{"id":1010,"date":"2026-02-09T23:09:11","date_gmt":"2026-02-09T20:09:11","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1010"},"modified":"2026-02-09T23:09:11","modified_gmt":"2026-02-09T20:09:11","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-maalt-marmaris-altinyunus-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1010","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MAALT | Marmaris Altinyunus  2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/MAALT--Marmaris-Altinyunus-202512-Bilano-Analizi---MAALTn-Enflasyon-Kr-ve-Divan-Talya-Riski-e3es0m6\/a-acfc1pq\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Marmaris Alt\u0131nyunus (MAALT) 2025 Raporu: 100 Milyon Dolarl\u0131k D\u00f6n\u00fc\u015f\u00fcm ve B\u00fcy\u00fck Geri D\u00f6n\u00fc\u015f\u00fcn \u015eifreleri<\/h1>\n<p><b>Giri\u015f: Bir Turizm Efsanesinin Yeniden Do\u011fu\u015fu<\/b><\/p>\n<p>Borsa \u0130stanbul\u2019un en k\u00f6kl\u00fc oyuncular\u0131ndan biri olan Marmaris Alt\u0131nyunus (MAALT), ard\u0131nda Ko\u00e7 Holding gibi bir devin stratejik g\u00fcc\u00fcyle, T\u00fcrk turizm tarihinin en dikkat \u00e7ekici geri d\u00f6n\u00fc\u015f hikayelerinden birini yaz\u0131yor. \u015eirketin yay\u0131mlad\u0131\u011f\u0131 31 Aral\u0131k 2025 tarihli ba\u011f\u0131ms\u0131z denetim raporu, sadece bilan\u00e7odaki rakamlar\u0131n yer de\u011fi\u015ftirmesi de\u011fil; devasa bir yat\u0131r\u0131m\u0131n, inat\u00e7\u0131 bir hukuk zaferinin ve finansal m\u00fchendisli\u011fin kristalle\u015fmi\u015f halidir. Bir \u015firket, 150 milyon TL\u2019yi a\u015fan a\u011f\u0131r bir zarardan sadece bir y\u0131l i\u00e7inde nas\u0131l kara ge\u00e7er? Belirsizli\u011fin hakim oldu\u011fu bir makroekonomik iklimde 100 milyon dolarl\u0131k bir &#8220;kumar&#8221; gibi g\u00f6r\u00fcnen bu yat\u0131r\u0131m, asl\u0131nda nas\u0131l titizlikle kurgulanm\u0131\u015f bir \u015fah-mat hamlesidir?<\/p>\n<p><b>Zarardan Kara: 2025\u2019in Finansal U D\u00f6n\u00fc\u015f\u00fc<\/b><\/p>\n<p>MAALT\u2019\u0131n 2025 bilan\u00e7osundaki en radikal de\u011fi\u015fim, net d\u00f6nem sonucunda kendini g\u00f6steriyor. 2024 y\u0131l\u0131n\u0131 156,4 milyon TL net d\u00f6nem zarar\u0131yla kapatan \u015firket, 2025 sonunda 29,6 milyon TL net kara ula\u015farak piyasalara g\u00fc\u00e7l\u00fc bir &#8220;U d\u00f6n\u00fc\u015f\u00fc&#8221; mesaj\u0131 verdi.<\/p>\n<p>Analitik bir g\u00f6zle bak\u0131ld\u0131\u011f\u0131nda, bu ba\u015far\u0131n\u0131n operasyonel verimlilikten ziyade, &#8220;ak\u0131ll\u0131 nakit y\u00f6netimi&#8221; ile geldi\u011fi g\u00f6r\u00fclmektedir. \u015eirket, 7,3 milyon TL tutar\u0131ndaki &#8220;Esas Faaliyet Zarar\u0131&#8221;na ra\u011fmen, bu a\u00e7\u0131\u011f\u0131 153,6 milyon TL\u2019lik devasa bir finansman geliriyle kapatmay\u0131 ba\u015farm\u0131\u015ft\u0131r. Buradaki kritik detay, y\u0131l sonunda ger\u00e7ekle\u015fen 1,6 milyar TL\u2019lik sermaye enjeksiyonunun yaratt\u0131\u011f\u0131 likidite g\u00fcc\u00fcd\u00fcr. MAALT, elindeki bu taze nakdi finansal piyasalarda de\u011ferlendirerek operasyonel dura\u011fanl\u0131\u011f\u0131 finansal bir kalkana d\u00f6n\u00fc\u015ft\u00fcrm\u00fc\u015ft\u00fcr.