{"id":1223,"date":"2026-02-16T21:44:57","date_gmt":"2026-02-16T18:44:57","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1223"},"modified":"2026-02-17T03:46:02","modified_gmt":"2026-02-17T00:46:02","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-oyayo-oyak-yatirim-ortakligi-2025-12-bilanco-analizi-oyak-yatirim-ortakligi-2025te-zarardan-kara-gecti","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1223","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OYAYO | Oyak Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/12 Bilan\u00e7o Analizi &#8211; OYAK Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025&#8217;te Zarardan K\u00e2ra Ge\u00e7ti"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/OYAYO--Oyak-Yatrm-Ortakl-202512-Bilano-Analizi---OYAK-Yatrm-Ortakl-2025te-Zarardan-Kra-Geti-e3f66o6\/a-acfpkdt\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<span style=\"color: #0000ff;\"><em>2025 Y\u0131l\u0131 Finansal Raporu \u00d6nemli Ba\u015fl\u0131klar\u0131<\/em><\/span><br \/>\n<em>\u2022 Net K\u00e2ra Ge\u00e7i\u015f: \u015eirket, 2024 y\u0131l\u0131ndaki 13.120.582 TL net d\u00f6nem zarar\u0131n\u0131n ard\u0131ndan, 2025 y\u0131l\u0131n\u0131 6.563.850 TL net d\u00f6nem k\u00e2r\u0131 ile kapatm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Enflasyon Muhasebesi Uygulamas\u0131: Finansal tablolar, T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi nedeniyle TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak d\u00fczeltilmi\u015f ve 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur. Bu d\u00fczeltmeler sonucunda 38.389.710 TL tutar\u0131nda net parasal kay\u0131p kaydedilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Has\u0131lat ve Operasyonel Performans: \u015eirketin 2025 y\u0131l\u0131 toplam has\u0131lat\u0131 540.269.240 TL olarak ger\u00e7ekle\u015fmi\u015ftir. Ticari faaliyetlerden elde edilen br\u00fct k\u00e2r ise 59.970.455 TL&#8217;dir.<\/em><br \/>\n<em>\u2022 Varl\u0131k Yap\u0131s\u0131 ve Yat\u0131r\u0131mlar: Toplam varl\u0131klar 166.090.616 TL seviyesindedir. Bu varl\u0131klar\u0131n 71.836.085 TL&#8217;si nakit ve nakit benzerlerinden, 82.676.919 TL&#8217;si ise finansal yat\u0131r\u0131mlardan (borsaya kote hisse senetleri, tahviller vb.) olu\u015fmaktad\u0131r.<\/em><br \/>\n<em>\u2022 Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc: G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan yap\u0131lan denetim sonucunda, finansal tablolar\u0131n \u015firketin finansal durumunu t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu belirtilerek &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; verilmi\u015ftir.<\/em><br \/>\n<em>\u2022 K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m\u0131: 25 Mart 2025 tarihli Ola\u011fan Genel Kurul karar\u0131yla, 2025 y\u0131l\u0131 i\u00e7in temett\u00fc \u00f6demesi yap\u0131lmamas\u0131na karar verilmi\u015ftir.<\/em><br \/>\n<em>\u2022 \u00d6zkaynaklar: \u015eirketin toplam \u00f6zkaynaklar\u0131 31 Aral\u0131k 2025 itibar\u0131yla 154.239.305 TL olarak kaydedilmi\u015ftir.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBUghhYXkAA8leg?