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Finansal Performansın Rasyo Yöntemiyle Analizi: Borsa İstanbul’da (Bist’de) İşlem Gören Havayolu Şirketleri Üzerine Bir Uygulama (The Analysis of Financial Performance with Ratio Method: An Implementation on Airline Firms Listed On Borsa Istanbul BIST)

2019; RELX Group (Netherlands); Linguagem: Turco

1556-5068

Cevdet Kızıl, Tünay Aslan,

Forecasting Techniques and Applications

Turkish Abstract: Bu calismada Borsa Istanbul’da (BIST’de) islem goren Turk Hava Yollari A.S. ve Pegasus Hava Yollari A. S.’nin finansal performansi 2013-2017 periyodu icin rasyo (oran) analizi ile incelenmistir. Havayollari sirketlerinin finansal performansinin analiz calismasi icin sirketlerin bilanco ve gelir tablolarindan faydalanilmistir. Soz konusu sirketlere ait mali tablolar, Kamuyu Aydinlatma Platformu’ndan (KAP) alinmistir. KAP’tan alinan veriler calismanin amacina uygun olarak 17 oranin hesaplanmasinda kullanilmistir. Borsa performans oranlari calismaya dahil edilmemis, uygulama calismasi Microsoft (MS) Excel bilgisayar programi (yazilimi) yardimi ile gerceklestirilmistir. Arastirma bulgularina gore, Turk Hava Yollari A. S.’nin likidite oranlari Pegasus Hava Yollari A.S.’ye gore daha dusuktur. Ayni zamanda, net calisma sermayesi ve borc odeme gucu bakimindan Pegasus Hava Yollari A. S., Turk Hava Yollari A. S.’ye gore daha basarilidir. Genel olarak, her iki firma da faaliyetlerini etkin bir sekilde yurutmektedir. Isletmelerin sahip olduklari stoklarin geri donusumu ve alacaklarin da tahsil hizi yuksek olup, yillar itibari ile istikrarli bir seyir izlemistir. Varliklarin kullanim etkinligini olcen varlik devir hizi incelendiginde, her iki sirket de genel olarak basarilidir. Turk Hava Yollari A.S.’nin borcluluk orani, Pegasus Hava Yollari A.S.’ye gore daha yuksektir. Her iki sirket de duran varlik finansmaninda agirlikli olarak uzun vadeli borclanma ve oz kaynaklar yontemini tercih etmis olup, dogru bir finansman kararinda bulunmustur. Karlilik oranlari incelendiginde, her iki sirketin de donemler itibari ile karliliklari dalgalanma gostermektedir. Her iki sirketin de karlilik oranlari birbirlerine yakin durumdadir. Firmalarin, ana faaliyetleri konusunda karli olduklari gorulmektedir. Turk Hava Yollari A.S., cari oran hususunda sorunludur. Calismaya konu olan her iki sirketin de borcluluk oranlarinin yuksek oldugu gorulmektedir. Iki sirket arasinda kiyaslama yapacak olursak, Pegasus Hava Yollari A.S.’nin, Turk Hava Yollari A.S.’ye gore finansal performansi yuksek olup, yatirim acisindan daha cazip konumdadir. English Abstract: This study investigated the financial performance of Borsa Istanbul (Istanbul Stock Exchange - BIST) listed firms named Turkish Airlines and Pegasus Airlines for the 2013-2017 period with ratio analysis. Balance sheets and income statements were used to analyze the financial performance of two airline firms. The mentioned financial statements of Turkish Airlines and Pegasus Airlines were retrieved from Public Disclosure Platform (KAP). Data gathered from Public Disclosure Platform (KAP) were utilized to calculate 17 ratios parallel to the aim of study. Stock exchange performance ratios were not included to the study and calculations were done using Microsoft (MS) Excel computer program (software). According to the findings of research, liquidity ratios of Turkish Airlines are lower than Pegasus Airlines. Also, net working capital and debt paying performance of Pegasus Airlines is better than Turkish Airlines. In general, it is determined that both firms are running their operations efficiently. Inventory turnover and receivables turnover ratios of Turkish Airlines and Pegasus Airlines are both high, having a steady trend through years. Concerning the assets turnover ratio which measures the efficiency of assets, both firms are successful in general. The debt ratio of Turkish Airlines is higher than Pegasus Airlines. Both firms are financing their fixed assets with long term liabilities and owner’s equity, which is a correct financial decision. When profitability ratios are analyzed, it is seen that profitabilities of Turkish Airlines and Pegasus Airlines fluctuate over the years. Moreover, profitabilities of both firms are close to each other. Furthermore, both companies are profitable in terms of main area of activity. Turkish Airlines experiences problems regarding the current ratio. It is also observed that, debt ratios of both firms are high. When the two airline firms are compared, it is realized that financial performance of Pegasus Airlines is higher than Turkish Airlines, making it more attractive for investment.