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TAV AIRPORTS HOLDING
April 2011
Page
Overview 1
Financial Overview 23
Operations 34
Conclusion 57
2
Airport Companies
Ataturk Airport (100%)
Esenboga Airport (100%)
Adnan Menderes
Airport (100%)
Gazipasa Airport (100%)
Tbilisi (%66) & Batumi (60%)
Monastir & Enfidha (67%)
Skopje & Ohrid
(100%)
Service Companies
ATÜ (50%)
BTA (67%)
HAVAŞ
(65%)
TAV O&M (100%)
TAV IT (99%)
TAV Security (100%)
TGS (%50)
North Hub
Services
(%50)
TAV Airports Holding Co.
3
Heinemann
Bilintur
Tepe Savunma ve Guvenlik
IFC (15%)
PAIDF (18%)
HSBC(28%)
Is Private Equity(6,7%)
TAV Airports Holding will increase its share in TAV Georgia to 76% within the next two months.
O&M, IT and Security
TAV O&M (100%):
Commercial area
allocations &
CIP/VIP,travel agency
services
TAV IT (99%):
Airport IT services
(FIDS,FMS,etc)
TAV Security* (67%):
Security service
provider in Istanbul,
Ankara , Izmir and
Gazipasa
Airports Duty FreeFood and
Beverage
Ground
HandlingOthers
Turkey
Istanbul Ataturk Airport (100%),
Ankara Esenboğa Airport (100%),
Izmir Adnan Menderes Airport (Intl. Terminal) (100%),
Gazipasa Airport (1) (100%)
Georgia*
Tbilisi International Airport(66%) and Batumi Airport
Tunisia
Monastir and Enfidha Airports(2) (67%)
Macedonia
Skopje, Ohrid and Shtip
Airports (3) (100%)
ATÜ (50%)
Largest duty free
operator in Turkey
Partner with Unifree –
owned by Heinemann,
leading German travel
retailer (Travel Value)
Operating in Turkey,
Georgia, Tunisia,
Macedonia and Latvia
BTA (67%)
Operating in Turkey,
Georgia, Macedonia,
Tunisia and Latvia
Operates Istanbul Airport
Hotel (131 rooms)
Total seating capacity of
12.500 at144 points
Bakery & pastry factory
serving in Turkey
Revenu
es
1Q
11
/ 2
01
0(5
)
Notes: (1) We had signed Gazipasa Airport concession agreement on January 7, 2008 and operations started on July 13, 2009.
(2) We started operations in Monastir Airport on January 1, 2008. Enfidha Airport (greenfield investment) started operations in December 2009.
(3) We are awarded the tender on September 2, 2008 and TAV commenced its operations as of 1 March, 2010.
(4) Based on number of flights for 2010
(5) Revenues represent the proportional interest of these companies in TAV Airports (50% of ATÜ revenues) (before eliminations)
Havaş (65%)
Major groundhandler in
Turkey with a c.65% (4)
share
Operates in 22 airports
in Turkey including
Istanbul (AHL&SGA),
Ankara, Izmir and
Antalya
*TGS(%50) operates in
Istanbul, Ankara, Izmir,
Antalya and Adana
%50 partner of North
Hub Services, operating
in Riga and Helsinki
*TGS started operations as of 1 January 2010
TAV Airports Overview4
€m102/471m €41m/170m €17m/75m €37m/163m €15m/61m
*Share of TAV Airports Holding in TAV Georgia and TAV Security shall increase to 76% and 100%, respectively within the next three months.
