TAV AIRPORTS

13
Financial Overview
(in mn €)*
9M11 9M10
∆
y-o-y 2010 2009
∆
y-o-y
Revenues 666 594 12% 785 640 23%
EBITDA 205 172 19% 212 167 27%
EBITDA margin 30.8% 29.0% 1.7ppt 27.0% 26.2% 0.9 ppt
Net Income 35.2 33.5 5% 52 51 0%
Cash flow from operations 241 150 61% 336 210 60%
Capex (92) (72) 28% (119) (312) -62%
Free Cash Flow 149 78 91% 217 (102) nm
Shareholders’ Equity 452 410 10% 438 372 18%
Net Debt 832 890 -7% 821 941 -13%
Average number of employees 19,847 17,090 16% 17,535 12,194 44%
Number of passengers (mn) 39.7 36.0 10% 47.6 42.1 13%
- International 24.1 22.3 8% 29.3 25.7 14%
- Domestic 15.6 13.7 14% 18.3 16.4 11%
* Construction revenue and construction expenditure are excluded while computing the operational performance in the table.
** Figures are adjusted by including guaranteed passenger fee revenues from airports in Ankara and Izmir
Consolidated Revenue (€m) EBITDA (€m) Net Profit (€m)
666
12%
594
9M11 9M10
205
19%
172
9M11 9M10
35
5%
33
9M11 9M10