TAV AIRPORTS
TAV AIRPORTS
TAV AIRPORTS
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12 12<br />
<strong>TAV</strong> vs Other Airport Operators<br />
SHAREHOLDER STRUCTURE<br />
BUSINESS MODEL<br />
PORTFOLIO OWNERSHIP<br />
CAPITAL EXPENDITURE<br />
� No state stake<br />
� No foreign ownership limit<br />
� Integrated business model with service<br />
companies active in every step of the<br />
value chain<br />
� Ownership of the operational rights<br />
of the airport portfolio over a<br />
predetermined period through BOTs<br />
and concessions<br />
� If BOT, high upfront capex with<br />
minimal or no mandatory capex<br />
throughout the operation period<br />
� If concession, annual concession<br />
payment<br />
<strong>TAV</strong> Airports Counterparts<br />
� Active state participation<br />
� Foreign ownership limits<br />
� Active mainly in airport/terminal<br />
management with some participation<br />
in airport services<br />
� Mostly own the airport portfolio<br />
� Regular capital expenditure with bulk<br />
investments time-to-time
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