Ownership Structure (as of 31 March, 2011)
1. Tepe Insaat Sanayi A.Ş.
Turkish integrated conglomerate focused on infrastructure and
construction
2. Akfen Holding A.Ş.
Holding company operating in the construction, tourism, insurance
and energy sector
3. Sera Yapi Endustrisi A.Ş.
Focused on construction in Turkey & MENA region
4. Other Non-floating
5. Other Free Float
Shareholder Structure Founding Shareholders
Other shareholders
2.Akfen Holding A.Ş. has 14,466,267 (3.98%) shares in the free float
3. Sera Yapi Endustrisi ve Tic. Ltd. Sti. has 806,544 (0.22%) shares in the free float
-Morgan Stanley has 17.859.404 (4.92%) shares in the free float as of April 2011
-Schroders has 18.235.856 (5.02%) shares in the free float as of January 2011
- TAVHL effective free float is 40%
(1)26,1%
(2)26,1%
(3)4,2%
(4)3,5%
(5)40,1%
5
6
Airports 2009 2010 09/10 (%)Jan-
Mar10
Jan-
Mar11%
Istanbul Ataturk 29,8 32,1 8% 6,9 7,4 7%
Int’l 18,4 20,3 11% 4,2 4,6 10%
Dom. 11,4 11,8 3% 2,8 2,8 2%
Ankara Esenboga 6,1 7,8 28% 1,6 2,0 21%
Int’l 1,1 1,3 21% 0,2 0,3 26%
Dom. 5,0 6,4 29% 1,4 1,7 20%
Izmir A.Mend. (int’l) 1,7 2,1 28% 0,2 0,3 34%
Monastir Airport(ınc. Enfidha) 3,8 3,92 4% 0,3 0,2 -46%
Georgia (inc. Batumi) 0,77 0,91 18% 0,2 0,2 30%
Macedonia(Skopje&Ohrid)** 0,64 0,73 14% 0,1 0,1 7%
TAV Total *** 42,1 47,6 13% 9,4 10,1 8%
Int’l 25,7 29,3 14% 5,2 5,6 8%
Dom. 16,4 18,3 11% 4,2 4,5 8%
Airports 2009 2010 09/10 (%)Jan-
Mar10
Jan-
Mar11%
Istanbul Ataturk 265,8 273,7 3% 62,8 66,5 6%
Int’l 169,9 178,8 5% 40,7 44,0 8%
Dom. 95,8 94,9 -1% 22,1 22,5 2%
Ankara Esenboga 51,3 63,4 24% 13,5 16,7 23%
Int’l 10,1 11,7 16% 2,3 2,6 12%
Dom. 41,2 51,6 25% 11,2 14,1 26%
Izmir A.Mend. (int’l) 13,1 16,1 23% 2,1 2,2 7%
Monastir Airport(Inc. Enfidha) 30,4 31,8 5% 3,2 2,3 -26%
Georgia (inc. Batumi) 15,6 18,7 20% 3,5 4,6 30%
Macedonia(Skopje&Ohrid)** 12,8 12,8 0% 2,7 2,2 -17%
TAV Total *** 376,2 416,6 11% 87,8 94,6 8%
Int’l 237,4 267,9 13% 54,2 57,4 6%
Dom. 138,8 148,7 7% 33,6 37,1 11%
In 2010 (January – December Period)
TAV Total Passenger Istanbul Ataturk Airport Int’l Passenger
47,6m 20,3m13% 11%
TAV Traffic Performance
TAV Passenger Figures (million) TAV Air Traffic Movements (‘000)
Source: Turkish State Airports Authority (DHMI), Georgian Civil Aviation Authority, TAV Tunisie,TAV Macedonia** Operation commencement date: March 01, 2010
*** TAV 2009 traffic figures do not include Macedonia
7
Page
Overview 1
Financial Overview 23
Operations 34
Conclusion 57
177
140
1Q11 1Q10
Financial Overview8
(in mn €)* 1Q11 1Q10∆ y-o-y
2010 2009∆ y-o-y
Revenues 177 140 27% 785,0 639,7 23%
EBITDA 35 18 100% 212,2 167,4 27%
EBITDA margin 19,8% 12,6% 7,2 ppt 0,27 0,26 0,9 ppt
Net Income (Loss) -14 -15 44% 341,8 311,1 10%
Cash flow from operations (16,8) (15,7) 7% 51,6 51,5 0%
Capex (45,8) (40,1) 14% 336,3 209,7 60%
Free Cash Flow (21,6) (24,7) -13% (118,9) (312,1) -62%
Shareholders’ Equity (67) (65) nm 217,4 (102,4) nm
Net Debt 430,3 372,4 16% 438,4 372,4 18%
Average number of employees 919 997 -8% 821,4 940,8 -13%
Number of passengers (mn) 18.832 15.491 22% 17.535 12.194 44%
- International 10,1 9,4 8% 47,6 42,1 13%
- Domestic 5,65 5,21 8% 29,3 25,7 14%
* Construction revenue and construction expenditure are excluded while computing the operational performance in the table.
