TURKEY/INTERNATIONAL. TAV Airports Holdings has reported a -67% fall in revenues from duty free concessions to €14.9 million year-on-year in 2020. The duty free business across the estate is managed by ATÜ Duty Free, the TAV 50% joint venture with Unifree Duty Free and Gebr Heinemann.
The key travel retail number comes from the company’s full-year 2020 financial and operational results, which also show a significant increase (+38.2%) in spend per passenger (SPP) during the course of the year against 2019.
The SPP rose from €6.80 (US$8.18) in 2019 to €9.40 (US$11.32) across 2020. While the Q1 SPP of €7.50 (US$9.03) matched the figure recorded for the final quarter of 2019, the subsequent three quarters produced average spends of €12.70 (US$15.29), €11.50 (US$13.85) and €9.70 (US$11.68) respectively.
TAV attributed the SPP rise to price increases in the Turkish local market and a changing passenger profile during 2020.
The duty free results come against the COVID-19 backdrop which has seen passenger traffic for airports operated by TAV Airports – which is 46.4% owned by Groupe ADP – fall by -70% year-on-year in 2020.
In the overall results, TAV reported a -60% drop in revenue to €301.4 million (US$362.95 million) with EBITDA falling -92% to €22.6 million (US$27.21 million).
Reflecting on the results, TAV Airports Holding Executive Board Member & CEO Sani Şener said: “2020 was one of the most challenging years that the world has witnessed in the near history. It was particularly difficult in different ways for each and every one of us but it also gave most of us an opportunity to spend more time with our families.”
He added: “As TAV, we did our best to stand by our employees to support them and ease their concerns. As we navigate our great brand through this pandemic, we can count on our strong balance sheet and the dedication of our employees and our shareholders. I would like to extend my gratitude for their relentless service and assistance.”
