2Q20 RESULTS SUMMARY Key Financial Data 2Q'19 2Q'20 Change 1H'19 - - PowerPoint PPT Presentation
2Q20 RESULTS SUMMARY Key Financial Data 2Q'19 2Q'20 Change 1H'19 1H'20 Change (USD mn) 3.181 901 -71,7% Revenue 5.949 3.434 -42,3% 2.696 115 -95,7% Passenger Revenue 4.971 2.107 -57,6% 393 747 90,1% Cargo Revenue 799
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2Q'19 2Q'20 Change
(USD mn)
1H'19 1H'20 Change
3.181 901
Revenue 5.949 3.434
2.696 115
Passenger Revenue 4.971 2.107
393 747 90,1% Cargo Revenue 799 1.213 51,8% 10
Net Income Margin
561 308
EBITDAR 919 560
17,6% 34,2% 16,6 pt EBITDAR Margin 15,5% 16,3% 0,8 pt
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Total Revenue (-72%)
2Q'19 2Q'20
Other (-58%)
Cargo (90%)
Passenger (-96%) (mn USD)
Currency Volume Pax RASK (Ex-Currency, Ex- L/F) Load Factor Cargo and Other Revenue (Ex-Currency)
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Total Revenue (-42%)
1H'19 1H'20
Other (-36%)
Cargo (52%)
Passenger (-58%) (mn USD)
Currency Volume Pax RASK (Ex-Currency, Ex-L/F) Load Factor Cargo and Other Revenue (Ex-Currency)
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5,85 5,80 6,20 5,60 5,21 5,37
2Q'19 2Q'20 2Q'20 ex-currency 1H'19 1H'20 1H'20 ex-currency
Revenue Yield (R/Y) Total Passenger Revenue / RPK Passenger RASK: Total Passenger Revenue / ASK RASK: Total Passenger and Cargo Revenue / ASK* *ASK value is adjusted for cargo operations adding Cargo Available Ton Km.
RAS RASK (U (USc) Sc) Rev Revenue Yie Yield (R/ (R/Y) ) (U (Usc) sc)
6,0% 19,7% 33,1%
Pas asse senger RAS RASK (U (USc) Sc)
%27,9 4,5%
%1,8
5,95 7,67 7,91 5,76 5,86 6,01
2Q'19 2Q'20 2Q'20 ex-currency 1H'19 1H'20 1H'20 ex-currency
7,29 8,72 9,32 6,99 6,91 7,12
2Q'19 2Q'20 2Q'20 ex-currency 1H'19 1H'20 1H'20 ex-currency
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Dom Domestic Am America Mid iddle Eas East Afr Africa Eur Europe Asia Asia / Far Far Eas East
Revenue Yield (R/Y) Total Passenger Revenue / RPK Passenger RASK: Total Passenger Revenue / ASK RASK: Total Passenger and Cargo Revenue / ASK* *ASK value is adjusted for cargo operations adding Cargo Available Ton Km.
25,3% 19,9% 65,3% 65,8%
ASK RASK Passenger RASK R/Y R/Y ex- currency
31,2%
33,3% 35,5%
ASK RASK Passenger RASK R/Y R/Y ex- currency
49,6% 45,0% 173,0% 175,9%
ASK RASK Passenger RASK R/Y R/Y ex- currency
23,2% 40,1% 71,9% 78,2%
ASK RASK Passenger RASK R/Y R/Y ex- currency
13,5%
ASK RASK Passenger RASK R/Y R/Y ex- currency
12,2% 56,7% 61,5% 62,2%
ASK RASK Passenger RASK R/Y R/Y ex- currency
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Dom Domestic Am America Mid iddle Eas East Afr Africa Eur Europe Asia Asia / Far Far Eas East
Revenue Yield (R/Y) Total Passenger Revenue / RPK Passenger RASK: Total Passenger Revenue / ASK RASK: Total Passenger and Cargo Revenue / ASK* *ASK value is adjusted for cargo operations adding Cargo Available Ton Km.
2,2%
1,6% 2,7%
ASK RASK Passenger RASK R/Y R/Y ex- currency
1,5%
4,3% 6,6%
ASK RASK Passenger RASK R/Y R/Y ex- currency
8,5%
ASK RASK Passenger RASK R/Y R/Y ex- currency
0,3%
0,8%
ASK RASK Passenger RASK R/Y R/Y ex- currency
1,9% 14,5%
ASK RASK Passenger RASK R/Y R/Y ex- currency
ASK RASK Passenger RASK R/Y R/Y ex- currency
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*Includes other operating income, other operating expense and FX gains/losses from operational activities.
