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of such major changes in the economic environment was indicate that Emirates Airlines will reach, during the same
unforeseen only a few months ago. As noted above, AIA time frame, a long-haul seat capacity more than twice as
continues to perform well with a comparatively very large as that of any other major international airline.
healthy growth rate extending into 008. In addition to These extraordinary structural transformations at our
its own operational and marketing excellence, it should be doorstep create major opportunities as well as important
recognised that, during past years, Athens International risks for Athens International Airport. They call, therefore,
Airport benefited from the multi-year carry-over of major for high-level and longer-term initiatives on the part of AIA,
investments and promotional activities in connection to necessitating well-planned and diverse forms of strategic
the 004 Olympic Games. alliances to better serve and to benefit from the explosively
growing tourist and business traffic between Europe and
As a first-class international airport, AIA needs to further the rapidly rising Asian economies. They also call for closer
intensify its efforts on all fronts so as to assure continued collaboration with the Greek State in advancing economic
overall growth performance. This will assure robust benefits diplomacy and expanding business options.
for our shareholders, employees and diverse stakeholders.
The true value of AIA is manifested in its advanced and well- (III) Environmental Pressures and Technological Evolutions
crafted ability to perform exceptionally well, even under Next to the cost of energy, the mitigation of environmental
less promising global market conditions. impacts is one of the most important challenges that air
In this context, two conflicting structural developments in transportation is facing in the longer term. Diverse levels
the international environment create major and countervailing and combinations of regulatory restrictions and economic
challenges. incentives are high on the current agenda of European
countries following the EU Directive of January 007. AIA
° T he conclusion of the first phase of the EU-US Open Skies should continue to be well-prepared to pursue pro-active
initiatives, as it has already done on this critical front in
Agreement, to be followed by an equivalent one with the recent past.
Canada, releases strong market forces leading to the In addition, there is little doubt that in coming years,
initiation of new nonstop services and the entry of new many aspects of airport operations will be fundamentally
carriers in the lucrative North Atlantic aviation market. affected in operational, economic and political terms by
This will favour the expansion of links between North accelerating radical technological changes. These will have
America and the Greek tourist and business markets. a dramatic impact on the very core of airport business,
including security screening, baggage handling, passenger
° On the other hand, the accelerating consolidation of processing, communications and IT&T servicing. AIA needs,
therefore, to persist in investing in human capital and state-
the international airline industry, with the emergence of-the-art hardware and software in order to maintain its
of three European “global” carriers (Lufthansa, Air acknowledged excellence and well-deserved reputation in
France-KLM and British Airways) and with a parallel front-of-the-line productive knowhow.
movement already in process among US carriers, may
have powerful implications for the type of markets An Important Concluding Note
served by AIA. Subject to certain capacity constraints, In April 007, AIA’s former CEO, Mr Alfred van der Meer,
long-haul connections could reinforce the concentration concluded a successful five-year term as head of the
in major European hub airports. The remaining, like AIA, company’s Management team. His important contributions
will tend to assume a more regional function within to AIA’s solid foundation and success record were
Europe and internationally. The business options and acknowledged in the previous Annual Report. He was
strategies to be followed by the two home carriers, succeeded by Dr Yiannis Paraschis, a professional with a
Olympic and Aegean, will also play a key role in this notable and widely respected expertise on airport affairs at
respect. the European and international level. With his eleven-year
long record of highly-valued service towards advancing
(II) The Emerging Airport Hubs and Multiplying Airlines AIA’s development and sustainable growth, Dr Paraschis
Fleet in the Middle East has all the credentials and leadership qualities to ensure
The mounting accumulation of wealth and the formidable the successful management of corporate affairs and to turn
liquidity of oil producing countries have led several emirate future challenges into opportunities for continued success
states to expand their aviation capacity to an unprecedented of Athens International Airport.
level. The Arabian Peninsula is evolving into a crucial hub
connecting Europe with Asia. This applies to both airports Professor Kostis Vaitsos
and airlines. For example, by 015 the planned capacity of
two Dubai airports is scheduled to exceed the combined
capacity equivalent of the four London airports today or the
three New York airports. Similarly, published aircraft orders
7
unforeseen only a few months ago. As noted above, AIA time frame, a long-haul seat capacity more than twice as
continues to perform well with a comparatively very large as that of any other major international airline.
