{"id":1512,"date":"2026-03-02T20:47:23","date_gmt":"2026-03-02T17:47:23","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1512"},"modified":"2026-03-02T21:13:33","modified_gmt":"2026-03-02T18:13:33","slug":"cimsa-bilanco-analizi-2025-12-cimsa-cimento","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1512","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 #CIMSA Bilan\u00e7o Analizi 2025\/12 | \u00c7imsa \u00c7imento"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/CIMSA-Bilano-Analizi-202512--imsa-imento-e3fr7sa\/a-acgln14\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>\u00c7imsa\u2019n\u0131n 2025 Finansal Karnesi: Rakamlar\u0131n \u00d6tesindeki 5 B\u00fcy\u00fck Strateji<\/h1>\n<h3>1. Giri\u015f: Devlerin Sessiz D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h3>\n<p>Geleneksel sanayi perspektifinde \u00e7imento, &#8220;beton ve klinker&#8221; ile s\u0131n\u0131rl\u0131, yerel bir emtia oyunu olarak g\u00f6r\u00fcl\u00fcr. Ancak \u00c7imsa\u2019n\u0131n 2025 y\u0131l\u0131 konsolide finansal tablolar\u0131, bu alg\u0131y\u0131 k\u00f6kten sarsarak kar\u015f\u0131m\u0131za k\u00fcresel bir finansal satran\u00e7 oyuncusu \u00e7\u0131kar\u0131yor. 92,6 milyar TL\u2019lik devasa bir varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc y\u00f6neten \u00c7imsa, art\u0131k sadece T\u00fcrkiye\u2019nin de\u011fil, d\u00fcnyan\u0131n stratejik yap\u0131 malzemeleri pazar\u0131nda oyun kurucu bir &#8220;yat\u0131r\u0131m holdingi&#8221; kimli\u011fine b\u00fcr\u00fcnm\u00fc\u015f durumda. Bu d\u00f6n\u00fc\u015f\u00fcm, rakamlar\u0131n so\u011fuk y\u00fcz\u00fcnde de\u011fil, o rakamlar\u0131n aras\u0131na gizlenmi\u015f k\u00fcresel geni\u015fleme vizyonunda yat\u0131yor.<\/p>\n<h3>2. \u0130rlanda\u2019dan Gelen K\u00fcresel Hamle: Mannok Sat\u0131n Al\u0131m\u0131<\/h3>\n<p>\u00c7imsa\u2019n\u0131n yerelden k\u00fcresele evrilme stratejisinin en somut ad\u0131m\u0131, <b>2 Ekim 2024<\/b> tarihinde resmiyet kazanan <b>Mannok Holdings DAC<\/b> sat\u0131n al\u0131m\u0131 oldu. \u015eirket, bu hamleyle sadece kapasite art\u0131rmakla kalmad\u0131, Avrupa pazar\u0131nda do\u011frudan \u00fcretim ve da\u011f\u0131t\u0131m g\u00fcc\u00fcne sahip yerle\u015fik bir akt\u00f6re d\u00f6n\u00fc\u015ft\u00fc.<\/p>\n<ul>\n<li><b>Stratejik Hakimiyet:<\/b> Toplam \u015firket de\u011feri 330 milyon Avro olarak belirlenen Mannok\u2019un paylar\u0131n\u0131n %94,7\u2019si, \u00c7imsa\u2019n\u0131n i\u015ftiraki Cimsa Ireland Ltd. taraf\u0131ndan devral\u0131nd\u0131. Finansal bor\u00e7lar ve d\u00fczeltmeler sonras\u0131 net hisse al\u0131m bedeli 253,4 milyon Avro olarak ger\u00e7ekle\u015fti.<\/li>\n<li><b>Etkileyici Vizyon:<\/b> Bu operasyon, \u00c7imsa\u2019n\u0131n Hollanda merkezli i\u015ftiraki \u00fczerinden y\u00fcr\u00fctt\u00fc\u011f\u00fc s\u0131n\u0131r \u00f6tesi geni\u015fleme stratejisinin bir par\u00e7as\u0131d\u0131r. 2025 y\u0131l\u0131 finansallar\u0131, bu sat\u0131n alman\u0131n operasyonel g\u00fcc\u00fcn\u00fc bilan\u00e7oya entegre etmeye ba\u015flad\u0131\u011f\u0131 bir d\u00f6nemi temsil ediyor.