土耳其航空公司市场前景及投资研究报告-培训课件外文版2024.5

COMPANIES

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PRODUCTSTurkishAirlinesCHAPTER

01OverviewMarketvalueofselectedairlinesworldwideasofMay2023(inbillionU.S.dollars)Marketvalueofselectedairlinesworldwide2023MarketvalueinbillionU.S.dollars1005152025DeltaSouthwest21.8117.65UnitedAirlinesHoldingsSingaporeAirlines14.713.1812.5412.1ChinaSouthernAirlinesDeutscheLufthansaAllNiponAirways10.36InternationalAirlinesAmericanAirlinesGroupTurkishAirlines9.419.058.888.72ChinaEasternAirlinesAirFrance-KLM4.123Description:DeltaAirLineswasthemostvaluableairlineintheworldasofMay2023,withamarketvalueofroughly22billionU.S.dollars.Southwestrankedsecond,with17.7billionU.S.dollarsworthofmarketvalue.ReadmoreNote(s):Worldwide;AsofMay5,2023Source(s):FactSet;ForbesLeadingairlinecompaniesin2022,basedoncustomeropinionMajorairlinecompanies2022,basedoncustomeropinionLeadingairlinecompanies012345678910EmiratesJapanAirlines(JAL)QatarAirways8.98.98.9SingaporeAirlinesGarudaIndonesiaTurkishAirlinesEtihadAirwaysSaudia8.78.78.78.78.6VirginAtlantic8.48.4AllNipponAirways4Description:Withan8.9score,Emirates,JapanAirlines,andQatarAirwaystiedforfirstplaceandwererankedasthebestcarriersbasedoncustomeropinion,inasurveyconductedbetweenJanuaryandOctober2022.Themostpunctualmegaairlinecompany,AllNipponAirways,rankedtenthwithan8.4customeropinionscore.ReadmoreNote(s):Worldwide;1stJanuaryto31stOctober2022;9,300rankingsSource(s):AirHelpEstimatedannualgrowthratesforpassengerairtrafficfrom2019to2041,byregionAirtraffic-passengergrowthratesforecast2019-2041Growthrate4%0%1%2%3%5%6%7%8%SouthAsiaSoutheastAsiaAfrica6.8%5.3%5.2%China4.9%4.4%LatinAmericaMiddleEastEurope4%3%2.6%2.6%NorthAmericaOceaniaNortheastAsiaWorld1.7%4%5Description:By2041,themostconsiderablegrowthinrevenuepassengerkilometers(RPK)wasexpectedtohappeninSouthAsiabya6.8percentincrease.Meanwhile,theglobalRPKwasforecastedtogrowbyfourpercentuntil2041.

ReadmoreNote(s):Worldwide;2022;basedonrevenuepassengerkilometers.Source(s):BoeingNumberofinternationalflightpassengersinTurkeyfrom2008to2022(in1,000s)NumberofinternationalflightpassengersinTurkey2008-2022120,000100,00080,00060,00040,00020,00002008200920102011201220132014201520162017201820192020202120226Description:ThenumberofairpassengerstravelinginternationallyfluctuatedinTurkeyfrom2008to2022.In2019,therecordnumberofpassengerswasrecordedatover108million.Duetotherestrictionsintroducedbecauseofthecoronavirus(COVID-19)pandemic,thenumberofpassengersshowedaseriousdeclinein2020.However,inthesubsequentyears,thesefiguresstartedreboundingagain.Asof2022,thepassengertrafficontheinternationallinesamountedtoapproximately103.5million.

ReadmoreNote(s):Turkey;2008to2022Source(s):DirectorateGeneralofCivilAviationTurkey;TurkStatNumberofdomesticflightpassengersinTurkeyfrom2008to2022(in1,000s)NumberofdomesticflightpassengersinTurkey2008-2022120,000100,00080,00060,00040,00020,00002008200920102011201220132014201520162017201820192020202120227Description:ThenumberofairpassengerstravelingondomesticlinesfluctuatedinTurkeyfrom2008to2021.In2018,therecordnumberofpassengerswasrecordedatalmost113million.Duetorestrictionsintroducedbecauseofthecoronavirus(COVID-19)pandemic,thenumberofpassengersshowedaseriousdeclinein2020.However,inthesubsequentyears,thisfigurereboundedagainandreached78.3millionpassengersin2022.

