{"id":1231,"date":"2026-02-16T22:01:48","date_gmt":"2026-02-16T19:01:48","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1231"},"modified":"2026-02-17T03:44:39","modified_gmt":"2026-02-17T00:44:39","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-zrgyo-ziraat-gayrimenkul-yatirim-ortakligi-2025-12-bilanco-analizi-ziraat-gyo-rekor-karina-ragmen-nakit-eriyor","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1231","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ZRGYO | Ziraat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/12 Bilan\u00e7o Analizi &#8211; Ziraat GYO Rekor K\u00e2r\u0131na Ra\u011fmen Nakit Eriyor"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/ZRGYO--Ziraat-Gayrimenkul-Yatrm-Ortakl-202512-Bilano-Analizi---Ziraat-GYO-Rekor-Krna-Ramen-Nakit-Eriyor-e3f67ii\/a-acfplh9\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>2025 Y\u0131l\u0131 Finansal Raporu \u00d6nemli Ba\u015fl\u0131klar\u0131<\/em><\/strong><br \/>\n<em>\u2022 Net D\u00f6nem Kar\u0131nda B\u00fcy\u00fck Art\u0131\u015f: Grup, 2025 y\u0131l\u0131nda 7.555.651.440 TL net d\u00f6nem kar\u0131 elde etmi\u015ftir. Bu rakam, 2024 y\u0131l\u0131ndaki 4.001.953.796 TL&#8217;lik kara oranla yakla\u015f\u0131k %88&#8217;lik bir art\u0131\u015fa i\u015faret etmektedir.<\/em><br \/>\n<em>\u2022 Varl\u0131k Yap\u0131s\u0131 ve Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller: Toplam varl\u0131klar 2024 sonundaki 83,3 milyar TL seviyesinden 96.073.349.881 TL&#8217;ye y\u00fckselmi\u015ftir. \u015eirket varl\u0131klar\u0131n\u0131n %86&#8217;s\u0131n\u0131 (82.473.156.504 TL) yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller olu\u015fturmaktad\u0131r.<\/em><br \/>\n<em>\u2022 Has\u0131lat ve Kira Gelirleri: Toplam has\u0131lat 3.466.335.335 TL olarak ger\u00e7ekle\u015fmi\u015ftir. Has\u0131lat\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 (2,27 milyar TL) yurt i\u00e7i kira gelirlerinden olu\u015fmaktad\u0131r. \u00d6zellikle ili\u015fkili kurulu\u015flardan (Ziraat Bankas\u0131 vb.) elde edilen kira gelirleri, toplam has\u0131lat\u0131n %64&#8217;\u00fcn\u00fc te\u015fkil etmektedir.<\/em><br \/>\n<em>\u2022 \u0130FM Ziraat Kuleleri: \u015eirketin en \u00f6nemli varl\u0131\u011f\u0131 olan \u0130stanbul Finans Merkezi (\u0130FM) Ziraat Kuleleri&#8217;nin de\u011feri 61.362.561.875 TL olarak takdir edilmi\u015ftir. Kule-1 blo\u011funun Ziraat Bankas\u0131&#8217;na kiralanmas\u0131ndan 2025 y\u0131l\u0131 itibar\u0131yla 1,76 milyar TL kira geliri elde edilmi\u015ftir.