<\/li>\n<\/ul>\n<h3>3. Gelir Artarken K\u00e2r Neden D\u00fc\u015ft\u00fc? Enflasyon Muhasebesi ve &#8220;K\u00e2r Paradoksu&#8221;<\/h3>\n<p>\u00c7imsa\u2019n\u0131n 2025 sonu\u00e7lar\u0131nda ilk bak\u0131\u015fta kafa kar\u0131\u015ft\u0131r\u0131c\u0131 bir tablo var: Has\u0131lat %24,6 art\u0131\u015fla 45,9 milyar TL\u2019ye \u00e7\u0131karken, ana ortakl\u0131\u011fa ait net d\u00f6nem k\u00e2r\u0131 3,5 milyar TL\u2019den 3,1 milyar TL\u2019ye geriledi. Bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, TMS 29 (Enflasyon Muhasebesi) uygulamas\u0131 \u00c7imsa\u2019n\u0131n ger\u00e7ek operasyonel verimlili\u011fini ill\u00fczyonlardan ar\u0131nd\u0131rarak \u00e7\u0131plak bir \u015fekilde ortaya koyuyor.<\/p>\n<ul>\n<li><b>Maliyet Bask\u0131s\u0131 ve Tampon Mekanizmas\u0131:<\/b> Sat\u0131\u015flar\u0131n maliyetinin 28,9 milyar TL\u2019den 36,9 milyar TL\u2019ye f\u0131rlamas\u0131, operasyonel marjlar\u0131 bask\u0131 alt\u0131na ald\u0131. Bu noktada, <b>2.242.667 bin TL<\/b> tutar\u0131ndaki &#8220;Net Parasal Pozisyon Kar\u0131&#8221; adeta bir can simidi g\u00f6revi g\u00f6rerek net k\u00e2r\u0131n daha derin bir \u00e7\u00f6k\u00fc\u015f ya\u015famas\u0131n\u0131 engelledi.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Giderler:<\/b> Bilan\u00e7oda dikkat \u00e7eken <b>1.146.580 bin TL<\/b> tutar\u0131ndaki yat\u0131r\u0131m faaliyeti zarar\u0131, muhtemelen Mannok sat\u0131n al\u0131m\u0131 ve CBS B.V. yeniden yap\u0131land\u0131rma s\u00fcre\u00e7lerinin getirdi\u011fi tek seferlik maliyetleri yans\u0131t\u0131yor.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7 (EPS):<\/b> Operasyonel k\u00e2rl\u0131l\u0131ktaki bu daralma, hisse ba\u015f\u0131na kazanca da yans\u0131yarak 3,72 TL\u2019den <b>3,28 TL<\/b> seviyesine bir geri \u00e7ekilme getirdi.<\/li>\n<\/ul>\n<h3>4. 5,5 Milyar TL&#8217;lik &#8220;\u015eerefiye&#8221;: Y\u00f6netim Muhakemesinin S\u0131n\u0131r\u0131<\/h3>\n<p>Deloitte ba\u011f\u0131ms\u0131z denet\u00e7i raporunda &#8220;Kilit Denetim Konusu&#8221; olarak i\u015faretlenen <b>5.465.680 bin TL<\/b> tutar\u0131ndaki \u015ferefiye (goodwill), \u00c7imsa\u2019n\u0131n gelecekteki b\u00fcy\u00fcme potansiyeline \u00f6dedi\u011fi bedelin bir yans\u0131mas\u0131d\u0131r. 2024 sonundaki 5,59 milyar TL\u2019lik seviyesini koruyan bu rakam, \u015firketin yapt\u0131\u011f\u0131 sat\u0131n almalarda herhangi bir de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc (impairment) \u00f6ng\u00f6rmedi\u011fini g\u00f6steriyor.<\/p>\n<p>&#8220;\u015eerefiye de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testleri; \u0130ndirgenmi\u015f Nakit Ak\u0131\u015flar\u0131 (\u0130NA), WACC (a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti) ve uzun vadeli b\u00fcy\u00fcme oranlar\u0131 gibi y\u00fcksek derecede y\u00f6netim muhakemesi ve tahmin i\u00e7eren de\u011fi\u015fkenlere dayanmaktad\u0131r. Bu de\u011fi\u015fkenlerdeki en ufak sapma, bilan\u00e7odaki bu devasa kalemin de\u011ferini do\u011frudan etkileyebilir.&#8221;<\/p>\n<h3>5. Sabanc\u0131\u2019dan \u00c7imsa\u2019ya: CBS B.V. ile K\u00fcresel Kimlik \u0130n\u015fas\u0131<\/h3>\n<p>6 Eyl\u00fcl 2024 itibar\u0131yla &#8220;Sabanc\u0131 Building Solutions&#8221; isminin <b>Cimsa Building Solutions B.V. (CBS B.V.)