4. 2012 Revenues/EBITDA(3) (€m)
631/268 255/28 115/11 211/21 92/10
Airports Duty Free
Food and
Beverage
Ground
Handling
Others
TAV Airports Overview
O&M, IT and Security
TAV O&M (100%):
Commercial area
allocations & lounges, travel
agency services, TAV Passport
TAV IT (99%):
Airport IT services
TAV Security (100%):
Security service provider in
Istanbul, Ankara , Izmir and
Gazipasa
TAV Latvia (100%):
Commercial area
management in Riga Airport
Turkey
Istanbul Ataturk Airport
(100%),
Ankara Esenboğa Airport
(100%),
Izmir Adnan Menderes Airport
(100%),
Gazipasa Airport (100%)
Georgia
Tbilisi and Batumi Airports
(76%)
Tunisia
Monastir and Enfidha Airports
(67%)
Macedonia
Skopje and Ohrid Airports
(100%)
Saudi Arabia
Medinah Airport (33%)
ATÜ (50%)
Largest duty free operator
in Turkey
Partner with Unifree –
owned by Heinemann,
leading German travel
retailer (Travel Value)
Operating in Turkey,
Georgia, Tunisia,
Macedonia and Latvia
BTA (67%)
Operating in Turkey,
Georgia, Macedonia, and
Tunisia
Operates Istanbul Airport
Hotel (131 rooms)
Total seating capacity of
12.500at 146 points
Bakery & pastry factory
serving in Turkey
BTA Marine (50%) is the
F&B operator of Istanbul
Deniz Otobusleri (IDO)
HAVAŞ (100%)
Major ground handler in
Turkey with a c.65% (1)
share
Operates in 24 airports in
Turkey including Istanbul,
Ankara, Izmir and Antalya
TGS (%50) (2) operates in
Istanbul (AHL&SGA),
Ankara, Izmir, Antalya and
Adana
%67 partner of Havaş
Europe, operating in Riga,
Helsinki, Stockholm and
Germany
(1) Based on number of flights for 2012
(2) TGS started operations in January 2010
(3) Revenues and EBITDA represent the proportional interest of these companies in TAV Airports (50% of ATÜ revenues) (before eliminations)
4
5. Highlights of 2012 Full Year Results
Consolidated EBITDA of €332m (+29% vs FY11) Superb revenue growth led to another year of strong operating
leverage.
*Unless otherwise noted, all Revenues, EBITDA and EBITDAR in this presentation are adjusted to include guaranteed passenger fees and to exclude construction revenues and costs (IFRIC 12 Reversal).
**Calculated according to 2012 average EURTRL rate,out of TRL 143m, may differ according to the actual EURTRL rate on distribution date.
Consolidated revenue of €1099m (+25% vs FY11) Revenue growth hit twenties on the back of superb organic and
inorganic growth.
Net profit of €124m vs €53m in FY11 All-time high net profit owing to strong operational performance
Robust free cash flow of €283m (+13% vs FY11) Continuation of high cash flow conversion
Net Debt of €882m (+11% vs FY11) Net Debt increased due to Havaş acquisition, capex incurred in
Medinah and Izmir and first time dividend payment in 2012.
72m passengers served (+36% vs FY11) Both strength in existing operations and inorganic growth in Izmir and
Medinah boosted passenger numbers.
5
Proposed dividend of €62m** A dividend of 50% of 2012 IFRS Net Income will be presented to the
General Assembly for approval.
6. TAV Airports 2013 Guidance
Notes:
All financial targets have been adjusted to reverse the effects of IFRIC 12 and IFRS 11 in 2013 financials.
IFRS 11 will be applied for the first time to 1Q 2013 financials.
All financial targets are subject to the passenger targets being met.
6
Growth in Istanbul Ataturk Airport Passengers
Growth in Total TAV Airports Passengers
Growth in Revenues
Growth in EBITDA
Consolidated CAPEX
14 to 16 percent
15 to 18 percent
14 to 16 percent
17 to 19 percent
€330 million to €350 millon
7. Aéroports de Paris Acquired 38% of TAV Airports
7
Pre-Transaction Shareholder Structure Post-Transaction Shareholder Structure
(1)
26.1%
(2)
26.1%(3)
4.0%
(4)
3.5%
(5)
40.3%
(1)
8.1% (2)
8.1%
(3)
2.0%
(4)
3.5%
(5)
40.3%
(6)
38.0%
1. Tepe Insaat Sanayi A.Ş.
Turkish integrated conglomerate focused on infrastructure and
construction
2. Akfen Holding A.Ş.
Holding company operating in the infrastructure, construction, seaport,
REIT and energy sector
3. Sera Yapi Endustrisi A.Ş.
Focused on construction in Turkey & MENA region
4. Other Non-floating
5. Free Float
6. Aéroports De Paris*
Internationally acclaimed airport operating company with global operations
*Through Tank ÖWA alpha GmbH
Aéroports de Paris (ADP) is one of the leading European airport groups:
EUR 2,502mm revenue and EUR 972mm EBITDA in 2011
88mm pax in Paris (CDG and ORY) + 40mm Pax under management in 9 countries
Over 9,100 professionals
ADP acquired
38% of TAV Airports for a total consideration of USD 874mm (TRL 11.3 per share)
Senior management team of TAV Airports to remain in place and committed to the business post-transaction, Deputy CEO
appointed by ADP
Board structure is 3 Tepe&Akfen, 3 ADP, CEO and 4 independents (formerly 3 Tepe, 3 Akfen, CEO, 2 independents)
8. ADP – TAV Airports: A Global Footprint
8
France
Paris-CDG: 62mn pax
Paris-Orly: 27mn pax
Owner and operator
Schiphol Group (8%)
51mn pax
Industrial cooperation
Liège (25.6%)
0.6mn tons of freight
Strategic partner
Jeddah (Hajj Terminal) –
Saudi Arabia
7mn pax
Management contract
Amman – Jordan (9.5%)
6mn pax
Management contract
Strategic partner
Cambodian Airports
Phnom Penh & Siam Reap:
4mn pax
Assistance in management
Conakry Airport (29%)
0.3mn pax
Operator
Algier Airport
5mn pax
Operator
Mauritius (10%)
3mn pax
Operator
Strategic partner
Tunisia (67%)
Enfidha & Monastir
3.3mn pax
Concession operator
Turkey
Istanbul Ataturk: 45mn pax
Ankara: 9mn pax
Izmir: 9mn pax
Gazipasa
Concession operator
Georgia (76%)
Tbilisi & Batumi: 1.4mn pax
Concession operator
Macedonia (100%)
Skopje & Ohrid: 0.9mn pax
Concession operator
Medinah (Saudi Arabia) (33%)
Concession operator
13 Regional airports
Mexico North Central (25.5%)¹
13mn pax
Operator & Strategic partner
TAV Airports
ADP
Source: ADP, TAV Airports
Notes: Mexico: ADP holds a 25.5% stake in the Mexican company Servicios de Tecnología Aeroportuaria (SETA), which itself has a 16.7% stake in holding company Grupo Aeroportuario del Centro Norte (GACN), which controls 13 airports in the
north and centre of Mexico, including Monterrey International Airport
Passenger numbers are for FY 2012.