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<h1>Oyak Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025 Raporu: Enflasyon K\u0131skac\u0131nda Zarardan K\u00e2ra Ge\u00e7i\u015fin Hikayesi<\/h1>\n<h2>1. Giri\u015f: Yat\u0131r\u0131m D\u00fcnyas\u0131nda &#8220;Ger\u00e7ek&#8221; Rakamlar\u0131 Okumak<\/h2>\n<p>Y\u00fcksek enflasyon d\u00f6nemlerinde finansal tablolar\u0131 okumak, sisli bir havada yol almaya benzer; g\u00f6rd\u00fc\u011f\u00fcn\u00fcz rakamlar her zaman g\u00f6r\u00fcnd\u00fc\u011f\u00fc anlama gelmeyebilir. Oyak Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131\u2019n\u0131n (OYO) 31 Aral\u0131k 2025 tarihli ba\u011f\u0131ms\u0131z denetim raporu, tam da bu sis perdesini aralayan, &#8220;sat\u0131n alma g\u00fcc\u00fc&#8221; esas\u0131na g\u00f6re yeniden \u015fekillendirilmi\u015f bir tablo sunuyor. Peki, rakamlar yalan s\u00f6yler mi, yoksa sadece enflasyonla m\u0131 terbiye edilir? Bu bilan\u00e7oda g\u00f6rece\u011fimiz \u00fczere, TMS 29 (Enflasyon Muhasebesi) uygulanm\u0131\u015f bir rapor, yat\u0131r\u0131mc\u0131ya ka\u011f\u0131t \u00fczerindeki k\u00e2r\u0131n \u00f6tesindeki &#8220;ger\u00e7ek&#8221; hikayeyi, yani paran\u0131n reel de\u011ferini anlat\u0131yor.<\/p>\n<h2>2. B\u00fcy\u00fck D\u00f6n\u00fc\u015f: 13 Milyonluk Zarardan 6,5 Milyonluk K\u00e2ra<\/h2>\n<p>\u015eirketin son bir y\u0131ll\u0131k performans\u0131na bakt\u0131\u011f\u0131m\u0131zda en \u00e7arp\u0131c\u0131 de\u011fi\u015fim, net d\u00f6nem sonucunda kendisini g\u00f6steriyor. Oyak Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131, 2024 y\u0131l\u0131n\u0131 13.120.582 TL net d\u00f6nem zarar\u0131yla kapatm\u0131\u015fken, 2025 y\u0131l\u0131 sonunda bu tabloyu tersine \u00e7evirerek <b>6.563.850 TL net d\u00f6nem k\u00e2r\u0131na<\/b> ula\u015ft\u0131. Bu d\u00f6n\u00fc\u015f\u00fcm, pay ba\u015f\u0131na kazan\u00e7 verisinde de net bir iyile\u015fme anlam\u0131na geliyor: 2024\u2019teki 0,6560 TL\u2019lik pay ba\u015f\u0131na zarardan, 2025\u2019te <b>0,3282 TL k\u00e2ra<\/b> ge\u00e7i\u015f s\u00f6z konusu.<\/p>\n<p>Bir analizci g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, bu k\u00e2r\u0131n kayna\u011f\u0131 sadece operasyonel verimlilik de\u011fil, agresif bir portf\u00f6y hareketlili\u011fidir. Dipnot 12 verilerine g\u00f6re, bu ba\u015far\u0131 hikayesinin mutfa\u011f\u0131nda <b>458,6 milyon TL\u2019lik hisse senedi sat\u0131\u015f has\u0131lat\u0131<\/b> ve <b>20,7 milyon TL\u2019lik faiz geliri<\/b> yat\u0131yor. Yani \u015firket, volatilitenin y\u00fcksek oldu\u011fu piyasada yo\u011fun bir i\u015flem trafi\u011fi y\u00f6neterek k\u00e2ra ula\u015fmay\u0131 ba\u015farm\u0131\u015ft\u0131r.<\/p>\n<h2>3. G\u00f6r\u00fcnmeyen Dev: 38 Milyon TL&#8217;lik &#8220;Parasal Kay\u0131p&#8221;<\/h2>\n<p>Bilan\u00e7onun en \u015fa\u015f\u0131rt\u0131c\u0131 unsuru, operasyonel k\u00e2r ile net k\u00e2r aras\u0131ndaki devasa u\u00e7urumdur. \u015eirketin &#8220;Esas Faaliyet K\u00e2r\u0131&#8221; 44.953.560 TL gibi g\u00fc\u00e7l\u00fc bir seviyedeyken, neden net k\u00e2r sadece 6,5 milyon TL seviyesinde kald\u0131? Aradaki fark\u0131n ana sebebi, enflasyonun &#8220;sessiz h\u0131rs\u0131z\u0131&#8221; olarak nitelendirebilece\u011fimiz <b>38.389.710 TL tutar\u0131ndaki parasal kay\u0131pt\u0131r.