Greece Aviation Annual Report

3Highlights of 2012

01. Joint Address by the Chairman and the CEO 6

02. The Airport Company 10

03. Market Overview 14

04. Financial Performance 22

05. Our Business Units 26

06. Corporate Responsibility 32

Financial Statements 36

2012 Airport Moments

Table of Contents

ANNUAL REPORT 2012

Highlights of 2012

ANNUAL REPORT 2012

01. Joint Address by the Chairman and the CEO

For the aviation industry worldwide, 2012 was marked by slow economic growth: Airlines around the globe proceeded with consolidations and cost management actions eventually achieving profits yet with slim margins - while airports recorded modest traffic rise, formulated by the strong growth of emerging economies versus the slow development of more mature markets, such as the US and Europe. Europes airports overall demonstrated a slow development with a two-pace growth, as the Eurozone crisis resulted in a stagnant course of EU airports compared to a significant traffic increase in non-EU airports.

In Greece, the critical state of the country was the determining factor regarding the evolution of the aviation market in the course of the year, affecting both the airline offer and the travelling demand.

With the Greek GDP contracting by 6.4% and the private consumption index by 9.1%, the Greeks propensity to travel was severely impacted, while at the same time foreign visitors numbers were also significantly reduced as a result of the tarnished image of Athens and Greece abroad in combination with the slow-down in European economies. On the supply side, both Greek and foreign carriers proceeded with extensive capacity cuts in order to effectively accommodate the falling demand. All of the above resulted in the airports traffic decline by 10.4% in passenger volumes and by 11.5% in aircraft movements. It is, however, important to point that deterioration in passenger demand in the second quarter, mainly attributed to the social and political circumstances amidst the Greek elections period, was followed by a gradual containment of losses in the last two quarters of the year,

the observed recovery trend being more apparent in the international sector.

Amid these conditions, overall in 2012 64 carriers connected directly Athens to 109 destinations (76 of which international) in 47 countries with scheduled services. The

Airport Company, within the context of defending traffic volumes, containing traffic losses and assisting airlines to sustain their operations to the extent possible, continued to offer its Traditional Growth Incentive Scheme as well as airline marketing support programmes. In addition, AIA proceeded with the introduction of a series of targeted new measures clearly demonstrating its active engagement in supporting its airlinepartners during these critical times while helping them reduce their operating costs.

Further to the special winter Low Fares incentive, AIA also introduced for the summer period 2012 three significant targeted incentives, the Sustainability, Transfer, and Niche Routes Incentives, aiming to sustain and protect flights and traffic levels. Not only was the above Incentive Scheme extended through the Winter 2012-2013 period, but it was further enriched with the Load Factor Incentive aiming at encouraging airlines to achieve high load factors.

At the end of 2012, 14 different incentives were in place, addressing both development & sustainability aspects, while 60% of the operating carriers, carrying 95% of AIA's traffic, made use of one or more of AIAs targeted incentives launched during the year.

In recognition of AIAs consistent and dynamic support to the airlines despite the countrys economic problems and

Professor Nickolaos G. Travlos Chairman of the Board of Directors

7overall traffic downturn, the airline industry rewarded the airport once again: More specifically, in the frame of OAG-Routes Airport Marketing Awards, airlines acknowledged AIAs contribution to their development efforts through a wide-scale and innovative marketing programme and offered AIA the Highly Commended distinction during the 2012 European Routes conference in Tallinn, Estonia. At the same time, AIA was also announced as Nominee during the 2012 Routes World conference in Abu Dhabi.

Despite the severely unfavourable macroeconomic environment, with the traffic loss and contraction in all business activities resulting in lower profits vs. 2011, the Airport Company continued to maintain profit margins above the average airport industry and other major Greek companies. AIAs targeted efforts were directed towards protecting traffic volumes and revenue streams, by significantly enhancing its incentive policy towards both aeronautical and non-aeronautical business and by providing savings on the cost side. Thus, the Airport Company recorded significant profits during 2012, i.e. Profit Before Tax of 97.6 million and a proposed distribution of 79.5 million as dividend to its shareholders.

Within the framework of our operational responsibility, safe, orderly and efficient airport operations were maintained throughout the year, offering a very high level of service, while close cooperation with stakeholders ensured the expected high level of operational and quality performance. Aiming at further improving the overall safety performance, a series of safety activities were organised, while regarding AIAs security operations the high level of the airports systems was reasserted by a number of national and international

audits that demonstrated a full harmonisation not only with the new stringent European aviation requirements but also with the TSAs most recent directives. In addition, in the ground handling sector, training and certifications activity throughout the year was particularly notable.

Evaluating, as every year, our crisis planning & emergency management and response, the annual ICAO full scale emergency exercise was held, simulating Hijacking at the airport. This years exercise was one of the largest and more complicated exercises since the airport opening, and involved 300 participants. Another highlight adding to the airports experience was our welcoming of Emirates A380 carrying out a full turnaround of their scheduled flight. Having obtained the official certification for Airbus A380 operations, this was a valuable test proving the smooth and efficient handling of the aircraft by airport facilities.

In the retail sector, in 2012 AIAs twofold strategic aim was to deliver a unique airport experience to passengers and visitors, while promoting its retail partners offer, given the crisis impact on the domestic market for the fourth year in a row. Focusing on activities related to sales promotion, as well as to the enhancement of consumers airport experience, a series of

activities to support the Shopping Centres sales took place. As part of the efforts to adapt to the consumer needs and market trends, a number of new concepts, brands, and brand changes were also implemented. In the property business field, although the general market trend affected AIAs relevant sector, revenues also witnessed the positive effect from the full-year operation of the Airports Photovoltaic Park.

Dr Ioannis N. Paraschis Chief Executive Officer

ANNUAL REPORT 2012

01. Joint Address by the Chairman and the CEO

Other corporate projects and developments were highlighted by the enhancement of passenger experience through a number of aesthetic and operational improvements that took place in the Main Terminal Building. AIAs Ambience Improvement project included the renovation of facilities and a number of significant technological new elements, offering passengers and visitors an excellent airport experience and enhanced facilitation, in a renewed environment with the city of Athens standing out even more.

At the same time, the athenspotlighted programme, a significant AIA initiative aiming to boost the attractiveness of Athens as a city break destination for foreign visitors, continued successfully throughout 2012 witnessing an increase in its popularity, as substantiated by the distribution of more than 100,000 city-cards. Enhanced cooperation with airlines and tourism authorities has further enriched the programmes attractiveness and penetration among foreign travellers visiting Athens.

For another year, our external business activity continued by exporting AIA expertise and value proposition to the domestic and international aviation market. The provision of operational support and value added services, on one hand increased AIAs ancillary revenues and on the other hand further bolstered AIAs experience for future endeavours.

As a socially responsible operator, in 2012 AIA followed a balanced, stakeholder-focused approach in accordance with the international standards and best practices. Our corporate responsibility programme advanced with the implementation of a revised policy, which defines the governance structure within the Airport Company. Our focus expanded equally across the operational, corporate and environmental fields, at the same time meeting the multiple challenges of the current financial and social climate by cultivating a safe and ethical working environment.

2013 Outlook

After a remarkably difficult and challenging year, 2013 comes with diverse prospects. On the one side it is definitely another year of economic recession, with reduced disposable income for the Greek travellers but also with the financial crisis affecting countries within and outside the Eurozone. These phenomena will directly impact our airport business in numerous aspects, such as the traffic demand and supply, the propensity to spend on commercial activities, the property market, etc. thus testing the endurance of the airport business community.

