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TABLE OF CONTENTS
TAV AT A GLANCE 02 Who We Are 10 What We Do 12 How 2011 Unfolded 14 Where We Operate 16 Highlights of 2011 22 Outlook for 2012
Yeşim Çınar TAV Security Security Officer
Selda Adalı Tunçel TAV Security Security Officer
Merih Taraktaş TAV Istanbul Terminal Operations Officer
Mustafa Çankaya TAV Airport Hotel Reservation Officer
Mesut Zerman BTA Software Specialist
Nursemin İşçimen TAV Airport Hotel Reservation Officer
Serdar Pektezol TAV IT Car Park System and Application Administrator
Sibel Tatlısu TAV Airports Financial Reporting Senior Specialist
Uğur Çolak TGS VIP/CIP Passenger Services Officer
Songül Aydın BTA Food Safety Chief
Uğur Konyar TAV Security Security Officer
Begüm Ay TGS Passenger Services Officer
Fulya Pekcan TAV Istanbul Ramp Tower Officer
Esen Sefer BTA Accounting Officer
Arzu Güzelaydın Ömür TAV Istanbul TOC Officer
M. Cengiz Yücel ATÜ ATU Bazaar Shop Supervisor
ASSESSMENTS 24 Board of Directors’ Message 26 CEO’s Message
TAV Airports Employees whose Paintings are Featured in the 2011 Annual Report
OPERATIONS 28 Airport Operations 64 Service Companies 78 Investor Relations and Stock Performance 80 Glossary
* This project was carried out under the supervision of artist Köksal Çiftçi.
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2 TAV Airports 2011 Annual Report
Shareholding Structure Strong, institutional shareholder base
ShareholderNumber of
Shares (1) Share ( %)
Tepe İnşaat Sanayi A.Ş. 94,664,477 26.1
Akfen Holding A.Ş. 94,886,071 26.1
Sera Yapı Endüstrisi ve Ticaret A.Ş. 14,644,716 4.0
Non-floating (Other) 12,775,048 3.5
Free-float (Other) 146,310,939 40.3
Total 363,281,250 100.0 (1) As of December 31, 2011
Shareholders ( %)
Non-floating (Other) 3.5%
Akfen Holding A.Ş. 26.1%
Tepe İnşaat Sanayi A.Ş. 26.1%
Sera Yapı Endüstrisi ve Ticaret A.Ş. 4.0% Free-float (Other) 40.3%
Who we are?
Tepe İnşaat Sanayi A.Ş. Operating since 1969, Tepe İnşaat is among the leading companies in construction.
26.1%
Akfen Holding A.Ş. Akfen Holding is active primarily in infrastructure investments as well as in maritime investments (e.g. port operations), energy, real estate and construction.
26.1%
Sera Yapı Endüstrisi ve Ticaret A.Ş. Sera Yapı Endüstrisi ve Ticaret A.Ş. focuses on infrastructure and superstructure construction projects.
4.0%
OTHer SHAreHOlderS
Free-float (other)
40.3%Non-floating (other)
3.5%
FOuNdING SHAreHOlderS
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3TAV at a Glance Assessments Operations
Organizational Structure
AIrpOrT OperATIONS SerVIce cOmpANIeS
Atatürk Airport (100%)
Esenboğa Airport (100%)
Adnan menderes Airport (100%)
Gazipaşa Airport (100%)
TAV Operation Services (100%)
TAV IT (99%)
TAV Security (100%)
* Only Commercial Areas
BTA (67%)Bilintur (33%)
ATÜ (50%)unifree (Heinemann)
TAV Airports served 451 thousand flights and 53 million passengers in 2011, bolstering its presence further in Europe and the Middle East. The Company undertook an ambitious investment program in 2011 whereby it took over the operation of the commercial areas of the Riga Airport in Latvia and won the tenders for Izmir and Medina Airports. The Company enhanced its recognition, reputation and brand value on a global scale through these investments.
Havaş (65%)HSBc (28.3%)İş Private Equity (6.7%) TGS (50%)
Havaş europe (67%)
Skopje and Ohrid Airports (100%)
riga* Airport (100%)
Batumi and Tbilisi Airports (76%)
monastir and enfidha Hammamet Airports (67%)
madinah Airport (33%)
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4 TAV Airports 2011 Annual Report
milestones A global brand in airport operations
1997 • TAV was founded and it was awarded
the tender for the Istanbul Atatürk Airport.
1999 • ATÜ, which was established as a TAV
Airports venture to provide duty free shopping services, was incorporated into the TAV corporate structure; BTA, which provides food and beverage services, was established.
2000 • TAV began operating the Istanbul
Atatürk Airport International Terminal.
2001 • ”primeclass” CIP Service was launched.
2004 • BTA began operating the Istanbul
International Airport Hotel.
• Tepe - Akfen assumed construction and operation of the Esenboğa Airport Domestic and International Terminal.
• TAV İşletme Hizmetleri A.Ş. (TAV Operation Services) was founded.
2005 • TAV Airports was awarded the tender to
operate the Atatürk Airport International and Domestic Terminal Buildings, Parking Garage and General Aviation Terminal for 15.5 years.
• 60% of Havaş shares were acquired.
• Construction and operation of the Izmir Adnan Menderes International Terminal was assumed by TAV. TAV Bilişim Hizmetleri A.Ş. (TAV IT) was founded and the information technology services developed during the course of construction and operation of airport terminals were consolidated under this company.
• TAV was awarded the tender for the Tbilisi Airport in Georgia.
2006 • Operation and construction services
were restructured under “TAV Havalimanları Holding A.Ş.” (TAV Airports) and “TAV İnşaat” (TAV Construction) as two separate holding companies.
• Izmir Adnan Menderes Airport International terminals commenced service.
• Esenboğa Airport Domestic and International Terminal commenced operation.
• TAV Özel Güvenlik Hizmetleri A.Ş. (TAV Security) was founded and the private security services developed during the course of the construction and operation of the airport terminals were consolidated under this company.
2007 • TAV Airports Holding shares were
floated.
• Tbilisi Airport’s new passenger terminal commenced service.
• Batumi Airport commenced operation.
• TAV Airports was awarded the tender for the Monastir and Enfidha Hammamet Airports in Tunisia.
• 40% minority shares of Havaş were acquired. Havaş became a wholly-owned subsidiary of TAV Airports.
• TAV Airports became 100% owner of TAV Izmir and TAV Esenboğa.
• TAV Airports was awarded the tender for the operation of the Antalya Gazipaşa Airport.
• The Hopa Terminal operated by Havaş commenced service.
2008 • TAV Airports assumed operation of
Tunisia’s Monastir Airport.
• TAV Gazipaşa Yatırım-Yapım ve İşletme A.Ş. (TAV Gazipaşa) was founded to operate the Antalya Gazipaşa Airport.
• TAV Airports was awarded the tender for the operation of the airports in Macedonia’s capital Skopje and in Ohrid, as well as the construction of the Shtip Cargo Airport, of which TAV Airports also retains optional rights to operate. The related concession contracts were signed.
• Havaş was awarded the tender for a 50%-shareholding partnership in TGS (Turkish Ground Services Co.), a subsidiary of Turkish Airlines.
Who we are?
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5TAV at a Glance Assessments Operations
2009 • TAV Airports increased its issued capital
by TL 121 million.
• TAV Gazipaşa commenced operation at the Antalya Gazipaşa Airport.
• The Enfidha Hammamet Airport investment was completed.
• Agreement was reached for the sale of Havaş shares to HSBC (28%) and İş Private Equity (7%).
• Havaş acquired a 50% equity stake in TGS.
• IFC (International Finance Corporation), a World Bank institution, acquired a 15% equity stake in TAV Tunisie.
2010 • TAV Airports assumed the operation of
Macedonia’s Skopje and Ohrid airports for 20 years.
• The sale of the minority shares of Havaş to HSBC and İş Private Equity was completed.
• TAV signed a “Global Training Center” agreement with Airports Council International (ACI), whose membership includes more than 1,600 airports from around the world.
• TAV Operation Services launched the TAV Passport Card, which offers many services and privileges at airports operated by TAV.
• The operation of five service points (Kantin, Beerport, Kokpit Cafe, Kokpit Brasserie and İç Hatlar Botanik Cafe) at the Istanbul Atatürk Airport Domestic Terminal was assumed by BTA as of July 1, 2010.
• TAV Airports sold 18% of the shares of TAV Tunisie SA to the Pan African Infrastructure Development Fund.
• Havaş acquired a 50% equity stake in North Hub Services (NHS, Havaş Europe), a provider of ground handling services at Latvia’s Riga Airport.
• TAV Airports was awarded the tender for the operation of duty free, catering and other commercial areas at Latvia’s Riga Airport.
• TAV Airports Holding raised its ownership stake in TAV IT from 97% to 99%.
2011 • TAV commenced service at Latvia’s Riga
Airport after assuming the operation of the commercial areas of this airport.
• TAV Airports Holding raised its ownership stake in TAV Security’s share capital from 66.67% to 100%.
• TAV Airports Holding’s ownership stake in TAV Urban Georgia’s share capital increased from 66% to 76%.
• TAV Airports Holding raised its ownership stake in TAV Batumi Operations LLC’s share capital from 60% to 76%.
• BTA Denizyolları (BTA Sea Lines) was founded as a 50%-50% joint venture of BTA and TASS; BTA commenced service at İDO (Istanbul Fast Ferries Co.) locations.
