{"id":126,"date":"2025-12-18T17:20:47","date_gmt":"2025-12-18T14:20:47","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=126"},"modified":"2025-12-18T17:20:47","modified_gmt":"2025-12-18T14:20:47","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-alka-alkim-kagit-sanayi-2025-9-bilanco-analizi-daha-az-satisla-nasil-kara-gecildi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/126","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ALKA | Alkim Ka\u011f\u0131t Sanayi 2025\/9 Bilan\u00e7o Analizi | Daha Az Sat\u0131\u015fla Nas\u0131l K\u00e2ra Ge\u00e7ildi? \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ALKA | Alkim Ka\u011f\u0131t Sanayi 2025\/9 Bilan\u00e7o Analizi | Daha Az Sat\u0131\u015fla Nas\u0131l K\u00e2ra Ge\u00e7ildi? \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/HrnhQTZeQ08?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>Bir Ka\u011f\u0131t Devinin Finans Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: G\u00fcndelik Ka\u011f\u0131d\u0131n Ard\u0131ndaki Gizli Hikaye<\/b><\/h3>\n<p>Alkim Ka\u011f\u0131t&#8217;\u0131n son finansal raporunu elime ald\u0131\u011f\u0131mda, klasik bir bilan\u00e7o incelemesi bekliyordum. Ancak sat\u0131rlar\u0131n aras\u0131na dald\u0131k\u00e7a, rakamlar\u0131n bir \u015firketin cesur gelecek vizyonunu anlatan bir senaryoya d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6rd\u00fcm. Her g\u00fcn elimize ald\u0131\u011f\u0131m\u0131z o basit ka\u011f\u0131t par\u00e7as\u0131n\u0131n ard\u0131nda yatan tedarik zincirleri, maliyet sava\u015flar\u0131 ve milyarlarca liral\u0131k stratejik hamleler, bu senaryonun ba\u015frol\u00fcndeydi. \u0130\u015fte T\u00fcrkiye&#8217;nin en \u00f6nemli ka\u011f\u0131t \u00fcreticilerinden birinin finansal r\u00f6ntgeninden \u00e7\u0131kan, ilk bak\u0131\u015fta g\u00f6r\u00fcnmeyen, \u015fa\u015f\u0131rt\u0131c\u0131 ve d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc d\u00f6rt ger\u00e7ek.<\/p>\n<h3><b>1. K\u00e2r Paradoksu: Daha Az Sat\u0131\u015fla Nas\u0131l K\u00e2ra Ge\u00e7ildi?<\/b><\/h3>\n<p>Raporu okurken ilk ba\u015fta ka\u015flar\u0131m\u0131 \u00e7att\u0131m. \u015eirketin gelirleri (Has\u0131lat), bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 2,57 milyar TL&#8217;den 2,1 milyar TL&#8217;ye, yani 470 milyon TL&#8217;den fazla d\u00fc\u015fm\u00fc\u015f. Bu normalde alarm zillerinin \u00e7almas\u0131 demektir. Ama bir sonraki sat\u0131ra bakt\u0131\u011f\u0131mda hikaye tamamen de\u011fi\u015fti. Ge\u00e7en y\u0131l ayn\u0131 d\u00f6nemde yakla\u015f\u0131k 33,4 milyon TL zarar a\u00e7\u0131klayan \u015firket, bu y\u0131l gelirlerindeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen 2 milyon TL&#8217;nin \u00fczerinde bir k\u00e2ra ge\u00e7meyi ba\u015farm\u0131\u015f.<\/p>\n<p>Nas\u0131l m\u0131? Cevap, &#8220;Sat\u0131\u015flar\u0131n Maliyeti&#8221; kaleminde yat\u0131yor. \u015eirketin maliyetleri, gelirlerinden \u00e7ok daha b\u00fcy\u00fck bir h\u0131zla d\u00fc\u015fm\u00fc\u015f; ge\u00e7en y\u0131l 2,22 milyar TL olan sat\u0131\u015f maliyeti, bu y\u0131l 1,88 milyar TL&#8217;ye gerilemi\u015f. Bu maliyet disiplini, \u015firketin %93 gibi son derece y\u00fcksek bir kapasiteyle, yani neredeyse hi\u00e7 durmadan \u00e7al\u0131\u015ft\u0131\u011f\u0131 bir ortamda ba\u015far\u0131lmas\u0131, operasyonel m\u00fckemmelli\u011fin alt\u0131n\u0131 \u00e7iziyor. Daha az satarak daha k\u00e2rl\u0131 olmak, usta bir y\u00f6netim becerisinin en net g\u00f6stergelerinden biridir.