{"id":1482,"date":"2026-02-27T21:16:57","date_gmt":"2026-02-27T18:16:57","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1482"},"modified":"2026-02-27T22:06:12","modified_gmt":"2026-02-27T19:06:12","slug":"tralt-bilanco-analizi-2025-12-turk-altin-isletmeleri","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1482","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 #TRALT Bilan\u00e7o Analizi 2025\/12 | T\u00fcrk Alt\u0131n \u0130\u015fletmeleri"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube-nocookie.com\/embed\/YrFAwaYalns?si=NI36NlYnISIPswPP\" 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>T\u00fcrk Alt\u0131n\u2019\u0131n 2025 Bilan\u00e7osu: Koza&#8217;dan T\u00fcrk Alt\u0131n\u2019a Ge\u00e7i\u015fte \u015ea\u015f\u0131rt\u0131c\u0131 Rakamlar ve 5 Temel \u00c7\u0131kar\u0131m<\/h1>\n<h2>1. Giri\u015f: Alt\u0131n Devinde Yeni Bir D\u00f6nem<\/h2>\n<p>2025 y\u0131l\u0131, T\u00fcrkiye madencilik sekt\u00f6r\u00fc ve Borsa \u0130stanbul (B\u0130ST) yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in sadece bir ekonomik ge\u00e7i\u015f y\u0131l\u0131 de\u011fil, bir devin kimlik de\u011fi\u015ftirerek mali yap\u0131s\u0131n\u0131 tahkim etti\u011fi bir d\u00f6n\u00fcm noktas\u0131 olarak kay\u0131tlara ge\u00e7ti. 6 Kas\u0131m 2025 tarihinde tescil edilen isim de\u011fi\u015fikli\u011fiyle &#8220;Koza Alt\u0131n&#8221; markas\u0131na veda eden \u015firket, yoluna <b>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e.<\/b> olarak devam etme karar\u0131 ald\u0131. Ancak bu de\u011fi\u015fim sadece bir tabela tadilat\u0131ndan ibaret de\u011fil. 31 Aral\u0131k 2025 itibar\u0131yla a\u00e7\u0131klanan ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f finansal tablolar, \u015firketin enflasyon muhasebesinin (TMS 29) yaratt\u0131\u011f\u0131 sisli ortamda dahi likidite g\u00fcc\u00fcn\u00fc nas\u0131l maksimize etti\u011fini ve operasyonel odak noktas\u0131n\u0131 nas\u0131l keskinle\u015ftirdi\u011fini rakamlarla kan\u0131tl\u0131yor.<\/p>\n<h2>2. Kar Patlamas\u0131: 790 Milyondan 4.1 Milyar Liraya Uzanan Yol<\/h2>\n<p>T\u00fcrk Alt\u0131n\u2019\u0131n 2025 y\u0131l\u0131 performans raporunda g\u00f6ze \u00e7arpan ilk veri, net d\u00f6nem k\u00e2r\u0131ndaki ola\u011fan\u00fcst\u00fc ivmelenmedir. 2024 y\u0131l\u0131nda 790,5 milyon TL (790.577 bin TL) olan net d\u00f6nem k\u00e2r\u0131, 2025 sonunda yakla\u015f\u0131k 5,2 katl\u0131k bir art\u0131\u015fla <b>4,1 milyar TL<\/b> (4.104.324 bin TL) seviyesine ula\u015farak yat\u0131r\u0131mc\u0131s\u0131n\u0131 \u015fa\u015f\u0131rtt\u0131.<\/p>\n<p>Bu k\u00e2rl\u0131l\u0131k art\u0131\u015f\u0131n\u0131n temelinde, \u015firketin g\u00fc\u00e7l\u00fc operasyonel kald\u0131rac\u0131 ve has\u0131lat taraf\u0131ndaki kararl\u0131 b\u00fcy\u00fcmesi yat\u0131yor. \u015eirket, 2025 hesap d\u00f6neminde <b>16,9 milyar TL<\/b> (16.935.167 bin TL) has\u0131lat elde ederek sat\u0131\u015f gelirlerini bir \u00f6nceki y\u0131l\u0131n 11,4 milyar TL seviyesinden %48 oran\u0131nda yukar\u0131 ta\u015f\u0131may\u0131 ba\u015fard\u0131. \u00dcretim maliyetlerindeki art\u0131\u015fa ra\u011fmen br\u00fct k\u00e2r\u0131n 7,4 milyar TL (7.415.280 bin TL) seviyesine \u00e7\u0131kmas\u0131, \u015firketin madencilik operasyonlar\u0131ndaki verimlili\u011fini korudu\u011funu g\u00f6steriyor.