{"id":132,"date":"2025-12-18T17:13:15","date_gmt":"2025-12-18T14:13:15","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=132"},"modified":"2025-12-18T17:13:15","modified_gmt":"2025-12-18T14:13:15","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tuclk-tugcelik-aluminyum-ve-metal-mamulleri-sanayi-2025-9-bilanco-analizi-gelirlerinin-yarisi-otomotiv-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/132","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TUCLK | Tu\u011f\u00e7elik Al\u00fcminyum Ve Metal Mam\u00fclleri Sanayi 2025\/9 Bilan\u00e7o Analizi | Gelirlerinin Yar\u0131s\u0131 Otomotiv \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TUCLK | Tu\u011f\u00e7elik Al\u00fcminyum Ve Metal 2025\/9 Bilan\u00e7o Analizi | Gelirlerinin Yar\u0131s\u0131 Otomotiv \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/1tz4li-iPuU?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>\u00c7ama\u015f\u0131r Makinesinden Porsche&#8217;ye: Tu\u011f\u00e7elik Raporlar\u0131ndan 5 \u00c7arp\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: Bir Rapordan Fazlas\u0131<\/b><\/h3>\n<p>Kurumsal faaliyet raporlar\u0131, \u00e7o\u011fu zaman rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak bilinir. Ancak bazen bu raporlar, bir \u015firketin gelece\u011fe y\u00f6nelik cesur ad\u0131mlar\u0131n\u0131, stratejik vizyonunu ve d\u00f6n\u00fc\u015f\u00fcm hikayesini anlatan birer hazine sand\u0131\u011f\u0131na d\u00f6n\u00fc\u015febilir. \u0130\u015fte Tu\u011f\u00e7elik Al\u00fcminyum&#8217;un (TUCLK) son d\u00f6nem faaliyet raporlar\u0131 da tam olarak bunu yap\u0131yor: Bir sanayi oyuncusunun, sessiz sedas\u0131z gelece\u011fe nas\u0131l dev bir bahis oynad\u0131\u011f\u0131n\u0131n kan\u0131tlar\u0131n\u0131 sunuyor.<\/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<h3><b>1. Sadece Par\u00e7a \u00dcretmiyor, Elektrikli Gelece\u011fi \u0130n\u015fa Ediyor<\/b><\/h3>\n<p>Tu\u011f\u00e7elik, art\u0131k yaln\u0131zca bir al\u00fcminyum par\u00e7a tedarik\u00e7isi de\u011fil, ayn\u0131 zamanda elektrikli ara\u00e7 (EV) devriminin kilit oyuncular\u0131ndan biri olma yolunda ilerliyor. \u015eirketin son d\u00f6nemde imzalad\u0131\u011f\u0131 anla\u015fmalar, y\u00f6netimin stratejik oda\u011f\u0131n\u0131 s\u00f6ylentiden \u00e7\u0131kar\u0131p somut, y\u00fcz milyonlarca Euro&#8217;luk bir ger\u00e7e\u011fe d\u00f6n\u00fc\u015ft\u00fcrd\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor.<\/p>\n<p>\u0130\u015fte \u015firketin raporlar\u0131nda \u00f6ne \u00e7\u0131kan dev projeler ve finansal b\u00fcy\u00fckl\u00fckleri:<\/p>\n<ul>\n<li><b>Mahle Projeleri:<\/b> Avrupa&#8217;daki tesislere y\u00f6nelik, plug-in hibrit ve tam elektrikli ara\u00e7lar i\u00e7in E-Kompres\u00f6r ve OBC (On Board Charger &#8211; Ara\u00e7 \u0130\u00e7i \u015earj \u00dcnitesi) par\u00e7alar\u0131n\u0131n \u00fcretimi. Bu iki projenin toplam de\u011feri s\u0131ras\u0131yla <b>11.26 Milyon Euro<\/b> ve <b>24 Milyon Euro<\/b> olarak planlan\u0131yor.<\/li>\n<li><b>Vestel (TOGG) \u0130\u015fbirli\u011fi:<\/b> T\u00fcrkiye&#8217;nin yerli otomobili TOGG&#8217;un g\u00fc\u00e7 elektroni\u011fi mod\u00fcl\u00fcnde kullan\u0131lacak kritik g\u00f6vde ve kapak par\u00e7alar\u0131n\u0131n \u00fcretimi. Bu i\u015fbirli\u011fi kapsam\u0131nda 2025-2030 y\u0131llar\u0131 aras\u0131nda yakla\u015f\u0131k <b>30 Milyon USD<\/b> ciro hedefleniyor.<\/li>\n<li><b>Magna (Porsche) \u0130\u015fbirli\u011fi:<\/b> D\u00fcnyaca \u00fcnl\u00fc spor otomobil markas\u0131 Porsche&#8217;nin 983 model ara\u00e7lar\u0131 i\u00e7in yap\u0131sal par\u00e7alar\u0131n \u00fcretimi. Bu prestijli proje s\u00fcresince toplamda <b>20 Milyon Euro<\/b> ciro elde edilmesi ama\u00e7lan\u0131yor.<\/li>\n<\/ul>\n<p>Bu projeler, Tu\u011f\u00e7elik&#8217;in s\u0131radan bir tedarik\u00e7i rol\u00fcnden \u00e7ok daha fazlas\u0131na evrildi\u011fini g\u00f6steriyor. \u015eirket, bu anla\u015fmalarla de\u011fer zincirinde yukar\u0131 t\u0131rmanarak standart par\u00e7a \u00fcreticisinden, EV end\u00fcstrisi i\u00e7in kritik \u00f6neme sahip y\u00fcksek teknolojili bile\u015fenler geli\u015ftiren bir oyuncuya d\u00f6n\u00fc\u015f\u00fcyor. Bunlar sadece birer sat\u0131\u015f s\u00f6zle\u015fmesi de\u011fil; Tu\u011f\u00e7elik&#8217;i Mahle, Magna ve Porsche gibi k\u00fcresel devlerin Ar-Ge ve \u00fcretim ekosistemlerine entegre eden uzun vadeli stratejik ortakl\u0131klard\u0131r.