{"id":1666,"date":"2026-03-05T19:55:03","date_gmt":"2026-03-05T16:55:03","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1666"},"modified":"2026-03-05T19:59:14","modified_gmt":"2026-03-05T16:59:14","slug":"kopol-bilano-analizi-202512-koza-polyester-sanayi-ve-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1666","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 KOPOL Bilan\u00e7o Analizi 2025\/12 | Koza Polyester Sanayi ve Ticaret A.\u015e."},"content":{"rendered":"<p><iframe data-testid=\"embed-iframe\" style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/1gN9xLKigyrLu5kyARto0R?utm_source=generator&#038;t=0\" width=\"100%\" height=\"352\" frameBorder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\"><\/iframe><\/p>\n<h1>Koza Polyester\u2019in 2025 Bilan\u00e7osu: B\u00fcy\u00fcme Sanc\u0131s\u0131 m\u0131, Gelecek Yat\u0131r\u0131m\u0131 m\u0131?<\/h1>\n<h2>1. Giri\u015f: Devlerin Sessiz Raporlar\u0131<\/h2>\n<p>Bir \u015firketin finansal raporlar\u0131, sadece alt alta dizilmi\u015f rakamlardan ibaret de\u011fildir; bu tablolar asl\u0131nda y\u00f6netimin vizyonunu, risk i\u015ftah\u0131n\u0131 ve \u015firketin gelecekte nerede konumlanaca\u011f\u0131n\u0131 g\u00f6steren somut bir yol haritas\u0131d\u0131r. Koza Polyester\u2019in 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait verileri, tam da bu perspektifle incelenmeyi hak ediyor. Gaziantep\u2019ten d\u00fcnyaya uzanan bir \u00fcretim g\u00fcc\u00fc olan \u015firket; elyaf, cips ve plastifiyan alan\u0131ndaki operasyonlar\u0131yla dikkat \u00e7ekerken, ak\u0131llara \u015fu kritik soruyu getiriyor: <b>&#8220;B\u00fcy\u00fck cirolar her zaman b\u00fcy\u00fck k\u00e2rlar m\u0131 getirir?&#8221;<\/b><\/p>\n<h2>2. Has\u0131lat Rekoru mu, K\u00e2r Kayb\u0131 m\u0131? (Paradoksal Tablo)<\/h2>\n<p>Koza Polyester\u2019in 2025 y\u0131l\u0131 k\u00e2r veya zarar tablosuna bakt\u0131\u011f\u0131m\u0131zda, ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen bir tablo ile kar\u015f\u0131la\u015f\u0131yoruz. \u015eirketin has\u0131lat\u0131, bir \u00f6nceki y\u0131l olan 2024\u2019teki 4,86 milyar TL seviyesinden <b>5,46 milyar TL<\/b>\u2019ye y\u00fckselmi\u015ftir. Ancak bu %12\u2019lik sat\u0131\u015f b\u00fcy\u00fcmesi, net k\u00e2ra ayn\u0131 oranda yans\u0131mam\u0131\u015f; aksine 2024 y\u0131l\u0131nda 395,1 milyon TL olan net d\u00f6nem k\u00e2r\u0131, 2025 y\u0131l\u0131nda <b>43,9 milyon TL zarara<\/b> d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<p>Bu z\u0131tl\u0131\u011f\u0131n temelinde iki ana neden yat\u0131yor:<\/p>\n<ol>\n<li><b>Marj Daralmas\u0131:<\/b> Has\u0131lat %12 artarken, sat\u0131\u015flar\u0131n maliyeti (4,05 milyar TL&#8217;den 4,75 milyar TL&#8217;ye) yakla\u015f\u0131k %17 oran\u0131nda artm\u0131\u015ft\u0131r. Bu durum, \u015firketin br\u00fct k\u00e2r marj\u0131 \u00fczerinde ciddi bir bask\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li><b>Finansman Giderleri:<\/b> Yat\u0131r\u0131m ve operasyonel ihtiya\u00e7lar i\u00e7in kullan\u0131lan kredilerin faiz y\u00fck\u00fc, k\u00e2r\u0131n erimesinde ba\u015frol\u00fc oynam\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<p>\u015eirketin faaliyetlerinin \u00f6z\u00fcn\u00fc anlamak i\u00e7in \u015fu tan\u0131m\u0131 hat\u0131rlamakta fayda var:<\/p>\n<p>&#8220;\u015eirket\u2019in ba\u015fl\u0131ca faaliyet alan\u0131 polyester elyaf, polyester cips ve plastifiyan \u00fcretimi ve sat\u0131\u015f\u0131n\u0131n yap\u0131lmas\u0131d\u0131r.