{"id":1477,"date":"2026-02-27T21:14:14","date_gmt":"2026-02-27T18:14:14","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1477"},"modified":"2026-03-13T20:27:06","modified_gmt":"2026-03-13T17:27:06","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-doas-bilanco-analizi-2025-12-dogus-otomotiv-servis-ve-ticaret-a-s","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1477","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 DOAS Bilan\u00e7o Analizi 2025\/12 | Do\u011fu\u015f Otomotiv Servis ve Ticaret A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube-nocookie.com\/embed\/1C2PuBkF3tI?si=zXzB-ZPqN1sxAU9e\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Do\u011fu\u015f Otomotiv 2025 Finansal Raporu: Rakamlar\u0131n \u00d6tesindeki 5 Kritik G\u00f6zlem<\/h1>\n<h2>1. Giri\u015f: Bir Dev Devinim Halinde<\/h2>\n<p>Otomotiv sekt\u00f6r\u00fcn\u00fcn amiral gemilerinden Do\u011fu\u015f Otomotiv (DOAS), 31 Aral\u0131k 2025 verilerini i\u00e7eren ba\u011f\u0131ms\u0131z denetim raporunu kamuoyuyla payla\u015ft\u0131. Ancak bu y\u0131lki rapor, yaln\u0131zca bir bilan\u00e7o sunumu de\u011fil; y\u00fcksek enflasyonun, s\u0131k\u0131la\u015fan finansman kanallar\u0131n\u0131n ve de\u011fi\u015fen piyasa dinamiklerinin dev bir yap\u0131y\u0131 nas\u0131l bir s\u0131navdan ge\u00e7irdi\u011finin vesikas\u0131 niteli\u011finde.<\/p>\n<p>Ekonomi \u00e7evrelerinde as\u0131l merak edilen soru ise \u015fu: <b>Enflasyon muhasebesi (TMS 29)<\/b> sonras\u0131 ortaya \u00e7\u0131kan tablolar, bize bir b\u00fcy\u00fcme hikayesi mi anlat\u0131yor yoksa operasyonel bir daralman\u0131n sinyallerini mi veriyor? Nominal rakamlar\u0131n yaratt\u0131\u011f\u0131 ill\u00fczyonu bir kenara b\u0131rak\u0131p, Do\u011fu\u015f Otomotiv&#8217;in 130,4 milyar TL\u2019lik varl\u0131k g\u00fcc\u00fcn\u00fcn arkas\u0131ndaki ger\u00e7ek performans\u0131 analiz edelim.<\/p>\n<h2>2. K\u00e2r Paradoksu: Has\u0131lat Artarken Net K\u00e2r Neden D\u00fc\u015ft\u00fc?<\/h2>\n<p>Do\u011fu\u015f Otomotiv\u2019in 2025 y\u0131l\u0131 &#8220;Konsolide Kar veya Zarar Tablosu&#8221; ilk bak\u0131\u015fta bir tezat sunuyor. \u015eirketin has\u0131lat\u0131, 2024\u2019teki 246,5 milyar TL seviyesinden %3,7\u2019lik s\u0131n\u0131rl\u0131 bir art\u0131\u015fla <b>255,7 milyar TL<\/b>\u2019ye y\u00fckseldi. Ancak bu art\u0131\u015f, k\u00e2rl\u0131l\u0131k taraf\u0131nda tam bir &#8220;erimeye&#8221; d\u00f6n\u00fc\u015fm\u00fc\u015f durumda. 2024 y\u0131l\u0131nda 9,9 milyar TL olan net k\u00e2r, 2025 sonunda sert bir d\u00fc\u015f\u00fc\u015fle <b>3,1 milyar TL<\/b> seviyesine geriledi.<\/p>\n<p>Bu k\u00e2r paradoksunun arkas\u0131nda k\u0131demli bir analistin g\u00f6zden ka\u00e7\u0131rmayaca\u011f\u0131 \u00fc\u00e7 temel dinamik yat\u0131yor:<\/p>\n<ul>\n<li><b>Br\u00fct K\u00e2r Marj\u0131ndaki Erime:<\/b> Has\u0131lat %3,7 artarken, sat\u0131\u015flar\u0131n maliyeti %8,1 artarak (206,9 milyar TL&#8217;den 223,8 milyar TL&#8217;ye) k\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131lad\u0131. Yani maliyetler, has\u0131lattaki art\u0131\u015f\u0131n iki kat\u0131ndan fazla bir ivmeyle y\u00fckseldi.<\/li>\n<li><b>Finansman Gideri Bask\u0131s\u0131:<\/b> Finansman giderleri <b>10,3 milyar TL<\/b> gibi devasa bir seviyeye ula\u015farak net k\u00e2r\u0131n \u00f6n\u00fcndeki en b\u00fcy\u00fck engel oldu.