{"id":102,"date":"2025-12-17T22:59:40","date_gmt":"2025-12-17T19:59:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=102"},"modified":"2025-12-17T23:42:34","modified_gmt":"2025-12-17T20:42:34","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-mndtr-mondi-turkey-oluklu-mukavva-kagit-ve-ambalaj-sanayi-2025-9-bilanco-analizi-milyarlarca-ciro-yuz-milyonlarca-zarar-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/102","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MNDTR | Mondi Turkey Oluklu Mukavva K\u00e2\u011f\u0131t ve Ambalaj Sanayi 2025\/9 Bilan\u00e7o Analizi | Milyarlarca Ciro, Y\u00fcz Milyonlarca Zarar \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MNDTR | Mondi Turkey Oluklu 2025\/9 Bilan\u00e7o Analizi | Milyarlarca Ciro, Y\u00fcz Milyonlarca Zarar \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/CD_bBVzXL-0?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>Milyarlarca Ciro, Y\u00fcz Milyonlarca Zarar: Mondi T\u00fcrkiye Raporunun Perde Arkas\u0131ndaki 4 Kritik Sinyal<\/h1>\n<h3>Giri\u015f<\/h3>\n<p>Kurumsal finansal raporlar, genellikle rakamlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar, dikkatli bir g\u00f6zle bak\u0131ld\u0131\u011f\u0131nda bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelece\u011fi hakk\u0131nda \u00e7arp\u0131c\u0131 hikayeler anlat\u0131r. K\u00fcresel ambalaj ve k\u00e2\u011f\u0131t devi Mondi&#8217;nin T\u00fcrkiye operasyonu olan Mondi Turkey Oluklu Mukavva Ka\u011f\u0131t ve Ambalaj Sanayi A.\u015e.&#8217;nin 2025 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek ara d\u00f6nem faaliyet raporu da tam olarak bu t\u00fcrden, ilk bak\u0131\u015fta g\u00f6zden ka\u00e7abilecek ancak derine inildi\u011finde hem \u015fa\u015f\u0131rt\u0131c\u0131 hem de d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc detaylar i\u00e7eriyor. Bu raporda, Mondi T\u00fcrkiye&#8217;nin sadece finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011fil, ayn\u0131 zamanda operasyonel \u00f6nceliklerini ve gelecek vizyonunu sorgulatan d\u00f6rt kritik sinyali mercek alt\u0131na alaca\u011f\u0131z.<\/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. <b>2.3 Milyar TL Br\u00fct K\u00e2r, Nas\u0131l 722 Milyon TL Net Zarara D\u00f6n\u00fc\u015ft\u00fc?<\/b><\/h3>\n<p>Bir \u015firketin finansal tablosunda ilk bak\u0131lan kalemler genellikle has\u0131lat ve br\u00fct k\u00e2rd\u0131r. Mondi T\u00fcrkiye&#8217;nin raporu, bu metriklerin tek ba\u015f\u0131na ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<ul>\n<li><b>Analiz:<\/b> Raporun gelir tablosuna g\u00f6re \u015firket, 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde 11.2 milyar TL&#8217;lik etkileyici bir has\u0131lat elde etmi\u015f ve bu cirodan 2.33 milyar TL br\u00fct k\u00e2r sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>A\u00e7\u0131klama:<\/b> Ancak ayn\u0131 tablonun alt sat\u0131rlar\u0131na inildi\u011finde, bu devasa br\u00fct k\u00e2ra ra\u011fmen \u015firketin ayn\u0131 d\u00f6nemde 35.2 milyon TL &#8220;Esas Faaliyet Zarar\u0131&#8221; ve nihayetinde 722.2 milyon TL &#8220;Net D\u00f6nem Zarar\u0131&#8221; kaydetti\u011fi g\u00f6r\u00fcl\u00fcyor.