&#8221;<\/p>\n<h2>3. &#8220;\u0130li\u015fkili Taraflar&#8221;: Bir Aile Ekosistemi ve Stratejik Kalkan<\/h2>\n<p>Finansal tablolardaki en dikkat \u00e7ekici noktalardan biri, \u015firketin ticari alacaklar\u0131n\u0131n yap\u0131s\u0131d\u0131r. Not 3 ve Not 6 verilerine g\u00f6re, \u015firketin 4,09 milyar TL tutar\u0131ndaki toplam ticari alacaklar\u0131n\u0131n yakla\u015f\u0131k %74&#8217;\u00fcne tekab\u00fcl eden <b>3,02 milyar TL<\/b>\u2019lik k\u0131sm\u0131 ili\u015fkili taraf\u0131 olan <b>Ak\u0131nal Sentetik<\/b>\u2019ten gelmektedir. Benzer \u015fekilde, has\u0131lat\u0131n <b>1,62 milyar TL<\/b>\u2019si yine ayn\u0131 gruba yap\u0131lan sat\u0131\u015flardan olu\u015fmu\u015ftur.<\/p>\n<p>Bu durum sadece bir ba\u011f\u0131ml\u0131l\u0131k riski de\u011fil, ayn\u0131 zamanda stratejik bir &#8220;g\u00fcvenli liman&#8221;d\u0131r. Zira Not 18\u2019de yer alan kritik bir detay, \u015firketin \u00fczerindeki ihracat bask\u0131s\u0131n\u0131 hafifletmektedir: <b>\u015eirket\u2019in bankalara verdi\u011fi ihracat taahh\u00fctleri, ili\u015fkili taraf\u0131 olan Ak\u0131nal Sentetik taraf\u0131ndan yap\u0131lan ihracatlar ile de kapat\u0131labilmektedir.<\/b> Bu sinerji, Koza Polyester\u2019in aile ekosistemi i\u00e7inde finansal riskleri payla\u015ft\u0131\u011f\u0131n\u0131 ve operasyonel esneklik kazand\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor.<\/p>\n<h2>4. Kur \u00c7evrim Fark\u0131n\u0131n G\u00f6r\u00fcnmeyen Y\u00fck\u00fc<\/h2>\n<p>\u015eirketin zarar a\u00e7\u0131klamas\u0131ndaki en \u00f6nemli teknik detay, &#8220;nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen&#8221; bir muhasebe kaleminde gizlidir. Not 2.a verilerine g\u00f6re Koza Polyester\u2019in ge\u00e7erli para birimi <b>ABD Dolar\u0131 (USD)<\/b> iken, yasal zorunluluk gere\u011fi raporlama <b>T\u00fcrk Liras\u0131 (TL)<\/b> bazl\u0131 yap\u0131lmaktad\u0131r.<\/p>\n<p>Finansman giderleri alt\u0131nda yer alan <b>444 milyon TL\u2019lik &#8220;ge\u00e7erli para birimi \u00e7evrim fark\u0131&#8221;<\/b>, TL&#8217;nin de\u011fer kayb\u0131 nedeniyle olu\u015fan ve k\u00e2\u011f\u0131t \u00fczerinde k\u00e2r\u0131 eriten bir kalemdir. Bu, operasyonel bir ba\u015far\u0131s\u0131zl\u0131k de\u011fil, bir raporlama opti\u011fidir. Ba\u015fka bir deyi\u015fle, \u015firket operasyonel olarak nakit \u00fcretmeye devam ederken, USD bazl\u0131 varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerin TL kar\u015f\u0131l\u0131klar\u0131n\u0131n de\u011fi\u015fmesi, bilan\u00e7oda 43,9 milyon TL&#8217;lik bir &#8220;muhasebe zarar\u0131&#8221; olu\u015fmas\u0131na neden olmu\u015ftur.