<\/li>\n<li><b>Parasal Pozisyon Etkisi:<\/b> 2024\u2019te 1,7 milyar TL olan net parasal pozisyon kayb\u0131n\u0131n 2025&#8217;te <b>246 milyon TL kazanca<\/b> d\u00f6nmesi k\u00e2r\u0131 bir miktar desteklese de, operasyonel taraftaki kan kayb\u0131n\u0131 durdurmaya yetmedi. Neticede Esas Faaliyet Kar\u0131, 21,2 milyar TL\u2019den <b>11,5 milyar TL<\/b>\u2019ye geriledi.<\/li>\n<\/ul>\n<h2>3. Gayrimenkul Kalesi: 40 Milyar TL&#8217;lik G\u00f6r\u00fcnmez G\u00fc\u00e7<\/h2>\n<p>Raporun &#8220;Kilit Denetim Konular\u0131&#8221; incelendi\u011finde, Do\u011fu\u015f Otomotiv\u2019in profilinin sadece bir distrib\u00fct\u00f6rl\u00fckten, &#8220;varl\u0131k odakl\u0131 bir holding&#8221; yap\u0131s\u0131na evrildi\u011fi g\u00f6r\u00fcl\u00fcyor. \u015eirket, 20,4 milyar TL\u2019lik yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul ve 19,4 milyar TL\u2019lik arsa\/bina portfoyu ile toplamda <b>40 milyar TL<\/b>\u2019ye dayanan devasa bir gayrimenkul kalesine sahip.<\/p>\n<p>Bu portf\u00f6y sadece bir duran varl\u0131k de\u011fil; ayn\u0131 zamanda bilan\u00e7o i\u00e7in bir &#8220;de\u011ferleme kalkan\u0131&#8221;. 2025 y\u0131l\u0131nda yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerden 140 milyon TL (K\u00e2r\/Zarar tablosuna), arsa ve binalardan ise 1,07 milyar TL (Di\u011fer Kapsaml\u0131 Gelir&#8217;e) yeniden de\u011ferleme kazanc\u0131 yaz\u0131ld\u0131. Ba\u011f\u0131ms\u0131z denet\u00e7i PwC, bu kilit konuya dair \u015fu kritik notu d\u00fc\u015f\u00fcyor:<\/p>\n<p>&#8220;Bu varl\u0131klar\u0131n ger\u00e7e\u011fe uygun de\u011ferleri, kullan\u0131lan de\u011ferleme y\u00f6ntemine ve de\u011ferleme modelindeki girdi ve varsay\u0131mlara ba\u011fl\u0131d\u0131r.&#8221;<\/p>\n<h2>4. Stok Patlamas\u0131 ve Nakit Daralmas\u0131: Risk mi, Strateji mi?<\/h2>\n<p>Konsolide finansal durum tablosunda nakit ve stok kalemleri aras\u0131ndaki makas, i\u015fletme sermayesi y\u00f6netimi a\u00e7\u0131s\u0131ndan alarm veriyor.<\/p>\n<ul>\n<li><b>Nakit Varl\u0131klarda %55 Kay\u0131p:<\/b> Nakit ve nakit benzerleri <b>12,3 milyar TL\u2019den 5,5 milyar TL\u2019ye<\/b> gerileyerek adeta eridi.<\/li>\n<li><b>Stoklarda 10 Milyar TL\u2019lik S\u0131\u00e7rama:<\/b> Stoklar, 20,1 milyar TL\u2019den <b>30,1 milyar TL<\/b>\u2019ye f\u0131rlad\u0131.<\/li>\n<\/ul>\n<p>Bug\u00fcn itibar\u0131yla stoklar, \u015firketin 130,4 milyar TL\u2019lik toplam varl\u0131klar\u0131n\u0131n <b>%23\u2019\u00fcn\u00fc<\/b> olu\u015fturuyor. Nakdin bu kadar sert azald\u0131\u011f\u0131 bir ortamda, i\u015fletme sermayesinin stoklara ba\u011flanmas\u0131 finansal esnekli\u011fi k\u0131s\u0131tlayan bir risk mi, yoksa 2026\u2019daki olas\u0131 talep art\u0131\u015f\u0131na haz\u0131rl\u0131k m\u0131? Bu stratejinin do\u011frulu\u011funu \u00f6n\u00fcm\u00fczdeki y\u0131l\u0131n ilk iki \u00e7eyre\u011fi teyit edecek.<\/p>\n<h2>5. T\u00dcVT\u00dcRK ve 2027 Viraj\u0131: Bir Devrin Sonu mu?<\/h2>\n<p>Raporun 17. sayfas\u0131ndaki (Not 2.3 &#8211; iii) bir dipnot, Do\u011fu\u015f Otomotiv\u2019in nakit ak\u0131\u015f\u0131 i\u00e7in hayati \u00f6nem ta\u015f\u0131yan bir &#8220;son kullanma tarihine&#8221; i\u015faret ediyor. \u015eirketin \u00f6nemli gelir kap\u0131s\u0131 olan T\u00dcVT\u00dcRK ara\u00e7 muayene hizmeti lisans\u0131 <b>A\u011fustos 2027<\/b>\u2019de sona eriyor.