COMPANY OVERVIEW
We operate 15 airports in 8 countries.
We also provide duty free, catering, ground handling, IT, security and lounge services.
TAV Airports served 96 million passengers in 2023.
TAV AIRPORTS
AIRPORTS
- Esenboga (100%)
- Adnan Menderes (100%)
- Gazipasa Alanya (100%)
- Milas Bodrum (100%)
- Antalya (50%)
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Almaty (85%)
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Madinah (26%)
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Tbilisi (80%) & Batumi (76%)
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Monastir & Enfidha (100%)
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Skopje & Ohrid (100%)
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Latvia (100%)
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Zagreb (15%)
SERVICE COMPANIES
- ATU (50%)
- BTA (100%)
- OS (100%)
- TAV Technologies (100%)
- Security (100%)
- Academy (100%)
- HAVAS (100%)
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- TGS (50%)
- HAVAS Latvia (100%)
- HAVAS Zagreb (100%)
- TGS (50%)
SHAREHOLDER STRUCTURE
Internationally acclaimed airport operating company with global operations.
Turkish integrated conglomerate focused on infrastructure and construction
Focused on construction in Turkey & MENA region.
INVESTMENT HIGHLIGHTS
Attractive market with strong growth prospects still intact
Turkey is the fastest growing aviation market in Europe
- Passenger growth of 13% p.a. during 2003-2019 interrupted by Covid-19 pandemic
- Access to fast growing MENA region
- 2019 global passenger levels expected in 2023 according to ACI January 2021 base case projection.
- Boeing expects 4% CAGR in global passenger traffic between 2020-2039 despite pandemic.
- Embraer projects a global growth rate of 2.6% per year in the next decade starting 2021.
- Eurocontrol base case expects Turkey to return to 2019 level in 2023.
Leading airport operator with diversified portfolio & integrated structure
Diversified, balanced portfolio with leading market positions
- #1 airport terminal operator in Turkey
- 15 airports operated in Turkey, Kazakhstan, Georgia, Tunisia, North Macedonia, Saudi Arabia, Croatia and Latvia
- 108 airports around the world have a TAV Airports subsidiary functioning in them at year end 2022.
- 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
Platform Play
Well-positioned to benefit from further organic and inorganic growth
- Central and Eastern Europe, Africa, Middle East, CIS
- Inorganic growth of service companies
HISTORY
Mustafa Sani Sener was elected in place of Sera Yapi Endustrisi ve Ticaret A.S.
2022
The Ordinary General Assembly Meeting 2021 was held on March 31, 2022.
2022
Changes were made in the delegation of duties of the Board and senior management.
2022
The operating rights for the airports in Skopje and Ohrid, operated in North Macedonia, which were set to expire in June 2030, have each been extended by two years.
2022
TAV Airports’ Corporate Governance Rating was confirmed as 9.69 on August 12, 2022, from its prior rating of 9.67.
2022
The consortium consisting of our Company, has been chosen as the “preferred company” by the Federal Airport Authority of Nigeria (FAAN).
2022
All of the shares that our company had repurchased were sold at Borsa Istanbul using the block sale method for TL 76.00.
2022
JCR Eurasia Rating A.S. determined TAV Airports Holding’s Long-Term National Rating as “A+ (Trk),” Short-term National Rating as “J1 (Trk),” and Long-Term International Foreign and Local Currency Ratings as “BBB+.”
2022
Our Company won the tender held by the General Directorate of State Airports Authority (DHMI) for Ankara Esenboga Airport granting of operating rights until 2050.
2022
DHMI has declared that the operating periods of Antalya, Ankara, Gazipasa-Alanya, Izmir and Milas-Bodrum airports have been extended for two years.DHMI has also informed that concession rent payments for these airports that would normally be made in 2022 will be made in 2024.
2021
The transfer of shares of Almaty International Airport took place on April 29, 2021.
2021
2020 Shareholders’ Ordinary General Assembly of TAV Airports was held on March 22, 2021.
2021
TAV Airports has agreed with the government of North Macedonia to invest EUR 49.7 million in the country’s existing airports and some public infrastructure projects over the next three years.
2021
An agreement was signed between TAV Tunisia and the existing lenders group for restructuring the financing conditions of TAV Tunisia. TAV Tunisia’s bank loan decreased from EUR 371 million to EUR 233.6 million.
