Press Releases

Press Releases

TAV increases operational cash flow 9 fold

TAV Airports Holding Inc. (ISE: TAVHL, “TAV”) announced a net profit of 13.9 million TL in the first half of 2010. Additionally, TAV reported 13% growth in passengers, 25% in revenue and 52% in EBITDA.  

TAV Airports Holding Inc. Chief Executive Officer M. Sani Şener commented, “TAV Airports Holding has expanded its organic and inorganic growth, posting impressive operational and financial growth figures in the first half of 2010. During the same period we experienced exceptional passenger growth of 13%. This greatly outpaced the global average.  Against closure of the 06/24 runway at Istanbul Ataturk Airport between March 08 and June 30, as well as the flight cancellations in April due to the volcanic ash cloud problem, the number of passengers we served increased to 21.3 million.

On the back of new operations such as TGS and TAV Macedonia, operations in the capital Skopje and Ohrid airports, as well as NHS--which provides ground services in Latvia’s capital, Riga--our revenue in 1H10 grew 25% to €351 million (708 million TL)."

Record Result in Cash Flow from Operations:
Sener commented on the company’s results: "During the period April through June 2010, we realized the highest quarterly revenue in our history. Coupled with our operational leverage, EBITDA increased by 52%, reaching €85 million. Our EBITDA margin also grew 4.2 percentage points to 24%. All in all, net profit returned to positive territory at 13.9 million TL in 1H10, compared to a net loss of 5.3 million TL in 1H09.  

”Cash flow from operations increased around nine-folds compared to the results of the last year’s same period and we invested 120 million TL during the first half of 2010."

Sener commented on the financial structuring processes at the holding level: "The deleveraging process initiated at the end of 2008 was completed in June of 2010. As a result, net debt at the holding level decreased from €200 million at the end of 2008 to €44 million at the end of 1H10 with the stake sale to PAIDF. All in all, we repaid €175 million in debt in the first half of 2010."

A Huge Contribution from TAV Airports Holding to Employment
On TAV Airports’ contribution to employment, Sener stated, "With new operations such as TGS, TAV Airports made a substantial contribution to employment. The number of our employees increased by more than 5,800 to a total of 18 thousand. We are happy to realize our goals with a sound balance sheet and exceptional operation performance for the Turkish economy."

BRIEF FINANCIAL AND OPERATIONAL INFO 

 

(in mn €, unless otherwise stated

1H10

1H09

∆ y-o-y 

Revenues

351.3

280.0

25%

EBITHA

85.4

56.3

52%

EBITHA margin (%)

24.3%

20.1%

4.2 ppt

Net Income (Loss)

6.9

(2.5)

nm

Cash flow from operations

64.5

6.5

887%

Average number of employees

16,011

11,775

36%

Number of passengers (mn)

21.3

18.8

13%

- International

12.6

11

15%

- Domestic

8.7

7.8

12%

 

 

 

 

About TAV Airports Holding

TAV Airports Holding is the leading airport operator in Turkey with a market share of 48% as per 2009 DHMI passenger statistics include transfer passengers. TAV Airports Holding operates Istanbul Ataturk Airport (one of the busiest airports in Europe), Ankara Esenboga Domestic and International Terminals, Izmir Adnan Menderes Airport International Terminal and Antalya Gazipasa Airport in Turkey, the Tbilisi and Batumi Airports in Georgia, Monastir Habib Bourguiba International Airport and Enfidha-Hammamet Airport in Tunisia, as well as the Alexander the Great Airport in the capital Skopje and the St Paul the Apostle International Airport in Ohrid, 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, security and operations services. TAV Airports serves 375 thousand flights for approximately 300 airline companies and 42 million passengers on average per year. Company shares have been listed on the Istanbul Stock Exchange since February 23, 2007 under the "TAVHL" stock ticker.