healthy growth rate extending into 008. In addition to These extraordinary structural transformations at our
its own operational and marketing excellence, it should be doorstep create major opportunities as well as important
recognised that, during past years, Athens International risks for Athens International Airport. They call, therefore,
Airport benefited from the multi-year carry-over of major for high-level and longer-term initiatives on the part of AIA,
investments and promotional activities in connection to necessitating well-planned and diverse forms of strategic
the 004 Olympic Games. alliances to better serve and to benefit from the explosively
growing tourist and business traffic between Europe and
As a first-class international airport, AIA needs to further the rapidly rising Asian economies. They also call for closer
intensify its efforts on all fronts so as to assure continued collaboration with the Greek State in advancing economic
overall growth performance. This will assure robust benefits diplomacy and expanding business options.
for our shareholders, employees and diverse stakeholders.
The true value of AIA is manifested in its advanced and well- (III) Environmental Pressures and Technological Evolutions
crafted ability to perform exceptionally well, even under Next to the cost of energy, the mitigation of environmental
less promising global market conditions. impacts is one of the most important challenges that air
In this context, two conflicting structural developments in transportation is facing in the longer term. Diverse levels
the international environment create major and countervailing and combinations of regulatory restrictions and economic
challenges. incentives are high on the current agenda of European
countries following the EU Directive of January 007. AIA
° T he conclusion of the first phase of the EU-US Open Skies should continue to be well-prepared to pursue pro-active
initiatives, as it has already done on this critical front in
Agreement, to be followed by an equivalent one with the recent past.
Canada, releases strong market forces leading to the In addition, there is little doubt that in coming years,
initiation of new nonstop services and the entry of new many aspects of airport operations will be fundamentally
carriers in the lucrative North Atlantic aviation market. affected in operational, economic and political terms by
This will favour the expansion of links between North accelerating radical technological changes. These will have
America and the Greek tourist and business markets. a dramatic impact on the very core of airport business,
including security screening, baggage handling, passenger
° On the other hand, the accelerating consolidation of processing, communications and IT&T servicing. AIA needs,
therefore, to persist in investing in human capital and state-
the international airline industry, with the emergence of-the-art hardware and software in order to maintain its
of three European “global” carriers (Lufthansa, Air acknowledged excellence and well-deserved reputation in
France-KLM and British Airways) and with a parallel front-of-the-line productive knowhow.
movement already in process among US carriers, may
have powerful implications for the type of markets An Important Concluding Note
served by AIA. Subject to certain capacity constraints, In April 007, AIA’s former CEO, Mr Alfred van der Meer,
long-haul connections could reinforce the concentration concluded a successful five-year term as head of the
in major European hub airports. The remaining, like AIA, company’s Management team. His important contributions
will tend to assume a more regional function within to AIA’s solid foundation and success record were
Europe and internationally. The business options and acknowledged in the previous Annual Report. He was
strategies to be followed by the two home carriers, succeeded by Dr Yiannis Paraschis, a professional with a
Olympic and Aegean, will also play a key role in this notable and widely respected expertise on airport affairs at
respect. the European and international level. With his eleven-year
long record of highly-valued service towards advancing
(II) The Emerging Airport Hubs and Multiplying Airlines AIA’s development and sustainable growth, Dr Paraschis
Fleet in the Middle East has all the credentials and leadership qualities to ensure
The mounting accumulation of wealth and the formidable the successful management of corporate affairs and to turn
liquidity of oil producing countries have led several emirate future challenges into opportunities for continued success
states to expand their aviation capacity to an unprecedented of Athens International Airport.
level. The Arabian Peninsula is evolving into a crucial hub
connecting Europe with Asia. This applies to both airports Professor Kostis Vaitsos
and airlines. For example, by 015 the planned capacity of
two Dubai airports is scheduled to exceed the combined
capacity equivalent of the four London airports today or the
three New York airports. Similarly, published aircraft orders
7
