Beruflich Dokumente
Kultur Dokumente
Table of Contents
1.
2.
19-38
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
19-24
25-26
27-28
29-30
31
32-33
34
36
37
38
3-15
3.
Summary Financials
31-44
4.
45-50
A. Cargo Transportation
B. Subsidiaries and Affiliates
45
46
3Q'15
3Q'16
Change
(USD mn)
9M'15
9M'16
Change
3,265
2,930
-10.3%
Revenue
8,054
7,562
-6.1%
2,969
2,625
-11.6%
Passenger Revenue
7,197
6,696
-7.0%
682
226
-66.9%
732
-260
702
257
-63.4%
894
-154
471
184
-60.9%
Net Income
877
-463
14.4%
6.3%
-8.1 pt
10.9%
-6.1%
-17.0 pt
1,184
780
-34.1%
EBITDAR
2,109
1,316
-37.6%
36.3%
26.6%
-9.6 pt
EBITDAR Margin
26.2%
17.4%
-8.8 pt
(USD mn)
2015
30.09.2016
Change
Net Debt
5,489
8,166
48.8%
Total Assets
16,383
18,598
13.5%
Volume
+411
Cargo &
Other
Revenues
Currency
+9
-37
LF
Pax RASK
(ex-currency,
ex-LF effect)
-152
-565
2,969
Passenger (-12%)
2,625
Cargo (2%)
243
53
3,265
Other (8%)
3Q15
248
57
2,930
3Q16
Volume
+1,032
7,197
Cargo &
Other
Revenues
+9
Currency
8,054
(ex-currency,
ex-LF effect)
-371
-955
-207
Passenger (-7%)
Cargo (1%)
708
149
Pax RASK
LF
Other (3%)
9M15
6,696
712
154
7,562
9M16
R/Y (Usc)
8.76
8.11
7.30
7.22
7.32
3Q'16
3Q'16
ex-currency
6.71
3Q'15
5.80
5.88
3Q'16
3Q'16
ex-currency
9M'15
5.55
5.70
9M'16
9M'16
ex-currency
3Q'15
9M'15
6.97
7.16
9M'16
9M'16
ex-currency
2Q16 Commentary
America
ASK
RASK
R/Y
Europe
R/Y excurrency
ASK
RASK
R/Y
31.9%
-13.9%
-23.2%
-22.5%
ASK
RASK
R/Y
-13.4%
-18.3%
Africa
Domestic
R/Y excurrency
ASK
RASK
R/Y
R/Y excurrency
-20.9%
-19.9%
-19.7%
12.0%
6.2%
-24.5%
ASK
RASK
R/Y
Middle East
R/Y excurrency
ASK
RASK
R/Y
R/Y excurrency
-23.6%
-23.4%
18.1%
25.2%
3.1%
-14.3%
-14.2%
-12.3%
-9.2%
-11.0%
-5.0%
-31.5%
America
ASK
RASK
R/Y
Europe
R/Y excurrency
ASK
RASK
R/Y
30.3%
-11.3%
-18.6%
-17.6%
RASK
R/Y
-10.2%
Domestic
R/Y excurrency
R/Y
R/Y excurrency
-17.5%
-15.7%
-14.3%
-17.0%
Africa
ASK
RASK
11.1%
8.3%
-19.3%
ASK
ASK
RASK
R/Y
Middle East
R/Y excurrency
ASK
RASK
R/Y
R/Y excurrency
-16.4%
-15.8%
19.3%
25.5%
5.5%
-10.1%
-9.4%
-1.2%
-6.5%
-9.7%
-9.9%
-25.5%
Ex-fuel
Unit Cost
(ex-currency
ex-utilization
ex-L/F)
Fuel
+122
Currency
Other
Utilization
LF
+59
+11
RASK
-59
-136
(ex-currency
ex-LF)
+149
Revenue Impact: -38 mn USD
-591
702
257
3Q15
3Q16
Ex-fuel
Unit Cost
Fuel
Currency
+34
(ex-currency
ex-utilization
ex-L/F)
Other
Utilization
-39
-56
-159
LF
+546
RASK
-326
(ex-currency
ex-LF)
-1.048
894
-154
9M15
10
9M16
3Q'16
Change
9M'15
9M'16
Change
813
760
-6.5%
Fuel
2,289
2,036
-11.1%
405
478
18.0%
Personnel1
1,225
1,451
18.4%
374
419
12.0%
Aircraft Ownership
1,033
1,233
19.4%
254
272
7.1%
687
740
7.7%
213
222
4.2%
649
735
13.3%
164
181
10.4%
Ground Handling
465
503
8.2%
158
160
1.3%
441
452
2.5%
132
141
6.8%
Maintenance2
339
450
32.7%
19
27
42.1%
General Administration
63
83
31.7%
51
44
-13.7%
131
139
6.1%
2,583
2,704
4.7%
TOTAL
7,322
7,822
6.8%
(mn USD)
Notes:
(1) Includes onetime net payment made to the unionized staff amounting 39 mn USD in the 1Q16. According to the CBA, wage
increase was 7% for the first half and 6% for the second half of 2016.