<\/b> olarak de\u011fi\u015ftirilmesi, sadece bir markalama \u00e7al\u0131\u015fmas\u0131 de\u011fil; k\u00fcresel beyaz \u00e7imento liderli\u011finin tek bir \u00e7at\u0131 alt\u0131nda konsolide edilmesidir.<\/p>\n<p>\u00c7imsa, 150 milyon Avro tutar\u0131ndaki sermaye art\u0131r\u0131m\u0131na tek ba\u015f\u0131na i\u015ftirak ederek bu yap\u0131daki pay\u0131n\u0131 <b>%50,1\u2019den %68,31\u2019e<\/b> \u00e7\u0131kard\u0131. Bu hamle, k\u00fcresel operasyonlarda Sabanc\u0131 Holding \u015femsiyesinden \u00f6te, &#8220;\u00c7imsa&#8221; markal\u0131 ba\u011f\u0131ms\u0131z bir g\u00fc\u00e7 oda\u011f\u0131 yaratma niyetini tescilliyor. Bu b\u00fcy\u00fcme stratejisi insan kayna\u011f\u0131na da yans\u0131d\u0131; \u015firketin beyaz yakal\u0131 \u00e7al\u0131\u015fan say\u0131s\u0131 760\u2019tan <b>787\u2019ye<\/b>, mavi yakal\u0131 say\u0131s\u0131 ise 1.238\u2019den <b>1.243\u2019e<\/b> y\u00fckselerek b\u00fcy\u00fcme vizyonunu destekledi.<\/p>\n<h3>6. Dev Bir Varl\u0131k Yap\u0131s\u0131: 92,6 Milyar TL\u2019nin Analizi<\/h3>\n<p>Maddi duran varl\u0131klar\u0131n 36,8 milyar TL\u2019den 42,9 milyar TL\u2019ye y\u00fckselmesi, \u015firketin \u00fcretim kapasitesini ve teknolojik altyap\u0131s\u0131n\u0131 koruma kararl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Toplam varl\u0131klar\u0131n 92,6 milyar TL\u2019ye ula\u015ft\u0131\u011f\u0131 bu tabloda, \u00f6zkaynak yap\u0131s\u0131n\u0131n da 43,4 milyar TL ile korundu\u011fu g\u00f6r\u00fcl\u00fcyor.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge (Bin TL)<\/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><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>92.600.868<\/td>\n<td>88.488.394<\/td>\n<td>+%4,6<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>43.453.969<\/td>\n<td>41.933.963<\/td>\n<td>+%3,6<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td>45.906.819<\/td>\n<td>36.846.776<\/td>\n<td>+%24,6<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kar\u0131<\/b><\/td>\n<td>2.242.667<\/td>\n<td>1.640.191<\/td>\n<td>+%36,7<\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k D\u00f6nem Kar\u0131<\/b><\/td>\n<td>3.102.162<\/td>\n<td>3.518.172<\/td>\n<td>-%11,8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>7. Sonu\u00e7: Gelece\u011fin \u00c7imsa\u2019s\u0131 Ne \u0130n\u015fa Ediyor?<\/h3>\n<p>2025 y\u0131l\u0131 verileri, \u00c7imsa\u2019n\u0131n kabu\u011funu k\u0131rd\u0131\u011f\u0131 ve y\u00fcksek enflasyonun yaratt\u0131\u011f\u0131 operasyonel maliyet bask\u0131s\u0131n\u0131 k\u00fcresel geni\u015fleme ve &#8220;holdingle\u015fme&#8221; stratejisiyle dengelemeye \u00e7al\u0131\u015ft\u0131\u011f\u0131 bir y\u0131l\u0131 \u00f6zetliyor. 1,1 milyar TL\u2019lik yat\u0131r\u0131m faaliyeti gideri ve daralan net k\u00e2r marj\u0131, bu b\u00fcy\u00fck d\u00f6n\u00fc\u015f\u00fcm\u00fcn k\u0131sa vadeli &#8220;do\u011fum sanc\u0131lar\u0131&#8221; olarak okunabilir. Ancak varl\u0131k yap\u0131s\u0131ndaki devasa b\u00fcy\u00fcme ve CBS B.V. \u00fczerinden kurulan k\u00fcresel hakimiyet, \u00c7imsa&#8217;n\u0131n art\u0131k sadece \u00e7imento de\u011fil, finansal diren\u00e7 ve uluslararas\u0131 de\u011fer in\u015fa etti\u011fini g\u00f6steriyor.