On the other side, although negative trends continue in 2013, macroeconomic indicators point towards a gradual stabilisation. Nevertheless, it is our decision to remain conservative and demonstrate prudence for our next steps since the situation is still considered to be volatile.

While our country is struggling to emerge out of the financial crisis, the aviation market shows uneven signs of development. The traditional markets of Western Europe and North America are stagnant or in decline, while the markets of the Middle East and the Asia Pacific show double-digit growth rates. The continuation of this imbalance is likely to lead to a new world in our industry over the next decade, with the European aviation both airports and airlines - being challenged.

In the midst of this ever-changing and always challenging world, the countrys aviation map is also likely to change; the final outcome of the intended acquisition of Olympic Air by Aegean, which is currently under scrutiny by the European Commission, tenders for the privatisation of Greek regional airports, restructuring of the Hellenic Civil Aviation Authority are among others developments that are bound to affect the current status of the domestic aviation market. AIA is closely monitoring these developments.

9Since shareholders have announced their intentions for a concession extension and sale of shares, the Airport Company is fully prepared to support these endeavours. In the meantime, all market and economic challenges are being addressed: targeted measures and incentives are designed to support airline traffic, commercial concessions and property contracts; futhermore, cost control efforts are being made, while safeguarding critical operations, Airports safety and security and maintaining the high quality of services provided. These are the means we have chosen to deploy in order to sustain the value of our business for all stakeholders.

The Airport Company, established on a solid basis successfully operates for twelve years under effective management and with the commitment and support of its shareholders. Despite the current adversities, we are determined to ensure that AIA continues to deliver substantial value to all stakeholders and the Greek economy and remains an asset with a positive outlook for the future.

Professor Nickolaos G. Travlos Dr Ioannis N. Paraschis

ANNUAL REPORT 2012

02. The Airport Company

CORPORATE PROFILE

Athens International Airport S.A. (AIA) was established in 1996 as a public-private partnership with a 30-year concession agreement. Ratified by Greek Law 2338/95, the concession agreement grants the right to use the airport site for the purpose of the design, financing, construction, completion, commissioning, maintenance, operation, management and development of the airport. AIA is a privately managed company with the Greek State holding 55% of shares, while the private shareholders collectively hold 45%.

AIA is internationally considered a pioneer public-private partnership, being the first major greenfield airport with the participation of the private sector. The cost for the development of the airport was financed mainly from bank loans - with European Investment Bank being the major lender, while the remaining funding was provided through private shareholders equity and EU and Greek State grants.

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

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

Holger Linkweiler Vice-Chairman of the Board of DirectorsElected Vice-Chairman of AIAs Board of Directors in May 2012 and Member of AIAs Board of Directors since June 2011 Chairman of the Administrative Council of Tirana International Airport Member of the Board of Directors of Budapest Airport and Sydney Airport Member of the Supervisory Boards of Flughafen Dsseldorf GmbH and Flughafen Hamburg GmbH

Dr. Jacques F. Poos Member of the Board of DirectorsElected Member of AIAs Board of Directors in June 2005 Former Member of the College of Quaestors of the European Parliament Former Deputy Prime Minister and Foreign Minister of Luxembourg Member of the Council of the Luxembourg Central Bank

George Kalamaras Member of the Board of Directors Elected Member of AIAs Board of Directors in October 2012 CEO of the socit anonyme Information Society S.A. until the end of November 2012 Independent Consultant on Information and Communication Technologies Owner of a small innovative IT company Computer and ICT Engineer

Michael Kefalogiannis Member of the Board of Directors Member of AIAs Board of Directors between 2008 and 2009; re-elected in October 2012 Vice-Chairman of DEMCO Group (one of the largest privately owned, Greece-based diversified Group of companies) Chairman of the Board of Directors of CYAN Hotel Group (ETXEK S.A.) Crete, Greece

Constantine Michalos Member of the Board of DirectorsElected Member of AIAs Board of Directors in October 2012 President of the Athens Chamber of Commerce and Industry President of the Central Union of Greek Chambers of Commerce and Industry Member of the Board of Directors, Astir Palace Hotel

Loukas Papazoglou Member of the Board of DirectorsMember of AIAs Board of Directors between 2005 and 2010; re-elected in January 2012 Financier

Gerhard Schroeder Member of the Board of DirectorsElected Member of AIAs Board of Directors in May 2012 Chairman of the Board of Directors of Budapest Airport Member of the Supervisory Boards of Flughafen Dsseldorf GmbH, Flughafen Hamburg GmbH (Vice-Chairman) and Lufthansa Technik Budapest Ltd. Member of the Board of Directors of Sydney Airport (alternate)

Dr. rer. pol. Hans-Georg Vater Member of the Board of Directors Member of AIAs Board of Directors between 1996 and 1999; re-elected in November 2000 Member of the Supervisory Board of Klckner & Co. AG Member of Supervisory Board of Dematic Group s..r.l., Luxembourg (until 28.12.2012)

Professor Stratos PapadimitriouFormer Chairman of the Board of DirectorsChairman of AIAs Board of Directors between 2010 and October 2012

Reiner SchrnklerFormer Vice-Chairman of the Board of DirectorsVice-Chairman of AIAs Board of Directors between 2010 and May 2012

Ioannis KarydasFormer Member of the Board of DirectorsMember of AIAs Board of Directors between 2009 and October 2012

Michael MaillisFormer Member of the Board of DirectorsMember of AIAs Board of Directors between October 2011 and October 2012

Antonios TrifillisFormer Member of the Board of DirectorsMember of AIAs Board of Directors between 1996 and 2001; re-elected in 2010 until October 2012

Board of Directors

Note: Former BoD members are shown in italics

ANNUAL REPORT 2012

02. The Airport Company

Audit Committee: Prof. N. Travlos (Chairman) Dr. H.G. Vater (Member) S. Lorentziadis (Member)

Finance Committee: Dr. H.G. Vater (Chairman) H. Linkweiler (Member) Dr. J. Poos (Member) M. Kefalogiannis (Member) C. Michalos (Member)

Investment Committee: H. Linkweiler (Chairman) G. Kalamaras (Member) G. Schroeder (Member)

Personnel Committee: Prof. N. Travlos (Chairman) H. Linkweiler (Member) Dr. J. Poos (Member)

Seating from left to right: Dr. J. Poos, Mrs E. Papathanasopoulou (Secretary to the BoD), Prof. N.G. Travlos, Mr H. Linkweiler, Dr. H.G. VaterStanding 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.

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Chief Officers

Dr Ioannis N. ParaschisChief Executive Officer

Mr Alexandros M. AravanisChief Operations Officer

Mr George P. EleftherakosChief Development Officer

Mr Basil I. FondrierChief Financial Officer

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 9,000,000 30%Development Fund (HRADF)

Hochtief AirPort GmbH 8,000,004 26.667%

Greek State 7,500,000 25%

Hochtief AirPort Capital GmbH 4,000,002 13.333%

Copelouzos Dimitrios 599,997 2%

Copelouzou Kiriaki 299,999 1%

Copelouzos Christos 299,999 1%

Copelouzou Eleni-Asimina 299,999 1%

Total 30,000,000 100%

ANNUAL REPORT 2012

03. Market Overview

ANNUAL REPORT 2012

04. Financial Performance

ANNUAL REPORT 2012

05. Our Business Units

ANNUAL REPORT 2012

06. Corporate Responsibility

Financial Statements

as at 31 December 2012 in accordance with the International F inancial Reporting Standards

Page 1 of 54

Trade Reg. No.: 35925/04/B/96/60M General Electronic Commercial Reg. (G.E.MI.) No.: 2229601000

Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated)

Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 2 of 54

The attached Financial Statements are those that were approved by the Board of Directors of ATHENS INTERNATIONAL AIRPORT S.A. on 25 April 2013 and have been published by posting on the Internet at the website address www.aia.gr

The Financial Statements and the Notes to the Financial Statements, as presented on pages 13 to 52, have been prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and have been signed, on behalf of the Board of Directors by:

Chairman of the Board of Directors Prof. Nickolaos Travlos

Vice Chairman of the Board of Directors Holger Linkweiler

Chief Executive Officer Dr Ioannis Paraschis

Chief Financial Officer Basil Fondrier

Accounting Manager Panagiotis Michalarogiannis

REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS

Dear Sirs,

It is a pleasure to welcome you today to the 17th Ordinary General Meeting of the Shareholders of Athens International Airport S.A. (AIA), during which we shall review the year 2012.