<\/em><br \/>\n<em>\u2022 \u00d6zkaynak G\u00fcc\u00fc: \u015eirketin toplam \u00f6zkaynaklar\u0131 79.327.814.054 TL seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Yeni Vergi D\u00fczenlemesi: 1 Ocak 2025&#8217;ten itibaren ge\u00e7erli olan yeni mevzuat uyar\u0131nca, GYO kazan\u00e7lar\u0131na sa\u011flanan kurumlar vergisi istisnas\u0131, gayrimenkul kazan\u00e7lar\u0131n\u0131n en az %50&#8217;sinin kar pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131 \u015fart\u0131na ba\u011flanm\u0131\u015ft\u0131r. Bu do\u011frultuda Grup, 2025 y\u0131l\u0131 i\u00e7in d\u00f6nem vergi kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rmaya ba\u015flam\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc: Ba\u011f\u0131ms\u0131z denetim kurulu\u015fu PwC, finansal tablolar\u0131n Grup&#8217;un finansal durumunu TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011funa dair olumlu g\u00f6r\u00fc\u015f bildirmi\u015ftir.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBUgOLdbwAA4cnZ?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<h1>96 Milyar TL\u2019lik Bir Portf\u00f6y\u00fcn Anatomisi: Ziraat GYO 2025 Raporundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 \u00c7\u0131kar\u0131m<\/h1>\n<h2>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Gayrimenkul D\u00fcnyas\u0131<\/h2>\n<p>B\u00fcy\u00fck \u00f6l\u00e7ekli gayrimenkul yat\u0131r\u0131mlar\u0131, sadece beton ve \u00e7elikten ibaret yap\u0131lar de\u011fil; karma\u015f\u0131k finansal stratejilerin, enflasyonist korunma reflekslerinin ve devasa bilan\u00e7olar\u0131n y\u00f6netildi\u011fi ya\u015fayan birer finansal organizmad\u0131r. Bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131n\u0131n ba\u015far\u0131s\u0131 sadece sahip oldu\u011fu binalar\u0131n g\u00f6rkemiyle mi \u00f6l\u00e7\u00fcl\u00fcr, yoksa bu binalar\u0131n bilan\u00e7odaki stratejik a\u011f\u0131rl\u0131\u011f\u0131 ve nakit \u00fcretme kapasitesiyle mi?<\/p>\n<p>Ziraat GYO\u2019nun 31 Aral\u0131k 2025 tarihli konsolide finansal raporu, bu soruya 96.073.349.881 TL\u2019lik (96 milyar TL) devasa bir varl\u0131k g\u00fcc\u00fcyle yan\u0131t veriyor. T\u00fcrkiye\u2019nin en b\u00fcy\u00fck gayrimenkul konsantrasyonlar\u0131ndan birini temsil eden bu portf\u00f6y, 2025 sonunda ula\u015ft\u0131\u011f\u0131 b\u00fcy\u00fckl\u00fckle sadece bir emlak y\u00f6netimi de\u011fil, ayn\u0131 zamanda bir &#8220;de\u011fer m\u00fchendisli\u011fi&#8221; hikayesi sunuyor.<\/p>\n<h2>2. Portf\u00f6y Yer\u00e7ekimi: \u0130stanbul Finans Merkezi Ziraat Kuleleri<\/h2>\n<p>Ziraat GYO portf\u00f6y\u00fcn\u00fc bir g\u00fcne\u015f sistemine benzetirsek, merkezdeki devasa k\u00fctle hi\u00e7 ku\u015fkusuz \u0130stanbul Finans Merkezi (\u0130FM) projesidir. Finansal tablolar, portf\u00f6y i\u00e7inde &#8220;ezici&#8221; bir a\u011f\u0131rl\u0131\u011fa sahip olan bu varl\u0131\u011f\u0131n adeta bir &#8220;portf\u00f6y yer\u00e7ekimi&#8221; olu\u015fturdu\u011funu kan\u0131tl\u0131yor.<\/p>\n<ul>\n<li><b>Konsantrasyon Riski ve G\u00fcc\u00fc:<\/b> \u0130FM Ziraat Kuleleri\u2019nin KDV hari\u00e7 de\u011feri 61,3 milyar TL\u2019yi a\u015fm\u0131\u015f durumda. Bu rakam, \u015firketin 82,4 milyar TL\u2019lik toplam yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul portf\u00f6y\u00fcn\u00fcn yakla\u015f\u0131k %74\u2019\u00fcn\u00fc tek ba\u015f\u0131na olu\u015fturuyor.