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)
HISTORY
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Due to the closure of Ataturk Airport before the end of the lease period, TAV Airports received a formal notification from DHMI stating that it will be compensated with EUR 389 million.

2019

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Within the scope of Turquality support program, BTA opened three Cakes & Bakes stores in total: two in Tunisia and one in Muscat.

2019

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BTA was awarded the tender for food and beverage operations of Queen Alia Airport in Amman.

2019

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The consortium formed by TAV Airports and VPE Capital has started negotiations with the owner of Kazakhstan Almaty International Airport regarding the potential acquisition of the asset.

2019

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An agreement signed between TAV Tunisia and Republic of Tunisia regarding the restructuring of the concession agreements for operation of Monastir and Enfidha airports.

2019

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The share of TAV Airports in Medinah Airport rose from 33% to 50%

2019

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TAV Airports and group companies moved to new headquarters on May 15.

2019

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BTA started operations at Orly Airport in Paris, France.

2019

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HAVAS, BTA and ATU commenced operations at Istanbul Airport.

2019

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All commercial flights operated by TAV Istanbul at Ataturk Airport, wer transferred to Istanbul Airport on April 6, 2019.

2019

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The share of BTA in Istanbul Fast Ferries Co. (IDO) raised to 100% from 50%.

2019

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TAV Operation Services acquired 70% of Spain-based firm, GIS, operating in eight different countries.

2019

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TAV Airports joined the Turquality program

2018

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TGS extended its contract with Turkish Airlines for 15-years, the scope also including the New Istanbul Airport.

2018

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TAV Airports purchased 50% of Fraport IC Ictas, the concession holder to Antalya Airport.

2018

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BTA and TAV Operation Services launched operations at the Muscat Airport.

2018

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TAV Airports increased its shareholding in BTA from 67% to 100%.

2017

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Tepe Insaat and Sera Yapi sold 3.0% and 0.76% of their TAV Airports shares respectively to foreign institutional investors.

2017

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Groupe ADP purchased Akfen Holding's entire 8.1% stake in TAV Airports.

2017

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TAV Airpors started negotiations with Saudi Oger to purchase half of its 33.3% stake in Tibah Airports Development Company.

2016

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The consortium of Groupe ADP, Bouygues Batiment and TAV Airports entered into exclusive talks with...

2016

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BTA began providing food and beverage and inflight catering services at Zagreb Airport in Croatia.

2016

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Construction of the new terminal building Georgia started

2016

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27.000 square meters of airside area and eight passenger bridges were added to Istanbul Ataturk Airport as part of the extension project.

2016

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ATU started duty free operations in Houston Aiport in the US.

2016

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BTA won the tender to operate the food and beverage areas at New Muscat International Airport.

2016

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Milas Bodrum International Terminal was taken over.

2015

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The terminal extension project at Istanbul Ataturk Airport international terminal was started.

2015

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The new international terminal in Medinah Airport was opened.

2015

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TAV Airports’ consortium was not selected as the preferred bidder in La Guardia Airport tender.

2015

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ATU  won the tender for the operating rights of duty free areas at Houston George Bush Airport in USA.

2015

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TAV Airports’ stake in TAV Urban Georgia increased from 76% to 80%.

2015

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TGS won the tender for THY’s ground handling services at eight airports.

2014

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ATU was awarded the concession for the operating rights of duty free areas of five airports in Tunisia.

2014

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ATU was awarded the concession for the operating rights of duty free areas at Oman Salalah International Airport.

2014

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Havas expanded its service network to Saudi Arabia.

2014

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Construction commenced on the new passenger terminal at Zagreb Airport.

2014

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Milas Bodrum Airport concession was awarded to TAV Airports.

2014

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The new domestic terminal in Izmir Adnan Menderes Airport was opened.

2014

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Zagreb airport was taken over in December 2013 by the consortium that TAV is a 15% shareholder in.

2013

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TAV Airports’ consortium prequalified for LaGuardia Airport tender.

2013

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The New Istanbul Airport tender was held. TAV Airports did not win the tender.

2013

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Compensation letter was received from DHMI regarding TAV Airports' concession rights in Istanbul Ataturk Airport.

2013

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TAV Airports paid its first dividend of TL 0.25 per share totaling TL 90,820,312.

2012

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TAV Airports acquired the remaining 35% stake in Havaş.

