€114 million net profit by TAV in the first nine months of 2013
Consolidated revenues of TAV Airports reached €920 million in the first nine months of 2013. The company increased passenger numbers by 19% to 64 million compared to the same period of last year.
TAV Airports Holding, the leading regional airport operator of Turkey, announced a net profit of €114 million in the first nine months of 2013, up by 9% compared to the same period of last year.
TAV Airports Holding CEO M. Sani Şener commented, “As we are approaching the end of 2013, another stellar set of financial and operational results is unfolding in front of us as evidenced by the strength of the nine month results.
In the first nine months of 2013, TAV Airports served 19% more passengers than in 2012. While 14% of this growth was organic, 5% was inorganic, stemming from the start of operations in Medinah in the second half of 2012.
In the first nine months, our revenues grew 13% and reached €920m, while EBITDA growth was at 22% and EBITDA came in at €313m. We continued to enjoy operating leverage and expand our 9M EBITDA margin by 2.8 percentage points. Thus, we have registered the highest nine-month and quarterly EBITDA margins. Despite being pressured by non-cash FX and deferred tax booking, bottom line growth was at 9% and net profit reached €114m.
Free cash flow increased 18% and reached €225m despite a heavy capex schedule of €184m, not including the investment in our minority stake in Medinah. I’m glad to say that the investment in Izmir is going ahead of schedule and we are going to start serving domestic passengers in Izmir very soon in the new domestic terminal.
In our 13 years of operation, we have turned Istanbul into an important global hub with the State Airports Authority and Turkish Airlines. As Istanbul is making its way to becoming one of the top airports in the world, the rest of the portfolio is also posting very healthy double digit passenger gains. TAV has built an immense pool of intellectual capital in operating top of the line airports. We intend to utilize this know how diligently to continue expanding our airport portfolio.
The great TAV story continues to be written by our highly capable workforce and supportive shareholders to whom I’d like to extend my gratitude for another great quarter.”