{"id":1273,"date":"2026-02-18T04:57:31","date_gmt":"2026-02-18T01:57:31","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1273"},"modified":"2026-02-18T04:59:46","modified_gmt":"2026-02-18T01:59:46","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-astor-astor-enerji-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1273","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ASTOR | Astor Enerji 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/ASTOR--Astor-Enerji-202512-Bilano-Analizi-e3f87c2\/a-acfsc2v\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>2025 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kanlar (T\u00fcrk\u00e7e)<\/em><\/strong><br \/>\n<em>Astor Enerji A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait finansal raporlar\u0131ndan \u00f6ne \u00e7\u0131kan veriler \u015funlard\u0131r:<\/em><br \/>\n<em>\u2022 Net Sat\u0131\u015flar ve Gelir: \u015eirketin 2025 y\u0131l\u0131 toplam has\u0131lat\u0131 35.290.767.390 TL olarak ger\u00e7ekle\u015fmi\u015ftir. Bu gelirin 21,47 milyar TL&#8217;si yurt i\u00e7i sat\u0131\u015flardan, 14,06 milyar TL&#8217;si ise ihracat sat\u0131\u015flar\u0131ndan elde edilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Net D\u00f6nem Kar\u0131: 2025 y\u0131l\u0131 net kar\u0131, bir \u00f6nceki y\u0131l\u0131n 6,58 milyar TL&#8217;lik seviyesinden y\u00fckselerek 7.668.909.328 TL olarak kaydedilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Toplam Varl\u0131klar ve \u00d6zkaynaklar: \u015eirketin toplam varl\u0131klar\u0131 50.684.431.646 TL&#8217;ye ula\u015f\u0131rken, toplam \u00f6zkaynaklar\u0131 33.280.133.403 TL olarak beyan edilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Hisse Ba\u015f\u0131na Kazan\u00e7: 2024 y\u0131l\u0131nda 6,59 TL olan hisse ba\u015f\u0131na kazan\u00e7, 2025 y\u0131l\u0131nda 7,68 TL&#8217;ye y\u00fckselmi\u015ftir.<\/em><br \/>\n<em>\u2022 Enflasyon Muhasebesi Etkisi: Finansal tablolar TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re d\u00fczenlenmi\u015f olup, bu kapsamda 8.068.556.858 TL tutar\u0131nda net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Ar-Ge ve Yat\u0131r\u0131mlar: \u015eirket y\u0131l boyunca 258.962.430 TL tutar\u0131nda Ar-Ge harcamas\u0131 ger\u00e7ekle\u015ftirmi\u015ftir. Ayr\u0131ca, Romanya&#8217;da g\u00fcne\u015f enerjisi lisans\u0131na sahip Astor RO Energy S.R.L. \u015firketinin %100 hissesi sat\u0131n al\u0131nm\u0131\u015ft\u0131r.<\/em><\/p>\n<hr \/>\n<h1>Astor Enerji\u2019nin 2025 Finansal Karnesi: Enflasyon Labirentinde %27\u2019lik Reel B\u00fcy\u00fcme ve 5 Kritik Analiz<\/h1>\n<p>Enerji sekt\u00f6r\u00fc, k\u00fcresel ekonominin hem lokomotifi hem de en karma\u015f\u0131k finansal dinamiklerine sahip sahas\u0131. Bu dinamizmin tam merkezinde yer alan <b>Astor Enerji<\/b>, 2025 y\u0131l\u0131 ba\u011f\u0131ms\u0131z denetim raporuyla sadece bir k\u00e2r-zarar tablosu sunmuyor; enflasyonist bir ekonomide dev bir end\u00fcstriyel organizman\u0131n nas\u0131l ayakta kald\u0131\u011f\u0131n\u0131 ve \u00f6l\u00e7ek b\u00fcy\u00fctt\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. Temelleri 1983 y\u0131l\u0131nda <b>Transtek Transformat\u00f6r<\/b> ismiyle at\u0131lan ve 2023 ba\u015f\u0131ndaki halka arz\u0131yla Borsa \u0130stanbul\u2019un en dikkat \u00e7ekici oyuncular\u0131ndan biri haline gelen \u015firket, bug\u00fcn <b>50,7 milyar TL<\/b> toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015fm\u0131\u015f durumda.