{"id":1000,"date":"2026-02-09T22:51:32","date_gmt":"2026-02-09T19:51:32","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1000"},"modified":"2026-02-09T22:51:32","modified_gmt":"2026-02-09T19:51:32","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-aygaz-aygaz-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1000","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AYGAZ | AYGAZ 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/AYGAZ--AYGAZ-202512-Bilano-Analizi-e3erv26\/a-acfbvhp\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Aygaz 2025 Finansal Karnesi: Enflasyonun G\u00f6lgesinde Beklenmedik Ba\u015far\u0131lar ve Stratejik Hamleler<\/h1>\n<h2>1. Giri\u015f: Say\u0131lar\u0131n \u00d6tesindeki Aygaz<\/h2>\n<p>Y\u00fcksek enflasyonun ekonomik parametreleri bulan\u0131kla\u015ft\u0131rd\u0131\u011f\u0131 bir d\u00f6nemde, bir \u015firketin ger\u00e7ek performans\u0131n\u0131 sadece k\u00e2r rakamlar\u0131 \u00fczerinden okumak yan\u0131lt\u0131c\u0131 olabilir. Finansal okuryazarl\u0131\u011f\u0131n en temel ve merak uyand\u0131r\u0131c\u0131 paradokslar\u0131ndan biri bug\u00fcn Aygaz\u2019\u0131n tablolar\u0131nda hayat buluyor: &#8220;Bir \u015firketin geliri d\u00fc\u015ferken k\u00e2r\u0131 nas\u0131l artabilir?&#8221;<\/p>\n<p>Aygaz\u2019\u0131n 2025 y\u0131l\u0131 konsolide finansal raporu, sadece bir bilan\u00e7o y\u0131\u011f\u0131n\u0131 de\u011fil; zorlu makroekonomik iklimde operasyonel riskleri hedge eden, lojistik kabiliyetlerini k\u00fcresel \u00f6l\u00e7ekte yap\u0131land\u0131ran ve dev ortakl\u0131klarla gelir \u00e7e\u015fitlendirmesi sa\u011flayan stratejik bir navigasyon haritas\u0131d\u0131r.<\/p>\n<h2>2. Enflasyon Muhasebesi (TMS 29): G\u00f6r\u00fcnmez Elin Etkisi<\/h2>\n<p>T\u00fcrkiye&#8217;nin i\u00e7inde bulundu\u011fu y\u00fcksek enflasyon s\u00fcreci, finansal tablolar\u0131n ger\u00e7e\u011fe uygun sunumu i\u00e7in TMS 29 standard\u0131n\u0131n uygulanmas\u0131n\u0131 zorunlu k\u0131lm\u0131\u015ft\u0131r. Bu uygulama, T\u00fcrk Liras\u0131\u2019n\u0131n sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimi yans\u0131tmak ad\u0131na tablolar\u0131n 31 Aral\u0131k 2025 endeksi olan <b>3.513,87<\/b> de\u011feri \u00fczerinden yeniden d\u00fczenlenmesini ifade eder.<\/p>\n<p>Raporun &#8220;Kilit Denetim Konusu&#8221; olarak belirlenen bu teknik zorunluluk, denet\u00e7i raporunda \u015fu \u015fekilde vurgulanm\u0131\u015ft\u0131r:<\/p>\n<p>&#8220;Grup, T\u00fcrk Liras\u0131&#8217;n\u0131n 31 Aral\u0131k 2025 tarihi itibari ile y\u00fcksek enflasyonlu ekonomi para birimi olarak de\u011ferlendirilmesi sebebi ile &#8216;TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8217; standard\u0131n\u0131 uygulamaya devam etmektedir.&#8221;<\/p>\n<p>Bu d\u00fczenleme, yat\u0131r\u0131mc\u0131ya \u015firketin performans\u0131n\u0131 nominal yan\u0131lsamalardan ar\u0131nd\u0131r\u0131lm\u0131\u015f, reel sat\u0131n alma g\u00fcc\u00fc cinsinden g\u00f6rme imk\u00e2n\u0131 sunar.