** Figures are adjusted by including guaranteed passenger fee revenues from airports in Ankara and Izmir
Consolidated Revenue (€m) EBITDA (€m) Net Profit (€m)
35
18
1Q11 1Q10
%100
-14
-15
1Q11 1Q10%27
9
Revenue & EBITDA
EBITDA Breakdown (1Q11) EBITDA Breakdown (1Q10)
Revenue breakdown (1Q11) Revenue breakdown (1Q10)
33%
24%
19%
6%
18% Duty-free
Aviation
Ground-handling
F&B
Other
34%
25%
15%
7%
19%Duty-free
Aviation
Ground-handling
F&B
Other
66%
18%
9%1%
7%
Istanbul
Other Airports
ATU
BTA
HAVAŞ70%
15%
9%6%0%
Istanbul
Other Airports
ATU
BTA
HAVAŞ
10
OPEX Breakdown
1Q11 1Q10
2% 7%
10%
10%
13%
20%
37%
Catering
Services rendered
D&A
Duty free
Other
Concession rent
Personnel
3% 5%
9%
10%
16%
21%
36%
Catering
Services rendered
D&A
Duty free
Other
Concession rent
Personnel
11
OPEX Breakdown
1Q11 1Q10
(Excluding concession rent and D&A expenses)
3%
14%
10%
54%
19%
Catering
Services rendered
Duty free
Other
Personnel
4%
14%
8%
52%
22%
Catering
Services rendered
Duty free
Other
Personnel
1Q11 Financial Summary12
Note: Figures below are adjusted by including guaranteed passenger fee revenues from airports in Ankara and Izmir
** TAV Istanbul EBITDAR: €55m (margin: 72%)
(€ million) Revenues EBITDA (*) EBITDA (*) Margin Net Debt
Airports 102,3 30,6 30% 785 Istanbul** 76,2 24,1 32% 242 Ankara 9,9 5,1 52% 110 Izmir 4,9 1,8 36% 26 Tunisie 2,7 (2,4) nm 349 Gazipasa 0,0 (0,2) nm 17 Tbilisi & Batumi 5,2 2,2 43% 19 Macedonia 3,4 0,1 4% 22
Services 110,9 4,5 4% 135 ATU (50%) 41,3 3,2 8% 26 BTA 17,4 0,5 3% (5)Havaş 37,1 2,4 6% 76 Others 15,1 (1,6) nm 39
Total 213,2 35,1 17% 920 Eliminations (36,0) (0,0) -
Consolidated 177,2 35,1 20% 920
TAV Airports Consolidated – 1Q11
13
Revenue by country (1Q11)
90%
3%
6%
2%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
intangible asset airport operation right property and equipment
1520
67
39
6268
45
113
88
55 56
25
35
17
42
21
CAPEX
(million €)
Enfidha Airport capex
14
18
Debt Structure
15
NET DEBT
(€ million)31 March 2011 31 March 2010 30 December 2010
Airports 785 851 697
Istanbul 242 309 160
Ankara 110 114 110
Izmir 26 44 26
Tunisia 349 342 343
Gazipasa 17 12 16
Tbilisi 19 30 24
Batumi -0 -0 -0
Macedonia 22 -0 18
Services 135 146 125
ATU (50%) 26 22 21
BTA -5 2 (3)
Havas 76 54 76
Others* 40 67 32
Total 920 997 822
* Including Holding Co.
