{"id":1385,"date":"2026-02-21T03:30:46","date_gmt":"2026-02-21T00:30:46","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1385"},"modified":"2026-02-21T05:13:43","modified_gmt":"2026-02-21T02:13:43","slug":"%f0%9f%87%b9%f0%9f%87%b7-nuhcm-nuh-cimento-sanayi-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1385","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 NUHCM | Nuh \u00c7imento Sanayi 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/NUHCM--Nuh-imento-Sanayi-202512-Bilano-Analizi---Nuh-imentonun-Kr-llzyonu-ve-Nakit-Gc-e3fculi\/a-acg2nk4\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Nuh \u00c7imento 2025 Raporu: Rakamlar\u0131n \u00d6tesindeki 6 \u00c7arp\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Finansal piyasalarda rakamlar\u0131n dili genellikle so\u011fuktur; ancak o rakamlar\u0131n arkas\u0131ndaki stratejik hikayeyi okuyabildi\u011finizde ger\u00e7ek tablo netle\u015fir. 31 Aral\u0131k 2025 itibar\u0131yla yay\u0131mlanan 84 sayfal\u0131k Nuh \u00c7imento konsolide raporu, tam da b\u00f6yle bir derinlik gerektiriyor. Enflasyon muhasebesinin (TMS 29) bilan\u00e7olar\u0131n \u00fczerine \u00e7ekti\u011fi sis perdesi, geleneksel analiz y\u00f6ntemlerini yetersiz k\u0131l\u0131yor. Bir k\u0131demli analist g\u00f6z\u00fcyle bakt\u0131\u011f\u0131m\u0131zda, net k\u00e2r rakam\u0131ndaki ka\u011f\u0131t \u00fczerindeki erimenin asl\u0131nda operasyonel bir ba\u015far\u0131s\u0131zl\u0131k de\u011fil, y\u00fcksek enflasyon ortam\u0131nda devasa bir varl\u0131k y\u00f6netiminin sonucu oldu\u011funu g\u00f6r\u00fcyoruz.<\/p>\n<p>\u0130\u015fte bu teknik labirentten \u00e7\u0131kard\u0131\u011f\u0131m\u0131z, \u015firketin gelece\u011fine \u0131\u015f\u0131k tutan 6 stratejik ger\u00e7ek.<\/p>\n<h3>1. Enflasyonun &#8220;G\u00f6r\u00fcnmez&#8221; Eli: Parasal Pozisyon Kay\u0131plar\u0131<\/h3>\n<p>Raporu ilk a\u00e7t\u0131\u011f\u0131n\u0131zda kar\u015f\u0131n\u0131za \u00e7\u0131kan en sars\u0131c\u0131 rakam, net k\u00e2r\u0131n 2,4 milyar TL\u2019den (2024) 746.272.879 TL\u2019ye (2025) gerilemi\u015f olmas\u0131d\u0131r. Ancak burada bir paradoks gizli. \u015eirket, 2025 y\u0131l\u0131nda tam <b>2.464.908.135 TL<\/b> tutar\u0131nda devasa bir &#8220;Parasal Pozisyon Kayb\u0131&#8221; kaydetmi\u015ftir.<\/p>\n<p>Bunun temel sebebi, \u015firketin elinde tuttu\u011fu <b>8.897.200.088 TL<\/b> tutar\u0131ndaki devasa nakit varl\u0131\u011f\u0131d\u0131r. &#8220;Nakit krald\u0131r&#8221; mottosu, hiperenflasyonist bir ortamda TMS 29 kurallar\u0131yla birle\u015fince stratejik bir y\u00fck\u00fcml\u00fcl\u00fc\u011fe d\u00f6n\u00fc\u015f\u00fcr. \u015eirket nakit pozisyonunu korurken, enflasyon bu nakdin &#8220;sat\u0131n alma g\u00fcc\u00fcn\u00fc&#8221; ka\u011f\u0131t \u00fczerinde eritir. Dolay\u0131s\u0131yla 746 milyon TL\u2019lik k\u00e2r, operasyonel bir zay\u0131fl\u0131ktan ziyade, devasa nakit g\u00fcc\u00fcn\u00fcn enflasyon kar\u015f\u0131s\u0131ndaki muhasebe d\u00fczeltmesidir.