{"id":1615,"date":"2026-03-05T03:16:09","date_gmt":"2026-03-05T00:16:09","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1615"},"modified":"2026-03-05T03:17:45","modified_gmt":"2026-03-05T00:17:45","slug":"httbt-bilano-analizi-202512-hitit-bilgisayar-hizmetleri-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1615","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 HTTBT Bilan\u00e7o Analizi 2025\/12 | Hitit Bilgisayar Hizmetleri A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4pV8sduOJTL1dBahFYX5zN?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Havac\u0131l\u0131\u011f\u0131n G\u00f6r\u00fcnmez Devinden 2025 Dersleri: Bir T\u00fcrk Teknoloji \u015eirketi D\u00fcnyay\u0131 Nas\u0131l Y\u00f6netiyor?<\/h1>\n<p><b>1. Giri\u015f: Verilerin \u00d6tesindeki G\u00f6ky\u00fcz\u00fc<\/b><\/p>\n<p>Havaliman\u0131nda u\u00e7a\u011f\u0131n\u0131z\u0131n kap\u0131ya yana\u015fmas\u0131n\u0131 beklerken, arka planda devasa bir dijital orkestran\u0131n kusursuz bir senfoni y\u00f6netti\u011fini fark etmezsiniz. Bir u\u00e7a\u011f\u0131n milimetrik &#8220;a\u011f\u0131rl\u0131k-denge&#8221; (weight &amp; balance) hesaplar\u0131ndan, k\u00fcresel slot planlamas\u0131na; biletlemenin milisaniyeler i\u00e7inde ger\u00e7ekle\u015fmesinden, yolcu sadakat programlar\u0131n\u0131n karma\u015f\u0131k algoritmalar\u0131na kadar havac\u0131l\u0131k, d\u00fcnyan\u0131n en zor yaz\u0131l\u0131m disiplinlerinden biridir. Hitit Bilgisayar, bu y\u00fcksek teknolojili ekosistemin &#8220;g\u00f6r\u00fcnmez devlerinden&#8221; biri olarak, sadece T\u00fcrkiye\u2019de de\u011fil, k\u00fcresel havac\u0131l\u0131k pazar\u0131nda Amadeus ve Sabre gibi devlere kafa tutan bir &#8220;challenger&#8221; (meydan okuyan) konumunda. \u015eirketin 31 Aral\u0131k 2025 tarihli konsolide finansal raporu, kuru rakamlar\u0131n \u00e7ok \u00f6tesinde, bir &#8220;yaz\u0131l\u0131m fabrikas\u0131n\u0131n&#8221; k\u00fcresel hakimiyetini tescilleyen teknik bir manifesto niteli\u011fi ta\u015f\u0131yor. \u0130\u015fte raporun derinliklerinden s\u00fcz\u00fclen 5 stratejik \u00e7\u0131kar\u0131m.<\/p>\n<p><b>2. SaaS Modelinin Zaferi: Gelirlerin %63\u2019\u00fc Yurt D\u0131\u015f\u0131ndan<\/b><\/p>\n<p>Hitit\u2019in 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, \u015firketin yerel bir oyuncu olmaktan \u00e7\u0131k\u0131p k\u00fcresel bir teknoloji ihracat\u00e7\u0131s\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc tart\u0131\u015fmas\u0131z bir \u015fekilde ortaya koyuyor. Not 15\u2019teki &#8220;Has\u0131lat ve Sat\u0131\u015flar\u0131n Maliyeti&#8221; verilerine g\u00f6re, 1.652.786.006 TL\u2019lik toplam has\u0131lat\u0131n %63\u2019\u00fcn\u00fc olu\u015fturan 1.052.845.497 TL, yurt d\u0131\u015f\u0131 sat\u0131\u015flardan elde edildi.