{"id":1425,"date":"2026-02-23T19:34:36","date_gmt":"2026-02-23T16:34:36","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1425"},"modified":"2026-02-23T20:34:21","modified_gmt":"2026-02-23T17:34:21","slug":"cemts-cemtas-celik-makina-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1425","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 CEMTS | \u00c7emta\u015f \u00c7elik Makina 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/CEMTS--emta-elik-Makina-202512-Bilano-Analizi-e3fga7s\/a-acg7581\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>\u00c7emta\u015f\u2019\u0131n 2025 Finansal Karnesi: Enflasyon Muhasebesi ve Euro Bor\u00e7 K\u0131skac\u0131nda Bir Dev<\/h1>\n<h3>1. Sanayinin \u00c7elik Kalbinde Neler Oluyor?<\/h3>\n<p>T\u00fcrkiye sanayisinin k\u00f6kl\u00fc \u00e7\u0131narlar\u0131ndan biri olan ve 1970\u2019li y\u0131llardan bu yana Bursa Organize Sanayi B\u00f6lgesi\u2019nin (OSB) \u00fcretim g\u00fcc\u00fcn\u00fc temsil eden \u00c7emta\u015f, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. 413 ki\u015filik istihdam kapasitesi ve Borsa \u0130stanbul\u2019daki halka a\u00e7\u0131k stat\u00fcs\u00fcyle vas\u0131fl\u0131 \u00e7elik \u00fcretiminde stratejik bir oyuncu olan \u015firket, k\u00fcresel talebin zay\u0131flad\u0131\u011f\u0131 ve y\u00fcksek enflasyonun bilan\u00e7olar\u0131 yeniden \u015fekillendirdi\u011fi bir y\u0131l\u0131 geride b\u0131rakt\u0131. 2025 sonu itibar\u0131yla ortaya \u00e7\u0131kan tablo, sanayi devlerinin yaln\u0131zca operasyonel verimlilikle de\u011fil, ayn\u0131 zamanda para birimi dalgalanmalar\u0131 ve &#8220;ka\u011f\u0131t \u00fczerindeki&#8221; muhasebe d\u00fczeltmeleriyle nas\u0131l bir satran\u00e7 oynad\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor.<\/p>\n<h3>2. Enflasyonun G\u00f6r\u00fcnmez Eli: Ka\u011f\u0131t \u00dcst\u00fcndeki Karlar Nereye Gitti?<\/h3>\n<p>\u00c7emta\u015f\u2019\u0131n 2025 y\u0131l\u0131 tablosunda ilk bak\u0131\u015fta \u015fa\u015f\u0131rt\u0131c\u0131 olan veri, \u015firketin y\u0131l\u0131 <b>115.959.915 TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015f olmas\u0131d\u0131r. Ancak bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, bu zarar\u0131n operasyonel bir ba\u015far\u0131s\u0131zl\u0131ktan ziyade, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uygulamas\u0131n\u0131n ve a\u011f\u0131r vergi y\u00fck\u00fcn\u00fcn bir sonucu oldu\u011fu g\u00f6r\u00fclmektedir.<\/p>\n<p>\u015eirket, enflasyon d\u00fczeltmesi neticesinde <b>443,5 milyon TL<\/b> tutar\u0131nda &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; kaydetmi\u015ftir. Bu kay\u0131p, \u015firketin elinde tuttu\u011fu parasal varl\u0131klar\u0131n enflasyon kar\u015f\u0131s\u0131nda sat\u0131n alma g\u00fcc\u00fcn\u00fc kaybetmesinden kaynaklanmaktad\u0131r. Buna ek olarak, Gelir Tablosu&#8217;ndaki <b>340,6 milyon TL\u2019lik devasa vergi gideri<\/b>, 224,6 milyon TL olan vergi \u00f6ncesi k\u00e2r\u0131n net zarara d\u00f6n\u00fc\u015fmesindeki ana etkendir. <b>Sun Ba\u011f\u0131ms\u0131z Denetim ve YMM A.