TAV Airports Holding reports 2012 financial highlights
A year of breaking many records...
22-Feb-2013
TAV Airports Holding (ISE: TAVHL, "TAV") announced a net profit of € 124 million in 2012 compared to a net profit of €53 million in 2011.
TAV Airports Holding Inc. Chief Executive Officer M. Sani Şener commented, " In 2012, TAV Airports' eye-catching growth story continued at full speed and our tradition of breaking our own records remained intact. We finished the year operating 12 airports in six countries, spanning a geography of three continents. It gives me great joy now to see that TAV Airports has become a global brand in airport management, synonymous with quality and that we are welcome with enthusiasm wherever we set foot for airport operations.
Our global footprint spreads out even further than just the airports we operate. With our operations company, we are in 77 airports across the world providing "primeclass" services. While Havaş is providing ground handling services and know how to a total of 40 local and international locations, our IT company is providing IT solutions to Saudia Arabian airports. In that regard, we have truly become an integrated source of global know how in each and every area of airport operations.
In 2012, we joined forces with another global brand in airport operations. In May 2012, Aéroports de Paris, acquired 38% of TAV Airports. The resulting platform now reaches across 37 airports to 200 million passengers across the world. Our main goal from now on is to capitalize on this common infrastructure of knowledge to become an ever stronger brand.
In 2012 we served 72 million passengers from all over the world pointing to an impressive growth of 36%. According to ACI data, Istanbul, Ankara and Izmir are among the fastest growing European airports with Istanbul topping the list among large airports. With the exceptional growth in 2012, Istanbul Ataturk became the 6th largest airport in Europe.
The most important contributors to the passenger growth in 2012 have been Istanbul's breathtaking expansion, addition of Medinah and Izmir domestic to our portfolio and the exceptional recovery in Tunisia after the Arab Spring. These inorganic growth initiatives of 2012 have started generating cash from the first day.
2012 financials have also been spectacular, in parallel with the breathtaking operational growth. Our consolidated revenues increased 25% and reached €1.099 million versus €881 million in 2011. Consolidated EBITDA came in at €332million versus €257 million in 2011, marking a 29% increase. We finished the year with record high net income of €124 million. In 2012, free cash flow increased 13% and reached €283 million.
To crown a superb 2012, we plan to distribute the second dividend in TAV history out of the 2012 earnings. The board of directors has decided to distribute 50% of net profit totaling €62 million which will be presented to the General Assembly for approval.
I would like to use this opportunity to thank all TAV Airports employees, our passengers and our shareholders for helping us attain our goals in 2012. "
Refer to full documentation in attachments box, located at the top left, below the headline.