<\/p>\n<h2>3. Gelir ve K\u00e2r Paradoksu: Azalan Has\u0131lat, Artan Net K\u00e2r<\/h2>\n<p>Aygaz\u2019\u0131n 2025 y\u0131l\u0131 finansal tablolar\u0131nda ilk bak\u0131\u015fta \u015fa\u015f\u0131rt\u0131c\u0131 duran bir veri analizi kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor. Enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f rakamlara g\u00f6re:<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2024 y\u0131l\u0131nda <b>107 milyar TL<\/b> olan has\u0131lat, 2025 y\u0131l\u0131nda <b>89,6 milyar TL<\/b> seviyesine gerilemi\u015ftir.<\/li>\n<li><b>K\u00e2r Art\u0131\u015f\u0131:<\/b> Has\u0131lat %16 civar\u0131nda d\u00fc\u015ferken, 2024\u2019te <b>2,16 milyar TL<\/b> olan konsolide net d\u00f6nem k\u00e2r\u0131, 2025\u2019te <b>4,99 milyar TL<\/b>\u2019ye y\u00fckselmi\u015ftir. (Not: Profesyonel yat\u0131r\u0131mc\u0131lar\u0131n takibindeki ana ortakl\u0131k paylar\u0131 ise 2024&#8217;teki <b>2,77 milyar TL<\/b> seviyesinden <b>4,99 milyar TL<\/b>&#8216;ye ula\u015farak net bir b\u00fcy\u00fcme sergilemi\u015ftir.)<\/li>\n<\/ul>\n<p><b>Bu paradoksun ard\u0131ndaki &#8220;Expert&#8221; analiz:<\/b> K\u00e2rl\u0131l\u0131ktaki bu s\u0131\u00e7rama, bir &#8220;marj geni\u015flemesi&#8221; hikayesidir. Has\u0131lat d\u00fc\u015ferken sat\u0131\u015flar\u0131n maliyeti \u00e7ok daha h\u0131zl\u0131 bir ivmeyle <b>98 milyar TL<\/b>&#8216;den <b>80,3 milyar TL<\/b>&#8216;ye gerilemi\u015f, bu da operasyonel verimlili\u011fi art\u0131rm\u0131\u015ft\u0131r. \u00dcstelik Aygaz bu ba\u015far\u0131y\u0131, enflasyon muhasebesi kaynakl\u0131 <b>679,8 milyon TL<\/b> tutar\u0131ndaki &#8220;Net Parasal Pozisyon Kayb\u0131&#8221;na ra\u011fmen elde etmi\u015ftir. Bu durum, \u015firketin enflasyonun a\u015f\u0131nd\u0131r\u0131c\u0131 etkisine ra\u011fmen ne denli g\u00fc\u00e7l\u00fc bir maliyet y\u00f6netimi sergiledi\u011finin kan\u0131t\u0131d\u0131r.<\/p>\n<h2>4. Dev Ortakl\u0131klar\u0131n G\u00fcc\u00fc: Portf\u00f6y\u00fcn %59&#8217;u \u0130\u015ftiraklerde<\/h2>\n<p>Aygaz\u2019\u0131 sadece bir LPG da\u011f\u0131t\u0131m \u015firketi olarak g\u00f6rmek, g\u00fcncel finansal mimariyi eksik analiz etmek demektir. \u015eirket, bug\u00fcn devasa bir &#8220;yat\u0131r\u0131m portf\u00f6y\u00fc y\u00f6neticisi&#8221; kimli\u011fi ta\u015f\u0131maktad\u0131r:<\/p>\n<ul>\n<li><b>Varl\u0131k Da\u011f\u0131l\u0131m\u0131:<\/b> \u00d6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlar\u0131n (EYA\u015e\/T\u00fcpra\u015f, Kolay Gelsin, United Aygaz vb.) toplam b\u00fcy\u00fckl\u00fc\u011f\u00fc <b>48,4 milyar TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r. Bu kalem, toplam varl\u0131klar\u0131n tam <b>%59<\/b>&#8216;unu olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Stratejik Katk\u0131:<\/b> Bu i\u015ftirakler, Aygaz&#8217;\u0131n vergi \u00f6ncesi k\u00e2r\u0131n\u0131n <b>%41<\/b>&#8216;ini (<b>2,39 milyar TL<\/b> pay) olu\u015fturarak k\u00e2rl\u0131l\u0131\u011f\u0131n en sa\u011flam s\u00fctunu haline gelmi\u015ftir.<\/li>\n<\/ul>\n<p>\u00d6zellikle T\u00fcpra\u015f (EYA\u015e) gibi devlerin katk\u0131s\u0131, Aygaz\u2019\u0131n i\u00e7 piyasadaki operasyonel risklerini hedge eden stratejik bir kalkan g\u00f6revi g\u00f6rmektedir.