{"id":1585,"date":"2026-03-05T01:56:29","date_gmt":"2026-03-04T22:56:29","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1585"},"modified":"2026-03-05T01:58:25","modified_gmt":"2026-03-04T22:58:25","slug":"%f0%9f%87%b9%f0%9f%87%b7-sahol-bilanco-analizi-2025-12-haci-omer-sabanci-holding-a-s","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1585","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 SAHOL Bilan\u00e7o Analizi 2025\/12 | Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/75WL2fYEZU3hHeRbCITRgx?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Sabanc\u0131 Holding 2025 Finansal Karnesi: 4 Trilyon TL\u2019lik Devde B\u00fcy\u00fck D\u00f6n\u00fc\u015f\u00fcm ve Yeni Liderlik<\/h1>\n<h2>1. Giri\u015f: Trilyonlar\u0131n G\u00f6lgesinde Bir Dev<\/h2>\n<p>T\u00fcrkiye ekonomisinin sismograf\u0131 niteli\u011findeki Sabanc\u0131 Holding, 2025 y\u0131l\u0131 sonu itibar\u0131yla finansal b\u00fcy\u00fckl\u00fc\u011f\u00fcnde ak\u0131l almaz bir e\u015fi\u011fi geride b\u0131rakt\u0131. Bir zamanlar milyar TL\u2019lik bilan\u00e7olar\u0131n &#8220;dev&#8221; kabul edildi\u011fi i\u015f d\u00fcnyas\u0131nda, Sabanc\u0131 art\u0131k <b>4,1 trilyon TL<\/b> (4.101.380.927 bin TL) seviyesine ula\u015fm\u0131\u015f durumda. Ancak bu trilyonluk hacim, sadece bir b\u00fcy\u00fckl\u00fck g\u00f6stergesi de\u011fil; ayn\u0131 zamanda y\u00fcksek enflasyonun, stratejik portf\u00f6y temizli\u011finin ve y\u00f6netimsel bir kabuk de\u011fi\u015fiminin karma\u015f\u0131k bir bile\u015fimidir. Finansal tablolar\u0131n sat\u0131r aralar\u0131, bir imparatorlu\u011fun sadece say\u0131sal verilerini de\u011fil, k\u00fcresel bir teknoloji ve malzeme devine d\u00f6n\u00fc\u015fme sanc\u0131lar\u0131n\u0131 da ele veriyor.<\/p>\n<h2>2. Bir Devrin Sonu: G\u00fcler Sabanc\u0131 Sonras\u0131 Yeni D\u00f6nem<\/h2>\n<p>2025 y\u0131l\u0131, Sabanc\u0131 toplulu\u011fu i\u00e7in sembolik ve stratejik bir k\u0131r\u0131lma y\u0131l\u0131 olarak kay\u0131tlara ge\u00e7ti. Holdingin modern vizyonunun mimar\u0131 G\u00fcler Sabanc\u0131\u2019n\u0131n g\u00f6revini devretmesi, kurumsal haf\u0131zada yeni bir sayfa a\u00e7t\u0131.<\/p>\n<p>&#8220;H.\u00d6. Sabanc\u0131 Holding A.\u015e. Y\u00f6netim Kurulu Ba\u015fkanl\u0131\u011f\u0131 yapan G\u00fcler Sabanc\u0131, 27 Mart 2025 tarihinde ger\u00e7ekle\u015fen Ola\u011fan Genel Kurulu ile birlikte g\u00f6revi b\u0131rakarak Y\u00f6netim Kurulu&#8217;ndan ayr\u0131lm\u0131\u015ft\u0131r.&#8221;<\/p>\n<p>G\u00fcler Sabanc\u0131\u2019n\u0131n ard\u0131ndan koltu\u011fu devralan Hayri \u00c7ulhac\u0131 ismi, basit bir ataman\u0131n \u00e7ok \u00f6tesinde bir anlam ta\u015f\u0131yor. Uzun y\u0131llar Akbank\u2019ta \u00fcst d\u00fczey y\u00f6neticilik ve Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131l\u0131\u011f\u0131 yapm\u0131\u015f olan \u00c7ulhac\u0131\u2019n\u0131n liderli\u011fi, holdingin tepesinde &#8220;bankac\u0131 disiplini&#8221; ve finansal titizli\u011fin hakim olaca\u011f\u0131 bir d\u00f6nemi m\u00fcjdeliyor. Bu liderlik profili, holdingin &#8220;daha yal\u0131n ve daha k\u00e2rl\u0131&#8221; olma hedefini ger\u00e7ekle\u015ftirmek i\u00e7in ihtiya\u00e7 duydu\u011fu analitik sertli\u011fi sa\u011flayabilir.