\u015e. (PKF)<\/b> taraf\u0131ndan denetlenen bu tablolar, yat\u0131r\u0131mc\u0131ya reel durumu g\u00f6stermektedir.<\/p>\n<p>PKF ba\u011f\u0131ms\u0131z denet\u00e7ilerinin &#8220;G\u00f6r\u00fc\u015f&#8221; b\u00f6l\u00fcm\u00fcndeki ifadeleri bu tablonun do\u011frulu\u011funu m\u00fch\u00fcrlemektedir:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re ili\u015fikteki finansal tablolar, \u015eirket\u2019in 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131, T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (&#8216;TFRS\u2019lere&#8217;) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h3>3. %75\u2019lik Bor\u00e7 Y\u00fck\u00fc: Euro\u2019nun Finansal Tablolardaki A\u011f\u0131rl\u0131\u011f\u0131<\/h3>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7iler taraf\u0131ndan &#8220;Kilit Denetim Konusu&#8221; olarak vurgulanan finansal bor\u00e7lanmalar, \u00c7emta\u015f bilan\u00e7osunun en riskli alan\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<p><b>\u015eirketin 31 Aral\u0131k 2025 itibar\u0131yla toplam banka kredileri 1.892.369.761 TL seviyesine ula\u015fm\u0131\u015ft\u0131r ve bu tutar toplam y\u00fck\u00fcml\u00fcl\u00fcklerin %75\u2019ine tekab\u00fcl etmektedir.<\/b><\/p>\n<p>Borcun tamam\u0131n\u0131n Euro cinsinden olmas\u0131, kur riskini en \u00fcst seviyeye ta\u015f\u0131maktad\u0131r. 2024 sonunda <b>36,8024<\/b> olan Euro\/TL sat\u0131\u015f kuru, 2025 sonunda <b>50,3765<\/b> seviyesine f\u0131rlayarak %36\u2019y\u0131 a\u015fan bir art\u0131\u015f g\u00f6stermi\u015ftir. Bu durum, kredilerin faiz y\u00fck\u00fc d\u0131\u015f\u0131nda sadece kur fark\u0131 nedeniyle bile TL baz\u0131nda nas\u0131l a\u011f\u0131rla\u015ft\u0131\u011f\u0131n\u0131 a\u00e7\u0131klamaktad\u0131r. Denet\u00e7ilerin bu konuyu &#8220;kritik&#8221; olarak s\u0131n\u0131fland\u0131rmas\u0131, d\u00f6viz kurlar\u0131ndaki her sars\u0131nt\u0131n\u0131n do\u011frudan \u015firketin finansal stabilitesini tehdit etmesindendir.<\/p>\n<h3>4. Has\u0131lat Paradoksu ve Operasyonel Dayan\u0131kl\u0131l\u0131k<\/h3>\n<p>Sekt\u00f6rel konjonkt\u00fcr\u00fcn bask\u0131s\u0131yla \u00c7emta\u015f\u2019\u0131n has\u0131lat\u0131nda reel bir daralma ya\u015fanm\u0131\u015ft\u0131r. Enflasyon d\u00fczeltmesine g\u00f6re:<\/p>\n<ul>\n<li><b>2024 Has\u0131lat\u0131:<\/b> 7,55 milyar TL<\/li>\n<li><b>2025 Has\u0131lat\u0131:<\/b> 6,27 milyar TL<\/li>\n<\/ul>\n<p>Has\u0131lattaki %17\u2019lik bu d\u00fc\u015f\u00fc\u015fe ra\u011fmen, \u015firketin <b>Esas Faaliyet K\u00e2r\u0131<\/b> 754,6 milyon TL\u2019den 666,8 milyon TL\u2019ye gerileyerek sadece %11,6 oran\u0131nda bir kay\u0131p vermi\u015ftir. Bu veri, bir Senior Analist i\u00e7in en \u00f6nemli \u00e7\u0131kt\u0131d\u0131r: \u00c7emta\u015f, sat\u0131\u015f hacmindeki daralmaya ra\u011fmen operasyonel maliyetlerini (6,4 milyar TL\u2019den 5,2 milyar TL\u2019ye) ba\u015far\u0131yla y\u00f6netmi\u015f ve verimlili\u011fini korumay\u0131 bilmi\u015ftir. Bu, &#8220;reel daralma&#8221; d\u00f6nemlerinde her \u015firketin g\u00f6steremedi\u011fi bir diren\u00e7tir.