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)
Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business. The Board of Directors monitors the return on capital, which the Group defines as net
operating income divided by total shareholders’ equity, excluding non-redeemable preference shares and minority interests. In
addition, consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated
as net debt divided by total capital. Net debt is calculated as total borrowings (including ‘current and non-current borrowings’ as
shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the
consolidated balance sheet plus net debt.
6. SEGMENT REPORTING
Business Segments:
For management purposes, the Group is currently organised into five divisions; Terminal Operations, Catering Operations, Duty Free
Operations, Ground Handling and Bus Operations and Other Operations. These divisions are the basis on which the Group reports its
primary segment information, the principal activities of each are as follows:
• Terminal operations: Operating Terminal Buildings, the Car Park and the General Aviation Terminal, the Group companies
included in this segment are TAV İstanbul, TAV Esenboğa, TAV İzmir, TAV Gazipaşa, TAV Tunisie, TAV Tbilisi, TAV Batumi and TAV
Macedonia. TAV Tbilisi and TAV Batumi also include the ground handling operations, and parking-apron-taxi ways as they are not
outsourced and are run by the airport.
• Catering operations: Managing all food and beverage operations of the terminal, both for the passengers and the terminal
personnel, which is run by BTA.
• Duty free operations: Sales of duty free goods for the international arriving and departing passengers. The Group operates its
duty free services through ATÜ.
• Ground handling and bus operations: Providing traffic, ramp, flight operation, cargo and all other ground handling services for
domestic and international flights under the Civil Aviation Legislation License. The Group operates the ground handling services
through HAVAŞ, which also provides bus operations.
Other: • Providing lounge services, IT and Security services, the Group companies included in this segment are TAV Holding, TAV
İşletme, TAV Bilişim and TAV Güvenlik.