Press Releases

Press Releases

TAV Airports Holding Posted Record High Net Profit and EBITDA

TAV Airports Holding Inc. (ISE: TAVHL, “TAV”) increased its net profit by 10x and EBITDA by 23% year-on-year in 2009.

TAV Airports Holding (ISE: TAVHL, “TAV”) announced a €51.5 million (110.7 million TL) net profit for 2009 as compared to €4.7 million (8.9 million TL) net profit for 2008.

TAV Airports Holding Inc. Chief Executive Officer M. Sani Şener commented, “Against the global turmoil, TAV Airports Holding experienced a solid traffic growth in 2009, thanks to its business strategy focused on high growth regions. The number of passengers in airports operated by TAV increased by 3% in 2009, exceeding 42 million, as passenger numbers at European airports decreased by 6%. Increase in the number of passengers using Istanbul Ataturk Airport International Terminal was even higher at 8%. Thanks to the high cash generation capacity of our existing businesses and operational leverage, TAV saw a 2% increase in its consolidated revenues to €609 million (€640 million by including guaranteed passenger fee revenues from airports in Ankara and Izmir), a 23% increase in its EBITDA to €137 million (€167 million adjusted EBITDA). Meanwhile, net profit increased more than ten-folds to €51.5 million in 2009. All these record high figures indicate the resilience of our business to external shocks. It is obvious that we have set the best examples for making rapid decisions in crisis atmosphere and analytic management that is the only method for leading such a voluminous business.”

(in million €, unless stated otherwise)*

2009

2008

∆ y-o-y

2009** (Adjusted)

2008** (Adjusted)

∆ y-o-y

Revenues

608.9

597.7

2%

639.7

627.3

2%

EBITDA

136.7

111.2

23%

167.4

140.8

19%

EBITDA margin

22.4%

18.6%

3.8 ppt

26.2%

22.4%

3.7 ppt

EBITDAR

280.3

267.2

5%

311.1

296.8

5%

EBITDAR margin

46.0%

44.7%

1.3 ppt

48.6%

47.3%

1.3 ppt

Net Income (Loss)

51.5

4.7

1003%

-

-

-

Cash flow from operations

209.7

213.7

-2%

-

-

-

Capex

312.1

214.6

45%

-

-

-

Shareholders’ Equity

372.4

294.0

27%

-

-

-

Average number of employees

12,194

11,289

8%

-

-

-

Number of passengers (million)

42.1

40.9

3%

-

-

-

- International

25.7

25.0

3%

-

-

-

- Domestic

16.4

15.9

3%

-

-

-

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