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporu bu zorunlulu\u011fu \u015f\u00f6yle \u00f6zetlemektedir:<\/p>\n<p>&#8220;T\u00fcrkiye&#8217;de faaliyet g\u00f6steren i\u015fletmelerin 31 Aral\u0131k 2025 tarihinde veya bu tarihten sonra sona eren raporlama d\u00f6nemlerinde TMS 29 &#8216;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8217; standard\u0131n\u0131 uygulamalar\u0131 gerekmektedir. Bu \u00e7er\u00e7evede 31 Aral\u0131k 2025 ve 31 Aral\u0131k 2024 tarihli konsolide finansal tablolar haz\u0131rlan\u0131rken TMS 29\u2019a g\u00f6re enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015ft\u0131r.&#8221;<\/p>\n<h3>2. Odaklanma Stratejisi: Gereksiz Dallardan Kurtulmak<\/h3>\n<p>2025 y\u0131l\u0131 Nuh \u00c7imento i\u00e7in tam bir &#8220;stratejik sadele\u015fme&#8221; y\u0131l\u0131 oldu. \u015eirket, enerjisini ana i\u015f kolu olan yap\u0131 \u00fcr\u00fcnlerine odaklamak i\u00e7in verimsiz veya stratejik olmayan i\u015ftiraklerini tasfiye etti:<\/p>\n<ul>\n<li><b>Nuh Gayrimenkul \u0130n\u015faat A.\u015e.:<\/b> 16 May\u0131s 2025\u2019te t\u00fcm aktif ve pasifleriyle Nuh \u00c7imento b\u00fcnyesinde birle\u015ferek t\u00fczel ki\u015fili\u011fi sona erdirildi.<\/li>\n<li><b>Navig Holding Trade B.V.:<\/b> Hollanda merkezli bu i\u015ftirak, 8 A\u011fustos 2025\u2019te tasfiye edildi.<\/li>\n<li><b>Nuh Agro Tar\u0131m A.\u015e.:<\/b> Tar\u0131m sekt\u00f6r\u00fcndeki bu giri\u015fimden 30 Temmuz 2025\u2019te \u00e7\u0131k\u0131\u015f karar\u0131 al\u0131nd\u0131.<\/li>\n<\/ul>\n<p>Bu hamleler, kurumsal \u00e7evikli\u011fin art\u0131r\u0131ld\u0131\u011f\u0131n\u0131n ve sermayenin sadece en k\u00e2rl\u0131 alanlara kanalize edildi\u011finin net bir g\u00f6stergesidir.<\/p>\n<h3>3. Gayrimenkuldeki &#8220;Gizli&#8221; Hazine<\/h3>\n<p>Bilan\u00e7onun derinliklerine, Dipnot 9\u2019a indi\u011fimizde, \u015firketin piyasa de\u011ferinin neden sadece k\u00e2r rakam\u0131yla \u00f6l\u00e7\u00fclemeyece\u011fini g\u00f6r\u00fcyoruz. &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221; kalemi alt\u0131nda, maliyet de\u011feriyle ta\u015f\u0131nan varl\u0131klar\u0131n ger\u00e7ek de\u011ferleri (Fair Value) ile aralar\u0131ndaki u\u00e7urum dudak u\u00e7uklat\u0131yor:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k<\/td>\n<td>Net Defter De\u011feri (31.12.2025)<\/td>\n<td>Ger\u00e7ek De\u011fer (ACE De\u011ferleme)<\/td>\n<td>De\u011fer Fark\u0131 (Gizli Rezerv)<\/td>\n<\/tr>\n<tr>\n<td><b>Otel Bloklar\u0131<\/b><\/td>\n<td>1.504.256.585 TL<\/td>\n<td>2.772.299.514 TL<\/td>\n<td><b>1.268.042.929 TL<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7ar\u015f\u0131 Bloklar\u0131<\/b><\/td>\n<td>467.877.273 TL<\/td>\n<td>1.570.658.616 TL<\/td>\n<td><b>1.102.781.343 TL<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>1.972.133.858 TL<\/b><\/td>\n<td><b>4.342.958.130 TL<\/b><\/td>\n<td><b>2.370.824.272 TL<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Sadece bu iki varl\u0131k grubunda, bilan\u00e7oda g\u00f6r\u00fcnmeyen yakla\u015f\u0131k 2,37 milyar TL&#8217;lik bir de\u011fer fazlas\u0131 bulunmaktad\u0131r. Bu, Nuh \u00c7imento&#8217;nun varl\u0131k kalitesinin en g\u00fc\u00e7l\u00fc kan\u0131t\u0131d\u0131r.