<\/p>\n<p>Bir teknoloji stratejisti g\u00f6z\u00fcyle as\u0131l ba\u015far\u0131 has\u0131lat\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcnde de\u011fil, kalitesinde gizli. Has\u0131lat detaylar\u0131ndaki &#8220;Uygulama kullan\u0131m\u0131 gelirleri&#8221; kalemi, 954.753.341 TL ile toplam gelirin aslan pay\u0131n\u0131 olu\u015fturuyor. Bu veri, Hitit\u2019in <b>SaaS (Hizmet Olarak Yaz\u0131l\u0131m)<\/b> i\u015f modelini ne kadar ba\u015far\u0131yla \u00f6l\u00e7eklendirdi\u011finin en somut kan\u0131t\u0131d\u0131r. Tekrarlayan ve kullan\u0131m bazl\u0131 bu gelir modeli, \u015firketi klasik yaz\u0131l\u0131m sat\u0131c\u0131lar\u0131ndan ay\u0131rarak, k\u00fcresel havac\u0131l\u0131k trafi\u011fine ortak olan bir teknoloji orta\u011f\u0131na d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda &#8220;Has\u0131lat\u0131n Denetimi&#8221;nin kilit bir konu se\u00e7ilmesi ve TFRS 15 standartlar\u0131na yap\u0131lan vurgu, bu karma\u015f\u0131k ve y\u00fcksek hacimli SaaS gelir ak\u0131\u015f\u0131n\u0131n finansal \u015feffafl\u0131kla y\u00f6netildi\u011fini teyit ediyor.<\/p>\n<p><b>3. Gelece\u011fi Kodlamak: 735 Milyon TL\u2019lik Ar-Ge Yat\u0131r\u0131m\u0131<\/b><\/p>\n<p>Teknoloji d\u00fcnyas\u0131nda inovasyon, sadece bir tercih de\u011fil, hayatta kalma meselesidir. Hitit, 2025 y\u0131l\u0131nda Maddi Olmayan Duran Varl\u0131klar (Not 9) kaleminde bu vizyonu devasa bir yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fcrd\u00fc: 735.815.717 TL. \u015eirket, b\u00fct\u00e7esinin neredeyse yar\u0131s\u0131n\u0131 gelece\u011fi kodlamaya ay\u0131r\u0131rken, personel say\u0131s\u0131n\u0131 da 427\u2019ye y\u00fckselterek insan kayna\u011f\u0131n\u0131 bu b\u00fcy\u00fcmenin merkezine koydu.<\/p>\n<p><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu&#8217;ndan Teknik Vurgu:<\/b> &#8220;Grup, geli\u015ftirme a\u015famas\u0131na gelen ve gelecekte nakit ak\u0131\u015f\u0131 sa\u011flayaca\u011f\u0131n\u0131 \u00f6ng\u00f6rd\u00fc\u011f\u00fc projelerde, yaz\u0131l\u0131m s\u00fcre\u00e7lerinde \u00e7al\u0131\u015fan personele ili\u015fkin maliyetleri ve ilgili giderleri geli\u015ftirme faaliyeti kapsam\u0131nda aktifle\u015ftirmektedir&#8230; Yaz\u0131l\u0131m geli\u015ftirmelerine ili\u015fkin tutar\u0131n konsolide finansal tablolar i\u00e7in \u00f6nemli olmas\u0131 ve aktifle\u015ftirilen geli\u015ftirme maliyetlerinin faydal\u0131 \u00f6mr\u00fcne ili\u015fkin y\u00f6netim tahminlerini i\u00e7ermesi nedeniyle, bu husus kilit denetim konusu olarak belirlenmi\u015ftir.&#8221;<\/p>\n<p>PwC\u2019nin bu s\u00fcreci &#8220;Kilit Denetim Konusu&#8221; olarak belirlemesi, Hitit\u2019in Ar-Ge harcamalar\u0131n\u0131n bir &#8220;gider&#8221; de\u011fil, gelecekte nakit ak\u0131\u015f\u0131 yaratacak y\u00fcksek de\u011ferli birer &#8220;varl\u0131k&#8221; oldu\u011funu tescilliyor. Stratejik a\u00e7\u0131dan bu, Hitit\u2019in sadece bug\u00fcn\u00fcn havac\u0131l\u0131k ihtiya\u00e7lar\u0131n\u0131 de\u011fil, 2030\u2019lar\u0131n teknolojisini bug\u00fcnden in\u015fa etti\u011fini g\u00f6steriyor.<\/p>\n<p><b>4. Finansal Bir Kale: Negatif Net Bor\u00e7 ve G\u00fc\u00e7l\u00fc Nakit Pozisyonu<\/b><\/p>\n<p>\u00c7o\u011fu teknoloji \u015firketi bor\u00e7 y\u00fck\u00fc alt\u0131nda agresif b\u00fcy\u00fcmeye \u00e7al\u0131\u015f\u0131rken, Hitit 2025 raporunda nadir rastlanan bir finansal disiplin sergiliyor. Sermaye Risk Y\u00f6netimi (Not 22) verilerinde g\u00f6r\u00fclen <b>-0,96\u2019l\u0131k negatif net bor\u00e7 oran\u0131<\/b>, ilk bak\u0131\u015fta kafa kar\u0131\u015ft\u0131r\u0131c\u0131 gelse de asl\u0131nda bir finansal kale g\u00f6stergesidir. Bu oran, \u015firketin bor\u00e7 y\u00fck\u00fc alt\u0131nda ezilmek yerine, kelimenin tam anlam\u0131yla &#8220;nakit \u00fczerinde oturdu\u011funu&#8221; kan\u0131tl\u0131yor.