{"id":1030,"date":"2026-02-10T14:00:20","date_gmt":"2026-02-10T11:00:20","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1030"},"modified":"2026-02-10T14:00:20","modified_gmt":"2026-02-10T11:00:20","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-otkar-otokar-otomotiv-2025-12-bilanco-analizi-otokar-faaliyet-karini-yutan-borc-yuku","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1030","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OTKAR | Otokar Otomotiv 2025\/12 Bilan\u00e7o Analizi &#8211; Otokar Faaliyet K\u00e2r\u0131n\u0131 Yutan Bor\u00e7 Y\u00fck\u00fc"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/OTKAR--Otokar-Otomotiv-202512-Bilano-Analizi---Otokar-Faaliyet-Krn-Yutan-Bor-Yk-e3esue2\/a-acfd9ql\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2025 Finansal Raporlar\u0131ndan \u00d6nemli Ba\u015fl\u0131klar (Key Highlights from the 2025 Financial Reports)T\u00fcrk\u00e7e:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Has\u0131lat Art\u0131\u015f\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Grup, 2025 y\u0131l\u0131nda toplam <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>51.962.379 bin TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> has\u0131lat elde ederek, \u00f6nceki y\u0131l\u0131n (44.112.223 bin TL) \u00fczerine \u00e7\u0131km\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Operasyonel Karl\u0131l\u0131\u011fa D\u00f6n\u00fc\u015f:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> 2024 y\u0131l\u0131nda 919.261 bin TL olan esas faaliyet zarar\u0131, 2025 y\u0131l\u0131nda <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2.104.536 bin TL esas faaliyet kar\u0131na<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Net Zararda \u00d6nemli Azal\u0131\u015f:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> 2024 y\u0131l\u0131nda 4.063.449 bin TL olan net d\u00f6nem zarar\u0131, 2025 y\u0131l\u0131nda <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1.458.959 bin TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;ye gerilemi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>\u0130hracat Odakl\u0131 B\u00fcy\u00fcme:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Toplam has\u0131lat\u0131n yakla\u015f\u0131k <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>%72&#8217;si (37.361.213 bin TL)<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> yurt d\u0131\u015f\u0131 sat\u0131\u015flardan elde edilmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Savunma Sanayii ve Stratejik Projeler:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Savunma sanayii ara\u00e7 sat\u0131\u015flar\u0131 13,9 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Romanya ile imzalanan <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1.059 adet Cobra II<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> arac\u0131n\u0131 kapsayan dev s\u00f6zle\u015fme ve Romanya merkezli <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Automecanica S.A.<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015firketinin sat\u0131n al\u0131nmas\u0131na y\u00f6nelik Mutabakat Zapt\u0131, \u015firketin global b\u00fcy\u00fcme stratejisinin \u00f6nemli par\u00e7alar\u0131d\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Enflasyon Muhasebesi:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Finansal tablolar, y\u00fcksek enflasyonlu ekonomilerde raporlama esaslar\u0131na (TMS 29) uygun olarak d\u00fczenlenmi\u015ftir.