2012. The individually impaired receivables mainly relate to customers, who are in unexpectedly
difficult economic situations. It was assessed that a portion of the receivables is expected to be recovered.
Movements on the provision for impairment of trade receivables are as follows:
2012
At 1 January
Addition (Release) of provision for receivables impairment
At 31 December
2011
3,305,553
3,017,579
3,849,528
(543,975)
6,323,132
3,305,553
Page 31 of 54
The creation and release of provision for impaired receivables have been included in Net provisions and impairment
loses in the income statement. The other classes within trade receivables do not contain impaired assets. The maximum
exposure to credit risk at the reporting date is the value of total provision for impairment of trade receivables.
3.1.5 Concentration of credit risk

The Company is exposed to concentration risk attributed to the concentration of the trade receivables and cash balances
and held-to-maturity financial assets.
The Company has a high concentration of credit risk with respect to 2 domestic carriers (2011: 2 domestic carriers) which
individually represent higher than 10% of its revenues.
For bank balances and deposits, there is a significant concentration of credit risk with respect to 2 banks (2011: 3
banks), which individual hold more than 10% of the Companys cash balances and deposits. However, no financial loss
is expected based on what has been referred above in note 3.1.4 for cash balances and held-to-maturity financial assets.
3.1.6
Liquidity risk
Liquidity risk is the risk that the entity will have difficulty in raising the financial resources required to fulfil its commitments.
Liquidity risk is held at low levels through effective cash flow management and availability of adequate cash. Cash flow
forecasting is performed internally by rolling forecasts of the Companys liquidity requirements to ensure that is has
sufficient cash to meet operational needs, to fund scheduled investments and debt and to comply with loan covenants.
The table below analyses the financial liabilities into relevant maturity groupings based on the remaining period at the
balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash
flows. Undiscounted cash flows in respect of balances due within 12 months generally equal their carrying amounts in
the balance sheet, as the impact of discounting is not significant.
At 31 December 2012
Less than
1 year
Between
1 & 2 years
Between
2 & 5 years
Over
5 years
Borrowings
Trade and other payables
95,636,509
1,000,000
30,660,113
95,487,319
1,000,000
0
285,590,816
24,622,222
0
332,941,378
126,833,333
0
127,296,622
96,487,319
310,213,038
459,774,711
At 31 December 2011
Less than
1 year
Between
1 & 2 years
Between
2 & 5 years
Over
5 years
Borrowings
Trade and other payables
95,812,879
1,000,000
43,272,993
95,636,509
1,000,000
0
285,935,794
10,622,222
0
428,083,718
141,833,333
0
140,085,872
96,636,509
296,558,016
569,917,051
Total
Total
3.2
Capital risk management
The Companys objectives when managing capital are to safeguard the Companys ability to continue as a going concern
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares, use excess cash to repay its borrowings (subject to the termination
provisions of the respective loan agreements) or sell assets not pledged as security, to reduce debt.
Page 32 of 54
Consistent with others in the industry, the Company monitors capital on the basis of the gearing ratio. This ratio is
calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including Current and noncurrent borrowings as shown in the statement of financial position) less cash and cash equivalents and current held-tomaturity financial assets. Total capital is calculated as equity as shown in the statement of financial position plus net debt.
The gearing ratios at 31 December 2012 and 2011 were as follows:
Gearing ratio
Total borrowings
2012
2011
623,236,490
677,727,647
Less: Cash & cash equivalent and current held-to maturity assets
(165,007,784)
(266,971,892)
Net debt
458,228,706
410,755,755
889,622,400
876,360,791
52%
47%
Total capital (equity plus net debt)
Gearing ratio
Current held-to-maturity financial assets are also included in the above calculation, as they are an integral part of the Companys overall cash management strategy.
4 Critical accounting estimates and judgements

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
4.1 Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition,
seldom equal the related actual results. The accounting estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next year are disclosed bellow:
4.1.1
Taxes
The internal control procedures for the related tax risks are part of Companys control system. The general tax risk for the
Company concerns the timely submission of complete tax returns, the payment of the tax amounts concerned as well as
compliance with all tax laws and regulations and reporting rules specifically relating to corporate income tax.
The Company is subject to income tax, VAT and other taxes in Greece. Significant judgement is sometimes required
in determining the Companys tax position for such taxes in certain instances due to the particular tax regime, under
the Airport Development Agreement, applicable to the Companys operations, which is subject to challenge by the tax
authorities on the grounds of ambiguity or different interpretation with tax laws. The Company recognises liabilities for
anticipated tax audit issues based on estimates of whether additional taxes will arise or tax losses reduced. Where that
final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact
the current tax, deferred tax and other tax assets and liabilities in the period during which such determination is made.
4.1.2 Provision for restoration cost

Provision for restoration cost includes future expenses for the major overhauls of roads, runways, taxiways and replacement
of airfield lighting and baggage handling equipment. Significant estimates are required to determine the level of provision
such as the timing of the expenditure, the extension of the works and the amount that it will be expensed in the future. The
nominal value of the provision for restoration cost is annually determined by a qualified department within the Company
based on international experience and the specific conditions relating to the operations of the airport. The amount of the
provision is discounted at balance sheet date by using the risk free rate for similar time duration.
4.2 Critical judgements in applying the entitys accounting policies

There were no critical judgements necessary in applying the Companys accounting policies.
Page 33 of 54
5 Notes to the financial statements

5.1
Operating revenues
Analysis of operating revenues
2012
2011
Air activities
Airport Charges
136,173,440
158,475,431
Centralized infrastructure & handling related revenues
31,201,709
37,430,138
Building and ground rentals & concessions
34,671,001
32,601,390
Other
16,332,212
20,748,462
Total air activity revenues

218,378,362
Non-air activities
249,255,421
Concession activities
42,669,638
46,252,457
Parking services
14,250,636
17,511,284
Building and ground rentals & concessions
14,929,625
13,051,421
5,276,607
6,716,053
77,126,506
295,504,868
83,531,215
332,786,636
Other
Total non-air activity revenues

Total operating revenues
Operating revenues were measured at the fair value of the consideration received or receivable, taking into account the
amount of any trade discounts or tax-volume rebates.
The fair value of the consideration received or receivable is equal to the invoiced amount, since the Company doesnt
formally provide any deferred credit terms to its customers, in the form of interest-free instalments or at below market
interest rates.
The Company, in cases where it is likely, based on estimations, that the economic benefits related to a transaction are not
expected to flow to the entity, does not recognise the revenue of the specific transaction.
As at the balance sheet date, the Company has contracted with tenants for the following minimum non-cancellable
operating lease payments:
Analysis of minimum lease payments
2012
2011
Within one year
17,754,284
22,948,378
Between one and five years
42,329,723
67,345,824
More than five years
Total minimum lease payments
66,628,496
122,192,979
126,712,503
212,487,181
Concession fees earned for the year ended 31 December 2012 include turnover linked fees in excess of base concession
fees amounting to 1,798,006 (2011: 2,511,074).
Page 34 of 54
5.2
Analysis of depreciation & amortisation charges