A platform of 37 airports under management representing 200m Pax
9. 0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 2012 2011 2010
0,00
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 2012 2011 2010
99
January-March FY
Passengers (1)
2012 2013 Chg % 2011 2012 Chg %
Ataturk Airport 9.144.058 11.216.643 23% 37.394.694 44.998.508 20%
International 5.938.655 7.406.177 25% 23.973.158 29.717.196 24%
Domestic 3.205.403 3.810.466 19% 13.421.536 15.281.312 14%
Esenboga Airport (2)
2.137.710 2.405.357 13% 8.485.467 9.237.886 9%
International 306.987 335.842 9% 1.405.395 1.574.039 12%
Domestic 1.830.723 2.069.515 13% 7.080.072 7.663.847 8%
Izmir Airport (3)
1.825.239 2.031.383 11% 8.523.533 9.356.284 10%
International 290.683 259.343 -11% 2.398.457 2.411.257 1%
Domestic 1.534.556 1.772.040 15% 6.125.076 6.945.027 13%
Gazipaşa Airport 0 17.142 n.m. 14,083 84,253 498%
International 0 717 n.m. 9,434 81,251 761%
Domestic 0 16.425 n.m. 4,649 3,002 -35%
Medinah(5)
1.020.695 1.204.080 18% 3.547.508 4.588.158 29%
Tunisia 259.108 257.962 0% 2.289.131 3.321.244 45%
Georgia 246.514 282.702 15% 1.190.922 1.387.824 17%
Macedonia 171.032 192.376 12% 838.164 913.567 9%
TAV TOTAL (4)
13.783.661 17.607.645 28% 52.596.835 71.525.928 36%
International 7.201.827 9.503.908 32% 32.019.832 40.756.688 27%
Domestic 6.581.834 8.103.737 23% 20.577.003 30.769.240 50%
January-March FY
ATM(2)
2012 2013 Chg % 2011 2012 Chg %
Ataturk Airport 75.248 87.720 17% 301.518 348.698 16%
International 50.642 58.696 16% 197.580 231.596 17%
Domestic 24.606 29.024 18% 103.938 117.102 13%
Esenboga Airport (2)
17.563 19.352 10% 71.752 74.847 4%
International 2.595 2.878 11% 11.795 12.946 10%
Domestic 14.968 16.474 10% 59.957 61.901 3%
Izmir Airport (3)
13.331 14.414 8% 62.402 67.222 8%
International 2.153 1.869 -13% 17.494 17.124 -2%
Domestic 11.178 12.545 12% 44.908 50.098 12%
Gazipaşa Airport 0 91 n.m. 196 566 189%
International 0 4 n.m. 94 543 478%
Domestic 0 87 n.m. 102 23 -77%
Medinah(5)
6.947 9.461 36% 32.935 36.499 11%
Tunisia 2.989 3.148 5% 20.805 27.350 31%
Georgia 4.792 4.652 -3% 23.118 23.596 2%
Macedonia 2.475 2.555 3% 11.878 11.285 -5%
TAV TOTAL (4)
116.398 141.393 21% 446.565 573.309 28%
International 64.988 78.054 20% 278.934 331.051 19%
Domestic 51.410 63.339 23% 167.631 242.258 45%
+25% YTD
+28% YTD
Traffic Performance
Istanbul International Pax (m)
TAV Total Pax (m)
Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV
Macedonia, TIBAH
Notes: DHMİ figures for 2012 and 2013 are tentative.
(1) Both departing and arriving passengers, including transfer pax
(2) Commercial flights only
(3) TAV started to serve domestic passengers at Izmir Airport in January 2012
(4) 2011 totals do not include Medinah, Gazipaşa and Izmir domestic traffic data while
2012 totals do not include Medinah data for the first half of the year and Gazipaşa for
the whole year
(5) TAV started to serve Medinah passengers on July 1, 2012
10. New Istanbul Airport Tender
10
Tender issued on 24th January 2013 for world’s largest air
transportation hub
Build-Operate-Transfer (BOT) + Lease model for a 25 year
concession.
4 phases
70 million pax capacity at end of Phase 1A in 42 months;
2 runways, 1 terminal building
90 million pax capacity at end of Phase 1B in 58 months; 3
runways, 1 terminal building & 1 satellite
Ramp-up up to 150 million in three more stages
conditional to pax demand
On completion of all phases, the airport will have 6
runways.
The only airport serving commercial flights on the
European side of Istanbul
New Istanbul Airport
Overall cost estimated by the Ministry of
Transport at circa € 7.5 billion.
DHMI Guarantee of € 6.3 billion for departing
international pax and international transfer pax
revenue for the first 12 years of operations
€ 20 International, € 5 transfer, € 3 domestic pax
charge
Bid date announced 3rd May 2013
Total lease amount is the single bid criteria
International Pax Revenue Guarantee Structure (€m)
316 334 351 367
541 563 585 607 628 649 670 690
Year
1
Year
2
Year
3
Year
4
Year
5
Year
6
Year
7
Year
8
Year
9
Year
10
Year
11
Year
12
11. Istanbul ATM Capacity vs Peers with Similar Runway Structure
11
Istanbul Atatürk Airport
Zurich Airport Vienna Airport
Istanbul Atatürk**: 58 ATM/hr
Zurich Airport: 68 ATM/hr
Vienna Airport : 72 ATM/hr
Declared Capacities*
*State Airports Authority (DHMI), Zurich Airport, Vienna Airport
**Please note that runways, aprons and taxiways of Istanbul Ataturk Airport are operated by State Airports Authority (DHMI)
12. Recently Won Projects
12
IZMIR MEDINAH
Operations Right
Izmir Airport International
Terminal, CIP, Domestic Terminal
and the auxiliary structures
Prince Mohammed Bin Abdulaziz
Airport structures
Concession Expiry 2032 2037
TAV Stake 100% 33%
New Terminal
€250mn ~$1bn
Start: 2012 Operations started in June 2012
Total Area Increase: 28.500 sqm to
204.500 sqm
Total terminal capacity will Increase
from 4mn to 8mn
Pax Fees
€15 per international pax and €3
per domestic
SAR 80 from departing and arriving
international pax.
Volume Guarantee
No volume guarantee, except for
existing international terminal
guarantee valid until January 2015
No volume guarantee
Concession/Lease
Total concession rent for entire
operating period (until 2032)
€610mn (excluding VAT)
Total concession rent for entire
operating period (until 2037): 54.5%
of total revenues
Lease payment schedule:
• 2% paid in 4Q 2011 (€12m)
• 3% paid in 1Q 2012 (€18mn)
• first instalment paid on 2
January 2013 (€29mn)
• afterwards annually on first
business day of each year.
The concession charge reduced to
27.3 % for the first two years that
follow the completion of the
construction.
Izmir and Medinah Projects BTA Marine (IDO)
BTA was awarded the F&B operations of Istanbul Deniz Otobusleri
AS (IDO, with c.50m pax) and formed a 50-50 JV with TASS
(operator of IDO)
BTA Marine has gradually taken over the current F&B sales points
since September 2011
BTA Marine will serve at 82 outlets in 21 Terminals, 17 Vehicle
Ferries and 8 Fast Ferries, comprising;
50 BTA Marine owned and operated Sales Points
7 International Fast Food Restaurant (Mc Donald's)
22 International Coffee Shop Chain (Nero)
3 Other Tenants
13. Concession Overview
13
1) As of 31 December 2012
2) The concession fee is going to be 15% of the gross annual turnover until the number of passengers using the two airports reaches 1 million, and when the number of passengers exceeds 1 million,
this percentage shall change between 4% and 2% depending on the number of passengers
3) SAR 80 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years
4) The concession charge will be reduced to 27.3 % for the first two years that follow the completion of the construction.
5) TAV Gazipaşa shall make a yearly rent payent of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI.
6) Cash Basis
Airport Type/Expire TAV Stake Scope
2012
Pax(mppa)
fee/pax
Int'l
fee/pax
Dom.
Volume
Guarantee
Lease/
Concession
Fee
Net Debt (1)
Istanbul Ataturk
Lease
100% Terminal 45.0
US$15
€3 No
$140m/yr +
VAT
€45m
(Jan. 2021) € 2.5 (Transfer)
Ankara Esenboga
BOT
100% Terminal 9.2 €15 €3
0.6m Dom. ,
0.75m Int'l for
2007+%5 p.a
- €92m
(May 2023)
Izmir A.Menderes
BOT+Lease
100% Terminal 9.4 €15 €3
1.0m Int’l for
2006 + %3 p.a.