ReadmoreNote(s):Turkey;2008to2022Source(s):DirectorateGeneralofCivilAviationTurkey;TurkStatAmountofpublicmoneyinvestedintransportationandcommunicationsectorinTurkeyfrom2017to2022(inbillionTurkishLiras)PublicinvestmentsintransportationandcommunicationsectorinTurkey2017-20226050403049.75202242.472010028.92201825.21202023.92201720.32201920218Description:In2022,roughly49.8billionTurkishLiraswereinvestedinthetransportationandcommunicationsectorinTurkey,arounda17percentincreasecomparedtothepreviousyear.Throughouttheperiod,publicinvestmentsintheindustryincreasedgradually,despiteamoderatedecreasein2019.ReadmoreNote(s):Turkey;2017to2022Source(s):AssociationofInternationalForwardingandLogisticsServiceProviders;CBRT;PresidencyofStrategyandBudgetCHAPTER

02FinancialsTotalassetsofTurkishAirlinesfrom2015to2022(inmillionU.S.dollars)AnnualassetsofTurkishAirlines2015-202235,00030,00025,00020,00030,94415,00010,0005,000026,53725,530202024,724201920,732201818,491201618,197201716,38320152021202210Description:Overtheperiodgiven,thetotalassetsofTurkishAirlinesfollowedanincreasingtrendwithslightoscillationsuntil2017.In2022,theTurkishflagcarrierrecordedalmost31billionU.S.dollars.Thisrepresentsa17percentincreasecomparedtothepreviousyear.ReadmoreNote(s):Worldwide;2015to2022Source(s):TurkishAirlinesAnnualrevenueofTurkishAirlinesfrom2012to2022(inmillionU.S.dollars)TurkishAirlines:annualrevenue2012-202220,00018,00016,00014,00012,00010,0008,00018,42613,229201912,85520186,00011,070201410,958201710,522201510,68620219,8269,79220164,0002,00008,23420126,73420202013202211Description:Overtheperiodgiven,therevenuegeneratedbyTurkishAirlinesfollowedanincreasingtrendwithslightoscillationsuntilthecoronaviruspandemic.In2020,theTurkishflagcarrierlosthalfofitsrevenuecomparedtothepre-pandemicyear,2019.Inthefollowingyears,therevenuegeneratedreboundedagainandreached18.4billionU.S.dollars,whichexceededevenpre-pandemicrevenues.

ReadmoreNote(s):Worldwide;2012to2022Source(s):TurkishAirlinesBreakdownofTurkishAirline'srevenuefrom2015to2022,bycategory(inmillionU.S.dollars)BreakdownofTurkishAirline'srevenue2015-2022,bycategoryPassengerrevenueCargorevenueTechnicalrevenueOtherrevenue16,00014,00012,00010,0008,0006,0004,0002,00002015201620172018201920202021202212Description:In2022,TurkishAirlines'totalpassengerrevenueaccumulated14.2billionU.S.dollarsandhadthemostsignificantportionoftheairline'sannualrevenue.Inaddition,theTurkishflagcarrier'scargorevenueamountedto3.7billionU.S.dollars.Furthermore,althoughpassengerrevenuedecreasedconsiderablyduringthepandemicin2020,cargorevenueroseandwasrecordedat2.7billionU.S.dollars.

ReadmoreNote(s):Worldwide,Turkey;2015to2022Source(s):TurkishAirlinesAnnualearningsbeforeinterest,taxation,depreciation,amortization,andrentals(EBITDAR)ofTurkishAirlinesfrom2012to2022(inmillionU.S.dollars)AnnualEBITDARofTurkishAirlines2012-20226,0005,0004,0003,0005,3772,0003,74420213,34920183,10720193,01720172,58020152,08520141,00001,84920131,86620201,62820161,4832012202213Description:In2022,theearningsbeforeinterest,taxes,depreciation,amortization,andrentalsamountedtoroughly5.4billionU.S.dollars,anincreaseof44percentcomparedtothepreviousyear.Overtheperiodgiven,thecashgenerationpotentialofthecompanyfluctuatedwithanoverallincreasingtrend.Amidstthecoronaviruspandemic,theTurkishflagcarrierreportedanEBITDARofjustbelow1.9billionU.S.dollars,whichwasthethirdlowestfiguresince2012.ReadmoreNote(s):Worldwide,Turkey;2012to2022Source(s):TurkishAirlinesTotaloperatingexpensesofTurkishAirlinesfrom2015to2022(inmillionU.S.dollars)TurkishAirlines:annualexpense2015-202218,00016,00014,00012,00010,0008,00015,79212,70820196,00011,825201810,22810,22020179,87120159,41620214,0002,00007,31920202016202214Description:Overtheperiodgiven,theexpenseofTurkishAirlinesfollowedanincreasingtrendwithslightoscillationsuntilthecoronaviruspandemic.In2020,theTurkishflagcarrierdecreasedalmosthalfofitsexpensescomparedtothepre-pandemicyear2019.Inthefollowingyears,theexpensereboundedagainandreached15.7billionU.S.dollarsin2022,exceedingevenpre-pandemicexpenses.ReadmoreNote(s):Worldwide,Turkey;2015to2022Source(s):TurkishAirlinesTotaloperatingincomeofTurkishAirlinesfrom2015to2022(inmillionU.S.dollars)TurkishAirlines:annualincome2015-202220,00018,00016,00014,00012,00010,0008,00018,57113,584201913,02020186,00011,222201710,766201510,86020219,93720164,0002,00007,0642020202215Description:In2022,TurkishAirlines'totaloperatingincomerecordeditshighestforthelasteight-yearperiod,amountingto18.5billionU.S.dollars.Thiswasanincreaseofalmost80percentcomparedtothepreviousyearwhentheincomeofthecompanywas10.8billionU.S.dollars.Moreover,in2020,theTurkishflagcarrier'soperatingincomedecreasedconsiderablyduetotheeffectofthepandemic.ReadmoreNote(s):Worldwide,Turkey;2015to2022Source(s):TurkishAirlinesCHAPTER