<\/p>\n<p>Not 3\u2019te yer alan 508.570.190 TL\u2019lik &#8220;Nakit ve Nakit Benzerleri&#8221; varl\u0131\u011f\u0131, Hitit\u2019in operasyonel g\u00fcc\u00fcn\u00fc ve olas\u0131 yat\u0131r\u0131m f\u0131rsatlar\u0131 kar\u015f\u0131s\u0131ndaki \u00e7evikli\u011fini simgeliyor. Net d\u00f6nem kar\u0131n\u0131n bir \u00f6nceki y\u0131la g\u00f6re (276,8 milyon TL) ciddi bir s\u0131\u00e7rama yaparak 388.878.896 TL\u2019ye ula\u015fmas\u0131, bu finansal disiplinin kar marjlar\u0131yla da desteklendi\u011fini g\u00f6steriyor. Hitit, k\u00fcresel rakiplerine kar\u015f\u0131 sadece kod kalitesiyle de\u011fil, sars\u0131lmaz finansal yap\u0131s\u0131yla da fark yarat\u0131yor.<\/p>\n<p><b>5. Stratejik Vergi Y\u00f6netimi ve Ar-Ge Kald\u0131rac\u0131<\/b><\/p>\n<p>Hitit\u2019in finansal s\u00fcrd\u00fcr\u00fclebilirli\u011finin bir di\u011fer kritik s\u00fctunu ise ak\u0131ll\u0131 vergi y\u00f6netimi. Not 21\u2019de detayland\u0131r\u0131lan 4691 say\u0131l\u0131 Teknoloji Geli\u015ftirme B\u00f6lgeleri Kanunu kapsam\u0131ndaki istisnalar, \u015firketin k\u00fcresel rekabetteki elini g\u00fc\u00e7lendiriyor. <b>31 Aral\u0131k 2028\u2019e kadar s\u00fcren bu kurumlar vergisi istisnas\u0131<\/b>, \u015firket i\u00e7in kritik bir &#8220;Vergi Korumas\u0131&#8221; (Tax Shield) yarat\u0131yor.<\/p>\n<p>399.789.153 TL\u2019lik vergi \u00f6ncesi kardan elde edilen bu avantaj, \u015firketin \u00f6dedi\u011fi vergi miktar\u0131n\u0131 optimize ederken, tasarruf edilen her kuru\u015fun tekrar Ar-Ge\u2019ye aktar\u0131lmas\u0131na olanak tan\u0131yor. Bu model, Hitit\u2019i k\u00fcresel rakiplerine kar\u015f\u0131 daha &#8220;agresif&#8221; k\u0131labilecek bir mali yak\u0131t sa\u011fl\u0131yor. 2028\u2019e kadar devam edecek olan bu te\u015fvik, Hitit\u2019in \u00f6n\u00fcm\u00fczdeki \u00fc\u00e7 y\u0131l boyunca inovasyon h\u0131z\u0131n\u0131 kesmeden devam ettirebilece\u011finin garantisi konumunda.<\/p>\n<p><b>6. PwC Onayl\u0131 \u015eeffafl\u0131k: K\u00fcresel G\u00fcven Endeksi<\/b><\/p>\n<p>D\u00fcnya \u00e7ap\u0131nda bir teknoloji \u015firketi olman\u0131n \u015fart\u0131, \u015feffaf ve hesap verebilir olmakt\u0131r. Raporun giri\u015finde yer alan PwC Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc, Hitit\u2019in finansal tablolar\u0131n\u0131n &#8220;t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funu&#8221; teyit ediyor. &#8220;Has\u0131lat&#8221; ve &#8220;Yaz\u0131l\u0131m Aktifle\u015ftirme&#8221; gibi y\u00fcksek yarg\u0131 i\u00e7eren konular\u0131n uluslararas\u0131 denetim standartlar\u0131yla m\u00fch\u00fcrlenmesi, yat\u0131r\u0131mc\u0131 g\u00fcveni i\u00e7in en \u00fcst d\u00fczey teminatt\u0131r. Bu \u015feffafl\u0131k, Hitit\u2019in sadece bir yaz\u0131l\u0131m \u015firketi de\u011fil, kurumsal y\u00f6neti\u015fim ilkelerini i\u00e7selle\u015ftirmi\u015f k\u00fcresel bir marka oldu\u011funun alt\u0131n\u0131 \u00e7iziyor.