{"id":1361,"date":"2026-02-20T22:54:04","date_gmt":"2026-02-20T19:54:04","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1361"},"modified":"2026-02-20T23:06:22","modified_gmt":"2026-02-20T20:06:22","slug":"%f0%9f%87%b9%f0%9f%87%b7-cvkmd-cvk-maden-isletmeleri-sanayi-2025-12-bilanco-analizi-cvk-madenin-4-7-milyarlik-sermaye-acigi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1361","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 CVKMD | CVK Maden \u0130\u015fletmeleri Sanayi 2025\/12 Bilan\u00e7o Analizi &#8211; CVK Maden&#8217;in 4.7 Milyarl\u0131k Sermaye A\u00e7\u0131\u011f\u0131"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/CVKMD--CVK-Maden-letmeleri-Sanayi-202512-Bilano-Analizi---CVK-Madenin-4-7-Milyarlk-Sermaye-A-e3fcj57\/a-acg285g\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>CVK Maden\u2019in 2025 Bilan\u00e7osu: Rakamlar\u0131n \u00d6tesindeki Alt\u0131n Potansiyeli ve Stratejik D\u00f6n\u00fc\u015f\u00fcm<\/h1>\n<p><b>1. Giri\u015f: Madencilik D\u00fcnyas\u0131nda Bir Finansal R\u00f6ntgen<\/b><\/p>\n<p>Madencilik sekt\u00f6r\u00fc, do\u011fas\u0131 gere\u011fi y\u00fcksek risk ve uzun vadeli sermaye yo\u011funlu\u011fu \u00fczerinde y\u00fckselir. Bu sekt\u00f6rde bir \u015firketin ger\u00e7ek de\u011ferini anlamak i\u00e7in y\u00fczeysel borsa verilerinin \u00f6tesine ge\u00e7mek, finansal tablolar\u0131n sat\u0131r aralar\u0131na s\u0131zan &#8220;gelecek f\u0131s\u0131lt\u0131lar\u0131n\u0131&#8221; duymak gerekir. Bir bilan\u00e7o sadece ge\u00e7mi\u015fin bir d\u00f6k\u00fcm\u00fc m\u00fcd\u00fcr, yoksa yerin y\u00fczlerce metre alt\u0131ndaki cevheri bug\u00fcn\u00fcn de\u011ferine ba\u011flayan bir hazine haritas\u0131 m\u0131? CVK Maden\u2019in 2025 y\u0131l\u0131 konsolide raporlar\u0131, verilerin sadece rakamlardan ibaret olmad\u0131\u011f\u0131n\u0131; aksine ke\u015fif evresinden devasa bir \u00fcretim ve varl\u0131k y\u00f6netimi mekanizmas\u0131na ge\u00e7i\u015fin stratejik manifestosu oldu\u011funu g\u00f6steriyor.<\/p>\n<p><b>2. Yer Alt\u0131ndaki Dev: Milyon Onsluk Alt\u0131n Rezervi<\/b><\/p>\n<p>CVK Maden\u2019in bilan\u00e7osunu rakiplerinden ay\u0131ran en temel unsur, yer alt\u0131ndaki varl\u0131klar\u0131n\u0131n muazzam \u00f6l\u00e7e\u011fidir. Veriler, \u015firketin sadece bir cevher \u00fcreticisi de\u011fil, asl\u0131nda bir &#8220;de\u011fer ambar\u0131&#8221; oldu\u011funu teyit ediyor. \u00d6zellikle Sar\u0131alan sahas\u0131ndaki 538.625 ons g\u00f6r\u00fcn\u00fcr alt\u0131n rezervine eklenen 25.156 ons muhtemel rezerv, \u00fcretimin s\u00fcreklili\u011fi a\u00e7\u0131s\u0131ndan kritik bir g\u00fcvencedir. Ancak as\u0131l b\u00fcy\u00fckl\u00fck, ba\u011fl\u0131 ortakl\u0131klar \u00fczerinden kontrol edilen alt\u0131n e\u015fleni\u011fi kaynaklarda gizlidir.<\/p>\n<p><b>Maden Rezerv ve Kaynak Tahminleri (UMREK Verileri):<\/b><\/p>\n<ul>\n<li><b>Sar\u0131alan Sahas\u0131:<\/b> 538.625 ons g\u00f6r\u00fcn\u00fcr ve 25.156 ons muhtemel alt\u0131n rezervi.