<\/p>\n<h2>3. Nakit Da\u011f\u0131: 34 Kat Artan Likidite G\u00fcc\u00fc ve Varl\u0131k D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h2>\n<p>\u015eirketin bilan\u00e7osundaki en radikal de\u011fi\u015fim &#8220;Nakit ve Nakit Benzerleri&#8221; kaleminde ya\u015fand\u0131. 2024 sonunda 140,5 milyon TL (140.533 bin TL) olan nakit pozisyonu, 2025 kapan\u0131\u015f\u0131nda <b>4,8 milyar TL<\/b> (4.867.991 bin TL) gibi muazzam bir seviyeye ula\u015ft\u0131.<\/p>\n<p>Analitik bir bak\u0131\u015fla incelendi\u011finde, bu &#8220;nakit da\u011f\u0131&#8221;n\u0131n sadece k\u00e2r birikimiyle de\u011fil, profesyonel bir varl\u0131k y\u00f6netimi stratejisiyle in\u015fa edildi\u011fi g\u00f6r\u00fcl\u00fcyor. Nakit Ak\u0131\u015f Tablosu verilerine g\u00f6re; stoklardaki <b>1,6 milyar TL\u2019lik<\/b> (1.601.641 bin TL) azal\u0131\u015f ve finansal yat\u0131r\u0131mlardan elde edilen <b>2,14 milyar TL\u2019lik<\/b> (2.147.612 bin TL) nakit giri\u015fi, likidite rasyolar\u0131n\u0131 zirveye ta\u015f\u0131yan temel motorlar oldu. \u015eirket, stok ve finansal yat\u0131r\u0131m enstr\u00fcmanlar\u0131n\u0131 h\u0131zla nakde \u00e7evirerek operasyonel esnekli\u011fini en \u00fcst seviyeye \u00e7\u0131kard\u0131. Bu strateji, dipnotlarda \u015fu g\u00fcven verici c\u00fcmleyle destekleniyor:<\/p>\n<p>&#8220;M\u00fc\u015fteri portf\u00f6y\u00fcn\u00fcn kurumsal nitelikte olmas\u0131 ve ge\u00e7mi\u015f deneyimler dikkate al\u0131nd\u0131\u011f\u0131nda, \u015eirket alacak riskini etkin bir \u015fekilde y\u00f6netmektedir.&#8221;<\/p>\n<h2>4. Enflasyonun G\u00f6lgesi: Parasal Kay\u0131plar\u0131 S\u00f6n\u00fcmleyen De\u011ferleme Kazan\u00e7lar\u0131<\/h2>\n<p>TMS 29 (Y\u00fcksek Enflasyon D\u00f6nemlerinde Finansal Tablolar\u0131n D\u00fczeltilmesi) uygulamas\u0131, T\u00fcrk Alt\u0131n bilan\u00e7osunda <b>3,58 milyar TL<\/b> (3.588.595 bin TL) tutar\u0131nda bir &#8220;Parasal Kay\u0131p&#8221; olarak belirdi. Ancak k\u00e2rl\u0131l\u0131\u011f\u0131n bu devasa a\u015f\u0131nmaya ra\u011fmen nas\u0131l ayakta kald\u0131\u011f\u0131, &#8220;kar\u015f\u0131-sezgisel&#8221; bir finansal ba\u015far\u0131 hikayesidir.<\/p>\n<p>Bu direncin ana kayna\u011f\u0131, \u015firketin yat\u0131r\u0131m faaliyetlerinden elde etti\u011fi <b>5,9 milyar TL<\/b> (5.978.468 bin TL) tutar\u0131ndaki gelirdir. Daha da \u00f6nemlisi, bu gelirin <b>3,71 milyar TL\u2019lik<\/b> (3.719.712 bin TL) k\u0131sm\u0131n\u0131n do\u011frudan &#8220;Finansal varl\u0131klar\u0131n ger\u00e7e\u011fe uygun de\u011fer kazan\u00e7lar\u0131ndan&#8221; gelmesidir. \u00d6zetle T\u00fcrk Alt\u0131n, sahip oldu\u011fu finansal enstr\u00fcmanlar\u0131n de\u011ferleme kazan\u00e7lar\u0131yla, enflasyonun parasal pozisyonu \u00fczerindeki a\u015f\u0131nd\u0131r\u0131c\u0131 etkisini ba\u015far\u0131yla s\u00f6n\u00fcmlemi\u015f ve net k\u00e2r\u0131n\u0131 korumay\u0131 bilmi\u015ftir.