{"id":100,"date":"2025-12-17T22:50:38","date_gmt":"2025-12-17T19:50:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=100"},"modified":"2025-12-17T23:29:44","modified_gmt":"2025-12-17T20:29:44","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-konka-konya-kagit-sanayi-2025-9-bilanco-analizi-yatirimciya-verilen-guclu-mesaj-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/100","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KONKA | Konya Ka\u011f\u0131t Sanayi 2025\/9 Bilan\u00e7o Analizi | Yat\u0131r\u0131mc\u0131ya Verilen G\u00fc\u00e7l\u00fc Mesaj \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KONKA | Konya Ka\u011f\u0131t Sanayi 2025\/9 Bilan\u00e7o Analizi | Yat\u0131r\u0131mc\u0131ya Verilen G\u00fc\u00e7l\u00fc Mesaj \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/b87NMgFQXWw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Konya Ka\u011f\u0131t&#8217;\u0131n Finansal Tablolar\u0131nda Gizli Kalan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlar\u0131n ve tablolar\u0131n aras\u0131nda kayboldu\u011fumuz, karma\u015f\u0131k ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak dikkatli bir g\u00f6zle bak\u0131ld\u0131\u011f\u0131nda, bu rakamlar bir \u015firketin stratejisi, dayan\u0131kl\u0131l\u0131\u011f\u0131 ve gelece\u011fi hakk\u0131nda \u00e7arp\u0131c\u0131 hikayeler anlatabilir. Konya Ka\u011f\u0131t Sanayi ve Ticaret A.\u015e.&#8217;nin son a\u00e7\u0131klad\u0131\u011f\u0131 finansal tablolar da tam olarak b\u00f6yle s\u00fcrprizlerle dolu. Y\u00fczeydeki verilerin \u00f6tesine ge\u00e7erek, \u015firketin finansal portresinde gizli kalan ve yat\u0131r\u0131mc\u0131lar i\u00e7in \u00f6nemli ipu\u00e7lar\u0131 bar\u0131nd\u0131ran be\u015f \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7e\u011fi sizin i\u00e7in derledik.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. K\u00e2rdan Zarara Keskin D\u00f6n\u00fc\u015f: Bir K\u00e2rl\u0131l\u0131k \u015eoku<\/h3>\n<p>Konya Ka\u011f\u0131t&#8217;\u0131n gelir tablosuna ilk bak\u0131\u015fta en \u00e7ok dikkat \u00e7eken unsur, k\u00e2rl\u0131l\u0131ktaki dramatik de\u011fi\u015fim. \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6neminde <b>108.670.373 TL net d\u00f6nem zarar\u0131<\/b> a\u00e7\u0131klad\u0131. Bu rakam\u0131n ne kadar \u00e7arp\u0131c\u0131 oldu\u011funu anlamak i\u00e7in bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine bakmak yeterli: \u015eirket, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda <b>36.661.522 TL net d\u00f6nem k\u00e2r\u0131<\/b> elde etmi\u015fti.<\/p>\n<p>Bu keskin d\u00f6n\u00fc\u015f\u00fcn arkas\u0131ndaki ana fakt\u00f6rlerden biri has\u0131lattaki gerileme olsa da, hikaye bundan daha derin. Evet, \u015firketin has\u0131lat\u0131 ayn\u0131 d\u00f6nemler aras\u0131nda yakla\u015f\u0131k %18&#8217;lik bir d\u00fc\u015f\u00fc\u015fle <b>3,15 milyar TL&#8217;den 2,59 milyar TL&#8217;ye gerilemi\u015f<\/b> durumda. Ancak daha kritik olan, k\u00e2r marjlar\u0131 \u00fczerindeki bask\u0131. Ayn\u0131 d\u00f6nemde sat\u0131\u015flar\u0131n maliyeti sadece %16 oran\u0131nda azalm\u0131\u015f. Has\u0131lat ve maliyet aras\u0131ndaki bu orant\u0131s\u0131zl\u0131k, br\u00fct k\u00e2r\u0131n %26 gibi \u00e7ok daha sert bir d\u00fc\u015f\u00fc\u015f ya\u015famas\u0131na neden olmu\u015f. Bu durum, \u015firketin sadece daha az sat\u0131\u015f yapmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda satt\u0131\u011f\u0131 her birimden daha az k\u00e2r etti\u011fini g\u00f6steriyor ve zorla\u015fan piyasa ko\u015fullar\u0131na i\u015faret ediyor.