<\/li>\n<li><b>Orta Truva Ruhsatlar\u0131:<\/b> Toplam 4,58 milyon ons alt\u0131n e\u015fleni\u011fi kaynak (2,23 milyon ons alt\u0131n, 36,30 milyon ons g\u00fcm\u00fc\u015f, 764,94 milyon libre bak\u0131r).<\/li>\n<li><b>Aldridge Ruhsat Sahas\u0131:<\/b> Toplam 3,46 milyon ons alt\u0131n e\u015fleni\u011fi kaynak (1,21 milyon ons alt\u0131n, 40 milyon ons g\u00fcm\u00fc\u015f\u00fcn yan\u0131 s\u0131ra bak\u0131r, kur\u015fun ve \u00e7inko).<\/li>\n<\/ul>\n<p>Bu devasa potansiyelin operasyonel maliyet taraf\u0131nda ise ince bir detay dikkat \u00e7ekmektedir: \u00c7anakkale ve \u0130zmir ruhsatlar\u0131nda \u00fcretilen t\u00fcvenan cevherin %7\u2019lik pay\u0131 (royalty), yap\u0131lan s\u00f6zle\u015fmeler gere\u011fi \u00f6nceki sahiplerine (\u0130hlas Grubu) \u00f6denmektedir. Bir finansal analist g\u00f6z\u00fcyle bu, net kar marj\u0131 hesaplamalar\u0131nda g\u00f6z ard\u0131 edilmemesi gereken yap\u0131sal bir maliyet bile\u015fenidir.<\/p>\n<p><b>3. Enflasyon Muhasebesi ve 22 Milyar TL\u2019lik Varl\u0131k G\u00fcc\u00fc<\/b><\/p>\n<p>TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uygulamas\u0131n\u0131n bilan\u00e7oyu yeniden \u015fekillendirdi\u011fi 2025 y\u0131l\u0131nda, CVK Maden\u2019in toplam varl\u0131klar\u0131 2024\u2019teki 19,6 milyar TL seviyesinden 22 milyar TL s\u0131n\u0131r\u0131n\u0131 a\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fckl\u00fc\u011f\u00fcn ana omurgas\u0131n\u0131, 13,8 milyar TL tutar\u0131ndaki &#8220;Maddi Duran Varl\u0131klar&#8221; kalemi olu\u015fturmaktad\u0131r. \u015eirketin sahip oldu\u011fu maden sahalar\u0131, tesisler ve makine park\u0131, enflasyona kar\u015f\u0131 en g\u00fc\u00e7l\u00fc kalkan vazifesini g\u00f6rmektedir.<\/p>\n<p>Tablodaki en \u00e7arp\u0131c\u0131 veri olan 1,95 milyar TL\u2019lik net parasal kazan\u00e7 ise tesad\u00fcf de\u011fildir. \u015eirketin elinde madenler ve tesisler gibi &#8220;parasal olmayan&#8221; g\u00fc\u00e7l\u00fc varl\u0131klar tutarken, parasal y\u00fck\u00fcml\u00fcl\u00fckler ta\u015f\u0131mas\u0131, y\u00fcksek enflasyon ortam\u0131nda sat\u0131n alma g\u00fcc\u00fc art\u0131\u015f\u0131 yaratm\u0131\u015ft\u0131r. Bor\u00e7lar\u0131n reel de\u011ferinin, fiziksel varl\u0131klar\u0131n de\u011ferine oranla erimesi, \u015firketin finansal yap\u0131s\u0131na organik bir katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<p><b>4. K\u00fcresel Bir Oyuncu: Virtus Mining ve USD Korumas\u0131<\/b><\/p>\n<p>CVK Maden, operasyonel zeminini sadece T\u00fcrkiye ile s\u0131n\u0131rl\u0131 tutmayarak stratejik bir d\u00f6n\u00fc\u015f\u00fcm ger\u00e7ekle\u015ftirmi\u015ftir. Hollanda merkezli Virtus Mining Ltd. \u00fczerinden y\u00fcr\u00fct\u00fclen uluslararas\u0131 yap\u0131 ve Aldridge Mineral\u2019in konsolidasyonu, \u015firkete k\u00fcresel bir kimlik kazand\u0131rm\u0131\u015ft\u0131r. Bu yap\u0131n\u0131n finansal a\u00e7\u0131dan en kritik avantaj\u0131, Virtus Mining\u2019in fonksiyonel para biriminin ABD Dolar\u0131 (USD) olmas\u0131d\u0131r. Bu durum, yerel para birimindeki dalgalanmalara kar\u015f\u0131 do\u011fal bir finansal hedge (korunma) mekanizmas\u0131 yaratarak \u015firketin k\u00fcresel rekabet g\u00fcc\u00fcn\u00fc peki\u015ftirmektedir.