Depreciation of owned assets
2012
2011
4,076,131
4,009,580
21,530
83,612,292
83,549,250
Amortisation of cohesion fund related to intangible assets
(15,076,887)
(15,076,768)
Total depreciation & amortisation expenses
72,611,536
72,503,592
2012
2011
Depreciation of leased assets

Amortisation of intangible assets
Refer to notes 5.7-5.9 for further information.
5.3
Analysis of net financial expenses

Financial expenses
Interest expenses and related costs on bank loans
43,356,694
46,669,882
5,664,835
5,608,903
57,384
35,767
Financial expenses
Financial revenues
49,078,913
52,314,552
Bank interest income
(1,104,625)
(5,220,362)
(1,104,625)
47,974,287
(5,220,362)
47,094,190
Unwinding of discount for long term liabilities

Other financial expenses
Financial revenues
Interest and related expenses amounting to 43,572,327 (2011: 47,984,771) were paid during the year ended 31
December 2012.
The weighted average interest rate earned by the Company on its cash surplus (investments in time deposits and financial
assets) for 2012 was 0.50% (2011: 2.01%). The average maturity of the Companys investments (time deposits and held-tomaturity financial assets) for 2012 was 241 days (2011: 58 days).
5.4
Subsidies received
Airport Development Fund (ADF)

In accordance with law 2065/1992, as amended with law 2892/2001, the Greek State imposed a levy on all passengers
older than 5 years old, departing from Greek Airports, for the purpose of ensuring that passengers share the responsibility
for funding the commercial aviation infrastructure within the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority on a
monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of the latter.
According to article 26.1 of law 2338/1995, the Airport Development Agreement, the Greek State undertook the
responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/2014. The Greek State also committed
that article 40 of law 2065/1992 will not be amended or modified in any respect which materially prejudices the
financial return of the Airport Company.
Based on the provisions of article 26.2 of law 2338/1995, in conjunction with article 16 of law 2892/2001, the airport company, at
all times prior to airport opening and at all times after the airport opening, is entitled to make withdrawals from the Spata Airport
Development Fund, in order to fund borrowing costs incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2012 the Company was entitled to subsidies under the ADF amounting to 56,399,151
(2011: 63,369.428) as analysed below:
Page 35 of 54
2012
Receivables meeting interest and related expenses

Excess over borrowing cost
Total subsidies receivable
2011
43,325,943
13,073,208
46,668,204
16,701,224
56,399,151
63,369,428
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as other revenues
in line with the accounting policy 2.13.
5.5
Income tax expense
Domestic income tax is calculated at 20% (2011: 20%) on taxable income or, in circumstance where the Company has tax
losses carried forward, on gross dividends declared for distribution. (For further information refer to note 5.23).
The total income taxes charged to the income statement are analysed as follows:

Income tax on dividends
2012
2011
(19,875,000)
(27,750,000)
945,598
2,203,367
(20,820,598)
(25,546,633)
Deferred income tax
Total income tax expense for the year
The following is the reconciliation between income taxes as presented in the income statement, with those resulting
from the application of the enacted tax rates:
Reconciliation of effective
income tax rate
Rate
2012
Rate
2011
Profit before tax for the year
97,609,255
Income tax
20.00%
(19,521,851)
20.00%
(25,905,624)
1.39%
(1,356,560)
0.99%
(1,275,953)
Expenses not deductible for tax purposes

Revenues relieved from income tax
129,528,119
(0.06)%
57,812
(0.04)%
54,619
Adjustments in respect of prior years
0.00%
(3,15)%
4,083,556
Effect of lower income tax rates
0.00%
1.93%
(2,503,231)
21.33%
(20,820,598)
19.73%
(25,546,633)
Total income tax expense for the year
Refer to notes 5.23 and 5.29 for further analysis of income and deferred taxes.
5.6
Basic earnings per share are calculated by dividing the Companys net profits after taxes by the weighted average
number of shares during the year as follows:
Analysis of earnings per share
2012
2011
Profit of the year attributable to shareholders
76,788,657
103,981,486
Average No of shares during the year
30,000,000
30,000,000
2.56
3.47
Earnings per share for the year
There were no new shares issued or existing shares repurchased during the year. The average number of shares remained
unchanged. The Company does not have any potential dilutive instruments.
Page 36 of 54
5.7

Acquisition cost

Land &
Plant &
Vehicles Furniture & Cohesion
buildings equipment
fittings
fund
Balance as at
1 January 2011

40,000
Acquisitions
Disposals
Transfers
Reclassifications
0
0
0
0
Balance as at
31 December 2011
Balance as at
1 January 2012

Acquisitions
Disposals
Transfers
Reclassifications
31 December 2012
25,192
0
18,906,230
0
51,736
(158,130)
0
0
73,339,033 (17,437,644) 93,632,841

321,771
(48,031)
486,597
0
0
0
0
0
398,700
(206,161)
19,392,827
0
40,000 20,571,751 35,944,729
74,099,370 (17,437,644) 113,218,206
40,000 20,571,751 35,944,729
74,099,370 (17,437,644) 113,218,206
0
0
0
0
Balance as at
1,640,329 36,051,123
Total
7,220
0
35,296
0
6,932
(1,250,955)
826,000
181,583
40,000 20,614,267 35,708,289
244,242
(49,675)
372,024
(3,510)
0
0
0
0
258,394
(1,300,630)
1,233,320
178,073
74,662,452 (17,437,644) 113,587,364
Depreciation of owned property plant & equipment

Depreciation

Land &
Plant &
buildings equipment
fittings
fund
Balance as at
1 January 2011
0
0
0
0
Depreciation charge for the year

Disposals
Transfers
Reclassifications
Balance as at
Total
1,336,439 33,936,090 67,782,790 (17,437,644) 85,617,675

791,844
0
0
0
742,561
(130,049)
0
0
2,475,175
(48,031)
0
0
0
0
0
0
4,009,580
(178,080)
0
0
31 December 2011
Balance as at
1 January 2012
2,128,283 34,548,602 70,209,934 (17,437,644) 89,449,175
2,128,283 34,548,602 70,209,934 (17,437,644) 89,449,175
0
0
0
0