<\/p>\n<h2>5. K\u00fcresel A\u00e7\u0131l\u0131m: Dubai&#8217;den Banglade\u015f&#8217;e Enerji K\u00f6pr\u00fcs\u00fc<\/h2>\n<p>Aygaz, 2025 y\u0131l\u0131nda lojistik kabiliyetlerini bir &#8220;Supply &amp; Trading&#8221; (Tedarik ve Ticaret) oyuncusuna d\u00f6n\u00fc\u015ft\u00fcrecek hamleler yapm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Dubai Yap\u0131lanmas\u0131:<\/b> Uluslararas\u0131 LPG ticaretinde marj yakalamak amac\u0131yla Dubai merkezli <b>Kuleli International Supply and Shipping FZCO<\/b> kurulmu\u015ftur.<\/li>\n<li><b>Lojistik Sinerji:<\/b> 2024 y\u0131l\u0131 sonunda sat\u0131n al\u0131nan <b>Bebek<\/b> gemisi, 2025 y\u0131l\u0131nda stratejik bir hamleyle Dubai merkezli bu yeni yap\u0131ya devredilmi\u015ftir. Bu, geminin sadece bir varl\u0131k de\u011fil, k\u00fcresel ticaret zincirinin aktif bir par\u00e7as\u0131 olarak konumland\u0131r\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/li>\n<li><b>Banglade\u015f Yat\u0131r\u0131m\u0131:<\/b> United Group ile kurulan <b>United Aygaz<\/b> ortakl\u0131\u011f\u0131na <b>37,5 milyon ABD Dolar\u0131<\/b> tutar\u0131nda nakdi sermaye kat\u0131l\u0131m\u0131 sa\u011flanarak, y\u00fcksek b\u00fcy\u00fcme potansiyelli pazarlarda bayrak g\u00f6sterilmi\u015ftir.<\/li>\n<\/ul>\n<h2>6. Nakit Ak\u0131\u015f\u0131 ve Temett\u00fc: Yat\u0131r\u0131mc\u0131n\u0131n Y\u00fcz\u00fc G\u00fcl\u00fcyor mu?<\/h2>\n<p>Zorlu piyasa ko\u015fullar\u0131nda nakit yaratma kapasitesi en \u00f6nemli g\u00fcven kriteridir. Aygaz, 2025 y\u0131l\u0131nda i\u015fletme faaliyetlerinden <b>2,18 milyar TL<\/b> nakit ak\u0131\u015f\u0131 yaratarak operasyonel g\u00fcc\u00fcn\u00fc teyit etmi\u015ftir.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 dostu politikas\u0131n\u0131 s\u00fcrd\u00fcren \u015firket, bu d\u00f6nemde toplam <b>3,28 milyar TL<\/b> tutar\u0131nda nakit temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirmi\u015ftir. Toplam \u00f6zkaynaklar\u0131n <b>69,5 milyar TL<\/b> seviyesine ula\u015ft\u0131\u011f\u0131 bu tabloda, \u015firketin sermaye yap\u0131s\u0131n\u0131n enflasyona kar\u015f\u0131 korundu\u011fu net bir \u015fekilde g\u00f6r\u00fclmektedir.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/h2>\n<p>Aygaz, 2025 y\u0131l\u0131 itibar\u0131yla has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen marj geni\u015flemesi ve i\u015ftirak gelirleriyle k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 katlamay\u0131 ba\u015farm\u0131\u015ft\u0131r. Enflasyon muhasebesinin getirdi\u011fi parasal pozisyon kay\u0131plar\u0131na ra\u011fmen elde edilen bu sonu\u00e7lar, \u015firketin stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc ba\u015far\u0131yla y\u00f6netti\u011fini kan\u0131tl\u0131yor.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> Enerji piyasas\u0131n\u0131n bu dev akt\u00f6r\u00fc; Banglade\u015f ve Dubai gibi yeni pazarlardaki operasyonel g\u00fcc\u00fcn\u00fc ve k\u00fcresel lojistik a\u011f\u0131n\u0131, i\u00e7 piyasadaki enflasyonist bask\u0131lara kar\u015f\u0131 bir kalkan olarak kullanmaya devam edebilecek mi?