<\/p>\n<h2>5. Gelece\u011fe At\u0131lan \u0130mzalar: 336 Milyon TL&#8217;lik Vizyon<\/h2>\n<p>K\u0131sa vadeli k\u00e2r kayb\u0131na ve nakit ak\u0131\u015f\u0131ndaki daralmaya ra\u011fmen, \u015firketin &#8220;Pe\u015fin \u00d6denmi\u015f Giderler&#8221; (Not 11) kalemi, devasa bir b\u00fcy\u00fcme i\u015ftah\u0131n\u0131 ortaya koyuyor. \u015eirket, gelecek d\u00f6nemdeki \u00fcretim kapasitesini art\u0131rmak amac\u0131yla toplamda <b>336 milyon TL<\/b>&#8216;yi a\u015fan arsa avans \u00f6demesi ger\u00e7ekle\u015ftirmi\u015ftir:<\/p>\n<ul>\n<li><b>Gaziantep Organize Sanayi B\u00f6lgesi:<\/b> Tahsis edilen arsa i\u00e7in <b>139,1 milyon TL<\/b>.<\/li>\n<li><b>Kilis Polateli Organize Sanayi B\u00f6lgesi:<\/b> Tahsis edilen arsa i\u00e7in <b>197,1 milyon TL<\/b>.<\/li>\n<\/ul>\n<p>Bu \u00f6demeler, \u015firketin bug\u00fcnk\u00fc k\u00e2r\u0131ndan feragat ederek yar\u0131n\u0131n \u00fcretim kapasitesini sat\u0131n ald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. 2025 y\u0131l\u0131ndaki nakit ve nakit benzerlerinin 291 milyon TL&#8217;den 197 milyon TL&#8217;ye gerilemesinin temel sebebi de i\u015fte bu &#8220;gelecek yat\u0131r\u0131mlar\u0131&#8221;d\u0131r.<\/p>\n<h2>6. Bor\u00e7 Y\u00fck\u00fc ve Stratejik Bor\u00e7lanma<\/h2>\n<p>Yat\u0131r\u0131mlar\u0131n finansman\u0131 i\u00e7in \u015firketin bor\u00e7 y\u00fck\u00fcnde belirgin bir art\u0131\u015f g\u00f6zlenmektedir. Toplam finansal bor\u00e7, 2024 y\u0131l\u0131ndaki 1,27 milyar TL seviyesinden <b>2,89 milyar TL<\/b>\u2019ye y\u00fckselmi\u015ftir. Ancak bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, borcun niteli\u011fi dikkat \u00e7ekicidir. \u015eirketin Euro cinsinden kulland\u0131\u011f\u0131 kredilerin a\u011f\u0131rl\u0131kl\u0131 ortalama faiz oran\u0131 <b>%8,27<\/b> seviyesindedir (Not 5). TL bazl\u0131 y\u00fcksek enflasyon ortam\u0131nda, bu denli d\u00fc\u015f\u00fck maliyetli Euro bor\u00e7lanmas\u0131yla Kilis ve Gaziantep gibi stratejik b\u00f6lgelerde arsa yat\u0131r\u0131m\u0131 yapmak, riskli bir b\u00fcy\u00fcmeden ziyade &#8220;hesaplanm\u0131\u015f bir s\u0131\u00e7rama&#8221; olarak nitelendirilebilir.<\/p>\n<p>Bankalara verilen toplam <b>2,73 milyar TL<\/b> tutar\u0131ndaki dev ihracat taahh\u00fcd\u00fc ise, bu yeni yat\u0131r\u0131mlarla artacak olan kapasitenin k\u00fcresel pazarlara kanalize edilece\u011finin en somut teminat\u0131d\u0131r.<\/p>\n<h2>7. Sonu\u00e7: Rakamlar\u0131n \u00d6tesindeki Koza<\/h2>\n<p>Koza Polyester\u2019in 2025 y\u0131l\u0131 finansal raporlar\u0131, \u015firketi bir &#8220;zarar sarmal\u0131&#8221;nda de\u011fil, bir &#8220;yat\u0131r\u0131m ve ge\u00e7i\u015f&#8221; d\u00f6neminde g\u00f6stermektedir. Sat\u0131\u015f maliyetlerindeki art\u0131\u015f ve kur \u00e7evrim farklar\u0131 net k\u00e2r\u0131 eksiye \u00e7ekmi\u015f olsa da, has\u0131lat\u0131n b\u00fcy\u00fcmesi ve yap\u0131lan 336 milyon TL\u2019lik arsa yat\u0131r\u0131m\u0131, \u015firketin orta vadeli vizyonuna olan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 tescilliyor. D\u00fc\u015f\u00fck faizli Euro bor\u00e7lanmas\u0131yla finanse edilen bu b\u00fcy\u00fcme stratejisi, aile ekosisteminin sa\u011flad\u0131\u011f\u0131 ihracat kolayl\u0131\u011f\u0131yla birle\u015fti\u011finde, 2025 y\u0131l\u0131n\u0131 bir &#8220;uyar\u0131 sinyali&#8221; de\u011fil, gelece\u011fin \u00fcretim devi i\u00e7in bir &#8220;haz\u0131rl\u0131k y\u0131l\u0131&#8221; olarak okumam\u0131z\u0131 sa\u011fl\u0131yor.