(2) Increase in maintenance expense slowed down in 3Q in line with the revised budged. Increases in the first half was mainly due
to shortfall in heavy maintenance provisions (53 mn USD), rescheduling regular maintenance checks to earlier dates to benefit
from lower utilization levels (31 mn USD).
11
CASK Breakdown
3Q'15
3Q'16
Change
(USc)
9M'15
9M'16
Change
1.91
1.57
-17.8%
Fuel
2.01
1.56
-22.2%
0.95
0.99
3.7%
Personnel
1.08
1.11
3.7%
0.88
0.87
-1.5%
Aircraft Ownership
0.91
0.95
4.5%
0.60
0.56
-5.9%
0.60
0.57
-5.7%
0.50
0.46
-8.4%
0.57
0.56
-0.9%
0.39
0.37
-3.0%
Ground Handling
0.41
0.39
-5.3%
0.37
0.33
-11.0%
0.39
0.35
-10.3%
0.31
0.29
-6.1%
Maintenance
0.30
0.35
16.2%
0.04
0.06
24.9%
General Administration
0.06
0.06
15.3%
0.12
0.09
-24.2%
0.12
0.11
-7.1%
6.08
5.59
-8.0%
TOTAL
6.43
6.01
-6.5%
(1) Increase in constant currecy ex-fuel CASK is mainly from 13% increase in personnel CASK
(ex-currency) and 22% increase in maintenance CASK (ex-currency).
12
(1)
Selected KPIs
3Q'15
3Q'16
Change
9M'15
9M'16
Change
687
575
-16.3%
719
567
-21.2%
3.48
3.42
-1.8%
3.49
3.45
-1.3%
1,049
1,114
6.2%
1,070
1,181
10.3%
370
375
1.3%
351
431
22.7%
1,277
1,381
8.2%
1,364
1,408
3.2%
1,077
1,070
-0.7%
1,067
1,056
-1.0%
8.79
8.78
-0.1%
9.49
9.36
-1.3%
7.2%
8.5%
1.3 pt
9.0%
11.0%
2.0 pt
13
EBITDAR Calculation
3Q'15
3Q'16
Change
9M'15
9M'16
Change
3,265
2,930
-10%
Sales Revenue
8,054
7,562
-6%
2,241
2,335
4%
6,276
6,625
6%
1,024
595
-42%
1,778
937
-47%
64
77
20%
199
242
22%
278
292
5%
847
955
13%
682
226
-67%
732
-260
33
55
67%
191
136
-29%
13
24
85%
29
30
3%
702
257
-63%
894
-154
83
70
-16%
125
111
-11%
67
49
-27%
79
47
-41%
16
21
31%
Adjustments
Share of Investments' Profit / Loss Accounted by
Using The Equity Method
Income From Government Incentives
46
64
39%
785
327
-58%
EBIT
1,019
-43
233
292
25%
Depreciation
658
848
29%
1,018
619
-39%
EBITDA
1,677
805
-52%
309
394
28%
123
116
-6%
118
127
7%
1
2
48
35
-28%
1,184
780
-34%
EBITDAR
2,109
1,316
-38%
36.3%
26.6%
-9.6 pt
EBITDAR MARGIN
26.2%
17.4%
-8.8 pt
1
2
Notes:
- For 9M16 Turkish Technics contribution to EBITDAR through consolidation is 161 mn USD, compared to 102 mn in 9M15.
- For 9M16 adjustments for heavy maintenance of operational lease expenses were 220 mn USD compared to 158 mn USD in 9M15.
14
1)
USD (in millions)
Net Operational Profit
-260
+106
30.09.2016
+68
+47
-558
+34
Interest Income
+31
Interest Expense
-140
+79
3)
4)
-593
Tax
Net Profit
-154
2)
+24
+130
-463
Important Note:
Our long term (10-12 years) borrowing needs are financed in four major currencies to match the annual debt repayments with the
operational cash generation in each of the respective currency in order to minimize FX exposures.