<\/p>\n<h2>5. Stratejik Al\u0131c\u0131: TCMB ve &#8220;Konsinye&#8221; Sat\u0131\u015f Modeliyle S\u0131f\u0131r Risk<\/h2>\n<p>T\u00fcrk Alt\u0131n\u2019\u0131n finansal g\u00fcvenli\u011finin en b\u00fcy\u00fck teminat\u0131, sat\u0131\u015f stratejisinde gizli. \u015eirket; Ovac\u0131k, \u00c7ukuralan, Kaymaz, Mastra ve Himmetdede gibi stratejik maden sahalar\u0131nda \u00fcretti\u011fi dore alt\u0131n barlar\u0131, \u00f6ncelikle \u00f6n al\u0131m hakk\u0131na sahip olan <b>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019na (TCMB)<\/b> satmaktad\u0131r.<\/p>\n<p>Bu sat\u0131\u015flar, yurti\u00e7indeki bankalar arac\u0131l\u0131\u011f\u0131yla <b>&#8220;konsinye&#8221;<\/b> modeline dayal\u0131 olarak ger\u00e7ekle\u015ftirilmektedir. Bu yap\u0131, \u015firketi piyasa dalgalanmalar\u0131ndan korumakla kalm\u0131yor, ayn\u0131 zamanda ticari alacak riskini neredeyse s\u0131f\u0131ra indiriyor. Nitekim bilan\u00e7oda &#8220;Ticari Alacaklar&#8221; kaleminin sadece <b>397 bin TL<\/b> gibi sembolik bir rakamda kalmas\u0131, \u00fcretilen de\u011ferin an\u0131nda likiditeye d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fcn en somut g\u00f6stergesidir. Devletin en \u00fcst kurumuyla kurulan bu g\u00fcvenli nakit ak\u0131\u015f\u0131 d\u00f6ng\u00fcs\u00fc, \u015firketi madencilik sekt\u00f6r\u00fcndeki pazar risklerinden tamamen izole etmektedir.<\/p>\n<h2>6. Gayrimenkulden Madene: Varl\u0131k Yap\u0131s\u0131ndaki Teknik D\u00f6n\u00fc\u015f\u00fcm<\/h2>\n<p>Varl\u0131k yap\u0131s\u0131ndaki de\u011fi\u015fim, T\u00fcrk Alt\u0131n\u2019\u0131n t\u00fcm enerjisini as\u0131l faaliyet alan\u0131na odaklad\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. \u015eirketin &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221; kalemi 1,8 milyar TL\u2019den <b>610 milyon TL<\/b> (610.790 bin TL) seviyesine gerilerken, &#8220;Maddi Duran Varl\u0131klar&#8221; kalemi 13,4 milyar TL\u2019den <b>19,9 milyar TL<\/b> (19.978.670 bin TL) seviyesine y\u00fckseldi.<\/p>\n<p>Bu de\u011fi\u015fimde sadece yat\u0131r\u0131m tercihlerinin de\u011fil, teknik muhasebe d\u00fczeltmelerinin de pay\u0131 var. Not 2.1\u2019de belirtildi\u011fi \u00fczere, \u015firket daha \u00f6nce &#8220;Di\u011fer Duran Varl\u0131klar&#8221; alt\u0131nda takip etti\u011fi <b>702 milyon TL<\/b> (702.005 bin TL) tutar\u0131ndaki yedek par\u00e7a ve malzemeyi, niteliklerini yeniden de\u011ferlendirerek &#8220;Stoklar&#8221; hesab\u0131na s\u0131n\u0131fland\u0131rm\u0131\u015ft\u0131r. Bu \u015feffaf s\u0131n\u0131fland\u0131rma ve gayrimenkulden \u00e7\u0131k\u0131\u015f, \u015firketin at\u0131l alanlardan s\u0131yr\u0131larak do\u011frudan maden sahas\u0131 geli\u015ftirme ve kapasite art\u0131\u015f\u0131na odakland\u0131\u011f\u0131n\u0131 simgeliyor.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fin Alt\u0131n Portresi<\/h2>\n<p>T\u00fcrk Alt\u0131n\u2019\u0131n 2025 y\u0131l\u0131 finansal foto\u011fraf\u0131; ismiyle m\u00fcsemma, yerli \u00fcretim g\u00fcc\u00fcn\u00fc y\u00fcksek likiditeyle birle\u015ftiren bir \u015firketi betimliyor. 16,9 milyar TL\u2019lik has\u0131lat ve 4,8 milyar TL\u2019ye ula\u015fan nakit rezervi, \u015firketi Borsa \u0130stanbul\u2019un en diren\u00e7li ve operasyonel manevra kabiliyeti en y\u00fcksek oyuncular\u0131ndan biri haline getirmi\u015ftir.