<\/p>\n<p>Deneyimli bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, 2024 sonundaki 39,9 milyar TL\u2019lik varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f (TAS 29 sonras\u0131) bazda 50,7 milyar TL&#8217;ye \u00e7\u0131kmas\u0131, \u015firketin <b>%27&#8217;lik devasa bir reel b\u00fcy\u00fcme<\/b> sergiledi\u011fini kan\u0131tl\u0131yor. Ancak bu ba\u015far\u0131 hikayesinin sat\u0131r aralar\u0131nda, sadece rakamlarla a\u00e7\u0131klanamayacak 5 stratejik ger\u00e7ek yat\u0131yor.<\/p>\n<h2>1. TAS 29 Ger\u00e7ekli\u011fi: Parasal Pozisyon Kayb\u0131 K\u00e2r\u0131 G\u00f6lgeliyor mu?<\/h2>\n<p>T\u00fcrkiye\u2019nin hiperenflasyonist ekonomi standartlar\u0131na (TAS 29) ge\u00e7i\u015fiyle birlikte, 2025 y\u0131l\u0131 finansal tablolar\u0131 art\u0131k nominal de\u011ferlerle de\u011fil, TL\u2019nin <b>sat\u0131n alma g\u00fcc\u00fc<\/b> \u00fczerinden okunuyor. Raporun en &#8220;sars\u0131c\u0131&#8221; verisi ise \u015fudur: Astor Enerji, 2025 y\u0131l\u0131nda <b>7,66 milyar TL net d\u00f6nem k\u00e2r\u0131<\/b> a\u00e7\u0131klamas\u0131na ra\u011fmen, ayn\u0131 d\u00f6nemde <b>8,06 milyar TL net parasal pozisyon kayb\u0131<\/b> ya\u015fam\u0131\u015ft\u0131r.<\/p>\n<p>Bu durum, \u015firketin enflasyon kar\u015f\u0131s\u0131nda eriyen parasal varl\u0131klar\u0131n\u0131n (nakit ve alacaklar), parasal y\u00fck\u00fcml\u00fcl\u00fcklerinden fazla oldu\u011funu g\u00f6steriyor. Bir finansal analist i\u00e7in bu, &#8220;parasal kalemlerin a\u015f\u0131nmas\u0131&#8221; riskinin \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131 \u00fczerinde ciddi bir bask\u0131 olu\u015fturdu\u011funun i\u015faretidir. Ba\u011f\u0131ms\u0131z denet\u00e7inin bu konuyu neden &#8220;Kilit Denetim Konusu&#8221; olarak belirledi\u011fi \u015fu pasajda netle\u015fiyor:<\/p>\n<p>&#8220;TAS 29&#8217;un raporlanan sonu\u00e7lar ve Grubun finansal durumu \u00fczerindeki etkisinin b\u00fcy\u00fckl\u00fc\u011f\u00fc g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, hiperenflasyon muhasebesini kilit bir denetim konusu olarak de\u011ferlendirdik. Ba\u011f\u0131ms\u0131z denet\u00e7iler olarak, parasal olmayan kalemlerin endekslenmesinde kullan\u0131lan katsay\u0131lar\u0131n do\u011frulu\u011funu ve hesaplama modellerini titizlikle inceledik.&#8221;<\/p>\n<h2>2. Finansal A\u015fil Topu\u011fu mu? 11,7 Milyar TL\u2019lik \u0130\u015fletme Sermayesi D\u00f6ng\u00fcs\u00fc<\/h2>\n<p>Astor Enerji&#8217;nin bilan\u00e7osunda en a\u011f\u0131r y\u00fck\u00fc, toplam varl\u0131klar\u0131n tam %33&#8217;\u00fcn\u00fc olu\u015fturan <b>11.757.620.526 TL<\/b> tutar\u0131ndaki ticari alacaklar olu\u015fturuyor. Bu devasa alacak y\u00fck\u00fc, \u015firketin pazar \u00fczerindeki hakimiyetini simgelese de, &#8220;i\u015fletme sermayesi yo\u011fun&#8221; bir i\u015f modelini de beraberinde getiriyor.<\/p>\n<p>Alacaklar\u0131n y\u00f6netimindeki analitik detay ise <b>TFRS 9 &#8220;Beklenen Kredi Zarar Kar\u015f\u0131l\u0131\u011f\u0131&#8221;<\/b> kaleminde gizli. \u015eirket y\u00f6netimi, \u00f6nceki y\u0131l 841,2 milyon TL olan kar\u015f\u0131l\u0131k tutar\u0131n\u0131 bu y\u0131l <b>571,7 milyon TL<\/b> seviyesine \u00e7ekerek alacak kalitesine dair daha iyimser bir tablo \u00e7izmi\u015f durumda. Ortalama <b>88 g\u00fcnl\u00fck tahsilat s\u00fcresi<\/b>, likidite y\u00f6netiminin ne kadar hassas bir dengede y\u00fcr\u00fcd\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor.<\/p>\n<h2>3. Portf\u00f6y Optimizasyonu ve Global Yay\u0131l\u0131m: Asener\u2019den Romanya\u2019ya<\/h2>\n<p>\u015eirket 2025 y\u0131l\u0131nda sadece co\u011frafi olarak de\u011fil, portf\u00f6y yap\u0131s\u0131 olarak da ciddi bir d\u00f6n\u00fc\u015f\u00fcm ge\u00e7irdi. Analistlerin radar\u0131na giren en kritik hamlelerden biri, 29 Aral\u0131k 2025 tarihinde <b>Asener Enerji<\/b>&#8216;nin sat\u0131larak konsolidasyon kapsam\u0131ndan \u00e7\u0131kar\u0131lmas\u0131 oldu. Bu, k\u00e2rl\u0131l\u0131\u011f\u0131 d\u00fc\u015f\u00fck veya stratejik olmayan varl\u0131klar\u0131n elden \u00e7\u0131kar\u0131lmas\u0131na y\u00f6nelik bir portf\u00f6y optimizasyonu sinyalidir.<\/p>\n<p>Global \u00f6l\u00e7ekte ise b\u00fcy\u00fcme i\u015ftah\u0131 tam gaz devam ediyor:<\/p>\n<ul>\n<li><b>Romanya At\u0131l\u0131m\u0131:<\/b> Sat\u0131n al\u0131nan &#8220;Astor RO Energy S.R.L.&#8221; sadece bir \u015firket de\u011fil, stratejik <b>G\u00fcne\u015f Enerjisi (GES) \u00fcretim lisanslar\u0131n\u0131<\/b> temsil ediyor. Bu sat\u0131n alma, bilan\u00e7oya 123,6 milyon TL&#8217;lik bir \u015ferefiye (goodwill) olarak yans\u0131d\u0131.<\/li>\n<li><b>K\u00fcresel Hizmet K\u00f6pr\u00fcs\u00fc:<\/b> Ba\u011fdat (Irak) ve Zaragoza (\u0130spanya) \u015fubeleri, sadece sat\u0131\u015f ofisi de\u011fil; <b>elektrik ekipmanlar\u0131n\u0131n kurulum ve montaj faaliyetlerini<\/b> y\u00fcr\u00fcten operasyonel merkezler olarak kurguland\u0131.<\/li>\n<li><b>\u0130hracat G\u00fcc\u00fc:<\/b> Toplam cirosu i\u00e7erisinde 14,06 milyar TL\u2019yi a\u015fan ihracat pay\u0131, \u015firketi kur dalgalanmalar\u0131na kar\u015f\u0131 do\u011fal bir hedge mekanizmas\u0131yla koruyor.<\/li>\n<\/ul>\n<h2>4. \u00dcretim Devinden Teknoloji \u00dcss\u00fcne: Proje Bazl\u0131 Devlet Yard\u0131mlar\u0131<\/h2>\n<p>Astor, finansal tablolar\u0131nda 2,5 milyar TL&#8217;ye ula\u015fan aktifle\u015ftirilmi\u015f geli\u015ftirme maliyetleriyle bir teknoloji merkezi oldu\u011funu kan\u0131tl\u0131yor. Ancak bu yat\u0131r\u0131mlar\u0131n arkas\u0131nda \u00e7ok g\u00fc\u00e7l\u00fc bir devlet deste\u011fi var. \u015eirketin Ar-Ge kapasitesi, <b>575771, 559376 ve 506339 numaral\u0131 Proje Bazl\u0131 Devlet Yard\u0131m\u0131<\/b> sertifikalar\u0131yla tescillenmi\u015f durumda.<\/p>\n<p>Bu sertifikalar arac\u0131l\u0131\u011f\u0131yla sa\u011flanan kurumlar vergisi indirimi (%80 oran\u0131nda ve %40 yat\u0131r\u0131m katk\u0131 oran\u0131yla) ve g\u00fcmr\u00fck vergisi muafiyetleri, \u015firketin yat\u0131r\u0131m maliyetlerini dramatik \u015fekilde a\u015fa\u011f\u0131 \u00e7ekiyor. \u0130stihdam\u0131n 2.122&#8217;den <b>2.478<\/b> ki\u015fiye \u00e7\u0131kmas\u0131, bu te\u015fviklerin operasyonel bir geni\u015flemeye d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fcn en somut kan\u0131t\u0131d\u0131r.