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TAV Airports Holding
Financial and Operational Results
First Quarter of 2014
May 9, 2014
Contents
CEO’s Message
Highlights
Summary Financial and Operational Results
Passenger Developments
Comparison to 1Q13
Revenue
Costs
Profitability
FX Analysis
Debt Structure
CAPEX
APPENDIX
Notes on Financials
Adjusted Financials - IFRIC 12
Selected Financials by Assets (IFRIC 12 adjusted)
Service Companies KPIs
Quarterly Revenues & EBITDA by Assets
Income Statement
Balance Sheet
Cash Flow Statement
Timeline
Material Events
Concessions Overview
2014 Guidance
TAV Corporate and Shareholder Structure
Contact IR
3
4
5
6
7
8
9
10
12
13
14
TAV Airports Operations Map
15
16
17
18
19
20
21
22
23
24
27
28
29
30
2
CEO’s Message
In the first quarter of 2014, our flagship, Istanbul Ataturk Airport was the second busiest airport in Europe. This is a
well-deserved source of pride for us and just goes to show how far we have come both as a country and a
company in less than two decades. With visionary macro policies and a very supportive environment for airport
investments, we have changed the face of aviation in Turkey in close collaboration with the State Airports
Authority (DHMI) and our airline clients led by Turkish Airlines. Turkey now boasts a top-tier aviation sector in the
world with well respected brands and state of the art infrastructure.
What’s even more encouraging is the outlook for the future. According to DHMI, the total passenger traffic in
Turkey is poised to double in the next 10 years. Eurocontrol, on the other hand projects 7% CAGR for Turkey over
the course of the next seven years while Airbus expects 7% CAGR in Middle Eastern traffic growth. We have come
a long way in fourteen years and we have a long way to go in the years coming ahead.
In line with these projections, we achieved a good set of passenger results in the first quarter of 2014. Overall, passenger growth was 16% for TAV Airports, while
Istanbul grew 12% in international passengers.
In the first quarter of 2014 our EBITDA grew 27% and reached €67m. Our net profit increased 28% and reached €20m. We achieved these results in an evironment
where shop renovation in the duty free at the departures area in Istanbul and weak Turkish Lira and Rouble have put significant pressure on our retail revenues.
At the end of 2013, we started implementing a turnaround strategy for Havas centered on better cost control, higher operational efficiency and revenue
optimization. Based on this strategy, Havas financials visibly imroved compared to 1Q13.
We completed the construction of the Izmir Adnan Menderes Domestic Terminal and opened it in March 2014. This terminal, being the largest domestic terminal
in Turkey will serve the Aegean region well and boost tourism and business.
During the quarter, we won the tender for the lease of Milas-Bodrum airport and upon necessary approvals plan to operate it for 20 years.
I would like to thank all members of the TAV family for always giving their best at what they do even in uncertain economic environments.
Dr. M.Sani Sener
Member of Board of Directors
President & CEO
3
Highlights of 2014 First Quarter Results
 Revenue growth pressured by weak TRL, weak RUB, shop renovations
in Istanbul
 Consolidated revenue* of €190m
(+2% vs 1Q13)
 Consolidated EBITDA* of €67m
(+27% vs 1Q13)  Strong EBITDA growth due to operating leverage, Havas turnaround,
 Net profit of €20m
(+28% vs 1Q13)  Net profit parallel to EBITDA growth despite pressure from deferred
 Net Debt of €1,043m
(+11% vs 1Q13)  Net debt increased due to ongoing investments and dividend payment
 20.3 m passengers served
(+16% vs 1Q13)  Like-for-like growth of 13%, boosted by addition of Zagreb
weak base year, favorable FX movements
tax and FX loss
* IFRIC 12 adjusted
4
28% Net Profit Growth YoY
IFRIC 12
Adjusted Financials
(in m€, unless stated otherwise)
1Q13
1Q14
Chg %
Revenue
186
190
2%
EBITDA
53
67
27%
28.2%
35.2%
6.9 ppt
87
102
16%
47.0%
53.6%
6.5 ppt
FX Gain (Loss)
5
(2)
n.m.
Deferred Tax Income (Expense)
4
(1)
n.m.
16
20
28%
43
19
-56%
(56)
(25)
-55%
EBITDA margin (%)
EBITDAR
EBITDAR margin (%)
Net Profit
Net Cash Provided from Operating
Activities(2)
Capex(2)
(13)
(7)
-49%
Shareholders’ Equity
534
539
1%
Net Debt
936
1.043
11%
13,085
13,425
3%
17.6
20.3
16%
- International
9.5
11.1
17%
- Domestic
8.1
9.2
14%
Free Cash
Flow(2)
Average number of employees
Number of passengers (m)
15.9
14.1
-11%
Duty free spend per pax (€) (1)
(¹) Transfer numbers are tentative and subject to change
(2) IFRS
Source: TAV Airports Holding, DHMI, TAV Tunisia, TAV Macedonia, Georgian Aviation Authority,
TIBAH , MZLZ
 In 1Q14, total number of passengers served increased 16%, thanks
to the addition of Zagreb Airport. Like-for-like growth was 13%. In
1Q14, Istanbul Ataturk Airport realized 12% international passenger
growth.
Revenue increased by 2% to €190 million in 1Q14 from €186 million
in 1Q13. Revenue growth lagged passenger both mainly because of
weak Turkish Lira and weak duty free sales. The weight of aeronautical
revenues in consolidated revenues was 46% in 1Q14 versus 44% in
1Q13.
EBITDA grew by 27% to €67 million in 1Q14 from €53 million in
1Q13, implying respective 35.2% and 28.2% margins in 1Q14 and
1Q13, thanks to strong operating leverage, Havas turnaround and
favorable FX movements. Likewise, EBITDAR increased by 16% to
€102 million in 1Q14, reaching 54% EBITDAR margin.
On the back of strong operational performance, the bottom-line
(net profit attributable to owners of the company) came in at €20.3
million in 1Q14 versus €15.9 million in 1Q13, despite FX and deferred
tax turning to loss in 1Q14.
Revaluation of predominantly TRL and USD denominated monetary
assets resulted in FX loss, due to appreciation of EUR. Temporary
differences in airport operation rights, as well as loans and borrowings
resulted in deferred tax expense in 1Q14.