<\/p>\n<h3>4. Temett\u00fc Sadakati ve Nakit Yaratma G\u00fcc\u00fc<\/h3>\n<p>Yat\u0131r\u0131mc\u0131lar\u0131n en \u00e7ok dikkat edece\u011fi nokta, k\u00e2r\u0131n d\u00fc\u015ft\u00fc\u011f\u00fc bir y\u0131lda temett\u00fc politikas\u0131n\u0131n nas\u0131l seyretti\u011fidir. \u00d6zkaynak de\u011fi\u015fim tablosuna g\u00f6re \u015firket, 2025 y\u0131l\u0131nda toplamda <b>1.804.281.915 TL<\/b> tutar\u0131nda nakit k\u00e2r pay\u0131 \u00f6demesi ger\u00e7ekle\u015ftirmi\u015ftir.<\/p>\n<p>Bu \u00f6demenin nas\u0131l yap\u0131ld\u0131\u011f\u0131n\u0131 anlamak i\u00e7in Nakit Ak\u0131\u015f Tablosu&#8217;na (B\u00f6l\u00fcm A ve C) bakmak gerekir. \u015eirket, i\u015fletme faaliyetlerinden tam <b>3.730.322.910 TL<\/b> nakit \u00fcretmi\u015ftir. Bu devasa nakit yaratma g\u00fcc\u00fc, 2,37 milyar TL&#8217;lik br\u00fct temett\u00fc ve faiz \u00f6demelerini fazlas\u0131yla kar\u015f\u0131lam\u0131\u015ft\u0131r. Yani temett\u00fc, ka\u011f\u0131t \u00fczerindeki k\u00e2rdan de\u011fil, operasyonlardan gelen ger\u00e7ek nakit ak\u0131\u015f\u0131ndan \u00f6denmi\u015ftir.<\/p>\n<h3>5. Has\u0131lat ve Maliyet K\u0131skac\u0131<\/h3>\n<p>Gelir tablosu, in\u015faat sekt\u00f6r\u00fcndeki genel yava\u015flamay\u0131 ve maliyet bask\u0131s\u0131n\u0131 yans\u0131t\u0131yor. 2024 y\u0131l\u0131nda 20,2 milyar TL olan has\u0131lat, 31 Aral\u0131k 2025 itibar\u0131yla 17,6 milyar TL&#8217;ye gerilemi\u015ftir. Sat\u0131\u015flar\u0131n maliyeti ise 14,7 milyar TL&#8217;den 13,2 milyar TL&#8217;ye \u00e7ekilmi\u015ftir.<\/p>\n<p>Has\u0131latta ya\u015fanan %13&#8217;l\u00fck bu daralmaya ra\u011fmen, br\u00fct k\u00e2r marj\u0131n\u0131n korunmas\u0131 operasyonel disiplinin bir sonucudur. Sat\u0131\u015f hacmindeki d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131n, maliyetlerin de e\u015f zamanl\u0131 olarak a\u015fa\u011f\u0131 \u00e7ekilmesi, \u015firketin verimlilik odakl\u0131 y\u00f6netim anlay\u0131\u015f\u0131n\u0131 teyit ediyor.<\/p>\n<h3>6. Sekt\u00f6rel Bir Analiz: \u0130n\u015faat\u0131n Mevsimselli\u011fi ve Ekonomik So\u011fuma<\/h3>\n<p>Raporun &#8220;D\u00f6nemsellik&#8221; notu, has\u0131lat kayb\u0131n\u0131n arkas\u0131ndaki sekt\u00f6rel dinami\u011fi a\u00e7\u0131kl\u0131yor. \u0130n\u015faat talebinin canland\u0131\u011f\u0131 bahar ve yaz aylar\u0131ndaki hareketlilik, 2025 y\u0131l\u0131nda genel ekonomik so\u011fuma ve s\u0131k\u0131 para politikas\u0131yla dengelenmi\u015ftir. Ancak Nuh \u00c7imento&#8217;nun dikey entegrasyonu (\u00c7imento, Beton ve Yap\u0131 \u00dcr\u00fcnleri), bu yava\u015flamay\u0131 rakiplerine g\u00f6re daha yumu\u015fak bir ini\u015fle atlatmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<h3>Sonu\u00e7: 