{"id":1445,"date":"2026-02-23T21:28:00","date_gmt":"2026-02-23T18:28:00","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1445"},"modified":"2026-02-23T21:59:43","modified_gmt":"2026-02-23T18:59:43","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-karsn-karsan-otomotiv-sanayii-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1445","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 KARSN | Karsan Otomotiv Sanayii 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/KARSN--Karsan-Otomotiv-Sanayii-202512-Bilano-Analizi-e3fgfrj\/a-acg7csi\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Karsan\u2019\u0131n 2025 Finansal Karnesi: Gelece\u011fin Otomotivine 3,4 Milyar TL\u2019lik Dev Yat\u0131r\u0131m ve Enflasyonun G\u00f6lgesi<\/h1>\n<h3>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Karsan<\/h3>\n<p>Otomotiv d\u00fcnyas\u0131, fosil yak\u0131tlardan elektrikli ve otonom sistemlere evrilen tarihsel bir k\u0131r\u0131lman\u0131n e\u015fi\u011finde. T\u00fcrkiye\u2019nin bu d\u00f6n\u00fc\u015f\u00fcmdeki \u00f6nc\u00fc akt\u00f6rlerinden Karsan\u2019\u0131n 31 Aral\u0131k 2025 tarihli konsolide finansal raporu, sadece bir bilan\u00e7o \u00f6zeti de\u011fil; y\u00fcksek enflasyonist sarmal ile teknolojik vizyonun \u00e7arp\u0131\u015ft\u0131\u011f\u0131 stratejik bir hikaye sunuyor. Bir \u015firketin &#8220;k\u00e2r&#8221; etmesinin \u00f6tesinde, gelece\u011fi in\u015fa etmenin maliyetinin bilan\u00e7oda nas\u0131l bir a\u011f\u0131rl\u0131k olu\u015fturdu\u011funu anlamak, g\u00fcn\u00fcm\u00fcz\u00fcn makroekonomik bariyerlerini de de\u015fifre etmek anlam\u0131na geliyor. Karsan i\u00e7in 2025, operasyonel b\u00fcy\u00fcmenin finansman y\u00fck\u00fcyle test edildi\u011fi bir &#8220;dayan\u0131kl\u0131l\u0131k y\u0131l\u0131&#8221; olarak kay\u0131tlara ge\u00e7iyor.<\/p>\n<h3>2. Gelece\u011fi Aktifle\u015ftirmek: 3,4 Milyar TL\u2019lik Ar-Ge Hamlesi ve Likidite Ger\u00e7e\u011fi<\/h3>\n<p>Karsan\u2019\u0131n bilan\u00e7osundaki en heybetli kalem, Dipnot 13\u2019te detayland\u0131r\u0131lan ve \u015ferefiye d\u0131\u015f\u0131ndaki maddi olmayan duran varl\u0131klar alt\u0131nda toplanan <b>3,4 Milyar TL\u2019lik (3.384.766 bin TL)<\/b> net defter de\u011feridir. Bu devasa rakam, TMS 38 (Maddi Olmayan Duran Varl\u0131klar) kapsam\u0131nda, gelecekte nakit ak\u0131\u015f\u0131 yaratmas\u0131 beklenen projelerin personelden hammaddeye kadar uzanan maliyetlerinin do\u011frudan &#8220;varl\u0131k&#8221; olarak kaydedilmesinin bir sonucudur.<\/p>\n<p>Ancak bu &#8220;gelecek in\u015fas\u0131&#8221; bedelsiz de\u011fildir. Nakit Ak\u0131\u015f Tablosu incelendi\u011finde, maddi olmayan duran varl\u0131k al\u0131mlar\u0131ndan kaynaklanan nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n <b>784,5 Milyon TL<\/b> oldu\u011fu g\u00f6r\u00fclmektedir. Bu, bir yandan gelece\u011fin teknolojisi bilan\u00e7oda bir varl\u0131k olarak b\u00fcy\u00fcrken, di\u011fer yandan \u015firketin cari likiditesinden ciddi bir pay ay\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Ba\u011f\u0131ms\u0131z denet\u00e7i PwC, bu kalemleri &#8220;y\u00f6netim muhakemesi&#8221; gerektiren kilit bir denetim konusu olarak tan\u0131mlarken stratejik bir uyar\u0131y\u0131 da sat\u0131r aralar\u0131na gizlemektedir: E\u011fer bu yeni nesil ara\u00e7 projeleri \u00f6ng\u00f6r\u00fclen pazar performans\u0131na ula\u015famazsa, bu 3,4 milyar TL\u2019lik varl\u0131k \u00f6n\u00fcm\u00fczdeki y\u0131llarda devasa bir &#8220;de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc&#8221; (impairment) riskiyle kar\u015f\u0131 kar\u015f\u0131ya kalabilir.