4. TAV Airports Overview
Food and Ground
Airports Duty Free Others
Beverage Handling
Turkey ATÜ (50%) BTA (67%) HAVAŞ (100%) O&M, IT and Security
Operating in Turkey, Major ground handler in TAV O&M (100%):
Istanbul Ataturk Airport Largest duty free operator
(100%), in Turkey Georgia, Macedonia, and Turkey with a c.65% (1) Commercial area
Tunisia share
Ankara Esenboğa Airport allocations & lounges, travel
Partner with Unifree – Operates Istanbul Airport
(100%),
owned by Heinemann, Operates in 24 airports in agency services, TAV Passport
Hotel (131 rooms) Turkey including Istanbul,
Izmir Adnan Menderes Airport leading German travel
(100%), Total seating capacity of Ankara, Izmir and Antalya
retailer (Travel Value) TAV IT (99%):
12.500 at 146 points TGS (%50) (2) operates in
Gazipasa Airport (100%) Operating in Turkey, Airport IT services
Bakery & pastry factory Istanbul (AHL&SGA),
Georgia Georgia, Tunisia, Ankara, Izmir, Antalya and
Macedonia and Latvia serving in Turkey
Tbilisi and Batumi Airports Adana TAV Security (100%):
(76%) BTA Marine (50%) is the
%67 partner of Havaş Security service provider in
Tunisia F&B operator of Istanbul
Europe, operating in Riga, Istanbul, Ankara , Izmir and
Deniz Otobusleri (IDO)
Monastir and Enfidha Airports Helsinki, Stockholm and Gazipasa
(67%) Germany
Macedonia
TAV Latvia (100%):
Skopje and Ohrid Airports Commercial area
(100%) management in Riga Airport
Saudi Arabia
Medinah Airport (33%)
2011 Revenues/EBITDA(3) (€m)
498/198 208/21 81/6 197/34 66/-2
(1) Based on number of flights for 2011
(2) TGS started operations in January 2010 4
(3) Revenues and EBITDA represent the proportional interest of these companies in TAV Airports (50% of ATÜ revenues) (before eliminations)
5. Aéroports de Paris Acquired 38% of TAV Airports
Aéroports de Paris (ADP) is one of the leading European airport groups
EUR 2,502mm revenue and EUR 972mm EBITDA in 2011
88mm pax in Paris (CDG and ORY) + 40mm Pax under management in 9 countries
Over 9,100 professionals
ADP acquired
38% of TAV Airports for a total consideration of USD 874mm (TRL 11.3 per share)
Senior management team of TAV Airports to remain in place and committed to the business post-transaction, Deputy CEO
appointed by ADP
Board structure is 3 Tepe&Akfen, 3 ADP, CEO and 4 independents (formerly 3 Tepe, 3 Akfen, CEO, 2 independents)
Pre-Transaction Shareholder Structure Post-Transaction Shareholder Structure
(1)
8.1% (2)
8.1%
(1) (3)
(6)
26.1% 2.0%
(5) 38.0%
(4)
40.3%
3.5%
(2) (5)
(4) 40.3%
(3) 26.1%
3.5%
4.0%
1. Tepe Insaat Sanayi A.Ş. 3. Sera Yapi Endustrisi A.Ş.
Turkish integrated conglomerate focused on infrastructure and Focused on construction in Turkey & MENA region
construction 4. Other Non-floating
5. Free Float
2. Akfen Holding A.Ş. 6. Aéroports De Paris*
Holding company operating in the infrastructure, construction, seaport, Internationally acclaimed airport operating company with global operations
REIT and energy sector
*Through Tank ÖWA alpha GmbH
5
6. ADP – TAV Airports: A Global Footprint
A platform of 37 airports under management representing 180m Pax
13 Regional airports France Schiphol Group (8%) Liège (25.6%) Macedonia (100%) Georgia (76%)
Mexico North Central (25.5%)¹ Paris-CDG: 58mm pax 48mm pax 0.6mm tons of freight Skopje & Ohrid: 0.8mm pax Tbilisi & Batumi: 1.2mm pax
14mm pax Paris-Orly: 25mm pax Industrial cooperation Strategic partner Concession operator Concession operator
Operator & Strategic partner Owner and operator
Turkey
Istanbul Ataturk: 37.5mm pax
Ankara: 8.5mm pax
Izmir: 2.5mm pax
Gazipasa
Concession operator
Amman – Jordan (9.5%)
6mm pax
Management contract
Strategic partner
Cambodian Airports
Conakry Airport (29%)
Phnom Penh & Siam Reap:
0.2mm pax
3mm pax
Operator
Assistance in management
TAV Airports Algier Airport Tunisia (67%) Jeddah (Hajj Terminal) – Mauritius (10%) Medinah (Saudi Arabia) (33%)
4.4mm pax Enfidha & Monastir Saudi Arabia 2.6mm pax Concession operator
ADP Operator 2.3mm pax 5mm pax Operator
Concession operator Management contract Strategic partner
Source: ADP, TAV Airports
Notes: Mexico: ADP holds a 25.5% stake in the Mexican company Servicios de Tecnología Aeroportuaria (SETA), which itself has a 16.7% stake in holding company Grupo Aeroportuario del Centro Norte (GACN), which controls 13 airports in the
north and centre of Mexico, including Monterrey International Airport
Passenger numbers are for FY 2011.