<\/p>\n<h2>5. Dipnotlardaki Hukuki Risk: Rekabet Kurumu Karar\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim raporunun 32. sayfas\u0131nda, yat\u0131r\u0131mc\u0131lar\u0131n g\u00f6z\u00fcnden ka\u00e7mamas\u0131 gereken bir hukuki kar\u015f\u0131l\u0131k yer al\u0131yor. Rekabet Kurumu&#8217;nun <b>25-10\/246-126<\/b> say\u0131l\u0131 karar\u0131 do\u011frultusunda, Astor Enerji aleyhine <b>238,9 milyon TL<\/b> tutar\u0131nda bir idari para cezas\u0131 kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015f durumda. Her ne kadar \u015firket bu karara kar\u015f\u0131 iptal davas\u0131 a\u00e7m\u0131\u015f olsa da, ihtiyatl\u0131l\u0131k ilkesi gere\u011fi bu tutar\u0131n finansal tablolara gider olarak yans\u0131t\u0131lmas\u0131, \u015feffaf y\u00f6netim anlay\u0131\u015f\u0131n\u0131n bir gere\u011fi olarak kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor.<\/p>\n<h2>Sonu\u00e7: Gelece\u011fe Analitik Bir Bak\u0131\u015f<\/h2>\n<p>Astor Enerji, 2025 y\u0131l\u0131n\u0131 enflasyonun yak\u0131c\u0131 etkisine ra\u011fmen reel olarak b\u00fcy\u00fcyerek kapatmay\u0131 ba\u015fard\u0131. 50,7 milyar TL&#8217;lik varl\u0131k taban\u0131na sahip bu devin finansal sa\u011fl\u0131\u011f\u0131na dair \u00f6zet tablo \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Temel Finansal Metrikler (31.12.2025)<\/td>\n<td>Tutar \/ Oran<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>50.684.431.646 TL<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>33.280.133.403 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>7.668.909.328 TL<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130hracat\u0131n Toplam Sat\u0131\u015flardaki Pay\u0131<\/b><\/td>\n<td>~%40<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kayb\u0131<\/b><\/td>\n<td>(8.068.556.858) TL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>D\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc Soru:<\/b> Hiperenflasyonist bir ortamda net k\u00e2r\u0131ndan daha fazla &#8220;parasal pozisyon kayb\u0131&#8221; ya\u015fayan ancak buna ra\u011fmen %27 reel b\u00fcy\u00fcme kaydeden bir sanayi devi, k\u00fcresel enerji krizinin yeni perdesinde sadece bir \u00fcretici olarak m\u0131 kalacak, yoksa enerji teknolojilerini ihra\u00e7 eden bir finansal g\u00fcce mi d\u00f6n\u00fc\u015fecek?_<\/p>\n<p>&nbsp;<\/p>\n<h1>Astor Enerji A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Durum ve Ba\u011f\u0131ms\u0131z Denetim Raporu Brifing Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Astor Enerji A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren mali y\u0131la ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denetim sonu\u00e7lar\u0131n\u0131 sentezlemektedir. Eren Ba\u011f\u0131ms\u0131z Denetim A.\u015e. (Grant Thornton) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal pozisyonunun ve performans\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu g\u00f6r\u00fc\u015f\u00fcne var\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131, Grubun TMS 29 kapsam\u0131nda y\u00fcksek enflasyon muhasebesi uygulad\u0131\u011f\u0131 ilk d\u00f6nemlerden biridir. Grup, y\u0131l\u0131 <b>7,67 milyar TL<\/b> net kar ile kapatm\u0131\u015f ve toplam varl\u0131klar\u0131n\u0131 <b>50,68 milyar TL<\/b> seviyesine ula\u015ft\u0131rm\u0131\u015ft\u0131r. \u0130hracat odakl\u0131 b\u00fcy\u00fcme stratejisi devam ederken, toplam has\u0131lat\u0131n yakla\u015f\u0131k %40&#8217;\u0131 yurt d\u0131\u015f\u0131 sat\u0131\u015flardan elde edilmi\u015ftir. Finansal tablolar, Grubun g\u00fc\u00e7l\u00fc bir \u00f6zkaynak yap\u0131s\u0131na ve pozitif net yabanc\u0131 para pozisyonuna sahip oldu\u011funu g\u00f6stermektedir.