FINANCIALS & OPERATIONS
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Financials Results Presentation
Investor Presentation
IFRS Financials
Other Presentations
BIST DISCLOSURES
2020
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Our Board of Directors has decided to participate in the tender to be held by the General Directorate of State Airports Authority on November 20, 2020 for the construction of Çukurova Airport superstructure facilities with a build-operate-transfer model and the transfer of the airport’s operating rights. The public shall be informed of all stages regarding the matter.
Our Company has been informed that in the tender held on November 20, 2020 by the General Directorate of State Airports for construction of Çukurova Airport superstructure facilities with a build-operate-transfer model and the transfer of the airport’s operating rights, the winning bid was submitted by another company.
Our Company's unaudited IFRS consolidated financial results for the period ended 30 September 2020 have been disclosed today. IFRS consolidated financial results and the latest management presentation of our company are presented on our website. http://www.tavyatirimciiliskileri.com/en-EN/Pages/IndexPage.aspx
Our financial reports for 01.01.2020 - 30.09.2020 interim accounting period are planned to be disclosed to public on 22.10.2020.
Our Company bought a total of 70.000 TAV Airports shares on Borsa Istanbul at an average price of 14.98 TL on September 01, 2020.
Our Company bought a total of 65.000 TAV Airports shares on Borsa Istanbul at an average price of 15.48 TL on August 31, 2020.
Our Company bought a total of 65.000 TAV Airports shares on Borsa Istanbul at an average price of 15.80 TL on August 28, 2020.
Our Company bought a total of 95.000 TAV Airports shares on Borsa Istanbul at an average price of 15.91 TL on August 27, 2020.
Our Company bought a total of 90.000 TAV Airports shares on Borsa Istanbul at an average price of 15.9666 TL on August 26, 2020.
The periodic revision of TAV Airports Corporate Governance Rating Report has been completed by SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri, a rating organization officially authorized to rate compliance with the corporate governance principles as set forth by the Capital Markets Board of Turkey. TAV Airports' previous corporate governance rating of 9,67 dated August 16, 2019, is hereby confirmed as 9,67 on August 14, 2020.
The Corporate Governance Committee of TAV Airports has decided to extend the corporate governance rating contract with SAHA Kurumsal Yonetim ve Kredi Derecelendirme Hizmetleri, for two more years. The new contract signed on August 14, 2020, will be valid until August 14, 2022.
The Corporate Governance Committee of TAV Airports has decided to extend the corporate governance rating contract with SAHA Kurumsal Yonetim ve Kredi Derecelendirme Hizmetleri, for two more years. The new contract signed on August 14, 2020, will be valid until August 14, 2022.
Our Company's audited IFRS consolidated financial results for the period ended 30 June 2020 have been disclosed today. IFRS consolidated financial results, press release and the latest management presentation of our company are presented on our website.
http://ir.tav.aero/
http://ir.tav.aero/
Our financial reports for 01.01.2020 - 30.06.2020 interim accounting period are planned to be disclosed to public on 24.07.2020.
Our Company bought a total of 60.000 TAV Airports shares on Borsa Istanbul at an average price of 17.2858 TL on May 13, 2020.
Our Company bought a total of 120.000 TAV Airports shares on Borsa Istanbul at an average price of 16.8871 TL on May 12, 2020.
We had earlier informed the public that the consortium formed by Our Company and VPE Capital had started negotiations with the owner of Almaty Airport for a potential acquisition. We had also informed the public on January 8, 2020 and March 9, 2020 that these negotiations were still ongoing.
As a result of these negotiations, a Share Purchase Agreement has been signed on May 7, 2020 to acquire 100% of the shares of Almaty Airport and the associated jet fuel and catering businesses for an Enterprise Value of 415 million USD. TAV Airports’ share in the consortium will be no less than 75% and the share transfers will take place upon closing with the completion of all legal prerequisites and procedures.
As a result of these negotiations, a Share Purchase Agreement has been signed on May 7, 2020 to acquire 100% of the shares of Almaty Airport and the associated jet fuel and catering businesses for an Enterprise Value of 415 million USD. TAV Airports’ share in the consortium will be no less than 75% and the share transfers will take place upon closing with the completion of all legal prerequisites and procedures.
In our material event disclosure dated February 7, 2020, we had announced our guidance for 2020, under normal market conditions.
The number of commercial flights at the airports we operate has been greatly reduced due to the flight restriction decisions taken by the relevant authorities in the fight against the Covid-19 pandemic, which is a force majeure event. Hence, the guidance disclosed by our Company for 2020 is no longer valid.
