Havalimanı özelleştirmeleri yatırım analizi: İstanbul yeni havalimanı örneği
Küçük Resim Yok
Tarih
2016
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
İstanbul Beykent Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
İkinci Dünya savaşı sonrası hızlı gelişim kaydeden ulaşım alt sistemlerinden havayolu ulaşımı, ülkemizde tam anlamıyla 2003 serbestleşmeleriyle rekabet piyasasına dönüşmüştür. Ekonomik gelişmeler bu alanda talebi artırırken yatırımları da beraberinde getirmiştir. Yüksek sermaye harcamaları ve uzun soluklu havalimanı projelerinin devlet tarafından yapılmasının bulundurduğu riskler minimize edilmesi amacıyla gerek işletim gerekse yatırımların özelleştirmelerine başvurulmuştur. Bu çalışmada genel kapsamıyla taşımacılık kavramı ve gelişimi ele alınmış ve en yeni taşımacılık alt sistemi olan havayolu taşımacılığı hakkında gelişmeler aktarılmıştır. Son dönemde ortaya çıkan ekonomik serbestleşme sonucu önem kazanan özelleştirme konusu incelenerek, havalimanı özelleştirmeleri örnekleri paylaşılmıştır. Türkiye'de Atatürk Havalimanı özelleştirmesiyle kurulan ve Türkiye'nin en değerli 500 firması sıralamasında 5 farklı iştiraki bulunan, havacılık sektörü öncüsü T.A.V. şirketler grubu incelenmiştir. Cumhuriyet Tarihi'nin en büyük yatırım projesi olarak tarihe geçen İstanbul Yeni Havalimanı, özelleştirme modeli ve bu yatırımın hayata geçmesinde izlenilen proje finansmanı hakkında bilgiler verilmiştir. Proje finansmanı aktörleri ve İstanbul Yeni Havalimanı uygulaması aktarılmıştır. İstanbul Yeni Havalimanı yatırımının riskleri ve işletme dönemi gelir ve gider kalemleri üzerinden yatırım değerlemesi yapılmıştır. Üç farklı senaryo oluşturulmuş; kötü, orta ve iyi yolcu sayısı senaryoları üzerinden yatırım değerlemesi yapılarak yatırımın karlılığı analiz edilmiştir.
Air transport categorized as a sub-system of transport systems, which has made a rapid progress after the Second World War, has become a competition market in the strictest sense as of the liberations in 2003. Investments are also increased in parallel with the increased the demand in this field triggered by economic development. In order to minimize the risks involved in the high capital expenditure and the long-term airport projects made by state, privatization of both operating and investments are resorted. In this study, transportation concept and its development are discussed in its general context and the developments in the airport transport, -the newest transportation sub-system- are reported. By examining the privatization subject gained importance due to the recently emerging developments, some examples on privatization of airports are provided. T.A.V group of companies -founded along with privatization of Atatürk Airport in Turkey and having 5 different subsidiaries in the ranking of the most valuable 500 companies of the Turkey as a leading company in aviation- is studied. Information is given about Istanbul Grand Airport, - the largest investment in the History of the Republic-, its privatization model and project financing deployed in implementation of this investment. The actors in financing of the project and implementation for Istanbul Grand Airport are detailed. Investment evaluation is made through the risks of the investing on Istanbul Grand Airport, and income and expenditures during operating period. Three different scenarios are created; the profitability of the investment is analyzed by making investment evaluation through the lowest, the medium and the highest number of passengers.
Air transport categorized as a sub-system of transport systems, which has made a rapid progress after the Second World War, has become a competition market in the strictest sense as of the liberations in 2003. Investments are also increased in parallel with the increased the demand in this field triggered by economic development. In order to minimize the risks involved in the high capital expenditure and the long-term airport projects made by state, privatization of both operating and investments are resorted. In this study, transportation concept and its development are discussed in its general context and the developments in the airport transport, -the newest transportation sub-system- are reported. By examining the privatization subject gained importance due to the recently emerging developments, some examples on privatization of airports are provided. T.A.V group of companies -founded along with privatization of Atatürk Airport in Turkey and having 5 different subsidiaries in the ranking of the most valuable 500 companies of the Turkey as a leading company in aviation- is studied. Information is given about Istanbul Grand Airport, - the largest investment in the History of the Republic-, its privatization model and project financing deployed in implementation of this investment. The actors in financing of the project and implementation for Istanbul Grand Airport are detailed. Investment evaluation is made through the risks of the investing on Istanbul Grand Airport, and income and expenditures during operating period. Three different scenarios are created; the profitability of the investment is analyzed by making investment evaluation through the lowest, the medium and the highest number of passengers.
Açıklama
Anahtar Kelimeler
Sivil Havacılık, Civil Aviation, Ulaşım