<\/li>\n<li><b>Yorum:<\/b> 2.33 milyar TL&#8217;lik br\u00fct k\u00e2r\u0131n neredeyse tamam\u0131, toplamda 2.13 milyar TL&#8217;yi bulan pazarlama (848 milyon TL) ve genel y\u00f6netim (1.29 milyar TL) giderleriyle eridi. Bu durum, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n daha finansal tablonun alt sat\u0131rlar\u0131na inmeden, operasyonel maliyetler alt\u0131nda ezildi\u011fini g\u00f6steriyor. Buna ek olarak, y\u00fcksek enflasyon ortam\u0131n\u0131n bir sonucu olan ve enflasyon muhasebesi kaynakl\u0131 672 milyon TL&#8217;lik &#8220;Net Parasal Pozisyon Kay\u0131plar\u0131&#8221; da zarar\u0131 derinle\u015ftiriyor. Bu tablo, y\u00fcksek cironun tek ba\u015f\u0131na bir ba\u015far\u0131 \u00f6l\u00e7\u00fct\u00fc olmad\u0131\u011f\u0131n\u0131, as\u0131l hikayenin operasyonel giderlerin kontrol\u00fcnde yatt\u0131\u011f\u0131n\u0131 net bir \u015fekilde ortaya koyuyor.<\/li>\n<\/ul>\n<h3>2. <b>Bir Dev K\u00fc\u00e7\u00fcl\u00fcrken: D\u00fc\u015fen S\u0131ralama, Sat\u0131\u015flar ve Personel Say\u0131s\u0131<\/b><\/h3>\n<p>Finansal tablodaki k\u00e2rl\u0131l\u0131k sorunu, \u015firketin operasyonel ve pazar konumundaki gerileme ile birle\u015fti\u011finde daha anlaml\u0131 bir resim ortaya koyuyor. Rapor, Mondi T\u00fcrkiye&#8217;nin birden fazla alanda k\u00fc\u00e7\u00fclme sinyali verdi\u011fini g\u00f6steriyor.<\/p>\n<ul>\n<li><b>S\u0131ralama D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Faaliyet raporuna g\u00f6re \u015firket, T\u00fcrkiye&#8217;nin 500 B\u00fcy\u00fck Sanayi Kurulu\u015fu s\u0131ralamas\u0131nda 2024 y\u0131l\u0131nda bir \u00f6nceki y\u0131la g\u00f6re 61 s\u0131ra birden gerileyerek 162. s\u0131raya d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Finansal K\u00fc\u00e7\u00fclme:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda sat\u0131\u015f gelirleri, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %13 oran\u0131nda k\u00fc\u00e7\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Operasyonel Gerileme:<\/b> Ayn\u0131 d\u00f6nemde k\u00e2\u011f\u0131t \u00fcretiminde %4, oluklu mukavva \u00fcretiminde ise yine %4 oran\u0131nda azal\u0131\u015f meydana gelmi\u015ftir.<\/li>\n<li><b>\u0130stihdam Azal\u0131\u015f\u0131:<\/b> Grubun ortalama personel say\u0131s\u0131, 31 Aral\u0131k 2024&#8217;teki 1.465 ki\u015fiden, 30 Eyl\u00fcl 2025 itibar\u0131yla 1.350 ki\u015fiye gerilemi\u015ftir.<\/li>\n<\/ul>\n<p>Bu veriler, hep birlikte, \u015firketin hem pazar konumunda hem de operasyonel g\u00fcc\u00fcnde g\u00f6z ard\u0131 edilemeyecek bir daralmaya i\u015faret ediyor.<\/p>\n<h3>3. <b>Performansla Ters Orant\u0131l\u0131 Art\u0131\u015f: Y\u00f6netici \u00d6demeleri Neden %61 Y\u00fckseldi?<\/b><\/h3>\n<p>\u015eirketin genel performans\u0131 d\u00fc\u015f\u00fc\u015f e\u011filimindeyken, \u00fcst d\u00fczey y\u00f6netici menfaatlerindeki art\u0131\u015f rapordaki en dikkat \u00e7ekici tezatl\u0131klardan birini olu\u015fturuyor.<\/p>\n<ul>\n<li><b>Veriler:<\/b> Faaliyet raporunun ilgili b\u00f6l\u00fcm\u00fcnde, \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan faydalar\u0131n (<b>\u00dccretler ve k\u0131sa ve uzun faydalar<\/b>) 1 Ocak &#8211; 30 Eyl\u00fcl 2024 d\u00f6neminde 48.512.185 TL oldu\u011fu belirtiliyor. 2025&#8217;in ayn\u0131 d\u00f6neminde ise bu rakam 78.137.497 TL&#8217;ye y\u00fckselmi\u015f.<\/li>\n<li><b>Analiz:<\/b> Bu rakamlar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k %61&#8217;lik bir art\u0131\u015fa denk geliyor.