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> Bir \u015firketin ba\u015far\u0131s\u0131n\u0131 \u00f6l\u00e7erken bug\u00fcnk\u00fc net k\u00e2r\u0131na m\u0131, yoksa gelecekteki \u00fcretim kapasitesi i\u00e7in bug\u00fcnden \u00f6dedi\u011fi arsa avanslar\u0131na m\u0131 bakmal\u0131y\u0131z?<\/p>\n<p>&nbsp;<\/p>\n<h1>Koza Polyester Sanayi ve Ticaret A.\u015e. 2025 Y\u0131l\u0131 Finansal De\u011ferlendirme Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Koza Polyester Sanayi ve Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve finansal tablolar\u0131n\u0131n kapsaml\u0131 bir analizini sunmaktad\u0131r. Ba\u011f\u0131ms\u0131z denet\u00e7i (Kreston ATA), \u015eirket&#8217;in finansal tablolar\u0131na ili\u015fkin &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir. 2025 y\u0131l\u0131, \u015eirket i\u00e7in has\u0131lat art\u0131\u015f\u0131na ra\u011fmen, \u00f6zellikle y\u00fcksek finansman giderleri ve kur fark\u0131 etkileri nedeniyle net d\u00f6nem zarar\u0131 ile sonu\u00e7lanan bir y\u0131l olmu\u015ftur.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> Finansal tablolar, TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunulmu\u015ftur.<\/li>\n<li><b>Finansal Performans:<\/b> Has\u0131lat 5,46 milyar TL seviyesine ula\u015fm\u0131\u015f, ancak \u015eirket 43,9 milyon TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r (2024&#8217;te 395,1 milyon TL k\u00e2r elde edilmi\u015fti).<\/li>\n<li><b>Varl\u0131k Art\u0131\u015f\u0131:<\/b> Toplam varl\u0131klar 6,7 milyar TL&#8217;den 9,4 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Bor\u00e7luluk ve Finansman:<\/b> K\u0131sa vadeli bor\u00e7lanmalar 724,5 milyon TL&#8217;den 2,19 milyar TL&#8217;ye f\u0131rlam\u0131\u015ft\u0131r. Finansman giderleri 702,4 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>\u0130li\u015fkili Taraf Etkisi:<\/b> Ticari alacaklar\u0131n \u00e7ok b\u00fcy\u00fck bir k\u0131sm\u0131 (yakla\u015f\u0131k %74) ana ortaklarla ili\u015fkili Ak\u0131nal Sentetik&#8217;ten kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. \u015eirket Profili ve Operasyonel Kapasite<\/h2>\n<p>2011 y\u0131l\u0131nda Gaziantep&#8217;te kurulan Koza Polyester, polyester elyaf, polyester cips ve plastifiyan \u00fcretimi ve sat\u0131\u015f\u0131 alan\u0131nda faaliyet g\u00f6stermektedir.