AIA Annual Report 2014

Athens International Airport Eleftherios Venizelos
2014
Athens International Airport Eleftherios Venizelos
Annual Report
2014
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Contents
Annual Report 2014
Contents 05
Highlights of 2014
06
01. Joint Address by the Chairman and the CEO
08
02. The Airport Company
12
03. Market Overview
16
04. Financial Performance
24
05. Our Business Units
28
06. Corporate Responsibility
36
07. Future Prospects
42
Financial Statements
44
2014 Airport Moments
100
Organisational Structure
104
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Highlights of 2014
Financial Highlights
Financial Highlights according to IFRS

Profit before Tax (million)
2014 IFRS
126.7
34.8%
93.9
Operating Revenues & ADF (million)
351.7
12.8%
Revenues from Airport Charges & ADF (million)
311.8
Operating Revenues & ADF per pax ()
23.1
-7.0%
24.9
Cash & Cash Equivalents at the end of the Year*

(million)
275.6
7.9%
2013 IFRS
255.5
214.5
19.3%
179.7
Operating Expenses (million)
2.8%
108.4
-1.5 %
1,226.1
111.5
Total Assets (million)
1,207.5
AVA** (million)
70.5
144.0%
28.9
ADF: Airport Development Fund

* Cash equivalents for 2014 and 2013 results include 250.8
and 220.5million of Euro Securities respectively
**AVA: Added Value on Assets = Net Operating Profit after Tax
(Cost of Capital x Net Asset Value)
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Annual Report 2014
Traffic Highlights
Passenger Traffic
2014
2013
Total Number of Passengers (million)
15.2
12.5
Business Passengers
28%
domestic/international
31%
Domestic (million)
5.3
Connecting Passengers
21.2%
20%
domestic/international
21%
International (million)
4.3
22.5%
9.9
20.5%
Aircraft Movements
2014
Total Aircraft Movements (thousand)
2013
Passenger & Combi Aircraft (thousand)
10.0%
154.5
8.2
132.2
11.2%
118.8
All-cargo Aircraft (thousand)
5.7
140.4
-2.4%
5.8
Other Aircraft Movements (thousand)
16.7
5.8%
Cargo Uplift
15.8
2014
Total Cargo Uplift (thousand tonnes)
77.3
3.3%
74.9
2013
Freight (thousand tonnes)
68.0
4.0%
65.4
Mail (thousand tonnes)
9.3
-1.8%
9.5
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Joint Address
by the Chairman
and the CEO
A brief overview of 2014 clearly indicates that the previous year was a good one
for the global aviation industry. With passenger traffic remaining resilient in the
face of economic uncertainties and geopolitical risks in various parts of the world,
aviation benefited from lower oil prices, lower air fares and increased connectivity.
According to IATA and ACI, global air travel expanded by 5.9% in 2014 compared to
2013, slightly exceeding the 10-year average growth rate of 5.6%. At the same time,
the worldwide airline industry enjoyed improved net profit margins in 2014 at the
level of 2.7% (compared to 1.5% in 2013). Traffic of European airports grew at similar
levels with the global average, enjoying a strong passenger traffic increase of 5.4%
according to ACI EUROPE, with most of the growth fuelled by low cost carriers. EU
airports significantly outpaced economic performance re-affirming the resilience of
the demand for air travel and reflecting consumers and businesses reliance on air
connectivity.
At the same time Greek economy, although still fragile, gradually headed towards
stabilisation. Following 5 years of depression, Greek GDP returned to marginal
growth since the 2nd quarter of the year and is estimated to reach the small but
positive number of +0.7% as per the preliminary figures of the Hellenic Statistical
Authority.
For Athens International Airport (AIA) 2014 was a very good year. A number of
important developments gave a spectacular boost on the airports traffic evolution
and produced very positive results, both quantitatively and qualitatively. Three
main factors led to or assisted in an overall significantly improved outcome, namely
stabilisation of the local economy, restoration of the citys attractiveness, and
airlines development.
Analytically, during the year 2014 the airports passenger traffic reached 15.2
million, exceeding prior-year levels by 2.7 million passengers, which corresponds
to a significant increase of 21.2%, whereas the number of flights amounted to 154.5
thousands, surpassing corresponding 2013 levels by 10%.
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Annual Report 2014
With respect to the airline offer, capacity was significantly

enhanced by the dynamic expansion of the international
network by the established homebased carriers, along with
the entry of new Low Cost Carriers in the Athens market,
topped by the dynamic investment of foreign legacy carriers.
At the same time, travelling demand returned to growth:
Greeks gradually returned to air travel, while foreign
visitors to Greece reached record levels in 2014. Apart from
the increased incoming wave to Greece overall, the city of
Athens in particular regained its popularity and welcomed a
significant number of foreigners, close to the historical record
levels of 2007.
Driven by the significant traffic increase coupled with
a prudent cost management, AIA posted improved profits
for 2014. The Company recorded Profit before Tax of 126.7
million for 2014 and proposes a distribution of 87.3 million
as dividend to its shareholders. Our Airport Companys
achievement to handle substantial traffic increase, while
sustaining costs at low levels and maintaining high quality
of services, attests to the fact that it has become even more
efficient without compromising its value-for-money strategy.
This efficiency improvement was also acknowledged by the
2014 Top Efficiency Excellent Award granted by Air Transport
Research Society (ATRS).
During 2014 we continued our dynamic marketing
strategy and incentives policy, while at the same time
maintaining all charges unchanged without any increase
for the sixth consecutive year. In total, thirteen different
incentives addressing both development and sustainability
aspects were in effect, applied in a fully transparent and
non-discriminatory manner. More than 80% of the operating
carriers took advantage of one or more targeted incentives,
while more than 40 of our airline partners significantly
enjoyed the benefits from AIAs traditional developmental
incentives and marketing support.
2014 results and an initial assessment of the offered
schemes continue to verify that the incentives implemented
successfully dealt with the particular issues for which they
were introduced. The fact that an Ultra-Low Cost Carrier,
commenced operations from Athens while the share of other
Low Cost Carriers also increased, demonstrates the dynamics
of the Athens aviation market, strongly supported by the
competitiveness of our pricing incentives.
In recognition of our continuous and dynamic support
to our airline partners, we received a number of significant
distinctions, exclusively voted by the airlines, during Routes
Europe 2014 last April in Marseilles, as well as during Routes
World 2014 the largest annual gathering of airports and
airlines last September in Chicago; it is noteworthy that in
the context of the prestigious ROUTES events, our airport
is the most awarded having received 14 distinctions in 10
years. Complementing the overall successful performance
in 2014, AIA won the 10-25 million passenger category in this
years 10th Best Airport Awards of the ACI EUROPE Annual
Congress in Frankfurt. The award commended AIAs high
economic performance in a very challenging context, its
excellent work in redeveloping its traffic base while keeping a
strong focus on the quality of service.
For another year, AIA maintained safe, orderly and
efficient aviation operations, offering high-quality services
to aircraft operators, ground-handlers and passengers.

Close cooperation with all stakeholders ensured both the
expected safety level and passenger convenience, while
airport readiness and responsiveness to emergency situations
was promoted through a series of ten emergency exercises
including the Full Scale Emergency Exercise Aircraft Accident
on Airport that took place in November; the annual full-scale
winter operations exercise in December also demonstrated
operational readiness and airports capability to deal with
winter operations assessing its overall airport capacity.
In the retail sector, positive traffic developments of 2014
led to an increase in revenues, generated from the retail
and food & beverage units of the Airport Shopping Centre.
Nevertheless, this significant increase was not always at par
with traffic growth due to the limited buying capacity of the
Greek passengers and the change in the consumers profile
with the growing presence of low cost carriers.
Throughout the year, specific targeted areas of the Airport
Shopping Centre went through architectural transformations
as part of a broader intervention plan designed and
implemented by AIA which will be completed within the
following years. The Extra Schengen area redevelopment,
is a major upgrade, including the security centralisation,
the formation of a commercial walkthrough concept and the
creation of additional retail space. The project is expected
to be completed in spring 2015, where all included retail and
catering units will be developed anew in cooperation with
the Hellenic Duty Free Shops and F&B operators. In total,
the upgrade investments undertaken by AIA are expected to
further enhance the passenger experience and satisfaction
while improving commercial sales and revenues.
Highlighting AIAs socially responsible character, an
initiative we feel was very special in the previous year among
other key developments was the Airport Praxis programme,
our contribution towards tackling the burning youth
unemployment problem in our country. Addressing people
aged 19 to 29, the programme pertained to a six-month paid
professional training for 30 young unemployed high school
graduates and a three-month paid professional training of 40
University undergraduates or graduates. The objective of this
innovative initiative was to actively contribute to the career
of 70 young people through on-the-job training and targeted
courses. In this way AIA aimed to further develop the skills
and experience required from young people in order for them
to secure jobs and follow a career path at an airport or similar
environment.
Regarding environmental responsibility AIA was
recognised for best practices during the 2014 European
Business Awards for the Environment. Specifically, the
airport was awarded the 1st place in the Management
category by the Greek Federation of Environmental
Companies as well as an award for the Biodiversity for its
initiatives aiming at protecting ecosystems in the area of
Mesogeia. In 2014, we renewed our certification at Level 3
of Airport Carbon Accreditation, and took action to further
engage the airport community against climate change.
Finally, in 2014, the airport continued to participate in
the cultural life of Athens through a variety of permanent
and periodic exhibitions addressing 250,000 people within
the year.
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1 Joint Address by the Chairman and the CEO
Destination: Athens: Further to the activities

listed above, for the last four years AIA has been
strongly investing in the attractiveness of the city
of Athens as a tourist destination. Having applied
an extensive set of destination marketing initiatives,
we were very happy to see our actions significantly
contributing to the recovery of the citys image
and the increase in foreign tourists arrivals. In
this context, following AIAs worldwide campaign
Perha youre an Aenian too! which ran extremely
successfully during 2014 in 18 airports addressing
more than 170 million passengers per year, a new
international campaign under the moto Im an
Aenian too, was introduced. The new campaign
was a joint initiative between Marketing Greece & AIA
inviting visitors to declare their Athenian identity
by sharing their experiences from their visit to Athens
through social media.
Furthermore, the 2nd Airport Chief Executives
Symposium (ACES Athens 2014), an AIA initiative
hosted in Athens, took place at the magnificent
Acropolis Museum in November. It aimed to highlight
the interdependence on one hand between the air
transport industry and airports and the economies
and development of the served destinations on
the other. More than 140 top executives from air
transport, the international banking sector, the
financial sector and the tourism industry participated
responding to AIAs invitation. A special highlight
of this second Symposium was the announcement
of AIAs active support of the national campaign for
the return of the Parthenon Sculptures in Greece.
As one of its latest cultural initiatives, AIA invites
passengers and city visitors to actually vote in the
terminal and express their opinion on the matter.
The fact that foreign visitors having Athens as
their final destination significantly increased during
the last year signifies the effectiveness of such
initiatives and the need for strategic synergies with
all tourism related organisations, to join forces and
continue their aligned cooperation through
a long-term strategy establishing Athens as one
of the most appealing tourist destinations
worldwide. It is with the valuable everyday
contribution of every employee that Athens
International Airport is distinguished as one of the
best and most efficient airports worldwide. With new
challenges ahead, we are committed to keep offering
the best welcome and farewell for the city
of Athens, with customer service being one of the key
pillars of our strategy and operations. In this spirit,
in 2014 we launched a new, very special corporate
programme named i-mind. The programme places
every employee in the position of a virtual passenger
and asks for his/her personal look and care, regardless
of job position or rank. Each AIA employee, going
through the i-mind experience, offers a personal
view and assessment of airport services and
infrastructure. We believe that this ongoing initiative
offers a double opportunity to all: firstly, a different
Professor Nickolaos G. Travlos
Chairman of the Board of Directors
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Annual Report 2014
perspective to i-mind users of how to maintain and

improve the level of customer service, while also rediscovering and strengthening ties of AIA employees
with our everyday working airport environment.
Pursuant to Article 4.2 of the ADA, the Hellenic
Republic Asset Development Fund formally invited
AIA to negotiate for the potential extension of the
concession period for another 20 years, as part of
the Greek privatization program and in preparation
of the divestment of HRADFs stake in AIA. These
negotiations have not reached conclusion.
AIA had successfully participated in the first
phase and was among the prequalified parties in the
tender for the privatisation of fourteen Greek regional
airports. Following extensive review and investigation
of the business, strategic and other qualities of the
tender by AIAs Management, BoD and Shareholders,
the Company eventually decided not to submit
a proposal.
Following major changes in the business
environment, the Company prepared an update
of its Business Plan based on a revised traffic forecast,
prepared by an external expert adviser. The updated
Business Plan demonstrates that the Company
remains a healthy, competitive and value-adding
enterprise for shareholders, the Greek State, business
partners and passengers.
Overall, 2014 was a year of spectacular traffic
recovery and positive financial results. Year 2015
is expected to offer us plenty of opportunities but
challenges as well. Passenger traffic is expected to
continue a dynamic performance powered by growing
tourism demand and strong offer increase of our
airline partners. At the same time, the Greek aviation
environment is likely to change considerably in the
light of a possible privatisation of the Greek regional
airports. Aiming to further enhance passenger
experience and maintain cutting-edge technology
at Athens airport, the company will continue to invest
in a series of terminal upgrade and technological
advancement projects. Of course, evolution of the
Greek economy is crucial since any potential relapse
to the adverse scenarios relating to the future of the
Greek economy will negatively affect or even reverse
the potential that we see for 2015.
AIA has demonstrated increased resilience and
recently a strong recovery re-approaching the precrisis years levels, combining financial performance
with operational excellence and quality of services.
Despite all adversities, past and future, we shall
continue our course, adjusting our strategies
whenever necessary, in order to deliver financial and
non-financial value to our shareholders and all other
stakeholder parties.
Dr Ioannis N. Paraschis
CEO
Professor
Nickolaos G. Travlos
Chairman of the
Board of Directors
CEO
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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 (25%
Greek State and 30% Hellenic Republic Asset Development FundHRADF), 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.
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 nonaeronautical 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 LCCs. 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.
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Annual Report 2014
Board of Directors
Michael Kefalogiannis
Member of the Board of Directors
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
Vice-Chairman of the Board of Directors, Transparency
International - Greece, 2012 - 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
Member of AIAs Board of Directors between 2008 and

2009; re-elected in October 2012
Chairman of the Board of Directors of CYAN Hotel Group
(ETXEK S.A.) Crete, Greece
Investment Advisor
Holger Linkweiler
Vice-Chairman of the Board of Directors
Constantine Michalos
Elected Member of AIAs Board of Directors in October 2012
President of the Athens Chamber of Commerce and Industry
President of the Union of the Hellenic Chambers of
Commerce
Member of the Board of Directors, Astir Palace Hotel
Loukas Papazoglou
Elected Vice-Chairman of AIAs Board of Directors in May

2012 and Member of AIAs Board of Directors since June 2011
Managing Director of AviAlliance GmbH (formerly
HOCHTIEF AirPort) and AviAlliance Capital GmbH & Co.
KGaA (formerly HOCHTIEF AirPort Capital)
Chairman of the Administrative Council of Tirana
International Airport
Member of the Board of Directors of Budapest Airport
Member of the Supervisory Boards of Flughafen Dsseldorf
GmbH and Flughafen Hamburg GmbH
Dr. Jacques F. Poos

Elected Member of AIAs Board of Directors in 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
Governor of the Asia-Europe Foundation (ASEF)
Member of the Board of Bank of China (Luxembourg) S.A.
George Kalamaras
Member of AIAs Board of Directors between 2005 and 2010;

re-elected in January 2012
Financial Advisor
Gerhard Schroeder
Elected Member of AIAs Board of Directors in May 2012
Managing Director of AviAlliance GmbH (formerly
HOCHTIEF AirPort)
Chairman of the Board of Directors of Budapest Airport Zrt.
and Supervisory Board of Flughafen Dsseldorf GmbH
Vice-Chairman of the Supervisory Board of Flughafen
Hamburg GmbH
Former Member of the Supervisory Board of Lufthansa
Technik Budapest Ltd.
Dr. rer. pol. Hans-Georg Vater

Member of AIAs Board of Directors between 1996 and 1999;
re-elected in 2000
Member of the Supervisory Board of Klckner & Co. SE

Elected Member of AIAs Board of Directors in October 2012
Former CEO of the socit anonyme Information
Society S.A.
Independent Consultant on Information and
Communication Technologies
Owner of a small innovative IT company
Computer and ICT Engineer
aia.gr / 13
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2 The Airport company
Seating from left to right: Dr. J. Poos, Ms 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:
Investment Committee:
Prof. N. Travlos (Chairman)

Dr. H.G. Vater (Member)
S. Lorentziadis (Member)
H. Linkweiler (Chairman)
G. Kalamaras (Member)
G. Schroeder (Member)
Finance Committee:
Personnel Committee:
Dr. H.G. Vater (Chairman)

H. Linkweiler (Member)
Dr. J. Poos (Member)
M. Kefalogiannis (Member)
C. Michalos (Member)
Prof. N. Travlos (Chairman)

H. Linkweiler (Member)
Dr. J. Poos (Member)
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Annual Report 2014
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
AviAlliance GmbH
8,000,004
26.667
Greek State
7,500,000
25
AviAlliance Capital GmbH & Co. KGaA
4,000,002
13.333
Copelouzos Dimitrios
599,997
Copelouzou Kiriaki
299,999
Copelouzos Christos
299,999
Copelouzou Eleni-Asimina
299,999
30,000,000
100
Total
Chief Officers
CEO
Mr. Alexandros M. Aravanis

Chief Operations Officer
Mr. George P. Eleftherakos

Chief Development Officer
Mr. Panagiotis K. Michalarogiannis

Chief Finance & Administration Officer
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Market
Overview
During the year 2014, a number of important developments gave a spectacular boost to the
airports traffic evolution. With respect to the airline offer, capacity was significantly enhanced by
the dynamic expansion of Aegeans international network, Ryanairs entry in the Athens market,
as well as the decision of foreign carriers to further invest in Athens. At the same time travelling
demand returned to growth, with Greeks gradually returning to air travel assisted by the gradual
stabilization of the Greek economy, while foreign visitors in Greece reached record levels in 2014.
Apart from the increased wave of incoming visitors to Greece, the city of Athens in particular
regained its popularity and welcomed a significant number of foreigners, close to the historical
record levels of 2007. Consequently, during 2014 airports passenger traffic reached 15.2 million
exceeding prior-year levels by 2.7 million passengers which corresponds to a significant increase of
21.2%, whereas the number of flights amounted to 154.5 thousands surpassing the corresponding
2013 levels by 10%.
In terms of passenger demand, both the domestic and the international sectors enjoyed similar
levels of growth, whereas in terms of services offered, international flights presented a robust
15.5% increase as a result of a large number of airlines enhancing their international network, while
domestic services surpassed prior-year levels by 3.6%.
Overall, in 2014 Athens was directly connected with scheduled services with 109 destinations (of
which 77 international) in 42 countries, operated by a total of 56 carriers.
Traffic Development of A/C Movements 2014-2013
140.448
2013
International (thousand movements)
Total (thousand movements)
154.530
2014
10.0%
87.302
15.5%
75.570
Domestic (thousand movements)
67.228
3.6%
64.878
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Annual Report 2014
Passenger Traffic Development 2014-2013
2014
2013
Total (million)
15.196.370
12.536.057
21.2%
9.928.937
8.236.468
20.5%
5.267.433
4.299.589
22.5%
International (million)
Domestic (million)
Cargo Uplift
2014
The Greek air freight market, following the

same pattern with global air freight, exhibited
an overall acceleration of volumes with the
international sector outpacing the domestic
segment. Airfreight volumes reached a total
of 77,338 tonnes increasing for the first time
(+3.3%) since the beginning of the economic
downturn five years ago. Especially the
international traffic presented a notable
turnaround of 4.6% growth (compared to 2%
decline in 2013) outperforming the respective
European average (+2.0%). On the other hand,
the evolution of the total domestic market
has been weak (-6.3%) counteracting positive
results of the overall cargo throughput.
Similarly, while domestic cargo was reduced by
1.3%, international cargo volumes improved for
the second consecutive year by 1.3%.
Total Cargo Uplift (thousand tonnes)
3.3%
77.338
74.875
International (thousand tonnes)
68.670
4.6%
2013
Domestic (thousand tonnes)
65.626
8.668
-6.3%
9.249
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3 Market Overview
Quarterly Passenger Traffic Development 2014

The significant growth of the airports passenger traffic
which corresponded to 2.7 million additional travellers is
attributed to a series of key factors: a. the stabilization
of the economy, reflected in the increased air travelling
of Greek residents, with an overall 14% rise, b. the
strengthening of the citys attractiveness, clearly shown
in the foreign Athens visitors robust upward trend with a
remarkable growth of 31% and c. the significant increase in
the capacity offered by airlines.
in the course of the year, the rapid upward trend emerging

through all four quarters is worth noting. More so, for
the domestic passengers which following a stagnant first
quarter showed a positive development in the period AprilJune, which not only continued during the following quarter
but also accelerated in the last one, reaching an outstanding
growth of almost 38%. International passenger traffic
begun growing from a more positive base than domestic in
the first quarter, enjoyed a traffic rise of more than 10% and
continued with high quarterly growth rates at the level of
22% in the remaining three quarters.
Looking in more detail into the passenger traffic evolution
30
20
International
10
10
10
37.6 22.5 27.5
4th
50
10
40
50
50
30
20
40
3rd
24.3 21.8 22.6
2nd
24.1 21.8 22.6
30
20
30
20
40
50
1st
0.40 13.3 8.4
Total
Growth 2014/2013
40
Domestic
International Passenger Traffic Development per Region 2014

Looking at the evolution of the international sector it is
important to note that with the exception of Africa all other
regions enjoyed strong traffic growth, with passengers
growing by more than 20%. The 3 main markets of Western
Europe, Eastern Europe and Middle East which account
for approximately 96% of the airports international traffic,

achieved a sharp passenger traffic rise (at 20.1%, 22.9%
and 26.0% respectively), at the same time keeping high
load factors despite the capacity increase, hence largely
formulating the overall result.
Growth 2014/2013
Middle East
26.0%
Eastern Europe
22.9%
Western Europe
20.1%
Africa
0.9%
America
24.6%
27.6%
Rest of Asia
0
10
15
20
25
30
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Annual Report 2014
Top 10 European Scheduled Destinations

