TAV Airports served 10M passengers in the first quarter.
As a strong indication of post-pandemic recovery, TAV Airports achieved 131% increase in passenger traffic during the first quarter, compared to the same period last year. TAV welcomed 5.7 million domestic and 4.3 million international passengers at its airports.
A member of Groupe ADP, TAV Airports announced the financial and operational results of the first three months of 2022. TAV announced EUR 149.2 million in revenues –a 146% increase compared to the first quarter of 2021.
TAV Airports Holding Executive Board Member & CEO Sani Sener stated “In the first quarter, we placed €375mn of equity in the New Antalya SPV, financed the rest of the upfront rent payment and made the upfront rent payment of 1.8125 billion EUR to the State Airports Authority of Türkiye. The completion of this financing amid significant geopolitical turbulence was a remarkable achievement testifying to the quality of Antalya as an asset and to the level of intellectual capital accumulated at TAV Airports.
With continued strong international passenger recovery and contribution of Almaty, we recovered 88% of EBITDA versus 2019 in the first quarter, which is the highest level of recovery we achieved since the pandemic. Therefore, I can say we are very close to achieving full recovery in return to pre-pandemic quarterly EBITDA levels.
Seasonality in Almaty is very low. This has proved very beneficial in the low season where Almaty produced 30% of consolidated EBITDA in the previous quarter and 32% in this quarter. With the effect of Almaty and low season, in the first quarter our non-Turkish revenue reached 63% of consolidated revenue.
2022 Turkish traffic so far is very strong for all of our major source markets except for Ukraine and Russia with Antalya preliminary(*) April international traffic showing -7% vs 2019. We have started to reap the benefits of diversification efforts in Turkish tourism. Although there is a marked decrease in our Russian and Ukrainian guests, other source markets have made up for most of the lost traffic so far in April. Germany is 25% above 2019, UK is 67% above 2019, Iran is 41% above 2019 and the remaining source markets are 8% above 2019.
We have experienced many crises during the history of TAV and have always prevailed stronger at the end of each. Therefore, I can say that resilience is imprinted in TAV’s DNA.
I have served as the CEO of TAV for the last 25 years. My role as CEO was originally due to end at the age of 65 but it was extended for another two years following a decision taken by our partners. It has now been 2.5 years and I am 67.
During the last year, we have been working with our partners to build the new management team of our company and our aim was to announce it following the winning of Antalya tender and payment of the upfront concession fee. We have accomplished all of these goals now and the decision has been approved by our Board of Directors.
As of May1st 2022, I will continue as Deputy Chairman of the Board of TAV Airports and as a shareholder of the company.
- Serkan Kaptan, with whom I have been working since the founding of the company and who has been serving as Deputy CEO for the last six years, will be appointed as CEO.
- Franck Mereyde will be appointed as Executive Member of the Board and Chairman of Executive Management Committee.
- Our CFO, with whom I have been working for the last 16 years, will be appointed as Deputy CEO while continuing her role as CFO.
I wish the best for our colleagues who are appointed following a meticulous nomination process. I am fully confident that they will conduct their roles in a fair, transparent manner, prioritizing our employees and creating value for our country, shareholders, stakeholders and customers.
I would like to use this opportunity to thank our employees, shareholders and business partners who have all made immeasurable contributions to the global brand we created in 25 years.”
(*) Preliminary April traffic may differ materially from final April traffic.
KEY PERFORMANCE INDICATORS
EBITDA margin (%)
Number of passengers (m)
About TAV Airports
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 90 airports in 29 countries. A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security and commercial area management. The company is quoted on Istanbul Stock Exchange.