<\/p>\n<h3>5. Likidite Stratejisi: Do\u011fal Korunma Hatt\u0131<\/h3>\n<p>\u015eirket net zarar a\u00e7\u0131klamas\u0131na ra\u011fmen nakit pozisyonunu 1,24 milyar TL\u2019den <b>1,78 milyar TL\u2019ye<\/b> \u00e7\u0131kararak g\u00fcvenli bir liman in\u015fa etmi\u015ftir. Bu stratejinin en kritik halkas\u0131, nakdin d\u00f6viz kompozisyonudur:<\/p>\n<ul>\n<li><b>D\u00f6viz Mevduatlar\u0131:<\/b> \u015eirketin vadeli mevduatlar\u0131n\u0131n b\u00fcy\u00fck k\u0131sm\u0131 28,2 milyon Euro ve 3,3 milyon USD bazl\u0131d\u0131r.<\/li>\n<li><b>Hedged Finansal Yat\u0131r\u0131mlar:<\/b> K\u0131sa vadeli finansal yat\u0131r\u0131mlarda (Note 6) tutulan <b>582,9 milyon TL<\/b> de\u011ferindeki likit fonlar\u0131n tamam\u0131 <b>11,5 milyon Euro\u2019ya<\/b> endekslidir.<\/li>\n<\/ul>\n<p>Bu &#8220;do\u011fal hedging&#8221; (do\u011fal korunma) stratejisi, bilan\u00e7onun y\u00fck\u00fcml\u00fcl\u00fckler taraf\u0131ndaki 1,89 milyar TL\u2019lik devasa Euro borcuna kar\u015f\u0131 bir savunma hatt\u0131 olu\u015fturmaktad\u0131r. Operasyonel zarar vergi ve enflasyon d\u00fczeltmesiyle gelse de, \u015firket likiditesini Euro baz\u0131nda koruyarak kur \u015foklar\u0131na kar\u015f\u0131 diren\u00e7 g\u00f6stermektedir.<\/p>\n<h3>6. Sonu\u00e7: \u00c7emta\u015f \u0130\u00e7in 2026 Ufkunda Ne Var?<\/h3>\n<p>Sorumlu Denet\u00e7i <b>Hasan T\u00fcre<\/b> imzal\u0131 <b>20 \u015eubat 2026<\/b> tarihli rapor, \u00c7emta\u015f\u2019\u0131n sanayi g\u00fcc\u00fcn\u00fcn operasyonel olarak sa\u011flam, ancak finansal olarak d\u00f6viz ve enflasyon k\u0131skac\u0131nda oldu\u011funu teyit ediyor. \u015eirket, has\u0131lattaki reel daralmay\u0131 maliyet disipliniyle y\u00f6netmi\u015f olsa da, bilan\u00e7onun %75\u2019ini kaplayan Euro borcu ve y\u00fcksek vergi y\u00fck\u00fc 2026 performans\u0131 \u00fczerinde belirleyici olacakt\u0131r.<\/p>\n<p>Euro\/TL kurundaki stabilizasyon ve \u00e7elik sekt\u00f6r\u00fcndeki talep toparlanmas\u0131, \u00c7emta\u015f\u2019\u0131n 1,78 milyar TL\u2019lik nakit g\u00fcc\u00fcn\u00fc yat\u0131r\u0131ma veya bor\u00e7 azalt\u0131m\u0131na y\u00f6nlendirmesine olanak tan\u0131yabilir. Peki, <b>y\u00fcksek bor\u00e7 y\u00fck\u00fc ve enflasyonist bask\u0131 alt\u0131nda, \u00c7emta\u015f&#8217;\u0131n nakit g\u00fcc\u00fc ve k\u00f6kl\u00fc sanayi altyap\u0131s\u0131 onu 2026&#8217;n\u0131n kazanan\u0131 yapmaya yetecek mi?<\/b> Finansal piyasalar, bu sorunun cevab\u0131n\u0131 \u015firketin kur y\u00f6netimi ve operasyonel diren\u00e7 ba\u015far\u0131s\u0131nda arayacakt\u0131r.<\/p>\n<h1><span style=\"color: #3366ff;\">\u00c7emta\u015f \u00c7elik Makina Sanayi ve Ticaret A.\u015e. 2025 Y\u0131l\u0131 Finansal Bilgilendirme Belgesi<\/span><\/h1>\n<p>Bu belge, \u00c7emta\u015f \u00c7elik Makina Sanayi ve Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve finansal tablolar\u0131ndan elde edilen kritik bulgular\u0131, finansal verileri ve stratejik analizleri sentezlemektedir.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Sun Ba\u011f\u0131ms\u0131z Denetim ve YMM A.