• Skopje Airport’s new terminal commenced operation after the completion of its construction.
• TAV Airports, jointly with its partners Al Rajhi and Saudi Oger, signed a contract with Saudi Arabia’s Civil Aviation Authority GACA for the build-operate-transfer project of the Madinah Airport, the first airport privatization in Saudi Arabia.
• TAV Mobile, the mobile phone app that provides access to real time information at the airports operated by TAV Airports, was launched.
• TAV Airports Holding was awarded the tender for the leasing of the operation rights of Izmir Adnan Menderes Airport’s existing International Terminal, CIP, Domestic Terminal and auxiliary structures as the highest bidder on November 17, 2011.
• Havaş, a 65%-owned subsidiary company of TAV Airports Holding, increased its ownership stake in North Hub Services (“NHS”), a company providing ground handling services at Latvia’s Riga, Sweden’s Stockholm and Finland’s Helsinki airports, from 50% to 66.7% as of December 20, 2011. NHS will continue to operate at these airports under the “Havaş Europe” commercial brand.
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6 TAV Airports 2011 Annual Report
Service companies
Business model and Strategy High level of integration and customer satisfaction achieved through a unique business model
Duty Free
Ground Handling
Food & Beverage
Information Technology
Security
Operation Services
Airport Operations
Atatürk Airport
Esenboğa Airport
Adnan Menderes Airport
Gazipaşa Airport
Madinah Airport
Monastir and Enfidha
Hammamet Airports
Batumi and Tbilisi Airports
Skopje and Ohrid Airports
Riga Airport
TAV Airports Holding
Who we are?
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7TAV at a Glance Assessments Operations
Inorganic Growth New investments in new
regions: Inorganic growth, on the other hand, is accomplished with investments in airport and service companies. The Holding continues to enrich its existing
portfolio by adding new airports and service companies
to it in the target region of Europe, Russia and the
Commonwealth of Independent States, Baltic Nations and
Georgia, Middle East, Africa and India.
Generating Value TAV Airports is increasing its
total value generation by strengthening the integration between its business lines.
Organic Growth Soaring passenger traffic: Organic growth is achieved through an increase in the
passenger traffic of the airports currently operated by TAV. While the Holding’s revenues grow in parallel
with the soaring passenger traffic, costs increase less than income since the majority of the Company’s expenditures consists of fixed costs. Thus
the Holding takes advantage of an operational leverage effect and generates higher EBITDA.
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8 TAV Airports 2011 Annual Report
Investment priorities At the center of the world’s attention
The fastest growing aviation market in Europe
17% Compound Annual Growth Rate in passenger traffic between 2003 and 2011
11%Projected Compound Annual Growth Rate* in passenger traffic from 2009 to 2023
* Compound Annual Growth Rate (CAGR) calculated based on the Turkish Ministry of Transport’s total airline passenger traffic projection for Turkey of 350 million in 2023
Easy Access to the Rapidly Developing Middle East and North Africa Regions
Diversified portfolio composition
1stTurkey’s leading airport operator
12Number of airports operated in Turkey, Georgia, Tunisia and Macedonia*
* The commercial areas of Riga Airport are operated by TAV Airports.
TAV plans to begin operating the airport in Madinah, Saudi Arabia in the first half of 2012.
Strong growth momentum (2006-2011 period)
55%Compound Annual Growth Rate (CAGR) in EBITDA
17%Compound Annual Growth Rate (CAGR) in Revenues
18%Compound Annual Growth Rate (CAGR) in Passenger Traffic
19%Compound Annual Growth Rate (CAGR) in Employment
TAV Airports: A leading airport operator with a balanced portfolio structure
€ 53 million net profit: Steady financial performance and cash generation capability
Turkey: An alluring market with strong growth potential
Who we are?
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9TAV at a Glance Assessments Operations
Source: Determining Hub Efficiency in Europe, Middle East and North Africa: A Comparative Study; E. Nur Günay, Şükrü Nenem
Transportation Hubs Lowest cost in transfer flight connections ( %)
33
23
16
13
13
3
1
Istanbul Atatürk
Frankfurt
Cairo
London
Dubai
Paris
Madrid
Istanbul: The Region’s Most Efficient Transfer Hub
Istanbul stands out as the most efficient hub when compared with the other seven active and developing air transit hubs.
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10 TAV Airports 2011 Annual Report
Turkey
€ 422 millionIstanbul Atatürk Airport (100%)
revenue: € 344 million
Share of Total Revenues
33%
Share of EBITDA
53%
Number of Employees
2,413
Ankara Esenboğa Airport (100%)
revenue: € 42 million Share of Total Revenues
4%Share of EBITDA
8%Number of Employees
840
Georgia€ 25 million
Batumi and Tbilisi Airports (76%)
revenue: € 25 million
Share of Total Revenues
2%
Share of EBITDA
5%
Number of Employees
747
Macedonia € 17 million Skopje and Ohrid Airports (100%)
revenue: € 17 million
Share of Total Revenues
2%
Share of EBITDA
1%
Number of Employees
664
Izmir Adnan Menderes Airport (100%)
revenue: € 35 million
Share of Total Revenues
3%
Share of EBITDA
9%
Number of Employees
559
Gazipaşa Airport (100%) Number of Employees
19
Tunisia Monastir and Enfidha Hammamet Airports (67%)
revenue: € 35 millionShare of Total Revenues
3%Share of EBITDA
2%Number of Employees
693
Latvia Riga Airport (commercial activities) (100%)
Number of Employees
2
Saudi ArabiaSaudi Arabia Madinah Airport (33%)
Overview12 airports on three continents
revenue
€ 498 million Share of Total Revenues
47%Share of EBITDA
77%Number of Employees*
5,937
Airport Operations
* As of December 31, 2011
What We do?
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11TAV at a Glance Assessments Operations
duTy Free FOOd & BeVerAGe
GrOuNd HANdlING OTHer
BTA (67%)
revenue: € 81 million
Share of Total Revenues
8%Share of EBITDA
2%Number of Employees
2,323
Has a total seating capacity of 12,500 at 146 points.
Supplies bakery products to various chains in Turkey.
Operates the 131-room Istanbul Airport Hotel.
Operates in Turkey, Georgia, Tunisia and Macedonia.
Commenced service at İDO (Istanbul Fast Ferries Co.) locations via BTA Denizyolları (BTA Sea Lines).
Havaş (65%)
revenue: € 197 million
Share of Total Revenues
19%Share of EBITDA
13%Number of Employees
9,928
Operates at 22 airports in Turkey including Istanbul, Ankara, Izmir and Antalya with a market share of approximately 65%.
TGS (50%) operates in Istanbul, Ankara, Izmir, Antalya and Adana.
Has a 67% ownership stake in Havaş Europe.
Operation Services, Information Technology (IT) and Security
revenue: € 66 million
Share of Total Revenues
6%
Number of Employees
661
TAV Operation Services (100%)
Provides commercial space allocation and tourism services.
TAV IT (99%) Provides airport IT services.
TAV Security (100%) Provides security services at the Istanbul, Ankara, Izmir and Gazipaşa airports.
ATÜ (50%)
revenue: € 208 million
Share of Total Revenues
20%Share of EBITDA
8%Number of Employees
1,420
Operates Turkey’s largest duty free shops.
Established a partnership with Unifree, a subsidiary of the leading German travel retailer Heinemann.
Operates in Turkey, Georgia, Tunisia, Macedonia and Latvia.
revenue
€ 552 millionShare of Total Revenues
53%Share of EBITDA
23%Number of Employees*
14,332
Service Companies
* As of December 31, 2011
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12 TAV Airports 2011 Annual Report
TAV in Figures TAV’s rapid and steady ascent continues.
How 2011 unfolded?
Consolidated revenues increased by 12% in 2011. Aviation income (including ground handling) constituted 46% of total income, while non-aviation income made up the remaining 54% of revenues. A large portion of the revenues is denominated in foreign currency.
Revenues grew by 12% while EBITDA was up by 21% in 2011 thanks to operational leverage.
* Revenues and EBITDA were adjusted to include guaranteed passenger revenues but exclude construction revenues and expenditures.
Consolidated Revenues* (€ million)
Consolidated EBITDA* (€ million)
785
640
627
2011
2010
2009
2008
5082007
4022006
881
212
167
141
2011
2010
2009
2008
772007
292006
257
12%
21%
17% compound annual growth rate
(CAGR) between 2006 and 2011
55% compound annual growth rate
(CAGR) between 2006 and 2011
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13TAV at a Glance Assessments Operations
Passenger traffic at the airports operated by TAV Airports increased by 11% compared to the previous year and reached 53 million in 2011.
TAV Airports provides services at 12 airports in five countries on three continents with nearly 20 thousand employees.
Average Number of Employees
17,535
12,194
11,289
9,473
2011
2010
2009
2008
2007
8,1462006
19,838
13%
Passengers (million)
232006
48
42
41
2011
2010
2009
2008
302007
53
11%
18% compound annual growth rate
(CAGR) between 2006 and 2011
19% compound annual growth rate
(CAGR) between 2006 and 2011
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14 TAV Airports 2011 Annual Report
Operations map expanding operations in Turkey and abroad
Where We Operate?