<\/p>\n<p><b>7. Sonu\u00e7: 2026 ve \u00d6tesine Bak\u0131\u015f<\/b><\/p>\n<p>Hitit Bilgisayar\u2019\u0131n 2025 y\u0131l\u0131 finansal karnesi, T\u00fcrkiye\u2019den \u00e7\u0131kan bir yaz\u0131l\u0131m fabrikas\u0131n\u0131n, havac\u0131l\u0131\u011f\u0131n &#8220;i\u015fletim sistemini&#8221; d\u00fcnyaya nas\u0131l satabilece\u011finin ders niteli\u011findeki hikayesidir. D\u00f6viz bazl\u0131 ve tekrarlayan SaaS gelirleri, milyar TL s\u0131n\u0131r\u0131na dayanan Ar-Ge yat\u0131r\u0131mlar\u0131 ve sars\u0131lmaz nakit pozisyonuyla Hitit; Amadeus ve Sabre gibi yerle\u015fik devlerin kar\u015f\u0131s\u0131nda \u00e7evik, karl\u0131 ve teknolojik olarak \u00fcst\u00fcn bir alternatif olarak duruyor. 2025 rakamlar\u0131, Hitit\u2019in art\u0131k sadece bir T\u00fcrk \u015firketi de\u011fil, g\u00f6ky\u00fcz\u00fcn\u00fcn dijital rotas\u0131n\u0131 \u00e7izen k\u00fcresel bir g\u00fc\u00e7 oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> Bir teknoloji \u015firketinin ba\u015far\u0131s\u0131n\u0131 sadece kod kalitesi mi yoksa bu kodun finansal tablolara yans\u0131yan stratejik disiplini mi belirler?<\/p>\n<h1>Hitit Bilgisayar Hizmetleri A.\u015e. 2025 Y\u0131l\u0131 Finansal Bilgilendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Hitit Bilgisayar Hizmetleri A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131n ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunun kapsaml\u0131 bir sentezidir. PwC (Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda Grup\u2019un finansal tablolar\u0131na &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; verilmi\u015ftir.<\/p>\n<p>2025 y\u0131l\u0131, Grup i\u00e7in g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme d\u00f6nemini temsil etmektedir. Has\u0131lat, bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %47 oran\u0131nda artarak 1,65 milyar TL seviyesine ula\u015f\u0131rken, net d\u00f6nem kar\u0131 388,9 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. Grup\u2019un toplam varl\u0131klar\u0131 3,69 milyar TL\u2019ye, \u00f6zkaynaklar\u0131 ise 2,97 milyar TL\u2019ye y\u00fckselmi\u015ftir. Denetim raporunda \u00f6zellikle has\u0131lat\u0131n muhasebele\u015ftirilmesi ve yaz\u0131l\u0131m geli\u015ftirme maliyetlerinin aktifle\u015ftirilmesi konular\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak vurgulanm\u0131\u015ft\u0131r.<\/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. Finansal Performans Analizi<\/h2>\n<p>Grup\u2019un 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, operasyonel verimlilik ve pazar pay\u0131ndaki art\u0131\u015f\u0131 yans\u0131tan temel g\u00f6stergelerle karakterize edilmi\u015ftir.