TAV IT
TAV IT
TAV IT
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<strong>TAV</strong> AIRPORTS HOLDING AND <strong>IT</strong>S SUBSIDIARIES<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2008<br />
(Amounts expressed in Euro unless otherwise stated)<br />
13. OTHER OPERATING EXPENSES<br />
An analysis of the Group’s other operating expense for the years ended 31 December is as follows:<br />
2008 2007<br />
VAT non-recoverable 11,911,437 15,080,829<br />
Utility cost 11,892,709 10,132,463<br />
Maintenance expenditures 8,718,015 7,030,975<br />
Consultancy expense (*) 7,217,462 14,342,565<br />
Insurance expense 6,990,086 8,867,163<br />
Cleaning expense 6,799,425 6,977,318<br />
Taxes (**) 5,265,432 6,310,697<br />
Traveling and transportation expenses 2,986,628 2,902,978<br />
Communication and stationary expenses 2,528,837 2,257,630<br />
Rent expense 1,860,968 2,942,801<br />
Advertisement and marketing expenses 1,802,411 2,968,950<br />
Representation expenses 1,353,114 1,669,754<br />
Security cost 481,216 829,023<br />
Provision expense 300,338 148,413<br />
Donations 287,230 410,700<br />
Other operating expenses 5,359,709 4,041,790<br />
Total other operating expenses 75,755,017 86,914,049<br />
(*) Consultancy expense in 2007 included financial advisory services contract of <strong>TAV</strong> Tunisie and HAVAŞ technical consultancy fee.<br />
HAVAŞ was fully consolidated after the acquisition of the remaining 40% shares by <strong>TAV</strong> in year 2007.<br />
(**) Taxes include tax penalty and other tax expenses. See note 34 for tax penalty expense.<br />
14. DEPRECIATION AND AMORTISATION<br />
An analysis of the Group’s depreciation and amortisation expenses for the years ended 31 December is as follows:<br />
Airport operation<br />
right<br />
Property and<br />
equipment<br />
Other intangible<br />
assets<br />
Balance at 1 January 2007 6,359,641 35,694,200 3,064,906 45,118,747<br />
Correction - (2,086,370) 152,746 (1,933,624)<br />
Effect of movements in exchange rates (32,380) 330,520 64,935 363,075<br />
Effect of change in group structure - 19,691,633 221,650 19,913,283<br />
Charge for the year 18,931,596 8,588,490 2,583,113 30,103,199<br />
Disposals - (5,523,063) (69) (5,523,132)<br />
Balance at 31 December 2007 25,258,857 56,695,410 6,087,281 88,041,548<br />
Total<br />
Balance at 1 January 2008 25,258,857 56,695,410 6,087,281 88,041,548<br />
Impairment loss - 318,277 - 318,277<br />
Effect of movements in exchange rates (352,374) (2,971,617) (120,378) (3,444,369)<br />
Charge for the year 19,098,532 11,673,655 4,119,224 34,891,411<br />
Disposals - (1,635,762) (5,001) (1,640,763)<br />
Correction (4,813) - - (4,813)<br />
Balance at 31 December 2008 44,000,202 64,079,963 10,081,126 118,161,291
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