15
Senior Management
Bilal EK
General Manager
Experience
Education
Experience
Education
16
Finance Team
Ayegl DENL
SVP Finance
Experience
Education
Experience
Education
17
TURKISH AIRLINES
9M16 Overview
18
International
10.8%
Asia-Pacific
8.4%
M.East
95.8
73.3
59.4
29.1
83.9
80.3
82.0
38.1
32.4
42.7
3.8%
Africa
65.6
54.9
50.8
48.7
4.1%
104.5
59.8
3.7%
Latin America
2.9%
World
2.9%
CIS
2.5%
North America
2011
2012
2013
2014
2015
2016E
2017E
2018E
Europe
Africa
6.1%
23.2%
22.9%
21.3%
Asia-Pacific
2012
5.7%
2013
6.0%
2014
5.6%
2015
5.9%
Latin America
11.7%
5.3%
6.0%
M.East
16.1%
2011
1.8%
26.7%
6.3%
2.3%
7.1%
5.8%
World
4.8%
Europe
3.7%
CIS
3.7%
2016F
North America
Source: IATA
19
3.1%
Weekly Flights
11,000
10,000
9,000
63.4 mn pax
61.2 mn pax
2015299
54.7 mn pax
8,000
2014-261
48.3 mn pax
2013 - 214
39 mn pax
7,000
2016E333 aircraft
32.6 mn pax
6,000
29.1 mn
pax
5,000
22.6 mn
pax
4,000
16.9 mn
14.1 mn
pax
pax
200583
2011180
2010 -153
2009-132
2008-127
2007-101
2006-103
3,000
2,000
25.1 mn
pax
2012202
19.7 mn pax
Destinations
1,000
100
110
120
130
140
150
160
170
180
190
200
20
210
220
230
240
250
260
270
280
290
300
310
348
42
41
41
35
35
35
28
28
21
14
7
7
7
7
149
35
35
24
17
10
7
7
5
5
4
101
46
14
14
13
7
7
101
66
21
14
88
32
21
21
7
7
EUROPE
AFRICA
MIDDLE EAST
FAR EAST
31 COUNTRIES, 48 CITIES
13 COUNTRIES, 34 CITIES
22 COUNTRIES, 35 CITIES
Russia
Moscow
Sochi
St. Petersburg
Kazan
Rostov
Ekaterinburg
Ufa
Astrakhan
Novosibirsk
Stravropol
Switzerland
Zurich
Geneva
Basel
Ukraine
Kiev
Odessa
Ivano-Frankivsk
Dnepropetrovsk
Kherson
Zaporijya
Lviv
Simferopol
Donetsk
Austria
Vienna
Salzburg
Graz
Northern Cyprus
Lefkosa
Azerbaijan
Baku
Ganja
Nakhichevan
Netherlands
Amsterdam
Rotterdam
Greece
Athens
Thessaloniki
Sweden
Stockholm
Gothenburg
Denmark
Copenhagen
Aalborg
Billund
Georgia
Tbilisi
Batumi
70
31
7
7
5
4
4
3
3
3
3
67
28
25
14
55
16
11
7
7
7
4
3
54
37
10
7
51
51
47
37
7
3
45
38
7
44
30
14
42
28
14
38
28
5
5
38
28
10
Belgium
Brussels
Bulgaria
Sofia
Varna
Romania
Bucharest
Cluj
Constanta
Hungary
Budapest
Czech Rep.
Prague
Croatia
Zagreb
Dubrovnik
Portugal
Lisbon
Porto
Bosnia
Sarajevo
Finland
Helsinki
Norway
Oslo
Albania
Tirana
Ireland
Dublin
Kosovo
Pristina
Macedonia
Skopje
Serbia
Belgrade
Malta
Malta
Slovenia
Ljublijana
Montenegro
Podgorica
Scotland
Edinburgh
Estonia
Tallinn
Latvia
Riga
Lithuania
Vilnius
Luxemburg
Luxembourg
35
35
30
19
11
29
21
4
4
25
25
21
21
21
14
7
21
14
7
18
18
18
18
18
18
14
14
14
14
14
14
14
14
14
14
14
14
14
14
12
12
10
10
7
7
7
7
7
7
7
7
Moldova
Chisinau
Poland
Warsaw
Belarus
Minsk
Slovakia
Kosice
Routes Opened
Zaporijya
Ivano-Frankivsk
Dubrovnik
Kosice
Cluj
Future Routes
Azerbaijan
Lankeran
Poland
Krakow
France
Nantes
Ukraine
Kharkiv
Spain
La Coruna
Russia
Makhachkala
7
7
5
5
4
4
3
3
Egypt
Cairo
Alexandria
Hurghada
Sharmel-Sheikh
Algeria
Algiers
Oran
Constantine
Tlemcen
Batna
South Africa
Johannesburg
Cape Town
Durban
Nigeria
Lagos
Abuja
Kano
Cameroon
Douala
Yaounde
Kenya
Mombasa
Nairobi
Tanzania
Dar Es Selaam
Kilimenjaro
Tunisia
Tunis
Djibouti
Djibouti
Ethiopia
Addis Ababa
Ghana
Accra
Morocco
Casablanca
Rwanda
Kigali
Somalia
Mogadishu
Sudan
Khartoum
Uganda
Entebbe
Mauritania
Nouakchott
Senegal
Dakar
Congo
Kinshasa
35
21
7
7
35
21
7
3
2
2
21
10
7
4
18
7
7
4
14
7
7
14
7
7
14
7
7
14
14
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
5
5
Gabon
Libreville
Mali
Bamako
Burkina Faso
Ougadougou
Cote D'Ivore
Abidjan
Chad
N'Djamena
Benin
Cotonou
Mozambique
Maputo
Niger
Niamey
Eritrea
Asmara
Madagascar
Antananarivo
Mauritius
Port Louis
Libya
Misurata
Benghazi
Sebha
Tripoli
5
5
5
5
4
4
4
4
4
4
4
4
4
4
3
3
3
3
3
3
3
3
-
Saudi Arabia
Jeddah
Madinah
Riyadh
Dammam
Yanbu
El Qassim
Taif
Iran
Tehran
Mashad
Shiraz
Tabriz
Isfahan
Kermanshah
Ahvaz
Israel
Tel Aviv
Iraq
Erbil
Baghdad
Basra
Sulaymaniyah
Najaf
Mosul
Kuwait
Kuwait
123
35
25
24
21
10
5
3
73
37
7
7
7
7
4
4
63
63
62
20
14
10
11
7
48
48
UAE
Dubai
Abu Dhabi
Lebanon
Beirut
Jordan
Amman
Akabe
Qatar
Doha
Bahrain
Bahrain
Oman
Muscat
Syria
Aleppo
Damascus
Yemen
Aden
Sanaa
35
24
11
21
21
17
14
3
14
14
12
12
9
9
-
Future Routes
Saudi Arabia
Abha
Routes Opened
Maputo
Durban
Antananarivo
Port Louis
Future Routes
Angola
Luanda
Egypt
Aswan
Luxor
Guinea
Conakry
Seychelles
Seychelles
South Sudan
Juba
Tanzania
Zanzibar
* As of 30.09.2016. Numbers shown on the second columns represent weekly flight frequencies.