According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as applicable, we submit herewith to your General Assembly the Companys Financial Statements for its 17th financial period. The present report includes the analysis of these statements as well as any supplementary information necessary or useful for the statements appreciation and approval by the General Assembly, according to the proposal of the Board of Directors.

The year 2012 was marked by slow worldwide economic growth and high fuel prices. Airlines around the globe proceeded with consolidations and cost management actions and achieved at the end to see profits, yet with slim profit margins (+1% according to IATA). Airports showed modest traffic growth (+3.9% on passengers according to ACI), formulated by the strong growth of emerging economies versus the slow development of more mature markets, such as the US and Europe. Examining in more detail the situation in Europe, European airports saw a two-pace growth, with the Eurozone crisis resulting in a stagnant course of EU airports (+0.2%) compared to traffic increase in non-EU airports (+8.8%). Overall, Europe showed a slow development (+2%) with the European carriers not expected to see profits.

In Greece, the critical situation of the country was the determining factor of the aviation markets evolution in the course of the year under review and it affected both the airline offer as well as the travelling demand. With the Greek GDP contracting by 6.4% and the private consumption index by 9.1%, as per the first estimation for the year 2012 from the National Statistical Service, the Greeks propensity to travel was severely impacted, while at the same time foreign visitors were significantly reduced as a result of the tarnished image of Athens and Greece abroad, combined with the slow-down in European economies. On the supply side, both Greek and foreign carriers proceeded with extensive capacity cuts in order to effectively accommodate the falling demand. As a result, the airports traffic for the year 2012 presented a decline of -10.4% in terms of passenger volumes and -11.5% in terms of number of aircraft movements.

Despite the severely unfavorable macroeconomic environment with significant traffic loss and contraction in all business activities, resulting in lower profits vs. 2011 of (31.9) million, the Airport Company continues to post healthy profits, maintaining profit margins above the average airport industry and other major Greek companies. AIAs targeted efforts are directed towards protecting traffic volumes and revenue streams, by significantly enhancing its incentive policy towards both aeronautical and non-aeronautical business and by providing savings on the cost side. Thus the Airport Company recorded significant profits during 2012, i.e. Profit before Tax of 97.6 million and a distribution of 79.5 million as dividend to its shareholders is proposed.

1. Traffic Highlights

Under the adverse macroeconomic and aviation industry environment in Greece and Europe, AIAs traffic for the year 2012 amounted to 153 thousand flights and 12.94 million passengers, presenting a decline vs. the corresponding prior-year levels of -11.5% and -10.4% respectively. Both in terms of aircraft movements and passenger throughput, the international sector was the one suffering the most. More specifically, international passengers were reduced by -11.7%, compared to a -7.9% decline of domestic passengers. With international traffic largely relying on incoming visitors (by 70%), this outcome reflects, on top of the reduced numbers of Greek travellers, the decline of foreign visitors as a result of the tarnished image of Athens and Greece abroad, combined with the Eurozone crisis. Focusing on the evolution of passenger traffic throughout the year, it is important to pinpoint that after a deterioration in passenger demand in the second quarter, which was mainly due to the social and political circumstances amidst the Greek elections period, the last two quarters of the year saw a gradual limitation of losses, i.e. with passenger traffic losses versus the corresponding month of 2011 evolving from -15.8% in May to -8.2% in December; the observed recovery trend was more apparent in the international sector. Overall, in 2012, Athens was directly connected with scheduled services with 109 destinations (76 international) in 47 countries, operated by a total of 64 carriers.


Page 3 of 54Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated)

2. Business Highlights

The Airport Companys business highlights for the year 2012 are presented hereunder:

Airport Operations

Safe, orderly and efficient airport operations were maintained throughout the year, offering a very high level of service, while close cooperation with stakeholders was sustained in order to ensure the expected high level of the airports operational and quality performance. Furthermore, AIA exploited a number of external business opportunities, building experience for future ventures.

For another year, AIAs safety records demonstrated an enhanced performance, while a revision of all Operations major documents and manuals was completed. Aiming at further improving the overall safety performance AIAs Aviation Safety Services Office organized a series of safety activities, including airside safety awareness presentations, meetings with stakeholders, and safety campaigns at the airside.

In the framework of AIAs security operations, the high level of the airports systems was once again verified, following a number of national and international audits that demonstrated a full harmonisation not only with the new stringent European Aviation requirements, but also with the TSAs (USA) most recent directives.

Having obtained the official certification for Airbus A380 operations, the airport welcomed Emirates A380 carrying out a full turnaround of their scheduled flight. Besides the promotional value of the event for the airline, this was also a valuable test proving the smooth and efficient handling of the aircraft by airport facilities.

In the context of the Crisis Planning & Emergency Management, during 2012 AIA pursued its strategic objectives, through a series of training activities, workshops with third parties, and 8 emergency exercises, among which the annual ICAO emergency exercise, this time a full-scale one titled Hijacking at the airport. This 6-hour duration drill, which involved 300 participants, was one of the largest and more complicated exercises since airport opening. More than 150 people from the airport community and involved organisations who observed the exercise, found it extremely worthwhile.

In the context of our ground handling sector, the activity that was recorded throughout the year in the field of trainings and certifications was particularly notable: this included the successful hosting of IATAs pool trainings in the fields of a) drinking water and b) fuel quality, with the participation of industry delegates from intercontinental airports and fuel inspectors respectively, whereas it is worth mentioning that, following a Joint Inspection Group (JIG) inspection, the concessionaires in charge of the operation of the airports aviation fuel storage and distribution systems were awarded JIG Certificates of Excellence, rightfully claiming a role model position in their very demanding and competitive area of operations.

Airport Marketing & Pricing

Aeronautical pricing and the offer of complete developmental programmes for airlines, including incentives and marketing support packages, constitute the cornerstone of AIAs aeronautical development strategy. In the course of 2012, amid the continuing adverse economic condition in Greece and the respective impact on the aviation industry, AIA within the context of defending traffic volumes, containing traffic losses and assisting airlines to sustain, at the extent possible, their operations, continued to offer airline support programmes and its Traditional Growth Incentive Scheme and proceeded with the introduction of a series of additional, targeted, new measures clearly demonstrating its active engagement in supporting its airlinespartners during these critical times while helping them reduce their operating costs.

During 2012, for a fourth consecutive year AIA maintained all charges unchanged without any inflationary adjustments. This freezing of charges was complemented by the introduction of even stronger Targeted Schemes for the airlines, starting as early as February 2012 and continuing until the end of the year.


