TAV IT

TAV AIRPORTS HOLDING AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2008
(Amounts expressed in Euro unless otherwise stated)
BTA, TAV İşletme, TAV İstanbul, ATÜ and insignificant amount of TAV Esenboğa were acquired from parents of the Company on 29
December 2005. Although the Company owned insignificant amount of shares of TAV Esenboğa in year 2005, it had the power to
appoint and remove the majority of the board of directors and control the entity by the board. Accordingly, as at 31 December 2005,
TAV Esenboğa was reflected as a subsidiary due to a formal protocol signed between TAV and shareholders of TAV Esenboğa which
transfers all operational and financial control of TAV Esenboğa to TAV. On 29 December 2006 and 6 July 2007, TAV acquired the
majority interest in TAV Esenboğa, increasing ownership interest from 0.01% to 75% and from 75% to 100%, respectively.
In July 2005, the Group owned 64.99% of TAV İzmir at the time of the acquisition by HAVAŞ. According to the share purchase
agreement of HAVAŞ, the other shareholders in HAVAŞ and TAV İzmir agreed to transfer their remaining shares in TAV İzmir to TAV
under conditions determined by TAV and in doing so relinquished all rights to or control of the shares in TAV İzmir. Accordingly, TAV
in substance owns and controls 100% of TAV İzmir from July 2005. In year 2006, HAVAŞ purchased an additional 35% of the shares
in TAV İzmir. On 29 December 2006, 95% and on 17 July 2007, remaining 5% of TAV İzmir shares were transferred to TAV.
The entities that are jointly controlled by the Company as at 31 December 2008 and 2007 are as follows:
Name of joint venture
ATÜ Turizm İşletmeciliği A.Ş. (“ATÜ”)
ATÜ Georgia Operation Services LLC
(“ATÜ Georgia”)
TAV Urban Georgia LLC (“TAV Tbilisi”)
TAV Gözen Havacılık İşletme ve Ticaret A.Ş.
(“TAV Gözen”)
Cyprus Airport Services Ltd. (“CAS”)
Principal
activity
Duty free
Services
Duty free
Services
Airport
Operator
Operating
Special
Hangar
Management
and Ground
Handling
Place of
operation
31 December 2008 31 December 2007
Ownership
interest %
Voting
power
held %
Ownership
interest %
Voting
power held
%
Turkey 49.98 50.00 49.98 50.00
Georgia 49.98 50.00 49.98 50.00
Georgia 60.00 50.00 60.00 50.00
Turkey 32.40 32.40 - -
KKTC 50.00 50.00 50.00 50.00
HAVAŞ, Gözen Havacılık ve Ticaret A.Ş. and Türkmen Havacılık Taşımacılık ve Ticaret A.Ş. formed a joint venture under the name
of TAV Gözen Havacılık İşletme ve Ticaret A.Ş. (“TAV Gözen”) at 10 June 2008. HAVAŞ has 32.4% ownership in TAV Gözen as at 31
December 2008. TAV Gözen is engaged in management of all operational inventory, machinery and system in the special hangar of
İstanbul Atatürk Airport, any construction and investment related to its subject.
HAVAŞ and Kıbrıs Türk Havayolları Limited Şirketi (“KTHY”) formed a joint venture as 50% + 1 of participation for KTHY under the
name of Cyprus Airport Services Ltd. (“CAS”) according to the protocol signed on 1 September 2006 to construct an airport terminal
and to undertake its management for ground handling operations in the Turkish Republic of Northern Cyprus (“KKTC”). CAS started
its operations on 1 August 2008.
On 28 November 2008, HAVAŞ has become preferred bidder for the tender held by the Turkish Airlines (“THY”) to participate in the
50% of its share in TGS Yer Hizmetleri A.Ş. (“TGS”).