<\/p>\n<p><b>Divan Talya\u2019n\u0131n Kaderi: Hukuk Zaferi ve \u0130n\u015faat\u0131n Devam\u0131<\/b><\/p>\n<p>Antalya\u2019n\u0131n sembol\u00fc Divan Talya Oteli, y\u0131llard\u0131r s\u00fcregelen hukuk labirentinden Ko\u00e7 Grubu\u2019nun kurumsal kararl\u0131l\u0131\u011f\u0131yla \u00e7\u0131kmay\u0131 ba\u015fard\u0131. 2021\u2019de ba\u015flayan y\u0131k\u0131m ve yeniden yap\u0131m s\u00fcreci, 2024\u2019te yerel mahkemenin imar plan\u0131 iptaliyle durdurulmu\u015f olsa da, Konya B\u00f6lge \u0130dare Mahkemesi bu karar\u0131 kald\u0131rarak d\u00fc\u011f\u00fcm\u00fc \u00e7\u00f6zd\u00fc. \u015eirket raporunda bu kritik e\u015fik \u015fu ifadelerle tescillenmi\u015ftir:<\/p>\n<p>&#8220;Konya B\u00f6lge \u0130dare Mahkemesi karar\u0131na istinaden, Muratpa\u015fa Belediye Ba\u015fkanl\u0131\u011f\u0131 taraf\u0131ndan 28 \u015eubat 2025 tarihinde Divan Talya Otelin yap\u0131 ruhsat\u0131n\u0131n tekrar ge\u00e7erli hale geldi\u011fi bildirilmi\u015ftir.&#8221;<\/p>\n<p>Bu karar, sadece bir in\u015faat izni de\u011fil, ayn\u0131 zamanda 2026 ikinci \u00e7eyre\u011finde ger\u00e7ekle\u015fmesi hedeflenen b\u00fcy\u00fck a\u00e7\u0131l\u0131\u015f\u0131n \u00f6n\u00fcndeki en b\u00fcy\u00fck bariyerin de y\u0131k\u0131lmas\u0131 anlam\u0131na geliyor.<\/p>\n<p><b>B\u00fct\u00e7ede Dev Revizyon: 80\u2019den 100 Milyon Dolara<\/b><\/p>\n<p>Ekonomik konjonkt\u00fcr ve in\u015faat s\u00fcrecindeki 7 ayl\u0131k zorunlu duraklama, MAALT y\u00f6netimini stratejik bir b\u00fct\u00e7e revizyonuna itti. 24 Haziran 2025\u2019te al\u0131nan kararla, daha \u00f6nce 80 milyon dolar olarak planlanan yat\u0131r\u0131m b\u00fct\u00e7esi 100 milyon dolar + KDV tutar\u0131na y\u00fckseltildi.<\/p>\n<p>Bu revizyonun ciddiyetini anlamak i\u00e7in \u015firketin varl\u0131k b\u00fcy\u00fcmesine bakmak yeterlidir: 2024 y\u0131l\u0131nda 3,8 milyar TL olan toplam varl\u0131klar, sadece bir y\u0131lda %47 artarak 5,6 milyar TL\u2019ye ula\u015ft\u0131. Bu devasa b\u00fcy\u00fcme, 100 milyon dolarl\u0131k yat\u0131r\u0131m\u0131n MAALT i\u00e7in bir &#8220;kumar&#8221; de\u011fil, \u015firketin \u00f6zkaynak yap\u0131s\u0131n\u0131 ve pazar de\u011ferini katlayacak stratejik bir d\u00f6n\u00fc\u015f\u00fcm oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p><b>1,6 Milyar TL\u2019lik Taze Kan: Sermaye Avans\u0131 ve \u0130hra\u00e7 Primleri<\/b><\/p>\n<p>\u015eirketin finansal yap\u0131s\u0131n\u0131 sa\u011flama alan en b\u00fcy\u00fck hamle, 22 Aral\u0131k 2025\u2019te tamamlanan pay ihrac\u0131 oldu. Kasaya giren 1.599.999.345 TL\u2019lik nakit, raporlama tarihinde hen\u00fcz tescil edilmedi\u011fi i\u00e7in &#8220;Sermaye Avans\u0131&#8221; olarak s\u0131n\u0131fland\u0131r\u0131ld\u0131.<\/p>\n<p>Bir finansal analist i\u00e7in buradaki &#8220;\u015feytan detayda gizlidir&#8221;: 4 \u015eubat 2026 tarihinde tamamlanan tescil i\u015flemleriyle birlikte, bu 1,6 milyar TL\u2019lik tutar\u0131n sadece 1,6 milyon TL\u2019lik k\u0131sm\u0131 &#8220;\u00d6denmi\u015f Sermaye&#8221;ye aktar\u0131l\u0131rken; as\u0131l aslan pay\u0131 olan <b>1.598.326.388 TL<\/b>, &#8220;Pay \u0130hra\u00e7 Primleri&#8221; (Share Premium) hesab\u0131na kaydedilmi\u015ftir. Bu durum, \u015firketin sermaye taban\u0131n\u0131 geni\u015fletirken mevcut ortaklar\u0131n pay de\u011ferini koruyan ve \u00f6zkaynak kalitesini maksimize eden son derece profesyonel bir sermaye yap\u0131s\u0131 tasar\u0131m\u0131d\u0131r.