Further to the special winter incentive (Low Fares Incentive), aiming at encouraging airlines to increase the volume of Low Fares, AIA also introduced for the summer period 2012 three significant Targeted Incentives, aiming to sustain and protect flights and traffic levels during those challenging times. In particular, the Sustainability Incentive aimed at sustaining the same level of operated flights versus the previous corresponding period while the Transfer incentive aimed at defending transfer traffic levels. The Niche Routes Incentive was also set in place in order to stimulate additional traffic and attract new direct services from niche markets that are currently not operated to/from Athens.

Not only was the above Incentive Scheme extended for the Winter 2012-2013 period but it was further enriched with the Load Factor Incentive aiming at encouraging airlines at achieving high Load Factors. At the end of 2012, 14 different incentives both addressing developmental & sustainability aspects were in place.

60% of the operating carriers took advantage of one or more of AIAs targeted sustainability incentives launched during 2012. Furthermore, more than 50 of our airline partners were benefited significantly by AIAs traditional developmental incentives & marketing support.

An initial assessment of the incentives implemented demonstrates that the particular issues for which these incentives have been designed and implemented have been, at a large extent, successfully dealt with. Indicatively, the implementation of the Transfer Incentive since the beginning of summer 2012 contributed to the sustainability of the summer transfer traffic levels vs. the previous corresponding period, allowing, at the same time, the eligible carriers to design a competitive and aggressive pricing policy for transfer passengers.

The airline industry, in recognition of AIAs consistent and dynamic support to the airlines developmental efforts through its wide-scale and innovative marketing programme, despite the countrys economic problems and overall traffic downturn, rewarded AIA in the course of 2012. More specifically, AIA, in the frame of OAG-Routes Airport Marketing Awards was offered the Highly Commended distinction, during the 2012 European Routes conference in Tallinn, Estonia and was also announced as Nominee during the 2012 Routes World conference in Abu Dhabi.

The athenspotlighted programme which was launched back in November 2011 a significant AIA initiative aiming to boost the attractiveness of the City of Athens as a city break destination for foreign visitors continued successfully throughout 2012. The popularity of the city-card has been increased while the distribution reached almost the 100,000 cards. The enhanced cooperation with the airlines and the tourism authorities has further enriched programs attractiveness and penetration among foreign travelers visiting Athens.

Consumers

The activities comprising the Consumers Business Unit (CBU) portfolio aim at delivering a unique airport experience to passengers and visitors and at promoting AIAs partners so as to increase sales and AIAs revenues. The wide spectrum of high quality services ranges from terminal and landside operations to shopping, dining and parking services. With the domestic market being in crisis for the fourth year in a row, still recording a GDP decline and marking a further reduced Greek discretionary income, the CBU annual plan was focused on activities related to promoting sales, as well as enhancing consumers Airport experience.

A series of promotional activities took place aiming to support the Shopping Centres sales, of which the food & beverage tasty deals and the retail shop/win now promotional campaigns are standing out in terms of scale and impact as they both enjoyed remarkable figures of consumers participation. The first activity catered for a variety of value-for-money food package offers, while the second offered to consumers the chance to instantly win gift certificates, discount vouchers and other gifts for the retail shops.

As part of the efforts to adapt to the consumer needs and market trends, a number of new concepts and brands were implemented, including the opening of the first store in Greece of a famous beauty and accessories boutique, signifying a landmark for all users at the Departures level with its strong brand and unique design, a new betting agency and a new stand-alone jewellery store. In addition, brand changes were also implemented in three of the existing food & beverage units enhancing the assortment of the catering offer and a consumer electronics store was fully refurbished introducing a more attractive and innovative concept to passengers.



With regards to the Airport car parking facilities, the prevailing unfavourable economic conditions affected overall sales, as Greek residents represent the main parking clientele, while it is also depicted on passengers preference for low cost alternatives to access the Airport, such as public transport means, drop-off and short-term parking. Within this context, the short-term parking benefited over the long-term and executive valet products. In order to facilitate parking users, e-Parking, AIAs new electronic service for booking a parking space, was introduced in October. e-Parking serves as a platform for offering a series of customized products to parking users, providing special price offers and privileges to customers. The e-parking service is available through AIAs webpage www.aia.gr.

During the year, over a million airport users interacted with Terminal Services staff for airport information and assistance. The Airport Call Centre received more than 529,000 calls and maintained a high answer rate with 92% of passengers being served within 20 seconds.

Property

They key developments in the fields of real estate, cargo business, asset & utilities, and facilities management for 2012 were:

Although the general market trend affected AIAs property business, our revenues had also the positive effect from the full-year operation of the Airports Photovoltaic Park (PVP). Completing a full year of operations in 2012, the 8MWp capacity Photovoltaic Park produced more than 13,500 MWh.

The Airports Retail Park was negatively affected by the diminishing disposable income of domestic consumers recording a 10% drop in visitors versus 2011. Average spending marked a considerable decline in the range of 16%-26%.

Within this adverse economic environment, Metropolitan Expo attracted two new major events in 2012, namely HORECA, the leading trade show for the hospitality & foodservice industry and POSIDONIA, the global marketplace for ship builders and suppliers of shipping related equipment and services.

Offices & auxiliary space leases recorded a drop 1.5% in the overall occupancy rate, i.e. 86.4% versus 87.7% in 2011, due to the declining business activity and downsizing of leased space by most tenants, in an effort to reduce operating costs.

Cargo throughput experienced a drop of 11% compared to 2011, recording a total volume of 76,400 tonnes, also affected by the sharper drop of the more profitable non-EU country imports. In an effort to recover volumes, AIA focused on the attraction of additional export flows by facilitating Greek producers expanding to new markets, within the framework of an Airport Export Initiative joint project, supported by the entire Airport Cargo Community.

On 24 December 2012, Olympic Engineering requested the termination of the lease agreement for the technical base. AIA with the support of internal and external expert resources and in accordance with the provisions of the said agreement and the Airport Development Agreement (ADA), is exercising its best endeavours to ensure the optimum outcome of this development in terms of operational, economic or legal impact.

Information Technology & Telecommunications

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



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Key developments were:

In order to support the status achieved in the operational excellence internet speed was upgraded from 200 Mbps to 400Mbps for the entire airport community without any price increase to our airport customers. This upgrade was implemented by exploring the vast OTE internet bandwidth and the state of the art connection between AIA and OTE networks.

A new Geographical Information System (GIS) Web-Platform was developed for the integration of hardware, software, and data in capturing, managing, analyzing and displaying all forms of geographically referenced information related to AIAs assets and facilities. By introducing GIS, users are gaining an unprecedented access to the most updated information on the airports facilities. At the same time data retrieval time can be shortened while data analysis capabilities are expanded.

Moreover, the asset maintenance management module was incorporated into the Corporate Business Information System (CBIS), as part of a unified platform for monitoring of all technical services and activities allowing secure access to all involved parties. This new functionality reduces unnecessary administration, improves coordination and aims at long-term reduction of maintenance expenses.

AIAs MIS system was upgraded to its latest product version including the new MIS Dashboard functionality. Following this major upgrade, AIAs MIS platform can now manage more efficiently data from more than 10 different systems and produce decision making reports, including the new state of the art dashboard services.

In the field of consulting services AIAs IT&T signed a new contract with TSAKOS Group for the Provision of Cloud & VPN Security Services. Through this contract AIA enters the market of Hellenic Shipping Industry and promotes an IT&T new product based on the cloud service provision.