<\/p>\n<h1><span style=\"color: #0000ff;\">Aygaz A.\u015e. 2025 Mali Y\u0131l\u0131 Konsolide Finansal Raporlama ve Ba\u011f\u0131ms\u0131z Denetim Bilgilendirme Belgesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Aygaz A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denetim raporunu sentezlemektedir. G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (EY) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal durumu ve performans\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu g\u00f6r\u00fc\u015f\u00fcne var\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131 mali sonu\u00e7lar\u0131, Grubun y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131nda faaliyetlerini s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc ve TMS 29 uyar\u0131nca enflasyon muhasebesi uygulad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Has\u0131lat bir \u00f6nceki y\u0131la g\u00f6re nominal olarak d\u00fc\u015f\u00fc\u015f g\u00f6sterse de, net d\u00f6nem k\u00e2r\u0131 4.996.552 bin TL\u2019ye y\u00fckselerek g\u00fc\u00e7l\u00fc bir art\u0131\u015f kaydetmi\u015ftir. Grubun varl\u0131k yap\u0131s\u0131 b\u00fcy\u00fck oranda \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlardan (\u00f6zellikle enerji ve kargo da\u011f\u0131t\u0131m sekt\u00f6rleri) olu\u015fmaktad\u0131r. Deniz ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 ve uluslararas\u0131 geni\u015fleme (Banglade\u015f ve Dubai) Grubun stratejik oda\u011f\u0131ndaki yerini korumaktad\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<h2>1. Kurumsal Profil ve Organizasyonel Yap\u0131<\/h2>\n<p>Aygaz A.\u015e., Ko\u00e7 Holding A.\u015e. \u00e7at\u0131s\u0131 alt\u0131nda faaliyet g\u00f6steren, temel olarak s\u0131v\u0131la\u015ft\u0131r\u0131lm\u0131\u015f petrol gaz\u0131n\u0131n (LPG) temini, \u00fcretimi ve da\u011f\u0131t\u0131m\u0131yla i\u015ftirak eden bir enerji kurulu\u015fudur.<\/p>\n<h3>Temel Faaliyet Alanlar\u0131<\/h3>\n<ul>\n<li><b>LPG Segmenti:<\/b> Yurti\u00e7i ve yurtd\u0131\u015f\u0131 piyasalardan LPG temini, depolanmas\u0131 ve t\u00fcketicilere ula\u015ft\u0131r\u0131lmas\u0131. Ayr\u0131ca LPG t\u00fcp\u00fc, tank\u0131 ve yard\u0131mc\u0131 malzemelerin \u00fcretimi.<\/li>\n<li><b>Do\u011fal Gaz:<\/b> Aygaz Do\u011fal Gaz Toptan Sat\u0131\u015f ve \u0130letim \u015firketleri arac\u0131l\u0131\u011f\u0131yla do\u011fal gaz ticareti.<\/li>\n<li><b>Deniz Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131:<\/b> Anadoluhisar\u0131, Kandilli, Kuleli ve Kuzguncuk Tankercilik gibi ba\u011fl\u0131 ortakl\u0131klar \u00fczerinden petrol \u00fcr\u00fcnleri ve LPG nakliyesi.<\/li>\n<li><b>Lojistik ve Di\u011fer:<\/b> Akpa \u00fczerinden perakende ve toptan akaryak\u0131t sat\u0131\u015f\u0131; Kolay Gelsin (Eski ad\u0131 Sendeo) \u00fczerinden kargo ta\u015f\u0131ma ve da\u011f\u0131t\u0131m\u0131.<\/li>\n<\/ul>\n<h3>Personel Yap\u0131s\u0131<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun toplam personel say\u0131s\u0131 1.249&#8217;dur. D\u00f6nem i\u00e7indeki ortalama personel say\u0131s\u0131 ise 1.274 olarak kaydedilmi\u015ftir (2024 ortalamas\u0131 1.469).