{"id":129,"date":"2025-12-18T19:20:48","date_gmt":"2025-12-18T16:20:48","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=129"},"modified":"2025-12-18T19:20:48","modified_gmt":"2025-12-18T16:20:48","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-cemzy-cem-zeytin-2025-9-bilanco-analizi-gorunen-zarar-gercek-kar-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/129","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #CEMZY | Cem Zeytin 2025\/9 Bilan\u00e7o Analizi | G\u00f6r\u00fcnen Zarar, Ger\u00e7ek K\u00e2r \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #CEMZY | Cem Zeytin 2025\/9 Bilan\u00e7o Analizi | G\u00f6r\u00fcnen Zarar, Ger\u00e7ek K\u00e2r \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/9xV-G2nZ0y4?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>Rakamlar\u0131n \u00d6tesinde: Cem Zeytin Finansallar\u0131n\u0131n Anlatt\u0131\u011f\u0131 Ger\u00e7ek Hikaye<\/h1>\n<h2><b>Giri\u015f<\/b><\/h2>\n<p>Cem Zeytin&#8217;in 2025 y\u0131l\u0131na ait dokuz ayl\u0131k finansal raporu ilk bak\u0131\u015fta endi\u015fe verici bir tablo \u00e7iziyor: ge\u00e7ti\u011fimiz y\u0131l\u0131n ayn\u0131 d\u00f6neminde 87 milyon TL k\u00e2r eden \u015firket, bu y\u0131l yakla\u015f\u0131k 348 milyon TL net zarar a\u00e7\u0131klad\u0131. Bu \u00e7arp\u0131c\u0131 ba\u015fl\u0131k rakam\u0131, pek \u00e7ok yat\u0131r\u0131mc\u0131 i\u00e7in alarm zillerini \u00e7alabilir. Ancak, finansal tablolar\u0131n derinliklerine inildi\u011finde, bu rakam\u0131n hikayenin tamam\u0131n\u0131 anlatmad\u0131\u011f\u0131 ortaya \u00e7\u0131k\u0131yor.<\/p>\n<p>Bu yaz\u0131da, Cem Zeytin&#8217;in finansallar\u0131n\u0131 bir dedektif gibi inceleyerek, y\u00fczeydeki zarar\u0131n ard\u0131nda yatan ve \u015firketin gelece\u011fine dair umut veren d\u00f6rt temel ger\u00e7e\u011fi ortaya koyuyoruz.<\/p>\n<h2><b>1. G\u00f6r\u00fcnen Zarar, Ger\u00e7ek K\u00e2r: Enflasyon Muhasebesinin Oyunu<\/b><\/h2>\n<p>Raporun en dikkat \u00e7ekici \u00e7eli\u015fkisi, \u015firketin net k\u00e2r\/zarar rakam\u0131 ile operasyonel performans\u0131 aras\u0131nda yat\u0131yor. \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda 348.056.443 TL <i>D\u00f6nem Net Zarar\u0131<\/i> a\u00e7\u0131klarken, 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde 87.469.882 TL net k\u00e2r elde etmi\u015fti.<\/p>\n<p>Ancak, \u015firketin ana faaliyetlerinden elde etti\u011fi k\u00e2ra, yani <i>Esas Faaliyet K\u00e2r\u0131<\/i>&#8216;na bakt\u0131\u011f\u0131m\u0131zda tamamen farkl\u0131 bir hikaye g\u00f6r\u00fcyoruz. Bu rakam, 2024&#8217;teki 388.957.259 TL&#8217;den 2025&#8217;te 415.082.914 TL&#8217;ye y\u00fckselerek asl\u0131nda \u015firketin ana operasyonlar\u0131n\u0131n daha da k\u00e2rl\u0131 hale geldi\u011fini g\u00f6steriyor.<\/p>\n<p>Peki bu z\u0131tl\u0131k nereden kaynaklan\u0131yor? Cevap, gelir tablosundaki <i>Net Parasal Pozisyon Kazan\u00e7lar\u0131\/(Kay\u0131plar\u0131)<\/i> kaleminde sakl\u0131. 2024&#8217;te 167,6 milyon TL&#8217;lik bir kazan\u00e7 olarak yans\u0131yan bu kalem, 2025&#8217;te 618,9 milyon TL&#8217;lik devasa bir <i>Net Parasal Pozisyon Kayb\u0131<\/i>&#8216;na d\u00f6n\u00fc\u015fm\u00fc\u015f durumda. Bu kalem, y\u00fcksek enflasyonlu ekonomilerde zorunlu olan T\u00fcrkiye Muhasebe Standard\u0131 29 (TMS 29) uyar\u0131nca yap\u0131lan, nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen bir muhasebe d\u00fczeltmesidir. Basit\u00e7e ifade etmek gerekirse, bu rakam \u015firketin operasyonel bir nakit kayb\u0131n\u0131 de\u011fil, elindeki parasal varl\u0131klar\u0131n enflasyon kar\u015f\u0131s\u0131ndaki sat\u0131n alma g\u00fcc\u00fc kayb\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<p>Sonu\u00e7 olarak, bu tek muhasebe kalemi man\u015feti tamamen de\u011fi\u015ftiriyor. G\u00f6r\u00fcnen zarara ra\u011fmen, Cem Zeytin&#8217;in temel i\u015f kolu bir \u00f6nceki y\u0131la g\u00f6re daha iyi performans g\u00f6stermi\u015f ve operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<h2><b>2. Bor\u00e7 Da\u011flar\u0131 Eridi, Kasada Nakit Birikti<\/b><\/h2>\n<p>Net zarar rakam\u0131yla tamamen \u00e7eli\u015fen bir di\u011fer geli\u015fme ise \u015firketin bilan\u00e7osundaki ola\u011fan\u00fcst\u00fc g\u00fc\u00e7lenme. Cem Zeytin, bu d\u00f6nemde finansal yap\u0131s\u0131n\u0131 sa\u011flamla\u015ft\u0131rmak ad\u0131na \u00e7ok \u00f6nemli ad\u0131mlar atm\u0131\u015f.