<\/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>Finansal Performans Analizi<\/h2>\n<h3>Gelir ve Karl\u0131l\u0131k<\/h3>\n<p>Grubun 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, \u00f6nceki y\u0131la g\u00f6re operasyonel karl\u0131l\u0131kta art\u0131\u015fa i\u015faret etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>2025 Y\u0131l\u0131 (Denetlenmi\u015f)<\/td>\n<td>2024 Y\u0131l\u0131 (Denetlenmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>35.290.767.390<\/td>\n<td>34.848.864.657<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>13.039.821.956<\/td>\n<td>12.051.941.418<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>9.777.395.430<\/td>\n<td>8.637.960.907<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131<\/b><\/td>\n<td>7.668.909.328<\/td>\n<td>6.577.182.537<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td>7,68<\/td>\n<td>6,59<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Sat\u0131\u015f Kompozisyonu:<\/b> Toplam 35,8 milyar TL&#8217;lik br\u00fct sat\u0131\u015f\u0131n 21,47 milyar TL&#8217;si yurt i\u00e7i, 14,06 milyar TL&#8217;si ise ihracat kaynakl\u0131d\u0131r.<\/li>\n<li><b>Net Parasal Pozisyon Kay\u0131plar\u0131:<\/b> Enflasyon muhasebesi uygulamas\u0131 sonucunda 8,07 milyar TL tutar\u0131nda net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Finansal yat\u0131r\u0131mlar\u0131n ger\u00e7e\u011fe uygun de\u011fer farklar\u0131ndan 5,84 milyar TL gelir elde edilmi\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>Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131, 2024 sonundaki 39,99 milyar TL seviyesinden %26,7 oran\u0131nda artarak <b>50,68 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/p>\n<h3>Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar (35,81 milyar TL):<\/b> Nakit ve nakit benzerleri 1,28 milyar TL seviyesine gerilerken, k\u0131sa vadeli finansal yat\u0131r\u0131mlar 11,27 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. Ticari alacaklar (11,76 milyar TL) toplam varl\u0131klar\u0131n %33&#8217;\u00fcn\u00fc olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Duran Varl\u0131klar (14,87 milyar TL):<\/b> Maddi duran varl\u0131klar 9,99 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015fta \u015farj istasyonlar\u0131 ve yeni fabrika yat\u0131r\u0131mlar\u0131 (3,38 milyar TL&#8217;lik devam eden yat\u0131r\u0131mlar) kritik rol oynamaktad\u0131r.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>Toplam Bor\u00e7luluk:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler 17,32 milyar TL, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckler ise 87,27 milyon TL&#8217;dir. Toplam finansal bor\u00e7lar 4,62 milyar TL&#8217;dir.