Consolidated net debt came at €1,043 million at 1Q14 versus €936
million at 1Q13. Increase in net debt was 11%, due to ongoing
investments and dividend payments.
5
Double-Digit Passenger Growth Continued
The number of passengers using airports operated by TAV increased 16% (likefor-like growth of 13%) to 20.3 million in 1Q14, on the back of organic and
inorganic growth.
The number of international passengers served at Istanbul Ataturk continued to
grow in double digits, increasing by 12%, with 25% surge in international to
international transfer passengers. Istanbul total pax growth is expected to
converge to 8-10 % throughout the year. as per our official guidance
Istanbul growth at double-digit spearheaded by THY’s aggressive fleet expansion
plan.
Ankara’s strong growth in domestic driven by Sun Express.
Strong domestic growth in Izmir driven by Sun Express and Pegasus while
Pegasus is driving international growth.
SAS, Sun Express and Pegasus increased regular flights to Gazipasa dramatically.
Medinah passengers increased dramatically due to easing of visa restrictions .
Tunisian passengers was relatively flat due to the political situation.
Georgian airports are hosting Turkish tourists and transit travelers to Istanbul.
Macedonia is being driven mainy by WizzAir.
January-March
Passengers (‘000) (1)
Ataturk Airport
International
Domestic
Esenboga Airport
International
Domestic
Izmir Airport
International
Domestic
Gazipaşa Airport
International
Domestic
Medinah
Tunisia (Monastir&Enfidha)
Georgia (Tbilisi&Batumi)
Macedonia (Skopje&Ohrid)
Zagreb Airport
TAV TOTAL (3)
International
Domestic
2013
11,182
7,386
3,795
2,402
337
2,065
2,034
259
1,776
17
0.7
16
1,204
258
283
192
442
17,572
9,485
8,088
Air Traffic Movements (2)
Ataturk Airport
International
Domestic
Esenboga Airport
International
Domestic
Izmir Airport
International
Domestic
Gazipaşa Airport
International
Domestic
Medinah
Tunisia (Monastir&Enfidha)
Georgia (Tbilisi&Batumi)
Macedonia (Skopje&Ohrid)
Zagreb Airport
TAV TOTAL (3)
International
Domestic
2013
86,200
58,322
27,878
19,295
2,929
16,366
14,220
1,779
12,441
112
8
104
9,461
3,148
4,652
2,555
8,592
139,643
77,645
61,998
2014
12,422
8,237
4,186
2,714
323
2,392
2,245
299
1,946
51
11
40
1,673
267
310
208
430
20,320
11,138
9,182
Chg %
11%
12%
10%
13%
-4%
16%
10%
16%
10%
nm
nm
nm
39%
4%
10%
8%
-3%
16%
17%
14%
January-March
2014
96,154
65,908
30,246
20,600
2,661
17,939
15,383
2,142
13,241
412
87
325
12,871
2,885
4,906
2,593
8,212
164,016
94,234
69,782
Chg %
12%
13%
8%
7%
-9%
10%
8%
20%
6%
nm
nm
nm
36%
-8%
5%
1%
-4%
17%
21%
13%
Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZ
Note: DHMI figures for 2014 are tentative.
(1) Both departing and arriving passengers, including transfer pax (2) Commercial flights only (3) 2013 TAV totals do not include
Zagreb Airport.
6
Strong Bottom-Line
Consolidated Revenue (€m)
EBITDA (€m)
Net Profit (€m)
27%
28%
2%
190
186
1Q13
FY11
1Q14
FY12
FY11
1Q13
Consolidated Revenue (%)
Aviation
Duty-free
67
53
Ground-handling
F&B
FY12
1Q14
FY11
1Q13
EBITDA (%)
Istanbul
BTA
Other Services
Other
20%
31%
Other Airports
HAVAŞ
Personnel
Other
Services rendered
Duty-free
7%
5%
-4%4%
1%
4%
34%
FY12
1Q14
Opex (%)
8%
20%
20
16
5%
Concession rent
D&A
Catering
0%
7% 4%
12%
0%
37%
11%
17%
17%
10% 9%
13%
12%
17%
16%
27%
24%
1Q13
1Q14
* IFRIC 12 adjusted
39%
80%
69%
22%
23%
7
Revenue Growth Pressured by Weak TRL
(€m) *
1Q13
1Q14
Chg (%)
Aviation income
58
64
10%
Ground handling income
23
23
0%
50
17
38
186
46
18
38
190
-8%
9%
1%
2%
Commission from duty free sales
Catering services income
Other operating revenue
Total operating revenue
Revenue increased by 2% to €190 million in 1Q14 from €186 million in 1Q13.
While total number of passengers served increased by 16%, like-for-like growth was
13%.
 Ground handling income amounted €23 million in 1Q14, same as in 1Q13. The
number of aircraft served by Havas, TGS and Havas Europe increased by 10% YoY to
93K. The number of flights served by TGS soared 14% in parallel with increase in total
THY traffic. THY is served in Bodrum and Dalaman by TGS instead of Havas as of 2Q13.
Ground handling revenue lagged flights served due to depreciation of TRL vs EUR and
a relatively benign winter leading to lower de-icing revenues.
 Catering service income, mainly denominated in TRL, increased by 9%, from €17
million in 1Q13 to €18 million in 1Q14, mainly on the back of organic growth.
 Other operating revenue increased by 1% to €38 million in 1Q14 due to
depreciation of TRL vs EUR affecting Carpark and Bus Services revenues.
Our income stream is mainly in hard currency, based primarily in Euro and U.S.
dollars (please refer to page #17), with aeronautical revenues (which includes
ground handling), accounting for 46% of total operating income and nonaeronautical revenues accounting for 54% of total operating income in 1Q14.
Aviation income amounted €64 million in 1Q14, versus €58 million in 1Q13 (+10%
yoy). The growth in passenger number outpaced the growth in aviation income as
domestic and transfer pax have a dilutive effect on aviation fees whose fees are €3
and €2.5 per pax respectively. The appreciation of EUR vs USD also negatively
affects aviation revenues. Guaranteed pax fees in the context of IFRIC12 amounted
€5.1m for Ankara Esenboga and €2.1m for İzmir Adnan Menderes in 1Q14.
 Commission from duty free sales decreased 8% from €50 million in 1Q13 to €46
million in 1Q14 due mostly to the ongoing shop renovations at the departures hall
of Istanbul Ataturk Airport. While depreciation of TRL vs EUR also dampened arrival
sales characterized by Turkish passengers, depreciation of RUB vs EUR put pressure
on departure sales.
 Average per passenger spending decreased 11% to €14.1 in 1Q14 also
exacerbated by the dilutive impact of the increase in transfer traffic. The share of
international to international transfer passengers in Istanbul’s international