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> <i>K\u00fcresel belirsizliklerin ve enflasyonist bask\u0131lar\u0131n h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc bir d\u00fcnyada, \u00c7imsa gibi bir devin s\u0131n\u0131r \u00f6tesi geni\u015fleme stratejisi, di\u011fer T\u00fcrk sanayi kurulu\u015flar\u0131 i\u00e7in bir \u00e7\u0131k\u0131\u015f yolu olabilir mi?<\/i><\/p>\n<h1>\u00c7imsa \u00c7imento 2025 Y\u0131l\u0131 Konsolide Finansal Durum ve Ba\u011f\u0131ms\u0131z Denetim Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, \u00c7imsa \u00c7imento Sanayi ve Ticaret A.\u015e. (&#8220;\u00c7imsa&#8221; veya &#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 finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir.<\/p>\n<p>Grup, 2025 y\u0131l\u0131n\u0131 92,6 milyar TL toplam varl\u0131k ve 3,8 milyar TL net d\u00f6nem k\u00e2r\u0131 ile kapatm\u0131\u015ft\u0131r. Ba\u011f\u0131ms\u0131z denet\u00e7i Deloitte (DRT Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e.), finansal tablolar\u0131n TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir sunum te\u015fkil etti\u011fi y\u00f6n\u00fcnde <b>olumlu (\u015farts\u0131z) g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir. D\u00f6nemin en kritik stratejik geli\u015fmesi, ba\u011fl\u0131 ortakl\u0131k Cimsa Building Solutions B.V. (CBS) \u00fczerinden ger\u00e7ekle\u015ftirilen <b>Mannok Holdings DAC<\/b> sat\u0131n al\u0131m\u0131 ve bu s\u00fcre\u00e7teki sermaye art\u0131r\u0131m\u0131 ile CBS \u00fczerindeki etkin pay oran\u0131n\u0131n %68,31&#8217;e y\u00fckseltilmesidir. Finansal raporlama, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle TMS 29 standartlar\u0131 (Enflasyon Muhasebesi) uygulanarak 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc paritesine g\u00f6re d\u00fczenlenmi\u015ftir.<\/p>\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 Denet\u00e7i Raporu ve \u00d6nemli Tespitler<\/h2>\n<h3>1.1 Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Sorumluluklar<\/h3>\n<ul>\n<li><b>G\u00f6r\u00fc\u015f:<\/b> Konsolide finansal tablolar, T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r ve Grup&#8217;un finansal durumunu ger\u00e7e\u011fe uygun \u015fekilde yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Sorumlu Denet\u00e7i:<\/b> Volkan Becerik.<\/li>\n<li><b>Mevzuata Uygunluk:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca, defter tutma d\u00fczeninin ve finansal raporlama h\u00fck\u00fcmlerinin kanuna ve \u015firket esas s\u00f6zle\u015fmesine uygun oldu\u011fu teyit edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>1.2 Kilit Denetim Konusu: \u015eerefiye De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h3>\n<p>Denetim s\u00fcrecinde en \u00e7ok \u00f6nem arz eden konu <b>5.465.680 bin TL<\/b> tutar\u0131ndaki \u015ferefiye bedelidir.<\/p>\n<ul>\n<li><b>Neden \u00d6nemli?