{"id":1335,"date":"2026-02-20T19:18:07","date_gmt":"2026-02-20T16:18:07","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1335"},"modified":"2026-02-20T23:04:57","modified_gmt":"2026-02-20T20:04:57","slug":"%f0%9f%87%b9%f0%9f%87%b7-akfgy-akfen-gayrimenkul-yatirim-ortakligi-2025-12-bilanco-analizi-sogutlucesmeden-floridaya-akfen-gyo-portfoyu","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1335","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 AKFGY | Akfen Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/12 Bilan\u00e7o Analizi &#8211; S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme\u2019den Florida\u2019ya Akfen GYO Portf\u00f6y\u00fc"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/AKFGY--Akfen-Gayrimenkul-Yatrm-Ortakl-202512-Bilano-Analizi---Stlemeden-Floridaya-Akfen-GYO-Portfy-e3fc9sl\/a-acg1rtc\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Akfen GYO\u2019nun 2025 Finansal Karnesi: 44 Milyar TL\u2019lik Dev Portf\u00f6y\u00fcn \u00d6tesinde Neler Var?<\/h1>\n<h2>1. Giri\u015f: Rakamlar\u0131n Hikayesine Ho\u015f Geldiniz<\/h2>\n<p>Gayrimenkul yat\u0131r\u0131m\u0131 sadece beton ve tu\u011fladan m\u0131 ibarettir, yoksa enflasyona kar\u015f\u0131 \u00f6r\u00fclm\u00fc\u015f stratejik bir z\u0131rh m\u0131? Akfen GYO\u2019nun 2025 y\u0131l\u0131 konsolide finansal tablolar\u0131n\u0131 bir analist g\u00f6z\u00fcyle inceledi\u011fimizde, kar\u015f\u0131m\u0131za \u00e7\u0131kan tablo sadece bir m\u00fclk d\u00f6k\u00fcm\u00fc de\u011fil; T\u00fcrkiye\u2019nin yerel dinamiklerinden Florida\u2019n\u0131n k\u00fcresel pazarlar\u0131na uzanan \u00e7ok katmanl\u0131 bir vizyon belgesidir. 44,7 milyar TL&#8217;lik toplam varl\u0131k y\u00f6netimine ula\u015fan bu dev yap\u0131n\u0131n teknik raporunda, sat\u0131r aralar\u0131na gizlenmi\u015f en \u00e7arp\u0131c\u0131 4 b\u00fcy\u00fck geli\u015fmeyi, rakamlar\u0131n \u00f6tesindeki anlamlar\u0131yla birlikte mercek alt\u0131na al\u0131yoruz.<\/p>\n<h2>2. 39 Milyar TL\u2019lik Gayrimenkul G\u00fcc\u00fc: Varl\u0131klar\u0131n %88&#8217;i Yat\u0131r\u0131mda<\/h2>\n<p>Akfen GYO\u2019nun 2025 y\u0131l\u0131 bilan\u00e7osunda en belirgin \u00f6zellik, sermayenin do\u011frudan &#8220;\u00e7al\u0131\u015fan&#8221; varl\u0131klara kanalize edilmi\u015f olmas\u0131d\u0131r. &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221; kalemi <b>39.236.901.024 TL<\/b> seviyesine ula\u015farak, toplam varl\u0131klar\u0131n yakla\u015f\u0131k %88&#8217;ini olu\u015fturmaktad\u0131r.<\/p>\n<p>Bu portf\u00f6y\u00fcn g\u00fcc\u00fc sadece b\u00fcy\u00fckl\u00fc\u011f\u00fcnde de\u011fil, ayn\u0131 zamanda operasyonel \u00e7e\u015fitlili\u011finde yatmaktad\u0131r. Portf\u00f6y; <b>Bodrum (Bodrum Loft)<\/b> gibi \u00fcst segment turizm yat\u0131r\u0131mlar\u0131ndan, <b>Isparta ve K\u00fctahya\u2019daki \u00f6\u011frenci yurtlar\u0131na<\/b>, otellerden ofis ve fabrikalara kadar geni\u015f bir yelpazeye yay\u0131lmaktad\u0131r. Ancak bir analist olarak \u015fu noktaya dikkat \u00e7ekmek gerekir: Bu devasa de\u011ferleme, piyasa ko\u015fullar\u0131na ba\u011fl\u0131 s\u00fcbjektif varsay\u0131mlar i\u00e7erir. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda bu kritik durum \u015f\u00f6yle vurgulanmaktad\u0131r:<\/p>\n<p>&#8220;Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin defter de\u011ferinin Grup&#8217;un toplam varl\u0131klar\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 olu\u015fturmas\u0131 ve ger\u00e7e\u011fe uygun de\u011ferinin belirlenmesine ili\u015fkin yap\u0131lan de\u011ferlemelerin \u00f6znel niteli\u011fi, \u00f6nemli varsay\u0131m ve muhakemeler i\u00e7ermesi sebebiyle &#8216;Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin ger\u00e7e\u011fe uygun de\u011ferlerinin belirlenmesi&#8217; kilit denetim konusu olarak belirlenmi\u015ftir.&#8221;<\/p>\n<p>Denet\u00e7inin bu vurgusu, y\u00f6netimin de\u011ferleme modellerindeki s\u00fcbjektif varsay\u0131mlar\u0131n\u0131n her ciddi yat\u0131r\u0131mc\u0131 taraf\u0131ndan yak\u0131ndan izlenmesi gereken bir risk ve f\u0131rsat alan\u0131 oldu\u011funu kan\u0131tlamaktad\u0131r.<\/p>\n<h2>3. Okyanus \u00d6tesi Stratejik K\u00f6pr\u00fc: Florida Yat\u0131r\u0131mlar\u0131<\/h2>\n<p>Akfen GYO, 2025 y\u0131l\u0131nda ABD pazar\u0131ndaki varl\u0131\u011f\u0131n\u0131 &#8220;stratejik bir pilot giri\u015f&#8221; seviyesine ta\u015f\u0131d\u0131. Bafra Capital Investment arac\u0131l\u0131\u011f\u0131yla Florida eyaletinde ger\u00e7ekle\u015ftirilen <b>EO at Fountains<\/b> (4,68 milyon ABD Dolar\u0131) ve <b>EA at Fountains<\/b> (1,93 milyon ABD Dolar\u0131) ortakl\u0131klar\u0131, hacimsel olarak 44 milyar TL&#8217;lik portf\u00f6yde k\u00fc\u00e7\u00fck g\u00f6r\u00fcnse de stratejik \u00f6nemi b\u00fcy\u00fckt\u00fcr.<\/p>\n<p>Bu yat\u0131r\u0131mlar\u0131n <b>\u00d6zkaynak Y\u00f6ntemi (Equity Method)<\/b> ile muhasebele\u015ftirilmesi, Akfen GYO\u2019nun ABD pazar\u0131na s\u0131n\u0131rl\u0131 bir sermaye riskiyle, ancak k\u00fcresel bir vizyonla girdi\u011fini g\u00f6stermektedir. Bu hamle, yerel para birimindeki volatiliteye kar\u015f\u0131 d\u00f6viz bazl\u0131 (FX-based) nakit ak\u0131\u015f\u0131 yaratma ve co\u011frafi riski dengeleme stratejisinin ilk somut ad\u0131m\u0131d\u0131r.<\/p>\n<h2>4. 2 Milyar TL\u2019lik De\u011fer Art\u0131\u015f\u0131: Nakit Olmayan Kar\u0131n Analizi<\/h2>\n<p>\u015eirketin gelir tablosundaki <b>2,6 milyar TL<\/b> seviyesindeki net d\u00f6nem kar\u0131n\u0131n (ana ortakl\u0131k pay\u0131 baz\u0131nda <b>2.611.965.851 TL<\/b>) kayna\u011f\u0131n\u0131 do\u011fru okumak gerekir. Ba\u011f\u0131ms\u0131z de\u011ferleme \u015firketlerince takdir edilen <b>2.088.337.113 TL<\/b> tutar\u0131ndaki de\u011fer art\u0131\u015f\u0131, net kar\u0131n yakla\u015f\u0131k %80&#8217;ini olu\u015fturmaktad\u0131r.<\/p>\n<p>Bu durum, kar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n operasyonel nakit ak\u0131\u015f\u0131ndan ziyade, &#8220;nakit olmayan de\u011fer art\u0131\u015f kazan\u00e7lar\u0131ndan&#8221; geldi\u011fini g\u00f6stermektedir. TMS 29 Enflasyon Muhasebesi standartlar\u0131 alt\u0131nda bu art\u0131\u015f, bilan\u00e7odaki varl\u0131klar\u0131n enflasyon kar\u015f\u0131s\u0131nda erimesini engelleyen &#8220;varl\u0131k tabanl\u0131 b\u00fcy\u00fcme&#8221; (asset-backed growth) olarak yorumlanmal\u0131d\u0131r. Bu b\u00fcy\u00fcme motoru, ana ortakl\u0131\u011fa ait \u00f6zkaynaklar\u0131 <b>32.674.145.434 TL<\/b> seviyesine ta\u015f\u0131yarak \u015firketin finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 ve bor\u00e7lanma kapasitesini korumas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<h2>5. Terminal Kad\u0131k\u00f6y: 2026 \u0130\u00e7in Tam Kapasite Sinyali<\/h2>\n<p>Operasyonel canl\u0131l\u0131k taraf\u0131nda ise S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme Y\u00fcksek H\u0131zl\u0131 Tren Gar\u0131 projesi, yani <b>Terminal Kad\u0131k\u00f6y<\/b>, amiral gemisi olarak \u00f6ne \u00e7\u0131k\u0131yor. 1 May\u0131s 2025 itibar\u0131yla faaliyete ge\u00e7en projenin viyad\u00fck, terminal ve ticaret alanlar\u0131, 2025 y\u0131l\u0131 toplam <b>1.645.944.913 TL<\/b>\u2019lik has\u0131lat rakam\u0131na do\u011frudan katk\u0131 sa\u011flamaya ba\u015flad\u0131.<\/p>\n<p>Analitik bir perspektifle bak\u0131ld\u0131\u011f\u0131nda, 2025 y\u0131l\u0131 has\u0131lat\u0131 Terminal Kad\u0131k\u00f6y\u2019\u00fcn sadece <b>8 ayl\u0131k<\/b> operasyonel performans\u0131n\u0131 yans\u0131tmaktad\u0131r. 2051 y\u0131l\u0131na kadar uzanan kira s\u00f6zle\u015fmesiyle bu proje, 2026 y\u0131l\u0131nda &#8220;tam y\u0131l etkisi&#8221; g\u00f6stererek nakit \u00fcretim kapasitesinde ciddi bir s\u0131\u00e7rama vadetmektedir. De\u011ferleme kazan\u00e7lar\u0131 &#8220;ka\u011f\u0131t \u00fcst\u00fc&#8221; g\u00fcc\u00fc temsil ederken, Terminal Kad\u0131k\u00f6y gibi projeler bu g\u00fcc\u00fc ger\u00e7ek nakit ak\u0131\u015f\u0131na d\u00f6n\u00fc\u015ft\u00fcren motorlard\u0131r.<\/p>\n<h2>6. Sonu\u00e7: Enflasyonun G\u00f6lgesinde \u015eeffaf B\u00fcy\u00fcme<\/h2>\n<p>Akfen GYO\u2019nun 2025 finansal tablolar\u0131, TMS 29 standartlar\u0131 uyar\u0131nca 31 Aral\u0131k 2025&#8217;in sat\u0131n alma g\u00fcc\u00fcyle sunulmu\u015ftur. Bu durum, sunulan t\u00fcm verilerin enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f ve yat\u0131r\u0131mc\u0131 i\u00e7in \u015feffaf hale getirilmi\u015f oldu\u011funun teminat\u0131d\u0131r.<\/p>\n<p>\u015eirket, yerel varl\u0131klar\u0131n\u0131 global pilot yat\u0131r\u0131mlarla ve stratejik ula\u015f\u0131m terminalleriyle \u00e7e\u015fitlendirerek &#8220;beton ve tu\u011fla&#8221; alg\u0131s\u0131n\u0131 k\u0131rm\u0131\u015f durumdad\u0131r. Ka\u011f\u0131t \u00fczerindeki karlar\u0131n d\u00fcnyas\u0131nda, Akfen GYO fiziksel, k\u00fcresel ve terminal bazl\u0131 nakit ak\u0131\u015flar\u0131na bahis oynuyor. Peki, sizin portf\u00f6y\u00fcn\u00fcz bu stratejik de\u011fi\u015fime haz\u0131r m\u0131?<\/p>\n<h1><span style=\"color: #3366ff;\">Akfen GYO 2025 Y\u0131l\u0131 Konsolide Finansal Raporu ve Ba\u011f\u0131ms\u0131z Denetim Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Akfen Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (Akfen GYO) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir. DRT Ba\u011f\u0131ms\u0131z Denetim (Deloitte) taraf\u0131ndan haz\u0131rlanan rapor, grubun finansal durumuna ili\u015fkin <b>olumlu g\u00f6r\u00fc\u015f<\/b> sunmu\u015ftur.