€29m starting
from 2013 (6) -€1m
(Dec. 2032)
Gazipasa
Lease
100% Airport - €5 TL4 No $50,000+VAT(5) €17m
(May 2034)
Tbilisi
BOT
76% Airport 1.2 US$22 US$6 No - €9m
(Feb. 2027)
Batumi
BOT
76% Airport 0.17 US$12 US$7 No - -€1m
(Aug. 2027)
Monastir&Enfidha
BOT+Concession
67% Airport 3.3 €9 €1 No
11-26% of
revenues from €351m
(May 2047) 2010 to 2047
Skopje & Ohrid
BOT+Concession
100% Airport 0.9
€17.5 in
Skopje, €16.2
in Ohrid
- No
15% of the
gross annual
turnover (2)
€58m
(March 2030)
Medinah
BTO+Concession
33% Airport 4.6 SAR 80 (3) - No 54.5%(4) €70m
(2037)
14. 53
124
FY11 FY12
257
332
FY11 FY12
881
1.099
FY11 FY12
Financial Overview
14
(in m€, unless stated otherwise) 2011 2012 Chg % 2010 2011 Chg %
Revenues* 881 1,099 25% 785 881 12%
EBITDA* 257 332 29% 212 257 21%
EBITDA* margin (%) 29.2% 30.2% 1.1 ppt 27.0% 29.2% 2.2 ppt
FX Gain (Loss) (5) 2 n.m. 6 (5) n.m.
Deferred Tax (4) (6) n.m. 22 (4) n.m.
Net Income 53 124 135% 50 53 6%
Net Cash Provided from Operating Activities 355 414 16% 336 355 6%
Capex (106) (131) 24% (119) (106) -11%
Free Cash Flow 250 283 13% 217 250 15%
Shareholders’ Equity 475 504 6% 437 475 9%
Net Debt 792 882 11% 821 792 -4%
Average number of employees 19,838 22,227 12% 17,535 19,838 13%
Number of passengers (m) 52.8 71.5 36% 47.6 52.8 11%
- International 31.9 40.8 28% 29.3 31.9 9%
- Domestic 20.8 30.8 48% 18.3 20.8 14%
Consolidated Revenue (€m) EBITDA (€m) Net Profit (€m)
25% 29%
• Unless otherwise noted, all Revenues, EBITDA and EBITDAR in this presentation are adjusted to include guaranteed passenger fees and to exclude construction revenues and costs (IFRIC 12 Reversal).
135%
22. Investment Highlights
22
Turkey is the fastest growing aviation market in Europe
Passenger growth of 14% p.a. during 2002-2012
Projected passenger growth of 11% p.a. during 2009-2023(1)
Access to fast growing MENA region
Istanbul is the most efficient hub for Europe, MENA Region(2)
Diversified, balanced portfolio with leading market positions
#1 airport terminal operator in Turkey
12 airports operating in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia (large
catchment areas)
Strong momentum with EBITDA posting 50% CAGR between 2006 and 2012
High earnings visibility given clear / agreed regulatory framework
Proven track record of growth and profitability with attractive organic growth prospects
High financial returns and cash flow generation given fixed cost base (operational leverage) and
minimal ongoing capex
Attractive market with
strong growth prospects
Strong financial
performance and cash
flow generation
Well-positioned to benefit from further organic and inorganic growth
(1) Source: Turkey’s Ministry of Transport
(2) Determining Hub Efficiency in Europe, MIiddle East and North Afirca a comparative study, E. Nur Günay, Şükrü Nenem
Leading airport operator
with diversified portfolio
“Platform play”
23. Worldwide traffic outlook up to 2030
23
Europe
2011–2030 2021–2030
4.1% 3.9%
Asia-Pacific
2011–2030 2021–2030
5.4% 5.1%
Latin America
2011–2030 2021–2030
5.9% 5.2%
North America
2011–2030 2021–2030
3.3% 3.3%
CIS
2011–2030 2021–2030
5.4% 4.8%
Middle East
2011–2030 2021–2030
7.3% 4.9%
Africa
2011–2030 2021–2030
5.1% 4.9%
World
2011–2030 2021–2030
4.7% 4.4%
Source: Airbus Global Markets Outlook (2011-2030)
Passenger traffic growth by airline domicile
The region where TAV operates is projected to experience the highest passenger traffic growth worldwide over the next 20 years.
24. 110
162
202
240
259 250
270
299
332
349
370
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
9 9 10
17
23
30
41 42
48
53
72
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
9
9
14
21
31
32
36
41
51
58
65
25
25
31
36
34
38
44
44
53
59
65
34 34
45
57
65
70
79
86
103
118
130
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Domestic Int'l Total
Growth of the Turkish Aviation Market and TAV Airports
24Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Ministry of Transport
CAGR (2002-12)
14%
Turkish Aviation Market (mPax) Number of Aircraft in Turkey
CAGR (2002-12)
13%
TAV Airports Passenger Traffic (mPax)
CAGR (2002-12)
23%
Deregulation of the domestic market in 2003
2nd largest country in Europe in terms of population:
75m (1)
In 2012, foreign visitors reached 32m (2)
Limited alternative transport infrastructure
Aircraft number in Turkey expected to reach
750 in 2023 (3)
26. Strong Growing Presence in the Broader Region
26
Tbilisi
Ankara
Izmir
Istanbul
Batumi
Ohrid
Skopje
Enfidha
Monastir
Ankara
Tbilisi
Gazipaşa
Medinah
Source: DHMI
Asset overview / catchment area No.1 Airport operator in Turkey
2012 Passengers of 5 Largest Turkish Airports (mPax)
TAV operates in Turkey’s 3 largest cities
Since IPO TAV has expanded into the broader region, winning
concessions and/or BOTs in Tunisia, Macedonia, Turkey (Gazipaşa),
Georgia (Batumi) and most recently Saudi Arabia (Medinah)
TAV is the leading airport operator in the region (55% market share in Turkey) and its airports/terminals handling 72m passengers in 2012.
Latvia
45,0
25,0
14,5
9,2 9,4
AHL Antalya SAW Ankara Izmir
27. Integrated Unique Business Model
27
Integration
Operational Excellence
Financial Excellence
Service CompaniesAirport Companies
High earnings visibility
Pax fees regulated by authorities and set until end of concession
Revenue guarantees in Ankara İzmir
ATM’s drive airside and ground handling revenues.
Operating Leverage
Predominantly fixed cost base
High Cash Flow Conversion
No hard assets, brand new portfolio
High profitability
Service companies have lucrative margins.
High potential to increase per pax spending & penetration
Streamlining
360 degree control facilitates best practice in performance.
360 degree data flow enables constant innovation.
Margin Conservation
All value added is preserved inside the group.
28. TAV vs Other Airport Operators
28
No state stake
No foreign ownership limit
Active state participation
Foreign ownership limits
Integrated business model with service
companies active in every step of the value
chain
Active mainly in airport/terminal
management with some participation in
airport services
Ownership of the operational rights of the
airport portfolio over a predetermined
period through BOTs and concessions
Mostly own the airport portfolio
If BOT, high upfront capex with minimal or
no mandatory capex throughout the
operation period
If lease, annual rent payment
Regular capital expenditure with bulk
investments time-to-time
Business Model
Portfolio Ownership
Capital Expenditure
CounterpartsTAV Airports
Shareholder Structure
29. Revenue sources
29
Aeronautical Charges Non-aeronautical Charges
Passenger Fee Ground Handling Landing Parking Fuel Duty Free F&B Car Park
Turkey
Istanbul X X X X X
Esenboga X X X X X
Izmir X X X X X
Gazipasa X X X X X X X X
Tunisia
Enfidha X X X X X X X X
Monastir X X X X X X X X
Georgia
Tbilisi X X X X X X X X
Batumi X X X X X X X X
Macedonia
Skopje X X X X X X X X
Ohrid X X X X X X X X
Latvia Riga X X
Saudi Arabia Medinah X X X X X X X X
BTA started operations in Istanbul Ataturk Airport Domestic Terminal starting from July 2010
ATU will start operations in Monastir starting from July 2014
BTA will start operations in Monastir starting from 2018
30. Earnings Visibility
30Notes: Passenger service charges apply to departing passengers only (except Medinah)
Landside
Agreed passenger service charge of airports /
terminals depending on project
Ankara and Izmir have revenue guarantees (fixed
PSC and volume growth p.a.)