<\/p>\n<h3><b>2. Kasadaki Nakit Nereye Gitti? K\u00e2rl\u0131 Bir \u015eirketin Nakdi Neden %70&#8217;ten Fazla Azald\u0131?<\/b><\/h3>\n<p>Bir \u015firket k\u00e2r a\u00e7\u0131klam\u0131\u015fken, kasas\u0131ndaki her 100 Liran\u0131n 70&#8217;ini nas\u0131l kaybedebilir? Bu bir bat\u0131\u015f hikayesi mi, yoksa bir yeniden do\u011fu\u015fun sanc\u0131s\u0131 m\u0131? Raporlar\u0131 incelerken g\u00f6z\u00fcme \u00e7arpan en \u015fa\u015f\u0131rt\u0131c\u0131 rakamlardan biri buydu. Alkim&#8217;in &#8220;Nakit ve nakit benzerleri&#8221;, 2024 sonunda 508,5 milyon TL iken, Eyl\u00fcl 2025&#8217;te 138,1 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015f. Bu, %70&#8217;i a\u015fan devasa bir azalma. Ancak durum hi\u00e7 de bir kriz i\u015fareti de\u011fil.<\/p>\n<p>Bu nakit d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn ard\u0131nda, tam tersine dev bir yat\u0131r\u0131m hamlesi yat\u0131yor. Faaliyet Raporu&#8217;na g\u00f6re \u015firket, mevcut 90.000 ton\/y\u0131l olan \u00fcretim kapasitesini 210.000 ton\/y\u0131la \u00e7\u0131karacak olan 125.000 ton\/y\u0131l kapasiteli ikinci bir \u00fcretim hatt\u0131 kuruyor. Sadece 2025&#8217;in ilk dokuz ay\u0131nda bu yat\u0131r\u0131m i\u00e7in 544 milyon TL&#8217;nin \u00fczerinde harcama yap\u0131lm\u0131\u015f. Yani kasadaki para kaybolmad\u0131; \u015firketin sadece daha fazla ka\u011f\u0131t de\u011fil, ayn\u0131 zamanda daha k\u00e2rl\u0131 ve stratejik bir \u00fcr\u00fcn olan karton pazar\u0131na girmesini sa\u011flayacak teknolojiye d\u00f6n\u00fc\u015ft\u00fc.<\/p>\n<h3><b>3. \u0130thalata Kar\u015f\u0131 Dev Bir Bahis: Bu Sadece B\u00fcy\u00fcme De\u011fil, Stratejik Bir Hamle<\/b><\/h3>\n<p>Bu dev yat\u0131r\u0131m\u0131n stratejik \u00f6nemini anlamak i\u00e7in T\u00fcrkiye&#8217;nin ka\u011f\u0131t pazar\u0131na daha yak\u0131ndan bakmak gerekiyor. Faaliyet Raporu&#8217;ndaki veriler, ac\u0131 bir ger\u00e7e\u011fi g\u00f6zler \u00f6n\u00fcne seriyor: T\u00fcrkiye&#8217;deki yaz\u0131-tab\u0131 ka\u011f\u0131d\u0131 t\u00fcketiminin sadece %29&#8217;u yerli \u00fcretimle kar\u015f\u0131lan\u0131yor. Pazar\u0131n kalan\u0131 tamamen ithalata ba\u011f\u0131ml\u0131. \u0130\u015fte Alkim Ka\u011f\u0131t&#8217;\u0131n hamlesi burada anlam kazan\u0131yor. \u015eirket, bu k\u0131s\u0131tl\u0131 yerli \u00fcretimin yakla\u015f\u0131k %30&#8217;unu tek ba\u015f\u0131na ger\u00e7ekle\u015ftiriyor ve halihaz\u0131rda %93 gibi son derece y\u00fcksek bir kapasite kullan\u0131m oran\u0131yla \u00e7al\u0131\u015f\u0131yor. Bu, &#8220;daha fazla satam\u0131yorum \u00e7\u00fcnk\u00fc \u00fcretecek yerim kalmad\u0131&#8221; diyen bir \u015firketin, pazar\u0131n bo\u015flu\u011funu doldurmak i\u00e7in att\u0131\u011f\u0131 dev bir ad\u0131md\u0131r.