<\/p>\n<p>Grubun 2025 y\u0131l\u0131 sonu itibar\u0131yla toplam varl\u0131klar\u0131 <b>44,7 milyar TL<\/b>&#8216;ye ula\u015fm\u0131\u015f olup, bu varl\u0131klar\u0131n %88&#8217;ini (39,2 milyar TL) yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller olu\u015fturmaktad\u0131r. 2025 y\u0131l\u0131 net d\u00f6nem k\u00e2r\u0131 <b>2,62 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015f, hisse ba\u015f\u0131na kazan\u00e7 ise <b>0,67 TL<\/b> olmu\u015ftur. Y\u0131l\u0131n en dikkat \u00e7ekici geli\u015fmeleri aras\u0131nda S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme (Terminal Kad\u0131k\u00f6y) projesinin faaliyete ge\u00e7mesi, Akfen Karak\u00f6y ile birle\u015fmenin tamamlanmas\u0131 ve Amerika Birle\u015fik Devletleri (Florida) merkezli stratejik gayrimenkul yat\u0131r\u0131mlar\u0131 yer almaktad\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. Ba\u011f\u0131ms\u0131z Denetim Bulgular\u0131 ve G\u00f6r\u00fc\u015f\u00fc<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri ve T\u00fcrkiye Denetim Standartlar\u0131&#8217;na (BDS) uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr.<\/p>\n<ul>\n<li><b>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> Konsolide finansal tablolar, grubun finansal durumunu, performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.<\/li>\n<li><b>Di\u011fer Hususlar:<\/b> Grubun 2024 y\u0131l\u0131 finansal tablolar\u0131 farkl\u0131 bir denetim kurulu\u015fu taraf\u0131ndan denetlenmi\u015f ve 6 Mart 2025 tarihinde olumlu g\u00f6r\u00fc\u015f alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sorumlu Denet\u00e7i:<\/b> Denetimi Erman Ilgaz (SMMM) y\u00fcr\u00fctm\u00fc\u015f ve sonu\u00e7land\u0131rm\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>2. Kilit Denetim Konusu: Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkul De\u011ferlemesi<\/h2>\n<p>Denetim s\u00fcrecinde en kritik alan olarak &#8220;Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin ger\u00e7e\u011fe uygun de\u011ferlerinin belirlenmesi&#8221; saptanm\u0131\u015ft\u0131r. Bu konunun kilit \u00f6nemi \u015fu verilere dayanmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Parametre<\/td>\n<td>Detay<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam De\u011fer<\/b><\/td>\n<td>39.236.901.024 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Varl\u0131k Pay\u0131<\/b><\/td>\n<td>Toplam varl\u0131klar\u0131n %88&#8217;i<\/td>\n<\/tr>\n<tr>\n<td><b>De\u011fer Art\u0131\u015f Kazanc\u0131<\/b><\/td>\n<td>2.088.337.113 TL (Kar\/Zarar tablosuna yans\u0131t\u0131lan)<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u00e7erik<\/b><\/td>\n<td>Otel, yurt, ofis, fabrika binas\u0131 ve arsalar<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Denetim Prosed\u00fcrleri:<\/b><\/p>\n<ul>\n<li>Ba\u011f\u0131ms\u0131z de\u011ferleme \u015firketlerinin uzmanl\u0131\u011f\u0131 ve tarafs\u0131zl\u0131\u011f\u0131 de\u011ferlendirilmi\u015ftir.<\/li>\n<li>De\u011ferleme modellerindeki varsay\u0131mlar (iskonto oran\u0131, doluluk, oda fiyat\u0131, karl\u0131l\u0131k) ge\u00e7mi\u015f veriler ve piyasa fiyatlar\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul de\u011ferlemelerinin \u00f6znel niteli\u011fi ve i\u00e7erdikleri \u00f6nemli varsay\u0131mlar nedeniyle hassas bir inceleme y\u00fcr\u00fct\u00fclm\u00fc\u015ft\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>3. Operasyonel ve Stratejik Geli\u015fmeler<\/h2>\n<p>2025 y\u0131l\u0131, grubun portf\u00f6y yap\u0131s\u0131nda ve organizasyonel \u015femas\u0131nda \u00f6nemli d\u00f6n\u00fc\u015f\u00fcmlere sahne olmu\u015ftur.