<\/p>\n<p>Enflasyon muhasebesinin t\u00fcm ta\u015flar\u0131 yerinden oynatt\u0131\u011f\u0131 bir ortamda, T\u00fcrk Alt\u0131n&#8217;\u0131n bu likidite g\u00fcc\u00fc ve sadele\u015fen varl\u0131k yap\u0131s\u0131 \u015fu soruyu ak\u0131llara getiriyor: 2026 y\u0131l\u0131, bu dev nakit rezervinin yeni maden sahalar\u0131n\u0131n sat\u0131n al\u0131nmas\u0131nda veya uluslararas\u0131 projelerin finansman\u0131nda kullan\u0131ld\u0131\u011f\u0131 bir &#8220;agresif b\u00fcy\u00fcme&#8221; y\u0131l\u0131na d\u00f6n\u00fc\u015febilir mi? Mevcut bilan\u00e7o mimarisi, \u015firketin her t\u00fcrl\u00fc stratejik hamle i\u00e7in barutu kuru tuttu\u011funu g\u00f6steriyor.<\/p>\n<p>&nbsp;<\/p>\n<h1>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. 2025 Y\u0131l\u0131 Finansal Durum ve Stratejik De\u011ferlendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e.&#8217;nin (Eski unvan\u0131: Koza Alt\u0131n \u0130\u015fletmeleri A.\u015e.) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait finansal performans\u0131n\u0131, operasyonel yap\u0131s\u0131n\u0131 ve enflasyon muhasebesi uygulamalar\u0131n\u0131n etkilerini analiz etmektedir. 2025 y\u0131l\u0131, \u015firket i\u00e7in hem kurumsal kimlik de\u011fi\u015fimi hem de finansal b\u00fcy\u00fcme a\u00e7\u0131s\u0131ndan kritik bir y\u0131l olmu\u015ftur.<\/p>\n<p>\u015eirketin net d\u00f6nem kar\u0131, bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %419 oran\u0131nda ola\u011fan\u00fcst\u00fc bir art\u0131\u015f g\u00f6stererek 4,1 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r. Toplam varl\u0131klar 47,8 milyar TL&#8217;ye y\u00fckselirken, \u00f6zkaynaklar 42,7 milyar TL ile g\u00fc\u00e7l\u00fc bir sermaye yap\u0131s\u0131na i\u015faret etmektedir. TMS 29 uyar\u0131nca uygulanan enflasyon muhasebesi, finansal tablolar\u0131n 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re yeniden d\u00fczenlenmesini zorunlu k\u0131lm\u0131\u015f; bu kapsamda 3,5 milyar TL tutar\u0131nda bir net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/p>\n<h2>1. Kurumsal Kimlik ve Operasyonel Yap\u0131<\/h2>\n<h3>1.1 Unvan De\u011fi\u015fikli\u011fi ve Hukuki Stat\u00fc<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131 i\u00e7erisinde \u00f6nemli bir kurumsal kimlik d\u00f6n\u00fc\u015f\u00fcm\u00fc ger\u00e7ekle\u015ftirmi\u015ftir:<\/p>\n<ul>\n<li><b>Yeni Unvan:<\/b> 6 Kas\u0131m 2025 tarihinde tescil edilen ve 11452 say\u0131l\u0131 T\u00fcrkiye Ticaret Sicili Gazetesi\u2019nde yay\u0131mlanan kararla &#8220;Koza Alt\u0131n \u0130\u015fletmeleri A.\u015e.&#8221; olan unvan, <b>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e.<\/b> olarak de\u011fi\u015ftirilmi\u015ftir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirket sermayesinin %48,01\u2019i TR Anadolu \u0130n\u015faat ve Ticaret A.\u015e.\u2019ye, %21,99\u2019u T\u00fcrk Alt\u0131n Holding A.\u015e.\u2019ye aittir. %30\u2019luk pay ise Borsa \u0130stanbul\u2019da (B\u0130ST) i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>\u0130stihdam:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla personel say\u0131s\u0131 2.122\u2019ye y\u00fckselmi\u015ftir (2024: 2.058).