Due to the uncertainties regarding the duration of the said precautions, our Company is not able to share a revised guidance for 2020. Since the force majeure conditions are continuing, TAV Airports has taken significant measures to mitigate the effects of the drop in passenger numbers and has achieved material decreases in fixed operating costs. As soon as the uncertainty regarding the duration of flight precautions lifts, TAV Airports intends to disclose revised 2020 guidance.
The number of commercial flights at the airports we operate has been greatly reduced due to the flight restriction decisions taken by the relevant authorities in the fight against the Covid-19 pandemic, which is a force majeure event. Hence, the guidance disclosed by our Company for 2020 is no longer valid.
Due to the uncertainties regarding the duration of the said precautions, our Company is not able to share a revised guidance for 2020. Since the force majeure conditions are continuing, TAV Airports has taken significant measures to mitigate the effects of the drop in passenger numbers and has achieved material decreases in fixed operating costs. As soon as the uncertainty regarding the duration of flight precautions lifts, TAV Airports intends to disclose revised 2020 guidance.
Our Company's unaudited IFRS consolidated financial results for the period ended 31 March 2020 have been disclosed today.
IFRS consolidated financial results, press release and the latest management presentation of our company are presented on our website.
Our financial reports for 01.01.2020 - 31.03.2020 interim accounting period are planned to be disclosed to public on 22.04.2020.
Our Company bought a total of 115.000 TAV Airports shares on Borsa Istanbul at an average price of 16.2682 TL on April 02, 2020.
| The number of commercial flights at the airports we operate has been greatly reduced due to the flight restriction decisions taken by the relevant authorities in the fight against the Covid-19 pandemic. Our company is working to reduce operational costs. With regard to staff costs, TAV Airports Holding and the Group Companies have applied for state support for Covid-19 on Short Work Allowance. In addition, non-mandatory capital expenditures that were disclosed in 2020 guidance are postponed. Our Company is evaluating various cases in regards to outlook and generating action plans depending on the duration and magnitude of the impact. The 2020 guidance which we shared with the public at the beginning of the year, will be revised and shared with the public after the completion of the relevant studies. |
Our Company bought a total of 125.000 TAV Airports shares on Borsa Istanbul at an average price of 15.6346 TL on March 30, 2020.
As per the board resolution of our company dated 12 March 2020 which was valid until the first general assembly held after the resolution was taken, our Company executed share buy-back transactions between March 13-20, 2020 and informed the general assembly on the transactions executed. As the Board of Directors intends to be able to continue to buy back TAV Airports shares if deemed necessary, the Board of Directors has made the following new resolution on March 26,2020: 1- In accordance with relevant articles of the Communique on Buy-Backed Shares II.22 1 of the Capital Market Board dated 3.1.2014 (“Communique”), on the purpose of avoiding an imminent and severe loss to approve that our Company is authorized to buy back its shares on Borsa Istanbul (BIST) until the first General Assembly Meeting to be held pursuant to the provisions of the Communique and by considering the Capital Market Board Press Announcement and Annotation of 21.07.2016 provided that 200.000.000 Turkish Liras in total and as a maximum shall be reserved as a fund and the maximum share amount shall be not exceeding 36.328.125 shares corresponding to 10% of our Company’s paid capital, 2- It is unanimously resolved to submit; all required information within the scope of the Communique containing the purpose of acquisition, sources used and summary of acquisitions for the information of the first General Assembly Meeting to be held, 3- It is unanimously resolved that the process regarding share buy-back to be started on the purpose of avoiding an imminent and severe loss to be disclosed as a material event disclosure and to satisfy the public disclosure obligations according to the Communique.
Our Company bought a total of 156.000 TAV Airports shares on Borsa Istanbul at an average price of 15.21 TL on March 20, 2020.
Our Company bought a total of 54.115 TAV Airports shares on Borsa Istanbul at an average price of 14.99 TL on March 19, 2020.
Our Company bought a total of 180.686 TAV Airports shares on Borsa Istanbul at an average price of 15.3904 TL on March 17, 2020.
Our Company bought a total of 427.000 TAV Airports shares on Borsa Istanbul at an average price of 16.4088 TL on March 16, 2020.
As per the resolution of our Board of Directors taken on March 12, 2020; Our Company bought a total of 424.530 TAV Airports shares on Borsa Istanbul at an average price of 17.09 TL today.
