Press Releases

Press Releases

TAV Airports Holding Posted Massive Growth in EBITDA

TAV Airports Holding Inc. (ISE: TAVHL, “TAV”) increased its EBITDA by 2x and consolidated revenues by 19% year-on-year in 1Q10.

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 numbers in the first quarter of 2010. We increased our consolidated revenue by 19% and realized massive growth in our EBITDA of 101%. Thanks to our operational leverage, we managed to improve our EBITDA margin by 3.8 percentage points compared to a year ago, while increasing our employee number by 26%, on average. In the first quarter of 2010, despite harsh winter conditions and temporary closure of the 06/24 runway at Istanbul Ataturk Airport, the number of passengers using the airports operated by TAV increased by a spectacular 19%, while Istanbul Ataturk International Airport International Terminal realized 20% growth (including transfer passengers). All in all, the results remain encouraging, considering that the first quarter is traditionally the weakest season for the aviation industry.”

(in mn €, unless stated otherwise)*

1Q2010

1Q2009

∆ y-o-y

1Q2010** (Adjusted)

1Q2009** (Adjusted)

∆ y-o-y

Revenues

134.9

113.5

19%

139.9

117.7

19%

EBITDA

12.6

6.3

101%

17.6

10.4

68%

EBITDA margin

9.3%

5.5%

3.8 ppt

12.6%

8.9%

3.7 ppt

EBITDAR

41.4

38.9

7%

46.4

43.1

8%

EBITDAR margin

30.7%

34.3%

-3.5 ppt

33.2%

36.6%

-3.4 ppt

Net Income (Loss)

(15.3)

(28.8)

n.m.

-

-

-

Cash flow from operations

(40.1)

(71.4)

n.m.

-

-

-

Capex

(24.7)

(112.5)

-78%

-

-

-

Shareholders’ Equity

352

372

-5%

-

-

-

Net Debt

997

933

7%

-

-

-

Average number of employees

14,212

11,308

26%

-

-

-

Number of passengers (mn)

9.4

7.9

19%

-

-

-

- International

5.2

4.3

21%

-

-

-

- Domestic

4.2

3.6

17%

-

-

-

* Construction revenue and construction expenditure are excluded while computing the operational performance in the table.

** Figures are adjusted by including guaranteed passenger fee revenues from airports in Ankara and Izmir

Source:  TAV Airports Holding, DHMI, TAV Tunisie, TAV Macedonia, Georgian Aviation Authority

About TAV Airports Holding

TAV Airports Holding is the leading airport operator in Turkey with a market share of 48% as per the DHMI 2009 passenger statistics including transfer passengers. 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 as well as the Monastir Habib Bourguiba International Airport, Enfidha-Hammamet Airport in Tunisia. Furthermore, TAV Airports Holding started to operate the Alexander the Great Airport in capital Skopje and the St Paul the Apostle International Airport in Ohrid, in Macedonia as of March 1, 2010.

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 operation services. TAV Airports serve 375K flights for approximately 300 airline companies and 42 million passengers on average per year.

As per 2009 figures, 57% of TAV Airport's consolidated revenues consisted of non-aviational revenues. TAV Airports Holding generated 609 million Euro consolidated revenues (turnover) as per the 2009 financial tables prepared in compliance with the IFRS. The company shares are listed in the Istanbul Stock Exchange since February 23, 2007, under the name of "TAVHL".

http://ir.tav.aero

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