{"id":1592,"date":"2026-03-05T02:10:34","date_gmt":"2026-03-04T23:10:34","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1592"},"modified":"2026-03-05T02:15:14","modified_gmt":"2026-03-04T23:15:14","slug":"thyao-bilano-analizi-202512-trk-hava-yollar-ao","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1592","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 THYAO Bilan\u00e7o Analizi 2025\/12 | T\u00fcrk Hava Yollar\u0131 A.O."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/23ffkXVH0QmFL3qf3b4PKa?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>G\u00f6ky\u00fcz\u00fcndeki Trilyonlar: T\u00fcrk Hava Yollar\u0131&#8217;n\u0131n 2025 Finansal Raporundan \u015ea\u015f\u0131rt\u0131c\u0131 5 \u00c7\u0131kar\u0131m<\/h1>\n<p><b>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki THY<\/b><\/p>\n<p>Havac\u0131l\u0131k sekt\u00f6r\u00fc, do\u011fas\u0131 gere\u011fi y\u00fcksek maliyetlerin ve b\u0131\u00e7ak s\u0131rt\u0131 k\u00e2r marjlar\u0131n\u0131n h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc bir arenad\u0131r. Ancak T\u00fcrk Hava Yollar\u0131\u2019n\u0131n (THY) <b>PwC<\/b> taraf\u0131ndan denetlenen 31 Aral\u0131k 2025 tarihli ba\u011f\u0131ms\u0131z denetim raporu, bu genel ge\u00e7er kurala meydan okuyan bir tablo \u00e7iziyor. Rapor, \u015firketin y\u0131l\u0131 <b>118,2 milyar TL<\/b> gibi devasa bir net d\u00f6nem k\u00e2r\u0131 ile kapatt\u0131\u011f\u0131n\u0131 belgeliyor. Bir u\u00e7a\u011fa bindi\u011finizde hissetti\u011finiz o rutin konforun arkas\u0131nda, asl\u0131nda 2 trilyon TL e\u015fi\u011fine dayanm\u0131\u015f toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc y\u00f6neten k\u00fcresel bir finansal ekosistem bulunuyor. Bu rapor, bayrak ta\u015f\u0131y\u0131c\u0131 havayolumuzun sadece bir ula\u015f\u0131m \u015firketi de\u011fil, riskleri ve sadakat ekonomisini milimetrik hesaplarla y\u00f6neten bir strateji devi oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p><b>2. Hen\u00fcz U\u00e7ulmam\u0131\u015f Biletlerin Dev Y\u00fck\u00fc: 119,8 Milyar TL<\/b><\/p>\n<p>\u00c7o\u011fu yolcu i\u00e7in sat\u0131n al\u0131nan bilet, heyecan dolu bir seyahatin ilk ad\u0131m\u0131d\u0131r; ancak THY\u2019nin bilan\u00e7osuna bakt\u0131\u011f\u0131n\u0131zda bu rakam\u0131 &#8220;gelir&#8221; de\u011fil, bir &#8220;bor\u00e7&#8221; kaleminde g\u00f6r\u00fcrs\u00fcn\u00fcz. 2025 finansal verilerine g\u00f6re &#8220;Yolcu U\u00e7u\u015f Y\u00fck\u00fcml\u00fcl\u00fckleri&#8221; tam <b>119,8 milyar TL<\/b> (119.818 milyon TL) seviyesindedir.<\/p>\n<p>Bu durumun muhasebe mant\u0131\u011f\u0131, havac\u0131l\u0131k operasyonunun risk y\u00f6netimi a\u00e7\u0131s\u0131ndan kritiktir: Siz biletinizi kullanana kadar o para THY\u2019nin kasas\u0131nda bir &#8220;y\u00fck\u00fcml\u00fcl\u00fck&#8221; olarak bekletilir. Ba\u011f\u0131ms\u0131z denetim raporunda bu durum \u015fu kesin ifadelerle tan\u0131mlanm\u0131\u015ft\u0131r:<\/p>\n<p>&#8220;Sat\u0131lan ancak hen\u00fcz kullan\u0131lmayan (u\u00e7ulmayan) biletler ise ilgili u\u00e7u\u015f tamamlanana kadar yolcu u\u00e7u\u015f y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc olarak muhasebele\u015ftirilmektedir.