03SegmentsNumberofcargoaircraftintheTurkishAirlinesfleetfrom2019to2022,bytypeNumberofcargoaircraftownedbyTurkishAirlines2019-2022,bytypeB777-FA330-F20181614101210101010864208886201920202021202217Description:ThetotalnumberofcargoaircraftintheTurkishAirlinesfleetincreasedfrom16to18unitsbetween2019to2020andremainedthesameafterthatyearuntil2022.Attheendofthegivenperiod,TurkishAirlinesowned10A330-Fand8B777-Fcargoplanes.ReadmoreNote(s):Turkey;2019to2022Source(s):DirectorateGeneralofCivilAviationTurkeyNumberofpassengeraircraftintheTurkishAirlinesfleetin2022,bytypeNumberofpassengeraircraftownedbyTurkishAirlines2022,bytype2019202020212022120100806040200A321B737-800A330B777-300ER

B737-MAX8B787-9B737-900ERA320A350A319B737-MAX918Description:ThetotalnumberofpassengeraircraftintheTurkishAirlinesfleettotaled363unitsin2022.ThenumberofA321planesownedbyTHYincreasedinthelastthreeyearsandamountedto108unitsattheendoftheperiodgiven.Thatyear,B737-800planeshadthesecondlargestshareamongTHY'sfleet,with79units.ReadmoreNote(s):Turkey;2022;AsofDecember31Source(s):DirectorateGeneralofCivilAviationTurkeyNumberofpassengertravellingwithTurkishAirlines(THY)from2012to2022(inmillions)NumberofpassengerscarriedbyTHY2012-202280706050403075.274.371.868.662.861.254.748.344.82010039282012201320142015201620172018201920202021202219Description:ThetotalnumberofpassengerstravelingbyTurkishAirlinesincreasedgraduallyuntil2020,whenitdecreasedsignificantlyto28millionpassengersduetonationwidelockdownsandborderclosurescausedbythecoronaviruspandemic.In2021,thenationalflagcarrierrecordedafastrecovery;passengernumbersincreasedtoapproximately45millionandcontinuedtoincreasein2022,climbingto72million.TurkishAirlineshasbeenamemberoftheStarAllianceairlinealliancesince2008.

ReadmoreNote(s):Turkey;2012to2022Source(s):TurkishAirlinesBreakdownofinternationalflightsrevenueofTurkishAirlinefrom2015to2022,byregion(inmillionU.S.dollars)TurkishAirlinesbreakdownofinternationalflightsrevenuebyregion2015-2022EuropeAsiaandFarEastMiddleEastAmericaAfrica6,0005,0004,0003,0002,0001,00002015201620172018201920202021202220Description:TurkishAirlines'revenuefromEuropeanflightsamountedto5.4billionU.S.dollars,thehighestamongallotherregionsin2022.However,in2020and2021,theTurkishflagcarrierairline'searningsfromAsiaandFarEastflightswerehigherthantheEuropeanregionflights.Furthermore,revenuefromMiddleEasternflightsincreasedconsiderablyanddoubledin2022comparedto2021.ReadmoreNote(s):Worldwide;2015to2022Source(s):TurkishAirlinesAnnualrevenuepassengerkilometers(RPKs)ofTurkishAirlinesfromFY2012toFY2022(inmillion)TurkishAirlines:yearlyrevenuepassengerkilometers2012-2022180,000160,000140,000120,000100,00080,00060,00040,00020,00002012201320142015201620172018201920202021202221Description:Overtheperiodgiven,theannualrevenuepassengerkilometersgeneratedbyTurkishAirlinesfollowedanincreasingtrendwithslightoscillationsuntilthecoronaviruspandemic.In2020,theTurkishflagcarrier'sRPKdecreaseddramaticallyto53.2billion.However,inthefollowingyears,theRPKreboundedagainandreached162.6billionin2022,whichexceededevenpre-pandemicamounts.ReadmoreNote(s):Worldwide;2012to2022Source(s):TurkishAirlinesTurkishAirlines'sannualavailableseatkilometers(ASKs)fromFY2013toFY2022(inmillion)YearlyavailableseatkilometersofTurkishAirlines2012-2022250,000200,000150,000100,00050,00002012201320142015201620172018201920202021202222Description:Overtheperiodgiven,TurkishAirlinesexperiencedaconsistentriseinannualavailableseatkilometers(ASKs)untiltheonsetofthecoronaviruspandemic.In2020,theairline'savailableseatkilometers(ASK)significantlydeclined,amountingto75billion.However,inthefollowingyears,theASKreboundedagainandreached201.7billionin2022,whichexceededevenpre-pandemicamounts.ReadmoreNote(s):Worldwide;2012to2022Source(s):TurkishAirlinesCHAPTER