In accordance with the articles 4 and 5 of the Communique II.22 1 of the Capital Markets Board on Share Buy-back dated 3.1.2014 (“Communique”), for the purpose of avoiding an imminent and severe loss, due to the value of our shares as traded on Borsa Istanbul not reflecting our Company’s real performance of its activities and due to the fact that the loss of value of the shares’ daily weighted average price has surpassed 20% in the last month, it is unanimously resolved to approve that our Company shall buy back its shares on Borsa Istanbul (BIST) until the first General Assembly Meeting to be held pursuant to the provisions of the Communique and by considering Capital Markets Board Press Announcement and Annotation of 21.07.2016, provided that 200.000.000 Turkish Liras in total and as a maximum shall be reserved as a fund and the maximum share amount shall not exceed 36.328.125 shares corresponding to 10% of our Company’s paid-in capital, It is unanimously resolved to submit; all required information within the scope of the Communique containing the purpose of acquisition, sources used and summary of purchases to the information of the first General Assembly Meeting to be held, It is unanimously resolved that the process regarding the share buy-back to be started for the purpose of avoiding an imminent and severe loss shall be disclosed as a material event disclosure and the public disclosure obligations according to the Communique shall be satisfied.
We had announced on November 08, 2019 that the consortium formed by our Company, a member of Groupe ADP and VPE Capital had started negotiations with the owner of Kazakhstan Almaty International Airport regarding the potential acquisition of the asset. We had also disclosed on January 08, 2020 that the negotiation process was still ongoing. The negotiation process regarding the transaction described above is still ongoing. This disclosure is made as per Article 23, paragraph 7 of the Material Events Communiqué (II-15.1).
TAV Airports Holding's subsidiary, TAV İşletme Hizmetleri A.Ş, has been awarded a concession by Metropolitan Washington Airports Authority to operate the new Passenger Lounge at Washington Dulles International Airport in the United States of America. The operating period of the Passenger Lounge is 10 years and the Lounge will be operated in partnership with Capital One Financial Corporation which is a financial services company based in the United States of America.
The Ordinary General Shareholders’ Meeting of our Company will be held at the headquarter of the Company addressed Vadistanbul Bulvar, Ayazaga Mahallesi Cendere Caddesi No: 109L 2C Blok 34485 Sarıyer/Istanbul on March 23, 2020, Monday at 10:00 a.m.
The Board of Directors has resolved to appoint Mr. Xavier Hürstel as a Board Member, a member of the Risk Assessment Committee and a member of the Nomination Committee to replace Mr. Philippe Pascal, who has resigned from his Board of Directors and committee duties at TAV Airports. Mr. Hürstel's appointment will be submitted to the first General Assembly for approval.
TL 1.0804060 (%108.04060) gross cash dividend per share having nominal value of TL 1 and total gross cash dividend distribution amount TL 392,491,240 will be submitted to the approval of our shareholders in the Ordinary General Assembly Meeting of our Company.
As per the proposal of the Audit Committee, it has been unanimously resolved to submit to the approval of the General Assembly the appointment of Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (a partner of Ernst & Young Global Limited) as the independent auditing company and auditor defined by the Turkish Commercial Code, Capital Markets Law and the relevant legislation, to audit our Company's financial statements in 2020 and to perform all other activities required within the scope of the relevant aforementioned regulation and law.
TAV Airports' 2020 Guidance is disclosed on the page attached.
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Our Company's audited IFRS consolidated financial results for the period ended 31 December 2019 have been disclosed today.
IFRS consolidated financial results, press release and the latest management presentation of our company are presented on our website.
Financials & Operationals
IFRS consolidated financial results, press release and the latest management presentation of our company are presented on our website.
Financials & Operationals
We had announced on November 08, 2019 that the consortium formed by our Company, a member of Groupe ADP and VPE Capital has started negotiations with the owner of Kazakhstan Almaty International Airport regarding the potential acquisition of the asset. The negotiation process is still ongoing. This disclosure is made as per Article 23, paragraph 7 of the Material Events Communiqué (II-15.1).
In our Public Disclosure made on April 08, 2019, we had announced that operations in Ataturk Airport were terminated before the end of the lease period on January 3, 2021 due to the opening of Istanbul Airport on April 6, 2019 and the amount of compensation for loss of profit for early termination of Ataturk Airport operations was being evaluated by State Airports Authority (DHMI), TAV Airports and independent consultants. We had also announced that we were expecting to receive a formal notification of the compensation amount from DHMI. The compensation amount has been calculated as a result of the evaluation process carried out between DHMI, TAV Airports and independent consultants. Our Company has received a formal letter from DHMI, specifiying that the compensation amount due to our Company is 389 million euros.