<\/p>\n<p>Ancak bu hamle, ithalatla ayn\u0131 silahlarla sava\u015fmaktan \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor; yeni bir sava\u015f alan\u0131na girmek anlam\u0131na geliyor. Yeni yat\u0131r\u0131m, \u015firketin \u00fcretim yelpazesini &#8220;60 gram ofset ka\u011f\u0131ttan 400 gram kartona kadar&#8221; geni\u015fletmesini sa\u011flayacak. Bu, \u015firketin sadece mevcut pazar pay\u0131n\u0131 art\u0131rmakla kalmay\u0131p, ambalaj gibi tamamen yeni ve potansiyel olarak \u00e7ok daha k\u00e2rl\u0131 bir karton pazar\u0131na girmeye haz\u0131rland\u0131\u011f\u0131n\u0131 g\u00f6steren kritik bir stratejik evrimdir.<\/p>\n<h3><b>4. B\u00fcy\u00fcmenin Gizli Riski: Dolar ve Avro Kabusu Geri mi D\u00f6n\u00fcyor?<\/b><\/h3>\n<p>Her b\u00fcy\u00fck yat\u0131r\u0131m\u0131n bir bedeli vard\u0131r. Alkim&#8217;in hikayesinde bu bedel, bilan\u00e7oda &#8220;Net yabanc\u0131 para pozisyonu&#8221; olarak bilinen ve \u015firketin d\u00f6viz kuruna kar\u015f\u0131 hassasiyetini \u00f6l\u00e7en kritik bir kalemde ortaya \u00e7\u0131k\u0131yor. Bu pozisyon de\u011fi\u015fimi, \u015firketin finansal teknesini sakin bir g\u00f6lden, dalgal\u0131 bir okyanusa \u00e7\u0131karmas\u0131na benziyor. Eskiden kur dalgalar\u0131 lehinize i\u015flerken, \u015fimdi her dalga tekneyi alabora etme riski ta\u015f\u0131yor.<\/p>\n<p>Rakamlara bakal\u0131m: Alkim Ka\u011f\u0131t&#8217;\u0131n bu pozisyonu, 2024 sonunda 378 milyon TL&#8217;lik bir &#8220;varl\u0131k&#8221; (pozitif) pozisyonundan, Eyl\u00fcl 2025&#8217;te 236 milyon TL&#8217;nin \u00fczerinde bir &#8220;y\u00fck\u00fcml\u00fcl\u00fck&#8221; (negatif) pozisyonuna dramatik bir \u015fekilde d\u00f6nm\u00fc\u015f. Bu de\u011fi\u015fimin anlam\u0131 \u00e7ok net: Art\u0131k \u015firket, d\u00f6viz kurlar\u0131ndaki art\u0131\u015flara kar\u015f\u0131 daha savunmas\u0131z. T\u00fcrk Liras\u0131&#8217;n\u0131n Dolar veya Avro kar\u015f\u0131s\u0131nda de\u011fer kaybetmesi durumunda, \u015firketin d\u00f6viz cinsinden bor\u00e7lar\u0131 ve maliyetleri artarak gelecekteki k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 olumsuz etkileyebilir. Bu, b\u00fcy\u00fcmenin bedeli olarak ortaya \u00e7\u0131kan ve dikkatle y\u00f6netilmesi gereken yeni bir risk.<\/p>\n<h3><b>Sonu\u00e7: Cesur Bir Vizyon ve Yeni Ger\u00e7ekler<\/b><\/h3>\n<p>Alkim Ka\u011f\u0131t&#8217;\u0131n finansal tablolar\u0131, iki z\u0131t g\u00fcc\u00fcn bir arada oldu\u011fu bir hikaye anlat\u0131yor. \u015eirket bir yandan maliyetlerini ustal\u0131kla y\u00f6neterek k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131r\u0131rken, di\u011fer yandan gelece\u011fe dev bir yat\u0131r\u0131m yaparak cesur bir b\u00fcy\u00fcme vizyonu ortaya koyuyor. Ancak bu b\u00fcy\u00fcme, beraberinde d\u00f6viz kuru gibi yeni ve \u00f6nemli finansal riskleri de getiriyor.<\/p>\n<p>Nihayetinde, Alkim&#8217;in rakamlar\u0131 bize sadece bir k\u00e2rl\u0131l\u0131k ve b\u00fcy\u00fcme hikayesi anlatm\u0131yor; ayn\u0131 zamanda stratejik bir evrimi de f\u0131s\u0131ld\u0131yor. Ak\u0131llardaki as\u0131l soru \u015fu: Alkim&#8217;in bu cesur hamlesi, sadece ithal ka\u011f\u0131d\u0131n pay\u0131n\u0131 azaltmakla kalmay\u0131p, \u015firketi karton gibi yeni ve de\u011ferli bir pazarda da \u00f6nemli bir oyuncu haline getirebilecek bir d\u00f6n\u00fcm noktas\u0131 olabilir mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Alkim Ka\u011f\u0131t Sanayi ve Ticaret A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Alkim Ka\u011f\u0131t Sanayi ve Ticaret A.