<\/p>\n<p><b>5. \u0130stihdamda %63\u2019l\u00fck S\u0131\u00e7rama: Operasyondan \u00dcretime Ge\u00e7i\u015f<\/b><\/p>\n<p>Personel say\u0131s\u0131n\u0131n 2024 y\u0131l\u0131nda 187 iken 2025 sonunda 305\u2019e y\u00fckselmesi, basit bir kadro geni\u015flemesi de\u011fil; stratejik bir pivotun kan\u0131t\u0131d\u0131r. Bu %63\u2019l\u00fck devasa art\u0131\u015f, \u00f6zellikle 2024 ve 2025 y\u0131llar\u0131nda al\u0131nan Kayseri (P\u0131narba\u015f\u0131) ve K\u00fctahya (Simav) gibi yeni ruhsatlar\u0131n yan\u0131 s\u0131ra, \u015firketin &#8220;arama&#8221; evresinden &#8220;\u00fcretim ve i\u015fletme&#8221; evresine ge\u00e7ti\u011fini do\u011frulamaktad\u0131r. CVK Maden, art\u0131k sahadaki potansiyeli ekonomiye kazand\u0131racak operasyonel kaslar\u0131n\u0131 h\u0131zla g\u00fc\u00e7lendirmektedir.<\/p>\n<p><b>6. Likidite Analizi: 4,7 Milyar TL&#8217;lik A\u00e7\u0131\u011f\u0131n Perde Arkas\u0131<\/b><\/p>\n<p>Bilan\u00e7oda k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klardan 4,7 milyar TL fazla olmas\u0131, ilk bak\u0131\u015fta bir likidite riski gibi alg\u0131lanabilir. Ancak derinlemesine bir analiz, bu &#8220;i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131n\u0131n&#8221; b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n asl\u0131nda nakit bor\u00e7 de\u011fil, muhasebesel bir kalem olan 2,86 milyar TL\u2019lik &#8220;Ertelenmi\u015f Gelirler&#8221;den kaynakland\u0131\u011f\u0131n\u0131 g\u00f6sterir. Bu rakam, gelecekte yap\u0131lacak maden teslimatlar\u0131 i\u00e7in \u00f6nceden al\u0131nm\u0131\u015f avanslar\u0131 temsil eder. Yani \u015firket, bor\u00e7 \u00f6demek i\u00e7in nakit \u00e7\u0131k\u0131\u015f\u0131 yapmak yerine, halihaz\u0131rda paras\u0131n\u0131 ald\u0131\u011f\u0131 cevheri teslim ederek bu y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc yerine getirecektir. Bu durum, likidite bask\u0131s\u0131n\u0131 minimize eden ve y\u00fcksek talebi tescilleyen bir g\u00f6stergedir.<\/p>\n<p>&#8220;Grup y\u00f6netimi, artaca\u011f\u0131n\u0131 \u00f6ng\u00f6rd\u00fc\u011f\u00fc operasyonel karl\u0131l\u0131k, Grup\u2019un i\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f tutar\u0131n\u0131n pozitif olmas\u0131 ve gerekti\u011finde ili\u015fkili taraf ve finans kurulu\u015flar\u0131ndan sa\u011flayabilece\u011fi finansman destekleriyle birlikte Grup\u2019un s\u00fcreklili\u011fine dair herhangi bir olumsuz durumun olmad\u0131\u011f\u0131n\u0131 beyan etmektedir.&#8221;<\/p>\n<p><b>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/b><\/p>\n<p>2025 y\u0131l\u0131 verileri, CVK Maden\u2019in geleneksel bir madencilik \u015firketinden, k\u00fcresel \u00f6l\u00e7ekte milyarlarca dolarl\u0131k rezervi ve fiziksel varl\u0131\u011f\u0131 y\u00f6neten profesyonel bir varl\u0131k y\u00f6neticisine d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc tescil etmektedir. Enflasyon muhasebesinden gelen parasal kazan\u00e7, personel say\u0131s\u0131ndaki agresif b\u00fcy\u00fcme ve uluslararas\u0131 i\u015ftirak yap\u0131s\u0131; \u015firketin sadece bug\u00fcn\u00fc de\u011fil, \u00f6n\u00fcm\u00fczdeki 30 y\u0131l\u0131 planlad\u0131\u011f\u0131n\u0131n somut kan\u0131tlar\u0131d\u0131r.