\u015e. (PKF Global \u00fcyesi) taraf\u0131ndan haz\u0131rlanan 20 \u015eubat 2026 tarihli ba\u011f\u0131ms\u0131z denet\u00e7i raporuna g\u00f6re, \u015eirket&#8217;in finansal tablolar\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunulmu\u015ftur.<\/p>\n<p>2025 y\u0131l\u0131, y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131nda TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131n\u0131n uyguland\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. \u015eirket, y\u0131l\u0131 <b>115.959.915 TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r; bu rakam 2024 y\u0131l\u0131ndaki 39.040.949 TL&#8217;lik zarara k\u0131yasla art\u0131\u015f g\u00f6stermi\u015ftir. Has\u0131lattaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen, \u015eirket 1,78 milyar TL tutar\u0131nda g\u00fc\u00e7l\u00fc bir nakit pozisyonunu korumaktad\u0131r. Toplam varl\u0131klar 9,06 milyar TL seviyesine ula\u015f\u0131rken, finansal bor\u00e7lar\u0131n toplam y\u00fck\u00fcml\u00fcl\u00fckler i\u00e7indeki %75&#8217;lik pay\u0131 dikkat \u00e7eken en \u00f6nemli risk unsuru olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/p>\n<h2>2. Kurumsal Profil ve Operasyonel Kapsam<\/h2>\n<ul>\n<li><b>Kurulu\u015f ve Faaliyet:<\/b> 1970&#8217;li y\u0131llar\u0131n ba\u015f\u0131nda vas\u0131fl\u0131 \u00e7elik ihtiyac\u0131n\u0131 kar\u015f\u0131lamak \u00fczere kurulan \u015eirket, Bursa Organize Sanayi B\u00f6lgesi\u2019nde 101.000 metrekarelik alanda entegre tesislerinde \u00fcretim yapmaktad\u0131r.<\/li>\n<li><b>Borsa Stat\u00fcs\u00fc:<\/b> 1994 y\u0131l\u0131ndan bu yana Borsa \u0130stanbul\u2019da i\u015flem g\u00f6ren halka a\u00e7\u0131k bir \u015firkettir.<\/li>\n<li><b>\u0130nsan Kayna\u011f\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u00e7al\u0131\u015fan say\u0131s\u0131 413 ki\u015fidir (2024: 402 ki\u015fi).<\/li>\n<li><b>Sertifikasyonlar:<\/b> ISO 9001, IATF 16949, TS EN ISO 14001 (\u00c7evre), TS 45001 (\u0130\u015f Sa\u011fl\u0131\u011f\u0131), ISO\/IEC 27001 (Bilgi G\u00fcvenli\u011fi) ve TS EN ISO 50001 (Enerji) y\u00f6netim sistemlerine sahiptir.<\/li>\n<\/ul>\n<h2>3. Ba\u011f\u0131ms\u0131z Denetim ve Kilit Denetim Konular\u0131<\/h2>\n<p>Denetim, Sermaye Piyasas\u0131 Kurulu (SPK) ve Kamu G\u00f6zetimi Kurumu (KGK) standartlar\u0131na uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr. Denet\u00e7iler, \u00f6zellikle iki konuyu &#8220;Kilit Denetim Konusu&#8221; olarak belirlemi\u015ftir:<\/p>\n<h3>3.1. Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h3>\n<p>T\u00fcrkiye ekonomisinin y\u00fcksek enflasyonlu olarak de\u011ferlendirilmesi nedeniyle, finansal tablolar 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<ul>\n<li><b>Dayanak:<\/b> T\u00dc\u0130K taraf\u0131ndan a\u00e7\u0131klanan T\u00fcketici Fiyat Endeksi (T\u00dcFE).