<\/li>\n<\/ul>\n<h3>1.2 Faaliyet Alanlar\u0131 ve Maden Sahalar\u0131<\/h3>\n<p>\u015eirket, T\u00fcrkiye genelinde alt\u0131n madeni arama ve geli\u015ftirme faaliyetlerini a\u015fa\u011f\u0131daki ana sahalarda y\u00fcr\u00fctmektedir:<\/p>\n<ul>\n<li>Ovac\u0131k-Bergama (\u0130zmir)<\/li>\n<li>\u00c7ukuralan (\u0130zmir)<\/li>\n<li>Kaymaz (Eski\u015fehir)<\/li>\n<li>Mastra (G\u00fcm\u00fc\u015fhane)<\/li>\n<li>Himmetdede (Kayseri)<\/li>\n<\/ul>\n<h3>1.3 Sat\u0131\u015f Stratejisi<\/h3>\n<p>\u00dcretilen dore alt\u0131n barlar\u0131n sat\u0131\u015f\u0131 \u00f6ncelikli olarak T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019na (TCMB) sunulmaktad\u0131r. TCMB&#8217;nin \u00f6n al\u0131m hakk\u0131n\u0131 kullanmad\u0131\u011f\u0131 durumlarda sat\u0131\u015flar yurt i\u00e7indeki rafinerilere ger\u00e7ekle\u015ftirilmektedir. G\u00fcm\u00fc\u015f sat\u0131\u015f\u0131 ise do\u011frudan yurt i\u00e7indeki rafinerilere yap\u0131lmaktad\u0131r.<\/p>\n<h2>2. Finansal Performans Analizi<\/h2>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131, bir \u00f6nceki y\u0131l ile kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak \u015firketin gelir ve karl\u0131l\u0131k yap\u0131s\u0131ndaki ciddi ivmelenmeyi ortaya koymaktad\u0131r.<\/p>\n<h3>2.1 Kar veya Zarar Tablosu \u00d6zeti (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (Cari D\u00f6nem)<\/td>\n<td>2024 (Ge\u00e7mi\u015f D\u00f6nem)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>16.935.167<\/td>\n<td>11.434.649<\/td>\n<td>+48,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(9.519.887)<\/td>\n<td>(7.526.050)<\/td>\n<td>+26,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>7.415.280<\/td>\n<td>3.908.599<\/td>\n<td>+89,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td>3.865.184<\/td>\n<td>(4.982)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/b><\/td>\n<td>5.978.468<\/td>\n<td>7.544.604<\/td>\n<td>-20,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td>4.104.324<\/td>\n<td>790.577<\/td>\n<td>+419,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2 Gider Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Ar-Ge Giderleri:<\/b> 1,45 milyar TL seviyesinde sabit kalarak maden arama ve geli\u015ftirme odakl\u0131 stratejinin devam etti\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 1,7 milyar TL (2024: 1,47 milyar TL).<\/li>\n<li><b>Finansman Giderleri:<\/b> \u015eirket, 181 bin TL gibi olduk\u00e7a d\u00fc\u015f\u00fck bir finansman gideri ile operasyonlar\u0131n\u0131 \u00f6zkaynak a\u011f\u0131rl\u0131kl\u0131 y\u00fcr\u00fctmektedir.<\/li>\n<\/ul>\n<h2>3. Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h2>\n<p>\u015eirketin bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc 47,8 milyar TL\u2019ye ula\u015farak %12,8 oran\u0131nda bir geni\u015fleme kaydetmi\u015ftir.<\/p>\n<h3>3.1 Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar (21,57 milyar TL):<\/b> Nakit ve nakit benzerleri kaleminde 140 milyon TL&#8217;den 4,86 milyar TL&#8217;ye devasa bir art\u0131\u015f g\u00f6zlemlenmi\u015ftir. Stoklar ise 2,7 milyar TL seviyesindedir.<\/li>\n<li><b>Duran Varl\u0131klar (26,27 milyar TL):<\/b> Maddi duran varl\u0131klar 19,9 milyar TL ile en b\u00fcy\u00fck kalemi olu\u015fturmaktad\u0131r. Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller 610 milyon TL&#8217;ye gerilemi\u015ftir (2024: 1,8 milyar TL).