Profit from Main Operations
(mn USD)
2Q'19 2Q'20
Load Factor Utilization Currency Fuel Ex-Fuel Unit Cost (Ex-Currency, Ex- Utilization, Ex-L/F) RASK (Ex-Currency, Ex- L/F) Other* Revenue Effect : -16 mn USD Cost Effect : +44 mn USD
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*Includes other operating income, other operating expense and FX gains/losses from operational activities.
Profit from Main Operations
(mn USD)
1H'19 1H'20
Load Factor Utilization Currency Fuel Ex-Fuel Unit Cost (Ex-Currency, Ex-Utilization, Ex-L/F) RASK (Ex-Currency, Ex- L/F) Other* Revenue Effect : -74 mn USD Cost Effect : +172 mn USD
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1Includes General Administration and Other Cost of Sales.
ASK Growth: -54,5% ASK Growth: -95,7% 2Q'19 2Q'20 Change
(mn USD)
1H'19 1H'20 Change
981 196
Fuel 1.836 985
524 127
Personnel 1.041 617
461 449
Aircraft Ownership 895 928 3,7% 303 65
Airports & Air Navigation 548 317
265 50
Sales & Marketing 575 264
202 55
Ground Handling 391 239
157 23
Passenger Services & Catering 298 144
192 93
Maintenance 384 310
86 75
Other1 174 162
3.171 1.133
TOTAL 6.142 3.966
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Volume
2Q’19
Price Hedging
2Q’20
(mn USD)
Hedging* Volume Price
1H’19 1H’20
Fuel Expense (-80%) Fuel Expense (-46,4%)
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Ex-Fuel CASK: 897,4% Ex-Fuel CASK: 52,1%
*ASK value is adjusted for cargo operations adding Available Cargo Ton Km. Note: ASK value is adjusted to indicate effect of cargo because cargo expenses has reasonable share in our total expenses.
Ex-Fuel CASK (incl. ATK)*: -59,7% Ex-Fuel CASK (incl. ATK)*: -26,2% 2Q'19 2Q'20 Change
(USc)
1H'19 1H'20 Change
2,13 9,91 365,8% Fuel 2,07 2,44 17,9% 1,14 6,42 465,0% Personnel 1,17 1,53 30,2% 1,00 22,70 2170,5% Aircraft Ownership 1,01 2,30 127,8% 0,66 3,29 400,1% Airports & Air Navigation 0,62 0,78 27,1% 0,57 2,53 339,9% Sales & Marketing 0,65 0,65 0,9% 0,44 2,78 534,7% Ground Handling 0,44 0,59 34,3% 0,34 1,16 241,5% Passenger Services & Catering 0,34 0,36 6,2% 0,42 4,70 1029,2% Maintenance 0,43 0,77 77,4% 0,19 3,79 1933,0% Other 0,20 0,40 104,6% 6,88 57,28 732,9% TOTAL 6,92 9,82 41,9%
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2Q'19 2Q'20 Change 1H'19 1H'20 Change
718 599
Fuel Price (Usd/ton) 698 669
3,29 3,63 10,6% Fuel Consumption (lt) per 100 ASK2 3,28 3,24
1.242 7.286 486,6% Aircraft Ownership Cost per BH 1.251 2.527 102,0% 517 1509 191,7% Maintenance Cost per BH 537 844 57,3% 1.652 5.939 259,5% Handling Cost per Landing 1.663 2.291 37,7% 1.335 1.336 0,1% Airports & Air Navigation Cost per km Flown 1.251 1.308 4,5% 8,54 20,00 134,1% Passenger Services & Catering Cost per Pax 8,49 9,86 16,1% 8,3% 5,5%
Sales & Marketing Cost / Total Revenue 9,7% 7,7%
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Notes:
1 Adjusted for A/C heavy maintenance 2 Adjusted for A/C rent and heavy maintenance portion (Aprox. 55%)
2Q'19 2Q'20 Change EBITDAR (mn USD) 1H'19 1H'20 Change
3.181 901
Sales Revenue 5.949 3.434
2.753 1.000
Cost of Sales (-) 5.257 3.474
428
692
45
General Administrative Expenses (-) 145 116
345 88
Marketing and Sales Expenses (-) 740 376
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78 73,3% Other Operating Income 100 118 18,0% 40
42 28
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The Equity Method 8
39 25,8% Income From Government Incentives 44 75 70,5% 69
402 6,9% Depreciation 736 813 10,5% 445 249
EBITDA 653 355
74 37
Adjusted Operating Lease Expenses1 189 148
42 22
Adjusted Short term Lease Expenses (Wet-lease)2 77 57
561 308
EBITDAR 919 560