<\/span><\/span><\/p>\n<p><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>English:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Revenue Growth:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> The Group achieved a total revenue of <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>51,962,379 thousand TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> in 2025, increasing from the previous year&#8217;s 44,112,223 thousand TL.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Turnaround to Operating Profit:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> The operating loss of 919,261 thousand TL in 2024 recovered to an <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>operating profit of 2,104,536 thousand TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> in 2025.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Significant Reduction in Net Loss:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> The net loss for the period, which was 4,063,449 thousand TL in 2024, decreased to <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1,458,959 thousand TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> in 2025.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Export-Driven Success:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Approximately <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>72% of total revenue (37,361,213 thousand TL)<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> was generated from international sales.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Defense Industry and Strategic Projects:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Sales of defense industry vehicles reached 13.9 billion TL. Key strategic moves include a major contract with Romania for <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1,059 Cobra II<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> vehicles and a Memorandum of Understanding for the acquisition of Romania-based <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Automecanica S.A.<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Inflation Accounting:<\/strong><\/span><\/span><span data-slate-node=\"text\" data-slate-fragment=\"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\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Financial statements have been prepared in accordance with reporting in high-inflation economies (TAS 29).<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h1>Otokar 2025 Finansal Analizi: Savunma ve Otomotiv Devinden Kritik Veriler<\/h1>\n<h2>1. Giri\u015f: Devlerin M\u00fccadelesi ve 2025 Tablosu<\/h2>\n<p>T\u00fcrk sanayisinin k\u00fcresel tedarik zinciri de\u011fi\u015fimleri ve hiperenflasyonist bask\u0131lar aras\u0131nda s\u0131k\u0131\u015ft\u0131\u011f\u0131 bir d\u00f6nemde Otokar, adeta iki cepheli bir sava\u015f y\u00fcr\u00fct\u00fcyor. Bir yanda toplu ta\u015f\u0131ma \u00e7\u00f6z\u00fcmleriyle sivil pazardaki dinamizmini korumaya \u00e7al\u0131\u015fan \u015firket, di\u011fer yanda savunma sanayiinin y\u00fcksek teknoloji gerektiren z\u0131rhl\u0131 platformlar\u0131nda stratejik bir kale rol\u00fc \u00fcstleniyor.<\/p>\n<p>2025 y\u0131l\u0131, Otokar i\u00e7in sadece bir \u00fcretim y\u0131l\u0131 de\u011fil; y\u00fcksek sermaye maliyetleri ve kredi risklerinin g\u00f6lgesinde bir dayan\u0131kl\u0131l\u0131k s\u0131nav\u0131 niteli\u011findeydi. \u015eirketin finansal tablolar\u0131, operasyonel ba\u015far\u0131 ile finansal disiplin aras\u0131ndaki o ince \u00e7izgide y\u00fcr\u00fct\u00fclen stratejik bir satran\u00e7 oyununun t\u00fcm ipu\u00e7lar\u0131n\u0131 bar\u0131nd\u0131r\u0131yor.