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162 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) 19. AIRPORT OPERATION RIGHT Ankara Esenboğa International Airport İzmir Adnan Menderes International Airport Tbilisi International Airport Enfidha International Airport Cost Balance at 1 January 2007 109,110,020 70,960,406 40,789,131 - 220,859,557 Effect of movements in exchange rates - - (1,317,359) - (1,317,359) Additions 2,390,192 9,461,954 11,190,094 78,510,014 101,552,254 Balance at 31 December 2007 111,500,212 80,422,360 50,661,866 78,510,014 321,094,452 Total Balance at 1 January 2008 111,500,212 80,422,360 50,661,866 78,510,014 321,094,452 Effect of movements in exchange rates - - (713,398) - (713,398) Additions - 80,651 - 177,878,401 177,959,052 Correction - (33,741) - - (33,741) Balance at 31 December 2008 111,500,212 80,469,270 49,948,468 256,388,415 498,306,365 Ankara Esenboğa International Airport İzmir Adnan Menderes International Airport Tbilisi International Airport Enfidha International Airport Accumulated amortisation Balance at 1 January 2007 1,367,925 2,560,768 2,430,948 - 6,359,641 Effect of movements in exchange rates - - (32,380) - (32,380) Amortisation for the year 6,715,394 9,753,353 2,462,849 - 18,931,596 Balance at 31 December 2007 8,083,319 12,314,121 4,861,417 - 25,258,857 Total Balance at 1 January 2008 8,083,319 12,314,121 4,861,417 - 25,258,857 Effect of movements in exchange rates - - (352,374) - (352,374) Correction - (4,813) - - (4,813) Amortisation for the year 6,733,771 9,791,578 2,573,183 - 19,098,532 Balance at 31 December 2008 14,817,090 22,100,886 7,082,226 - 44,000,202 Carrying amounts At 31 December 2007 103,416,893 68,108,239 45,800,449 78,510,014 295,835,595 At 31 December 2008 96,683,122 58,368,384 42,866,242 256,388,415 454,306,163
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) 20. OTHER INVESTMENTS Non-current investments At 31 December, non-current investments comprised the following: Available-for-sale securities Ownership % 31 December 2008 31 December 2007 Unlisted entities TAV Havacılık A.Ş. 1,00 24,238 24,238 CAS (*) 50,00 - 1,211,110 24,238 1,235,348 (*) HAVAŞ and Kıbrıs Türk Havayolları Limited Şirketi (“KTHY”) formed a joint venture as 50% + 1 of participation for KTHY under the name of CAS according to the protocol signed on 1 September 2006 to construct an airport terminal and to undertake its management for ground handling operations in the Turkish Republic of Norhern Cyprus (“KKTC”). CAS started its operations on 1 August 2008 and CAS is proportionately consolidated in the accompanying consolidated financial statement as at 31 December 2008 (CAS is recognised at its cost at 31 December 2007). Current investments At 31 December, current investments comprised the following: Investments held for trading 31 December 2008 31 December 2007 Debt securities Government bonds - 248,683 - 248,683 21. PREPAID CONCESSION EXPENSES An analysis of the Group’s prepaid concession expenses as at 31 December 2008 and 2007 is as follows: 31 December 2008 Rent Prepaid development expenditures Total Balance at 31 December 2007 254,875,995 40,076,882 294,952,877 Rent payments 95,196,116 - 95,196,116 Current year concession expense (138,087,999) (3,086,730) (141,174,729) Balance at 31 December 2008 211,984,112 36,990,152 248,974,264 Represented as short term prepaid concession expense 125,610,454 3,078,295 128,688,749 Represented as long term prepaid concession expense 86,373,658 33,911,857 120,285,515
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annual report 2008
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Bringing people together...
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Batumi Tbilisi İstanbul GEORGIA An
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TAV Value Chain Value Creation: As
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Decisive strides on the way from lo
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Organizational Structure Board of D
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2006 >> Operation and construction
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After undertaking successful projec
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İlhan İl, Board Member, TAV Airpo
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senıor management Mustafa Sani Şe
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Ersagun Yücel, General Secretary,
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commıttees Müjdat Yücel, General
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key operatıonal ındıcators Passe
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€ 627,349 2008 € 507,529 2007
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40,948,987* 2008 34,646,216 2007 Ca
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368,810 2008 355,007 2007 TAV Airpo
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primarily from aviation income from
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(EUR million) 2008 2007 Net cash ge
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36 TAV Airports Holding Annual Repo
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Esenboğa is the first airport in T
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TAV Airports Holding is seeking to
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At the Tbilisi International Airpor
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Meeting the customers’ needs with
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All operations, except for air traf
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Currently under construction, and p
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Operating the airport of the capita
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Macedonia, Shtip Cargo Airport Mace
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TAV O&M serves passengers with many
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TAV Security staff consists of expe
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TAV IT at Passenger Terminal Expo 2
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Page 120 and 121: Table of Contents Independent Audit
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