<\/li>\n<li><b>Muhafazak\u00e2r De\u011ferleme mi?<\/b> Ba\u011f\u0131ms\u0131z denetim raporunda kulelerin de\u011fer tespitinde &#8220;maliyet yakla\u015f\u0131m\u0131&#8221; (cost approach) kullan\u0131ld\u0131\u011f\u0131 belirtiliyor. Bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, maliyet yakla\u015f\u0131m\u0131 \u2013\u00f6zellikle \u0130FM gibi prestijli b\u00f6lgelerde\u2013 piyasa de\u011ferinin (market value) alt\u0131nda kalabilir. Bu da 61,3 milyar TL\u2019lik de\u011ferin asl\u0131nda olduk\u00e7a muhafazak\u00e2r ve potansiyeli tam yans\u0131tmayan bir rakam olabilece\u011fine i\u015faret ediyor.<\/li>\n<li><b>Kira Motoru:<\/b> Kule-1\u2019in kiralanmas\u0131yla birlikte sadece 2025 y\u0131l\u0131nda 1,76 milyar TL kira geliri elde edilmesi, bu devasa yap\u0131n\u0131n bilan\u00e7oda sadece bir &#8220;de\u011fer&#8221; olarak kalmad\u0131\u011f\u0131n\u0131, g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f mekanizmas\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor.<\/li>\n<\/ul>\n<h2>3. K\u00e2r Patlamas\u0131 ve Enflasyon Muhasebesinin &#8220;Ka\u011f\u0131t \u00dcst\u00fcndeki&#8221; Etkisi<\/h2>\n<p>\u015eirketin net d\u00f6nem k\u00e2r\u0131, 2024 y\u0131l\u0131ndaki 4 milyar TL seviyesinden 2025 sonunda 7,55 milyar TL\u2019ye f\u0131rlayarak %88\u2019lik bir s\u0131\u00e7ray\u0131\u015f ger\u00e7ekle\u015ftirdi. Ancak bir analist i\u00e7in bu art\u0131\u015f\u0131n kayna\u011f\u0131na inmek kritiktir.<\/p>\n<p>2025 finansal sonu\u00e7lar\u0131, TMS 29 (Enflasyon Muhasebesi) uygulamas\u0131 alt\u0131nda \u015fekillendi. 1,68 milyar TL\u2019lik &#8220;net parasal pozisyon kazanc\u0131&#8221;, bu k\u00e2r\u0131n \u00f6nemli bir bile\u015fenini olu\u015fturuyor. Teknik dille ifade etmek gerekirse; y\u00fcksek enflasyon ortam\u0131nda nakit yerine bor\u00e7la (\u00f6zellikle 8,3 milyar TL\u2019lik ili\u015fkili taraf bor\u00e7lanmalar\u0131yla) finansman sa\u011flamak, \u015firkete ka\u011f\u0131t \u00fczerinde &#8220;sat\u0131n alma g\u00fcc\u00fc kazanc\u0131&#8221; yazd\u0131rd\u0131.<\/p>\n<p>PwC taraf\u0131ndan haz\u0131rlanan ba\u011f\u0131ms\u0131z denet\u00e7i raporu, bu finansal tablolar\u0131n g\u00fcvenilirli\u011fini \u015fu s\u00f6zlerle tescilliyor:<\/p>\n<p>&#8220;\u0130li\u015fikteki konsolide finansal tablolar Grup\u2019un 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal durumunu&#8230; T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h2>4. Temett\u00fc \u015eoku: Yat\u0131r\u0131mc\u0131lar \u0130\u00e7in 3,77 Milyar TL\u2019lik Potansiyel<\/h2>\n<p>2025 y\u0131l\u0131 GYO sekt\u00f6r\u00fc i\u00e7in sadece bir bilan\u00e7o d\u00f6nemi de\u011fil, yasal bir d\u00f6n\u00fcm noktas\u0131 oldu. 7524 Say\u0131l\u0131 Kanun ile getirilen yeni vergi d\u00fczenlemesi, Ziraat GYO\u2019nun temett\u00fc politikas\u0131n\u0131 &#8220;zorunlu bir iyile\u015ftirmeye&#8221; itebilir.