1- years 2-years 3- years 4- years 5- years 5+ years
TAV Holding - solo
Havaş
TGS
TAV Gazipaşa
TAV Macedonia
ATU
TAV Tbilisi
TAV Izmir
TAV Esenboğa
TAV Tunisie
TAV Istanbul
483
127124137158
Debt Repayment
16
193
De-leveraging Process
Rights Issue (€57m, January 09)
TAV Tunisie Sale to IFC (€28m, August 09)
Havaş sale to HSBC - Is Girisim (€102m, March 10)
TAV Tunisie sale to PAIDF (€39.7m, June 10)
17
Loan Original currency interet rate maturityTAV Istanbul 382.490.198 EUR Euribor + 2.5% 2018
382.490.198
TAV Tunisie 167.891.831 EUR Euribor + 2.28% 2028
109.832.476 EUR Euribor + 2.00% 2022
69.654.403 EUR Euribor + 1.54% 2028
30.210.556 EUR Euribor + 4.75% 2028
377.589.266
TAV Ankara 142.415.339 EUR Euribor + 2.35% 2021
TAV Izmir 46.894.510 EUR Euribor + 3.00% 2013
TAV Holding 30.228.857 EUR 4.25% 2014
17.798.897 USD 5.50% 2011
17.153.249 EUR 4.00% - 6.00% 2011
7.120.495 USD 3.75% 2012
6.110.342 EUR 6.00% 2011
78.411.840
TAV Tbilisi 26.852.634 USD Libor + 4.50% 2015HAVAŞ 59.268.844 EUR Euribor + 4.75% 2018
20.261.762 EUR Euribor + 5.75% 2017
29.712 EUR Euribor + 3.50% 2015
79.560.318
ATU 10.611.900 EUR Euribor + 2.70% 2015
10.080.302 EUR 6.00% 2018
5.069.851 EUR 5.00% 2015
719.079 EUR 5.00% 2012
658.435 EUR 5.64% 2016
303.394 EUR 4.80% 2016
941.04 EUR 5.20% 2012
526.378 TND 5.93% 2013
28.910.379
TAV Macedonia 37.514.137 EUR Euribor + 5.50% 2020
TAV Gazipaşa 10.674.580 EUR 4.00% - 4.50% 2011
5.951.527 TL 8.50% 2011
16.626.107
TGS 3.229.336 TL 7.95% 2011Others 1.012.931
TOTAL 1.221.506.995
Debt Repayment
18
IFRIC 12 is a new application regarding to interpretation of most of existing standards in the IFRS for example, IAS 11-
Construction Contracts, IAS 16-Property Plant and equipment, IAS 17-Leases, IAS 36-Impairment of Assets and IAS 38-Intangible
Assets.
IFRIC 12 Service Concession Arrangements was developed by the International Financial Reporting Interpretations Committee.
Effective date of the application is 1 January 2008.
•TAV Airports adopted IFRIC 12 in the consolidated financial statements for the first time as of 31 March 2008 retrospectively.
•IFRIC 12 affects P&L in terms of the decrease in aviation income (for the guaranteed passenger fees) and depreciation expenses
while the increase in financial income in accordance with such interpretation. “BOT assets” are classified as “airport operation
right” and “trade receivable” in the consolidated financial statements.
•It means the operator (TAV Airports) should account these investments as cost and book construction revenue (if a mark-up on
costs) on its financials instead of investments according to the completion of infrastructure throughout the construction periods.
Mark-up rates for TAV Izmir, TAV Esenboga, TAV Tbilisi, TAV Tunisia, TAV Macedonia and TAV Gazipasa, which are in the
application of IFRIC 12 are assessed by the management as 0%, 0%, 15%, 5%, 0% and 0% during the application periods,
respectively.
