{"id":3270,"date":"2025-05-10T15:47:02","date_gmt":"2025-05-10T12:47:02","guid":{"rendered":"https:\/\/baytutumlu.com\/?p=3270"},"modified":"2025-05-29T21:32:41","modified_gmt":"2025-05-29T18:32:41","slug":"tav-havalimanlari-2025-1-ceyrek-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/baytutumlu.com\/index.php\/2025\/05\/10\/tav-havalimanlari-2025-1-ceyrek-bilanco-analizi\/","title":{"rendered":"Tav Havalimanlar\u0131 2025 1. \u00c7eyrek Bilan\u00e7o Analizi"},"content":{"rendered":"\n<p>2025 ilk \u00e7eyrekte takip etti\u011fim ve\/veya portf\u00f6y\u00fcmde olan \u015firketlerin bilan\u00e7olar\u0131n\u0131 f\u0131rsat bulduk\u00e7a analiz etmeye \u00e7al\u0131\u015faca\u011f\u0131m. Tav Havalimanlar\u0131 ile devam edelim. Bu \u015firkette direkt yat\u0131r\u0131m\u0131m olmamas\u0131na ra\u011fmen havac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fc yak\u0131ndan takip ediyorum.<\/p>\n\n\n\n<p><strong>Faaliyet Verileri<\/strong><\/p>\n\n\n\n<p>Tav havalimanlar\u0131 mevsimsel olarak zay\u0131f olan ilk \u00e7eyrekte konsens\u00fcs beklentisi olan 356 milyon euronun \u00fczerinde 378 milyon euro ciro a\u00e7\u0131klad\u0131. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re euro baz\u0131nda %18 art\u0131\u015f olumlu. Trafik art\u0131\u015f\u0131 %5 olurken cironun trafi\u011fin \u00fczerinde b\u00fcy\u00fcmesi yolcu ba\u015f\u0131na g\u00fcmr\u00fcks\u00fcz sat\u0131\u015f b\u00fcy\u00fcmesi, fiyat art\u0131\u015flar\u0131 ve kapasite art\u0131\u015f\u0131ndan kaynakland\u0131.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdPDMVDSKFZ9NbvDYpBrsWH0R_63CSzBCpl4cVT8H5BsvMWkk4_Vdy9U5x9EL0e0xw5-zoXAP4pvFCLtutxpMWFB_Xf0wDsOAu33weCulnrUen6mZMWZKHwoqUrhIrcEURLtf18?key=BKYIWit1Wl1qli3aCvK3Qg0L\" alt=\"\"\/><\/figure>\n\n\n\n<p>Fav\u00f6k ge\u00e7ti\u011fimiz y\u0131l\u0131n ilk \u00e7eyre\u011fine g\u00f6re %5 artarken fav\u00f6k marj\u0131 %3 geriledi. Bunun nedenine bakarsak ise Tav Teknolojinin d\u00fc\u015f\u00fck marjla \u00e7al\u0131\u015fmas\u0131, ayr\u0131ca 2024 ilk \u00e7eyrekteki tek seferlik gelirlerin tekrarlanmamas\u0131 olarak sayabiliriz. Net kar taraf\u0131nda ise euronun de\u011fer kazanmas\u0131 marjlar\u0131 bask\u0131lad\u0131. Bu \u00e7eyrekte 14 milyon euro kur fark\u0131 zarar\u0131, 9.5 milyon euro ertelenmi\u015f vergi gideri yaz\u0131l\u0131rken net zarar 45 milyon euro oldu.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcicPUUfzZcCyrEuEQ4-dpHdCtFGkZNmQgC93e6lbi8UOdmKV5PZc_5Z41Xnt2C5tYj4hUjHsPXsgcfAI1Y8Pi5elhNcJOc8sXSSAJhqWUN6_-9E8hpxRU-0jo6Ozr2Nz7LOpY5?key=BKYIWit1Wl1qli3aCvK3Qg0L\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u015eirket ilk \u00e7eyrekteki zay\u0131f marjlar\u0131n devam etmeyece\u011fini ve canl\u0131 bir yaz sezonu beklediklerini belirtiyor. Ayr\u0131ca 2025 karlar\u0131ndan temett\u00fc da\u011f\u0131tma niyetlerini de vurgulamaya devam ediyorlar. \u015eimdi biraz da bilan\u00e7o ve nakit ak\u0131\u015flar\u0131 taraf\u0131na bakal\u0131m.