21
AMERICAS
6 COUNTRIES, 15 CITIES
USA
New York
Los Angeles
Washington
Boston
Chicago
Houston
Miami
Atlanta
San Francisco
Canada
Toronto
Montreal
Argentina
Buenos Aires
Brazil
Sao Paulo
84
21
11
10
7
7
7
7
7
7
9
6
3
7
7
7
7
Columbia
Bogota
Panama
Panama
3
3
3
3
China
Beijing
Guangzhou
Shanghai
Taipei
Hong Kong
Pakistan
Karachi
Islamabad
Lahore
Kyrgyzstan
Bishkek
Osh
Kazakhstan
Almaty
Astana
Japan
Tokyo
Osaka
India
Mumbai
New Delhi
Thailand
Bangkok
Turkmenistan
Ashgabat
Malaysia
Kuala Lumpur
South Korea
Seoul
Afghanistan
Kabul
Mazar- Sharif
Vietnam
Ho Chi Minh
Hanoi
34
7
7
7
7
6
28
14
7
7
20
15
5
15
10
5
14
7
7
14
7
7
14
14
14
14
14
14
11
11
10
7
3
10
5
5
Bangladesh
Dhaka
Indonesia
Jakarta
Maldives
Male
Singapore
Singapore
Sri Lanka
Colombo
Uzbekistan
Tashkent
Philippines
Manila
Tajikistan
Dushanbe
Khujand
Nepal
Kathmandu
Mongolia
Ulaanbaatar
Routes Opened
Hanoi
Future Routes
Thailand
Phuket
Indonesia
Denpasar
DOMESTIC
Routes Opened
Bogota
Panama
Atlanta
Miami
Future Routes
Cuba
Havana
Mexico
Mexico City
Venezuela
Caracas
49 CITIES
7
7
7
7
7
7
7
7
7
7
7
7
7
7
5
3
2
4
4
3
3
Wide Body
Range
LAX
ORD
YYZ
HAV
YUL
MIA IAD BOS
MEX
PTY
BOG
ATL
NRT
KIX
ICN
PEK
PVG
JFK
CCS
CAN
TPE MNL
HKG
ISTANBUL
SGN
HKT
BKK KUL
SIN
GRU
EZE
MPM
JNB
Intl Pax
Coverage
(%)
Outside Top
50 Hubs
Among Top
50 Hubs
# of Total
Intl
Airports
THY
198
44
242
78.5%
British
Airways
116
43
159
77.6%
Lufhansa
97
44
141
78.1%
Emirates
91
41
132
74.0%
Air France
84
39
123
67.1%
CGK
CPT
TNR MRU
DUR
Narrow Body
Range
Source: Passenger data from IATA, route data from OAG. Retrieved on 2 November 2015.
22
Detour* Advantage
Airlines Connectivity
by Number of O&D Pairs
(Top Three)
Europe to the World
Turkish Airlines
British Airways
Lufthansa
20,096
10,710
8,658
8,534
3,132
2,178
11,376
4,488
3,264
9,176
8,534
5,236
From
Europe
To
Far East
Via
Istanbul
10%
17%
To
Africa
6%
To
Middle East
* Detour: Increase in the flight distance compared to a non-stop flight. Forecasted by using 6,000 arrival-departure cities
Source: Retrieved from OAG on 3 May 2016.