<\/p>\n<h3>2. Ka\u011f\u0131t Devi mi, Emlak Kral\u0131 m\u0131? 3 Milyar TL&#8217;lik Gayrimenkul Portf\u00f6y\u00fc<\/h3>\n<p>Konya Ka\u011f\u0131t&#8217;\u0131n bilan\u00e7osunun duran varl\u0131klar kaleminde, \u015firketin ana faaliyet konusuyla ilk bak\u0131\u015fta ilgisiz g\u00f6r\u00fcnen devasa bir rakam g\u00f6ze \u00e7arp\u0131yor. Finansal durum tablosuna g\u00f6re, \u015firketin tam <b>3.000.769.777 TL<\/b> de\u011ferinde <b>&#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkul&#8221;<\/b> portf\u00f6y\u00fc bulunuyor.<\/p>\n<p>Bu rakam\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc daha iyi anlamak i\u00e7in \u015fu kar\u015f\u0131la\u015ft\u0131rmay\u0131 yapabiliriz: \u015eirketin yakla\u015f\u0131k <b>9,5 milyar TL&#8217;lik toplam varl\u0131klar\u0131n\u0131n neredeyse \u00fc\u00e7te biri<\/b> bu gayrimenkullerden olu\u015fuyor. Daha da ilginci, bu 3 milyar TL\u2019lik de\u011ferin bir \u00f6nceki y\u0131lsonuna (31.12.2024) g\u00f6re hi\u00e7 de\u011fi\u015fmemi\u015f olmas\u0131. Dipnotlarda belirtilen y\u00fcksek enflasyonlu bir ekonomi ortam\u0131nda, b\u00f6ylesine b\u00fcy\u00fck bir varl\u0131k kaleminin nominal de\u011ferinin sabit kalmas\u0131, ya bu varl\u0131klar\u0131n de\u011ferlemesinin olduk\u00e7a muhafazakar yap\u0131ld\u0131\u011f\u0131n\u0131 ya da \u015firketin bu portf\u00f6y\u00fc k\u0131sa vadeli piyasa dalgalanmalar\u0131ndan ari, uzun vadeli stratejik bir de\u011fer olarak g\u00f6rd\u00fc\u011f\u00fcn\u00fc d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor.<\/p>\n<h3>3. Stoklarda Devrim: Kasay\u0131 Dolduran 700 Milyon TL&#8217;lik Azalma<\/h3>\n<p>Finansal tablolarda gizli kalan bir di\u011fer \u00f6nemli hamle, \u015firketin stok y\u00f6netiminde ya\u015fan\u0131yor. 31.12.2024 tarihinde <b>1.103.727.996 TL<\/b> olan stok seviyesi, dokuz ay gibi k\u0131sa bir s\u00fcrede, 30.09.2025&#8217;te <b>408.883.018 TL&#8217;ye<\/b> gerilemi\u015f durumda. Bu, stoklarda yakla\u015f\u0131k <b>700 milyon TL&#8217;lik<\/b> devasa bir azalma anlam\u0131na geliyor.<\/p>\n<p>Bu stratejik hamlenin en \u00f6nemli sonucu, nakit ak\u0131\u015f tablosunda kendini g\u00f6steriyor. Stoklardaki bu azalma, \u015firketin &#8220;\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131&#8221; kalemine <b>696.275.654 TL&#8217;lik pozitif bir etki<\/b> yaparak \u015firketin kasas\u0131n\u0131 g\u00fc\u00e7lendirmi\u015f. Bu hamle, birinci maddede belirtilen cirodaki d\u00fc\u015f\u00fc\u015fle birlikte okundu\u011funda daha da anlam kazan\u0131yor. Konya Ka\u011f\u0131t, azalan talebe kar\u015f\u0131l\u0131k stok birikimini \u00f6nleyerek ve mevcut stoklar\u0131 eriterek, potansiyel bir nakit s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131 riskini bertaraf etmi\u015f ve operasyonel sermayesini son derece etkin bir \u015fekilde y\u00f6netmi\u015ftir.