<\/p>\n<h2>3. Zarardan K\u00e2ra Keskin D\u00f6n\u00fc\u015f: \u0130yile\u015fme mi, Yoksa K\u0131r\u0131lganl\u0131k m\u0131?<\/h2>\n<p>2024 y\u0131l\u0131, enflasyon muhasebesinin a\u011f\u0131rl\u0131\u011f\u0131 alt\u0131nda Sabanc\u0131 i\u00e7in 20,2 milyar TL\u2019lik devasa bir &#8220;hesapla\u015fma&#8221; ve zarar y\u0131l\u0131yd\u0131. 2025 verileri, holdingin bu yaray\u0131 sard\u0131\u011f\u0131n\u0131 ve yeniden k\u00e2rl\u0131l\u0131k rotas\u0131na girdi\u011fini g\u00f6steriyor.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge (Ana Ortakl\u0131k Paylar\u0131)<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(20.254.961) Bin TL<\/td>\n<td>3.793.369 Bin TL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu geri d\u00f6n\u00fc\u015f yat\u0131r\u0131mc\u0131 i\u00e7in moral verici olsa da, k\u0131demli bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda tablo daha temkinli bir yorumu zorunlu k\u0131l\u0131yor: 4,1 trilyon TL\u2019lik bir varl\u0131k taban\u0131 \u00fczerinde elde edilen 3,8 milyar TL\u2019lik net k\u00e2r, yakla\u015f\u0131k <b>%0,09 gibi olduk\u00e7a d\u00fc\u015f\u00fck bir Varl\u0131k Getirisi (ROA)<\/b> anlam\u0131na geliyor. Daha da kritik olan\u0131, net k\u00e2ra ra\u011fmen toplam \u00f6zkaynaklar\u0131n 619,5 milyar TL\u2019den <b>603,2 milyar TL\u2019ye gerilemi\u015f<\/b> olmas\u0131d\u0131r. Bu erimenin temelinde, \u00f6denen 13,6 milyar TL\u2019lik temett\u00fc ve di\u011fer kapsaml\u0131 giderlerin, elde edilen d\u00f6nem k\u00e2r\u0131n\u0131 a\u015f\u0131nd\u0131rmas\u0131 yat\u0131yor. Sabanc\u0131, k\u00e2ra d\u00f6nse de \u00f6zkaynak g\u00fcc\u00fcn\u00fc koruma m\u00fccadelesini s\u00fcrd\u00fcr\u00fcyor.<\/p>\n<h2>4. Bankac\u0131l\u0131k: Holdingin Devasa Motoru ve Risk Y\u00f6netimi<\/h2>\n<p>Sabanc\u0131 Holding\u2019in gelir yap\u0131s\u0131, sanayi kimli\u011finin \u00f6tesinde finansal bir devin iskeletini yans\u0131t\u0131yor. Holdingin br\u00fct k\u00e2r kalemleri aras\u0131ndaki u\u00e7urum, &#8220;bankac\u0131l\u0131k d\u0131\u015f\u0131&#8221; b\u00fcy\u00fcme stratejisinin \u00f6n\u00fcndeki yolu a\u00e7\u0131k\u00e7a g\u00f6steriyor:<\/p>\n<ul>\n<li><b>Finans Sekt\u00f6r\u00fc Faaliyetlerinden Br\u00fct K\u00e2r:<\/b> 213,6 Milyar TL<\/li>\n<li><b>Ticari Faaliyetlerden Br\u00fct K\u00e2r:<\/b> 41,3 Milyar TL<\/li>\n<\/ul>\n<p>Finansal faaliyetlerin ticari faaliyetlerden <b>5 kat daha fazla<\/b> br\u00fct k\u00e2r \u00fcretmesi, Akbank\u2019\u0131n holdingin can damar\u0131 olma vasf\u0131n\u0131 per\u00e7inliyor. Ancak bu motor g\u00fcc\u00fc, y\u00fcksek riskli bir denizi de beraberinde getiriyor. Ba\u011f\u0131ms\u0131z denet\u00e7inin (Deloitte) TFRS 9 kapsam\u0131nda ayr\u0131lan <b>71 milyar TL\u2019lik<\/b> kredi zarar kar\u015f\u0131l\u0131\u011f\u0131n\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak i\u015faretlemesi tesad\u00fcf de\u011fil. Bu kar\u015f\u0131l\u0131klar, ileriye d\u00f6n\u00fck karma\u015f\u0131k finansal modeller ve yarg\u0131lar \u00fczerine kurulu; dolay\u0131s\u0131yla bu kalemdeki en k\u00fc\u00e7\u00fck bir modelleme sapmas\u0131, holding k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 sarsabilecek bir volatilite kayna\u011f\u0131.