Check-in counter, bridge
Passenger & ATM growth is the main driver.
Parking, Landing and lighting fees
ATM growth is main driver.
Airside
Revenues
Ground
Handling
Ramp, passenger services and traffic
ATM growth and aircraft type are the main
drivers.
Duty Free
Other
Duty Free available to all international inbound
and outbound passengers
Increased number of shops, improved selection
of products and higher penetration
Catering, car park, advertising, area allocation,
lounge services
Aeronautical Revenues Non-Aeronautical Revenues
31. 32
27
25
20
18
14 14 14 13 13
10
9
7 6
5 4
0
5
10
15
20
25
30
35
Spain
Greece
Slovenia
CzechRep.
Slovakia
Croatia
Hungary
Poland
Russia
Latvia
Turkey
Romania
Bulgaria
Serbia
Bosnia
Ukraine
161%
120%
99%
86% 82% 82% 80%
68% 66%
39%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Greece
Italy
Belgium
France
UK
Germany
Hungary
Spain
Netherlands
Turkey
Turkey – Strong Economic Fundamentals
31
2nd largest country in Europe (>70m people)
6th largest economy in Europe; 16th largest economy in the world (by
GDP)
Nominal GDP growth of 8.0% p.a. over the last six years, and recorded
8.5% real GDP growth in 2011, well ahead of EU 27 average of 1.6%
Despite this, GDP per capita is still one of the lowest in Europe
The Turkish economy has one of the lowest public debt levels in Europe
Demographics support further market growth in the long term
64% of population between ages of 15-60, 28% between 0-14 and 8%
above 60
Passport ownership still in the low teens
3.9 million Turkish immigrants living in Europe offer a resilient traffic
flow
Strong historic GDP growth trajectory, but still significant upside potential in GDP per capita
Source: EIU.
483 531
647
730
615
734 772 828 895 959 1,052
1,156
8.4% 6.9% 4.7%
0.7%
(4.7%)
8.2% 8.5%
4.0%
5.0% 5.0% 4.3%
4.5%
(5%)
0%
5%
10%
15%
0
400
800
1,200
2005A
2006A
2007A
2008A
2009A
2010A
2011A
2012E
2013E
2014E
2015E
2016E
GDP Real GDP Growth
Source: IMF, Turkstat, Ministry of Development
Note: 2012–2015E based on Ministry of Development and IMF forecasts.
(US$ in billions)
Source: IMF, Ministry of DevelopmentSource: IMF
Comments Turkish GDP Growth
European Public Debt (2011 Gross Debt as % of GDP) GDP per Capita (‘000 USD)
CAGR (2011-16)
7%
CAGR (2005-11)
8%
Significant
upside
potential
33. 1,0 1,0 1,1 1,2 1,3 1,3 1,2 1,1 1,3 1,4 1,6
1,8 1,8 2,1 2,6
3,3 3,6
4,4 5,0
6,4
7,1
7,7
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
int'l Domestic
Operations commenced
in October 16, 2006.
Newest in the region
Secondary hub of
Turkish Airlines (THY)
THY flying direct international flights
“2009 Best Airport Award” by ACI, in 5-10 million category
Ankara Esenboğa Airport
33
Passenger Traffic (mPax, 2006-2012) International ATM (%) Domestic ATM (%)
Source: DHMI
CAGR
(2006-12)
13%
Source: TAV Ankara
37
14
18
31
THY Lufthansa Pegasus Other
76
14
10
THY Pegasus Other
34. 1,5 1,6 1,7 1,7 2,1 2,4 2,4
3
3,6 3,8 4,5
5,4
6,1
6,9
2006 2007 2008 2009 2010 2011 2012
International Domesctic
Izmir Adnan Menderes Airport
34
Passenger Traffic (mPax, 2006-2012) Domestic ATM (%) International ATM (%)
Source: DHMI
Third largest city with the second biggest port in Turkey
Major tourist destination
Operations commenced in September, 2006.
Diversified passenger base
CAGR
(2006-12)
13%
Source: TAV Izmir
28
8
4
14
8
38
SunExpress Lufthansa Atlasjet
Pegasus Onur Air Other
31
25
21
9
8
6
Pegasus THY SXS
Atlasjet Anadolujet Other
35. 6,4
7,8
10,2
12,9
10,8
11,6
14,3
16,0
17,3
18,5
20,2
22,3
-6
-4
-2
0
2
4
6
8
10
12
14
0
5
10
15
20
25
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
2014E
2015E
2016E
Nominal GDP Real GDP Growth (%)
(US$ in billions)
International tourist arrivals (millions), 2009 = 1.5m
International tourism receipts (US$ millions), 2009 = 470m
Source: IMF.
Source: World Economic Forum Report. Source: IMF.
0
200
400
600
800
1.000
1.200
1.400
1.600
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
0-14 years old
15-64 years old
65 years old or
more
Comments Georgia GDP growth
Population mixTravel and Tourism indicators
Country Overview: Georgia
Population: 4.4m (1.5m in Tbilisi – the capital)
Located on the east of Black Sea, Georgia controls most of the
trade routes through Caucasus Mountains
Constructions of several oil and gas pipelines have proved the
strategic location of Georgia
One of the fastest growing economies among Former Soviet
Union until the dispute with Russia on Abkhazia and South
Ossetia
Presidential-democratic form of government
Strong tourism potential (rich history, culture, climate), wide
catchment area
35
CAGR (2005-11)
14.3%
CAGR (2011-16)
9.3%
36. 0,6 0,6
0,8 0,8
0,9
1,2
1,4
2006 2007 2008 2009 2010 2011 2012
Georgian Airports
36
Passenger Traffic (mPax,2006-2012)
Batumi AirportTbilisi Airport
Tbilisi Airport
Operations in new terminal commenced in February 7, 2007.
Capturing almost all air traffic in Georgia
Capital city of Georgia with promising business opportunities
Capacity: 2.8 million passengers per year
Selected the Best Emerging Airport – Russia, CIS and Baltic
States
Batumi Airport
Operations in the terminal commenced in May 26, 2007.
Second biggest city of Georgia with strategic importance
Source: TAV Georgia
CAGR (2006-12)
16%
37. –
2.0%
4.0%
6.0%
8.0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Tunisia Northern Africa Africa
International tourist arrivals (millions), 2009 = 6.9m
International tourism receipts (US$ billions), 2009 = 2.8bn
Source: IMF.
Source: IMF, African Economic Outlook.org
Source: World Economic Forum Report.
Population: 10.5m
Privatisation policies of the government have pushed the economy
forward over the past decade
Fairly well developed infrastructure (in particular for air and rail
transport – 37th place in the World Economic Forum Competitiveness
Rankings)
Increasingly popular as a holiday destination, with 90% of travellers
visiting Tunisia preferring air transportation
December 2010 marked the beginning of the Jasmine revolution, a
series of protests and social unrest sparked by the self-immolation of
26-year-old Mohamed Bouazizi
The wave of demonstrations subsequently led to the ousting of
President Zine El Abidine Ben Ali and put an end to his 23-year rule
0-14 years old
15-64 years
old
65 years old
or more
–
50
100
150
200
250
300
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
International tourist arrivals (thousands)
International toursim receipts (US$ millions)
Comments Tunisia Real GDP growth
Population mixTravel and Tourism indicators
Country overview: Tunisia
37
38. 22
17
1410
5
32
NOUVELAIR THOMAS COOK UK TUNIS AIR
THOMSON FLY JET AIR FLY Other
4,2 4,2 4,2
3,8 3,9
2,3
3,3
2006 2007 2008 2009 2010 2011 2012
Tunisian Airports
38
Tunisian passenger Traffic (mPax)Air Traffic Movements by Airline
Enfidha Airport
TAV started to operate in December, 2009.