&#8221;<\/p>\n<p>Dolay\u0131s\u0131yla cebinizdeki bilet, \u015firket i\u00e7in ancak siz koltu\u011funuza oturdu\u011funuzda ger\u00e7ek bir kazanca d\u00f6n\u00fc\u015fen finansal bir s\u00f6zd\u00fcr.<\/p>\n<p><b>3. Miles &amp; Smiles: Milyarlarca Liral\u0131k Bir &#8220;Sadakat&#8221; Ekonomisi<\/b><\/p>\n<p>Biriktirdi\u011fimiz miller sadece bedava bilet \u015fans\u0131 sunan puanlar de\u011fil, THY bilan\u00e7osunda <b>12,9 milyar TL<\/b> (12.972 milyon TL) de\u011ferinde y\u00f6netilmesi gereken bir &#8220;hizmet s\u00f6z\u00fc&#8221;d\u00fcr. Bu kalem, ba\u011f\u0131ms\u0131z denet\u00e7i <b>PwC<\/b> taraf\u0131ndan kilit bir denetim konusu olarak i\u015faretlenmi\u015ftir; zira bu rakam\u0131n do\u011frulu\u011fu, karma\u015f\u0131k istatistiksel modellere dayanmaktad\u0131r.<\/p>\n<p>Buradaki en can al\u0131c\u0131 kavram &#8220;Bilet Yanma Geliri&#8221; (breakage) olarak adland\u0131r\u0131l\u0131r. \u015eirket, hangi millerin veya biletlerin asla kullan\u0131lmayaca\u011f\u0131n\u0131 tahmin etmek i\u00e7in geli\u015fmi\u015f matematiksel modeller kullan\u0131r. Bu modeller sadece ge\u00e7mi\u015f verileri analiz etmekle kalmaz, ayn\u0131 zamanda gelecekteki nakit ak\u0131\u015f\u0131n\u0131 ve has\u0131lat zamanlamas\u0131n\u0131 da belirler. THY, bir bak\u0131ma milyonlarca yolcunun davran\u0131\u015flar\u0131n\u0131 finansal birer veriye d\u00f6n\u00fc\u015ft\u00fcrerek bu devasa sadakat ekonomisini ayakta tutmaktad\u0131r.<\/p>\n<p><b>4. U\u00e7aklar Sadece Birer &#8220;Varl\u0131k&#8221; De\u011fil, Birer &#8220;Lego&#8221; Gibidir<\/b><\/p>\n<p>THY\u2019nin 2025 sonu itibar\u0131yla toplam varl\u0131klar\u0131 <b>1,99 trilyon TL<\/b>\u2019ye ula\u015farak tarihi bir e\u015fi\u011fi a\u015fm\u0131\u015ft\u0131r. Bu devasa portf\u00f6y\u00fcn <b>1 trilyon TL<\/b>\u2019den fazlas\u0131n\u0131 (1.001.826 milyon TL) maddi duran varl\u0131klar ve kullan\u0131m hakk\u0131 varl\u0131klar\u0131 kapsam\u0131ndaki u\u00e7aklar olu\u015fturmaktad\u0131r. Ancak stratejik a\u00e7\u0131dan as\u0131l ilgin\u00e7 olan, THY\u2019nin bu u\u00e7aklar\u0131 tek bir par\u00e7a olarak de\u011fil, birer &#8220;lego&#8221; gibi bile\u015fenlerine ay\u0131rarak (Component Accounting) muhasebele\u015ftirmesidir.<\/p>\n<p><b>TMS 16<\/b> kapsam\u0131nda uygulanan bu y\u00f6ntem, g\u00f6vde ile motorun farkl\u0131 bak\u0131m d\u00f6ng\u00fclerini ve ekonomik \u00f6m\u00fcrlerini birbirinden ay\u0131r\u0131r. Bu ayr\u0131\u015ft\u0131rma, \u015firketin bak\u0131m takvimini optimize etmesine, daha isabetli amortisman hesaplamas\u0131na ve dolay\u0131s\u0131yla daha verimli bir nakit ak\u0131\u015f\u0131 y\u00f6netimi ile vergi planlamas\u0131 yapmas\u0131na olanak tan\u0131r.<\/p>\n<p>Raporda u\u00e7aklar\u0131n ve bile\u015fenlerinin \u00f6m\u00fcrleri \u015fu \u015fekilde planlanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>U\u00e7ak g\u00f6vde ve motorlar\u0131:<\/b> 25 y\u0131l (%10 kal\u0131nt\u0131 de\u011fer)<\/li>\n<li><b>G\u00f6vde b\u00fcy\u00fck bak\u0131m:<\/b> 6 y\u0131l<\/li>\n<li><b>Motor b\u00fcy\u00fck bak\u0131m:<\/b> 3 &#8211; 8 y\u0131l<\/li>\n<li><b>Sim\u00fclat\u00f6rler:<\/b> 25 y\u0131l (%10 kal\u0131nt\u0131 de\u011fer)<\/li>\n<\/ul>\n<p><b>5. Neden T\u00fcrk Liras\u0131 De\u011fil de ABD Dolar\u0131?