TAV IT

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TAV Airports Holding Annual Report 2008
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)
Geographical segments
The main geographical segments of the Group are comprised of Turkey, Tunisie and Georgia.
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of
customers. Segment assets are based on the geographical location of the assets.
31 December 2008 Turkey Georgia Tunisie Other
Consolidation
Eliminations Consolidated
Operating revenue 525,160,548 9,133,467 39,485,643 - - 573,779,658
Construction revenue - - 199,235,250 - - 199,235,250
Other information
Segment assets 1,853,554,413 54,648,282 346,942,745 65,962 (624,321,950) 1,630,889,452
Total assets 1,630,889,452
Additions to tangible,
intangible assets and
airport operation right 36,207,254 234,300 178,170,470 1,215 - 214,613,239
31 December 2007 Turkey Georgia Tunisie
Consolidation
Eliminations Consolidated
Operating revenue 451,340,503 7,383,094 - - 458,723,597
Construction revenue 11,852,145 10,866,437 31,195,702 - 53,914,284
Other information
Segment assets 1,765,539,288 60,636,508 124,533,970 (475,305,712) 1,475,404,054
Total assets 1,475,404,054
Additions to tangible, intangible
assets and airport operation right 26,146,993 12,103,523 82,013,869 - 120,264,385
7. GOODWILL
An analysis of goodwill as at 31 December 2008 and 2007 is as follows:
31 December 2008 31 December 2007
Goodwill 131,564,539 131,564,539
131,564,539 131,564,539
On 9 November 2007, TAV Holding purchased 40% shareholding of HAVAŞ, increasing its total share from 60% to 100%. The
transaction comprised the purchase of 17,999,990 B group registered shares with 1 TRY nominal value each, in return for USD
114,999,936 by TAV Holding, from Park Yatırım Holding A.Ş. (“Park Holding”), purchase of 10 B group registered shares in return
for USD 63.89 by TAV Bilişim. The price of the shares corresponding to 40% of HAVAŞ capital has been determined through
negotiations between parties, taking as the basis the valuation made by independent third party appraiser. The payment was made
in cash. TAV Holding utilised a bank loan amounting to USD 115,000,000 (equivalent to EUR 81,238,089 at 31 December 2008)
with an interest rate of Libor+1.85% and maturity of November 2012 from Türkiye İş Bankası A.Ş. in order to fund this payment. In
relation to such loan, HAVAŞ shares with a nominal amount of TRY 44,994,667 corresponding to 99.988% of the capital have been
pledged in favour of Türkiye İş Bankası A.Ş. However, the voting right for these shares remains at TAV Holding.