<\/li>\n<li><b>\u00d6zkaynak G\u00fcc\u00fc:<\/b> Grubun toplam \u00f6zkaynaklar\u0131 33,28 milyar TL&#8217;dir. \u00d6denmi\u015f sermaye 998 milyon TL seviyesini korurken, ge\u00e7mi\u015f y\u0131l karlar\u0131 16,61 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\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>Temel Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7iler, 2025 y\u0131l\u0131 denetiminde iki ana ba\u015fl\u0131\u011f\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak belirlemi\u015ftir:<\/p>\n<h3>1. Ticari Alacaklar\u0131n Tahsil Edilebilirli\u011fi<\/h3>\n<p>Ticari alacaklar, Grubun i\u015fletme sermayesi y\u00f6netiminin en kritik par\u00e7as\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> Toplam varl\u0131klar\u0131n %33&#8217;\u00fcn\u00fc temsil etmesi ve y\u00f6netimin tahsil edilebilirlik konusundaki yarg\u0131\/tahminlerinin karma\u015f\u0131kl\u0131\u011f\u0131.<\/li>\n<li><b>Veri:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla 11,76 milyar TL ticari alacak bulunmaktad\u0131r. Bu alacaklar i\u00e7in 571,8 milyon TL \u015f\u00fcpheli alacak kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>2. Y\u00fcksek Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h3>\n<p>Grubun fonksiyonel para birimi olan T\u00fcrk Liras\u0131&#8217;n\u0131n y\u00fcksek enflasyonlu bir ekonominin para birimi olmas\u0131 nedeniyle finansal tablolar\u0131n d\u00fczeltilmesi gerekmi\u015ftir.<\/p>\n<ul>\n<li><b>Uygulama:<\/b> 31 Aral\u0131k 2025 endeksi (3.513,87) ve d\u00fczeltme katsay\u0131s\u0131 (1,00000) kullan\u0131larak tablolar raporlama tarihindeki sat\u0131n alma g\u00fcc\u00fcyle ifade edilmi\u015ftir.<\/li>\n<li><b>Etki:<\/b> Finansal durumun ve sonu\u00e7lar\u0131n raporlanan d\u00f6nem \u00fczerindeki etkisi anlaml\u0131d\u0131r ve bu durum denet\u00e7iler taraf\u0131ndan \u00f6zel incelemeye tabi tutulmu\u015ftur.<\/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>Operasyonel ve Stratejik Geli\u015fmeler<\/h2>\n<h3>Kurumsal Yap\u0131 ve \u0130stihdam<\/h3>\n<ul>\n<li><b>Personel Say\u0131s\u0131:<\/b> 2024 sonunda 2.122 olan \u00e7al\u0131\u015fan say\u0131s\u0131, 2025 sonunda <b>2.478<\/b>&#8216;e y\u00fckselmi\u015ftir.<\/li>\n<li><b>Sahiplik Yap\u0131s\u0131:<\/b> Feridun Ge\u00e7gel&#8217;in pay\u0131 %57, halka a\u00e7\u0131k k\u0131s\u0131m %37 ve Astor Holding pay\u0131 %6&#8217;d\u0131r.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> Romanya&#8217;da g\u00fcne\u015f enerjisi \u00fcretimi ve ticareti yapan <b>Astor RO Energy S.R.L.<\/b>&#8216;nin paylar\u0131n\u0131n %100&#8217;\u00fc devral\u0131nm\u0131\u015f ve 123,7 milyon TL \u015ferefiye olu\u015fmu\u015ftur. T\u00fcrkiye&#8217;deki elektrik \u00fcretim i\u015ftiraki Asener Enerji ise 29 Aral\u0131k 2025&#8217;te sat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>\u00dcretim ve Hizmetler<\/h3>\n<p>Grup; transformat\u00f6rler, orta ve y\u00fcksek gerilim anahtarlama \u00fcr\u00fcnleri, beton ve sac k\u00f6\u015fkler imal etmektedir. Ankara Sincan&#8217;daki 78.000 m\u00b2 ve 27.000 m\u00b2 kapal\u0131 alana sahip fabrikalar\u0131nda \u00fcretim yapmaktad\u0131r. Ayr\u0131ca Irak (Ba\u011fdat) ve \u0130spanya (Zaragoza) \u015fubeleri arac\u0131l\u0131\u011f\u0131yla montaj ve saha hizmetleri sunmaktad\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>Risk Y\u00f6netimi ve Davalar<\/h2>\n<h3>Hukuki Riskler<\/h3>\n<ul>\n<li><b>Rekabet Kurumu Cezas\u0131:<\/b> Rekabet Kurumu taraf\u0131ndan verilen karar uyar\u0131nca <b>238.952.805 TL<\/b> tutar\u0131nda idari para cezas\u0131 \u00f6ng\u00f6r\u00fclm\u00fc\u015ft\u00fcr. Grup bu karara kar\u015f\u0131 dava a\u00e7m\u0131\u015f olup s\u00fcre\u00e7 devam etmektedir; ancak finansal tablolarda bu tutar