\u015e.&#8217;nin 1 Ocak &#8211; 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait finansal ve operasyonel sonu\u00e7lar\u0131, devam eden stratejik yat\u0131r\u0131mlar ve piyasa ko\u015fullar\u0131n\u0131n etkisi alt\u0131nda \u015fekillenmi\u015ftir. \u015eirket, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki zarara k\u0131yasla 2.046.557 TL net k\u00e2r elde ederek k\u00e2rl\u0131l\u0131\u011fa ge\u00e7mi\u015ftir. Ancak, ciro ve br\u00fct k\u00e2rl\u0131l\u0131kta d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re azalarak 2,1 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>Operasyonel olarak, \u00fcretim ve sat\u0131\u015f hacimleri istikrar\u0131n\u0131 korumu\u015ftur. Br\u00fct \u00fcretim 62.450 ton, net mamul sat\u0131\u015f\u0131 ise 56.355 ton seviyesindedir ve bu rakamlar ge\u00e7en y\u0131l ile paralellik g\u00f6stermektedir. \u015eirketin en \u00f6nemli stratejik faaliyeti, kurulu kapasiteyi 90.000 ton\/y\u0131ldan 210.000 ton\/y\u0131la \u00e7\u0131karacak olan 125.000 ton\/y\u0131l kapasiteli ikinci \u00fcretim hatt\u0131 yat\u0131r\u0131m\u0131n\u0131n devam etmesidir. Bu yat\u0131r\u0131m kapsam\u0131nda d\u00f6nemin ilk dokuz ay\u0131nda 544 milyon TL harcama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>Finansal yap\u0131, artan yat\u0131r\u0131m harcamalar\u0131 ve bor\u00e7lanma ile \u015fekillenmi\u015ftir. \u015eirketin toplam varl\u0131klar\u0131 3,26 milyar TL&#8217;ye y\u00fckselirken, nakit ve nakit benzerlerinde \u00f6nemli bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir. Yabanc\u0131 para pozisyonu, 2024 sonundaki net varl\u0131k durumundan 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek sonu itibar\u0131yla 236,3 milyon TL&#8217;lik net y\u00fck\u00fcml\u00fcl\u00fck pozisyonuna d\u00f6nm\u00fc\u015ft\u00fcr, bu da kur riskini art\u0131rmaktad\u0131r. Likidite oranlar\u0131 zay\u0131flam\u0131\u015f, finansal kald\u0131ra\u00e7 ise bir miktar artm\u0131\u015ft\u0131r.<\/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. Finansal Performans Analizi<\/h2>\n<h3>1.1. K\u00e2r veya Zarar Tablosu<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6nemdeki performans\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda k\u00e2rl\u0131l\u0131\u011fa ge\u00e7i\u015fi ancak gelir ve operasyonel k\u00e2rl\u0131l\u0131kta bir d\u00fc\u015f\u00fc\u015f\u00fc g\u00f6stermektedir.<\/p>\n<p><b>Temel K\u00e2r ve Zarar Kalemleri (1 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemleri):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (TL)<\/td>\n<td>2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.099.393.139<\/td>\n<td>2.574.326.916<\/td>\n<td>\u25bc %18,5<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.887.881.557)<\/td>\n<td>(2.223.586.240)<\/td>\n<td>\u25bc %15,1<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>211.511.582<\/b><\/td>\n<td><b>350.740.676<\/b><\/td>\n<td>\u25bc %39,7<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>68.657.586<\/b><\/td>\n<td><b>282.495.542<\/b><\/td>\n<td>\u25bc %75,7<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131\/(Zarar\u0131)<\/td>\n<td>17.340.323<\/td>\n<td>(8.988.220)<\/td>\n<td>\u25b2 K\u00e2ra Ge\u00e7i\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>2.046.557<\/b><\/td>\n<td><b>(33.404.900)<\/b><\/td>\n<td>\u25b2 K\u00e2ra Ge\u00e7i\u015f<\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7<\/td>\n<td>0,00003<\/td>\n<td>(0,00182)<\/td>\n<td>\u25b2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %18,5 oran\u0131nda azalarak yakla\u015f\u0131k 2,1 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Br\u00fct K\u00e2rl\u0131l\u0131k:<\/b> Sat\u0131\u015f maliyetlerindeki d\u00fc\u015f\u00fc\u015f\u00fcn has\u0131lattaki d\u00fc\u015f\u00fc\u015ften daha yava\u015f kalmas\u0131yla br\u00fct k\u00e2r %39,7 azalarak 211,5 milyon TL&#8217;ye inmi\u015ftir.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> Pazarlama, sat\u0131\u015f ve genel y\u00f6netim giderlerindeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen, br\u00fct k\u00e2rdaki sert gerileme nedeniyle Esas Faaliyet K\u00e2r\u0131 %75,7 gibi \u00f6nemli bir oranda azalarak 68,7 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Net K\u00e2r:<\/b> Finansman ve parasal kay\u0131p\/kazan\u00e7 kalemlerinin etkisiyle, vergi \u00f6ncesi d\u00f6nem zarardan k\u00e2ra d\u00f6nm\u00fc\u015f ve \u015firket d\u00f6nemi 2 milyon TL&#8217;nin \u00fczerinde bir net k\u00e2r ile kapatm\u0131\u015ft\u0131r. Bu, ge\u00e7en y\u0131lki 33,4 milyon TL&#8217;lik net zarara k\u0131yasla \u00f6nemli bir iyile\u015fmedir.<\/li>\n<\/ul>\n<h3>1.2. Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\n<p>\u015eirketin finansal durumu, devam eden yat\u0131r\u0131mlar\u0131n etkisiyle varl\u0131k yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fiklikler g\u00f6sterirken, \u00f6zkaynaklar seviyesini korumu\u015ftur.<\/p>\n<p><b>Finansal Durum Tablosu \u00d6zeti (TL):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>1.215.810.241<\/td>\n<td>1.474.611.830<\/td>\n<td>\u25bc %17,5<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>138.142.214<\/td>\n<td>508.531.245<\/td>\n<td>\u25bc %72,8<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>2.039.417.445<\/td>\n<td>1.574.764.118<\/td>\n<td>\u25b2 %29,5<\/td>\n<\/tr>\n<tr>\n<td><i>Maddi Duran Varl\u0131klar<\/i><\/td>\n<td>1.868.563.947<\/td>\n<td>1.356.383.175<\/td>\n<td>\u25b2 %37,8<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>3.255.227.686<\/b><\/td>\n<td><b>3.049.375.948<\/b><\/td>\n<td>\u25b2 %6,7<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.016.349.920<\/td>\n<td>781.918.708<\/td>\n<td>\u25b2 %29,9<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>135.592.666<\/td>\n<td>164.143.245<\/td>\n<td>\u25bc %17,4<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.151.942.586<\/td>\n<td>946.061.953<\/td>\n<td>\u25b2 %21,8<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>2.103.285.100<\/b><\/td>\n<td><b>2.103.313.995<\/b><\/td>\n<td>~ %0<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>3.255.227.686<\/b><\/td>\n<td><b>3.049.375.948<\/b><\/td>\n<td>\u25b2 %6,7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar %6,7 artarak 3,26 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015f\u0131n ana kayna\u011f\u0131, %37,8 artan maddi duran varl\u0131klard\u0131r. Bu durum, devam eden yeni \u00fcretim hatt\u0131 yat\u0131r\u0131m\u0131n\u0131n bilan\u00e7oya yans\u0131mas\u0131d\u0131r. Buna kar\u015f\u0131l\u0131k, nakit ve nakit benzerleri %72,8 oran\u0131nda azalarak 138,1 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler, \u00f6zellikle k\u0131sa vadeli bor\u00e7lanmalardaki art\u0131\u015f nedeniyle %21,8 y\u00fckselmi\u015ftir. 31 Aral\u0131k 2024&#8217;te s\u0131f\u0131r olan k\u0131sa vadeli bor\u00e7lanmalar, 30 Eyl\u00fcl 2025&#8217;te 198,6 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam \u00f6zkaynaklar yakla\u015f\u0131k 2,1 milyar TL seviyesinde sabit kalm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>1.3. Nakit Ak\u0131\u015f Tablosu<\/h3>\n<p>Nakit ak\u0131\u015flar\u0131, yat\u0131r\u0131m faaliyetlerine y\u00f6nelik yo\u011fun nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131 ve bu \u00e7\u0131k\u0131\u015f\u0131 dengelemek i\u00e7in kullan\u0131lan finansman ve i\u015fletme faaliyetlerinden sa\u011flanan kaynaklar\u0131 g\u00f6stermektedir.<\/p>\n<p><b>Nakit Ak\u0131\u015f Tablosu \u00d6zeti (1 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemleri, TL):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>41.514.944<\/td>\n<td>(59.549.449)<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(492.481.386)<\/td>\n<td>(573.140.438)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>182.074.776<\/td>\n<td>150.078.164<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Azal\u0131\u015f<\/b><\/td>\n<td><b>(267.289.434)<\/b><\/td>\n<td><b>(443.450.166)<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/td>\n<td>508.531.245<\/td>\n<td>806.894.011<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>138.142.214<\/b><\/td>\n<td><b>211.500.752<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda i\u015fletme faaliyetlerinden 41,5 milyon TL net nakit giri\u015fi sa\u011flam\u0131\u015ft\u0131r. Bu, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 59,5 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131na g\u00f6re bir iyile\u015fmedir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi duran varl\u0131k al\u0131mlar\u0131ndan kaynaklanan 551,4 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131, yat\u0131r\u0131m faaliyetlerinden toplam 492,5 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur. Bu, stratejik yat\u0131r\u0131m projesinin yo\u011funlu\u011funu g\u00f6stermektedir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Bor\u00e7lanmadan kaynakl\u0131 182 milyon TL&#8217;lik nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> T\u00fcm faaliyetler sonucunda \u015firketin nakit ve nakit benzerleri d\u00f6nem i\u00e7inde 267,3 milyon TL azalm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>2. Operasyonel Faaliyetler ve Sekt\u00f6rel Durum<\/h2>\n<h3>2.1. \u015eirket Faaliyetleri ve \u00dcretim<\/h3>\n<p>Alkim Ka\u011f\u0131t, birinci hamur ka\u011f\u0131t, ku\u015fe ve fotokopi ka\u011f\u0131d\u0131 imalat\u0131 ve sat\u0131\u015f\u0131 alan\u0131nda faaliyet g\u00f6stermektedir. \u015eirketin kurulu kapasitesi 90.000 ton\/y\u0131ld\u0131r.