<\/p>\n<p>\u015eirketin y\u00fck\u00fcml\u00fcl\u00fcklerinde dramatik bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemleniyor. <i>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/i> 1,15 milyar TL&#8217;den 458,3 milyon TL&#8217;ye gerilerken, <i>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/i> 241,5 milyon TL&#8217;den 118,4 milyon TL&#8217;ye inmi\u015f. Bu durum, \u015firketin likidite oranlar\u0131na da do\u011frudan yans\u0131yor:<\/p>\n<ul>\n<li><b>Cari Oran<\/b>, 3,46&#8217;dan 5,85 gibi son derece g\u00fc\u00e7l\u00fc bir seviyeye f\u0131rlam\u0131\u015f. <i>(\u015eirketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 \u00f6deme kabiliyetinin ne kadar rahat oldu\u011funu g\u00f6sterir.)<\/i><\/li>\n<li><b>Asit-Test Oran\u0131<\/b> ise 1,16&#8217;dan 3,03&#8217;e y\u00fckselerek iki kattan fazla artm\u0131\u015f. <i>(Stoklar hari\u00e7 tutuldu\u011funda dahi \u015firketin likiditesinin ne denli sa\u011flam oldu\u011funu ortaya koyar.)<\/i><\/li>\n<\/ul>\n<p>Ancak en etkileyici geli\u015fme, \u015firketin net bor\u00e7 pozisyonundaki de\u011fi\u015fim. 2024 sonunda 740.563.694 TL <i>Net Bor\u00e7<\/i> pozisyonunda olan \u015firket, 30 Eyl\u00fcl 2025 itibar\u0131yla bor\u00e7lar\u0131n\u0131 temizlemekle kalmam\u0131\u015f, kasas\u0131ndaki nakdin bor\u00e7lar\u0131n\u0131 74.965.561 TL a\u015ft\u0131\u011f\u0131 bir <i>net nakit<\/i> pozisyonuna ge\u00e7mi\u015ftir.<\/p>\n<p>Bu veriler, a\u00e7\u0131klanan zarara ra\u011fmen \u015firketin bor\u00e7lar\u0131n\u0131 agresif bir \u015fekilde azaltarak finansal bir kale in\u015fa etti\u011fini g\u00f6steriyor. Net nakit pozisyonuna ge\u00e7i\u015f, \u015firkete sadece finansal esneklik kazand\u0131rmakla kalmaz, ayn\u0131 zamanda enflasyonist bask\u0131lar ve parasal pozisyon kay\u0131plar\u0131 gibi d\u0131\u015f \u015foklara kar\u015f\u0131 da \u00f6nemli bir kalkan sa\u011flar.<\/p>\n<h2><b>3. Daha Fazla Sat\u0131\u015f, Daha Az Has\u0131lat m\u0131? Rakamlar\u0131n Gizemi<\/b><\/h2>\n<p>Finansal tablolarda ilk bak\u0131\u015fta g\u00f6r\u00fclen bir ba\u015fka \u00e7eli\u015fki ise has\u0131lat rakamlar\u0131nda. \u015eirketin <i>Has\u0131lat<\/i>&#8216;\u0131 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki 2,27 milyar TL&#8217;den, 2025&#8217;in ayn\u0131 d\u00f6neminde 1,96 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015f g\u00f6r\u00fcn\u00fcyor. Bu durum, sat\u0131\u015flarda bir gerileme oldu\u011fu izlenimini yaratabilir.<\/p>\n<p>Fakat faaliyet raporundaki fiziki sat\u0131\u015f verilerine bakt\u0131\u011f\u0131m\u0131zda, ger\u00e7ek durumun tam tersi oldu\u011fu anla\u015f\u0131l\u0131yor.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>Toplam Sat\u0131\u015f (Kg)<\/td>\n<\/tr>\n<tr>\n<td>2025 (9 Ay)<\/td>\n<td>14.705.313<\/td>\n<\/tr>\n<tr>\n<td>2024 (9 Ay)<\/td>\n<td>13.674.847<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Tablodan da g\u00f6r\u00fclece\u011fi \u00fczere, \u015firket asl\u0131nda bir \u00f6nceki y\u0131la g\u00f6re 1 milyon kilogramdan daha fazla \u00fcr\u00fcn satm\u0131\u015f. Peki, sat\u0131\u015f hacmi artarken has\u0131lat nas\u0131l d\u00fc\u015febilir? Bunun nedeni yine enflasyon muhasebesi. Kar\u015f\u0131la\u015ft\u0131rma yap\u0131labilmesi i\u00e7in 2024 y\u0131l\u0131na ait has\u0131lat rakam\u0131, 2025 y\u0131l\u0131n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden de\u011ferlenerek raporlanm\u0131\u015ft\u0131r. Bu d\u00fczeltme, ge\u00e7mi\u015f y\u0131l\u0131n has\u0131lat\u0131n\u0131 ka\u011f\u0131t \u00fczerinde oldu\u011fundan daha y\u00fcksek g\u00f6stererek mevcut d\u00f6nemle yan\u0131lt\u0131c\u0131 bir kar\u015f\u0131la\u015ft\u0131rmaya yol a\u00e7maktad\u0131r.<\/p>\n<p>Bu durumda i\u015f b\u00fcy\u00fcmesinin ger\u00e7ek \u00f6l\u00e7\u00fct\u00fc, \u015firketin \u00fcr\u00fcnlerine y\u00f6nelik talebin g\u00fc\u00e7l\u00fc bir \u015fekilde artt\u0131\u011f\u0131n\u0131 g\u00f6steren fiziki sat\u0131\u015f hacmidir.