<\/p>\n<p>Ancak bu devasa ve y\u00fcksek teknolojili projeler, mevcut \u00fcretim kapasitesini zorlayacak bir hacim anlam\u0131na geliyordu. \u0130\u015fte bu noktada Tu\u011f\u00e7elik&#8217;in en cesur hamlesi devreye giriyor.<\/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<h3><b>2. Kocaeli&#8217;de Devasa Bir &#8216;Uyuyan Dev&#8217; Yat\u0131r\u0131m\u0131 Var<\/b><\/h3>\n<p>Tu\u011f\u00e7elik&#8217;in gelecek vizyonunun en somut kan\u0131t\u0131, Kocaeli Arslanbey Organize Sanayi B\u00f6lgesi&#8217;nde yapt\u0131\u011f\u0131 devasa fabrika yat\u0131r\u0131m\u0131d\u0131r. Bu yat\u0131r\u0131m, hen\u00fcz tam kapasite faaliyete ge\u00e7memi\u015f olmas\u0131 nedeniyle adeta &#8220;uyuyan bir dev&#8221; niteli\u011fi ta\u015f\u0131yor ve \u015firketin gelecekteki b\u00fcy\u00fcme potansiyelinin alt\u0131n\u0131 \u00e7iziyor.<\/p>\n<p>Yat\u0131r\u0131m\u0131n \u00f6l\u00e7e\u011fini g\u00f6steren temel veriler:<\/p>\n<ul>\n<li><b>Arsa B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> 59.064,70 m\u00b2<\/li>\n<li><b>\u00dcretim Sahas\u0131:<\/b> 40.000 m\u00b2<\/li>\n<li><b>Mevcut Durum:<\/b> Fabrika 2022&#8217;nin ikinci \u00e7eyre\u011finde sat\u0131n al\u0131nd\u0131 ancak hen\u00fcz seri \u00fcretime ba\u015flamad\u0131. Altyap\u0131, elektrik, do\u011falgaz ve kapasite geli\u015ftirme faaliyetleri devam ediyor.<\/li>\n<\/ul>\n<p>Bu yat\u0131r\u0131m\u0131n temel amac\u0131, \u00f6zellikle ilk maddede belirtilen ve s\u00fcrekli artan elektrikli ara\u00e7 projelerinden do\u011facak yo\u011fun i\u015f hacmine yeterli fiziksel alan sa\u011flamakt\u0131r. Faaliyet raporunda bu strateji net bir \u015fekilde ifade ediliyor:<\/p>\n<p>Bu yat\u0131r\u0131m\u0131n amac\u0131 \u015firketimizin b\u00fcy\u00fcyen yap\u0131s\u0131n\u0131n gerektirdi\u011fi donan\u0131ma sahip olacak bi\u00e7imde \u00fcretim faaliyetlerini artt\u0131rmakt\u0131r. Ayr\u0131ca son y\u0131llarda talebi ve \u00fcretimi artan elekterikli [sic] ara\u00e7lar\u0131n trend olmaya ba\u015flamas\u0131yla olu\u015fabilecek yo\u011fun i\u015f hacmine yeterli alan sa\u011flamakt\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<h3><b>3. Ciro D\u00fc\u015ferken K\u00e2rl\u0131l\u0131\u011f\u0131n Artmas\u0131ndaki \u015ea\u015f\u0131rt\u0131c\u0131 S\u0131r<\/b><\/h3>\n<p>Kocaeli&#8217;deki &#8216;uyuyan dev&#8217; gibi stratejik ve maliyetli bir yat\u0131r\u0131m, finansal tablolarda ka\u00e7\u0131n\u0131lmaz olarak derin izler b\u0131rak\u0131r. Tu\u011f\u00e7elik&#8217;in ilk 9 ayl\u0131k bilan\u00e7osu da tam olarak bu yat\u0131r\u0131m\u0131n bedelini ve potansiyelini ayn\u0131 anda g\u00f6steren, ilk bak\u0131\u015fta \u00e7eli\u015fkili bir tablo sunuyor.<\/p>\n<p>Bu durumu ad\u0131m ad\u0131m inceleyelim:<\/p>\n<ol>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> 2025&#8217;in ilk 9 ay\u0131ndaki has\u0131lat (1,425 Milyar TL), 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemine (1,622 Milyar TL) g\u00f6re daha d\u00fc\u015f\u00fck seviyede.<\/li>\n<li><b>Br\u00fct K\u00e2r Art\u0131\u015f\u0131:<\/b> Bu d\u00fc\u015f\u00fc\u015fe ra\u011fmen, br\u00fct k\u00e2r 2024&#8217;teki 192 Milyon TL&#8217;den 2025&#8217;te 203 Milyon TL&#8217;ye y\u00fckselmi\u015f. Bu durum, \u015firketin maliyetlerini daha iyi y\u00f6netti\u011fini veya daha k\u00e2rl\u0131 \u00fcr\u00fcnlere odakland\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/li>\n<li><b>Net K\u00e2r D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Ancak as\u0131l \u015fa\u015f\u0131rt\u0131c\u0131 nokta, net d\u00f6nem k\u00e2r\u0131n\u0131n 2024&#8217;teki 213 Milyon TL&#8217;den 2025&#8217;te 97 Milyon TL&#8217;ye gerilemesi.<\/li>\n<li><b>As\u0131l Sebep: B\u00fcy\u00fcmenin Finansman Maliyeti:<\/b> Bu keskin d\u00fc\u015f\u00fc\u015f\u00fcn arkas\u0131ndaki ana neden, <b>finansman giderlerindeki devasa art\u0131\u015f<\/b>. \u015eirketin finansman giderleri bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 228 Milyon TL&#8217;den, bu d\u00f6nemde <b>740 Milyon TL<\/b>&#8216;ye f\u0131rlam\u0131\u015f durumda.