Financial statement analysis in the airline industry: A comparative study on Turkish Airlines and Royal Dutch Airlines (KLM)
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Dosyalar
Tarih
2015-06-05
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Selçuk Üniversitesi Sosyal Bilimler Enstitüsü
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Tez, "Havayolu Sektöründe Mali Tablo Analizi: Türk Hava Yolları (THY) ve Royal Dutch Havayolları (KLM) Karşılaştırması" başlığı ile incelenen firmaların finansal performansının değerlendirilmesini ve mali tablo analizlerinin uygulanmasını içermektedir. Çalışmanın amacı, firmanın finansal durumları hakkında değerlendirme yapmaktır. Bu, bir süreç içerisinde anahtar performans göstergesi olan; likidite, ödeme gücü ve karlılıkla birlikte verimliliğin analizinden oluşmaktadır. Çalışmada kullanılan bilgiler firmaların yıllık raporlarından elde edilmiştir. Finansal performans trendinin analizi için finansal tablolar en ince ayrıntısına kadar titizlikle incelenmiştir. Burada amaç; finansal oran analizi, trend analizi ve dikey analiz gibi farklı finansal analiz araçlarını ve tekniklerini uygulamaktır. Ayrıca firmalar arasında karşılaştırma yaparken, bunların geçmişleri ve gelecekteki beklentileri de sektörle karşılaştırmalı olarak analiz edilmiştir. Bilanço analizinde THY güzel bir sonuç elde ederek en fazla büyüme gösteren havayolu şirketlerinden biri olduğunu ispat etmiştir. Firmanın özellikle duran varlıkları artış gösterirken özsermayesi de artış eğilimindedir. Buna karşılık KLM'nin bilançosu çok açık bir şekilde daha kötüdür. Firmaların gelir tabloları ele alındığında ise THY'nin gelirleri analizin gerçekletirildiği dönemler içinde artış göstermiş ve ekonomik kriz ve yakıt maliyetlerindeki yükselişe rağmen kar açıklamıştır. Oran analizinde likidite ve karlılık oranlarında THY rakiplerine ve sektöre göre iyi bir durumdadır ancak firmanın verimliliği; satışların işletme sermayesine, topla varlıklara, duran varlıklara oranı ile ilgili problemleri vardır. KLM'nin verimliliği de düşüktür. Borç oranına bakıldığında ise KLM ve THY'nin sermaye yapılarında uzun vadeli borçların büyük bir yer kapladığı görülmektedir. Bu oran kendi ortaklarından daha yüksek olarak %60-80 aralığındadır. Uzun vadeli borçlar yüklü faiz ödemelerine neden olduğu için bu durum pahalı ve risklidir. THY ve KLM arasında bir karşılşatırma yapıldığında KLM daha büyük borç oranına sahip olduğu için daha risklidir.
The thesis entitled "Financial Statement Analysis in the Airline Industry: A comparative Study on Turkish Airlines (THY) and Royal Dutch Airlines (KLM) applies financial statement analysis and assesses the financial performance of the Studied companies. The objective is to evaluate the financial health of the companies. It is through the process of financial analysis that the key performance indicators, such as, liquidity, solvency, and profitability as well as the efficiency of operations of a business entity will be ascertained. The data used in the study was obtained from the annual reports of the studied companies mainly financial statements. Financial statements were thoroughly investigated to analyze the financial performance trend. The goal is achieved through implementation of different financial analyzing tools and techniques, mainly financial ratio analysis, trend analysis and vertical analysis. Furthermore, comparisons are made between companies; their past and expected future development is analyzed and compared with the industry average. From the common size analysis of balance sheet, Turkish airlines being one of the fastest growing airline companies, have demonstrated quite good result of balance sheet analysis. The company's assets were increasing especially its fixed assets and its shareholder's equity also was increasing. In contrast, KLM balance sheet was obviously worse. Having analyzed the companies' income statements, THY's revenue was increasing through the analyzed period and it was reporting a profit regardless the economic crisis and increase in fuel costs. From the ratio analysis, liquidity and profitability ratios for THY was good compared to its rival and industry average but the company had a problem in efficiency measured by sales revenue to capital employed especially total assets and fixed assets. KLM's efficiency was also low. In debt ratio, both THY and KLM indicated a great portion in long-term debt in their overall capital structure. The portion was higher than their own equity – reaching the gearing ratio values over 60 – 80%. This situation can be considered risky and expensive, since substantial long-term debt induces substantial interest payment burden. By making comparison between THY and KLM, KLM is riskier and caries high debt ratio.
The thesis entitled "Financial Statement Analysis in the Airline Industry: A comparative Study on Turkish Airlines (THY) and Royal Dutch Airlines (KLM) applies financial statement analysis and assesses the financial performance of the Studied companies. The objective is to evaluate the financial health of the companies. It is through the process of financial analysis that the key performance indicators, such as, liquidity, solvency, and profitability as well as the efficiency of operations of a business entity will be ascertained. The data used in the study was obtained from the annual reports of the studied companies mainly financial statements. Financial statements were thoroughly investigated to analyze the financial performance trend. The goal is achieved through implementation of different financial analyzing tools and techniques, mainly financial ratio analysis, trend analysis and vertical analysis. Furthermore, comparisons are made between companies; their past and expected future development is analyzed and compared with the industry average. From the common size analysis of balance sheet, Turkish airlines being one of the fastest growing airline companies, have demonstrated quite good result of balance sheet analysis. The company's assets were increasing especially its fixed assets and its shareholder's equity also was increasing. In contrast, KLM balance sheet was obviously worse. Having analyzed the companies' income statements, THY's revenue was increasing through the analyzed period and it was reporting a profit regardless the economic crisis and increase in fuel costs. From the ratio analysis, liquidity and profitability ratios for THY was good compared to its rival and industry average but the company had a problem in efficiency measured by sales revenue to capital employed especially total assets and fixed assets. KLM's efficiency was also low. In debt ratio, both THY and KLM indicated a great portion in long-term debt in their overall capital structure. The portion was higher than their own equity – reaching the gearing ratio values over 60 – 80%. This situation can be considered risky and expensive, since substantial long-term debt induces substantial interest payment burden. By making comparison between THY and KLM, KLM is riskier and caries high debt ratio.
Açıklama
Anahtar Kelimeler
Finansal performans, Financial performance, Finansal tablolar, Financial statements, Hava yolu taşımacılığı, Airline transport, Karşılaştırmalı analiz, Comparative analysis, Türk Hava Yolları, Turkish Airlines, Royal Dutch Airlines, Royal Dutch Havayolları
Kaynak
WoS Q Değeri
Scopus Q Değeri
Cilt
Sayı
Künye
Mohamed, M. H. (2015). Financial statement analysis in the airline industry: A comparative study on Turkish Airlines and Royal Dutch Airlines (KLM). Selçuk Üniversitesi, Yayımlanmış yüksek lisans tezi, Konya.