<\/p>\n<h2>5. Portf\u00f6yde Temizlik ve Odaklanma: Radiflow\u2019dan Microtex\u2019e<\/h2>\n<p>Holding, &#8220;Yeni Neslin Sabanc\u0131s\u0131&#8221; stratejisiyle portf\u00f6y\u00fcndeki &#8220;niche&#8221; ama ana odak d\u0131\u015f\u0131 i\u015flerden ar\u0131n\u0131yor. Sabanc\u0131 DX\u2019in siber g\u00fcvenlik \u015firketi <b>Radiflow<\/b> paylar\u0131n\u0131 satmas\u0131, bu stratejik temizli\u011fin en somut ad\u0131m\u0131. Holding, yaz\u0131l\u0131m\u0131n genelinden ziyade kendi sanayi k\u00f6kleriyle sinerji kurabilece\u011fi y\u00fcksek teknoloji alanlar\u0131na odaklan\u0131yor.<\/p>\n<p>Bunun en net kan\u0131t\u0131, Kordsa \u00fczerinden ger\u00e7ekle\u015ftirilen <b>Microtex Composites<\/b> al\u0131m\u0131d\u0131r. Siber g\u00fcvenlik gibi holdingin temel yetkinliklerinden uzak bir alandan (Radiflow) \u00e7\u0131k\u0131p, &#8220;Malzeme Teknolojileri&#8221; ve &#8220;Kompozit&#8221; gibi grubun end\u00fcstriyel geneti\u011fine uygun, y\u00fcksek katma de\u011ferli alanlara (Microtex) yat\u0131r\u0131m yap\u0131lmas\u0131, kaynaklar\u0131n daha ak\u0131lc\u0131 bir disiplinle y\u00f6netildi\u011fini kan\u0131tl\u0131yor.<\/p>\n<h2>6. Enflasyon Muhasebesi (TMS 29): Gizli &#8220;Enflasyon Vergisi&#8221;<\/h2>\n<p>Sabanc\u0131\u2019n\u0131n 2025 tablolar\u0131 &#8220;31 Aral\u0131k 2025 tarihindeki al\u0131m g\u00fcc\u00fc&#8221; ile ifade edilmi\u015ftir. Bu, trilyonluk rakamlar\u0131n arkas\u0131ndaki ac\u0131 ger\u00e7e\u011fi, yani paran\u0131n eriyen de\u011ferini hesaba katan bir y\u00f6ntemdir. Holdingin raporlad\u0131\u011f\u0131 <b>47,9 milyar TL\u2019lik Net Parasal Pozisyon Kayb\u0131<\/b>, y\u00fcksek enflasyon ortam\u0131nda nakit ve parasal varl\u0131k tutman\u0131n bedelidir. Bankac\u0131l\u0131k motoru ne kadar y\u00fcksek br\u00fct k\u00e2r \u00fcretirse \u00fcretsin, TMS 29 kapsam\u0131nda \u00f6denen bu &#8220;gizli enflasyon vergisi&#8221; net k\u00e2r\u0131 bask\u0131layan en b\u00fcy\u00fck f\u0131rt\u0131na olmaya devam ediyor.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/h2>\n<p>Sabanc\u0131 Holding, 62.962 \u00e7al\u0131\u015fan\u0131 ve trilyonluk varl\u0131klar\u0131yla 2025 y\u0131l\u0131nda operasyonel bir toparlanma sergiledi. Zarardan k\u00e2ra ge\u00e7i\u015f \u00f6nemli bir psikolojik e\u015fik olsa da, \u00f6zkaynaklardaki hafif erime ve d\u00fc\u015f\u00fck varl\u0131k getirisi, yolun hala engebeli oldu\u011funu g\u00f6steriyor. Hayri \u00c7ulhac\u0131 liderli\u011findeki yeni y\u00f6netim, bankac\u0131 disipliniyle portf\u00f6y\u00fc daha da sadele\u015ftirip, holdingi bir &#8220;sanayi ve banka&#8221; bile\u015fiminden k\u00fcresel bir &#8220;teknoloji ve malzeme&#8221; devine d\u00f6n\u00fc\u015ft\u00fcrme s\u0131nav\u0131 verecek.