04CompetitorsEurope'smostpunctualairlinesin2022,rankedbyon-timeperformancePunctualityofairlinesinEurope2022On-timeperformance0%10%20%30%40%50%95.26%86.54%84.44%81.05%60%70%80%90%100%110%Eurowings(Germany)Iberia(Spain)AirEuropa(Spain)AustrianAirlines(Austria)ITAAirways(Italy)79.59%79.12%77.36%75.07%74.75%73.06%NorwegianAirShuttle(Norway)Finnair(Finland)PegasusAirlines(Turkey)LOT(Poland)KLM-RoyalDutchAirlines(Netherlands)24Description:Eurowings,aGermanlow-costcarrier,wasthemostpunctualairlinein2022;95.26percentofitsflightswereontime,meaningtheyarrivedordepartedlessthan15minuteslaterthanscheduled.Iberia,theregionalairlineinSpain,rankedsecondwith86.54percenton-timeperformance.ReadmoreNote(s):Europe;2022Source(s):OAGEmiratesGroup'srevenuefromFY2013/2014toFY2022/2023(inbillionUnitedArabEmiratesdirhams)EmiratesGroup'srevenueFY2013/2014-FY2022/2023125115105119.8210497.9196.0594.792.992.32958575655545352587.866.2535.592013/142014/152015/162016/172017/182018/192019/202020/212021/222022/2325Description:TheEmiratesGroup'sannualrevenueforfiscalyear2022/2023wasapproximately120billionEmiratidirhams.Thatwasasharpincreasecomparedtothegroup'srevenueofnearly66billionEmiratidirhamsinthepreviousyear.

ReadmoreNote(s):Worldwide;FY2013/2014toFY2022/2023Source(s):EmiratesDeltaAirLinesInc.'soperatingrevenuefromFY2008toFY2022(inmillionU.S.dollars)DeltaAirLines-operatingrevenue2008-202260,00050,00040,00030,00020,00010,000020082009201020112012201320142015201620172018201920202021202226Description:Inthefinancialyear2022,DeltaAirLines'operatingrevenueincreasedtoroughly50.6billionU.S.dollarsfromapproximately30billionU.S.dollarsin2021.Intheperiodofconsideration,thecompany'soperatingprofitgraduallyincreaseddespitethedropsrecordedduetothecoronaviruspandemic.ReadmoreNote(s):Worldwide;FY2008toFY2022Source(s):DeltaAirLinesAnnualrevenueofPegasusAirlinesfrom2017to2022(inmillionTurkishLira)RevenueofPegasusAirlines2017-202245,00040,00035,00030,00025,00020,00015,00010,00042,73211,025201910,66420215,0005,3488,27620184,804202002017202227Description:TheannualrevenueofPegasusAirlinesincreasedsignificantlyuntil2020whentheturnoverdecreasedconsiderablytoaround4.8billionTurkishLirasduetonationwidelockdownsandborderclosurescausedbythecoronaviruspandemic.In2022,therevenuegeneratedarecordamountfortheairlines,42.73billionTurkishLiras.PegasusAirlines,alsoknownasFlypgs,isaTurkishlow-costcarrier.