•The remaining discounted guaranteed passenger fee to be received from DHMİ according to the agreements made for the
operations of Ankara Esenboga Airport and Izmir Adnan Menderes Airport is represented as guaranteed passenger fee
receivable in the balance sheet as a result of IFRIC 12 application.
IFRIC 12
19
IFRIC 12
Airport operation right Added
Trade receivables Increase
Build-operate-transfer
(“BOT”) Investment Removed
The effect of adoption of IFRIC 12
Balance Sheet
(Assets)
Income
Statement
Construction revenue Added
Construction expenditure (-) Added
Aviation income Decrease (guaranteed pax fees)
Discount interest income Added
Depreciation and amortisation
expense (-) Decrease
19
20
Cash Flow Hedge Accounting
•Subsidiaries, TAV Istanbul, TAV Esenboga, TAV Izmir and TAV Tunisie enter into swap transactions in order to diminish exposure to foreign currency mismatch
relating to DHMI installments and interest rate risk to manage exposure to the floating interest rates relating to loans used.
•100%, 55%, 100% and 50% of floating bank loans for TAV Istanbul, TAV Izmir, TAV Esenboga and HAVAŞ, respectively are fixed with financial derivatives.
100% of floating senior bank loans for TAV Tunisie was fixed with financial derivative until 31 October 2009 and 85% of floating senior bank loans for TAV
Tunisie is fixed with financial derivative starting from 1 November 2009.
Sensitivity Analysis
A 10 percent strengthening / (weakening) of EUR against the following
currencies at 31 March 2011 and 31 December 2010 would have
increased / (decreased) equity and profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest
rates, remain constant.
Based on the Group’s current borrowing profile, a 50 basis points
increase in Euribor or Libor would have resulted in additional interest
expense of approximately EUR 0.8 million on the Group’s variable rate
debt when ignoring effect of derivative financial instruments. EUR 0.6
million of the exposure is hedged through interest rate swap contracts.
Therefore, the net exposure on statement of comprehensive income would
be EUR 0.2 million. A 50 basis points increase in Euribor or Libor would
have resulted an increase in cash flow hedge reserve in equity
approximately by EUR 24.3 million and a 50 basis points decrease in
Euribor or Libor would have resulted an decrease in cash flow hedge
reserve in equity approximately by EUR 25.3 million.
Equity Profit or loss
Strengthening Weakening Strengthening Weakening
of EUR of EUR of EUR of EUR
31 March 2011
USD -24,4 29,8 -0,5 0,5
TRL -7,3 7,3
Other 0,7 -0,7
Total -24,4 29,8 -7,1 7,1
31 December
2010
USD -26,0 31,7 2,9 -2,9
TRL -8,7 8,7
Other -0,4 0,4
Total -26,0 31,7 -6,2 6,2
21
Consolidated Income Statement
(€ million) 1Q11 1Q10
Construction revenue 17,4 9,1 Total operating income 163,1 128,5 Sales of duty free goods 34,5 21,1 Aviation income 40,3 32,5 Ground handling income 36,0 29,7 Commission from sales of duty free goods 17,5 15,1 Catering services income 11,0 9,3 Other operating income 7,7 6,4 Construction expenditure (17,4) (8,8)Operating expenses (157,5) (134,7)Cost of catering inventory sold (3,8) (3,6)Cost of duty free inventory sold (15,6) (13,0)Cost of services rendered (10,7) (7,2)Personnel expenses (59,0) (48,8)Concession rent expenses (31,8) (28,9)Depreciation and amortization expense (15,4) (12,4)Other operating expenses (21,1) (20,9)Operating profit 13,3 0,4 Finance income 5,3 4,5 Finance expenses (30,6) (20,3)Profit before income tax (12,1) (15,4)Income tax expense (4,8) (0,3)Profit for the period from continuing operations
Attributable to:
Owners of the Company (14,5) (15,3)Non-controlling interest (2,3) (0,4)
(16,8) (15,7)Other Financial Data:Adjusted Revenue * 177 140
Adjusted EBITDA * 35 18
Adjusted EBITDAR * 67 46
22
Consolidated Balance Sheet
1Q11 2010
ASSETS
Property and equipment 166.148.240 169.534.780