23
4.2%
4.2%
4.1%
2.9%
2.7%
2.4%
2.3%
2.2%
2.1%
2.0%
2.0%
2.0%
1.9%
Cathay
Pacific
Air France
1.7%
9%
8%
7%
6%
5%
4%
ASK CAGR
3%
2%
1%
0%
American
Delta
United
2002
Emirates
2003
China
Southern
2004
2005
Southwest
2006
Air China
2007
Lufthansa
2008
2009
China
Eastern
2010
2011
British
Airways
2012
Qatar
Airways
2013
Turkish
Airlines
2014
2015
2016F
1.6%
0.9% 1.0%
24
26
30
42
46
57
24
37
65
2002
2003
2004
2005
2006
2007
2008
2009
2010
1.2%
78
2011
1.8%
1.3%
94
2012
114
2013
135
2014
Notes: For US carriers regional flights are excluded. Wholly owned subsidiaries are included in the calculation same as IATA reports. 2016
capacities are obtained from OAG on 11 October 2016. Lufthansa figures include Lufthansa Passenger Airline and Eurowings.
Source: 2002 ICAO, 2003-2015 IATA, 2016F OAG, company reports, ATW, AEA, sorted by 2016F ASK values.
24
1.9% 2.0%
153
2015
174
2016F
Qantas
International
9M'15
61.2
39.0
32.6
18.2
32.1
28.2
46.5
48.3
26.5
27.4
up by
4.8%
ASK
up by
14.3%
RPK
up by
8.2%
Passenger #
up by
3.9%
L/F
down by
-4.2 pt
34.9
23.1
14.5
15.9
20.1
22.7
2011
2012
2013
2014
26.3
2015
20.0
20.8
9M'15
9M'16
International L/F
83.5
83.5
81.9
79.2
76.9
9M'16
Landing
54.8
48.3
vs
77.7
79.7
79.0
78.9
79.3
77.9
78.9
77.4
77.1
78.7
78.0
2011
2012
2013
2014
2015
ASK
25%
18%
21%
16%
14%
RPK
23%
27%
23%
16%
12%
PAX
12%
20%
24%
14%
12%
L/F (pt)
-1.1
+5.1
+1.4
+0.3
-1.4
82.6
74.5
72.6
73.4
71.9
2011
2012
2013
2014
2015
9M'15
9M'16
25
9M16
Americas
6%
Africa
18,385
7%
16,014
15,564
8%
13,582
12,882
Far East
13%
13%
9,937
9M15
15%
6,876
Middle East
2011
7%
2012
2013
2014
2015
9M'15
9M'16
Europe
57%
59%
15%
9M16
29%
43% 43%
Domestic
33%
Intl-Intl
Transfer
Economy
96%
9M15
14%
14%
12%
Intl-Dom
Transfer
12%
Intl Direct
Note: Intl to intl transfer passengers share in total international passengers is 58%.
26
Business
4%
International Pax
12,000
Domestic Pax
Fuel
Other
Personnel
12,000
11,070
10,522
10,000
8,234
8,000
6,000
7,070
911
931
1,040
9,826
1,296
1,144
1,401
Other
10,429
1,349
1,278
9,840
10,000
1,212
8,054
7,562
7,616
8,000
905
6,855
907
1,055
9,249
996
6,000
1,061
4,929
7,322
5,203
4,226
3,353
3,122
8,373
4,000
7,404
6,283
1,581
4,000
7,961
6,094
5,078
2,394
2,887
2011
2012
3,442
4,335
1,225
1,451
2,289
2,036
9M'15
9M'16
1,640
1,376
2,000
2,000
3,808
1,694
1,339
5,659
7,822
3,806
2,997
0
2011
2012
2013
2014
2015
9M'15
9M'16
27
2013
2014
2015
Revenue by Geography
Charter
0.5%
Technic
1.7%
Cargo
9.4%
9M16
Other
0.4%
Africa
Americas
9%
14%
12%
13%
Middle East
29%
8%
Europe
31%
9M15
12%
Passenger
88.0%
14%
22%
22%
14%
Domestic
Far East
America
5%
Business
20%
9%
29%
Middle East
Economy
80%
Far East
Economy
80%
Domestic: %47
International: %53
10%
10%
Internet / Call
Center
18%
28
Europe
Turkey
19%
Domestic:
%47
International: %53
Personnel/ASK
Fuel/ASK
Others/ASK
10.0
8.46
7.92
7.95
7.74
8.0
6.42
6.43
6.01
6.0
4.0
3.85
3.49
3.66
3.63
3.40
3.34
3.33
2.95
3.00
2.96
2.82
2.0
1.65
1.43
1.36
1.26
2012
2013
2014
1.96
1.07
2.01
1.56
1.08
1.11
9M'15
9M'16
0.0
2011
29
2015
Operating Efficiency
Personnel Efficiency
26,993
30,635
2,212
27,688
2012
2,181
25,117
19,108
2011
2,084
23,157
17,876
1,826
2,043
2013
2014
2015
9M'15
9M'16
Number of Personnel
15:04
14:20
13:18
11:40
11:20
2011
12:11
11:47
2012
14:59
15:21