passengers increased from 36% in 1Q13 to 41%, YoY**.
* IFRIC 12 adjusted
** Transfer numbers are tentative and subject to change
Share of Profit of Equity-accounted investees (€m)
ATU
TIBAH
TGS
BTA IDO
MZLZ (ZAGREB)
0.2 0.5
1.7
3.8
2.1
8
Decline in Opex Thanks to Favorable FX
(€m)
Cost of catering inventory sold
1Q13
1Q14 Chg.(%)
(6)
(7)
18%
Cost of services rendered
(11)
(10)
-6%
Personnel expenses
(62)
(55)
-11%
Concession & rent expenses
(35)
(35)
0%
(31.6)
(31.9)
1%
Ege
(2.2)
(2.2)
0%
Tunisia
(0.6)
(0.6)
14%
Macedonia
(0.6)
(0.2)
-73%
(17)
(18)
4%
(26)
(156)
(24)
(149)
-8%
-5%
Istanbul
Depreciation and Amortization
Other operating expenses
Total Operating Expenses
 Operating expenses decreased by 5% from €156 million in 1Q13 to €149 million in 1Q14.
Expenses grew slower on the back of weak TRL and cost savings.
Cost of catering inventory sold increased by 18% in 1Q14.
 Cost of services rendered decreased by 6% from €11 million in 1Q13 to €10 million in 1Q14. Cost
of services rendered principally consists of Havas’ operating expenses, TAV Latvia’s concession
payments and also includes some costs of BTA and TAV O&M.
 Personnel expenses decreased by 11% from €62 million in 1Q13 to €55 million in 1Q14, on the
back of weak TRL despite 3% increase in the average number of employees.
 Concession & rent expenses amounted €35 million in 1Q14, same as 1Q13. Rent expenses principally consist of payments to DHMI under the terms of the Istanbul Ataturk
Airport lease agreement and renovation of the domestic terminal. Concession expenses consist of payments made to Tunisian Civil Aviation Authority (OACA), Macedonian Ministry
of Transportation and Communication and those made to DHMI under the terms of the Izmir Adnan Menderes Airport concession. While the rent payment of Istanbul Ataturk
Airport is made in USD terms at the beginning of each year, due to the amortization schedule of the prepaid rent, Istanbul Ataturk Airport’s rent increased 1% from €31.6 million in
1Q13 to €31.9 million in 1Q14. The concession expense of TAV Ege was €2.2 million for Izmir Adnan Menderes domestic terminal in 1Q14. The concession expense for 1Q14 was
€0.6 million in Tunisia. Macedonia’s concession payment decreased because it served more than 1 million passengers in 2013 dropping the concession percentage from 15% to 4%.
The percentage decrease took place in 3Q13 retrospectively for YTD 2013.
Depreciation and amortization expense rose by 4% from €17 million in 1Q13 to €18 million in 1Q14.
Other operating expenses were down 8% at €24 million in 1Q14, mostly due to a stronger EUR versus TRL and USD.
9
Net Profit Impacted by Non-cash Items
(€m)
1Q13(1)
1Q14(1) Chg.(%)
Operating profit
36
49
38%
EBITDA
53
67
27%
EBITDA margin
28,2%
35,2% 6,9 ppt
EBITDAR
EBITDAR margin
87
47,0%
102
16%
53,6% 6,5 ppt
(€m)
1Q13
1Q14 Chg.(%)
Finance income
Finance costs
FX gain/(loss)
11
7
-33%
(22)
(24)
7%
5
(2)
nm
(11)
(16)
46%
Profit before income tax
18
26
45%
Tax expense
(5)
(9)
98%
(9)
(8)
-5%
Net finance costs
Current period tax expense
Deferred tax (expense)/income
Profit for the period
4
(1)
nm
13
16
26%
16
(3)
20
(4)
28%
35%
Attributable to
Equity holders of the Company
Non-controlling interest
 Operating profit increased 38% from €36 million in 1Q13 to €49 million in 1Q14.
 EBITDA, which we define as operating profit before depreciation & amortisation expense, increased by 27% and
amounted €66,7 million in 1Q14 versus €52,5 million in 1Q13.
 EBITDAR, which we define as EBITDA before concession rent payment, increased by 16% from €87,4 million in
1Q13 to €101,5 million in 1Q14.
 Net finance costs amounted €16 million in 1Q14, compared with €11 million in 1Q13. Finance costs were
higher mainly due to non-cash FX losses in 1Q14 vs FX gains in 1Q13. In 1Q14, revaluation of predominantly TRL
and USD denominated monetary assets resulted in FX loss, due to depreciation of TRL.
 Tax expense consists of deferred tax and corporate taxes. Current tax expense was €8 million in 1Q14,
compared with €9 million in 1Q13. In 1Q13, TAV had recorded €4 million deferred tax income versus €1 million
deferred tax expense in 1Q14, mainly due to temporary differences in airport operation rights and borrowings. All
in all, total tax expense amounted €9 million in 1Q14 versus €5 million in 1Q13, mainly due to deferred taxes
turning negative.
 Net profit attributable to owners of the company in 1Q14 was realized as €20 million compared to a net profit
of €16 million in 1Q13 according to IFRS financial statements. Non-controlling interest reflects the allocation of
profit / loss held by minority shareholders of subsidiaries (BTA, TAV Tunisia, TAV Georgia, HAVAS Europe) and
amounted €-4 million in 1Q14.
(1) IFRIC 12 adjusted
10
FX Exposure of Operations (2013)
Revenue (1)
Opex (1)(2)
€33m
Other;
3% USD;
16%
€61m
€166m
€158m
Other;
8%
TL; 23%
USD ;
22%
€367m
€239m
€138m
€1037m
€724m
€599m
EUR ;
19%
TL ;
51%
EUR;
58%
Concession Rent Expense
€24m
€14m
€129m
Gross Debt
EUR
10%
TL
2%
USD
1%
€17m
€1306m
€143m
USD
90%
(1) Combined figures, pre-eliminations IFRIC 12 adjusted. Includes equity pick-up (€34m)
(2) Includes concession rent expenses (€143m) and depreciation (€69m).
€1347m
EUR
97%
11
FX Exposure
FX Rates
Average Rate
31 Mar
31 Dec
31 Mar
1Q14
1Q13
2014
2013
2013
EUR/TRL
3.03
2.35
3.01
2.94
2.32
USD/TRL
2.21
1.78
2.19
2.13
1.81
EUR/USD
1.37
1.32
1.37
1.38
1.28
EUR/GEL
2.40
2.19
2.40
2.39
2.12
EUR/MKD
61.65
61.59
61.00
61.51
61.61
EUR/TND
2.20
2.07
2.18
2.27
2.05
EUR/SEK
8.86
8.50
8.94
8.94
EUR/SAR
5.14
4.95
5.16
5.16
Equity
Profit or loss
Strengthening
of EUR
Weakening
of EUR
Strengthening
of EUR
USD
(16,518)
16,126
(3,422)
3,422
TRL
-
-
2,960
(2,960)
(€’000)
Weakening
of EUR
31 March 2014
Other
-
-
(728)
728
Total
(16,518)
16,126
(1,190)
1,190
USD
(16,039)
15,607
(14,012)
14,012
TRL
-
-
(10,027)
10,027
8.34
Other
-
-
(939)
939
4.81
Total
(16,039)
15,607
(24,978)
24,978
Hedging