Focusing in Europe, London remains the most popular
European destination, while Rome gained 2nd position
achieving a high passenger traffic growth of 27% and
surpassing Paris and Larnaca. Istanbul continued its dynamic
growth of 23% and rose from 5th to the 4th place, gradually
approaching the passenger traffic levels of the European
medallists. German airports of Frankfurt and Munich

retained their positions in the European ranking despite
their slow development, with Frankfurt almost retaining
prior-year levels and Munich witnessing a slow growth of 4%.
Zurich, Milan and Brussels achieved strong passenger traffic
growth and remained at similar positions as in 2013.
Market Share
1
10
11.5% London
8.2% Rome
8.2% Paris
7.7% Istanbul
7.4% Larnaca
5.0% Frankfurt
4.9% Munich
4.7% Zurich
3.9% Milan
10
3.3% Brussels
3
8
9
Other
35.3%
Top 10 Non-European International Scheduled Destinations

Passengers travelling beyond European borders enjoyed
an overall high passenger increase, with the major
intercontinental destinations presenting double-digit
growth levels with the sole exception of Cairo. Ranking
of the non-European destinations remained unchanged

compared to 2013, while it is also worth noting that in 2014
Athens was re-connected with Singapore and Bahrain.
Market Share
10
9
6
8
3
2
7.2%
18.4%
17.5%
Dubai
Doha
12.6%
Tel Aviv
11.1%
Abu Dhabi
7.4%
Cairo
7.1%
New York
Other
5.5%
5.2%
4.8%
Toronto Philadelphia Beirut
10
3.2%
Montreal
aia.gr / 19
4/9/15 5:48 PM
3 Market Overview
Passenger Traffic
Top 10 Airlines According to Total Passenger Traffic

In 2014, the major carriers market share in the Athens
market has been largely impacted by the acquisition
of Olympic Air by Aegean Airlines and subsequent
consolidation of services of the two carriers, as well as the
dynamic entry of Ryanair in the same market. Given these
developments, Aegean Airlines together with Olympic Air
accounted for more than half of the airports passengers
(51%), while Ryanair within its 10 months of operation

managed to become the 2nd largest carrier representing
almost 7% of the airports passenger throughput. Lufthansa
and easyJet follow in the next 2 places, acquiring 4% and
3.8% respectively. Finally it is worth noting that when
considering Aegean and Olympic as one, Emirates entered
the top 10 of airline partners for the first time.
Market Share
48.2%
6.8%
4.0%
3.8%
38.2%
2014
2.8%
15.2%
2.6%
2.9%
2.5%
3.2%
2.3%
2.6%
2.3%
2.8%
21.6%
19.3%
2013
0%
4.8%
4.0%
Other
3.1%
3.5%
20 / aia.gr
4/9/15 5:48 PM
Annual Report 2014
Passenger Traffic
Low-cost carriers share in passenger traffic

The entry of Ryanair, as well as the overall dynamic
development of low-cost carriers during 2014 resulted in
the significantly enhanced presence of LCCs at Athens
airport which represented 12% of the domestic and almost
18% of the international passenger traffic. Overall, LCCs

doubled their share in the airports total traffic from 7.4% in
2013 to 15.7% in 2014.
2014
2013
20
15
10
5
12.4
0.0
17.5
11.3
15.7
7.4
0
Domestic
International
Total
Passenger Travelling Behaviour

In the course of 2014, successful performance of passenger
demand was driven by the robust growth of both Greek
and foreign residents. Following a declining first quarter,
Greek travelers gradually recovered and increased their air
travel from April onwards, also supported by the gradual
stabilization of the Greek economy. For the total year,
passengers residing in Greece grew by a robust 14%, with
those on leisure trips rapidly growing by 19%. However,
foreign residents were those who presented outstanding
levels of growth of 28%, thus reaffirming the resurgence of
Athens as an attractive tourist destination. What is even
more impressive is that higher growth rates were observed
during winter months, a sign for the development of Athens
as a popular year-round destination.

As per the mix of O&D vs transfer passengers, both
segments enjoyed strong traffic rise in 2014, signifying both
the increased popularity of Athens and the choice of Athens
as an intermediate stop. The latter is largely attributed
to the increased connectivity offered by enhanced airline
operations, especially the rapid expansion of Aegean
Airlines international network. Increased connectivity
through the airport of Athens is also reflected in the strong
rise of passengers transferring in Athens between two
international destinations, a segment that even though it
represents only a small 15% of the total transfer volumes, it
demonstrated a remarkable increase of 61%.
O&D & Transfer
Greeks & Foreigners

*Growth 2014/2013
Transfer
Foreign Business
+17.3%*
+25%*
19.9%
11.6%
O&D
Foreign Leisure
+22.9%*
+29%*
80.1%
44.5%
GR Business
16.9%
+7.0%*
GR Leisure
27.1%
+19.0%*
aia.gr / 21
4/9/15 5:48 PM
3 Market Overview
Aircraft Movements
Quarterly Aircraft Movements Development 2014

Overall for 2014 the number of flights amounted to 154.5
thousands surpassing corresponding 2013 levels by 10%.
International flights presented a robust 15.5% increase,
as a result of a large number of airlines enhancing their
international network, while domestic services exceeded
prior-year levels by 3.6%. The overall domestic flights result
was formulated by the sharp losses of the first three months
of the year (due to the discontinuation of Cyprus Airways
domestic services, as well as to the rationalization of Aegean

Airlines/Olympic Airs domestic operations), followed by the
gradual elimination of the losses during April and May and the
reversal of the negative trend starting in June, with domestic
services turning positive for the first time during the last
four years and enjoying a strong growth during the period
July-December. Especially during the last quarter of the year,
domestic operations increased sharply at double-digit levels.
Growth 2014/2013
Domestic
International
1 Quarter
Total
st
-11.3%
8.8%
-1.0%
2nd Quarter
0.6%
15.6%
8.4%
3rd Quarter
7.8%
17.4%
13.1%
4th Quarter
-15
16.4%
18.2%
17.4%
-10
-5
10
15
20
Development of International Flights per Region 2014

Enhanced airline operations in the course of 2014 are
also evident from the rapid increase of the offered
services in all international regions with the sole

exception of Africa.
31.4%
8.5%
16.7%
15.5%
America
Western
Europe
Rest of Asia
Eastern
Europe
Growth 2014/2013
23.0%
-5.2%
Africa
Middle East
22 / aia.gr
4/9/15 5:49 PM
Annual Report 2014
Cargo Uplift
Domestic / International Cargo Uplift 2014 - 2013

Focusing on the specifics of the Athens cargo market,
a variation in the performance of the various market
segments is evident. Namely, the overall increase of 3.3%
observed is primarily driven by the significant improvement
of international freight volumes in both outbound (+6.7%)
and inbound (4.2%) flows. On the contrary, international
mail posted a 1.1% decline in total exhibiting the same trend
noticed in the domestic market; i.e. increasing inbound
versus diminishing outbound volumes. Specifically, while
domestic incoming traffic (in both freight and mail) showed

signs of improvement (+12.4% and 21.7% respectively),
domestic outbound volumes continued to decline (freight
by 9.8% and mail by 15.5%) signifying a still weak home
market. Finally, it is worth mentioning that despite the
unfavorable economic climate during the last six years, the
seven airlines operating freighter flights both domestically
and internationally maintained their operations unchanged
achieving a market share of 38%.
Domestic
Tonnes
2014
2013
-6.3%
12.4%
Freight In
Freight Out
-9.8%
1.208
1.075
5.794
6.422
8000
6000
4000
2000
21.7%
Mail In
2000
4000
6000
8000
-15.5%
Mail Out
607
499
1.058
1.253
8000
6000
4000
2000
15.3% Cargo In
2000
Cargo Out
4000
6000
8000
-10.7%
1.816
1.574
6.853
7.675
8000
6000
4000
2000
2000
4000
International
6000
Tonnes
8000
2014
2013
4.6%
4.2% Freight In
Freight Out
6.7%
31.105
29.852
29.918
28.042
40000
30000
20000
10000
0.1%
0
Mail In
10000
20000
30000
40000
-2.9%
Mail Out
4.599
4.595
3.048
3.137
40000
30000
20000
10000
3.7% Cargo In
10000
Cargo Out
20000
30000
40000
5.7%
35.704
34.446
32.966
31.180
40000
30000
20000
10000
10000
20000
30000
40000
aia.gr / 23
4/14/15 5:55 PM
Financial
Performance
Although economic recovery in Greece was modest, AIA posted significantly

growing profits, driven mainly by the successful traffic evolution within 2014.
Revenues performance was affected by a series of key market developments
in combination with continuing companys efforts to address and support
respective trends: a. stabilisation of the economy, b. reinforcement of
the citys attractiveness, and c. significant increase in the capacity offered
by airlines. Meanwhile, AIA managed the substantial traffic increase,
sustaining costs at low levels, thus demonstrating that it has become even
more efficient and effective without compromising its value-for-money
strategy. In 2014 AIA recorded Profit before Tax of 126.7 million, increased by
34.8% compared to 2013. The following section provides an overview of the
companys financial performance in 2014.
2014
Revenue
Structure
20
ns
io
s
s
ce
n
IT &
42
19
Prop
er
ty
Ch
ar
ge
ADF
16
40
Aerona
uti
ca
l
11
Consum
ers
Groundh
and
lin
g
&A
ir
si
de
Co
10
30
Aeronautical Revenues, inclusive

of AIAs share from the Airport
Development Fund, amounted
to 214.5 million, contributing the
most to business, with around
61% of total income.
%
50
24 / aia.gr
04_Financial Performance_new.indd 24
4/9/15 5:56 PM
Annual Report 2014
2014 vs. 2013 Operating Revenues

For 2014, AIAs revenues inclusive of the companys share
from the Airport Development Fund (ADF) showed an
increase of 12.8%, from 311.8 million to 351.7 million. Chart
on the left shows the revenue breakdown.
Aeronautical Revenues, inclusive of AIAs share from the
Airport Development Fund, amounted to 214.5 million,
contributing the most to business, with around 61% of
total income. Revenues from airport charges increased by
18.9% compared to prior year, almost in line with passenger
traffic trends. Airport charges remained unchanged, while
conforming to its risk sharing philosophy the company
continued to implement developmental and targeted
incentive schemes. AIAs share from Airport Development
Fund (ADF) reached 66.8 million, showing an increase
of 20.3% compared to prior year, corresponding to the
passenger traffic increase.
351.7
million
Revenues from non-aeronautical segments reached

137.2 million, higher than prior years level by 3.9%. In
specific, revenues from Groundhandling and Airside
Concessions increased by 16.5% following traffic
development trends. Revenues from Commercial activities
increased by a moderate 6%, as the unfavourable market
conditions driving the gap are still evident; i.e. Greek
passengers poor spending behaviour, Ryanair passengers
lower spending and adverse currency fluctuations negatively
affecting the high yield destinations such as Russia and
Turkey. Property revenues decreased by 10.8% compared
to previous year, mainly due to the reduction of the
Photovoltaic feed in tariff as of April 2014 and the additional
burden recorded from the retroactive tariff cuts (2013).
Finally, IT&T revenues slightly decreased by 1.2%. Chart below
depicts AIAs 2014 income streams vs. those of 2013.
311.8
12.8
%
in total
million
Million
Growth 2014/2013
2014
Aeronautical Charges 147.7 124.3
18.9%
ADF 66.8 55.5
20.3%
Ground Handling & Airside Concessions 38.9 33.4
16.5 %
Consumers 57.4 54.1
6.0 %
Property 32.3 36.2
-10.8 %
IT & T 7.3 7.4
-1.2 %
Other 1.3 0.9
2013
36.4%
40
80
120
160
2014 Operating Expenses Structure

Despite significant additional traffic, efforts on the cost side
continued within 2014 resulting in practically flat levels of
Operating Expenses compared to 2013. It should be noted
that increased personnel expenses are mainly driven by
the extraordinary benefit recorded in 2013 from the reassessment of the actuarially based severance indemnity
provision - consistent with the changes introduced within
2013 in labour law and pertinent accounting standards.
Meanwhile, an adverse variance in extraordinary items this
year vs. prior year was to a large extent offset by savings
in various cost categories (such as utilities and contracts).
Total operating expenses for 2014 amounted to 111.5 million,
higher by 3.1 million compared to 2013. The 2014 operating
expenses breakdown and comparison against 2013 can be
seen in Charts on the right and on the next page.
Total
operating
expenses for
2014 amounted
to 111.5
Market Share
Outsourcing & Other Services
43%
Salaries & Other Employee Related Expenses
37%
Utilities
7%
PR & Marketing
3%
9%
Other Operating Expenses

0
10
20
30
40
50
60
aia.gr / 25
4/9/15 5:56 PM
4 Financial Performance
2014 vs. 2013 Operating Expenses
2014
2013
48.4
Outsourced
Services
48.0
41.4
Salaries
& Other Employee
Related Expenses
39.2
Million
21.7
Other Operating
Expenses
21.2
10
20
30
40
50
Profitability
AIAs EBITDA, inclusive of AIAs share from ADF, reached
240.1 million compared to 203.4 million in 2013.
Depreciation charges were recorded at almost the same
levels compared to 2013 and amounted to 71.7 million.
Financial expenses were higher by 3.6 million due to the
extraordinary default interest recorded last year, partly
offset by the benefit from the reduced balance of Bank
loans. Profit before Tax was recorded at 126.7 million
reflecting a significant increase of 34.8% compared to
previous year. Corporate taxation for 2014 Profits reached
34.9 million, same as previous year, despite higher profits,
since in 2013 the impact on deferred tax due to change in tax
rates from 20% to 26% was recorded. Profit after Tax for 2014
reached the level of 91.8 million.
Amid a challenging and fragile environment, with

significant traffic growth but still pressures on the business
performance, AIA has become even more efficient and
effective. The key performance indicators reveal not only
a substantial profitability increase, but also improved cost
leverage, productivity and margins increase and value
creation through efficient use of AIAs asset base.
Taking into consideration the 2014 financial results
after tax, the Transfer to the Statutory and Other Reserves
of 4.6 million and the previous years remaining retained
earnings of 0.2 million, there remains a distributable
profit of 87.4 million. The Board of Directors proposes to
Shareholders a dividend for 2014 of 2.91 per share for a total
dividend payment of 87.3 million.
Highlights of the 2014 - 2013 Profit & Loss Statement

2014
Financial Results
2013
351.7
311.8
Operating Revenues & ADF
111.5
108.4
Operating Expenses
240.1
203.4
Ebitda including adf
71.7
71.2
41.8
38.2
Amortization & Depreciation

Financial Expenses
34.9
34.9
Total Corporate Taxation
91.8
59.0
Profit after Tax

150
100
50
50
100
150
200
250
300
Million
126.7
93.9
Profit (loss) before Tax
350
Table above presents a summary view of the 2014 & 2013 Profit & Loss Statement.
26 / aia.gr
4/9/15 5:56 PM
Annual Report 2014
2014 vs. 2013 Key Performance Indicators
2014
2013
Change
23.1
-7.0
24.9
1 Net Turnover plus ADF /

Passengers
43.5%
35.7%
7.8
pp

Net Asset Value (including
Works In Progress)
7.3
8.6
-15.2
3 Profit Before Tax / Net

Turnover plus ADF
Pbt Margin (%)3
36.0%
30.1%
5.9
pp
4 Operating Profit Before

Interest & Tax / Capital
Employed
Roce (%)4
17.9%
11.5%
6.4
pp
13.3
Performance Indicators
Revenues & ADF/Pax ()1
Revenues & ADF/
Net Asset Value(%)2
Operating Cost/Pax ()
70.5
28.9
Ava (million )5
25
50
75
100
522.9
461.4
Revenues & ADF /

FTE (000)6
AIA not only maintains strong

profitability but also manages to
show a strong cash position, well
above the minimum required level
of debt service cover ratios, as
these are defined in the EIB loan
agreement.
Cash inflow from operating
activities stood at 152.5 million
compared to 175.8 million in
2013, mainly due to unfavourable
working capital variances. Net
cash outflow from investing
activities reached 5.8 million,
compared to inflow of 2.4 million
in 2013, as a result of extraordinary
default interest receipts within
2013. Finally, Net cash outflow
from financing activities was
recorded at 126.6 million, 10.8
million lower outflow than prior
year, incorporating the lower
dividend payment of 2013 financial
results, approved and paid to
the shareholders in 2014. Closing
cash position for 2014, inclusive of
investments in held-to-maturity
financial assets, reached 275.6
million, 20.1 million above
previous years levels.
300
400
500
2014
Million
2013
450*
400
350
5.8
2.4
300
250
126.6
137.4
152.5
200
175.8
150
100
50
275.6
Cash Flow 2014
200
214.6
100
255.5

Full Time Equivalents
255.5
5 AVA: Added Value on

Assets = Net Operating Profit
after Tax (Cost of Capital x
Net Asset Value)
0
Opening
Cash
cash inflow
Operating
Activities
cash outflow
Investing
Activities
cash outflow
Financing
Activities
Closing
Cash
Cash equivalents for 2013 results include 220.5 million of investments in held-to-maturity financial assets.
Cash equivalents for 2014 results include 250.8 million of investments in held-to-maturity financial assets.
aia.gr / 27
4/9/15 5:56 PM
Our Business
Units
AIAs organisational structure is designed around four Business Units (Aviation, Consumers,
Property and IT & Telecommunications), which hold a combined responsibility for operational
excellence and business development. To further reinforce this role, a Value Based Management
(VBM) methodology measures the performance of the Business Units against predefined targets
on both financial and non-financial metrics and parameters (e.g. systems efficiency, quality of
services, safety of operations, environmental responsibility, personnel safety, training, etc.).
AVA per Business Unit

The main metric that has been selected for measuring
financial value creation by the four Business Units is AVA
(Added Value on Assets). It measures value created from
operating revenues and expenses, also taking into account
assets and cost of capital , since airports are largely capital
intensive business entities. We have allocated all revenues,
costs and assets to the four Business Units and are
therefore able to measure financial value creation of their
individual business activities, also taking into consideration
indirect expenses and asset-related costs.

Financial performance of each Business Unit in terms
of AVA (Added Value on Assets) is presented below. In 2014
AVA was significantly increased compared to 2013 (70.5
million vs. 28.9 million). The increase of revenues fuelled
by the higher traffic experienced in 2014 was the primary
driver of this AVA improvement. At the same time our cost
control efforts in operating and capital expenses have also
allowed us to reap the full benefit of this revenue growth.
AVA per Business Unit Variance
AVA per Business Unit 2014-2013

2014
2013
Aviation
28.4
1.9
80
12.9
70
1.5
0.6
70.5
Consumers
26.5
60
38.8
25.9
50
Property
40
2.3
0.8
28.9
20
IT&T
0.9
0.3
Million
10
AIA AVA
2013
Aviation
Variance
Consumers Property
IT&T
Variance
Variance Variance
AIA AVA
2014
Note: AVA = Net Operating Profit After Tax - Cost of Capital x Net Assets
10
15
20
25
30
35
40
Million
30
45
Note: The segmentation of the Business Units is for VBM purposes

only and not related to regulatory Air-Non Air Acitivites segmentation
28 / aia.gr
05_Our_Business_Unit.indd 28
4/9/15 5:56 PM
Annual Report 2014
Aviation Business Unit
For another year AIA maintained safe, orderly and efficient

aviation operations throughout the year offering highquality services to aircraft operators, ground-handlers
and passengers. Close cooperation with all stakeholders
ensured the expected safety level and passenger
convenience.
Revenues from airport charges amounted to 147.7
million presenting an increase of 18.9% versus 2013, a result
deriving from the overall strong traffic performance and
especially the significant growth of passenger demand.
Revenues from centralised infrastructure and airside
concessions amounted to 38.9 million demonstrating an
increase of 16.5% against 2013, positively influenced by the
favourable traffic trends.
Our Aviation Safety Services focused on enhancing
a series of measures affecting all components of the
Safety Management System and the Hellenic Civil
Aviation Authority approved the updated Aviation Safety
Management System Manual in December. During
2014 AIA continued promoting airport readiness and
responsiveness to emergency situations. Ten emergency
exercises were conducted within 2014 which included the
Full Scale Emergency Exercise Aircraft Accident on Airport
that took place in November with the participation of
more than twenty emergency response stakeholders,
including, for the first time, the Air Accident Investigation
and Aviation Safety Board (AAIASB). Also, the annual fullscale winter operations exercise, carried out in December,
demonstrated the operational readiness and capability
of the airport to deal with winter operations assessing
our overall airport capacity to perform snow removal

operations both airside and landside.
In the area of ground handling, in accordance with the
European and national legislation, we launched a tender
for the award of the restricted third-party rights: for
Baggage & Ramp, In-Flight Catering Ramp transportation,
Freight & Mail and Fuel Into-plane services.
Furthermore, all members of the Athens Airport
aviation fuel supply chain were awarded Certificates
of Excellence for the 2nd consecutive year by the Joint
Inspection Group (JIG). This recognition of excellence is
considered a unique achievement for airport fuel chain
suppliers worldwide.
The airport security system was successfully tested and
audited during several inspections of the pertinent security
inspectorate of the Hellenic Civil Aviation Authority. Two
security inspections were carried out involving AIA security
staff and systems whilst three security inspections were
conducted in the field of the Airports Known Suppliers
operation as well in the processes followed by AIA for their
nomination.
The Extra Schengen passenger and hand luggage
centralised security concept was implemented in
December. The new centralised screening checkpoint,
located right after the departure passports control,
provides ease of access, plenty of space, advanced lighting
and a contemporary architectural design; the result
is welcomed by passengers, stakeholders and staff as
a remarkable improvement of airport operations and
passenger experience.
Revenues from Aeronautical Charges 2014

Market Share
21%
7%
46%
25%
Landing
Parking
PTF
Security
aia.gr / 29
4/9/15 5:56 PM
5 Our Business Units
Aviation Business Unit

Aeronautical Charges 2014 vs. 2013
2014
2013
Landing
31.3
28.5
Parking
10.9
9.8
PTF
69.1
55.9
37.7
31.1
0
10
20
30
40
50
60
70
Million
Security
80
Airport Marketing & Pricing

