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)
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial
statements, and have been applied consistently by Group entities.
Certain comparative amounts have been reclassified to conform with the current year’s presentation (See note 43).
a) Basis of consolidation
The consolidated financial statements include the financial statements of the Company and entities controlled or jointly controlled
by the Company (its subsidiaries and jointly controlled entities). Control is achieved where the Company has the power to govern the
financial and operating policies of an entity so as to obtain benefits from its activities.
Each entity is consolidated based on the following methods:
• TAV İstanbul, TAV İzmir, TAV Esenboğa, HAVAŞ, TAV İşletme, TAV Gazipaşa, TAV Batumi, TAV Tunisie and TAV Macedonia are fully
consolidated without minority’s ownership. After acquisition of the remaining 40% shares of HAVAŞ in November 2007 from
independent third party, HAVAŞ is fully consolidated as at 31 December 2007 from the effective date of acquisition whereas it
was consolidated proportionally until 30 September 2007. The effects of such change are presented as “effect of change in group
structure” in the notes to the consolidated financial statements.
• BTA, BTA Georgia, BTA Tunisie, Cakes & Bakes, TAV İşletme Georgia, TAV Bilişim, Batumi Airport LLC and TAV Güvenlik are fully
consolidated with the minority’s ownership reflected as a minority interest. The share capital of Batumi Airport LLC is fully
allocated as minority interest due to the transfer of right on shares to JSC at the end of share management agreement period.
• ATÜ, ATÜ Georgia, TAV Tbilisi, TAV Gözen and CAS are proportionately consolidated.
i) Subsidiaries:
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating
policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are
exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements
from the date that control commences until the date control ceases. The accounting policies of subsidiaries have been changed
when necessary to align them with the policies adopted by the Group.
ii) Acquisitions from entities under common control:
Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the
Group are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if later,
at the date that common control was established; for this purpose comparatives are restated. The assets and liabilities acquired are
recognised at the carrying amounts recognised previously in the Group’s controlling shareholder’s consolidated financial statements.
The components of equity of the acquired entities are added to the same components within Group equity except that any share
capital of the acquired entities is recognised as part of share premium. Any cash paid for the acquisition is recognised directly in
equity.
iii) Jointly controlled entities:
Joint ventures are those entities over whose activities the Group has joint control established by contractual agreement and
requiring unanimous concent for strategic financial and operating decisions. The Group reports its interests in jointly controlled
entities using proportionate consolidation. The Group’s share of the assets, liabilities, income and expenses of jointly controlled
entities are combined with the equivalent items in the consolidated financial statements on a line-by-line basis.