2026\u2019ya Bak\u0131\u015f<\/h3>\n<p>Nuh \u00c7imento\u2019nun 2025 raporu, enflasyonun rakamlar\u0131 manip\u00fcle etti\u011fi bir d\u00f6nemde &#8220;ger\u00e7ek de\u011ferin&#8221; nerede sakl\u0131 oldu\u011funu g\u00f6steriyor. Sadele\u015fen organizasyon yap\u0131s\u0131, 8,9 milyar TL\u2019lik nakit g\u00fcc\u00fc ve bilan\u00e7oda gizli duran 4,3 milyar TL\u2019lik gayrimenkul portf\u00f6y\u00fc ile \u015firket, k\u00e2r rakam\u0131n\u0131n \u00f6tesinde bir dayan\u0131kl\u0131l\u0131k sergiliyor.<\/p>\n<p><b>Kritik Soru:<\/b> Peki, bir sanayi devinin de\u011feri sadece bilan\u00e7osundaki k\u00e2r rakam\u0131 m\u0131d\u0131r, yoksa elindeki devasa varl\u0131klar ve nakit yaratma g\u00fcc\u00fc m\u00fcd\u00fcr?<\/p>\n<h1><span style=\"color: #3366ff;\">NUH \u00c7\u0130MENTO SANAY\u0130 A.\u015e. 2025 YILI KONSOL\u0130DE F\u0130NANSAL VE OPERASYONEL DE\u011eERLEND\u0130RME B\u0130LG\u0130 NOTU<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Nuh \u00c7imento Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren mali y\u0131la ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir. 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca enflasyon d\u00fczeltmesine tabi tutulmu\u015f ve 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> Grup, 2024 y\u0131l\u0131ndaki 2.401.228.983 TL\u2019lik net kara k\u0131yasla, 2025 y\u0131l\u0131nda 746.272.879 TL net kar a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/li>\n<li><b>Has\u0131lat:<\/b> Konsolide has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6stererek 17.643.654.746 TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> BDO taraf\u0131ndan ger\u00e7ekle\u015ftirilen ba\u011f\u0131ms\u0131z denetim sonucunda, finansal tablolar\u0131n Grup&#8217;un finansal durumunu ve performans\u0131n\u0131 TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu teyit edilmi\u015ftir (Olumlu G\u00f6r\u00fc\u015f).<\/li>\n<li><b>Parasal Kay\u0131p:<\/b> Enflasyon d\u00fczeltmesi sonucu 2.464.908.135 TL tutar\u0131nda net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>Stratejik D\u00f6n\u00fc\u015f\u00fcm:<\/b> 2025 y\u0131l\u0131 i\u00e7erisinde Nuh Gayrimenkul \u0130n\u015faat A.\u015e. ana ortakl\u0131k b\u00fcnyesinde birle\u015fmi\u015f, Navig Holding Trade B.V. tasfiye edilmi\u015f ve Nuh Agro Tar\u0131m A.\u015e.&#8217;nin tasfiye s\u00fcreci ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Faaliyet Alanlar\u0131<\/h2>\n<p>Nuh \u00c7imento, Kocaeli merkezli bir sanayi kurulu\u015fu olup hisselerinin %18,92&#8217;si Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir. Grup&#8217;un ana ortaklar\u0131 Nuh Ticaret Sanayi ve Ticaret A.\u015e. (%44,13) ve Parta\u015f Capital Dan\u0131\u015fmanl\u0131k A.\u015e.&#8217;dir (%16,32).<\/p>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve Operasyonel Durum<\/h3>\n<p>Grup, in\u015faat malzemeleri (\u00e7imento, kire\u00e7, haz\u0131r beton, gaz beton), enerji \u00fcretimi, ta\u015f\u0131mac\u0131l\u0131k ve gayrimenkul sekt\u00f6rlerinde faaliyet g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Nuh Beton A.