<\/p>\n<p>\u015eirketin finansal r\u00f6ntgeni \u015fu kritik soruyu sormam\u0131z\u0131 zorunlu k\u0131l\u0131yor: Bir maden \u015firketinin ger\u00e7ek de\u011feri, bilan\u00e7odaki d\u00f6nemsel sat\u0131\u015f rakamlar\u0131yla m\u0131, yoksa yerin y\u00fczlerce metre alt\u0131nda g\u00fcn \u0131\u015f\u0131\u011f\u0131na \u00e7\u0131kar\u0131lmay\u0131 bekleyen ve milyarlarca dolarla ifade edilen kan\u0131tlanm\u0131\u015f potansiyeliyle mi \u00f6l\u00e7\u00fclmelidir?<\/p>\n<h1><span style=\"color: #3366ff;\">CVK Maden \u0130\u015fletmeleri 2025 Y\u0131l\u0131 Konsolide Finansal ve Operasyonel Bilgilendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, CVK Maden \u0130\u015fletmeleri Sanayi ve Ticaret A.\u015e. (&#8220;Grup&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131n ve operasyonel faaliyetlerinin kapsaml\u0131 bir sentezini sunmaktad\u0131r.<\/p>\n<p>2025 y\u0131l\u0131 itibar\u0131yla Grup, T\u00fcrkiye&#8217;nin \u00f6nemli maden havzalar\u0131nda geni\u015f bir ruhsat portf\u00f6y\u00fcne sahip olup; krom, alt\u0131n, g\u00fcm\u00fc\u015f, kur\u015fun, \u00e7inko ve bak\u0131r gibi stratejik metallerin \u00fcretimi ve pazarlanmas\u0131 alan\u0131nda faaliyet g\u00f6stermektedir. Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca, T\u00fcrk Liras\u0131\u2019n\u0131n 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<p>Raporlama d\u00f6neminde toplam varl\u0131klar <b>22,04 milyar TL<\/b>&#8216;ye ula\u015f\u0131rken, ana ortakl\u0131\u011fa ait net d\u00f6nem k\u00e2r\u0131 <b>141,4 milyon TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Grup, operasyonel s\u00fcre\u00e7lerini geni\u015fletirken personel say\u0131s\u0131n\u0131 305&#8217;e (2024: 187) \u00e7\u0131karm\u0131\u015f ve \u00f6zellikle alt\u0131n-g\u00fcm\u00fc\u015f-bak\u0131r rezervlerine y\u00f6nelik stratejik yat\u0131r\u0131mlar\u0131na ve ruhsat geli\u015ftirme faaliyetlerine devam etmi\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>1. Kurumsal Yap\u0131 ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h2>\n<p>Grup, ana ortakl\u0131k olan CVK Maden b\u00fcnyesinde d\u00f6rt ana ba\u011fl\u0131 ortakl\u0131k \u00fczerinden faaliyetlerini y\u00fcr\u00fctmektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<td>Pay Oran\u0131 (Do\u011frudan+Dolayl\u0131)<\/td>\n<td>Faaliyet Konusu<\/td>\n<\/tr>\n<tr>\n<td><b>Orta Truva Madencilik San. Tic. A.\u015e.<\/b><\/td>\n<td>%100,00<\/td>\n<td>Maden ruhsat edinme, arama ve geli\u015ftirme.<\/td>\n<\/tr>\n<tr>\n<td><b>Hayri \u00d6gelman Madencilik A.\u015e.<\/b><\/td>\n<td>%96,21<\/td>\n<td>Krom madeni odakl\u0131 \u00fcretim, ithalat ve ihracat.<\/td>\n<\/tr>\n<tr>\n<td><b>Virtus Mining Ltd.<\/b><\/td>\n<td>%70,00<\/td>\n<td>Hollanda merkezli, madencilik yat\u0131r\u0131mlar\u0131 ve y\u00f6netimi.<\/td>\n<\/tr>\n<tr>\n<td><b>Aldridge Mineral Madencilik A.