<\/b><\/p>\n<p>Matematiksel denklem olduk\u00e7a basit ancak bir o kadar \u00e7arp\u0131c\u0131d\u0131r:<\/p>\n<p><b>Esas Faaliyet K\u00e2r\u0131 (44,9 Milyon TL) &#8211; Parasal Kay\u0131p (38,3 Milyon TL) = Net D\u00f6nem K\u00e2r\u0131 (~6,5 Milyon TL)<\/b><\/p>\n<p>Bu kay\u0131p, kasadan nakit \u00e7\u0131k\u0131\u015f\u0131 gerektiren bir harcama de\u011fil; \u015firketin elinde tuttu\u011fu <b>71,8 milyon TL\u2019lik nakit ve nakit benzerleri<\/b> ile <b>10 milyon TL\u2019lik di\u011fer alacaklar<\/b> gibi &#8220;parasal varl\u0131klar\u0131n&#8221; enflasyon kar\u015f\u0131s\u0131nda erimesidir.<\/p>\n<p><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu&#8217;ndan:<\/b> &#8220;TMS 29 uyar\u0131nca, finansal tablolar T\u00fcrk Liras\u0131&#8217;n\u0131n genel sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fikliklerin yans\u0131t\u0131lmas\u0131 i\u00e7in yeniden d\u00fczeltilmi\u015f ve raporlama tarihine g\u00f6re sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur.&#8221;<\/p>\n<h2>4. Portf\u00f6y Stratejisi: Hisse Senetlerinde Agresif B\u00fcy\u00fcme<\/h2>\n<p>\u015eirket y\u00f6netiminin enflasyonist erozyona kar\u015f\u0131 hisse senetlerini bir &#8220;kalkan&#8221; olarak konumland\u0131rd\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Varl\u0131k da\u011f\u0131l\u0131m\u0131ndaki de\u011fi\u015fim, bu stratejik kaymay\u0131 net bir \u015fekilde \u00f6zetliyor:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Yat\u0131r\u0131m Arac\u0131<\/td>\n<td>2024 (TL)<\/td>\n<td>2025 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Borsaya Kote Hisse Senetleri<\/b><\/td>\n<td>17.774.505<\/td>\n<td>51.822.150<\/td>\n<td><b>+%191,5<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zel Sekt\u00f6r Tahvilleri<\/b><\/td>\n<td>41.186.331<\/td>\n<td>12.705.859<\/td>\n<td><b>-%69,1<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Fonlar\u0131<\/b><\/td>\n<td>13.521.301<\/td>\n<td>6.748.537<\/td>\n<td><b>-%50,1<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Devlet Tahvili ve Hazine Bonosu<\/b><\/td>\n<td>11.962.141<\/td>\n<td>11.400.373<\/td>\n<td><b>-%4,7<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Burada dikkat \u00e7eken teknik detay, de\u011ferleme y\u00f6ntemleridir. Tahvillerin bir k\u0131sm\u0131, ba\u015flang\u0131\u00e7 maliyetine birikmi\u015f faizlerin eklenip \u00f6demelerin d\u00fc\u015f\u00fclmesiyle hesaplanan <b>itfa edilmi\u015f maliyet (amortized cost)<\/b> y\u00f6ntemiyle takip edilebilirken; OYO portf\u00f6y\u00fcn\u00fcn b\u00fcy\u00fck k\u0131sm\u0131, piyasa fiyatlar\u0131n\u0131 yans\u0131tan <b>ger\u00e7e\u011fe uygun de\u011fer<\/b> (Level 1) ile izlenmektedir.<\/p>\n<p>Hisse senedi a\u011f\u0131rl\u0131\u011f\u0131n\u0131n \u00fc\u00e7 kat\u0131na \u00e7\u0131kmas\u0131 piyasa riskini (volatiliteyi) de beraberinde getiriyor. Dipnot 17\u2019deki duyarl\u0131l\u0131k analizine g\u00f6re, hisse fiyatlar\u0131ndaki sadece <b>%5\u2019lik bir de\u011fi\u015fim, portf\u00f6y de\u011ferinde 2,59 milyon TL\u2019lik bir etki<\/b> yaratma potansiyeline sahip.