17,6% 34,2% 16,56 EBITDAR MARGIN 15,5% 16,3% 0,85
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Source: General Directorate of State Airports Authority (DHMI) – July 2020 (*)Adjusted for double count on Domestic Pax
Annual RPK Growth (%)
2,3% 3,7%
Turkish Market Growth (mn passengers)
Source: IATA ’13-’22F CAGR
38,1 42,7 48,5 51,2 54,8 56,5 50,0 24,4 40,8 46,6 73,3 80,3 84,0 71,2 83,5 97,6 108,4 28,8 79,3 101,4
2013 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F Domestic (*) International
6,3% 5,3% 5,2% 5,7% 7,3% 7,4% 8,0% 6,5% 4,2% 22,9% 26,7% 23,2% 16,2% 11,6% 6,3% 7,9% 8,9% 2,7%
2011 2012 2013 2014 2015 2016 2017 2018 2019 World RPK Growth THY RPK Growth
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1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 10.000 11.000 12.000 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260 270 280 290 300 310 320 330 Weekly Flights Destinations 2018 –332
75m pax
Note: Diameters of the bubbles are proportional to the number of passengers carried.
2019 - 350 Aircraft 74m pax
2005-83 2006-103 2007-101 2008-127
2009-132 2010-153
2011-180 2012-202 2013-233 2014-261 2015 –299
2016 – 334 Aircraft 2017 - 329 Aircraft 69m pax 14m pax 17m pax 20m pax 23m pax 25m pax 29m pax 33m pax 48m pax 39m pax 55m pax
61m pax
63m pax 4x growth in fleet, 5x growth in pax, 3x growth in # destinations since 2005
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*As of 30.06.2020
EUROPE AFRICA MIDDLE EAST FAR EAST 43 COUNTRIES, 116 CITIES 39 COUNTRIES, 60 CITIES 13 COUNTRIES, 35 CITIES 22 COUNTRIES, 39 CITIES
Germany Russia Belgium Moldova Egypt
Saudi Arabia UAE China Bangladesh Munich Moscow Brussels Chisinau Cairo Kinshasa Jeddah Dubai Beijing Dhaka Frankfurt Sochi Bulgaria Poland Alexandria Gabon Madinah Abu Dhabi Guangzhou Indonesia Berlin
Sofia Warsaw Hurghada Libreville Riyadh Sharjah Shanghai Jakarta Stuttgart Kazan Varna Belarus Sharmel-Sheikh Mali Dammam Lebanon Taipei Denpasar Düsseldorf Rostov Romania Minsk Luxor Bamako Yanbu Beirut Hong Kong Maldives Cologne Ekaterinburg Bucharest Slovakia Algeria Burkina Faso El Qassim Jordan Xi'an Male Hamburg Ufa Cluj Kosice Algiers Ougadougou Taif Amman Pakistan Singapore Hanover Astrakhan Constanta Oran Cote D'Ivore Iran Akabe Karachi Singapore Nuremberg Novosibirsk Hungary Constantine Abidjan Tehran Qatar Islamabad Sri Lanka Bremen Stravropol Budapest
Future Routes
Tlemcen Chad Mashad Doha Lahore Colombo Friedrichshafen Voronezh Czech Rep. Batna N'Djamena Shiraz Bahrain Kyrgyzstan Uzbekistan Leipzig Samara Prague Azerbaijan South Africa Benin Tabriz Bahrain Bishkek Tashkent Münster Krasnador Croatia Lankeran Johannesburg Cotonou Isfahan Oman Osh
Samarkand
Baden-Baden Ukraine Zagreb Poland Cape Town Guinea Kermanshah Muscat Kazakhstan Philippines Italy Kiev Dubrovnik Krakow Durban Conakry Ahvaz Syria Almaty Manila Milan Odessa Portugal France Nigeria Mozambique Israel Aleppo Astana Tajikistan Rome Ivano-Frankivsk Lisbon Nantes Lagos Maputo Tel Aviv Damascus Japan Dushanbe Venice Dnepropetrovsk Porto Spain Abuja Niger Iraq Yemen Tokyo Khujand Bologna Kharkiv Bosnia La Coruna Kano Niamey Erbil Aden Osaka Nepal Naples Kherson Sarajevo Russia Port Harcourt Eritrea Baghdad Sanaa India Kathmandu Catania Zaporijya Finland Makhachkala Cameroon Asmara Basra Mumbai Mongolia Turin Lviv Helsinki Italia Douala Madagascar Sulaymaniyah New Delhi Ulaanbaatar Pisa Simferopol Rovaniemi Palermo Yaounde Antananarivo Najaf
Future Routes
Thailand Bari Donetsk Norway Kenya Mauritius Mosul Phuket Genoa Austria Oslo Mombasa Port Louis Kuwait Saudi Arabia Bangkok
Future Routes