<\/p>\n<h3>4. Sars\u0131lmaz Bir Bilan\u00e7o: Zarara Ra\u011fmen %86&#8217;l\u0131k \u00d6zkaynak G\u00fcc\u00fc<\/h3>\n<p>\u0130lk maddede belirtilen d\u00f6nem zarar\u0131na ra\u011fmen, Konya Ka\u011f\u0131t&#8217;\u0131n bilan\u00e7osu kaya gibi sa\u011flam bir yap\u0131ya sahip. \u015eirketin finansal durum tablosuna g\u00f6re, yakla\u015f\u0131k <b>9,5 milyar TL&#8217;lik toplam kaynaklar\u0131n\u0131n 8,2 milyar TL&#8217;si \u00f6zkaynaklar\u0131ndan<\/b> olu\u015fuyor. Buna kar\u015f\u0131l\u0131k, \u015firketin k\u0131sa ve uzun vadeli toplam bor\u00e7lar\u0131 (y\u00fck\u00fcml\u00fcl\u00fckleri) ise sadece yakla\u015f\u0131k <b>1,3 milyar TL<\/b> seviyesinde.<\/p>\n<p>Basit bir hesaplamayla, \u015firketin \u00f6zkaynaklar\u0131n\u0131n toplam kaynaklar\u0131na oran\u0131 <b>yakla\u015f\u0131k %86&#8217;ya<\/b> ula\u015f\u0131yor. Bu oran, \u015firketin bor\u00e7luluk seviyesinin son derece d\u00fc\u015f\u00fck oldu\u011funu ve finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131n ne kadar y\u00fcksek oldu\u011funu g\u00f6steriyor. Daha da \u00f6nemlisi, bu %86&#8217;l\u0131k \u00f6zkaynak oran\u0131, \u015firketin ilk maddede ele al\u0131nan operasyonel zararlar\u0131 finanse etmek i\u00e7in d\u0131\u015f bor\u00e7lanmaya ihtiya\u00e7 duymadan kendi i\u00e7 kaynaklar\u0131yla rahat\u00e7a absorbe edebilece\u011fini g\u00f6steriyor. Bu, \u015firkete stratejik esneklik ve zorlu piyasa ko\u015fullar\u0131nda dayanma g\u00fcc\u00fc veren en \u00f6nemli finansal z\u0131rh\u0131d\u0131r.<\/p>\n<h3>5. Sermayede \u00dc\u00e7 Kat Art\u0131\u015f: Yat\u0131r\u0131mc\u0131ya Verilen G\u00fc\u00e7l\u00fc Mesaj<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131 i\u00e7inde yat\u0131r\u0131mc\u0131lar\u0131na g\u00fc\u00e7l\u00fc bir mesaj verdi. \u00d6zkaynaklar de\u011fi\u015fim tablosuna g\u00f6re, Konya Ka\u011f\u0131t \u00f6denmi\u015f sermayesini <b>130.000.000 TL&#8217;den 390.000.000 TL&#8217;ye<\/b> \u00e7\u0131kararak tam \u00fc\u00e7e katlad\u0131.<\/p>\n<p>Daha da \u00f6nemlisi, bu art\u0131\u015f &#8220;tamam\u0131 i\u00e7 kaynaklardan kar\u015f\u0131lanmas\u0131 suretiyle&#8221; ger\u00e7ekle\u015ftirilen bir <b>&#8220;bedelsiz sermaye art\u0131r\u0131m\u0131&#8221;<\/b> niteli\u011finde. Basit bir dille ifade etmek gerekirse, \u015firket d\u0131\u015far\u0131dan yeni bir nakit giri\u015fi olmadan, birikmi\u015f k\u00e2rlar\u0131n\u0131 veya yedek ak\u00e7elerini sermayesine ekledi. Bu t\u00fcr hamleler, genellikle y\u00f6netimin \u015firketin gelece\u011fine olan g\u00fcvenini ve uzun vadede yat\u0131r\u0131mc\u0131s\u0131na de\u011fer yaratma niyetini g\u00f6steren g\u00fc\u00e7l\u00fc bir sinyal olarak yorumlan\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7: \u00c7eli\u015fkilerle Dolu Bir Finansal Portre<\/h3>\n<p>Konya Ka\u011f\u0131t&#8217;\u0131n finansal tablolar\u0131, ilk bak\u0131\u015fta g\u00f6r\u00fcnenin \u00e7ok \u00f6tesinde, \u00e7eli\u015fkilerle ve stratejik hamlelerle dolu bir portre \u00e7iziyor. Bir yanda faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131nda ya\u015fanan zorluklar ve cirodaki d\u00fc\u015f\u00fc\u015f, di\u011fer yanda ise devasa bir gayrimenkul varl\u0131\u011f\u0131, ba\u015far\u0131l\u0131 bir stok y\u00f6netimiyle g\u00fc\u00e7lenen nakit ak\u0131\u015f\u0131 ve bor\u00e7luluktan uzak, kaya gibi sa\u011flam bir \u00f6zkaynak yap\u0131s\u0131&#8230; Bu tablo, ak\u0131llara \u015fu soruyu getiriyor: Konya Ka\u011f\u0131t, gelecekte bir sanayi devi olarak m\u0131 yoksa varl\u0131klar\u0131n\u0131 daha etkin y\u00f6neten bir holding olarak m\u0131 daha fazla de\u011fer yaratacak? Rakamlar \u015fimdilik bu sorunun cevab\u0131n\u0131 bize b\u0131rak\u0131yor.