15:04
14:09
12:39
12:41
12:43
13:00
12:18
12:12
12:05
12:23
2015
9M'15
2013
WB Long-Haul
2014
NB Medium-Haul
30
12:10
11:30
Total
9M'16
EBITDAR Margin
30%
26.2%
24.5%
25%
19.5%
20%
18.8%
18.8%
17.4%
16.0%
15%
10%
5%
0%
(mn USD)
Revenue
EBIT
EBIT Margin
EBITDA
EBITDA Margin
EBITDAR
EBITDAR Margin
Net Income
Net Income Margin
2011
2012
2013
2014
2015
9M'15
9M'16
2011
2012
2013
2014
2015
9M'15
9M'16
YoY
Change
7,070
8,234
9,826
11,070
10,522
8,054
7,562
-6.1%
277
691
755
808
1,039
1,019
-43
3.9%
8.4%
7.7%
7.3%
9.9%
12.7%
-0.6%
-13.2 pt
763
1,265
1,405
1,551
1,963
1,677
805
-52.0%
10.8%
15.4%
14.3%
14.0%
18.7%
20.8%
10.6%
-10.2 pt
1,130
1,603
1,843
2,085
2,580
2,109
1,316
-37.6%
16.0%
19.5%
18.8%
18.8%
24.5%
26.2%
17.4%
-8.8 pt
11
657
357
845
1,069
877
-463
0.2%
8.0%
3.6%
7.6%
10.2%
10.9%
-6.1%
-17.0 pt
31
32
Lufthansa*
AF-KLM
14.8%
15.7%
17.4%
19.4%
United
2015 Annual
Turkish
25.1%
21.2%
20.0%
10.3%
13.3%
15.5%
IAG
American
Delta
Lufthansa*
AF-KLM
Etihad
18.7%
20.4%
United
IAG
20.5%
21.5%
24.3%
24.5%
Singapore
American
Delta
Turkish
5.5
2.7
663
820
Etihad
AF-KLM
Emirates
Singapore
IAG
American
United
Lufthansa*
Delta
3.9
1.4
1.8
Turkish
8.32
Personnel/ASK
Others/ASK
7.86
7.80
7.77
4.0
4.2
4.0
7.56
6.01
3.9
3.3
869
1,174
1,451
1,698
1,710
8.63
1,970
2,163
2,212
Fuel/ASK
1.7
Lufthansa* AF-KLM
33
2.5
2.3
2.4
1.8
1.4
1.2
1.4
1.8
1.6
United
Delta
American
IAG
Turkish
1.1
Fleet
Type
30.09.2016*
Wide
Body
Narrow
Body
Cargo
Total
Owned
Financial
Lease
Opr./Wet
Lease
5
29
15
1
A330-200
A330-300
A340-300
20
30
4
B777-3ER
32
29
Total
B737-900ER
B737-9 MAX
B737-800
B737-700
B737-8 MAX
A321 NEO
A319-100
A320-200
A321-200
B737-800 WL
B737-700 WL
Total
86
15
63
15
88
1
25
53
10
1
237
A330-200F
Wet Lease
Total
7
3
10
GRAND TOTAL
333
25
2016
2017
2018
2019
2020
2021
2022
2023
9.2
2.9
18.5
20
30
4
18
37
4
18
37
4
16
37
4
13
37
4
13
37
4
8
37
4
5
29
4
11,297
3.0
32
35
35
34
32
32
32
32
19
26,204
2,355
5.1
3.3
86
15
94
15
94
15
14,224
124
8.4
10.6
88
1
87
1
91
15
5
78
1
19
21
6
12
68
18
86
15
10
78
86
15
10
78
81
15
10
78
70
15
10
78
38
39
6
12
66
10
53
59
6
12
64
8
65
77
6
12
64
4
65
92
6
12
64
6
12
62
8
17
4
24
1,848
4,572
12,004
4,536
8.5
9.4
4.4
10.4
13
29
66
22
7
22
68
21
78
1
7
3
7
19
68
19
148
64
39,663
7.3
234
221
217
243
274
305
331
342
3.6
24.7
10.0
8
5
13
6.8
333
324
320
343
369
400
421
421
66,630
66,220
69,739
73,241
78,372
81,273
79,954
1%
-1%
5%
5%
7%
4%
-2%
29
5,074
8,672
1,161
14
29
66
24
Seat
Average
Capacity Fleet Age
3
3
218
86
65,867
**After exit-entry
34
16%
Fleet Development
2011
2012
2013
2014
2015
2016
TOTAL
A330-300
26
B777-3ER
24
Total
10
10
14
11
50
B737-900ER
30.09.2016*
Wide
Body
To Be Delivered
2016
2017
2018
Narrow
Body
10
20
7
8
13
10
47
Total
18
16
16
A330-200F
Total
GRAND
TOTAL
29
2022
2023
TOTAL
12
19
10
15
12
65
A321 NEO
A319
2021
40
B737-8 MAX
A321
2020
15
B737-9 MAX
B737-800
2019
2
3
18
18
20
18
15
92
10
35
42
35
30
15
169
6
10
18
30
108
20
20
33
42
164
Cargo
20
35
10
35
42
35
30
15
174
Assuming no hedging
140
50%
48%
46%
44%
42%
40%
38%
THY Price
(inc. all positions)
130
120
110
35%
33%
31%
29%
27%
25%
23%
21%
19%
17%
15%
13%
100
90
80
70
Hedging result
60
50
10%
8%
40
6%
4%
30
Market Price:
50 USD
20
THY Price:
51 USD
Hedging Result:
-1 USD
10
2%
0
0
36
JPY
1.1%
TRY
EUR
Cor.