<\/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<h2>2. Finansal Performans Analizi (2024 &#8211; 2025 Kar\u015f\u0131la\u015ft\u0131rmal\u0131)<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun 2025 y\u0131l\u0131 finansal performans\u0131n\u0131 bir \u00f6nceki y\u0131l ile kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak sunmaktad\u0131r (T\u00fcm tutarlar 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re bin TL cinsindendir):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hesap Kalemi<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>89.657.788<\/td>\n<td>107.034.477<\/td>\n<td>-16,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>9.352.889<\/td>\n<td>8.997.514<\/td>\n<td>+3,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>2.108.664<\/td>\n<td>1.145.761<\/td>\n<td>+84,0%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynak Y\u00f6nt. Yat. Paylar\u0131<\/b><\/td>\n<td>2.399.484<\/td>\n<td>2.179.186<\/td>\n<td>+10,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r<\/b><\/td>\n<td>5.859.846<\/td>\n<td>3.461.689<\/td>\n<td>+69,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>4.996.552<\/td>\n<td>2.160.863<\/td>\n<td>+131,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td>22,7322<\/td>\n<td>12,6403<\/td>\n<td>+79,8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Not:<\/b> Sat\u0131\u015flar\u0131n maliyetine dahil edilen ithal al\u0131mlardan kaynakl\u0131 \u00d6zel T\u00fcketim Vergisi (\u00d6TV) tutar\u0131 2025 y\u0131l\u0131 i\u00e7in 13.883.361 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/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<h2>3. Kilit Denetim Konular\u0131 ve Analizi<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, 2025 y\u0131l\u0131 denetiminde \u00fc\u00e7 temel alan\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak belirlemi\u015ftir:<\/p>\n<h3>3.1. Has\u0131lat\u0131n Muhasebele\u015ftirilmesi<\/h3>\n<p>Has\u0131lat, Grubun performans de\u011ferlendirmesinde en \u00f6nemli g\u00f6sterge olarak kabul edilmektedir. TFRS 15 uyar\u0131nca, LPG ve yard\u0131mc\u0131 malzemelerin sat\u0131\u015f\u0131 edim y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc yerine getirildi\u011fi (kontrol\u00fcn m\u00fc\u015fteriye ge\u00e7ti\u011fi) anda kaydedilmektedir. Denet\u00e7i, sat\u0131\u015f s\u00fcre\u00e7lerini ve kontrollerini test ederek has\u0131lat\u0131n taml\u0131\u011f\u0131n\u0131 ve do\u011frulu\u011funu do\u011frulam\u0131\u015ft\u0131r.<\/p>\n<h3>3.2. \u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar<\/h3>\n<p>Grubun i\u015ftirakleri, konsolide finansal durumun en kritik par\u00e7as\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>Mali De\u011fer:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla bu yat\u0131r\u0131mlar\u0131n ta\u015f\u0131nan de\u011feri <b>48.437.325 bin TL<\/b>&#8216;dir.<\/li>\n<li><b>Oransal Etki:<\/b> Bu tutar, toplam varl\u0131klar\u0131n <b>%59<\/b>&#8216;unu, cari d\u00f6nem k\u00e2r pay\u0131 ise vergi \u00f6ncesi k\u00e2r\u0131n <b>%41<\/b>&#8216;ini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Ba\u015fl\u0131ca \u0130\u015ftirakler:<\/b> Enerji Yat\u0131r\u0131mlar\u0131 A.