\u015e.:<\/b> Haz\u0131r beton \u00fcretimi ve gayrimenkul projeleri (Bostanc\u0131 AVM ve Otel projesi).<\/li>\n<li><b>Nuh Yap\u0131 \u00dcr\u00fcnleri A.\u015e.:<\/b> Kire\u00e7 ve gaz beton \u00fcretimi.<\/li>\n<li><b>\u00c7im-Nak Ta\u015f\u0131mac\u0131l\u0131k Ltd. \u015eti.:<\/b> Deniz ve kara ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 ile maden cevheri i\u015fletmecili\u011fi.<\/li>\n<li><b>Kudret Enerji:<\/b> Elektrik \u00fcretimi (\u015ferefiye kapsam\u0131nda takip edilen enerji yat\u0131r\u0131m\u0131).<\/li>\n<\/ul>\n<p><b>Organizasyonel De\u011fi\u015fiklikler:<\/b><\/p>\n<ul>\n<li><b>Nuh Gayrimenkul:<\/b> 16 May\u0131s 2025 tarihinde Nuh \u00c7imento ile birle\u015fmi\u015ftir.<\/li>\n<li><b>Navig Holding:<\/b> 8 A\u011fustos 2025 tarihinde tasfiye edilmi\u015ftir.<\/li>\n<li><b>Nuh Agro:<\/b> 30 Temmuz 2025 tarihli karar ile tasfiye s\u00fcrecine girmi\u015ftir.<\/li>\n<\/ul>\n<h2>Finansal Analiz (2025 vs. 2024)<\/h2>\n<p>Finansal veriler enflasyon etkilerinden ar\u0131nd\u0131r\u0131lm\u0131\u015f (31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc) kar\u015f\u0131la\u015ft\u0131rmal\u0131 de\u011ferleri i\u00e7ermektedir.<\/p>\n<h3>1. Konsolide Durum Tablosu \u00d6zet (Bilan\u00e7o)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>28.609.806.696<\/b><\/td>\n<td><b>31.741.924.179<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>13.465.507.492<\/td>\n<td>16.090.235.552<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>15.144.299.204<\/td>\n<td>15.651.688.627<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>28.609.806.696<\/b><\/td>\n<td><b>31.741.924.179<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.028.828.730<\/td>\n<td>4.478.827.827<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.130.802.747<\/td>\n<td>1.775.854.602<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>24.450.175.219<\/b><\/td>\n<td><b>25.487.241.750<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2. Konsolide Kar veya Zarar Analizi<\/h3>\n<ul>\n<li><b>Br\u00fct Kar:<\/b> 4.396.069.191 TL (2024: 5.497.467.725 TL). Br\u00fct kar marj\u0131nda bir daralma g\u00f6zlemlenmektedir.<\/li>\n<li><b>Esas Faaliyet Kar\u0131:<\/b> 2.384.099.582 TL (2024: 3.636.378.591 TL).<\/li>\n<li><b>Finansman Gelirleri:<\/b> 2.662.050.003 TL seviyesinde g\u00fc\u00e7l\u00fc bir nakit y\u00f6netim geliri olu\u015fmu\u015ftur.<\/li>\n<li><b>Parasal Kazan\u00e7\/Kay\u0131p:<\/b> Enflasyon muhasebesi (TMS 29) nedeniyle olu\u015fan 2,46 milyar TL&#8217;lik parasal kay\u0131p, d\u00f6nem kar\u0131n\u0131 bask\u0131layan en \u00f6nemli unsurdur.<\/li>\n<\/ul>\n<h2>Ba\u011f\u0131ms\u0131z Denetim ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda, denetim s\u00fcrecinde odaklan\u0131lan en kritik alan &#8220;Has\u0131lat\u0131n Kay\u0131tlara Al\u0131nmas\u0131&#8221; olarak belirlenmi\u015ftir.