France Vienna Albania Nairobi Seychelles Kuwait Abha Turkmenistan Paris Salzburg Tirana Tanzania Seychelles Ashgabat Kazakhstan Lyon Graz Ireland Dar Es Selaam Libya Malaysia Aktau Nice Northern Cyprus Dublin Kilimenjaro Misurata
AMERICAS
Kuala Lumpur Atyrau Marseille Lefkosa Kosovo Zanzibar Benghazi South Korea Toulouse Azerbaijan Pristina Tunisia Sebha
9 COUNTRIES, 19 CITIES
Seoul Bordeaux Ganja Macedonia Tunis Tripoli Afghanistan Strasbourg Nakhichevan Skopje Djibouti Sierra Leone USA Panama Kabul UK Netherlands Serbia Djibouti Freetown New York Panama Mazar-ı Sharif London Amsterdam Belgrade Ethiopia Comoros Los Angeles Cuba Vietnam Manchester Rotterdam Malta Addis Ababa Moroni Washington Havana Ho Chi Minh Birmingham Greece Malta Ghana Gambia Boston Venezuela Hanoi Spain Athens Slovenia Accra Banjul Chicago Caracas
DOMESTIC
Barcelona Thessaloniki Ljublijana Morocco Zambia Houston Mexico Madrid Sweden Montenegro Casablanca Lusaka Miami Mexico City
50 CITIES
Malaga Stockholm Podgorica Marrakech Congo Atlanta Cancun Valencia Gothenburg Scotland Rwanda Point-Noire San Francisco Bilbao Denmark Edinburgh Kigali Equatorial Guinea Canada
Future Routes
Switzerland Copenhagen Estonia Somalia Malabo Toronto Zurich Aalborg Tallinn Mogadishu Montreal USA Geneva Billund Latvia Sudan
Future Routes
Argentina Newark Basel Georgia Riga Khartoum Buenos Aires Canada Tbilisi Lithuania Uganda Angola Brazil Vancouver Batumi Vilnius Entebbe Luanda Sao Paulo Luxemburg Mauritania Egypt Columbia Luxembourg Nouakchott Aswan Bogota Senegal South Sudan Dakar Juba Sudan Port Sudan
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(with full passenger payload)
209 out of 271 international destinations More than 40% of world-wide international traffic Over 60 national capitals All of Europe, Middle East, Central Asia and North and East Africa
Current Wide Body destinations Future Wide Body destinations
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Europe to the World Turkish Airlines 16,509 British Airways 12,096 Lufthansa 9,720 Middle East to the World Turkish Airlines 8,136 Qatar Airways 2,304 British Airways 1,120 Africa to the World Turkish Airlines 11,685 Air France 5,328 British Airways 3,485 Far East to the World United Airlines 8,694 Turkish Airlines 8,325 Air China 5,724
17%
6%
10% Detour* Advantage
Via Istanbul
Airlines Connectivity by Number of O&D Pairs (Top Three)
From Europe To Far East To Middle East To Africa
*Detour: Increase in the flight distance compared to a non-stop flight. Forecasted by using 6,000 arrival-departure cities Source: Retrieved from OAG. As of 24.06.2019.
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Total Passengers (mn) Passenger Traffic Load Factor (L/F %) Annual Changes (%)
ANNUAL CHANGES (%) 2015 2016 2017 2018 2019
ASK 14% 11% 2% 5% 3% RPK 12% 6% 8% 9% 3% PAX 12% 3% 9% 9%
L/F (Point)
4,6 2,8
26,3 27,3 30,1 32,9 30,4 15,1 6,5 34,9 35,5 38,5 42,2 43,8 20,0 8,1 61,2 62,8 68,6 75,1 74,3 35,1 14,6 2015 2016 2017 2018 2019 1H'19 1H'20 Domestic International
THY Passenger Traffic 1H'19 vs 1H'20 Landing down by
ASK down by
RPK down by
Passenger # down by
L/F down by
79,3 77,6 74,5 79,1 81,9 81,6 80,1 75,5 81,9 83,3 82,1 84,1 85,3 86,2 85,7 80,4 78,9 76,8 73,4 78,4 81,4 81,0 79,4 74,8
2014 2015 2016 2017 2018 2019 1H'19 1H'20 Total L/F Domestic L/F International L/F
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Europe
Int’l Passenger Breakdown by Geography Int’l to Int’l Transfer Passengers (’000) Passenger Breakdown by Transfer Type
Note: Includes only scheduled passengers. Note: Int’l to int’l transfer passengers’ share in total international passengers is 57%.