<\/p>\n<p><b>Enflasyon Muhasebesi (TMS 29): Rakamlar\u0131n Ard\u0131ndaki Ger\u00e7ek<\/b><\/p>\n<p>TMS 29 standartlar\u0131 uyar\u0131nca 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcyle haz\u0131rlanan rapor, enflasyonun y\u0131k\u0131c\u0131 etkisine kar\u015f\u0131 verilen m\u00fccadeleyi de belgeliyor. \u015eirket, 2025 y\u0131l\u0131nda 115,3 milyon TL\u2019lik bir &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; bildirdi.<\/p>\n<p>Bu rakam ilk bak\u0131\u015fta negatif g\u00f6r\u00fcnse de, 2024 y\u0131l\u0131ndaki 551 milyon TL\u2019lik devasa kay\u0131pla k\u0131yasland\u0131\u011f\u0131nda, y\u00f6netimin nakit ve varl\u0131k pozisyonunu enflasyona kar\u015f\u0131 ne kadar diren\u00e7li hale getirdi\u011fi a\u00e7\u0131k\u00e7a g\u00f6r\u00fclmektedir. Esasen bu kay\u0131p, nakit varl\u0131klar\u0131 enflasyon kar\u015f\u0131s\u0131nda koruman\u0131n &#8220;ka\u00e7\u0131n\u0131lmaz maliyeti&#8221; olarak okunmal\u0131d\u0131r.<\/p>\n<p><b>Marmaris\u2019teki Gelecek: 2068\u2019e Kadar Uzanan Vizyon<\/b><\/p>\n<p>MAALT sadece Antalya\u2019ya odaklanm\u0131yor; Marmaris\u2019teki 1.078 yatakl\u0131 Mares Otel ile uzun vadeli bir &#8220;Net Varl\u0131k De\u011feri&#8221; (NAV) koruma stratejisi y\u00fcr\u00fct\u00fcyor. Mares Otel\u2019in irtifak hakk\u0131n\u0131n 17 Aral\u0131k 2068 tarihine kadar uzat\u0131lm\u0131\u015f olmas\u0131, \u015firketi sadece bir otel i\u015fletmecisi de\u011fil, yar\u0131m as\u0131rl\u0131k bir gayrimenkul vizyoneri konumuna ta\u015f\u0131yor. 2035\u2019e kadar s\u00fcren mevcut kira s\u00f6zle\u015fmesiyle birle\u015fti\u011finde bu durum, yat\u0131r\u0131mc\u0131lar i\u00e7in \u00f6ng\u00f6r\u00fclebilir ve g\u00fcvenli bir liman yarat\u0131yor.<\/p>\n<p><b>Sonu\u00e7: 2026\u2019ya Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/b><\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Selvi Hardal (EY) taraf\u0131ndan onaylanan 2025 tablolar\u0131, kar\u015f\u0131m\u0131za &#8220;kasas\u0131n\u0131 doldurmu\u015f, hukuki prangalar\u0131ndan kurtulmu\u015f ve 5,6 milyar TL\u2019lik varl\u0131k g\u00fcc\u00fcne ula\u015fm\u0131\u015f&#8221; bir MAALT \u00e7\u0131kar\u0131yor. 1,6 milyar TL\u2019lik nakit giri\u015fiyle finansman sorununu k\u00f6kten \u00e7\u00f6zen \u015firket, \u015fimdi rotas\u0131n\u0131 tamamen operasyonel m\u00fckemmelli\u011fe k\u0131rm\u0131\u015f durumda.<\/p>\n<p>Peki, 100 milyon dolarl\u0131k bu devasa d\u00f6n\u00fc\u015f\u00fcm 2026\u2019n\u0131n ikinci \u00e7eyre\u011finde kap\u0131lar\u0131n\u0131 a\u00e7t\u0131\u011f\u0131nda, Divan Talya sadece l\u00fcks bir konaklama noktas\u0131 m\u0131 olacak, yoksa Ko\u00e7 Holding vizyonuyla T\u00fcrk turizminin yeni amiral gemisi olarak Borsa \u0130stanbul\u2019un en de\u011ferli markalar\u0131ndan birine mi d\u00f6n\u00fc\u015fecek? Finansal veriler, r\u00fczgar\u0131n arkadan esmeye ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Marmaris Alt\u0131nyunus Turistik Tesisler A.\u015e. 2025 Y\u0131l\u0131 Bilgilendirme Belgesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Marmaris Alt\u0131nyunus Turistik Tesisler A.