<\/p>\n<h3>\u00d6nemli Projeler ve Yat\u0131r\u0131mlar<\/h3>\n<ul>\n<li><b>S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme (Terminal Kad\u0131k\u00f6y):<\/b> \u0130stanbul Kad\u0131k\u00f6y\u2019deki Y\u00fcksek H\u0131zl\u0131 Tren Gar\u0131 projesi kapsam\u0131nda in\u015fa edilen terminal binas\u0131, ticaret alan\u0131 ve otopark <b>1 May\u0131s 2025<\/b> itibar\u0131yla faaliyete ge\u00e7mi\u015ftir. Projenin i\u015fletme s\u00fcresi 2051 y\u0131l\u0131na kadar uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>ABD Florida Yat\u0131r\u0131mlar\u0131:<\/b>\n<ul>\n<li><b>EO at Fountains:<\/b> A\u011fustos 2024&#8217;te Bafra Capital \u00fczerinden %43 oran\u0131nda ortakl\u0131k kurulmu\u015ftur.<\/li>\n<li><b>EA at Fountains:<\/b> Nisan 2025&#8217;te Bafra Real Estate Investments \u00fczerinden %32,5 oran\u0131nda ortakl\u0131k ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Bodrum Yal\u0131kavak:<\/b> 22.197 metrekarelik arsa \u00fczerinde villa projesinin in\u015faat\u0131 devam etmektedir.<\/li>\n<\/ul>\n<h3>\u015eirket Birle\u015fmeleri ve Tasfiyeler<\/h3>\n<ul>\n<li><b>Akfen Karak\u00f6y Birle\u015fmesi:<\/b> \u015eirketin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Akfen Karak\u00f6y, 28 Mart 2025 tarihinde tasfiyesiz infisah yoluyla Akfen GYO b\u00fcnyesine kat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Akfen GT Sat\u0131\u015f\u0131:<\/b> KKTC\u2019de bulunan Merit Park Otel\u2019in sahibi olan Akfen GT\u2019nin hisse devirleri 17 Ocak 2024 tarihinde tamamlanm\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>4. Finansal Performans Analizi<\/h2>\n<p>Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur.<\/p>\n<h3>Gelir Tablosu \u00d6zeti (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>1.645.944.913<\/td>\n<td>1.592.022.699<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>1.550.502.027<\/td>\n<td>1.529.358.154<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>3.464.187.431<\/td>\n<td>3.236.011.458<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>2.622.212.363<\/td>\n<td>1.898.264.446<\/td>\n<\/tr>\n<tr>\n<td><b>Parasal Kazan\u00e7<\/b><\/td>\n<td>1.507.895.604<\/td>\n<td>416.523.790<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Durum (Bilan\u00e7o) \u00d6zeti (TL)<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 44.743.375.906 (2024: 40,19 milyar TL)<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 32.919.088.704 (2024: 30,58 milyar TL)<\/li>\n<li><b>Finansal Bor\u00e7lanmalar:<\/b> Grup, hem k\u0131sa hem de uzun vadede banka kredileri ve kiralama i\u015flemlerinden kaynakl\u0131 bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fcklerini s\u00fcrd\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<h2>5. Muhasebe Politikalar\u0131 ve Risk Y\u00f6netimi<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>T\u00fcrkiye ekonomisinin y\u00fcksek enflasyonlu olmas\u0131 nedeniyle, parasal olmayan kalemler endeks de\u011fi\u015fikli\u011fi uygulanarak d\u00fczeltilmi\u015ftir. D\u00fczeltme katsay\u0131s\u0131 31 Aral\u0131k 2024 i\u00e7in <b>1,30892<\/b> olarak uygulan\u0131rken, 31 Aral\u0131k 2025 i\u00e7in <b>1,00000<\/b> baz al\u0131nm\u0131\u015ft\u0131r. \u00dc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131 %211 olarak belirtilmi\u015ftir.