<\/p>\n<h2>2. Zarardan Toparlanmaya: Rakamlar\u0131n Dili<\/h2>\n<p>Otokar\u2019\u0131n 2025 finansal sonu\u00e7lar\u0131, ilk bak\u0131\u015fta bir &#8220;has\u0131lat paradoksu&#8221; sunuyor. \u015eirketin has\u0131lat\u0131, 2024 y\u0131l\u0131ndaki <b>44,11 milyar TL<\/b> seviyesinden <b>51,96 milyar TL<\/b>\u2019ye y\u00fckselerek %17,8&#8217;lik bir art\u0131\u015f kaydetti. Ancak bu b\u00fcy\u00fcme, bilan\u00e7onun alt sat\u0131rlar\u0131ndaki karma\u015f\u0131k tabloyu tek ba\u015f\u0131na a\u00e7\u0131klamaya yetmiyor.<\/p>\n<ul>\n<li><b>Br\u00fct Marj \u0130yile\u015fmesi:<\/b> K\u0131demli bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, as\u0131l ba\u015far\u0131 operasyonel verimlilikte gizli. Sat\u0131\u015flar\u0131n maliyeti (42,02 milyar TL), has\u0131lat art\u0131\u015f\u0131na ra\u011fmen kontrol alt\u0131nda tutulmu\u015f; bu da br\u00fct kar marj\u0131n\u0131n %15,8&#8217;den <b>%19,1<\/b> seviyesine \u00e7\u0131kmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Zarar ve Finansman Y\u00fck\u00fc:<\/b> \u015eirket y\u0131l\u0131 <b>1,46 milyar TL (1.458.959 bin TL)<\/b> net d\u00f6nem zarar\u0131 ile kapatm\u0131\u015ft\u0131r. 2024 y\u0131l\u0131ndaki <b>4,06 milyar TL (4.063.449 bin TL)<\/b> zarara oranla iyile\u015fme olsa da, bu tablonun temel sorumlusu <b>10,06 milyar TL<\/b> seviyesine ula\u015fan devasa finansman giderleridir. 2,1 milyar TL&#8217;lik esas faaliyet kar\u0131, y\u00fcksek faiz ortam\u0131ndaki bor\u00e7 servis maliyetleri taraf\u0131ndan adeta yutulmu\u015ftur.<\/li>\n<\/ul>\n<p>Grup\u2019un performans\u0131n\u0131n de\u011ferlendirilmesinde, has\u0131lat en \u00f6nemli g\u00f6stergedir.<\/p>\n<h2>3. G\u00f6r\u00fcnmez El: Enflasyon Muhasebesi (TMS 29)<\/h2>\n<p>2025 raporlamalar\u0131nda TMS 29 kapsam\u0131nda uygulanan enflasyon muhasebesi, rakamlar\u0131n ger\u00e7ek a\u011f\u0131rl\u0131\u011f\u0131n\u0131 ortaya koyan &#8220;ak\u0131ll\u0131&#8221; bir filtre g\u00f6revi g\u00f6r\u00fcyor. Otokar, bu d\u00f6nemde <b>5,43 milyar TL<\/b> tutar\u0131nda &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; raporlam\u0131\u015ft\u0131r.<\/p>\n<p>Analitik bir \u00e7er\u00e7evede bu rakam, \u015firketin bor\u00e7lu pozisyonunun y\u00fcksek enflasyon kar\u015f\u0131s\u0131nda sa\u011flad\u0131\u011f\u0131 gayrinakdi (non-cash) bir &#8220;ka\u011f\u0131t \u00fczeri&#8221; kazanc\u0131d\u0131r. Dikkat \u00e7ekilmesi gereken nokta \u015fudur: Bu 5,43 milyar TL&#8217;lik d\u00fczeltme olmasayd\u0131, \u015firketin 1,85 milyar TL olarak raporlanan vergi \u00f6ncesi zarar\u0131 \u00e7ok daha y\u0131k\u0131c\u0131 boyutlara ula\u015facakt\u0131. Enflasyon muhasebesi, kayb\u0131n derinle\u015fmesini \u00f6nleyen teknik bir kalkan i\u015flevi g\u00f6rm\u00fc\u015ft\u00fcr.<\/p>\n<h2>4. K\u00fcresel Satran\u00e7: Romanya ve Orta Asya Hamleleri<\/h2>\n<p>Otokar, \u00fcretim kaslar\u0131n\u0131 sadece T\u00fcrkiye ile s\u0131n\u0131rl\u0131 tutmayarak risklerini co\u011frafi olarak da\u011f\u0131tma stratejisini s\u00fcrd\u00fcr\u00fcyor:<\/p>\n<ul>\n<li><b>Romanya\u2019da Yerelle\u015fme:<\/b> 24 Mart 2025\u2019te kurulan <b>Otokar Land Systems S.R.L<\/b> ve &#8220;Sarom&#8221; i\u015f ortakl\u0131\u011f\u0131, Avrupa\u2019daki savunma ihalelerinde &#8220;yerli \u00fcretici&#8221; avantaj\u0131n\u0131 kullanma hamlesidir.<\/li>\n<li><b>Kazakistan Durumu:<\/b> Orta Asya stratejisinin bir par\u00e7as\u0131 olan <b>Otokar Central Asia Limited<\/b>, Astana International Financial Center b\u00fcnyesinde yer alsa da, raporda belirtildi\u011fi \u00fczere hen\u00fcz finansal faaliyetlerine ba\u015flamam\u0131\u015f olup &#8220;Finansal Yat\u0131r\u0131mlar&#8221; alt\u0131nda izlenmektedir.