Disposals
Transfers
Reclassifications
Balance as at
31 December 2012
1,383,606
0
0
0
711,934
(1,249,725)
0
137,931
1,980,591
(49,674)
0
0
0
0
0
0
4,076,131
(1,299,399)
0
137,931
3,511,889 34,148,741 72,140,851 (17,437,644) 92,363,838
Carrying amount of owned property plant & equipment

Carrying Amount

As at 1 January 2011
As at 31 December 2011
Land &
Plant &
buildings equipment
fittings
fund
40,000
40,000
303,890
18,443,468
2,115,033
1,396,127
5,556,243
3,889,436
40,000
40,000
18,443,468
17,102,377
1,396,127
1,559,548
3,889,436
2,521,601
0
0
Total
8,015,166
23,769,031
0 23,769,031
0 21,223,526
Page 37 of 54
5.8
Property, plant & equipment-leased assets

Property plant & equipment-leased assets
Acquisition cost
Vehicles

Balance as at
1 January 2011
Furniture &
fittings
Total
181,584
181,584
0
0
0
0
0
0
0
0
0
31 December 2011
Balance as at
1 January 2012
181,584
181,584
181,584
181,584
Acquisitions
Disposals
Reclassifications
0
0
(181,584)
0
0
0
0
0
(181,584)
Acquisitions
Disposals
Reclassifications
Balance as at
Balance as at
31 December 2012
Depreciation of leased property plant & equipment

Depreciation
Vehicles

Balance as at
1 January 2011
Furniture &
fittings
Total
116,401
116,401
21,530
0
0
0
0
0
0
0
21,530
0
0
0
31 December 2011
Balance as at
1 January 2012
137,931
137,931
137,931
137,931
0
0
0
(137,931)
0
0
0
0
0
0
0
(137,931)

Impairment losses
Disposals
Reclassifications
Balance as at

Impairment losses
Disposals
Reclassifications
Balance as at
31 December 2011
Carrying amount of leased property plant & equipment

Carrying Amount
Vehicles

Furniture &
fittings
Total
65,183
43,653
0
0
65,183
43,653
43,653
0
0
0
43,653
0
Page 38 of 54
5.9
Intangible assets
Intangible assets
Acquisition cost

Balance as at
1 January 2011

31 December 2011
Balance as at
1 January 2012
31 December 2012
Software &
other
Total
(380,686,471)
13,657,901
1,696,298,159
196,547
0
2,022,946
0
0
0
0
0
111,870
0
682,287
0
308,417
0
2,705,233
0
2,065,546,222
(380,686,471)
14,452,058
1,699,311,809
2,065,546,222
(380,686,471)
14,452,058
1,699,311,809
172,734
0
1,821,691
3,510
0
0
0
0
116,169
0
320,727
0
288,903
0
2,142,419
3,510
2,067,544,158
(380,686,471)
14,888,954
1,701,746,641
Cohesion
fund
Software &
other
Total
Acquisitions
Disposals
Transfers
Reclassifications
Balance as at
Cohesion
fund
2,063,326,729
Acquisitions
Disposals
Transfers
Reclassifications
Balance as at
Concession
assets
Depreciation of intangible assets

Depreciation

Balance as at
1 January 2011

783,438,022
(146,996,269)
12,126,989
648,568,742
82,684,933
0
0
0
0
(15,076,768)
0
0
0
0
864,319
0
0
0
0
68,472,484
0
0
0
0
866,122,955
(162,073,037)
12,991,308
717,041,226
866,122,955
(162,073,037)
12,991,308
717,041,226
82,813,799
0
0
0
0
(15,076,887)
0
0
0
0
798,493
0
0
0
0
68,535,405
0
0
0
0
948,936,754
(177,149,924)
13,789,801
785,576,631

Impairment losses
Disposals
Transfers
Reclassifications
Balance as at
31 December 2011
Balance as at
1 January 2012

Concession
assets

Impairment losses
Disposals
Transfers
Reclassifications
Balance as at
31 December 2012
Carrying amounts of intangible assets

Carrying Amount

Concession
assets
Cohesion
fund
Software &
other
Total
1,279,888,707
1,199,423,267
(233,690,202)
(218,613,434)
1,530,912
1,460,750
1,047,729,417
982,270,583
1,199,423,267
As at 31 December 2011 1,118,607,404
(218,613,434)
(203,536,547)
1,460,750
1,099,153
982,270,583
916,170,010
The concession assets represent the right granted to the Company by the Greek State for the use and operation of the Athens International Airport under the ADA.
Page 39 of 54
5.10
Held-to-maturity financial assets are analysed as follows:
2012
Commercial Paper EIB

Bonds EIB
38,941,438
137,387,947
Bonds EFSF
Total held-to-maturity financial assets
2011
24,765,222
201,094,607
Based on their maturity date, these assets are classified as follows:
2012
2011
Current held-to-maturity financial assets
151,470,177
Non-current held-to-maturity financial assets
49,624,430
201,094,607
Total held-to-maturity financial assets
Held-to-maturity financial assets are measured at amortized cost. As of balance sheet date the fair value of the held-tomaturity financial assets amounted to 201,258,352.
5.11
Other non-current assets are analysed as follows:
Analysis of other non-current assets

Investment in associates
Long term guarantees
Total other non-current assets
2012
2011
3,245,439
3,245,439
177,545
170,248
3,422,984
3,415,687
Long term guarantees relate to guarantees given to lessors for operating lease contracts, and were measured at their
present value, by discounting future cash flow transactions with the weighted average borrowing rate of the Company.
5.12
Inventories
Inventory items are analysed as follows:
Analysis of inventories per category
2012
2011
Merchandise
626,806
567,005
Consumables
922,361
876,470
5,041,111
4,684,898
Spare parts
Inventory impairment
Total inventories
(667,734)
(691,090)
5,922,544
5,437,283
During 2012, an impairment release of 23,356 was recognized in the income statement in order to decrease the accumulated
provision for certain obsolete and slow moving items to 667,734 which is their estimated net realizable value.
5.13
Analysis of construction works in progress

Total construction works in progress
2012
2011
1,416,135
8,366,263
1,416,135
8,366,263
Construction works in progress mainly refer to additions and improvements on the existing infrastructure assets such as
technical works, building and facilities, roads etc. These assets will be returned to the Grantor at the end of the Concession
Period, together with all other infrastructure assets as described in note 1. Upon the completion of the construction, such
Page 40 of 54
assets related to the infrastructure, will increase either the cost of the concession intangible asset or the owned assets.
During 2012, construction works in progress amounted to 7.5m were called off by the Board of Directors due to the
shrinkage of passengers traffic as a result of continuing economic crisis. This amount was transferred to the operating
results of the year and is depicted in the line Net provisions and impairment losses of the Income Statement.
5.14
Trade receivables
Trade receivable accounts are analysed as follows:
Analysis of trade receivable accounts