<\/p>\n<h3>D\u00f6viz Kurlar\u0131<\/h3>\n<p>Raporlama d\u00f6neminde kullan\u0131lan kurlar \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>ABD Dolar\u0131\/TL:<\/b> 42,8457 (Varl\u0131k), 42,9229 (Y\u00fck\u00fcml\u00fcl\u00fck)<\/li>\n<li><b>Avro\/TL:<\/b> 50,2859 (Varl\u0131k), 50,3765 (Y\u00fck\u00fcml\u00fcl\u00fck)<\/li>\n<\/ul>\n<h3>Temel Riskler ve Tahminler<\/h3>\n<ul>\n<li><b>Ger\u00e7e\u011fe Uygun De\u011fer \u00d6l\u00e7\u00fcm\u00fc:<\/b> Gayrimenkul de\u011ferlemelerindeki iskonto ve doluluk oranlar\u0131ndaki de\u011fi\u015fimler finansal sonu\u00e7lar\u0131 do\u011frudan etkileyebilir.<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> 5,15 milyar TL tutar\u0131ndaki ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc, bilan\u00e7onun uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckler k\u0131sm\u0131nda \u00f6nemli bir pay tutmaktad\u0131r.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Konsolide finansal tablolar, i\u015fletmenin s\u00fcreklili\u011fi esas\u0131na g\u00f6re haz\u0131rlanm\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>6. \u00d6nemli Dipnot ve A\u00e7\u0131klamalar<\/h2>\n<ul>\n<li><b>Has\u0131lat Yap\u0131s\u0131:<\/b> Has\u0131lat esas olarak otel ve yurt kira gelirleri ile gayrimenkul stok sat\u0131\u015flar\u0131ndan (villa vb.) olu\u015fmaktad\u0131r.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla grubun \u00e7al\u0131\u015fan say\u0131s\u0131 21&#8217;e d\u00fc\u015fm\u00fc\u015ft\u00fcr (2024 sonu: 44).<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> \u0130\u015fletme faaliyetlerinden 1,18 milyar TL net nakit giri\u015fi sa\u011flan\u0131rken, yat\u0131r\u0131m faaliyetleri i\u00e7in 2,4 milyar TL net nakit \u00e7\u0131k\u0131\u015f\u0131 (\u00f6zellikle gayrimenkul al\u0131mlar\u0131 nedeniyle) ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Akfen GYO 2025 Y\u0131l\u0131nda Rekor Varl\u0131k De\u011ferine Ula\u015ft\u0131: Portf\u00f6y B\u00fcy\u00fcmeye Devam Ediyor<br \/>\nAkfen GYO, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme grafi\u011fiyle a\u00e7\u0131klad\u0131. Toplam varl\u0131klar\u0131n\u0131 44,7 milyar TL&#8217;ye \u00e7\u0131karan \u015firket, y\u0131l i\u00e7inde faaliyete ge\u00e7en Terminal Kad\u0131k\u00f6y projesiyle operasyonel g\u00fcc\u00fcn\u00fc peki\u015ftirdi. 2,6 milyar TL&#8217;yi a\u015fan net d\u00f6nem kar\u0131 ve uluslararas\u0131 yat\u0131r\u0131mlar\u0131yla dikkat \u00e7eken Akfen GYO, gayrimenkul sekt\u00f6r\u00fcndeki \u00f6nc\u00fc konumunu korumaya devam ediyor. Finansal tablolar\u0131n detaylar\u0131 ve gelecek vizyonu yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":5,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[13],"class_list":["post-1335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-akfgy"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1335"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1335\/revisions"}],"predecessor-version":[{"id":1345,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1335\/revisions\/1345"}],"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=1335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}