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TAV Airports Holding TAV Airports Holding Financial and Operational Results Full Year 2013 February 18, 2014 Contents CEO’s Message 3 Summary Financial and Operational Results 4 TAV Airports Operations Map 2013 Guidance vs Realization 5 Passenger Developments 6 Comparison to 2012 7 Revenues 8 Costs 9 FX Analysis 11 Deferred Tax Analysis 14 Debt Structure 15 CAPEX 16 2014 Guidance 17 APPENDIX Notes on Financials 18 Adjusted Financials - IFRIC 12 19 Selected Financials by Assets (IFRIC 12 adjusted) 20 Adjusted Financials – IFRS 11 21 Reconciliation of 2013 Adjusted Financials to IFRS 22 Selected Financials by Assets (IFRS 11 and IFRIC 12 adjusted) 23 Service Companies KPIs 24 Quarterly Revenues & EBITDA by Assets 25 Quarterly Revenues & EBITDAR by Assets (IFRS 11 adjusted) 26 Income Statement 27 Balance Sheet 28 Cash Flow Statement 29 Timeline 30 Material Events 31 Concessions Overview 35 TAV Corporate and Shareholder Structure 36 Contact IR 37 2 CEO’s Message Since our establishment in 1997 we have laid down very strong foundations for TAV We are looking forward to opening a new gateway to the Aegean region of Izmir with Airports. These foundations are carrying us forward in full speed as evidenced by all its vast untapped touristic potential within March 2014. In Medinah, we have the spectacular achievements of 2013. approximately one and half more years of investments but we have already started enjoying great financials coming from Medinah, triggered by immense pent-up Financially, we achieved all the targets we disclosed to our shareholders in the demand from passengers worldwide. beginning of the year in terms of passenger numbers, revenue, EBITDA and capex according to IFRS 11 and IFRIC 12 adjusted figures. According to only IFRIC 12 adjusted To crown a superb 2013, the board of directors has decided to distribute 50% of 2013 figures, our revenue grew 7% and increased €904m, while EBITDA growth was at 16% IFRS net profit, totaling approximately €66m, which will be presented to the General and reached €381m. As always, with this set of results we have demonstrated the Assembly for approval. The board will also submit a dividend policy of 50% of the amount of operational leverage that we enjoy yet one more time. Net profit consolidated IFRS net profit to the approval of the General Assembly. increased 3% and reached €133m, the highest we have recorded so far, albeit being negatively effected by non-cash FX loss booking and deferred tax expense. As I look into the future, I see immense possibilities for us both across our core regions and possibly outside of these regions. I would like to thank all of our On the operational front, Ataturk recorded an eye-catching 14% passenger growth, employees for making the TAV story come to life and all our shareholders for exceeding 51 million passengers, making it the 5th largest European and 17th largest unconditionally supporting us. global airport. We are truly proud to be operating this crown-jewel of Turkey with such high standards to set an example to many airports in the world. Our partnership with Aéroports de Paris, as we expected, has started bearing many fruits. The first and foremost of these is of course the addition of Zagreb airport to our Dr. M.Sani Sener portfolio. This concession gives us another strong foothold in emerging Europe. On a more ambitious note, again through our partnership with Aéroports de Paris and Member of Board of Directors Goldman Sachs, we have been pre-qualified to bid for LaGuardia airport in New York. President & CEO 3 2013 Financial and Operational Results in Line with Guidance IFRIC 12 IFRS 11 and IFRIC 12 Adjusted Financials Adjusted Financials In 2013, while total number of passengers served increased 17% supported (in m€, unless stated otherwise) (2) (2) 2012 2013 Chg % 2012 2013 Chg % by full year inclusion of Medinah Airport, like-for-like growth was 13%. Revenues 847 904 7% 1,099 1,205 10% Istanbul Ataturk Airport realized 14% passenger growth, with 28% surge in international to international transfer passengers. EBITDA 328 381 16% 339 397 17% EBITDA margin (%) 38.7% 42.1% 3.4 ppt 30.8% 32.9% 2.1 ppt Revenue increased by 7% to €904 million in 2013 from €847 million in EBITDAR 463 524 13% 483 555 15% 2012, on the back of strong organic and inorganic growth. Revenue growth lagged passenger growth mainly due to depreciation of TRL against other EBITDAR margin (%) 54.7% 58.0% 3.3 ppt 44.0% 46.1% 2.1 ppt currencies. The weight of aeronautical revenues in consolidated revenues was FX Gain (Loss) 1 (32) nm 2 (33) nm 48% in 2013, same as in 2012. Deferred Tax Income (Expense) 5 (16) nm 4 (17) nm EBITDA grew by 16% to €381 million