\u015e.<\/b><\/td>\n<td>%70,00<\/td>\n<td>Virtus Mining ba\u011fl\u0131 ortakl\u0131\u011f\u0131; geni\u015f yelpazeli maden i\u015fletmecili\u011fi.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00d6nemli Geli\u015fmeler:<\/h3>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> Hayri \u00d6gelman Madencilik&#8217;in sermayesi 200 milyon TL&#8217;den 800 milyon TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015f, bu i\u015flem 24 Eyl\u00fcl 2025&#8217;te tescil edilmi\u015ftir.<\/li>\n<li><b>Operasyonel B\u00fcy\u00fcme:<\/b> Ana ortakl\u0131k b\u00fcnyesindeki ortalama personel say\u0131s\u0131 bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %63 oran\u0131nda artarak 305 ki\u015fiye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Maden Ruhsatlar\u0131 ve Rezerv Analizi<\/h2>\n<p>Grup, T\u00fcrkiye&#8217;nin farkl\u0131 b\u00f6lgelerinde zengin maden kaynaklar\u0131n\u0131 y\u00f6netmektedir. Kaynak tahminleri b\u00fcy\u00fck oranda UMREK (Ulusal Maden Kaynak ve Rezerv Raporlama Komisyonu) standartlar\u0131na dayanmaktad\u0131r.<\/p>\n<h3>2.1. Ana Ortakl\u0131k (CVK Maden) Sahalar\u0131<\/h3>\n<ul>\n<li><b>\u00c7anakkale\/Yenice (S.7077 &amp; S.20066206):<\/b> Toplamda yakla\u015f\u0131k 3,5 milyon ton kur\u015fun-\u00e7inko-bak\u0131r-alt\u0131n-g\u00fcm\u00fc\u015f kaynak tahmini.<\/li>\n<li><b>\u0130zmir\/Bay\u0131nd\u0131r (S.87500):<\/b> 2,6 milyon ton kur\u015fun-\u00e7inko-g\u00fcm\u00fc\u015f kaynak tahmini.<\/li>\n<li><b>Bal\u0131kesir\/Sar\u0131alan (S.200903319):<\/b> 23 May\u0131s 2024 tarihli rapora g\u00f6re <b>538.625 ons<\/b> g\u00f6r\u00fcn\u00fcr, <b>25.156 ons<\/b> muhtemel alt\u0131n rezervi tespit edilmi\u015ftir. Bu sahan\u0131n 913,33 hektarl\u0131k k\u0131sm\u0131 i\u00e7in \u00c7ED raporu mevcuttur.<\/li>\n<\/ul>\n<h3>2.2. Hayri \u00d6gelman Madencilik Sahalar\u0131<\/h3>\n<p>Bursa ve K\u00fctahya a\u011f\u0131rl\u0131kl\u0131 10 adet i\u015fletme ruhsat\u0131 bulunmaktad\u0131r. En y\u00fcksek potansiyele sahip olan <b>Bursa\/Harmanc\u0131k (S.45193)<\/b> sahas\u0131nda 5,73 milyon ton krom kayna\u011f\u0131 ve 1,97 milyon ton manyezit cevheri tahmin edilmektedir.<\/p>\n<h3>2.3. Stratejik Alt\u0131n ve Baz Metal Projeleri<\/h3>\n<ul>\n<li><b>Orta Truva Ruhsatlar\u0131:<\/b> 15 May\u0131s 2024 tarihli UMREK raporuna g\u00f6re alt\u0131n e\u015fleni\u011fi toplam <b>4,58 milyon ons<\/b> (Alt\u0131n: 2,23m ons, G\u00fcm\u00fc\u015f: 36,30m ons, Bak\u0131r: 764,94m libre) kaynak bulunmaktad\u0131r.<\/li>\n<li><b>Aldridge Ruhsatlar\u0131:<\/b> 24 Nisan 2024 tarihli rapor uyar\u0131nca alt\u0131n e\u015fleni\u011fi toplam <b>3,46 milyon ons<\/b> kaynak belirlenmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Finansal Performans Analizi<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun finansal durumu, y\u00fcksek enflasyon d\u00fczeltmesi etkilerini yans\u0131tmaktad\u0131r.