{"id":33319,"date":"2025-11-03T10:00:08","date_gmt":"2025-11-03T10:00:08","guid":{"rendered":"https:\/\/kamucalisanlari.net\/?p=33319"},"modified":"2025-11-03T10:00:08","modified_gmt":"2025-11-03T10:00:08","slug":"tav-havalimanlari-ilk-ceyrekte-zarar-acikladi","status":"publish","type":"post","link":"https:\/\/kamucalisanlari.net\/index.php\/2025\/11\/03\/tav-havalimanlari-ilk-ceyrekte-zarar-acikladi\/","title":{"rendered":"TAV Havalimanlar\u0131 ilk \u00e7eyrekte zarar a\u00e7\u0131klad\u0131"},"content":{"rendered":"

SEVCAN ERS\u00d6ZL\u00dc\/BLOOMBERG HT ARA\u015eTIRMA<\/strong><\/span><\/p>\n

TAV Havalimanlar\u0131, y\u0131l\u0131n ilk 3 ay\u0131na ait finansal ve operasyonel sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. \u015eirket 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde beklentilerin \u00fczerinde 1,74 milyar TL zarar a\u00e7\u0131klad\u0131.<\/p>\n

Beklentiler \u015firketin 557 milyon TL zarar a\u00e7\u0131klamas\u0131 y\u00f6n\u00fcndeydi. \u015eirket ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde 298 milyon TL k\u00e2r a\u00e7\u0131klam\u0131\u015ft\u0131. Euro baz\u0131nda ise net zarar 45,6 milyon euro olarak 15 milyon euro seviyesindeki beklentinin alt\u0131nda kald\u0131.<\/p>\n

K\u00e2rdaki d\u00fc\u015f\u00fc\u015fe 40,1 milyon euro seviyesinde toplam gayri nakdi zarar (Antalya 1 ve Yeni Antalya\u2019da 17,4 milyon euro ertelenmi\u015f vergi gideri, 9,4 milyon euro konsolide ertelenmi\u015f vergi gideri, 14,1 milyon euro kur fark\u0131 gideri vb.) negatif etki etti.<\/p>\n

Y\u0131l\u0131n ilk \u00e7eyre\u011finde sat\u0131\u015f geliri ise beklentilerin \u00fczerinde 14,4 milyar TL oldu, beklentiler 13,9 milyar TL seviyesindeydi.<\/p>\n

Ciro, euro baz\u0131nda y\u0131ll\u0131k y\u00fczde 18 artt\u0131 <\/b><\/p>\n

Sat\u0131\u015flar 2024’\u00fcn son \u00e7eyrek d\u00f6nemine g\u00f6re y\u00fczde eksi 8,6 d\u00fc\u015f\u00fc\u015f, ge\u00e7en senenin ayn\u0131 d\u00f6nemine g\u00f6re ise y\u00fczde 34 art\u0131\u015f g\u00f6sterdi. Ciro euro baz\u0131nda y\u0131ll\u0131k y\u00fczde 18 art\u0131\u015f ile 378,5 milyon euro seviyesinde ger\u00e7ekle\u015fti. Ciro art\u0131\u015f\u0131nda fiyat art\u0131\u015flar\u0131, yolcu ba\u015f\u0131 g\u00fcmr\u00fcks\u00fcz sat\u0131\u015f b\u00fcy\u00fcmesi, Almat\u0131’daki yeni ticari alanlar ve Katar’daki yeni TAV Teknoloji projesinin trafik art\u0131\u015f\u0131n\u0131n \u00fczerindeki olumlu etkisi etkili oldu. FAV\u00d6K rakam\u0131 ise beklentiye yak\u0131n 3,4 milyar TL d\u00fczeyinde ger\u00e7ekle\u015fti. Beklentiler 3,5 milyar TL seviyesindeydi. FAV\u00d6K rakam\u0131 y\u0131ll\u0131k bazda y\u00fczde 25 b\u00fcy\u00fcd\u00fc. FAV\u00d6K marj\u0131 y\u00fczde 23,6 seviyesinde olu\u015ftu. Fav\u00f6k marj\u0131 ge\u00e7en senenin ayn\u0131 d\u00f6neminde y\u00fczde 25,4 seviyesindeydi. Euro baz\u0131nda FAV\u00d6K 90,1 milyon euro olurken, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re y\u00fczde 5 artt\u0131. FAV\u00d6K b\u00fcy\u00fcmesi ciro b\u00fcy\u00fcmesinin alt\u0131nda kald\u0131. \u015eirket 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde y\u00fczde 35 br\u00fct k\u00e2r marj\u0131, y\u00fczde 14,25 Esas Faaliyet k\u00e2r marj\u0131 ile \u00e7al\u0131\u015ft\u0131. Net k\u00e2r marj\u0131nda y\u0131ll\u0131k bazda 15 puana yak\u0131n d\u00fc\u015f\u00fc\u015f ger\u00e7ekle\u015fti.<\/p>\n