Other Corporate Projects & Developments

With regards to major development projects, the Airport Company progressed throughout 2012 as follows:

Aiming to enhance the passenger experience, a number of aesthetic and operational improvements took place at the Main Terminal Building (MTB) under an ambience improvement project. Utilising a number of technological advances, a new network island has been created offering to travellers wireless internet, free computer access, docking stations for laptops and mobile chargers, while digital virtual assistants have been located to various arrivals points providing useful info to passengers. Furthermore, the renovation of bus lounges together with the promotion of Athens as a friendly and appealing destination, the installation of video walls incorporating destination related information, the dynamic update of time-to-gate information and the automatic baggage tracing information points, together with the new modern Central Information point at Arrivals will improve passenger satisfaction and increase the terminals functionality.

We continued for another year to export our expertise and value proposition to the domestic and international aviation market with the provision of operational support and value added services. Close cooperation with our customers resulted in the development of new state of-the-art services & solutions, which allowed AIA to enter new promising markets, while new contracts have been awarded. Our external business activity, on one hand increasing AIAs ancillary revenues and on the other hand building AIAs experience for future endeavours is highlighted as follows:

AIA was selected by Eurocontrol to participate in an EC funded project for the acceleration of the implementation of the Airport-Collaborative Decision Making (A-CDM) at European Airports. By implementing the information-sharing capabilities of A-CDM, the Airport Company will obtain an important tool for capacity utilisation optimisation.

Furthermore, AIAs Baggage Handling Services department (BHS) was selected as consultant by Queen Alia International Airport (QAIA) in Amman Jordan, for the final testing commissioning and takeover of their newly installed BHS. QAIA was provided also with consultant services by AIA and OFC (our fuelling concessionaire) jointly in relation to fuel handling, a project to be completed in 2013.


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Moreover and following the successful completion of a service contract signed in 2011 between AIA and QAIA for the Provision of consultancy services on GSM infrastructure, a new agreement was concluded for the provision of consulting services on testing and commissioning of the airports new IT&T systems.

Finally, AIA continued in 2012 its consulting services to Abu Dhabi Airport Company for the provision of airport marketing survey services.

3. Corporate Responsibility

follows a balanced, stakeholder-focused approach, in accordance with the international standards and best practices. The Corporate Responsibility (CR) programme for 2012 was advanced significantly through the implementation of the newly revised Corporate Responsibility Policy, which defines the revenant governance structure within the Airport Company and related activities (materiality analysis, CR strategy development, CR reporting & assurance, CR networking). The materiality analysis, presenting the significant issues for AIA and the perceived impact on its stakeholders, is elaborated by AIAs CR Committee and approved by the top Management. Based on the outcome, the annual CR strategy was deployed, along with specific sustainability objectives (action plans) per business area.

Operational Responsibility: AIA continues to make airside safety improvements and take initiatives to flawlessly maintain uninterrupted and effective Airport operation, but also to minimize the risks in case emergency situations arise. Especially in this adverse economic environment, the concern for the safety performance of employees and the effectiveness of emergency management system is heightened. Efforts are intensified by all involved in order to overcome the constraints imposed on financial and human resources.

During 2012, the indicator related with the number of serious incidents per 100,000 aircraft movements was reduced to 41.74 (-26.36% vs. 2011), exceeding the corporate target for outstanding performance (47 incidents). However, more training and awareness activities were planned and held during last year (focusing on FOD management, incident reporting and other safety issues).

During 2012 further progress was also made in developing and updating our operational procedure documentation: the Aerodrome Operations Manual and the Guidelines for our Customers Manual. Furthermore, the Airport Emergency Plan was extensively tested to ensure readiness and eight emergency exercises were conducted.

Within the scope of provision of on ground assistance services to persons with disability and/or reduced mobility (PRM), the Coordination office relocated to a new area, closer to facilities and services frequently used, in order to further accommodate the needs of PRMs.

Our striving for passenger satisfaction is evidenced with the continuous increase for another year in a row of the Passenger Satisfaction index which is measured on a daily basis through our passenger survey. Thus, our relevant score for 2012 was further increased vs. 2011 from 4.20 to 4.24 (on a 5-point scale).

Corporate Citizenship: AIA has established a fruitful dialogue with its neighbors and works closely with representatives from the local communities to address issues of common concern. The 2012 Local Communities Action Plan included a number of different initiatives including the installation of a much-needed central heating system at a local nursery school while the reward programme for local schools engaging in recycling continues to be a success.

AIA further to a transportation hub has turned into a cultural hub for travellers and visitors. Our commitment is to offer a unique travel and cultural experience while promoting our countrys cultural identity. Approximately 250,000 persons visited the permanent exhibitions located at the MTB. In 2012, the exhibition dedicated to Eleftherios Venizelos was refurbished with the support of the National Research Foundation Eleftherios Venizelos and the region of Crete. In parallel, AIA cooperates with the most prominent cultural institutions of Athens such as the Archaeological Museum of Athens - as to accommodate temporary thematic exhibitions at the Airport premises. Moreover, AIA supports major Greek cultural entities, such as the Byzantine and Christian Museum, the Greek National Theatre, Megaron Athens Concert Hall etc.



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Within our 2012 Airport & Children programme, we welcomed 6,500 young passengers and their families in the dedicated childrens entertainment area, located at the MTB and operated by qualified staff of the Greek Association The Smile of the Child. Furthermore, through our Visitor Service programme, we offered an insight into Airports operational and functional areas, to more than 2,500 guests from schools, other institutions and organizations.

Following the 2012 corporate CR programme, AIA continued to support children and other social groups in need by contributing to various humanitarian activities.

Environmental Responsibility: AIAs Photovoltaic Park enhances the Airports environmental profile since its green energy production is equivalent to the annual prevention of nearly 12,000 tonnes of CO2 emissions, for a life-cycle of more than 20 years.

In 2012, AIA achieved two important targets set in 2008 in the context of its first Climate Change Corporate Action Plan; more specifically it increased its recycling rate to over 50% (from 34% in 2007 to 52% in 2012) and also planted more than 50,000 m2 of trees and shrubs on the Airport property. In addition, AIA continues to make progress against its 2020 target of reducing CO2 emissions under its direct control by 25% and maintained its Level 2 (Reduction) Airport Carbon Accreditation.

Application of the "Polluter Pays" concept has helped incentivise recycling at the source by third parties operating at the Airport. AIA remains one of very few airports worldwide to operate its own Sewage Treatment Plant (STP), which treated 262,879 m3 of sewage in 2012.

Further to a successful audit by an independent body, the certification of our Environmental Management System was renewed in accordance with the ISO 14001 standard until January 2016.

The 2nd Round of the Study on Aircraft Noise (Noise Mapping) at our Airport was performed in compliance with the relevant European and Greek legislation and approved by the Hellenic Ministry of Environment, Energy and Climate Change.

Finally, AIA's continuing support of initiatives to protect and promote the Vravrona Wetland have helped transform this site into a popular destination for school children and other visitors interested in its unique combination of archaeological and environmental value.

Employers Responsibility: AIAs headcount, at the end of 2012, was 642 people under open-ended contracts while 44 persons were employed seasonally in order to cover peak period requirements and replacement needs. Compared to the previous year, AIAs total staff count was lower by 5%, mainly due to retirement.

AIA meets the multiple challenges of the current financial and social climate by cultivating a safe and ethical working environment. The implementation of the corporate business strategy is closely linked with the continuous development of Airport Companys employees and therefore significant resources are allocated for training and development activities. The annual corporate Training Plan for 2012 involved 13,108 hours with a variety of training methods, such as in-class and on-the-job training, workshops, job assignments and e-learning courses. 78% of the employees attended at least one training session corresponding to 18.5 hours per FTE. During 2012, AIA continued the participation in a long-term developmental program supported by ACI and ICAO, namely Airport Management Professional Accreditation Program (AMPAP). This specialised training involves all functional areas of the airport business. Furthermore, AIA Management completed successfully a leadership development program, with Harvard Business Publishing.