<\/p>\n<p>Daha da \u00f6nemlisi, 24 \u015eubat 2025\u2019te yap\u0131lan ihale s\u00fcreciyle birlikte netle\u015fen bu takvim, \u015firketin 2027 sonras\u0131nda bu nakit ak\u0131\u015f\u0131n\u0131 nas\u0131l ikame edece\u011fi sorusunu g\u00fcndeme getiriyor. T\u00dcVT\u00dcRK Kuzey ve G\u00fcney ortakl\u0131klar\u0131 bug\u00fcne kadar &#8220;alt\u0131n yumurtlayan tavuk&#8221; rol\u00fcndeydi; 2027 viraj\u0131 bu anlamda stratejik bir yol ayr\u0131m\u0131 olacakt\u0131r.<\/p>\n<h2>6. Enflasyonun &#8220;Ger\u00e7ek&#8221; Y\u00fcz\u00fc: TMS 29 Ayar\u0131<\/h2>\n<p>Raporun 8. sayfas\u0131nda detayland\u0131r\u0131lan TMS 29 d\u00fczeltmeleri, yat\u0131r\u0131mc\u0131lara bir ger\u00e7eklik kontrol\u00fc sunuyor. T\u00fcm rakamlar 31 Aral\u0131k 2025\u2019in sat\u0131n alma g\u00fcc\u00fcne g\u00f6re revize edildi\u011fi i\u00e7in 2024 rakamlar\u0131 da yukar\u0131 y\u00f6nl\u00fc g\u00fcncellendi.<\/p>\n<p>\u00dc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyonun <b>%211<\/b>\u2019e ula\u015ft\u0131\u011f\u0131 bu d\u00f6nemde, Do\u011fu\u015f Otomotiv&#8217;in has\u0131lat\u0131ndaki %3,7\u2019lik art\u0131\u015f, asl\u0131nda enflasyondan ar\u0131nd\u0131r\u0131ld\u0131\u011f\u0131nda bir b\u00fcy\u00fcme de\u011fil, <b>reel bir daralma<\/b> anlam\u0131na geliyor. \u015eirketin nominal olarak b\u00fcy\u00fcyor g\u00f6r\u00fcnmesi, y\u00fcksek enflasyon d\u00f6nemindeki sat\u0131n alma g\u00fcc\u00fc kayb\u0131n\u0131 perdeleyemiyor.<\/p>\n<h2>7. Sonu\u00e7: 2026&#8217;ya Bak\u0131\u015f ve Kritik Soru<\/h2>\n<p>Do\u011fu\u015f Otomotiv, <b>130,4 milyar TL<\/b>\u2019lik toplam varl\u0131k g\u00fcc\u00fc ve devasa gayrimenkul portf\u00f6y\u00fc ile finansal olarak \u00e7ok g\u00fc\u00e7l\u00fc bir zeminde duruyor. Ancak operasyonel k\u00e2rl\u0131l\u0131kta ya\u015fanan %70\u2019e yak\u0131n d\u00fc\u015f\u00fc\u015f ve maliyetlerin has\u0131lattan h\u0131zl\u0131 artmas\u0131, verimlilik odakl\u0131 bir yeniden yap\u0131lanman\u0131n sinyallerini veriyor.<\/p>\n<p><b>Kritik Soru:<\/b> Stoklardaki bu devasa birikim ve 2027&#8217;de sona erecek kritik lisanslar g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda; Do\u011fu\u015f Otomotiv \u00f6n\u00fcm\u00fczdeki iki y\u0131l i\u00e7inde rotas\u0131n\u0131 otomotiv distrib\u00fct\u00f6rl\u00fc\u011f\u00fcnden gayrimenkul odakl\u0131 bir varl\u0131k y\u00f6netim yap\u0131s\u0131na m\u0131 k\u0131racak, yoksa operasyonel verimlili\u011fi geri kazanarak eski k\u00e2r g\u00fcnlerine mi d\u00f6necek?<\/p>\n<p>&nbsp;<\/p>\n<h1>DO\u011eU\u015e OTOMOT\u0130V SERV\u0130S VE T\u0130CARET A.\u015e. 31 ARALIK 2025 F\u0130NANSAL RAPOR B\u0130LG\u0130LEND\u0130RME DOK\u00dcMANI<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Do\u011fu\u015f Otomotiv Servis ve Ticaret A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal raporlar\u0131n\u0131n ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunun kapsaml\u0131 bir sentezidir.<\/p>\n<p>Temel bulgular \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> PwC taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, finansal tablolar\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak, t\u00fcm \u00f6nemli y\u00f6nleriyle Grup&#8217;un finansal durumunu ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu teyit edilmi\u015ftir.