Intangible assets 37.002.242 37.877.865
Airport operation rights 741.498.802 734.271.656
Other investments 24.238 24.238
Goodwill 154.019.707 154.019.707
Prepaid concession expenses 159.634.715 82.283.714
Trade receivables 108.933.019 113.810.957
Other non-current assets 1.968.344 601.680
Deferred tax assets 72.138.325 79.492.563
Total non-current assets 1.441.367.632 1.371.917.160
Inventories 14.611.444 13.966.730
Prepaid concession expenses 120.891.204 122.592.025
Trade receivables 74.349.046 77.681.614
Due from related parties 4.684.075 5.124.375
Derivative financial instruments 983.455 -
Other receivables and current assets 33.821.928 33.305.357
Cash and cash equivalents 52.615.905 32.442.373
Restricted bank balances 255.224.915 382.444.797
Total current assets 557.181.972 667.557.271
TOTAL ASSETS 1.998.549.604 2.039.474.431
23
1Q11 2010
EQUITY
Share capital 162.383.978 162.383.978
Share premium 220.286.470 220.286.470
Legal reserves 22.476.108 21.655.917
Other reserves 14.622.932 14.622.932
Revaluation surplus 1.897.316 1.982.718
Purchase of shares of entities under common control 40.063.860 40.063.860
Cash flow hedge reserve -52.110.649 -61.729.366
Translation reserves -1.713.293 849.301
Retained earnings / (Accumulated losses) 22.096.761 37.209.526
Total equity attributable to equity holders of the Company 430.003.483 437.325.336
Non-controlling interest 101.423.869 103.060.117
Total Equity 531.427.352 540.385.453
Consolidated Balance Sheet
24
LIABILITY 1Q11 2010
Loans and borrowings 1.031.020.357 1.008.094.394
Reserve for employee severance indemnity 8.814.736 7.451.972
Due to related parties 13.048.166 14.130.564
Deferred income 21.171.264 21.688.366
Deferred tax liabilities 5.668.452 6.281.310
Total non-current liabilities 1.079.722.975 1.057.646.606
Bank overdraft 2.959.093 2.865.313
Loans and borrowings 192.987.342 225.363.062
Trade payables 32.499.309 34.158.389
Due to related parties 10.848.677 14.021.181
Derivative financial instruments 92.771.371 104.968.109
Current tax liabilities 2.695.403 9.920.571
Other payables 40.852.145 38.074.621
Provisions 4.584.972 4.832.799
Deferred income 7.200.965 7.238.327
Total current liabilities 387.399.277 441.442.372
Total Liabilities 1.467.122.252 1.499.088.978
TOTAL EQUITY AND LIABILITIES 1.998.549.604 2.039.474.431
Consolidated Balance Sheet
25
Consolidated Cash Flow Statement
CASH FLOWS FROM OPERATING ACTIVITIES 1Q11 1Q10
Profit for the period -16.816.056 -15.702.258
Adjustments for:
Amortisation of airport operation right 8.709.654 7.384.849
Depreciation of property and equipment 5.253.511 3.654.524
Amortisation of intangible assets 1.415.407 1.345.975
Amortisation of prepaid rent 31.813.003 28.850.743
Provision for employment termination benefits 2.176.374 2.944.924
Provision set for doubtful receivables 256.105 169.405
Discount on receivables and payables, net -20.002 -84.362
Gain on sale of property and equipment -18.820 -58.777
Provision set for unused vacation 49.855 479.888
Provision for slow moving inventory 248 35.632
Interest income -2.789.792 -2.820.355
Interest expense on financial liabilities 24.017.875 15.075.057
Income tax expense 4.750.588 333.087
Discount income from concession receivable -2.426.617 -1.543.373
Unrealised foreign exchange differences on statement of financial position items -2.486.548 10.704.508
53.884.785 50.769.467
Cash flows from operating activities Change in trade receivables 3.094.041 -1.511.126
Change in non-current trade receivables 7.304.555 6.705.010
Change in inventories -644.962 -634.821
Change in due from related parties 440.301 -4.153.163
Change in restricted bank balances 31.703.399 20.720.309
Change in other receivables and current assets 2.273.222 -1.402.593
Change in trade payables -2.481.392 3.849.826
Change in due to related parties -4.254.901 -2.667.113