As a responsible employer, AIA provides to all permanent employees and their dependents (a total of 1,774 persons) a group insurance program covering the fields of health and life, as well as a pension programme to which 93.8% of our employees have selected to participate with their own contribution.

4. 2012 Financial Statements Highlights

The Financial Statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and the Accounting Policies approved by the Board of Directors of the Airport Company.


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The operating revenues of the Airport Company reached the amount of 295.5 million lower by 11.2% (or 37.3 million) compared to the previous financial year, the main cause being the decrease of the passenger traffic by 10.4% in 2012 vs. 2011.

In total, Airport Companys participation in the Airport Development Fund (ADF) reached the amount of 56.4 million, lower by 7.0 million or 11.0% in comparison to the prior financial year, as a result of lower passenger traffic. In line with the previous years practice, part of the ADF receipts covered interest expenses, i.e. 43.3 million versus 46.7 million in the previous year, and were therefore recorded as subsidies related to financial expenses, while the remaining, 13.1 million was transferred to other revenues, compared to 16.7 million in the previous year.

Operating expenses decreased by 9.7 million or 7.4% compared with 2011, standing at 120.6 million. Cost reduction efforts continued in 2012 as mostly depicted by the reduction of personnel costs by 1.5 million, lower expenses for outsourcing services by 4.2 million and reduction of all other operating expenses by 0.4 million. Additionally, despite the fact that provisions for impairment losses were higher due to the adverse macroeconomic environment, the effective risk management of the Airport Company contributed to a lower overall amount set aside for provisions for extraordinary risks and impairment losses by 3.6 million.

Overall the earnings before interest, tax, depreciation & amortisation (EBITDA) were decreased in the year 2012 by 27.6 million or 13.6% compared to the previous year, reaching the level of 174.9 million.

Depreciation charge was 72.6 million in 2012 marginally higher than the corresponding charge in 2011 of 72.5 million.

The net financial expenses stood at 48.0 million, presenting a small increase of 0.9 million or 1.9% versus 2011.

Profit before Tax reached the amount of 97.6 million. After accounting for the aggregate charge for income tax of 20.8 million, the statutory and other reserves of 3.8 million and the prior years retained earnings of 16.7 million, there remains a distributable profit of 89.7 million. The Board is to propose to the shareholders a dividend distribution of 79.5 million, or 2.65 per ordinary share.

The Statement of Financial Position of 31 December 2012 reflects Total Assets of 1.29 billion. The value of the Airport Companys Non-Current Assets (0.99 billion) represents 76.9% of Total Assets, indicating that AIA remains a capital intensive company.

All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates reflecting their estimated useful lives and the legal limits on their use as provided by the ADA. The value of the Usufruct of the Land that was assigned by the Greek State for the development and operation of the Airport, the present value of the Grant of Rights Fee and the value of the Intangible Assets are equally depreciated over the operation of the 25-year concession period. Investment in Associates consists of 3.25 million and represents the carrying amount of the Companys participation in the equity of Athens Airport Fuel Pipeline Company S.A.

The Airport Companys Closing Cash position is 13.5 million, not including investments in held-to-maturity financial assets, which amounted to 201.1 million. The cash surplus is invested in short term time deposits and highly rated supranational euro-securities with maturity up to two years.

The Airport Company is exposed to financial risks such as to price, credit, and liquidity and concentration risks. The nature of the risks as well as the scope and the policies of the Airport Company for the management of the financial risks are presented in Section 3 of the Notes to the Financial Statements. Other risks and uncertainties related to tax disputes and municipal charges disputes with the Greek State and with two of the surrounding municipalities are analytically referred to the note 5.29 of the Notes to the Financial Statements.


5. 2013 Outlook

Within the first months of 2013, there are certain developments on major corporate issues.

On 27 February 2013 a final award was issued by the London Court of International Arbitration (LCIA), whereby the Tribunal declared that the Acts of Determination, by which Tax Authorities imposed VAT and penalties thereon, on the acquisition of fixed assets and operating expenses related to VAT exempt activities, for the financial periods 1998- 2009, have been issued in breach of law; therefore the Tribunal ordered that the Hellenic Republic shall pay, or otherwise declares that the Airport Company is entitled to set off all amounts awarded in its favour by this Award of Tribunal (as analytically referred to notes 5.29 and 5.31 of the Notes to the Financial Statements).

Following the termination of Home Base Contract by the Olympic Engineering S.A. (OE), on 24 December 2012, as aforementioned, such termination to come into force as from 1 May 2013, OE, notified AIA on 22 February 2013 its assessment about the commercial value of Home Bases landed property amounting to 43.5 million. That assessment, as per OE, is based on the results of a respective estimation study, which was conducted by an independent international organization. The Airport Company notified OE on 7th March 2013, that it does not accept said assessment about the commercial value of Home Bases landed property, and is already proceeding to its own assessment in accordance with the rules and principles of the economic science. It is noted that in case of any dispute that may arise between AIA and OE, regarding the determination of the commercial value of the Home Bases landed property, such dispute shall be referred to LCIA for final resolution, as provided in the Contract.

After a remarkably difficult and challenging year, 2013 comes with diverse prospects. On the one side it is definitely another year of economic recession, with reduced disposable income for the Greek travellers but also with the financial crisis affecting countries within and outside the Eurozone. These phenomena will directly impact our airport business on numerous aspects, such as the traffic demand and supply, the propensity to spend on commercial activities, the property market, etc. thus testing the endurance of the airport business community.

On the other side, although negative trends continue in 2013, macroeconomic indicators point towards a gradual stabilization. Nevertheless, the fragility of the situation compels us to remain conservative and to demonstrate prudence for our next steps.

While our country is struggling to emerge out of the financial crisis, the aviation market shows uneven signs of development. The traditional markets of Western Europe and North America are stagnant or in decline, while the markets of the Middle East and the Asia Pacific show double-digit growth rates. The continuation of this imbalance is likely to lead to a new world in our industry over the next decade, with the European aviation both airports and airlines being challenged.

In the midst of this ever-changing and always challenging world, the countrys aviation map is also likely to change. The final outcome of the intended acquisition of Olympic Air by Aegean, which is currently under scrutiny by the European Commission, the tenders for the privatisation of Greek regional airports, the restructuring of the Hellenic Civil Aviation Authority are among others developments that are going to affect the current status of the domestic aviation market. AIA is closely monitoring these developments.

As the shareholders have announced their intentions for a concession extension and sale of shares, the Airport Company is fully prepared to support these endeavours. In the meantime, all market and economic challenges are being addressed; targeted measures and incentives to support airline traffic, commercial concessions and property contracts, together with cost containment efforts while safeguarding critical operations, Airports safety and security and maintaining the high quality of services provided. These are some of our instruments for sustaining the value of our business towards all stakeholders.



The Airport Company has been established on a solid basis and has been operating successfully for twelve years now under effective management and with the commitment and support of its shareholders. Despite the current adversities, AIA will continue to deliver substantial value to all stakeholders and the Greek Economy and will remain an asset with a positive outlook for the future.

Spata, 25 April 2013 For the Board of Directors of Athens International Airport S.A.

