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202 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) 31 December 2008 31 December 2007 Due to related parties 14,227,623 28,543,835 Loan from related parties, short term 38,201,044 754,864 Loan from related parties, long term 9,591,944 62,020,611 29,298,699 Due to related parties 31 December 2008 31 December 2007 Tav Tepe Akfen Yat.İnş ve İşl.A.Ş. (“TAV İnşaat”) (*) 9,793,089 25,064,519 Other related parties 4,434,534 3,479,316 14,227,623 28,543,835 (*) Payable to TAV İnşaat represents the trade payables related with the construction and renovation of Enfidha and Monastir Airports, respectively. Loan from related parties, short term 31 December 2008 31 December 2007 Tepe İnşaat 31,906,472 751,336 ATÜ 3,318,119 - TAV İnşaat 2,976,453 - Other - 3,528 38,201,044 754,864 Loan from related parties, long term 31 December 2008 31 December 2007 ATÜ 9,591,944 - 9,591,944 - Services rendered to related parties 2008 2007 ATÜ 66,963,440 61,695,109 HAVAŞ - 2,506,164 Other related parties 2,740,191 1,560,776 69,703,631 65,762,049 Services rendered by related parties 2008 2007 Tepe İnşaat 1,615,416 - TAV İnşaat 502,478 - Tepe Prefabrik İnş. San. Tic. A.Ş. 342,913 - TAV Yatırım Holding - 95,494 Other related parties 952,006 1,857,928 3,412,813 1,953,422 IBS Sigorta Brokerlık Hizmetleri A.Ş. provides insurance intermediatory services to the Group.
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) Interest (expense)/income from related parties (net) 2008 2007 TAV İnşaat (2,084,257) - Tepe İnşaat (140,952) 84,998 TAV Havacılık A.Ş. 106,139 213,298 Other related parties (net) 186,549 287,400 (1,932,521) 585,696 The average interest rate used within the Group is 6,96% per annum (31 December 2007: 6,84%). The Group converts related party TRY loan receivable and payable balances to USD at month end using the Central Bank’s announced exchange rates and then charges interest on the USD balances. Construction work rendered by related parties 2008 2007 TAV İnşaat 198,543,472 33,966,653 198,543,472 33,966,653 As at 31 December 2008, TAV İnşaat provided services to renovation of Monastır Airport and construction of Enfidha Airport. 41. JOINT VENTURES The Group has the following significant interests in joint ventures: • 49.98% equity shareholding with 50% voting power in ATÜ, a jointly controlled entity established in Turkey. Summary of financial information of ATÜ, not adjusted for the percentage ownership held by the Group is as follows: Balance Sheet 31 December 2008 31 December 2007 Current assets 36,100,704 60,234,452 Non-current assets 57,942,847 7,970,169 Current liabilities (26,725,396) (23,627,746) Non-current liabilities (44,250,402) (29,551,110) Income Statement 2008 2007 Total revenues 303,825,727 277,365,832 Total expenses (287,825,601) (267,428,374) Profit for the year 16,000,126 9,937,459
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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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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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