Page 26 - Financial Statements 2014, 2015 & 2016

Financial Statements AGS Aviation Ground Services N.V.
6. Notes to the financial statements Financial statements 2014

Taxes and social premiums

2014 2013
Taxes and social premiums in AWG in AWG

Setlled taxes and coial premiums 747,493 977,497
Pension payable 14,661 11,871

Total taxes and social premiums 762,154 989,368

In 2012 the Company negotiated a settlement with the Aruban tax department. As a result
the principle amount of AWG 1,150,000 should be repaid in 60 monthly installments with a
final payment on February 28, 2018.

Other liabilities

2014 2013
Other liabilities in AWG in AWG

Concession fee 97,732 60,965
Security deposit 16,131 16,131
Rebillable expenses 6,201 13,754

Total other liabilities 120,064 90,850
Contingent liabilities

The Company entered into a ground handling concession agreement with Aruba Airport
Authority N.V. Under this agreement the Company is able to operate groundhandling services
up to and including December 31, 2021. The concession fee for 2014 was 7% of the annual
gross receipts and will be 8% as per January 1, 2015, with a yearly minimum guaranteed
amount.
The Company has entered into several lease agreement for the lease of a X-ray machine,
office equipment and vehicles.

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