<\/p>\n<ul>\n<li><b>Br\u00fct \u00dcretim:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda 62.450 ton br\u00fct \u00fcretim ger\u00e7ekle\u015ftirilmi\u015ftir (2024 ayn\u0131 d\u00f6nem: 63.383 ton). Bu rakamlara g\u00f6re kapasite kullan\u0131m oran\u0131 %93 olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Net Sat\u0131\u015f:<\/b> Ayn\u0131 d\u00f6nemde 56.355 ton net mamul sat\u0131\u015f\u0131 yap\u0131lm\u0131\u015ft\u0131r (2024 ayn\u0131 d\u00f6nem: 54.357 ton). Sat\u0131\u015f hacminde hafif bir art\u0131\u015f g\u00f6zlemlenmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Sekt\u00f6rdeki Yeri ve Rekabet<\/h3>\n<ul>\n<li>T\u00fcrkiye&#8217;de yaz\u0131-tab\u0131 ka\u011f\u0131d\u0131 t\u00fcketimi 2024 y\u0131l\u0131nda yakla\u015f\u0131k 860.000 ton olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li>\u00dclkedeki fiili \u00fcretim ise yakla\u015f\u0131k 250.000 tondur. Bu durum, yerli \u00fcretimin toplam t\u00fcketimin yaln\u0131zca %29&#8217;unu kar\u015f\u0131layabildi\u011fini ve pazar\u0131n b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ithalata ba\u011f\u0131ml\u0131 oldu\u011funu g\u00f6stermektedir.<\/li>\n<li>Alkim Ka\u011f\u0131t, 2024 verilerine g\u00f6re yurt i\u00e7indeki yaz\u0131-tab\u0131 ka\u011f\u0131d\u0131 \u00fcretiminin yakla\u015f\u0131k %30&#8217;unu ger\u00e7ekle\u015ftirerek sekt\u00f6rde \u00f6nemli bir oyuncu konumundad\u0131r.<\/li>\n<\/ul>\n<h2>3. Stratejik Geli\u015fmeler ve Yat\u0131r\u0131mlar<\/h2>\n<p>\u015eirketin en \u00f6nemli g\u00fcndem maddesi, 2022 y\u0131l\u0131nda duyurulan <b>ikinci \u00fcretim hatt\u0131 yat\u0131r\u0131m\u0131d\u0131r.<\/b><\/p>\n<ul>\n<li><b>Kapasite Art\u0131\u015f\u0131:<\/b> Yeni yat\u0131r\u0131m, mevcut 90.000 ton\/y\u0131l kapasiteye 125.000 ton\/y\u0131l ekleyerek toplam kapasiteyi <b>210.000 ton\/y\u0131l<\/b> seviyesine \u00e7\u0131karacakt\u0131r.<\/li>\n<li><b>\u00dcr\u00fcn \u00c7e\u015fitlili\u011fi:<\/b> Yeni makine, 60 gram ofset ka\u011f\u0131ttan 400 gram kartona kadar geni\u015f bir yelpazede \u00fcretim yapma imkan\u0131 sunarak \u00fcr\u00fcn \u00e7e\u015fitlili\u011fini art\u0131racakt\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Harcamas\u0131:<\/b> Proje kapsam\u0131nda 2025&#8217;in ilk dokuz ay\u0131nda <b>544.079.936 TL<\/b> yat\u0131r\u0131m harcamas\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>4. Kurumsal Y\u00f6netim<\/h2>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirketin ana orta\u011f\u0131 %79,93 pay ile Alkim Alkali Kimya A.\u015e.&#8217;dir. Kay\u0131tl\u0131 sermayesi 735.000.000 TL olup, hisselerin %18,91&#8217;i fiili dola\u015f\u0131mdad\u0131r.<\/li>\n<li><b>Y\u00f6netim Kurulu:<\/b> Y\u00f6netim Kurulu \u00fcyeleri 24 Nisan 2024 tarihinde yap\u0131lan Ola\u011fan Genel Kurul&#8217;da 3 y\u0131l s\u00fcreyle se\u00e7ilmi\u015ftir.<\/li>\n<li><b>Komiteler:<\/b> Y\u00f6netim Kurulu b\u00fcnyesinde Denetimden Sorumlu Komite, Riskin Erken Saptanmas\u0131 Komitesi ve Kurumsal Y\u00f6netim Komitesi faaliyet g\u00f6stermektedir. Ayr\u0131ca, 28 May\u0131s 2025 tarihinde bir <b>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi<\/b> kurulmu\u015ftur.