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TAV Airports Holding Management Presentation

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TAV Airports Holding Management Presentation TAV Airports Holding Management Presentation September 2007 0 TAV Airports – Business Overview TAV Airports – Financial Overview TAV Airports – Operations Conclusion Istanbul Atatürk Airport 1 TAV Airports Overview Food and Ground Airports Duty Free Other Beverage Handling Turkey ATÜ (50%) BTA (67%) Havaş (60%) O&M, IT and Security Istanbul Atatürk TAV O&M (100%): Airport (100%) Largest duty free 44 outlets with a Traffic, ramp and operator in Turkey total seating cargo handling Commercial Ankara Esenboğa capacity of 4,500 in area allocations Airport (100%) Partner with Unifree Major Istanbul CIP / VIP Izmir Adnan – leading German groundhandler in Menderes Airport (Intl. travel retailer Operates Istanbul Turkey with a TAV IT (96%): Airport Hotel Terminal) (100%) (Travel Value) c.51%(2) share Airport IT Georgia Bakery & pastry Operates in 11 services factory serving Tbilisi International airports in Turkey TAV Security (67%): Starbucks in Turkey Airport and Batumi including Istanbul, Security service Airport (60%) Ankara, Izmir and provider in Tunisia (1) Antalya Istanbul, Ankara and Monastir and Enfidha Izmir Airports (100%) (3) €142m €64m€23m €27m €23m 1H07 Revenues Notes: (1) Not reflected in 1H07 financials. We had signed Tunisia Enfidha and Monastir airports concession agreements on May 18, 2007 (2) Based on number of flights for 2006 (3) Revenues represent the proportional interest of these companies in TAV Airports (e.g. 50% of ATÜ revenues, 60% of Havaş and 60% of TAV Georgia) (before eliminations) 2 Ownership Structure Current Shareholder Structure Founding shareholders 1. Tepe – Turkish integrated conglomerate focused on 18.86% infrastructure and construction 18,40% 2. Akfen – holding company operating in the 9 1 construction, tourism, foreign trade, insurance and natural gas sector 3.20% 8 3. Sera Yapi Endustrisi – family of Dr. Sani Sener, 4.92% 7 CEO of TAV Airports 2 6 New shareholders 5.00% 15.71% 5 3 4. 5.16% Goldman Sachs (Dec 2006) 4* 3.15% 5. Babcock & Brown – infrastructure fund (Dec 2006) 25.60% 6. Global Investment House – a Kuwait based fund (Aug 2006) 7. IDB Infrastructure fund – Bahrain based private * 34,875,000 of the shares owned by Goldman Sachs that correspond to 14.4% of our issued investment vehicle affiliated with the Islamic and outstanding share capital have been provided by Tepe, Akfen Holding and Sera to Goldman Sachs as collateral and the title of those shares have been transferred to Goldman Development Bank (Apr 2006) Sachs for this purpose. A pledge granted by Goldman Sachs in favour of Tepe, Akfen Holding and Sera exists on those shares. As a result, the voting rights, right of receiving dividends, pre- emption rights for participating in cash share capital increase in connection with those (except 8. Kuwait Investment Authority for acquiring gratis shares under any share capital increase) belong to Tepe, Akfen Holding and Sera as if such shares had not been owned by Goldman Sachs. 9. Free Float 3 Investment Highlights (1) #1 fBuoyant Turkish economy (2001-2006 CAGR = 7.3%) Airport fStrong passenger growth (2001-2006 CAGR(2) = 11.0%) Terminal Operator in fDiversified portfolio with leading market position (46% market share(3)) Turkey fLarge catchment areas Clear fAgreed regulatory framework providing hard currency fees Regulatory Framework and fLong-term concessions (Istanbul: 2021, Ankara: 2023, Tbilisi: 2027, Tunisia: 2047) Earnings fFixed cost base and minimal ongoing maintenance capex(4) Visibility fDeregulation of domestic market Well fStrategic shareholder base and internationally recognised JV partners Positioned for fWell positioned to win domestic and international concessions Growth fDevelopment of the service business (e.g. ATÜ, BTA, Havaş) Notes: (1) TURKSTAT (2) Istanbul Ataturk Airport (excluding transit passengers) (3) Based on 2006 number of passengers (4) Minimal capex on existing concessions as all terminals are brand new. Also, the lease agreement for Istanbul mentions no additional mandatory capex for TAV 4 Turkey is a Fast Growing Market Attractive Market Conditions GDP and tourism growth (1995-2006) (Index, 1995=100) GDP growth 7.3%(1) over the last five years 300 Bird flu In 2006 foreign visitors amounted 19.8m(2) (tourism approx 5% of GDP) 250 9/11 and bankruptcy of 2nd largest country in Europe (population: 74m) 200 airlines Economic Crisis Current passport holders represent only 11% of the 150 Turkish population, while 50 million are under the age of 30 (3) 100 Devaluation Earthquake Deregulation of domestic market 50 Limited alternative transport infrastructure 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 GDP Tourist Arrivals Total Passengers Source: DHMI, Passenger figures for 2006 Notes: (1) TURKSTAT; (2) Ministry of Culture and Tourism; (3) TURKCELL Survey 5 Turkish Aviation Market has Grown Rapidly