<\/p>\n<h3>\u00dcretim Kapasitesi (Y\u0131ll\u0131k)<\/h3>\n<p>Gaziantep Sanayi ve Ticaret Odas\u0131&#8217;n\u0131n 17 Ocak 2025 tarihli kapasite raporuna g\u00f6re y\u0131ll\u0131k \u00fcretim kapasiteleri \u015f\u00f6yledir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcr\u00fcn Ad\u0131<\/td>\n<td>Y\u0131ll\u0131k Kapasite (Kg)<\/td>\n<\/tr>\n<tr>\n<td>Polyester Cipsi\/Polimer<\/td>\n<td>113.190.000<\/td>\n<\/tr>\n<tr>\n<td>Polyester Elyaf<\/td>\n<td>107.531.000<\/td>\n<\/tr>\n<tr>\n<td>Plastifiyan<\/td>\n<td>2.375.000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Personel<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla sermaye yap\u0131s\u0131nda Saim Ak\u0131nal (%27,16) ve Suat Ak\u0131nal (%27,16) ana hissedarlard\u0131r. Pardus Portf\u00f6y Y\u00f6netimi A.\u015e. fonlar\u0131n\u0131n toplam pay\u0131 %18&#8217;e y\u00fckselmi\u015ftir. \u015eirket&#8217;in halka a\u00e7\u0131k k\u0131sm\u0131 %20,54&#8217;t\u00fcr. Ortalama personel say\u0131s\u0131 303&#8217;t\u00fcr.<\/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>2. Finansal Performans Analizi (2024 &#8211; 2025 Kar\u015f\u0131la\u015ft\u0131rmal\u0131)<\/h2>\n<p>\u015eirket&#8217;in ge\u00e7erli para birimi ABD Dolar\u0131 (USD) olmakla birlikte, raporlama para birimi T\u00fcrk Liras\u0131&#8217;d\u0131r (TL).<\/p>\n<h3>Gelir Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>5.464.987.136<\/td>\n<td>4.866.812.838<\/td>\n<td>+%12,3<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(4.758.583.448)<\/td>\n<td>(4.059.933.121)<\/td>\n<td>+%17,2<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>706.403.688<\/td>\n<td>806.879.717<\/td>\n<td>-%12,4<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>560.702.329<\/td>\n<td>673.596.268<\/td>\n<td>-%16,7<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri<\/b><\/td>\n<td>(702.459.031)<\/td>\n<td>(368.860.694)<\/td>\n<td>+%90,4<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td>(43.962.200)<\/td>\n<td>395.120.956<\/td>\n<td>-%111,1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Performans De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>Maliyet Bask\u0131s\u0131:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f has\u0131lat art\u0131\u015f\u0131n\u0131 ge\u00e7mi\u015f, bu da br\u00fct k\u00e2r marj\u0131n\u0131 daraltm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Y\u00fck\u00fc:<\/b> 702,4 milyon TL&#8217;lik finansman giderinin 444 milyon TL&#8217;si kur fark\u0131 giderlerinden, 183,5 milyon TL&#8217;si ise kredi faizlerinden kaynaklanmaktad\u0131r. Bu kalem, esas faaliyet k\u00e2r\u0131n\u0131n tamam\u0131n\u0131 eriterek net zarara yol a\u00e7m\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. Kilit Denetim Konular\u0131 ve Risk Analizi<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcrecinde \u00f6zellikle \u00fc\u00e7 alan kritik olarak tan\u0131mlanm\u0131\u015ft\u0131r:<\/p>\n<h3>A. Has\u0131lat\u0131n Kaydedilmesi<\/h3>\n<p>Has\u0131lat\u0131n b\u00fcy\u00fck k\u0131sm\u0131 cips, plastifiyan ve elyaf sat\u0131\u015flar\u0131ndan olu\u015fmaktad\u0131r. Denet\u00e7i, has\u0131lat\u0131n do\u011fru d\u00f6neme kaydedilmesini ve ticari teslim \u015fekillerine uygunlu\u011funu (risk ve getirinin m\u00fc\u015fteriye ge\u00e7i\u015f an\u0131) titizlikle incelemi\u015f ve \u00f6nemli bir bulguya rastlamam\u0131\u015ft\u0131r.