2021
Credit rating agency JCR Eurasia Rating A.S. determined TAV Havalimanları Holding A.S.’s Long-Term National Rating as “A (Trk),” Short-term National Rating as “A-1 (Trk),” Long-Term International Foreign and Local Ratings as “BBB+,” and the Short-Term International Foreign and Local Currency Ratings as “A-2.” The total credit rating was determined as “Stable.”
2021
The Joint Venture of TAV Airports and Fraport placed the best offer and won the tender of Antalya Airport.
2021
TAV Airports signed an agreement with Saudi Arabia’s General Authority of Civil Aviation Authority to extend the operating period of Madinah Airport with the recovery of passenger traffic. According to the agreement, when the airport will reach 8.1 million passengers, will be added to the operating period and the airport’s lease payments will be deferred during this period.
2021
• TAV Airports was informed that the best offer for the tender held by State Airports Authority on 20 November 2020 for construction of Cukurova Airport superstructure facilities by the build-operate-transfer model and operating rights transfer was given by another company.
• TAV Operation Services won the operating rights of two private passenger lounges at Bermuda LF Wade International Airport.
• TAV Operation Services won the operating rights of two private passenger lounges at Bermuda LF Wade International Airport.
2020
GIS, an affiliate of TAV Operation Services, won the construction and operating rights of five private passenger lounges at Arturo Benitez International Airport in Santiago, Chile.
2020
In 2020, a total number of 2,047,331 shares of TAV Airports were bought back at an average price of TL 16.19 per share.
2020
TAV Airports’ corporate governance rating, which was 9.67 on 16 August 2019, was confirmed as 9.67 on 14 August 2020.
2020
TAV Operation Services with its local Partner G3S won the tender for the operation of four new passenger lounges and rendering all private passenger services (Meet & Greet, City Transfer, Fast Track) at Paris Charles de Gaulle and Orly Airports.
2020
A share purchase agreement to acquire Almaty International Airport was signed.
2020
TAV Airports released its public disclosure on suspension of flights and precautions taken due to the coronavirus global pandemic.
2020
• 2019 Shareholders Ordinary General Assembly of TAV Airports was held on 23 March 2020.
• Gross cash dividend totaling TL 392 million was distributed to shareholders.
• TAV Operation Services won the Washington Dulles International Terminal new Passenger Lounge operating rights concession.
• A Board Resolution was taken to buy-back shares of TAV Airports on Borsa Istanbul (BIST).
• Gross cash dividend totaling TL 392 million was distributed to shareholders.
• TAV Operation Services won the Washington Dulles International Terminal new Passenger Lounge operating rights concession.
• A Board Resolution was taken to buy-back shares of TAV Airports on Borsa Istanbul (BIST).
2020
Mr. Xavier Hürstel was appointed Board Member to replace Mr. Philippe Pascal, who resigned from his duties as TAV Airports Board Member.
2020
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
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
The share of TAV Airports in Madinah Airport rose from 33% to 50%
2019
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TAV Airports and group companies moved to new headquarters on May 15.
2019
BTA started operations at Orly Airport in Paris, France.
2019
HAVAS, BTA and ATU commenced operations at Istanbul Airport.
2019
All commercial flights operated by TAV Istanbul at Ataturk Airport, wer transferred to Istanbul Airport on April 6, 2019.
2019
The share of BTA in Istanbul Fast Ferries Co. (IDO) raised to 100% from 50%.
2019
TAV Operation Services acquired 70% of Spain-based firm, GIS, operating in eight different countries.
2019
TAV Airports joined the Turquality program
2018
TGS extended its contract with Turkish Airlines for 15-years, the scope also including the New Istanbul Airport.
2018
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
TAV Airports increased its shareholding in BTA from 67% to 100%.
2017
Tepe Insaat and Sera Yapi sold 3.0% and 0.76% of their TAV Airports shares respectively to foreign institutional investors.
2017
Groupe ADP purchased Akfen Holding's entire 8.1% stake in TAV Airports.
2017
TAV Airpors started negotiations with Saudi Oger to purchase half of its 33.3% stake in Tibah Airports Development Company.
2016
The consortium of Groupe ADP, Bouygues Batiment and TAV Airports entered into exclusive talks with...
2016
BTA began providing food and beverage and inflight catering services at Zagreb Airport in Croatia.
2016
Construction of the new terminal building Georgia started
2016
27.000 square meters of airside area and eight passenger bridges were added to Istanbul Ataturk Airport as part of the extension project.
2016
ATU started duty free operations in Houston Aiport in the US.