<\/p>\n<h2><b>4. Kendi Hisselerine Yat\u0131r\u0131m: Y\u00f6netimden G\u00fc\u00e7l\u00fc G\u00fcven Mesaj\u0131<\/b><\/h2>\n<p>\u015eirketin bu d\u00f6nemdeki en stratejik hamlelerinden biri de hisse geri al\u0131m program\u0131 oldu. Bilan\u00e7o verilerine g\u00f6re, <i>Geri Al\u0131nm\u0131\u015f Paylar<\/i> kaleminin de\u011feri 278 milyon TL&#8217;den 434 milyon TL&#8217;ye y\u00fckseldi. Bu, \u015firketin piyasadan kendi hisselerini toplamaya devam etti\u011fini g\u00f6steriyor.<\/p>\n<p>Faaliyet raporunda bu geri al\u0131m\u0131n gerek\u00e7esi net bir \u015fekilde ifade ediliyor: &#8220;hisse senedinde fiyat hareketlerinin \u015eirket\u2019in finansal performans\u0131n\u0131 do\u011fru yans\u0131tmamas\u0131 ve fiyat tutars\u0131zl\u0131klar\u0131n\u0131n giderilmesi&#8221;.<\/p>\n<p>Bir y\u00f6netimin, \u00f6zellikle de net zarar a\u00e7\u0131klad\u0131\u011f\u0131 bir d\u00f6nemde, \u015firketin kaynaklar\u0131n\u0131 kendi hisselerini sat\u0131n almak i\u00e7in kullanmas\u0131, \u015firketin uzun vadeli de\u011ferine ve gelecekteki potansiyeline duydu\u011fu g\u00fcvenin en g\u00fc\u00e7l\u00fc sinyallerinden biridir. Bu hamle, y\u00f6netimin sadece hisse fiyat\u0131n\u0131n d\u00fc\u015f\u00fck oldu\u011funa de\u011fil, ayn\u0131 zamanda artan sat\u0131\u015f hacminin ve g\u00fc\u00e7lenen bilan\u00e7onun gelecekte s\u00fcrd\u00fcr\u00fclebilir bir de\u011fer yarataca\u011f\u0131na olan inanc\u0131n\u0131 da g\u00f6steriyor. Program sonucunda, 21 A\u011fustos 2025 itibar\u0131yla \u015firket, \u00f6denmi\u015f sermayesinin %7,41&#8217;ine denk gelen paylar\u0131 geri alm\u0131\u015f durumdad\u0131r.<\/p>\n<h2><b>Sonu\u00e7<\/b><\/h2>\n<p>Y\u00fcksek enflasyon d\u00f6nemlerinde finansal raporlar\u0131n man\u015fet rakamlar\u0131 son derece yan\u0131lt\u0131c\u0131 olabilir. Cem Zeytin&#8217;in son raporu, bunun m\u00fckemmel bir \u00f6rne\u011fidir. Y\u00fczeydeki zarar\u0131n ard\u0131nda; operasyonel olarak k\u00e2rl\u0131, finansal olarak \u00e7ok daha g\u00fc\u00e7l\u00fc, sat\u0131\u015f hacmini art\u0131ran ve y\u00f6netimi gelece\u011fine inanan bir \u015firket profili ortaya \u00e7\u0131k\u0131yor.<\/p>\n<p>\u00d6zetle, Cem Zeytin&#8217;in raporu, enflasyonist bir ortamda operasyonel g\u00fcc\u00fcn, finansal disiplinin ve y\u00f6netim vizyonunun, muhasebe kaynakl\u0131 bir zarar\u0131 nas\u0131l anlams\u0131z k\u0131labilece\u011finin ders niteli\u011finde bir \u00f6rne\u011fidir.<\/p>\n<p>Bir dahaki sefere bir \u015firketin finansal sonu\u00e7lar\u0131na bakt\u0131\u011f\u0131n\u0131zda, man\u015fetlerin ard\u0131nda hangi hikayenin sakl\u0131 olabilece\u011fini d\u00fc\u015f\u00fcnecek misiniz?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Cem Zeytin A.\u015e. 2025 Dokuz Ayl\u0131k Performans ve Finansal Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Cem Zeytin A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait finansal ve operasyonel performans\u0131n\u0131 kapsaml\u0131 bir \u015fekilde analiz etmektedir. \u015eirket, bu d\u00f6nemde gelir tablosunda \u00f6nemli bir de\u011fi\u015fim ya\u015fam\u0131\u015f; \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 87,5 milyon TL&#8217;lik net k\u00e2ra kar\u015f\u0131l\u0131k, 348,1 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu zarar\u0131n ana nedeni, T\u00fcrkiye Muhasebe Standard\u0131 29 (TMS 29) kapsam\u0131nda uygulanan enflasyon muhasebesi sonucu ortaya \u00e7\u0131kan 618,9 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131&#8217;d\u0131r. Bu kalemin etkisi hari\u00e7 tutuldu\u011funda, \u015firketin esas faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131 art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<p>Finansal durum tablosunda ise dikkat \u00e7ekici iyile\u015fmeler g\u00f6zlenmektedir. \u015eirketin Toplam Varl\u0131klar\u0131, stoklardaki 1,36 milyar TL&#8217;lik \u00f6nemli d\u00fc\u015f\u00fc\u015fe ba\u011fl\u0131 olarak 5,6 milyar TL&#8217;den 4,3 milyar TL&#8217;ye gerilemi\u015ftir. Bu stok eritme stratejisi, i\u015fletme faaliyetlerinden 