<\/b><\/p>\n<p>THY bir T\u00fcrk \u015firketi olmas\u0131na ra\u011fmen, finansal d\u00fcnyas\u0131n\u0131n temel ta\u015f\u0131 ABD Dolar\u0131d\u0131r. <b>TMS 21<\/b> (Yabanc\u0131 Para Birimi Kur Fark\u0131 De\u011fi\u015fikliklerinin Etkisi) standard\u0131 gere\u011fince \u015firket, &#8220;Fonksiyonel Para Birimi&#8221; olarak dolar\u0131 belirlemi\u015ftir. \u00c7\u00fcnk\u00fc yak\u0131ttan u\u00e7ak kiralar\u0131na, uluslararas\u0131 bilet gelirlerinden yer hizmetlerine kadar havac\u0131l\u0131\u011f\u0131n &#8220;ekonomik \u00f6z\u00fc&#8221; dolara dayal\u0131d\u0131r.<\/p>\n<p>Buna kar\u015f\u0131n, grubun teknoloji ve yer hizmetleri gibi alanlardaki baz\u0131 ba\u011fl\u0131 ortakl\u0131klar\u0131 (Turkish Technology, TSS, TKPAY vb.) T\u00fcrk Liras\u0131 kullanmaya devam etmektedir. Bu durum, <b>TMS 29<\/b> (Enflasyon Muhasebesi) kurallar\u0131n\u0131n bu i\u015ftiraklere uygulanmas\u0131n\u0131 zorunlu k\u0131lm\u0131\u015ft\u0131r. 2025 raporunda, bu enflasyon d\u00fczeltmelerinden kaynaklanan <b>79 milyon TL<\/b>\u2019lik bir &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; g\u00f6r\u00fclmektedir. Bu yap\u0131, THY\u2019nin k\u00fcresel bir devin dolar bazl\u0131 ger\u00e7ekleri ile yerel operasyonlar\u0131n enflasyonist etkilerini nas\u0131l bir cerrah titizli\u011fiyle ayr\u0131\u015ft\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p><b>6. Devasa Bir Aile ve Geni\u015fleyen Ekosistem: 66 Binden Fazla \u00c7al\u0131\u015fan<\/b><\/p>\n<p>THY\u2019nin operasyonel geni\u015flemesi, insan kayna\u011f\u0131 verilerinde de net bir \u015fekilde okunuyor. 2024 y\u0131l\u0131nda 63.455 olan \u00e7al\u0131\u015fan say\u0131s\u0131, 2025 sonunda <b>66.649<\/b> ki\u015fiye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcme, THY&#8217;nin sadece bir havayolu olmaktan \u00e7\u0131k\u0131p teknoloji (Turkish Technology), finansal teknolojiler (TKPAY) ve kargo (Widect) gibi alanlarda uzmanla\u015fan bir holding yap\u0131s\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fcn i\u015faretidir.<\/p>\n<p>\u00d6zellikle %100 i\u015ftiraki olan <b>AJet<\/b>\u2019in operasyonel a\u011f\u0131rl\u0131\u011f\u0131n\u0131n artmas\u0131, THY\u2019nin d\u00fc\u015f\u00fck maliyetli ta\u015f\u0131mac\u0131l\u0131k segmentinde de agresif bir geni\u015fleme stratejisi izledi\u011fini kan\u0131tl\u0131yor. \u015eirket art\u0131k sadece u\u00e7uran de\u011fil; teknoloji \u00fcreten, \u00f6deme sistemlerini y\u00f6neten ve k\u00fcresel lojisti\u011fi domine eden devasa bir ekosistemi komuta etmektedir.<\/p>\n<p><b>7. Sonu\u00e7: Gelece\u011fe Kanat A\u00e7mak<\/b><\/p>\n<p>T\u00fcrk Hava Yollar\u0131, 2025 y\u0131l\u0131n\u0131 2 trilyon TL\u2019ye yakla\u015fan varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc ve 118 milyar TL\u2019lik net k\u00e2r\u0131 ile kapayarak finansal g\u00fcc\u00fcn\u00fc per\u00e7inlemi\u015ftir. Bu raporun sat\u0131r aralar\u0131, bize u\u00e7a\u011f\u0131n i\u00e7indeki konforun \u00e7ok \u00f6tesinde, her bir mili ve her bir bak\u0131m saatini finansal birer verimlilik enstr\u00fcman\u0131na d\u00f6n\u00fc\u015ft\u00fcren k\u00fcresel bir devin hikayesini anlat\u0131yor.