TAV increased revenue by 14%
TAV increased its revenue by 14% to EUR822 million in nine months 2015. Consolidated EBITDA of TAV Airports increased 21% and reached EUR395 million. The number of passengers at the airports operated by TAV reached 78 million with an increase of 8% compared to the previous year.
TAV Airports Holding (BIST: TAVHL, “TAV”), a global player in airport operations, announced its nine months 2015 EBITDA of EUR395 million with an increase of 21% and its nine months 2015 revenue of EUR822 million with an increase of 14%.
TAV Airports Holding President & CEO Sani Sener stated “2015 is turning out to be another very strong year for TAV Airports, as we had expected. We served 78 million passengers in total during nine months 2015 with an increase of 8%. International passengers served at Ataturk Airport increased 11%.
With strength in both aviation and commercial, total revenue increased 14%. Operating leverage, lower concession fees and favorable FX all helped with the EBITDA which increased 21% compared to 2014 despite significant negative effects of the unfortunate incident in Tunisia. Significant FX fluctuation has caused us to book some noncash losses such as translation and deferred tax, causing the net profit to remain flattish in 9M15. Nevertheless, cash flow was stronger than ever with net debt decreasing 12%.
The airside (parking stands) investment in Ataturk Airport managed and funded by DHMI is nearing completion and the international terminal extension project run by TAV Airports is ongoing. Last quarter, we opened the new terminal in Medinah and are very proud to serve the second holy city of Islam with TAV quality.
We had taken over Milas Bodrum Airport’s domestic terminal in July 2014. Passengers who have since used this airport have witnessed the significant change in atmosphere, service quality and commercial offering. With the addition of the international terminal to our portfolio, in October, now the transition is complete. While we are working on increasing service quality to TAV Airports standards, we are also very actively marketing the airport as a result of which we plan to see significant growth in international passengers next season.
In Gazipasa Alanya Airport, we completed the runway extension which also happens to be the first runway in Turkey placed above a working highway. In Georgia, we have started construction works for runway and taxiways, which will run well into 2016 to be completed. In the third quarter, we have also been prequalified to participate in the tender for five regional airports in Philippines together with our local consortium partner (MPIC) and Aéroports de Paris.
Growth in service companies is continuing with projects like Salalah-Oman, Houston-USA, Carthage+4-Tunisia, İzmir and Bodrum Domestic (ATU); Uniq & Logistics (BTA); Havas Saudi; Germany, Turkish Railways and Nairobi-Kenya lounges (OS); Abu Dhabi (IT) and ICAO Trainair Plus (TAV Academy). We are going to continue to pursue growth opportunities across the world that are value accretive both in airport operations and service companies.
TAV Airports today is stronger, wiser and more able than ever, thanks to our dedicated employees. I would like to use this opportunity extend my feelings of gratitude to all our employees and supportive shareholders.“
*Adjusted for IFRIC 12 except net profit.