\u015e. (EYA\u015e &#8211; T\u00fcpra\u015f&#8217;\u0131n ana orta\u011f\u0131) ve Kolay Gelsin Da\u011f\u0131t\u0131m Hizmetleri A.\u015e.<\/li>\n<\/ul>\n<h3>3.3. Enflasyon Muhasebesi Uygulamas\u0131 (TMS 29)<\/h3>\n<p>T\u00fcrkiye ekonomisinin y\u00fcksek enflasyonlu olarak de\u011ferlendirilmesi nedeniyle finansal tablolar TMS 29&#8217;a g\u00f6re yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<ul>\n<li><b>Endeks Kullan\u0131m\u0131:<\/b> D\u00fczeltmelerde T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Katsay\u0131lar:<\/b> 31 Aral\u0131k 2025 i\u00e7in d\u00fczeltme katsay\u0131s\u0131 1,00000; 31 Aral\u0131k 2024 i\u00e7in 1,30892 olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Parasal Pozisyon:<\/b> Enflasyon d\u00fczeltmesi sonucu 2025 y\u0131l\u0131nda 679.805 bin TL net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<\/ul>\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<h2>4. Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun konsolide bilan\u00e7osu \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 82.236.005 bin TL\n<ul>\n<li><i>D\u00f6nen Varl\u0131klar:<\/i> 17.253.232 bin TL (Nakit ve nakit benzerleri: 8.548.463 bin TL).<\/li>\n<li><i>Duran Varl\u0131klar:<\/i> 64.982.773 bin TL (\u00d6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlar bask\u0131n kalemdir).<\/li>\n<\/ul>\n<\/li>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 12.657.656 bin TL\n<ul>\n<li><i>K\u0131sa Vadeli:<\/i> 10.531.598 bin TL.<\/li>\n<li><i>Uzun Vadeli:<\/i> 2.126.058 bin TL.<\/li>\n<\/ul>\n<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 69.578.349 bin TL (Ana ortakl\u0131\u011fa ait).<\/li>\n<\/ul>\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<h2>5. Stratejik Yat\u0131r\u0131mlar ve Operasyonel Geli\u015fmeler<\/h2>\n<h3>Denizcilik Faaliyetleri<\/h3>\n<p>Grup, 2025 y\u0131l\u0131nda deniz ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 yap\u0131s\u0131n\u0131 uluslararas\u0131 boyuta ta\u015f\u0131m\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Bebek Gemisi:<\/b> 29 Kas\u0131m 2024&#8217;te sat\u0131n al\u0131nan gemi, 31 Ekim 2025&#8217;te Dubai merkezli yeni kurulan <i>Kuleli International Supply and Shipping FZCO<\/i>&#8216;ya sat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeni \u015eirket:<\/b> 4 A\u011fustos 2025&#8217;te Dubai&#8217;de Kuleli International unvanl\u0131 \u015firket kurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>Kargo Da\u011f\u0131t\u0131m Sekt\u00f6r\u00fc (Kolay Gelsin)<\/h3>\n<p>Sendeo ve Ekol Ekspres Kargo birle\u015fmesi 9 Ekim 2024&#8217;te tamamlanm\u0131\u015ft\u0131r. Yeni yap\u0131 &#8220;Kolay Gelsin&#8221; markas\u0131yla faaliyet g\u00f6stermektedir. \u015eirketin bu yap\u0131daki pay\u0131 %27,50&#8217;dir.