The Enfidha International Airport, is located 65 kilometers from the
Monastir International Airport and has the potential to become one of
the major air travel hubs in Africa and is a crucial facility for Tunisia’s
tourism industry due to its proximity to major tourist destinations.
TAV Tunisie reached agreements with many prominent airlines and
tourism agencies of the region to increase the traffic at Enfidha.
Monastir Airport
TAV started to operate in January 1, 2008.
Tunisia has potential to be the primary hub of Africa in near future.
90% of travelers visiting Tunisia prefer air transportation.
Selected the Best Emerging Airport in Africa, surpassing all other
African airports.
Enfidha Airport Monastir Airport
Source: TAV Tunisia
Arab SpringFinancial Crisis
39. 6,0
6,6
8,2
9,9
9,3 9,2
10,3 10,1
10,7
11,3
11,9
12,6
-2,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
2014E
2015E
2016E
Nominal GDP Real GDP Growth (%)
(US$ in billions)
International tourist arrivals (thousands), 2009 = 259k
International tourism receipts (US$ millions), 2009 = 218m
Source: World Economic Forum Report. Source: IMF
Source: IMF.
0-14 years old
15-64 years
old
65 years old
or more
–
50
100
150
200
250
300
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
International tourist arrivals (thousands)
International toursim receipts (US$ millions)
Comments Macedonia Real GDP growth
Population mixTravel and Tourism indicators
Country Overview: Macedonia
Population: 2.1m – Skopje (capital) has over 500,000 inhabitants
Skopje has deep historical connections with Turkey and still harbours
large population of Turks and Albanians
Important crossroads of trade in Balkan region
Adoption of visa liberalization for Macedonia in December 2009 has
freed the traffic between Macedonia and EU member states
comprising 500 million citizens
On the verge of joining the European Common Aviation Area (ECAA),
which will lift the bilateral agreements and boost the air traffic in the
region
39
CAGR (2005-11)
9.5%
CAGR (2011-16)
4.1%
40. Macedonian Airports
40
Skopje Airport Ohrid Airport
Macedonian Passenger Traffic (mPax)Skopje and Ohrid
Skopje and Ohrid Airports
TAV Airports was awarded the tender on
September 2, 2008
TAV started to operate Skopje and Ohrid Airports
in March 2010
The European Parliament’s adoption of the visa
liberalization for Macedonia on December 19, 2009 has
freed traveling between Macedonia and 25 out of 27
EU member states with 500 million citizens.
Source: TAV Macedonia
0,64
0,73
0,84
0,91
2009 2010 2011 2012
41. Country Overview: Saudi Arabia
(US$ in billions)
International tourist arrivals (millions), 2010 = 12
International tourism receipts (US$ billions), 2010 = 7
Source: IMF
Source: Euromonitor, World Economic Forum Report.
Note: International tourism receipts figures not available before 2005. Source: Euromonitor
–
5.000
10.000
15.000
20.000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
International tourist arrivals (thousands) Incoming toursim receipts (US$ billions)
0-14 years old
15-64 years
old
65+ years old
Saudi Arabia Real GDP growth
Population mixTravel and Tourism indicators
Comments
Population: 27.1m
Occupies 80% of the Arabian peninsula
Saudi Arabia sits on more than 25% of the world’s known oil
reserves, with a production capacity of 10 million barrels per day
Petroleum sector accounts for 55% of total GDP
Part of the WTO and OPEC, where it plays a leading role
Saudi Arabia has been ruled since its foundation by the Al Saud
dynasty
Saudi Arabia is home to the two holiest sites of Islam (Mecca and
Medinah)
41
316
357
385
477
377
451
578
652 667 683 703
730
0
1
2
3
4
5
6
7
8
0
100
200
300
400
500
600
700
800
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
2014E
2015E
2016E
Nominal GDP Real GDP Growth (%)
42. 0,7
1,1
1,9
2,5
3,2
3,7
4,1
4,7
5,1
4,8
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2,3
3,1
3,4
3,8
3,3
3,6
4,6
2006 2007 2008 2009 2010 2011 2012
Saudia Arabian and Latvian Airports
42
Medinah Pax (m)
Medinah – Jeddah (450 km)
Riga Pax (m)
Source: GACA
TAV Airports is in a JV with Al Rajhi and Oger groups (all
33%) for the improvement and management of the
Medinah Airport.
TAV Airports operates only the commercial areas in Riga
Airport, Latvia.
Terminal Renovation
CAGR (2003-12)
24%
Source: JSC Riga International Airport
43. ATÜ
43
ATÜ Revenues (m€) Duty Free Spend per Pax (€)
ATÜ is Turkey’s leading duty free operator chain,
established as a joint venture between TAV and Unifree
(Heinemann).
ATÜ is the sole duty free operator of the Istanbul, Izmir,
Ankara airports in Turkey, Tbilisi and Batumi airports in
Georgia, Enfidha airport in Tunisia, Skopje and Ohrid airports in
Macedonia and Riga International Airport in Latvia as of
January 2011
ATÜ, has access to a considerable operational know-how,
purchasing power and an effective logistics network.
Competitive concession fee paid to TAV for ATÜ operated
shops in Ataturk Airport
ATÜ also pursues tenders outside TAV operations and has
been operating in Riga (Latvia)
Source: ATÜ Source: DHMI, ATÜ
29 33 41 50
38 42
53
6541
47
57
72
37
47
56
68
2009 2010 2011 2012
Q1 Q2 Q3 Q4
14,8
15,8
14,7 14,5
14,9 15,1
16,0
17,1
15,7
16,3
16,6 16,5
2007 2008 2009 2010 2011 2012
ATU Average Istanbul
44. 35
50
58 59
75
81
115
2006 2007 2008 2009 2010 2011 2012
BTA
44
Spend per Pax (€)
BTA Revenues (m€)
BTA Catering was established in 1999 as a partnership between
Bilintur, Tepe and Akfen in order to handle the food & beverage
operation of the Istanbul Atatürk Airport's International
Terminal.
BTA is the food and beverage operator at Istanbul Ataturk,
Ankara, Izmir, Tbilisi and Batumi, Monastir, Enfidha, Skopje and
Ohrid
BTA, through its subsidiary, Cakes&Bakes produces pastry
products for reputable international food chains
BTA, through its subsidiary, BTA Marine (IDO) provides food and
beverage services at IDO (Istanbul Sea Ferry) sales points
CAGR
(2006-12)
22%
1,8
2,1 2
1,6
1,3
1,5
2007 2008 2009 2010 2011 2012
45. 116
161
31
308
117
203
43
363
HAVAŞ TGS HVŞ E HAVAŞ + TGS + HVŞ E
FY11
FY12
Havaş, TGS, Havaş Europe
45
Operations Map – Havaş, TGS
15%
29%
21%
1%
2009 2010 2011 2012
Revenues 126 163 197 211
EBITDA 24 26 34 21
EBITDA Margin 19% 16% 17% 10%
Aircraft Handled ('000) 182.785 269.244 308.100 363.352
Aircraft Handled (‘000) Havaalanları Yer Hizmetleri A.Ş. (Havaş), the first Ground Handling
Services Company in Turkey, was founded by the state in 1933 to provide
ground handling and catering services for airlines. Whereas catering
services of the company were privatized under the name USAŞ in 1987,
ground handling services unit continued to render services under the
same name.
