TAV Investor Relations | About TAV Airports

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%)
- Almaty (85%)
- Madinah (26%)
- 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 (100%)
Academy (100%)
HAVAS (100%)
- TGS (50%)
- HAVAS Latvia (100%)
- HAVAS Zagreb (100%)

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. Other Free Float

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.

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).

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

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

2019

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

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

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

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

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

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

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

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

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

2011

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