6
7. Traffic Performance
November January-November LTM FY
(1) Chg Dec11 Istanbul International Pax (m)
Passengers 2011 2012 Chg % 2011 2012 2010 2011 Chg %
% Nov12
Ataturk Airport 3.101.047 3.709.645 20% 34.443.368 41.454.675 20% 44.463.494 32,143,819 37,452,187 17%
International 2.009.961 2.484.697 24% 22.079.185 27.354.223 24% 29.122.873 20,342,986 23,847,835 17%
2012 2011 2010
Domestic 1.091.086 1.224.948 12% 12.364.183 14.100.452 14% 15.340.621 11,800,833 13,604,352 15%
Esenboga Airport (2) 719.290 752.811 5% 7.776.338 8.518.624 10% 9.262.935 7,763,914 8,520,649 10% 3,50 +24% YTD
International 107.519 122.137 14% 1.317.845 1.480.456 12% 1.550.114 1,328,693 1,387,503 4%
3,00
Domestic 611.771 630.674 3% 6.458.493 7.038.168 9% 7.712.821 6,435,221 7,133,146 11%
Izmir Airport (3) 624.653 661.371 6% 7.934.895 8.724.092 10% 9.332.008 7,485,098 8,542,811 14% 2,50
International 118.999 95.975 -19% 2.311.659 2.333.216 1% 2.485.891 2,127,488 2,464,334 16%
2,00
Domestic 505.654 565.396 12% 5.623.236 6.390.876 14% 6.846.117 5,357,610 6,078,477 13%
(5)
Medinah 341.497 515.435 51% 3.266.964 4.392.505 34% 4.673.049 3,230,845 3,547,089 10% 1,50
Tunisia 101.806 116.939 15% 2.211.013 3.245.893 47% 3.324.011 3,916,977 2,289,131 -42%
1,00
Georgia 86.400 99.310 15% 1.103.070 1.289.968 17% 1.377.820 910,229 1,190,922 31%
Macedonia 57.548 63.322 10% 774.050 846.310 9% 910.424 730,095 838,164 15% 0,50
TAV TOTAL (4) 4.185.090 5.918.833 41% 48.619.498 66.194.524 36% 70.330.413 47,592,522 52,755,387 11%
International 2.476.767 3.371.055 36% 29.725.455 37.929.993 28% 40.147.032 29,308,503 31,942,494 9% 0,00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Domestic 1.708.323 2.547.778 49% 18.894.043 28.264.531 50% 30.183.381 18,284,019 20,812,893 14%
November January-November LTM FY TAV Total Pax (m)
(2) Chg Dec 11
ATM 2011 2012 Chg % 2011 2012 2010 2011 Chg %
% Nov 12
Ataturk Airport 25.336 29.176 15% 276.086 319.458 16% 349.180 273,826 305,808 12%
International 16.961 19.822 17% 180.582 211.644 17% 230.968 178,862 199,906 12%
Domestic 8.375 9.354 12% 95.504 107.814 13% 118.212 94,964 105,902 12% 2012 2011 2010
Esenboga Airport (2) 6.225 6.149 -1% 65.561 68.658 5% 75.341 63,391 72,244 14%
International 892 1.044 17% 10.986 12.025 9% 12.889 11,734 11,850 1% 8,00 +36% YTD
Domestic 5.333 5.105 -4% 54.575 56.633 4% 62.452 51,657 60,394 17%
7,00
Izmir Airport (3) 4.649 4.870 5% 57.932 62.463 8% 67.610 57,848 63,079 9%
International 905 708 -22% 16.765 16.520 -1% 17.059 16,184 17,304 7% 6,00
Domestic 3.744 4.162 11% 41.167 45.943 12% 50.551 41,664 45,775 10%
Medinah(5) 3.144 4.349 38% 30.353 34.412 13% 36.994
5,00
31,278 32,935 5%
Tunisia 1.214 1.234 2% 19.841 26.485 33% 27.449 31,801 20,805 -35% 4,00
Georgia 1.822 1.700 -7% 21.270 21.918 3% 23.762 18,746 23,114 23%
Macedonia 847 826 -2% 10.970 10.431 -5% 11.339 11,802 11,878 1% 3,00
TAV TOTAL (4) 36.349 48.304 33% 410.493 527.637 29% 568.297 415,750 451,153 9%
2,00
International 22.337 28.038 26% 256.992 305.735 19% 329.866 266,991 281,123 5%
Domestic 14.012 20.266 45% 153.501 221.902 45% 238.431 148,759 170,030 14% 1,00
0,00
Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH
Note: DHMİ figures for 2012 are tentative. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
(1) Both departing and arriving passengers, including transfer pax
(2) Commercial flights only
(3) TAV started to serve domestic passengers at Izmir Airport in January 2012
(4) 2011 totals do not include Medinah and Izmir domestic traffic data while 2012 1H totals do not include Medinah data 7
(5) TAV started to serve Medinah passengers on July 1, 2012
8. Istanbul Atatürk Airport
Map of Istanbul International ATM (%) Domestic ATM (%)
Pegasus
Other 3,2
23,2 Atlas
10,2
Air France Onur
1,2 13,6
Onur 1,3
Lufthansa
2,0
Turkish Turkish
Atlas 2,3
70,1 73,0
Source: TAV Istanbul
Istanbul Atatürk Airport – A Natural Hub Istanbul Historical Pax (m)
International Domestic
40
35 CAGR (2006-11)
12%
13,6
30
11,8
11,4
25
11,5
20
9,6
15 9,1
23,8
20,3
18,4
10
17,1
13,6
12,2
5
0
2006 2007 2008 2009 2010 2011
Source: DHMI
8
9. Istanbul Capacity Usage & Southern Winds
Istanbul Hourly ATM Concentration (1H 2012) Istanbul Southern Winds BEFORE
65 Total Arrival Departure Intersection of take-off and landing paths
Declared Capacity
55
TAKE-OFF
45
SOUTHERN WINDS
35
25
15
5
North
-5
09-10
22-23
00-01
01-02
02-03
03-04
04-05
05-06
06-07
07-08
08-09
10-11
11-12
12-13
13-14
14-15
15-16
16-17
17-18
18-19
19-20
20-21
21-22
23-24
Istanbul Southern Winds AFTER
Source: TAV Istanbul, DHMI
Istanbul runway* usage is still below the declared 55 TAKE-OFF
ATM/hour
Peak hours (09:00 to 24:00) are used efficiently to
minimize local peaks
SOUTHERN WINDS
ATC used to slow down take-off and landing during
southern winds due to the intersection of the take-off
and landing paths
The new procedures have reversed take-off direction
during suitable southern winds to solve the problem
North
*Runways are operated by DHMI in Istanbul Atatürk Airport, TAV Airports only manages the terminals
9
10. Istanbul ATM Capacity vs Peers with Similar Runway Structure
Istanbul Atatürk Airport Declared Capacities*
Istanbul Atatürk: 55 ATM/hr
Zurich Airport: 68 ATM/hr
Vienna Airport : 72 ATM/hr
Zurich Airport Vienna Airport
*State Airports Authority (DHMI), Zurich Airport, Vienna Airport
10
11. Recently Won Projects
Izmir and Medinah Projects BTA Marine (IDO)
IZMIR MEDINAH BTA was awarded the F&B operations of Istanbul Deniz Otobusleri
AS (IDO, with c.50m pax) and formed a 50-50 JV with TASS
(operator of IDO)
Izmir Airport International Prince Mohammed Bin Abdulaziz
Operations Right Terminal, CIP, Domestic Terminal Airport structures BTA Marine has gradually taken over the current F&B sales points
and the auxiliary structures since September 2011
BTA Marine will serve at 82 outlets in 21 Terminals, 17 Vehicle
Concession Expiry 2032 2037 Ferries and 8 Fast Ferries, comprising;
TAV Stake 100% 33% 50 BTA Marine owned and operated Sales Points
7 International Fast Food Restaurant (Mc Donald's)
€250mn ~$1bn 22 International Coffee Shop Chain (Nero)
Start: 2012 Operations started in June 2012 3 Other Tenants
New Terminal
Total Area Increase: 28.500 sqm to Total terminal capacity will Increase
204.500 sqm from 4mn to 8mn
€15 per international pax and €3 SAR 80 from departing and arriving
Pax Fees Tbilisi Concession Extension
per domestic international pax.