<\/li>\n<li><b>Yorum:<\/b> \u015eirketin sat\u0131\u015f gelirlerinin %13 oran\u0131nda d\u00fc\u015ft\u00fc\u011f\u00fc ve y\u00fczlerce \u00e7al\u0131\u015fan\u0131n i\u015ften ayr\u0131ld\u0131\u011f\u0131 bir d\u00f6nemde, \u00fcst d\u00fczey y\u00f6netici menfaatlerinin %61 oran\u0131nda artmas\u0131, kurumsal y\u00f6netim ve kaynaklar\u0131n \u00f6nceliklendirilmesi a\u00e7\u0131s\u0131ndan en keskin tezatl\u0131\u011f\u0131 olu\u015fturuyor. Kurumsal y\u00f6netim ilkeleri a\u00e7\u0131s\u0131ndan bu t\u00fcr durumlar, hissedarlar ve payda\u015flar nezdinde s\u0131k\u00e7a tart\u0131\u015fma konusu olmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4. <b>Gelece\u011fe Yat\u0131r\u0131m Sorusu: Neden S\u0131f\u0131r Ara\u015ft\u0131rma &amp; Geli\u015ftirme Harcamas\u0131?<\/b><\/h3>\n<p>Bir sanayi devinin gelecekteki rekabet g\u00fcc\u00fcn\u00fc belirleyen en \u00f6nemli fakt\u00f6rlerden biri inovasyon ve Ar-Ge&#8217;ye yapt\u0131\u011f\u0131 yat\u0131r\u0131md\u0131r. Mondi T\u00fcrkiye raporunda bu konuda yer alan ifade, belki de en net ve \u015fa\u015f\u0131rt\u0131c\u0131 olan\u0131.<\/p>\n<ul>\n<li><b>Do\u011frudan Al\u0131nt\u0131:<\/b> Raporun 3. b\u00f6l\u00fcm\u00fcnde yer alan ifade aynen \u015fu \u015fekildedir:<\/li>\n<li><b>Analiz:<\/b> Mondi gibi k\u00fcresel bir grubun par\u00e7as\u0131 olan ve sekt\u00f6r\u00fcnde lider olmay\u0131 hedefleyen T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck sanayi kurulu\u015flar\u0131ndan biri i\u00e7in dokuz ay gibi uzun bir d\u00f6nemde Ar-Ge&#8217;ye hi\u00e7 kaynak ayr\u0131lmamas\u0131 olduk\u00e7a \u015fa\u015f\u0131rt\u0131c\u0131d\u0131r.<\/li>\n<li><b>Yorum:<\/b> Ambalaj sekt\u00f6r\u00fcn\u00fcn s\u00fcrd\u00fcr\u00fclebilirlik, ak\u0131ll\u0131 ambalaj \u00e7\u00f6z\u00fcmleri ve yeni materyaller gibi inovasyonlarla s\u00fcrekli evrildi\u011fi bir d\u00f6nemde, Ar-Ge&#8217;ye dokuz ay boyunca hi\u00e7 kaynak ay\u0131rmamak, Mondi T\u00fcrkiye&#8217;nin uzun vadeli rekabet g\u00fcc\u00fcn\u00fc ve pazar trendlerine uyum sa\u011flama yetene\u011fini ciddi \u015fekilde sorgulat\u0131yor. Bu bir maliyet tasarrufu politikas\u0131 m\u0131, yoksa inovasyon faaliyetlerinin tamamen grup merkezinden y\u00f6nlendirildi\u011fi bir yap\u0131n\u0131n do\u011fal bir sonucu mu?<\/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<h3>Sonu\u00e7<\/h3>\n<p>Bir pazar liderinin sat\u0131\u015flar\u0131, \u00fcretimi ve i\u015f g\u00fcc\u00fc daral\u0131rken, y\u00f6netici \u00fccretlerinin f\u0131rlamas\u0131 ve gelece\u011fe d\u00f6n\u00fck Ar-Ge harcamalar\u0131n\u0131n s\u0131f\u0131rlanmas\u0131, sadece bir bilan\u00e7onun \u00f6tesinde, stratejik bir yol ayr\u0131m\u0131na i\u015faret eden endi\u015fe verici bir tablo \u00e7iziyor. Bu veriler tek ba\u015f\u0131na bir \u015firketi yarg\u0131lamak i\u00e7in yeterli olmasa da, payda\u015flar, yat\u0131r\u0131mc\u0131lar ve sekt\u00f6r takip\u00e7ileri i\u00e7in kritik sinyaller ta\u015f\u0131d\u0131\u011f\u0131 kesin.<\/p>\n<p>Peki, T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck sanayi kurulu\u015flar\u0131ndan birinin bu finansal ve operasyonel tablosu, i\u00e7inde bulundu\u011fu sekt\u00f6r\u00fcn ve genel ekonominin gelece\u011fi hakk\u0131nda bize neler s\u00f6yl\u00fcyor olabilir?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Mondi Turkey 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Mondi Turkey Oluklu Mukavva Ka\u011f\u0131t ve Ambalaj Sanayi A.\u015e.&#8217;nin 01.01.2025\u201330.09.2025 ara d\u00f6nemine ait faaliyet ve finansal raporlar\u0131n\u0131 sentezleyerek \u015firketin performans\u0131n\u0131, kurumsal yap\u0131s\u0131n\u0131, finansal durumunu ve risk y\u00f6netimi stratejilerini kapsaml\u0131 bir \u015fekilde analiz etmektedir.