<\/li>\n<li><b>Avrupa Sat\u0131\u015f A\u011f\u0131:<\/b> \u0130talya ve Fransa&#8217;daki i\u015ftirakler, ticari ara\u00e7 segmentinde pazar pay\u0131n\u0131 korumak i\u00e7in operasyonel \u00fcsler olarak aktif tutulmaya devam ediliyor.<\/li>\n<\/ul>\n<h2>5. \u00dcr\u00fcn Portf\u00f6y\u00fcnde Yeni Bir Soluk: Foton Tunland<\/h2>\n<p>Otokar, 2024\u2019\u00fcn son \u00e7eyre\u011finde <b>Foton Tunland<\/b> ile pick-up segmentine girerek stratejik bir risk alm\u0131\u015ft\u0131r. Bu hamle, y\u00fcksek marjl\u0131 ve ni\u015f bir alan olan savunma\/\u00f6zel otob\u00fcs \u00fcretiminden, y\u00fcksek hacimli ancak d\u00fc\u015f\u00fck marjl\u0131 ve rekabetin \u00e7ok sert oldu\u011fu bir ticari segmente ge\u00e7i\u015fi simgeliyor. Bu \u00e7e\u015fitlendirme, nakit ak\u0131\u015f\u0131n\u0131 canland\u0131rma potansiyeli ta\u015f\u0131sa da, \u015firketin geleneksel karl\u0131l\u0131k yap\u0131s\u0131 \u00fczerinde bir bask\u0131 unsuru olu\u015fturabilir.<\/p>\n<h2>6. Kritik Risk: 16 Milyar TL&#8217;lik Likidite Tuza\u011f\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7ilerin &#8220;Ticari alacaklar\u0131n geri kazan\u0131labilirli\u011fi&#8221; konusunu kilit denetim konusu yapmas\u0131 bir tesad\u00fcf de\u011fildir. \u015eirketin <b>16,04 milyar TL<\/b> seviyesindeki ticari alacaklar\u0131, toplam varl\u0131klar\u0131n <b>%24<\/b>&#8216;\u00fcn\u00fc olu\u015fturmaktad\u0131r.<\/p>\n<p>Y\u00fcksek enflasyon ve s\u0131k\u0131 para politikas\u0131n\u0131n h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc bir ortamda, varl\u0131klar\u0131n d\u00f6rtte birinin alacaklarda kilitli kalmas\u0131 ciddi bir <b>&#8220;likidite tuza\u011f\u0131&#8221;<\/b> riski bar\u0131nd\u0131r\u0131r. Denet\u00e7iler, bu alacaklar\u0131n kalitesini teyit etmek i\u00e7in do\u011frulama mektuplar\u0131 ve ya\u015fland\u0131rma analizleri gibi s\u0131k\u0131 prosed\u00fcrler uygulam\u0131\u015ft\u0131r; zira bu kalemdeki herhangi bir aksama, Otokar\u2019\u0131n nakit ak\u0131\u015f y\u00f6netimindeki t\u00fcm dengeleri bozabilecek g\u00fc\u00e7tedir.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/h2>\n<p>Otokar, 2025 y\u0131l\u0131n\u0131 operasyonel verimlili\u011fini art\u0131ran ve br\u00fct karl\u0131l\u0131\u011f\u0131n\u0131 d\u00fczelten bir sanayi devi olarak tamamlam\u0131\u015ft\u0131r. Ancak 10 milyar TL\u2019yi a\u015fan finansman giderleri ve alacaklar \u00fczerindeki yo\u011funla\u015fma, \u015firketin m\u00fchendislik ba\u015far\u0131s\u0131n\u0131n finansal maliyetlerle bask\u0131land\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p>Peki, y\u00fcksek enflasyon ve k\u00fcresel rekabet ortam\u0131nda, bir sanayi devinin sadece &#8220;sat\u0131\u015f&#8221; yapmas\u0131 ve m\u00fchendislik harikalar\u0131 \u00fcretmesi yeterli mi, yoksa finansal strateji ve bor\u00e7 y\u00f6netimi mi as\u0131l hayatta kalma belirleyicisi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Otokar 2025 Y\u0131l\u0131 Konsolide Finansal Raporu ve Ba\u011f\u0131ms\u0131z Denetim Sonu\u00e7lar\u0131 Bilgilendirme Belgesi<\/span><\/h1>\n<p>Bu belge, Otokar Otomotiv ve Savunma Sanayi Anonim \u015eirketi\u2019nin (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (Ernst &amp; Young Global Limited \u00fcye firmas\u0131) taraf\u0131ndan haz\u0131rlanan ba\u011f\u0131ms\u0131z denet\u00e7i raporunu analiz etmektedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6neminde Grup, y\u00fcksek enflasyonlu ekonomi \u015fartlar\u0131 alt\u0131nda faaliyetlerini s\u00fcrd\u00fcrm\u00fc\u015f ve finansal raporlamas\u0131n\u0131 TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak ger\u00e7ekle\u015ftirmi\u015ftir. Ba\u011f\u0131ms\u0131z denet\u00e7i, Grubun finansal durumunun T\u00fcrkiye Finansal Raporlama Standartlar\u0131na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair <b>olumlu (\u015farts\u0131z) g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir.<\/p>\n<p>Finansal a\u00e7\u0131dan Grup, 2025 y\u0131l\u0131nda has\u0131lat\u0131n\u0131 art\u0131rarak esas faaliyet k\u00e2r\u0131na ge\u00e7mi\u015f, ancak y\u00fcksek finansman giderleri nedeniyle y\u0131l\u0131 net d\u00f6nem zarar\u0131yla kapatm\u0131\u015ft\u0131r. \u015eirketin toplam varl\u0131klar\u0131 65,6 milyar TL&#8217;ye ula\u015f\u0131rken, \u00f6zkaynaklar\u0131 enflasyon d\u00fczeltmeleri ve d\u00f6nem zarar\u0131 etkisiyle 8,5 milyar TL seviyesine gerilemi\u015ftir.<\/p>\n<h2>Ba\u011f\u0131ms\u0131z Denetim Bulgular\u0131 ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcrecinde, mesleki muhakemeye g\u00f6re en \u00e7ok \u00f6nem arz eden \u00fc\u00e7 temel konu &#8220;Kilit Denetim Konusu&#8221; olarak belirlenmi\u015ftir:<\/p>\n<h3>1. Ticari Alacaklar\u0131n Geri Kazan\u0131labilirli\u011fi<\/h3>\n<p>Ticari alacaklar, toplam varl\u0131klar\u0131n yakla\u015f\u0131k %24&#8217;\u00fcn\u00fc olu\u015fturmaktad\u0131r. 31 Aral\u0131k 2025 itibar\u0131yla 16.039.932 bin TL tutar\u0131ndaki ticari alacaklar \u00fczerinde 340.438 bin TL de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 bulunmaktad\u0131r. Bu kalem, tutar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc ve y\u00f6netimin tahsil edilebilirli\u011fe ili\u015fkin yarg\u0131lar\u0131n\u0131 i\u00e7ermesi nedeniyle kritik \u00f6neme sahiptir.<\/p>\n<h3>2. Enflasyon Muhasebesi Uygulamas\u0131 (TMS 29)<\/h3>\n<p>T\u00fcrkiye ekonomisinin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi nedeniyle TMS 29 standard\u0131 uygulanm\u0131\u015ft\u0131r. Finansal tablolar, T\u00fcrk Liras\u0131&#8217;n\u0131n 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden yeniden d\u00fczenlenmi\u015ftir. Bu kapsamda:<\/p>\n<ul>\n<li>31 Aral\u0131k 2025 endeksi: 3.513,87<\/li>\n<li>31 Aral\u0131k 2024 d\u00fczeltme katsay\u0131s\u0131: 1,30892<\/li>\n<li>\u00dc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131: %211<\/li>\n<\/ul>\n<h3>3. M\u00fc\u015fteri S\u00f6zle\u015fmelerinden Has\u0131lat<\/h3>\n<p>Has\u0131lat, Grubun performans takibi ve strateji de\u011ferlendirmesi i\u00e7in en \u00f6nemli g\u00f6stergedir. TFRS 15 uyar\u0131nca, has\u0131lat\u0131n b\u00fcy\u00fck k\u0131sm\u0131 edim y\u00fck\u00fcml\u00fcl\u00fcklerinin belirli bir anda yerine getirilmesiyle muhasebele\u015ftirilmektedir.<\/p>\n<h2>Finansal Performans Analizi<\/h2>\n<p>Grubun 2025 y\u0131l\u0131 k\u00e2r veya zarar tablosu, operasyonel iyile\u015fmeye ra\u011fmen finansal bask\u0131lar\u0131n devam etti\u011fini g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>51.962.379<\/td>\n<td>44.112.223<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(42.024.307)<\/td>\n<td>(37.129.846)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>9.938.072<\/td>\n<td>6.982.377<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>2.104.536<\/td>\n<td>(919.261)<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (-)<\/b><\/td>\n<td>(10.062.176)<\/td>\n<td>(10.452.243)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kazan\u00e7lar\u0131<\/b><\/td>\n<td>5.432.356<\/td>\n<td>5.918.938<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Zarar\u0131<\/b><\/td>\n<td>(1.458.959)<\/td>\n<td>(4.063.449)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Notlar:<\/b><\/p>\n<ul>\n<li><b>Esas Faaliyet Kar\u0131:<\/b> Ge\u00e7en y\u0131lki zarar\u0131n aksine, 2025 y\u0131l\u0131nda 2,1 milyar TL k\u00e2r elde edilmi\u015ftir.