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About TAV


TAV is set to enjoy the promising air traffic growth in Turkey.

Steady economic growth, young population, Turkey's position as an attractive tourism destination and liberalization of the domestic market in 2003 have been the main drivers of the impressive growth experienced. The two leading airline companies plan to nearly double their fleet in the next 10 years(1). Given TAV is the leading airport operator in Turkey in terms of passengers, the Company is set to benefit from high growth in Turkish aviation market. Istanbul Ataturk Airport expansion project will increase the capacity of the main asset to 75 mn passengers/year. In case of the new Istanbul airport opening before the end of our lease period (January 2021), TAV Airports will receive compensation for all loss of profit.

Balanced portfolio mostly focused on high growth regions will enable TAV to outpace the global trend and European counterparts:

TAV Airports’ operates a balanced portfolio of 14 airports in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia, Croatia and Latvia. Investments outside of Turkey are mainly focused on emerging markets such as Georgia, Macedonia and Saudi Arabia which have experienced strong growth in their respective aviation markets. TAV Airports also offers high quality access to the growth of the MENA region.

Brand new airports ready to accommodate the growth with no mandatory capex requirement.

All of the airports in TAV’s portfolio are brand new airports with minimum maintenance capex needs. The airports are ready to accommodate planned growth thoughout the concession periods with no additional capex requirements.

Earnings visibility:

TAV charges fixed service fees determined by operation contracts. Pre-determined aviation charges fees provide strong earnings visibility for TAV, as the fees are not affected by external factors such as upturns in the oil prices. Coupled with partially fixed costs, constant passenger service fees point to strong earnings momentum on the back of vibrant traffic.

Integrated business structure:

TAV is unique with its fully vertically integrated business structure, offering the capability to undertake each and every service provided in an airport including duty-free, ground handling, food and beverage, IT, lounge services and security. Such integration keeps all the value generated inside the group and facilitates continuous flow of information between the business lines thereby increasing the efficiency and beefing up the operational profitability. The level of integration also allows the service companies to grow outside the TAV ecosystem and creates otherwise unavailable inorganic growth opportunities.

Well defined “smart” growth strategy:

The growth strategy of TAV is based on three pillars. These are: 1) High organic growth of the existing portfolio.2) Inorganic growth opportunities from airport development and acquisition opportunities around the world. 3)Inorganic growth of the service companies outside the TAV ecosystem. TAV aims to balance growth with dividends. The company has a written dividend policy with a minimum 50% payout ratio and has paid a dividend each year starting with 2011 earnings.


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