No volume guarantee, except for
Volume Guarantee existing international terminal No volume guarantee
guarantee valid until January 2015
TAV Georgia will renovate the present unused runway to comply
Total concession rent for entire Total concession rent for entire with Code F
operating period (until 2032) operating period (until 2037): 54.5% The total CAPEX for the renovation will be $65 mn
€610mn (excluding VAT) of total revenues
In return for the investment TAV Georgia will extend its concession
for 10 years and 9 months until November 2037
Lease payment schedule:
Concession/Lease
• 2% paid in 4Q 2011 (€12m) The concession charge reduced to
• 3% paid in 1Q 2012 (€18mn) 27.3 % for the first two years that
• First instalment to be paid on follow the completion of the
1 January 2013 (€29mn) construction.
• afterwards annually on first
business day of each year.
11
12. Concession Overview
Lease/
2011 fee/pax fee/pax Volume
Airport Type/Expire TAV Stake Scope Concession Net Debt (1)
Pax(mppa) Int'l Dom. Guarantee
Fee
Lease US$15 $140m/yr +
Istanbul Ataturk 100% Terminal 37.5 €3 No €121m
(Jan. 2021) € 2.5 (Transfer) VAT
BOT 0.6m Dom. ,
Ankara Esenboga 100% Terminal 8.5 €15 €3 0.75m Int'l for - €93m
(May 2023) 2007+%5 p.a
BOT+Lease €29m starting
1.0m Int’l for
Izmir A.Menderes 100% Terminal 8.5 €15 €3 from 2013 (6) -€13m
(Dec. 2032) 2006 + %3 p.a.
Lease
Gazipasa 100% Airport - €5 TL4 No $50,000+VAT(5) €18m
(May 2034)
BOT
Tbilisi 76% Airport 1.1 US$22 US$6 No - €12m
(Nov. 2037)
BOT
Batumi 76% Airport 0.1 US$12 US$7 No - €1m
(Aug. 2027)
11-26% of
BOT+Concession
Monastir&Enfidha 67% Airport 2.3 €9 €1 No revenues from €349m
(May 2047) 2010 to 2047
BOT+Concession €17.5 in 15% of the
Skopje & Ohrid 100% Airport 0.8 Skopje, €16.2 - No gross annual €60m
(March 2030) in Ohrid turnover (2)
BTO+Concession
Medinah 33% Airport 3.5 SAR 80 (3) - No 54.5%(4) €8m
(2037)
1) As of 30 September 2012
2) The concession fee is going to be 15% of the gross annual turnover until the number of passengers using the two airports reaches 1 million, and when the number of passengers exceeds 1 million,
this percentage shall change between 4% and 2% depending on the number of passengers
3) SAR 80 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years
4) The concession charge will be reduced to 27.3 % for the first two years that follow the completion of the construction.
5) TAV Gazipaşa shall make a yearly rent payent of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI.
6) Cash Basis
12
13. Financial Overview
(in m€, unless stated otherwise) 9M 2011 9M 2012 Chg % 2010 2011 Chg %
Revenues* 666 818 23% 785 881 12%
EBITDA* 205 253 23% 212 257 21%
EBITDA* margin (%) 30.8% 30.9% 0.1 ppt 27.0% 29.2% 2.2 ppt
FX Gain (Loss) -14 7 nm 6 (5) n.m.
Deferred Tax -11 10 nm 22 (4) n.m.
