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Athens International Airport, Concession Extension, Greece

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SALFO acted as the Hellenic Republic's Technical Adviser for the extension of the Athens International Airport (AIA) Concession Agreement and the assessment of the Hellenic Republic's alternative options in relation to its share capital of the AIA and the possible disposal of all or part of the shares, through a trade sale and/or an initial public offering.


SALFO provided the Hellenic Republic and its Financial Advisers (BNP Paribas/National Bank of Greece) with conclusions on the planned capital expenditure; the traffic projections; the operating costs and the revenue assumptions of the Financial Model in order to establish a Hellenic Republic Case to negotiate with AIA.


SALFO's main tasks included review and comment on the adequacy of the following:

  • The Airport Concession Agreement and relevant technical documentation;
  • The amount and timing of the anticipated Investment and Capital Expenditure Plan of the Airport's Master Plan Extension (i.e. facilities' upgrade and extensions as per agreed capacity triggers);
  • The proposed maintenance and lifecycle replacement programme;
  • The projected operating costs and benchmarking with other international airports;
  • The airport charges against other airports in the region;
  • The aeronautical and non-aeronautical revenues and benchmarking with other similar airports;


  • Traffic projections for the first 15 years (2011-2025) and for the following 20 years (2026-2046) including cargo tons, ATMs, fleet mix, type of carrier and busy hour rates
  • Proposal of sensitivity tests (on traffic growth, network improvements and traffic capture).