<\/b> Bu tutar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc ve de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testlerinde kullan\u0131lan ileriye d\u00f6n\u00fck tahminlerin (EBITDA b\u00fcy\u00fcme beklentileri, iskonto oranlar\u0131, uzun vadeli b\u00fcy\u00fcme oranlar\u0131) karma\u015f\u0131kl\u0131\u011f\u0131.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Denet\u00e7i, de\u011ferleme uzmanlar\u0131n\u0131 s\u00fcrece dahil ederek indirgenmi\u015f nakit ak\u0131\u015f modellerini, matematiksel do\u011frulu\u011fu ve y\u00f6netim varsay\u0131mlar\u0131n\u0131n piyasa verileriyle uyumunu test etmi\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 Performans Analizi (2025 vs 2024)<\/h2>\n<p>Finansal veriler, 31 Aral\u0131k 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re (bin TL baz\u0131nda) sunulmu\u015ftur:<\/p>\n<h3>2.1 Gelir Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>45.906.819<\/td>\n<td>36.846.776<\/td>\n<td>+24,6%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>8.991.354<\/td>\n<td>7.911.301<\/td>\n<td>+13,6%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>4.927.024<\/td>\n<td>4.642.387<\/td>\n<td>+6,1%<\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem K\u00e2r\u0131<\/td>\n<td>3.806.129<\/td>\n<td>3.997.882<\/td>\n<td>-4,8%<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon K\u00e2r\u0131<\/td>\n<td>2.242.667<\/td>\n<td>1.640.191<\/td>\n<td>+36,7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat Art\u0131\u015f\u0131:<\/b> Grup, sat\u0131\u015f gelirlerinde enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f bazda %24,6&#8217;l\u0131k bir art\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015fa ra\u011fmen br\u00fct k\u00e2r marj\u0131 korunmu\u015ftur. D\u00f6nem k\u00e2r\u0131n\u0131n %81,5&#8217;i (3.102.162 bin TL) ana ortakl\u0131k paylar\u0131na aittir.<\/li>\n<\/ul>\n<h3>2.2 Finansal Durum (Bilan\u00e7o) \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>92.600.868<\/td>\n<td>88.488.394<\/td>\n<\/tr>\n<tr>\n<td>&#8211; D\u00f6nen Varl\u0131klar<\/td>\n<td>24.996.196<\/td>\n<td>25.238.684<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Duran Varl\u0131klar<\/td>\n<td>67.604.672<\/td>\n<td>63.249.710<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>49.146.899<\/td>\n<td>46.554.431<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>43.453.969<\/td>\n<td>41.933.963<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Duran varl\u0131klar\u0131n %63,5&#8217;ini (42,9 milyar TL) maddi duran varl\u0131klar olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> Uzun vadeli bor\u00e7lanmalar 9,3 milyar TL&#8217;den 20,7 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta stratejik yat\u0131r\u0131mlar ve sat\u0131n al\u0131mlar\u0131n etkisi g\u00f6r\u00fclmektedir.<\/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. Stratejik Yat\u0131r\u0131mlar ve \u015eirket Yap\u0131s\u0131<\/h2>\n<h3>3.1 Mannok Holdings DAC Sat\u0131n Al\u0131m\u0131<\/h3>\n<p>Grup&#8217;un k\u00fcresel b\u00fcy\u00fcme stratejisi kapsam\u0131nda \u00f6nemli bir ad\u0131m at\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>\u0130\u015flem:<\/b> Cimsa Building Solutions B.V.