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan bulgular\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Operasyonel Gerileme:<\/b> \u015eirketin k\u00e2\u011f\u0131t ve oluklu mukavva \u00fcretiminde, 2024 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %4&#8217;l\u00fck bir azal\u0131\u015f kaydedilmi\u015ftir. Bu durum, sat\u0131\u015f gelirlerine de yans\u0131m\u0131\u015f ve has\u0131lat bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %13 oran\u0131nda k\u00fc\u00e7\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Finansal Performans:<\/b> Grup, 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde <b>722.269.544 TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 911.277.697 TL&#8217;lik zarara g\u00f6re bir iyile\u015fme g\u00f6stermektedir. Toplam varl\u0131klar 13,2 milyar TL&#8217;den 11,8 milyar TL&#8217;ye, \u00f6zkaynaklar ise 8,4 milyar TL&#8217;den 7,7 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Sekt\u00f6rdeki Konum:<\/b> \u015eirket, T\u00fcrkiye\u2019nin 500 B\u00fcy\u00fck Sanayi Kurulu\u015fu s\u0131ralamas\u0131nda 2024 y\u0131l\u0131nda bir \u00f6nceki y\u0131la g\u00f6re 61 s\u0131ra gerileyerek 162. s\u0131rada yer alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stratejik Odak:<\/b> \u015eirket, ana orta\u011f\u0131 Mondi Corrugated BV ile i\u015fbirli\u011fi i\u00e7inde teknoloji, \u00e7evre ve yenileme yat\u0131r\u0131mlar\u0131n\u0131 s\u00fcrd\u00fcrmektedir. 2025-2027 d\u00f6nemi i\u00e7in finansal yap\u0131y\u0131 iyile\u015ftirme hedefleri; net i\u015fletme sermayesi takibi, k\u00e2rl\u0131l\u0131k art\u0131\u015f\u0131 ve maliyet tasarruflar\u0131na odaklanmaktad\u0131r.<\/li>\n<li><b>Risk Y\u00f6netimi:<\/b> Faaliyet g\u00f6sterilen sekt\u00f6rdeki geli\u015fmeler, hammadde fiyatlar\u0131, finansal dalgalanmalar ve operasyonel riskler yak\u0131ndan takip edilmektedir. Ana hissedar Mondi Grubu&#8217;nun k\u00fcresel i\u00e7 kontrol mekanizmalar\u0131ndan faydalan\u0131larak riskler y\u00f6netilmektedir.<\/li>\n<li><b>Kurumsal Y\u00f6netim:<\/b> \u015eirket, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemelerine tam uyum g\u00f6stermekte olup, s\u00fcrd\u00fcr\u00fclebilirlik ilkelerini &#8220;Uy ya da A\u00e7\u0131kla&#8221; prensibiyle raporlamaktad\u0131r. D\u00f6nem i\u00e7inde Ar-Ge faaliyeti ger\u00e7ekle\u015ftirilmemi\u015ftir.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>Genel \u015eirket Bilgileri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kriter<\/td>\n<td>Bilgi<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>MOND\u0130 TURKEY OLUKLU MUKAVVA KA\u011eIT VE AMBALAJ SANAY\u0130 A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adres<\/b><\/td>\n<td>TOK\u0130 Mahallesi, Hasan Tahsin Cd, No:28, 35900 Tire, \u0130zmir<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Sicili<\/b><\/td>\n<td>Tire Ticaret Sicili M\u00fcd\u00fcrl\u00fc\u011f\u00fc, No: 1116<\/td>\n<\/tr>\n<tr>\n<td><b>Mersis No.<\/b><\/td>\n<td>0600001927400010<\/td>\n<\/tr>\n<tr>\n<td><b>Rapor D\u00f6nemi<\/b><\/td>\n<td>01.01.2025 \u2013 30.09.2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ortakl\u0131k ve \u0130\u015ftirak Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin sermaye yap\u0131s\u0131 ve ortakl\u0131k oranlar\u0131 30.09.2025 itibar\u0131yla a\u015fa\u011f\u0131daki gibidir. Hakim ortak, Hollanda merkezli Mondi Corrugated BV&#8217;dir. Paylar\u0131n %15,35&#8217;i Borsa \u0130stanbul&#8217;da (BIST) i\u015flem g\u00f6rmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ad\u0131 \/ Unvan\u0131<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermayedeki Pay\u0131 (%)<\/td>\n<td>Oy Hakk\u0131 Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>MONDI CORRUGATED BV.