Net Income 35 102 191% 50 53 6%
Net Cash Provided from Operating Activities 241 257 7% 336 355 6%
Capex -92 -64 -31% (119) (106) -11%
Free Cash Flow 149 194 30% 217 250 15%
Shareholders’ Equity 452 524 16% 437 475 9%
Net Debt 832 818 -2% 821 792 -4%
Average number of employees 19,847 21,890 10% 17,535 19,838 13%
Number of passengers (m) 40 54 35% 47.6 52.8 11%
- International 24 31 27% 29.3 31.9 9%
- Domestic 15 23 49% 18.3 20.8 14%
Consolidated Revenue (€m) EBITDA (€m) Net Profit (€m)
23% 191%
23%
818 253 102
666 205
35
9M11 9M12 9M11 9M12 9M11 9M12
• Unless otherwise noted, all Revenues, EBITDA and EBITDAR in this presentation are adjusted to include guaranteed passenger fees and to exclude construction revenues and costs (IFRIC 12 Reversal).
13
21. Investment Highlights
Turkey is the fastest growing aviation market in Europe
Passenger growth of 15% p.a. during 2002-2011
Attractive market with Projected passenger growth of 11% p.a. during 2009-2023(1)
strong growth prospects
Access to fast growing MENA region
Istanbul is the most efficient hub for Europe, MENA Region (2)
Leading airport operator Diversified, balanced portfolio with leading market positions
with diversified portfolio #1 airport terminal operator in Turkey
12 airports operating in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia (large
catchment areas)
Strong financial Strong momentum with EBITDA posting 55% CAGR between 2006 and 2011
performance and cash High earnings visibility given clear / agreed regulatory framework
flow generation Proven track record of growth and profitability with attractive organic growth prospects
High financial returns and cash flow generation given fixed cost base (operational leverage) and
minimal ongoing capex
Well-positioned to benefit from further organic and inorganic growth
“Platform play”
(1) Source: Turkey’s Ministry of Transport
(2) Determining Hub Efficiency in Europe, MIiddle East and North Afirca a comparative study, E. Nur Günay, Şükrü Nenem 21
22. Worldwide traffic outlook up to 2030
Passenger traffic growth by airline domicile
Europe
CIS
2011–2030 2021–2030
4.1% 3.9% 2011–2030 2021–2030
5.4% 4.8%
North America
2011–2030 2021–2030 Middle East
3.3% 3.3% 2011–2030 2021–2030
7.3% 4.9%
Africa
2011–2030 2021–2030
Latin America
Asia-Pacific
2011–2030 2021–2030 5.1% 4.9%
2011–2030 2021–2030
5.9% 5.2%
5.4% 5.1%
World
2011–2030 2021–2030
4.7% 4.4%
The region where TAV operates is projected to experience the highest passenger traffic growth worldwide over the next 20 years
Source: Airbus Global Markets Outlook (2011-2030)
22
23. Growth of the Turkish Aviation Market and TAV Airports
Turkish Aviation Market (mPax) Number of Aircraft in Turkey
Domestic Intl'l total
CAGR (2002-11) 349
CAGR (2002-11) 332
14%
15% 118 299
259 270
103 250
86 240
79 202
70 162
65
57
45 110
58 59
34 34 51 53
38
44 41 44
36 36
31 31 34 32
25 25 21
9 9 14
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
TAV Airports Passenger Traffic (mPax)
Deregulation of the domestic market in 2003
CAGR (2002-11) 53
22% 48 2nd largest country in Europe in terms of population:
41 42 75m (1)
30 In 2011, foreign visitors reached 31m (2)
23
17 Limited alternative transport infrastructure
9 9 10
Aircraft number in Turkey expected to reach
750 in 2023 (3)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Ministry of Transport 23
24. Tourism
Top visitors to Turkey (m tourists) Top Tourism Destinations (m tourists)
Countries 2011 2010 Chg 2009 Countries 2000 2005 2006 2007 2008 2009 2010 2011
Germany 4.8 4.4 10% 4.5 1-France 77.2 75 77.9 80.9 79.2 76.8 76.8 79.5
Russia 3.5 3.1 12% 2.7 2-USA 51.2 49.2 51 56 57.9 55.0 59.7 62.3
