First time dividend from TAV
TAV Airports Holding (ISE: TAVHL, "TAV") announced a net profit of €52.8 million in 2011 versus €49.8 million in 2010.
One of the world's leading airport operators, TAV Airports Holding announced yet another year of success in revenue and operational profitability. The Holding's 2011 financial results reveal €881 million consolidated revenue and a further 2.2 point improvement in EBITDA margin.
TAV Airports Holding CEO and President M. Sani Şener commented, "True to its declaration of 2011 as a business development year' TAV Airports won two strategic tenders in Izmir and Medinah, resulting in significant inorganic expansion. During the year, our company has not only continued on its ambitious growth path but has also proven the strength of its brand name through its financial performance once again. I am most pleased to announce that we are going to crown this performance by proposing a cash dividend of TRL 0.25 per share to our General Assembly. As this will be the first dividend our company would distribute, it will truly be a landmark in our history by demonstrating that we have struck the optimum balance between growth and investor return at the same time. A balance which we like to call smart growth...
"TAV Airports Holding continued to deliver a strong financial and operational performance in 2011, on the back of continued strong passenger growth. Airports Council International (ACI) reported 4.9% growth in passenger traffic worldwide for 2011 compared to the previous year, fueled by 3% real growth in world Gross Domestic Product (GDP) and strong demand for air travel. Besides these global situation, TAV Airports realized 11% growth in passenger numbers y-o-y, reaching 53 million, against a 42% decrease in Tunisian airports. This was reflected in 12% increase in consolidated revenues to €881 million and 21% growth in EBITDA to €257 million -with 2.2 percentage points improvement in EBITDA margin, thanks to operational leverage- compared to 2010. Free cash flow generation which amounted to €250 million was robust.
"While achieving these record levels of financial performance our investments did not slow down. In 2011 we executed capital expenditures amounting to €106 million and further increased our workforce by 13 percent. Despite these, we managed to reduce our net debt to €792 million.
“We had aimed to achieve growth and pay dividends to shareholders during the planning period. We are also happy to be able to fulfill these aims, side by side with the successful annual results. I would like to thank all TAV Group employees who are our principal asset in this business, our passengers and our shareholders for their invaluable contributions. “
KEY PERFORMANCE INDICATORS
(in mn €) 2011 2010 ∆ y-o-y
Consolidated Revenue* 881 785 12%
EBITDA* 257 212 21%
EBITDA margin (%) 29.2 27.0 2,2 ppt
Net Profit (Loss) 52,8 49,8 6%
Average number of employees 19.838 17.535 13%
Number of passengers (mn) 52,8 47,6 11%
- International 31,9 29,3 9%
- Domestic 20,8 18,3 14%
Note: The data stated in the Press Release is published upon the calculation of the adjusted revenue and EBITDA.
About TAV Airports Holding
TAV Airports Holding is the leading airport operator in Turkey. TAV Airports Holding operates Istanbul Ataturk, Ankara Esenboga and Izmir Adnan Menderes airports and Gazipasa Airport in Antalya in Turkey; as well as Tbilisi and Batumi airports in Georgia, Monastir and Enfidha airports in Tunisia, Skopje and Ohrid airports in Macedonia. TAV Airports, with its partners Al Rajhi Holding and Saudi Oger, won the Medina Airport tender in Saudi Arabia. TAV also operates duty free and other commercial areas at Riga Airport in Latvia. TAV Airports operates in other branches of airport operations as well, such as duty free, food and beverage services, ground handling services, information technologies, security and operation services. TAV Airports served 451 thousand flights and 53 million passengers in 2011. The company shares are listed in the Istanbul Stock Exchange since February 23, 2007, under the name of "TAVHL".
For more information:
Erhan Üstündağ, 212 463 30 00/2097 and 530 228 80 59, firstname.lastname@example.org