\u015e. (&#8220;\u015eirket&#8221;), 2025 hesap d\u00f6nemini operasyonel ve finansal a\u00e7\u0131dan kritik geli\u015fmelerle tamamlam\u0131\u015ft\u0131r. 31 Aral\u0131k 2025 tarihi itibar\u0131yla haz\u0131rlanan ba\u011f\u0131ms\u0131z denetim raporu, \u015eirket&#8217;in finansal tablolar\u0131n\u0131n ger\u00e7e\u011fe uygun ve TFRS&#8217;ye uyumlu oldu\u011funu teyit etmektedir. Y\u0131l\u0131n en dikkat \u00e7ekici finansal geli\u015fmesi, 2024 y\u0131l\u0131ndaki 156,4 milyon TL net zarar\u0131n ard\u0131ndan, 2025 y\u0131l\u0131nda <b>29,6 milyon TL net d\u00f6nem k\u00e2r\u0131<\/b> elde edilmesidir.<\/p>\n<p>Stratejik tarafta, Antalya&#8217;daki <b>Divan Talya Oteli<\/b> projesindeki hukuki engellerin a\u015f\u0131lmas\u0131 ve in\u015faat faaliyetlerinin devam etmesi \u00f6n plandad\u0131r. Artan maliyetler ve projede yap\u0131lan iyile\u015ftirmeler neticesinde yat\u0131r\u0131m b\u00fct\u00e7esi <b>100 milyon ABD Dolar\u0131 + KDV<\/b> seviyesine revize edilmi\u015ftir. Ayr\u0131ca, Aral\u0131k 2025&#8217;te tamamlanan pay ihrac\u0131 ile \u015eirket \u00f6zkaynaklar\u0131na yakla\u015f\u0131k <b>1,6 milyar TL<\/b> tutar\u0131nda \u00f6nemli bir kaynak (sermaye avans\u0131 olarak) dahil edilmi\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>Ba\u011f\u0131ms\u0131z Denetim ve Uyumluluk<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (Ernst &amp; Young Global Limited \u00fcyesi) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda sunulan bulgular a\u015fa\u011f\u0131dad\u0131r:<\/p>\n<ul>\n<li><b>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> \u015eirket&#8217;in finansal durumu, performans\u0131 ve nakit ak\u0131\u015flar\u0131, t\u00fcm \u00f6nemli y\u00f6nleriyle T\u00fcrkiye Finansal Raporlama Standartlar\u0131na (TFRS) uygun ve ger\u00e7e\u011fe uygun bir bi\u00e7imde sunulmu\u015ftur.<\/li>\n<li><b>Kilit Denetim Konusu (Enflasyon Muhasebesi):<\/b> T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi nedeniyle &#8220;TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uygulanm\u0131\u015ft\u0131r.\n<ul>\n<li>Finansal tablolar, 31 Aral\u0131k 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li>Denetim ekibi, hesaplamalar\u0131n do\u011frulu\u011funu sa\u011flamak i\u00e7in kullan\u0131lan endeksleri ve modelleri titizlikle test etmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Di\u011fer Mevzuat Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca yap\u0131lan incelemelerde, defter tutma d\u00fczeninin ve finansal tablolar\u0131n kanun ile esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine ayk\u0131r\u0131 bir durumuna rastlanmam\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>Finansal Durum ve Operasyonel Performans Analizi<\/h2>\n<p>\u015eirket&#8217;in finansal verileri, enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f (31.12.2025 sat\u0131n alma g\u00fcc\u00fc bazl\u0131) tutarlar \u00fczerinden kar\u015f\u0131la\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>Temel Finansal G\u00f6stergeler (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>5.605.425.307<\/td>\n<td>3.830.700.870<\/td>\n<td>+46,3<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>4.902.943.697<\/td>\n<td>3.273.259.510<\/td>\n<td>+49,8<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>49.895.247<\/td>\n<td>51.930.207<\/td>\n<td>-3,9<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>29.644.649<\/td>\n<td>(156.383.760)<\/td>\n<td>&#8212;<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerleri<\/b><\/td>\n<td>1.287.265.669<\/td>\n<td>590.671.833<\/td>\n<td>+117,9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>K\u00e2rl\u0131l\u0131k