<\/p>\n<ul>\n<li><b>Yeni Vergi Denklemi:<\/b> 1 Ocak 2025 itibar\u0131yla GYO\u2019lar i\u00e7in %10 asgari kurumlar vergisi devreye girdi. Ancak yasada kritik bir kap\u0131 b\u0131rak\u0131ld\u0131: E\u011fer \u015firket, gayrimenkul kazan\u00e7lar\u0131n\u0131n en az %50\u2019sini k\u00e2r pay\u0131 olarak da\u011f\u0131t\u0131rsa, vergi istisnas\u0131ndan faydalanmaya devam edebilecek.<\/li>\n<li><b>Hesap Ortada:<\/b> 7,55 milyar TL\u2019lik net d\u00f6nem k\u00e2r\u0131 g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, vergi avantaj\u0131n\u0131 korumak isteyen bir Ziraat GYO\u2019nun yat\u0131r\u0131mc\u0131lar\u0131na yakla\u015f\u0131k <b>3,77 milyar TL<\/b> civar\u0131nda bir temett\u00fc da\u011f\u0131tmas\u0131 beklenebilir. Bu, \u015firketin geleneksel tutumundan kopup ger\u00e7ek bir &#8220;temett\u00fc hissesi&#8221; hikayesine d\u00f6n\u00fc\u015fmesi anlam\u0131na gelebilir.<\/li>\n<\/ul>\n<h2>5. K\u00fcresel Ayak \u0130zi: Frankfurt&#8217;tan Almaty&#8217;ye Sermaye \u0130hrac\u0131<\/h2>\n<p>Ziraat GYO, sadece yerel bir oyuncu olman\u0131n \u00f6tesine ge\u00e7erek d\u00f6viz bazl\u0131 gelir ve yat\u0131r\u0131m stratejisini derinle\u015ftiriyor.<\/p>\n<ul>\n<li><b>Almanya Kalesi:<\/b> Frankfurt\u2019taki ofis binas\u0131 11 milyon Euro (yakla\u015f\u0131k 430 milyon TL) ger\u00e7e\u011fe uygun de\u011feriyle portf\u00f6yde yer al\u0131rken, Ziraat Bank A.G.\u2019den elde edilen 40 milyon TL\u2019yi a\u015fk\u0131n kira geliri Euro bazl\u0131 bir tampon olu\u015fturuyor.<\/li>\n<li><b>Kazakistan S\u00fcrprizi:<\/b> Raporun dipnotlar\u0131ndaki &#8220;hareket tablolar\u0131&#8221; incelendi\u011finde as\u0131l \u00e7arp\u0131c\u0131 veri Kazakistan\u2019dan geliyor. 2025 y\u0131l\u0131nda <b>Almaty Klochkova<\/b> projesine yap\u0131lan <b>1,23 milyar TL<\/b>\u2019lik yeni yat\u0131r\u0131m giri\u015fi, \u015firketin Orta Asya operasyonlar\u0131n\u0131 ciddi bir sermaye yo\u011funlu\u011fuyla b\u00fcy\u00fctt\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. Saraybosna ve Almaty projeleriyle birlikte GYO, yerel piyasadaki dalgalanmalara kar\u015f\u0131 co\u011frafi bir risk da\u011f\u0131l\u0131m\u0131 sa\u011fl\u0131yor.<\/li>\n<\/ul>\n<h2>6. Milyarlar\u0131n Arkas\u0131ndaki &#8220;\u00d6znel Manivelalar&#8221;<\/h2>\n<p>Bilan\u00e7odaki 82,4 milyar TL\u2019lik yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul de\u011feri, sadece bir hesap makinesi \u00e7\u0131kt\u0131s\u0131 de\u011fil; de\u011ferleme uzmanlar\u0131n\u0131n ve y\u00f6netimin kulland\u0131\u011f\u0131 &#8220;\u00f6znel manivelalar\u0131n&#8221; bir sonucudur. PwC, bu alan\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak belirleyerek yat\u0131r\u0131mc\u0131lar\u0131 \u015feffafl\u0131k konusunda uyar\u0131yor.