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Konya Ka\u011f\u0131t Sanayi ve Ticaret A.\u015e. Finansal Durum Raporu: 30 Eyl\u00fcl 2025 D\u00f6nemi Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Konya Ka\u011f\u0131t Sanayi ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait finansal tablolar\u0131n\u0131 ve dipnotlar\u0131n\u0131 analiz etmektedir. \u015eirket, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde elde etti\u011fi 36,7 milyon TL&#8217;lik net k\u00e2ra k\u0131yasla, 2025&#8217;in ilk dokuz ay\u0131nda 108,7 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu olumsuz performansta, %17,8 oran\u0131nda azalan has\u0131lat, d\u00fc\u015fen br\u00fct ve faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131 ile birlikte TMS 29 enflasyon muhasebesi uygulamas\u0131 kapsam\u0131nda kaydedilen 333,5 milyon TL&#8217;lik parasal kay\u0131p belirleyici olmu\u015ftur.<\/p>\n<p>Bilan\u00e7o taraf\u0131nda, toplam varl\u0131klarda s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6zlenirken, d\u00f6nen varl\u0131klar\u0131n kompozisyonunda \u00f6nemli bir de\u011fi\u015fim ya\u015fanm\u0131\u015ft\u0131r. Stoklar 1,1 milyar TL&#8217;den 409 milyon TL&#8217;ye gerileyerek %63 oran\u0131nda azalm\u0131\u015f, buna kar\u015f\u0131l\u0131k ili\u015fkili olmayan taraflardan ticari alacaklar 293 milyon TL&#8217;den 1,15 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu de\u011fi\u015fim, \u015firketin nakit ak\u0131\u015f\u0131n\u0131 do\u011frudan etkilemi\u015ftir; i\u015fletme faaliyetlerinden nakit ak\u0131\u015f\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 130,3 milyon TL&#8217;lik pozitif ak\u0131\u015fa kar\u015f\u0131n, 2025&#8217;in ilk dokuz ay\u0131nda 145 milyon TL negatife d\u00f6nm\u00fc\u015ft\u00fcr. Bu durum, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde tahsilat d\u00f6ng\u00fcs\u00fcndeki yava\u015flamay\u0131 ve artan alacak riskini g\u00f6stermektedir.<\/p>\n<p>\u015eirket, d\u00f6nem i\u00e7inde i\u00e7 kaynaklardan 260 milyon TL&#8217;lik bedelsiz sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirerek \u00f6denmi\u015f sermayesini 390 milyon TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Bununla birlikte, ana ortak Bera Holding A.\u015e. ve di\u011fer grup \u015firketleri lehine verilen teminat, rehin ve ipoteklerin (TR\u0130) toplam tutar\u0131n\u0131n 4 milyar TL&#8217;yi a\u015fmas\u0131 ve bu tutar\u0131n \u00f6zkaynaklar\u0131n %50,86&#8217;s\u0131na ula\u015fmas\u0131, \u00f6nemli bir ko\u015fullu y\u00fck\u00fcml\u00fcl\u00fck ve risk unsuru olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<h2>1. Finansal Performans Analizi (01.01-30.09.2025 vs. 01.01-30.09.2024)<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla belirgin bir zay\u0131flama g\u00f6stermektedir. Has\u0131lat ve k\u00e2rl\u0131l\u0131kta ya\u015fanan d\u00fc\u015f\u00fc\u015fler, enflasyon muhasebesinin etkisiyle birle\u015ferek net zarara yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n<h3>Has\u0131lat ve Br\u00fct K\u00e2rl\u0131l\u0131k<\/h3>\n<p>2025&#8217;in ilk dokuz ay\u0131nda net sat\u0131\u015flar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %17,8 azalarak 3,15 milyar TL&#8217;den 2,59 milyar TL&#8217;ye gerilemi\u015ftir. Sat\u0131\u015flar\u0131n maliyeti de paralel bir d\u00fc\u015f\u00fc\u015f g\u00f6stermesine ra\u011fmen, br\u00fct k\u00e2r %25,9&#8217;luk bir azal\u0131\u015fla 541,3 milyon TL&#8217;den 401,1 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu durum, br\u00fct k\u00e2r marj\u0131nda bir daralmaya i\u015faret etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri (TL)<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>01.01-30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>2.591.827.026<\/td>\n<td>3.152.723.014<\/td>\n<td>-17,8%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(2.190.681.645)<\/td>\n<td>(2.611.448.076)<\/td>\n<td>-16,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r\/Zarar<\/b><\/td>\n<td><b>401.145.381<\/b><\/td>\n<td><b>541.274.938<\/b><\/td>\n<td><b>-25,9%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Faaliyet K\u00e2rl\u0131l\u0131\u011f\u0131 ve Net Sonu\u00e7<\/h3>\n<p>Faaliyet giderleri (Genel Y\u00f6netim ve Pazarlama) toplamda 254,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015f ve \u00f6nceki y\u0131l\u0131n 265,1 milyon TL&#8217;lik gider seviyesine g\u00f6re hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Buna ra\u011fmen, br\u00fct k\u00e2rdaki sert d\u00fc\u015f\u00fc\u015f nedeniyle Esas Faaliyet K\u00e2r\u0131 %40,2 azalarak 342,2 milyon TL&#8217;den 204,5 milyon TL&#8217;ye gerilemi\u015ftir.<\/p>\n<p>Finansal performans\u0131 en olumsuz etkileyen kalem, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca hesaplanan 333,5 milyon TL&#8217;lik &#8220;Parasal Kay\u0131p&#8221; olmu\u015ftur. Bu kay\u0131p, \u015firketin vergi \u00f6ncesi k\u00e2r\u0131n\u0131 negatife \u00e7evirmi\u015ftir. Sonu\u00e7 olarak, \u015firket 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki 36,7 milyon TL&#8217;lik net k\u00e2ra kar\u015f\u0131l\u0131k, 2025&#8217;in ayn\u0131 d\u00f6neminde 108,7 milyon TL net zarar kaydetmi\u015ftir. Bu durum, pay ba\u015f\u0131na kazanc\u0131n 0,282&#8217;den -0,279&#8217;a d\u00fc\u015fmesine neden olmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>K\u00e2rl\u0131l\u0131k Kalemleri (TL)<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>01.01-30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131\/Zarar\u0131<\/td>\n<td>204.484.773<\/td>\n<td>342.240.938<\/td>\n<td>-40,2%<\/td>\n<\/tr>\n<tr>\n<td>Parasal Kazan\u00e7\/(Kay\u0131p)<\/td>\n<td>(333.477.626)<\/td>\n<td>(412.525.587)<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131\/Zarar\u0131<\/td>\n<td>(27.936.285)<\/td>\n<td>125.889.037<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>(108.670.373)<\/b><\/td>\n<td><b>36.661.522<\/b><\/td>\n<td><b>N\/A<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7<\/td>\n<td>(0,279)<\/td>\n<td>0,282<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Durum Analizi (30.09.2025 vs. 31.12.2024)<\/h2>\n<p>\u015eirketin finansal durum tablosu, toplam varl\u0131klarda hafif bir art\u0131\u015f g\u00f6sterirken, varl\u0131k ve kaynak yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fimlere i\u015faret etmektedir.