ReadmoreNote(s):Turkey;2017to2022;Fromthe1stofJanuarytothe31stofDecember.Source(s):PegasusAirlinesRevenueofLufthansaAGfromFY2004toFY2022(inmillioneuros)LufthansaAG-revenue2004-202240,00035,00030,00025,00020,00015,00010,0005,00002004

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202228Description:Inthefiscalyearof2021,Lufthansa'srevenueamountedtoapproximately32.8billioneuros,almostdoublingthe2021figure.ReadmoreNote(s):Worldwide;FY2004toFY2022;fiscalyearendsDecember31Source(s):LufthansaAnnualrevenueofAirFrance-KLMbetween2010and2022(inmillioneuros)AirFrance-KLM:yearlyrevenues2010to202230,00025,00020,00015,00010,0005,0000201020112012201320142015201620172018201920202021202229Description:TheannualrevenueoftheAirFrance-KLMairlinegroupattaineditspeakduringaseven-yearfinancialperiodin2019.In2020,withtheoutbreakoftheCOVID-19coronavirusepidemic,theturnoveroftheFranco-Dutchgroupfellbyalmost60percentcomparedtopreviousyear.Revenuesroseagaintojustunder26.4billionmillioneurosin2022.Basedonsales,theFrench-DutchGroupwastheworld`sninthlargestairlinein2022.

ReadmoreNote(s):Worldwide;2010to2022Source(s):AirFrance-KLMCHAPTER

05Specialfocus:sustainabilityCarbondioxideemissionsfromcommercialaviationworldwidefrom2004to2022(inmillionmetrictons)GlobalCO₂emissionsfromcommercialaviation2004-20221,000900936905896863812775800733710694683674671667664657700600500400300200100065062763354749531Description:Followinganexpansioninthecommercialaviationindustry,theglobalcarbondioxide(CO2)emissionsfromtotalpassengerandcargoaviationincreasedsomewhatcontinuouslysince2004.By2019,theamountofCO2emittedbycommercialaviationincreasedbyone-third,reachingover900millionmetrictonsofCO2.During2020,thecoronaviruspandemicparalyzedglobalaviation;therefore,CO2emissionsdeclinedconsiderablyto495millionmetrictons.

ReadmoreNote(s):Worldwide;2004to2021;*Thisfigurewastakenfromapreviouseditionwhichwasreleasedpriortothecoronavirusoutbreakandcanbeaccessedhere.**ForecastFigurespriorto2016weretakenfrompreviousreports.2021figure[...]

ReadmoreSource(s):AirfinanceJournal(AirlineAnalyst);IATA;ICAO;Refinitiv;S&PGlobalPlattsAnnualfullflightcarbondioxide(CO₂)emissionsinEuropeanUnion(inmillionmetrictons)EuropeanUnion:fullflightCO₂emissions2005-20211601401201471101008060402006564200520192020202132Description:From2005to2019,thefullflightcarbondioxideemissionlevelintheEuropeanUnionincreasedsignificantlyfrom110to147millionmetrictons.Inthefollowingyears,CO2emissiondecreaseddramaticallyduetothecoronaviruspandemicsinceairlines'operationsweredisruptedbythemitigationpoliciessetbythegovernments.In2021,thefullflightCO2emissionlevelintheEuropeanUnionwasjust65millionmetrictons,a56percentlessthanthe2019level.ReadmoreNote(s):EU;2005to2021Source(s):EuropeanUnionEnergySafetyAgencyTotalgreenhousegas(GHG)emissionofTurkishAirlinesfrom2015to2022(inmillionmetrictonsofCO₂equivalent)TurkishAirlines:GHGemissions2015-202225201522.9810517.88201917.03201816.5920211515139.0902015201620172020202233Description:In2022,TurkishAirlines'greenhousegas(GHG)emissionswereapproximately22.98millionmetrictonsofCO₂equivalent,around40percentmorethanthepreviousyear.Inthepastsevenyears,thenationalflagcarrier'semissionsfollowedanincreasingtrendexceptduringthepandemic.AccordingtoTurkishAirlines,thecompanytacklesclimatechangeandreachesthetargetsInternationalAirTransportAssociation(IATA)setthroughfleetmodernizationandusingalternativefuels.ReadmoreNote(s):TurkeySource(s):TurkishAirlinesContributionofstrategiestoachievenetzerointheaviationindustryby2050Netzeroby2050:strategiesintheaviationindustryImprovedInfrastructure&Operations3%NewAircraftTecnologies13%CarbonOffset/Capture19%SustainableAviationFuels(SAFs)65%34Description:Toachievenetzeroby2050,theaviationindustrymustimplementaseriesofstrategies.Shiftingtotheuseofsustainableaviationfuels(SAFs)willcontributeto65percentoftheemissionsreduction.Thesecondmostsignificantstrategywillbeoffsettingandcapturingcarbon,a