Operating at 24 airports in Turkey
Havaş has been chosen by THY as partner in the TGS Ground Handling
Services Inc. which commenced its operations in January 2010
Havaş can be divided in five operational units
Passengers services
Aircraft services
Cargo / Postal services
Flight operation, freight control and communication services
Representation services
Exceptional service coverage throughout Turkey
TGS, operates at a total of six airports in Turkey and provides ramp,
operation, cargo and passenger services
Expansion into northern Europe through its 67% stake in Havaş
Europe
Riga – January 2010
Germany - Frankfurt, Munich, Berlin, Dusseldorf, Hamburg
and Stuttgart – 2012
46. Other Services
46
Revenue Breakdown
Revenues (m€)
TAV O&M (100%), incorporated in 2004
Commercial area allocations, maintenance and Lounges
TAV IT (99%), become a separate entity in 2005
Airport IT services, software and hardware sales
TAV Security (100%), became a separate entity in 2006
Security service provider in Istanbul, Ankara, Izmir and Gazipaşa
TAV Latvia (100%) incorporated in 2010
TAV Airports commenced the management of all Commercial
Areas in
January 2011 including DutyFree, Food&Beverage and other
Retail areas for 10 years
39
50
55
66
61
66
92
2006 2007 2008 2009 2010 2011 2012
31%
19%
10%
30%
11%
TAV O&M
TAV IT
TAV Security
Holding
TAV Latvia
47. Tax Regimes
47
Corporate income tax rate of 20%
Advance tax returns are filed on a quarterly basis.
Losses can be carried forward for offsetting against future taxable income for up to 5 years
Losses cannot be carried back
Corporate income tax rate of 15%
Corporate income tax rate of 30%
TAV Tunisia is exempt from corporate tax for a period of 5 years starting from the concession
agreement date
Corporate income tax of 10%
Corporate income tax rate of 15%
Turkey
Georgia
Tunisia
Macedonia
Latvia
48. Summary Financials and P&L
48
Summary Financials (m EUR) FY12 FY11
EBITDA 332 257
EBITDAR 477 387
Summary Cash Flow Data:
Net cash provided by (used in):
Operating activities 414 355
Investing activities (193) (94)
Financing activities (236) (215)
Summary Balance Sheet Data:
Cash and cash equivalents 63 76
Restricted bank balances 402 356
Total assets 2,249 2,081
Bank loans 1,347 1,224
Total liabilities 1,712 1,519
Total equity 537 562
Net debt 882 792
IFRS Income Statement (mEUR) FY12 FY11
Construction revenue 97 65
Total operating income 1,065 848
Sales of duty free goods 249 203
Aviation income 245 178
Ground handling income 218 192
Commission from sales of duty free goods 106 87
Catering services income 76 52
Other operating income 171 137
Construction expenditure (97) (65)
Operating expenses (838) (689)
Cost of catering inventory sold (26) (18)
Cost of duty free inventory sold (96) (77)
Cost of services rendered (76) (60)
Personnel expenses (298) (236)
Concession rent expenses (144) (129)
Depreciation and amortization expense (72) (65)
Other operating expenses (125) (104)
Operating profit 226 159
Finance income 33 29
Finance expenses (96) (96)
Profit before income tax 163 92
Income tax expense (36) (40)
Current tax expense (benefit) 42 36
Deferred tax expense (gain) (6) 4
Profit for the period from continuing operations
Attributable to:
Owners of the Company 124 53
Non-controlling interest 3 (1)
Profit for the year 127 52
49. Balance Sheet
49
€ million FY12 FY11
ASSETS
Property and equipment 192 179
Intangible assets 33 36
Airport operation rights 816 766
Other investments 0 0
Goodwill 152 152
Prepaid concession expenses 57 65
Trade receivables 76 94
Other non-current assets 1 1
Deferred tax assets 100 82
Total non-current assets 1,427 1,375
Inventories 23 19
Prepaid concession expenses 138 123
Trade receivables 97 74
Due from related parties 65 8
Derivative financial instruments 0 4
Other receivables and current assets 33 46
Cash and cash equivalents 63 76
Restricted bank balances 402 356
Total current assets 821 706
TOTAL ASSETS 2,249 2,081
€ million FY12 FY11
EQUITY
Share capital 162 162
Share premium 220 220
Legal reserves 55 36
Other reserves (18) 8
Revaluation surplus 1 2
Purchase of shares of entities under common
control 40 40
Cash flow hedge reserve (96) (68)
Translation reserves (3) (1)
Retained earnings / (Accumulated losses) 142 76
Total equity attributable to equity holders of the
Company 504 475
Non-controlling interest 32 87
Total Equity 537 562
LIABILITIES
Loans and borrowings 1,125 1,021
Reserve for employee severance indemnity 17 10
Due to related parties 6 8
Deferred income 19 20
Other payables 11 16
Deferred tax liabilities 6 6
Trade payables 0 0
Total non-current liabilities 1,185 1,081
Bank overdraft 2 0
Loans and borrowings 220 203
Trade payables 53 40
Due to related parties 11 10
Derivative financial instruments 166 127
Current tax liabilities 10 12
Other payables 45 29
Provisions 9 6
Deferred income 11 11
Total current liabilities 527 438
TOTAL LIABILITIES 1,712 1,519
TOTAL EQUITY AND LIABILITIES 2,249 2,081
50. Cash Flow Statement
50
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 127 52
Adjustments for:
Amortisation of airport operation right 40 37
Depreciation of property and equipment 26 23
Amortisation of intangible assets 5 5
Concession and rent expenses 144 129
Provision for employment termination benefits 10 6
Provision for doubtful receivables 1 7
Other provisions released (0) (0)
Discount on receivables and payables, net (0) (0)
Gain on sale of property and equipment (0) (2)
Provision for unused vacation 2 1
Provision for slow moving inventory (0) (0)
Interest income (17) (16)
Reversal of insurance income 3 1
Interest expense on financial liabilities 86 83
Tax expense 36 40
Unwinding of discount on concession receivable (15) (13)
Unrealised foreign exchange differences on statement of financial
position items 3 (6)
Cash flows from operating activities 452 347
Change in trade receivables (25) (3)
Change in non-current trade receivables 34 32
Change in inventories (4) (5)
Change in due from related parties (57) (3)
Change in restricted bank balances 248 213
Change in other receivables and current assets 26 3
Change in trade payables 0 (1)
Change in due to related parties (0) (10)
Change in other payables and provisions 11 9
Change in other long term assets (0) 0
Additions to prepaid rent expenses (138) (107)
Cash provided from operations 546 477
Income taxes paid (44) (34)
Interest paid (85) (85)
Retirement benefits paid (3) (2)
Net cash provided from operating activities 414 355
2012 2011
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 15 15
Proceeds from sale of property, equipment and
intangible assets 3 6
Acquisition of property and equipment (39) (43)
Additions to airport operation right (91) (61)
Acquisition of intangible assets (2) (1)
Net cash provided from / (used in) investing activities (80) (9)
CASH FLOWS FROM FINANCING ACTIVITIES
New borrowings raised 283 179
Repayment of borrowings (169) (191)
Change in restricted bank balances (309) (202)
Acquisition of non-controlling interest
Non-controlling interest change (1) (4)
Dividends paid (39)
Change in finance lease liabilities (0) 3
Net cash (used in) / provided from financing activities (236) (215)
NET INCREASE IN CASH AND CASH EQUIVALENTS (16) 47
CASH AND CASH EQUIVALENTS AT 1 JANUARY 76 30
CASH AND CASH EQUIVALENTS AT 30 JUNE 61 76
51. Notes on Financials
FX RatesBasis of Consolidation
Hedging
The consolidated interim financial statements have been prepared in
accordance with International Financial Reporting Standards (“IFRS”).
Although the currency of the country in which the Group is domiciled is Turkish
Lira (TRL), most of the Group entities’ functional currency and reporting
currency is EUR.
Each entity is consolidated as follows:
Subsidiaries, TAV İstanbul, TAV Esenboğa, HAVAŞ, TAV
Macedonia, TAV Tunisia, Tibah Development and TAV Ege
enter into swap transactions in order to diminish exposure to
foreign currency mismatch relating to DHMI installments and
interest rate risk to manage exposure to the floating interest
rates relating to loans used.
100%, 100%, 50%, 80%, 85%, 89% and 100% of floating bank
loans for TAV İstanbul, TAV Esenboğa, HAVAŞ, TAV
Macedonia, TAV Tunisia, Tibah Development and TAV Ege
respectively are fixed with financial derivatives.