<\/li>\n<li><b>Katsay\u0131lar:<\/b> 31 Aral\u0131k 2025 i\u00e7in 1,00000; 31 Aral\u0131k 2024 kar\u015f\u0131la\u015ft\u0131rmal\u0131 verileri i\u00e7in 1,30892 d\u00fczeltme katsay\u0131s\u0131 kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Etki:<\/b> Enflasyonun net parasal varl\u0131k pozisyonu \u00fczerindeki etkisi gelir tablosunda &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131\/Kay\u0131plar\u0131&#8221; alt\u0131nda raporlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Finansal Bor\u00e7lanmalar<\/h3>\n<p>\u015eirket&#8217;in toplam y\u00fck\u00fcml\u00fcl\u00fcklerinin b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n finansal bor\u00e7lardan olu\u015fmas\u0131, denetimde odak noktas\u0131 olmu\u015ftur.<\/p>\n<ul>\n<li><b>Toplam Kredi:<\/b> 1.892.369.761 TL.<\/li>\n<li><b>Para Birimi:<\/b> Bor\u00e7lanmalar EURO cinsinden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Risk Fakt\u00f6r\u00fc:<\/b> Finansal bor\u00e7lar, toplam y\u00fck\u00fcml\u00fcl\u00fcklerin <b>%75&#8217;ini<\/b> olu\u015fturmaktad\u0131r. Denet\u00e7iler bu kalemlerin taml\u0131\u011f\u0131 ve de\u011ferlemesine y\u00f6nelik kapsaml\u0131 testler (faiz tahakkuklar\u0131, kur de\u011ferlemeleri, mutabakatlar) uygulam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>4. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla temel bilan\u00e7o kalemleri (t\u00fcm rakamlar enflasyona g\u00f6re d\u00fczeltilmi\u015f TL baz\u0131ndad\u0131r):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar<\/td>\n<td>31.12.2025 (TL)<\/td>\n<td>31.12.2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>5.013.003.413<\/b><\/td>\n<td><b>4.054.038.876<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Nakit ve Nakit Benzerleri<\/td>\n<td>1.780.708.033<\/td>\n<td>1.245.595.625<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Stoklar<\/td>\n<td>1.358.819.157<\/td>\n<td>1.328.902.077<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Ticari Alacaklar<\/td>\n<td>818.403.355<\/td>\n<td>884.358.037<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>4.044.876.674<\/b><\/td>\n<td><b>4.260.572.204<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Maddi Duran Varl\u0131klar<\/td>\n<td>3.766.853.659<\/td>\n<td>3.886.702.017<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>9.057.880.087<\/b><\/td>\n<td><b>8.314.611.080<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/td>\n<td>31.12.2025 (TL)<\/td>\n<td>31.12.2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>950.353.840<\/b><\/td>\n<td><b>1.011.352.930<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>1.582.891.092<\/b><\/td>\n<td><b>525.331.896<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Uzun Vadeli Bor\u00e7lanmalar<\/td>\n<td>1.315.386.434<\/td>\n<td>433.542.577<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>6.524.635.155<\/b><\/td>\n<td><b>6.777.926.254<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; \u00d6denmi\u015f Sermaye<\/td>\n<td>500.000.000<\/td>\n<td>500.000.000<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>9.057.880.087<\/b><\/td>\n<td><b>8.314.611.080<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Finansal Performans Analizi (Gelir Tablosu)<\/h2>\n<p>2025 y\u0131l\u0131 operasyonel sonu\u00e7lar\u0131, \u00f6nceki y\u0131la g\u00f6re bir daralma ve zarar art\u0131\u015f\u0131 g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 6.271.396.776 TL (2024 y\u0131l\u0131ndaki 7,56 milyar TL&#8217;ye g\u00f6re d\u00fc\u015f\u00fc\u015f).