<\/p>\n\n\n\n<p><strong>Bilan\u00e7o ve Nakit Ak\u0131\u015flar\u0131<\/strong><\/p>\n\n\n\n<p>Tav\u2019\u0131n nakit ve nakit benzerleri ilk \u00e7eyrekte hafif azalarak 437\u00a0 milyon euro olarak ger\u00e7ekle\u015fti. Ticari alacaklar 20 milyon euro art\u0131\u015f g\u00f6stererek 156 milyon euro oldu. Bor\u00e7luluk taraf\u0131nda ise \u00f6nemli bir de\u011fi\u015fiklik yok. \u015eirket yat\u0131r\u0131m yapmaya devam etmesine ra\u011fmen net bor\u00e7\/fav\u00f6k oran\u0131 de\u011fi\u015fmeyerek 3.6 seviyesinde kald\u0131. \u015eirket 2025 sonu itibariyle bu rakam\u0131n 2.5-3 aras\u0131na gelmesini bekliyor.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfzTenMg5DuM4YueHvw80fRKlGKwJXnSg5RnDxuLRxvQKoP7lfRFhukv-zJ9_AEBbQ63uHoiFTzB4Cizk7JQ8a3YQ62myFBcneHr9YKN3h26lsqr0tLm1s8R4-6ygdA-seKiLUG9A?key=BKYIWit1Wl1qli3aCvK3Qg0L\" alt=\"\"\/><\/figure>\n\n\n\n<p>Nakit ak\u0131\u015flar\u0131na bakarsak ilk \u00e7eyrekte beklendi\u011fi \u00fczere i\u015fletme faaliyetlerinden negatif nakit ak\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015f. \u015eirket ilk 3 ayda 29 milyon euro yat\u0131r\u0131m yaparken Ankara-Esenbo\u011fa ve Antalya yeni terminal\/hava taraf\u0131 yat\u0131r\u0131mlar\u0131 tamamland\u0131.&nbsp;<\/p>\n\n\n\n<p><strong>Gelecek beklentileri<\/strong><\/p>\n\n\n\n<p>\u015eirket y\u00f6netimi, 2025 y\u0131l\u0131 geneli i\u00e7in olumlu bir b\u00fcy\u00fcme \u00f6ng\u00f6r\u00fcyor. Y\u0131l sonu i\u00e7in konsolide ciro beklentileri 1.75-1.85 milyar euro aral\u0131\u011f\u0131nda. Toplamda 110-120 milyon yolcuya hizmet etmesi beklenirken FAV\u00d6K beklentileri de 520-590 milyon euro aral\u0131\u011f\u0131nda. \u015eirket Almat\u0131 Yeni yat\u0131r\u0131m program\u0131 hari\u00e7 140-160 milyon euro aral\u0131\u011f\u0131nda bir yat\u0131r\u0131m harcamas\u0131 \u00f6ng\u00f6r\u00fcyor.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfxcWjBDDV3tVZHFx3LEDVOVzTcbXMnxaKgS7hk1qFnuGGFU0Yk5igcFs7FnUWPRvRO5Q-iI3J2s8VWQDVEepzQAV20ye0nCoX85Jr-cd512NdV07DAB-BfHhSIZmRWFS_dsIuD?key=BKYIWit1Wl1qli3aCvK3Qg0L\" alt=\"\"\/><\/figure>\n\n\n\n<p>Bu rakamlara g\u00f6re mevcut \u00e7arpanlar\u0131n korundu\u011funu varsayarsak \u015firketin 2025 sonunda 4.25-4.8 milyar euro civar\u0131nda bir firma de\u011ferine ula\u015fmas\u0131 m\u00fcmk\u00fcn(g\u00fcncel firma de\u011feri 3.35 milyar euro)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2025 ilk \u00e7eyrekte takip etti\u011fim ve\/veya portf\u00f6y\u00fcmde olan \u015firketlerin bilan\u00e7olar\u0131n\u0131 f\u0131rsat bulduk\u00e7a analiz etmeye \u00e7al\u0131\u015faca\u011f\u0131m. Tav Havalimanlar\u0131 ile devam edelim. Bu \u015firkette direkt yat\u0131r\u0131m\u0131m olmamas\u0131na&#8230;<\/p>\n","protected":false},"author":2,"featured_media":3271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44,5,4],"tags":[45,22,26],"class_list":["post-3270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco","category-borsa","category-hisse-senedi","tag-bilanco","tag-borsa","tag-hisse-senedi","entry","double"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2025\/05\/Ekran-Resmi-2025-05-10-15.46.45.png?fit=2058%2C1026&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3270"}],"version-history":[{"count":1,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3270\/revisions"}],"predecessor-version":[{"id":3272,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3270\/revisions\/3272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3271"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}