Other
0.5%
Hedging Policy
15.5%
2.0%
46.4%
USD
26.0%
EUR
8.5%
USD Cor.
Sep.-Dec. 16
Hedging Levels*
Average Price
Expenses by Currency
EUR/USD
25%
1.14
GBP
0.5%
EUR/TRY
29%
3.50
Other
4.7%
EUR
12.0%
53.0%
TRY
USD
29.8%
(1)
Currencies that have 85% correlation with USD and EUR considered as USD and EUR
correlated respectively.
37
As of 30.09.2016
1,005
1,023
1,043
Fixed
75%
1,053
Floating
25%
2016
2017
2018
2019
2020
JPY
32%
USD
27%
EUR
38%
38
30.09.2016
Total FL Debt
Maturity
Yearly Debt
Service
USD
1,884
10-12 Years
312
EUR
3,896
10-12 Years
482
JPY
3,241
10-11 Years
277
CHF
305
12 Years
30
Total
9,326
1,101
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39 Turkish Airlines.
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INVESTOR RELATIONS
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40
Balance Sheet
Assets (mn USD)
2011
2012
2013
2014
2015
30.09.2016
934
1,028
647
722
962
1,584
Trade Receivables
405
434
538
456
361
494
376
267
521
990
1,139
767
426
437
419
663
684
853
2,140
2,166
2,125
2,831
3,146
3,698
5,873
7,121
8,043
9,201
11,415
13,352
5,319
6,392
7,030
8,167
10,177
12,002
217
655
993
650
392
210
455
581
741
1,064
1,430
1,338
6,545
8,357
9,777
10,915
13,237
14,900
Total Assets
8,685
10,523
11,902
13,746
16,383
18,598
2011
2012
2013
2014
2015
30.09.2016
4,189
4,862
5,413
5,931
7,399
9,580
677
936
1,201
1,398
1,091
911
Accounts Payable
461
510
680
662
671
744
Other Liabilities
976
1,183
1,346
1,805
2,380
2,722
Total Liabilities
6,303
7,491
8,640
9,796
11,541
13,957
2,382
3,032
3,262
3,950
4,842
4,641
1,498
1,498
1,597
1,597
1,597
1,597
889
903
1,350
1,714
2,559
3,628
-18
-10
-26
-47
-84
-83
11
657
357
845
1,069
-463
8,685
10,523
11,902
13,746
16,383
18,598
41
Income Statement
2011
2012
2013
2014
2015
9M'15
9M'16
YoY
Change
Operating Revenue
7,070
8,234
9,826
11,070
10,522
8,054
7,562
-6%
6,855
7,616
9,249
10,429
9,840
7,322
7,822
7%
of which Fuel
2,394
2,887
3,442
3,806
2,997
2,289
2,036
-11%
of which Personnel
1,339
1,376
1,581
1,694
1,640
1,225
1,451
18%
of which Depreciation
486
574
650
743
924
658
848
29%
of which Rent
252
243
448
543
375
375
385
3%
215
618
577
641
682
732
-260
96
95
115
80
244
191
136
-29%
237
61
41
45
31
29
30
3%
73
652
651
676
895
894
-154
271
76
72
101
54
68
26%
55
75
80
79
47
-41%
Financial Income
158
49
27
419
532
427
106
-75%
150
191
307
196
201
265
660
149%
87
785
502
1,046
1,407
1,189
-593
Tax (-)
76
128
145
201
338
312
-130
Net Profit
11
657
357
845
1,069
877
-463
(mn USD)
42
9M'15
% in Total
9M'16
% in Total
YoY Change
Fuel
2,289
31.3%
2,036
26.0%
-11.1%
Personnel
1,225
16.7%
1,451
18.6%
18.4%
687
9.4%
740
9.5%
7.7%
308
4.2%
347
4.4%
12.7%
379
5.2%
393
5.0%
3.7%
649
8.9%
735
9.4%
13.3%
267
3.6%
268
3.4%
0.4%
Reservation System
171
2.3%
184
2.4%
7.6%
Advertising
124
1.7%
182
2.3%
46.8%
Other
87
1.2%
101
1.3%
16.1%
Depreciation
658
9.0%
848
10.8%
28.9%
Ground Handling
465
6.4%
503
6.4%
8.2%
Aircraft Rent
375
5.1%
385
4.9%
2.7%
Operational Lease
151
2.1%
174
2.2%
15.2%
Wet Lease
224
3.1%
211
2.7%
-5.8%
441
6.0%
452
5.8%
2.5%
Maintenance
339
4.6%
450
5.8%
32.7%
General Administration
63
0.9%
83
1.1%
31.7%
Other
131
1.8%
139
1.8%
6.1%
7,322
100%
7,822
100%
6.8%
6.43
4.42
2,145
29.3%
6.01
4.45
2,573
32.9%
-6.5%
0.6%
20.0%
TOTAL
Operating Cost per ASK (USc)
Ex-fuel Operating Cost per ASK (Usc)
Fixed Costs
43
Financial Ratios
Net Debt / EBITDA
12.4x
10.8x
10.7x
9.9x
2012
2013
2014
6.2x
3.8x
2011
2.7x
3.0x
2.7x
2.8x
2012
2013
2014
2015
2011
4.8x
2011
(1)
(2)
2015
3.6x
3.9x
3.8x
3.8x
2012
2013
2014
2015
7.4x
8.3x
7.8x
8.3x
2012
2013
2014
2015
4.7x
2011
