E. Karadeniz CASH FLOW PROFILES OF AIRLINE PASSENGER TRANSPORT COMPANIES AND THE IMPACT OF THE COVID-19 EPIDEMIC: AN INTERNATIONAL ANALYSIS

Erdinç KARADENİZ, Cansu AYDIN

Abstract

This research has two main aims. The first main purpose is to determine the cash flow profiles of international airline passenger transportation companies. The second main purpose is to determine the impact of the Covid-19 outbreak on the cash flows of airline companies. In this context, cash flow profiles of 64 airline passenger transportation companies  in Turkey, the United States of America, Asia-Pacific and European countries for the years 2016-2021 were determined by applying the cash flow patterns method. Then, it was examined whether there was a change in the cash flow profiles of the companies during the pre-epidemic period  and the epidemic period . As a result of the research, it has been determined that airline companies have the cash flow profile of "Model 2 successful company" the most, and the cash flow profile of "Model 6 fast growing company" second. When the impact of the Covid-19 epidemic on the cash flows of the airline companies is examined, it does not have any effect on the cash flow profiles of the companies in the Turkish sample, while it adversely affected the core operating and financing cash flows in 2020 in the USA and Asia-Pacific samples, and this effect decreased in 2021, which is in the pre-epidemic period. It has been determined that it concentrates on successful company profile. In the European sample, on the other hand, it was determined that the epidemic had a negative impact on cash flows from core activities.