TAV served 13.1 million passengers in 1H
TAV Airports announced the financial and operational results for the first half of the year.
A member of Groupe ADP, TAV Airports served 8 million domestic and 5.1 million international passengers during the half of 2021. The company announced EUR 155.9 million in revenues during the same period.
TAV Airports Holding Executive Board Member & CEO Sani Sener stated “We had a very productive first quarter of 2021, during which we received two-year time extensions and rent deferrals for our Turkish airports from DHMI and we booked a one-off gain of 109.0 million euros as a result of Tunisia debt restructuring.
With the highest quarterly EBITDA since 2019, the second quarter of 2021 became operationally our best since. As the third quarter is seasonally the strongest in our business, we are looking forward to a solid next quarter with the continuation of quarantine-free travel availability using our airports.
Quarantine-free travel was made possible from Türkiye to Germany in the first week of June and from Türkiye to Russia in the last week of June. On July 11th Poland also lifted quarantine for travelers from Türkiye. Presently our Turkish Airports can welcome Russian, German, Ukrainian and Polish visitors which makes up c. 65% of TAV’s international passengers traveling to Türkiye.
North Macedonia entered EU’s green list in June and quarantine-free travel also became possible for many Georgian markets. With these developments there was a notable pick-up in our passenger numbers in June, the full effect of which we expect to see July onwards.
The first half of July was significantly above June in terms of recovery levels, in-line with our expectations. According to preliminary July numbers, in the first 20 days of July, Antalya served 59% of international passengers compared to the same period in July of 2019 (*).
We have always told our investors that recovery in our airports would be very quick once restrictions were lifted, which is what we are witnessing at the moment. According to Eurocontrol numbers, among all European countries, Türkiye has recovered the fastest compared to July 2019 in terms of daily flights.
With these favorable tailwinds behind our operations, we had revenue of €95m in the second quarter of 2021 which was the highest quarterly revenue since the start of the pandemic. Two months of Almaty operations, which we started consolidating in May 2021 contributed €19.5 to our consolidated revenue. With strict cost control and the support of Turkish government we managed to keep costs (**) 41% below pre-pandemic levels, even after the addition of Almaty. Without Almaty, costs would be 47% below pre-pandemic levels. Almaty contributed €5.5m to our consolidated EBITDA in two months thereby generating 23% of our consolidated EBITDA for the first half of 2021. Among all our international airports, Almaty showed the strongest recovery so far with international passengers already at 44% of and domestic passengers 50% above 2019 level. Thus, with financial gains from Tunisia restructuring, favorable developments on the passenger front and excellent performance of newly added Almaty, TAV Airports had revenue of €156m, EBITDA of €24m and net income of €23m in the first half of 2021.
Turkish vaccination program picked-up speed in June and is now among the better current results worldwide with c. 50% of total population having at least had one dose. With the continuation of these favorable developments, we are very excited about looking forward to a robust third quarter.
Our first priority during the pandemic was to protect the health of our employees and our guests. With working from home and best-in-class precautions we managed this well. As we are getting ready to gradually normalize, I would like to thank all our employees, shareholders and business partners for their hard-work and continuous support during these historically challenging times.”
(*) Preliminary July partial results may differ significantly from final reported pax for the complete month.
(**) Cash operating expenses before depreciation, amortization and impairment
KEY PERFORMANCE INDICATORS
(in EURm) | 2020 1H | 2021 1H | Chg% |
141.9 | 155.9 | 10% | |
EBITDA | (9.6) | 24.2 | 351% |
EBITDA margin (%) | -6.8% | 15.5% | 22.3 ppt |
Net Profit | (150.2) | 23.2 | 115% |
11.5 | 13.1 | 14% | |
- International | 4.7 | 5.1 | 9% |
- Domestic | 6.8 | 8.0 | 18% |
About TAV Airports
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 92 airports in 26 countries. A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security and commercial area management. The company is quoted on Istanbul Stock Exchange.
For further information: Erhan Üstündağ,
+90 212 463 30 00/2097 and +90 530 228 80 59,