During 2014 AIA continued its dynamic marketing strategy
and incentives policy as part of an integrated pricing
strategy in order to encourage traffic growth in a targeted
yet fully transparent and non-discriminatory manner and to
assist airlines to accelerate and enhance their operations to
the extent possible. AIAs aeronautical marketing strategy
encompasses comprehensive developmental and targeted
programmes for airlines including incentives and marketing
support packages and constitutes the cornerstone of AIAs
aeronautical strategy for growth.
AIA maintained all charges unchanged without any
increase for the sixth consecutive year. This freezing of
charges was complemented by the enhancement of
a number of strong targeted schemes for the airlines,
throughout the year. Further to the special Low Fares
Incentive during winter, which was further enriched by a
second tier aiming to encourage airlines to increase the
volume of Low Fares and thus to further stimulate demand
for air travel, AIA extended three significant targeted
incentives throughout 2014, i.e. the Sustainability Incentive,
aiming at sustaining and stimulating the airline offer by
encouraging airlines to at least maintain the same level of
operated flights vs. the previous corresponding period, the
Transfer Incentive, focusing on the development of transfer
traffic and the Load Factor Incentive, targeted to encourage
airlines to increase the amount of passengers per flight. The
newly established developmental scheme, Niche Routes
Incentive, was also enriched, aiming at attracting new
services with niche markets that are currently not operated
from Athens.
In total, thirteen different incentives both for development
and sustainability were in effect during 2014. They are applied

in a fully transparent and non-discriminatory manner. More
than 80% of the operating carriers made use of one or more
targeted incentives. Furthermore, more than 40 of our airline
partners enjoyed to a significant degree benefits from AIAs
traditional developmental incentives & marketing support.
2014 results and an initial assessment of the offered schemes
continue to verify that incentives implemented did manage
to successfully deal with the particular issues for which they
were introduced. The fact that the Ultra-Low Cost Carrier
Ryanair commenced operations from Athens while the share
of other Low Cost Carriers also increased, demonstrate the
dynamics of the Athens aviation market strongly supported
by the competitiveness of AIAs pricing scheme.
Europes largest airline and airport networking route
development forum Routes Europe 2014 (Marseille, 6-8
April) ended with an additional distinction for Athens
International Airport in the 4-20 million passengers
category in recognition of the continuous, dynamic support
it offers to its airline partners in their developmental
efforts. Moreover, in the context of the 20th World Route
Development Forum, World Routes 2014, the largest
annual gathering of airports and airlines, which was held in
Chicago (September 20-23) with the participation of 3,000
aviation professionals (airlinesairports-industry experts),
AIA received another important distinction and - voted
exclusively by airlines - was Highly Commended in the
passenger category of 4-20 million passengers in recognition
of its continuous actions in addressing efficiently airlines
efforts to develop new routes and/or to sustain the existing
ones. It is noteworthy that in the context of the prestigious
30 / aia.gr
4/9/15 5:56 PM
Annual Report 2014
Consumers Business Unit

Airline Awards 2014
Category
Winner
Highly commended
Best of Top 10 Performance
Emirates
Aegean Airlines / easyJet
Fastest Growing Airline - Domestic
Aegean Airlines -
Fastest Growing Airline - Western europe
Transavia.com
Vueling / Pegasus Airlines
Fastest Growing Airline - Eastern europe
Air Serbia
Aegean Airlines / Aeroflot
Fastest Growing Airline - Middle east
Aegean Airlines
Etihad Airways / EL AL Israel Airlines
Fastest Growing Airline - Africa
EgyptAir -
Overall Traffic Development
Aegean Airlines Transavia.com
Fastest Growing Airline - Seasonal Route
Air Baltic
Best New Entrant Performance
Ukraine International Airlines -
Fastest Growing Airline - Thin Route
Bulgaria Air
Highest Ranking European Destination
British Airways - London Route -
Highest Ranking non-European Destination
Emirates - Dubai Route -
Favourite Airline / European passengers
Aegean Airlines -
Favourite Airline / non-European passengers
Emirates -
ROUTES events, Athens International Airport is the most

awarded airport with 14 distinctions in 10 years.
Airlines contribution to the airports performance in
2014 was acknowledged by AIA for the 11th consecutive
year by rewarding them for the most successful passenger
traffic development during 2014. The awards ceremony, the
major airline networking event for Greece which is hosted
by AIA, took place in February 2015 during AIAs 15th Airline
Marketing Workshop.
During the last four years, AIA has not only applied
active marketing efforts to its Airline & Business partners
and Consumers, but has also extended its efforts to actively
support its Destination, Athens. Actions to reinforce
Athens attractiveness as a tourism destination have
significantly contributed to the recovery of the citys image
and the increase in foreign tourists arrivals to our city. In
particular, AIA has implemented a series of destination
marketing targeted actions and initiatives by forging strong
relationship and strategic co-operations and synergies with
tourism organisations and associations (Association of
Tourism Enterprises, Greek National Tourism Organisation,
Ministry of Tourism, Marketing Greece, etc.). In addition
to the above, the athenspotlighted city card programme
has continued its successful course, which has been further
enriched with additional high value partners, while a mobile
application and a revamping of the city card is on the way,
aiming at providing even more benefits to the foreign
visitors of our city.
Also, consistent to AIAs strategic aim of supporting
Athens as a destination, the 2nd Airport Chief Executives
Symposium (ACES Athens), an AIA initiative hosted
Air Canada / US Airways
Air Moldova
in Athens, was successfully held on November 18th,

at the Acropolis Museum. ACES aims to highlight the
interdependence between the air transport industry and
airports on the one hand and the economies and the
development of the served destinations on the other. This
year more than 140 top executives from air transport, the
international banking sector, the financial sector and the
tourism industry responded to AIAs invitation. During the
Symposium, AIA also announced its most recent initiative
aiming at supporting the national campaign for the
return of the Parthenon Sculptures in Greece, by inviting
passengers and city visitors to vote and express their opinion
on the matter at dedicated electronic kiosks in the terminal
areas.
Following the success of AIAs worldwide campaign
Perha youre an Aenian too! which ran during 2014 in
18 airports worldwide addressing more than 170 million
passengers per year, a new international campaign under
the slogan Im an Aenian too was introduced. The new
campaign, a joint initiative between Marketing Greece and
AIA, invited visitors to declare their Athenian identity by
sharing through social media their experiences from their
visit to Athens .
The fact that the number of foreign visitors with Athens
as their final destination significantly increased during the
last year denotes the effectiveness of such initiatives and
particularly how successful strategic synergies can prove
and highlights the necessity for all industry organisations
to continue their cooperation with the long-term strategic
aim to establish Athens as one of the most appealing tourist
destinations worldwide.
aia.gr / 31
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The Companys aim is to offer a wide spectrum of high

quality services and to deliver a unique airport experience
to both passengers and visitors while at the same time
generate financial value for AIA.
In 2014, the direct revenues of the Consumers Business
Unit amounted to 57.4 million, representing an increase of
6.0 %, mostly driven by the commercial revenues rise.
More specifically, the positive traffic developments of
2014 led to an increase in the revenues generated from the
retail and food & beverage units of the Airport Shopping
Centre. Nevertheless, this significant increase was not at
par with traffic growth due to the limited buying capacity
of the Greek passengers and the change in the consumer
behaviour with the growing presence of low cost carriers.
Throughout the year, areas of the Airport Shopping
Centre underwent architectural transformations as part
of a broader targeted intervention plan designed and
implemented by AIA, which will be completed within the
following years.
More specifically, the central catering area was fully
renovated including the total revamp of the Airports main
food court unit offering a new seating and eating concept
in the centre of the terminal and allowing for an expanded
apron view in totally refurbished catering outlets. The

Extra Schengen area redevelopment is a major upgrade,
which includes the security centralisation, the realisation
of a commercial walkthrough concept and the creation of
additional retail space, and is expected to be fully finalised
in early 2015, when all included retail and catering units
will be redeveloped in cooperation with the Hellenic
Duty Free Shops and F&B operators. Quite importantly,
merging the gate lounges with the retail concourse will
offer passengers the ability to move freely for shopping and
dining before boarding, thus drastically improving their
Airport experience. Furthermore, as part of the aesthetic
upgrade of the terminal departures area, AIA is proceeding
with the cladding of the terminals mezzanine level faade
with a modern and contemporary veil. These upgrade
projects are expected to significantly improve retail and
food & beverage sales and strengthen AIAs commercial
revenues whilst at the same time substantially advance
passenger satisfaction.
Further to the above and aiming to capitalize upon
the positive passenger traffic trend recorded throughout
the year, AIA closely cooperated with individual
concessionaires, in order to modify and upgrade certain
Consumers Revenues 2014 vs 2013

Million
50
42.5
2014
2013
40.1
40
30
20
12.8
12.7
2.1
1.4
Million
10
Commercial
Car Parking
Other Commercial
32 / aia.gr
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Annual Report 2014
retail and catering units, in terms of product offer,

aesthetics and functionality, according to the latest market
trends and customer needs. In this context, the brand
and product assortment was modified in ten units, eight
units underwent complete refurbishment resulting to an
aesthetical upgrade and five new brands and concepts
were implemented mostly inside departures lounges.
In order to further boost sales and improve customer
service, AIA implemented a series of promotional activities
and an innovative Customer Evaluation programme called
a vote for a smile, a customised personnel reward scheme
addressing all concessionaires of the Airport Shopping
Centre catering sector. Implementation of the a vote for
a smile increased all parties commitment to deliver high
quality services to their customers. Additionally, a wide
range of targeted marketing approaches were implemented
including customised activities linking airlines with specific
shopping offers, strong promotional offers for perfumes and
cosmetics, a media campaign and social media contests.
With regards to the Airports car parking facilities,
recorded increase in revenues proved to be marginal
despite the traffic increase. This is due mainly to the
change of consumer behaviour of Greek O&D traffic,
the primary user of the parking facilities, through the

expansion of ultra-low cost carriers whose clientele seem
to prefer public transport or car drop-off means.
In order to support sales against competing means of
airport access and parking, a new e-Parking service (P3
Holiday) was launched offering high discounts and multiple
e-parking seasonal offers, thus strongly supporting
e-Parking penetration and assisting AIAs long-term
parkings performance.
During the year, over 1.25 million airport users
interacted with AIAs Terminal Services staff for airport
information and assistance. The Airport Call Centre
responded to almost 500,000 calls and managed a high
answer rate with nearly 93% of passengers being served
within 20 seconds. The Airport-Info e-mail service
addressed over 2,700 queries.
In recognition of the excellent customer service
provided to the public, AIAs call centre was honoured with
the Silver Award in CRM Grand Prix Customer Service
Annual Awards in the category of Large Call Centres in
Greece. AIA proceeded to a critical upgrade of its call centre
that increased the systems capacity and considerably
improved overall service.
Consumers Revenues 2014

Revenue Share
Commercial
74%
Car Parking
22%
Other Commercial
4%
0
10
20
30
40
50
60
70
80
90
100
aia.gr / 33
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Property Business Unit
Property Revenues 2014

Revenue Share
19%
22%
47%
Cargo
Development
Property
Development
Utilities
& B&C*
Building
Space Leases
In 2014 the total Property Business Units revenues

amounted to 32.3 million, 3.9 million below previous
years level, with the considerably reduced revenues from
the Photovoltaic Park being responsible for this decline.
More specifically, revenues accounted in 2014 from AIAs
Photovoltaic Park were significantly reduced as a result of
Law 4254/2014 which stipulates a retroactive discount of 35%
on 2013 revenues (effected in 2014) and an approximately
27% reduction in the Feed-in-Tariff from April 2014.
With regards to the rest property business, despite
Athens property market continuous decline, AIA witnessed
only a marginal drop in revenues compared to 2013. More
specifically, building and space leases overall occupancy rate
remained at the previous years levels, despite the tenants
propensity to push down operating costs. Also, annual
sales of the Airport Retail Park which are directly affected
by the reduced disposable income of the Greek consumers
only showed a small decline, where signs of recovery were
*Building & Communal
12%
evident from May onwards.

Improved performance was recorded for the
Metropolitan Expo Exhibition and Conference Centre at
the northern area of the airport. Compared to 2013, leasing
exhibitor space was increased by 20%, a result which is
mostly due to the hosting of Poseidonia, a biannual event,
currently the only major Greek exhibition enjoying large
international participation.
Among highlights of the year, the Sofitel Athens
Airport hotel achieved a 13% increase in room occupancy
at an average room rate higher than that of 2013, strongly
capitalising on the significant traffic increase enjoyed during
the year.
Confirming last years indications for future revival of
the cargo market within 2014, Cargo Business recorded an
increase of 3.3% vs. 2013, managing a throughput of over
77,000 tonnes; it is worth noting that this is the first evident
sign of the cargo market recovery in 5-years time.
Property Revenues 2014 vs 2013
Million
2014
2013
Building Space Leases
15.2
15.2
Utilities & B&C*
7.2
10.8
6.0
6.4
Cargo Development
3.8
3.8
0
10
15
*Building & Communal
Property Development
20
34 / aia.gr
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Annual Report 2014
Information Technology & Telecommunications Business Unit
IT&T Revenues 2014

Revenue Share
22%
16%
18%
12%
31%
2%
Cute
Wired
Telecoms
Wireless
Telecoms
In 2014, the IT&T Business unit maintained the provision of

operational excellence and efficiency as a strategic priority and
generated revenues of 7.3 million, at similar levels with 2013.
In 2014, IT&T has embarked on a reorganisation process
in order to improve its governance model & assure quality
of service in the various offerings towards AIA, the airport
community and external customers. Within this context,
the strategy adopted relies on three pillars: Operational
Excellence, Revenue Generation & Business Focused
Governance. In terms of Operational Excellence IT&T focuses
in four areas:
Efficiency: Two major activities have been concluded within
2014. Firstly, a new Baggage Handling integrated system
was implemented incorporating functionalities that were
previously provided by separate systems. Hence, the process
has been optimised and baggage handling services were
improved. Secondly, a project aiming to upgrade the existing
CUTE platform currently serving all airlines in the airport was
initiated. The project consists of two phases: the first one,
successfully completed within 2014, involved the replacement
of the existing Network configuration with a new one. The
second phase, due for completion in 2015, concerns the
replacement of all desktop equipment as well as internal
network devices.
Service: IT&T adopted a service-oriented model & embarked
Data Network
Services
Value Added
Services
Other
on an ISO 20000 (IT Service Management) certification

process. This will provide means of measuring IT&T
performance and the framework within which customers will
be supported in a formalised manner through Service Level
Agreements.
Operations: Major infrastructure supporting IT&T
functions, such as Computer Rooms & Networking facilities,
has been reviewed by external experts and consequently a
plan for improvement works has been drafted. As a result,
resilience will be enhanced whilst operational expenses are
expected to be lowered in the coming years.
Customer Experience: AIA focuses its efforts into
improving passenger airport experience by providing services
that facilitate them throughout their stay in the terminal.
In this context passengers enjoy enhanced WiFi services,
self-service services such as self-boarding kiosks and flight
tracking facilities, as well as cultural & entertainment
interactive platforms, namely the Interactive Table and the
Vote for the Marbles kiosks.
In terms of revenue generation, IT&T has commenced to
fully redesign the Services Catalogue in order to present a
simplified offering. Simultaneously, taking advantage of the
existing infrastructure, it has addressed the external market
and offers data centre services to medium-size enterprises.
The product and services repackaging will continue into 2015.
IT&T Revenues 2014 vs 2013
Million
2014
Cute
2.3
1.9
Wired Telecoms
1.6
1.9
Wireless Telecoms
1.2
1.1
Data Network Services
0.9
0.9
Value Added Services
1.3
1.5
Other
2013
0.1
0.1
0.5
1.0
1.5
2.0
2.5
aia.gr / 35
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Corporate
Responsibility
Our sustaining success at Athens International Airport is about running a good
business, i.e. acknowledging and responding to diverse stakeholder interests,
ensuring productivity while controlling risks, attaining growth while respecting
the environment and constraining costs while delivering a positive socioeconomic impact.
We believe that there is a strong business case for corporate responsibility and
accountability, for respecting globally recognised principles as part of our day-today operation. We maintain a corporate reputation of a prudent, respectful and
responsible operator that nurtures employee loyalty, secures our dependability
towards business partners and drives public confidence in us. In the bottom line,
we believe that good business is good for the business itself.
AIA implements an annual CR action plan, focusing on selected material
sustainability aspects that are essential for the Company and its stakeholders.
Those aspects are identified through a Materiality exercise carried out by the CR
Committee with representation across AIA Management.
Through annual reporting and external validation of disclosures by an
independent assurance provider, AIA applies international best practices with
respect to validity and transparency of disclosures of governance, operational,
environmental, social and employee-related activities. In 2014, AIA was one of
the first few companies in Greece and among the few European airports to adapt
to the Global Reporting Initiative Guidelines (GRI G4), the recently updated and
globally acknowledged reporting standard.
36 / aia.gr
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Annual Report 2014
Operational Responsibility
Crisis Planning and Aviation
Safety Management
Aviation Safety Performance
36.23 100,000
vs 41.23 aircraft
movements
serious incidents
2013
154,530
total number
of aircraft
movements
Technical and public areas are monitored through inspections

in order to ensure that AIA and contractors comply with the
corporate health and safety rules and legislation. In 2014,
twenty audits to ground handlers, cargo handlers, security,
landscaping and maintenance companies took place.
Crisis
Planning
We promote airport readiness and rapid response to
emergency situations. Efforts in 2014 focused on training and
as a result a large number of operational stakeholders were
involved in exercises and workshops.
AIA emergency
response system
263
Airport
Hellenic
Fire
Corps
cases
Emergency
Response
2014
Airport Services
Emergency Medical Care
cases
111 4,033
cases
In the continuously evolving aviation operating

environment, AIA implements aviation safety and crisis
planning management that ensures efficient daily
operations through a constructive cooperation among all
airport users.
In order to improve aviation safety and resilience
against potential operational disruptions, in 2014 we
enhanced the scope of our Aviation Safety Management
System (SMS).
Since promoting the safety culture across the entire
airport community is a priority, a series of related working
groups (Safety Review Committee, Safety Action Group
and Airside Safety Team) and training sessions took
place, as well as specialised initiatives such as the FOD
management.
During the first semester of 2014 a training programme
was conducted regarding hazard identification and risk
assessment. In addition, hazard identifications were
performed on airside by both AIA staff and stakeholders.
In the same context, our current risk assessment system
was evaluated by assessing all airside operations-related
hazards. A similar approach is being promoted to all airport
stakeholders, encouraging them to submit their own
hazard identification reports.
The approval of the Aviation SMS Manual (Aerodrome
Operations Manual Volume I) by HCAA was granted in
December 2014. This new edition aligns with the new
version of ICAO documentation.
Finally, AIA participates in the EU research project
Proactive Safety Performance for Operations (PROSPERO)
aiming at reducing the number of aviation industry
incidents in Europe.
Health
& Safety
Ten emergency exercises were conducted in 2014,

including the Full Scale Exercise Aircraft Accident on Airport
of last November that took place in two phases: in the 1st
phase, more than twenty emergency response stakeholders
participated, including for the first time the Air Accident
Investigation and Aviation Safety Board (AAIASB), who
rehearsed communications and response operations in case of
a mass casualty event. In the 2nd phase, a table-top exercise
took place involving the activation of the Human Losses
Management Plan of General Secretariat of Civil Protection.
Airport
Security
The Airport security system was successfully tested
and audited at several inspections of the pertinent
HCAA security inspectorate. In particular, two security
inspections of AIA security staff and systems were carried
out whilst additional three in the field of the Airports
Known Suppliers operation as well as of AIA processes for
aia.gr / 37
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6 Corporate Responsibility
their nomination were also conducted.

