COMPANY OVERVIEW

We operate 14 airports in 7 countries.

We also provide duty free, catering, ground handling, IT, security and lounge services.

We served 595K flights and 89 million passengers in 2019.

TAV AIRPORTS
AIRPORTS
    • Esenboga (100%)
    • Adnan Menderes (100%)
    • Gazipasa Alanya (100%)
    • Milas Bodrum (100%)
    • Antalya (50%)
    • Medinah (50%)
    • Tbilisi (80%) & Batumi (76%)
    • Monastir & Enfidha (100%)
    • Skopje & Ohrid (100%)
    • Latvia (100%)
    • Zagreb (15%)
SERVICE COMPANIES
  • ATU (50%)
  • BTA (100%)
  • OS (100%)
  • TAV Technologies (100%)
  • Security (50%)
  • Academy (100%)
  • HAVAS (100%)
    • TGS (50%)
    • HAVAS Latvia (100%)
    • HAVAS Saudi (67%)
SHAREHOLDER STRUCTURE

1. Groupe ADP

Internationally acclaimed airport operating company with global operations.

2. Tepe Insaat Sanayi A.S.

Turkish integrated conglomerate focused on infrastructure and construction

3. Sera Yapi Endustrisi A.S.

Focused on construction in Turkey & MENA region.

INVESTMENT HIGHLIGHTS

Attractive market with strong growth prospects

Turkey is the fastest growing aviation market in Europe

  • Passenger growth of 13% p.a. during 2003-2018
  • Projected tourist arrivals growth of 12% p.a. between 2018-2023
  • Aggressive capacity expansion plans of major airlines in Turkey

Leading airport operator with diversified portfolio & integrated structure

Diversified, balanced portfolio with leading market position

  • #1 airport terminal operator in Turkey
  • 14 airports operated in Turkey, Georgia, Tunisia, North Macedonia, Saudi Arabia, Croatia and Latvia
  • 100 airports around the world have a TAV Airports subsidiary functioning in them
  • Strong vertically integrated value chain

Strong financial performance and cash flow generation

Strong momentum with EBITDAR posting 13% CAGR between 2006 and 2018

  • High earnings visibility given clear / agreed regulatory framework
  • Proven track record of growth and profitability with atractive organic growth prospects
  • High financial returns and cash flow generation given fixed cost base (operational leverage) and minimal ongoing capex
  • Hard currency based cash flow & visible earnings
  • 50% dividend payout policy
  • TAV received first instalment of compensation for all loss of profit due to new Istanbul Airport opening before 2021

Platform Play

Well-positioned to benefit from further organic and inorganic growth

  • Central and Eastern Europe, Africa, Middle East, CIS and Cuba
  • Inorganic growth of service companies
TRAFFIC OUTLOOK

World air traffic is projected to double in the next 20 years.

Boeing projects 4.6% compound annual growth rate (CAGR) for world air traffic between 2019 and 2038.

Airbus predicts 4.3% CAGR for world air traffic between 2019 and 2038.

IATA expects 7.8 billion passengers to travel in 2036, a near doubling the 4 billion figure in 2017.


Source: Airbus Global Market Forecast 2019, Boeing Current Market Outlook 2019, IATA

Turkish air traffic is projected to double in the next 15 years

IATA expects Turkish air traffic to grow at a 4.7% CAGR in the next 20 years.


Source: IATA

New aircraft orders of major Turkish airline companies are growing.

Turkish Airlines plans to expand its fleet from 354 aircraft in 2019 to 487 in 2023; while Pegasus expects to grow its fleet from 83 aircraft in 2019 to 108 in 2024.


Source: Turkish Airlines Investor Presentation (November)