Domestic Int’l Direct Int’l-Int’l Transfer Int’l-Dom Transfer Middle East Americas Africa Far East
1H’20 1H’19 1H’20 1H’19
32% 10% 15% 43% 32% 9% 15% 45% 55% 15% 14% 9% 7% 54% 13% 15% 10% 8%
15.564 18.363 20.930 21.746 23.315 24.569 11.163 4.637 2014 2015 2016 2017 2018 2019 1H'19 1H'20
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2.997 2.673 2.866 3.768 3.873 1.836 985 1.640 1.865 1.761 1.772 2.067 1.041 617 5.203 5.604 5.537 6.146 6.704 3.265 2.364
9.840 10.142 10.164 11.686 12.644 6.142 3.966 2015 2016 2017 2018 2019 1H'19 1H'20 Fuel Personnel Other
Revenues (mn USD) Expenses (mn USD)
Note: International and domestic pax revenue indicates scheduled pax revenue. Other revenue includes cargo, charter and other revenue.
7.961 7.290 8.034 9.537 9.867 4.401 1.839 1.349 1.250 1.295 1.318 1.233 550 256 1.212 1.251 1.629 2.000 2.129 998 1.338
10.522 9.792 10.958 12.855 13.229 5.949 3.434 2015 2016 2017 2018 2019 1H'19 1H'20 International Pax Domestic Pax Other
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Revenue by Point of Sale Revenue by Geography Revenue by Business Type
Domestic: International: %46 %54 Domestic: International: %49 %51
Note: Includes total passenger and cargo revenue Note: Includes only scheduled passenger revenue
Middle East Domestic Americas Africa Far East Europe
1H’20 1H’19
Charter 0.3% Other 0.8% Technic 2.5% Cargo 35.3% Passenger 61.0% Europe 30% Turkey 15% Internet / Call Center 23% Far East 9% Middle East 7% America 10% Africa 5% 26% 28% 10% 15% 10% 11%
30% 24% 7% 18% 11% 10%
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Personnel Efficiency Average Daily Flight Utilization (hrs)
# of Personnel
22.030 24.124 24.075 26.739 29.491 28.934 29.527 5.646 6.417 7.435 8.467 9.250 8.757 9.371
12 18 33 69 63 66 71
27.688 30.559 31.543 35.275 38.804 37.757 38.969 2.212 2.055 2.176 2.129 1.914 2015 2016 2017 2018 2019 1H'19 1H'20
THY THY Teknik THY Uçuş Eğitim ve H. İşl. A.Ş. Pax Per Personnel
14:59 15:06 13:53 13:04 13:45 14:15 14:11 08:42 12:12 12:09 11:14 11:11 11:38 11:59 11:31 07:38 12:46 12:51 11:55 11:42 12:16 12:40 11:48 10:23 2014 2015 2016 2017 2018 2019 1H'19 1H'20
WB Long-Haul NB Medium-Haul Total
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24,5% 16,6% 27,5% 26,0% 23,5% 15,5% 16,7% 10.522 9.792 10.958 12.855 13.229 5.949 3.434 2015 2016 2017 2018 2019 1H'19 1H'20
EBITDAR Margin Revenue (mn USD)
(mn USD) 2015 2016 2017 2018 2019 1H'19 1H'20 YoY Change Revenue (mn USD) 10.522 9.792 10.958 12.855 13.229 5.949 3.434
EBITDAR 2.580 1.628 3.017 3.349 3.107 919 560
EBITDAR Margin 24,5% 16,6% 27,5% 26,0% 23,5% 15,5% 16,3% 0,8 pt
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Fleet
30.06.2020 Type Total Owned Financial Lease Opr./Wet Lease Seat Capacity Average Fleet Age Wide Body A330-200 17 5 12 4.411 12,4 A330-300 40 29 11 11.826 6,5 B777-3ER 33 27 6 11.670 6,6 A350-900 B787-9 11 11 3.300 0,7 Total 101 5 67 29 31.207 6,9 Narrow Body B737-900ER 15 15 2.355 7,1 B737-9 MAX 1 1 169 1,3 B737-800 84 27 35 22 13.851 10,7 B737-700 1 1 124 14,4 B737-8 MAX 11 11 1.661 1,6 A321 NEO 19 11 8 3.458 0,8 A319-100 6 6 792 9,1 A320-200 15 6 6 3 2.394 12,9 A321-200 68 13 49 6 12.370 8,0 B737-800 WL 18 18 3.402 15,3 Total 238 46 134 58 40.576 8,9 Cargo A330-200F 10 1 9 6,7 B777F 8 8 1,5 Wet Lease 5 5 23,6 Total 23 1 17 5 8,6 GRAND TOTAL 362 52 218 92 71.783 8,3
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(1) Currencies that have 85% correlation with USD and EUR considered as
USD and EUR correlated respectively.