Change in other payables and provisions 2.223.060 494.622
Change in other long term assets -1.366.662 -245.464
Additions to prepaid rent expenses -106.638.322 -97.461.769
-14.462.876 -25.536.815
Cash provided from operations Income taxes paid -8.591.697 -1.770.390
Interest paid -22.355.805 -12.216.626
Retirement benefits paid -423.915 -592.354
Net cash provided from operating
activities -45.834.293 -40.116.185
26
Consolidated Cash Flow Statement
CASH FLOWS FROM INVESTING
ACTIVITIES1Q11 1Q10
Interest received 2.773.832 2.766.493
Proceeds from sale of property and equipment and intangible assets 155.831 1.294.695
Proceeds from sale of non-controlling interest in a subsidiary - 101.978.682
Acquisition of property and equipment -4.170.906 -14.179.668
Additions to airport operation right -17.039.414 -10.322.736
Acquisition of intangible assets -343.087 -204.785
Net cash provided from / (used in) investing activities -18.623.744 81.332.681
New borrowings raised 78.969.216 86.080.192
CASH FLOWS FROM FINANCING
ACTIVITIES Repayment of borrowings -87.789.115
-
108.474.790
Change in restricted bank balances 92.742.651 66.081.851
Non-controlling interest change 391.723 -669.936
Addition to finance lease liabilities 223.314 26.974
Effect of group structure change - -59.254.279
Net cash (used in) / provided from financing activities
84.537.789(16.209.988
)
20.079,752 25.006.508
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS 29.577,060 31.630.989
CASH AND CASH EQUIVALENTS AT 1 JANUARY 49.656,812 56.637.497
27
For further information, please visit http://ir.tav.aero, e-mail: [email protected]
or call +90-212-463-30-00(x2120, 2122, 2123, 2124)
TAV Airports Holding Co.
Istanbul Ataturk Havalimanı Dış Hatlar Terminali
34149 Yesilkoy, Istanbul
Nursel İLGEN, CFA
Head of Investor Relations
Tel :+90 212 463 3000 / 2122
Fax : +90 212 465 3100
Besim MERİÇ
Investor Relations Senior Associate
Tel :+90 212 463 3000 / 2123
Fax : +90 212 465 3100
TAV Investor Relations
2007 2008
2009 2010
Disclaimer
28
This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.Ş. (the "Company")
in any jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other written or oral information
will form the basis of any contract.
The information used in preparing these materials was obtained from or through the Company or the Company’s representatives or from public sources. No reliance
may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this
presentation is subject to verification, completion and change. While the information herein has been prepared in good faith, no representation or warranty,
express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its group undertakings, employees or
agents as to or in relation to the accuracy, completeness or fairness of the information contained in this presentation or any other written or oral information made
available to any interested party or its advisers and any such liability is expressly disclaimed. This disclaimer will not exclude any liability for, or remedy in respect
of fraudulent misrepresentation by the Company.
This presentation contains forward-looking statements. These statements, which may contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and
words of similar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed future
financial or other performance of the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks and
uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the
Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. These forward-looking
statements speak only as at the date of this presentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions to
any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future performance. As a result, you are cautioned not
to place reliance on such forward-looking statements.
Information in this presentation was prepared as of 28 April, 2011.