<\/p>\n<h2>5. Dev Portf\u00f6y\u00fc Y\u00f6neten &#8220;\u00dc\u00e7 Ki\u015filik&#8221; Yal\u0131n Yap\u0131<\/h2>\n<p>OYO\u2019nun 166 milyon TL\u2019lik varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne ra\u011fmen sadece <b>3 \u00e7al\u0131\u015fan\u0131<\/b> (Dipnot 1) olmas\u0131, verimlilik odakl\u0131 d\u0131\u015f kaynak kullan\u0131m\u0131n\u0131n (outsourcing) tipik bir \u00f6rne\u011fidir. \u015eirket; portf\u00f6y y\u00f6netimi, operasyon ve risk y\u00f6netimi gibi uzmanl\u0131k gerektiren i\u015fleri OYAK Portf\u00f6y Y\u00f6netimi A.\u015e. \u00fczerinden y\u00fcr\u00fctmektedir.<\/p>\n<p>Bu hizmetin maliyeti de olduk\u00e7a \u015feffaf bir form\u00fcle dayan\u0131yor: Dipnot 16 uyar\u0131nca, toplam portf\u00f6y de\u011feri \u00fczerinden <b>g\u00fcnl\u00fck %0,000052 (milyonda elli iki)<\/b> oran\u0131nda bir y\u00f6netim \u00fccreti \u00f6deniyor. Bu model, \u015firketin devasa bir organizasyon kurmadan uzmanla\u015fm\u0131\u015f bir ekipten en y\u00fcksek verimle faydalanmas\u0131n\u0131 sa\u011fl\u0131yor.<\/p>\n<h2>6. Temett\u00fc ve Gelecek Beklentileri: K\u00e2r \u0130\u00e7eride Kal\u0131yor<\/h2>\n<p>Yat\u0131r\u0131mc\u0131lar\u0131n en \u00e7ok merak etti\u011fi konulardan biri olan temett\u00fc da\u011f\u0131t\u0131m\u0131 konusunda y\u00f6netim muhafazak\u00e2r bir duru\u015f sergiledi. 25 Mart 2025 tarihli Ola\u011fan Genel Kurul karar\u0131nda, elde edilen k\u00e2r\u0131n da\u011f\u0131t\u0131lmayarak b\u00fcnyede tutulmas\u0131na karar verildi. Bu stratejiyle, 2025 sonu itibar\u0131yla <b>154,2 milyon TL\u2019ye ula\u015fan \u00f6zkaynaklar\u0131n<\/b> daha da g\u00fc\u00e7lendirilmesi ve enflasyonist ortamda \u015firketin finansal direncinin art\u0131r\u0131lmas\u0131 hedefleniyor.<\/p>\n<h2>7. Sonu\u00e7: Yeni Normalde Yat\u0131r\u0131m Yapmak<\/h2>\n<p>Oyak Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;n\u0131n 2025 raporu, enflasyon muhasebesinin &#8220;maskeleri d\u00fc\u015f\u00fcren&#8221; etkisini t\u00fcm \u00e7\u0131plakl\u0131\u011f\u0131yla g\u00f6steriyor. \u015eirket operasyonel olarak ba\u015far\u0131l\u0131 olsa da, 38 milyon TL&#8217;lik parasal kay\u0131p bize paray\u0131 nakitte tutman\u0131n maliyetini hat\u0131rlat\u0131yor. Y\u00f6netimin tahvillerden ka\u00e7\u0131p hisse senetlerine s\u0131\u011f\u0131nmas\u0131, sat\u0131n alma g\u00fcc\u00fcn\u00fc koruma \u00e7abas\u0131n\u0131n bir sonucudur.<\/p>\n<p><b>Final Sorusu:<\/b> Paran\u0131n sat\u0131n alma g\u00fcc\u00fcn\u00fcn s\u00fcrekli de\u011fi\u015fti\u011fi bir d\u00fcnyada, sadece net k\u00e2ra bakmak yeterli mi, yoksa bilan\u00e7onun enflasyonun &#8220;sessiz erozyonuna&#8221; kar\u015f\u0131 ne kadar diren\u00e7li oldu\u011funu mu sorgulamal\u0131y\u0131z?<\/p>\n<p>&nbsp;<\/p>\n<h1>OYAK Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. 2025 Y\u0131l\u0131 Finansal ve Denetim Bilgilendirme Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, OYAK Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (\u015eirket) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir. G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (Ernst &amp; Young Global Limited \u00fcye kurulu\u015fu) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, \u015eirket\u2019in finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu teyit edilmi\u015ftir.