<\/p>\n<p>Bu devasa de\u011ferleme; kapitalizasyon oranlar\u0131, iskonto oranlar\u0131 ve gelecekteki doluluk varsay\u0131mlar\u0131 gibi hassas parametrelere dayan\u0131yor. Bir analist i\u00e7in risk buradad\u0131r: Bu &#8220;\u00f6znel varsay\u0131mlardaki&#8221; %0,5\u2019lik bir sapma bile bilan\u00e7odaki varl\u0131k de\u011ferinden milyarlarca liran\u0131n buharla\u015fmas\u0131na ya da haks\u0131z yere \u015fi\u015fmesine neden olabilir. Dolay\u0131s\u0131yla 96 milyar TL\u2019lik g\u00fc\u00e7, ayn\u0131 zamanda y\u00fcksek bir denetim hassasiyeti gerektiriyor.<\/p>\n<h2>Sonu\u00e7: 2026\u2019da Yeni Bir Sayfa m\u0131?<\/h2>\n<p>Ziraat GYO, 2025 sonu itibar\u0131yla ula\u015ft\u0131\u011f\u0131 96 milyar TL\u2019lik varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcyle T\u00fcrkiye gayrimenkul piyasas\u0131nda sars\u0131lmaz bir konuma sahip. \u0130FM kulelerinin nakit \u00fcretmeye ba\u015flamas\u0131 ve yurt d\u0131\u015f\u0131 projelerine ak\u0131t\u0131lan milyarlarca liral\u0131k sermaye, \u015firketi pasif bir emlak sahibinden aktif bir portf\u00f6y y\u00f6neticisine d\u00f6n\u00fc\u015ft\u00fcrm\u00fc\u015f durumda.<\/p>\n<p><b>D\u00fc\u015f\u00fcnd\u00fcren Soru:<\/b> Gayrimenkulde devle\u015fen bu yap\u0131, yeni vergi d\u00fczenlemelerinin yaratt\u0131\u011f\u0131 &#8220;temett\u00fc zorunlulu\u011fu&#8221; ve k\u00fcresel geni\u015fleme stratejisiyle 2026\u2019da yat\u0131r\u0131mc\u0131s\u0131na sadece bina de\u011fil, ayn\u0131 zamanda s\u00fcrd\u00fcr\u00fclebilir ve y\u00fcksek getirili bir temett\u00fc hikayesi de sunabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1>Ziraat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Raporu ve Stratejik Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Ziraat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (\u015eirket) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait finansal tablolar\u0131, Grup\u2019un istikrarl\u0131 b\u00fcy\u00fcmesini ve portf\u00f6y de\u011ferindeki g\u00fc\u00e7l\u00fc art\u0131\u015f\u0131 ortaya koymaktad\u0131r. PwC taraf\u0131ndan y\u00fcr\u00fct\u00fclen ba\u011f\u0131ms\u0131z denetim sonucunda, finansal tablolar\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak Grup\u2019un finansal durumunu t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde yans\u0131tt\u0131\u011f\u0131na dair <b>olumlu (\u015farts\u0131z) g\u00f6r\u00fc\u015f<\/b> verilmi\u015ftir.<\/p>\n<p>Grup\u2019un toplam varl\u0131klar\u0131 96 milyar TL\u2019ye ula\u015f\u0131rken, bu varl\u0131klar\u0131n %86\u2019s\u0131n\u0131 (82,47 milyar TL) yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller olu\u015fturmaktad\u0131r. 2025 y\u0131l\u0131 net d\u00f6nem k\u00e2r\u0131, bir \u00f6nceki y\u0131l\u0131n 4 milyar TL seviyesinden %88,8 oran\u0131nda art\u0131\u015f g\u00f6stererek <b>7,55 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Bu performans\u0131n arkas\u0131ndaki en temel itici g\u00fc\u00e7, \u0130stanbul Finans Merkezi (\u0130FM) Ziraat Kuleleri ba\u015fta olmak \u00fczere yat\u0131r\u0131m portf\u00f6y\u00fcnde ya\u015fanan de\u011fer art\u0131\u015flar\u0131 ve artan kira gelirleridir.