980,7 milyon TL&#8217;lik g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131 yarat\u0131lmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r. Ayn\u0131 d\u00f6nemde, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler 1,15 milyar TL&#8217;den 458 milyon TL&#8217;ye d\u00fc\u015ferek \u015firketin likidite pozisyonunu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015ftir. Cari oran 3,46&#8217;dan 5,85&#8217;e, asit-test oran\u0131 ise 1,16&#8217;dan 3,03&#8217;e y\u00fckselmi\u015ftir. \u015eirket, 740,6 milyon TL&#8217;lik net bor\u00e7 pozisyonundan 75 milyon TL&#8217;lik net nakit pozisyonuna ge\u00e7erek finansal bor\u00e7lulu\u011funu da iyile\u015ftirmi\u015ftir.<\/p>\n<p>Kurumsal alanda, \u015firket 2025 y\u0131l\u0131 i\u00e7inde aktif bir pay geri al\u0131m program\u0131 uygulam\u0131\u015f ve sermayesinin %7,41&#8217;ine denk gelen 29,8 milyon TL nominal de\u011ferli pay\u0131 geri alm\u0131\u015ft\u0131r. Yeni faaliyete ge\u00e7en Mersin Mut tesisi ve devam eden devlet te\u015fvikleri, \u015firketin gelecekteki b\u00fcy\u00fcme potansiyelini desteklemektedir. Ancak, 269,4 milyon TL tutar\u0131ndaki net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc, kur dalgalanmalar\u0131na kar\u015f\u0131 \u00f6nemli bir risk unsuru olarak \u00f6ne \u00e7\u0131kmaktad\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. \u015eirket Profili ve Operasyonel Faaliyetler<\/h2>\n<h3>1.1. Kurumsal Kimlik ve Tarih\u00e7e<\/h3>\n<p>Cem Zeytin A.\u015e., 1994 y\u0131l\u0131nda Ankara&#8217;da Okullu G\u0131da Maddeleri Sanayi Limited \u015eirketi ad\u0131yla kurulmu\u015ftur. 2016&#8217;da anonim \u015firkete d\u00f6n\u00fc\u015fen firma, 16 Eyl\u00fcl 2021 tarihinde &#8220;Cem Zeytin A.\u015e.&#8221; unvan\u0131n\u0131 alm\u0131\u015ft\u0131r. Kas\u0131m 2020&#8217;ye kadar in\u015faat sekt\u00f6r\u00fcnde de faaliyet g\u00f6steren \u015firket, bu tarihte in\u015faat faaliyetlerini k\u0131smi b\u00f6l\u00fcnme yoluyla Adra Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;ye devretmi\u015ftir. \u015eirket, Eyl\u00fcl 2024&#8217;te Borsa \u0130stanbul&#8217;da (B\u0130ST) &#8220;CEMZY&#8221; koduyla halka arz edilmi\u015ftir.<\/p>\n<p><b>Temel Bilgiler:<\/b> | Bilgi | Detay | | :&#8212; | :&#8212; | | <b>Ticaret Unvan\u0131<\/b> | Cem Zeytin Anonim \u015eirketi | | <b>Merkez Adres<\/b> | \u00c7ayba\u015f\u0131 Mahallesi Ayd\u0131n Caddesi No:51 Torbal\u0131\/\u0130ZM\u0130R | | <b>Ticaret Sicil No<\/b> | 6039 | | <b>Kay\u0131tl\u0131 Sermaye Tavan\u0131<\/b> | 500.000.000 TL | | <b>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye<\/b> | 402.000.000 TL | | <b>Borsa \u0130\u015flem Sembol\u00fc<\/b> | CEMZY | | <b>Halka Arz Tarihi<\/b> | Eyl\u00fcl 2024 |<\/p>\n<h3>1.2. Faaliyet Alan\u0131 ve \u00dcretim Tesisleri<\/h3>\n<p>\u015eirketin ana faaliyet konusu, salamura siyah ve ye\u015fil zeytin imalat\u0131, depolamas\u0131, i\u015flemesi ve paketlemesidir. \u00dcretim, &#8220;Cem Zeytin&#8221; ve &#8220;Cem&#8221; markalar\u0131 alt\u0131nda ve fason olarak ba\u015fka markalar ad\u0131na ger\u00e7ekle\u015ftirilmektedir. \u015eirket, zeytin yeti\u015ftiricili\u011fi yapmamakta; hammadde ihtiyac\u0131n\u0131 yurt i\u00e7indeki Bal\u0131kesir (Edremit), Manisa (Akhisar) ve Mersin (Mut) b\u00f6lgelerindeki t\u00fcccarlardan tedarik etmektedir.<\/p>\n<p><b>\u00dcretim Tesisleri:<\/b><\/p>\n<ul>\n<li><b>\u0130zmir (Merkez):<\/b> \u00c7ayba\u015f\u0131 Mahallesi Ayd\u0131n Caddesi No:51 Torbal\u0131\/\u0130ZM\u0130R<\/li>\n<li><b>Bal\u0131kesir Fabrikas\u0131:<\/b> Edremit-Bal\u0131kesir Asfalt\u0131 4.Km Havran\/BALIKES\u0130R (Toplam 53.000 m\u00b2, 18.000 m\u00b2 kapal\u0131 alan)<\/li>\n<li><b>Mersin Fabrikas\u0131:<\/b> Mut Organize Sanayi B\u00f6lgesi, Mut\/MERS\u0130N (Haziran 2024&#8217;te faaliyete ge\u00e7mi\u015ftir)<\/li>\n<\/ul>\n<p>\u015eirket, FSSC 22000 G\u0131da G\u00fcvenli\u011fi Y\u00f6netim Sistemi ve TSE-ISO 9001-2015 Kalite Y\u00f6netim Sistemi sertifikalar\u0131na sahiptir.