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Total Revenue
(2013F)
3.1
Billion
671
Billion USD
Capital Providers
Export Credit Agencies
Commercial Banks
Lessors
Public Debt /Capital
Markets
Private Equity / Hedge
Funds
Tax Equity
Airframe and Engine
Manufacturers
18
2
Fleet Development
17
97
Fleet Group
97
100
A/C
New Orders
A330
20
Wide Body
B777
20
A320 CEO/NEO
117
Narrow Body
B737 NG/MAX
95
Total
252
83
%1
2008
VDE
85
%5103 %25
102
1
%25
18
1
17
67
%24
84
2007
2007
2005
100
%1
2006
127
4
18
133
%19
20
29
%5
%5
2008
%19
2009
179
45
36
%19 159
334
%19
%14
%13
155
138
124
109
202
35
%5
%13
105
2008
100
235
158
%25
2009
2008
2007
74
100
17
83
116
97
83
100
415
%13
2010
2009
2010
%76
%14
2011
2009
2010 2011
%17
2012
2013
20
2020
Cargo
Narrow Body
Wide BodyGVDE
GVDE
GEN
AJET
KARGO AJET
GENDAR
GVDE
AJET
KARGO
DAR GVDE
GEN
GVDE
Seat Capacity
2000
2005
2010
2015
2020
CAGR
12k
15k
28k
51k
80k
10 %
Total Revenue
(Million USD)
Operating Profit
700
600
9800
494
500
9749
389
8318
400
255
300
7072
215
247
200
4719
100
100
1539
1362
1961
1898
1964
-100
2000
2001
2002
2003
2004
-200
-300
11800
585
571
2318
70
2005
2834
3737
4552
5800
5448
299
3800
1800
60
2006
2007
2008
2009
2010
2011
-200
2012
-2200
-151
-216
-4200
Europe
33%
7800
Ebitdar Margin %
30
22.3
Domestic
14%
Middle
East
13%
Africa America
8%
10%
20
10
22.9
20.2
17.5
16.5
15.9
14.1
AVG (2006-2012):19%
0
2006
** 2013F :Forecasted
2007
2008
2009
2010
2011
2012
5
RPK Growth %
30%
30%
27%
25%
23%
275%
19%
20%
227%
19%
19%
15% 15%
15%
13%
27p
17%
14%
9%
10%
79%
6%
6%
6%
6%
4%
5%
5%
3%
2%
2%
0%
world
tr
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
-2%
-1%
3M
-3%
tk
Next 20 years,
World passenger traffic (RPK) growth
rate %4.7
-5%
-4%
World RPK Growth
3rd Airport in
Global Rankings
ISTANBUL
500
TK is flying to more countries than
of network size
Airline
Domestic
International
UNITED AIRLINES
229
152
381
DELTA AIRLINES
218
102
320
AMERICAN AIRLINES
169
100
269
TURKISH AIRLINES
39
190
229
Total
150 million
PASSENGERS CAPACITY (Phase2)
A candidate for
in the World
Network Development
Unsecured Bond
EETC
(2-Tranches
Blended)
Sukuk
10 years
5 10 years
9 11 years
5 7 years
%7.5 - %8
%4.5 - %5.5
%4 - %5
%4.5 - %5.5
ECA
(2nd Category)
JOLCO
Operational
Tenor
12 years
9.5 years
Cost
%3.6 - %4.3
%3.3 - %3.8
Transition: ECA Commercial, New ASU increased ECA premiums, Limited ECA credit lines
Heading Towards :
More diversified sources of financing
Paralel to the industry transition, less dependent on conventional financing methods (ECA,
EXIM), more towards commercial financing sources and capital markets (EETC, unsecured
bond)
Focus on longer term financing (up to 14 years)
Focus on managing maturity risk, debt service in line with operational cash generation
9