Subsidiaries, TAV Istanbul, TAV Esenboga, HAVAS, TAV Macedonia,
TAV Tunisia and TAV Ege enter into swap transactions in order to
diminish exposure to foreign currency mismatch relating to DHMI
installments and interest rate risk to manage exposure to the floating
interest rates relating to loans used.

100%, 100%, 43%, 80%, 85% and 100% of floating bank loans for TAV
Istanbul, TAV Esenboga, HAVAS, TAV Macedonia, TAV Tunisia and TAV
Ege respectively are fixed with interest rate swaps as explained in
Note 12.

Changes in the fair value of the derivative hedging instrument
designated as a cash flow hedge are recognized directly in equity to
the extent that the hedge is highly effective. To the extent that the
hedge is ineffective, changes in fair value of the ineffective are
recognized in profit or loss.
31 December 2013
Sensitivity Analysis
The Group’s principal currency rate risk relates to changes in the value of the Euro relative to
TRL and the USD. The Group manages its exposure to foreign currency risk by entering into
derivative contracts and, where possible, seeks to incur expenses with respect to each
contract in the currency in which the contract is denominated and attempt to maintain its
cash and cash equivalents in currencies consistent with its obligations.
The basis for the sensitivity analysis to measure foreign exchange risk is an aggregate
corporate-level currency exposure. The aggregate foreign exchange exposure is composed of
all assets and liabilities denominated in foreign currencies, both short-term and long-term
purchase contracts. The analysis excludes net foreign currency investments.
A 10 percent strengthening / (weakening) of EUR against the following currencies at 31
March 2014 and 31 December 2013 would have increased / (decreased) equity and profit or
loss by the amounts shown to the left. This analysis assumes that all other variables, in
particular interest rates, remain constant.
12
Debt Structure
Net Debt (eop, €m)
Airports
1Q13
2013
1Q14
794
652
871
Istanbul
209
(1)
176
Ankara
91
84
83
Izmir (including Ege)
57
155
191
Gazipasa
17
16
18
355
344
349
5
(2)
(3)
Tunisia
Georgia
Macedonia
60
55
57
Services
142
222
172
HAVAS
76
58
65
BTA
(4)
2
2
70
162
105
936
874
1,043
Others
Total
 Door to Door Maturity
8.1 Years
 Average Maturity
5.6 Years
 Average € Cost of Debt (Hedged*)
5.7 %
 Net Debt / 2013 FY EBITDA
2.7x
*89 % of all loans have fixed rates.
-as of March 31 2014
Gross Debt Maturity Profile (€m)
432
231
207
225
164
71
2015
2016
2017
2018
2019
2020+
13
CAPEX Development & Outlook
Quarterly Capex (€m)
Ege
Other
66
52
51
42
23
10
4
1Q13
Airport
Izmir
Medinah
(33%)
2Q13
 1Q14 Capex mainly due to Izmir Adnan Menderes Domestic
Terminal Construction
11
7
3Q13
Scope
Re-construction of the domestic
terminal
Re-construction of the terminals and
extension of the runway
6
4Q13
Total EPC*
(€m)
1Q14
EPC Cumulative Cumulative (¹+²+3)
(€m)
(€m)
2012¹
(€m)
2013²
(€m)
20143
(€m)
% Completed
266
264
272
39
210
23
99 %
248
181
196
52
101
42
74 %
*While EPC capex does not include capitalized interest costs and other charges, IFRS capex does. Medinah EPC calculated at 1.3 EUR/USD
14
Notes on Financials
Basis of Consolidation
 The consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”).
 Although the currency of the country in which the Group is domiciled is Turkish Lira (TRL), most of the Group entities’ functional currency and reporting
currency is EUR.
 Each entity is consolidated as follows:
Summary IFRS Consolidation Table
1Q 2014
1Q 2013
Name of Subsidiary
Consolidation
% Stake
Consolidation
% Stake
TAV İstanbul
Full - No Minority
100
Full - No Minority
100
TAV Esenboga
Full - No Minority
100
Full - No Minority
100
TAV Izmir
Full - No Minority
100
Full - No Minority
100
TAV Ege
Full - No Minority
100
Full - No Minority
100
TAV Gazipasa
Full - No Minority
100
Full - No Minority
100
TAV Macedonia
Full - No Minority
100
Full - No Minority
100
TAV Latvia
Full - No Minority
100
Full - No Minority
100
TAV Tunisia
Full - With Minority
67
Full - With Minority
67
TAV Urban Georgia (Tbilisi)
Full - With Minority
76
Full - With Minority
76
TAV Batumi
Full - With Minority
76
Full - With Minority
76
TIBAH Development
Equity
33
Equity
33
TIBAH Operation
Equity
51
Equity
51
HAVAS
Full - No Minority
100
Full – No Minority
100
BTA
Full - With Minority
67
Full - With Minority
67
TAV O&M
Full - No Minority
100
Full - No Minority
100
TAV IT
Full - No Minority
100
Full - With Minority
99
TAV Security
Full - No Minority
100
Full - No Minority
100
HAVAS Europe
Full - With Minority
67
Full - With Minority
67
ATU
Equity
50
Equity
50
TGS
Equity
50
Equity
50
BTA Denizyollari (IDO)
Equity
50
Equity
50
MZLZ
Equity
15
-
-
MZLZ Operation
Equity
15
-
-
15
Adjusted Financials-IFRIC 12
Introduction to IFRIC 12
IFRIC 12 booking model
DebitCredit



The capex we incur on our BOT assets, is routinely booked as “airport operation
right” in the balance sheet. However when there are guaranteed passenger fees
in question, these fees are discounted to their NPV and subtracted from the
“airport operation right” of the BOT in question. The remaining capex amount
gets booked as “airport operation right” and the NPV of guaranteed passenger
fees gets booked as “trade receivables.”
When the guaranteed passenger fees become earned during the course of
operations, these are credited from the balance sheet and the difference between
discounted (NPV of) guaranteed passenger fees and the actual fees as they are
earned are booked as finance income.
Due to the application of IFRIC 12, guaranteed passenger fees stop being P&L
items and get treated as Balance Sheet/Cash Flow items, while at the same time,
part of these fees gets shown as finance income. This unduely decreases aviation
income and increases finance income and distorts our P&L. To adjust for the
distortion we add back guaranteed passenger fees while reporting our adjusted
revenues.
Total
BS
Debt
BS
Cash
BS Construction in progress
PL Construction Expense
Construction Income
2. Completion of Construction
BS
Construction in progress
(NPV of) Passenger Revenue Receivable
BS (Trade Receivables)
BS Airport Operation Right *
3. Operations During Year
PL
Aviation Income for the Current Year **
BS Cash **
4. Year Close
PL Aviation Income for the Current Year ***
PL
Finance Income
(Difference between discounted receivables and the actual
receivables)
BS
Passenger Revenue Receivable****
PL Amortisation of Airport Operation Right
On the other hand the capex incurred during the construction phase is
immediately transferred to P&L with an offsetting construction income assigned
to it. This income may or may not carry a mark-up on it. Since this method of
booking also distorts both the P&L and the Balance Sheet we adjust our financials
to disregard the effects of both “construction expense” and “construction
income.”
Ankara

IFRIC 12- is an accounting application treating BOT assets with special provisions
for guaranteed income. Ankara Esenboga Airport and Izmir Adnan Menderes
Airport International Terminal, with their guaranteed passenger fee structures,
fall under the scope.
İzmir