<\/p>\n<h3>1.3. Personel ve \u0130nsan Kaynaklar\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin \u00e7al\u0131\u015fan say\u0131s\u0131 292 ki\u015fidir. Bu rakam, 31 Aral\u0131k 2024 tarihindeki 237 ki\u015filik personel say\u0131s\u0131na g\u00f6re bir art\u0131\u015f\u0131 temsil etmektedir. \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda personeline Hijyen, \u0130lk Yard\u0131m, \u0130\u015f Sa\u011fl\u0131\u011f\u0131 ve G\u00fcvenli\u011fi, FSSC 22000 G\u0131da G\u00fcvenli\u011fi ve Acil Durum Tatbikat\u0131 gibi konularda \u00e7e\u015fitli e\u011fitimler vermi\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>2. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<h3>2.1. K\u00e2r veya Zarar Tablosu De\u011ferlendirmesi<\/h3>\n<p>\u015eirket, 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6nemde 348,1 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde 87,5 milyon TL net k\u00e2r elde edilmi\u015fti. Bu keskin d\u00f6n\u00fc\u015f\u00fcm\u00fcn temel nedeni enflasyon muhasebesi uygulamas\u0131d\u0131r.<\/p>\n<p><b>\u00d6zet K\u00e2r veya Zarar Tablosu (TL)<\/b> | Kalem | 01.01.2025 &#8211; 30.09.2025 | 01.01.2024 &#8211; 30.09.2024 | De\u011fi\u015fim | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | <b>Has\u0131lat<\/b> | 1.958.968.319 | 2.269.411.661 | -13,7% | | Sat\u0131\u015flar\u0131n Maliyeti (-) | (1.510.449.572) | (1.809.246.277) | -16,5% | | <b>Br\u00fct K\u00e2r<\/b> | <b>448.518.747<\/b> | <b>460.165.384<\/b> | <b>-2,5%<\/b> | | <b>Esas Faaliyet K\u00e2r\u0131<\/b> | <b>415.082.914<\/b> | <b>388.957.259<\/b> | <b>+6,7%<\/b> | | Net Parasal Pozisyon Kazan\u00e7lar\u0131\/(Kay\u0131plar\u0131) | (618.906.380) | 167.604.273 | &#8211; | | <b>Vergi \u00d6ncesi K\u00e2r\u0131\/(Zarar\u0131)<\/b> | <b>(449.149.860)<\/b> | <b>147.021.905<\/b> | <b>&#8211;<\/b> | | Vergi Gelir\/(Gideri) | 101.093.417 | (59.552.023) | &#8211; | | <b>Net D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131)<\/b> | <b>(348.056.443)<\/b> | <b>87.469.882<\/b> | <b>&#8211;<\/b> | | <b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b> | <b>(0,87)<\/b> | <b>0,22<\/b> | <b>&#8211;<\/b> |<\/p>\n<ul>\n<li><b>Has\u0131lat ve Br\u00fct K\u00e2rl\u0131l\u0131k:<\/b> Has\u0131lat, bir \u00f6nceki y\u0131la g\u00f6re %13,7 d\u00fc\u015f\u00fc\u015fle 1,96 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Ancak sat\u0131\u015flar\u0131n maliyetindeki %16,5&#8217;lik daha b\u00fcy\u00fck d\u00fc\u015f\u00fc\u015f sayesinde br\u00fct k\u00e2r 448,5 milyon TL ile neredeyse yatay kalm\u0131\u015ft\u0131r. Bu durum, maliyet y\u00f6netiminde etkinlik art\u0131\u015f\u0131na veya sat\u0131\u015f kompozisyonundaki de\u011fi\u015fime i\u015faret etmektedir.<\/li>\n<li><b>Faaliyet K\u00e2rl\u0131l\u0131\u011f\u0131:<\/b> Pazarlama ve genel y\u00f6netim giderlerindeki d\u00fc\u015f\u00fc\u015flerin de etkisiyle Esas Faaliyet K\u00e2r\u0131 %6,7 artarak 415,1 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu, \u015firketin operasyonel verimlili\u011finin artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Net Zarar\u0131n Ana Nedeni:<\/b> D\u00f6nem net zarar\u0131n\u0131n ana kayna\u011f\u0131, enflasyon muhasebesi (TMS 29) kapsam\u0131nda hesaplanan 618,9 milyon TL&#8217;lik &#8220;Net Parasal Pozisyon Kayb\u0131&#8221;d\u0131r. \u00d6nceki y\u0131l ayn\u0131 kalemde 167,6 milyon TL&#8217;lik bir kazan\u00e7 raporlanm\u0131\u015ft\u0131. Bu muhasebesel etki, operasyonel olarak k\u00e2rl\u0131 olan \u015firketin net zarara d\u00f6nmesine neden olmu\u015ftur.<\/li>\n<li><b>Vergi Geliri:<\/b> \u015eirket, vergi \u00f6ncesi zarara ra\u011fmen, ertelenmi\u015f vergi varl\u0131klar\u0131 ve yat\u0131r\u0131m te\u015fvikleri sayesinde 101,1 milyon TL&#8217;lik bir vergi geliri kaydetmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. \u00dcretim ve Sat\u0131\u015f Miktarlar\u0131<\/h3>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda toplam sat\u0131\u015f hacmi, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131\u015f g\u00f6stermi\u015ftir. Has\u0131lat\u0131n d\u00fc\u015fmesine ra\u011fmen sat\u0131\u015f miktar\u0131n\u0131n artmas\u0131, enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f ortalama sat\u0131\u015f fiyatlar\u0131n\u0131n