TAV IT

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Table of Contents Independent Auditors’ Report Consolidated Balance Sheet Consolidated Income Statement Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements
INDEPENDENT AUDITORS’ REPORT To the Board of Directors of TAV Havalimanları Holding Anonim Şirketi We have audited the accompanying consolidated financial statements of TAV Havalimanları Holding Anonim Şirketi and its subsidiaries (the “Group”), which comprise the consolidated balance sheet as at 31 December 2008, and the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. We did not audit the financial statements of certain consolidated companies as at and for the year ended 31 December 2008 which statements reflect total assets constituting 25%, and total revenues constituting 31% of the related consolidated totals. Those statements were audited by other auditors whose reports have been furnished to us, and our report, insofar as it relates to the amounts included for these companies, is based solely on the report of the other auditors. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2008, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards. İstanbul, Turkey 30 March 2009
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annual report 2008
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Bringing people together...
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Batumi Tbilisi İstanbul GEORGIA An
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TAV Value Chain Value Creation: As
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Decisive strides on the way from lo
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Organizational Structure Board of D
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2006 >> Operation and construction
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After undertaking successful projec
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İlhan İl, Board Member, TAV Airpo
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senıor management Mustafa Sani Şe
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Ersagun Yücel, General Secretary,
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commıttees Müjdat Yücel, General
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key operatıonal ındıcators Passe
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€ 627,349 2008 € 507,529 2007
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40,948,987* 2008 34,646,216 2007 Ca
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368,810 2008 355,007 2007 TAV Airpo
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primarily from aviation income from
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(EUR million) 2008 2007 Net cash ge
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36 TAV Airports Holding Annual Repo
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Esenboğa is the first airport in T
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TAV Airports Holding is seeking to
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At the Tbilisi International Airpor
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Meeting the customers’ needs with
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All operations, except for air traf
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Currently under construction, and p
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Operating the airport of the capita
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Macedonia, Shtip Cargo Airport Mace
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Page 71 and 72: TAV O&M serves passengers with many
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Page 83 and 84: TAV Security staff consists of expe
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TAV IT

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