Domestic customers
Foreign customers
Greek state & public sector
Accrued revenues
Provision for impairment of trade receivables
Other
Total trade receivable accounts
2012
2011
57,095,849
37,592,346
566,649
537,410
6,116,270
2,971,198
236,064
6,736,265
(6,323,132)
(3,305,553)
1,200,793
1,086,300
58,892,494
45,617,966
All receivables are initially measured at their fair value, which is equivalent to their nominal value, since the Company
extends to its customers short-term credit. Should any of the trade receivable accounts exceed the approved credit
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.
Trade receivables from domestic customers have been increased in year 2012 mainly due to uncollected receivables that
were settled after year end.
During 2012 an additional provision for anticipated credit losses was made of 3,017,579 was recognized in the income
statement, resulting in an impairment provision as at 31 December 2012 of 6,323,132 (2011: 3,305,553).The carrying
amount of trade receivables closely approximates their fair value at balance sheet date.
5.15
Other receivables
Other receivable accounts are analysed as follows:
Analysis of other receivable accounts
2012
Accrued ADF
2,764,449
Other
Total other receivable accounts
2011
3,249,060
63,122,409
56,649,821
65,886,858
59,898,881
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 2013.
Other accounts receivable represent mainly 43,6m concerning prepayment of VAT imposed for the years 1998-2009, required
by the law in order to refer the issue in front of the Athens Administrative Court of First Instance, 9m 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 and 6.4m concerning part of the cleaning and electricity fees imposed by Paiania
Municipality for the years 2004-2012 which has also been referred to the Athens Administrative Court for resolution(refer to
note 5.29 for more details).
The carrying amount of other receivables closely approximates their fair value at balance sheet date.
Page 41 of 54
5.16
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents
2012
Cash on hand
2011
3,698
Current & time deposits
Total cash & cash equivalents
2,894
13,533,909
266,968,998
13,537,607
266,971,892
The reduction in cash and cash equivalents is attributable to the purchase of low risk held-to-maturity financial assets
amounting to 201,094,607(refer to note 5.10).
5.17
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 (25% of the shares), Hellenic Republic Asset Development Fund
(30% of the shares), Hochtief Airport Group and other private shareholders (45% of the shares).
5.18
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 2012 the Companys legal reserve increased by an amount of 3,839,434 (2011: 5,199,073) and
amounted to 41,410,921 (2011: 37,571,487).
In addition, there is a reserve for tax purposes amounting to 306,507 (2011:267,444).
Analysis of other reserves

Statutory reserves
Other reserves
Totals
5.19
2012
Movement
2011
41,410,921
3,839,434
37,571,487
306,507
39,063
267,444
41,717,428
3,878,497
37,838,931
Retained earnings
In accordance with Greek Corporate Law, companies are required each year, to declare dividends of at least 35% of after
tax profits, after allowing for the legal reserve.
In addition, the prevailing bank loan agreements impose specific conditions for the permitted dividend distribution, which
have been fulfilled since 2003 when the Company was in the financial position to distribute dividends. The dividends paid
in 2012 and 2011 were 111,000,000 (3.70 per share) and 75,000,000 (2.50 per share) respectively. Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December 2012 of 2.65
per share, amounting to a total dividend of 79,500,000 is to be proposed at the annual general meeting. These financial
statements do not reflect this dividend payable.
5.20
Bank loans
Borrowings are analysed as follows:
Page 42 of 54
Analysis of loans
2012
2011
565,376,960
623,236,490
565,376,960
623,236,490
57,859,530
54,491,156
2,311,285
2,505,225
60,170,815
625,547,775
56,996,381
680,232,871
Long term loans

EIB loan
Total long term loans

Short term loans
EIB loan
Accrued interest & related expenses
Total short term loans

Total bank loans
AIA and EIB, under a supplemental agreement signed on 19 December 2008 between them, agreed to partial release the
Greek States Guarantee on the outstanding balance of EIB Loan and to modify certain terms of the EIB Master Facility
Agreement related to the applicable interest rates. The modified terms that are effective from 31 July 2009 and include
the consolidation and division of the outstanding balance of the initial loan into two loans, Loan A and Loan B. As of 31
December 2012 the outstanding balance of Loan A was 184,610,286 and Loan B 438,626,204.
EIB will benefit from a Greek State Guarantee in respect of Loan B only. However, all revenues, assets and potential claims
under ADA and insurance policies have already been assigned to EIB as well as all bank accounts have been pledged to
EIB as security. Furthermore, AIA is obliged to create security interest over any asset of the company to the EIB under
the finance documents.
In the context of the partial release of the Greek States Guarantee, EIB has charged a step-up margin of 30 bps on the
initial interest rate applicable to the balance of Loan A. The weighted average interest rate for all tranches under Loan A
is 6.41%, whereas the relevant figure for Loan B is 6.11%.
All the covenants set under the EIB Master Facility Agreement have been fulfilled as of 31 December 2012.
The amortised cost of the long term financial liabilities at fixed interest rates (i.e. EIB Loan) is determined using the
effective interest rate method, by discounting the future contractual cash flows with the effective interest rate applied
to those liabilities. The fair value of the financial liabilities at fixed interest rates is determined by discounting the future
contractual cash flows with the current mid-swap interest rate for the average loan life period of such liabilities.
Fair value of the borrowings

Carrying amount
Fair value
Excess of fair value over carrying amount
2012
2011
623,236,490
677,727,647
770,186,297
817,888,758
(146,949,807)
(140,161,111)
All borrowings are denominated in the functional currency.
5.21
In accordance with Greek labour law, employees are entitled to compensation payments in the event of dismissal or
retirement with the amount of payment varying depending on the employees compensation, length of service and
manner of termination (dismissal or retirement). Employees who resign or are dismissed with cause are not entitled to
termination payments. The amount payable in the event of retirement is equal to 40% of the amount which would be
payable upon dismissal without cause.
The provision for employees retirement benefits is reflected in the attached statement of financial position in accordance
with IAS 19 and is calculated, as at the balance sheet date (31 December 2012), based on an independent actuarial study
performed by Hewitt. The net release to the income statement of 133,704 is reflected under the personnel expenses.
The results of any valuation depend upon the assumptions employed. Thus, as at 31 December 2012:
Page 43 of 54
If the discount rate used were 1% higher, then the DBO would be lower by about 0.99m.
If the discount rate used were 1% lower, then the DBO would be higher by about 1.27m.
The results of the actuarial study for the provision for employee retirement benefits as computed by the actuary are
shown below:
Actuarial study analysis
2012
2011
Principal actuarial assumptions at 31/12/2012