<\/li>\n<\/ol>\n<p>Bu durum, \u015firketin b\u00fcy\u00fcme i\u00e7in katland\u0131\u011f\u0131 bir &#8220;finansal maliyet&#8221; olarak yorumlanabilir. \u00d6zellikle Arslanbey fabrikas\u0131 i\u00e7in kullan\u0131lan 7 y\u0131l vadeli b\u00fcy\u00fck kredi, y\u00fcksek faiz ortam\u0131nda \u015firketin net k\u00e2r\u0131n\u0131 bask\u0131l\u0131yor. K\u0131sacas\u0131, Tu\u011f\u00e7elik uzun vadeli kazan\u00e7lar i\u00e7in k\u0131sa vadeli bir finansal fedakarl\u0131k yap\u0131yor.<\/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<h3><b>4. Gelirlerinin Yar\u0131s\u0131 Otomotiv, Di\u011fer Yar\u0131s\u0131 Beyaz E\u015fya<\/b><\/h3>\n<p>Tu\u011f\u00e7elik&#8217;in en b\u00fcy\u00fck stratejik g\u00fc\u00e7lerinden biri, gelir yap\u0131s\u0131ndaki dengeli da\u011f\u0131l\u0131m. \u015eirket, tek bir sekt\u00f6re ba\u011f\u0131ml\u0131 kalmak yerine, risklerini iki b\u00fcy\u00fck end\u00fcstri aras\u0131nda ustaca payla\u015ft\u0131r\u0131yor.<\/p>\n<p>2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek sonu itibar\u0131yla sekt\u00f6rel gelir da\u011f\u0131l\u0131m\u0131 \u015fu \u015fekilde:<\/p>\n<ul>\n<li><b>%51 Beyaz E\u015fya<\/b><\/li>\n<li><b>%49 Otomotiv<\/b><\/li>\n<\/ul>\n<p>Bu neredeyse m\u00fckemmel denge, \u015firkete sa\u011flam bir zemin sunuyor. Bu yap\u0131, Tu\u011f\u00e7elik&#8217;i tipik bir otomotiv tedarik\u00e7isinden ay\u0131r\u0131yor. Otomotiv sekt\u00f6r\u00fcndeki yat\u0131r\u0131m ve b\u00fcy\u00fcme i\u015ftah\u0131n\u0131, beyaz e\u015fya sekt\u00f6r\u00fcn\u00fcn daha \u00f6ng\u00f6r\u00fclebilir ve istikrarl\u0131 nakit ak\u0131\u015f\u0131yla finanse etme l\u00fcks\u00fcne sahip. Bir yanda Vestel ve BSH gibi beyaz e\u015fya devlerine \u00e7ama\u015f\u0131r makinesi kasna\u011f\u0131 \u00fcretirken, di\u011fer yanda Bosch, Magna ve Porsche gibi otomotiv devlerine y\u00fcksek teknolojili par\u00e7alar \u00fcretiyor olmak, \u015firketin hem istikrar\u0131n\u0131 hem de esnekli\u011fini g\u00f6steriyor. Bu &#8220;\u00e7ama\u015f\u0131r makinesi kasna\u011f\u0131ndan Porsche par\u00e7alar\u0131na&#8221; uzanan geni\u015f \u00fcretim yelpazesi, \u015firketin en \u00f6nemli g\u00fcvencelerinden biri.<\/p>\n<p>Bu sa\u011flam temel, \u015firketin otomotivdeki cesur b\u00fcy\u00fcme hamleleri i\u00e7in bir g\u00fcvence olu\u015ftursa da, Arslanbey fabrikas\u0131n\u0131 tam kapasiteye ula\u015ft\u0131rmak ve yeni EV projelerini finanse etmek i\u00e7in gerekenler \u00e7ok daha fazlas\u0131. Y\u00f6netim, bu devasa b\u00fcy\u00fcmenin yak\u0131t\u0131n\u0131 nereden bulaca\u011f\u0131n\u0131 net bir \u015fekilde ortaya koydu.<\/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<h3><b>5. B\u00fcy\u00fcmenin Yak\u0131t\u0131 Do\u011frudan Hissedarlardan Gelecek<\/b><\/h3>\n<p>Yukar\u0131da bahsedilen t\u00fcm bu devasa yat\u0131r\u0131mlar, EV projeleri ve yeni fabrika hedefleri i\u00e7in \u00f6nemli bir finansman gerekiyor. Rapor sonras\u0131 en \u00f6nemli geli\u015fme, Tu\u011f\u00e7elik y\u00f6netiminin bu finansman\u0131 nas\u0131l sa\u011flayaca\u011f\u0131na dair yol haritas\u0131n\u0131 a\u00e7\u0131klamas\u0131 oldu. \u015eirket, b\u00fcy\u00fcmenin &#8220;yak\u0131t\u0131n\u0131&#8221; do\u011frudan hissedarlar\u0131ndan talep etme karar\u0131 ald\u0131.<\/p>\n<p>Y\u00f6netim kurulu, \u015firketin 180 Milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini <b>%200 oran\u0131nda art\u0131rarak 540 Milyon TL&#8217;ye<\/b> \u00e7\u0131karma karar\u0131 ald\u0131. Bu <b>360 Milyon TL&#8217;lik art\u0131\u015f\u0131n<\/b> tamam\u0131, nakit kar\u015f\u0131l\u0131\u011f\u0131 (bedelli) olarak mevcut hissedarlardan istenecek. \u015eirketin 540 Milyon TL&#8217;ye ula\u015facak yeni \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi, 900 Milyon TL&#8217;lik kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n olduk\u00e7a alt\u0131nda kal\u0131yor. Bu durum, gelecekteki potansiyel b\u00fcy\u00fcme hamleleri i\u00e7in y\u00f6netime hala \u00f6nemli bir esneklik pay\u0131 b\u0131rakt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Bu hamle, y\u00f6netimin vizyonuna ve gelecek planlar\u0131na ne kadar g\u00fcvendi\u011fini g\u00f6steriyor. \u015eirket, hissedarlar\u0131n\u0131 bu b\u00fcy\u00fck d\u00f6n\u00fc\u015f\u00fcm hikayesine ortak olmaya ve gelecekteki b\u00fcy\u00fcmenin finansman\u0131na do\u011frudan katk\u0131 sa\u011flamaya davet ediyor.