The consortium formed by our Company and VPE Capital has started negotitations with the owner of Kazakhstan Almaty International Airport regarding the potential acquisition of the asset. Almaty Airport served approximately 6 million passengers in 2018. This disclosure was postponed as per Article 6 of the Material Events Communiqué (II-15.1).
TAV Tunisia and The Republic of Tunisia have signed an amendment on November 6, 2019 to the existing concession agreement governing the operation of Monastir and Enfidha airports. This amendment significantly reduces the past and present concession fees of TAV Tunisia and restructures the historical concesion fees payable and the future concession fee calculation schedule. The details of the amendment are provided in the slide attached.
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Our Company's unaudited IFRS consolidated financial results for the period ended 30 September 2019 have been disclosed today. IFRS consolidated financial results and the latest management presentation of our company are presented on our website. http://www.tavyatirimciiliskileri.com
In accordance with article 4.2.8 of Corporate Governance Principles annex published by the Capital Markets Board of Turkey, Directors and Officers Liability Insurance of TAV Airports Holding has been renewed for one year an amount which corresponds to more than 25% of issued capital of our company.
The periodic revision of the Corporate Governance Rating Report has been completed by SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri, a rating organization officially authorized to rate compliance with Corporate Governance Principles as set forth by the Capital Markets Board of Turkey. The Corporate Governance rating of our Company has increased to 96.67 on 16.08.2019 from a rating of 96.25 which was announced on 17.08.2018, owing to our strong emphasis on developing good corporate governance practices. Sub-categories Weight/Grade/Assigned Shareholders: 0.25 / 95.79 Public Disclosure and Transparency: 0.25 / 98.65 Stakeholders: 0.15 / 98.82 Board of Directors: 0.35 / 94.98 Total : 1.00 / 96.67
Our Company's audited IFRS consolidated financial results for the period ended 30 June 2019 have been disclosed today. IFRS consolidated financial results, press release and the latest management presentation of our company are presented on our website.
As a result of the evaluation carried out in relation to the tender to operate and develop Sofia Airport in Bulgaria, with a 35 years concession contract, the consortium formed by TAV Airports Holding and our main shareholder Groupe ADP has not been declared as the concessionaire of the tender.
We had announced on April 26, 2019 that the consortium formed by TAV Airports Holding and our main shareholder Groupe ADP had submitted a bid for the tender to operate and develop Sofia Airport in Bulgaria.
The regulatory body’s evaluation of the tender is still ongoing.
This disclosure is made as per Article 23, paragraph 7 of the Material Events Communiqué (II-15.1).
TAV Airports Headquarters has been moved to "Vadistanbul Bulvar, Ayazağa Mahallesi Cendere Caddesi No: 109L 2C Blok 34485 Sarıyer/Istanbul" on May 15, 2019.
The phone and fax numbers of our company which can be found below have not changed:
Tel: +90 212 463 30 00
Fax: +90 212 465 31 00
The consortium formed by TAV Airports Holding and our main shareholder Groupe ADP, submitted a bid for the tender to operate and develop Sofia Airport in Bulgaria, with a 35 years concession contract. Sofia Airport served 7 million passengers in 2018. This disclosure was postponed as per Article 6 of the Material Events Communiqué (II-15.1).
Our Company's unaudited IFRS consolidated financial results for the period ended 31 March 2019 have been disclosed today. IFRS consolidated financial results, press release and the latest management presentation of our company are presented on our website.
TAV Istanbul has the right to operate Ataturk Airport International and Domestic Terminal Building, Parking Garage and General Aviation Terminal for 15.5 years, from 03.07.2005 00.01 hours until 02.01.2021 24.00 hours as per the lease contract entered into with the State Airports Authority ("DHMI"). As of April 06 2019 02:00, all commercial flights have been transfered to the new Istanbul Aiport
In our Public Disclosure made on January 22, 2013 we announced that in the formal letter addressed to Our Company by State Airports Authority (DHMI), DHMI had stated that it would reimburse our company for loss of profit that may be incurred due to opening of the New Istanbul Airport before the end of TAV Istanbul’s lease period which ends on January 3, 2021 and independent companies may be consulted for the calculation of the total amount of the loss of profit.
The compensation for loss of profit for early termination of Ataturk Airport operations is currently being evaluated by DHMI and TAV. Independent companies are also consulted as part of these evaluations. TAV expects to receive a formal notification of this compensation from DHMI.
TAV Airports Holding Inc.