&#8217;nin i\u015ftiraki Cimsa Ireland Ltd. \u00fczerinden Mannok&#8217;un paylar\u0131n\u0131n %94,7&#8217;si sat\u0131n al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bedel:<\/b> Toplam \u015firket de\u011feri 330 milyon Avro olarak belirlenmi\u015f; bor\u00e7 ve d\u00fczeltmeler sonras\u0131 net hisse al\u0131m bedeli <b>253.481.140 Avro<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Tamamlanma:<\/b> Yasal izinler 2 Ekim 2024 itibar\u0131yla tamamlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2 CBS B.V. Sermaye Art\u0131r\u0131m\u0131<\/h3>\n<p>Mannok sat\u0131n al\u0131m\u0131 ve devam eden yat\u0131r\u0131mlar\u0131n finansman\u0131 i\u00e7in Hollanda&#8217;daki ba\u011fl\u0131 ortakl\u0131k CBS B.V.&#8217;de sermaye art\u0131r\u0131m\u0131na gidilmi\u015ftir:<\/p>\n<ul>\n<li><b>Sermaye De\u011fi\u015fimi:<\/b> 187 milyon Avro&#8217;dan 294,5 milyon Avro&#8217;ya y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Hisse Pay\u0131:<\/b> Sabanc\u0131 Holding&#8217;in i\u015ftirak etmedi\u011fi bu art\u0131r\u0131m\u0131n tamam\u0131 \u00c7imsa taraf\u0131ndan (150 milyon Avro \u00f6deme ile) kar\u015f\u0131lanm\u0131\u015f, b\u00f6ylece \u00c7imsa&#8217;n\u0131n CBS&#8217;deki pay\u0131 <b>%50,1&#8217;den %68,31&#8217;e<\/b> \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.3 Exsa Birle\u015fmesi ve Sabanc\u0131 Holding Paylar\u0131<\/h3>\n<p>Sabanc\u0131 Holding&#8217;in Exsa&#8217;y\u0131 devralarak birle\u015fmesi sonucunda; \u00c7imsa&#8217;n\u0131n elinde bulunan Exsa paylar\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda \u015eirket&#8217;e 27.690.741 TL nominal de\u011ferli <b>Sabanc\u0131 Holding paylar\u0131<\/b> tahsis edilmi\u015ftir. Bu paylar Sabanc\u0131 Holding sermayesinin %1,32&#8217;sini temsil etmektedir.<\/p>\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. Operasyonel ve Muhasebe Esaslar\u0131<\/h2>\n<h3>4.1 Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi nedeniyle finansal tablolar d\u00fczeltilmi\u015ftir:<\/p>\n<ul>\n<li><b>Endeks Kullan\u0131m\u0131:<\/b> T\u00dc\u0130K taraf\u0131ndan yay\u0131mlanan T\u00dcFE endeksi esas al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Katsay\u0131lar:<\/b> 31 Aral\u0131k 2025 endeksi 3.513,87 (D\u00fczeltme katsay\u0131s\u0131: 1,00) olarak belirlenirken, 2024 y\u0131l\u0131 kar\u015f\u0131la\u015ft\u0131rmal\u0131 verileri 1,30892 katsay\u0131s\u0131 ile g\u00fcncellenmi\u015ftir.<\/li>\n<li><b>\u00dc\u00e7 Y\u0131ll\u0131k Bile\u015fik Enflasyon:<\/b> %211 olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.2 \u0130nsan Kayna\u011f\u0131<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grup b\u00fcnyesinde istihdam edilen toplam personel say\u0131s\u0131 <b>2.030<\/b>&#8216;dur:<\/p>\n<ul>\n<li><b>Mavi Yakal\u0131:<\/b> 1.243 \u00e7al\u0131\u015fan.<\/li>\n<li><b>Beyaz Yakal\u0131:<\/b> 787 \u00e7al\u0131\u015fan.