<\/li>\n<\/ul>\n<h2>5. Riskler ve Hukuki S\u00fcre\u00e7ler<\/h2>\n<h3>5.1. Finansal Riskler ve Rasyolar<\/h3>\n<ul>\n<li><b>Kur Riski:<\/b> \u015eirketin net yabanc\u0131 para pozisyonu, 31 Aral\u0131k 2024&#8217;teki 378,2 milyon TL net varl\u0131k pozisyonundan, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>(236,3) milyon TL net y\u00fck\u00fcml\u00fcl\u00fck<\/b> pozisyonuna d\u00f6nm\u00fc\u015ft\u00fcr. D\u00f6viz kurundaki %10&#8217;luk bir art\u0131\u015f\u0131n k\u00e2r\/zarar \u00fczerinde <b>(23,6) milyon TL<\/b> negatif etki yarataca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Temel Finansal Rasyolar:<\/b><\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Rasyo<\/td>\n<td>30\/09\/2025<\/td>\n<td>30\/09\/2024<\/td>\n<td>Yorum<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,20<\/td>\n<td>2,28<\/td>\n<td>\u25bc Zay\u0131flama<\/td>\n<\/tr>\n<tr>\n<td>Likidite Oran\u0131 (Asit-Test)<\/td>\n<td>0,83<\/td>\n<td>1,60<\/td>\n<td>\u25bc Zay\u0131flama<\/td>\n<\/tr>\n<tr>\n<td>Finansal Kald\u0131ra\u00e7 Oran\u0131<\/td>\n<td>0,35<\/td>\n<td>0,32<\/td>\n<td>\u25b2 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar\u0131n Aktif Toplam\u0131na Oran\u0131<\/td>\n<td>0,65<\/td>\n<td>0,68<\/td>\n<td>\u25bc Hafif D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131 \/ Net Sat\u0131\u015flar<\/td>\n<td>0,03<\/td>\n<td>0,11<\/td>\n<td>\u25bc K\u00e2rl\u0131l\u0131kta D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>5.2. Hukuki S\u00fcre\u00e7ler<\/h3>\n<p>\u015eirketin \u0130nterpap D\u0131\u015f Ticaret ve M\u00fcmessillik A.\u015e. firmas\u0131na kar\u015f\u0131 kar\u015f\u0131l\u0131ks\u0131z \u00e7\u0131kan \u00e7ekler nedeniyle a\u00e7t\u0131\u011f\u0131 dava s\u00fcre\u00e7leri devam etmektedir. Bu alaca\u011fa ili\u015fkin olarak 2014 ve 2015 y\u0131llar\u0131nda toplamda <b>32.704.994 TL<\/b> \u015f\u00fcpheli alacak kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r ve hen\u00fcz lehe bir tahsilat yap\u0131lmam\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"126\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Ka\u011f\u0131t Devinin Finans Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: G\u00fcndelik Ka\u011f\u0131d\u0131n Ard\u0131ndaki Gizli Hikaye Alkim Ka\u011f\u0131t&#8217;\u0131n son finansal raporunu elime ald\u0131\u011f\u0131mda, klasik bir bilan\u00e7o incelemesi bekliyordum. Ancak sat\u0131rlar\u0131n aras\u0131na dald\u0131k\u00e7a, rakamlar\u0131n bir \u015firketin cesur gelecek vizyonunu anlatan bir senaryoya&#8230; <\/p>\n","protected":false},"author":1,"featured_media":141,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,22],"class_list":["post-126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-alka"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/126","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=126"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/126\/revisions"}],"predecessor-version":[{"id":142,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/126\/revisions\/142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/141"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}