<\/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<h3><b>Sonu\u00e7: D\u00f6n\u00fc\u015f\u00fcm\u00fcn E\u015fi\u011findeki Bir Sanayi Oyuncusu<\/b><\/h3>\n<p>Tu\u011f\u00e7elik&#8217;in faaliyet raporlar\u0131, rakamlar\u0131n arkas\u0131ndaki b\u00fcy\u00fck resmi g\u00f6zler \u00f6n\u00fcne seriyor. \u015eirket, sadece bir metal par\u00e7a \u00fcreticisi olman\u0131n \u00e7ok \u00f6tesinde; b\u00fcy\u00fck riskler alarak, devasa yat\u0131r\u0131mlar yaparak ve elektrikli ara\u00e7 devrimine odaklanarak kendini yeniden konumland\u0131ran cesur bir sanayi oyuncusu. K\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 k\u0131sa vadede bask\u0131lama pahas\u0131na gelece\u011fe yat\u0131r\u0131m yap\u0131yor ve \u015fimdi bu vizyonu hayata ge\u00e7irmek i\u00e7in en kritik ad\u0131m\u0131 atarak topu hissedarlar\u0131na at\u0131yor.<\/p>\n<p>Peki, bu cesur yat\u0131r\u0131m hamleleri ve hissedarlardan istenen b\u00fcy\u00fck destek, Tu\u011f\u00e7elik&#8217;i gelece\u011fin end\u00fcstri devlerinden biri yapmaya yetecek mi? Bunu zaman g\u00f6sterecek.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Tu\u011f\u00e7elik Al\u00fcminyum ve Metal Mam\u00fclleri San. ve Tic. A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Brifing Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Tu\u011f\u00e7elik Al\u00fcminyum ve Metal Mam\u00fclleri Sanayi ve Ticaret A.\u015e.&#8217;nin (Tu\u011f\u00e7elik) 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k faaliyet d\u00f6nemine ait temel bulgular\u0131, finansal performans\u0131 ve stratejik geli\u015fmelerini \u00f6zetlemektedir. \u015eirket, ana faaliyet alan\u0131 olan otomotiv ve beyaz e\u015fya sekt\u00f6rlerine y\u00f6nelik y\u00fcksek bas\u0131n\u00e7l\u0131 al\u00fcminyum enjeksiyon ve CNC i\u015fleme tekni\u011fiyle par\u00e7a imalat\u0131na devam etmektedir.<\/p>\n<p>2025&#8217;in ilk dokuz ay\u0131nda \u015firket, 1,425 milyar TL has\u0131lat ve 96,9 milyon TL net d\u00f6nem kar\u0131 elde etmi\u015ftir. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla has\u0131latta bir d\u00fc\u015f\u00fc\u015f ya\u015fanmas\u0131na ra\u011fmen, esas faaliyet kar\u0131 maliyet kontrol\u00fc ve di\u011fer faaliyet gelirlerinin etkisiyle \u00f6nemli \u00f6l\u00e7\u00fcde artm\u0131\u015ft\u0131r. Ancak, artan finansman giderleri net karl\u0131l\u0131\u011f\u0131 bask\u0131lam\u0131\u015ft\u0131r. Operasyonel olarak, \u015firket gelirlerini %49 otomotiv ve %51 beyaz e\u015fya sekt\u00f6rleri aras\u0131nda dengelemi\u015ftir. \u00d6zellikle elektrikli ara\u00e7 (EV) pazar\u0131na y\u00f6nelik Mahle ve Vestel (TOGG i\u00e7in) gibi k\u00fcresel firmalarla yap\u0131lan yeni ve y\u00fcksek hacimli anla\u015fmalar, \u015firketin gelecek b\u00fcy\u00fcme potansiyelini g\u00fc\u00e7lendirmektedir.<\/p>\n<p>Stratejik yat\u0131r\u0131mlar kapsam\u0131nda, Gebze fabrikas\u0131 tam kapasite \u00e7al\u0131\u015f\u0131rken, Arslanbey&#8217;deki yeni ve b\u00fcy\u00fck \u00f6l\u00e7ekli fabrika yat\u0131r\u0131m\u0131 devam etmektedir. Bu yat\u0131r\u0131m, \u015firketin \u00f6zellikle EV pazar\u0131ndaki artan talebi kar\u015f\u0131lama kapasitesini art\u0131rmay\u0131 hedeflemektedir. \u015eirketin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu en \u00f6nemli risk, ba\u015fta Euro olmak \u00fczere yakla\u015f\u0131k 1,89 milyar TL&#8217;lik net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc pozisyonundan kaynaklanan kur riskidir. Raporlama d\u00f6nemi sonras\u0131 \u00f6nemli bir geli\u015fme olarak, \u015firket, sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek amac\u0131yla 180 milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 360 milyon TL bedelli art\u0131rarak 540 milyon TL&#8217;ye \u00e7\u0131karma karar\u0131 alm\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<h3>1. \u015eirkete Genel Bak\u0131\u015f ve Kurumsal Yap\u0131<\/h3>\n<h4>Genel Bilgiler<\/h4>\n<p>Tu\u011f\u00e7elik Al\u00fcminyum ve Metal Mam\u00fclleri Sanayi ve Ticaret A.