<\/p>\n<h3>3. Enflasyonun G\u00f6r\u00fcnmez Eli: TMS 29 ve 1,4 Milyar TL\u2019lik Parasal Kazan\u00e7<\/h3>\n<p>T\u00fcrkiye\u2019deki y\u00fcksek enflasyon, finansal tablolar\u0131 TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standartlar\u0131na g\u00f6re yeniden \u015fekillendirmeyi zorunlu k\u0131lm\u0131\u015ft\u0131r. 2025 raporlar\u0131, t\u00fcm rakamlar\u0131 31 Aral\u0131k 2025 tarihindeki &#8220;sat\u0131n alma g\u00fcc\u00fc&#8221; cinsinden ifade etmektedir. Bu noktada, Karsan\u2019\u0131n <b>179 Milyon TL<\/b>\u2019lik net d\u00f6nem k\u00e2r\u0131n\u0131n ard\u0131ndaki ger\u00e7ek kahraman, Dipnot 27\u2019de yer alan <b>1,43 Milyar TL\u2019lik (1.434.178 bin TL) &#8220;Parasal Kazan\u00e7&#8221;<\/b> kalemidir.<\/p>\n<p>Karsan\u2019\u0131n net parasal y\u00fck\u00fcml\u00fcl\u00fck pozisyonunda olmas\u0131, enflasyonun \u015firketin bor\u00e7lar\u0131n\u0131n reel de\u011ferini a\u015f\u0131nd\u0131rmas\u0131na neden olmu\u015f ve bu durum k\u00e2r hanesine pozitif yans\u0131m\u0131\u015ft\u0131r. Ba\u015fka bir deyi\u015fle, bu enflasyonist muhasebe etkisi olmasayd\u0131, Karsan\u2019\u0131n 2025 y\u0131l\u0131n\u0131 operasyonel olarak devasa bir net zararla kapatmas\u0131 ka\u00e7\u0131n\u0131lmazd\u0131. PwC, bu karma\u015f\u0131k s\u00fcreci \u015fu \u015fekilde kilit denetim konusu yapm\u0131\u015ft\u0131r:<\/p>\n<p>&#8220;Konsolide finansal tablolar\u0131n g\u00fcncel sat\u0131n al\u0131m g\u00fcc\u00fc kullan\u0131larak haz\u0131rlanmas\u0131, do\u011fru sonu\u00e7lar\u0131n elde edilmesini sa\u011flamak i\u00e7in bir dizi karma\u015f\u0131k prosed\u00fcr ve i\u015flem gerektirir&#8230; TMS 29&#8217;un uygulanmas\u0131nda kullan\u0131lan verilerin do\u011fru ve tam olmamas\u0131 riski ve harcanan ek denetim \u00e7abas\u0131 g\u00f6z \u00f6n\u00fcnde bulunduruldu\u011funda, TMS 29&#8217;un uygulanmas\u0131 taraf\u0131m\u0131zca kilit denetim konusu olarak belirlenmi\u015ftir.&#8221;<\/p>\n<h3>4. Gayrimenkul De\u011ferlemesinde \u015ea\u015f\u0131rt\u0131c\u0131 D\u00fc\u015f\u00fc\u015f\u00fcn Analizi<\/h3>\n<p>Enflasyonun her varl\u0131\u011f\u0131n fiyat\u0131n\u0131 yukar\u0131 itti\u011fi bir ortamda, Karsan\u2019\u0131n arazi, arsa ve binalar\u0131nda (Dipnot 12) <b>75,8 Milyon TL<\/b>\u2019lik bir de\u011fer azal\u0131\u015f\u0131 ya\u015fanmas\u0131 ilk bak\u0131\u015fta paradoksal gelebilir. Ancak bu, stratejik bir &#8220;endeksleme&#8221; ger\u00e7e\u011fidir. \u015eirketin ta\u015f\u0131nmazlar\u0131n\u0131n nominal piyasa de\u011feri artm\u0131\u015f olsa bile, bu varl\u0131klar\u0131n TMS 29 kapsam\u0131nda endekslenmi\u015f maliyet de\u011ferleri, ba\u011f\u0131ms\u0131z de\u011ferleme kurulu\u015funun belirledi\u011fi &#8220;ger\u00e7e\u011fe uygun de\u011ferin&#8221; \u00fczerinde kalm\u0131\u015ft\u0131r. \u00d6zetle, gayrimenkul fiyatlar\u0131ndaki art\u0131\u015f h\u0131z\u0131, genel enflasyon (T\u00dcFE) katsay\u0131s\u0131n\u0131n gerisinde kalm\u0131\u015f; bu da bilan\u00e7oda bir de\u011fer azal\u0131\u015f\u0131 olarak kaydedilmi\u015ftir.