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1.Address by the Chairman
Overview of AIA’s Performance in 2007 and promote traffic development. As a result, we have come
Safety, high operational and financial efficiency, orderly to register in 007 one of the highest growth rates (around
airline operations and world-class quality services to a variety 10%) in passengers served, leading to surpassing the 16.5
of customers and stakeholders constitute core commitments million mark on an annual basis. For its performance, AIA
by Athens International Airport. At the same time, targeted has been officially acclaimed as one of the fastest growing
business initiatives are advanced so as to appropriately airports in the world.
develop and expand wealth-creating corporate capabilities.
These are pursued through a strategy of continuously AIA’s financial performance was also characterised by strong
upgrading human capital, the application of state-of-the- growth in all revenue streams, both aeronautical and non-
art productive know-how and investments in improving aeronautical. This led to a cascading improvement in the
the scope, quality and capacity of multiple and diversified company’s corresponding financial results during 007,
production frontiers. Similarly, environmental protection and highlighted as follows:
and specific corporate responsibility and governance goals • While overall revenues, including the company’s share
assumed high priority in our top policy-making and in actual
operational activities. from the Airport Development Fund, increased annually
As a result, AIA continues to reinforce its role in setting by 11.8%, operating expenses rose by the significantly
standards of business excellence in the Greek economy and smaller rate of 4.4%. This reflected the attainment of
in representing an important productive asset for its society economies of scale, along with continuously improving
at large. Athens International Airport has also evolved to value-based organisational commitments and cost
become the main and high-quality infrastructural gate effective management.
of Greece, raising service standards and significantly • As a result, operating profit margins grew at even higher
contributing to the growth of tourism. The acknowledgement rates, leading to an improvement of EBIDTA by .1%.
of the overall operational excellence of Athens International It is noteworthy that this performance was attained
Airport has also led to its repeated international selection at while maintaining adjustments in airport charges well
the very top of Europe’s best performing airports, including below the average inflation rate reported for the Greek
the 007 Award of the Air Transport Research Society. Major economy. We also advanced a strong and incentives-
airports in Europe, Asia and the Middle East have sought based comprehensive earnings policy for our employees
and obtained technical assistance contracts with AIA to in the context of modern and constructive labour
advance the quality of their own operations. Gradually and relations. It is noteworthy that for six consecutive years
steadily, we are developing a key capital asset by becoming since opening, AIA has been experiencing uninterrupted
a high-quality brand name in the international aviation labour peace with its employees.
industry. • With the fixed asset intensity of AIA’s productive base
and as turnover increased, profits before taxes (PBT)
Outstanding Financial and Operational grew at an even higher annual rate of almost %,
Performance Results reaching €15.7 million in 007. The proposed dividends
For the sixth consecutive year after airport opening, AIA exceed those in the previous record year of 006.
continued to deliver outstanding financial results based not
only on strong growth in aviation traffic-related activities AIA’s strong net operational performance together with
but also by expanding promising commercial, real estate and its significant annual non-cash expenses related to its high
international aviation consulting business opportunities. fixed capital commitments lead to a comfortable and yearly
As a result, the company’s earnings base is significantly generated cash position. Such liquidity has been used to
enhanced and continuously diversified. repay outstanding debt, to finance productive undertakings
On aeronautical-related business, performance was driven in our own activities and to make prudent investments in
not only by favourable exogenous macroeconomic factors, euro-bonds and related deposits while abstaining from
but also by our own carefully targeted efforts to structure financial assets bearing higher risk. Instead, high profitability
is sought in productive real economy operations.
5
Overview of AIA’s Performance in 2007 and promote traffic development. As a result, we have come
Safety, high operational and financial efficiency, orderly to register in 007 one of the highest growth rates (around
airline operations and world-class quality services to a variety 10%) in passengers served, leading to surpassing the 16.5
of customers and stakeholders constitute core commitments million mark on an annual basis. For its performance, AIA
by Athens International Airport. At the same time, targeted has been officially acclaimed as one of the fastest growing
business initiatives are advanced so as to appropriately airports in the world.
develop and expand wealth-creating corporate capabilities.
These are pursued through a strategy of continuously AIA’s financial performance was also characterised by strong
upgrading human capital, the application of state-of-the- growth in all revenue streams, both aeronautical and non-
art productive know-how and investments in improving aeronautical. This led to a cascading improvement in the
the scope, quality and capacity of multiple and diversified company’s corresponding financial results during 007,
production frontiers. Similarly, environmental protection and highlighted as follows:
and specific corporate responsibility and governance goals • While overall revenues, including the company’s share
assumed high priority in our top policy-making and in actual
operational activities. from the Airport Development Fund, increased annually
As a result, AIA continues to reinforce its role in setting by 11.8%, operating expenses rose by the significantly
standards of business excellence in the Greek economy and smaller rate of 4.4%. This reflected the attainment of
in representing an important productive asset for its society economies of scale, along with continuously improving
at large. Athens International Airport has also evolved to value-based organisational commitments and cost
become the main and high-quality infrastructural gate effective management.
of Greece, raising service standards and significantly • As a result, operating profit margins grew at even higher
contributing to the growth of tourism. The acknowledgement rates, leading to an improvement of EBIDTA by .1%.
of the overall operational excellence of Athens International It is noteworthy that this performance was attained
Airport has also led to its repeated international selection at while maintaining adjustments in airport charges well
the very top of Europe’s best performing airports, including below the average inflation rate reported for the Greek
the 007 Award of the Air Transport Research Society. Major economy. We also advanced a strong and incentives-
airports in Europe, Asia and the Middle East have sought based comprehensive earnings policy for our employees
and obtained technical assistance contracts with AIA to in the context of modern and constructive labour
advance the quality of their own operations. Gradually and relations. It is noteworthy that for six consecutive years
steadily, we are developing a key capital asset by becoming since opening, AIA has been experiencing uninterrupted
a high-quality brand name in the international aviation labour peace with its employees.
industry. • With the fixed asset intensity of AIA’s productive base
and as turnover increased, profits before taxes (PBT)
Outstanding Financial and Operational grew at an even higher annual rate of almost %,
Performance Results reaching €15.7 million in 007. The proposed dividends
For the sixth consecutive year after airport opening, AIA exceed those in the previous record year of 006.
continued to deliver outstanding financial results based not
only on strong growth in aviation traffic-related activities AIA’s strong net operational performance together with
but also by expanding promising commercial, real estate and its significant annual non-cash expenses related to its high
international aviation consulting business opportunities. fixed capital commitments lead to a comfortable and yearly
As a result, the company’s earnings base is significantly generated cash position. Such liquidity has been used to
enhanced and continuously diversified. repay outstanding debt, to finance productive undertakings
On aeronautical-related business, performance was driven in our own activities and to make prudent investments in
not only by favourable exogenous macroeconomic factors, euro-bonds and related deposits while abstaining from
but also by our own carefully targeted efforts to structure financial assets bearing higher risk. Instead, high profitability
is sought in productive real economy operations.
5