<\/li>\n<li><b>Finansman Bask\u0131s\u0131:<\/b> 10 milyar TL&#8217;yi a\u015fan finansman giderleri, operasyonel k\u00e2r\u0131n net zarara d\u00f6n\u00fc\u015fmesindeki temel etkendir.<\/li>\n<li><b>Enflasyon Etkisi:<\/b> 5,4 milyar TL tutar\u0131ndaki net parasal pozisyon kazanc\u0131, parasal y\u00fck\u00fcml\u00fcl\u00fcklerin parasal varl\u0131klardan fazla olmas\u0131n\u0131n bir sonucudur.<\/li>\n<\/ul>\n<h2>Finansal Durum ve Kaynak Yap\u0131s\u0131<\/h2>\n<p>Grubun bilan\u00e7o yap\u0131s\u0131 incelendi\u011finde varl\u0131k b\u00fcy\u00fcmesine ra\u011fmen \u00f6zkaynaklarda erime g\u00f6zlenmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar ve Kaynaklar (Bin TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>43.116.777<\/td>\n<td>34.532.230<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>22.467.963<\/td>\n<td>17.699.901<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>65.584.740<\/b><\/td>\n<td><b>52.232.131<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>41.368.329<\/td>\n<td>24.630.071<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>15.667.604<\/td>\n<td>16.884.320<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>8.548.807<\/td>\n<td>10.717.740<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Bilan\u00e7o Analizi Detaylar\u0131:<\/b><\/p>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> Nakit ve nakit benzerleri 1,9 milyar TL&#8217;den 6,7 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Bor\u00e7lanma:<\/b> K\u0131sa vadeli bor\u00e7lanmalar\u0131n (uzun vadeli kredilerin k\u0131sa vadeli k\u0131s\u0131mlar\u0131 dahil) toplam\u0131 yakla\u015f\u0131k 20 milyar TL&#8217;ye ula\u015farak likidite y\u00f6netimi ihtiyac\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stoklar:<\/b> 16,2 milyar TL seviyesindeki stoklar, d\u00f6nen varl\u0131klar\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 olu\u015fturmaya devam etmektedir.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Operasyonel Faaliyetler<\/h2>\n<h3>Organizasyon ve Sekt\u00f6rel Odak<\/h3>\n<p>1963 y\u0131l\u0131nda kurulan Otokar, Ko\u00e7 Holding A.\u015e. taraf\u0131ndan kontrol edilmektedir. \u015eirket, ticari ara\u00e7lar ve savunma sanayii olmak \u00fczere iki ana segmentte faaliyet g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Ticari Ara\u00e7lar:<\/b> Mikrob\u00fcs, k\u00fc\u00e7\u00fck otob\u00fcs, otob\u00fcs ve hafif kamyon \u00fcretimi. 2024 son \u00e7eyre\u011fi itibar\u0131yla Foton Tunland pick-up sat\u0131\u015f\u0131na ba\u015flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Savunma Sanayii:<\/b> Tekerlekli ve paletli z\u0131rhl\u0131 ara\u00e7lar ile kule sistemleri \u00fcretimi.<\/li>\n<\/ul>\n<h3>K\u00fcresel Yap\u0131lanma ve \u0130\u015ftirakler<\/h3>\n<p>Grup, ihracat faaliyetlerini ve yerel projeleri y\u00f6netmek amac\u0131yla geni\u015f bir co\u011frafyada i\u015ftiraklere sahiptir:<\/p>\n<ul>\n<li><b>Avrupa:<\/b> Otokar Europe (Fransa), Otokar Italia (\u0130talya), Otokar Europe Filiala Bucuresti (Romanya).<\/li>\n<li><b>Orta Do\u011fu ve Asya:<\/b> Otokar Land Systems (BAE), Otokar Central Asia (Kazakistan &#8211; hen\u00fcz finansal faaliyete ba\u015flamam\u0131\u015ft\u0131r).