i\u00e7in kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> \u00c7al\u0131\u015fan davalar\u0131 dahil olmak \u00fczere toplam 33,8 milyon TL dava kar\u015f\u0131l\u0131\u011f\u0131 bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Finansal Riskler<\/h3>\n<ul>\n<li><b>D\u00f6viz Pozisyonu:<\/b> Grup, <b>6,18 milyar TL<\/b> tutar\u0131nda net yabanc\u0131 para pozisyon fazlas\u0131na sahiptir. Bu durum, TL&#8217;nin d\u00f6viz kar\u015f\u0131s\u0131ndaki de\u011fer kay\u0131plar\u0131na kar\u015f\u0131 Grubun kar\u0131n\u0131 olumlu etkilemektedir. (TL&#8217;nin %10 de\u011fer kayb\u0131 durumunda 617,7 milyon TL kur geliri potansiyeli).<\/li>\n<li><b>Kredi Riski:<\/b> Ticari alacaklar\u0131n ortalama tahsilat s\u00fcresi 88 g\u00fcn, bor\u00e7 senetlerinin vadesi ise 40 g\u00fcnd\u00fcr.<\/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>\u00d6nemli Notlar ve Sonu\u00e7<\/h2>\n<ul>\n<li><b>Yat\u0131r\u0131m Te\u015fvikleri:<\/b> Grup, \u00e7e\u015fitli makineler ve ekipman yat\u0131r\u0131mlar\u0131 i\u00e7in Proje Bazl\u0131 Devlet Yard\u0131m\u0131 kapsam\u0131nda vergi indirimi ve SGK prim deste\u011fi almaktad\u0131r. Bu kapsamda 1,11 milyar TL ertelenmi\u015f vergi varl\u0131\u011f\u0131 muhasebele\u015ftirilmi\u015ftir.<\/li>\n<li><b>Temett\u00fc:<\/b> 2025 y\u0131l\u0131 i\u00e7erisinde 1,63 milyar TL nakit temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Sonraki Olaylar:<\/b> 31 Aral\u0131k 2025 tarihinden raporun onayland\u0131\u011f\u0131 17 \u015eubat 2026 tarihine kadar finansal tablolar\u0131 etkileyecek \u00f6nemli bir olay ger\u00e7ekle\u015fmemi\u015ftir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Astor Enerji 2025 Y\u0131l\u0131nda Rekor B\u00fcy\u00fcme ve K\u00fcresel Geni\u015fleme ile \u00d6ne \u00c7\u0131kt\u0131<br \/>\n\u00d6zet: Astor Enerji, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131yla istikrarl\u0131 b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc kan\u0131tlad\u0131. Y\u0131l genelinde 35,3 milyar TL has\u0131lat ve 7,67 milyar TL net kar a\u00e7\u0131klayan \u015firket, \u00f6zellikle 14 milyar TL\u2019yi a\u015fan ihracat performans\u0131yla k\u00fcresel pazardaki g\u00fcc\u00fcn\u00fc peki\u015ftirdi. Romanya\u2019daki yeni yat\u0131r\u0131m\u0131 ve s\u00fcrd\u00fcr\u00fclebilir enerji projeleriyle dikkat \u00e7eken Astor Enerji, enflasyon muhasebesinin getirdi\u011fi zorluklara ra\u011fmen \u00f6zkaynaklar\u0131n\u0131 33,2 milyar TL\u2019nin \u00fczerine \u00e7\u0131karmay\u0131 ba\u015fard\u0131. Hisse ba\u015f\u0131na kazanc\u0131n\u0131 7,68 TL\u2019ye y\u00fckselten \u015firketin 2025 y\u0131l\u0131 finansal ba\u015far\u0131s\u0131n\u0131n detaylar\u0131 blog yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":3,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[261],"class_list":["post-1273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-astor"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1273","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1273"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1273\/revisions"}],"predecessor-version":[{"id":1275,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1273\/revisions\/1275"}],"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=1273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}