JPY 0.9% Other 1.1% USD Cor. (1) USD EUR EUR Cor. (1) TRY
Revenue by Currency(1)
EUR TRY USD Other GBP 0.5%
Expenses by Currency Hedging Currency Risk
Current Currency Hedging Matrix Hedging Policy EUR/TRY
EUR/USD
Collar
As of June 2020 Hedging Levels EUR/USD 3% EUR/TRY 1%
58,3% 26,3% 10,9% 4,0% 36,2% 25,5% 21,4% 5,2% 9,8%
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5 15 25 35 45 55 65 75 85 95 105 115 125 135 145 5 15 25 35 45 55 65 75 85 95 105 115 125 135 145
using derivative instruments.
Fuel Hedging Policy (%) Effect of Hedging on the Fuel Price
THY Price (USD per barrel) Market Price (USD per barrel)
Hedging Result
FY20: 60% FY21: 14%
60 58 55 53 50 48 45 43 40 38 35 33 30 28 25 23 20 18 15 13 10 8 5 3
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As of 30.06.2020 Total Financial Lease Liabilities: 9.4 bn USD Operating Leases: 1.9 bn USD 5 Year Maturity Profile(1) (USD mn)
Currency Breakdown of Financial Lease Liabilities
Weighted Average Interest Rate(2): 2.19%
1.212 1.360 1.262 1.111 1.117 2020 2021 2022 2023 2024 Floating 45% Fixed 55% USD 16% EUR 59% JPY 22% CHF 3%
(mn USD)
30.06.2020 Maturity Yearly Debt Service Total Debt USD 1.516 10-12 Years 264 EUR 5.594 10-12 Years 655 JPY 2.055 10-11 Years 333 CHF 238 12 Years 32 Total 9.403 1.285
(1)Principal payments. (2)Post-Hedge Interest Rate breakdown.
31
Cargo Revenue Evolution (mn USD) Cargo Tonnage Carried (‘000 Ton)
Source: IATA Economic Performance of the Airline Industry Reports
freighters besides 323 destinations with 339 passenger aircraft as of June, 30 2020.
has increased from 0.6% in 2009 to 1.7% in 2019.
decreased by 14.5%, Turkish Cargo FTK grew by 3.9% compared to previous year.
935 996 1.317 1.647 1.688 799 1.213 2015 2016 2017 2018 2019 1H'19 1H'20 720 894 1.132 1.412 1.543 717 707 2015 2016 2017 2018 2019 1H'19 1H'20
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15% more fuel efficient New-
Generation Aircraft to be delivered. (92 Airbus 75 Boeing) Related Research and Development Investments
Bio-Fuels 7 %
Decrease in natural gas consumption
2018-2019
The number of avoided plastic packages
15.229.348
You can find our Sustainability Report in the Investor Relations homepage.