<\/p>\n<p>Bir sonraki seyahatinizde bindi\u011finiz o u\u00e7a\u011f\u0131n, asl\u0131nda trilyon liral\u0131k bir yapbozun sadece k\u00fc\u00e7\u00fck bir par\u00e7as\u0131 oldu\u011funu bilmek bak\u0131\u015f a\u00e7\u0131n\u0131z\u0131 de\u011fi\u015ftirir mi?<\/p>\n<p>&nbsp;<\/p>\n<h1>T\u00fcrk Hava Yollar\u0131 A.O. 2025 Y\u0131l\u0131 Konsolide Finansal Raporu Bilgilendirme Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, T\u00fcrk Hava Yollar\u0131 Anonim Ortakl\u0131\u011f\u0131 ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir. PwC (Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal durumu ve performans\u0131na ili\u015fkin &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirilmi\u015ftir.<\/p>\n<p>2025 y\u0131l\u0131, Grubun has\u0131lat\u0131nda ve net d\u00f6nem k\u00e2r\u0131nda s\u00fcrd\u00fcr\u00fclebilir bir b\u00fcy\u00fcme sergiledi\u011fi, toplam varl\u0131klar\u0131n\u0131n yakla\u015f\u0131k 2 trilyon TL seviyesine ula\u015ft\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. \u015eirketin fonksiyonel para birimi ABD Dolar\u0131 olmas\u0131na ra\u011fmen, raporlama T\u00fcrk Liras\u0131 (TL) cinsinden yap\u0131lm\u0131\u015f ve TL fonksiyonel para birimine sahip ba\u011fl\u0131 ortakl\u0131klar i\u00e7in y\u00fcksek enflasyon muhasebesi (TMS 29) uygulanm\u0131\u015ft\u0131r.<\/p>\n<h2>1. Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, Grubun 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal durumunu T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak, t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011funu beyan etmi\u015ftir. Denetim s\u00fcrecinde \u00f6zellikle \u00fc\u00e7 ana konu &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131mlanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Has\u0131lat ve Yolcu U\u00e7u\u015f Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> 2025 y\u0131l\u0131 toplam yolcu gelirleri 785.123 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. Hen\u00fcz ger\u00e7ekle\u015fmemi\u015f u\u00e7u\u015flara ait bilet sat\u0131\u015flar\u0131ndan do\u011fan yolcu u\u00e7u\u015f y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc ise 119.818 milyon TL&#8217;dir. Bu alandaki karma\u015f\u0131k BT sistemleri ve &#8220;bilet yanma gelirleri&#8221;ne ili\u015fkin y\u00f6netim tahminleri denetimde odak noktas\u0131 olmu\u015ftur.<\/li>\n<li><b>S\u0131k U\u00e7u\u015f Program\u0131 (Miles &amp; Smiles):<\/b> Grup b\u00fcnyesindeki mil y\u00fck\u00fcml\u00fcl\u00fckleri 31 Aral\u0131k 2025 itibar\u0131yla 12.972 milyon TL tutar\u0131ndad\u0131r. Millerin kullan\u0131m oranlar\u0131 ve de\u011ferleme hesaplamalar\u0131 \u00f6nemli y\u00f6netim tahminleri i\u00e7ermektedir.<\/li>\n<li><b>U\u00e7aklar\u0131n Bile\u015fenlerine Ayr\u0131lmas\u0131:<\/b> Maddi duran varl\u0131klar ve kullan\u0131m hakk\u0131 varl\u0131klar\u0131 olarak muhasebele\u015ftirilen u\u00e7aklar\u0131n toplam kay\u0131tl\u0131 de\u011feri 1.001.826 milyon TL&#8217;dir. U\u00e7aklar\u0131n g\u00f6vde, motor ve bak\u0131m bile\u015fenlerine ayr\u0131larak farkl\u0131 faydal\u0131 \u00f6m\u00fcrlerle itfa edilmesi, \u00f6nemli y\u00f6netim muhakemesi gerektiren bir alan olarak vurgulanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi<\/h2>\n<p>Grubun 2025 y\u0131l\u0131ndaki finansal b\u00fcy\u00fcmesi, hem has\u0131lat hem de k\u00e2rl\u0131l\u0131k kalemlerinde belirgin bir art\u0131\u015fla sonu\u00e7lanm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Gelir ve K\u00e2r Tablosu \u00d6zeti (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>955.472<\/td>\n<td>745.430<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>155.560<\/td>\n<td>142.908<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>90.129<\/td>\n<td>80.393<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td>118.208<\/td>\n<td>113.378<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kapsaml\u0131 Gelir<\/b><\/td>\n<td>240.974<\/td>\n<td>222.828<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kar (Kr)<\/b><\/td>\n<td>85,60<\/td>\n<td>82,15<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Finansal Durum \u00d6zeti (Milyon TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>1.996.745<\/td>\n<td>1.399.606<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>436.412<\/td>\n<td>341.910<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>1.560.333<\/td>\n<td>1.057.696<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>442.076<\/td>\n<td>339.533<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>643.413<\/td>\n<td>380.061<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>911.256<\/td>\n<td>680.012<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>3. Operasyonel Yap\u0131 ve Personel<\/h2>\n<p>T\u00fcrk Hava Yollar\u0131, T\u00fcrkiye Varl\u0131k Fonu&#8217;nun %49,12 kontrol hissesine sahip oldu\u011fu bir yap\u0131dad\u0131r. Grubun operasyonel kapasitesi \u00e7al\u0131\u015fan say\u0131s\u0131ndaki art\u0131\u015fla desteklenmi\u015ftir:<\/p>\n<ul>\n<li><b>Toplam Personel Say\u0131s\u0131:<\/b> 66.649 (2024 y\u0131l\u0131nda 63.455).<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> Grup, havac\u0131l\u0131k ekosisteminin farkl\u0131 alanlar\u0131nda faaliyet g\u00f6steren bir\u00e7ok i\u015ftirake sahiptir. Bunlar aras\u0131nda en dikkat \u00e7ekenleri:\n<ul>\n<li><b>Turkish Technic:<\/b> %100 ortakl\u0131k (U\u00e7ak Bak\u0131m).<\/li>\n<li><b>AJet Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e.:<\/b> %100 ortakl\u0131k (Yolcu ve Kargo).<\/li>\n<li><b>Turkish Technology:<\/b> %100 ortakl\u0131k (Bili\u015fim).<\/li>\n<li><b>SunExpress (G\u00fcne\u015f Ekspres):<\/b> %50 ortakl\u0131k (\u0130\u015f Ortakl\u0131\u011f\u0131).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>4. Muhasebe Politikalar\u0131 ve Raporlama Standartlar\u0131<\/h2>\n<p>Raporlama s\u00fcrecinde uygulanan temel prensipler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Fonksiyonel Para Birimi:<\/b> \u015eirket&#8217;in faaliyetleri \u00fczerindeki ekonomik \u00f6z\u00fc yans\u0131tt\u0131\u011f\u0131 i\u00e7in ana fonksiyonel para birimi <b>ABD Dolar\u0131<\/b>d\u0131r. Ancak finansal tablolar T\u00fcrk Ticaret Kanunu uyar\u0131nca TL cinsinden sunulmu\u015ftur.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Fonksiyonel para birimi TL olan yedi ba\u011fl\u0131 ortakl\u0131k (Turkish Technology, TSS, TKPAY vb.) i\u00e7in enflasyon d\u00fczeltmesi uygulanm\u0131\u015ft\u0131r. 31 Aral\u0131k 2025 itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %211 olarak kaydedilmi\u015ftir.