<\/p>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam varl\u0131klar\u0131, 31 Aral\u0131k 2024&#8217;e g\u00f6re %3,9 artarak 9,16 milyar TL&#8217;den 9,52 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015f\u0131n ard\u0131nda duran varl\u0131klardaki b\u00fcy\u00fcme yatmaktad\u0131r.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> Toplam d\u00f6nen varl\u0131klar 2,08 milyar TL&#8217;den 2,00 milyar TL&#8217;ye gerilemi\u015ftir. Bu kalemde en dikkat \u00e7ekici de\u011fi\u015fimler \u015funlard\u0131r:\n<ul>\n<li><b>Stoklar:<\/b> 1,10 milyar TL&#8217;den 408,9 milyon TL&#8217;ye d\u00fc\u015ferek %63 oran\u0131nda \u00f6nemli bir azalma kaydetmi\u015ftir.<\/li>\n<li><b>Ticari Alacaklar (\u0130li\u015fkili Olmayan):<\/b> 293,4 milyon TL&#8217;den 1,15 milyar TL&#8217;ye y\u00fckselerek yakla\u015f\u0131k d\u00f6rt kat\u0131na \u00e7\u0131km\u0131\u015ft\u0131r. Bu durum, sat\u0131\u015flar\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131n alaca\u011fa d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc ve tahsilat s\u00fcrelerinin uzad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> Toplam duran varl\u0131klar 7,08 milyar TL&#8217;den 7,51 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n ana kayna\u011f\u0131, &#8220;\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar&#8221; kaleminin 1,09 milyar TL&#8217;den 1,63 milyar TL&#8217;ye \u00e7\u0131kmas\u0131d\u0131r.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00d6zet Finansal Durum Tablosu (Varl\u0131klar &#8211; TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>2.003.003.496<\/td>\n<td>2.080.614.492<\/td>\n<td>-3,7%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>7.514.197.855<\/td>\n<td>7.079.511.447<\/td>\n<td>+6,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>9.517.201.351<\/b><\/td>\n<td><b>9.160.125.939<\/b><\/td>\n<td><b>+3,9%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131<\/h3>\n<p>Toplam kaynaklar i\u00e7inde y\u00fck\u00fcml\u00fcl\u00fcklerin pay\u0131 artarken, \u00f6zkaynaklarda sermaye art\u0131r\u0131m\u0131n\u0131n olumlu etkisi, d\u00f6nem zarar\u0131yla dengelenmi\u015ftir.<\/p>\n<ul>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler 1,20 milyar TL&#8217;den 1,32 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta, &#8220;Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc&#8221; kaleminin 812,2 milyon TL&#8217;den 932,2 milyon TL&#8217;ye \u00e7\u0131kmas\u0131 etkili olmu\u015ftur.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklar 7,96 milyar TL&#8217;den 8,20 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n temel nedenleri:\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirket, tamam\u0131 i\u00e7 kaynaklardan kar\u015f\u0131lanmak suretiyle 260 milyon TL bedelsiz sermaye art\u0131r\u0131m\u0131 yapm\u0131\u015f ve \u00f6denmi\u015f sermayesi 130 milyon TL&#8217;den 390 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> 108,7 milyon TL&#8217;lik d\u00f6nem zarar\u0131, \u00f6zkaynaklar \u00fczerinde azalt\u0131c\u0131 bir etki yaratm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00d6zet Finansal Durum Tablosu (Kaynaklar &#8211; TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>301.993.923<\/td>\n<td>306.361.332<\/td>\n<td>-1,4%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.016.705.892<\/td>\n<td>891.765.445<\/td>\n<td>+14,0%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>8.198.501.536<\/b><\/td>\n<td><b>7.961.999.162<\/b><\/td>\n<td><b>+3,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>9.517.201.351<\/b><\/td>\n<td><b>9.160.125.939<\/b><\/td>\n<td><b>+3,9%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>3. Nakit Ak\u0131\u015f Analizi (01.01-30.09.2025 vs. 01.01-30.09.2024)<\/h2>\n<p>\u015eirketin nakit pozisyonu, \u00f6zellikle i\u015fletme faaliyetlerindeki zay\u0131flama nedeniyle bask\u0131 alt\u0131ndad\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 130,3 milyon TL net nakit giri\u015fi sa\u011flayan \u015firket, 2025&#8217;in ayn\u0131 d\u00f6neminde 145 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fam\u0131\u015ft\u0131r. Bu 275 milyon TL&#8217;lik negatif de\u011fi\u015fimin ana nedenleri:\n<ul>\n<li>Ticari alacaklardaki 852,3 milyon TL&#8217;lik art\u0131\u015f, nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur.<\/li>\n<li>Stoklardaki 696,3 milyon TL&#8217;lik azal\u0131\u015f ise nakit ak\u0131\u015f\u0131na pozitif katk\u0131 sa\u011flam\u0131\u015ft\u0131r. Ancak bu katk\u0131, alacaklardaki art\u0131\u015f\u0131 dengelemeye yetmemi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 2025 y\u0131l\u0131nda yat\u0131r\u0131m faaliyetlerinden 131,6 milyon TL nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bu durum, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 263,9 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131na k\u0131yasla \u00f6nemli bir iyile\u015fmedir.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bu kalemden 1,9 milyon TL&#8217;lik s\u0131n\u0131rl\u0131 bir nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, d\u00f6nem ba\u015f\u0131ndaki 85,6 milyon TL&#8217;lik nakit mevcudu, enflasyonun pozitif etkisine ra\u011fmen d\u00f6nem sonunda 95,9 milyon TL&#8217;ye s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<h2>4. \u015eirket Yap\u0131s\u0131 ve Faaliyetlerine \u0130li\u015fkin \u00d6nemli Hususlar<\/h2>\n<ul>\n<li><b>Kurumsal Bilgiler:<\/b> 1988&#8217;de kurulan \u015firket, Konya Organize Sanayi B\u00f6lgesi ve \u0130stanbul G\u00fcne\u015fli&#8217;deki tesislerinde faaliyet g\u00f6stermektedir. Ana faaliyet alanlar\u0131 ka\u011f\u0131t \u00fcretimi, matbaa-bask\u0131-ambalaj ve defter \u00fcretimidir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirketin ana orta\u011f\u0131 %77,31 pay ile Bera Holding A.\u015e.&#8217;dir. Halka a\u00e7\u0131k k\u0131s\u0131m %20&#8217;dir.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> Y\u00f6netim Kurulu&#8217;nun 03.07.2025 tarihli karar\u0131yla, 130 milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermaye, tamam\u0131 i\u00e7 kaynaklardan kar\u015f\u0131lanarak 260 milyon TL art\u0131r\u0131lm\u0131\u015f ve 390 milyon TL&#8217;ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar:<\/b> \u015eirketin Golda G\u0131da Sanayi ve Ticaret A.\u015e.&#8217;de %34 ve Ta\u00e7han Turizm Hizmetleri Ticaret A.\u015e.&#8217;de %34 oran\u0131nda i\u015ftiraki bulunmaktad\u0131r. Ta\u00e7han Turizm&#8217;deki pay oran\u0131, d\u00f6nem i\u00e7inde Bera Holding A.