<\/p>\n<h3>Temel Kar veya Zarar G\u00f6stergeleri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>1.652.786.006<\/td>\n<td>1.122.416.793<\/td>\n<td>~%47<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(842.045.965)<\/td>\n<td>(580.872.198)<\/td>\n<td>~%45<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>810.740.041<\/td>\n<td>541.544.595<\/td>\n<td>~%50<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>365.353.948<\/td>\n<td>246.600.687<\/td>\n<td>~%48<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Kar\u0131<\/b><\/td>\n<td>388.878.896<\/td>\n<td>276.880.664<\/td>\n<td>~%40<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td>1,2963<\/td>\n<td>0,9229<\/td>\n<td>~%40<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Durum (Bilan\u00e7o) \u00d6zeti<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 2024 y\u0131l\u0131ndaki 2,62 milyar TL seviyesinden, 2025 sonunda 3,69 milyar TL\u2019ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Maddi Olmayan Duran Varl\u0131klar:<\/b> Grup\u2019un en b\u00fcy\u00fck varl\u0131k kalemini olu\u015fturmakta olup, net de\u011feri 2,27 milyar TL\u2019dir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Yabanc\u0131 para \u00e7evrim farklar\u0131n\u0131n etkisi ve d\u00f6nem kar\u0131yla birlikte 2,97 milyar TL\u2019ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> D\u00f6nem sonu itibar\u0131yla 508,6 milyon TL seviyesindedir (2024: 301,7 milyon TL).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i PwC, denetim s\u00fcrecinde mesleki muhakeme gerektiren ve en \u00e7ok \u00f6nem arz eden iki temel hususu belirlemi\u015ftir:<\/p>\n<h3>A. Has\u0131lat\u0131n Denetimi<\/h3>\n<p>Has\u0131lat, performans takibi a\u00e7\u0131s\u0131ndan en kritik kriterdir. 2025 y\u0131l\u0131 has\u0131lat\u0131 1,65 milyar TL\u2019dir.<\/p>\n<ul>\n<li><b>Karma\u015f\u0131kl\u0131k:<\/b> Has\u0131lat; uygulama kullan\u0131m\u0131, bak\u0131m, kurulum-entegrasyon ve lisans sat\u0131\u015flar\u0131 gibi farkl\u0131 bile\u015fenlerden olu\u015fur. TFRS 15 kapsam\u0131nda bu bile\u015fenlerin ayr\u0131 edim y\u00fck\u00fcml\u00fcl\u00fckleri olarak de\u011ferlendirilmesi ve zamanlamas\u0131n\u0131n belirlenmesi \u00f6nemli y\u00f6netim yarg\u0131lar\u0131 i\u00e7erir.<\/li>\n<li><b>Denetim Yakla\u015f\u0131m\u0131:<\/b> S\u00f6zle\u015fmeler \u00f6rnekleme yoluyla incelenmi\u015f, edim y\u00fck\u00fcml\u00fcl\u00fcklerinin tan\u0131mlanmas\u0131 ve i\u015flem bedellerinin da\u011f\u0131t\u0131m\u0131 test edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>B. Yaz\u0131l\u0131m Geli\u015ftirme Maliyetlerinin Aktifle\u015ftirilmesi<\/h3>\n<p>Grup\u2019un bilan\u00e7osunda 31 Aral\u0131k 2025 itibar\u0131yla aktifle\u015ftirilen toplam geli\u015ftirme maliyeti <b>735.815.717 TL<\/b>\u2019dir.<\/p>\n<ul>\n<li><b>Kriterler:<\/b> TMS 38 uyar\u0131nca, gelecekte nakit ak\u0131\u015f\u0131 sa\u011flamas\u0131 \u00f6ng\u00f6r\u00fclen projelerde \u00e7al\u0131\u015fan personel maliyetleri aktifle\u015ftirilmektedir. Bu s\u00fcre\u00e7, personelin projeye harcad\u0131\u011f\u0131 zaman\u0131n takibi ve faydal\u0131 \u00f6m\u00fcr tahminlerini i\u00e7erir.<\/li>\n<li><b>Denetim Yakla\u015f\u0131m\u0131:<\/b> Projelerin aktifle\u015ftirme kriterlerini kar\u015f\u0131lay\u0131p kar\u015f\u0131lamad\u0131\u011f\u0131, personel bordrolar\u0131 ve zaman \u00e7izelgeleri \u00fczerinden do\u011frulanm\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>3. Operasyonel Yap\u0131 ve Organizasyon<\/h2>\n<p>Hitit Bilgisayar, havayolu ve seyahat sekt\u00f6r\u00fc i\u00e7in yaz\u0131l\u0131m \u00e7\u00f6z\u00fcmleri \u00fcreten k\u00fcresel bir teknoloji sa\u011flay\u0131c\u0131s\u0131d\u0131r.