The Extra Schengen passenger and hand luggage
centralised security system was released in operation
in December. The new centralised screening checkpoint
is located right after the departure passport control
booths and provides ease of access and plenty of space
in a contemporary architectural design while it enhances
airport operations and passenger experience.
Security passenger
complaints
% of total complaints
2013
2.0 3.0
9.8 % 10.4%
minutes
Average security
queueing time
2014
minutes
Security Queueing
Fire Life
Safety
Our Airport infrastructure and operations comply with
strict Fire Safety regulations. Therefore, we follow our
corporate fire safety procedures which are systematically
monitored for adherence. Compliance with set procedures
is also ensured through intensive training and attested via
purpose-specific exercises and audits.
During 2014, fourteen training sessions and
two evacuation drills were successfully carried out.
Furthermore, compliance with regulations and the proper
employee training level of the technical facilities operations
were duly audited in a semi-annual/annual basis.
Passenger Service Quality

We are committed to provide passengers with a modern,
pleasant and hassle-free travel experience through stateof-the-art systems, innovative services and attentive
front-line professionals. In 2014, our Call Centre was
upgraded enabling an increase of the system capacity and
considerably improving the overall service.
93
500,000
calls
Response to calls
cancellations. We focus at enhancing passenger experience

by continuously improving our IT&T services both within as
well as outside the airport community.
of calls served
% within 20 seconds
Furthermore, during the year we initiated the Corporate

Volunteer Programme, with the engagement of almost
forty non-operational AIA staff members. The Programme
focused on providing passenger care and relief assistance
during extended crisis situations.
A signage improvement project was also undertaken in
order to enhance transfer passenger experience by providing
sufficient information and easy navigation throughout the
terminal areas. Moreover, a self-service e-check-in service
for transfer passengers arriving from an Extra-Schengen
country was introduced.
We are strongly committed to provide uninterrupted
operations and at the same time promote a collaborative
and innovative business environment. Within this context
we introduced the Buy Wi-Fi airtime by credit card service
enabling passengers to pay for the extension of the allocated
Wi-Fi time via a credit/debit card, while we provided free
wireless internet connection within the terminal beyond
the existing 60 free Wi-Fi, thus satisfying airline requests
to upgrade passenger service during lengthy flight delays or
Persons with disability and/or

reduced mobility (PRM)
AIA served an increased number of PRMs in 2014 (112,834
persons, a 9.7% increase vs 2013). Although only 41% of these
passengers had pre-notified their airline for the need and
type of assistance services, the PRM system responded in an
effective and qualitative manner.
Terminal Infrastructure
Projects
Committed to our mission, i.e. to always provide passengers
with exceptional services, we proceeded to a series of
targeted high impact interventions at the Main Terminal
Building (departures level), part of which were implemented
in 2014, the rest being expected to be concluded by early
2015.
In this context, the new Central Food Court was
completed in April 2014, allowing for an expanded apron
view and leading passengers to a circular course in between
totally refurbished Food & Beverage units.
Furthermore, a new walk-through concept meeting
the highest retail and aesthetical standards in line with
the first shop then eat principle is under development in
a brand new 2,100 m2 area at the Extra Schengen section.
Planned enhancements for 2015 include the merging of Extra
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Annual Report 2014
Schengen lounges with the retail concourse and installing a

new faade of the 3rd level for a homogenous retail-centre
perception along the departures retail corridor.
Measuring Passenger
Satisfaction
Passenger satisfaction showed a stable trend in 2014,
within a positively developed traffic frame. The Quality
Monitor Survey leaded to an overall rating of 4.24 on a
5-point scale, while the ACIs Airport Service Quality (ASQ)
Survey results similarly reflected AIAs

consistent performance in comparison
with other European airports.
A significant addition to AIAs
arsenal of service quality tools was the
introduction of the I-mind programme
in July 2014. I-mind is an innovative engagement of all AIA
employees as virtual passengers, offering their critical
view for Airport infrastructure and services through a
specifically-developed custom IT application. I-mind was
acclaimed at the Hellenic Management Association Corporate Affairs Excellence Awards with a first prize in the
Company & Stakeholders category.
Corporate Citizenship
Promoting
Athens
We undertake targeted initiatives in support of the
dynamic recovery of Athens as a tourist destination. The
2nd Airport Chief Executives Symposium (ACES) is an AIA
initiative hosted in Athens in November, with the Minister
of Tourism addressing more than 140 high-level executives
from the air transport and other business industries.
During the Symposium, AIA presented this years very
positive developments for Greek tourism, prospects for
the attractiveness of the destination and aviation industry
developments.
Another related AIA initiative was the launch of the
Vote on the Return of the Parthenon Sculptures to Greece.
With the use of an interactive puzzle game, passengers
had the opportunity to assemble the Parthenons West
Metope and place the 6th Caryatis back to its original place,
contributing to the national campaign.
Art &
Culture
In 2014, AIA organised three exhibitions in the Art and
Culture airport exhibition area:
My own Iliad (exhibition of sketches by the Cypriot
painter G. Koumouros, in cooperation with Anaplous
Cultural & Educational projects), Secrets of Greece (photo
exhibition under the auspices of the Hellenic National
Commission of UNESCO and in cooperation with Geo
Routes Cultural Institute) and Eleonas - Goddess Athenas
Olive Grove (photo exhibition of urban landscapes by
A. Smaragdis, in cooperation with the Hellenic Folklore
Research Centre Academy of Athens). Additional exhibitions
joining art with environmental causes were hosted. AIA
also supported significant Greek cultural entities as well as

the Canadian Museum of History for the major exhibition
of Greek antiquities The Greeks to North America which
travelled for the first time to Canada and the United States.
Art & Culture
250,000
people
per year
visit the airport permanent exhibitions

(Archaeological Findings, Acropolis Museum
and the exhibition for E. Venizelos)
Airport &
Children
As part of our Airport & Children programme in 2014, we
welcomed 5,370 young passengers and their families in the
Main Terminal Building childrens play area, staffed by the
Association The Smile of the Child. In parallel, we provided
visitor services to more than 2,000 young visitors offering
an insight to the airport facilities and operations.
On the humanitarian front, as part of our annual CR
action plan we supported numerous organisations for
children and social groups in need.
Local
Communities
Our 2014 Local Communities Action Plan included actions
regarding education, culture, athletics, society, the
aia.gr / 39
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6 Corporate Responsibility
environment, communication and transportation. Due to

on-going economic recession AIA continues to focus primarily
on the sensitive domains of education and society, thus
underlining its role as a social partner. Regularly meetings
with local stakeholders help us maintain a constructive
relationship which is based on mutual understanding. The
most important initiatives for 2014 include:
Construction of roads in the Spata-Artemis Municipality
Donation of educational material and equipment to
schools in the Municipalities of Spata-Artemis, Koropi,
Markopoulo and Rafina-Pikermi as well as financial
rewards to the top 18 high school students from these

municipalities accepted to Greek higher educational
institutions and additional support to Spata-Artemis
schools for their recycling efforts.
Sponsorships on athletic, cultural, humanitarian, public
health and environmental awareness related initiatives
Support for the 7th consecutive year of the conservation
programme for the Vravrona Wetland, a Natura 2000 site
located near the airport which has been transformed into
a popular destination for school students and other visitors
combining archaeological and environmental attractions.
Environmental Responsibility
In 2014, AIAs excellence in environmental protection
received national recognition in the context of the European
Business Awards for the Environment. Specifically, AIA
placed first in the Management category and was also
honoured with a Biodiversity Award for its initiatives
aimed at protecting ecosystems in the Mesogeia area.
These initiatives include an environmental monitoring
team that identifies, records and positively influences the
regions ecosystems, manages fauna and especially birds
in the area in order to reduce the risk of collisions with
aircraft, and oversees environmental aspects of the airports
landscaping. These two awards manifest that protecting
the environment remains a top priority for AIA and the
entire airport community despite the unfavorable economic
situation.
Further to a successful annual external assessment
in 2014, our Environmental Management System (EMS)
remains certified in accordance with the ISO 14001:2004 +
Cor 1:2009 standard through January 2016.
Energy and
Climate Change
AIAs Airport Carbon Accreditation was renewed at Level
3 (Optimisation) further to the expansion of its carbon
footprint to include indirect emission sources and its work to
engage other members of the airport community in the fight
against climate change. In fact, AIA has managed to reduce
its carbon footprint by 33% between 2005 and 2014 following
the implementation of a series of energy-saving measures
focusing on reducing consumption of electricity, natural gas
and vehicle fuel.
Further to its first full year of operation, the Power
Quality Optimization System (PQOS) managed to reduce
electricity consumption at the MTB by 2,150 MWhs (i.e. 5%) by
improving electricity system efficiency and grid stability. This
reduction in energy consumption corresponds to a reduction
in CO2 emissions by nearly 1,700 tonnes.
AIAs environmental profile is further bolstered by the 8.05

MWp Photovoltaic Park operating since 2011. The installation
produces green electricity while avoids the emission of nearly
12,000 tonnes of CO2 per year with an expected lifecycle of
more than 20 years.
The 2014 Climate

Change Corporate
Action Plan included
the following actions
Replacement of runway rubber removal
vehicle with a more fuel efficient model
Enhancement of stakeholder engagement
and raise awareness, particularly for
transportation issues
Investigation of optimal scenario for
partial replacement of AIAs vehicle fleet
based on operational, financial and
environmental criteria
Achievement of a recycling rate of 52%
(2016 target: 60%)
Replacement of six (6) of the Main Terminal
Buildings (MTB) existing air-cooled chillers
with four (4) more efficient water-cooled
chillers
Replacement of AIAs physical computer
servers with virtual ones
Upgrade of telephone and data networks
as part of the airport-wide Next
Generation Networks (NGN) project
Conversion of corporate paper-based
forms to electronic format equivalents
40 / aia.gr
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Annual Report 2014
Recycling Rate
2014
3% 52%
2001
Implementation of the Polluter Pays concept to waste

management, such as monetary incentives for recycling at
the source, has produced remarkable results.
In 2014, 11,027 tonnes of solid non-hazardous waste
were collected, of which 5,746 tonnes were recycled (52%).
In addition, 233 tonnes of hazardous waste and 160 kg
of medical/clinical waste were collected and transferred
to licensed facilities. Finally, airport employees recycled
8 tonnes of non-hazardous and hazardous waste at our
Recycling Centre.
AIA remains one of very few airports worldwide that
operates its own Sewage Treatment Plant (STP). In 2014,

the STP treated 312,657 m3 of sewage. The treated effluent is
used to irrigate non-public airport areas. In addition, AIAs
Industrial Wastewater Treatment Plant treated 3,091 m3 of
industrial wastewater.
Airport opening
Waste &
Effluents
Employers Responsibility
Further to the employee opinion survey conducted in
2013, meetings were organised among AIA Management
for discussing the survey results and the subsequent action
plan was presented to AIA employees.
AIA, true to its objectives to offer better services to all
employees, covering their increasing needs and further
inspiring their engagement, is continuously developing
the new HR Management System. As a result, in 2014
all AIA employees were given access to the e-Leaves and
e-Absences modules of the new system, which allowed
them to electronically upload their applications.
As a responsible employer aligned with market
practices, AIA provides to all open-ended and fixed-term
employees and their dependants (a total of 1,940 persons),
a Group insurance programme which includes medical, life,
and disability, coverage. Also, all open-ended employees
are offered a pension programme in which 94.7% of them
have selected to participate with their own contribution.
At the end of 2014, our headcount was 623 people under
open-ended contracts and 51 under fixed-term contracts.
The average age of our employees is 43 years old with a
high educational background. Thirty-one per cent (31%) of
our personnel reside at the local communities, reflecting
our seamless connection with the Mesogeia area.
2014 AIAs Training Plan
8,904 13.2
hours
Our people are a valuable resource and a key business

differentiator for AIA. Our success depends on them and
we aim, at all times, at treating them equitably, provide
them with a safe and sustainable working environment
and help them to further develop their skills.
We view training and development as a tool to enhance
employee knowledge and expertise in order to respond
to the ever-changing business demands. In 2014, an
e-learning platform was introduced to enhance flexibility
and efficiency in training.
In continuance of the Leadership Development
programme delivered to AIA Management Team, in 2014
AIAs Heads followed the course Supervisory Skills which
aimed at promoting and supporting role.
Furthermore, the team of the seventeen (17) AIA
employees delivering Airside Driving Permit Training to
airport community staff, attended an intensive Train the
Trainer course and were certified as Trainers.
The 5-day intensive course Refresher Training for Front
Line Supervisory Functions was developed internally with
the aim to provide and update participants knowledge
on aviation-related issues and regulatory framework. The
airport community was also involved, providing modules
related to airline operations, aircraft maintenance vs.
airport operations, and ground handling.
In 2014, AIA responded to the pressing youth
unemployment issue of Greek society (58% of youth
unemployed, 27% total population unemployment rate)
with the introduction of the Airport Praxis programme. This
programme included two initiatives for people aged 19 to
29; a six month paid employment for thirty young trainees
and a three month employment of forty University students
or graduates. The Airport Praxis objective was to contribute
to the career readiness of these young people through on
the job training and targeted courses for further developing
skills and experience necessary to secure jobs and begin a
career path in airport or similar work environments.
with 80% of the employees

attending at least one
training session
training hours
/ per FTE
aia.gr / 41
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Summer
Future
Prospects
2015
Taking into consideration the already

announced airline schedules for
the Summer 2015, our initial projections
for the year indicate further increase for air
travel albeit not at the rates of 2014.
After a year of considerable developments, an impressive traffic recovery

and positive financial results, the year ahead promises to bear significant
challenges and opportunities:
Passenger traffic is expected to continue to rise, powered by growing
tourism demand and airline capacity increases of the main home carriers
but also of other airlines, indicating strong dynamics of the Athens
aviation market. It is probably one of the rare periods in the recent years
that travel demand and airline supply concur in a rational and healthy
manner. As a result, and taking into consideration the already announced
airline schedules for the Summer 2015, our initial projections for the year
indicate further increase for air travel albeit not at the rates of 2014.
We shall continue to invest in projects that will enhance passenger
experience and maintain cutting-edge technology at Athens International
Airport but also bring financial merit. We are currently completing major
changes in the Extra-Schengen departures area, which are anticipated to

significantly improve potential of our commercial activities. At the same
time we are continuing to ameliorate aesthetics of the departures area by
concluding the faade cladding of the mezzanine area, in order to achieve
a homogeneous and powerful surface throughout MTB departures
level. Arrival level will also undergo targeted aesthetic and architectural
works in 2015, with the aim to enhance passenger experience. In 2015 we
commence planning the centralisation of the Intra-Schengen passenger
screening and the upgrade of the commercial environment and concept
of this high passenger traffic area. Finally, a number of investments in
the IT&T and technology field which combine automation, passenger
satisfaction, business efficiency and information security are planned in
order to ensure operational excellence for AIA.
Greek aviation environment is likely to change considerably in light
of the possible privatisation of Greek regional airports. The Company
42 / aia.gr
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Annual Report 2014
Investing in our terminal

Extra Schengen departures area
Facade cladding
Arrivals area aesthetic and
architectural works
Planning of Intra Schengen
passenger and hand luggage
screening centralisation
IT&T technology enhancements
evaluates the strategic implications that this might bring and calculates
potential business opportunities.
Even though we are currently experiencing a hiatus of the negotiations
on the potential extension of the Companys concession period, we
continue to believe that a successful completion thereof may significantly
benefit all parties: the Company, which will gain valuable lifetime and
be able to perform long term planning and development in accordance
with the international experience of similar assets; the Greek State which
will increase the value and potential attractiveness of its stake in the
Company, will gain direct benefits from this transaction and convey a
message to international investors; airlines and consequently travellers
by a better alignment of the financial recovery of the airport assets costs
in accordance with their useful life.
Of course, development of the Greek economy is crucial. The results of
2014 might be to a considerable degree attributable to the improvement

of the image of Greece and of the city of Athens, but also closely linked to
the stabilisation of the Greek economy which commenced within 2014.
A potential relapse to the adverse scenarios relating to the future of the
Greek economy will negatively affect or reverse the potential that we
foresee for 2015.
Although the Company has to be prepared to meet all adversities,
our working assumption is that in 2015 the country will head decisively
towards stabilisation and recovery. Despite the loss in the countrys
GDP of 26% since 2008, AIA has demonstrated increased resilience and
recently a strong traffic recovery re-approaching the pre-crisis years
levels, combining financial performance with operational excellence
and quality of services. Despite all adversities, past and future, we shall
continue our course, adjusting our strategies whenever necessary, in
order to deliver financial and non-financial value to our shareholders and
all other stakeholder parties.
aia.gr / 43
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Financial
Statements
As at 31 december 2014
In accordance with
the International
financial reporting
standards
Socits Anonymes Registration Number: 35925/04/B/96/60
General Commercial (G.E.MI) Registration Number : 2229601000.
Financial Statements as at 31 December 2014 (Amounts in Euros unless otherwise stated).
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Annual Report 2014
The attached Financial Statements are those that were approved by the Board of Directors of ATHENS INTERNATIONAL
AIRPORT S.A. on 24 March 2015 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 14 to 55 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:

Holger Linkweiler
Vice-Chairman of the Board of Directors
Chief Executive Officer
Panagiotis K. Michalarogiannis
Chief Financial Officer
Alexandros Gatsonis
Accounting Manager
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Reporting by the BoD to the Annual General Meeting

of the Shareholders
Dear Sirs,
It is a pleasure to welcome you today to the 19th Annual Ordinary General Meeting of the Shareholders of
Athens International Airport S.A. (AIA), during which we shall review the year 2014.
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 19th 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.
2014 was a good year for the global aviation industry, with passenger traffic remaining resilient in the face
of economic uncertainties and geopolitical risks in various parts of the world, benefiting from lower oil
prices, lower air fares and increased connectivity. According to IATA and ACI, global air travel expanded
by 5,9% in 2014 compared to 2013, exceeding the 10-year average growth rate of 5,6%. At the same time,
the worldwide airline industry enjoyed improved net profit margins in 2014, at the level of 2,7% (compared
to 1,5% in 2013). European airports grew at similar levels with the global average, enjoying, according to
ACI EUROPE, a strong passenger traffic increase of 5,4%, with most of the growth being fuelled by low
cost carriers. EU airports significantly outpaced economic performance, re-affirming the resilience of
the demand for air travel and reflecting the reliance of consumers and businesses on air connectivity.
The EU airports growth of almost 5,0% is not significantly below the respective non-EU growth of 7,0%,
since growth rates between EU and non-EU airports observed in the last four months of the year almost
converged. This is largely attributable to the non-EU airports decelerating levels of growth, mainly
because of passenger traffic decline in Ukraine and Russia caused by the geopolitical tension between the
two countries.
For AIA, after the last six years of recession, a number of important developments during the year
2014 gave a spectacular boost on the airports traffic evolution. With respect to the airline offer, the
capacity was significantly enhanced by the dynamic expansion of Aegeans international network,
together with the entry of Ryanair in the Athens market, topped by the investment of foreign carriers
in Athens. At the same time travelling demand returned to growth, with Greeks gradually returning
to air travel, while foreign visitors in Greece reached record levels in 2014. But apart from the increased
wave of incoming visitors to Greece overall, the city of Athens in particular regained its popularity and
welcomed a significant number of foreigners, close to the historical record levels of 2007. These traffic
developments were realised in a year that the Greek economy, although still in a fragile state, gradually
headed towards stabilization. The Greek GDP, following 5 years of depression, returned to a marginal
growth since the 2nd quarter of the year and is estimated to reach the small but positive number of +0,7%
as per the preliminary figures from the Hellenic Statistical Authority. Consequently, during the year 2014,
the airports passenger traffic reached 15,2 million, exceeding prior-year levels by 2,7 million passengers,
corresponding to a significant increase of 21,2%, whereas the number of flights amounted to 154,5
thousands, surpassing the corresponding 2013 levels by 10,0%.
Driven by the significant traffic increase, together with prudent cost management, AIA posted improved
profits, maintaining profit margins above the average airport industry and other major Greek companies.
The Companys achievement to handle substantial traffic increase, while sustaining costs at low levels
and maintaining high quality of services, attests to the fact that it has become even more efficient
without compromising its value-for-money strategy. This efficiency improvement was acknowledged by
the award from Air Transport Research Society (ATRS) with the 2014 Top Efficiency Excellent Award.
Crowning the overall successful performance in 2014, Athens International Airport won the 10-25 million
passenger category in this years 10th Best Airport Awards of the ACI EUROPE Annual Congress in
Frankfurt. This award commended AIAs high economic performance in a very challenging context, its
excellent work in redeveloping its traffic base while keeping a strong focus on the quality of service.
The Company recorded during 2014 Profit before Tax of 126,7 million and a distribution of 87,3 million as
dividend to its shareholders is proposed.
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Annual Report 2014
1. Traffic Highlights
During a year of structural changes for the Athens aviation industry, AIAs traffic amounted to 154,5
thousand flights and 15,2 million passengers, presenting a robust growth vs. the corresponding prior-year
levels of +10,0% and +21,2% respectively. The significant growth of the airports passenger traffic which
corresponded to 2,7 million additional passengers was achieved through the successful performance
of both domestic and international sectors that presented similar levels of growth (+22,5% and +20,5%
respectively). This favourable outcome is attributed to a series of key factors:
the stabilization of the economy, reflected in the increased air travelling of Greek residents, with an
overall 14,0% rise,
the strengthening of the citys attractiveness, clearly shown in the foreign Athens visitors robust
upward trend with a remarkable growth of 31,0% and
the significant increase in the capacity offered by airlines supported by the Airport Companys
incentives policy as part of an integrated pricing strategy.
Looking at the evolution of the international sector it is important to note that, with the exception of
Africa, all other regions enjoyed strong traffic growth, with passengers growing by more than 20,0%. The
3 main markets, Western Europe, Eastern Europe and Middle East, accounting for approximately 96,0%
of the airports international traffic, achieved sharp passenger traffic rise (at the level of 20,1%, 22,9% and
26,0% respectively), keeping at the same time high load factors despite the capacity increase and largely
formulated the overall result. Overall, in 2014 Athens was directly connected with scheduled services with
109 destinations (77 international) in 42 countries, operated by a total of 56 carriers.
2. Business Highlights
The Companys business highlights for the year 2014 are presented hereunder:
2.1 Airport Operations

For another year, our Aviation Business Unit maintained safe, orderly and efficient aviation operations,
throughout the year, offering high-quality services to aircraft operators, ground-handlers, and
passengers. The close cooperation with all stakeholders ensured the expected safety level and passenger
convenience.
Our Aviation Safety Services focused on enhancing a series of measures affecting all components of
the Safety Management System and the updated Aviation Safety Management System Manual was
approved by the Hellenic Civil Aviation Authority in December. During 2014, AIA continued promoting
airport readiness and responsiveness to emergency situations. Ten emergency exercises were conducted
within 2014, including the Full Scale Emergency Exercise Aircraft Accident on Airport that took place in
November with the participation of more than twenty emergency response stakeholders, including, for
the first time, the Air Accident Investigation and Aviation Safety Board (AAIASB). Also, the annual fullscale winter operations exercise, carried out in December, demonstrated the operational readiness and
capability of the airport to deal with winter operations, assessing our overall airport capacity to perform
snow removal operations both airside and landside.
In the area of ground handling, in accordance with the European and national legislation, we launched
a tender for the award of the restricted third-party rights: for Baggage & Ramp, In-Flight Catering Ramp
transportation, Freight & Mail and Fuel Into-plane services. The successful bidders will commence their
operation under the new contracts by the end of March 2015.
Furthermore, Certificates of Excellence were awarded for the 2nd consecutive year, by the Joint Inspection
Group (JIG) to all members of the Athens Airport aviation fuel supply chain. This excellence recognition is
considered a unique achievement for airport fuel chain suppliers worldwide.
The airport security system was successfully tested and audited at several inspections of the pertinent
security inspectorate of the Hellenic Civil Aviation Authority. In particular, two security inspections were
carried out involving AIA security staff and systems whilst three security inspections were conducted
in the field of the Airports Known Suppliers operation as well in the processes followed by AIA for their
nomination.
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The Extra Schengen passenger and hand luggage centralized security concept was implemented in
December. The new, centralized screening checkpoint, located right after the departure passports
control, provides ease of access, plenty of space, advanced lighting and a contemporary architectural
design; the result is welcomed by passengers, stakeholders and staff as a remarkable improvement of
airport operations and passenger experience.
2.2 Airport Marketing & Pricing