<\/p>\n<h3>3.1. Gelir Tablosu \u00d6zeti (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (Cari D\u00f6nem)<\/td>\n<td>2024 (Ge\u00e7mi\u015f D\u00f6nem)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>3.277.373.640<\/td>\n<td>4.103.788.854<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>913.613.903<\/td>\n<td>1.481.765.843<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>482.248.197<\/td>\n<td>770.209.640<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>110.047.221<\/td>\n<td>1.270.199.622<\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131<\/b><\/td>\n<td>141.411.396<\/td>\n<td>1.248.530.054<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespit:<\/b> Has\u0131latta bir \u00f6nceki y\u0131la g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015f; net d\u00f6nem k\u00e2r\u0131, \u00f6zellikle finansman giderlerindeki art\u0131\u015f ve parasal kazan\u00e7\/kay\u0131p kalemlerinin etkisiyle 2024 y\u0131l\u0131na g\u00f6re daha d\u00fc\u015f\u00fck bir seviyede ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<h3>3.2. Finansal Durum Tablosu \u00d6zeti (TL)<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 22.044.038.288 TL\n<ul>\n<li><i>D\u00f6nen Varl\u0131klar:<\/i> 2.673.565.340 TL (Nakit ve nakit benzerleri: 1,24 milyar TL)<\/li>\n<li><i>Duran Varl\u0131klar:<\/i> 19.370.472.948 TL (Maddi duran varl\u0131klar: 13,83 milyar TL)<\/li>\n<\/ul>\n<\/li>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 12.719.979.367 TL\n<ul>\n<li><i>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/i> 7.421.374.807 TL<\/li>\n<li><i>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/i> 5.298.604.560 TL<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 9.324.058.921 TL<\/li>\n<\/ul>\n<p><b>\u0130\u015fletme Sermayesi Notu:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin k\u0131sa vadeli varl\u0131klardan yakla\u015f\u0131k 4,75 milyar TL daha fazla oldu\u011fu (i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131) belirtilmi\u015ftir. Ancak y\u00f6netim, operasyonel k\u00e2rl\u0131l\u0131k art\u0131\u015f\u0131 ve nakit ak\u0131\u015f tutarlar\u0131n\u0131n pozitif olmas\u0131 nedeniyle i\u015fletmenin s\u00fcreklili\u011fine dair bir risk \u00f6ng\u00f6rmemektedir.<\/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>4. Muhasebe Esaslar\u0131 ve \u00d6nemli Politikalar<\/h2>\n<h3>TMS 29 Enflasyon Muhasebesi Uygulamas\u0131<\/h3>\n<p>Finansal tablolar, 31 Aral\u0131k 2025 tarihi itibar\u0131yla enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur. Bu kapsamda:<\/p>\n<ul>\n<li>Parasal olmayan kalemler (maddi duran varl\u0131klar, \u00f6zkaynaklar vb.) ilgili katsay\u0131larla d\u00fczeltilmi\u015ftir.<\/li>\n<li>Kar veya zarar tablosundaki t\u00fcm kalemler sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimlere g\u00f6re yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li>2025 y\u0131l\u0131 sonu i\u00e7in kullan\u0131lan d\u00fczeltme katsay\u0131s\u0131 1,00000; 2024 sonu i\u00e7in ise 1,30892&#8217;dir.