TAV IT
TAV IT
TAV IT
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206<br />
<strong>TAV</strong> Airports Holding Annual Report 2008<br />
<strong>TAV</strong> AIRPORTS HOLDING AND <strong>IT</strong>S SUBSIDIARIES<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2008<br />
(Amounts expressed in Euro unless otherwise stated)<br />
43. RESTATEMENT OF PRIOR PERIODS’ FINANCIAL STATEMENTS<br />
The consolidated financial statements as at 31 December 2006 and 2007 and consolidated financial statements as of 31 December<br />
2007 have been restated for the following:<br />
Accumulated losses<br />
Balance at 31 December 2007, as previously reported (53,499,998)<br />
Effect of adoption for IFRIC 12 as at 31 December 2006 (a) 3,115,646<br />
Effect of adoption for IFRIC 12 (a) (6,215,472)<br />
Deferred tax effect of adoption for IFRIC 12 as at 31 December 2006 (a) (802,157)<br />
Deferred tax effect of adoption for IFRIC 12 (a) 817,384<br />
Balance at 31 December 2007, as restated (56,584,597)<br />
Accumulated losses<br />
Balance at 31 December 2006, as previously reported (5,131,662)<br />
Correction of error in concession expense as at 31 December 2005 (419,142)<br />
Correction of error in concession expense in 2006 (7,426,316)<br />
Deferred tax effect on correction of error in concession expense as at 31 December 2005 125,740<br />
Deferred tax effect on correction of error in concession expense 1,485,262<br />
Effect of group structure change as at 31 December 2005 3,255,008<br />
Effect of group structure change (5,321,718)<br />
Effect of adoption for IFRIC 12 as at 31 December 2006 (a) 3,115,646<br />
Deferred tax effect of adoption for IFRIC 12 as at 31 December 2006 (a) (802,157)<br />
Balance at 31 December 2006, as restated (11,119,339)<br />
a) Effect of adoption of IFRIC 12:<br />
The Company adopted IFRIC 12 and reflected the effect of adoption retrospectively:<br />
Restated at<br />
31 December 2007<br />
Previously<br />
Reported at 31<br />
December 2007<br />
Airport operation right 295,835,595 -<br />
Trade receivables 49,883,346 25,407,313<br />
Non-current trade receivables 179,431,221 -<br />
Deferred tax assets 21,157,808 21,142,581<br />
Build-operate-transfer (“BOT”) Inventory - 502,842,676<br />
Restated at<br />
1 January-<br />
31 December 2007<br />
Previously Reported<br />
at 1 January-<br />
31 December 2007<br />
Construction revenue 53,914,284 -<br />
Aviation income 98,902,683 127,402,683<br />
Income tax benefit 4,745,445 3,878,116<br />
Discount interest income from IFRIC 12 2,411,345 -<br />
Cost of construction (52,941,288) -<br />
Depreciation and amortisation expense (30,103,199) (48,955,917)
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