<\/p>\n<h2>Finansal Performans ve Durum Analizi<\/h2>\n<p>31 Aral\u0131k 2025 tarihi itibar\u0131yla Grup\u2019un finansal yap\u0131s\u0131ndaki temel g\u00f6stergeler, \u00f6nceki y\u0131l ile kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak a\u015fa\u011f\u0131da sunulmu\u015ftur:<\/p>\n<h3>Temel Bilan\u00e7o Kalemleri (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>96.073.349.881<\/td>\n<td>83.297.304.270<\/td>\n<td>+15,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/b><\/td>\n<td>82.473.156.504<\/td>\n<td>72.449.212.141<\/td>\n<td>+13,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>79.327.814.054<\/td>\n<td>72.095.474.585<\/td>\n<td>+10,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>16.745.535.827<\/td>\n<td>11.201.829.685<\/td>\n<td>+49,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerleri<\/b><\/td>\n<td>637.421.787<\/td>\n<td>1.417.211.310<\/td>\n<td>-55,0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>K\u00e2r veya Zarar Performans\u0131 (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/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>3.466.335.335<\/td>\n<td>4.539.192.191<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>2.788.589.310<\/td>\n<td>2.923.821.465<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>10.427.428.973<\/td>\n<td>9.560.781.261<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>7.555.651.440<\/td>\n<td>4.001.953.796<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td>1,6098<\/td>\n<td>0,8526<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Analiz: Has\u0131lat rakam\u0131ndaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen net d\u00f6nem k\u00e2r\u0131n\u0131n artmas\u0131, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin ger\u00e7e\u011fe uygun de\u011fer art\u0131\u015flar\u0131ndan (8,34 milyar TL) kaynaklanm\u0131\u015ft\u0131r.<\/i><\/p>\n<h2>Yat\u0131r\u0131m Portf\u00f6y\u00fc ve Gayrimenkul Operasyonlar\u0131<\/h2>\n<p>Grup\u2019un portf\u00f6y\u00fc, T\u00fcrkiye\u2019nin yan\u0131 s\u0131ra Almanya (Frankfurt), Bosna-Hersek (Saraybosna) ve Kazakistan\u2019da (Almat\u0131) bulunan stratejik varl\u0131klardan olu\u015fmaktad\u0131r.<\/p>\n<h3>\u0130stanbul Finans Merkezi (\u0130FM) Ziraat Kuleleri<\/h3>\n<p>Grup\u2019un en b\u00fcy\u00fck varl\u0131\u011f\u0131 olan \u0130FM Ziraat Kuleleri, 61,36 milyar TL\u2019lik de\u011feriyle toplam yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul portf\u00f6y\u00fcn\u00fcn yakla\u015f\u0131k %74\u2019\u00fcn\u00fc olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>Durum:<\/b> Kule-1 ve Kule-2 i\u00e7in yap\u0131 kullanma izin belgesi al\u0131nm\u0131\u015f, ge\u00e7ici kabul s\u00fcre\u00e7leri tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kira Geliri:<\/b> 2025 y\u0131l\u0131nda Ziraat Bankas\u0131\u2019na yap\u0131lan kiralamadan 1,76 milyar TL kira geliri elde edilmi\u015ftir.