<\/p>\n<p><b>Has\u0131lat\u0131n Denetimi:<\/b><\/p>\n<ul>\n<li><b>Neden \u00d6nemli?<\/b> Has\u0131lat, Grup&#8217;un performans \u00f6l\u00e7\u00fcm\u00fcnde en \u00f6nemli kriterdir ve yanl\u0131\u015f d\u00f6nemde muhasebele\u015ftirilme riski ta\u015f\u0131maktad\u0131r.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Sat\u0131\u015f s\u00f6zle\u015fmeleri incelenmi\u015f, sevkiyat ve kontrol devri s\u00fcre\u00e7leri do\u011frulanm\u0131\u015f, \u00f6rnekleme y\u00f6ntemiyle faturalar ve ticari alacaklar test edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>Kar\u015f\u0131l\u0131klar ve Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<p>Grup&#8217;un finansal risk y\u00f6netimi kapsam\u0131nda ay\u0131rd\u0131\u011f\u0131 \u00f6nemli kar\u015f\u0131l\u0131klar a\u015fa\u011f\u0131dad\u0131r:<\/p>\n<ul>\n<li><b>Dava ve Tazminat Kar\u015f\u0131l\u0131klar\u0131:<\/b> Genellikle i\u015f\u00e7i davalar\u0131ndan kaynaklanan 36.380.581 TL tutar\u0131nda kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Arazi Yeniden D\u00fczenleme Kar\u015f\u0131l\u0131\u011f\u0131:<\/b> Maden sahalar\u0131n\u0131n do\u011faya kazand\u0131r\u0131lmas\u0131 y\u00f6netmeli\u011fi uyar\u0131nca 76.464.206 TL uzun vadeli kar\u015f\u0131l\u0131k bulunmaktad\u0131r.<\/li>\n<li><b>\u00c7al\u0131\u015fanlara Sa\u011flanan Faydalar:<\/b>\n<ul>\n<li>K\u0131dem Tazminat\u0131 Kar\u015f\u0131l\u0131\u011f\u0131: 263.793.945 TL.<\/li>\n<li>K\u0131deme Te\u015fvik Primi Kar\u015f\u0131l\u0131\u011f\u0131: 100.535.982 TL (5-30 y\u0131l aras\u0131 \u00e7al\u0131\u015fanlara yap\u0131lan \u00f6demeler).<\/li>\n<li>Kullan\u0131lmam\u0131\u015f \u0130zin Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc: 54.423.886 TL.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>\u00d6nemli Muhasebe Politikalar\u0131 ve Tahminler<\/h2>\n<ul>\n<li><b>TMS 29 Enflasyon Muhasebesi:<\/b> 2025 y\u0131l\u0131 finansal tablolar\u0131, T\u00fcrkiye \u0130statistik Kurumu (T\u00dc\u0130K) taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131larak d\u00fczeltilmi\u015ftir. 2025 y\u0131l\u0131 sonu d\u00fczeltme katsay\u0131s\u0131 1,00000; 2024 sonu katsay\u0131s\u0131 ise 1,30892 olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> Grup b\u00fcnyesindeki otel ve \u00e7ar\u015f\u0131 bloklar\u0131n\u0131n toplam ger\u00e7e\u011fe uygun de\u011feri yakla\u015f\u0131k 4,34 milyar TL olarak takdir edilmi\u015ftir (2024 verisi baz al\u0131narak). Bu varl\u0131klardan 2025 y\u0131l\u0131nda 227.554.017 TL kira geliri elde edilmi\u015ftir.<\/li>\n<li><b>\u015eerefiye De\u011ferlemesi:<\/b> Kudret Enerji yat\u0131r\u0131m\u0131 nedeniyle ta\u015f\u0131nan 88.739.471 TL tutar\u0131ndaki \u015ferefiye i\u00e7in yap\u0131lan de\u011ferleme testlerinde herhangi bir de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc tespit edilmemi\u015ftir.