<\/p>\n<p><b>D\u00fc\u015f\u00fcnd\u00fcren Soru:<\/b> Yeni liderlik ve bankac\u0131l\u0131k d\u0131\u015f\u0131 sekt\u00f6rlerdeki stratejik odaklanma, Sabanc\u0131\u2019y\u0131 2026\u2019da k\u00fcresel bir teknoloji devi yapmaya yetecek mi; yoksa enflasyonun parasal etkisi, bu devasa yap\u0131n\u0131n k\u00e2rlar\u0131n\u0131 yutarak \u00f6zkaynaklar\u0131 a\u015f\u0131nd\u0131rmaya devam m\u0131 edecek?<\/p>\n<h1>Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal De\u011ferlendirme ve Ba\u011f\u0131ms\u0131z Denetim Bilgilendirme Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e. (&#8220;Sabanc\u0131 Holding&#8221; veya &#8220;Grup&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131n ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunun kapsaml\u0131 bir sentezidir. 2025 y\u0131l\u0131, Grubun finansal performans\u0131nda \u00f6nemli bir toparlanma ve stratejik y\u00f6netim de\u011fi\u015fikliklerine sahne olmu\u015ftur.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Finansal Performans:<\/b> Grup, 2024 y\u0131l\u0131ndaki 20,3 milyar TL\u2019lik ana ortakl\u0131k net d\u00f6nem zarar\u0131n\u0131n ard\u0131ndan, 2025 y\u0131l\u0131nda 3,8 milyar TL ana ortakl\u0131k net d\u00f6nem k\u00e2r\u0131 elde ederek k\u00e2rl\u0131l\u0131\u011fa ge\u00e7mi\u015ftir.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca, T\u00fcrk Liras\u0131&#8217;n\u0131n 31 Aral\u0131k 2025 tarihindeki al\u0131m g\u00fcc\u00fcyle ifade edilmi\u015ftir. 2024 y\u0131l\u0131 verileri kar\u015f\u0131la\u015ft\u0131r\u0131labilirlik amac\u0131yla yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> DRT Ba\u011f\u0131ms\u0131z Denetim (Deloitte), konsolide finansal tablolar\u0131n Grubun finansal durumunu ve performans\u0131n\u0131 TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011funa dair &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir.<\/li>\n<li><b>Liderlik De\u011fi\u015fimi:<\/b> 27 Mart 2025 tarihinde G\u00fcler Sabanc\u0131 Y\u00f6netim Kurulu Ba\u015fkanl\u0131\u011f\u0131 g\u00f6revinden ayr\u0131lm\u0131\u015f, yerine Hayri \u00c7ulhac\u0131 getirilmi\u015ftir.<\/li>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar 2025 sonu itibar\u0131yla 4,1 trilyon TL seviyesine ula\u015fm\u0131\u015ft\u0131r. Bu varl\u0131klar\u0131n yakla\u015f\u0131k 1,9 trilyon TL&#8217;si finans sekt\u00f6r\u00fc faaliyetlerinden kaynaklanan alacaklardan olu\u015fmaktad\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 Denetim ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcreci, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri ve T\u00fcrkiye Denetim Standartlar\u0131 (BDS) \u00e7er\u00e7evesinde y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr. Denet\u00e7i, mali tablolar\u0131n genel g\u00fcvenilirli\u011fini onaylarken, mesleki muhakeme a\u00e7\u0131s\u0131ndan en \u00e7ok \u00f6nem arz eden \u00fc\u00e7 &#8220;Kilit Denetim Konusu&#8221; belirlemi\u015ftir:<\/p>\n<h3>1. Bankac\u0131l\u0131k Faaliyetlerinden Alacaklarda De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc (TFRS 9)<\/h3>\n<p>Grup&#8217;un finansal tablolar\u0131nda kredi ve kiralama i\u015flemlerinden alacaklar\u0131n toplam\u0131 <b>1.953.535.362 bin TL<\/b> seviyesindedir.