<\/p>\n<p>2025 y\u0131l\u0131, \u015eirket i\u00e7in bir \u00f6nceki y\u0131l\u0131n zararlar\u0131ndan kurtularak <b>6.563.850 TL net d\u00f6nem k\u00e2r\u0131<\/b> elde edilen bir y\u0131l olmu\u015ftur. D\u00f6nemin en belirleyici unsuru, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131n uygulanmas\u0131d\u0131r. Bu uygulama neticesinde, t\u00fcm finansal veriler 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\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>1. Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<h3>Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, \u015eirket\u2019in 31 Aral\u0131k 2025 tarihli finansal durum tablosunu ve ilgili performans tablolar\u0131n\u0131 denetlemi\u015f ve <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir. 2024 y\u0131l\u0131 finansal tablolar\u0131n\u0131n ba\u015fka bir ba\u011f\u0131ms\u0131z denetim kurulu\u015fu taraf\u0131ndan denetlenerek 14 \u015eubat 2025 tarihinde olumlu g\u00f6r\u00fc\u015f ald\u0131\u011f\u0131 da raporda not edilmi\u015ftir.<\/p>\n<h3>Kilit Denetim Konusu: Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>Denetimin en kritik odak noktas\u0131, T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi sebebiyle uygulanan enflasyon muhasebesidir.<\/p>\n<ul>\n<li><b>Gerek\u00e7e:<\/b> T\u00fcketici Fiyat Endeksi (T\u00dcFE) k\u00fcm\u00fclatif de\u011fi\u015fiminin son \u00fc\u00e7 y\u0131lda %100&#8217;\u00fc a\u015fmas\u0131.<\/li>\n<li><b>Uygulama:<\/b> Parasal olmayan kalemler, \u00f6zkaynaklar ve k\u00e2r veya zarar tablosu kalemleri genel fiyat endeksindeki de\u011fi\u015fiklikler yans\u0131t\u0131lacak \u015fekilde yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li><b>Kullan\u0131lan Endeksler:<\/b>\n<ul>\n<li>31 Aral\u0131k 2025 Endeksi: 3.513,87 (D\u00fczeltme katsay\u0131s\u0131: 1,0000)<\/li>\n<li>31 Aral\u0131k 2024 Endeksi: 2.684,55 (D\u00fczeltme katsay\u0131s\u0131: 1,3089)<\/li>\n<\/ul>\n<\/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>2. Finansal Performans Analizi<\/h2>\n<p>\u015eirket, 2025 y\u0131l\u0131nda operasyonel bazda g\u00fc\u00e7l\u00fc bir br\u00fct k\u00e2r \u00fcretmi\u015f olsa da, y\u00fcksek enflasyonun getirdi\u011fi parasal pozisyon kay\u0131plar\u0131yla kar\u015f\u0131 kar\u015f\u0131ya kalm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kar veya Zarar Kalemi (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>540.269.240<\/td>\n<td>546.454.731<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(480.298.785)<\/td>\n<td>(486.315.257)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>59.970.455<\/td>\n<td>60.139.474<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>44.953.560<\/td>\n<td>43.006.311<\/td>\n<\/tr>\n<tr>\n<td><b>Parasal Kay\u0131p\/Kazan\u00e7<\/b><\/td>\n<td>(38.389.710)<\/td>\n<td>(56.126.893)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>6.563.850<\/b><\/td>\n<td><b>(13.120.582)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Has\u0131lat ve Maliyet Detaylar\u0131<\/h3>\n<ul>\n<li><b>Gelir Kaynaklar\u0131:<\/b> Hisse senedi sat\u0131\u015flar\u0131 (458,6 milyon TL) has\u0131lat\u0131n en b\u00fcy\u00fck kalemini olu\u015ftururken, devlet ve \u00f6zel sekt\u00f6r tahvil sat\u0131\u015flar\u0131 (23,6 milyon TL) ve faiz gelirleri (20,7 milyon TL) onu takip etmektedir.