MACEDONIA
TAV’s 2011 commercial Flight Traffic 11.9 thousand
TAV’s 2011 passenger Traffic 838 thousand
revenue by country 2%
Skopje
Ohrid
TUNISIA
TAV’s 2011 commercial Flight Traffic 20.8 thousand
TAV’s 2011 passenger Traffic 2.3 million
revenue by country 4%
enfidha
monastir
Passenger Fees
Ground Handling
Landing
Parking
Fueling
Duty Free
Food and Beverage
Car Park
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15TAV at a Glance Assessments Operations
TURKEY
TAV’s 2011 commercial Flight Traffic 396 thousand
TAV’s 2011 passenger Traffic 48 million
revenue by country 91%
Istanbul Atatürk
Ankara Esenboğa
Izmir Adnan menderes
Antalya Gazipaşa
GEORGIA
TAV’s 2011 commercial Flight Traffic 23.1 thousand
TAV’s 2011 passenger Traffic 1.2 million
revenue by country 3%
Tbilisi
Batumi
LATVIAriga Airport (Commercial Activities)
SAUDI ARABIA madinah Airport Operations are to be taken over in the first half of 2012.
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16 TAV Airports 2011 Annual Report
Operational Summaryrapid uninterrupted growth in every line of business
Highlights of 2011
International passenger traffic at the airports operated by TAV Airports increased by 9% to reach 31.9 million.
International Passengers (million)
29.3
2011
2010
31.9
9%
In line with the expanding operations map, the Company’s average number of employees increased by 13% in 2011.
TAV Airports Average Number of Employees
17,535
2011
2010
19,838
13%
Domestic passenger traffic at the airports operated by TAV Airports increased by 14% to reach 20.8 million.
Domestic Passengers (million)
18.3
2011
2010
20.8
14%
International commercial flights at the airports operated by TAV Airports were up by 5% in 2011.
International Commercial Flights
266,991
2011
2010
281,123
5%
Domestic commercial flights at the airports operated by TAV Airports were up by 14% in 2011.
Domestic Commercial Flights
148,759
2011
2010
170,030
14%
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17TAV at a Glance Assessments Operations
Financial Summaryrecord-breaking financial success
TAV Airports’ revenues increased 12% and reached € 881 million in 2011 as a result of organic and inorganic growth.
Operating Revenues* (€ million)
785
2011
2010
881
12%
EBITDA soared by 21% in 2011 thanks to the operational leverage effect.
EBITDA* (€ million)
212
2011
2010
257
21%
TAV Airports generated net profit of € 53 million in 2011 thanks in part to the 11% growth in passenger traffic at the airports operated by the Company.
Net Profit (€ million)
50
2011
2010
53
6%
Summary Income Statement* (€ million) 2010 2011
Operating Revenues 785 881
Operating Expenses 632 689
Net Operating Profit 153 192
Net Financial Expenses (57) (67)
Profit/(Loss) Before Tax 64 92
Income Tax Benefit/(Expense) (12) (40)
Net Profit/(Loss) 50 53
Profit/(Loss) Attributable to Minority Interests 2 (1)
EBITDA 212 257
EBITDAR 342 387
* Includes guaranteed passenger revenues but excludes construction revenues and expenditures. (Total guaranteed passenger income at Izmir and Ankara was € 33 million for 2011.)
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18 TAV Airports 2011 Annual Report
Summary Balance Sheet (€ million) 2010 2011
Cash, Cash Equivalents and Securities 32 76
Restricted Bank Balances 382 356
Total Assets 2,039 2,081
Financial Liabilities 1,236 1,224
Total Liabilities 1,499 1,519
Shareholders’ Equity 540 562
Net Debt 821 792
Total Assets (€ million)
2,039
2011
2010
2,081
2%
Shareholders’ Equity (€ million)
540
2011
2010
562
4%
Free cash flow (net cash generated from operations - cash used in investments) in 2011 was € 250 million, up from € 217 million in 2010.
(€ million) 2010 2011
Net Cash Generated from Operations 336 355
Acquisition of Property and Equipment (80) (43)
Addition to Airport Operation Rights (38) (61)
Acquisition of Intangible Assets (1) (1)
Free cash Flow (FcF) 217 250
Free Cash Flow
Financial Summary
Highlights of 2011
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19TAV at a Glance Assessments Operations
Consolidated Net Debt (€ million)
821
2011
2010
792
-4%
Composition of Debt (€ million)
1 year
500
400
300
200
100
0
2 year 3 year 4 year 5 year 5+year
Other
TAV Holding-standalone
Havaş
TGS
TAV Gazipaşa
TAV Macedonia
ATÜ
TAV Georgia
TAV Izmir
TAV Esenboğa
TAV Tunisie
TAV Istanbul
Capital Expenditures (€ million)
Property and Equipment Airport Operation Rights Intangible Assets
The consolidated net debt of TAV Airports Holding was down by 4% to € 792 million.
2011
2010
2009
2008
2007
120
215
312
119
106
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20 TAV Airports 2011 Annual Report
Highlights A productive and successful year when major investments were undertaken
TAV Airports Holding was awarded the tender held by the Turkish State Airports Authority (DHMİ) for the leasing of the operation rights of Izmir Adnan Menderes Airport’s existing International Terminal, CIP, Domestic Terminal and auxiliary structures as the highest bidder on November 17, 2011.
Skopje Airport, annual passenger capacity of which was increased to 4 million by TAV Airports, commenced service.
TAV Airports, through the consortium it has formed jointly with its partners Al Rajhi and Saudi Oger, was awarded the tender for the operation of the Madinah Airport for 25 years.
TAV Airports, jointly with its partners Al Rajhi and Saudi Oger, signed a contract with Saudi Arabia’s Civil Aviation Authority GACA for the build-operate-transfer project of the Madinah Airport, the first airport privatization of Saudi Arabia.
Adding Istanbul Fast Ferries Co. (İDO) to its service network, BTA acquired the operation right for 33 food and beverage sales points in terminals, fast ferries and ferryboats operated by İDO.
TAV Mobile, the app developed for smart phones and tablet PCs that provides passengers access to real time information, was launched.
A wine store featuring mostly Georgian wines was opened in the duty free section of the Tbilisi Airport.
Izmir Adnan Menderes Airport was granted Level 1 Carbon Accreditation Certification by the ACI in 2011.
The “open gate” policy was initiated at the Ankara Esenboğa Airport.
An MoU (Memorandum of Understanding) was signed between the Turkish State Airports Authority (DHMİ), TAV and Turkish Airlines for the CDM (Collaborative Decision Making) project in order to enhance passenger, airline and sector satisfaction and optimize capacity at the Istanbul Atatürk Airport.
The trigen facility at the Istanbul Atatürk Airport resumed operation, resulting in major energy cost savings.
TAV assumed the operation of 1,300 square meters of commercial area at Latvia’s Riga Airport at the beginning of 2011 and commenced operations. Total area taken over by TAV Airports reached 2,295 square meters during the year.
TAV received the “Best Partner” award from the Riga Airport management.
TAV Airports Holding raised its ownership stake in TAV Security’s share capital from 66.67% to 100%.
TAV Airports Holding’s ownership stake in TAV Urban Georgia’s share capital increased from 66% to 76%.
TAV Airports Holding raised its ownership stake in TAV Batumi Operations LLC’s share capital from 60% to 76%.
Havaş, a 65%-owned subsidiary company of TAV Airports Holding, increased its ownership stake in North Hub Services (“NHS”), a company providing ground handling services at Latvia’s Riga, Sweden’s Stockholm and Finland’s Helsinki International Airports, from 50% to 66.7% as of December 20, 2011.
Skopje Airport’s new terminal commenced operation after the completion of its construction.
TAV Macedonia was deemed worthy of the best project award in the Public Investment category at the International Real Estate and Investment Fair that was organized for the first time in 2011.
Istanbul Atatürk Airport International and Domestic Terminal Food Court area was renovated.
TAV Operation Services and the Bank of Georgia inked the partnership agreement allowing exclusive clients of the Bank of Georgia to use the “prime class” Lounge.
Highlights of 2011
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21TAV at a Glance Assessments Operations
AwardsInternational awards won as a result of diligent and dedicated efforts
The 2010 Annual Report of TAV Airports was deemed the “Best of Show” (Best in the World) at the International Annual Report Competition held in New York City, USA.
The 2010 Annual Report was recognized with the Gold Award in the “Airport Management” category at the “Galaxy Awards” competition organized by MerComm in the United States.
TAV Airports Holding’s 2010 Annual Report received the Gold Award in the “Transportation and Logistics” category from the League of American Communications Professionals (LACP) while ranking in the top 50 reports in the Europe-Middle East-Africa (EMEA) region and among top 10 reports in Turkey.
At the “Turkey Investor Relations Awards” organized for the third time in 2011 by Thomson Reuters Extel Surveys and Acclaro, TAV Airports won awards in six categories, “Best Investor Relations CEO,” “Best Investor Relations CFO,” “Best Investor Relations Officer,” “Best Investor Relations Website,” “Best Investor Relations Unit” and “Best Disclosure of Financial Results,” including a first-place finish in the “Best Investor Relations CEO” category.
ISS Corporate Services (ICS), one of the world’s most prestigious independent corporate governance rating organizations, increased TAV Airports’ corporate governance rating score to 9.09. As a result of this score, TAV Airports Holding became the holder of the second highest rating in the Istanbul Stock Exchange Corporate Governance Index.
The Emerging Markets Airport Awards recognized TAV Airports in three categories. At the award ceremony held in Dubai, United Arab Emirates, TAV Airports was chosen as the “Best Emerging Market Airport Management Company.” Izmir Adnan Menderes Airport International Terminal captured the “Best Emerging Market Achievement Airport for Eco Innovation” title while Georgia’s Tbilisi Airport was deemed the “best” in its region (Russia/CIS); both of these airports are operated by TAV Airports.