\u015e.&#8217;den yap\u0131lan hisse devri ile %13&#8217;ten %34&#8217;e y\u00fckseltilmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. \u00d6nemli Riskler ve Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<h3>Teminat, Rehin ve \u0130potekler (TR\u0130)<\/h3>\n<p>\u015eirketin bilan\u00e7osunda yer almayan en \u00f6nemli risk unsuru, ili\u015fkili taraflar lehine verdi\u011fi teminatlard\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla, \u015firketin ana orta\u011f\u0131 ve di\u011fer grup \u015firketleri lehine verdi\u011fi TR\u0130&#8217;lerin toplam tutar\u0131 4,05 milyar TL&#8217;dir. Bu tutar, \u015firketin 8,2 milyar TL&#8217;lik \u00f6zkaynaklar\u0131n\u0131n %50,86&#8217;s\u0131na denk gelmektedir. Bu durum, grup \u015firketlerinin finansal risklerinin Konya Ka\u011f\u0131t bilan\u00e7osu \u00fczerinde \u00f6nemli bir ko\u015fullu y\u00fck\u00fcml\u00fcl\u00fck yaratt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Verilen TR\u0130&#8217;lerin Detay\u0131 (30.09.2025 &#8211; TL)<\/td>\n<td>Tutar<\/td>\n<\/tr>\n<tr>\n<td>A. Kendi T\u00fczel Ki\u015fili\u011fi Ad\u0131na Verilen TR\u0130&#8217;ler<\/td>\n<td>664.709.069<\/td>\n<\/tr>\n<tr>\n<td>D. Di\u011fer Verilen TR\u0130&#8217;ler<\/td>\n<td><b>4.049.336.755<\/b><\/td>\n<\/tr>\n<tr>\n<td>i. Ana Ortak Lehine Verilen TR\u0130&#8217;ler<\/td>\n<td>700.000.000<\/td>\n<\/tr>\n<tr>\n<td>ii. Di\u011fer Grup \u015eirketleri Lehine Verilen TR\u0130&#8217;ler<\/td>\n<td>3.349.336.755<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Verilen TR\u0130&#8217;ler<\/b><\/td>\n<td><b>4.714.045.824<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Di\u011fer Verilen TR\u0130&#8217;lerin \u00d6zkaynaklara Oran\u0131<\/b><\/td>\n<td><b>50,86%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Devam Eden Davalar<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firket aleyhine a\u00e7\u0131lm\u0131\u015f ve devam eden toplam 7 milyon TL tutar\u0131nda 32 dava bulunmaktad\u0131r. \u015eirket taraf\u0131ndan a\u00e7\u0131lan davalar\u0131n toplam tutar\u0131 ise 5,1 milyon TL&#8217;dir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"100\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Konya Ka\u011f\u0131t&#8217;\u0131n Finansal Tablolar\u0131nda Gizli Kalan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye Finansal raporlar, \u00e7o\u011fu zaman rakamlar\u0131n ve tablolar\u0131n aras\u0131nda kayboldu\u011fumuz, karma\u015f\u0131k ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak dikkatli bir g\u00f6zle bak\u0131ld\u0131\u011f\u0131nda, bu rakamlar bir \u015firketin stratejisi, dayan\u0131kl\u0131l\u0131\u011f\u0131 ve&#8230; <\/p>\n","protected":false},"author":1,"featured_media":108,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,15],"class_list":["post-100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-konka"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=100"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/100\/revisions"}],"predecessor-version":[{"id":109,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/100\/revisions\/109"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/108"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}