<\/li>\n<\/ul>\n<h3>Maddi Duran Varl\u0131klar\u0131n De\u011ferlemesi<\/h3>\n<p>Maddi duran varl\u0131klar (maden ara\u015ft\u0131rma maliyetleri hari\u00e7), SPK lisansl\u0131 ba\u011f\u0131ms\u0131z de\u011ferleme kurulu\u015flar\u0131 taraf\u0131ndan tespit edilen ger\u00e7e\u011fe uygun de\u011ferleri \u00fczerinden takip edilmektedir. Bu varl\u0131klar i\u00e7in uygulanan faydal\u0131 \u00f6m\u00fcrler:<\/p>\n<ul>\n<li><b>Binalar:<\/b> 50 y\u0131l<\/li>\n<li><b>Makine, Tesis ve Cihazlar:<\/b> 5-20 y\u0131l<\/li>\n<li><b>Yeralt\u0131 ve Yer\u00fcst\u00fc D\u00fczenleri:<\/b> 2-10 y\u0131l<\/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. Risk Y\u00f6netimi ve Gelecek Beklentileri<\/h2>\n<ul>\n<li><b>Ruhsat Riskleri:<\/b> Grup y\u00f6netimi, maden sahalar\u0131n\u0131n ruhsat bitim tarihlerinde yap\u0131lacak uzat\u0131m ba\u015fvurular\u0131yla ilgili, ge\u00e7mi\u015f tecr\u00fcbelerine dayanarak \u00f6nemli bir risk \u00f6ng\u00f6rmemektedir.<\/li>\n<li><b>Finansal Riskler:<\/b> Finansman giderlerindeki belirgin art\u0131\u015f (2025&#8217;te 2,35 milyar TL vs 2024&#8217;te 347,9 milyon TL), Grup&#8217;un bor\u00e7lanma maliyetlerini ve net k\u00e2r\u0131n\u0131 do\u011frudan etkilemi\u015ftir.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Grup, ili\u015fkili taraflardan ve finans kurulu\u015flar\u0131ndan sa\u011flayabilece\u011fi desteklerle faaliyetlerini s\u00fcrd\u00fcrebilecek kapasitededir. 2025 y\u0131l\u0131nda i\u015fletme faaliyetlerinden sa\u011flanan nakit ak\u0131\u015f\u0131 <b>3,39 milyar TL<\/b> seviyesinde g\u00fc\u00e7l\u00fc bir performans sergilemi\u015ftir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CVK Maden\u2019den 2025 Y\u0131l\u0131nda Stratejik B\u00fcy\u00fcme ve Dev Yat\u0131r\u0131mlar!<br \/>\nCVK Maden (CVKMD), 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131n\u0131 ve gelece\u011fe d\u00f6n\u00fck vizyonunu payla\u015ft\u0131. \u015eirketin toplam varl\u0131klar\u0131 22 milyar TL s\u0131n\u0131r\u0131n\u0131 a\u015farken; Trafigura ile yap\u0131lan dev \u00f6n al\u0131m anla\u015fmas\u0131, Sar\u0131alan Alt\u0131n Madeni projesindeki hukuki zafer ve Yenipazar Projesi i\u00e7in sa\u011flanan 192 milyon dolarl\u0131k dev finansman y\u0131la damgas\u0131n\u0131 vuran geli\u015fmeler oldu. Ayr\u0131ca, ba\u011fl\u0131 ortakl\u0131k Hayri \u00d6gelman Madencilik\u2019in halka arz s\u00fcreciyle ilgili en g\u00fcncel detaylar ve yeni maden sahas\u0131 al\u0131mlar\u0131 bu analizimizde! Madencilik sekt\u00f6r\u00fcn\u00fcn parlayan y\u0131ld\u0131z\u0131n\u0131n finansal karnesini ke\u015ffetmek i\u00e7in t\u0131klay\u0131n.<\/p>\n","protected":false},"author":2,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[266],"class_list":["post-1361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-cvkmd"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1361","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1361"}],"version-history":[{"count":8,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1361\/revisions"}],"predecessor-version":[{"id":1381,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1361\/revisions\/1381"}],"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=1361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}