<\/p>\n<h3>5. B\u00fcy\u00fcyen Has\u0131lat, A\u011f\u0131rla\u015fan Finansman ve Rekabet Y\u00fck\u00fc<\/h3>\n<p>Karsan\u2019\u0131n operasyonel hacmi geni\u015flemeye devam ediyor; has\u0131lat 14,2 Milyar TL\u2019den <b>16,6 Milyar TL<\/b> seviyesine t\u0131rmanm\u0131\u015f durumda. Ancak bu b\u00fcy\u00fcme, sermaye yap\u0131s\u0131n\u0131n y\u00fcksek faiz ve kur bask\u0131s\u0131 alt\u0131nda verdi\u011fi bir stres testiyle dengeleniyor.<\/p>\n<ul>\n<li><b>Finansman Bask\u0131s\u0131:<\/b> \u015eirketin <b>3,76 Milyar TL<\/b>\u2019ye ula\u015fan finansman giderleri ve bunun i\u00e7indeki <b>1,17 Milyar TL<\/b>\u2019lik ger\u00e7ekle\u015fmemi\u015f yabanc\u0131 para \u00e7evrim farklar\u0131, br\u00fct k\u00e2r\u0131n b\u00fcy\u00fck k\u0131sm\u0131n\u0131 silip s\u00fcp\u00fcrmektedir.<\/li>\n<li><b>K\u00fcresel Rekabetin Maliyeti:<\/b> Sadece finansman de\u011fil, faaliyet giderleri de a\u011f\u0131rla\u015fmaktad\u0131r. Pazarlama giderlerinin 1,23 Milyar TL\u2019den <b>1,62 Milyar TL<\/b>\u2019ye y\u00fckselmesi, Karsan\u2019\u0131n global pazarda var olma ve yeni \u00fcr\u00fcnlerini ticarile\u015ftirme \u00e7abas\u0131n\u0131n bedelini yans\u0131tmaktad\u0131r.<\/li>\n<\/ul>\n<p>\u015eirket, operasyonel olarak canl\u0131d\u0131r ancak finansal olarak y\u00fcksek faiz ve kur oynakl\u0131\u011f\u0131n\u0131n yaratt\u0131\u011f\u0131 &#8220;likidite mengenesi&#8221; i\u00e7erisindedir.<\/p>\n<h3>6. Garanti ve Risk Y\u00f6netimi: \u0130htiyatl\u0131l\u0131k \u0130lkesi<\/h3>\n<p>\u015eirketin nakit ak\u0131\u015f tablolar\u0131ndaki en dikkat \u00e7ekici de\u011fi\u015fimlerden biri de &#8220;Garanti Kar\u015f\u0131l\u0131klar\u0131&#8221; kaleminde ya\u015fanm\u0131\u015ft\u0131r. 240 Milyon TL\u2019den <b>690 Milyon TL<\/b> seviyesine \u00e7\u0131kan bu kar\u015f\u0131l\u0131k, sat\u0131\u015f hacmindeki art\u0131\u015fa paralel olarak gelecekteki olas\u0131 maliyetlerin \u015fimdiden rezerve edildi\u011fini g\u00f6stermektedir. Bu, finansal ihtiyatl\u0131l\u0131k a\u00e7\u0131s\u0131ndan olumlu bir sinyal olsa da \u00fcr\u00fcn karma\u015f\u0131kl\u0131\u011f\u0131n\u0131n artmas\u0131yla birlikte operasyonel risklerin de b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fcn bir g\u00f6stergesidir.<\/p>\n<h3>7. Sonu\u00e7: Karsan \u0130\u00e7in Yar\u0131n Ne Getirecek?<\/h3>\n<p>2025 raporu, Karsan i\u00e7in tam bir &#8220;stratejik paradoks&#8221; tablosudur: \u015eirket, has\u0131lat\u0131n\u0131 art\u0131ran ve 3,4 Milyar TL\u2019lik teknoloji aktifiyle yar\u0131n\u0131 hedefleyen bir devdir; ancak bu devin ayaklar\u0131, y\u00fcksek finansman maliyetleri ve operasyonel harcamalar\u0131n yaratt\u0131\u011f\u0131 a\u011f\u0131r bir y\u00fck alt\u0131ndad\u0131r. Net k\u00e2r\u0131 ayakta tutan yegane unsurun 1,43 Milyar TL\u2019lik enflasyonist parasal kazan\u00e7 oldu\u011fu ger\u00e7e\u011fi, makroekonomik r\u00fczgar tersine d\u00f6nd\u00fc\u011f\u00fcnde operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n \u00e7ok daha hayati bir \u00f6nem kazanaca\u011f\u0131n\u0131 hat\u0131rlatmaktad\u0131r.