<\/p>\n<ul>\n<li><b>Faaliyet Konusu:<\/b> Havayollar\u0131, seyahat \u015firketleri ve havalimanlar\u0131 i\u00e7in yaz\u0131l\u0131m geli\u015ftirme, hosting (i\u015fletim servisi) ve sat\u0131\u015f faaliyetleri.<\/li>\n<li><b>\u0130nsan Kayna\u011f\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u00e7al\u0131\u015fan say\u0131s\u0131 427\u2019dir (2024: 406).<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b>\n<ol>\n<li><b>Hitit Saas Turizm Servisleri A.\u015e. (%100):<\/b> Seyahat \u00fcr\u00fcnlerinin global acente a\u011f\u0131 \u00fczerinden sat\u0131\u015f\u0131n\u0131 sa\u011flamak amac\u0131yla kurulmu\u015ftur.<\/li>\n<li><b>HITIT TECH LAB-ISB (SMC-Private) Limited (%100):<\/b> Pakistan merkezli yaz\u0131l\u0131m geli\u015ftirme \u015firketi.<\/li>\n<li><b>Hitit PK Seyahat Acente Da\u011f\u0131t\u0131m Sistemleri A.\u015e. (%100):<\/b> Pakistan pazar\u0131ndaki acente da\u011f\u0131t\u0131m hizmetlerini desteklemek \u00fczere 2024 y\u0131l\u0131nda kurulmu\u015ftur.<\/li>\n<\/ol>\n<\/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 Politikalar\u0131 ve Finansal Detaylar<\/h2>\n<h3>Fonksiyonel ve Sunum Para Birimi<\/h3>\n<ul>\n<li>Grup\u2019un gelirlerinin b\u00fcy\u00fck \u00e7o\u011funlu\u011funun USD bazl\u0131 olmas\u0131 ve k\u00fcresel stratejileri nedeniyle <b>fonksiyonel para birimi USD<\/b> olarak belirlenmi\u015ftir (1 Ocak 2020&#8217;den itibaren).<\/li>\n<li>Finansal tablolar\u0131n <b>sunum para birimi T\u00fcrk Liras\u0131 (TL)<\/b>&#8216;dir. 31 Aral\u0131k 2025 kuru 1 USD = 42,8457 TL olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Vergi \u0130stisnalar\u0131 (Teknokent Avantajlar\u0131)<\/h3>\n<ul>\n<li>Grup, \u0130T\u00dc Teknokent b\u00fcnyesindeki faaliyetleri nedeniyle 4691 say\u0131l\u0131 Kanun kapsam\u0131ndaki te\u015fviklerden yararlanmaktad\u0131r.<\/li>\n<li><b>Kurumlar Vergisi \u0130stisnas\u0131:<\/b> Ar-Ge faaliyetlerinden elde edilen kazan\u00e7lar 31 Aral\u0131k 2028 tarihine kadar kurumlar vergisinden istisnad\u0131r.<\/li>\n<li><b>Gelir Vergisi \u0130stisnas\u0131:<\/b> B\u00f6lgede \u00e7al\u0131\u015fan Ar-Ge personelinin \u00fccretleri 2028 sonuna kadar vergiden m\u00fcstesnad\u0131r.<\/li>\n<\/ul>\n<h3>Has\u0131lat Da\u011f\u0131l\u0131m\u0131 (2025)<\/h3>\n<p>Grup\u2019un has\u0131lat yap\u0131s\u0131 \u00e7e\u015fitlilik g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Uygulama Kullan\u0131m\u0131 Gelirleri:<\/b> 954,7 milyon TL<\/li>\n<li><b>\u0130yile\u015ftirme ve Geli\u015ftirme Gelirleri:<\/b> 306,9 milyon TL<\/li>\n<li><b>Altyap\u0131 Hizmet Gelirleri:<\/b> 136,2 milyon TL<\/li>\n<li><b>Bak\u0131m Gelirleri:<\/b> 131,1 milyon TL<\/li>\n<li><b>Kurulum-Entegrasyon Gelirleri:<\/b> 79,1 milyon TL<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. \u00d6nemli Finansal Rakamlar ve Oranlar<\/h2>\n<h3>Sermaye Yap\u0131s\u0131 (31 Aral\u0131k 2025)<\/h3>\n<p>Grup\u2019un \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 300.000.000 TL\u2019dir. \u00d6nemli pay sahipleri:<\/p>\n<ul>\n<li><b>Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e.:<\/b> %36,20<\/li>\n<li><b>Fatma Nur G\u00f6kman:<\/b> %22,81<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %27,60<\/li>\n<\/ul>\n<h3>Bor\u00e7\/Sermaye Dengesi<\/h3>\n<p>Grup, nakit zengini bir pozisyondad\u0131r.