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TAV, which operated Ataturk Airport in Istanbul until the government closed it in April last year after the opening of the country’s new mega airport located outside the business capital, said on December 26 that it received €389mn in compensation because operations at Ataturk were terminated before the end of the lease period that was due in 2021.
TAV served 101.5mn passengers in 2019 versus its target of 90-94mn.
Together with its subsidiaries, TAV Airports provided services to one million flights and 152mn passengers in 2018. The decline in the passenger figures was attributed to the termination of TAV’s contract to operate Ataturk Airport.
TAV said in a February 7 stock exchange filing that it would on March 27 distribute a TRY392mn cash dividend from its TRY2.61bn 2019 net profit.
“This translates to a dividend pay-out ratio of 16.6%, which is below the Group’s policy of distributing 50% of its net profits in IFRS, although much higher at 81% of the net profits attained from its continuing operations [which excludes profit from Ataturk Airport],” Fulin Onder of Seker Invest said on February 10 in a research note.
Onder calculated TAV’s dividend yield at 4%.
“The Group has provided an unadjusted (as reported by Groupe ADP) EBITDA growth guidance of 9%- 11% in 2020E (2019: €280.4mn),” she also noted.
40 TURKEY Country Report March 2020 www.intellinews.com