Discount rate
Range of compensation increase
Average working life
3.71%
5.06%
0%-3.0%
0.8-4.0%
20.06
19.18
Present value of obligations
6,262,557
6,048,633
Unrecognised actuarial net gain/(loss)
2,504,712
2,934,646
Unrecognized past service cost
(732,431)
(814,737)
8,034,838
8,168,542
476,408
480,279
Net liability/(asset) in the balance sheet

Components of income statement charge
Service cost
Interest cost
Amortization of unrecognised net gain/(loss)
Amortization of past service cost
Settlement/curtailment/termination Loss
Total income statement charge
287,450
278,793
(121,469)
(111,085)
65,231
(175,440)
917,772
281,480
1,625,392
754,027
Movements in net liability/(asset) in the balance sheet

Net liability/(asset) at the beginning of the period
Benefits paid directly
Total expense recognised in the income statement
Net liability/(asset) in the balance sheet
8,168,542
7,796,046
(1,759,097)
(381,531)
1,625,392
754,027
8,034,838
8,168,542
Reconciliation of benefit obligations

DBO at start of the period
Service cost
Interest cost
Benefits paid directly by the Company
Extra payments or expenses/(income)
Obligation of past service cost
Actuarial loss/(gain)
DBO at the end of the period
6,048,633
5,883,048
476,408
480,279
287,450
278,793
(1,759,097)
(381,531)
964,785
286,961
(240,863)
244,377
(258,054)
6,262,557
6,048,633
The IAS Board (IASB) endorsed a number of changes to IAS19 on 16 June 2011 (IAS19R). These changes take effect
for accounting years commencing on or after 1 January 2013, with early adoption also permitted. The key changes
Page 44 of 54
affecting the accounting treatment relate mainly to the recognition of actuarial gains/losses and past service costs. More
specifically:
Actuarial Gains/Losses: The corridor approach has been eliminated and actuarial gains and losses are now recognized
in full via Other Comprehensive Income. Restatements to prior year comparatives will be also required (as applicable
for changes in accounting policies).
Past Service Cost: Past-service costs will be recognized in the period of a plan amendment unvested benefits will no
longer be spread over a future-service period.
The Company will proceed with the adoption of the revised IAS 19 on 1 January 2013, with a restatement of 2012 comparable.
The effects of the adoption of the revised IAS 19 on 1 January 2013 will result in an overall increase of 1,417,825 (net
of taxes of 354,456) in retained earnings as of 31 December 2012 which is attributable to an increase of 65,845 (net
of taxes of 16,461) in net income and a decrease of 343,947 (net of taxes of 85,987) in other comprehensive income
respectively for the year ended 31 December 2012 and an increase of 1,695,927 (net of taxes) in retained income as of
1 January 2012.
The restated provision for Employee Retirement Benefits will become equal to the present value of the obligations
(6,048,633 on 1 January 2012 and 6,262,557 on 31 December 2012).
5.22
Provisions
Analysis of provisions
As at
Additions
Utilisations
Releases
1 Jan 2012
Claims on airport charges
As at
31 Dec 2012
9,820,836
9,820,836
Restoration expenses
12,566,210
1,423,172
14,217
13,975,165
Net other provisions
2,690,812
2,017,427
8,446
15,727
4,684,066
To be settled over 1 year
25,077,858
3,440,599
22,663
9,836,563
18,659,231
Total provisions
25,077,858
3,440,599
22,663
9,836,563
18,659,231
The provision for claims on airport charges relates to the interim legal measures taken by airport users in the First Instance
Court with respect to the legality of the pricing of certain airport charges. Based on the initial favourable outcome by
the First Instance Court and the passing of time with no further legal proceedings, management believes that there are
no further significant risks and uncertainties associated with this matter that require continuing provisioning. Therefore
the existing provision was released in its entirety at year end. This release of 9.8m is depicted in the line Net provisions
and impairment losses of the Income Statement.
The provision for restoration expenses relates to the future expenses that result from the Companys contractual
obligations to maintain or to restore the infrastructure to a specified condition before it is handed over to the Greek
State at the end of the service arrangement. It is expected that an aggregate amount of 34m will be spent on major
restoration activities commencing in year 2015 through to 2025 based on managements current best estimates.
5.23
Income & deferred tax liabilities
Income tax liabilities

The amount reflects the income tax payable on the dividends declared for distribution, although the Company is in a tax
loss position, in accordance with paragraph 1 of article 99 of law 2238/1994.
At the balance sheet date the recognition of the income tax liability amounting to 19,875,000 (2011: 27,750,000) was
determined by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Deferred tax assets & liabilities

The analysis of deferred tax assets and deferred tax liabilities is as follows:
Page 45 of 54
Deferred tax assets & liabilities
2012
2011
Deferred tax assets:

Deferred tax assets to be recovered
after more than 12 months
(145,291,544)
(163,867,498)
(28,389,688)
(25,804,529)
(173,681,232)
(189,672,027)
Deferred tax assets to be recovered within 12 months
Total deferred tax assets
Deferred tax liabilities:

Deferred tax liabilities to be settled
after more than 12 months
190,968,666
Deferred tax liabilities to be settled within 12 months
205,959,608
15,424,500
15,478,755
Total deferred tax liabilities
206,393,166
221,438,363
Deferred tax liabilities (net)
32,711,934
31,766,336
The gross movement on the deferred income tax account is as follows:
2012
2011
31,766,336
945,598
33,969,703
(2,203,367)
32,711,934
31,766,336
As at 1 January
Income statement charge
As at 31 December
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the
offsetting of balances within the same tax jurisdiction, is as follows:
Deferred tax liabilities

Accelerated
tax
depreciation
Grant of
rights fee
Usufruct of
the site
Total
184,755,914
7,694,930
93,572
192,544,416
Charged/(credited) to
the income statement
(14,406,058)
(633,127)
9,597
(15,029,588)
170,349,856
7,061,803
103,169
177,514,828
(11,355,753)
487,021
9,597
(11,833,177)
158,994,103
6,574,782
112,766
165,681,651