Prof. Nickolaos Travlos Chairman



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CONTENTS PAGEINCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012 14

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012 15

STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2012 16

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012 17

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2012 18

NOTES TO THE FINANCIAL STATEMENTS 19

1 Incorporation & activities of the Company 19

2 Significant accounting policies 19

3 Financial risk management 29

4 Critical accounting estimates and judgements 33

5 Notes to the financial statements 34

5.1 Operating revenues 34

5.2 Depreciation & amortisation charges 35

5.3 Net financial expenses 35

5.4 Subsidies received 35

5.5 Income tax expense 36

5.6 Basic earnings per share 36

5.7 Property plant & equipment-owned assets 37

5.8 Property, plant & equipment-leased assets 38

5.9 Intangible assets 39

5.10 Held-to-maturity financial assets 40

5.11 Other non-current assets 40

5.12 Inventories 40

5.13 Construction works in progress 40

5.14 Trade receivables 41

5.15 Other receivables 41

5.16 Cash and cash equivalents 42

5.17 Share capital 42

5.18 Statutory & other reserves 42

5.19 Retained earnings 42

5.20 Bank loans 42

5.21 Employee retirement benefits 43

5.22 Provisions 45

5.23 Income & deferred tax liabilities 45

5.24 Other non-current liabilities 47

5.25 Trade & other payables 47

5.26 Other current liabilities 48

5.27 Operating lease arrangements 48

5.28 Commitments 48

5.29 Contingent liabilities 49

5.30 Related parties transactions 50

5.31 Events after the balance sheet date 51


of 54Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated)

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012

Note 2012 2011

Operating revenues 5.1 282,096,280 313,766,136

Other revenues 5.1 13,408,588 19,020,500

Total operating revenues 295,504,868 332,786,636

Operating expenses

Personnel expenses 40,123,436 41,603,704

Outsourcing expenses 54,885,783 59,068,626

Public relations & marketing expenses 2,815,161 3,248,032

Utility expenses 10,631,219 10,837,265

Insurance premiums 2,943,606 3,277,106

Provision and impairment losses 5.13, 5.22 728,193 4,346,61

Other operating expenses 8,508,334 7,947,594

Total operating expenses 120,635,733 130,328,939

EBITDA 174,869,135 202,457,697 Depreciation & amortisation charges 5.2 72,611,536 72,503,592

Operating profit 102,257,599 129,954,105

Net financial expenses 5.3 47,974,287 47,094,190

Subsidies received for borrowing costs 5.4 (43,325,943) (46,668,204)

Profit before tax 97,609,255 129,528,119 Income tax expense 5.5 (20,820,598) (25,546,633)

Profit after tax 76,788,657 103,981,486

Basic earnings per share 5.6 2,56 3,47

The notes on pages 19 to 52 are an integral part of these financial statements.


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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012

Note 2012 2011

Profit for the year 76,788,657 103,981,486

Other comprehensive income 0 0

Total comprehensive income for the year 76,788,657 103,981,486




STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012

Non-current assets Property plant & equipment - owned assets 5.7 21,223,526 23,769,031 Property plant & equipment - leased assets 5.8 0 43,653 Intangible assets 5.9 916,170,010 982,270,583 Non-current held-to-maturity financial assets 5.10 49,624,430 0 Other non-current assets 5.11 3,422,984 3,415,687 Total non- current assets 990,440,950 1,009,498,954 Current assets Inventories 5.12 5,922,544 5,437,283 Construction works in progress 5.13 1,416,135 8,366,263 Trade receivables 5.14 58,892,494 45,617,966 Current held-to-maturity financial assets 5.10 151,470,177 0 Other receivables 5.15 65,886,858 59,898,881 Cash & cash equivalents 5.16 13,537,607 266,971,892 Total current assets 297,125,814 386,292,285

TOTAL ASSETS 1,287,566,764 1,395,791,239

EQUITY & LIABILITIES Equity Share capital 5.17 300,000,000 300,000,000 Statutory & other reserves 5.18 41,717,428 37,838,931 Retained earnings 5.19 89,676,265 127,766,105 Total equity 431,393,693 465,605,036 Non-current liabilities Bank loans 5.20 565,376,960 623,236,490 Employee retirement benefits 5.21 8,034,838 8,168,542 Provisions 5.22 18,659,231 25,077,858 Deferred tax liabilities 5.23 32,711,934 31,766,336 Other non-current liabilities 5.24 104,456,782 100,569,486 Total non-current liabilities 729,239,744 788,818,712 Current liabilities Bank loans 5.20 60,170,815 56,996,381 Trade & other payables 5.25 37,488,930 47,404,027 Income tax payable 5.23 19,875,000 27,750,000 Other current liabilities 5.26 9,398,582 9,217,083 Total current liabilities 126,933,327 141,367,491 Total liabilities 856,173,071 930,186,203

TOTAL EQUITY & LIABILITIES 1,287,566,764 1,395,791,239

ASSETS Note 2012 2011



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STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012

Balance as at 31 December 2010 300,000,000 32,514,608 104,108,942 436,623,550 Comprehensive Income

Net profit for the year 2011 0 0 103,981,486 103,981,486

Total Comprehensive Income 0 0 103,981,486 103,981,486 Transactions with owners

Dividends distributed to the shareholders 0 0 (75,000,000) (75,000,000)

Total transactions with owners 0 0 (75,000,000) (75,000,000)

Transfer to statutory reserves 0 5,324,323 (5,324,323) 0

Balance as at 31 December 2011 300,000,000 37,838,931 127,766,105 465,605,036 Comprehensive Income

Net profit for the year 2012 0 0 76,788,657 76,788,657

Total Comprehensive Income 0 0 76,788,657 76,788,657 Transactions with owners

Dividends distributed to the shareholders 0 0 (111,000,000) (111,000,000)

Total transactions with owners 0 0 (111,000,000) (111,000,000)

Transfer to statutory and other reserves 0 3,878,498 (3,878,498) 0

Balance as at 31 December 2012 300,000,000 41,717,428 89,676,265 431,393,693

Share Reserves Retained Total Capital Earnings Equity




STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2012

Operating activities Profit for the year before tax 97,609,255 129,528,119 Adjustments for: Depreciation & amortisation expenses 5.2 72,611,536 72,503,592

Provision for impairment of financial assets 5.14 3,017,579 (543,975)

Net financial expenses 5.3 47,974,287 47,094,190

(Gain)/loss on PPE disposals 7,479,086 100,207

Increase/(decrease) in retirement benefits 5.21 (133,704) 372,496

Increase/(decrease) in provisions 5.22 (7,041,490) 3,841,825

Increase/(decrease) in other assets/liabilities (1,213,250) (1,372,862)

Increase/(decrease) in working capital (32,784,619) 36,090,205 Cash generated from operations 187,518,681 287,613,797 Income tax paid 5.23 (27,750,000) (50,010,523)

Interest paid 5.3 (43,572,327) (47,984,771) Net cash flow from operating activities 116,196,354 189,618,503 Investment activities Acquisition of PPE 5.7, 5.8, 5.9 (4,450,763) (22,683,978)

Interest received 5.3 1,124,377 5,637,821

Investments to held-to-maturity financial assets 5.10 (201,094,607) 0

Dividends received from associate 289,062 273,093 Net cash flow from investment activities (204,131,931) (16,773,063) Financial activities Dividends paid 5.19 (111,000,000) (75,000,000)

Repayment of bank loans 5.20 (54,491,156) (51,315,744)

Repayment of finance lease obligations (7,551) (33,842) Net cash flow from financial activities (165,498,707) (126,349,586) Net increase/(decrease) in cash & cash equivalents (253,434,285) 46,495,853 Cash & cash equivalents at the beginning of the year 266,971,892 220,476,039 Cash & cash equivalents at the end of the year 13,537,607 266,971,892

Note 2012 2011


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NOTES TO THE FINANCIAL STATEMENTS