<\/p>\n<h3>B. Ticari Alacaklar\u0131n Geri Kazan\u0131labilirli\u011fi<\/h3>\n<p>\u015eirket&#8217;in 4,09 milyar TL tutar\u0131ndaki k\u0131sa vadeli ticari alacaklar\u0131n\u0131n 3,02 milyar TL&#8217;si ili\u015fkili taraflardan (Ak\u0131nal Sentetik) alacaklard\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> Alacaklar\u0131n toplam varl\u0131klar i\u00e7indeki pay\u0131n\u0131n y\u00fcksekli\u011fi.<\/li>\n<li><b>Bulgu:<\/b> Denet\u00e7i, alacak ya\u015fland\u0131rma ve mutabakat \u00e7al\u0131\u015fmalar\u0131nda \u00f6nemli bir sorun tespit etmemi\u015ftir.<\/li>\n<\/ul>\n<h3>C. Stoklar ve De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h3>\n<p>Stoklar 536,9 milyon TL de\u011ferindedir. Stoklar\u0131n fiziksel durumu ve teknolojik \u00f6mr\u00fc (de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc riski) incelenmi\u015f, 11,8 milyon TL tutar\u0131nda stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\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>4. \u0130li\u015fkili Taraf \u0130\u015flemleri ve Finansal Ba\u011flar<\/h2>\n<p>\u015eirket ile Ak\u0131nal Sentetik Tekstil Sanayi ve Ticaret A.\u015e. aras\u0131ndaki ticari ba\u011flar olduk\u00e7a kuvvetlidir:<\/p>\n<ul>\n<li><b>Ticari Alacaklar:<\/b> Toplam ticari alacaklar\u0131n yakla\u015f\u0131k %74&#8217;\u00fc Ak\u0131nal Sentetik&#8217;ten tahsilat beklemektedir.<\/li>\n<li><b>Kiralama \u0130\u015flemleri:<\/b> \u015eirket, elyaf ve plastifiyan tesisinin bulundu\u011fu fabrikas\u0131n\u0131 Ak\u0131nal Sentetik&#8217;ten kiralamaktad\u0131r. Bu kapsamda 488,2 milyon TL&#8217;lik kullan\u0131m hakk\u0131 varl\u0131\u011f\u0131 ve 536,6 milyon TL&#8217;lik kiralama borcu bulunmaktad\u0131r. 2025 y\u0131l\u0131nda \u00f6denen kira tutar\u0131 68,4 milyon TL&#8217;dir.<\/li>\n<li><b>Sat\u0131\u015flar:<\/b> Toplam has\u0131lat\u0131n 1,62 milyar TL&#8217;lik k\u0131sm\u0131 Ak\u0131nal Sentetik&#8217;e yap\u0131lan sat\u0131\u015flardan elde 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>5. Yat\u0131r\u0131mlar, Taahh\u00fctler ve Likidite Durumu<\/h2>\n<h3>Arazi Yat\u0131r\u0131mlar\u0131<\/h3>\n<p>\u015eirket gelecekteki b\u00fcy\u00fcme stratejileri do\u011frultusunda \u00f6nemli arazi tahsisleri ger\u00e7ekle\u015ftirmi\u015ftir:<\/p>\n<ul>\n<li><b>Gaziantep OSB:<\/b> 139,1 milyon TL avans \u00f6denmi\u015ftir.<\/li>\n<li><b>Kilis Polateli OSB:<\/b> 197,1 milyon TL avans \u00f6denmi\u015ftir.<\/li>\n<li>Toplam maddi duran varl\u0131k al\u0131m\u0131 i\u00e7in verilen avanslar 336,2 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Bor\u00e7luluk ve Nakit Ak\u0131\u015f\u0131<\/h3>\n<ul>\n<li><b>Nakit Durumu:<\/b> D\u00f6nem sonu nakit ve nakit benzerleri 197,3 milyon TL&#8217;ye gerilemi\u015ftir (2024: 291,5 milyon TL).<\/li>\n<li><b>Krediler:<\/b> Banka kredilerinin b\u00fcy\u00fck \u00e7o\u011funlu\u011fu (2,35 milyar TL) EURO cinsindendir ve ortalama etkin faiz oran\u0131 %8,27&#8217;dir.<\/li>\n<li><b>\u0130hracat Taahh\u00fctleri:<\/b> \u015eirket&#8217;in kulland\u0131\u011f\u0131 kredilere kar\u015f\u0131l\u0131k 2,73 milyar TL tutar\u0131nda (54,2 milyon EUR) ihracat taahh\u00fcd\u00fc bulunmaktad\u0131r. Bu taahh\u00fctler 2026-2028 y\u0131llar\u0131 aras\u0131nda vadelendirilmi\u015ftir.