<\/li>\n<li><b>Koza Ltd. Yat\u0131r\u0131m\u0131:<\/b> \u015eirket, kontrol\u00fcn\u00fc yitirdi\u011fi \u0130ngiltere merkezli Koza Ltd. i\u015ftirakini 3,23 milyar TL maliyet bedeliyle &#8220;Finansal Yat\u0131r\u0131mlar&#8221; alt\u0131nda izlemeye devam etmektedir.<\/li>\n<\/ul>\n<h3>3.2 Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 3,9 milyar TL. Bu kalemdeki en b\u00fcy\u00fck art\u0131\u015f &#8220;Di\u011fer k\u0131sa vadeli kar\u015f\u0131l\u0131klar&#8221; (2,7 milyar TL) kaleminde ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynak G\u00fcc\u00fc:<\/b> 42,7 milyar TL tutar\u0131ndaki toplam \u00f6zkaynaklar, bilan\u00e7onun %89,3\u2019\u00fcn\u00fc olu\u015fturmaktad\u0131r. Ge\u00e7mi\u015f y\u0131llar karlar\u0131 22,8 milyar TL seviyesindedir.<\/li>\n<li><b>Geri Al\u0131nm\u0131\u015f Paylar:<\/b> \u015eirketin kendi hisselerini geri almas\u0131 nedeniyle \u00f6zkaynaklarda 3,6 milyar TL tutar\u0131nda bir indirim kalemi bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h2>4. Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h2>\n<p>SPK ve KGK d\u00fczenlemeleri uyar\u0131nca, 31 Aral\u0131k 2025 tarihli finansal tablolar y\u00fcksek enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur:<\/p>\n<ul>\n<li><b>Endeks Kullan\u0131m\u0131:<\/b> D\u00fczeltmelerde T\u00dc\u0130K taraf\u0131ndan yay\u0131mlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) esas al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00fczeltme Katsay\u0131lar\u0131:<\/b> 31 Aral\u0131k 2025 i\u00e7in katsay\u0131 1,00000 iken, 31 Aral\u0131k 2024 kar\u015f\u0131la\u015ft\u0131rmal\u0131 verileri 1,30892 katsay\u0131s\u0131 ile yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li><b>Net Parasal Kay\u0131p:<\/b> Parasal varl\u0131klar\u0131n parasal y\u00fck\u00fcml\u00fcl\u00fcklerden fazla olmas\u0131 nedeniyle, 2025 y\u0131l\u0131nda 3.588.595 bin TL tutar\u0131nda &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; kaydedilmi\u015ftir. Bu durum, enflasyonist ortamda nakit ve benzeri varl\u0131klar\u0131n sat\u0131n alma g\u00fcc\u00fcndeki erimeyi yans\u0131tmaktad\u0131r.<\/li>\n<\/ul>\n<h2>5. Nakit Ak\u0131\u015f\u0131 ve Likidite Analizi<\/h2>\n<p>\u015eirket, 2025 y\u0131l\u0131nda nakit yaratma kapasitesini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Sa\u011flanan Nakit:<\/b> 7,9 milyar TL (D\u00fczeltmeler \u00f6ncesi). Vergi ve kar\u015f\u0131l\u0131k \u00f6demeleri sonras\u0131 net nakit giri\u015fi 599,8 milyon TL\u2019dir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 6,8 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu durum, yeni maden yat\u0131r\u0131mlar\u0131n\u0131n ve tesis geli\u015ftirmelerinin devam etti\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> D\u00f6nem ba\u015f\u0131 139,8 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda <b>4,86 milyar TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. Kritik Muhasebe Tahminleri ve Kar\u015f\u0131l\u0131klar<\/h2>\n<ul>\n<li><b>Rehabilitasyon Kar\u015f\u0131l\u0131\u011f\u0131:<\/b> Maden sahalar\u0131n\u0131n kapat\u0131lmas\u0131, \u0131slah\u0131 ve restorasyonu i\u00e7in ayr\u0131lan kar\u015f\u0131l\u0131klar, tahmini maliyetlerin bug\u00fcnk\u00fc de\u011ferine indirgenmesiyle hesaplanmaktad\u0131r.