<\/p>\n<ul>\n<li><b>Risk:<\/b> Beklenen kredi zarar\u0131 kar\u015f\u0131l\u0131klar\u0131n\u0131n (toplam 71.025.679 bin TL) hesaplanmas\u0131; karma\u015f\u0131k finansal modeller, \u00f6nemli yarg\u0131lar ve gelece\u011fe d\u00f6n\u00fck ekonomik varsay\u0131mlar i\u00e7ermektedir.<\/li>\n<li><b>Denetim Yakla\u015f\u0131m\u0131:<\/b> Denet\u00e7i, kullan\u0131lan modellerin matematiksel b\u00fct\u00fcnl\u00fc\u011f\u00fcn\u00fc, ge\u00e7mi\u015f zarar verilerinin do\u011frulu\u011funu ve y\u00f6netimin kulland\u0131\u011f\u0131 varsay\u0131mlar\u0131n makuliyetini test etmi\u015ftir.<\/li>\n<\/ul>\n<h3>2. Ertelenmi\u015f Vergi Varl\u0131klar\u0131n\u0131n Geri Kazan\u0131labilirli\u011fi<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grup, <b>5.691.600 bin TL<\/b> ertelenmi\u015f vergi varl\u0131\u011f\u0131 ve <b>25.437.412 bin TL<\/b> ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc ta\u015f\u0131maktad\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> Ertelenmi\u015f vergi varl\u0131klar\u0131n\u0131n muhasebele\u015ftirilmesi, gelecekte vergiye tabi k\u00e2r elde edilmesinin &#8220;kuvvetle muhtemel&#8221; olmas\u0131na ba\u011fl\u0131d\u0131r.<\/li>\n<li><b>Denetim Yakla\u015f\u0131m\u0131:<\/b> Y\u00f6netimin ileriye d\u00f6n\u00fck i\u015f projeksiyonlar\u0131, b\u00fct\u00e7e tahminleri ve vergilendirilebilir k\u00e2r beklentileri uzmanlar e\u015fli\u011finde analiz edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3. Maddi ve Maddi Olmayan Duran Varl\u0131klar\u0131n De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h3>\n<p>Grup b\u00fcnyesinde <b>139,5 milyar TL<\/b> maddi duran varl\u0131k ve <b>82,7 milyar TL<\/b> maddi olmayan duran varl\u0131k bulunmaktad\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> Bu varl\u0131klar\u0131n geri kazan\u0131labilir de\u011ferinin belirlenmesinde kullan\u0131lan \u0130ndirgenmi\u015f Nakit Ak\u0131m (\u0130NA) modelleri; b\u00fcy\u00fcme beklentileri ve A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti (AOSM) gibi hassas varsay\u0131mlara dayanmaktad\u0131r.<\/li>\n<li><b>Denetim Yakla\u015f\u0131m\u0131:<\/b> Kullan\u0131lan enflasyon ve kur beklentileri ba\u011f\u0131ms\u0131z verilerle kar\u015f\u0131la\u015ft\u0131r\u0131lm\u0131\u015f, modelin matematiksel do\u011frulu\u011fu ve duyarl\u0131l\u0131k analizleri test 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 (Bilan\u00e7o)<\/h2>\n<p>Grup varl\u0131k ve kaynak yap\u0131s\u0131, enflasyona g\u00f6re d\u00fczeltilmi\u015f rakamlarla a\u015fa\u011f\u0131daki tabloda \u00f6zetlenmi\u015ftir:<\/p>\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 (D\u00fczeltilmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>4.101.380.927<\/b><\/td>\n<td><b>4.023.199.831<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>2.382.163.233<\/td>\n<td>2.390.153.878<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.719.217.694<\/td>\n<td>1.633.045.953<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>3.498.112.369<\/b><\/td>\n<td><b>3.403.673.772<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.026.038.587<\/td>\n<td>3.076.918.729<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>472.073.782<\/td>\n<td>326.755.043<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>603.268.558<\/b><\/td>\n<td><b>619.526.059<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>361.227.167<\/td>\n<td>370.762.598<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli G\u00f6zlemler:<\/b><\/p>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> Nakit ve nakit benzerleri 127,5 milyar TL seviyesindedir.