1. During Construction
BS
Accumulated Amortisation of Airport Operation Right
* AOR = Construction in progress- (NPV of ) Passenger Revenue Receivable
** TR-GAAP
***IFRS (IFRIC 12 application)
****Discounted guaranteed passenger revenues for that period
Guaranteed Pax Structure
International Departing Pax
(m)
Guaranteed Pax Income (€m)
Domestic Departing Pax (m)
Guaranteed Pax Income (€m)
International Departing Pax
(m)
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0.8
11.8
0.6
1.9
0.8
12.4
0.7
2.0
0.9
13.0
0.7
2.1
0.9
13.7
0.7
2.2
1.0
14.4
0.8
2.3
1.0
15.1
0.8
2.4
1.1
15.8
0.8
2.5
1.1
16.6
0.9
2.7
1.2
17.5
0.9
2.8
1.2
18.3
1.0
2.9
1.3
19.2
1.0
3.1
1.3
20.2
1.1
3.2
1.4
21.2
1.1
3.4
1.5
22.3
1.2
3.6
1.6
23.4
1.2
3.7
0.6
9.6
0.5
1.5
1.1
1.1
1.1
1.2
1.2
1.2
1.3
Guaranteed Pax Income (€m)
Guaranteed Pax Income (€m)
15.9
29.6
16.4
30.8
16.9
32.0
17.4
33.3
17.9
34.6
18.4
35.9
19.0
37.4
19.3
20.2
21.3
22.3
23.4
24.6
25.8
27.1
11.1
16
Selected Financials by Assets (IFRIC 12 Adjusted) and employee #s
(1Q14, €m)
Airports
Istanbul
Ankara
Izmir (including TAV Ege)
Gazipasa
Tunisia
Georgia
Macedonia
Services
Havas
BTA
Others
Total
Elimination
Consolidated
Number of Employees (eop)
Istanbul
Ankara
Izmir+Ege
Tunisia
Gazipasa
Georgia
Macedonia
HAVAS
BTA
Holding
O&M
IT
Security
Latvia
Akademi
TOTAL
Revenue
141.3
102.4
12.1
10.5
0.2
4.9
7.3
3.9
70.5
22.9
27.9
19.6
211.7
-22.2
189.6
EBITDA
56.7
45.5
7.0
2.4
-0.4
-2.2
3.8
0.6
9.5
3.0
1.0
5.5
66.2
0.5
66.7
EBITDA
Margin (%)
40%
44%
58%
23%
n.m.
n.m.
51%
16%
13%
13%
4%
28%
31%
Net Debt
871
176
83
191
18
349
(3)
57
172
65
2
105
1.043
35%
1.043
1Q13
1Q14
2,681
885
681
748
23
770
649
3,749
2,093
108
296
175
220
3
5
13,086
2,766
935
849
777
34
766
632
3,537
2,357
104
296
213
290
4
11
13,571
Revenue (€m)
Airports
Istanbul
Ankara
Izmir (including TAV Ege)
Gazipasa
Tunisia
Georgia
Macedonia
Services
Havas
BTA
Others
Total
Elimination
Consolidated
1Q13
140.3
102.8
11.9
10.1
0.1
4.6
6.9
3.9
67.5
23.4
26.2
17.9
207.8
-22.2
185.6
1Q14
141.3
102.4
12.1
10.5
0.2
4.9
7.3
3.9
70.5
22.9
27.9
19.6
211.7
-22.2
189.6
Chg.(%)
1%
0%
1%
5%
88%
5%
7%
2%
4%
-2%
7%
10%
2%
EBITDA (€m)
1Q13
1Q14
Chg.(%)
50.9
42.1
5.8
2.2
-0.3
-2.0
3.1
0.0
1.7
-2.2
1.9
2.1
52.7
-0.2
52.5
56.7
45.5
7.0
2.4
-0.4
-2.2
3.8
0.6
9.5
3.0
1.0
5.5
66.2
0.5
66.7
11%
8%
21%
11%
34%
12%
20%
n.m.
444%
n.m.
-48%
164%
26%
Airports
Istanbul
Ankara
Izmir (including TAV Ege)
Gazipasa
Tunisia
Georgia
Macedonia
Services
Havas
BTA
Others
Total
Elimination
Consolidated
2%
27%
17
Service Companies KPIs
ATU Revenues (€m)
Q1
Q2
Duty Free Spend per Pax (€)
Q3
56
17,1
15,7
16,3
TAV
16,6
16,5
16,0
17,1
14,6
74
72
57
41
47
38
29
42
33
41
50
61
56
2009
2010
2011
2012
2013
2014
14,7
14,5
14,9
15,1
14,8
15,9
14,1
73
65
15,8
53
14,8
37
16,0
69
68
47
Istanbul
Q4
2007
2008
2009
2010
2011
2012
2013
1Q13
1Q14
TAV F&B Spend per Pax (€)
# of Flights Served (‘000)
10%
1Q13
1Q14
84
2,1
93
2,0
1,8
14%
1,6
59
51
1,3
1,3
1,3
1,3
2011
2012
2013
1Q13
1,2
10%
21
-11%
23
12
HAVAŞ
HAVAS
Source: DHMI, TAV
TGS
11
HVŞ
E
HAVAS
EUROPE
HAVAŞ
+ TGS + HVŞ E
HAVAS+TGS+
HAVAS EUROPE
2007
2008
2009
2010
1Q14
18
Quarterly Revenue & EBITDA by Assets*
€m
Airports
Istanbul
Ankara
Izmir (including TAV Ege)
Gazipasa
Tunisia
Georgia
Macedonia
Services
BTA
Havas
Other
Total
Eliminations
Consolidated Adjusted Revenue
Airports
Istanbul
Ankara
Izmir
Gazipasa
Tunisia
Georgia
Macedonia
Services
BTA
Havas
Other
Total
Eliminations
Adjusted EBITDA
Total Guaranteed passenger fee revenue
from Ankara
from Izmir
Total Concession expense
Istanbul
Ege
Tunisia
Macedonia
*Adjusted for IFRIC 12
**1Q12
122.7
87.8
10.2
9.3
0.0
5.2
6.3
3.9
60.2
22.8
22.0
15.4
182.9
-18.5
164.4
43.6
34.6
4.9
2.4
-0.2
-0.9
2.9
-0.1
2.2
2.0
-2.1
2.3
45.8
0.0
45.8
6.6
4.4
2.2
32.6
29.3
2.2
0.5
0.6
**2Q12
155.8
106.0
11.3
14.1
0.1
12.7
7.2
4.3
80.1
26.5
35.1
18.6
235.9
-22.0
213.8
64.8
42.6
6.0
7.2
-0.2
4.3
4.1
0.8
16.1
3.0
6.7
6.4
80.9
-0.4
80.5
9.2
4.8
4.5
33.6
29.5
2.2
1.3
0.7
**3Q12
189.0
114.0
14.6
21.3
0.3
23.6
9.8
5.5
94.6
29.7
45.9
19.1
283.6
-23.8
259.8
98.0
55.2
8.3
11.8
-0.1
14.6
6.7
1.5
24.0
3.9
13.5
6.7
122.0
0.0
122.0
14.5
6.3
8.2
37.3
32.3
2.2
2.0
0.8
**4Q12
147.4
106.0
8.6
11.8
0.1
9.1
7.6
4.0
93.7
26.8
27.7
39.1
241.0
-32.4
208.6
61.1
48.6
0.0
5.4
-0.4
3.6
3.8
0.1
23.2
1.3
0.2
21.7
84.3
-4.8
79.5
4.4
1.3
3.1
32.2
32.3
2.2
-2.9
0.6
1Q13
140.3
102.8
11.9
10.1
0.1
4.6
6.9
3.9
67.8
26.2
23.4
18.2
208.1
-22.2
185.9
50.9
42.1
5.8
2.2
-0.3
-2.0
3.1
0.0
1.7
1.9
-2.2
2.1
52.7
-0.2
52.5
6.8
4.9
1.9
34.9
31.6
2.2
0.6
0.6
**Restated restrospectively due to IAS 19
2Q13
173.2
116.1
14.0
15.6
0.4
13.4
8.8
4.9
87.8
30.1
38.0
19.7
261.1
-24.4
236.6
86.4
57.9
8.2
7.5
0.0
5.1
5.7
2.0
20.6
2.9
8.0
9.7
107.1
-0.4
106.6
10.3
5.5
4.8
35.4
32.1
2.2
1.3
-0.2
3Q13
193.9
115.4
14.4
21.6
1.0
24.0
11.5
6.0
100.6
30.8
48.7
21.1
294.5
-24.2
270.3
106.0
59.1
8.8
13.6
0.5
13.1
8.2
2.8
35.3
3.9
18.9
12.6
141.4
-0.4
141.0
14.7
6.3
8.3
37.2
32.6
2.2
2.2
0.2
4Q13
150.6
107.7
7.8
12.7
0.3
9.8
8.2
4.1
88.6
28.9
30.4
29.3
239.2
-28.5
210.7
60.1
51.4
-1.3
4.1
-0.3
0.7
4.6
0.9
19.6
2.4
4.5
12.7
79.7
0.8
80.5
4.2
0.7
3.4
35.9
32.6
2.2
1.1
0.1
1Q14
141.3
102.4
12.1
10.5
4.9
0.2
7.3
3.9
70.5
27.9
22.9
19.6
211.7
-22.2
189.6
56.7
45.5
7.0
2.4
-0.4
-2.2
3.8
0.6
9.5
1.0
3.0
5.5
66.2
0.5
66.7
7.3
5.1
2.1
34.8
31.9
2.2
0.6
0.2
19
Income Statement
(€m)
Construction revenue
Total operating income
Aviation income
Ground handling income
Commission from sales of duty free goods
Catering services income
Other operating income
Construction expenditure
Operating expenses
Cost of catering inventory sold
Cost of services rendered
Personnel expenses
Concession rent expenses
Depreciation and amortization expense
Other operating expenses
Equity pick-up
Operating profit
Finance income
Finance expenses
Profit before tax
Income tax expense
Profit for the period
Attributable to:
Owners of the Company
Non-controlling interest
Profit for the period
1Q13
1Q14
51.7
179.1
50.9
23.4
50.0
16.9
37.8
(51.7)
(156.5)
(6.1)
(10.6)
(61.6)
(34.9)
(16.9)
(26.3)
6.2
28.8
10.9
(22.1)
17.7
(4.6)
22.9
182.3
56.3
23.4
46.1
18.4
38.1
(22.9)
(148.8)
(7.2)
(10.0)
(54.9)
(34.8)
(17.6)
(24.3)
8.4
41.9
7.3
(23.6)
25.6
(9.2)
15.9
(2.9)
13.0
20.3
(3.9)
16.4
20
Balance Sheet
€m
ASSETS
Property and equipment
Intangible assets