<\/p>\n<p>Peki, <b>bir teknoloji yat\u0131r\u0131m\u0131, finansal maliyetlerin ve enflasyon muhasebesinin yaratt\u0131\u011f\u0131 bu g\u00f6lgeden ne zaman tamamen \u00e7\u0131karak ba\u011f\u0131ms\u0131z ve s\u00fcrd\u00fcr\u00fclebilir bir k\u00e2rl\u0131l\u0131k hikayesine d\u00f6n\u00fc\u015f\u00fcr?<\/b> Cevap, bu devasa Ar-Ge yat\u0131r\u0131mlar\u0131n\u0131n k\u00fcresel sat\u0131\u015f performans\u0131na d\u00f6n\u00fc\u015fme h\u0131z\u0131nda sakl\u0131.<\/p>\n<h1><span style=\"color: #3366ff;\">Karsan Otomotiv 2025 Y\u0131l\u0131 Konsolide Finansal Raporu Brifing Notu<\/span><\/h1>\n<p>Bu brifing belgesi, Karsan Otomotiv Sanayii ve Ticaret A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal raporlar\u0131n\u0131, ba\u011f\u0131ms\u0131z denet\u00e7i g\u00f6r\u00fc\u015flerini ve kilit finansal g\u00f6stergelerini sentezlemektedir. Belge, PwC (Ba\u011f\u0131ms\u0131z Denet\u00e7i) taraf\u0131ndan haz\u0131rlanan rapor ve onayl\u0131 finansal tablolar temel al\u0131narak haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Karsan Otomotiv&#8217;in 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, y\u00fcksek enflasyon d\u00fczeltmesi (TMS 29) uygulanm\u0131\u015f sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re sunulmu\u015ftur. Ba\u011f\u0131ms\u0131z denet\u00e7i PwC, Grubun finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Finansal Performans:<\/b> Grup, 2025 y\u0131l\u0131nda 16,6 milyar TL has\u0131lat elde etmi\u015f ve d\u00f6nem net kar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re art\u0131rarak 179,1 milyon TL seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar 20,8 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Maddi olmayan duran varl\u0131klar i\u00e7inde yer alan geli\u015ftirme maliyetleri (3,4 milyar TL) Grubun aktif yap\u0131s\u0131nda kritik bir paya sahiptir.<\/li>\n<li><b>Denetim Odak Noktalar\u0131:<\/b> Denetim s\u00fcrecinde geli\u015ftirme maliyetlerinin aktifle\u015ftirilmesi, maddi duran varl\u0131klar\u0131n (arazi, arsa, bina) ger\u00e7e\u011fe uygun de\u011fer \u00f6l\u00e7\u00fcmleri ve y\u00fcksek enflasyon muhasebesi uygulamalar\u0131 &#8220;Kilit Denetim Konular\u0131&#8221; olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> \u0130\u015fletme faaliyetlerinden 1,7 milyar TL pozitif nakit ak\u0131\u015f\u0131 sa\u011flan\u0131rken, yat\u0131r\u0131m faaliyetlerine (\u00f6zellikle Ar-Ge ve duran varl\u0131k al\u0131m\u0131) 1 milyar TL&#8217;nin \u00fczerinde kaynak aktar\u0131lm\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>Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Sorumluluklar<\/h2>\n<p>PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda a\u015fa\u011f\u0131daki sonu\u00e7lara var\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>G\u00f6r\u00fc\u015f:<\/b> Konsolide finansal tablolar, Grubun 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu ve performans\u0131n\u0131 ger\u00e7e\u011fe uygun bir bi\u00e7imde yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Mevzuata Uygunluk:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca, defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine ayk\u0131r\u0131 bir durumuna rastlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Y\u00f6netimin Sorumlulu\u011fu:<\/b> Grup y\u00f6netimi, tablolar\u0131n hata veya hile i\u00e7ermeyecek \u015fekilde haz\u0131rlanmas\u0131ndan ve i\u015fletmenin s\u00fcreklili\u011finin devam ettirilmesinden sorumludur.<\/li>\n<li><b>Denet\u00e7inin Sorumlulu\u011fu:<\/b> Denet\u00e7i, finansal tablolar\u0131n \u00f6nemli bir yanl\u0131\u015fl\u0131k i\u00e7ermedi\u011fine dair makul g\u00fcvence elde etmek ve mesleki \u015f\u00fcphecilik \u00e7er\u00e7evesinde riskleri de\u011ferlendirmekle y\u00fck\u00fcml\u00fcd\u00fcr.<\/li>\n<\/ol>\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>Kilit Denetim Konular\u0131 (KDK)<\/h2>\n<p>Denetim s\u00fcrecinde en \u00e7ok \u00f6nem arz eden ve \u00f6zel denetim prosed\u00fcrleri uygulanan \u00fc\u00e7 temel alan belirlenmi\u015ftir:<\/p>\n<h3>1. Geli\u015ftirme Maliyetlerinin Muhasebele\u015ftirilmesi<\/h3>\n<p>Grup, \u00fcretim verimlili\u011fini art\u0131rmak ve maliyetleri azaltmak amac\u0131yla y\u00fcr\u00fctt\u00fc\u011f\u00fc projelerin personel ve hammadde maliyetlerini aktifle\u015ftirmektedir.<\/p>\n<ul>\n<li><b>Finansal Etki:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u015ferefiye d\u0131\u015f\u0131ndaki maddi olmayan duran varl\u0131klar\u0131n net defter de\u011feri <b>3.384.766 bin TL<\/b>&#8216;dir.<\/li>\n<li><b>Kritik Varsay\u0131mlar:<\/b> Aktifle\u015ftirme s\u00fcreci, y\u00f6netimin gelece\u011fe y\u00f6nelik gelir beklentileri ve \u00fcr\u00fcnlerin pazar performans tahminlerine dayanmaktad\u0131r.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> Proje bazl\u0131 masraf detaylar\u0131 incelenmi\u015f, personel maliyetleri bordrolarla test edilmi\u015f ve sat\u0131\u015f departman\u0131 ile g\u00f6r\u00fc\u015f\u00fclerek \u00fcr\u00fcnlerin pazar performans\u0131 ve geri kazan\u0131labilirli\u011fi do\u011frulanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>2. Arazi, Arsa ve Binalar\u0131n Ger\u00e7e\u011fe Uygun De\u011fer \u00d6l\u00e7\u00fcmleri<\/h3>\n<p>TMS 16 kapsam\u0131nda bu varl\u0131klar yeniden de\u011ferleme modeli ile izlenmektedir.<\/p>\n<ul>\n<li><b>Finansal Etki:<\/b> Toplam ta\u015f\u0131nan de\u011fer <b>4.386.823 bin TL<\/b> olarak hesaplanm\u0131\u015ft\u0131r. 31 Temmuz 2025 tarihindeki de\u011ferleme sonucu, vergi etkisi hari\u00e7 75.807 bin TL de\u011fer azal\u0131\u015f\u0131 tespit edilmi\u015f ve bu tutar \u00f6zkaynaklar alt\u0131nda muhasebele\u015ftirilmi\u015ftir.<\/li>\n<li><b>Y\u00f6ntem:<\/b> De\u011ferlemede emsal kar\u015f\u0131la\u015ft\u0131rma (pazar) ve maliyet yakla\u015f\u0131mlar\u0131 kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> Ba\u011f\u0131ms\u0131z de\u011ferleme kurulu\u015funun yetkinli\u011fi test edilmi\u015f; m\u00b2, konum ve imar durumu gibi verilerin do\u011frulu\u011fu tapu kay\u0131tlar\u0131 \u00fczerinden \u00f6rneklem y\u00f6ntemiyle kontrol edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3. TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221;<\/h3>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131, paran\u0131n raporlama tarihindeki cari sat\u0131n al\u0131m g\u00fcc\u00fc cinsinden yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<ul>\n<li><b>\u00d6nem:<\/b> Bu uygulama karma\u015f\u0131k prosed\u00fcrler ve geni\u015f kapsaml\u0131 veri do\u011frulu\u011fu gerektirmektedir.