As a result of its leadership in internal audit, TAV Airports was deemed worthy of the “Internal Audit Awareness” award by the Internal Audit Institute of Turkey (TİDE) Board of Directors.
TAV Georgia won the “Golden Brand Award Best Brand” in the “Public Transport and Service” category at the Golden Brand 2010 organized by Global Idea, a leading market research firm in Georgia, and The Financial, a news portal.
TAV Airports was recognized with the 2011 Corporate Governance Award 2011 by the World Finance Magazine.
Moodie awarded Cakes & Bakes, a subsidiary company of BTA Catering, with the “Best Supplier” award.
Istanbul Atatürk Airport was named “Best Airport Operator of the Year” at the Skalite 2011 Awards, known as the “Tourism Oscars” in the industry and organized by Skal International Istanbul Club to raise the bar for quality in tourism.
W3 Awards gave the “Silver Award” to the Istanbul Atatürk Airport website in the “Transportation” and “Travel” categories and to the TAV Investor Relations website in the “Financial Services” category.
TAV Passport was deemed worthy of the “Best Service” Award by gecce.com.
ICT Summit Eurasia - Bilişim Zirvesi’11 designed as a platform to encourage cooperation within the Eurasia region, recognized the communication technology projects undertaken between the countries of the region. Leaving many established information technology companies behind with its Enfidha - Hammamet Airport information technology infrastructure project, TAV IT was awarded the first place at the award ceremony.
TAV Macedonia, won the best project award at the Real Estate and Investment Exhibition organized for the first time in Macedonia in 2011.
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22 TAV Airports 2011 Annual Report
Outlook for 2012 New projects undertaken on the path to becoming a world renowned company
pASSeNGer ANd cOmmercIAl FlIGHT TrAFFIc IN THe WOrld
passenger Traffic Growth in Selected Airports (%) (2011)
TAV Airports 11
Schiphol 10
Europe 7
Frankfurt 7
Aena 6
Aéroport de Paris 6
World 5
BAA 4
TAV Airports surpassed the passenger traffic growth rates in the world and in Europe and continued its trend of outperforming the industry in 2011. TAV Airports, the leading brand in the rapidly developing Turkish aviation industry, also continues to expand its business geographically by assuming operation of new foreign airports.
Turkey’s number 1 airport operator with strong regional growth performance
Holding the concession rights to operate the airports of Turkey’s largest three metropolitan areas (Istanbul Atatürk, Ankara Esenboğa, Izmir Adnan Menderes), TAV Airports expanded its operations map overseas to include Tunisia, Georgia, Macedonia, Latvia and Saudi Arabia. TAV continues to grow by seizing on regional infrastructure development opportunities.
2011 Passenger Traffic (million)
Ankara* 8.5 Antalya 25.1
Istanbul SAW 12.7 Izmir* 8.5 Istanbul Atatürk* 37.5
* Airports operated by TAV
Outlook for 2012
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23TAV at a Glance Assessments Operations
Turkish Aviation Industry and TAV Airports
Turkish Market Total Passenger Traffic (million)
TAV Airports Total Passenger Traffic (million)
2011 117
2003 34
2007 70
2009 86
2005 57
2010 103
2006 65
2008 79
2004 45
2011 53
2003 9
2007 30
2009 42
2005 17
2010 48
2006 23
2008 41
2004 10
25% compound annual growth rate
between 2003 and 2011
17% compound annual growth rate
between 2003 and 2011
Source: DHMİ (State Airports Authority, excluding transit passengers)
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24 TAV Airports 2011 Annual Report
Board of directors’ message 2011 has been another stellar year when TAV Airports’ concrete accomplishments were recognized with a large number of awards.
Sibe
l Tat
lısu,
TAV
Air
port
sBoard of directors’ message
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25TAV at a Glance Assessments Operations
The gigantic turbulences experienced in the world economy and in the financial markets that serve to price in the economic expectations have left a number of destructive and permanent marks on the global scale since 2007. As many industries go through difficult times during this period, undoubtedly the aviation sector that TAV operates in is also significantly impacted by these adverse circumstances.
TAV Airports has overcome many crises in its relatively short history, from the September 11 attacks and the avian flu to the volcano eruption in Iceland and the Russia-Georgia war in Georgia, the last such crisis being the popular uprising in Tunisia. From this perspective, we can say that crises have become a part of the natural flow of life for TAV Airports Holding.
When we look back and analyze the operational and financial performance of and the giant strides made by TAV Airports, which operates in the aviation industry that is highly sensitive to the business cycle and economic developments, over the last five years that was a period of major economic turbulence, we see a bastion of stability operating in an unstable background. Growing its passenger traffic, revenues and EBITDA by an average of 18 %*, 17 %* and 55 %*, respectively, over the last five years, the Company is realizing its policy of being a center of stability in Turkey’s region in its own economic sphere of influence thanks to its strong and steady growth. Continuing to grow at an accelerating pace, TAV Airports has become a leading company that steers its industry in all regions in which it operates.
This journey that began 15 years ago with a single airport in our own backyard led to today’s regional powerhouse that serves at 12 airports on three continents. We always stood out with our values and work ethic throughout this journey. Leveraging the opportunities presented by the culture we all grew up as part of, we worked in utmost harmony with many partners from many different faiths and speaking many different languages on three continents. As one of the most effective practitioners of the matrix-style organizational structure that has been gaining prominence in the contemporary management literature, TAV Airports steered its operations that now span a vast geography in the most efficient manner.
TAV Airports owes its current success to its employees, each of whom is among the best professionals in his or her field. We created a corporate culture at the Company, which makes the best of the opportunities offered by our unprecedented organizational structure, where the best is achieved in the shortest amount of time irrespective of external circumstances. This comes about as a result of engaging collective intelligence in decision-making processes as well as each employee being equally responsible as all other employees with regard to the Company’s future.
As affirmed by independent rating agencies, we continued to be a “best practice” example of corporate governance by thorough implementation of corporate
governance standards in the most comprehensive manner in Turkey. While conducting our business, we aimed to attract billions of dollars of foreign capital into Turkey while maintaining the sensitive balance between professional discipline and creative freedom. We deployed the foreign capital that we have secured for growth, but we also managed to maintain the distinction of being an organization that makes decisions expeditiously and shares information effectively while growing.
One of the most important elements of TAV Airports Holding’s corporate culture is its focus on diversity and its understanding that sees diversity as wealth. Approaching our employees in accordance with this philosophy, we managed to add the personal knowledge and know-how of each employee to the Company’s shared intellectual capital pool. Consequently, TAV Airports became an exemplary company in working in harmony with different cultures in a very diverse set of regions.
We anticipate the volatility to continue in every segment of the economy for a little longer in the period ahead. TAV Airports Holding will continue to represent Turkey successfully on the global stage thanks to the impetus stemming from its values that brought the Company to this day as well as its invaluable experience. We would like to express our deepest gratitude to our employees who made TAV Airports what it is today.
Ali Haydar KurtdarcanVice Chairman of the
Board of Directors
Hamdi AkınChairman of the
Board of Directors
Dr. M. Sani ŞenerMember of the Board of
Directors, President & CEO * CAGR: Compound Annual Growth Rate
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26 TAV Airports 2011 Annual Report
ceO’s message TAV Airports continued to grow faster than the industry despite the global economic uncertainties and the instabilities created by the radical transformations taking place in the regions where the company operates.
Sibe
l Tat
lısu,
TAV
Air
port
s ceO’s message
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27TAV at a Glance Assessments Operations
Esteemed Shareholders,
Founded in 1997, TAV Airports has become a respected regional brand in the Eurasia/Africa axis in merely 15 years, which would be considered as short as the blink of an eye as far as the history of corporations is concerned. The most important factor we owe this accomplishment to is the diversity-oriented perspective that we have acquired from Turkey, which is among the few major centers of diversity on the planet.
Thanks to this perspective that allows TAV Airports to act together in harmony with cultures that are very different from each other, the Company is able to create value by finding a common denominator among a diverse array of cultures spanning a vast geography from northern European Union countries such as Latvia, Finland and Sweden to Georgia, Macedonia, Tunisia and Saudi Arabia. As the open and friendly foreign policies pursued by Turkey strengthen our ties with our neighbors with each passing day, they also help TAV Airports extend its journey that began in its own homeland toward the greater region in leaps and bounds.
In this regard, we have recorded a major landmark in the Company’s history in 2011. TAV Airports Holding, as part of the TIBAH consortium that it established jointly with Al Rajhi and Saudi Oger, two leading groups in the Middle East was awarded the tender for the capacity expansion and operation until 2037 of the Madinah International airport, which holds a very special place in our hearts for being one of the holy cities of Islam. We are all very excited and proud to have the privilege of designing and operating the gate of entry to the city of Madinah with the investment we will make there.
During the year, TAV Airports was also awarded the tender for the operation, until year-end 2032, of the domestic and international terminals of the Izmir Adnan Menderes Airport, which is the entrance gate to the Aegean coast, one of the major tourism and culture hubs in Turkey. We are also glad to contribute to the faster growth of the region through the € 250 million investment TAV will undertake in Izmir as a result of this tender.