Airport operation rights
Other investments
Goodwill
Prepaid concession expenses
Trade receivables
Other non-current assets
Deferred tax assets
Equity Accounted Investees
Total non-current assets
Inventories
Prepaid concession expenses
Trade receivables
Due from related parties
Derivative financial instruments
Other receivables and current assets
Cash and cash equivalents
Restricted bank balances
Total current assets
TOTAL ASSETS
1Q13
1Q14
157
22
808
0
136
160
72
0
100
69
1.,523
156
19
942
0
136
155
56
1
78
83
1,626
7
138
80
36
4
31
134
160
590
8
137
75
14
1
29
146
146
556
2,113
2,181
1Q13
1Q14
162
220
73
-18
1
162
220
83
-18
1
40
-83
-2
140
40
-77
-17
143
534
31
565
539
27
567
LIABILITIES
Loans and borrowings
Reserve for employee severance indemnity
Due to related parties
Derivative financial instruments
Deferred income
Other payables
Deferred tax liabilities
Total non-current liabilities
989
15
11
152
29
9
2
1,056
1.101
13
2
136
23
13
4
1,291
Bank overdraft
Loans and borrowings
Trade payables
Due to related parties
Current tax liabilities
Other payables
Provisions
Deferred income
Total current liabilities
TOTAL LIABILITIES
0
240
32
4
9
36
7
13
492
1,548
2
232
28
11
9
27
6
9
324
1,615
TOTAL EQUITY AND LIABILITIES
2,113
2,181
€m
EQUITY
Share capital
Share premium
Legal reserves
Other reserves
Revaluation surplus
Purchase of shares of entities under common
control
Cash flow hedge reserve
Translation reserves
Retained earnings
Total equity attributable to equity holders of the
Company
Non-controlling interest
Total Equity
21
Cash Flow Statement
€m
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period
Adjustments for:
Amortisation of airport operation right
Depreciation of property and equipment
Amortisation of intangible assets
Concession and rent expenses
Provision for employee severance indemnity
Provision for doubtful receivables
Discount on receivables and payables, net
Gain on sale of property and equipment
Provision set/(released) for unused vacation
Interest income
Interest expense on financial liabilities
Tax expense
Unwinding of discount on concession receivable
Share of profit of equity-accounted investees, net of tax
Unrealised foreign exchange differences on statement of
financial position items
Cash flows from operating activities
Change in current trade receivables
Change in non-current trade receivables
Change in inventories
Change in due from related parties
Change in restricted bank balances
Change in other receivables and current assets
Change in trade payables
Change in due to related parties
Change in other payables and provisions
Change in other long term assets
Additions to prepaid concession and rent expenses
Cash provided from operations
Income taxes paid
Interest paid
Retirement benefits paid
Dividends from equity-accounted investees
Net cash provided from operating activities
1Q13
1Q14
13
16
10
6
1
35
0
0
0
0
0
-3
20
5
-3
10
6
1
35
1
0
0
0
1
-3
20
9
-4
-6
-8
4
81
1
8
0
16
98
-7
-6
-10
7
0
-136
51
-8
-16
-1
17
43
-2
82
-1
6
-1
1
93
-1
-13
-7
5
0
-132
32
-10
-19
-1
17
19
€m
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
Proceeds from sale of property, equipment and
intangible assets
Acquisition of property and equipment
Additions to airport operation right
Acquisition of intangible assets
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
Repayment of borrowings
Change in restricted bank balances
Non-controlling interest change
Dividends paid
Change in finance lease liabilities
Net cash provided from financing activities
1Q13
1Q14
3
3
0
-4
-52
-1
-53
1
-6
-19
0
-21
38
-57
124
1
-1
105
66
-90
140
0
-65
-1
50
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT 1 JANUARY
CASH AND CASH EQUIVALENTS AT 31 MARCH
95
38
134
47
96
143
 Net cash provided from operating activities decreased YoY
mainly due to working capital items.
Major capex cycle for consolidated entities has completed
with the end of the construction in Izmir.
22
Timeline
2012
2013
2014
Q1
Q1
Q1
• Izmir domestic operations were taken over by TAV Ege on
January 2012.
• HAVAS had to suspend bus services in Istanbul temporarily as
of 14.01.2012 due to the decision of Istanbul Metropolitan
Municipality.
•Compensation letter received from DHMI regarding our
Company’s concession rights in Istanbul Ataturk Airport
•Tbilisi extension project cancelled
•Milas-Bodrum Airport tender was won.
•Dividend policy of 50% payout implemented.
•Cash Dividend of €65m paid.
•Izmir Domestic Terminal opened.
Q2
• Transfer of 38% of TAV Airports shares to ADP has taken
place in May 2012
• First time cash dividend of €39m
• Operations of Medinah Airport were taken over in June 2012
• The insurance claim on the trigen facility has finalized and
resulted in lower than inially expected, hence insurance
income accrual amounting €2.7m was reversed.
•TGS added SunExpress to clients served.
Q2
•The New Istanbul Airport tender was held. TAV Airports did
not win the tender.
•Cash dividend of €59m paid.
•Havas Europe Helsinki & Stockholm stations closed.
•THY aircrafts are served by TGS now instead of Havas at
Bodrum and Dalaman. Havas personnel were transferred to
TGS.
•Gezi events took place.
Q3
Q3
•An MoU is signed to extend the Tbilisi concession for 10 years
9 months in exchange for new runway to cost $65m (MoU
cancelled in Q1 2013. No Capex)
•TAV Airports agreed to acquire the remaining 35% of Havas
shares for €80m.
•Holding made one off Medinah acquisition expenses (€0.2m
in Q1, €0.5m in Q2, €2.0m in Q3)
•TAV Airports’ consortium prequalified for LaGuardia Airport
tender.
•Macedonia concession rent dropped to 4% from 15%
retrospectively.
• Havas turnaround project launched.
Q4
Q4
•Transfer of acquired Havas shares took place on October 3,
2012.
•TAV Airports signed a LOI for 15% participation in the Zagreb
Airport consortium composed of ADPM and BBI.
•Holding made one off Medinah acquisition expenses (€0.9m
in Q4, €3.7m for FY)
•The Tunisian concession payable due from 2010 was
decreased €3.9 million
•TIBAHD paid €12.6m to TAV Airports Holding (€8.4m after
eliminations) as success fee
•Zagreb airport taken over in December 2013 by consortium.
• At the end of 2013, corporate taxes in Tunisia have been
decreased from 30% to 25%.
23
Material Events in 2014

