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1. Address by the Chairman
At the operational front, 007 provided a demanding The Pillars of AIA’s Pursuit of Business Excellence
testing ground for successfully handling the needs of Key comparative performance indicators confirm continuous
aviation traffic for the UEFA Champions League Final held improvements in productivity attainments, efficiency and
in Athens. The corresponding traffic, concentrated within cost leverage, as well as in value creation. In relation to
a few days, exceeded by 5% the equivalent daily peak the previous year, AIA achieved the following indicative
passenger record of the 004 Olympic Games experience. performance results:
In addition, the attainment of a high level of services to • E mployee productivity, in terms of full time employment
VIPs, special guests and enthusiastic fans travelling through
the airport under special and time-critical circumstances equivalents, grew by 8.7% while productivity of net
proved a highly complex challenge. The processing of the invested resources rose by 16.9% in 007.
fans, in particular, required careful advance planning and • Overall efficiency was further improved by reducing
special operational interventions so as to guarantee strong operating costs per passenger by 4.8%. This was
operational efficiency and public safety. the result of scale effects, coupled with significant
Persistent and demanding criteria to sustain AIA’s organisational betterments.
development prospects have resulted in a number of major • Operating profits per net capital resources of AIA
and novel investments set in motion or committed during increased by 6.5%.
007. Such efforts, described in detail in the relevant pages • Added Value on Assets in 007 rose by two-and-a-half
of the Annual Report, have included the following three times to reach €67.7 million after taxes and the deductions
main areas of corporate initiatives: for costs of net asset commitments.
• I nfrastructural development investments, as for the
Such outstanding performances are closely linked to AIA’s
major inter-connection and facility extension of the main business structure involving a healthy diversification of
terminal and satellite buildings, continuous upgrading growing earnings. Thus, non-aeronautical operational
of the IT&T Business Unit, the pursuit of the initiative revenues are presently approaching the level of the
to develop a Photovoltaic Park with a planned energy corresponding aeronautical ones. Total ADF subsidies,
capacity of 8MW and the new utilities infrastructure for accounting for 18.% of total revenues, are now in a position
the North Western Commercial Area; to fully cover annual interest charges together with the
• C ommercial development projects, such as the novel corresponding proportional repayments of principal on total
state-of-the-art Exhibition & Conference Centre, the outstanding loans. It is expected that by the end of March 008
conclusion of the new Leroy Merlin facilities in AIA’s all commercial creditors will be fully repaid in advance, leaving
Retail Park, and the improvement of the airport’s terminal EIB as the sole outstanding AIA external financing source.
ambience including quality upgrading of commercial
outlets; At the operating level, the corresponding overall expenses
• Institutional development, as in the installation of amount to less than one third (.6%) of total revenues.
well-designed and effective internal audit and risk This enables further profitability prospects as traffic
management mechanisms aimed at developing continues to increase. Furthermore, a strategic component
governance practices in line with international principles of AIA’s corporate policy consists in the explicit pursuit of
and regulations, and the integration of risk management efficient and carefully negotiated outsourcing opportunities
with our value based management model and AIA’s offered in the international economy. It is noteworthy that
business unit organisational structure. expenditures on outsourced services came in 007 to exceed
the overall level of AIA salaries and all employee-related
Our strong commitment to corporate responsibility extends expenses. This enables AIA to rely on a “lean” core of
beyond compliance with mandatory requirements, and efficient, skilled and committed management group and
pursues the sustainable creation of value for all our employees at all levels, upon whom the company’s exceptional
stakeholders. Special focus has been placed in this respect on performance depends for its achievements and future
environmental protection, children and education, cultural prospects. We express our appreciation for their individual
promotion activities, and relations with local communities, and collective contribution to AIA’s success record.
together with best-practice responsible employer initiatives.
