TAV Airports Holding (TAVHL, “TAV”), the leading regional airport operator of Turkey, announced a net profit of €133 million in 2013, up by 3% compared to the previous year.
TAV Airports Holding CEO M. Sani Şener commented, “Since our establishment in 1997 we have laid down very strong foundations for TAV Airports. These foundations are carrying us forward in full speed as evidenced by all the spectacular achievements of 2013.
Financially, we achieved all the targets we disclosed to our shareholders in the beginning of the year in terms of passenger numbers, revenue, EBITDA and capex according to IFRS 11 and IFRIC 12 adjusted figures. According to IFRIC 12 adjusted IFRS figures, our revenue grew 7% and increased €904m, while EBITDA growth was at 16% and reached €381m. As always, with this set of results we have demonstrated the amount of operational leverage that we enjoy yet one more time. Net profit 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.
On the operational front, Ataturk recorded an eye-catching 14% passenger growth, exceeding 51 million passengers, making it the 5th largest European and 17th largest 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 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 Goldman Sachs, we have been pre-qualified to bid for LaGuardia airport in New York, USA.
We are looking forward to opening a new gateway to the Aegean region of Izmir with its vast untapped touristic potential within March 2014. In Medinah, we have approximately one and half more years of investments but we have already started enjoying great financials coming from Medinah, triggered by immense pent-up demand from passengers worldwide.
To crown a superb 2013, the board of directors has decided to distribute 50% of 2013 IFRS net profit, totaling approximately €66m, which will be presented to the General Assembly for approval. The board will also submit a dividend policy of 50% of the consolidated IFRS net profit to the approval of the General Assembly.
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 employees for making the TAV story come to life and all our shareholders for unconditionally supporting us.”