04.02.2014, Executive Liability Insurance
In accordance with article 4.2.8 of Corporate Governance Principles published by the Capital Markets Board of Turkey on January 3, 2014, the total amount of executive liability
insurance for the members of the Board of Directors and Senior Management of TAV Airports Holding has been increased to 45mn USD, an amount which
corresponds
more than 25% of paid-in-capital of our company.

to
18.02.2014, Dividend Distribution for 2013
It is unanimously resolved that this resolution to be submitted to the approval of our shareholders in the Ordinary General Assembly Meeting of our Company for the year 2013;
1. Our Company’s net profit of the fiscal year 2013 according to the independently audited consolidated financial tables prepared in accordance with “Capital Market Board
Communiqué About Financial Reporting in Capital Markets Serial: II No: 14.1” is TRL 336,088,000 and according to the clauses of the Turkish Commercial Code and Tax Procedure Law is
TRL 239,800,280,
2. Profit of TRL 336,088,000 of the profit after tax set forth in the consolidated financial statements will be the base for distribution of profit pursuant to the Capital Market Board
Dividend Communiqué (II-19.1),
3. As it is obligatory to set aside first legal reserves until the reserve amount reaches 20% of the paid in capital in accordance with Article 519 of Turkish Commercial Code, it is decided
to reserve TRL 11,990,014 first legal reserves for 2013,
4. It is determined that TRL 324,393,283, which is reached by adding the donations in the amount of TRL 295,297 made during the year to the distributable profit of TRL 324,097,986 for
the year 2013 according to the consolidated financial statements, shall be the base for first dividend.
5. It is decided to distribute TRL 64,878,657, which corresponds to 20% of TRL 324,393,283, which is considered as the base of the first dividend in accordance with “Capital Market
Board Dividend Communiqué (II-19.1)” as cash first dividend and to distribute TRL 134,130,108 as cash second dividend.
a. TRL 199,008,765, which is the total cash dividend amount to be distributed, shall be covered by current period net profit.
b. Accordingly TRL 0.5478 (54.78%) gross cash dividend per share having nominal value of TRL 1 shall be distributed to our shareholders and total gross cash dividend distribution
amount shall be TRL 199,008,765.
6. It is decided to reserve the remaining amount after deducting the dividend to be distributed in accordance with the Capital Markets Law and Turkish Commercial Law as extraordinary
reserve.

18.02.2014, Guidance for 2014,
Under normal circumstances our company’s targets for 2014 are as follows:
-
Growth in total number of passengers served by TAV Airports of 10 to 12 percent,
Passenger growth in Istanbul Ataturk Airport of 8 to 10 percent,
Revenue growth of 9 to 11 percent,
EBITDA growth of 12 to 14 percent,
Capex of €100 to 120 million,
Significant improvement expected in the growth of net profit.
Note: All financial targets have been adjusted to reverse the effects of IFRIC 12. Financial targets are based on the assumption that passenger targets are attained.
24
Material Events in 2014

18.02.2014, Dividend Policy
In accordance with the Communique numbered II-19.1 of the Capital Markets Board, our Company’s “Dividend Policy” to be determined as follows;
Our Company determines the resolutions for distribution of profit by considering the Turkish Commercial Code, Capital Market Legislation, Capital Markets Board Regulations and
Decisions, Tax Laws, the provisions of the other relevant legislations and articles of incorporation of our Company.
Accordingly, 50% of the “consolidated net profit for the relevant period” calculated by considering the period financial statements that have been prepared under the Capital Market
legislation and in conformity with the International Financial Reporting Standards (IFRS), will be distributed in cash or as gratis shares which will be issued by means of adding such
amount to the share capital subject to the resolution to be rendered by the general assembly of shareholders of our company.
Sustainability of this dividend policy is one of the basic purposes of our Company, except for such special cases necessitated by investments and any other fund requirements that may
be required for the long term development of the Company, its subsidiaries and affiliates and any extraordinary developments in economic conditions.

03.03.2014, Corporate Governance Rating
The Capital Markets Board’s (CMB) 01.02.2013 dated and 4/105 numbered meeting has agreed to the following, amongst other matters:
• The weightings for each category under the Corporate Governance Ratings have been decided to be as 25% for “Shareholders”, 25% for “Public Disclosure and Transparency”, 15% for
“Stakeholders” and 35% for “Board of Directors”.
• In situations where companies are just meeting the articles stipulated under the Corporate Governance Principles, companies are scored a maximum of 85% for such article/question.
If a company exceeds what is stipulated in the articles, then a company can increase to a full score in accordance with the feature of the related best corporate governance practice.
On the other hand, the New Corporate Governance Communiqué (II-17.1) came into effect on January 3rd, 2014 after being launched by the Capital Markets Board of Turkey (CMB). The
Corporate Governance Principles are updated with this new Communiqué as a part of an ongoing process by the introduction of the CMB Law no.6362.
Within the scope of the developments stated above, the weighting of main topics of Corporate Governance Principles compliance methodology has been updated to capture the rating
of minimum requirements and represent the amendments in corporate governance principles.
In this context, our Corporate Governance rating grade which was announced as 93.97 (9.39 over 10) on 23rd August 2013 has been revised as 91.76 (9.17 over 10).
The distribution of the weight assessment applied to the four subcategories are as follows:
Weight/Grade Assigned
Shareholders: 0.25 / 91,36
Public Disclosure and Transparency: 0.25 / 96,51
Stakeholders: 0.15 / 90,07
Board of Directors: 0.35 / 89,38
Total: 1.00 / 91,76

07.03.2014
Dalaman Int'l Airport Tender Result
It has been announced that the winning bid for the tender made on March 7, 2014 as per the tender specifications of Dalaman Airport’s Existing International Terminal, Domestic
Terminal and its auxiliaries within the framework of the procedures and principles defined by the General Directorate of State Airports Authority (DHMI), was offered by another
company.
25
Material Events in 2014

21.03.2014
Milas-Bodrum International Airport Tender Result
TAV Airports has won the tender held by the General Directorate of State Airports Authority (DHMI) for the leasing of the operating rights of the Milas-Bodrum Airport’s Existing
International Terminal, CIP/General Aviation Terminal, Domestic Terminal and its auxiliaries, as the highest bidder. As per the tender specifications, our Company, has the operation
right of the international terminal starting from October 22, 2015 to December 31, 2035 (approximately 20 years and 2 months) and operation right of the domestic terminal starting
from delivery date by DHMI to December 31, 2035.
The service charges per passenger have been determined as 15 Euros for outgoing international passengers and 3 Euros for outgoing domestic passengers throughout the operation
period. 717 million Euros (VAT excluded) shall be paid as the total concession lease amount to DHMI for the entirety of the operating period until the end of 2035.