<\/li>\n<li><b>Kullan\u0131m:<\/b> Kule-2\u2019nin 20. kat\u0131 Grup taraf\u0131ndan Genel M\u00fcd\u00fcrl\u00fck hizmet binas\u0131 olarak kullan\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Di\u011fer \u00d6nemli Varl\u0131klar<\/h3>\n<ul>\n<li><b>Levent Arsas\u0131:<\/b> 2,96 milyar TL de\u011ferindedir.<\/li>\n<li><b>Maslak Binalar\u0131:<\/b> 2,01 milyar TL de\u011ferinde olup, Ziraat Bankas\u0131\u2019ndan y\u0131ll\u0131k 11,8 milyon TL kira geliri sa\u011flamaktad\u0131r.<\/li>\n<li><b>Beyo\u011flu Binas\u0131:<\/b> 1,41 milyar TL de\u011ferindedir.<\/li>\n<li><b>Frankfurt Ofis Binas\u0131:<\/b> 11,05 milyon Avro (yakla\u015f\u0131k de\u011fer) ile portf\u00f6yde yer almakta ve Ziraat Bank International AG taraf\u0131ndan kullan\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h2>\u0130li\u015fkili Taraf \u0130\u015flemleri ve Has\u0131lat Yap\u0131s\u0131<\/h2>\n<p>Grup\u2019un gelir yap\u0131s\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde ana orta\u011f\u0131 olan T.C. Ziraat Bankas\u0131 A.\u015e. ve grup \u015firketlerine dayanmaktad\u0131r. 2025 y\u0131l\u0131 has\u0131lat\u0131n\u0131n %64\u2019\u00fc (yakla\u015f\u0131k 2,23 milyar TL) ili\u015fkili kurulu\u015flardan elde edilen kira gelirlerinden olu\u015fmaktad\u0131r. 2024 y\u0131l\u0131nda bu oran %39 seviyesindeydi.<\/p>\n<p><b>\u0130li\u015fkili Taraflardan Sa\u011flanan Temel Gelirler (2025):<\/b><\/p>\n<ul>\n<li><b>T.C. Ziraat Bankas\u0131 A.\u015e.:<\/b> 1,46 milyar TL (Kira) + 181 milyon TL (Faiz).<\/li>\n<li><b>Ziraat Kat\u0131l\u0131m Bankas\u0131 A.\u015e.:<\/b> 322,2 milyon TL (Kira).<\/li>\n<li><b>Ziraat Teknoloji A.\u015e.:<\/b> 147,5 milyon TL (Kira).<\/li>\n<\/ul>\n<h2>Kilit Denetim Konusu: Gayrimenkul De\u011ferlemeleri<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin ger\u00e7e\u011fe uygun de\u011ferlerinin belirlenmesini &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131mlam\u0131\u015ft\u0131r. Bu belirlemenin nedenleri \u015funlard\u0131r:<\/p>\n<ol>\n<li>Bu varl\u0131klar\u0131n toplam aktiflerin %86&#8217;s\u0131 gibi \u00e7ok \u00f6nemli bir k\u0131sm\u0131n\u0131 olu\u015fturmas\u0131.<\/li>\n<li>De\u011ferleme s\u00fcrecinin kapitalizasyon oran\u0131, iskonto oran\u0131 ve doluluk oranlar\u0131 gibi \u00f6znel varsay\u0131mlar ve \u00f6nemli muhakemeler i\u00e7ermesi.<\/li>\n<li>De\u011ferlemelerde &#8220;pazar yakla\u015f\u0131m\u0131&#8221;, &#8220;maliyet yakla\u015f\u0131m\u0131&#8221; ve &#8220;gelir yakla\u015f\u0131m\u0131&#8221; gibi kompleks y\u00f6ntemlerin kullan\u0131lmas\u0131.<\/li>\n<\/ol>\n<h2>Mevzuat De\u011fi\u015fiklikleri ve Gelecek Projeksiyonlar\u0131<\/h2>\n<h3>Vergi Mevzuat\u0131ndaki Kritik De\u011fi\u015fiklik<\/h3>\n<p>2 A\u011fustos 2024 tarihli Resmi Gazete\u2019de yay\u0131mlanan 7524 say\u0131l\u0131 Kanun ile GYO\u2019lar i\u00e7in yeni bir vergi rejimi getirilmi\u015ftir. 1 Ocak 2025\u2019ten itibaren ge\u00e7erli olmak \u00fczere:<\/p>\n<ul>\n<li>Kurumlar vergisi istisnas\u0131ndan yararlanabilmek i\u00e7in ta\u015f\u0131nmaz kazan\u00e7lar\u0131n\u0131n <b>en az %50\u2019sinin k\u00e2r pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131<\/b> \u015fart\u0131 getirilmi\u015ftir.