<\/li>\n<li><b>Gider Yap\u0131s\u0131:<\/b> Personel giderleri (9,8 milyon TL), portf\u00f6y y\u00f6netim komisyonlar\u0131 (2,7 milyon TL) ve denetim giderleri (2,1 milyon TL) genel y\u00f6netim giderleri i\u00e7inde \u00f6ne \u00e7\u0131kmaktad\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>3. Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla \u015eirket&#8217;in toplam varl\u0131klar\u0131 <b>166.090.616 TL<\/b> seviyesindedir. Varl\u0131klar\u0131n neredeyse tamam\u0131 d\u00f6nen varl\u0131klardan olu\u015fmaktad\u0131r.<\/p>\n<h3>Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 71.836.085 TL (B\u00fcy\u00fck b\u00f6l\u00fcm\u00fc ters repo i\u015flemlerinden olu\u015fmaktad\u0131r).<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar:<\/b> 82.676.919 TL. Yat\u0131r\u0131m portf\u00f6y\u00fcn\u00fcn da\u011f\u0131l\u0131m\u0131 \u015f\u00f6yledir:\n<ul>\n<li>Borsaya kote hisse senetleri: 51.822.150 TL<\/li>\n<li>\u00d6zel sekt\u00f6r tahvili ve finansman bonosu: 12.705.859 TL<\/li>\n<li>Devlet tahvili ve hazine bonosu: 11.400.373 TL<\/li>\n<li>Yat\u0131r\u0131m fonlar\u0131: 6.748.537 TL<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u00d6zkaynak ve Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<ul>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 154.239.305 TL.<\/li>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> 20.000.000 TL (Sermaye d\u00fczeltmesi farklar\u0131 ile birlikte toplam 407.911.266 TL).<\/li>\n<li><b>Bor\u00e7 Yap\u0131s\u0131:<\/b> \u015eirket&#8217;in finansal borcu bulunmamaktad\u0131r; y\u00fck\u00fcml\u00fcl\u00fckler temel olarak ticari bor\u00e7lar ve \u00e7al\u0131\u015fanlara sa\u011flanan faydalardan olu\u015fmaktad\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>4. \u015eirket Organizasyonu ve \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>2006 y\u0131l\u0131nda kurulan OYAK Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin nihai orta\u011f\u0131 <b>Ordu Yard\u0131mla\u015fma Kurumu (OYAK)<\/b>&#8216;dur. \u015eirket&#8217;in ana orta\u011f\u0131 ise %47,41 pay oran\u0131 ile <b>OYAK Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.<\/b>&#8216;dir.<\/p>\n<h3>\u0130li\u015fkili Taraflarla \u0130li\u015fkiler<\/h3>\n<p>\u015eirket&#8217;in portf\u00f6y\u00fc <b>OYAK Portf\u00f6y Y\u00f6netimi A.\u015e.<\/b> taraf\u0131ndan y\u00f6netilmektedir.<\/p>\n<ul>\n<li><b>Y\u00f6netim \u00dccreti:<\/b> Portf\u00f6y toplam de\u011ferinin g\u00fcnl\u00fck %0,000052&#8217;si olarak tahakkuk ettirilmektedir.<\/li>\n<li><b>Komisyon \u00d6demeleri:<\/b> 2025 y\u0131l\u0131nda OYAK Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.&#8217;ye 1,06 milyon TL, OYAK Portf\u00f6y Y\u00f6netimi A.\u015e.