UK 2.6 2.7 -3% 2.4
3-China 31.2 46.8 49.9 54.7 53.0 50.9 55.7 57.6
Iran 1.9 1.9 0% 1.4
4-Spain 46.4 55.9 58 58.7 57.2 52.2 52.7 56.7
Bulgaria 1.5 1.4 4% 1.4
5-Italy 41.2 36.5 41.1 43.7 42.7 43.2 43.6 46.1
Georgia 1.2 1.1 14% 1.0
6-Turkey 9.6 20.3 18.9 22.2 25.0 25.5 27.0 29.3
Netherlands 1.2 1.1 4% 1.1
France 1.1 0.9 23% 0.9 7-UK 23.2 28 30.7 30.9 30.1 28.2 28.1 29.2
Syria 1.0 0.9 8% 0.5 8-Germany 19 21.5 23.6 24.4 24.9 24.2 26.9 28.4
U.S.A 0.8 0.6 18% 0.7 9-Malaysia 10.2 16.4 17.5 21 22.1 23.6 24.6 24.7
Other 12.0 10.5 14% 10.5 10-Mexico 20.6 21.9 21.4 21.4 22.6 21.5 22.4 23.4
TOTAL 31.5 28.6 10% 27.1 World 682 801 846 900 919 882 940 983
Source : Ministry of Culture and Tourism Source : UNWTO
Visitors to Turkey increased 10% in 2011. Turkey is the 6th most visited country in the world !!
24
25. Strong Growing Presence in the Broader Region
Asset overview / catchment area No.1 Airport operator in Turkey
Latvia
TAV operates in Turkey’s 3 largest cities
Since IPO TAV has expanded into the broader region, winning
concessions and/or BOTs in Tunisia, Macedonia, Turkey (Gazipaşa),
Georgia (Batumi) and most recently Saudi Arabia (Medinah)
Batumi 2011 Passengers of 5 Largest Turkish Airports (mPax)
Istanbul
Tbilisi
Tbilisi
Enfidha Ankara
Ankara 37.5
Gazipaşa
Izmir
25.1
Skopje
Ohrid
Medinah
12.7
Monastir 8.5 8.5
AHL Antalya SAW Ankara Izmir
TAV is the leading airport operator in the region (55% market share in Turkey) and its airports/terminals handling 31m passengers in 1H 2012.
Source: DHMI 25
26. Integrated Unique Business Model
Airport Companies Service Companies
High profitability
High earnings visibility
Service companies have lucrative margins
Pax fees regulated by authorities and set until end of concession
High potential to increase per pax spending & penetration
Revenue guarantees in Ankara İzmir
ATM’s drive airside and ground handling revenues
Streamlining
360 degree control facilitates best practice in performance
Operating Leverage
360 degree data flow enables constant innovation
Predominantly fixed cost base
Margin Conservation
High Cash Flow Conversion
All value added is preserved inside the group.
No hard assets, brand new portfolio
Integration
Operational Excellence
Financial Excellence
26
27. TAV vs Other Airport Operators
TAV Airports Counterparts
No state stake Active state participation
Shareholder Structure No foreign ownership limit Foreign ownership limits
Integrated business model with service Active mainly in airport/terminal
companies active in every step of the value management with some participation in
Business Model chain airport services
Ownership of the operational rights of the Mostly own the airport portfolio
airport portfolio over a predetermined
period through BOTs and concessions
Portfolio Ownership
If BOT, high upfront capex with minimal or Regular capital expenditure with bulk
no mandatory capex throughout the investments time-to-time
operation period
Capital Expenditure
If lease, annual rent payment
27
28. Revenue sources
Aeronautical Charges Non-aeronautical Charges
Passenger Fee Ground Handling Landing Parking Fuel Duty Free F&B Car Park
Istanbul X X X X X
Esenboga X X X X X
Turkey
Izmir X X X X X
Gazipasa X X X X X X X X
Enfidha X X X X X X X X
Tunisia
Monastir X X X X X X X X
Tbilisi X X X X X X X X
Georgia
Batumi X X X X X X X X
Skopje X X X X X X X X
Macedonia
Ohrid X X X X X X X X
Latvia Riga X X
Saudi Arabia Medinah X X X X X X X X
BTA started operations in Istanbul Ataturk Airport Domestic Terminal starting from July 2010
ATU will start operations in Monastir starting from July 2014 28
BTA will start operations in Monastir starting from 2018