<\/b><\/td>\n<td>888.026.244,36<\/td>\n<td>84,65<\/td>\n<td>84,65<\/td>\n<\/tr>\n<tr>\n<td><b>D\u0130\u011eER (Halka A\u00e7\u0131k)<\/b><\/td>\n<td>161.014.561,62<\/td>\n<td>15,35<\/td>\n<td>15,35<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>1.049.040.805,98<\/b><\/td>\n<td><b>100<\/b><\/td>\n<td><b>100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirketin %100 oran\u0131nda pay sahibi oldu\u011fu tek ba\u011fl\u0131 ortakl\u0131\u011f\u0131, at\u0131k ka\u011f\u0131t toplama ve ayr\u0131\u015ft\u0131rma alan\u0131nda faaliyet g\u00f6steren <b>Do\u011fal Ka\u011f\u0131t Hammaddeleri Sanayi ve Ticaret Limited \u015eirketi<\/b>&#8216;dir.<\/p>\n<h3>Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>30.09.2025 itibar\u0131yla Y\u00f6netim Kurulu \u00fcyeleri \u015funlard\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 ve Soyad\u0131<\/td>\n<td>Unvan\u0131<\/td>\n<td>G\u00f6rev Tan\u0131m\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>Paulus Goess<\/b><\/td>\n<td>Ba\u015fkan<\/td>\n<td>\u0130crada G\u00f6revli Olmayan \u00dcye<\/td>\n<\/tr>\n<tr>\n<td><b>Sevin\u00e7 Yener \u00c7imecio\u011flu<\/b><\/td>\n<td>Ba\u015fkan Vekili<\/td>\n<td>\u0130crac\u0131 \u00dcye-Genel M\u00fcd\u00fcr (CEO)<\/td>\n<\/tr>\n<tr>\n<td><b>Arzu Sema \u00c7akmak<\/b><\/td>\n<td>\u00dcye<\/td>\n<td>\u0130crada G\u00f6revli Olmayan \u00dcye<\/td>\n<\/tr>\n<tr>\n<td><b>Tarik Aniba<\/b><\/td>\n<td>\u00dcye<\/td>\n<td>\u0130crada G\u00f6revli Olmayan \u00dcye<\/td>\n<\/tr>\n<tr>\n<td><b>Lale Ergin<\/b><\/td>\n<td>\u00dcye<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<tr>\n<td><b>Ahmet Ok\u00e7ular<\/b><\/td>\n<td>\u00dcye<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Y\u00f6netim Kurulu b\u00fcnyesinde SPK d\u00fczenlemelerine uygun olarak \u00fc\u00e7 temel komite faaliyet g\u00f6stermektedir:<\/p>\n<ol>\n<li><b>Denetimden Sorumlu Komite:<\/b> Ahmet Ok\u00e7ular (Ba\u015fkan), Lale Ergin (\u00dcye).<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Lale Ergin (Ba\u015fkan), Ahmet Ok\u00e7ular (\u00dcye), Arzu Sema \u00c7akmak (\u00dcye), Taner Curca (\u00dcye). Bu komite ayn\u0131 zamanda Aday G\u00f6sterme, \u00dccret ve \u00c7evresel, Sosyal ve Kurumsal Y\u00f6netim (\u00c7SY) komitelerinin g\u00f6revlerini de \u00fcstlenmi\u015ftir.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Ahmet Ok\u00e7ular (Ba\u015fkan), Lale Ergin (\u00dcye), Arzu Sema \u00c7akmak (\u00dcye).<\/li>\n<\/ol>\n<h3>Personel Durumu<\/h3>\n<p>30 Eyl\u00fcl 2025 tarihi itibar\u0131yla Grup b\u00fcnyesinde istihdam edilen ortalama personel say\u0131s\u0131 <b>1.350<\/b>&#8216;dir. Bu say\u0131, 31 Aral\u0131k 2024&#8217;teki 1.465 ki\u015filik personel say\u0131s\u0131na g\u00f6re bir azalma g\u00f6stermektedir. Personele \u00fccret d\u0131\u015f\u0131nda ikramiye, yemek yard\u0131m\u0131, yakacak yard\u0131m\u0131, \u00f6zel sa\u011fl\u0131k sigortas\u0131 ve ula\u015f\u0131m gibi hak ve menfaatler sa\u011flanmaktad\u0131r.<\/p>\n<h2>2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Faaliyet Performans\u0131<\/h2>\n<h3>\u00dcretim ve Sat\u0131\u015f Faaliyetleri<\/h3>\n<p>\u015eirket, &#8220;Oluklu Mukavva Ambalaj Kutu&#8221; ve &#8220;K\u00e2\u011f\u0131t&#8221; \u00fcretimi ve sat\u0131\u015f\u0131 alanlar\u0131nda faaliyet g\u00f6stermektedir. 