<\/p>\n<ul>\n<li><b>Toplam Finansal Bor\u00e7:<\/b> 240,7 milyon TL<\/li>\n<li><b>Nakit ve Finansal Yat\u0131r\u0131mlar:<\/b> 530,0 milyon TL<\/li>\n<li><b>Net Bor\u00e7:<\/b> (289,3 milyon TL) &#8211; <i>Pozitif nakit pozisyonu<\/i><\/li>\n<li><b>Net Bor\u00e7 \/ Toplam Sermaye Oran\u0131:<\/b> -0,96<\/li>\n<\/ul>\n<h3>Maddi Olmayan Duran Varl\u0131k \u0130tfa S\u00fcreleri<\/h3>\n<ul>\n<li><b>Geli\u015ftirilen Yaz\u0131l\u0131mlar:<\/b> 10 Y\u0131l<\/li>\n<li><b>Haklar:<\/b> 3 &#8211; 15 Y\u0131l<\/li>\n<li><b>Sat\u0131n Al\u0131nan Yaz\u0131l\u0131mlar:<\/b> 3 Y\u0131l<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1615\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Hitit Bilgisayar Hizmetleri A.\u015e., 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klayarak teknoloji ve havac\u0131l\u0131k sekt\u00f6r\u00fcndeki g\u00fc\u00e7l\u00fc b\u00fcy\u00fcmesini tescilledi. \u015eirket, 2025 y\u0131l\u0131nda has\u0131lat\u0131n\u0131 1,65 milyar TL seviyesine \u00e7\u0131kar\u0131rken, net d\u00f6nem kar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re art\u0131rarak 388,9 milyon TL olarak ger\u00e7ekle\u015ftirdi.<br \/>\nHavac\u0131l\u0131k teknolojileri alan\u0131nda k\u00fcresel \u00f6l\u00e7ekte \u00e7\u00f6z\u00fcmler sunan Hitit, \u00f6zellikle yurt d\u0131\u015f\u0131 sat\u0131\u015flar\u0131ndaki 1,05 milyar TL&#8217;lik hacmiyle dikkat \u00e7ekiyor. Pakistan\u2019daki yeni i\u015ftirakleri ve global acente a\u011f\u0131yla operasyonlar\u0131n\u0131 geni\u015fleten \u015firket, 427 ki\u015filik uzman kadrosuyla d\u00fcnya devlerine hizmet vermeye devam ediyor. Pay ba\u015f\u0131na kazanc\u0131n\u0131 1,2963 TL&#8217;ye y\u00fckselten Hitit, s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme stratejisi ve yenilik\u00e7i yaz\u0131l\u0131m \u00e7\u00f6z\u00fcmleriyle 2025 y\u0131l\u0131n\u0131 ba\u015far\u0131yla tamamlad\u0131.<br \/>\nBu sonu\u00e7lar, ba\u011f\u0131ms\u0131z denet\u00e7i PwC taraf\u0131ndan T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na uygun olarak onaylanm\u0131\u015ft\u0131r.<\/p>\n","protected":false},"author":3,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[282],"class_list":["post-1615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-httbt"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1615","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1615"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1615\/revisions"}],"predecessor-version":[{"id":1617,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1615\/revisions\/1617"}],"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=1615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}