Özet:

In recent years, the high rate of exchange rates in Turkey has highlighted the importance of taking measures towards the exchange rate risk in real-world. In the sectors that use foreign currency in their activities, income or expenditure from foreign currency, the impact of exchange currency changes may be greater. In the tourism sector, which is one of these sectors, the importance of foreign currency-based income and expenditure, especially because of the international activities of airline passenger transport companies, is an important factor that could lead to the risk of currency. The objective of this study is to evaluate the exchange rate risks and what measures are taken toward it by examining the financial reports published by airline passenger transport companies that trade their shares in Borsa Istanbul and the exchange rate risk management statements. In accordance with this purpose, the financial reports of the two companies that are trading their shares in Borsa Istanbul and are operating in airline passenger transportation for the year 2017 have been examined. The study resulted in the fact that Borsa Istanbul airline passenger transport companies had currencies from U.S. Dollar, Euro, Turkish Lira, British Sterling and Japan's New Currency and both companies were exposed to currency risk. According to the average data of 8 months in 2018, the company’s assets lost value due to change in exchange rates and the company’s assets gained value. The study also found that the company A has a small amount of exchange-based derivative products, while the company B has no exchange-based derivative products.

Özet:

Recently, the high volatility in the exchange rates in Turkey have brought the importance of taking measures to exchange rate risk for the companies in real sector. The effect of exchange rate changes can be higher in sectors that income or expenses are in foreign currencies or that use foreign currency in their activities. In the tourism sector, the fact that the airline passenger transportation companies are operated in international activities due to their income and expenditure based on currency is an important factor that could exposed to exchange rate risk. The purpose of this study is to evaluate the exchange rate risks by examining the financial reports that published by the airline passenger transportation companies whose shares are traded in the Borsa Istanbul. In accordance with this purpose the financial reports of two airline passenger transportation companies whose shares are traded in the Borsa Istanbul were examined for 2017. As a result of the study, it was determined that the publicly traded airline passenger transportation companies in Borsa Istanbul had currencies that US Dollar, Euro, Turkish Lira, British Pound and Japanese Yen and both companies have been exposed to exchange rate risk. In the study, it has determined that according to the 8-month average of the year 2018, assets of company A has lost value and assets of company B has gained value, affected by the change in foreign exchange rates. In addition, in the study it has been determined that a company has a small amount of derivative products based on currency and the other does not have any derivative products based on currency.    

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