<\/li>\n<li><b>Yeni Olu\u015fumlar:<\/b> Romanya&#8217;da \u00fcretim ve sat\u0131\u015f i\u00e7in Otokar Land Systems SRL (24 Mart 2025) ve i\u015f ortakl\u0131\u011f\u0131 olarak Sisteme de Apare Romania (Sarom) SRL (28 May\u0131s 2025) kurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>Personel Yap\u0131s\u0131<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grup b\u00fcnyesinde 903 ofis \u00e7al\u0131\u015fan\u0131 ve 2.730 daimi saha \u00e7al\u0131\u015fan\u0131 olmak \u00fczere toplam <b>3.659<\/b> ki\u015fi istihdam edilmektedir. Ortalama personel say\u0131s\u0131 ise y\u0131l genelinde 3.877 olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<h2>Muhasebe Politikalar\u0131 ve Risk Y\u00f6netimi<\/h2>\n<ul>\n<li><b>S\u00fcreklilik:<\/b> Finansal tablolar, i\u015fletmenin s\u00fcreklili\u011fi esas\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Garanti Kar\u015f\u0131l\u0131klar\u0131:<\/b> Grup, her ara\u00e7 modeli i\u00e7in ge\u00e7mi\u015f deneyimlerine dayanarak garanti kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rmaktad\u0131r. 2025 y\u0131l\u0131nda garanti kar\u015f\u0131l\u0131klar\u0131 i\u00e7in 1.693.324 bin TL d\u00fczeltme yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ar-Ge Faaliyetleri:<\/b> Geli\u015ftirme maliyetleri, belirli kriterlerin (teknik uygulanabilirlik, sat\u0131\u015f niyeti vb.) kar\u015f\u0131lanmas\u0131 durumunda aktifle\u015ftirilmekte ve 5 y\u0131l i\u00e7inde itfa edilmektedir.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131:<\/b> \u015eirket b\u00fcnyesinde &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi&#8221; faaliyet g\u00f6stermekte olup, bu sisteme ili\u015fkin denet\u00e7i raporu 9 \u015eubat 2026&#8217;da Y\u00f6netim Kurulu&#8217;na sunulmu\u015ftur.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1030\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk\u00e7e: Otokar 2025&#8217;te \u0130hracat ve Karl\u0131l\u0131kla G\u00fc\u00e7lendi! Otokar, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131nda operasyonel karl\u0131l\u0131kta g\u00fc\u00e7l\u00fc bir geri d\u00f6n\u00fc\u015f ve ihracatta rekor bir pay sergiledi. Toplam has\u0131lat\u0131n\u0131n %72&#8217;sini yurt d\u0131\u015f\u0131 pazarlardan elde eden \u015firket, Romanya ile imzalad\u0131\u011f\u0131 dev Cobra II s\u00f6zle\u015fmesi ve yeni sat\u0131n alma giri\u015fimleriyle k\u00fcresel savunma sanayiindeki yerini sa\u011flamla\u015ft\u0131r\u0131yor. Enflasyon muhasebesi etkilerine ra\u011fmen net zarar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde azaltan Otokar, 2026&#8217;ya stratejik bir b\u00fcy\u00fcme ivmesiyle giriyor.<br \/>\nEnglish: Otokar Strengthens in 2025 with Exports and Profitability! In its 2025 financial results, Otokar demonstrated a strong turnaround in operational profitability and a record share in exports. Generating 72% of its total revenue from international markets, the company is solidifying its position in the global defense industry through its massive Cobra II contract with Romania and new acquisition initiatives. Having significantly reduced its net loss despite the effects of inflation accounting, Otokar enters 2026 with a strategic growth momentum.<br \/>\nBu yan\u0131t kaynaklardaki verilere dayanmaktad\u0131r ve finansal performans\u0131n genel bir g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc sunmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[234],"class_list":["post-1030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-otkar"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1030","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=1030"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1030\/revisions"}],"predecessor-version":[{"id":1031,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1030\/revisions\/1031"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/971"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}