ve Gelir Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Has\u0131lat:<\/b> \u015eirket&#8217;in has\u0131lat\u0131 bir \u00f6nceki y\u0131la g\u00f6re hafif bir d\u00fc\u015f\u00fc\u015fle yakla\u015f\u0131k 49,9 milyon TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Net K\u00e2r D\u00f6n\u00fc\u015f\u00fcm\u00fc:<\/b> 2024 y\u0131l\u0131ndaki b\u00fcy\u00fck zarar\u0131n ard\u0131ndan k\u00e2ra ge\u00e7ilmesinde, finansman gelirlerindeki art\u0131\u015f ve net parasal pozisyon kay\u0131plar\u0131n\u0131n (2024&#8217;te 551,2 milyon TL&#8217;den 2025&#8217;te 115,3 milyon TL&#8217;ye) azalmas\u0131 etkili olmu\u015ftur.<\/li>\n<li><b>Finansman Geliri:<\/b> 153,7 milyon TL seviyesindeki finansman geliri, operasyonel zarar\u0131n dengelenmesinde anahtar rol oynam\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>Stratejik Yat\u0131r\u0131mlar ve Gayrimenkul Portf\u00f6y\u00fc<\/h2>\n<p>\u015eirket&#8217;in faaliyetleri Marmaris ve Antalya&#8217;daki iki b\u00fcy\u00fck turistik yat\u0131r\u0131m \u00fczerinde yo\u011funla\u015fmaktad\u0131r.<\/p>\n<h3>1. Divan Talya Oteli Projesi (Antalya)<\/h3>\n<p>Antalya&#8217;da bulunan ve 2013 y\u0131l\u0131ndan bu yana faaliyetleri durdurulmu\u015f olan Talya Oteli&#8217;nin yeniden yap\u0131m s\u00fcreciyle ilgili kritik geli\u015fmeler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Hukuki Durum:<\/b> 2024 y\u0131l\u0131nda imar plan\u0131 ve in\u015faat ruhsat\u0131n\u0131n iptali ile durdurulan in\u015faat faaliyetleri, Konya B\u00f6lge \u0130dare Mahkemesi&#8217;nin lehte karar\u0131 ile tekrar ba\u015flam\u0131\u015ft\u0131r. 28 \u015eubat 2025 tarihinde yap\u0131 ruhsat\u0131 yeniden ge\u00e7erli hale gelmi\u015ftir.<\/li>\n<li><b>B\u00fct\u00e7e Revizyonu:<\/b> Y\u00f6netim Kurulu, in\u015faat s\u00fcrecindeki duraksama ve ekonomik ko\u015fullar nedeniyle yat\u0131r\u0131m b\u00fct\u00e7esini <b>80 milyon ABD Dolar\u0131<\/b>&#8216;ndan, <b>100 milyon ABD Dolar\u0131 + KDV<\/b> seviyesine y\u00fckseltmi\u015ftir.<\/li>\n<li><b>Hedef:<\/b> Otelin <b>2026 y\u0131l\u0131n\u0131n ikinci \u00e7eyre\u011finde<\/b> faaliyete ge\u00e7irilmesi hedeflenmektedir.<\/li>\n<\/ul>\n<h3>2. Marmaris Mares Otel<\/h3>\n<ul>\n<li><b>Kira Durumu:<\/b> Tesis, MP Hotel Management Turizm \u0130n\u015faat Yat\u0131r\u0131m A.\u015e.&#8217;ye kiralanm\u0131\u015f olup kira s\u00fcresi 1 May\u0131s 2035&#8217;e kadar devam etmektedir.<\/li>\n<li><b>\u0130rtifak Hakk\u0131:<\/b> Orman Bakanl\u0131\u011f\u0131&#8217;ndan kiralanan arazinin irtifak hakk\u0131 s\u00fcresi 17 Aral\u0131k 2068 tarihine kadar uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>S\u0131n\u0131fland\u0131rma:<\/b> Marmaris&#8217;teki otel ve ekipmanlar\u0131, &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221; (173 milyon TL net de\u011fer) alt\u0131nda izlenmektedir.<\/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>Sermaye Yap\u0131s\u0131 ve Finansman Kaynaklar\u0131<\/h2>\n<p>\u015eirket, 2025 y\u0131l\u0131 sonunda sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek ad\u0131na \u00f6nemli bir ad\u0131m atm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Sermaye Art\u0131\u015f\u0131:<\/b> 8 Temmuz 2025 tarihli karara istinaden ger\u00e7ekle\u015ftirilen pay ihrac\u0131 ile toplam <b>1.599.999.345 TL<\/b> has\u0131lat elde edilmi\u015ftir.