Adjusted for the capitalization of operating leases including 55% of wet lease (7x)
Adjusted by the portion of financial costs within operating leases (33%)
44
Cargo Operations
Cargo Tonnage Carried (000 Ton)
9M'16
636
9M'15
532
2015
720
2014
663
2013
565
471
2011
388
0
200
400
600
800
Recent Awards
935
719
708
712
578
2011
2012
2013
2014
2015
9M'15
9M'16
45
Revenue
(mn USD)
Net Profit
(mn USD)
% of Sales to
Turkish
Airlines
Number of
Personnel
Paid in
Capital
(mn USD)
Partnership Structure
Turkish Airlines
7,562
-463
24,182
1,597
1,051
29
82%
437
17
853
10
21%
3,793
35
Turkish Technic
668
77
88%
6,437
321
% 100 THY
Turkish Do&Co
276
25
78%
4,721
10
251
15
85%
299
41
210
19
93%
9,978
-1
100%
139
23
63%
34
10
-1
100%
69
11
100%
16
17
%100 THY
12
10
13
20
0.3
46
SunExpress
Turkey
Date of
Establishment
SunExpress
Germany
SunExpress
Consolidated
1989
2011
Business Model
Charter + Scheduled
Charter + Scheduled
Destinations
20 in Germany, 15 in
Turkey, 19 other
Fleet
25 B737-800 +
26 operated for THY
12 in Germany, 11 in
Turkey, 3 in Egypt, 6 in
Spain/Canary Islands
and 9 other
15 Narrow Body +
4 Wide Body
9,639
4,075
13,714
4.9 million
1.3 million
6.2 million
82.1 %
84.3 %
82.8 %
617 mn USD
256 mn USD
853 mn USD*
Seat Capacity
# of Passengers
Load Factor (9M16)
Revenues (9M16)
Charter + Scheduled
71
70
10 mn USD
* SunExpress total revenue may differ than its subsidiaries revenue sum due to consolidation.
47
The official opening of the new world-class facility was on June 2014 with an
investment of USD 550 million, doubling maintenance, repair and overhaul
capacity. Turkish Technics unique location makes it a convenient MRO provider
for around 40% of the worlds civilian aircraft within a 3.5 hour flying radius reach
of 55 countries.
On January 2015, facility has been awarded LEED (Leadership in Energy and
Environmental Design) Gold Certificate by U.S. Green Building Council for its
sustainable building design.
TCI is a joint venture of Turkish Airlines and TAI (Turkish Aerospace Industries).
Located in Turkish Technics Sabiha Gken Airport Facility and produces Aircraft
Galleys.
The company is a certified supplier of Boeing and is in the Global Offerable List for
B-737 Galleys.
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Formed in 2011, stakes of 50%, 45%, and 5% are respectively held by Assan
Hanil Group, Turkish Airlines and Turkish Technic.
The company was set up to design and manufacture airline seats and to make,
modify, market and sell spare parts to Turkish Airlines and other international
airline companies. Whole production takes place in Turkey and 2016 deliveries for
third parties completed assuring superior customer satisfaction.
The first aircraft equipped with the new seats is a Turkish Airlines B737-800. The
seats will initially be used on the B737-800s of Turkish Airlines fleet and then be
installed on the Airbus single-aisle fleet of A319s, A320s and A321s.
The company, which commenced its operations in 2014, has an annual seat
production capacity of 10 thousand. By 2024, it is planned to increase seat
production capacity to 50 thousand.
Provides repair, overhaul and modification services for Nacelle, Thrust Reverser
and its components for Turkish Airlines and other customers from Turkish
domestic and International markets.
The environmentally efficient engine overhaul facility has total usage area of
100,000 m2 located at the Sabiha Gokcen International Airport.
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Turkish OPET
Turkish Do&Co
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