<\/li>\n<li><b>Br\u00fct Kar:<\/b> 1.003.029.102 TL.<\/li>\n<li><b>Esas Faaliyet Kar\u0131:<\/b> 666.815.787 TL.<\/li>\n<li><b>Finansman Giderleri (Net):<\/b> 437.923.699 TL finansman giderine kar\u015f\u0131l\u0131k 531.815.410 TL finansman geliri elde edilmi\u015ftir.<\/li>\n<li><b>Net Parasal Pozisyon Kayb\u0131:<\/b> (443.509.645) TL. Bu kalem, enflasyon muhasebesinin neticesinde olu\u015fan \u00f6nemli bir gider kalemidir.<\/li>\n<li><b>D\u00f6nem Net Zarar\u0131:<\/b> (115.959.915) TL.<\/li>\n<li><b>Pay Ba\u015f\u0131na Zarar:<\/b> 0,2319 TL.<\/li>\n<\/ul>\n<h2>6. Nakit Ak\u0131\u015f ve Likidite Analizi<\/h2>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden sa\u011flanan nakit ak\u0131\u015f\u0131 2024&#8217;teki 1,79 milyar TL&#8217;den 2025&#8217;te 73,6 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> (289.790.809) TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu kapsamda maddi duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 257,6 milyon TL harcanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 1,04 milyar TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bu giri\u015fin temel kayna\u011f\u0131 1,59 milyar TL tutar\u0131ndaki kredi giri\u015fleridir.<\/li>\n<li><b>D\u00f6nem Sonu Nakit:<\/b> \u015eirket y\u0131l\u0131 1.780.708.033 TL nakit ve nakit benzeri varl\u0131k ile kapatm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>7. \u0130li\u015fkili Taraf \u0130\u015flemleri ve \u00d6nemli Dipnotlar<\/h2>\n<ul>\n<li><b>\u00d6nemli \u0130li\u015fkili Taraflar:<\/b> Bursa Grup Sigorta, Bursa Ta\u015f\u0131mac\u0131l\u0131k Lojistik ve Bursa \u00c7imento Fabrikas\u0131 A.\u015e. ile ticari ili\u015fkiler devam etmektedir. 2025 y\u0131l\u0131nda ili\u015fkili taraflardan yap\u0131lan toplam mal ve hizmet al\u0131m\u0131 46.911.872 TL&#8217;dir.<\/li>\n<li><b>\u00dcst Y\u00f6netim Menfaatleri:<\/b> Y\u00f6netim kurulu \u00fcyeleri ve \u00fcst d\u00fczey y\u00f6neticilere 2025 y\u0131l\u0131nda sa\u011flanan \u00fccret ve menfaatlerin toplam\u0131 59.099.129 TL&#8217;dir (2024: 53.982.361 TL).<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> \u015eirket 31 Aral\u0131k 2025 itibar\u0131yla 157.092.515 TL ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc raporlam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>8. Sonu\u00e7 ve De\u011ferlendirme<\/h2>\n<p>\u00c7emta\u015f, 2025 y\u0131l\u0131nda y\u00fcksek enflasyonun getirdi\u011fi muhasebesel ve operasyonel zorluklarla kar\u015f\u0131 kar\u015f\u0131ya kalm\u0131\u015ft\u0131r. \u015eirket&#8217;in has\u0131lat\u0131nda g\u00f6r\u00fclen d\u00fc\u015f\u00fc\u015f ve net d\u00f6nem zarar\u0131, makroekonomik ko\u015fullar\u0131n bask\u0131s\u0131n\u0131 yans\u0131tmaktad\u0131r. Bununla birlikte, 1,78 milyar TL&#8217;lik nakit mevcudiyeti ve 6,5 milyar TL&#8217;lik