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)
24. OTHER RECEIVABLES, CURRENT AND NON-CURRENT ASSETS
At 31 December, other receivables and current assets comprised the following:
Other receivables and current assets 31 December 2008 31 December 2007
VAT deductible and carried forward (*) 29,549,216 13,401,447
Advances to suppliers (******) 7,102,759 874,461
Prepaid insurance (**) 4,764,376 4,288,629
Business advances given 1,846,404 778,085
Prepaid taxes and funds 970,664 987,220
Advances given to personnel 413,891 353,828
Income accruals 289,393 447,728
Advances given to DHMİ for VAT portion (***) - 20,106,626
Other receivables 1,796,154 2,341,307
46,732,857 43,579,331
At 31 December, non-current assets comprised the following:
Other non-current assets: 31 December 2008 31 December 2007
Deferred commission cost (****) 6,204,102 -
VAT deductible and carried forward (*) 5,088,941 3,974,305
Non-current prepaid insurance expenses 435,642 1,410,941
Advances given to DHMİ for VAT portion (***) - 18,498,923
Other non-current receivables (*****) 3,162,381 904,285
14,891,066 24,788,454
(*) VAT deductible is mainly attributable to the VAT of TAV Tbilisi and TAV Tunisie according to local legislations.
(**) EUR 1,704,369 portion of prepaid insurance is related with the insurance expenses of IBS Sigorta Brokerlık Hizmetleri A.Ş.
(“IBS Sigorta”), related party of the Group, as at 31 December 2008 (31 December 2007: EUR 1,318,140).
(***) Advances given to DHMİ for VAT portion were recovered in year 2008. According to the article 4 of the Concession Agreement
Related With the Rental of the Operating Rights of İstanbul Atatürk Airport International and Domestic Terminal Buildings, Multi-
Storey Car Park and General Aviation Terminal, the total payment made to DHMİ as advance payment is USD 690,170,200 including
VAT. The VAT amount within this total amount is USD 105,280,200.
According to the VAT Law, the main fact which generates the VAT should be the delivery of goods or the realisation of the service.
Therefore, USD 56,686,881 which is calculated by deducting the VAT of concession invoices relating with the years 2005, 2006
and 2007 from the total VAT amount of the advance payment which is USD 105,280,200 was reimbursed to TAV İstanbul Terminal
İşletmeciliği A.Ş. by DHMİ by offsetting the above mentioned amount from the concession payment made in January 2008
concerning the year 2008.
(****) Deferred commission cost represents the transaction costs and commitment fees for the portion of TAV Tunisie’s borrowings
which are not utilised yet.
(*****) Other non-current receivables include the advance given to Aeroser International Holding Ltd. for the purchase of 6% of TAV
Tbilisi amounting to EUR 2,950,037.
(******) Advances given to suppliers include the advances given to suppliers by TAV Tunisie amounting to EUR 6,566,364.