Demand is Expected to be Strong 2005 - 2009 annual passenger growth forecast (Index, 1996=100) 300 250 Poland 11,20% Domestic passengers 200 International passengers China 9,60% 150 Czech Republic 9,50% 100 Qatar 9,20% 50 Turkey 8,90% 0 Romania 8,50% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Malaysia 8,40% Source: DHMİ India 8,40% UAE 7,60% From 1991 to 2006, the annual Turkish passenger growth rate was 11.8% pa, despite events such as Pakistan 7,40% the wars in Iraq, earthquakes, terrorist attacks, economic crisis (1) Total International 5,60% Turkey is the 5th fastest growing market among North Atlantic 5,30% countries with over 2m annual passengers for the Within EU 5,10% period from 2005 to 2009 (2) Notes: (1) DHMI Source: IATA, Top 10 highest growth countries with over 2m annual passengers (05-09); (2) IATA – October 2005 Ranked by average annual growth rate for the 2005-09 forecast period 6 Earnings Visibility Aviation Non-Aviation Agreed passenger service charge Istanbul $15 per intl. pax Duty Free available to all international €3 per dom. pax inbound and outbound passengers Revenue guarantees €15 per intl. pax Duty Free Increased number of shops, improved Ankara €3 per dom. pax and selection of products and check-in / Fixed PSC Î €13m + 5% volume Catering security procedures enhanced growth p.a. Potential to enter local in-flight catering Revenue guarantees market by 2009 €15 per intl. pax Izmir Fixed PSC Î €15m +3% volume growth p.a. Agreed passenger service charge Tbilisi $22 per intl. pax – growing at 2% p.a. Fixed $6 per dom. pax Agreed passenger service charge High margin and operational leverage Batumi $12 per intl. pax Other $7 per dom. pax Minimal maintenance capex requirement Monastir Agreed passenger service charge & €8.25 per intl. pax in 2008 Enfidha €9 per intl. pax in 2009 Notes: Passenger service charges apply to departing passengers only 7 We are the #1 Airport Operator in Turkey Large catchment areas #1 Airport operator in Turkey (Passenger number, million) Istanbul Atatürk 25 Airport Ankara Georgia e Kirklareli n r i Istanbul Esenboga d Karabuk Batumi E Tekirdag Kocaeli Yalova Sakarya Bolu Cankiri Airport Airport Tbilisi 21.3 Duzce Ankara KirikkaleKinkkale Yozgat International Balikesir Eskisehir Kirsehir Airport 20 Manisa U?akUsak Aksaray Izmir Aydin Denizli 46% MARKET SHARE Mugla Izmir Adnan Menderes 14.6 15 Airport TAV operates 3 of the 4 largest airports in Turkey 10 TAV is the leading airport operator in Turkey with a 46% market share (2) 5 4.5 4.4 The airport terminals which we operate in Turkey handled 27.3 million passengers in 2006 and 8.5 million in 1Q07(1) 0 Istanbul Antalya Ankara Izmir Source: DHMI, Passenger figures for 2006 Notes: (1) Excluding transit passengers (2) TAV only operates the international terminal, which had 1.4m passengers in 2006 8 Recently signed concession agreement in Tunisia Airports in Tunisia March 16, 2007 - We had submitted the best bid for the operation of Tunisia Enfidha and Monastir airports tenders April 9, 2007 - We had decided to form the company TAV Tunisie SA, fully owned by TAV Airports Holding May 18, 2007 - We had signed Tunisia Enfidha and Monastir airports concession agreement The concession periods of both airports will last until May 2047 The operation of the Monastir and Enfidha Airports will cover all airport activities excluding the air traffic control The concession rent fee: For the Monastir Airport, 33.7% and 11.7% of the annual revenues for 2008 and 2009 respectively, or minimum €14.8 mn p.a. It will increase in a linear rate between 11% to Monastir and Enfidha (50-60 km from Monastir) airports 26% of the annual revenues of the Monastir and are located in a tourism region of Tunisia and almost all Enfidha Airports passengers are international 9 Monastir and Enfidha concession agreement Existing airport concession in Monastir: BOT airport concession in Enfidha: The operation is planned to be undertaken as of Building this airport, as Monastir airport capacity January 1, 2008 cannot be extended Declared capacity of 3.5m passengers per year The operation shall be undertaken following the completion of the investment (latest October 2009) In 2006, it has served 4.2 million passengers - mainly tourists using charters Formal capacity will gradually increase from 7m to 22m passengers over time The passenger service charge: €8.25 in 2008 and €9 in 2009, for the outgoing international The group companies within the TAV Airports passengers. Holding Inc. (ATÜ, BTA, TAV O&M, etc.) will serve at the Enfidha Airport. The authorities have not guaranteed any number of passengers. Initial investment of approximately €400m, 30% of which will be financed by equity and 70% by loans For the Monastir Airport, there are service companies with ongoing current contracts. 10 Developments and Strategy Developments in the period: Upcoming tenders in the region May 18, 2007 - A concession agreement for Tunusia Enfidha and Monastir airports is signed.
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