As a company that earns 54 % of its income from non-aviation businesses, TAV Airports takes special heed of the development of its service companies. ATÜ, which has become an admired market leader in the region in the duty free retailing business line, commenced operation at the Riga airport, an airport that is not operated by TAV; thereby demonstrating the flexibility of the Company’s business model once again. In a similar vein, TAV’s food & beverage firm BTA established a joint venture with TASS which took over the operation of Istanbul Fast Ferries Co (İDO), under the name of BTA İDO, and began catering to 50 million customers of İDO with the BTA quality. In addition, Havaş, Turkey’s largest ground handling company, now also serves airline passengers in Riga, Helsinki and Stockholm under the Havaş Europe brand.
In 2011, a year marked by new investments, TAV Airports continued to operate its existing portfolio of airports most effectively. Istanbul Atatürk Airport, always one of the major focal points of the global aviation industry that also holds the distinction of being TAV Airports Holding’s crown jewel as well as the number one entry point to Turkey, registered an impressive growth rate of 17 % in 2011. Corresponding to an additional 3 million passengers, this increase alone is equivalent to the passenger traffic of a mid-size airport.
Aside from Tunisia, all airports in our portfolio achieved very strong, double-digit growth rates in 2011. The political turmoil in Tunisia disrupted the Company’s growth in this country in 2011. However, as a company that has invested in the next 35 years of Tunisia alongside respected multilateral partners such as IFC and PIADF, we are aware that economic liberalization will increase this country’s tourism potential and enhance the value of our assets; therefore, we are more optimistic than ever about Tunisia’s future.
In a year when global airline passenger traffic grew by 4.9 % according to ACI data, TAV Airports increased its total passenger traffic by 11 % to 53 million. As a result, the Company’s total revenue was up by 12 % to € 881 million and EBITDA increased by 21 % to € 257 million while EBITDA margin ticked up by 2.2 percentage points to reach 29.2 %. The Company increased its cash generation capability at an accelerating pace and generated € 250 million in free
cash flow during this period when it also recorded the strongest financial results in its history. Consequently, TAV Airports managed to reduce its net debt to € 792 million as of December 2011 even after making investments amounting to € 106 million during the year. Increasing our headcount by 8 %, we ended 2011 as a larger and stronger company with 20,269 employees and continued to be among the largest job creators in Turkey in 2011.
2011 went in the books as a major milestone in the Company’s history as the year where TAV’s “Smart Growth” strategy began to bear fruit. TAV Airports Holding’s Board of Directors crowned the Company’s successful financial results in 2011 by resolving to recommend to the General Assembly that a dividend of TL 0.25 per share be paid to the shareholders.
Our commitment to creating value for the society we belong to in every area during the course of our operations reveals itself in every activity we conduct. As one of the most important indicators of this commitment, TAV Airports published its first sustainability report in accordance with the GRI reporting standards in 2011. The Company will continue to conduct its business along the lines of sustainability in the coming years.
What has transformed TAV Airports, whose success in corporate governance and strategic communication is affirmed by independent sources each and every year, into an exemplary and admired company in the region is our ability to keep polar opposites in balance and turn our differences into strength, qualities that are embedded in the DNA of the Company and all of its employees. These skills that helped TAV Airports get to where it is today are also the principal assurance of the achievements that the Company will continue chalk up in the coming years. I would like to take this opportunity to express my sincere gratitude to our employees, the most valuable assets of TAV Airports, to our passengers, and to our esteemed shareholders whose support we always feel on our side.
Dr. M. Sani Şener Member of the Board of Directors and President & CEO
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28 TAV Airports 2011 Annual Report Airport Operations
Airport Operations Turkey: Fastest growing aviation market in europe
Center of attention Thanks to its rich history, culture , beautiful nature, developing economy, trade volume and strategic position, Turkey is becoming a powerful center of attraction in Europe as well as in the Middle East.
Second largest population With 75 million people, Turkey has the youngest, the most rapidly growing and the second largest population in Europe.
Source: IMF
Steady growth momentum Turkey is the sixth largest economy in Europe and the 16th largest in the world.
Turkey’s steady growth momentum in recent years and the potential it offers attract investors.
Turkey ranks close to the bottom in Europe in terms of GDP per capita despite its high growth rates, indicating ample room for growth.
GDP per Capita in 2011 (US$ thousand)
Source: IMF, International Monetary Fund, World Economic Outlook Database, September 2011
Hungary 14,808
Turkey 10,576
Czech Republic 20,925
Slovenia 25,939
Poland 13,966
Croatia 14,529
Slovakia 17,888
Latvia 12,226
Greece 27,875
Spain 33,297
Romania 8,665
6,266Serbia
Bosnia and Herzegovina
3,574
4,714
Ukraine
Nominal GDP 48
3 615
943 1
,083
1,01
2
877
730
531
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
647 74
2
798
Turkey’s Growth Trend (US$ million)
Real GDP Growth ( %)
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29TAV at a Glance Assessments Operations
Source: Ministry of Culture and Tourism of the Republic of Turkey
The number of tourists visiting Turkey increases with each passing year.
Increasing Tourist Arrivals
countries 2011 change 2010 2009
Germany 4.8 10 % 4.4 4.5
Russia 3.5 12 % 3.1 2.7
United Kingdom 2.6 -3 % 2.7 2.4
Iran 1.9 0 % 1.9 1.4
Bulgaria 1.5 4 % 1.4 1.4
Georgia 1.2 14 % 1.1 1.0
The Netherlands 1.2 4 % 1.1 1.1
France 1.1 23 % 0.9 0.9
Syria 1.0 8 % 0.9 0.5
USA 0.8 18 % 0.6 0.7
Other 12.0 14 % 10.5 10.5
Total 31.5 10% 28.6 27.1
Growth in the Number of Aircraft
The number of aircraft grew at a compound annual growth rate of 14% between 2002 and 2011.
In 2011, the number of companies active in the Turkish civil aviation industry rose to 155 and the total turnover of the sector reached US$ 12 billion. The Turkish aviation industry aims to continue with its accomplishments and raise the number of aircraft to 750 and passenger traffic to 350 million by 2023, when we will be celebrating the 100th anniversary of the Republic.
Total Number of Aircraft in Turkey*
2011 349
2003 162
2007 250
2009 299
2005 240
2010 332
2002 110
2006 259
2008 270
2004 202
14% compound annual growth rate
between 2002 and 2011
Source: Directorate General of Civil Aviation (SHGM)
Turkish Aviation Industry 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Domestic 9 9 14 21 31 32 36 41 51 58
International 25 25 31 36 34 38 44 44 53 59
Total 34 34 45 57 65 70 79 86 103 117
Tourist Arrivals 13 14 18 21 20 23 26 27 29 31
The global civil aviation industry continues to grow with a capacity of approximately 20 thousand commercial aircraft, nearly 5.4 billion passengers, 2,000 commercial airline companies and airports as of 2011. The forecasts call for the commercial aircraft capacity to rise to 40 thousand and the number of passengers to reach 9 billion by 2027.
Source: ICAO
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32 TAV Airports 2011 Annual Report
Istanbul Atatürk Airport One of world’s most preferred airports
In addition to being the largest and busiest airport in the region, Istanbul Atatürk Airport is also europe’s fastest growing and the world’s 29th busiest airport according to 2011 statistics. Also an attractive hub for transit flights, Atatürk Airport receives an increasing number of passengers each day thanks to the large population and high tourism and commerce potential of Istanbul, one of world’s largest metropolitan areas.
• The trigeneration plant that has 10 MW electricity, 10,786 kW hot water and 5,781 kW cold water production capacity resumed operation, resulting in major energy cost savings.
• The “Rota” program that was developed by TAV IT to better manage the aircraft parking space need arising from increased air traffic began to be used by the Turkish State Airports Authority (DHMİ).
• Landings and takeoffs that were previously monitored only via frequency using the data received from flight and ground radars began to be monitored over the internet.
• Atatürk Airport hosted flights of 116 airline companies at the international terminal and eight airlines at the domestic terminal in 2011.
• 34 new airline companies began scheduling flights from the Atatürk Airport including Asiana Airlines, Ata Airlines (Iran), Air Bishkek, Iran Aseman Airlines, Kuwait Airways, Carpat Air, China Southern Airlines, Yakutia Airlines, Hainan Airlines and Tailwind Airlines.
• Istanbul Atatürk Airport was named the “Best Airport Operator of the Year” at the Skalite 2011 Awards, known as the “Tourism Oscars” in the industry.
Major Developments
What is Open Gate? Initiated in 2011 and expected to be completed in 2012, the Open Gate system encompasses moving the security control points at the entrances of the waiting areas of gates to more central locations; redrawing air-land boundaries through these points; and subjecting all passengers, transit passengers, personnel and materials that move to the airside (isolated areas) to a security check in accordance with “pre-boarding control standards.”
In addition, as part of the Open Gate policy: • Passport control and pre-boarding security checks and scans of passengers will be performed at a single checkpoint. • Land-Air boundary will be drawn clearly as requested by ICAO and ECAC. • The liquid limitation policy will be fully implementable since the duty free and food & beverage areas will be inside the Isolated Lounge. • Passenger discomfort due to the existing gate lounges being small and insufficient to accommodate large aircraft will be eliminated. • Flight delays due to security concerns will be prevented. • The airside will be safe and secure at all times since entrance to all waiting lounges will be kept under surveillance.