<\/p>\n<h3>Uluslararas\u0131 \u0130\u015f Ortakl\u0131klar\u0131<\/h3>\n<ul>\n<li><b>United Aygaz (Banglade\u015f):<\/b> United Group ile %50-%50 ortakl\u0131k pay\u0131 ile LPG temini, dolumu ve da\u011f\u0131t\u0131m\u0131 faaliyetleri y\u00fcr\u00fct\u00fclmektedir. Bu yat\u0131r\u0131m i\u00e7in toplam 37,5 milyon ABD Dolar\u0131 sermaye kat\u0131l\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\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<h2>6. \u00d6nemli Muhasebe Politikalar\u0131 ve Denet\u00e7i Sorumluluklar\u0131<\/h2>\n<ul>\n<li><b>G\u00f6r\u00fc\u015f:<\/b> Denet\u00e7i, mali tablolar\u0131n t\u00fcm \u00f6nemli y\u00f6nleriyle &#8220;ger\u00e7e\u011fe uygun&#8221; oldu\u011fu sonucuna varm\u0131\u015ft\u0131r.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Y\u00f6netim, Grubun s\u00fcreklili\u011fini devam ettirme kabiliyetini de\u011ferlendirmekten sorumludur. Denetim raporuna g\u00f6re bu konuda bildirilen \u00f6nemli bir belirsizlik bulunmamaktad\u0131r.<\/li>\n<li><b>Kiralamalar (TFRS 16):<\/b> Grup, kullan\u0131m hakk\u0131 varl\u0131klar\u0131n\u0131 ve kira y\u00fck\u00fcml\u00fcl\u00fcklerini maliyet y\u00f6ntemiyle muhasebele\u015ftirmektedir. 2025 sonu itibar\u0131yla kullan\u0131m hakk\u0131 varl\u0131klar\u0131 131.914 bin TL&#8217;dir.<\/li>\n<li><b>Stok De\u011ferleme:<\/b> Stoklar, maliyet (a\u011f\u0131rl\u0131kl\u0131 ortalama) veya net ger\u00e7ekle\u015febilir de\u011ferin d\u00fc\u015f\u00fck olan\u0131 ile de\u011ferlenmektedir. 31 Aral\u0131k 2025 itibar\u0131yla stok mevcudu 2.983.601 bin TL&#8217;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1000\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>TR: Aygaz A.\u015e., 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Enflasyon d\u00fczeltmesi uygulanm\u0131\u015f verilere g\u00f6re \u015firket, has\u0131lat rakamlar\u0131ndaki de\u011fi\u015fime ra\u011fmen net d\u00f6nem kar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %80 art\u0131rarak 5 milyar TL s\u0131n\u0131r\u0131na ula\u015ft\u0131rd\u0131. \u0130\u015ftiraklerden gelen g\u00fc\u00e7l\u00fc katk\u0131 ve stratejik gemi yat\u0131r\u0131mlar\u0131, Aygaz\u2019\u0131n piyasadaki g\u00fc\u00e7l\u00fc konumunu desteklemeye devam ediyor.<br \/>\nEN: Aygaz A.\u015e. has announced its consolidated financial results for 2025. According to inflation-adjusted data, despite changes in revenue figures, the company increased its net profit by approximately 80% compared to the previous year, reaching the 5 billion TL threshold. Strong contributions from subsidiaries and strategic vessel investments continue to support Aygaz\u2019s dominant market position.<\/p>\n","protected":false},"author":1,"featured_media":972,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[223],"class_list":["post-1000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-aygaz"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1000","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=1000"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1000\/revisions"}],"predecessor-version":[{"id":1001,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1000\/revisions\/1001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/972"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}