in 2013 from €328 million in 2012, implying respective 42.1% and 38.7% margins in 2013 and 2012, thanks to Net Profit 129 133 3% 129 133 3% strong operating leverage and favorable FX movements. Likewise, EBITDAR Net Cash Provided from Operating increased by 13% to €524 million in 2013, reaching 58% EBITDAR margin. Activities(3) 417 526 26% 417 526 26% Capex(3) (69) (234) 238% (69) (234) 238% On the back of strong operational performance, the bottom-line (net profit Free Cash Flow(3) 347 293 (16%) 347 293 (16%) attributable to owners of the company) came in at €133 million in 2013 versus €129 million in 2012, despite FX loss and deferred tax expense in 2013. Shareholders’ Equity 505 594 18% 505 594 18% Revaluation of predominantly TRL and USD denominated monetary assets Net Debt 816 874 7% 882 1022 16% resulted in FX loss, due to depreciation of TRL. Temporary differences in airport operation rights and tax loss carry forwards resulted in deferred tax Average number of employees 13,091 13,598 4% 22,797 24,016 5% expense in 2013. Number of passengers (m) 71.7 83.6 17% 71.7 83.6 17% - International 40.9 47.4 16% 40.9 47.4 16% Consolidated net debt came at €874 million at 2013 versus €816 million at 2012. Increase in net debt was limited to 7% YoY, due to strong cash flow - Domestic 30.8 36.2 18% 30.8 36.2 18% generation from existing assets, despite ongoing investments, rent payments Duty free spend per pax (€) (1) 15.0 14.8 -2% 15.0 14.8 -2% and dividend payment in 2013. (¹) Transfer numbers are tentative and subject to change (²) Restated retrospectively due to IAS 19 (³) IFRS Source: TAV Airports Holding, DHMI, TAV Tunisie, TAV Macedonia, Georgian Aviation Authority, TIBAH 4 2013 Guidance Attained Guidance Realization Growth in Istanbul Ataturk Airport Passengers 14 to 16 percent 14 percent Growth in Total TAV Airports Passengers 15 to 18 percent 17 percent Growth in Revenues 10 to 12 percent 10 percent Growth in EBITDA 17 to 19 percent 17 percent Consolidated CAPEX €330m to €350m €354m Notes: All financial targets have been adjusted to reverse the effects of IFRIC 12 and IFRS 11 in 2013 financials. All financial targets are subject to the passenger targets being met. 5 Double-Digit Passenger Growth Continued FY Passengers (1) 2012 2013 Chg % The number of passengers using airports operated by TAV increased 17% (like- Ataturk Airport 45,091,962 51,320,875 14% for-like growth of 13%) to 84 million in 2013, on the back of organic and inorganic International 29,812,307 34,096,770 14% growth. Domestic 15,279,655 17,224,105 13% (2) Esenboga Airport 9,273,108 10,928,403 18% International 1,593,737 1,573,943 -1% The number of international passengers served at Istanbul Ataturk continued to Domestic 7,679,371 9,354,460 22% Izmir Airport (3) 9,355,902 10,208,627 9% grow in double digits, increasing by 14%, with 28% surge in international to International 2,410,858 2,467,436 2% international transfer passengers. Domestic 6,945,044 7,741,191 11% Gazipasa Airport 79,740 363,024 n.m. International 75,886 242,949 n.m. Istanbul growth at double-digit spearheaded by THY’s aggressive fleet expansion Domestic 3,854 120,075 n.m. plan. Medinah(5) 4,588,158 4,669,181 2% Tunisia 3,321,244 3,437,849 4% Georgia 1,387,946 1,642,597 18% Ankara’s strong growth in domestic driven by Sun Express. Macedonia 913,567 1,067,467 17% TAV TOTAL (4) 71,654,344 83,638,023 17% International 40,871,220 47,429,862 16% Domestic 30,783,124 36,208,161 18% Strong domestic growth in Izmir driven by SunExpress and Pegasus. FY ATM(2) 2012 2013 Chg % Ataturk Airport 346,060 387,965 12% SAS, SunExpress and Pegasus increased regular flights to Gazipasa dramatically. International 231,293 260,686 13% Domestic 114,767 127,279 11% Esenboga Airport (2) 74,860 85,241 14% Medinah passenger was flat due to visa restrictions arising from construction in International 13,266 13,133 -1% the holy pilgrimage area. Domestic 61,594 72,108 17% Izmir Airport (3) 66,417 70,057 5% International 17,078 17,215 1% Tunisian passengers was relatively flat due to the political situation. Domestic 49,339 52,842 7% Gazipasa Airport 578 2,577 n.m. International 532 1,805 n.m. Domestic 46 772 n.m. Georgian airports are attracting both Turkish and Russian tourists. Medinah(5) 36,282 40,000 10% Tunisia 27,350 30,077 10% Georgia 23,598 23,512 0% Macedonia is being driven mainy by WizzAir. Macedonia 11,285 12,380 10% TAV TOTAL (4) 569,790 651,809 14% International 330,935 376,719 14% Domestic 238,855 275,090 15% Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH (3) TAV started to serve domestic passengers at Izmir Airport in January 2012 Notes: DHMİ figures for 2012 and 2013 are tentative.
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