<\/li>\n<\/ul>\n<h2>Nakit Ak\u0131\u015f Analizi<\/h2>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 3.730.322.910 TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bu, operasyonel nakit \u00fcretme kapasitesinin korundu\u011funu g\u00f6stermektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 1.363.969.602 TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Grup, 2.374.474.343 TL tutar\u0131nda temett\u00fc (kar pay\u0131) \u00f6demesi ger\u00e7ekle\u015ftirmi\u015ftir.<\/li>\n<li><b>Nakit Mevcudu:<\/b> D\u00f6nem sonu nakit ve nakit benzerleri 8.897.200.088 TL olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h2>Denet\u00e7i Notu ve Mevzuata Uyum<\/h2>\n<p>BDO taraf\u0131ndan sunulan rapor, Grup&#8217;un finansal raporlama s\u00fcrecinin etkinli\u011fini teyit etmekte olup a\u015fa\u011f\u0131daki hususlara dikkat \u00e7ekmektedir:<\/p>\n<ol>\n<li><b>TTK Uyum:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu uyar\u0131nca defter tutma d\u00fczeni ve finansal tablolar kanuna uygundur.<\/li>\n<li><b>Risk Y\u00f6netimi:<\/b> Y\u00f6netim Kurulu taraf\u0131ndan d\u00fczenlenen &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi Hakk\u0131nda Denet\u00e7i Raporu&#8221; 19 \u015eubat 2026 tarihinde sunulmu\u015ftur.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Finansal tablolar, i\u015fletmenin s\u00fcreklili\u011fi esas\u0131na g\u00f6re haz\u0131rlanm\u0131\u015f olup bu konuda bir belirsizlik saptanmam\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Nuh \u00c7imento\u2019dan 2025 Y\u0131l\u0131nda G\u00fc\u00e7l\u00fc \u0130hracat ve Rekor Temett\u00fc Performans\u0131<br \/>\nNuh \u00c7imento, enflasyon muhasebesi (TMS 29) standartlar\u0131na g\u00f6re haz\u0131rlanan 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. \u015eirket, zorlu ekonomik ko\u015fullara ra\u011fmen 17,6 milyar TL has\u0131lat ve 746,3 milyon TL net kar elde ederek operasyonel dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 kan\u0131tlad\u0131. \u00d6zellikle 7,8 milyar TL\u2019ye ula\u015fan ihracat hacmi ve hissedarlar\u0131na sundu\u011fu 2,3 milyar TL\u2019yi a\u015fan toplam temett\u00fc \u00f6demesiyle dikkat \u00e7eken Nuh \u00c7imento, sekt\u00f6rdeki \u00f6nc\u00fc konumunu korumaya devam ediyor. 28,6 milyar TL\u2019lik dev varl\u0131k yap\u0131s\u0131 ve g\u00fc\u00e7l\u00fc nakit rezervleriyle \u015firket, 2026 y\u0131l\u0131na sa\u011flam bir finansal yap\u0131yla giri\u015f yap\u0131yor.<\/p>\n","protected":false},"author":9,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[267],"class_list":["post-1385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-nuhcm"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1385","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1385"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1385\/revisions"}],"predecessor-version":[{"id":1393,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1385\/revisions\/1393"}],"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=1385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}