<\/li>\n<li><b>Finansal Performans:<\/b> 2025 y\u0131l\u0131nda has\u0131lat 255,8 milyar TL&#8217;ye y\u00fckselirken, net d\u00f6nem kar\u0131 2024 y\u0131l\u0131ndaki 10 milyar TL seviyesinden 3,1 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uyar\u0131nca 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/li>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Grup&#8217;un toplam varl\u0131klar\u0131 130,4 milyar TL seviyesindedir. Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller ve maddi duran varl\u0131klar (arsa ve binalar) toplam varl\u0131klar\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 olu\u015fturmaktad\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>1. Ba\u011f\u0131ms\u0131z Denetim ve G\u00f6r\u00fc\u015f Bildirimi<\/h2>\n<p>PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. taraf\u0131ndan haz\u0131rlanan rapor, Grup&#8217;un 2025 y\u0131l\u0131 finansal performans\u0131n\u0131 onaylamaktad\u0131r.<\/p>\n<h3>1.1. Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>Denet\u00e7i, Grup&#8217;un finansal durum tablosu, kar veya zarar tablosu ve nakit ak\u0131\u015f tablosunun TFRS&#8217;lere uygun olarak haz\u0131rland\u0131\u011f\u0131na dair <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir. Denetim, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri ve T\u00fcrkiye Denetim Standartlar\u0131&#8217;na (BDS) uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr.<\/p>\n<h3>1.2. Kilit Denetim Konusu: Gayrimenkul De\u011ferlemeleri<\/h3>\n<p>Denetim s\u00fcrecinde en kritik konu olarak, yeniden de\u011ferleme modeli ile muhasebele\u015ftirilen yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller ile arsa ve binalar\u0131n ger\u00e7e\u011fe uygun de\u011ferinin belirlenmesi tan\u0131mlanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>De\u011ferleme Tutarlar\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin de\u011feri <b>20.398.235 bin TL<\/b>, arsa ve binalar\u0131n de\u011feri ise <b>19.374.360 bin TL<\/b> olarak tespit edilmi\u015ftir.<\/li>\n<li><b>Art\u0131\u015flar\u0131n Muhasebele\u015ftirilmesi:<\/b> Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerdeki 140.027 bin TL tutar\u0131ndaki art\u0131\u015f kar\/zarar tablosuna; arsa ve binalardaki 1.070.170 bin TL tutar\u0131ndaki art\u0131\u015f ise di\u011fer kapsaml\u0131 gelir tablosuna yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Ba\u011f\u0131ms\u0131z de\u011ferleme kurulu\u015flar\u0131n\u0131n yetkinli\u011fi de\u011ferlendirilmi\u015f, tapu kay\u0131tlar\u0131 test edilmi\u015f ve &#8220;Denet\u00e7i Uzman\u0131&#8221; arac\u0131l\u0131\u011f\u0131yla kullan\u0131lan emsal kar\u015f\u0131la\u015ft\u0131rma ve indirgenmi\u015f nakit ak\u0131m y\u00f6ntemlerindeki varsay\u0131mlar (kira art\u0131\u015f oranlar\u0131, doluluk, iskonto oranlar\u0131) incelenmi\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>2. Finansal Durum Analizi<\/h2>\n<p>Grup&#8217;un finansal verileri, enflasyon etkisinden ar\u0131nd\u0131r\u0131larak 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcyle sunulmu\u015ftur.