Changes in the fair value of the derivative hedging instrument
designated as a cash flow hedge are recognized directly in
equity to the extent that the hedge is effective. To the extent
that the hedge is ineffective, changes in fair value are
recognized in profit or loss.
Summary Consolidation Table
FY12 FY11
Name of Subsidiary Consolidation % Stake Consolidation % Stake
TAV İstanbul Full - No Minority 100 Full - No Minority 100
TAV Esenboğa Full - No Minority 100 Full - No Minority 100
TAV Izmir Full - No Minority 100 Full - No Minority 100
TAV Ege Full - No Minority 100 - -
TAV Gazipaşa Full - No Minority 100 Full - No Minority 100
TAV Macedonia Full - No Minority 100 Full - No Minority 100
TAV Latvia Full - No Minority 100 Full - No Minority 100
TAV Tunisia Full - With Minority 67 Full - With Minority 67
TAV Urban Georgia (Tbilisi) Full - With Minority 76 Full - With Minority 76
TAV Batumi Full - With Minority 76 Full - With Minority 76
TIBAH Development Proportionate 33 - -
TIBAH Operation Proportionate 51 - -
HAVAŞ Full - No Minority 100 Full - With Minority 65
BTA Full - With Minority 67 Full - With Minority 67
TAV O&M Full - No Minority 100 Full - No Minority 100
TAV IT Full - With Minority 99 Full - With Minority 99
TAV Security Full - No Minority 100 Full - No Minority 100
HAVAS Europe (NHS) Full - With Minority 67 Proportionate 50
ATÜ Proportionate 50 Proportionate 50
TGS Proportionate 50 Proportionate 50
BTA Denizyollari (IDO) Proportionate 50 Proportionate 50
Average Rate 31 Dec 31 Dec
FY12 FY11 2012 2011
EUR/TRL 2.30 2.32 2.35 2.44
EUR/USD 1.29 1.39 1.32 1.29
EUR/GEL 2.12 2.35 2.18 2.16
EUR/MKD 61.35 61.35 61.50 61.50
EUR/TND 2.01 1.96 2.05 1.94
EUR/SEK 8.71 9.03 8.61 8.94
EUR/SAR 4.82 5.22 4.95 4.86
51
52. Guaranteed Pax Structure 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Ankara
International Departing Pax (m) 0.16 0.75 0.79 0.83 0.87 0.91 0.96 1.01 1.06 1.11 1.16 1.22 1.28 1.35 1.41 1.49 1.56 0.64
Guaranteed Pax Income (€m) 2.3 11.3 11.8 12.4 13.0 13.7 14.4 15.1 15.8 16.6 17.5 18.3 19.2 20.2 21.2 22.3 23.4 9.6
Domestic Departing Pax (m) 0.13 0.60 0.63 0.66 0.70 0.73 0.77 0.80 0.84 0.89 0.93 0.98 1.03 1.08 1.13 1.19 1.25 0.51
Guaranteed Pax Income (€m) 0.4 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.1 3.2 3.4 3.6 3.7 1.5
İzmir
International Departing Pax (m) 0.25 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 0.03
Guaranteed Pax Income (€m) 3.7 15.5 15.9 16.4 16.9 17.4 17.9 18.4 19.0 0.5
IFRIC 12 & Our Adjusted Financials Policy
DebitCredit
1. During Construction
BS Debt
BS Cash
BS Construction in progress
PL Construction Expense Construction Income
2. Completion of Construction
BS Construction in progress
BS
(NPV of) Passenger Revenue Receivable
(Trade Receivables)
BS Airport Operation Right *
3. Operations During Year
PL Aviation Income for the Current Year **
BS Cash **
4. Year Close
PL Aviation Income for the Current Year ***
PL
Finance Income
(Difference between discounted receivables and the actual
receivables)
BS Passenger Revenue Receivable****
PL Amortisation of Airport Operation Right
BS Accumulated Amortisation of Airport Operation Right
* AOR = Construction in progress- (NPV of ) Passenger Revenue Receivable
** TR-GAAP
***IFRS (IFRIC 12 application)
****Discounted guaranteed passenger revenues for that period
Introduction to IFRIC 12 IFRIC 12 booking model
IFRIC 12- is an accounting application treating BOT assets with special provisions
for guaranteed income. Ankara Esenboga Airport and Izmir Adnan Menderes
Airport International Terminal, with their guaranteed passenger fee structures,
fall under the scope.
The capex we incur on our BOT assets, is routinely booked as “airport operation
right” in the balance sheet. However when there are guaranteed passenger fees
in question, these fees are discounted to their NPV and subtracted from the
“airport operation right” of the BOT in question. The remaining capex amount
gets booked as “airport operation right” and the NPV of guaranteed passenger
fees gets booked as “trade receivables.”
When the guaranteed passenger fees become earned during the course of
operations, these are credited from the balance sheet and the difference between
discounted (NPV of) guaranteed passenger fees and the actual fees as they are
earned are booked as finance income.
Due to the application of IFRIC 12, guaranteed passenger fees stop being P&L
items and get treated as Balance Sheet/Cash Flow items, while at the same time,
part of these fees gets shown as finance income. This unduely decreases aviation
income and increases finance income and distorts our P&L. To adjust for the
distortion we add back guaranteed passenger fees while reporting our adjusted
revenues.
On the other hand the capex incurred during the construction phase is
immediately transferred to P&L with an offsetting construction income assigned
to it. This income may or may not carry a mark-up on it. Since this method of
booking also distorts both the P&L and the Balance Sheet we adjust our financials
to disregard the effects of both “construction expense” and “construction
income.”
52
53. Board of Directors and Management Team
53
Board Member Position
Hamdi Akın Chairman
Augustin de Romanet Deputy Chairman
Mustafa Sani Şener Board Member
Pierre Graff Board Member
Laurent Galzy Board Member
Ali Haydar Kurtdarcan Board Member
Abdullah Atalar Board Member
Tayfun Bayazıt Independent Board Member
Necmi Bozantı Independent Board Member
Jerome Calvet Independent Board Member
Sevdil Yıldırım Independent Board Member
Management Team
Dr. Sani Şener Chief Executive Officer (CEO)
David Olivier Tarac Deputy CEO
Senior Management
Altug Koraltan Internal Audit Director
Bengi Vargul Corporate Communications Director
Burcu Geriş Chief Financial Officer (CFO)
Ceyda Akbal Legal Counsel
Deniz Aydın Financial Affairs Director
Ersagun Yücel General Secretary
Haluk Bilgi North Africa Director
Mehmet Erdoğan External Affairs Director
Murat Örnekol Operations Director
Nursel Ilgen Investor Relations Director
Serkan Kaptan Business Development Director
Waleed Youssef GCC Director and ACI Representative
Yiğit Oğuz Duman Human Resources Director
Airport GMs
Kemal Ünlü GM, TAV Istanbul
Erkan Balcı GM, TAV Izmir
Nuray Demirer GM,TAV Esenboga
Metin Kibar GM Deputy, TAV Tunisie
Mete Erkal GM, TAV Georgia
Zoran Krstevski GM, TAV Macedonia
Sofiene Abdessalem GM, Medinah Airport
Service Co. GMs
Ersan Arcan GM, ATU
Sadettin Cesur GM, BTA
Müjdat Yücel GM, HAVAS
Turgay Şahan GM, TAV Security
Binnur Onaran GM, TAV IT
Eda Bildiricioğlu GM, TAV O&M
55. Corporate Governance Rating
55
Sub-categories Weight Grade
Shareholders 0.25 90.98
Public Disclosure and Transparency 0.35 96.26
Stakeholders 0.15 94.53
Board of Directors 0.25 87.29
Total 1.00 92.40
Highest corporate governance rating in Turkey !!
The “Corporate Governance Rating Report” for TAV Airpors was prepared by RiskMetrics Group - Institutional
Shareholder Services (ISS), a global corporate governance rating company with official authorization to assign corporate
governance ratings in accordance with the Capital Markets Board (CMB) Corporate Governance Principles in Turkey.