During 2014, AIA continued its dynamic marketing strategy and incentives policy as part of an integrated
pricing strategy in order to encourage traffic growth in a targeted yet fully transparent and nondiscriminatory manner and to assist airlines to accelerate and enhance their operations to the extent
possible. AIAs aeronautical marketing strategy encompasses comprehensive developmental and
targeted programmes for airlines, including incentives and marketing support packages, constituting the
cornerstone of AIAs aeronautical strategy for growth.
AIA maintained all charges unchanged without any increase for the sixth consecutive year. This freezing
of charges was complemented by the enhancement of a number of strong targeted schemes for the
airlines, throughout the year. Further to the special Low Fares Incentive during the winter, which was
further enriched by a second tier aiming to encourage airlines to increase the volume of Low Fares and
thus to further stimulate demand for air travel, AIA extended throughout 2014, three significant targeted
incentives, i.e. the Sustainability Incentive, aiming at sustaining and stimulating the airline offer by
encouraging airlines to at least maintain the same level of operated flights vs. the previous corresponding
period, the Transfer Incentive, focusing on the development of transfer traffic and the Load Factor
Incentive, targeted to encourage airlines to increase the amount of passengers per flight. The newly
established developmental scheme, Niche Routes Incentive, was also enriched, aiming at attracting new
services with niche markets that are currently not operated from Athens.
In total, thirteen different incentives addressing both development and sustainability aspects were in
effect during 2014. These incentives are applied in a fully transparent and non-discriminatory manner.
Indeed, more than 80,0% of the operating carriers took advantage of one or more targeted incentives.
Furthermore, more than 40 of our airline partners significantly enjoyed the benefits from AIAs
traditional developmental incentives & marketing support. The 2014 results and an initial assessment
of the offered schemes continue to verify that the incentives implemented, managed to successfully
deal with the particular issues for which they were introduced. The fact that the Ultra-Low Cost Carrier
Ryanair commenced operations from Athens and at the same time the share of other Low Cost Carriers
also increases, demonstrate the dynamics of the Athens aviation market strongly supported by the
competitiveness of our pricing scheme.
Europes biggest airline and airport networking route development forum Routes Europe 2014 (Marseille,
6-8 April), was completed with an additional distinction for Athens International Airport, in the 4-20
million passengers category, in recognition of the continuous, dynamic support it offers to its airline
partners in their developmental efforts. Moreover, in the context of the 20th World Route Development
Forum, World Routes 2014, the biggest annual gathering of airports and airlines, which was held in
Chicago (September 20-23) with the participation of 3.000 aviation professionals (airlinesairportsindustry experts), AIA received another important distinction and -voted exclusively by airlines- was
Highly Commended in the passenger category of 4-20 million passengers, in recognition of its continuous
actions in addressing efficiently airlines efforts to develop new routes and/or to sustain the existing ones.
It is noteworthy that, in the context of the prestigious ROUTES events, Athens International Airport is the
most awarded airport with 14 distinctions in 10 years.
The contribution of airlines to the airports performance in 2014 was acknowledged by AIA for the 11th
consecutive year by rewarding airlines for the most successful passenger traffic development during 2014.
The awards ceremony, the major airline networking event for Greece, was hosted by AIA and took place in
February 2015 during AIAs 15th Airline Marketing Workshop.
During the last four years, AIA has applied active marketing efforts not only to our Airline & Business
partners and to Consumers, but has extended its efforts to actively support our Destination: Athens.
These actions towards the enhancement of Athens attractiveness as a tourism destination, have
significantly contributed to the recovery of the citys image and the increase in foreign tourists
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Annual Report 2014
arrivals to our city. In particular, AIA has implemented a series of destination marketing targeted
actions and initiatives by forging strong relationship and strategic co-operations and synergies
with tourism organisations and associations (Association of Tourism Enterprises, Greek National
Tourism Organisation, Ministry of Tourism, Marketing Greece, etc.). In addition to the above, the
athenspotlighted city card programme has continued its successful course, which has been further
enhanced with additional high value partners, while a mobile application and a revamping of the city card
is on the way, aiming at providing even more benefits to the foreign visitors of our city.
Also, in line with our strategic aim of supporting Athens as a destination, the 2nd Airport Chief Executives
Symposium (ACES Athens), an AIA initiative hosted in Athens, was successfully held on November 18th,
at the Acropolis Museum. ACES aims to highlight the interdependence between the air transport industry
and airports, on the one hand and the economies and the development of the served destinations, on
the other. This year, more than 140 top executives from air transport, the international banking sector,
the financial sector and the tourism industry, responded to AIAs invitation. In the framework of the
Symposium, AIA also announced its most recent initiative aiming at supporting the national campaign
for the return of the Parthenon Sculptures in Greece, by inviting passengers and city visitors to vote and
express their opinion on the matter at dedicated electronic kiosks in the terminal areas.
Following the success of AIAs worldwide campaign Perha youre an Aenian too! which ran during
2014 in 18 airports addressing more than 170 million passengers per year a new international campaign
under the moto Im an Aenian too, was introduced. The new campaign was a joint initiative between
Marketing Greece & AIA inviting visitors to declare their Athenian identity by sharing their experiences
from their visit to Athens through social media.
The fact that foreign visitors having Athens as their final destination increased significantly during the
last year signifies the effectiveness of this kind of initiatives and in particular the successful outcome of
strategic synergies highlighting the need for all tourism related organizations to continue their aligned
cooperation focusing on a long-term strategy aiming at establishing Athens as one of the most appealing
tourist destinations worldwide.
2.3 Consumers
The Companys aim is to offer a wide spectrum of high quality services and to deliver a unique airport
experience to both passengers and visitors while at the same time generate financial value for AIA.
The positive traffic developments of 2014 led to an increase in the revenues generated from the retail and
food & beverage units of the Airport Shopping Centre. Nevertheless, this significant increase was not at
par with traffic growth due to the limited buying capacity of the Greek passengers and the change in the
consumers profile with the growing presence of low cost carriers.
Throughout the year, specific targeted areas of the Airport Shopping Centre went through architectural
transformations as part of a broader targeted intervention plan, designed and implemented by AIA,
which will be completed within the following years.
More specifically, the central catering area was fully renovated including the total revamp of the
Airports main food court unit offering a new seating & eating concept in the center of the terminal
and allowing for an expanded apron view in totally refurbished catering outlets. The Extra Schengen
area redevelopment is a major upgrade, which includes the security centralization, the creation of a
commercial walkthrough concept and the creation of additional retail space, and is expected to be fully
finalized in early 2015, where all included retail and catering units shall be developed anew in cooperation
with the Hellenic Duty Free Shops and the F&B operators. Quite importantly, merging the gate lounges
with the retail concourse will offer passengers the ability to move freely for shopping and dining before
boarding, drastically improving their Airport experience. Furthermore, as part of the aesthetic upgrade
of the terminal departures area, we are proceeding with the cladding of the terminals mezzanine level
faade with a modern and contemporary veil.
These upgrade projects are expected to significantly improve the retail and food & beverage sales
and improve AIAs commercial revenues whilst at the same time materially enhance the passengers
satisfaction.
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Further to the above and aiming at the capitalization of the positive passenger traffic trend recorded
throughout the year, AIA closely cooperated with individual concessionaires, towards the modification
and upgrade of specific retail and catering units, in terms of product offer, aesthetics and functionality,
thus aligning the Airport Shopping Centres commercial orientation with the latest market trends and
customer needs. Within this framework, the brand and product assortment of ten units was modified,
the full refurbishment of eight units was performed resulting to their aesthetical upgrade, and five new
brands and concepts were implemented, mostly inside departures lounges.
Aiming at further supporting sales and at improving customer service practices, AIA implemented a
series of promotion activities as well as innovative Customer Evaluation program (i.e. a vote for smile a
customized personnel reward scheme), addressing all concessionaires comprising the catering sector
of the Airport Shopping Centre; implementing the latter, a further increase of all parties commitment
towards the delivery of high level of services to the customer was achieved. Additionally, a wide range of
targeted marketing approaches were implemented, including customized activities linking airlines with
specific shopping offers, strong promotional offers for perfumes and cosmetics, a media campaign and
social media contests.
With regards to the Airports car parking facilities, the recorded increase in revenues was marginal,
despite the traffic increase. This is due mainly to the change of commercial behavior of Greek O&D traffic
which is the primary user of the parking facilities- through the expansion of ultra-low cost carriers,
whose clientele is more inclined towards the use of public transport or car drop-off means.
In order to support sales against competing means of airport access and parking, a new e-Parking service
(P3 Holiday) was made available for parking customers during the year, offering high discounts and
multiple e-parking seasonal offers, strongly supporting e-Parking penetration and assisting our longterm parkings performance.
During the year, over 1,25 million airport users interacted with AIAs Terminal Services staff for airport
information and assistance. The Airports Call Centre responded to almost 500.000 calls and managed
a high answer rate with nearly 93,0% of passengers being served within 20 seconds. The Airport-Info
e-mail service addressed over 2.700 queries.
In recognition of the excellent customer service provided to the public, AIAs call centre was honoured
with the Silver Award in CRM Grand Prix Customer Service Annual Awards in the category of Large Call
Centres in Greece. AIAs call centre received a critical upgrade that considerably improved overall service
and enabled the systems capacity increase.
2.4 Property
Although the Greek economy showed in 2014 some early signs of recovery, the Athens property market
continued its decline, still, AIAs property business realized only a marginal drop in revenues compared to 2013.
More specifically, buildings and space leases overall occupancy rate remained at the previous years levels,
despite the tenants propensity to push down operating costs. Also, the Airports Retail Park annual sales,
which are directly affected by the reduced disposable income of the Greek consumers, showed only a
small decline, where signs of recovery were evident from May onwards.
An improved performance was recorded for the Metropolitan Expo Exhibition and Conference Centre at
the northern area of the airport. Compared to 2013, the leasing of exhibitors space increased by 20,0%,
a result which is mostly due to the hosting of Poseidonia, a biannual event which is currently the only
major Greek exhibition enjoying large international participation.
Among the highlights of the year, the Sofitel Athens Airport hotel achieved a 13,0% increase in rooms
occupancy at an average room rate higher vs. 2013, strongly capitalizing on the significant traffic increase
enjoyed during the year.
Confirming last years indications for future revival of the cargo market within 2014, Cargo Business
recorded an increase of 3,3% vs. 2013, managing a throughput of over 77.000 tonnes; it is worth noting
that this is the first evident sign of the cargo market recovery in 5-years time.
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The revenues that were accounted in 2014 from AIAs Photovoltaic Park were reduced significantly as a
result of Law 4254/2014, stipulating a retroactive discount of 35,0% on 2013 revenues (effected in 2014) and
an approximately 27,0% reduction in the Feed-in-Tariff from April 2014.
2.5 Information Technology & Telecommunications

IT&T has embarked on a reorganization process in order to improve its governance model & assure quality
of service in the various offerings towards the Company, the airport community and external customers.
Within this context, the strategy adopted relies on three pillars: Operational Excellence, Revenue
Generation & Business Focused Governance.
In terms of Operational Excellence IT&T focuses in four areas:
Efficiency: Two major activities have been concluded within 2014. Firstly, a new Baggage Handling
integrated system was implemented incorporating functionalities that were previously provided
by separate systems. Hence, the process has been optimized and baggage handling services were
improved. Secondly, a project aiming to upgrade the existing CUTE platform currently serving all
airlines in the airport was initiated. The project consists of two phases: first phase that was successfully
completed within 2014 involved the replacement of the existing Network configuration with a new
one. The second phase which is due for completion in 2015 involves the replacement of all desktop
equipment as well as the internal network devices.
Service: IT&T adopted a service-oriented model & embarked on an ISO 20000 (IT Service Management)
certification process. This service will provide means of measuring IT&T performance, as well as the
framework within which customers will be supported in a formalized manner through Service Level
Agreements.
Operations: Major infrastructure supporting IT&T functions, such as Computer Rooms & Networking
facilities, has been reviewed by external experts and consequently a plan for improvement works has
been drafted. As a result, resilience will be enhanced whilst operational expenses are expected to be
lowered in the coming years.
Customer Experience: AIA focuses its efforts into enhancing passenger airport experience by providing
services that facilitate passengers throughout their stay in the terminal. In this context passengers enjoy
enhanced WiFi services, self-service such as self-boarding kiosks & flight tracking facilities, as well as
cultural & entertainment interactive platforms such as the Interactive Table or the Vote for the Marbles
kiosks.
In terms of revenue generation IT&T has commenced the full redesign of the Services Catalogue in order
to simplify the offering. Simultaneously, IT&T has addressed the external market offering data center
services to medium size enterprises, taking advantage of the existing infrastructure. The product services repackaging will continue into 2015.
2.6 Other Corporate Projects & Developments

With regards to other major developments, the following are notable:
Regarding the dispute with Athenian Engineering (formerly Olympic Engineering) on the Homebase
Contract, the LCIA whereupon the matter had been referred, has issued its decision on 22 January
2015 and notified it to AIA on 12 February 2015. Based on this decision, the Arbitral Tribunal orders AIA,
through its Award, to pay an amount of 3.526.801,91 plus legal interest as of 13/09/2013 until payment
(the amount initially requested by Athenian Engineering S.A. was 43.545.500). This amount was
reached by determining the Commercial Value of 85,0% of the Leased Area at 14.195.000 and
deducting (from this amount) a sum of 10.668.198,09 corresponding to debts owed by Athenian
Engineering S.A. to AIA.
Developments on all pending tax disputes with Tax Authorities are analytically referred in disclosures
5.28 and 5.30 of the Notes to the Financial Statements.
Following the major changes in the business environment, the Company prepared an update of its
Business Plan. The Business Plan was based on a revised traffic forecast which was prepared by an
external expert adviser. This adviser took into account all the recent changes in the market environment
and -together with all other necessary business and strategic assumptions- developed short, medium
and long-term traffic forecasts. The Business Plan also addressed the Companys outlook on key
value drivers such as pricing, investments and commercial activities. The updated Business Plan
demonstrates that the Company remains a healthy, competitive and value-adding enterprise for
shareholders, the Greek State, business partners and passengers.
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Pursuant to Article 4.2 of the ADA, the Hellenic Republic Asset Development Fund (HRADF) formally
invited AIA to negotiate for the potential extension of the concession period for another 20 years,
as part of the Greek privatization program and in preparation of the divestment of HRADFs stake
in AIA. The potential extension would be conditional to the successful sale of the offered HRADF
shares of AIA. For the purpose of the negotiations on the potential extension of the concession
period, AIA engaged external financial advisers, who prepared, with the input from AIA, a financial
model with mid- and long-term financial projections, including the projections for a 20-year
extension of the concession period. Following relevant clearance from the Board of Directors, these
projections were submitted to the advisers that the Greek State has engaged for this purpose. The
negotiations for the extension of the concession period have not reached conclusion.
In 2014, HRADF proceeded with the second phase of the tender for the award of the concession
for the exploitation and provision of services in relation to the operation and management of 14
Greek regional airports. AIA had successfully participated in the first phase and was among the
prequalified parties. Following extensive review and investigation of the business, strategic and
other qualities of the tender by AIAs Management, BoD and Shareholders, the Company eventually
decided not to submit a proposal.
3. Corporate Responsibility
AIA implements an annual Corporate Responsibility (CR) action plan, focusing on selected material
sustainability aspects that are essential for the Company and its stakeholders. Those aspects are
identified through a Materiality exercise carried out by the CR Committee with representation
across AIA Management. Through annual reporting and external validation of disclosures by an
independent assurance provider, AIA applies international best practices with respect to validity and
transparency of disclosures on governance, operational, environmental, social and employee-related
activities.
3.1 Operational Responsibility

In 2014, AIA continued improving aviation safety and resilience by widening the scope of the Safety
Management System through enhancements on policy and objectives, risk management, assurance
and safety promotion. Priority was placed on safety awareness across the entire airport community
through working groups, meetings and training sessions, as well as targeted initiatives such as
Foreign Object Damage (FOD) management. A significant safety assessment was performed
and successfully concluded during 2014 by a group of assessors representing ACI, ICAO and major
airports, under the umbrella of the ACI APEX assessment program.
In the context of the Crisis Planning & Emergency Management, during 2014 AIA concentrated in
promoting airport readiness for responding promptly to emergency situations and adversities, while
also pursuing its relevant objectives, through a series of specialized trainings and workshops.
Safety records demonstrated a consistently improving performance. Aiming at further improving
the overall safety performance and staff awareness, AIA also organized a series of trainings and
safety activities, including airside safety awareness presentations, meetings with stakeholders, and
safety campaigns at the airside. In May, AIA held a workshop on crisis management communication
processes, aiming at strengthening cooperation amongst all stakeholders for the timely and
effective handling of crisis communications at the airport. Special emphasis was placed on issues of
coordination with stakeholders in the field of communication with the wide public, the media and
other networks including social media.
With regards to airport fire life safety, fourteen training sessions and two successful evacuation drills
were implemented. Additionally, during 2014, the Corporate Volunteer Program was initiated to
engage non-operational AIA personnel (almost 40 employees) in the execution of a contingency plan
for the provision of passenger care and relief assistance in case or extended crisis situations.
3.2 Passenger Service Quality

Passenger satisfaction showed a stable trend in 2014, despite the increasing traffic levels and the
disruptions caused by terminal works. The overall rating of AIAs Quality Monitor Survey was at 4,24
on a 5-point scale, while the ASQ Survey conducted under ACI presented overall a similar picture for
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AIAs performance in comparison with other European airports.

A significant addition to AIAs arsenal of Service Quality tools was the introduction of the i-mind
programme in July 2014. i-mind is an innovative engagement of all AIA employees as virtual
passengers, offering their critical view for Airport infrastructure and services through a custom made
IT application. i-mind was acclaimed at the Hellenic Management Association - Corporate Affairs
Excellence awards with a first prize award in the Company & Stakeholders category.
AIA served an increased number of persons with disability and/or reduced mobility (PRM) in 2014
(112.834 persons, a 9,7% increase vs. 2013).
3.3 Corporate Citizenship

Bearing the role of a cultural hub for travellers and visitors, AIA participates in the cultural life of
Athens, addressing 250.000 people per year visiting the airport permanent exhibitions (Archaeological
Findings, Acropolis Museum and the exhibition for Eleftherios Venizelos).
In 2014, AIA organised three exhibitions in the Art and Culture airport exhibition area:
My own Iliad, an exhibition of sketches by the Cypriot painter G. Koumouros, in cooperation with
Anaplous Cultural & Educational projects
Secrets of Greece, a photo exhibition under the Auspices of the Hellenic National Commission of
UNESCO and in cooperation with Geo Routes Cultural Institute, and
Eleonas - Goddess Athenas Olive Grove, a photo exhibition of the urban landscape Eleonas by A.
Smaragdis in cooperation with the Hellenic Folklore Research Centre Academy of Athens.
Additional exhibitions linking art with environmental causes were hosted in the Art & Environment
exhibition area: the photo exhibition Journey to underwater Greece was organised in cooperation
with the non-profitable organisation Ydronaftes, and the photo exhibition titled Life Embracing
rock, which promotes the rare beauty of the landscape of Cretes Lefka Ori (White Mountains),
in cooperation with the Management Body of Samaria National Park Exhibition. Furthermore, in
cooperation with Athens Video/Art Festival, AIA hosted the multimedia exhibition Feel Free to Feel
Green focused on the diverse environmental issues in modern societies and ecosystems. AIA also
provided support to major Greek cultural entities.
As part of the Airport & Children programme, AIA welcomed 5.370 young passengers and their families
in the MTB childrens play area, staffed by the Association The Smile of the Child. In parallel, visitor
services were provided to more than 2.000 airport young visitors. On the humanitarian front, within
our annual CR programme, AIA supported numerous organisations for children and social groups in
need.
AIA engages the neighboring communities in a continuous dialogue on issues of common concern.
In the context of its role as a social partner, different initiatives were implemented through the 2014
Local Communities Action Plan, focusing primarily on the sensitive areas of education and society. The
most important initiatives included the reward recycling program for local schools, scholarships and
financial student rewards as well as transportation, humanitarian, public health, athletic, cultural
and environmental initiatives, such as the programme to protect and promote the nearby Vravrona
Wetland.
3.4 Environmental Responsibility

AIA was recognized for its best practices during the 2014 European Business Awards for the
Environment. Specifically, the Greek Federation of Environmental Companies awarded the airport with
1st place in the Management category as well as an award for the Biodiversity for its initiatives aimed
at protecting ecosystems in the area of Mesogeia.
In 2014, AIA renewed its certification at Level 3 of Airport Carbon Accreditation and took action to
further engage the airport community against climate change. Since 2005, AIA has managed to reduce
annual electricity consumption by 21,0% (13,8 GWh) which in combination with additional measures
to reduce emissions from other sources have resulted in a 33,0% reduction in AIAs carbon footprint
(22.000 tonnes of CO2 per year).
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AIA maintained its ISO 14001 certification of its Environmental Management System following a
successful audit by an independent body.
By implementing a waste management concept based on the Polluter Pays principle, which
incorporates financial incentives to promote recycling across the airport site, AIA has managed to
increase the recycling rate to 52,0%.
Focusing on energy savings, the Power Quality Optimization System has achieved a reduction in MTBs
electricity consumption by 2.150MWh during its first full year of operation, improving the respective CO2
emission footprint by nearly 1.700 tonnes. Moreover, four new Water Cooled Chillers were installed at the
MTB, expecting to reduce electricity consumption by 5.100MWh annually. AIAs environmental profile is
bolstered by the 8,05 MWp Photovoltaic Park, avoiding nearly 12.000 tonnes of CO2 annually.
3.5 Employers Responsibility