\u015e., 4 Mart 1988&#8217;de kurulmu\u015f olup, al\u00fcminyum par\u00e7a imalat\u0131 konusunda uzmanla\u015fm\u0131\u015ft\u0131r. \u015eirketin genel merkezi \u0130stanbul Sancaktepe&#8217;de bulunmakta, \u00fcretim faaliyetlerini ise Gebze\/Kocaeli ve Sancaktepe\/\u0130stanbul&#8217;daki fabrikalar\u0131nda s\u00fcrd\u00fcrmektedir. Arslanbey\/Kocaeli&#8217;de ise devam eden bir fabrika yat\u0131r\u0131m\u0131 bulunmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>Kalem<\/b><\/td>\n<td><b>Bilgi<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Ticari Unvan<\/b><\/td>\n<td>Tu\u011f\u00e7elik Al\u00fcminyum Ve Metal Mam\u00fclleri San. Ve Tic. A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>Emek Mh. Nato Yolu Cd. No:282 Sancaktepe\/\u0130stanbul<\/td>\n<\/tr>\n<tr>\n<td><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131<\/b><\/td>\n<td>900.000.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>180.000.000 TL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Y\u00f6netim Kurulu ve Komiteler<\/h4>\n<p>\u015eirket, stratejik kararlar alarak \u015firketin risk, b\u00fcy\u00fcme ve getiri dengesini en uygun d\u00fczeyde tutmay\u0131 hedefleyen bir y\u00f6netim kuruluna sahiptir. 01.01.2025 &#8211; 30.09.2025 d\u00f6neminde y\u00f6netim kurulu 16 adet toplant\u0131 d\u00fczenlemi\u015f ve bu toplant\u0131lara %100 kat\u0131l\u0131m sa\u011flanm\u0131\u015ft\u0131r.<\/p>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri:<\/b> | Ad\u0131 Soyad\u0131 | G\u00f6revi | | :&#8212; | :&#8212; | | Mehmet Nergiz | Y\u00f6netim Kurulu Ba\u015fkan\u0131 | | Tuba Nergiz | Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131 | | Burak Nergiz | Y\u00f6netim Kurulu \u00dcyesi \/ Genel M\u00fcd\u00fcr | | \u0130lhan Ayd\u0131ner | Y\u00f6netim Kurulu \u00dcyesi | | Ufuk \u00c7olpan | Y\u00f6netim Kurulu Ba\u011f\u0131ms\u0131z \u00dcyesi | | Mehmet Tezcan Denli | Y\u00f6netim Kurulu Ba\u011f\u0131ms\u0131z \u00dcyesi |<\/p>\n<p><b>Komiteler:<\/b><\/p>\n<ul>\n<li><b>Denetimden Sorumlu Komite:<\/b> Ba\u015fkanl\u0131\u011f\u0131n\u0131 Mehmet Tezcan Denli&#8217;nin yapt\u0131\u011f\u0131 komite, \u015firketin muhasebe sistemi, finansal bilgilerin kamuya a\u00e7\u0131klanmas\u0131 ve i\u00e7 kontrol sistemlerinin g\u00f6zetiminden sorumludur.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Yine Mehmet Tezcan Denli ba\u015fkanl\u0131\u011f\u0131nda, \u015firketin varl\u0131\u011f\u0131n\u0131 tehlikeye d\u00fc\u015f\u00fcrebilecek risklerin erken te\u015fhisi ve y\u00f6netimi i\u00e7in \u00e7al\u0131\u015f\u0131r.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Mehmet Tezcan Denli ba\u015fkanl\u0131\u011f\u0131nda, kurumsal y\u00f6netim ilkelerinin uygulanmas\u0131n\u0131 kontrol eder ve Aday G\u00f6sterme ile \u00dccret Komitelerinin g\u00f6revlerini de y\u00fcr\u00fct\u00fcr.<\/li>\n<\/ul>\n<h4>Ortakl\u0131k Yap\u0131s\u0131 ve Organizasyon<\/h4>\n<p>\u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f 180 milyon TL&#8217;lik sermayesi, A Grubu (nama yaz\u0131l\u0131, oy imtiyazl\u0131) ve B Grubu (hamiline yaz\u0131l\u0131, imtiyazs\u0131z) paylardan olu\u015fmaktad\u0131r. A grubu paylar, pay ba\u015f\u0131na en \u00e7ok 15 oy hakk\u0131 tan\u0131yarak y\u00f6netimde imtiyaz sa\u011flamaktad\u0131r.<\/p>\n<p><b>Ana Pay Sahipleri (30.09.2025 itibar\u0131yla):<\/b> | Pay Sahibi | Pay Grubu | Pay Say\u0131s\u0131 | Pay Y\u00fczdesi (%) | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | Nersan Holding A.\u015e | A Grubu | 67.800.000 | 37.67 | | Mehmet Nergiz | A Grubu | 1.800.000 | 1 | | Tuba Nergiz | A Grubu | 1.800.000 | 1 | | Burak Nergiz | A Grubu | 1.800.000 | 1 | | Beg\u00fcm Birben | A Grubu | 1.800.000 | 1 | | Di\u011fer | B Grubu | 105.000.000 | 58.33 |<\/p>\n<p>Organizasyon yap\u0131s\u0131, Y\u00f6netim Kurulu&#8217;na ba\u011fl\u0131 olarak \u00e7al\u0131\u015fan Genel M\u00fcd\u00fcr Burak Nergiz&#8217;in liderli\u011finde \u015fekillenmi\u015ftir. Genel M\u00fcd\u00fcre ba\u011fl\u0131 ana departmanlar; Personel ve \u0130dari \u0130\u015fler, Kalite, Muhasebe, Proje ve Sat\u0131\u015f, Sat\u0131n Alma ve \u00dcretim\/Teknik birimleridir.