<\/li>\n<\/ul>\n<h3>4.3 Temett\u00fc \u00d6demeleri<\/h3>\n<p>27 Mart 2025 tarihli Genel Kurul karar\u0131yla, 2024 y\u0131l\u0131 k\u00e2r\u0131ndan br\u00fct 600 milyon TL (enflasyon d\u00fczeltmesi sonras\u0131 713.550 bin TL) nakit k\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131 Nisan 2025&#8217;te ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\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>5. \u00d6nemli Finansal Dipnotlar ve Risk Y\u00f6netimi<\/h2>\n<ul>\n<li><b>Nakit Ak\u0131\u015flar\u0131:<\/b> \u0130\u015fletme faaliyetlerinden 8,4 milyar TL nakit ak\u0131\u015f\u0131 sa\u011flan\u0131rken, yat\u0131r\u0131m faaliyetlerine (\u00f6zellikle maddi duran varl\u0131k al\u0131mlar\u0131 ve ba\u011fl\u0131 ortakl\u0131k pay al\u0131mlar\u0131 nedeniyle) 8,6 milyar TL nakit harcanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yabanc\u0131 Para Pozisyonu:<\/b> Grup, yurt d\u0131\u015f\u0131 operasyonlar\u0131 (Hollanda, KKTC, \u0130rlanda) nedeniyle Avro, USD ve GBP cinsinden i\u015flemlere ve kur riskine maruz kalmaktad\u0131r. CBS B.V.&#8217;nin fonksiyonel para birimi Avro&#8217;dur.<\/li>\n<li><b>Karbon Muhasebesi:<\/b> Emisyon izinleri TMS 38 kapsam\u0131nda izlenmekte; fiili emisyonlar\u0131n izinleri a\u015fmas\u0131 durumunda TMS 37 uyar\u0131nca kar\u015f\u0131l\u0131k ayr\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1512\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>\u00c7imsa 2025 Y\u0131l\u0131nda K\u00fcresel G\u00fcc\u00fcn\u00fc Art\u0131rd\u0131: Stratejik Yat\u0131r\u0131mlar ve Ye\u015fil D\u00f6n\u00fc\u015f\u00fcm \u00d6n Planda<br \/>\n\u00c7imsa, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131yla k\u00fcresel yap\u0131 malzemeleri pazar\u0131ndaki b\u00fcy\u00fcme stratejisini kararl\u0131l\u0131kla s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc kan\u0131tlad\u0131. Y\u0131l\u0131 45,9 milyar TL has\u0131lat ve 3,8 milyar TL net kar ile tamamlayan \u015firket, \u00f6zellikle \u0130rlanda merkezli Mannok Holdings\u2019in sat\u0131n al\u0131nmas\u0131yla Avrupa operasyonlar\u0131nda yeni bir sayfa a\u00e7t\u0131. Sadece finansal b\u00fcy\u00fcme ile yetinmeyen \u00c7imsa, EBRD ve IFC\u2019den sa\u011flad\u0131\u011f\u0131 ye\u015fil kredilerle Eski\u015fehir, Mersin ve Afyon fabrikalar\u0131nda s\u00fcrd\u00fcr\u00fclebilirlik odakl\u0131 d\u00f6n\u00fc\u015f\u00fcm\u00fcn fitilini ate\u015fledi. Hem operasyonel verimlilik hem de k\u00fcresel geni\u015fleme odakl\u0131 bu performans, \u00c7imsa&#8217;n\u0131n gelecekteki rekabet g\u00fcc\u00fcn\u00fc per\u00e7inliyor.<br \/>\n2025 y\u0131l\u0131 finansal tablolar\u0131, sat\u0131n almalar ve ye\u015fil yat\u0131r\u0131mlar hakk\u0131ndaki t\u00fcm detaylar blog yaz\u0131m\u0131zda!<\/p>\n","protected":false},"author":8,"featured_media":974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[277],"class_list":["post-1512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-cimsa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1512","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=1512"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1512\/revisions"}],"predecessor-version":[{"id":1525,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1512\/revisions\/1525"}],"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=1512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}