TAV Airports is rated at 92.40 (9.24) in total average in its Corporate Governance Rating Report.
Final rating grades are determined by the separate weighting of four sub-categories within the framework of the related
resolution of CMB.
The breakdown of corporate governance rating grades is stated below.
56. Macro Outlook
56
2010 2011 2012 2013 2014 2015 2016 2017 Estimates Start After CAGR 2012-2017
Georgia
Real GDP Growth (%) 6,3 7,0 6,5 5,5 5,5 5,5 5,5 5,5 2010 nm
GDP, current prices (US $, billion) 11,6 14,3 15,8 17,3 18,3 19,8 21,9 24,3 2010 7,4%
GDP per capita, current prices (US $) 2.623 3.210 3.514 3.824 4.042 4.370 4.853 5.404 2009 7,4%
GDP based on PPP per capita (US $) 5.064 5.491 5.908 6.283 6.707 7.192 7.748 8.388 2009 6,0%
Inflation, average consumer prices 7,1 8,5 0,2 5,5 6,0 6,0 6,0 6,0 2010 nm
Population (million) 4,4 4,5 4,5 4,5 4,5 4,5 4,5 4,5 2009 0,0%
Latvia
Real GDP Growth (%) -0,3 5,5 4,5 3,5 4,2 4,2 4,0 4,0 2011 nm
GDP, current prices (US $, billion) 24,0 28,3 27,2 28,1 29,8 31,6 33,4 35,4 2011 4,5%
GDP per capita, current prices (US $) 10.681 13.618 13.316 13.808 14.695 15.611 16.578 17.615 2010 4,8%
GDP based on PPP per capita (US $) 14.407 16.818 18.140 19.075 20.213 21.466 22.812 24.305 2010 5,0%
Inflation, average consumer prices -1,2 4,2 2,4 2,2 2,2 2,2 2,2 2,2 2011 nm
Population (million) 2,2 2,1 2,0 2,0 2,0 2,0 2,0 2,0 2010 -0,3%
Macedonia
Real GDP Growth (%) 2,9 3,1 1,0 2,0 3,5 4,2 4,0 4,0 2011 nm
GDP, current prices (US $, billion) 9,4 10,6 10,2 10,7 11,3 12,1 12,9 13,6 2011 5,0%
GDP per capita, current prices (US $) 4.552 5.162 4.935 5.147 5.439 5.815 6.168 6.530 2010 4,8%
GDP based on PPP per capita (US $) 9.964 10.469 10.718 11.048 11.577 12.238 12.940 13.715 2010 4,2%
Inflation, average consumer prices 1,5 3,9 2,0 2,0 2,0 2,0 2,0 2,0 2011 nm
Population (million) 2,1 2,1 2,1 2,1 2,1 2,1 2,1 2,1 2010 0,2%
Saudi Arabia
Real GDP Growth (%) 5,1 7,1 6,0 4,2 3,8 4,3 4,3 4,2 2011 nm
GDP, current prices (US $, billion) 455,9 597,1 657,0 682,6 697,5 722,2 750,0 778,8 2011 2,9%
GDP per capita, current prices (US $) 16.541 21.196 22.823 23.199 23.218 23.569 23.997 24.428 2010 1,1%
GDP based on PPP per capita (US $) 22.818 24.411 25.722 26.564 27.399 28.478 29.654 30.923 2010 3,1%
Inflation, average consumer prices 5,4 5,0 4,9 4,6 4,0 4,0 4,0 4,0 2011 nm
Population (million) 27,6 28,2 28,8 29,4 30,0 30,6 31,3 31,9 2010 1,7%
Tunisia
Real GDP Growth (%) 3,1 -1,8 2,7 3,3 4,1 5,3 5,5 6,0 2010 nm
GDP, current prices (US $, billion) 44,3 46,0 44,7 45,6 47,0 49,2 51,7 54,8 2010 3,5%
GDP per capita, current prices (US $) 4.199 4.317 4.152 4.187 4.279 4.429 4.602 4.835 2010 2,6%
GDP based on PPP per capita (US $) 9.460 9.389 9.698 10.048 10.496 11.118 11.825 12.665 2010 4,5%
Inflation, average consumer prices 4,4 3,5 5,0 4,0 3,5 3,5 3,5 3,5 2011 nm
Population (million) 10,5 10,7 10,8 10,9 11,0 11,1 11,2 11,3 2010 0,9%
Turkey
Real GDP Growth (%) 9,2 8,5 3,0 3,5 4,0 4,3 4,4 4,4 2010 nm
GDP, current prices (US $, billion) 731,3 774,3 783,1 839,0 900,4 980,6 1.072,2 1.170,1 2010 6,9%
GDP per capita, current prices (US $) 10.017 10.363 10.457 11.067 11.738 12.636 13.662 14.748 2010 5,9%
GDP based on PPP per capita (US $) 13.294 14.393 15.029 15.574 16.237 17.010 17.890 18.870 2010 3,9%
Inflation, average consumer prices 8,6 6,5 8,7 6,5 5,3 5,0 5,0 5,0 2011 nm
Population (million) 73,0 74,7 74,9 75,8 76,7 77,6 78,5 79,3 2011 1,0%
International Monetary Fund, World Economic Outlook Database, October 2012
57. Contact IR
57
Besim MERİÇ
Investor Relations Assistant Manager
besim.meric@tav.aero
Tel :+90 212 463 3000 / 2123
Fax : +90 212 465 3100
Nursel İLGEN, CFA
Head of Investor Relations
nursel.ilgen@tav.aero
Tel :+90 212 463 3000 / 2122
Fax : +90 212 465 3100
Ali Özgü CANERİ
Investor Relations Assistant Manager
ali.caneri@tav.aero
Tel :+90 212 463 3000 / 2124
Fax : +90 212 465 3100
IR Website ir.tav.aero
e-mail ir@tav.aero
Phone +90-212-463 3000 (x2122 – 2123 – 2124 - 2125)
Twitter twitter.com/irTAV
Facebook facebook.com/irTAV
Address TAV Airports Holding Co.
Istanbul Ataturk Airport International Terminal
(Besides Gate A and VIP)
34149 Yesilkoy, Istanbul
IR Team About TAV Airports
TAV Airports, the leading airport operator in Turkey, operates 12 airports:
Turkey
Istanbul Atatürk,
Ankara Esenboga,
Izmir Adnan Menderes
Antalya Gazipasa
Georgia
Tbilisi and Batumi
Tunisia
Monastir and Enfidha
Macedonia
Skopje and Ohrid
Saudi Arabia
Medinah
Latvia
Riga (only commercial areas)
TAV Airports provides service in all areas of airport operations such as duty-
free, food and beverage, ground handling, IT, security and operations
services. The Company and its subsidiaries, provided service to
approximately 575 thousand flights and 72 million passengers in 2012. The
Company’s shares are listed in the Istanbul Stock Exchange since February
23, 2007, under the ticker code “TAVHL”
58. Disclaimer
58
This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.Ş. (the
"Company") in any jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other written
or oral information will form the basis of any contract.
The information used in preparing these materials was obtained from or through the Company or the Company’s representatives or from public sources. No
reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The
information in this presentation is subject to verification, completion and change. While the information herein has been prepared in good faith, no
representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its group
undertakings, employees or agents as to or in relation to the accuracy, completeness or fairness of the information contained in this presentation or any other
written or oral information made available to any interested party or its advisers and any such liability is expressly disclaimed. This disclaimer will not exclude
any liability for, or remedy in respect of fraudulent misrepresentation by the Company.
This presentation contains forward-looking statements. These statements, which may contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”
and words of similar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed
future financial or other performance of the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks and
uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the
Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. These forward-looking
statements speak only as at the date of this presentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future performance. As a result, you
are cautioned not to place reliance on such forward-looking statements.
Information in this presentation was prepared as of 12 April , 2013