Tons of Fuel Saved
2008-2019 2019
554.010
55.492
2008-2019 2019
1.744.969
174.800
Tons of CO2 Avoided
33
Assets (mn USD) 2015 2016 2017 2018 2019 30.06.2020
Cash and Equivalents 962 1.815 2.086 2.155 2.475 1.776 Trade Receivables 361 379 592 570 540 277 Pre-delivery Payment (PDP) Receivables 1.139 596 117 809 778 1.191 Other Current Assets 684 811 836 971 977 931 Total Current Assets 3.146 3.601 3.631 4.505 4.770 4.175 Net Fixed Assets 11.415 13.476 13.002 13.918 17.261 18.200
10.177 12.134 11.683 12.127 15.044 15.851 Pre-delivery Payment (PDP) Receivables 392 207 247 505 761 318 Other Non-Current Assets 1.430 1.207 1.317 1.804 1.932 2.049 Total Non-Current Assets 13.237 14.890 14.566 16.227 19.954 20.567 Total Assets 16.383 18.491 18.197 20.732 24.724 24.742
Liabilities (mn USD) 2015 2016 2017 2018 2019 30.06.2020
Lease Obligations 7.399 8.886 8.322 9.509 12.131 12.992 Passenger Flight Liabilities 1.091 785 1.000 1.002 1.032 885 Accounts Payable 671 616 855 1.022 1.130 985 Other Liabilities 2.380 3.117 2.674 3.254 3.567 3.918 Total Liabilities 11.541 13.404 12.851 14.787 17.860 18.780 Total Shareholders Equity 4.842 5.087 5.346 5.945 6.864 5.962
1.597 1.597 1.597 1.597 1.597 1.597
2.559 3.628 3.551 3.760 4.463 5.246
1.069
223 753 788
Total Liabilities & Shareholders Equity 16.383 18.491 18.197 20.732 24.724 24.742
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(mn USD)
2015 2016 2017 2018 2019 1H'19 1H'20 YoY Change
Operating Revenue 10.522 9.792 10.958 12.855 13.229 5.949 3.434
Operating Expenses (-) 9.840 10.142 10.164 11.686 12.644 6.142 3.966
2.997 2.673 2.866 1.836 1.836 985
1.640 1.865 1.761 1.041 1.041 617
924 1.148 1.066 736 736 813 10%
496 496 527 159 159 115
Net Operating Profit / Loss 682
794 1.169 585
244 145 264 165 355 100 118 18% Expense From Other Operations (-) 31 86 36 143 64 42 28
Profit / Loss From Main Operations 895
1.022 1.191 876
(Net) 101 117 177 99 89 8 91 1038% Share of Investments' Profit / Loss 80 44 102 123 82 8
532 300 56 129 139 26 46 77% Financial Expense (-) 201 229 1.078 588 310 223 274 23% Profit Before Tax 1.407
279 954 876
338 18 56 201 88
1.069
223 753 788
35
(mn USD)
1H'19 % in Total 1H'20 % in Total Change
Fuel 1.836 29,9% 985 24,8%
Personnel 1.041 16,9% 617 15,6%
Landing, Navigation & Air Traffic 548 8,9% 317 8,0%
Landing and navigation 285 4,6% 160 4,0%
Air Traffic Control 263 4,3% 157 4,0%
Sales & Marketing 575 9,4% 264 6,7%
Commissions and Incentives 258 4,2% 110 2,8%
Reservation System 144 2,3% 43 1,1%
Advertising 88 1,4% 51 1,3%
Other 85 1,4% 60 1,5%
Depreciation 736 12,0% 813 20,5% 10,5% Ground Handling 391 6,4% 239 6,0%
Aircraft Rent 159 2,6% 115 2,9%
Operational Lease 19 0,3% 12 0,3%
Wet Lease 140 2,3% 103 2,6%
Passenger Services & Catering 298 4,9% 144 3,6%
Maintenance 384 6,3% 310 7,8%
General Administration 53 0,9% 54 1,4% 1,9% Other 121 2,0% 108 2,7%
TOTAL 6.142 100% 3.966 100%
Operating Cost per ASK (USc) 6,92
Ex-fuel Operating Cost per ASK (Usc) 4,85
Fixed Costs 1.787 29,1% 1.400 35,3%
36
* THY A.O. Personnel
Turkish Airlines Group Revenue (mn USD) Number of Personnel Partnership Structure 30.06.2020
1 Turkish Airlines 3.434 29.527* %49 Turkey Wealth Fund - %51 Open to Public 2 Turkish Opet Aviation Fuels 141 501 %50 THY - %50 Opet 4 Sun Express (Turkey & Germany Consolidated) 254 4.622 %50 THY - %50 Lufthansa 3 Turkish Technic 430 9.371 % 100 THY 5 Turkish Do&Co 81 4.250 %50 THY - %50 Do&Co 6 Pratt Whitney THY Turkish Engine Center (TEC) 227 441 %51 PW - %49 THY Teknik 7 Turkish Ground Services (TGS) 82 14.391 %50 THY - %50 Havaş 8 Turkish Cabin Interior Systems (TCI) 2 191 %50 THY & THY Teknik - %50 TAI 9 Goodrich Turkish Technic Service Center 9 79 %60 Collins Aerospace - %40 THY Teknik 10 TSI Aviation Seats 15 140 %50 THY & THY Teknik - %50 Assan Hanil 11 THY Uçuş Eğitim ve Havalimanı İşletme A.Ş. 4 71 %100 THY 12 Tax Free Zone (Tax Refund)
%30 THY - %45 Maslak Oto - %25 VK Holding 13 THY Havaalanı Gayrimenkul Yatırım ve İşletme A.Ş.