At the end of 2014, AIAs headcount was 623 people under open-ended contracts and 51 under fixed-term
contracts. As a responsible employer aligned with market practices, AIA provides to all open-ended and
fixed-term employees and their dependants, a health group insurance programme. Also, all open-ended
employees are offered a pension programme in which 94,7% of them have selected to participate with
their own contribution.
AIAs Training Plan in 2014 involved a total of 8.904 hours, with 80,0% of the employees attending at least
one training session. The number of training hours provided to employees is the equivalent of 13,2 hours
per Full Time Equivalent employee. In order to facilitate the delivery of training, and better accommodate
the needs of our shift employees, an e-learning platform has been introduced in 2014.
In 2014, AIA responded to the pressing youth unemployment issue of Greek society with the introduction
of the Airport Praxis programme. This programme included two initiatives for people aged 19 to 29: a six
month paid employment for 30 young trainees and a three month paid employment of 40 University
students or graduates. The objective of the Airport Praxis initiative was to contribute to the career of
these 70 young people through on the job training and targeted courses for further developing skills and
experience necessary to secure jobs and begin a career path in airport or similar work environments.
4. 2014 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 Company.
The operating revenues of the Company reached the amount of 315,6 million, higher by 16,0% (or 43,6
million) compared to the previous financial year, the main cause being the increase of the passenger traffic.
In total, Companys participation in the Airport Development Fund (ADF) reached the amount of 66,8
million, higher by 11,3 million or 20,3% in comparison to the prior financial year, as a result of increased
passenger traffic. In line with the previous years practice, part of the ADF receipts covered interest
expenses, i.e. 36,0 million versus 39,8 million in the previous year, and therefore were recorded as
subsidies related to financial expenses, while the remaining, 30,7 million covered part of the instalments
of the loan received for the construction of the airport and it was transferred to other revenues, with the
corresponding amount of the previous year standing at 15,7 million.
Cost savings efforts continued in 2014 resulting to a marginal increase of operating expenses of 3,1 million or
2,84%, which however has been well below the experienced traffic and revenue growth. The marginal increase
of operating expenses is mainly due the reversal of provisions that had been made in the previous year.
Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were increased in the year
2014 by 40,5 million or 24,7% compared to the previous year, reaching the level of 204,1 million.
Depreciation charge was 71,7 million in 2014 marginally higher than the corresponding charge in 2013 of
71,2 million.
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Annual Report 2014
The net financial expenses stood at 41,8 million, presenting an increase of 3,6 million or 9,3% versus
2013.
Profit before Tax reached the amount of 126,7 million. After accounting for the aggregate charge for
income tax of 34,9 million, the statutory and other reserves of 4,6 million and the prior years retained
earnings of 0,2 million, there remains a distributable profit of 87,4 million. The Board proposes to the
shareholders a dividend distribution of 87,3 million, or 2,91 per ordinary share.
The Statement of Financial Position of 31 December 2014 reflects total Assets of 1,2 billion. The value of
the Companys Non-Current Assets (0,9 billion) represents 75,0% of Total Assets, indicating that AIA
still 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 24,8 million, not including investments in held-tomaturity financial assets, which amounted to 250,7 million. The cash surplus is invested in short term
time deposits and highly rated supranational and corporate euro-securities with maturity up to two
years.
The 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 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 with the Greek State and municipal charges disputes with two of
the surrounding municipalities are analytically referred to the note 5.28 of the Notes to the Financial
Statements.
Regarding events after the balance sheet date reference is made in note 5.30 of the Financial
Statements.
5. 2015 Outlook
Following a year of spectacular levels of traffic recovery and successful financial results, the year ahead
of us offers plenty of challenges:
Traffic levels continue to grow, powered by growing tourism demand and effective airline capacity
increases from the main home carriers but also from other airlines, indicating the strong dynamics
of the Athens aviation market. It is probably one of the rare periods in the recent years that travel
demand and airline supply are going hand-in-hand at a rational and healthy manner. As a result and
taking into consideration the already announced for the Summer 2015 airline schedules, our initial
projections for 2015 indicate further increase for air travel demand to/from Athens, however not at
the rates of 2014.
AIA continues to invest in projects that will enhance passenger experience and maintain Athens
airport at cutting-edge technology. We are completing the major changes in the Extra-Schengen
departures area, which will seriously improve the commercial potential. At the same time we are
continuing to enhance the aesthetics of the departures area by concluding the faade cladding of the
mezzanine area, in order to form a homogeneous and dynamic surface throughout MTB departures
level. Our terminal upgrade plans for 2015 also include targeted aesthetic & architectural initiatives
at the MTB arrivals level, aiming to enhance the passengers experience. In 2015 we commence
the planning of the centralization of the Intra-Schengen passenger screening and the upgrade of
the commercial environment and concept of this high passenger traffic area. Finally, numerous
investments in the IT&T and technology areas will ensure operational excellence for AIA combining
automation, passenger satisfaction, business efficiency and information security.
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Greek aviation environment will likely change considerably upon the potential privatization of the Greek
regional airports. The Company appreciates this, and the strategic implications that it brings along,
together also with possible business opportunities.
As we are currently experiencing a hiatus of the negotiations on the potential extension of the
Companys concession period, we continue to believe that a successful completion thereof can have
significant benefits for all parties: the Company, which will gain valuable lifetime and be able to perform
long term planning and development in accordance with the international experience of similar assets;
the Greek State which will increase the value and potential attractiveness of its stake in the Company,
will gain direct benefits from this transaction and transmit a signal to international investors; the
airlines and consequently the travellers by a better alignment of the financial recovery of the airport
assets costs in accordance with their useful life.
The results of 2014 were to a considerable degree attributable to the improvement of the image of Greece
and Athens and to the stabilization of the Greek economy, which commenced within 2014. Any potential
relapse to the adverse scenarios on the future of the Greek economy will negatively affect or reverse the
potential that we see for 2015. Although the Company has to be prepared to meet all adversities, our work
assumption is that in 2015 the country will head decisively towards the path of stabilization and recovery.
Despite the loss in the countrys GDP of 26,0% since 2008, AIA has demonstrated increased resilience
and recently, a strong recovery re-approaching business levels of the pre-crisis years, combining financial
performance with operational excellence and quality of services. Despite all adversities, past and future,
we shall continue our course, adjusting our strategies whenever necessary, in order to deliver financial
and non-financial value to our shareholders and all other stakeholder parties.
Spata, 24 March 2015

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

Chairman
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Annual Report 2014
Contents
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2014
15
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2014
16
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2014
17
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2014
18
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014
19
NOTES TO THE FINANCIAL STATEMENTS
20
Incorporation & activities of the Company
20
Significant accounting policies 20
Financial risk management 30
Critical accounting estimates and judgments
34
Notes to the financial statements
36
5.1 Revenues
5.2
Depreciation & amortisation charges
36
36
5.3
Net financial expenses 37
5.4
Subsidies received
37
5.5
Income tax expense 38
5.6
Basic earnings per share
38
5.7
Property plant & equipment-owned assets
39
5.8
Intangible assets
40
5.9
Held-to-maturity financial assets 41
5.10
Other non-current assets 41
5.11 Inventories
5.12
Construction works in progress
41
41
5.13
Trade receivables
42
5.14
Other receivables
42
5.15
Cash and cash equivalents
42
5.16
Share capital
43
5.17
Statutory & other reserves
43
5.18
Retained earnings
43
5.19
Bank loans
44
5.20
Employee retirement benefits 44
5.21 Provisions
46
5.22
46
Income & deferred tax liabilities
5.23
Other non-current liabilities 47
5.24
Trade & other payables
48
5.25
Other current liabilities 48
5.26
Operating lease arrangements 49
5.27 Commitments
49
5.28
Contingent liabilities
49
5.29
Related parties transactions 53
5.30
Events after the balance sheet date
55
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Income statement for the year ended 31 december 2014

Note
Operating revenues
5.1
Other revenues
5.1
2014
2013
284,283,328
255,881,287
31,319,450
16,154,316
315,602,778
272,035,603
Personnel expenses
41,415,317
39,226,525
Outsourcing expenses
48,374,703
47,959,974
Public relations & marketing expenses
3,337,279
2,980,366
Utility expenses
8,052,901
9,272,302
Insurance premiums
2,416,736
2,750,047
Net provisions and impairment losses
(222,863)
(747,237)
Total operating revenues

Operating expenses
Other operating expenses
8,143,191
6,991,356
Total operating expenses
111,517,264
108,433,334
EBITDA
204,085,514
163,602,269
71,678,338
71,208,391
132,407,176
92,393,878
Depreciation & amortisation charges
5.2
Operating profit
Financial Income
5.3
(640,009)
(7,692,917)
Financial Costs
5.3
42,418,403
45,912,092
Net Financial Expenses
5.3
41,778,394
38,219,175
Subsidies received for borrowing costs
5.4
(36,050,996)
(39,767,343)
Profit before tax

Income tax expense
126,679,777
93,942,047
5.5
(34,864,546)
91,815,231
(34,943,856)
58,998,191
5.6
3.06
1.97
Profit after tax

Basic earnings per share
The notes on pages 20 to 55 are an integral part of these financial statements.
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Annual Report 2014
Statement of comprehensive income for the year ended

31 december 2014
2014
2013
Other comprehensive income for the year, net of tax:
91,815,231
(2,008,240)
58,998,191
11,801
Total comprehensive income for the year after tax
89,806,991
59,009,992
Profit after tax
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Statement of financial position for the year ended 31 december 2014

Note
ASSETS
2014
2013
Non-current assets
5.7
19,857,641
20,772,721
Intangible assets
5.8
785,767,233
850,963,090
Non-current held-to-maturity financial assets
5.9
96,690,621
94,206,077
Other non-current assets
5.10
3,438,104
3,424,929
905,753,599
969,366,816
5,676,303
Total non-current assets

Current assets
Inventories
5.11
5,696,348
5.12
1,924,748
1,159,634
Trade receivables
5.13
47,064,138
48,134,555
Current held-to-maturity financial assets
5.9
154,059,640
126,280,127
Other receivables
5.14
68,175,631
40,444,704
Cash & cash equivalents
5.15
24,799,911
35,002,755
301,720,416
256,698,078
1,207,474,015
1,226,064,894
Total current assets

TOTAL ASSETS
EQUITY & LIABILITIES

Equity
Share capital
5.16
300,000,000
300,000,000
Statutory & other reserves
5.17
49,638,012
47,055,490
Retained earnings
5.18
87,390,491
65,266,022
437,028,503
412,321,512
503,900,970
Total equity
Non-current liabilities
Bank loans
5.19
438,626,204
Employee retirement benefits
5.20
8,258,359
5,738,189
Provisions
5.21
14,423,467
13,514,641
Deferred tax liabilities
5.22
48,862,805
45,376,830
Other non-current liabilities
5.23
113,362,146
108,773,257
623,532,981
677,303,887
Total non-current liabilities

Current liabilities
Bank loans
5.19
67,709,371
64,677,842
Trade & other payables
5.24
37,714,181
33,418,836
Income tax payable
5.22
30,672,973
25,344,324
Other current liabilities
5.25
10,816,006
12,998,493
146,912,531
136,439,495
Total current liabilities

Total liabilities
TOTAL EQUITY & LIABILITIES
770,445,512
813,743,382
1,207,474,015
1,226,064,894
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Annual Report 2014
Statement of changes in equity for the year ended 31 december 2014

Share
Capital
Balance as at 31 December 2012
Reserves Retained
Earnings
Total
Equity
300,000,000
44,040,150
88,771,370
432,811,520
58,998,191
58,998,191
Comprehensive Income
Net profit for the year 2013
Other Comprehensive Income:
Actuarial gains
251,360
251,360
Deferred tax on actuarial gains for the year 2013
(65,355)
(65,355)
Deferred tax on actuarial gains/losses due to tax rate change
(174,204)
(174,204)
Total Comprehensive Income
11,801
58,998,191
59,009,992
Transactions with owners

Dividends distributed to the shareholders
(79,500,000)
(79,500,000)
Total transactions with owners
(79,500,000)
(79,500,000)
Transfer to statutory reserves

3,003,542
(3,003,542)
300,000,000
47,055,490
65,266,022
412,321,512
91,815,231
91,815,231
(2,713,838)
(2,713,838)
Comprehensive Income
Net profit for the year 2014
Other Comprehensive Income:
Actuarial losses
Deferred tax on actuarial losses for the year 2014
705,598
705,598
Total Comprehensive Income
(2,008,240)
91,815,231
89,806,991
Transactions with owners

Dividends distributed to shareholders
(65,100,000)
(65,100,000)
Total transactions with owners
(65,100,000)
(65,100,000)
Transfer to statutory and other reserves

4,590,762
(4,590,762)
300,000,000
49,638,012
87,390,491
437,028,503
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Statement of cash flows for the year ended 31 december 2014

Note
2014
2013
126,679,777
93,942,047
71,208,391
Operating activities
Profit for the year before tax
Adjustments for:
Depreciation & amortisation expenses
5.2
71,678,338
Provision for impairment of trade receivables
5.13
(201,111)
(877,910)
Net financial expenses
5.3
41,778,394
38,219,175
(Gain)/loss on PPE disposals

Increase/(decrease) in retirement benefits
Increase/(decrease) in provisions
Increase/(decrease) in other assets/liabilities
Increase/(decrease) in working capital
Cash generated from operations
Income tax paid
Interest paid
5.3
Net cash flow from operating activities
80,578
(34,891)
(193,668)
(273,009)
200,745
(5,761,124)
(1,039,351)
(1,060,350)
(25,065,725)
213,917,977
232,106,643
(24,616,031)
(17,403,649)
(36,844,510)
152,457,436
175,783,986
(6,413,094)
(5,259,277)
36,744,314
(38,919,008)
Investment activities
Acquisition of PPE
Interest received
5.3
553,653
7,534,285
Investments to held-to-maturity financial assets
5.9
(30,264,057)
(19,391,597)
Dividends received from associate

Net cash flow from investment activities
39,209
157,280
(36,084,289)
(16,959,309)
Financial activities
Dividends paid
5.18
(65,100,000)
(79,500,000)
Repayment of bank loans
5.19
(61,475,990)
(126,575,990)
(137,359,530)
(10,202,844)
21,465,147
Cash & cash equivalents at the beginning of the year
35,002,755
13,537,608
Cash & cash equivalents at the end of the year
24,799,911
35,002,755
Net cash flow from financial activities

Net increase/(decrease) in cash & cash equivalents
(57,859,530)
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Annual Report 2014
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.
The number of open-ended staff employed at year-end was 623 employees, compared to 635 employees at
the end of 2013. The financial statements have been approved by the Board of Directors on 24 March 2015.
2. 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 net interest expenses are covered by operating profits more than 3 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
Standards and Interpretations effective for the current financial year

IAS 32 (Amendment) Financial Instruments: Presentation
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.
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IAS 36 (Amendment) Recoverable amount disclosures for non-financial assets

This amendment requires: a) disclosure of the recoverable amount of an asset or cash generating unit
(CGU) when an impairment loss has been recognised or reversed and b) detailed disclosure of how
the fair value less costs of disposal has been measured when an impairment loss has been recognised
or reversed. Also, it removes the requirement to disclose recoverable amount when a CGU contains
goodwill or indefinite lived intangible assets but there has been no impairment.
IAS 39 (Amendment) Financial Instruments: Recognition and Measurement
This amendment will allow hedge accounting to continue in a situation where a derivative, which has
been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a
result of laws or regulations, if specific conditions are met.
Standards and Interpretations effective for subsequent periods

A number of new standards and amendments to standards and interpretations are effective for
annual periods beginning after 1 January 2014, and have not been applied in preparing these financial
statements. The new standards that may have an effect are set out below. There are no other IFRSs or
IFRIC interpretations that are not yet effective that would be expected to have a material impact on the
Company.
IFRS 9 Financial Instruments and subsequent amendments to IFRS 9 and IFRS 7
(effective for annual periods beginning on or after 1 January 2018)
IFRS 9 replaces the guidance in IAS 39 which deals with the classification and measurement of
financial assets and financial liabilities and it also includes an expected credit losses model that
replaces the incurred loss impairment model used today. IFRS 9 Hedge Accounting establishes a more
principles-based approach to hedge accounting and addresses inconsistencies and weaknesses in
the current model in IAS 39. The Company is going to investigate the impact of IFRS 9 on its financial
statements. The Company cannot currently early adopt IFRS 9 as it has not yet been endorsed by the
EU.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 has been issued in May 2014. The objective of the standard is to provide a single,
comprehensive revenue recognition model for all contracts with customers to improve comparability
within industries, across industries, and across capital markets. It contains principles that an entity
will apply to determine the measurement of revenue and timing of when it is recognized. The
underlying principle is that an entity will recognize revenue to depict the transfer of goods or services
to customers at an amount that the entity expects to be entitled to in exchange for those goods or
services. The Company is going to investigate the impact of IFRS 15 on its financial statements. The
standard has not yet been endorsed by the EU.
IFRIC 21 Levies
(effective for annual periods beginning on or after 17 June 2014)
This interpretation sets out the accounting for an obligation to pay a levy imposed by government
that is not income tax. The interpretation clarifies that the obligating event that gives rise to a
liability to pay a levy (one of the criteria for the recognition of a liability according to IAS 37) is the
activity described in the relevant legislation that triggers the payment of the levy. The interpretation
could result in recognition of a liability later than today, particularly in connection with levies that are
triggered by circumstances on a specific date.
IAS 19R (Amendment) Employee Benefits

(effective for annual periods beginning on or after 1 July 2014)
These narrow scope amendments apply to contributions from employees or third parties to defined
benefit plans and simplify the accounting for contributions that are independent of the number of
years of employee service, for example, employee contributions that are calculated according to a
fixed percentage of salary.
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Annual Report 2014
IAS 1 (Amendments) Disclosure initiative

These amendments clarify guidance in IAS 1 on materiality and aggregation, the presentation
of subtotals, the structure of financial statements and the disclosure of accounting policies. The
amendments have not yet been endorsed by the EU.
Annual improvements to IFRSs 2012, 2013 and 2014

The improvements that may have an effect on the consolidated financial statements of the Company are
set out below.
IFRS 13 Fair value measurement
(IFRS improvements 2012, effective for annual periods beginning on or after 1 February 2015)
The amendment clarifies that the standard does not remove the ability to measure short-term receivables
and payables at invoice amounts in cases where the impact of not discounting is immaterial.
IAS 24 Related party disclosures
(IFRS improvements 2012, effective for annual periods beginning on or after 1 February 2015)
The standard is amended to include, as a related party, an entity that provides key management
personnel services to the reporting entity or to the parent of the reporting entity.
IFRS 13 Fair value measurement
(IFRS improvements 2013, effective for annual periods beginning on or after 1 January 2015)
The amendment clarifies that the portfolio exception in IFRS 13 applies to all contracts (including nonfinancial contracts) within the scope of IAS 39/IFRS 9.
IFRS 5 Non-current assets held for sale and discontinued operations
The amendment clarifies that, when an asset (or disposal group) is reclassified from held for sale to held
for distribution, or vice versa, this does not constitute a change to a plan of sale or distribution, and does
not have to be accounted for as such.
IFRS 7 Financial instruments: Disclosures
The amendment adds specific guidance to help management determine whether the terms of an
arrangement to service a financial asset which has been transferred constitute continuing involvement
and clarifies that the additional disclosure required by the amendments to IFRS 7, Disclosure Offsetting
financial assets and financial liabilities is not specifically required for all interim periods, unless required by
IAS 34.
IAS 19 Employee benefits
The amendment clarifies that, when determining the discount rate for post-employment benefit
obligations, it is the currency that the liabilities are denominated in that is important, and not the country
where they arise.
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.
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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.
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
Fixtures & Equipment
10 years
10 years
Vehicles
Hardware
6-10 years
5 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.
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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.
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 (5 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 (5 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
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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.
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-tomaturity 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

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.
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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.
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
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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.
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 typically defines an amount of pension benefits 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 are
charged or credited to equity in other comprehensive income in the period in which they arise.
Past-service costs are recognised immediately in income statement.
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.
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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.
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 60 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.
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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. The
legally enforceable right must not be contingent on future events and must be enforceable in the
normal course of business and in the event of default, insolvency or bankruptcy of the company or the
counterparty.
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 and hierarchy

Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value
are observable, either directly or indirectly.
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are
not based on observable market data.
The carrying value of receivables and payables are assumed to approximate their fair values at the
balance sheet date. The fair value of financial assets held to maturity is assessed using quoted prices
in active market (Level 1). The fair value of loans is estimated by the method of discounting the future
contractual cash flows at the current market interest rate interest rate swaps for the average duration of
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the loan which corresponds to the average duration of the relevant debt obligation (Level 2). During the
year there were no transfers between Level 1 and Level 2 and no transfers into and out of Level 3 for the
measurement of fair value. The Company has no financial assets or liabilities measured at fair value at the
balance sheet date.
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 Companys investment in its associate amounts to 3,25m as of 31 December 2014 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 Companys operations and
the departure from IAS 28 is unlikely to influence the economic decision of the users of these financial
statements.
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.
Specifically it should be noted that, the results of 2014 were to a considerable degree attributable to
the improvement of the image of Greece and Athens and to the stabilization of the Greek economy,
which commenced within 2014. Any possible relapse to the adverse scenarios on the future of the
Greek economy will negatively affect or reverse the potential that is expected for 2015. Although the
Company has to be prepared to meet all adversities, Management current main line of thinking is that
in 2015 the country will head decisively towards the path of stabilization and recovery. Historically, AIA
has demonstrated increased resilience in the years of macroeconomic instability, combining financial
performance with operational excellence and quality of services and therefore Management does not
expect that the operations and financial position of the Company will be significantly affected in the
foreseeable future. Despite all adversities, past and future, Management has and will continue to assess
the situation and its possible impact, adjusting its operating strategy whenever necessary, in order to
deliver financial and non-financial value to shareholders and other stakeholder parties.
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 2014 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 and current accounts) amounting to 0,33% (2013: 0,40%). The impact from
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possible future interest rates on the Companys financial performance, regarding cash and cash
equivalents, is presented below:
2014
2013
Interest rates fluctuation
+1,00%
-0.33%
+1,00%
-0.40%
Impact on interest receipts
251,444
(84,050)
354,889
(141,956)
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 5.19 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:
2014
2013
+1%
-1%
+1%
-1%
Grant of rights fee payable
279,523
(302,387)
196,725
(227,945)
Provision for major restoration expenses
272,788
552,311
(270,031)
(572,418)
134,945
331,670
(134,927)
(362,872)
Interest rates fluctuation
Total impact on interest expenses
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-tomaturity 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:
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Annual Report 2014
2014
2013
Aaa-A3
Caa1-C
Aaa-A3
Held-to-maturity financial assets
250,750,261
220,486,204
Bank deposits balances
18,854,100
269,604,361
5,942,704
5,942,704
28,493,468
248,979,672
6,505,982
6,505,982
Total
Caa1-C
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:
2014
2013
Fully performed
22,703,222
26,097,360
Past due but not impaired