&#8217;ye ise 2,75 milyon TL arac\u0131l\u0131k ve y\u00f6netim komisyonu \u00f6denmi\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>5. Risk Y\u00f6netimi ve Mevzuat Uyumu<\/h2>\n<ul>\n<li><b>Piyasa Riski:<\/b> \u015eirket faaliyeti gere\u011fi faiz oran\u0131 ve hisse senedi fiyat riskine maruzdur. Hisse senedi fiyatlar\u0131nda meydana gelebilecek %5&#8217;lik bir de\u011fi\u015fim, 2.591.108 TL risk olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Vergi Stat\u00fcs\u00fc:<\/b> Kurumlar Vergisi Kanunu uyar\u0131nca, \u015eirket&#8217;in portf\u00f6y i\u015fletmecili\u011finden do\u011fan kazan\u00e7lar\u0131 kurumlar vergisinden istisnad\u0131r.<\/li>\n<li><b>Hukuki S\u00fcre\u00e7ler:<\/b> \u015eirket aleyhine a\u00e7\u0131lm\u0131\u015f bir dava bulunmamaktad\u0131r. 2013 y\u0131l\u0131na ait yang\u0131nda zayi olan defterler i\u00e7in &#8220;zayi belgesi&#8221; talebiyle a\u00e7\u0131lm\u0131\u015f bir has\u0131ms\u0131z dava s\u00fcreci mevcuttur.<\/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. Raporlama D\u00f6neminden Sonraki Olaylar<\/h2>\n<p>\u015eirket&#8217;in 16 \u015eubat 2026 tarihli Y\u00f6netim Kurulu toplant\u0131s\u0131nda \u00f6nemli bir y\u00f6netim de\u011fi\u015fikli\u011fi ger\u00e7ekle\u015fmi\u015ftir:<\/p>\n<ul>\n<li>OYAK Denizcilik ve Liman \u0130\u015fletmecili\u011fi A.\u015e. ad\u0131na hareket eden ger\u00e7ek ki\u015fi temsilci <b>Mehmet Serta\u00e7 \u00c7ANKAYA<\/b>&#8216;n\u0131n yerine <b>G\u00fcl\u015fah KARACA<\/b> atanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: OYAK Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025 Finansal Sonu\u00e7lar\u0131n\u0131 Duyurdu: Zarardan K\u00e2ra Ge\u00e7i\u015f ve Enflasyon Muhasebesi Etkileri<br \/>\n\u00d6zet: OYAK Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131\u2019n\u0131n 2025 y\u0131l\u0131na ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131. TMS 29 enflasyon muhasebesi standartlar\u0131n\u0131n ilk kez uyguland\u0131\u011f\u0131 bu d\u00f6nemde \u015firket, ge\u00e7ti\u011fimiz y\u0131l\u0131n aksine 6,5 milyon TL net k\u00e2r elde ederek dikkat \u00e7ekici bir performans sergiledi. 166 milyon TL&#8217;lik toplam varl\u0131k y\u00f6netimi, portf\u00f6y yap\u0131s\u0131ndaki de\u011fi\u015fimler ve enflasyon d\u00fczeltmelerinin finansal tablolar \u00fczerindeki etkilerini analiz etti\u011fimiz yeni yaz\u0131m\u0131zda, \u015firketin 2025 y\u0131l\u0131 karnesini t\u00fcm detaylar\u0131yla inceliyoruz. Temett\u00fc karar\u0131ndan y\u00f6netimdeki son de\u011fi\u015fikliklere kadar OYAK Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 hakk\u0131nda bilmeniz gereken her \u015fey blogumuzda!<\/p>\n","protected":false},"author":6,"featured_media":974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[258],"class_list":["post-1223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-oyayo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1223","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1223"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1223\/revisions"}],"predecessor-version":[{"id":1247,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1223\/revisions\/1247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/974"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}