10.04.2014
Milas-Bodrum Airport Tender
We had announced in our clarification of March 21, 2014, that our company has been awarded the tender, held by the State Airports Authority (DHMI) for the operation rights of the
Milas-Bodrum Airport by leasing, for 20 years. Regarding the tender, Competition Board has announced its approval dated April 9, 2014 through their web site. The public shall be
notified at all relevant stages.
26
Concession Overview
Airport
Istanbul Ataturk
Ankara Esenboga
Type/Expire
Lease
(Jan. 2021)
BOT
(May 2023)
Scope
2013
Pax(mppa)
fee/pax
Int'l
fee/pax
Dom.
Volume
Guarantee
100%
Terminal
51,3
US$15
€2.5 (Transfer)
€3
No
$140m/yr +
VAT
€176m
100%
Terminal
10,9
€15
€3
0.6m Dom. ,
0.75m Int'l for
2007+%5 p.a
-
€83m
100%
Terminal
10,2
€15
€3
€29m starting
1.0m Int’l for
from 2013 (6)
2006 + %3 p.a.
€191m
100%
Airport
0,4
€5
TL2
No
$50,000+VAT(5)
€18m
76%
Airport
1.4
US$22
US$6
No
-
€(2)m
76%
Airport
0.2
US$12
US$7
No
-
€(1)m
67%
Airport
3.4
€9
€1
No
11-26% of
revenues from
2010 to 2047
€349m
100%
Airport
1,1
€17.5 in
Skopje, €16.2
in Ohrid
-
No
15% of the
gross annual
turnover (2)
€57m
33%
Airport
4.7
SAR 80 (3)
-
No
54.5%(4)
-
15%
Airport
2.3
€15 (7)
€4 (Transfer) (7)
€7(7)
No
€2.0 - €11.5m fixed
0.5% (2016) - 61%
(2042) variable
-
BOT+Lease
Izmir A.Menderes
Gazipasa
Tbilisi
Batumi
Monastir&Enfidha
(Dec. 2032)
Lease
(May 2034)
BOT
(Feb. 2027)
BOT
(Aug. 2027)
BOT+Concession
(May 2047)
Skopje & Ohrid
BOT+Concession
(March 2030)
Medinah
Zagreb
BTO+Concession
(2037)
BOT+Concession
(April 2042)
Lease/
Concession Net Debt (1)
Fee
TAV Stake
1) As of 31 March 2014
2) The concession fee is going to be 15% of the gross annual turnover until the number of passengers using the two airports reaches 1 million, and when the number of passengers exceeds 1 million,
this percentage shall change between 4% and 2% depending on the number of passengers
3) SAR 80 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years
4) The concession charge will be reduced to 27.3 % for the first two years that follow the completion of the construction.
5) TAV Gazipaşa shall make a yearly rent payent of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI.
6) Cash Basis
7)€10, €4, €4 before April 2014 respectively for international, domestic and transfer pax
27
2014 Guidance
 Growth in Istanbul Ataturk Airport Passengers
8 to 10 percent
 Growth in Total TAV Airports Passengers
10 to 12 percent
 Growth in Revenues
9 to 11 percent
 Growth in EBITDA
12 to 14 percent
 Consolidated CAPEX
€100m to €120m
 Growth in net profit
Significant improvement expected
Notes:


All financial targets are subject to the passenger targets being met.
All financial targets have been adjusted to reverse the effects of IFRIC 12 and are compliant with IFRS 11.
28
TAV Corporate and Shareholder Structure
TAV Airports Holding Co.
Airport Companies
Ataturk (100%)
Service Companies
ATU (50%)
Esenboga (100%)
BTA (67%)
Adnan Menderes
(100%)
Havas (100%)
Gazipasa (100%)
TGS (50%)
Medinah (33%)
Havas Europe (67%)
Tbilisi & Batumi
(76%)
(2)
8.1%
(3)
8.1%
(4)
2.0%
(1)
38.0%
(5)
3.5%
(6)
40.3%
Shareholders
O&M (100%)
Monastir &
Enfidha (67%)
IT (100%)
Skopje & Ohrid
(100%)
Security (100%)
Latvia (100%)
Shareholder Structure
1. Aéroports De Paris*
Internationally acclaimed airport operating company with global
operations
2. Tepe Insaat Sanayi A.S.
Turkish integrated conglomerate focused on infrastructure and
construction
3. Akfen Holding A.S.
Holding company operating in the infrastructure, construction, seaport,
REIT and energy sector
4. Sera Yapi Endustrisi A.S.
Focused on construction in Turkey & MENA region
5. Other Non-floating
6. Other Free Float
Zagreb (15%)
*Through Tank ÖWA Alpha GMBH
29
Contact IR
IR Team
About TAV Airports
Nursel İLGEN, CFA
Director, Head of Investor Relations
[email protected]
Tel :+90 212 463 3000 / 2122
Fax : +90 212 465 3100
Ali Özgü CANERİ
Investor Relations Manager
[email protected]
Tel :+90 212 463 3000 / 2124
Fax : +90 212 465 3100
Besim MERİÇ
Investor Relations Manager
[email protected]
Tel :+90 212 463 3000 / 2123
Fax : +90 212 465 3100
IR Website
http://ir.tav.aero
e-mail
[email protected]
Phone
+90-212-463 3000 (x2122 – 2123 – 2124)
Twitter
twitter.com/irTAV
Facebook
facebook.com/irTAV
 TAV Airports, the leading airport operator in Turkey, operates 12 airports:
 Turkey
 Istanbul Ataturk,
 Ankara Esenboga,
 Izmir Adnan Menderes ,
 Antalya Gazipasa
 Georgia
 Tbilisi and Batumi
 Tunisia
 Monastir and Enfidha
 Macedonia
 Skopje and Ohrid
 Saudi Arabia
 Medinah
 Latvia
 Riga (only commercial areas)
 Croatia
 Zagreb
 TAV Airports provides service in all areas of airport operations such as dutyfree, food and beverage, ground handling, IT, security and operations
services. The Company and its subsidiaries, provided service to
approximately 652 thousand flights and 84 million passengers in 2013. The
Company’s shares are listed in the Borsa Istanbul since February 23, 2007,
under the ticker code “TAVHL”
Address
TAV Airports Holding Co.
Istanbul Ataturk Airport International Terminal
(Besides Gate A and VIP)
34149 Yesilkoy, Istanbul
30
Disclaimer
This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.Ş. (the
"Company") in any jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other written
or oral information will form the basis of any contract.
The information used in preparing these materials was obtained from or through the Company or the Company’s representatives or from public sources. No
reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The
information in this presentation is subject to verification, completion and change. While the information herein has been prepared in good faith, no
representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its group
undertakings, employees or agents as to or in relation to the accuracy, completeness or fairness of the information contained in this presentation or any other
written or oral information made available to any interested party or its advisers and any such liability is expressly disclaimed. This disclaimer will not exclude
any liability for, or remedy in respect of fraudulent misrepresentation by the Company.
This presentation contains forward-looking statements. These statements, which may contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”
and words of similar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed
future financial or other performance of the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks and
uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the
Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. These forward-looking
statements speak only as at the date of this presentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future performance. As a result, you
are cautioned not to place reliance on such forward-looking statements.
Information in this presentation was prepared as of May 9, 2014
31