<\/li>\n<li><b>Maden Varl\u0131klar\u0131 Amortisman\u0131:<\/b> &#8220;\u00dcretim birimleri y\u00f6ntemi&#8221; (units of production method) kullan\u0131larak, \u00e7\u0131kar\u0131lan alt\u0131n miktar\u0131n\u0131n toplam rezerv miktar\u0131na oranlanmas\u0131yla itfa edilmektedir.<\/li>\n<li><b>Ticari Alacak Riski:<\/b> Sat\u0131\u015flar\u0131n kurumsal nitelikte olmas\u0131 ve pe\u015fin\/k\u0131sa vadeli (genellikle 1 g\u00fcn) ger\u00e7ekle\u015fmesi nedeniyle alacak riski d\u00fc\u015f\u00fck kabul edilmektedir.<\/li>\n<\/ul>\n<h2>Sonu\u00e7<\/h2>\n<p>T\u00fcrk Alt\u0131n \u0130\u015fletmeler A.\u015e., 2025 y\u0131l\u0131n\u0131 g\u00fc\u00e7l\u00fc bir likidite art\u0131\u015f\u0131 ve rekor karl\u0131l\u0131k ile kapatm\u0131\u015ft\u0131r. \u015eirketin d\u00fc\u015f\u00fck bor\u00e7luluk oran\u0131 ve y\u00fcksek \u00f6zkaynak seviyesi, madencilik sekt\u00f6r\u00fcndeki sermaye yo\u011fun yat\u0131r\u0131mlar\u0131n\u0131 s\u00fcrd\u00fcrebilmesi i\u00e7in sa\u011flam bir zemin olu\u015fturmaktad\u0131r. Enflasyon muhasebesinin net kar \u00fczerindeki bask\u0131s\u0131na ra\u011fmen, esas faaliyetlerden yarat\u0131lan 3,8 milyar TL\u2019lik kar, operasyonel verimlili\u011fin artt\u0131\u011f\u0131n\u0131 kan\u0131tlamaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1482\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. 2025 Y\u0131l\u0131nda Rekor K\u00e2r ve Stratejik Yat\u0131r\u0131mlarla B\u00fcy\u00fcd\u00fc<br \/>\nT\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. (eski unvan\u0131yla Koza Alt\u0131n), 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klayarak g\u00fc\u00e7l\u00fc b\u00fcy\u00fcmesini tescilledi. Y\u0131l\u0131 4,1 milyar TL net k\u00e2r ve 16,9 milyar TL has\u0131lat ile kapatan \u015firket, bir \u00f6nceki y\u0131la g\u00f6re k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 be\u015f kat\u0131ndan fazla art\u0131rmay\u0131 ba\u015fard\u0131. Ticaret unvan\u0131n\u0131 &#8220;T\u00fcrk Alt\u0131n&#8221; olarak yenileyen \u015firket, sadece madencilikte de\u011fil, yenilenebilir enerji yat\u0131r\u0131mlar\u0131yla da dikkat \u00e7ekiyor. \u00d6zellikle A\u011fr\u0131 Mollakara projesindeki ilerlemeler ve Bal\u0131kesir&#8217;deki yeni ruhsat al\u0131mlar\u0131, \u015firketin gelecek vizyonunu \u015fekillendiriyor. 2025 y\u0131l\u0131n\u0131n mali analizini, \u00fcretim rakamlar\u0131n\u0131 ve stratejik yat\u0131r\u0131m detaylar\u0131n\u0131 inceledi\u011fimiz blog yaz\u0131m\u0131z yay\u0131nda!<\/p>\n","protected":false},"author":6,"featured_media":974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[30],"class_list":["post-1482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tralt"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1482","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1482"}],"version-history":[{"count":7,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1482\/revisions"}],"predecessor-version":[{"id":1505,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1482\/revisions\/1505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/974"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}