<\/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<h3>2. Operasyonel Faaliyetler ve Sekt\u00f6rel Analiz<\/h3>\n<h4>Ana Faaliyet Alan\u0131 ve \u00dcretim S\u00fcreci<\/h4>\n<p>Tu\u011f\u00e7elik, y\u00fcksek bas\u0131n\u00e7l\u0131 al\u00fcminyum enjeksiyon ve CNC i\u015fleme tekniklerini kullanarak ba\u015fta otomotiv ve beyaz e\u015fya sekt\u00f6rleri olmak \u00fczere \u00e7e\u015fitli sanayi kollar\u0131na par\u00e7a \u00fcretmektedir. \u00dcretim s\u00fcreci; fizibilite, m\u00fchendislik, kal\u0131p imalat\u0131, d\u00f6k\u00fcm, i\u015fleme ve s\u0131k\u0131 kalite kontrol a\u015famalar\u0131ndan olu\u015fur. \u015eirket, ISO 9001:2015, ISO 50001 ve IATF 16949:2016 gibi uluslararas\u0131 kalite sertifikalar\u0131na sahiptir.<\/p>\n<h4>Sekt\u00f6rel Da\u011f\u0131l\u0131m ve M\u00fc\u015fteriler<\/h4>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131 itibar\u0131yla \u015firketin gelirleri sekt\u00f6rler aras\u0131nda dengeli bir da\u011f\u0131l\u0131m g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Beyaz E\u015fya Sekt\u00f6r\u00fc (%51):<\/b> \u00c7ama\u015f\u0131r makinesi tambur kasna\u011f\u0131, y\u0131ld\u0131z par\u00e7alar\u0131 ve motor kapa\u011f\u0131 gibi kritik bile\u015fenler \u00fcretilmektedir. Bu sekt\u00f6rde Vestel ve BSH gibi k\u00fcresel liderler \u015firketin ana m\u00fc\u015fterileridir. T\u00fcrkiye, bu sekt\u00f6rde Avrupa&#8217;n\u0131n en b\u00fcy\u00fck \u00fcretim \u00fcss\u00fcd\u00fcr.<\/li>\n<li><b>Otomotiv Sekt\u00f6r\u00fc (%49):<\/b> Elektrikli ara\u00e7lar i\u00e7in batarya kapaklar\u0131, OBC (On-Board Charger), E-Kompres\u00f6r par\u00e7alar\u0131 ile geleneksel ara\u00e7lar i\u00e7in s\u00fcspansiyon, silecek ve so\u011futma sistemi par\u00e7alar\u0131 \u00fcretilmektedir. Ana m\u00fc\u015fteriler aras\u0131nda R. Bosch, Magna, Mahle, Valeo ve Marelli gibi sekt\u00f6r devleri bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h4>Yeni \u0130\u015f Anla\u015fmalar\u0131 ve Projeler<\/h4>\n<p>\u015eirket, \u00f6zellikle elektrikli ara\u00e7 pazar\u0131ndaki b\u00fcy\u00fcmeden pay almak \u00fczere \u00f6nemli stratejik anla\u015fmalar imzalam\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>M\u00fc\u015fteri\/Proje<\/td>\n<td>\u00dcr\u00fcn\/Detay<\/td>\n<td>S\u00fcre<\/td>\n<td>Planlanan Ciro<\/td>\n<\/tr>\n<tr>\n<td><b>Mahle (Avrupa)<\/b><\/td>\n<td>E-Kompres\u00f6r (Hibrit ara\u00e7lar i\u00e7in)<\/td>\n<td>Proje Boyunca<\/td>\n<td>11.260.000 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><b>Mahle (Avrupa)<\/b><\/td>\n<td>OBC &#8211; On Board Charger (Tam elektrikli ara\u00e7lar i\u00e7in)<\/td>\n<td>5 Y\u0131l<\/td>\n<td>24.000.000 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><b>Marelli (Slovakya)<\/b><\/td>\n<td>VNT Actuator par\u00e7alar\u0131<\/td>\n<td>Proje Boyunca<\/td>\n<td>7.961.583 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><b>Vestel (TOGG i\u00e7in)<\/b><\/td>\n<td>Housing ve cover (g\u00f6vde ve kapak) par\u00e7alar\u0131<\/td>\n<td>2025-2030<\/td>\n<td>~30 Milyon USD<\/td>\n<\/tr>\n<tr>\n<td><b>Magna (Polonya)<\/b><\/td>\n<td>Porsche 983 spor ara\u00e7 tavan sistemi par\u00e7alar\u0131<\/td>\n<td>2024\u20132029<\/td>\n<td>20.000.000 \u20ac<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>T\u00fcm bu anla\u015fmalarda, hammadde fiyatlar\u0131ndaki dalgalanmalara kar\u015f\u0131 koruma sa\u011flamak amac\u0131yla fiyatlar\u0131n Londra Metal Piyasas\u0131 (LME) verilerine g\u00f6re ayarlanaca\u011f\u0131 maddesi bulunmaktad\u0131r.<\/p>\n<h4>\u00dcretim Tesisleri<\/h4>\n<ul>\n<li><b>Sancaktepe (\u0130stanbul):<\/b> \u015eirketin genel merkezi olup otomotiv par\u00e7alar\u0131 \u00fcretimi 3 vardiya olarak devam etmektedir.<\/li>\n<li><b>Gebze (Kocaeli):<\/b> 2022&#8217;de faaliyete ge\u00e7mi\u015f olup beyaz e\u015fya par\u00e7alar\u0131 \u00fcretmekte ve 2023 itibar\u0131yla 3 vardiya tam kapasite \u00e7al\u0131\u015fmaktad\u0131r.<\/li>\n<li><b>Arslanbey (Kocaeli):<\/b> 2022&#8217;de 16 milyon USD&#8217;ye sat\u0131n al\u0131nan 40.000 m\u00b2&#8217;lik \u00fcretim sahas\u0131na sahip fabrika hen\u00fcz faaliyete ge\u00e7memi\u015ftir. Elektrik ve do\u011falgaz altyap\u0131 \u00e7al\u0131\u015fmalar\u0131 tamamlanm\u0131\u015f olup, makine-te\u00e7hizat yat\u0131r\u0131mlar\u0131 s\u00fcrmektedir.<\/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<h3>3. Finansal Performans Analizi (01.01.2025 \u2013 30.09.2025)<\/h3>\n<p>\u015eirketin finansal tablolar\u0131, TMS 29 standard\u0131 uyar\u0131nca enflasyon muhasebesi uygulanarak haz\u0131rlanm\u0131\u015ft\u0131r. T\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re ifade edilmi\u015ftir.