Deferred tax assets
Tax losses
Provisions

Retirement
benefit
obligations
Other
Total
(129,810,953)
(4,856,070)
(1,344,453)
(22,563,237)
(158,574,713)
13,433,745
(408,085)
(74,500)
(124,940)
12,826,220
(116,377,208)
(5,264,155)
(1,418,953)
14,026,175
920,162
26,741
(102,351,033)
(4,343,993)
(1,392,212)
(22,688,177) (145,748,493)
(2,194,302)
12,778,776
(24,882,479) (132,969,717)
Page 46 of 54
At the balance sheet date the Company has unused tax losses of 511,755,164 available for offset against future taxable
profits. A deferred tax asset amounting to 102,351,033 (2011: 116,377,208) has been recognised in respect to these
tax losses. According to the provisions of article 25.1.2.(k) of the ADA, (law 2338/1995) tax losses can be carried forward
to relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided by paragraph 8
of article 26 of law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the accelerated depreciation method
provided by law 2093/1992 refers to tax depreciation and constitutes an allowable deduction for tax purposes even
though the depreciation in the annual statutory accounts of the Company may differ from year to year. At the balance
sheet date the Company recognised a deferred tax liability on the outstanding accelerated depreciation, net of the
corresponding accelerated amortisation of the cohesion fund, amounting to 158,994,103 (2011: 170,349,856).
Income tax rates are based on the Tax Law enacted by the Parliament in 2012, by which from 2011 onwards the income
tax rate will be at 20%. Income tax rates will be adjusted from 20% to 26% by year 2013 under a tax law enacted by the
parliament in January 2013, resulted to an additional deferred tax liability of approximately 10m.
5.24
Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities

2012
2011
102,004,717
97,939,444
2,452,065
2,629,619
423
104,456,782
100,569,486
Long term securities provided by customers

Other
Total other non-current liabilities
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 2012 a finance charge amounting to 5,065,273 has been recorded as the unwind interest of the liability
due to the passage of time (2011: 4,853,088). 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
2012 amortisation of the intangible concession asset with respect to the grant of rights fee (2011: 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
2012 was at the rate of 6.22%.
5.25
Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts
2012
2011
10,824,764
10,164,558
Advance payments from customers
4,923,478
18,117,954
Beneficiaries of money guarantees
14,897,334
14,843,105
Value added tax
2,525,072
591,685
Other taxes payable and payroll withholdings
3,303,744
2,539,349
Grants of rights fee payable
1,000,000
1,000,000
14,538
147,376
37,488,930
47,404,027
Suppliers
Other payables
Total trade & other payable accounts
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.
Page 47 of 54
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.
In year 2012 an amount of 12.3m given by an airline remaining pending at 2011 year end was fully settled with its
overdue financial obligations.
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.
5.26
Other current liabilities are analysed as follows:
Analysis of other current liabilities
2012
Accrued expenses for services and fees
9,398,582
9,185,285
31,798
9,398,582
9,217,083
Other
Total other current liabilities
2011
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public, which had not been
invoiced at year end. The carrying amount of other current liabilities closely approximates their fair value at balance sheet date.
5.27
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 246,737, were recognised in the
income statement, while the corresponding amount for the year 2011 was at 249,129. At the balance sheet date the
Company has outstanding commitments under non-cancellable operating leases, which are presented in note 5.28.
The Company as a lessor

Refer to note 5.1
5.28
Commitments
As at 31 December 2012 the Company has the following significant commitments:

a) Capital expenditure commitments amounting to approximately 2.9m (2011: 1.9m)
b) Operating service commitments, which are estimated to be approximately to 89.1m (2011: 109.3m) mainly related
to security, maintenance, fire protection, transportation, parking and cleaning services, to be settled as follows:
Analysis of operating service commitments
2012
2011
Within 1 year
37,736,101
34,573,892
Between 1 and 5 years
44,695,762
67,111,515
6,713,744
7,631,420
89,145,607
109,316,827
More than 5 years
Total operating service commitments

c) Operating lease commitments are analysed as follows:
Analysis of operating lease commitments
2012
2011
Within 1 year
215,878
195,868
Between 1 and 5 years
394,044
394,998
609,922
590,866
Total operating lease commitments
Page 48 of 54
5.29
Contingent liabilities
The Company has contingent liabilities comprising the following:

a) The Company has not been audited yet by the Tax Authority for the year 2010. Consequently, the tax liability with
respect to the fiscal year 2010 has not been finalized yet. However, management does not expect any additional
income taxes to be paid in view of the existence of significant assessable tax losses available for carried forward
(Refer to note 5.23). In accordance with the implementation of the Law 2238/1994 and Pol.1159/2011, years from
2011 onwards are audited by individual Certified Auditors and an Annual Tax Certificate will be issued upon the
completion of the tax audit. The Company has assigned a certified auditor to audit its tax obligations for the years
2011 and 2012 and the Certificate is issued to the Company in ten days after the date of filing of the corporate income
tax return to the competent Tax Authority. However management doesnt expect any additional taxes to be paid since
the Company carries a significant amount of assessable tax losses.
b) During 2005 a tax audit was performed by the Tax Authority for the years 1998-2003. Income tax and all other
indirect taxes, except VAT, were levied and settled in 2006. With respect to VAT, the Tax Authority questioned the
right of the Company to set off the total VAT of all goods purchased and services rendered, as provided by article
26 paragraph 7 of law 2093/1992, in combination with articles 25.1.1 & 25.1.2 (g) of law 2338/1995 (the Airport
Development Agreement). The Tax Authority disputed the above right of the Company, and proceeded to impose VAT
including penalties- for the years 1998-2003 of 1.3m, which corresponds to VAT of non-exempt expenses, such as,
entertainment and hospitality expenses. The Company appealed to the Athens Administrative Court of First Instance
on 7 February 2006, against the decision of the Tax Authority to impose VAT on such expenses. The case has been
scheduled to be heard within 2013 (refer also to note 5.31).
c) In addition, the Tax Authority issued a provisional VAT audit report, for the years 2001-2003, expressing reservation
with respect to the right of the Company to set off VAT, which corresponds to activities not subjected to VAT i.e.
property leases, without imposing any tax. On this reservation, the Tax Authority requested the opinion of the
Ministry of Finance, which finally responded in 2010 considering that the Company has no right to set off the VAT
corresponding to activities not subjected to VAT in accordance with the general provision of the VAT Law (2859/2000)
and the 6th EU Directive. Following the response of the Ministry of Finance the Tax Authority proceeded with the
finalisation of the interim audit report imposing VAT including penalties- for the years 2001-2003 of 150.3m, which
corresponds to VAT on the acquisition of fixed assets and operating expenses related to VAT exempt activities. The
Company appealed to the Athens Administrative Court of First Instance on 28 September 2010, against the decision
of the Tax Authority to impose VAT on such capital and operating expenses and also referred the issue to the London
Court of International Arbitration, together with the issue described in b) above, in accordance with the article 44
of the ADA. The hearing of the case before the Athens Administrative Court of First Instance has been scheduled
for 2013 while the arbitration process has initiated, in accordance with the time schedule agreed with the London
Court of International Arbitration, and the hearing took place in the first half of the year 2012. No provision has been
recognised, based on Companys experts opinion by reference to the specific legislation governing its tax affairs,
since no significant liability is expected to materialise (refer also to note 5.31).
d) Following the decision of the Ministry of Finance as referred above under c) - the Tax Authority proceeded with
the audit of the years 2004-2009 imposing VAT including penalties- for the years 2004-2009 of 11.8m, which
corresponds to VAT on the acquisition of fixed assets and operating expenses related to VAT exempt activities. The
Company appealed to the Athens Administrative Court of First Instance on 21 October 2011, against the decision of
the Tax Authority to impose VAT on such capital and operating expenses and also referred the issue to the London
Court of International Arbitration, together with the issues described in b) and c) above, in accordance with the article
44 of the ADA. The hearing of the case before the Athens Administrative Court of First Instance has been scheduled
for 2013 while the arbitration process has initiated, in accordance with the time schedule agreed with the London
Court of International Arbitration, and the hearing took place in the first half of the year 2012. No provision has been
recognised, based on Companys experts opinion by reference to the specific legislation governing its tax affairs,
since no significant liability is expected to materialise (refer also to note 5.31).
Page 49 of 54
e) By means of a decision taken on 5 November 2009 the Mayor of Paiania Municipality charged the Company with
the payment of a total of 37m for the compensative municipal charges and penalties for the provision for waste,
landscaping, cleanliness and lighting maintenance for the period 1 January 2004 to 31 December 2009. In addition the
Municipality of Paiania has started charging municipal charges for the provision for waste, landscaping, cleanliness
and lighting maintenance through monthly electricity bills since March 2010, amounting in total at 2012 year end
to 9.1m. Management filed a number of petitions with the Administrative Court of Athens versus the Municipality
of Paiania, accompanied by corresponding petitions for the deferment of payments, claiming that in accordance
with the provisions of the ADA, AIA has been granted with the exclusive right to provide such services to airport
users. Said deferment of payment for the years 2004-2009 has been finally granted by order of the competent
Administrative Court of Athens until the issuance of a Court Decision on the petitions, while the respective petitions
for the deferment of payment for the years 2010-2012 have been rejected on the ground that the Company would not
suffer an irreparable damage. On 4 July 2012, the Administrative Court of Appeals accepted in substance the petitions
of the Company related to the imposition of municipal charges and penalties for the fiscal years 2004-2009 rendering
the respective decisions of the Mayor of Paiania as null and void to that effect. The remaining petitions for the years
2010-2012 were heard on 10 January 2013 by the Administrative Court of Appeals of Athens, pending the issuance of
the respective decisions.
f) By means of a decision taken on 27 December 2012 the Mayor of Spata Municipality charged the Company with
the payment of a total of 2.2m for the compensative municipal charges and penalties for the provision for waste,
landscaping, cleanliness and lighting maintenance for the year 2007, against spaces in Main Terminal Building and
Satellite Terminal Building of the Airport. Management filed a petition with the Administrative Court of Athens versus
the Municipality of Spata, accompanied by corresponding petition for the deferment of payment, claiming that in
accordance with the provisions of the ADA, AIA has been granted with the exclusive right to provide such services
to airport users. Said deferment of payment has been provisionally granted by order of the competent judge of the
Administrative Court of Athens until the issuance of a Court Decision on the petitions. In addition the Company prior
to its legal actions before the competent administrative courts filed a motion for the annulment of said decision
before the General Secretary of Decentralized Administration of Attica.
g) 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 Companys 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 5.15).
h) There are a number of pending legal lawsuits against the Company amounting to approximately 5m (2011: 5m)
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.
5.30
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.
The above services are based on corresponding markets terms and conditions and analysed as follows:
Page 50 of 54
a) Sales of services and rental fees
Sales of services
2012
2011
Hochtief Group
384,802
358,125
Greek State
Total
12,850,452
12,993,714
13,235,254
13,351,839
b) Purchases of services
Purchases of services
2012
2011
Greek State
5,988,124
5,597,913
Hochtief Group
1,803,594
3,271,708
7,791,718
8,869,621
Total
c) Year end balances arising from sales/purchases of services and rental fees
Year end balances arising from

sales/purchases of services and rental fees
2012
2011
5,597,398
7,256,056
49,118
30,845
Trade and other receivables:

Greek State
Hochtief Group
Trade and other payables:

Payables to Hochtief Group
Total
448,940
457,860
6,095,456
7,744,761
d) Key management compensation

Key management includes personnel authorised by the Board of Directors for planning, directing and controlling the
activities of the Company. Compensation paid or payable to key management for employee services rendered is shown
below:
Analysis of BoD and key management

compensation
Board of directors fees
Short-term employment benefits of key management
Total BoD and key management compensation

5.31
2012
2011
430,920
419,456
1,298,253
1,641,462
1,729,173
2,060,918
Events after the balance sheet date
a) The motion of the Company against the Municipality of Spata for the provision of waste, landscaping, cleanliness
and lighting maintenance for the year 2007 was fully upheld by virtue of the decision issued on 14 March 2013 by the
General Secretary of Decentralized Administration of Attica, thus annulling the Mayors decision for imposing such
municipal charges (refer also to note 5.29).
b) On 27 February 2013 a final award was issued by the London Court of International Arbitration, whereby the Tribunal
declared that the Acts of Determination, by which Tax Authorities imposed VAT and penalties thereon, on the
Page 51 of 54
acquisition of fixed assets and operating expenses related to VAT exempt activities, for the financial periods 19982009, have been issued in breach of law; therefore the Tribunal ordered that the Hellenic Republic shall pay, or
otherwise declares that the Company is entitled to set off all amounts awarded in its favour by this Award of Tribunal
(refer also to note 5.29).
c) Following the termination of Home Base Contract from the Olympic Engineering S.A, on 24 December 2012, such
termination to come into force as from 1 May 2013, the above referred company, by virtue of an extrajudicial statement,
dated 22 February 2013, notified our Company that its assessment about the commercial value of Home Bases landed
property, is amounted to 43.5m. That assessment, as Olympic Engineering S.A. claims in its extrajudicial statement,
is based on the results of a respective estimation study, which was conducted by an independent international
organization. Our Company, with its extrajudicial statement, dated 7 March 2013 which was addressed to Olympic
Engineering S.A. notified that it does not accept said assessment about the commercial value of Home Bases landed
property, and is already proceeding to its own assessment in accordance with the rules and principles of the economic
science. It is noted that in case of any dispute that may arise between the Company and Olympic Engineering S.A.,
regarding the determination of the commercial value of the Home Bases landed property, such dispute shall be
referred to international arbitration for final resolution, as provided in the Contract.
d) Other than the above, no significant events have been incurred after the balance sheet date, until the approval of the
Financial Statements by the Board of Directors.
Page 52 of 54
INDEPENDENT AUDITORS 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 statement of financial position as of 31 December 2012, the income statement and statement of
comprehensive income, statement of changes in equity and cash flow statement for the year then ended and a summary
of significant accounting policies and other explanatory information.
Managements 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 the European Union, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors 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 about 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 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 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 financial statements present fairly, in all material respects, the financial position of the Company as at
December 31, 2012 and its financial performance and cash flows for the year then ended in accordance with International
Financial Reporting Standards, as adopted by the European Union.
Page 53 of 54
Reference on Other Legal Matters