<\/li>\n<\/ul>\n<h3>Nakit Ak\u0131\u015f Tablosu \u00d6zeti<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden 1,57 milyar TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir (Ana neden: ticari alacaklardaki b\u00fcy\u00fck art\u0131\u015f).<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> 179 milyon TL maddi duran varl\u0131k al\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 1,39 milyar TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r (Yeni kredi kullan\u0131mlar\u0131).<\/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>6. Hukuki S\u00fcre\u00e7ler ve Ko\u015fullu Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<ul>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> \u015eirket aleyhine a\u00e7\u0131lan davalar i\u00e7in 1,24 milyon TL kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Teminatlar:<\/b> \u015eirket&#8217;in verdi\u011fi toplam Teminat\/Rehin\/\u0130potek\/Kefalet (TR\u0130K) tutar\u0131 404,9 milyon TL&#8217;dir.<\/li>\n<li><b>Garant\u00f6rl\u00fck:<\/b> \u015eirket, Ak\u0131nal Sentetik lehine 1,9 milyar TL tutar\u0131nda (\u00e7e\u015fitli para birimlerinde) kefalet ve garant\u00f6rl\u00fck sa\u011flam\u0131\u015ft\u0131r. Ayn\u0131 \u015fekilde Ak\u0131nal Sentetik ve ortaklar da \u015eirket kredilerine kefil konumundad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1666\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Koza Polyester 2025 Finansal Sonu\u00e7lar\u0131: Yat\u0131r\u0131mlar H\u0131z Kesmiyor, Has\u0131lat 5,4 Milyar TL&#8217;yi A\u015ft\u0131!<br \/>\nKoza Polyester, 2025 y\u0131l\u0131 mali sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. \u015eirket, has\u0131lat\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re art\u0131rarak 5,4 milyar TL seviyesine ta\u015f\u0131sa da, y\u0131l\u0131 43,9 milyon TL net zarar ile kapatt\u0131. \u00d6zellikle Gaziantep ve Kilis Polateli OSB b\u00f6lgelerinde ger\u00e7ekle\u015ftirilen 336 milyon TL\u2019lik arsa yat\u0131r\u0131mlar\u0131, \u015firketin gelecek d\u00f6nemlerdeki \u00fcretim kapasitesini art\u0131rma vizyonunu ortaya koyuyor. Toplam varl\u0131klar\u0131 9,3 milyar TL&#8217;ye ula\u015fan Koza Polyester&#8217;in operasyonel verimlili\u011fi, pazar dinamikleri ve finansal yap\u0131s\u0131na dair t\u00fcm detaylar yeni blog yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":4,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[60],"class_list":["post-1666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kopol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1666","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1666"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1666\/revisions"}],"predecessor-version":[{"id":1673,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1666\/revisions\/1673"}],"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=1666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}