Airport Operations
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TAV at a Glance 33Assessments Operations
Indoor Car Park Area 180,000 m²
Indoor Car Park Capacity 7,076 vehicles
Outdoor Car Park Area 28,300 m²
Outdoor Car Park Capacity 1,034 vehicles
Duty Free Area 6,100 m²
Number of Duty Free Stores 25
Number of Bus Gates Domestic: 9 International: 16
Runways 17R/35L 3,000x45 M 05/23 2,600x60 M 17/35R 3,000X45 M
Number of Destinations International: 236 Domestic: 33
Catering Area 15,744 m²
Number of Check-in Counters International: 224 Domestic: 96
Passport Counters Departures Floor: 48 Arrivals Floor: 42
Number of Bridges International: 26 Domestic: 12
Flight Traffic by Airline ( %)
Other 27
Turkish Airlines 68.4
Turkish Airlines 75.4
International
domestic
Atlas Jet 2.3
Onur Air 14
Atlas Jet 7.7
Other 2.8
Lufthansa 2.3
Key Indicators
37.5
32.1
29.8
23.9
20.3
18.4
11.8
11.4
Passengers (million)
2011
Domestic
Domestic
International
International
2010
2009
13.6
306
274
266
200
179
170
95
96
Commercial Flights (thousand)
2011
2010
2009
106
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36 TAV Airports 2011 Annual Report
Ankara Esenboğa Airport Service quality worthy of Turkey’s capital
reflecting Turkey’s modern face as the region’s newest airport and shortening the distances covered by its passengers thanks to its unprecedented design that combines the international and domestic terminals under a single roof, Ankara Esenboğa Airport offers a pleasant customer experience both before and after the flight.
Major Developments • Catering areas and shopping centers were expanded to best meet customer
needs within the terminal.
• The lounge located in the International Terminal began to be operated by “primeclass.”
• Ankara Esenboğa Airport hosted scheduled and charter flights of 24 airline companies in 2011.
• International Terminal hosted flights to 29 destinations in 18 countries while the Domestic Terminal served flights to 38 destinations.
• NAS Air launched flights from Ankara Esenboğa Airport in 2011.
• Beginning to generate its own electricity with a cogeneration plant in 2008, TAV Esenboğa met 70% of its energy consumption needs from this energy production facility in 2011.
Key Indicators
Flight Traffic by Airline ( %)
Other 33
Turkish Airlines 41
Turkish Airlines 77
International
domestic
Lufthansa 12
Pegasus 12
Pegasus 14
Other 11
Passengers (million)
8.5
7.8
6.1
1.4
1.3
1.1
6.4
5.0
2011
2010
2009
7.1
Domestic Domestic International International
Commercial Flights (thousand)
72
63
51
12
12
10
51
41
2011
2010
2009
60
Airport Operations
Expiration of Operation May 2023
Car Park Area 108,000 m²
Car Park Capacity 4,053 vehicles
Duty Free Area 2,387 m²
Number of Duty Free Stores 7
Catering Area 5,200 m²
Number of Check-in Counters International: 78 Domestic: 80
Passport Counters Departures Floor: 18 Arrivals Floor: 18
Number of Bridges 18
Number of Bus Gates 10
Runways 2 2RWY 03/21 runways 3,750x45, 3,750x60 m
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Begü
m A
y, T
GS
/ Ank
ara
Esen
boğa
Airp
ort
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Serd
ar P
ekte
zol,
TAV
ITe
/ İzm
ir Ad
nan
Men
dere
s Ai
rpor
t
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40 TAV Airports 2011 Annual Report
Izmir Adnan menderes Airport The airport growing with Izmir’s potential
Turkey’s third largest city, Izmir also boasts the second most important commercial port in the country. Serving 49 airline companies in 2011, the Izmir Adnan menderes Airport International Terminal hosted flights to 87 destinations during the year. TAV Airports was awarded the tender that was held in 2011 for the operation rights of the domestic and international terminals until year-end 2032.
Major Developments
• The Domestic Terminal commenced operation under the management of TAV Airports on January 2, 2012.
• The CIP and General Aviation segmentation project was completed and commenced service as of the end of the year for the use of CIP and other privileged passengers.
• Number of passengers, flying particularly to Germany, France, Ireland, Poland and Austria, registered increases in 2011.
• TAV Izmir hosted flights of 49 airline companies in 2011.
• The number of international destinations reached 87.
• Eight new airlines including Easy Jet, Aer Lingus and Azerbaijan Airlines launched seasonal scheduled flights.
• TAV Izmir renewed its verification for the Level 1 of the Carbon Accreditation Program.
• 11% reduction in electricity consumption and 1% reduction in water consumption were achieved as part of the sustainability initiatives in 2011.
Airport Operations
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TAV at a Glance 41Assessments Operations
Expiration of Operation December 2032
Car Park Area 69,168 m²
Car Park Capacity 2,237 vehicles
Duty Free Area 2,403 m²
Number of Bridges 9
Number of Bus Gates 8
Runways 34R - 16L 3,240x45 m 34L - 16R 3,240x45 m
Number of Duty Free Stores 11
Catering Area 6,199 m²
Number of Check-in Counters 66
Passport Counters Departures Floor: 18 Arrivals Floor: 16
Key Indicators
Flight Traffic by Airline ( %)
Onur Air 7
International
Other 36Pegasus 15
Lufthansa 8Sun Ekspres 31 Atlas Jet 4
2.1
1.7
International Passengers (million)
2011
2010
2009
2.5
16
13
International Commercial Flights (thousand)
2011
2010
2009
17
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42 TAV Airports 2011 Annual ReportAr
zu G
üzel
aydı
n Ö
mür
, TAV
Ista
nbul
/ An
taly
a G
azip
aşa
Airp
ort
Antalya Gazipaşa Airport New gateway to the eastern mediterranean
Serving as an international boutique airport in Antalya, one of the major destinations of Turkish tourism, Gazipaşa Airport stands out as the most convenient access point to Alanya. Gazipaşa Airport served three airlines and hosted 106 domestic and 90 international flights in 2011.
Airport Operations
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TAV at a Glance 43Assessments Operations
Expiration of Operation May 2034
Car Park Area 4,400 m²
Car Park Capacity 150 vehicles
Duty Free Area 94 m²
Passport Counters Departures Terminal: 2 Arrivals Terminal: 3 Departures Gate: 1 Arrivals Gate: 1
Runway PCN 77/R/X/T 2,000x45 m
Number of Duty Free Stores 2
Catering Area 57 m²
Number of Check-in Counters 6
Key Indicators
13,9129,924
4,648
Passengers
2011
2010
3,988
19690
212
Commercial Flights
2011
2010
106
Major Developments
• After beginning to host scheduled domestic flights in July 2010, Antalya Gazipaşa Airport started hosting scheduled international charter flights in 2011.
• Runway extension and expansion investments were made.
• Transavia Airlines conducted Gazipaşa Airport’s first international flight in 2011.
Domestic
Domestic
International
International
• 30% conservation in electricity consumption was achieved in 2011 by reducing the airport and immediate vicinity lighting levels by one-third as part of the sustainability initiatives.
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44 Airport OperationsTAV Airports 2011 Annual Report
Georgia Gateway of commerce to the caucasus
Demographic Composition
Ages 15 to 64 years Ages 65 years and older
18.7 % 65.8 % 15.5 %
Ages 0 to 14 years
Strategic position The completed oil pipelines in the region such as the Baku-Tbilisi-Ceyhan pipeline support the strategic position of Georgia, which is located at the crossroads of Europe and Asia.
Trade routes Located on the eastern end of the Black Sea, Georgia controls the trade route that passes through the Caucasus Mountains.
Growth potential With a population of 4.3 million, Georgia was among the fastest growing economies in the region until the tensions with Russia over Abkhazia and South Ossetia.
Georgia’s Growth Trend (US$ billion)
Nominal GDP Real GDP Growth ( %)
200.0 200
0 0
400.0 400
600.0 600
800.0 800
1,000.0 1,000
1,200.0 1,200
1,400.0 1,400
1,600.0 1,600
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Travel and Tourism Indicators
Foreign Tourist Arrivals (thousand) Tourism Revenues (US$ billion)
( 5.0 %)
0.0 %
5.0 %
10.0 %
15.0 %
12.9
10.8
11.7 12
.9
13.3
13.7
14.2
14.9
10.2
20.0
15.0
10.0
5.0
0.0
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: IMF
Source: World Economic Forum
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TAV at a Glance 45Assessments Operations
Tbilisi International Airport modern flight base linking Georgia to the world
Tbilisi International Airport is the first international project of TAV Airports Holding. The airport serves nearly all air traffic of Tbilisi and Georgia which offer new business and trade opportunities. Tbilisi Airport registered 29% growth in passenger traffic and 19% increase in commercial flight traffic in 2011.
Song
ül A
ydın
, BTA
/ Tb
ilisi
Inte
rnat
iona
l Airp
ort
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46 TAV Airports 2011 Annual Report
Flight Traffic by Airline ( %)
Turkish Airlines 7 Pegasus 4
International
Other 49Aerovit 9
Azerbaijan Airlines 6 Georgian A/W 19 Lufthansa 5
Major Developments
• Tbilisi Airport hosted flights of 24 airline companies in 2011.
• Six new airlines launched flights in 2011: Ata Airline, Air Astana, China Southern, Ural Airlines, Fly Dubai and Air Cairo.
• Tbilisi Airport hosted flights to 26 international and two domestic destinations, serving a total of 28 destinations.
• TAV Georgia won the “Golden Brand Award Best Brand” in the “Public Transport and Service” category at the Golden Brand 2010 organized
by Global Idea, a leading market research firm in Georgia, and The Financial, a news portal.