<\/p>\n<h4>\u00d6zet Gelir Tablosu Analizi<\/h4>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>1.425.113.580<\/td>\n<td>1.622.535.977<\/td>\n<td>-12.2%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>203.091.620<\/td>\n<td>192.048.380<\/td>\n<td>+5.7%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>222.568.050<\/td>\n<td>36.918.850<\/td>\n<td>+502.9%<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (-)<\/b><\/td>\n<td>(740.690.265)<\/td>\n<td>(228.261.688)<\/td>\n<td>+224.5%<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Kazan\u00e7<\/b><\/td>\n<td>369.264.154<\/td>\n<td>283.665.878<\/td>\n<td>+30.2%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Kar\u0131<\/b><\/td>\n<td><b>96.869.976<\/b><\/td>\n<td><b>213.856.067<\/b><\/td>\n<td><b>-54.7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %12,2 oran\u0131nda azalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Karl\u0131l\u0131k:<\/b> Has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen Br\u00fct Kar %5,7 artm\u0131\u015ft\u0131r. Esas Faaliyet Kar\u0131 ise di\u011fer gelirlerin de etkisiyle %502,9&#8217;luk rekor bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Net Kar:<\/b> Net karl\u0131l\u0131k, finansman giderlerindeki %224,5&#8217;lik keskin art\u0131\u015f nedeniyle \u00f6nemli \u00f6l\u00e7\u00fcde bask\u0131 alt\u0131nda kalm\u0131\u015f ve ge\u00e7en y\u0131la g\u00f6re %54,7 azalm\u0131\u015ft\u0131r. Enflasyon muhasebesi kaynakl\u0131 Net Parasal Kazan\u00e7, vergi \u00f6ncesi zarar\u0131 s\u0131n\u0131rlam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>\u00d6zet Bilan\u00e7o Analizi<\/h4>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/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>2.446.628.670<\/td>\n<td>1.597.346.715<\/td>\n<td>+53.2%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>4.196.269.259<\/td>\n<td>4.045.699.028<\/td>\n<td>+3.7%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>6.642.897.929<\/b><\/td>\n<td><b>5.643.045.743<\/b><\/td>\n<td><b>+17.7%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.217.570.872<\/td>\n<td>1.521.231.574<\/td>\n<td>+45.8%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.165.352.156<\/td>\n<td>1.227.588.853<\/td>\n<td>-5.1%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>3.259.974.901<\/b><\/td>\n<td><b>2.894.225.316<\/b><\/td>\n<td><b>+12.6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>6.642.897.929<\/b><\/td>\n<td><b>5.643.045.743<\/b><\/td>\n<td><b>+17.7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>D\u00f6nen varl\u0131klardaki art\u0131\u015f\u0131n ana kalemleri stoklar (418 milyon TL&#8217;den 931 milyon TL&#8217;ye) ve nakit benzerleri (4,1 milyon TL&#8217;den 109,4 milyon TL&#8217;ye) olmu\u015ftur.<\/li>\n<li>K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde k\u0131sa vadeli bor\u00e7lanmalar ve ticari bor\u00e7lardaki y\u00fckseli\u015ften kaynaklanmaktad\u0131r.<\/li>\n<li>\u015eirket, d\u00f6nem kar\u0131 ve di\u011fer \u00f6zkaynak kalemlerindeki art\u0131\u015flarla \u00f6zkaynaklar\u0131n\u0131 %12,6 oran\u0131nda g\u00fc\u00e7lendirmi\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<h3>4. Risk Y\u00f6netimi ve Sekt\u00f6rel Belirsizlikler<\/h3>\n<h4>Finansal Riskler<\/h4>\n<ul>\n<li><b>Kur Riski:<\/b> \u015eirketin en \u00f6nemli finansal riskidir. 30 Eyl\u00fcl 2025 itibar\u0131yla, \u015firketin <b>1.892.424.708 TL<\/b> tutar\u0131nda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmaktad\u0131r. Bu pozisyonun b\u00fcy\u00fck bir k\u0131sm\u0131 Euro cinsindendir. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, yabanc\u0131 para birimlerinin TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda, \u015firketin yakla\u015f\u0131k <b>189,2 milyon TL<\/b> zarar etme riski bulunmaktad\u0131r.