<\/p>\n<h3>2.1. Konsolide Finansal Durum \u00d6zet Tablosu (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>130.369.139<\/b><\/td>\n<td><b>120.694.891<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>66.090.470<\/td>\n<td>55.764.048<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>64.278.669<\/td>\n<td>64.930.843<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>62.259.482<\/b><\/td>\n<td><b>47.737.449<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>46.109.273<\/td>\n<td>35.308.650<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>16.150.209<\/td>\n<td>12.428.799<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>68.109.657<\/b><\/td>\n<td><b>72.957.442<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Kar veya Zarar Analizi<\/h3>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2024 y\u0131l\u0131ndaki 246,6 milyar TL seviyesinden %3,7 art\u0131\u015fla <b>255,8 milyar TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Br\u00fct Kar:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f nedeniyle 39,6 milyar TL&#8217;den <b>31,9 milyar TL<\/b>&#8216;ye gerilemi\u015ftir.<\/li>\n<li><b>Esas Faaliyet Kar\u0131:<\/b> 21,3 milyar TL&#8217;den <b>11,5 milyar TL<\/b>&#8216;ye d\u00fc\u015ferek \u00f6nemli bir daralma g\u00f6stermi\u015ftir.<\/li>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> Ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net kar <b>3.141.080 bin TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 9.937.692 bin TL).<\/li>\n<li><b>Pay Ba\u015f\u0131na Kazan\u00e7:<\/b> 2024&#8217;te 45,42 TL olan hisse ba\u015f\u0131na kazan\u00e7, 2025&#8217;te <b>14,28 TL<\/b>&#8216;ye inmi\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. Kurumsal Yap\u0131 ve Operasyonel Faaliyetler<\/h2>\n<h3>3.1. Marka Portf\u00f6y\u00fc ve Distrib\u00fct\u00f6rl\u00fck<\/h3>\n<p>Grup, Volkswagen Grubu b\u00fcnyesindeki geni\u015f bir yelpazenin T\u00fcrkiye distrib\u00fct\u00f6rl\u00fc\u011f\u00fcn\u00fc y\u00fcr\u00fctmektedir:<\/p>\n<ul>\n<li><b>Binek ve Ticari Ara\u00e7lar:<\/b> VW, Audi, Seat, Cupra, Porsche, Bentley, Lamborghini, Scania.<\/li>\n<li><b>End\u00fcstriyel ve Denizcilik:<\/b> Scania Power Solutions, Thermoking, Meiller, Wielton, Novamarine, Riviera.<\/li>\n<li><b>Di\u011fer:<\/b> DOD (ikinci el ara\u00e7), Aerofoil (e-foil), Mate (elektrikli bisiklet).<\/li>\n<\/ul>\n<h3>3.2. Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n<ul>\n<li><b>Do\u011fu\u015f Oto Pazarlama (%96,20):<\/b> Yetkili sat\u0131\u015f ve servis hizmetleri.<\/li>\n<li><b>Do\u011fu\u015f GYO (%94,44):<\/b> Gayrimenkul portf\u00f6y y\u00f6netimi.<\/li>\n<li><b>D-Charge (%100):<\/b> \u015earj \u00fcnitesi ve istasyon a\u011f\u0131 i\u015fletmecili\u011fi (2023&#8217;te kuruldu).<\/li>\n<li><b>\u0130\u015ftirakler:<\/b> Y\u00fcce Auto (%50 &#8211; Skoda distrib\u00fct\u00f6r\u00fc), Do\u011fu\u015f Sigorta (%42), VDF Servis (%48,79), Do\u011fu\u015f Teknoloji (%21,76).<\/li>\n<li><b>\u0130\u015f Ortakl\u0131klar\u0131:<\/b> T\u00dcVT\u00dcRK Kuzey ve G\u00fcney (%33,33). <i>Not: T\u00dcVT\u00dcRK i\u015fletme lisans\u0131 A\u011fustos 2027&#8217;de sona erecektir.<\/i><\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Muhasebe Esaslar\u0131 ve \u00d6nemli Notlar<\/h2>\n<h3>4.1. Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi kategorisinde de\u011ferlendirilmesi nedeniyle, T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00dcFE endeksleri kullan\u0131larak d\u00fczeltmeler yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li>31 Aral\u0131k 2025 Endeksi: <b>3.513,87<\/b><\/li>\n<li>2025 y\u0131l\u0131 d\u00fczeltme katsay\u0131s\u0131: <b>1,00000<\/b><\/li>\n<li>2024 y\u0131l\u0131 d\u00fczeltme katsay\u0131s\u0131: <b>1,30892<\/b><\/li>\n<\/ul>\n<h3>4.2. Personel Yap\u0131s\u0131<\/h3>\n<p>D\u00f6nem i\u00e7inde \u00e7al\u0131\u015fan ortalama personel say\u0131s\u0131 art\u0131\u015f g\u00f6stermi\u015ftir:<\/p>\n<ul>\n<li><b>Beyaz Yakal\u0131:<\/b> 1.488 ki\u015fi (2024: 1.420)<\/li>\n<li><b>Mavi Yakal\u0131:<\/b> 672 ki\u015fi (2024: 658)<\/li>\n<\/ul>\n<h3>4.3. \u00d6nemli Nakit Ak\u0131\u015flar\u0131<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 2025 y\u0131l\u0131nda 12,8 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r (2024 y\u0131l\u0131nda 17,9 milyar TL nakit giri\u015fi mevcuttu).<\/li>\n<li><b>Temett\u00fc \u00d6demeleri:<\/b> 2025 y\u0131l\u0131nda <b>7.135.510 bin TL<\/b> tutar\u0131nda temett\u00fc \u00f6denmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131mlar:<\/b> Maddi duran varl\u0131k al\u0131m\u0131 i\u00e7in 3,7 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.4. Gelecek D\u00fczenlemeler<\/h3>\n<p>Rapor, 2026 ve 2027 y\u0131llar\u0131nda y\u00fcr\u00fcrl\u00fc\u011fe girecek yeni standartlara (TFRS 18, TFRS 19 vb.) at\u0131fta bulunarak, bu standartlar\u0131n finansal raporlama \u00fczerindeki olas\u0131 etkilerinin Grup taraf\u0131ndan de\u011ferlendirildi\u011fini belirtmektedir. \u00d6zellikle TFRS 18 ile kar veya zarar tablosunun yap\u0131s\u0131nda de\u011fi\u015fiklikler \u00f6ng\u00f6r\u00fclmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1477\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Do\u011fu\u015f Otomotiv 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Enflasyon Muhasebesi ve Stratejik Yat\u0131r\u0131mlar \u00d6n Planda<br \/>\nDo\u011fu\u015f Otomotiv (DOAS), 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Enflasyon muhasebesi (TMS 29) etkilerinin net bir \u015fekilde g\u00f6r\u00fcld\u00fc\u011f\u00fc raporlarda, \u015firketin toplam has\u0131lat\u0131 255,8 milyar TL&#8217;ye ula\u015farak g\u00fc\u00e7l\u00fc seyrini s\u00fcrd\u00fcrd\u00fc.<br \/>\nOtomotiv sekt\u00f6r\u00fcndeki lider konumunu koruyan Grup, ayn\u0131 zamanda gayrimenkul portf\u00f6y\u00fcndeki 20,4 milyar TL&#8217;lik yat\u0131r\u0131m de\u011feriyle varl\u0131k yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmeye devam ediyor. Net d\u00f6nem kar\u0131n\u0131n 3,14 milyar TL olarak ger\u00e7ekle\u015fti\u011fi bu d\u00f6nemde, \u015firket hem denizcilik sekt\u00f6r\u00fcndeki yeni distrib\u00fct\u00f6rl\u00fck anla\u015fmalar\u0131 hem de b\u00f6lge co\u011frafyas\u0131ndaki geni\u015fleme planlar\u0131yla gelecek vizyonunu per\u00e7inliyor. Do\u011fu\u015f Otomotiv&#8217;in 2025 y\u0131l\u0131 performans\u0131na ve finansal sa\u011fl\u0131\u011f\u0131na dair t\u00fcm kritik veriler analizimizde.<\/p>\n","protected":false},"author":8,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[276],"class_list":["post-1477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-doas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1477","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1477"}],"version-history":[{"count":5,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1477\/revisions"}],"predecessor-version":[{"id":1882,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1477\/revisions\/1882"}],"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=1477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}