<\/li>\n<li>%10 oran\u0131nda yurt i\u00e7i asgari kurumlar vergisi uygulamas\u0131 ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>Grup, bu \u015fartlar\u0131n sa\u011flanamamas\u0131 durumunda da\u011f\u0131t\u0131lmam\u0131\u015f k\u00e2rlar \u00fczerinden %30 vergi oran\u0131 ile kar\u015f\u0131 kar\u015f\u0131ya kalabilecektir.<\/li>\n<\/ul>\n<h3>Organizasyonel De\u011fi\u015fiklikler<\/h3>\n<p>Grup, 2 Ocak 2025 tarihinde ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan <i>Ziraat \u0130\u015fletme Y\u00f6netimi ve Gayrimenkul Geli\u015ftirme A.\u015e.<\/i>\u2019yi 7,8 milyon TL bedel kar\u015f\u0131l\u0131\u011f\u0131nda Ziraat Filo ve Mobilite \u00c7\u00f6z\u00fcmler A.\u015e.&#8217;ye devrederek i\u015ftirak yap\u0131s\u0131n\u0131 sadele\u015ftirmi\u015ftir.<\/p>\n<h3>\u0130\u015fletmenin S\u00fcreklili\u011fi<\/h3>\n<p>Finansal tablolar, Grup\u2019un faaliyetlerini \u00f6ng\u00f6r\u00fclebilir gelecekte s\u00fcrd\u00fcrece\u011fi varsay\u0131m\u0131 alt\u0131nda &#8220;i\u015fletmenin s\u00fcreklili\u011fi&#8221; esas\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. Grup\u2019un 31 Aral\u0131k 2025 itibar\u0131yla 47 \u00e7al\u0131\u015fan\u0131 bulunmaktad\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ziraat GYO 2025 Y\u0131l\u0131nda Rekor Kar ve B\u00fcy\u00fcme A\u00e7\u0131klad\u0131!<br \/>\nZiraat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 (Ziraat GYO), 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131n\u0131 duyurdu. Y\u0131l\u0131 7,5 milyar TL&#8217;yi a\u015fan net karla kapatan \u015firket, toplam varl\u0131klar\u0131n\u0131 96 milyar TL seviyesine ta\u015f\u0131yarak g\u00fc\u00e7l\u00fc b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc. Portf\u00f6y\u00fcn\u00fcn %86&#8217;s\u0131n\u0131 olu\u015fturan gayrimenkul yat\u0131r\u0131mlar\u0131 ve \u0130stanbul Finans Merkezi Ziraat Kuleleri&#8217;nden gelen istikrarl\u0131 kira gelirleri, bu ba\u015far\u0131n\u0131n temel ta\u015flar\u0131n\u0131 olu\u015fturdu. Yeni vergi d\u00fczenlemeleri ve stratejik projelerle \u015fekillenen 2025 raporunun detaylar\u0131n\u0131 ve \u015firketin gelecek vizyonunu inceledi\u011fimiz yaz\u0131m\u0131z yay\u0131nda.<\/p>\n","protected":false},"author":5,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[259],"class_list":["post-1231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-zrgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1231","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1231"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1231\/revisions"}],"predecessor-version":[{"id":1246,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1231\/revisions\/1246"}],"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=1231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}