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)
Land Buildings
Machinery and
equipment Vehicles
Furniture and
fixtures
Leaseholds
improvements
Construction
in progress Total
Accumulated depreciation
Balance at 1 January 2007 - 52,221 22,686,231 3,656,814 5,554,756 3,744,178 - 35,694,200
Correction (*) - (139) (1,153,131) (1,084,108) 55,722 95,286 - (2,086,370)
Effect of movements in exchange rates - (1,270) 98,267 (14,391) 201,412 46,502 - 330,520
Effect of change in group structure (**) - 9,046 13,938,155 1,327,977 1,707,032 2,709,423 - 19,691,633
Depreciation for the year - 37,680 2,269,650 1,552,768 2,183,206 2,545,186 - 8,588,490
Eliminated on disposals - (35,778) (981,170) (743,611) (1,908,538) (1,853,966) - (5,523,063)
Balance at 31 December 2007 - 61,760 36,858,002 4,695,449 7,793,590 7,286,609 - 56,695,410
Balance at 1 January 2008 - 61,760 36,858,002 4,695,449 7,793,590 7,286,609 - 56,695,410
Effect of movements in exchange rates - 554 (91,472) (31,665) (770,060) (2,078,974) - (2,971,617)
Impairment loss (****) - - 308,092 10,185 - - - 318,277
Depreciation for the year - 16,056 2,868,698 2,560,188 2,573,906 3,654,807 - 11,673,655
Eliminated on disposals - (53,682) (561,563) (579,216) (378,395) (62,906) - (1,635,762)
Balance at 31 December 2008 - 24,688 39,381,757 6,654,941 9,219,041 8,799,536 - 64,079,963
Carrying amounts
At 31 December 2007 14,533,311 190,835 13,723,206 9,923,077 7,845,322 18,718,502 1,211,341 66,145,594
At 31 December 2008 14,336,908 70,013 11,868,809 9,948,822 6,905,433 19,344,428 18,741,760 81,216,173
(*) Correction represents differences at fixed asset count results of HAVAŞ as at 31 December 2007.
(**) Effect of consolidation of TAV Batumi, which is the operator company for Batumi Airport, and also effect of acquisition of 40% of HAVAŞ shares in 2007.
(***) The remaining portion of transfer amounting to EUR 656,703 comprises intangible assets.
(****) Due to the expert report obtained from TSKB Gayrımenkul Değerleme A.Ş. for determining fair value of CAS property and equipment on 28 November 2008,
impairment losses amounting to EUR 318,277 are recognised as at 31 December 2008.