For further
In our Public Disclosure made on January 22, 2013 we announced that in the formal letter addressed to Our Company by State Airports Authority (DHMI), DHMI had stated that it would reimburse our company for loss of profit that may be incurred due to opening of the New Istanbul Airport before the end of TAV Istanbul’s lease period which ends on January 3, 2021 and independent companies may be consulted for the calculation of the total amount of the loss of profit.
The compensation for loss of profit for early termination of Ataturk Airport operations is currently being evaluated by DHMI and TAV. Independent companies are also consulted as part of these evaluations. TAV expects to receive a formal notification of this compensation from DHMI.
TAV Airports Holding Inc.
For further
In accordance with Corporate Governance Communiqué (II-17.1) of Capital Markets Board (CMB), Mrs. Nursel Ilgen, Head of Investor Relations and Member of Corporate Governance Committee who has Capital Market Activities Advanced Level License and Corporate Governance Rating Specialist License will leave her duty as of February 15, 2019.
In accordance with Article 11/2 of the Corporate Governance Communiqué (II-17.1) of CMB Mr. Ali Ozgu Caneri who has Capital Market Activities Advanced Level License and has earned the right to obtain Corporate Governance Rating Specialist License and Mr. Besim Meric who has Capital Market Activities Advanced Level License, Derivative Instruments and Corporate Governance Rating Specialist Licenses are working full time in our company as Investor Relations Executives.
Investor Relations Executives
Ali Ozgu CANERİ
Investor Relations Coordinator
Tel: 0212 463 3000/2124
e-mail: ali.caneri@tav.aero
Besim MERİC
Investor Relations Coordinator
Tel: 0212 463 3000/2123
e-mail: besim.meric@tav.aero
ir@tav.aero
twitter.com/irTAV/
facebook.com/irTAV/
In accordance with Article 11/2 of the Corporate Governance Communiqué (II-17.1) of CMB Mr. Ali Ozgu Caneri who has Capital Market Activities Advanced Level License and has earned the right to obtain Corporate Governance Rating Specialist License and Mr. Besim Meric who has Capital Market Activities Advanced Level License, Derivative Instruments and Corporate Governance Rating Specialist Licenses are working full time in our company as Investor Relations Executives.
Investor Relations Executives
Ali Ozgu CANERİ
Investor Relations Coordinator
Tel: 0212 463 3000/2124
e-mail: ali.caneri@tav.aero
Besim MERİC
Investor Relations Coordinator
Tel: 0212 463 3000/2123
e-mail: besim.meric@tav.aero
ir@tav.aero
twitter.com/irTAV/
facebook.com/irTAV/
The Ordinary General Shareholders’ Meeting of our Company will be held to discuss and settle the following agenda at TAV Academy Meeting Hall (A) in the headquarter of the Company addressed Ataturk Havalimani Dis Hatlar Terminali – A Kapisi VIP Yani Yesilkoy İstanbul on March 18, 2019, Monday at 11:00. All the documents related with the Ordinary General Shareholders’ Meeting can be found our website. http://www.tavyatirimciiliskileri.com/en-EN/Pages/AnnualGeneral.aspx
Our Company's Board of Directors has resolved to submit to the approval of the General Assembly the decision to distribute TRY 2,0854003 (208,54003%) gross cash dividend per each share with a nominal value of TRY 1 starting from March 20, 2019. The total proposed gross cash dividend to be distributed is TRY 757.586.844.
As per the proposal of the Audit Committee, it has been unanimously resolved to submit to the approval of the General Assembly the appointment of Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (a partner of Ernst & Young Global Limited) as the independent auditing company and auditor defined by the Turkish Commercial Code, Capital Markets Law and the relevant legislation, to audit our Company's financial statements in 2019 and to perform all other activities required within the scope of the relevant aforementioned regulation and law.
Subject to our traffic and FX assumptions, excluding passenger and EBITDA generated from Istanbul Ataturk Airport operations in 2019, our company’s targets for 2019 are as follows:
-Total TAV Airports Pax (excluding Istanbul Ataturk Airport) 90 to 94 mn
-EBITDA (excluding Istanbul Ataturk Airport) 38-42% lower
-Capex between €70m to €80m
Note: Excluding any impact regarding compensation related with early closure of Istanbul Ataturk Airport. All financial targets are in EUR terms and have been adjusted to reverse the effects of IFRIC 12.
-Total TAV Airports Pax (excluding Istanbul Ataturk Airport) 90 to 94 mn
-EBITDA (excluding Istanbul Ataturk Airport) 38-42% lower
-Capex between €70m to €80m
Note: Excluding any impact regarding compensation related with early closure of Istanbul Ataturk Airport. All financial targets are in EUR terms and have been adjusted to reverse the effects of IFRIC 12.