The year 007 was highlighted by AIA being ranked fourth Strategic Challenges Confronting AIA’s Future
among the 100 largest Greek companies within the national Business Prospects
Accountability Rating Survey on corporate responsibility
disclosures. It was also voted among the companies with the (I) Changing Trends in the Aviation Industry
best practices in the world for their sustainability reporting The recent slow-down reported in the GDP growth of
(GRI Reader’s Choice Award). industrialised countries and the ever-increasing world fuel
prices constitute potent determinants of the prospects of
world aviation industry during 008 and 009. The extent
6
At the operational front, 007 provided a demanding The Pillars of AIA’s Pursuit of Business Excellence
testing ground for successfully handling the needs of Key comparative performance indicators confirm continuous
aviation traffic for the UEFA Champions League Final held improvements in productivity attainments, efficiency and
in Athens. The corresponding traffic, concentrated within cost leverage, as well as in value creation. In relation to
a few days, exceeded by 5% the equivalent daily peak the previous year, AIA achieved the following indicative
passenger record of the 004 Olympic Games experience. performance results:
In addition, the attainment of a high level of services to • E mployee productivity, in terms of full time employment
VIPs, special guests and enthusiastic fans travelling through
the airport under special and time-critical circumstances equivalents, grew by 8.7% while productivity of net
proved a highly complex challenge. The processing of the invested resources rose by 16.9% in 007.
fans, in particular, required careful advance planning and • Overall efficiency was further improved by reducing
special operational interventions so as to guarantee strong operating costs per passenger by 4.8%. This was
operational efficiency and public safety. the result of scale effects, coupled with significant
Persistent and demanding criteria to sustain AIA’s organisational betterments.
development prospects have resulted in a number of major • Operating profits per net capital resources of AIA
and novel investments set in motion or committed during increased by 6.5%.
007. Such efforts, described in detail in the relevant pages • Added Value on Assets in 007 rose by two-and-a-half
of the Annual Report, have included the following three times to reach €67.7 million after taxes and the deductions
main areas of corporate initiatives: for costs of net asset commitments.
• I nfrastructural development investments, as for the
Such outstanding performances are closely linked to AIA’s
major inter-connection and facility extension of the main business structure involving a healthy diversification of
terminal and satellite buildings, continuous upgrading growing earnings. Thus, non-aeronautical operational
of the IT&T Business Unit, the pursuit of the initiative revenues are presently approaching the level of the
to develop a Photovoltaic Park with a planned energy corresponding aeronautical ones. Total ADF subsidies,
capacity of 8MW and the new utilities infrastructure for accounting for 18.% of total revenues, are now in a position
the North Western Commercial Area; to fully cover annual interest charges together with the
• C ommercial development projects, such as the novel corresponding proportional repayments of principal on total
state-of-the-art Exhibition & Conference Centre, the outstanding loans. It is expected that by the end of March 008
conclusion of the new Leroy Merlin facilities in AIA’s all commercial creditors will be fully repaid in advance, leaving
Retail Park, and the improvement of the airport’s terminal EIB as the sole outstanding AIA external financing source.
ambience including quality upgrading of commercial
outlets; At the operating level, the corresponding overall expenses
• Institutional development, as in the installation of amount to less than one third (.6%) of total revenues.
well-designed and effective internal audit and risk This enables further profitability prospects as traffic
management mechanisms aimed at developing continues to increase. Furthermore, a strategic component
governance practices in line with international principles of AIA’s corporate policy consists in the explicit pursuit of
and regulations, and the integration of risk management efficient and carefully negotiated outsourcing opportunities
with our value based management model and AIA’s offered in the international economy. It is noteworthy that
business unit organisational structure. expenditures on outsourced services came in 007 to exceed
the overall level of AIA salaries and all employee-related
Our strong commitment to corporate responsibility extends expenses. This enables AIA to rely on a “lean” core of
beyond compliance with mandatory requirements, and efficient, skilled and committed management group and
pursues the sustainable creation of value for all our employees at all levels, upon whom the company’s exceptional
stakeholders. Special focus has been placed in this respect on performance depends for its achievements and future
environmental protection, children and education, cultural prospects. We express our appreciation for their individual
promotion activities, and relations with local communities, and collective contribution to AIA’s success record.
together with best-practice responsible employer initiatives.
The year 007 was highlighted by AIA being ranked fourth Strategic Challenges Confronting AIA’s Future
among the 100 largest Greek companies within the national Business Prospects
Accountability Rating Survey on corporate responsibility
disclosures. It was also voted among the companies with the (I) Changing Trends in the Aviation Industry
best practices in the world for their sustainability reporting The recent slow-down reported in the GDP growth of
(GRI Reader’s Choice Award). industrialised countries and the ever-increasing world fuel
prices constitute potent determinants of the prospects of
world aviation industry during 008 and 009. The extent
6
