TAV Airports Holding declares profits for the first time since 2005
TAV Airports Holding Co. (“TAV”) has declared net profits of NTL 19.2 million (€ 10.3 million) in the nine-month period ending 30th of September 2008. The company has therefore made a profit for the first time since 2005 according to the consolidated financial tables prepared in line with UFRS (international Financial Reporting Standards.) In addition, TAV Airports Holding created cash totalling NTL 253.8 million (€ 136 million) from operations. This total of NTL 253.8 million indicates the highest level reached since 2006.
M. Sani Şener, President, TAV Airports Holding, emphasised how they’ve succeeded in securing profits despite investment:
“As we all know, TAV Airports Holding is in essence the story of growth in the infrastructure industry. Companies whose strategies are based on growth rarely declare profit in the first few years as their investments take priority. TAV Airports Holding has made an NTL 19.2 million consolidated profit in the first nine months of this year, despite the €156 million investment in Enfidha-Hammamet Airport in Tunisia, thanks to the high cash returns on existing businesses and operational profitability. This figure represents the solidity of our company business in the face of external shocks in the current crisis environment.
We are delighted that our operations in Tunisia and Georgia contribute to the consolidated finances and net profits as our Turkish and overseas operations continue to grow profitably. In the first nine months of this year, the number of passengers who use airports operated by TAV Airports Holding grew by 3%, reaching 27.6 million. Our flagship, Istanbul Atatürk Airport International Terminal grew by 9% in passenger numbers. Similarly, duty free spending per passenger grew to €15 per passenger in the first nine months of this year, compared with €14.4 in the same period in 2007. The renovation of the Duty Free Shops concept in Istanbul Atatürk Airport at the end of 2007 has contributed significantly to this growth.
We have not, up to now, observed any dramatic impact of the current economic situation on our operations and we have complete trust in the capacity of our industry to create cash. I would like to thank the TAV Group personnel and our passengers for their valuable contributions.”
About TAV Airports Holding
TAV Airports Holding Co. holds the leading airport operator position in the Turkish market with 45% market share according to State Airports Authority 2007 passenger statistics.
TAV Airports Holding operates Istanbul Atatürk (one of the busiest airports in Europe,) Ankara Esenboğa Domestic and International Terminals and Izmir Adnan Menderes Airport International Terminal in Turkey, while overseas operations cover Tbilisi and Batumi in Georgia and Monastir Habib Bourguiba International Airport in Tunisia. TAV Airports Holding also holds the right to operate Gazipaşa Airport in Antalya, Enfidha-Hammamet International Airport in Tunisia, Alexander the Great in the Macedonian capital Skopje and St. Paul the Apostle International Airport in Ohrid, also in Macedonia. TAV Airports Holding has undertaken the construction of the new cargo airport at Shtip in Macedonia and hold the option to operate this airport.
TAV Airports activities cover auxiliary services relevant to the industry, such as Duty Free shops, catering, ground services, IT, security and operations. TAV Airports services close to 315,000 flights by 300 airlines and an average of 35 million passengers each year.
The company’s shares have been on the Istanbul Stock Market under the “TAVHL” code since the 23rd of February 2007.
(million NTL) *
Net Profit (Loss)
Cash generated (used) from continuing operations
Free Cash Flow
Average personnel numbers
Passenger numbers (millions)
Duty free spend per passenger (€)
* The values on the table do not include construction costs and revenue.
Source: TAV Airports Holding, SAA, TAV Tunisie, Georgian Authority