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6neminde, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla hem k\u00e2\u011f\u0131t \u00fcretiminde hem de oluklu mukavva \u00fcretiminde <b>%4 oran\u0131nda bir azal\u0131\u015f<\/b> meydana gelmi\u015ftir. Bu operasyonel daralma, finansal sonu\u00e7lara da yans\u0131m\u0131\u015f ve \u015firketin sat\u0131\u015f gelirleri ayn\u0131 d\u00f6nemde <b>%13 oran\u0131nda k\u00fc\u00e7\u00fclm\u00fc\u015ft\u00fcr<\/b>.<\/p>\n<h3>Yat\u0131r\u0131mlar ve Ar-Ge<\/h3>\n<p>\u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda teknoloji, \u00e7evre ve yenileme yat\u0131r\u0131mlar\u0131n\u0131 s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Yat\u0131r\u0131mlar, ana ortak Mondi Corrugated BV ile i\u015fbirli\u011fi i\u00e7inde, m\u00fc\u015fteri ihtiya\u00e7lar\u0131 ve artan rekabet ko\u015fullar\u0131 g\u00f6z \u00f6n\u00fcne al\u0131narak ger\u00e7ekle\u015ftirilmektedir. \u015eirketin sosyal sorumluluk bilinciyle \u00e7evreye olumsuz etkileri en aza indirmeye y\u00f6nelik yat\u0131r\u0131mlar yapt\u0131\u011f\u0131 belirtilmi\u015ftir.<\/p>\n<p>Ayn\u0131 d\u00f6nemde, \u015firketin herhangi bir ara\u015ft\u0131rma ve geli\u015ftirme (Ar-Ge) faaliyeti ve bu kapsama giren bir maliyeti olmam\u0131\u015ft\u0131r.<\/p>\n<h2>Finansal Durum Analizi<\/h2>\n<h3>\u00d6zet Finansal Tablolar<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 ve 31 Aral\u0131k 2024 tarihli \u00f6zet konsolide finansal durum tablolar\u0131 ile 2025 ve 2024&#8217;\u00fcn ilk dokuz ayl\u0131k d\u00f6nemlerine ait \u00f6zet gelir tablolar\u0131 a\u015fa\u011f\u0131da sunulmu\u015ftur. T\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla TL&#8217;nin sat\u0131n alma g\u00fcc\u00fcne g\u00f6re ifade edilmi\u015ftir (TMS 29 Enflasyon Muhasebesi).<\/p>\n<p><b>\u00d6zet Konsolide Finansal Durum Tablosu (Bilan\u00e7o)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>5.566.110.461<\/td>\n<td>6.247.636.929<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>6.228.182.723<\/td>\n<td>6.977.753.617<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>11.794.293.184<\/b><\/td>\n<td><b>13.225.390.546<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.783.816.893<\/td>\n<td>4.424.934.319<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>302.135.118<\/td>\n<td>369.719.727<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>4.085.952.011<\/b><\/td>\n<td><b>4.794.654.046<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM \u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>7.708.341.173<\/b><\/td>\n<td><b>8.430.736.500<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>11.794.293.184<\/b><\/td>\n<td><b>13.225.390.546<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6zet Konsolide Kar veya Zarar Tablosu<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>11.248.034.208<\/td>\n<td>12.813.508.752<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>2.332.747.182<\/td>\n<td>2.200.955.979<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet (Zarar\u0131)\/Kar\u0131<\/td>\n<td>(35.233.094)<\/td>\n<td>(323.438.576)<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Zarar<\/td>\n<td>(844.953.142)<\/td>\n<td>(457.213.454)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td><b>(722.269.544)<\/b><\/td>\n<td><b>(911.277.697)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kay\u0131p<\/td>\n<td>(0,6885)<\/td>\n<td>(0,8687)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Temel