Financial and Operational Results 2018 Full Year
Financial and Operational Results 2018 Full Year
Major Highlights of 2018 vs. 2017 Financials (IFRIC 12 Adjusted post IFRS11):
Q Consolidated revenue of EUR 1.181m (+4% vs FY17)
Q Consolidated EBITDA of EUR 573m (+13% vs FY17)
Q Net profit of EUR 255m (+46% vs FY17)
Q 152m passengers served (+31% vs FY17)
Please kindly find below the consensus estimates we have collected from analysts as follows:
|
Consensus (EURm, median) |
|||
|
|
12M17 |
12M18E |
chg |
|
Revenue 1 |
1.132 |
1.182 |
4% |
|
EBITDAR 1 |
673 |
758 |
13% |
|
EBITDA 1 |
508 |
592 |
17% |
|
Net Profit 2 |
175 |
231 |
32% |
|
# of analysts |
|
14 |
|
|
EBITDAR Margin |
59,5% |
64,2% |
|
|
EBITDA Margin |
44,9% |
50,1% |
|
Notes:
- Adjusted for IFRIC 12, EBITDA includes share of profit of equity accounted investees (equity pick-up)
- Net profit attributable to owners of the company
Dividend Proposal
TAV Airports Board of Directors has resolved to propose a dividend of TRY 758 million (50% dividend payout in EUR terms), or TRY 2.0854 gross dividend per share to commence on March 20, 2019, to the approval of the first General Assembly.
Dividend distribution table is available at http://www.tavyatirimciiliskileri.com/en-EN//Pages/Latest_Disclosures2.aspx
2019 Guidance
Subject to our traffic and FX assumptions, excluding passenger and EBITDA generated from Istanbul Ataturk Airport operations in 2019, our company's targets for 2019 are as follows:
- Total TAV Airports Pax (excluding Istanbul Ataturk Airport)
90 to 94 million
- EBITDA (excluding Istanbul Ataturk Airport)
38-42% lower
- Capex
between €70m to €80m
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