1 Incorporation & activities of the Company

Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil airports and related activities. As a civil airport operator the Company manages the Athens International Airport at Spata, Greece. The Company is a Societe Anonyme incorporated and domiciled in Greece. The address of its registered office is Spata, Attica 190 19.The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose of the finance, construction, operation and development of the new international airport at Spata Attica. In exchange for the finance, construction, operation and development of the airport the Greek State granted the Athens International Airport S.A. a 30 year concession commencing on 11 June 1996. At the end of the concession arrangement (11 June 2026) the airport together with all usufruct additions will revert to the Greek State, which will enjoy all rights of ownership over these without payment of any kind and clear of any security, unless the concession arrangement is renewed.The Companys return from air activities is capped at 15% on the capital allocated to air activities. In the event that the Companys actual compounded cumulative return exceeds 15%, in 3 out of any 4 consecutive financial periods, the Company is obliged to pay any excess return to the Greek State.The terms and conditions of the concession for the Athens International Airport are stipulated in the Airport Development Agreement (ADA). The ADA and the Companys Articles of Association were ratified and enacted under law 2338/14.9.1995.The Company commenced its commercial operations in March 2001 following a construction period of approximately 5 years initiated in September 1996.According to the Medium Term Fiscal Strategy ratified by the Greek Parliament in November 2012 and the Memorandum of Economic Policies, agreed between the Greek State and European Commission in December 2012, the process for the potential extension of the existing Concession Agreement is scheduled to be re-addressed in the second quarter of 2013.The number of permanent staff employed at year-end was 642 employees, compared to 679 employees at the end of 2011.The financial statements have been approved by the Board of Directors on 25 April 2013.

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 interest expenses are covered by operating profits more than 2 times.After making enquiries, management has reasonable expectations that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

2.1.2 Changes in accounting policies and disclosures

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



Standards and Interpretations effective for the current financial year

IFRS 7 (Amendment) Financial Instruments: Disclosures transfers of financial assets This amendment sets out disclosure requirements for transferred financial assets not derecognised in their entirety as well as on transferred financial assets derecognised in their entirety but in which the reporting entity has continuing involvement. It also provides guidance on applying the disclosure requirements. This amendment does not affect the Companys financial statements.

Standards and Interpretations effective from periods beginning on or after 1 January 2013

IFRS 9 Financial Instruments (effective for annual periods beginning on or after 1 January 2015)IFRS 9 is the first Phase of the Boards project to replace IAS 39 and deals with the classification and measurement of financial assets and financial liabilities. The IASB intends to expand IFRS 9 in subsequent phases in order to add new requirements for impairment and hedge accounting. The Company is currently investigating the impact of IFRS 9 on its financial statements. IFRS 9 has not been endorsed by the EU.

IAS 12 (Amendment) Income Taxes (Effective for annual periods beginning on or after 1 January 2013)The amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets when investment property is measured using the fair value model in IAS 40 Investment Property. This amendment is not relevant to the Company.

IFRS 13 Fair Value Measurement (Effective for annual periods beginning on or after 1 January 2013)IFRS 13 provides new guidance on fair value measurement and disclosure requirements. These requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs. IFRS 13 provides a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. Disclosure requirements are enhanced and apply to all assets and liabilities measured at fair value, not just financial ones.

IAS 1 (Amendment) Presentation of Financial Statements (effective for annual periods beginning on or after 1 July 2012)The amendment requires entities to separate items presented in other comprehensive income into two groups, based on whether or not they may be recycled to profit or loss in the future.

IAS 19 (Amendment) Employee Benefits (effective for annual periods beginning on or after 1 January 2013)This amendment makes significant changes to the recognition and measurement of defined benefit pension expense and termination benefits (eliminates the corridor approach) and to the disclosures for all employee benefits. The key changes relate mainly to recognition of actuarial gains and losses, recognition of past service cost/curtailment, measurement of pension expense, disclosure requirements, treatment of expenses and taxes relating to employee benefit plans and distinction between short-term and other long-term benefits. Refer to Note 5.21 for the estimated impact of a hypothetical early adoption of the amended IAS 19 for the year ended 31 December 2012.

IFRS 7 (Amendment) Financial Instruments: Disclosures (effective for annual periods beginning on or after 1 January 2013) The IASB has published this amendment to include information that will enable users of an entitys financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entitys recognised financial assets and recognised financial liabilities, on the entitys financial position.


Page 21 of 54

IAS 32 (Amendment) Financial Instruments: Presentation (effective for annual periods beginning on or after 1 January 2014)This amendment to the application guidance in IAS 32 clarifies some of the requirements for offsetting financial assets and financial liabilities on the statement of financial position.

Group of standards on consolidation and joint arrangements (effective for annual periods beginning on or after 1 January 2014)The IASB has published five new standards on consolidation and joint arrangements: IFRS 10, IFRS 11, IFRS 12, IAS 27 (amendment) and IAS 28 (amendment). These standards are effective for annual periods beginning on or after 1 January 2014. Earlier application is permitted only if the entire package of five standards is adopted at the same time. These new standards are not relevant to the Company.

Amendments to standards that form part of the IASBs 2011 annual improvements project

The amendments set out below describe the key changes to IFRSs following the publication in May 2012 of the results of the IASBs annual improvements project. These amendments are effective for annual periods beginning on or after 1 January 2013 and have not yet been endorsed by the EU.

IAS 1 Presentation of financial statementsThe amendment clarifies the disclosure requirements for comparative information when an entity provides a third balance sheet either (a) as required by IAS 8 Accounting policies, changes in accounting estimates and errors or (b) voluntarily.

IAS 16 Property, plant and equipmentThe amendment clarifies that spare parts and servicing equipment are classified as property, plant and equipment rather than inventory when they meet the definition of property, plant and equipment, i.e. when they are used for more than one period.

IAS 32 Financial instruments: PresentationThe amendment clarifies that income tax related to distributions is recognised in the income statement and income tax related to the costs of equity transactions is recognised in equity, in accordance with IAS 12.

IAS 34 Interim financial reportingThe amendment clarifies the disclosure requirements for segment assets and liabilities in interim financial statements, in line with the requirements of IFRS 8 Operating segments.

2.2 Foreign currency translation

2.2.1 Functional and presentation currency

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

2.2.2 Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.



2.3 Property, plant and equipment

Property, plant and equipment mainly comprise movable assets, such as vehicles and furniture & fixtures which do not form part of the service concession intangible asset.The items included under the heading Property, plant & equipment in the accompanying statement of financial position are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation is calculated using the straight-line method to allocate the cost of the various categories of property, plant and equipment to their residual values over their estimated useful lives, as follows:

Mechanical Equipment 6-15 years

Vehicles 5-9 years

Fixtures & Equipment 5-6 years

Hardware 3-4 years

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

2.4 Intangible assets

2.4.1 Service concession arrangement

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


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2.4.2 Computer software

Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are depreciated over their estimated useful lives (3 to 4 years).Costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. Costs that are directly associated with the development of identifiable and unique software products controlled by the Company, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Costs include the employee costs incurred as a result of developing software and an appropriate portion of relevant overheads.Computer software development costs that recognised as assets are depreciated over their estimated useful lives (3 to 4 years).

2.5 Impairment of non-financial assets

Assets, such as the service concession intangible asset, that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets fair value less costs to sell and value in use. If the recoverable amount is lower than the carrying amount, the difference is recognised as an impairment loss in the income statement and the carrying amount of the asset is reduced by the same amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

2.6 Financial assets

2.6.1 Classification

The Company classifies its financial assets depending on the purpose for which the financial assets were acquir

Documents

Greece Aviation Annual Report