<\/li>\n<li><b>Finans Sekt\u00f6r\u00fc A\u011f\u0131rl\u0131\u011f\u0131:<\/b> Hem varl\u0131klarda hem de bor\u00e7larda finans sekt\u00f6r\u00fc faaliyetleri bask\u0131n rol oynamaktad\u0131r. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin 2,48 trilyon TL&#8217;si finans sekt\u00f6r\u00fc bor\u00e7lar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u00d6denmi\u015f sermaye 2,1 milyar TL olup, 162,5 milyar TL tutar\u0131nda sermaye d\u00fczeltme fark\u0131 bulunmaktad\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>Faaliyet Sonu\u00e7lar\u0131 ve K\u00e2rl\u0131l\u0131k (Gelir Tablosu)<\/h2>\n<p>2025 y\u0131l\u0131, operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n net d\u00f6nem k\u00e2r\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc bir y\u0131l olmu\u015ftur:<\/p>\n<ul>\n<li><b>Ticari Has\u0131lat:<\/b> 246,2 milyar TL (2024: 255,4 milyar TL).<\/li>\n<li><b>Finans Sekt\u00f6r\u00fc Br\u00fct K\u00e2r\u0131:<\/b> 213,6 milyar TL.<\/li>\n<li><b>Faaliyet K\u00e2r\u0131:<\/b> 87,6 milyar TL (Ge\u00e7en y\u0131la g\u00f6re %16,7 art\u0131\u015f).<\/li>\n<li><b>Vergi \u00d6ncesi K\u00e2r:<\/b> 29,6 milyar TL (2024 y\u0131l\u0131nda 20,6 milyar TL zarar mevcuttu).<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131:<\/b> 7,6 milyar TL (Kontrol g\u00fcc\u00fc olmayan paylar dahil).<\/li>\n<li><b>Net Parasal Pozisyon Kayb\u0131:<\/b> Enflasyon d\u00fczeltmesi kaynakl\u0131 olarak 47,9 milyar TL net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir (2024: 83,9 milyar TL kay\u0131p).<\/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>Organizasyonel Yap\u0131 ve Stratejik De\u011fi\u015fiklikler<\/h2>\n<p>Sabanc\u0131 Holding, 1967 y\u0131l\u0131nda kurulmu\u015f olup finans, \u00fcretim ve ticaret alanlar\u0131nda koordinasyon sa\u011flayan bir yap\u0131d\u0131r.<\/p>\n<p><b>Y\u00f6netim ve Hissedarl\u0131k:<\/b><\/p>\n<ul>\n<li><b>Hissedarl\u0131k Yap\u0131s\u0131:<\/b> Sak\u0131p Sabanc\u0131 Holding A.\u015e. (%13,90), Serra Sabanc\u0131 (%7,02), Suzan Sabanc\u0131 (%6,84), \u00c7i\u011fdem Sabanc\u0131 (%6,84) ve Di\u011fer\/Halka A\u00e7\u0131k (%65,40).<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 2025 sonu itibar\u0131yla Grup b\u00fcnyesinde 62.962 personel istihdam edilmektedir.<\/li>\n<\/ul>\n<p><b>Segmentlere G\u00f6re Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015f Ortakl\u0131klar\u0131 (\u00d6zet):<\/b><\/p>\n<ul>\n<li><b>Bankac\u0131l\u0131k:<\/b> Akbank.<\/li>\n<li><b>Finansal Hizmetler:<\/b> Agesa, Aksigorta.<\/li>\n<li><b>Malzeme Teknolojileri:<\/b> \u00c7imsa, Kordsa, Ak\u00e7ansa (\u0130O), Brisa (\u0130O).