14 THY Uluslararası Yatırım ve Taşımacılık A.Ş.
15 Cornea Havacılık Sistemleri San. Ve Tic. A.Ş.
%80 THY Teknik %20 Havelsan 16 Air Albania 6 71 %49 THY - %41 MDN Investment - %10 Albcontrol 17 We World Express Ltd. 1 21 %45 THY - %45 ZTO - %10 Pal Air 18 TFS Akaryakıt Hizmetleri A.Ş. 338 81 %25 THY - %25 Taya Liman – %25 Demirören Akaryakıt - %25 Zirve Holding
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Market leader in charter flights between Germany and Turkey. 50% - 50% subsidiary company of Lufthansa and Turkish Airlines.
*Based on consolidated amounts of SunExpress Turkey and Germany.
Business Model Charter + Scheduled Destinations 152 Fleet 66 Seat Capacity 11.151 # of Passengers 1.474.272 Load Factor (1H’20) 70,1% Revenues (1H’20) mn. USD
*
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Turkish Technic
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Turkish Technic Inc. is fully owned by Turkish Airlines.
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Provides maintenance, repair, overhaul (MRO) services and pooling, engineering and Part 21 services to customers worldwide, including all domestic airlines and international airlines such as Air Arabia, Citilink, SpiceJet, Ariana Afghan Airlines.
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Facilities are located at Istanbul Ataturk International Airport (4 hangar), a new world-class facility at Istanbul Sabiha Gökçen International Airport (2 hangar), Ankara Esenboga Airport (1 hangar) and Aydın Çıldır Airport.
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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
for around 40% of the world’s civilian aircraft within a 3.5 hour flying radius reach
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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.
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Turkish Technic has a tremendous MRO capacity to provide maintenance, repair and overhaul services to 30 narrow body aircraft and 10 wide body aircraft with
Turkish Cabin Interior Systems
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TCI is a joint venture of Turkish Airlines and TAI (Turkish Aerospace Industries).
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Located in Turkish Technic’s Sabiha Gökçen Airport Facility and produces Aircraft Galleys.
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The company is a certified supplier of Boeing and is in the Global Offerable List for B-737 Galleys.
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Turkish Seat Industries (TSI)
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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.
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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.
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The first aircraft equipped with the new seats is a Turkish Airlines B737-800. The seats were initially used on the B737-800s of Turkish Airlines fleet and then were installed on the Airbus single-aisle fleet of A319s, A320s and A321s.
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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.
Goodrich Turkish Technic Service Center
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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.
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The company is located in Turkish Technic’s HABOM facility.
Pratt Whitney THY Turkish Engine Center (TEC)
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Provides engine maintenance, repair and overhaul (MRO) services to customers located in Turkey, surrounding regions and worldwide.
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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 Do&Co
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Established in 2007, Turkish Do&Co
Turkey: Istanbul (Atatürk and Sabiha Gökcen), Ankara, Antalya, Izmir, Bodrum, Trabzon, Dalaman and Adana. Over 60 national and international airlines are catered from these locations.
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Turkish Do&Co has significantly improved the quality of catering service
bringing many international awards to
Turkish Ground Services
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Owned 50% - 50% by THY and Havaş Havaalanları Yer Hizmetleri A.Ş.
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Provides ground services to Turkish Airlines and other customers since the beginning
2010 and currently
Turkey: Istanbul (Ataturk and Sabiha Gokcen), Izmir, Ankara, Antalya, Adana, Bodrum, Dalaman.
Turkish OPET
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In terms of investment on jet fuel supply Turkish Airlines established a jet fuel supply company together with local oil retailer OPET on September 2009.
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Today, the Company has the largest integrated jet fuel facility in Turkey and has fuel servicing capability at all domestic airports across Turkey.
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In 2016, the Company maintained its market leader position with jet fuel sales of over 3.7 million cubic meters.
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Tel: +90 (212) 463-6363 x-13630 e-mail: ir@thy.com
* The application is accessible via Apple Store and Google Play with the searching word “Turkish Airlines”.
Tel: +90 (212) 463-6363 x-13630 e-mail: ir@thy.com