<\/li>\n<li><b>Maddi Duran Varl\u0131klar\u0131n \u0130tfas\u0131:<\/b> U\u00e7ak g\u00f6vde ve motorlar\u0131 i\u00e7in 25 y\u0131l faydal\u0131 \u00f6m\u00fcr ve %10 kal\u0131nt\u0131 de\u011fer \u00f6ng\u00f6r\u00fclmektedir. B\u00fcy\u00fck bak\u0131mlar (g\u00f6vde i\u00e7in 6 y\u0131l, motor i\u00e7in 3-8 y\u0131l) ayr\u0131 bile\u015fenler olarak amortismana tabi tutulmaktad\u0131r.<\/li>\n<li><b>Kiralama \u0130\u015flemleri (TFRS 16):<\/b> Grup, kiralama niteli\u011fi ta\u015f\u0131yan s\u00f6zle\u015fmeler i\u00e7in kullan\u0131m hakk\u0131 varl\u0131\u011f\u0131 ve kira y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc muhasebele\u015ftirmektedir. 2025 y\u0131l\u0131 itibar\u0131yla kullan\u0131m hakk\u0131 varl\u0131klar\u0131n\u0131n toplam de\u011feri 847.758 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>5. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>2025 y\u0131l\u0131 boyunca Grubun nakit y\u00f6netimi \u015fu \u015fekilde ger\u00e7ekle\u015fmi\u015ftir:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Sa\u011flanan Nakit:<\/b> 185.813 milyon TL (2024: 156.474 milyon TL).<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinde Kullan\u0131lan Net Nakit:<\/b> 144.669 milyon TL tutar\u0131nda \u00e7\u0131k\u0131\u015f ger\u00e7ekle\u015fmi\u015ftir. Bu kalemdeki en b\u00fcy\u00fck pay 80.117 milyon TL ile maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131d\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Kredi geri \u00f6demeleri ve kira s\u00f6zle\u015fmesi \u00f6demeleri (82.311 milyon TL) \u00f6nemli nakit \u00e7\u0131k\u0131\u015f kalemlerini olu\u015ftururken, kredilerden 183.574 milyon TL nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nem Sonu Nakit Mevcudu:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla 83.183 milyon TL&#8217;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1592\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>G\u00f6ky\u00fcz\u00fcndeki Trilyonlar: T\u00fcrk Hava Yollar\u0131&#8217;n\u0131n 2025 Finansal Raporundan \u015ea\u015f\u0131rt\u0131c\u0131 5 \u00c7\u0131kar\u0131m 1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki THY Havac\u0131l\u0131k sekt\u00f6r\u00fc, do\u011fas\u0131 gere\u011fi y\u00fcksek maliyetlerin ve b\u0131\u00e7ak s\u0131rt\u0131 k\u00e2r marjlar\u0131n\u0131n h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc bir arenad\u0131r. Ancak T\u00fcrk Hava Yollar\u0131\u2019n\u0131n (THY) PwC taraf\u0131ndan denetlenen 31&#8230; <\/p>\n","protected":false},"author":10,"featured_media":1295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[28],"class_list":["post-1592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-thyao"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1592"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1592\/revisions"}],"predecessor-version":[{"id":1594,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1592\/revisions\/1594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1295"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}