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)
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