61,3 Million Net Profit from TAV Airports in the First Half of the Year

net profit of tav euros in the first half of the year
net profit of tav euros in the first half of the year

In the first six months of 2019, TAV Airports served 12 million passengers with an increase of 38,3 percent compared to the same period of the previous year.

Turkey is the world's leading brand in airport operations, TAV Airports has announced the first half of the year 345 61,3 million euros in turnover and net profit. The company's global footprint has reached the 28 airport in the country 90.

TAV Airports Chief Executive Officer Sani Şener “6 April Following the termination of commercial flights at 2019, we fully fulfilled our responsibilities at Atatürk Airport and transferred them to DHMİ. We are in talks with DHMİ to compensate for the loss of profit due to the closure of Atatürk Airport before the end of our operational period. International audit companies KPMG and PWC advised in this process, and as a result of their work, they created technical valuation reports and calculations for compensation. After our bilateral meetings with DHMI, we expect the results to become clear in a short time.

Turkey in the first half of the year, while there was weakness in domestic traffic at airports we operate, the number of tourists visiting Turkey has increased 11 percent. During this period, the percentage of international passengers we served increased by 27. Both strong trend of tourism in Turkey as well as abroad, a pretty good way to reflect our portfolio AnlArImIzA airport from the financial point of view.

Excluding Atatürk Airport, our total turnover in the first half of 2019 increased by 9 to 345 million euros. TAV Operations Services, which provides private passenger lounge operations as well as our airports, contributed significantly to this growth. With the latest investments made by TAV Operation Services, our global footprint has expanded from Brazil to Chile and from Denmark to Kenya, reaching the 28 airport in the 90 country.

Excluding Atatürk Airport, EBITDA fell by 2 percent to 127 million euros. The most important factors affecting this decrease were the decline in the contribution of ATU due to the fact that the first quarter financial results of Antalya, which was included in the portfolio in May of 2018, were not reflected in our 2018 financials and the closure of Atatürk Airport. Our net profit, on the other hand, decreased by 34 percent and was realized as 61 million euros due to Atatürk's exit from the portfolio.

The operational and financial performance of our 14 terminal business in the seven countries in our portfolio continues to increase. When we look at it as terminal companies only, in the first half of 2019, we increased 10 in turnover and 14 in EBITDA. After the departure of Atatürk Airport from our portfolio, we started to see the operational leverage effect in other small-scale airports we operate. Therefore, we expect the effects of both organic and inorganic growth to increase in the future. While increasing the traffic growth of our current airport portfolio through continuous innovation and active marketing, we continue to focus on inorganic growth opportunities that will create value for our shareholders in line with our strict investment criteria.

I owe a debt of gratitude to all our employees, shareholders and business partners for their invaluable contributions and support to TAV Airports. ”

SUMMARY FINANCIAL AND OPERATIONAL INFORMATION

(million euros) 1H 2018 1H 2019 % change
Consolidated turnover * 317.3 344.7 %9
EBITDA * 129.6 126.6 -% 2
EBITDA margin (%) 40.9% 36.7% -4.1 points
Net profit 93.1 61.3 -% 34
Number of passengers (mn) 34.2 38.3 12%
- International line 16.9 21.4 27%
- Domestic line 17.2 16.8 -% 2

* Information in this bulletin has been calculated based on adjusted turnover and EBITDA for TFRS Yorum 12 and TAV Istanbul data is not included in turnover and EBITDA calculation. Likewise, Istanbul Ataturk Airport is not included in the number of passengers.

About Levent Elmastaş
RayHaber editor

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