Finansal Rasyolar<\/h3>\n<p>\u015eirketin temel finansal oranlar\u0131, bir \u00f6nceki y\u0131l sonuna g\u00f6re likidite ve bor\u00e7luluk yap\u0131s\u0131nda \u00f6nemli bir de\u011fi\u015fiklik olmad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Rasyo<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,47<\/td>\n<td>1,41<\/td>\n<\/tr>\n<tr>\n<td>Likidite Oran\u0131<\/td>\n<td>1,10<\/td>\n<td>1,07<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar \/ Toplam Kaynaklar<\/td>\n<td>0,65<\/td>\n<td>0,64<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler \/ Toplam Kaynaklar<\/td>\n<td>0,32<\/td>\n<td>0,33<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler \/ Toplam Kaynaklar<\/td>\n<td>0,34<\/td>\n<td>0,36<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Kar\u0131 \/ Sat\u0131\u015f Gelirleri<\/td>\n<td>(0,003)<\/td>\n<td>(0,02)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Yap\u0131y\u0131 \u0130yile\u015ftirme \u00d6nlemleri<\/h3>\n<p>\u015eirket, 2025-2027 d\u00f6nemi b\u00fct\u00e7elerinde ve uygulamalar\u0131nda finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek amac\u0131yla \u015fu ilkelere odaklanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>Net i\u015fletme sermayesi hedeflerinin s\u0131k\u0131 takibi.<\/li>\n<li>K\u00e2rl\u0131l\u0131k oranlar\u0131n\u0131n art\u0131r\u0131lmas\u0131.<\/li>\n<li>Her t\u00fcrl\u00fc harcamada tasarrufa \u00f6zen g\u00f6sterilmesi.<\/li>\n<li>Al\u0131m-sat\u0131m i\u015flemlerinde vade ve para birimi uyumuna dikkat edilmesi.<\/li>\n<li>M\u00fc\u015fteri risk durumlar\u0131n\u0131n takibi ve alacaklar\u0131n sigortalanmas\u0131.<\/li>\n<\/ul>\n<h3>\u00dcst D\u00fczey Y\u00f6neticilere Sa\u011flanan Mali Haklar<\/h3>\n<p>D\u00f6nem i\u00e7inde \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan \u00fccretler ve di\u011fer k\u0131sa\/uzun vadeli faydalar\u0131n toplam\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>Sa\u011flanan Toplam Fayda (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>78.137.497<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/b><\/td>\n<td><b>48.512.185<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Risk Y\u00f6netimi ve \u0130\u00e7 Kontrol<\/h2>\n<h3>\u00d6ng\u00f6r\u00fclebilir Riskler<\/h3>\n<p>\u015eirket, faaliyetlerini etkileyebilecek \u00f6ncelikli riskleri \u015fu \u015fekilde s\u0131ralamaktad\u0131r:<\/p>\n<ul>\n<li><b>Sekt\u00f6rel Riskler:<\/b> Faaliyet g\u00f6sterilen sekt\u00f6rdeki geli\u015fmeler.<\/li>\n<li><b>Tedarik Zinciri Riskleri:<\/b> Hammadde fiyat ve tedarikinde k\u00fcresel geli\u015fmelere ba\u011fl\u0131 riskler.<\/li>\n<li><b>Finansal Riskler:<\/b> Faiz oran\u0131, likidite, kredi ve d\u00f6viz kuru riskleri.<\/li>\n<li><b>Operasyonel Riskler:<\/b> \u0130\u015f s\u00fcreklili\u011finin sa\u011flanmas\u0131.<\/li>\n<li><b>\u0130tibar Riskleri:<\/b> Marka de\u011ferini korumaya y\u00f6nelik riskler.<\/li>\n<\/ul>\n<h3>Risk Y\u00f6netimi ve \u0130\u00e7 Kontrol Sistemi<\/h3>\n<p>\u015eirket, risk y\u00f6netiminde ana hissedar\u0131 Mondi Grubu&#8217;nun k\u00fcresel i\u00e7 kontrol sisteminden faydalanmaktad\u0131r. Bu sistem, operasyonel risklerin etkin bir \u015fekilde y\u00f6netilmesini sa\u011flamakta ve \u015firketi global \u00e7apta denetlenebilir bir mekanizman\u0131n par\u00e7as\u0131 yapmaktad\u0131r. \u0130\u00e7 kontrol sisteminin temel unsurlar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li>A\u00e7\u0131k ve tan\u0131mlanm\u0131\u015f organizasyon yap\u0131s\u0131.