• Tbilisi Airport was honored by the EMAA with the Best Emerging Airport Award in the region of the Commonwealth of Independent States and Russia.
Key Indicators
822
703
Passengers (thousand)
2011
2010
2009
1,058
16.5
13.8
Commercial Flights (thousand)
2011
2010
2009
19.6
Expiration of Operation February 2027
Car Park Area 750 m²
Car Park Capacity 370 vehicles
Duty Free Area 294 m²
Number of Bridges 3
Number of Bus Gates 4
CIP Area488 m²
Runway 13R / 31L 3,000x45 m
Number of Duty Free Stores 3
Catering Area 1,100 m²
Number of Check-in Counters 24
Passport Counters Departures Floor: 16 Arrivals Floor: 16
Airport Operations
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TAV at a Glance 47Assessments Operations
Nur
sem
in İş
çim
en, T
AV A
irpo
rt H
otel
/ Ba
tum
i Int
erna
tiona
l Airp
ort
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48 TAV Airports 2011 Annual Report
Batumi International Airport Symbol of exemplary international cooperation
As an airport used jointly by Georgia and Turkey, the Batumi Airport has become the symbol of a major regional cooperation. This crucial cooperation plays a significant role in the development of the region and reinforces strong ties between the two countries.
Expiration of Operation August 2027
Car Park Capacity 100 vehicles
Duty Free Area 64 m²
Passport Counters Departures Floor: 4 Arrivals Floor: 4
Number of Bus Gates 4
Runway 13 / 31 3,000x45 m
Number of Duty Free Stores 1
Catering Area 64 m²
Number of Check-in Counters 6
Key Indicators
88.6
69.3
Passengers (thousand)
2011
2010
2009
133.9
2.3
1.8
Commercial Flights (thousand)
2011
2010
2009
3.5
Flight Traffic by Airline ( %)
Turkish Airlines 17
International
Other 35Georgian A/W 41 Belavia 7
Major Developments
• Under the partnership of Anadolujet and Borajet, Ankara-Batumi flights as well as Batumi-Moscow direct flights commenced.
• The number of international flights soared by 54% while passenger traffic was up by 51%.
• 90% of the commercial areas inside the terminal were leased and new advertising areas were created.
• The Batumi Airport hosted scheduled flights of five airline companies in 2011: Turkish Airlines,
Georgian Airlines, Belavia, Anadolu Jet and Kenn Borek.
• The Batumi Airport hosted flights to two domestic and 12 international destinations, serving a total of 14 destinations.
Airport Operations
-
49TAV at a Glance Assessments Operations
Tunisia On its way to becoming Africa’s flight hub…
Tourism-oriented growth Tunisia, one of the important countries of the Mediterranean, stands out with its sea trade routes and unparalleled tourism potential. Ninety percent of the visitors of Tunisia, a country whose popularity is rising by the day, prefer air transit to get there.
Passenger traffic, which declined because of the “Arab Spring” that began in December 2010, is expected to rise again as stability is restored in Tunisia.
Effective privatization policies Tunisia, a country of 10 million, enjoyed strong economic growth momentum over the last decade thanks to the privatization policies pursued by its government. Hosting approximately 10 million passengers annually, Tunisia is on its way to becoming a major tourism hub.
Advanced infrastructure Standing out with its advanced air and rail transport infrastructure in particular, Tunisia ranks 37th in the international infrastructure development survey conducted by the “World Economic Forum Competitiveness.”
-
2.0 %
4.0 %
6.0 %
8.0 %
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Tunisia’s Growth Trend (US$ billion)
Tunisia North Africa Africa
-
2,0002,000
1,000
4,0003,000
6,000
4,000
5,000
8,0006,000
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Travel and Tourism Indicators
Tourist Arrivals (thousand) Tourism Revenues (US$ million)
Source: IMF, African Economic Outlook.org
Source: World Economic Forum Report
Demographic Composition
Ages 15 to 64 Ages 65 years and older
26.0 % 67.5 % 6.5 %
Ages 0 to 14 years
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50 TAV Airports 2011 Annual Report
monastir International Airport Where the world meets Tunisia
located in Tunisia, one of the leading tourism destinations in North Africa, and positioned merely two hours away from many european capitals, the monastir Airport has been operated by TAV since January 2008. except for air traffic control, all operations at the monastir Airport are administered by TAV Tunisie SA, a 67%-owned subsidiary of TAV Airports Holding.
Yeşi
m Ç
ınar
, TAV
Sec
urit
y / M
onas
tir In
tern
atio
nal A
irpor
t Airport Operations
-
51TAV at a Glance Assessments Operations
Expiration of Operation May 2047
Car Park Capacity 13,077 vehicles
Duty Free Area 1,431 m²
Number of Duty Free Stores 3
Number of Bus Gates 12
Runway PCN: 45 2,950x45 m; asphalt
Catering Area 1,019 m²
Number of Check-in Counters 46
Passport Counters Departures Floor: 16 Arrivals Floor: 20
Key Indicators
3.9
3.8
Passengers (Monastir + Enfidha) (million)*
2011
2010
2009
* More than 90 % of the passengers are international flight passengers.
2.3
31.8
30.4
Commercial Flights (Monastir + Enfidha) (thousand)
2011
2010
2009
20.8
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52 TAV Airports 2011 Annual Report
enfidha Hammamet International Airport One of the fastest growing airports in North Africa
The enfidha Hammamet International Airport, which has the potential to become one of the major air travel hubs in North Africa, is the second airport in Tunisia operated by TAV Tunisie SA after the monastir International Airport, which is located 65 kilometers from the enfidha Hammamet Airport.
Constructed by TAV with a € 500 million investment and having commenced operations at the end of 2009, the Enfidha Hammamet Airport plays a key role in Tunisian tourism because of its proximity to key tourist attractions.
Mes
ut Z
erm
an, B
TA /
Enfid
ha In
tern
atio
nal A
irpor
t
Conducting intensive marketing efforts in an attempt to increase the air traffic of the Enfidha Hammamet Airport, TAV Tunisie SA reached agreements with numerous major airline companies and tourism agencies in the region. Agreements were made with nearly 30 airline companies.
Airport Operations
-
TAV at a Glance 53Assessments Operations
Major Developments • ICT Summit Eurasia - Bilişim
Zirvesi ’11, a platform to encourage cooperation within the Eurasia region, presented awards to the communication technology projects
undertaken between the countries of the region. Leaving many established information technology companies behind with its Enfidha - Hammamet Airport information technology
infrastructure project, TAV IT received the first place prize at the award ceremony.
Expiration of Operation May 2047
Car Park Area and Capacity 130,000
Duty Free Area 1,930 m²
Number of Duty Free Stores 6
Number of Bridges 18
Number of Bus Gates 3
Runway PCN: 104 3,330x60 m; asphalt
Catering Area 950 m²
Number of Check-in Counters 62
Passport Counters Departures Floor: 28 Arrivals Floor: 28
Flight Traffic by Airline ( %)
Thomas Cook UK 5
International
Other 33Nouvelair Tunisia 22
Transavia France 6Tunis Air 32 Air Berlin GMBH 2
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54 Airport OperationsTAV Airports 2011 Annual Report
macedonia crossroads of commerce in the Balkans
Soaring passenger and air traffic Located at the heart of the Balkans and attracting many tourists thanks to its history as well as cultural structure diversity, Macedonia is also a major crossroads of commerce in the Balkan region due to its location. After the visa exception that took effect in 2009, passenger traffic between Macedonia and the 500-million strong European Union took off. Macedonia completed the negotiations to join the European common airspace and its air traffic is expected to rise rapidly after being admitted to the common airspace.
Growth expectation* Macedonia, a country of 2.1 million people, is expected to record an annual average GDP growth rate of 7.4% between 2010 and 2015. The constantly growing tourist arrivals also support the country’s tourism potential.
--
5050
100100
150150
200200
250250
300300
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Travel and Tourism Indicators
Tourist Arrivals (thousand)
Macedonia’s Growth Trend (US$ billion)
Nominal GDP
(2.0 %)
0.0 %
2.0 %
4.0 %
6.0 %
8.0 %
8.7 9.
7
9.1 10
.1
10.8
11.4 12
.2
13.0
2007
2008
2009
2010
2011
2012
2013
2014
2015
9.2
Real GDP Growth ( %)
Tourism Revenues (US$ million)
Demographic Composition
Ages 15 to 64 years Ages 65 years and older
21.5 % 67.8 % 10.7 %
Ages 0 to 14 years
* Source: IMF
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55TAV at a Glance Assessments Operations
Esen
Sef
er, B
TA /
Skop
je A
irpor
t
-
56 TAV Airports 2011 Annual Report
Skopje Airport TAV’s pride in the Balkans
making its first move into europe, TAV Airports assumed the operation of the Alexander the Great Airport in macedonia’s capital Skopje as of march 2010. In 2011 passenger traffic was up by 12% while flights of 18 airlines to 16 international destinations were served.
Major Developments
• The Skopje Airport began to be used exclusively as a civilian airport in 2011.
• As part of the approximately € 100 million investment, the new passenger terminal, car park and the cargo hangar were renovated and the runway was extended.
• A BMS (Building Management System) was installed at the new
terminal building that commenced operations, achieving energy efficiency and savings.
• TAV Macedonia became a sponsor of the Macedonia Men’s Basketball team.
• TAV Macedonia received the best project award in the Public Investment category at the International Real Estate and Investment Fair.