d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc veya \u00fcr\u00fcn karmas\u0131n\u0131n daha d\u00fc\u015f\u00fck fiyatl\u0131 \u00fcr\u00fcnlere kayd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p><b>\u00dcretim ve Sat\u0131\u015f Miktarlar\u0131 Kar\u015f\u0131la\u015ft\u0131rmas\u0131 (Kg)<\/b> | \u00dcr\u00fcn Grubu | 2025-9 Ayl\u0131k \u00dcretim | 2025-9 Ayl\u0131k Sat\u0131\u015f | 2024-9 Ayl\u0131k \u00dcretim | 2024-9 Ayl\u0131k Sat\u0131\u015f | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | Sofral\u0131k Ye\u015fil Zeytin | 6.558.727 | 6.322.368 | 5.792.077 | 5.526.499 | | Sofral\u0131k Siyah Zeytin | 6.981.174 | 7.215.082 | 7.420.261 | 6.969.977 | | Yar\u0131 Mamul | &#8211; | 1.167.863 | &#8211; | 1.178.370 | | <b>Genel Toplam (Kg)<\/b> | <b>13.539.901<\/b> | <b>14.705.313<\/b> | <b>13.212.338<\/b> | <b>13.674.846<\/b> |<\/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>3. Finansal Durum Analizi (30 Eyl\u00fcl 2025)<\/h2>\n<h3>3.1. Bilan\u00e7o De\u011ferlendirmesi<\/h3>\n<p>\u015eirketin bilan\u00e7osu, 30 Eyl\u00fcl 2025 itibar\u0131yla g\u00fc\u00e7l\u00fc bir likidite pozisyonu ve azalm\u0131\u015f bor\u00e7luluk seviyesi sergilemektedir.<\/p>\n<p><b>\u00d6zet Finansal Durum Tablosu (TL)<\/b> | Kalem | 30.09.2025 | 31.12.2024 | De\u011fi\u015fim | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | D\u00f6nen Varl\u0131klar | 2.681.405.566 | 3.997.737.183 | -32,9% | | Duran Varl\u0131klar | 1.633.219.849 | 1.639.198.353 | -0,4% | | <b>Toplam Varl\u0131klar<\/b> | <b>4.314.625.415<\/b> | <b>5.636.935.536<\/b> | <b>-23,5%<\/b> | | K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler | 458.372.934 | 1.154.328.105 | -60,3% | | Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler | 118.431.764 | 241.593.192 | -51,0% | | <b>\u00d6zkaynaklar<\/b> | <b>3.737.820.717<\/b> | <b>4.241.014.239<\/b> | <b>-11,9%<\/b> | | <b>Toplam Kaynaklar<\/b> | <b>4.314.625.415<\/b> | <b>5.636.935.536<\/b> | <b>-23,5%<\/b> |<\/p>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klardaki 1,3 milyar TL&#8217;lik d\u00fc\u015f\u00fc\u015f\u00fcn ana nedeni, <b>stoklar\u0131n<\/b> 2,66 milyar TL&#8217;den 1,29 milyar TL&#8217;ye gerilemesidir. Bu durum, \u015firketin etkin bir stok y\u00f6netimi politikas\u0131 izledi\u011fini ve stoklar\u0131n\u0131 nakde \u00e7evirdi\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fck Yap\u0131s\u0131:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fcklerde \u00f6nemli bir azalma ya\u015fanm\u0131\u015ft\u0131r. <b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b>, \u00f6zellikle k\u0131sa vadeli finansal bor\u00e7lar\u0131n (818 milyon TL&#8217;den 294 milyon TL&#8217;ye) ve ticari bor\u00e7lar\u0131n (225 milyon TL&#8217;den 90 milyon TL&#8217;ye) azalt\u0131lmas\u0131yla %60 oran\u0131nda d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki d\u00fc\u015f\u00fc\u015f; d\u00f6nemin net zarar\u0131 (-348 milyon TL) ve pay geri al\u0131m program\u0131n\u0131n (-156 milyon TL) etkisinden kaynaklanmaktad\u0131r. 14 Mart 2025&#8217;teki Genel Kurul&#8217;da, enflasyon d\u00fczeltmesinden kaynaklanan 796,5 milyon TL&#8217;lik sermaye d\u00fczeltme fark\u0131n\u0131n ge\u00e7mi\u015f y\u0131l zararlar\u0131ndan mahsup edilmesi karar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Nakit Ak\u0131\u015flar\u0131 ve Likidite<\/h3>\n<p>\u015eirket, d\u00f6nem i\u00e7inde stoklar\u0131n\u0131 azaltarak ve bor\u00e7lar\u0131n\u0131 \u00f6deyerek g\u00fc\u00e7l\u00fc bir nakit pozisyonu olu\u015fturmu\u015ftur.<\/p>\n<p><b>\u00d6zet Nakit Ak\u0131\u015f Tablosu (TL)<\/b> | Kalem | 01.01.2025 &#8211; 30.09.2025 | 01.01.2024 &#8211; 30.09.2024 | | :&#8212; | :&#8212; | :&#8212; | | <b>A. \u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b> | <b>980.665.043<\/b> | <b>354.337.656<\/b> | | <b>B. Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b> | <b>(37.275.632)<\/b> | <b>(45.138.740)<\/b> | | <b>C. Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b> | <b>(814.109.590)<\/b> | <b>1.715.475.337<\/b> | | Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f | 129.279.821 | 2.024.674.253 | | <b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri Mevcudu<\/b>| <b>651.770.259<\/b> | <b>2.050.040.259<\/b> |<\/p>\n<ul>\n<li><b>\u0130\u015fletme Nakit Ak\u0131\u015f\u0131:<\/b> Stoklardaki 1,36 milyar TL&#8217;lik azal\u0131\u015f, i\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131n\u0131n 980,7 milyon TL gibi g\u00fc\u00e7l\u00fc bir seviyeye ula\u015fmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Nakit Ak\u0131\u015f\u0131:<\/b> Finansman faaliyetlerinden 814,1 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131 olmu\u015ftur. Bu \u00e7\u0131k\u0131\u015f\u0131n 521,2 milyon TL&#8217;si bor\u00e7 \u00f6demelerinden, 156 milyon TL&#8217;si ise pay geri al\u0131m i\u015flemlerinden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Likidite Oranlar\u0131:<\/b> \u015eirketin likidite durumu \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015fmi\u015ftir.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Oran<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>Yorum<\/td>\n<\/tr>\n<tr>\n<td><b>Cari Oran<\/b><\/td>\n<td>5,85<\/td>\n<td>3,46<\/td>\n<td>G\u00fc\u00e7l\u00fc \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Asit-Test Oran\u0131<\/b><\/td>\n<td>3,03<\/td>\n<td>1,16<\/td>\n<td>G\u00fc\u00e7l\u00fc \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7 \/ Toplam Sermaye<\/b><\/td>\n<td>(0,02)<\/td>\n<td>0,15<\/td>\n<td>Net Nakit Pozisyonu<\/td>\n<\/tr>\n<tr>\n<td><b>Finansal Bor\u00e7lar \/ Toplam Aktif<\/b><\/td>\n<td>0,10<\/td>\n<td>0,18<\/td>\n<td>Bor\u00e7luluk Azald\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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. Kurumsal Y\u00f6netim ve Sermaye Yap\u0131s\u0131<\/h2>\n<h3>4.1. Ortakl\u0131k Yap\u0131s\u0131 ve \u0130mtiyazl\u0131 Paylar<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin ortakl\u0131k yap\u0131s\u0131 ve pay gruplar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak\/Grup<\/td>\n<td>Sermaye Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Adra Holding A.\u015e.<\/td>\n<td>160.800.000<\/td>\n<td>40,00<\/td>\n<\/tr>\n<tr>\n<td>Cem OKULLU<\/td>\n<td>88.940.000<\/td>\n<td>22,12<\/td>\n<\/tr>\n<tr>\n<td>Cengiz OKULLU<\/td>\n<td>28.140.000<\/td>\n<td>7,00<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k Hisseler<\/td>\n<td>124.120.000<\/td>\n<td>30,88<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>402.000.000<\/b><\/td>\n<td><b>100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130mtiyazl\u0131 Paylar:<\/b> \u015eirket sermayesi 60.400.000 adet A Grubu (nama yaz\u0131l\u0131) ve 341.600.000 adet B Grubu (hamiline yaz\u0131l\u0131) paydan olu\u015fmaktad\u0131r. A Grubu paylar, Y\u00f6netim Kurulu&#8217;na aday g\u00f6sterme ve Genel Kurul&#8217;da 5 oy kullanma imtiyaz\u0131na sahiptir. B Grubu paylar\u0131n imtiyaz\u0131 bulunmamaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>Y\u00f6netim Kurulu 5 \u00fcyeden olu\u015fmaktad\u0131r. Ba\u011f\u0131ms\u0131z \u00fcyeler, Denetimden Sorumlu Komite, Kurumsal Y\u00f6netim Komitesi ve Riskin Erken Saptanmas\u0131 Komitesi gibi kritik komitelerde g\u00f6rev alarak kurumsal y\u00f6netim ilkelerine uyumu sa\u011flamaktad\u0131r.<\/p>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri:<\/b><\/p>\n<ul>\n<li>Cem OKULLU (Ba\u015fkan)<\/li>\n<li>Cengiz OKULLU (Ba\u015fkan Vekili)<\/li>\n<li>Volkan OKULLU (\u00dcye)<\/li>\n<li>Serdar Muharrem BAYRAKTUTAN (Ba\u011f\u0131ms\u0131z \u00dcye)<\/li>\n<li>G\u00fcl Sa\u011f\u0131r AYDIN (Ba\u011f\u0131ms\u0131z \u00dcye)<\/li>\n<\/ul>\n<h3>4.3. Pay Geri Al\u0131m Program\u0131<\/h3>\n<p>\u015eirket Y\u00f6netim Kurulu, 17 \u015eubat 2025&#8217;te pay fiyatlar\u0131n\u0131n finansal performans\u0131 yans\u0131tmamas\u0131 ve sa\u011fl\u0131kl\u0131 fiyat olu\u015fumunu desteklemek amac\u0131yla bir pay geri al\u0131m program\u0131 ba\u015flatma karar\u0131 alm\u0131\u015ft\u0131r. Bu karar 14 Mart 2025 tarihli Genel Kurul&#8217;da onaylanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Program Detaylar\u0131:<\/b> 9 May\u0131s 2025 &#8211; 1 A\u011fustos 2025 tarihleri aras\u0131nda ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Al\u0131m Miktar\u0131:<\/b> 7.550.000 TL nominal de\u011ferli hisse, ortalama 14,8044 TL fiyattan al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> Program sonunda, \u015firketin sahip oldu\u011fu geri al\u0131nm\u0131\u015f paylar\u0131n toplam nominal de\u011feri 29.800.000 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu tutar, \u015firketin \u00f6denmi\u015f sermayesinin <b>%7,41294<\/b>&#8216;\u00fcne tekab\u00fcl etmektedir.