<\/li>\n<li><b>Enerji:<\/b> Sabanc\u0131 \u0130klim Teknolojileri, Enerjisa Enerji (\u0130O), Enerjisa \u00dcretim (\u0130O).<\/li>\n<li><b>Dijital:<\/b> Sabanc\u0131 DX.<\/li>\n<li><b>Di\u011fer:<\/b> Teknosa, Carrefoursa, Tursa.<\/li>\n<\/ul>\n<p><b>D\u00f6nem \u0130\u00e7indeki \u00d6nemli Olaylar:<\/b><\/p>\n<ul>\n<li><b>Exsa Birle\u015fmesi:<\/b> 15 Ocak 2024&#8217;te tamamlanan i\u015flemle Exsa&#8217;n\u0131n varl\u0131klar\u0131, Temsa Skoda paylar\u0131 ve di\u011fer i\u015ftirakler Grup b\u00fcnyesine ge\u00e7mi\u015ftir.<\/li>\n<li><b>Radiflow Sat\u0131\u015f\u0131:<\/b> Sabanc\u0131 DX b\u00fcnyesindeki Radiflow Ltd. \u015firketinin %69,84 pay\u0131n\u0131n sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Microtex Sat\u0131n Al\u0131m\u0131:<\/b> Kordsa, Microtex Composites S.r.l.&#8217;nin %39&#8217;luk az\u0131nl\u0131k hissesini 34,9 milyon Avro bedelle sat\u0131n alm\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>Muhasebe Politikalar\u0131 ve Gelecek Projeksiyonu<\/h2>\n<p>Grup, finansal tablolar\u0131n\u0131 TFRS&#8217;ye tam uyumlu olarak haz\u0131rlamaktad\u0131r. TMS 21 (Takas Edilebilirli\u011fin Bulunmamas\u0131) de\u011fi\u015fikli\u011fi 2025&#8217;te uygulanmaya ba\u015flanm\u0131\u015f ancak \u00f6nemli bir etki yaratmam\u0131\u015ft\u0131r.<\/p>\n<p><b>Gelecekte Y\u00fcr\u00fcrl\u00fc\u011fe Girecek \u00d6nemli Standartlar:<\/b><\/p>\n<ul>\n<li><b>TFRS 17 (Sigorta S\u00f6zle\u015fmeleri):<\/b> Sigorta ve emeklilik \u015firketleri i\u00e7in 1 Ocak 2027&#8217;de y\u00fcr\u00fcrl\u00fc\u011fe girecektir.<\/li>\n<li><b>TFRS 18 ve TFRS 19:<\/b> 2027 y\u0131l\u0131nda finansal tablo sunumu ve a\u00e7\u0131klamalarda yeni standartlar devreye al\u0131nacakt\u0131r.<\/li>\n<\/ul>\n<p>Grup y\u00f6netimi, i\u015fletmenin s\u00fcreklili\u011fi esas\u0131n\u0131 koruyarak faaliyetlerini s\u00fcrd\u00fcrme kabiliyetine dair tam sorumluluk \u00fcstlenmekte ve finansal raporlama s\u00fcre\u00e7lerini bu do\u011frultuda g\u00f6zetmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1585\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sabanc\u0131 Holding 2025 Finansal Karnesi: 4 Trilyon TL\u2019lik Devde B\u00fcy\u00fck D\u00f6n\u00fc\u015f\u00fcm ve Yeni Liderlik 1. Giri\u015f: Trilyonlar\u0131n G\u00f6lgesinde Bir Dev T\u00fcrkiye ekonomisinin sismograf\u0131 niteli\u011findeki Sabanc\u0131 Holding, 2025 y\u0131l\u0131 sonu itibar\u0131yla finansal b\u00fcy\u00fckl\u00fc\u011f\u00fcnde ak\u0131l almaz bir e\u015fi\u011fi geride b\u0131rakt\u0131. Bir zamanlar&#8230; <\/p>\n","protected":false},"author":6,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[279],"class_list":["post-1585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-sahol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1585","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=1585"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1585\/revisions"}],"predecessor-version":[{"id":1587,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1585\/revisions\/1587"}],"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=1585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}