g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131, \u015eirket&#8217;in finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korudu\u011funu g\u00f6stermektedir. Ancak, toplam y\u00fck\u00fcml\u00fcl\u00fcklerin %75&#8217;ini olu\u015fturan ve EURO cinsinden olan finansal bor\u00e7lar\u0131n y\u00f6netimi, d\u00f6viz kuru riskleri a\u00e7\u0131s\u0131ndan yak\u0131ndan takip edilmesi gereken bir alan olarak \u00f6n plana \u00e7\u0131kmaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1425\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>\u00c7emta\u015f 2025 Finansal Sonu\u00e7lar\u0131n\u0131 Duyurdu: Enflasyon Muhasebesi ve Stratejik Yat\u0131r\u0131mlar \u00d6n Planda<br \/>\n\u00d6zet: Vas\u0131fl\u0131 \u00e7elik sekt\u00f6r\u00fcn\u00fcn k\u00f6kl\u00fc oyuncular\u0131ndan \u00c7emta\u015f, 2025 y\u0131l\u0131na ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Y\u00fcksek enflasyonun finansal tablolar \u00fczerindeki etkisinin net bir \u015fekilde g\u00f6r\u00fcld\u00fc\u011f\u00fc bu d\u00f6nemde, \u015firket stratejik yat\u0131r\u0131mlar\u0131na ara vermeden devam ediyor.<br \/>\n\u0130\u015fte 2025 y\u0131l\u0131 raporlar\u0131ndan dikkat \u00e7eken detaylar:<br \/>\n\u2022 Mali G\u00f6r\u00fcn\u00fcm: TMS 29 enflasyon d\u00fczeltmesi uygulanan tablolara g\u00f6re \u015firket y\u0131l\u0131 115,9 milyon TL net zarar ile kapatt\u0131.<br \/>\n\u2022 G\u00fc\u00e7l\u00fc Varl\u0131k Yap\u0131s\u0131: Toplam varl\u0131klar 9 milyar TL baraj\u0131n\u0131 a\u015farak \u015firketin finansal b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc korudu\u011funu g\u00f6sterdi.<br \/>\n\u2022 Yat\u0131r\u0131m Odakl\u0131 B\u00fcy\u00fcme: Teknosab ve GES projeleri gibi gelece\u011fe d\u00f6n\u00fck yat\u0131r\u0131mlar, operasyonel verimlili\u011fi art\u0131rma yolunda kararl\u0131l\u0131kla s\u00fcrd\u00fcr\u00fcl\u00fcyor.<br \/>\n\u2022 Bor\u00e7 Y\u00f6netimi: Toplam y\u00fck\u00fcml\u00fcl\u00fcklerin \u00f6nemli bir k\u0131sm\u0131n\u0131 olu\u015fturan Euro cinsi bor\u00e7lanmalar, denetim raporlar\u0131nda kilit konu olarak \u00f6ne \u00e7\u0131kt\u0131.<br \/>\nSekt\u00f6rel zorluklara ve makroekonomik de\u011fi\u015fkenlere ra\u011fmen \u00c7emta\u015f, \u015feffaf raporlama anlay\u0131\u015f\u0131 ve \u00fcretim g\u00fcc\u00fcyle T\u00fcrkiye sanayisindeki yerini sa\u011flamla\u015ft\u0131rmaya devam ediyor. Detayl\u0131 analiz ve t\u00fcm tablolar i\u00e7in yaz\u0131m\u0131z\u0131n devam\u0131na g\u00f6z atabilirsiniz.<\/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":[271],"class_list":["post-1425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-cemts"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1425","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=1425"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1425\/revisions"}],"predecessor-version":[{"id":1433,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1425\/revisions\/1433"}],"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=1425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}