We verified the conformity and consistency of the information given in the Board of Directors report with the
accompanying financial statements in accordance with the requirements of articles 43a and 37 of Codified Law 2190/1920.
PricewaterhouseCoopers S.A.
268 Kifissias Avenue
152 32 Halandri
SOEL Reg. No 113
Athens, 25 April 2013

The Certified Auditor Accountant
Dimitrios Sourbis
SOEL Reg. No. 16891
Page 54 of 54
ANNUAL REPORT 2012
Airlines Awarded
During the 13th Airline Marketing
Workshop, AIA awarded its airline
partners for their passenger traffic
development in 2012!
World Tourism Organization -One Billion Tourists:

One Billion opportunities
AIA participated in the celebration and welcomed the 169 millionth
passenger since the airport opening! After 11 years, the airport has
welcomed 169 million passengers, who traveled from or to Athens,
on more than 2 million flights!
ANNUAL REPORT 2012
Cyprus Airways: Athens - Thessaloniki

AIAs traditional ribbon ceremony was held
to celebrate the new route!
BikeArt Is In The Air

An art panorama of designs, images, and various
bicycle types, welcomed the passengers and visitors
of the Athens International Airport in the framework
of this special art initiative!
Eleftherios Venizelos
at the Athens International Airport Opening of the new exhibition
Athens International Airport and the National
Research Foundation Eleftherios K. Venizelos
- Chania, with the support of the Region of
Crete, presented the renewed exhibition
Routes Europe:
Airlines honour Athens
International Airport
During the 7th Routes
Europe Conference, AIA
was highly commended in
the Mediterranean and
Southern Europe category, in
recognition of its support to the
airlines, especially during the
extremely adverse conditions
ANNUAL REPORT 2012
MusicPort: The
worlds music at
Athens International
Airport!
Passengers and airport
visitors enjoyed music
from across the world
in the airport terminal
as popular Greek music
groups brought rhythm,
melodies and dancing!
A new park for the

neighbouring SpataArtemis Municipality
Athens International
Airport created
one more park for
the residents of
its neighbouring
communities. The new
park, covering 24,000
square metres, was
delivered to the SpataArtemis Municipality
95
Organisational Structure
ANNUAL REPORT 2012
This document has been printed on environmentally friendly, high - quality paper with the following composition: 40% recycled
paper, 55% FSC - certified paper pulp (certificate of sustainable forest management) and 5% cotton fibres to improve paper texture
and appearance.
It is eco label - compliant, adhering to all environmental management ISO standards as well as the relevant ISO standard for reduced carbon
dioxide (CO2) generation and emissions during manufacturing. It features neutral ph; it is free of heavy metals and is non-chlorinated
to avoid contamination of water, the ground water table and the sea. It is durable but also fully self degradable and recyclable.
01. Joint Address by the Chaiman and CEO
ATHENS INTERNATIONAL AIRPORT S.A.

TEL.:ANNUAL
+ 20 210 353
1000, FAX:
+30 210 353 0001, www.aia.gr
REPORT
2012

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Table of Contents

02. T he Airport Company

03. M arket Overview

04. F inancial Performance

05. O ur Business Units

06. C orporate Responsibility

2012 Airport Moments

ANNUAL REPORT 2012

01. Joint Address by the Chairman and the CEO

For the aviation industry worldwide, 2012 was marked

the observed recovery trend being more apparent in the

Further to the special

ANNUAL REPORT 2012

overall traffic downturn, the airline industry rewarded the

audits that demonstrated a full harmonisation not only

In the retail sector, in 2012

01. Joint Address by the Chairman and the CEO

ANNUAL REPORT 2012

Professor Nickolaos G. Travlos

02. The Airport Company

ANNUAL REPORT 2012

With a corporate goal to create sustainable value to

Elected Chairman of AIAs Board of Directors in October 2012

Elected Member of AIAs Board of Directors in October 2012

Chairman of the Board of Directors

Vice-Chairman of the Board of Directors

Elected Vice-Chairman of AIAs Board of Directors in May 2012

Dr. Jacques F. Poos

Member of the Board of Directors

Elected Member of AIAs Board of Directors in June 2005

Member of the Board of Directors

Member of the Board of Directors

Member of AIAs Board of Directors between 2005 and 2010;

Member of the Board of Directors

Elected Member of AIAs Board of Directors in May 2012

Dr. rer. pol. Hans-Georg Vater

Member of the Board of Directors

Member of AIAs Board of Directors between 1996 and 1999;

Professor Stratos Papadimitriou

Former Chairman of the Board of Directors

Chairman of AIAs Board of Directors between 2010 and October

Elected Member of AIAs Board of Directors in October 2012

Vice-Chairman of AIAs Board of Directors between 2010 and May

Member of the Board of Directors

Member of the Board of Directors

Member of AIAs Board of Directors between 2008 and 2009;

Former Vice-Chairman of the Board of Directors

Former Member of the Board of Directors

Member of AIAs Board of Directors between 2009 and October

Former Member of the Board of Directors

Member of AIAs Board of Directors between October 2011 and

Former Member of the Board of Directors

Member of AIAs Board of Directors between 1996 and 2001;

02. The Airport Company

ANNUAL REPORT 2012

Hellenic Republic Asset

Hochtief AirPort GmbH

Hochtief AirPort Capital GmbH

Chief Executive Officer