<\/li>\n<li><b>Kredi Riski:<\/b> Ticari alacaklardan kaynaklanan kredi riskinin tamam\u0131na yak\u0131n\u0131 Eximbank taraf\u0131ndan sigortalanarak teminat alt\u0131na al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Faiz ve Likidite Riski:<\/b> \u015eirket, de\u011fi\u015fken faizli kredilerin portf\u00f6y i\u00e7indeki oran\u0131n\u0131 izleyerek faiz riskini y\u00f6netmektedir. Nakit ak\u0131\u015f projeksiyonlar\u0131 ve fizibilite raporlar\u0131 ile likidite riski takip edilmektedir. Toplam finansal bor\u00e7lar 2,29 milyar TL seviyesindedir.<\/li>\n<\/ul>\n<h4>Sekt\u00f6rel Riskler<\/h4>\n<ul>\n<li><b>Girdi Maliyetleri:<\/b> Ba\u015fta elektrik ve do\u011falgaz olmak \u00fczere y\u00fcksek enerji maliyetleri, sekt\u00f6r karl\u0131l\u0131\u011f\u0131n\u0131 olumsuz etkilemektedir.<\/li>\n<li><b>Ekonomik Krizler:<\/b> Faaliyet g\u00f6sterilen otomotiv ve beyaz e\u015fya sekt\u00f6rlerinde ya\u015fanabilecek krizler do\u011frudan risk olu\u015fturmaktad\u0131r.<\/li>\n<li><b>D\u00f6viz Kuru:<\/b> \u00dcretimde kullan\u0131lan makine ve ekipmanlar\u0131n ithalata dayal\u0131 olmas\u0131, d\u00f6viz kurundaki art\u0131\u015flar\u0131n yat\u0131r\u0131m maliyetlerini y\u00fckseltmesine neden olmaktad\u0131r.<\/li>\n<li><b>Finansman Maliyetleri:<\/b> \u00dclkedeki y\u00fcksek finansman maliyetleri ve sermaye yetersizli\u011fi, sekt\u00f6r i\u00e7in risk art\u0131r\u0131c\u0131 unsurlard\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<h3>5. Stratejik Geli\u015fmeler ve Gelecek Perspektifi<\/h3>\n<h4>Yat\u0131r\u0131m Faaliyetleri ve Stratejik Y\u00f6nelim<\/h4>\n<p>\u015eirket, b\u00fcy\u00fcme stratejisinin merkezine elektrikli ara\u00e7 pazar\u0131n\u0131 koymu\u015ftur. Arslanbey&#8217;de devam eden 40.000 m\u00b2&#8217;lik fabrika yat\u0131r\u0131m\u0131, bu alanda olu\u015facak yo\u011fun i\u015f hacmine cevap verebilmek amac\u0131yla planlanm\u0131\u015ft\u0131r. Mevcut Gebze fabrikas\u0131n\u0131n tam kapasiteye ula\u015fmas\u0131, \u015firketin \u00fcretim verimlili\u011fini art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<h4>Sermaye Art\u0131r\u0131m\u0131<\/h4>\n<p>Raporlama d\u00f6nemi sonras\u0131nda Y\u00f6netim Kurulu, \u015firketin \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek ve yat\u0131r\u0131mlar\u0131 finanse etmek amac\u0131yla \u00f6nemli bir karar alm\u0131\u015ft\u0131r. Bu kapsamda, 180.000.000 TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayenin, tamam\u0131 nakden (bedelli) kar\u015f\u0131lanmak suretiyle 360.000.000 TL art\u0131r\u0131larak <b>540.000.000 TL<\/b>&#8216;ye y\u00fckseltilmesi planlanmaktad\u0131r. S\u00fcre\u00e7 i\u00e7in Sermaye Piyasas\u0131 Kurulu&#8217;na ba\u015fvuru yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h4>Kar Pay\u0131 Da\u011f\u0131t\u0131m Politikas\u0131<\/h4>\n<p>\u015eirket, elde etti\u011fi kar\u0131 b\u00fcy\u00fcme odakl\u0131 stratejisi do\u011frultusunda yat\u0131r\u0131m faaliyetleri ve i\u015fletme sermayesi ihtiya\u00e7lar\u0131 i\u00e7in kullanmaktad\u0131r. Bu politikaya paralel olarak, 2023 y\u0131l\u0131na ili\u015fkin d\u00f6nem kar\u0131n\u0131n da\u011f\u0131t\u0131lmayarak \u00f6zsermayeye eklenmesine karar verilmi\u015ftir. Bu yakla\u015f\u0131m, \u015firketin uzun vadeli ve s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme hedeflerini desteklemektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"132\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>\u00c7ama\u015f\u0131r Makinesinden Porsche&#8217;ye: Tu\u011f\u00e7elik Raporlar\u0131ndan 5 \u00c7arp\u0131c\u0131 Ger\u00e7ek Giri\u015f: Bir Rapordan Fazlas\u0131 Kurumsal faaliyet raporlar\u0131, \u00e7o\u011fu zaman rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak bilinir. Ancak bazen bu raporlar, bir \u015firketin gelece\u011fe y\u00f6nelik cesur ad\u0131mlar\u0131n\u0131, stratejik vizyonunu ve d\u00f6n\u00fc\u015f\u00fcm&#8230; <\/p>\n","protected":false},"author":1,"featured_media":138,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,20],"class_list":["post-132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-tuclk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/132","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=132"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/132\/revisions"}],"predecessor-version":[{"id":139,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/132\/revisions\/139"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/138"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}