<\/li>\n<li>Basit ve odaklanm\u0131\u015f i\u015f stratejisi.<\/li>\n<li>Kapsaml\u0131 raporlama sistemi (ayl\u0131k sonu\u00e7lar, y\u0131ll\u0131k b\u00fct\u00e7e, periyodik tahminler).<\/li>\n<li>Merkezi olarak y\u00fcr\u00fct\u00fclen i\u00e7 denetim program\u0131.<\/li>\n<li>\u00d6nemli kararlar\u0131n (yat\u0131r\u0131mlar vb.) yaln\u0131zca Y\u00f6netim Kurulu taraf\u0131ndan al\u0131nmas\u0131.<\/li>\n<li>Ba\u011f\u0131ms\u0131z d\u0131\u015f denet\u00e7ilerden faydalanma.<\/li>\n<\/ul>\n<h2>S\u00fcrd\u00fcr\u00fclebilirlik ve Kurumsal Y\u00f6netim<\/h2>\n<h3>K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n<p>\u015eirketin k\u00e2r da\u011f\u0131t\u0131m politikas\u0131; TTK, SPK mevzuat\u0131 ve ana s\u00f6zle\u015fme h\u00fck\u00fcmleri \u00e7er\u00e7evesinde belirlenmektedir. Politikada, \u015firketin uzun vadeli stratejileri, yat\u0131r\u0131m ve finansman politikalar\u0131, k\u00e2rl\u0131l\u0131k ve nakit durumu g\u00f6z \u00f6n\u00fcnde bulundurularak pay sahipleri ile \u015firket menfaati aras\u0131nda tutarl\u0131 bir denge g\u00f6zetilmektedir. K\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131nda paylar aras\u0131nda herhangi bir imtiyaz bulunmamaktad\u0131r. Da\u011f\u0131t\u0131m karar\u0131 Genel Kurul taraf\u0131ndan verilir ve nakden veya hisse senedi olarak yap\u0131labilir.<\/p>\n<h3>S\u00fcrd\u00fcr\u00fclebilirlik \u0130lkeleri<\/h3>\n<p>Mondi Turkey, &#8220;s\u00fcrd\u00fcr\u00fclebilir geli\u015fme&#8221; kavram\u0131n\u0131 i\u015finin ayr\u0131lmaz bir par\u00e7as\u0131 olarak g\u00f6rmekte ve &#8220;Uy ya da A\u00e7\u0131kla&#8221; prensibiyle S\u00fcrd\u00fcr\u00fclebilirlik \u0130lkeleri Uyum \u00c7er\u00e7evesi&#8217;ni raporlamaktad\u0131r. \u015eirket, riskleri ve f\u0131rsatlar\u0131 sa\u011flam politikalar ve y\u00f6netim sistemleri arac\u0131l\u0131\u011f\u0131yla y\u00f6netmeyi hedeflemektedir. Bu do\u011frultuda Mondi Grubu&#8217;nun k\u00fcresel yakla\u015f\u0131m\u0131n\u0131 benimseyerek h\u00fck\u00fcmetler, sivil toplum kurulu\u015flar\u0131 ve di\u011fer payda\u015flarla \u015feffaf bir i\u015fbirli\u011fi i\u00e7inde faaliyet g\u00f6stermektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"102\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Milyarlarca Ciro, Y\u00fcz Milyonlarca Zarar: Mondi T\u00fcrkiye Raporunun Perde Arkas\u0131ndaki 4 Kritik Sinyal Giri\u015f Kurumsal finansal raporlar, genellikle rakamlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar, dikkatli bir g\u00f6zle bak\u0131ld\u0131\u011f\u0131nda bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve&#8230; <\/p>\n","protected":false},"author":1,"featured_media":110,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,16],"class_list":["post-102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-mndtr"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/102","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=102"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/102\/revisions"}],"predecessor-version":[{"id":111,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/102\/revisions\/111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/110"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}