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)
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.