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> Parasal ve parasal olmayan kalem ayr\u0131m\u0131 kontrol edilmi\u015f, hesaplamalarda kullan\u0131lan T\u00dc\u0130K T\u00fcketici Fiyat Endeksi katsay\u0131lar\u0131n\u0131n do\u011frulu\u011fu teyit edilmi\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>Finansal Durum Analizi (\u00d6zet Tablo)<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun 31 Aral\u0131k 2025 ve 2024 tarihlerindeki finansal durumunu kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak sunmaktad\u0131r (Tutarlar bin TL baz\u0131ndad\u0131r):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>VARLIKLAR<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>11.332.523<\/td>\n<td>10.004.189<\/td>\n<td>%13,3<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>9.456.006<\/td>\n<td>9.790.171<\/td>\n<td>-%3,4<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>20.788.529<\/b><\/td>\n<td><b>19.794.360<\/b><\/td>\n<td><b>%5,0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>KAYNAKLAR<\/b><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>11.301.951<\/td>\n<td>10.152.744<\/td>\n<td>%11,3<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>2.253.129<\/td>\n<td>2.455.276<\/td>\n<td>-%8,2<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>7.233.449<\/td>\n<td>7.186.340<\/td>\n<td>%0,7<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>20.788.529<\/b><\/td>\n<td><b>19.794.360<\/b><\/td>\n<td><b>%5,0<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>Kar veya Zarar Analizi<\/h2>\n<p>Grubun 2025 y\u0131l\u0131ndaki operasyonel ve finansal performans\u0131, sat\u0131\u015flardaki reel art\u0131\u015f\u0131 ve maliyet yap\u0131s\u0131ndaki de\u011fi\u015fimleri g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 16.599.038 bin TL (2024: 14.224.493 bin TL).<\/li>\n<li><b>Br\u00fct Kar:<\/b> 4.599.703 bin TL. Br\u00fct kar marj\u0131 belirgin bir \u015fekilde iyile\u015fmi\u015ftir.<\/li>\n<li><b>Esas Faaliyet Kar\u0131:<\/b> 2.672.205 bin TL.<\/li>\n<li><b>Finansman Giderleri:<\/b> 3.764.832 bin TL seviyesinde ger\u00e7ekle\u015ferek d\u00f6nem kar\u0131 \u00fczerinde bask\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li><b>Parasal Kazan\u00e7\/Kay\u0131p:<\/b> Enflasyon d\u00fczeltmesi kaynakl\u0131 1.434.178 bin TL parasal kazan\u00e7 kaydedilmi\u015ftir.<\/li>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> 179.091 bin TL.