Press Releases

Press Releases

TAV’s 2010 results surpass estimates

TAV Airports Holding Inc. (ISE: TAVHL, “TAV”) announced €52 million net profit above consensus estimates for 2010. As per the results, double digit growth in revenue and EBITDA are attained.

 

As per 2010 year-end financial results, TAV Airports maintained double digit growth in revenue and EBITDA. TAV attained €785 million consolidated revenue, marking 23% increase and net profit amounted to €52 million. The number of TAV employees grew by %75 and reached 18,768.

TAV H Airports Holding Inc. Chief Executive Officer M. Sani Şener commented, “As TAV Airports we have increased our consolidated revenue to €785 million marking 23% increase. Likewise, consolidated EBITDA in 2010 grew by 27% and reached €212 million.” Şener indicated that net profit of TAV Amounted to €52 million exceeding the consensus estimates of €48 million and stated “As TAV Airports Holding and its affiliates, we have made our contribution to our country paying 524 million TL of tax and rental fees including social insurance.”

Şener emphasized that TAV Airports Holding has contributed to the Turkish economy by increasing employee number and briefly stated: “With our affiliates that have commenced operations this year, TAV Airports made a substantial contribution to employment. The number of our employees increased to 18,768 by 31st December 2010 which was 10,719 at 2009 year-end.” Şener also remarked “Considering the financial results of TAV, it is obvious that we have managed smart and healthy growth. I would like to thank all TAV Group employees, our partners, and shareholders.”

TAV Airports served 47.6 million passengers in 2010 at 10 airports in Turkey and abroad.

BRIEF FINANCIAL AND OPERATIONAL INFO

 (in mn €, unless stated otherwise) 

2010

2009

∆ y-o-y 

Revenues

785

640

23%

EBITDA

212

167

27%

EBITDA margin (%)

27.0%

26.2%

0.9 ppt

Net Income

52

51

0%

Cash flow from operations

336

210

60%

Capex

119

312

-62%

Free Cash Flow

217

(102)

nm

Average number of employees

17,535

12,194

44%

Number of passengers (mn)

48

42

13%

- International  

29

26

14%

- Domestic  

18

16

11%

About TAV Airports Holding

TAV Airports Holding is the leading airport operator in Turkey. TAV Airports Holding operates Istanbul Ataturk Airport (one of the busiest airports in Europe), Ankara Esenboga Domestic and International Terminals and Izmir Adnan Menderes Airport International Terminal, Gazipasa Airport in Antalya in Turkey, and the Tbilisi and Batumi Airports in Georgia, the Monastir and Enfidha Airports in Tunisia, as well as Skopje and Ohrid Airports in Macedonia. TAV Airports operates in other branches of airport operations as well, such as duty free sales, food and beverage services, ground handling services, information technologies, and security and operation services. TAV Airports has taken over the operations; duty-free, food & beverage and other commercial areas for 10 years of Riga Airport in Latvia as of 1st January 2011. TAV Airports serve 420K flights and 48 million passengers on average per year. The company shares are listed in the Istanbul Stock Exchange since February 23, 2007, under the name of "TAVHL".

http://ir.tav.aero