TAV IT

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172 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) Shareholders (%) 31 December 2007 Tepe İnşaat 18.86 45,672,151 Akfen Holding 15.70 38,022,747 Goldman Sachs International (*) 14.40 34,875,000 Meinl Airports International Ltd. (**) 8.85 21,443,250 IDB Infrastructure Fund L.P. 4.92 11,924,792 Babcock Brown Turkish Airports LLC 4.32 10,455,290 Sera Yapı 3.15 7,621,875 Global Investment House KSCC 3.00 7,265,625 Global Opportunistic Fund II Company BSCC 2.00 4,843,750 Akfen İnşaat. 0.01 27,529 Mehmet Cem Kozlu
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) In accordance with the CMB’s decision numbered 7/242 dated 25 February 2005; if the amount of net distributable profit based on the CMB’s requirement regarding the minimum profit distribution arrangements which is computed over the net profit determined according to the CMB’s regulations does not exceed net distributable profit in the statutory accounts, the whole amount should be distributed. On the contrary, the amount of net distributable profit based on the CMB’s requirement regarding the minimum profit distribution arrangements which is computed over the net profit determined according to the CMB’s regulations exceeds net distributable profit in the statutory accounts; distributable amount is limited with the figures in the statutory accounts. There is no requirement for profit distribution in year 2008 since both the financial statements prepared in compliance with the CMB or regulation and statutory accounts reflect accumulated losses for the year. Collateral Shares Tepe İnşaat, Akfen Holding and Sera Yapı have lent and transferred the title of such number of shares that correspond to the 14.4% of the present share capital of TAV Holding (the “Collateral Shares”) under an agreement named Collateralised Stock Borrowing Agreement. GS has created pledge in favour of Tepe İnşaat, Akfen Holding and Sera Yapı on the Collateral Shares. All voting rights, dividends, rights for participating in share capital increase in connection with the Collateral Shares shall belong to Tepe İnşaat, Akfen Holding and Sera Yapı, provided that gratis (bonus) shares issued as the result of such share capital increase made by way of adding the reserves to equity shall belong to GS in connection with the Collateral Shares. In the event of enforcement of Collateral Shares by GS as described above, the share pledge is released on the Collateral Shares. Collateral Shares are maintained by an escrow agent. Further, pursuant to GS SSPAs, GS is entitled to transfer the shares that it owns in the Company to its Affiliates. Share premium Excess amount of selling price and nominal value for each share was recorded as share premium in equity. Revaluation surplus The revaluation surplus comprises the cumulative net change in the fair value of available-for-sale financial assets until the investments are derecognised or impaired. Purchase of shares of entities under common control The purchase of the shares of entities that are under common control are accounted for at book values. The net amount of consideration paid over the book value of the net assets acquired is recognized directly in equity. Cash flow hedge reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.
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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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Table of Contents Independent Audit
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TAV IT

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