2012

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In the European Investor Relations Survey conducted annually by Thomson Reuters Extel Surveys...

2012

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TAV Airports was recognized with the “Highest Corporate Governance Rating Score” award at the Third Corporate Governance Awards organized by the Corporate Governance Association of Turkey (TKYD).

2012

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TAV Airports assumed operation of Medinah airport at the end of June 2012.

2012

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The agreement for the sale of 38% of TAV Airports’ shares to the Aéroports de Paris Group for US$ 874 million...

2012

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Havas, increased its ownership stake in North Hub Services (NHS) from 50% to 66.7% and rebranded to  Havaş Europe.

2011

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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 associated structures.

2011

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TAV Airports, and partners Al Rajhi and Saudi Oger, signed a contract  for the build-operate-transfer project of Medinah Airport.

2011

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Skopje Airport’s new terminal commenced operation after construction was completed.

2011

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BTA IDO was established as a 50%-50% joint venture of BTA and TASS and started service at Istanbul Fast Ferries locations.

2011

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TAV Airports raised its stake in TAV Batumi Operations LLC’s from 60% to 76%.

2011

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TAV Airports’ stake in TAV Urban Georgia increased from 66% to 76%.

2011

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TAV Airports Holding raised its stake in TAV Security from 66.67% to 100%.

2011

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TAV Airports started to operate commercial areas in Latvia’s Riga Airport.

2011

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Gazipasa Airport was upgraded from 2B to 2C category.

2010

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Havas purchased 50% of shares of NHS for €3.25m.

2010

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35% of Havas shares were sold to HSBC Investment and IS Private Equiy through Havas Airports Ground Handling Investment Trust.

2009

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Pan African Infrastructure Development Fund acquired 18% of TAV Tunisia shares for €39.6m.

2009

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TAV Macedonia took over the operations of Skopje and Ohrid Airports.

2009

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International Finance Corporation acquired 15% of TAV Tunisia shares.

2009

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Havas acquired 50% of TGS shares.

2009

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Investment in Enfidha Zine El Abidine Ben Ali International Airport was finalized and operations began at the airport.

2008

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TAV Gazipasa began operations at Gazipasa Alanya Airport.

2008

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TAV Airports completed an increase of TL 121 million to its paid-in capital.

2008

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Havas won the tender to become a 50% JV partner in Turkish Ground Services with Turkish Airlines.

2008

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TAV Airports won the tender and signed the concession agreement for Skopje Alexander the Great Airport, Ohrid St. Paul the Apostle Airport International Terminal and new cargo terminal in Shtip.

2008

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TAV Gazipasa was established.

2007

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TAV Airports took over the operation of Monastir Habib Bourguiba Airport in Tunisia.

2007

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Hopa terminal started operations.

2007

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TAV Airports won the tender to operate Gazipasa Alanya Airport.

2007

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TAV Airports purchased all remaining shares of TAV Izmir and TAV Esenboga.

2007

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Havas became a wholly owned subsidiary of TAV Airports.

2007

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TAV Airports Holding went public.

2007

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TAV Airports won the tender for Monastir Habib Bourguiba and Enfidha Zine El Abidine Ben Ali International Airports in Tunisia.

2007

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Batumi International Airport started operations.

2006

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The new passenger terminal of Tbilisi Internatipnal Airport started operations.

2006

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TAV Security was established specializing in airport security.

2006

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Esenboga Airport Domestic and International Terminals were opened.

2006

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Izmir Adnan Menderes Airport International Terminal started operations.

2005

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TAV won the tender for the Tbilisi International Airport in Georgia.

2005

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TAV IT was established specializing in airport IT.

2005

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TAV undertook the construction and operations of the Izmir Adnan Menderes International Terminals

2005

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60% of Havas shares were purchased.

2004

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TAV won the tender to operate the Ataturk Airport International and Domestic terminal, Car Park and General Aviation Terminal for 15.5 years.

2004

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TAV Operation Services was established.

2004

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TAV undertook the construction and operations of the Esenboga Airport Domestic and International Terminals

2004

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BTA began operating the the Istanbul International Airport Hotel.

2001

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Lounge services under the primeclass brand were launched.

2001

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BTA catering services was established.

1999

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ATÜ (founded in 1987), which sells duty free goods and is affiliated to TAV Airports was invorporated into TAV.

1999

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TAV was established and won the tender for Istanbul Ataturk Airport.

1997

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