<\/li>\n<li><b>Sermaye Avans\u0131:<\/b> Sat\u0131\u015f i\u015flemleri 22 Aral\u0131k 2025&#8217;te tamamlanm\u0131\u015f olsa da, tescil i\u015flemleri 31 Aral\u0131k 2025 itibar\u0131yla hen\u00fcz bitmedi\u011finden bu tutar finansal tablolarda &#8220;Sermaye Avans\u0131&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r. Tescil i\u015flemleri 4 \u015eubat 2026&#8217;da tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Likidite Pozisyonu:<\/b> Nakit ve nakit benzerleri, \u00f6zellikle sermaye art\u0131\u015f\u0131ndan gelen fonlar\u0131n etkisiyle 1,29 milyar TL seviyesine ula\u015farak y\u00fcksek bir likidite imk\u00e2n\u0131 sa\u011flam\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>\u00d6nemli Notlar ve Gelecek Beklentileri<\/h2>\n<ul>\n<li><b>Personel Say\u0131s\u0131:<\/b> \u015eirket&#8217;in ortalama personel say\u0131s\u0131 2024&#8217;te 8 iken, 2025 y\u0131l\u0131nda 14&#8217;e y\u00fckselmi\u015ftir (Y\u0131l sonu itibar\u0131yla 17 ki\u015fi).<\/li>\n<li><b>Vergi Uygulamas\u0131:<\/b> \u015eirket, ihtiyatl\u0131l\u0131k ilkesi gere\u011fi gelecekteki vergilendirilebilir k\u00e2rlar \u00fczerinde yeterli kan\u0131t olu\u015fmad\u0131\u011f\u0131 de\u011ferlendirmesiyle &#8220;Ertelenmi\u015f Vergi Varl\u0131\u011f\u0131&#8221; kaydetmemi\u015ftir.<\/li>\n<li><b>Net Parasal Pozisyon Kayb\u0131:<\/b> Enflasyon muhasebesi uygulamas\u0131 sonucunda 2025 y\u0131l\u0131nda 115,3 milyon TL tutar\u0131nda net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1010\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Marmaris Alt\u0131nyunus 2025 Y\u0131l\u0131nda Kara Ge\u00e7ti: Divan Talya Yat\u0131r\u0131m\u0131 Tam Gaz Devam Ediyor! Marmaris Alt\u0131nyunus (MAALT), 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Ge\u00e7ti\u011fimiz y\u0131l\u0131n zarar\u0131na kar\u015f\u0131n y\u0131l\u0131 karla kapatan \u015firket, Antalya\u2019daki ikonik Divan Talya Oteli projesinde b\u00fct\u00e7esini 100 milyon dolara \u00e7\u0131kararak hedeflerini b\u00fcy\u00fctt\u00fc. Ko\u00e7 Holding\u2019den gelen dev sermaye deste\u011fi ve g\u00fcncel projeler hakk\u0131nda t\u00fcm detaylar bu yaz\u0131m\u0131zda.<br \/>\nEnglish Translation<br \/>\nMarmaris Alt\u0131nyunus Returns to Profit in 2025: Divan Talya Investment in Full Swing! Marmaris Alt\u0131nyunus (MAALT) has announced its 2025 financial results. Closing the year with a profit despite last year&#8217;s losses, the company raised its targets by increasing the Divan Talya Hotel project budget to $100 million. Read our latest post for all the details on the massive capital support from Ko\u00e7 Holding and ongoing projects.<\/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":[228],"class_list":["post-1010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-maalt"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1010","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=1010"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1010\/revisions"}],"predecessor-version":[{"id":1011,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1010\/revisions\/1011"}],"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=1010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}