• Passenger traffic at the Skopje Airport was up by 11% in 2011.
• In 2011 the number of airline companies served rose to 18 after Wizz Air, the largest low-cost carrier in Eastern Europe, as well as Pegasus, Air Berlin and Belle Air Europe launched flights at the Skopje Airport.
• The Skopje Airport hosted flights to 16 destinations.
Airport Operations
-
TAV at a Glance 57Assessments Operations
Expiration of Operation March 2030
Car Park Capacity 1,206 vehicles
Duty Free Area 450 m²
Number of Duty Free Stores 2
Catering Area1,000 m²
Number of Check-in Counters 23
Passport Counters Departures Floor: 12 Arrivals Floor: 14
Key Indicators
685
603
Passengers (thousand)
2011
2010
2009
764
11.1
12.1
Commercial Flights (thousand)
2011
2010
2009
10.9
Number of Bridges 6
Number of Bus Gates 2
Runway Code E / ILS CAT I 2,980 m
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58 TAV Airports 2011 Annual Report
Ohrid Airport macedonia’s tourism paradise
declared a world heritage site by uNeScO and famous for its history and natural beauty as well as the lake it is named after, Ohrid is among macedonia’s major tourism destinations. The Ohrid Airport served 25 different airlines and hosted flights to 24 destinations.
Fuly
a Pe
kcan
, TAV
Ista
nbul
/ O
hrid
Airp
ort
Airport Operations
-
TAV at a Glance 59Assessments Operations
Major Developments
• As part of the investments undertaken, the VIP building, aircraft hangar and new car park was built and the terminal building was renovated.
• Corendon, Finn Air and Arke Fly were airlines that launched flights in 2011.
• The Ohrid Airport recorded the highest passenger growth rate in the world with an increase of 169% in January 2011 and 189% in September 2011.
Expiration of Operation March 2030
Car Park Area 11,000 m²
Car Park Capacity 230 vehicles
Duty Free Area 20 m²
Number of Duty Free Stores 1
Catering Area 90 m²
Number of Check-in Counters 6
Passport Counters Departures Floor: 4 Arrivals Floor: 4
Number of Bus Gates 2
Runway Code E / ILS CAT I 2,250 m
Key Indicators
45
37
Passengers (thousand)
2011
2010
2009
74
627
676
Commercial Flights
2011
2010
2009
904
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60 TAV Airports 2011 Annual Report
latvia The rapidly growing country of Northern europe
located in Northern europe on the shores of the Baltic Sea, latvia stands out with its capital riga. Forestry and forestry products, the machinery industry and textiles are the major sources of income and economic activity in latvia, a country of 2.2 million people. The latvian economy regained stability after the 2008 crisis and grew by 5.5% in 2011.
Uğu
r Ko
nyar
, TAV
Sec
urit
y / R
iga
Airp
ort
Airport Operations
-
TAV at a Glance 61Assessments Operations
riga Airport rapid transformation that began with TAV
The operation right of the 4,650 square-meter commercial space encompassing the duty free, food & beverage services and other commercial areas of the riga International Airport, the second service link of TAV Airports in europe after macedonia, was awarded to TAV latvia for a period of 10 years on January 1, 2011. riga Airport’s passenger traffic in 2011 was 5.1 million, up by 9.5% compared to 2010.
Expiration of Operation December 2021
Major Developments • TAV Latvia assumed the operation
of the commercial spaces of the Riga Airport totaling 2,295 square meters.
• The duty free shops taken over by ATÜ commenced service after being renovated.
• The investments made increased the brand recognition of TAV in Latvia.
• The Riga Airport’s passenger traffic in 2011 was 5.1 million.
• TAV Latvia received the “Best Partner” award from the Riga Airport management thanks to its excellent performance.
Total Commercial Area* 2,295 m²
* Area in operation as of year-end 2011
Passengers (million)
3.72008
3.22007
2.52006
1.92005
1.12004
0.72003
2009 4.1
2010 4.7
2011 5.1
28% compound annual growth rate of passenger traffic between 2003
and 2011
-
M. C
engi
z Yü
cel,
ATÜ
/ M
adin
ah A
irpor
t
-
64 TAV Airports 2011 Annual ReportSe
lda
Adal
ı Tun
çel,
TAV
Secu
rity
/ H
avaş
Service companies
-
TAV at a Glance 65Assessments Operations
Ground Handling Services: Havaşcomplete ground handling services executed with precision
In 2011, Havaş handled 116,120 flights, both scheduled and charter, of 200 airlines in a total of 22 airports. Havaş continued to expand its client base by adding two more airlines, Air Transat and Hainan, to its portfolio in 2011. The consolidated revenues of Havaş reached € 197 million in 2011, up by 21% on the previous year.
Major Developments
• More than 200 airlines were served at 22 airports under the Havaş brand, six airports under the TGS brand, one under the CAS brand and three under the Havaş Europe brand.
• The Company commenced service at the Sinop and Amasya - Merzifon airports in Turkey.
• 15 new airline companies, including Air Transat (Canada) and Hainan Airlines (China) that have charter flights from the Istanbul Atatürk Airport, joined the client portfolio of Havaş.
• NHS, which served 30,591 flights in 2011, was renamed “Havaş Europe” as part of its strategy to grow with the Havaş brand.
• Havaş Europe served 20 airline companies with an average of 415 employees.
• The apron traffic at the Istanbul Atatürk and Antalya airports began to be controlled and directed using the aircraft monitoring system developed by Proveo.
• The verification project in accordance with the ISO 14064-1 greenhouse gas standard continued at Havaş stations.
• Warehouse cargo volume increased by 43% to 21,798 tons.
• The Company’s Esenboğa Airport station was recognized by Qatar Airways with the Best Performance for 100% OTP Award.
• Havaş was awarded a Certificate of Appreciation by the Ministry of Labor and Social Security, General Directorate of Public Employment of Turkey.
• All charter stations were awarded a Certificate of Appreciation by SAS Scandinavian Airlines.
• The Company received the Turkish State Airports Authority (DHMİ)’s Certificate of Appreciation as part of the Libya humanitarian aid operation.
• The Antalya Airport station of Havaş received Pegasus Airlines’ AGCS Audit Certificate of Achievement.
• The Company’s Antalya Airport station was recognized with the 2011 winter season Letter of Achievement of the Aeroflot - Russian Airlines.
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66 TAV Airports 2011 Annual Report
Products and Services Passenger Services Ramp Services Cargo and Mail Services Load Control, Communications and
Flight Operation Services Representation and Management Services Transportation Services Warehouse Services
Subsidiaries Turkish Ground Services (TGS) Havaş Europe Cyprus Airport Services (CAS) TAV Gözen
Key Financial Results
163.5
125.9
Total Revenues (€ million)
2011
2010
2009
197.4
25.5
24.2
EBITDA (€ million)
2011
2010
2009
34.3
269
183
Number of Aircraft Served (thousand)*
2011
2010
2009
308
* Excluding CAS
Service companies
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TAV at a Glance 67Assessments Operations
Uğu
r Ço
lak,
TG
S / T
GS
-
68 TAV Airports 2011 Annual ReportSe
rdar
Pek
tezo
l, TA
V IT
/ AT
Ü
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TAV at a Glance 69Assessments Operations
duty Free: ATÜThe world’s best brands in unrivalled duty free shops
Founded as a joint venture of TAV Airports Holding and unifree duty Free A.Ş., ATÜ is the unrivalled operator of Turkey’s duty free shops, offering more than 50 thousand products of the world’s best-known brands with attractive prices in 64 stores covering an area of 14,460 square meters.
Major Developments
• Duty free operations commenced at the Riga Airport in 2011.
• Four new stores covering a total sales area of 420 square meters commenced service at the new terminal in Macedonia.
• The number of passengers served and the sales revenues recorded major increases due in part to the “open gate” policy that was launched at the Ankara Esenboğa Airport.
• ATÜ Retail Institute was established in order to increase customer satisfaction and employee productivity.
• Customer complaints were reduced to an extremely low ratio of 0.05%.
• The accessory category product portfolio was expanded. Agreements were made with new brands such as Apple.
Key Financial Results
340.0
290.3
Total Revenues (€ million)
2011
2010
2009
415.4
30.8
27.7
EBITDA (€ million)
2011
2010
2009
42.4
9.0
9.5
EBITDA Margin ( %)
2011
2010
2009
10.2
Products and Services Arrival duty free Product portfolio enhanced with local culture Increasing concept diversity
-
Arzu
Güz
elay
dın
Öm
ür, T
AV Is
tanb
ul /
BTA
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72 TAV Airports 2011 Annual Report
Food & Beverage Services: BTAUnique world flavors that enhance the airport experience
BTA offers passengers a diverse selection of foods ranging from traditional Turkish cuisine to major international cuisines at world class standards with a service approach based on comfort and quality.
Major Developments
• Istanbul Airport’s domestic and international terminal food court areas were renovated and the restaurant selection was enriched with the addition of world-renowned chain brands.
• By offering a variety of price alternatives to passengers, the number of guests served by BTA in its Turkish airport operations increased by 15%.
• BTA established a partnership with TASS to manage the food & beverage operations of İDO (Istanbul Fast Ferries Co.) and founded BTA Denizyolları ve Limanları Yiyecek ve İçecek Hizmetleri Turizm Sanayi ve Ticaret A.Ş. (BTA Sea Lines).
• BTA Sea Lines commenced service at 38 food & beverage sales points o