<\/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. Devlet Te\u015fvikleri ve Risk Y\u00f6netimi<\/h2>\n<h3>5.1. Yat\u0131r\u0131m Te\u015fvikleri<\/h3>\n<p>\u015eirket, Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131&#8217;ndan ald\u0131\u011f\u0131 iki \u00f6nemli yat\u0131r\u0131m te\u015fvik belgesi ile b\u00fcy\u00fcme stratejisini desteklemektedir:<\/p>\n<ol>\n<li><b>Edremit Fabrikas\u0131 Te\u015fvi\u011fi:<\/b>\n<ul>\n<li><b>Yat\u0131r\u0131m Tutar\u0131:<\/b> 80.637.886 TL<\/li>\n<li><b>Destek Unsurlar\u0131:<\/b> KDV \u0130stisnas\u0131, Faiz Deste\u011fi, Sigorta Primi \u0130\u015fveren Hissesi (5 Y\u0131l), Kurumlar Vergisi \u0130ndirimi (%60 oran, %25 katk\u0131).<\/li>\n<\/ul>\n<\/li>\n<li><b>Mersin Mut Fabrikas\u0131 Te\u015fvi\u011fi:<\/b>\n<ul>\n<li><b>Yat\u0131r\u0131m Tutar\u0131:<\/b> 522.492.493 TL<\/li>\n<li><b>Destek Unsurlar\u0131:<\/b> KDV \u0130stisnas\u0131, Faiz Deste\u011fi (10 y\u0131ll\u0131k), Sigorta Primi \u0130\u015fveren Hissesi (7 Y\u0131l), Kurumlar Vergisi \u0130ndirimi (%80 oran, %40 katk\u0131), G\u00fcmr\u00fck Vergisi Muafiyeti.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3>5.2. Finansal Risk Y\u00f6netimi<\/h3>\n<ul>\n<li><b>Yabanc\u0131 Para Riski:<\/b> \u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla <b>(269,4 milyon TL)<\/b> net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmaktad\u0131r. Bu pozisyonun b\u00fcy\u00fck bir k\u0131sm\u0131 Avro cinsi y\u00fck\u00fcml\u00fcl\u00fcklerden kaynaklanmaktad\u0131r. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, T\u00fcrk Liras\u0131&#8217;n\u0131n yabanc\u0131 paralar kar\u015f\u0131s\u0131nda %20 de\u011fer kaybetmesi, \u015firketin k\u00e2r\/zarar tablosunu yakla\u015f\u0131k <b>53,8 milyon TL olumsuz<\/b> etkileme potansiyeline sahiptir.<\/li>\n<li><b>Likidite Riski:<\/b> \u015eirket y\u00f6netimi, yeterli nakit ve kredi limiti bulundurarak likidite riskini y\u00f6netmektedir. Raporlama d\u00f6neminde \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015fen likidite oranlar\u0131 ve net nakit pozisyonu, bu alandaki riskin azald\u0131\u011f\u0131n\u0131 teyit etmektedir.<\/li>\n<li><b>Kredi Riski:<\/b> \u015eirketin kredi riski a\u011f\u0131rl\u0131kl\u0131 olarak ticari alacaklar\u0131ndan kaynaklanmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla maruz kal\u0131nan azami kredi riski yakla\u015f\u0131k 641,2 milyon TL&#8217;dir. \u015eirket, \u015f\u00fcpheli alacaklar i\u00e7in 11 milyon TL&#8217;lik kar\u015f\u0131l\u0131k ay\u0131rm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"129\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Rakamlar\u0131n \u00d6tesinde: Cem Zeytin Finansallar\u0131n\u0131n Anlatt\u0131\u011f\u0131 Ger\u00e7ek Hikaye Giri\u015f Cem Zeytin&#8217;in 2025 y\u0131l\u0131na ait dokuz ayl\u0131k finansal raporu ilk bak\u0131\u015fta endi\u015fe verici bir tablo \u00e7iziyor: ge\u00e7ti\u011fimiz y\u0131l\u0131n ayn\u0131 d\u00f6neminde 87 milyon TL k\u00e2r eden \u015firket, bu y\u0131l yakla\u015f\u0131k 348 milyon&#8230; <\/p>\n","protected":false},"author":1,"featured_media":143,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,19],"class_list":["post-129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-cemzy"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/129","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=129"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/129\/revisions"}],"predecessor-version":[{"id":144,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/129\/revisions\/144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/143"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}