Impaired
29,301,115
14,942,290
24,846,939
17,670,044
Total trade and other receivables subject to impairment testing
66,946,627
68,614,343
Trade and other receivables subject to impairment testing
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past due, but not impaired amount is presented in the following table:
2014
2013
1-30 days
14,008,537
9,567,602
31-60 days
5,337,647
9,954,932
5,388,830
9,890,507
29,301,115
24,846,939
Aging analysis of past due but not impaired receivables
Over 60 days
Total of past due but not impaired receivables
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 2014 is analysed as follows:
Fair value of collaterals held
Letter of guarantees
2014
2013
52,232,051
49,712,569
Cash deposits
24,790,350
21,998,489
Total fair value of collaterals held
77,022,401
71,711,058
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:
2014
2013
Group 1 Fully secured
10,158,520
20,596,002
Group 2 Partially secured

Group 3 Not secured
12,161,873
382,829
4,763,551
737,808
Total
22,703,222
26,097,360
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Provision for impairment

As of 31 December 2014, trade receivables of 44,243,405 (2013: 42,516,983) were partially or
fully tested for impairment and adequately provided for their unsecured amount. The amount of
provision stood at 5.244.111 as of 31 December 2014. 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:
At 1 January
2014
2013
5,445,222
6,323,132
Addition (Release) of provision for receivables impairment
(201,111)
(877,910)
At 31 December
5,244,111
5,445,222
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 1 domestic carrier (2013: 2
domestic carriers) which represents higher than 10% of its revenues.
For bank balances and deposits, there is a significant concentration of credit risk with respect to
2 banks (2013: 2 banks), which 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.
Less than
1 year
Between
1 & 2 years
Between
2 & 5 years
Over
5 years
95,284,479
95,163,997
285,420,108
142,663,610
1,000,000
8,622,222
45,000,000
96,833,333
Trade and other payables
35,073,525
131,358,004
103,786,219
330,420,108
239,496,943
At 31 December 2014
Borrowings
Total
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Annual Report 2014
Less than
1 year
Between
1 & 2 years
Between
2 & 5 years
Over
5 years
95,487,319
95,284,479
285,435,113
237,812,602
1,000,000
1,000,000
38,622,222
111,833,333
Trade and other payables
28,145,994
124,633,313
96,284,479
324,057,335
349,645,935
At 31 December 2013
Borrowings
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.
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 non-current borrowings as shown in the statement of
financial position) less cash and cash equivalents and current held-to-maturity 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 2014 and 2013 were as follows:
Gearing ratio
Total borrowings
Less: Cash & cash equivalent and current held-to-maturity financial assets
Net debt
Total capital (equity plus net debt)
Gearing ratio
2014
2013
503,900,970
565,376,960
(178,859,551)
325,041,419
(161,282,882)
404,094,078
762,069,922
816,415,589
43%
49%
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 judgments

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 judgment 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
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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 judgments in applying the entitys accounting policies

There were no critical judgments necessary in applying the Companys accounting policies.
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Annual Report 2014
5. Notes to the financial statements

5.1 Revenues
Analysis of revenues
2014
2013
Air activities
Airport charges
147,707,718
124,267,814
Centralized infrastructure & handling related revenues
36,014,780
30,646,103
Building and ground rentals & concessions
26,525,639
26,097,716
Other
34,654,828
19,108,500
244,902,966
200,120,133
Concession activities
42,637,665
40,160,909
Parking services
12,750,483
12,651,866
Building and ground rentals & concessions
11,326,400
15,132,240
Total air activity revenues

Non-air activities
Other
Total non-air activity revenues
Total revenues
3,985,263
3,970,454
70,699,812
71,915,469
315,602,778
272,035,603
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 noncancellable operating lease payments:
2014
2013
Within one year
12,508,665
18,236,836
Between one and five years
37,901,726
38,337,284
More than five years
52,135,070
62,008,153
102,545,461
118,582,273
Analysis of minimum lease payments
Total minimum lease payments
Concession fees earned for the year ended 31 December 2014 include turnover linked fees in excess of base
concession fees amounting to 4.124.074 (2013: 1.581.134).
5.2 Depreciation & amortisation charges

Analysis of depreciation & amortisation charges
Depreciation of owned assets
Amortisation of intangible assets
Amortisation of cohesion fund related to intangible assets
Total depreciation & amortisation expenses
2014
2013
2,982,269
2,710,601
83,772,846
83,574,566
(15,076,777)
(15,076,777)
71,678,338
71,208,391
During 2014, the Company proceeded with the re-estimation of vehicles useful lives to 6-10 years. The
re-estimation of the useful lives had a negative effect on Companys Income Statement amounting to
0,05m.
Refer to notes 5.7-5.8 for further information.
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5.3 Net financial expenses

Analysis of net financial expenses
2014
2013
36,196,237
39,892,945
6,126,808
5,930,683
Financial expenses
Interest expenses and related costs on bank loans
Unwinding of discount for long term liabilities
Other financial expenses
Financial expenses
95,359
88,464
42,418,403
45,912,092
Financial revenues
Interest income
(640,009)
(7,692,917)
Financial revenues
(640,009)
(7,692,917)
41,778,394
38,219,175
Net financial expenses
Interest and related expenses amounting to 36.844.510 (2013: 38.919.008) were paid during the year
ended 31 December 2014.
The weighted average interest rate earned by the Company on its cash surplus (investments in time
deposits and financial assets) for 2014 was 0,19% (2013: 0,16%). The average maturity of the Companys
investments (time deposits and held-to-maturity financial assets) for 2014 was 397 days (2013: 362 days).
Interest income amounting to 553.653 (2013: 7.534.285) was received during the year ended 31 December
2014.
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 November 1994 to at least
1 November 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
and capital repayments incurred in respect to loans received for funding infrastructure development.
For the year ended 31 December 2014 the Company was entitled to subsidies under the ADF amounting to
66.753.890 (2013: 55.467.629) as analysed below:
Receivables meeting interest and related expenses
2014
2013
36,050,996
39,767,343
Excess over borrowing cost
30,702,894
15,700,285
Total subsidies receivable
66,753,890
55,467,629
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.
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Annual Report 2014
5.5 Income tax expense

Domestic income tax is calculated at 26% (2013: 26%) 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 5.22).
The total income taxes charged to the income statement are analysed as follows:
Income tax on dividends

Deferred income tax
Total income tax expense for the year
2014
2013
(30,672,973)
(22,872,973)
(4,191,573)
(12,070,883)
(34,864,546)
(34,943,856)
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
Income tax
Expenses not deductible for tax purposes
Revenues relieved from income tax
Effect of change in tax rates
Total income tax expense for the year
2014
Rate
126,679,777
Profit before tax for the year
2013
93,942,047
26.00%
(32,936,742)
26.00%
(24,424,932)
1.53%
(1,937,998)
1.46%
(1,367,095)
(0.01)%
10,194
(0.04)%
40,892
0.00%
9.79%
(9,192,721)
27.52%
(34,864,546)
37.20%
(34,943,856)
Refer to notes 5.22 and 5.28 for further analysis of income and deferred taxes.
5.6 Basic earnings per share

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:
2014
2013
Profit of the year attributable to shareholders
91,815,231
58,998,191
Average No of shares during the year
30,000,000
30,000,000
3.06
1.97
Analysis of earnings per share
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.
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5.7 Property plant & equipment-owned assets

Acquisition cost
Land &
Plant &
buildings equipment
Vehicles
Furniture
& fittings
Cohesion
fund
Total
Balance as at 1 January 2013

Acquisitions
Disposals
Transfers
Reclassifications
40,000
0
0
0
0
40,000
20,614,267
23,297
0
0
0
20,637,564
35,708,288
74,933
(257,130)
490,661
0
36,016,752
74,662,454
392,664
(146,550)
1,278,369
0
76,186,937
(17,437,643)
0
0
0
0
(17,437,643)
113,587,363
490,894
(403,680)
1,769,030
0
115,443,607

Acquisitions
Disposals
Transfers
Reclassifications
40,000
0
0
0
0
40,000
20,637,564
11,659
0
0
0
20,649,223
36,016,752
157,716
(521,986)
162,139
0
35,814,621
76,186,937
481,783
(321,261)
1,604,015
0
77,951,474
(17,437,643)
0
0
0
0
(17,437,643)
115,443,607
651,158
(843,247)
1,766,154
0
117,017,672
Depreciation of owned property plant & equipment

Land &
Plant &
buildings equipment
Depreciation
Vehicles
Furniture
& fittings
Cohesion
fund
Total

Depreciation charge for the year
Disposals
Transfers
Reclassifications
0
0
0
0
0
0
3,511,889
1,301,561
0
0
0
4,813,450
34,148,741
480,736
(257,130)
0
0
34,372,347
72,140,851
928,304
(146,423)
0
0
72,922,732
(17,437,644)
0
0
0
0
(17,437,644)
92,363,838
2,710,601
(403,553)
0
0
94,670,886

Disposals
Transfers
Reclassifications
0
0
0
0
0
0
4,813,450
1,278,930
0
0
0
6,092,380
34,372,347
468,785
(174,310)
0
0
34,666,822
72,922,732
1,234,554
(318,815)
0
0
73,838,471
(17,437,644)
0
0
0
0
(17,437,644)
94,670,886
2,982,269
(493,125)
0
0
97,160,031
Carrying amount of owned property plant & equipment

Carrying Amount
Land &
Plant &
buildings equipment
Vehicles
Furniture
& fittings
Cohesion
fund
Total
As at 1 January 2013
As at 31 December 2013
40,000
40,000
17,102,377
15,824,113
1,559,546
1,644,404
2,521,602
3,264,204
1
1
21,223,525
20,772,721
40,000
40,000
15,824,113
14,556,842
1,644,404
1,147,798
3,264,204
4,113,002
1
1
20,772,721
19,857,641
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Annual Report 2014
5.8 Intangible assets

Intangible assets
Acquisition cost
Concession
assets
Cohesion fund
Software &
other
Total

Acquisitions
Disposals
Transfers
Reclassifications
2,067,544,155
269,251
0
2,308,892
0
2,070,122,298
(380,686,471)
0
0
0
0
(380,686,471)
14,888,954
72,348
0
640,377
0
15,601,679
1,701,746,640
341,599
0
2,949,269
0
1,705,037,508

Acquisitions
Disposals
Transfers
Reclassifications
2,070,122,298
168,613
(95,211)
2,546,846
0
2,072,742,546
(380,686,471)
0
0
0
0
(380,686,471)
15,601,679
82,831
0
744,353
0
16,428,863
1,705,037,508
251,444
(95,211)
3,291,199
0
1,708,484,938
Depreciation
Concession
assets
Cohesion fund
Software &
other
Total

Impairment losses
Disposals
Transfers
Reclassifications
948,936,752
83,044,921
0
0
0
0
1,031,981,673
(177,149,928)
(15,076,777)
0
0
0
0
(192,226,705)
13,789,801
529,645
0
0
0
0
14,319,446
785,576,625
68,497,789
0
0
0
0
854,074,414

Impairment losses
Disposals
Transfers
Reclassifications
1,031,981,673
83,173,917
0
(52,779)
0
0
1,115,102,811
(192,226,705)
(15,076,777)
0
0
0
0
(207,303,482)
14,319,446
598,930
0
0
0
0
14,918,376
854,074,414
68,696,070
0
(52,779)
0
0
922,717,705
Depreciation of intangible assets
Carrying amounts of intangible assets

Concession
assets
Cohesion fund
Software &
other
Total
1,118,607,403
1,038,140,623
(203,536,543)
(188,459,766)
1,099,153
1,282,233
916,170,013
850,963,090
1,038,140,623
957,639,735
(188,459,766)
(173,382,989)
1,282,233
1,510,487
850,963,090
785,767,233
Carrying amount
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.
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5.9 Held-to-maturity financial assets

Held-to-maturity financial assets are analysed as follows:
Commercial paper HSBC
Bonds EIB
2014
2013
44,960,984
108,255,955
109,744,214
Bonds EFSF
99,342,883
65,781,006
Corporate Bonds
43,151,423
250,750,261
220,486,204
Total held-to-maturity financial assets
Based on their maturity date, these assets are classified as follows:

Current held-to-maturity financial assets
Non-current held-to-maturity financial assets
Total held-to-maturity financial assets
2014
2013
154,059,640
126,280,127
96,690,621
94,206,077
250,750,261
220,486,204
Held-to-maturity financial assets are measured at amortized cost. The fair value measurement of the
Held-to-maturity financial assets is categorised as Level 1. As of balance sheet date the fair value of the
held-to-maturity financial assets amounted to 250.992.341
5.10 Other non-current assets

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
2014
2013
3,245,439
3,245,439
192,665
179,490
3,438,104
3,424,929
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.
5.11 Inventories
Inventory items are analysed as follows:
Analysis of inventories per category
Merchandise
Consumables
Spare parts
2014
2013
599,347
535,763
884,732
879,733
4,874,287
4,982,815
Inventory impairment
(662,018)
(722,008)
Total inventories
5,696,348
5,676,303
During 2014, a provision utilization and release of 59.990 were recognized in the income statement in
order to decrease the accumulated provision for certain obsolete and slow moving items to 662.018
which is their estimated net realizable value.
5.12 Construction works in progress

2014
2013
1,924,748
1,159,634
Total construction works in progress
1,924,748
1,159,634
Analysis of construction works in progress
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Annual Report 2014
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 assets related to the infrastructure, will increase
either the cost of the concession intangible asset or the owned assets.
5.13 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
2014
2013
43,107,285
44,037,433
812,126
669,053
5,791,600
7,435,059
378,622
358,267
(5,244,111)
(5,445,222)
2,218,615
1,079,964
47,064,138
48,134,555
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.
During 2014 a provision release of 201.111 was recognized in the income statement, resulting in an
impairment provision as at 31 December 2014 of 5.244.111 (2013: 5.445.222).
5.14 Other receivables

Other receivable accounts are analysed as follows:
Analysis of other receivable accounts
Accrued ADF
2014
2013
8,335,967
6,632,077
Other
59,839,664
33,812,627
Total other receivable accounts
68,175,631
40,444,704
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 2015.
Other Accounts Receivable mainly consists of payments for taxes and duties carried out by the Company,
that relate to various tax disputes, as required by relevant laws in order for the tax disputes to be referred
to the competent Courts for resolution. The Company has assessed that these amounts are fully
refundable upon the successful resolution of the legal cases. The major tax disputes as referred also in
note 5.28 Contingent Liabilities and involve taxes imposed for VAT, Property Taxes, Special Once Off Taxes
and Municipal Charges.
5.15 Cash and cash equivalents

Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents
Cash on hand
2014
2013
3,107
3,304
Current & time deposits
24,796,804
34,999,451
Total cash & cash equivalents
24,799,911
35,002,755
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5.16 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), the Hellenic Republic Asset
Development Fund (30% of the shares), the AviAlliance and other private shareholders (45% of the shares).
5.17 Statutory & other reserves

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 2014 the Companys legal reserve increased by an amount of 4.590.762 (2013: 2.949.910)
and amounted to 48.951.592 (2013: 44.360.831).
In addition, there are a reserve for tax purposes amounting to 360.137 (2013: 360.137) and a reserve for
actuarial gains/losses recognized due to the adoption of the amended IAS 19, amounting to 326.283
(2013: 2.334.523)
Analysis of other reserves
Statutory reserves
2014
Movement
Rate
48,951,592
4,590,762
44,360,830
Reserves for tax purposes
360,137
360,137
Actuarial gains/losses reserve net of tax
326,283
(2,008,240)
2,334,523
49,638,012
2,582,522
47,055,490
Totals
5.18 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 2014 were 65.100.000 (2,17 per share). Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December
2014 of 2,91 per share, amounting to a total dividend of 87.300.000 is to be proposed at the Annual
General Meeting for distribution. These financial statements do not reflect this dividend payable.
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Annual Report 2014
5.19 Bank loans

Borrowings are analysed as follows:
Analysis of loans
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
2014
2013
438,626,204
438,626,204
503,900,970
503,900,970
65,274,765
2,434,606
67,709,371
61,475,990
3,201,852
64,677,842
506,335,575
568,578,812
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
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 2014 the outstanding balance of Loan
A was 65.274.765 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 and financial assets 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 6,12%.
All the covenants set under the EIB Master Facility Agreement have been fulfilled as of 31 December 2014.
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. The fair value measurement of the financial liabilities
is categorised as Level 2.
Fair value of the borrowings
Carrying amount
Fair value
Excess of fair value over carrying amount
2014
2013
503,900,970
565,376,960
596,596,764
653,438,304
(92,695,794)
(88,061,344)
All borrowings are denominated in Euro, the functional currency of the Company.
5.20 Employee retirement benefits

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.
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The provision for employees retirement benefits is reflected in the attached statement of financial
position in accordance with IAS 19R and is calculated, as at the balance sheet date (31 December 2014),
based on an independent actuarial study performed by Hewitt.
The results of any valuation depend upon the assumptions employed. Thus, as at 31 December 2014:
If the discount rate used were 1% higher, then the DBO would be lower by about 1,40m.
If the discount rate used were 1% lower, then the DBO would be higher by about 1,73m.
The results of the actuarial study for the provision for employee retirement benefits as computed by the
actuary are shown below:
2014
2013
Principal actuarial assumptions at 31 December 2014

Discount rate
Range of compensation increase
Plan duration
Present value of obligations
Net liability/(asset) in the balance sheet
2.33%
0%-3,0%
19.30
8,258,359
8,258,359
3.78%
0%-3,0%
17.64
5,738,189
5,738,189
Components of income statement charge

Service cost
Interest cost
Recognition of past service cost
Settlement/curtailment/termination Loss
Total income statement charge
372,290
203,687
(122,046)
461,176
915,107
393,675
189,799
(802,169)
169,556
(49,139)
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
Total amount recognized in the OCI
Net liability/(asset) in the balance sheet
5,738,189
(1,108,775)
915,107
2,713,838
8,258,359
6,262,557
(223,869)
(49,139)
(251,360)
5,738,189
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
5,738,189
372,290
203,687
(1,108,775)
461,176
(122,046)
2,713,838
8,258,359
6,262,557
393,675
189,799
(223,869)
169,556
(802,169)
(251,360)
5,738,189
Remeasurements
Liability gain/(loss) due to changes in assumptions
Liability experience gain/(loss) arising during the year
Total actuarial gain/(loss) recognised in OCI
(2,680,835)
(33,003)
(2,713,838)
301,652
(50,292)
251,360
Actuarial study analysis
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Annual Report 2014
An actuarial loss (the difference between expected and actual DBO as at the end of 2014) of 2.713.838
arose during the year due to the following factors:
Change in financial assumptions: the equivalent discount rate has decreased from 3,78% to 2,33%,
producing a loss of 1.943.270. The inflation and salary increase assumptions have both increased
producing a loss of 737.565. Thus, the change in financial assumptions gives rise to an overall actuarial
loss of 2.680.835.
Experience: loss of 33.003 mainly due to higher than assumed salary increases over the period.
According to IAS19 Revised, the entire actuarial gains or losses that arise in each accounting period are
recognized immediately in the Statement of Other Comprehensive Income (OCI). In this case, the loss
arising over 2014 (i.e. 2.713.838) is recognized as an expense in the OCI statement.
Taking into account the above, the provision that the Company should set in the balance sheet of 31
December 2014 should be equal to the DBO as at the same date.
5.21 Provisions
As at
1 Jan 2014
Additions
Utilisations
Releases
As at
31 Dec 2014
Restoration expenses
Net other provisions
To be settled over 1 year
13,006,636
508,005
13,514,641
1,070,258
0
1,070,258
0
42,432
42,432
70,668
48,331
118,999
14,006,226
417,241
14,423,467
Total provisions
13,514,641
1,070,258
42,432
118,999
14,423,467
Analysis of provisions
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 concession arrangement. It is expected that
an aggregate amount of 18,56m will be spent on major restoration activities commencing in year 2016
through to 2025 based on managements current best estimates.
5.22 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 47 of Law 4172/2013.
At the balance sheet date the recognition of the income tax liability amounting to 30.672.973 (2013:
25.344.324) was determined for current year 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:
Deferred tax assets & liabilities
Deferred tax assets:
Deferred tax assets to be recovered after more than 12 months
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
Deferred tax liabilities to be settled within 12 months
Total deferred tax liabilities
Deferred tax liabilities (net)
2014
2013
(108,789,998)
(26,667,914)
(135,457,912)
(127,303,132)
(27,213,370)
(154,516,502)
168,277,126
16,043,591
184,320,717
183,908,476
15,984,856
199,893,332
48,862,805
45,376,830
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The gross movement on the deferred income tax account is as follows:
2014
2013
45,376,830
33,066,390
Income statement charge
4,191,573
12,070,882
Other comprehensive income
(705,598)
239,558
48,862,805
45,376,830
As at 1 January
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:
Accelerated tax
depreciation
Grant of
rights fee
Usufruct of
the site
Total
158,994,103
6,574,782
112,766
165,681,651
32,826,067
1,339,307
46,307
34,211,681
191,820,170
7,914,089
159,073
199,893,332
Charged/(credited) to the income

statement and other comprehensive
income
(14,951,965)
(633,127)
12,476
(15,572,616)
176,868,206
7,280,962
171,549
184,320,717
Deferred tax liabilities

Charged/(credited) to the income
statement and other comprehensive
income
Deferred tax assets

Tax losses Provisions
Other
Total
(102,351,033)
(4,343,993)
(1,037,755)
(24,882,480)
(132,615,261)
(12,864,576)
543,203
(174,991)
(9,404,878)
(21,901,242)
(115,215,609)
(3,800,790)
(1,212,746)
(34,287,358)
(154,516,503)
20,059,452
101,282
(655,244)
(446,898)
19,058,592
(95,156,157)
(3,699,508)
(1,867,990)
(34,734,256)
(135,457,912)
Charged/(credited) to the
income statement and other
comprehensive income
Charged/(credited) to the
income statement and other
comprehensive income
Retirement
benefit
obligations
At the balance sheet date the Company has unused tax losses of 365.985.218 available for offset against
future taxable profits. A deferred tax asset amounting to 95.156.157 (2013: 115.215.609) 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 176.868.206 (2013: 191.820.170).
5.23Other non-current liabilities

Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities
Long term securities provided by customers
Total other non-current liabilities
2014
2013
110,743,308
106,264,592
2,618,839
2,508,665
113,362,146
108,773,257
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Annual Report 2014
The Company pays 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 2014 a finance charge amounting to 5.478.716 has been recorded
as the unwind interest of the liability due to the passage of time (2013: 5.259.875). 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 2014 amortisation
of the intangible concession asset with respect to the grant of rights fee (2013: 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 2014 was at the rate of 6,18%.
5.24 Trade & other payables

Trade & other payable accounts are analysed as follows:
Analysis of trade & other payable accounts
Suppliers
2014
2013
9,570,916
8,402,932
Advance payments from customers
11,516,949
4,724,600
Beneficiaries of money guarantees
12,730,125
13,762,404
Value added tax
290,422
1,437,971
Other taxes payable and payroll withholdings
2,350,233
3,834,870
Grants of rights fee payable
1,250,000
1,250,000
Other payables
Total trade & other payable accounts
5,535
6,059
37,714,181
33,418,836
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.
Advance payments from customers represent the prepayments effected by the airlines which have
selected the Rolling prepayment method in settling their financial obligations to the Company for the
use of the airport facilities.
Beneficiaries of money guarantees represent the cash guarantees provided by the concessionaires for
the prompt fulfilment of their financial liabilities arising from the signed concessions agreements. The
cash guarantees are adjusted each year in accordance with the latest estimate of the expected sales
forecast of the concessionaires for the subsequent year.
The carrying amount of trade payables closely approximates their fair value at balance sheet date.
5.25 Other current liabilities

Other current liabilities are analysed as follows:
2014
2013
Accrued expenses for services and fees
10,816,006
12,998,493
Total other current liabilities
10,816,006
12,998,493
Analysis of other current liabilities
Current liabilities mainly concern to accrued cost for services rendered by third parties, private or public,
which had not been invoiced at year end.
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5.26 Operating lease arrangements

The Company as a lessee
Operating lease payments represent rentals payable by the Company for certain of its vehicles. Leases are
negotiated for an average term of 4 years and rentals are fixed for the same period.
In the current year, minimum lease payments under operating lease, amounting to 215.746, were
recognised in the income statement, while the corresponding amount for the year 2013 was at 223.299.
At the balance sheet date the Company has outstanding commitments under non-cancellable operating
leases, which are presented in note 5.27.
The Company as a lessor

Refer to note 5.1
5.27 Commitments
As at 31 December 2014 the Company has the following significant commitments:
a) Capital expenditure commitments amounting to approximately 3,3m (2013: 3,2m)
b) Operating service commitments, which are estimated to be approximately to 152,0m (2013: 106,9m)
mainly related to security, maintenance, fire protection, transportation, parking and cleaning services,
to be settled as follows:
2014
2013
Within 1 year
32,618,843
35,891,798
Between 1 and 5 years
86,557,649
32,690,017
More than 5 years
32,783,873
38,300,169
As at 31 December
151,960,365
106,881,984
Analysis of operating service commitments
c) Operating lease commitments are analysed as follows:

Analysis of operating lease commitments
Within 1 year
2014
2013
155,766
206,784
Between 1 and 5 years
252,486
274,555
Total operating lease commitments
408,252
481,339
5.28 Contingent liabilities

The Company has contingent liabilities comprising the following:
Tax Audits:
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 5.22).
b) In accordance with the implementation of Law 2238/1994, Ministerial Decision 1159/2011 and
Law 4223/2013, years from 2011 until 2014 are audited by individual Certified Auditors and a Tax
Certificate is issued upon completion of the tax audit. However, Management doesnt expect any
additional taxes to be paid since the Company carries a significant amount of assessable tax losses.
Income tax:
In accordance with 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
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Annual Report 2014
off tax surcharge and Management proceeded with the legal actions to remedy the erroneous tax
bill referring the issue to the Administrative Court of Appeals on 18 February 2010. The hearing, set
for 28 May 2013, took place on 17 December 2013 and the decision is pending. 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
5.14).
Value added tax:

a) 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 stipulated by article 26 paragraph 7 of Law 2093/1992, in combination
with Articles 25.1.1 & 25.1.2 (g) of Law 2338/1995 (ratifying the ADA). 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 Court First Instance on 7 February 2006,
against the decision of the Tax Authority to impose VAT on such expenses. The Court with its
decisions of 03 April 2013 postponed the issuance of the final decisions until the LCIA Arbitration
Award be issued. The hearings which initially set for 17 and 20 February 2015 were finally postponed
for 23 October 2015 and 20 December 2016.
b) 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 by the Ministry of Finance, the
Tax Authority preceded 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
Administrative Court of Appeals 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 a) above, in accordance with the
article 44 of the ADA. The hearing of the case before the Administrative Court of Appeals took place
on 17 December 2013, and the Court by its decisions 3140/2014, 3141/2014, 3142/2014 postponed the
hearing in view of the Dispute Resolution procedure, that had been omitted by the Tax Authorities
in accordance with the opinion of the Court. Upon the provision of the relevant clarifications,
given by the Tax Authorities to the Court, the hearing was set to take place on 20 December 2016.
No provision has been recognised based on the final award of the London Court of International
Arbitration No 101735, which was issued at the favour of the Company on 27 February 2013.
c) Following the decision of the Ministry of Finance as referred above under b) - 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 Administrative Court of
Appeals 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 a) and b) above, in accordance with the article 44 of the ADA.
The hearing of the case before the Administrative Court of Appeals scheduled for 19 February 2013
took place on 17 December 2013 which by its decision rejected the appeals of the Company. The
decisions were notified to the Tax Authorities, which imposed the remaining unpaid VAT amount of
6.3m and additional penalties of 0.4m. The Company filed respective annulment petitions before
the Conseil dEtat for the cassation of the decisions of the Administrative Court of Appeals. The
Conseil dEtat by its Decisions 582/2015, 583/2015, 584/2015, 585/2015, 586/2015 and 587/2015, which
were notified to the Company on 11 March 2015, accepted the annulment petitions of the Company
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on the VAT disputes for the years 2004-2009 and referred back the cases to the Administrative
Court of Appeals. No provision has been recognised based on the final award of the London Court of
International Arbitration No 101735, which was issued at the favour of the Company on 27 February
2013.
d) Following a temporary tax audit performed in 2013 concerning the fiscal years 2010 and 2011, the Tax
Authority issued in 2013 a temporary VAT assessment for these years, amounting to 3,0m -including
penalties-, which corresponds to VAT on the acquisition of fixed assets and operating expenses related
to VAT exempt activities. The Company duly appealed before the competent Dispute Resolution
Department of the Ministry of Finance aiming to resolve the issue at the administrative level, which
however rejected our appeal. The Company appealed before the Administrative Courts of Appeals
on 8 May 2014, against the decision of the Tax Authority to impose VAT on such capital and operating
expenses. The hearing, set for 3 November 2014, was postponed for 8 June 2015. Based on Companys
experts opinion by reference to the final award of the London Court of International Arbitration No
101735, which was issued at the favour of the Company on 27 February 2013, no provision has been
recognised.
e) Following a temporary tax audit performed in 2014 concerning the fiscal years 2012, the Tax Authority
issued in 2013 a temporary VAT assessment for these years, amounting to 0,9m -including penalties-,
which corresponds to VAT on the acquisition of fixed assets and operating expenses related to
VAT exempt activities. The Company duly appealed before the competent Dispute Resolution
Department of the Ministry of Finance aiming to resolve the issue at the administrative level, which
however rejected our appeal. The Company appealed before the Administrative Courts of Appeals
on 4 September 2014, against the decision of the Tax Authority to impose VAT on such capital and
operating expenses. The hearing, set for 10 November 2014, was postponed for 12 October 2015. Based
on Companys experts opinion by reference to the final award of the London Court of International
Arbitration No 101735, which was issued at the favour of the Company on 27 February 2013, no provision
has been recognised.
Property tax:
a) Further to the completion of the temporary tax audit on real property for the years 2010, 2011 and
2012, the Tax Authority issued in 2013 a real property tax assessment for these years, amounting to
12,9m -including penalties-. With respect to property tax, the Tax Authority questioned the right of
the Company to be exempted of any property tax until 31 December 2015 as provided by the paragraph
5 of the article 26 of the Law 2093/1992, in combination with articles 25.1.1 & 25.1.2 of the Law 2338/1995
(the Airport Development Agreement). The Company duly appealed before the competent Dispute
Resolution Department of the Ministry of Finance aiming to resolve the issue at the administrative
level, which however rejected our appeal. The Company appealed to the Administrative Court of
Appeals on 30 May 2014, against the decision of the Tax Authority to impose property tax and also
referred the issue to the London Court of International Arbitration, in accordance with article 44 of the
ADA. The hearing of the case before the Administrative Court of Appeals, set for 10 November 2014, was
postponed for 12 October 2015. 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 be materialised.
b) Further to the completion of the final tax audit on real property for the year 2013, the Tax Authority
issued in 2014 a real property tax assessment for this year, amounting to 3,2m -including penalties-.
With respect to property tax, the Tax Authority questioned the right of the Company to be exempted
of any property tax until 31 December 2015 as provided by paragraph 5 of Article 26 of Law 2093/1992,
in combination with Articles 25.1.1 & 25.1.2 of Law 2338/1995 (ratifying the ADA). The Company duly
appealed before the competent Dispute Resolution Department of the Ministry of Finance aiming
to resolve the issue at the administrative level, which however rejected our appeal. The Company
appealed to the Administrative Court of Appeals on 4 September 2014, against the decision of the
Tax Authority to impose property tax and also referred the issue to the London Court of International
Arbitration together with the issues described in a) above, in accordance with Article 44 of the ADA.
The hearing of the case before the Administrative Court of Appeals set for 12 January 2015, will take
place on 5 October 2015. No provision has been recognised, based on Companys experts opinion by
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Annual Report 2014
reference to the specific legislation governing its tax affairs, since no significant liability is expected to
be materialised.
c) Further to the completion of the final tax audit on real property for the years 2008 and 2009,
the Tax Authority issued in 2014 a real property tax assessment for these years, amounting to
11,6m -including penalties-. With respect to property tax, the Tax Authority questioned the
right of the Company to be exempted of any property tax until 31 December 2015, as provided
by paragraph 5 of Article 26 of the Law 2093/1992, in combination with Articles 25.1.1 & 25.1.2 of
Law 2338/1995 (ratifying the ADA). The Company duly appealed before the competent Dispute
Resolution Department of the Ministry of Finance aiming to resolve the issue at the administrative
level, which however rejected our appeal. The Company appealed to the Administrative Court
of Appeals on 9 January 2015, against the decision of the Tax Authority to impose property tax
and also referred the issue to the London Court of International Arbitration together with the
issues described in a) and b) above, in accordance with Article 44 of the ADA. The hearing of the
case before the Administrative Court of Appeals has not been set so far. 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 be materialised.
d) Further to the provisions of Law 4172/2013 a Special Fee on Properties Estate for the year 2013 was
imposed to AIA as usufructuary of the Airport land amounting to 12,9m. With respect to property
tax, the Tax Authority questioned the right of the Company to be exempted of any property
tax until 31.12.2015 as provided by paragraph 5 of Article 26 of Law 2093/1992, in combination
with Articles 25.1.1 & 25.1.2 of Law 2338/1995 (ratifying the ADA). The Company appealed to the
Administrative Court of Appeals on 7 July 2014, against the decision of the Tax Authority to
impose property tax and also referred the issue to the London Court of International Arbitration
together with the issues described in a), b) and c) above, in accordance with Article 44 of the ADA.
The hearing of the case before the Administrative Court of Appeals set for 12 January 2015, was
postponed for 5 October 2015. 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 be materialised.
Municipal charges:
a) 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 2014 year
end to 15,5m. 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 2010-2013 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. As per decisions No. 3495/2013, 3496/2013,
3497/2013 of the Administrative Courts of Appeal the petitions for the years 2010-2012 were fully
upheld, thus rendering the imposition of municipal charges for the years 2010-2012 fully unlawful.
The Company filed a lawsuit versus the Municipality of Paiania with the competent Administrative
Court of Athens requesting the reimbursement of the municipal charges imposed for the years
2010-2012 and already paid to the latter, amounting to 8,8m.
b) 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
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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. In addition
in 2013 the Spata Municipality served upon our Company a Mayors decision imposing municipal
charges for the years 2008-2010 including surcharges in the amount of 6,5m. Regarding the
imposition for the year 2007, 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, on the basis of new applicable
legislation, 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. By virtue of the decision no 14104/12028 dated 14 March 2013 our
motion was fully upheld. Regarding the imposition of municipal charges for the years 2008-2010
additional petition was filed before the Competent Administrative Court of Athens alongside
with the petition for the suspension of payment of the respective charges and the motion for
the annulment of the said decision before the General Secretary of Decentralized Administration
of Attica. 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.
The General Secretary of Decentralized Administration of Attica by its decision 8889/7425/2014
accepted our petition and annulled the imposition of charges.
Other:
a) Following the termination of Home Base Contract from the Athenian Engineering S.A (successor
of Olympic Engineering), 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 Athenian 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 Athenian 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. The dispute has been referred to international arbitration (London Court
of International Arbitration-LCIA) for final resolution, as provided in the contract. Based on the
LCIA decision (Nr. 132494), which was issued on 22 January 2015 and notified to the Company on
12 February 2015, the commercial value of Home Bases landed property was set at 14,1m, which
after deducting the accepted debt of Athenian Engineering towards the Company of 10,6m,
leads to a net outflow payment for the Company of 3,5m plus overdue interest. Based on
specific arbitration rules the counterparties have 28 calendar days to file any claim, while the final
conclusion of the dispute requires the approval of the Board and afterwards the mutual signing
of a formal document, by which the parties accept the decision of the court and abdicated from
any further claim. Based on Companys experts opinion by reference to the provisions of the
Agreement signed between the parties and taken into consideration the reciprocal claims, no
provision has been recognised.
b) There are a number of pending legal lawsuits against the Company amounting to approximately
5,1m (2013: 5,5m) 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.
5.29 Related parties transactions

Athens International Airport S.A. is a privately managed Company, having as major shareholders
the Greek State and AviAlliance Group, each one of them holding more than 20% of the shares as
at 31 December 2014. The AviAlliance Group became the main Private Shareholder of the Company
during 2013, following the sale of Hochtief AGs shares in Hochtief AirPort GmbH (AIAs shareholder
53 of 55
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Annual Report 2014
by 26,67%) to a limited partnership under German law (WAP) named World Airport Partners GmbH
& Co.KG, that is a wholly-owned subsidiary of the Public Sector Pension Investment Board (PSP
Investments), a Canadian Crown corporation organized under the laws of Canada. Subsequently,
as at 30 October 2013, Hochtief AirPort GmbH was renamed to AviAlliance GmbH. Furthermore the
Companys other shareholder Hochtief AirPort Capital GmbH & Co KGaA (13,33% share) was renamed to
AviAlliance Capital GmbH & Co KGaA as at 29 November 2013.
The Company had undertaken related party transactions with a company controlled by its current
Private Shareholder, by receiving specific services. Furthermore, the Company provides either
aeronautical or non-aeronautical services to Public sector controlled entities and at the same time,
receives services from public entities i.e. fire protection, medical etc. The above goods/services/works
are based on corresponding markets terms and conditions. The transactions with the Greek State and
the current Private Shareholder have as follows (the transactions with the prior private shareholder in
2013 are disclosed for comparison purposes):
a) Sales of services and rental fees

Sales of services
2014
2013
244,638
Hochtief Group (prior private shareholder)

Greek State
11,824,476
11,321,588
Total
11,824,476
11,566,226
b) Purchases of services
2014
2013
5,641,192
5,347,413
Purchases of services
Greek State
AviAlliance Group
6,270
2,061,963
5,647,462
7,409,376
Hochtief Group (prior private shareholder)

Total
c) Year end balances arising from sales/purchases of services and rental fees
2014
Year end balances arising form sales/purchases of services and rental fees
2013
Trade and other receivables:

Greek State
4,163,029
8,173,699
Total operating lease commitments
4,163,029
8,173,699
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
2014
2013
476,400
461,040
Short-term employment benefits of key management
2,184,186
1,656,039
Total BoD and key management compensation
2,660,586
2,117,079
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5.30 Events after the balance sheet date

a) The Decisions of the Conseil dEtat regarding the annulment petitions of the Company for the
cassation of the decisions of the Administrative Court of Appeals were notified to the Company on 11
March 2015. For more details refer to note 5.28, item Value added tax.
b) The LCIA decision 132494 regarding the dispute with Athenian Engineering has been issued on 22
January 2015 and notified to the Company on 12 February 2015. For more details refer to note 5.28,
item other, a)
c) 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.
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Annual Report 2014
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.
which comprise the statement of financial position as of 31 December 2014, 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 auditors 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 entitys
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 entitys 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
ATHENS INTERNATIONAL AIRPORT S.A. as at December 31, 2014 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.
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

Athens, 24 March 2015

The Certified Auditor Accountant
152 32 Halandri
SOEL Reg. No. 113
Dimitris Sourbis
SOEL Reg. No. 16891
4/9/15 5:53 PM
2014
Airport
Moments
ACES Athens
2nd Airport Chief
Executives Symposium
Once again, AIA invited in Athens
top executives from air transport,
the international banking & financial
sectors, and the tourism industry.
Athens International Airport

ACI - Europe Best Airport Awards 2014 winner
Athens International Airport: Winner in the 10-25 million passenger category in this
years 10th Best Airport Awards, in the framework of the ACI-Europe Annual Congress.
100 / aia.gr
08_Air_moments_NEW.indd 100
4/9/15 5:50 PM
Annual Report 2014

Perha youre an Aenian too
Athens travel to European airports!
Airline events
Iberia extends its services to Madrid

on a year-round basis!
Turkish Airlines celebrates 66 years

of service to Athens.
Brussels Airlines April 2014:

Return to Athens.
Destination Athens for

the Parthenon Sculptures
Passengers and airport visitors are
invited to express their opinion!
aia.gr / 101
4/9/15 5:50 PM
AIAs 15th Airline Marketing Workshop

AIA awards airlines for their development in 2014 On a famous musical note.
Golden Ermis
Award for the airports
new web page.
World Routes 2014
AIA is the most awarded airport in the context

of the Routes Conferences.
Airlines honour Athens International Airport

with one more airport marketing distinction.
102 / aia.gr
4/9/15 5:50 PM
Annual Report 2014
Christmas at the airport!

The Philharmonic Orchestra of the Alimos Music school entertained
passengers and visitors!
Full Scale Emergency Exercise

November 2014.
June 21: European

Music Day
The Athens State
Orchestra at the airport.
Routes Europe 2014

Airlines honour Athens International Airport with one
more international distinction.
Imam Baildi
The famous Imam Baildi airport performance!
aia.gr / 103
4/9/15 5:50 PM
Organizational Structure
Athens
International
Airport S.A.
Eleftherios
Venizelos
Internal Audit
Chief Operations
Officer (COO)
A. Aravanis
Aviation
Business
Unit
Information
Technology &
Telecommunications Business
Unit
Security
Operations
Consumers
Business
Unit
Environmental
Services
Business
Control
104 / aia.gr
09_Org Structure.indd 104
4/9/15 5:51 PM
Annual Report 2014
Communications &
Marketing
Board
of Directors
Legal Affairs
Chief Executive
Officer (CEO)
Corporate
Planning
Dr I.. Paraschis
Corporate
Control
Chief Finance
& Administration
Officer (CFO)
Chief Development
Officer (CDO)
G. Eleftherakos
Property
Business
Unit
P. Michalarogiannis
Technical
Services
Business
Control
Corporate
Finance
Unit
Corporate
Security
Human
Resources
Management
Corporate
Quality
31/12/2014
aia.gr / 105
4/9/15 5:51 PM
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.
4/9/15 5:51 PM
Athens International Airport S.A.
Tel.: +30 210 353 1000 Fax: +30 210 353 0001
www.aia.gr

AIA Annual Report 2014

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Athens International Airport Eleftherios Venizelos

Athens International Airport Eleftherios Venizelos

Annual Report 2014

01. Joint Address by the Chairman and the CEO

02. The Airport Company

03. Market Overview

04. Financial Performance

05. Our Business Units

06. Corporate Responsibility

07. Future Prospects

2014 Airport Moments

Financial Highlights according to IFRS

Operating Revenues & ADF (million)

Revenues from Airport Charges & ADF (million)

Operating Revenues & ADF per pax ()

Cash & Cash Equivalents at the end of the Year*

Operating Expenses (million)

ADF: Airport Development Fund

Annual Report 2014

Total Number of Passengers (million)

Total Aircraft Movements (thousand)

Passenger & Combi Aircraft (thousand)

All-cargo Aircraft (thousand)

Other Aircraft Movements (thousand)

Total Cargo Uplift (thousand tonnes)

Freight (thousand tonnes)

Mail (thousand tonnes)

Annual Report 2014

With respect to the airline offer, capacity was significantly

to aircraft operators, ground-handlers and passengers.

1 Joint Address by the Chairman and the CEO

Destination: Athens: Further to the activities

Professor Nickolaos G. Travlos

Chairman of the Board of Directors

Annual Report 2014

perspective to i-mind users of how to maintain and

Annual Report 2014

Chairman of the Board of Directors

Member of the Board of Directors

Elected Chairman of AIAs Board of Directors in October 2012.

Member of AIAs Board of Directors between 2008 and

Elected Vice-Chairman of AIAs Board of Directors in May

Dr. Jacques F. Poos

Member of AIAs Board of Directors between 2005 and 2010;

Dr. rer. pol. Hans-Georg Vater

Member of the Board of Directors

2 The Airport company

Prof. N. Travlos (Chairman)

Dr. H.G. Vater (Chairman)

Prof. N. Travlos (Chairman)

Annual Report 2014

Hellenic Republic Asset

AviAlliance Capital GmbH & Co. KGaA

Mr. Alexandros M. Aravanis

Mr. George P. Eleftherakos

Mr. Panagiotis K. Michalarogiannis

Traffic Development of A/C Movements 2014-2013

International (thousand movements)

Total (thousand movements)

Domestic (thousand movements)

Annual Report 2014

Passenger Traffic Development 2014-2013

The Greek air freight market, following the