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Hedefler a\u00e7\u0131kland\u0131 <\/b><\/p>\n

Ciro beklentisi 1750-1850 milyon euro olarak beklerken, bu rakam y\u0131ll\u0131k bazda y\u00fczde 5.5 \u2013 11.4 b\u00fcy\u00fcme aral\u0131\u011f\u0131n\u0131 ima ediyor. \u015eirket \u00f6nceden y\u0131ll\u0131k bile\u015fik ortalama b\u00fcy\u00fcme beklentisini y\u00fczde 14-18 olarak a\u00e7\u0131klam\u0131\u015ft\u0131. 2024 y\u0131l\u0131nda 106.5 milyon ki\u015fi olarak ger\u00e7ekle\u015fen toplam yolcu say\u0131s\u0131 110-120 milyon ki\u015fi olarak bekleniyor. FAV\u00d6K beklentisi ise 520-590 milyon euro seviyesinde bulunuyor ve bu rakam y\u00fczde 6.2 \u2013 20 gibi geni\u015f bir aral\u0131\u011f\u0131 ima ediyor. \u015eirket \u00f6nceden FAV\u00d6K\u2019te y\u0131ll\u0131k bile\u015fik b\u00fcy\u00fcme ortalama b\u00fcy\u00fcme beklentisini y\u00fczde 14-20 olarak a\u00e7\u0131klam\u0131\u015ft\u0131. Net bor\u00e7 \/ FAV\u00d6K rasyosunun 2,5-3x seviyelerine olmas\u0131n\u0131 bekliyor.<\/p>\n

Almat\u0131 yat\u0131r\u0131m plan\u0131n\u0131n 2025-2029 y\u0131llar\u0131 aras\u0131nda 5 y\u0131la yay\u0131lm\u0131\u015f \u015fekilde 300 milyon euroya ula\u015fmas\u0131 bekleniyor. \u015eirket y\u00f6netimi 2025 y\u0131l\u0131nda, 2024 y\u0131l\u0131n\u0131n alt\u0131nda Euro baz\u0131nda net k\u00e2r bekledi\u011fini bildirdi. 2025’te, Yeni Antalya, Yeni Ankara ve Almat\u0131 yeni uluslararas\u0131 terminali gibi tamamlanm\u0131\u015f yat\u0131r\u0131mlardan daha y\u00fcksek amortisman ve daha y\u00fcksek faiz gideri (\u00f6nceden aktifle\u015ftirilen) bekleniyor. Ayr\u0131ca, kalan Sat\u0131n Alma Fiyat\u0131n\u0131n Da\u011f\u0131t\u0131lmas\u0131n\u0131n Amortisman\u0131 (nakit olmayan etki) nedeniyle Antalya 1’den daha d\u00fc\u015f\u00fck net k\u00e2r bekleniyor. Bunun d\u0131\u015f\u0131nda, g\u00fc\u00e7l\u00fc TL, TGS ve ATU’nun net k\u00e2r\u0131nda bir d\u00fc\u015f\u00fc\u015fe de neden olabilir. Ayr\u0131ca, Ankara, BTA Antalya ve TAV \u0130\u015fletme Hizmetleri yeni New York \u00f6zel yolcu salonundan kira amortisman\u0131 bekleniyor.<\/p>\n<\/div>\n

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Description<\/span> <\/div>\n<\/p><\/div>\n<\/p>\n

<\/p>\n

Kaynak :\u00a0https:\/\/www.bloomberght.com\/tav-havalimanlari-nin-ilk-ceyrekte-net-zarari-3747083<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

TAV Havalimanlar\u0131 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde beklentilerin \u00fczerinde 1,74 milyar TL zarar a\u00e7\u0131klad\u0131.<\/p>\n","protected":false},"author":1,"featured_media":33320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[116,668,296,496,1260],"manset":[],"class_list":["post-33319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","tag-buyume","tag-favok","tag-kar","tag-milyon-euro","tag-seviyesinde"],"_links":{"self":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts\/33319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/comments?post=33319"}],"version-history":[{"count":1,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts\/33319\/revisions"}],"predecessor-version":[{"id":33321,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts\/33319\/revisions\/33321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/media\/33320"}],"wp:attachment":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/media?parent=33319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/categories?post=33319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/tags?post=33319"},{"taxonomy":"manset","embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/manset?post=33319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}