2016
BTA won the tender to operate the food and beverage areas at New Muscat International Airport.
2016
Milas Bodrum International Terminal was taken over.
2015
The terminal extension project at Istanbul Ataturk Airport international terminal was started.
2015
The new international terminal in Madinah Airport was opened.
2015
TAV Airports’ consortium was not selected as the preferred bidder in La Guardia Airport tender.
2015
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
TGS won the tender for THY’s ground handling services at eight airports.
2014
ATU was awarded the concession for the operating rights of duty free areas of five airports in Tunisia.
2014
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
Construction commenced on the new passenger terminal at Zagreb Airport.
2014
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
Zagreb airport was taken over in December 2013 by the consortium that TAV is a 15% shareholder in.
2013
TAV Airports’ consortium prequalified for LaGuardia Airport tender.
2013
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
TAV Airports paid its first dividend of TL 0.25 per share totaling TL 90,820,312.
2012
TAV Airports acquired the remaining 35% stake in Havaş.
2012
In the European Investor Relations Survey conducted annually by Thomson Reuters Extel Surveys...
2012
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
TAV Airports assumed operation of Madinah airport at the end of June 2012.
2012
The agreement for the sale of 38% of TAV Airports’ shares to the Aéroports de Paris Group for US$ 874 million...
2012
Havas, increased its ownership stake in North Hub Services (NHS) from 50% to 66.7% and rebranded to Havaş Europe.
2011
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
TAV Airports, and partners Al Rajhi and Saudi Oger, signed a contract for the build-operate-transfer project of Madinah Airport.
2011
Skopje Airport’s new terminal commenced operation after construction was completed.
2011
BTA IDO was established as a 50%-50% joint venture of BTA and TASS and started service at Istanbul Fast Ferries locations.
2011
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
TAV Airports started to operate commercial areas in Latvia’s Riga Airport.
2011
Gazipasa Airport was upgraded from 2B to 2C category.
2010
Havas purchased 50% of shares of NHS for €3.25m.
2010
35% of Havas shares were sold to HSBC Investment and IS Private Equiy through Havas Airports Ground Handling Investment Trust.
2009
Pan African Infrastructure Development Fund acquired 18% of TAV Tunisia shares for €39.6m.
2009
TAV Macedonia took over the operations of Skopje and Ohrid Airports.
2009
International Finance Corporation acquired 15% of TAV Tunisia shares.
2009
Havas acquired 50% of TGS shares.
2009
Investment in Enfidha Zine El Abidine Ben Ali International Airport was finalized and operations began at the airport.
2008
TAV Gazipasa began operations at Gazipasa Alanya Airport.
2008
TAV Airports completed an increase of TL 121 million to its paid-in capital.
2008
Havas won the tender to become a 50% JV partner in Turkish Ground Services with Turkish Airlines.
2008
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
TAV Gazipasa was established.
2007
TAV Airports took over the operation of Monastir Habib Bourguiba Airport in Tunisia.
2007
Hopa terminal started operations.
2007
TAV Airports won the tender to operate Gazipasa Alanya Airport.
2007
TAV Airports purchased all remaining shares of TAV Izmir and TAV Esenboga.
2007
Havas became a wholly owned subsidiary of TAV Airports.
2007
TAV Airports Holding went public.
2007
TAV Airports won the tender for Monastir Habib Bourguiba and Enfidha Zine El Abidine Ben Ali International Airports in Tunisia.
2007
Batumi International Airport started operations.
2006
The new passenger terminal of Tbilisi Internatipnal Airport started operations.
2006
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TAV Security was established specializing in airport security.
2006
Esenboga Airport Domestic and International Terminals were opened.
2006
Izmir Adnan Menderes Airport International Terminal started operations.
2005
TAV won the tender for the Tbilisi International Airport in Georgia.
2005
TAV IT was established specializing in airport IT.
2005
TAV undertook the construction and operations of the Izmir Adnan Menderes International Terminals
2005
60% of Havas shares were purchased.
2004
TAV won the tender to operate the Ataturk Airport International and Domestic terminal, Car Park and General Aviation Terminal for 15.5 years.
2004
TAV Operation Services was established.
2004
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
Lounge services under the primeclass brand were launched.
2001
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BTA catering services was established.
1999
ATÜ (founded in 1987), which sells duty free goods and is affiliated to TAV Airports was invorporated into TAV.
1999
TAV was established and won the tender for Istanbul Ataturk Airport.
1997