<\/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>Nakit Ak\u0131\u015f De\u011ferlendirmesi<\/h2>\n<p>Grubun nakit y\u00f6netim stratejisi, faaliyetlerden sa\u011flanan nakdin yat\u0131r\u0131mlara ve bor\u00e7 servisine y\u00f6nlendirilmesi \u00fczerine kuruludur:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 1.686.945 bin TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bu tutar\u0131n hesaplanmas\u0131nda amortisman d\u00fczeltmeleri (768,5 milyon TL) ve kar\u015f\u0131l\u0131klardaki de\u011fi\u015fimler (1,3 milyar TL) \u00f6nemli rol oynam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> (1.025.647) bin TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu \u00e7\u0131k\u0131\u015f\u0131n ana kalemi 784,5 milyon TL ile maddi olmayan duran varl\u0131k (Ar-Ge) al\u0131mlar\u0131d\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Grup, y\u0131l i\u00e7inde 10,1 milyar TL bor\u00e7lanma giri\u015fi sa\u011flarken, 8,2 milyar TL kredi geri \u00f6demesi ve 2,2 milyar TL faiz \u00f6demesi ger\u00e7ekle\u015ftirmi\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>\u00d6nemli Notlar ve \u00d6zkaynak De\u011fi\u015fimleri<\/h2>\n<ul>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u00d6denmi\u015f sermaye 900.000 bin TL olup, sermaye d\u00fczeltme farklar\u0131 13,1 milyar TL seviyesindedir.<\/li>\n<li><b>Ge\u00e7mi\u015f Y\u0131llar Zararlar\u0131:<\/b> Enflasyon muhasebesi etkileri dahil olmak \u00fczere birikmi\u015f ge\u00e7mi\u015f y\u0131l zararlar\u0131 8,3 milyar TL seviyesindedir.<\/li>\n<li><b>Yeniden De\u011ferleme:<\/b> \u00d6zkaynaklar alt\u0131nda izlenen maddi duran varl\u0131k yeniden de\u011ferleme art\u0131\u015flar\u0131, vergi \u00f6ncesi 75,8 milyon TL&#8217;lik bir azal\u0131\u015fla toplam 1,1 milyar TL birikmi\u015f bakiyeye gerilemi\u015ftir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Karsan Otomotiv 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: G\u00fc\u00e7l\u00fc B\u00fcy\u00fcme ve \u0130hracat Odakl\u0131 Ba\u015far\u0131<br \/>\nKarsan Otomotiv\u2019in 2025 y\u0131l\u0131 konsolide finansal raporu, \u015firketin s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme ivmesini korudu\u011funu ve 16,6 milyar TL has\u0131lat ile g\u00fc\u00e7l\u00fc bir finansal performans sergiledi\u011fini ortaya koyuyor. 9,9 milyar TL&#8217;yi a\u015fan ihracat hacmi ile k\u00fcresel bir oyuncu olma vizyonunu peki\u015ftiren Karsan, net d\u00f6nem kar\u0131n\u0131 179 milyon TL\u2019ye y\u00fckselterek karl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r. AR-GE ve \u00fcr\u00fcn geli\u015ftirme projelerine aktar\u0131lan 3,3 milyar TL \u00fczerindeki yat\u0131r\u0131m, \u015firketin yenilik\u00e7i mobilite \u00e7\u00f6z\u00fcmlerine olan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 simgeliyor. Enflasyon muhasebesi (TMS 29) standartlar\u0131na uygun olarak haz\u0131rlanan bu rapor, Karsan&#8217;\u0131n \u015feffaf ve g\u00fcvenilir mali yap\u0131s\u0131n\u0131 bir kez daha tescilliyor.<\/p>\n","protected":false},"author":7,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[273],"class_list":["post-1445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-karsn"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1445","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1445"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1445\/revisions"}],"predecessor-version":[{"id":1459,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1445\/revisions\/1459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}