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)
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