{"id":1723,"date":"2026-03-07T15:44:08","date_gmt":"2026-03-07T12:44:08","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1723"},"modified":"2026-03-07T15:49:39","modified_gmt":"2026-03-07T12:49:39","slug":"enjsa-bilano-analizi-202512-enerjisa-enerji-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1723","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 ENJSA Bilan\u00e7o Analizi 2025\/12 | Enerjisa Enerji A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4oxqvJ8d5vvLi9WjoBViCY?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Enerjisa\u2019n\u0131n 2025 Karnesi: Enflasyonun \u00d6tesinde Bir D\u00f6n\u00fc\u015f\u00fcm Hikayesi<\/h1>\n<p><b>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Enerji<\/b><\/p>\n<p>Modern ekonominin can damar\u0131 olan enerji sekt\u00f6r\u00fc, sadece kablolar ve trafolardan ibaret de\u011fildir; ayn\u0131 zamanda karma\u015f\u0131k finansal mekanizmalar\u0131n ve reg\u00fclasyonlar\u0131n y\u00f6netildi\u011fi devasa bir ekosistemdir. \u00d6zellikle T\u00fcrkiye gibi y\u00fcksek enflasyonun finansal tablolar \u00fczerindeki &#8220;sis perdesini&#8221; art\u0131rd\u0131\u011f\u0131 bir ortamda, bir \u015firketin ger\u00e7ek performans\u0131n\u0131 okumak stratejik bir uzmanl\u0131k gerektirir. &#8220;Bir enerji devi, milyarlarca liral\u0131k bir y\u00fck\u00fcn alt\u0131ndan nas\u0131l kalkar?&#8221; sorusu, Enerjisa\u2019n\u0131n 31 Aral\u0131k 2025 itibar\u0131yla yay\u0131mlanan konsolide finansal raporlar\u0131nda yan\u0131t\u0131n\u0131 buluyor. Bu rapor, sadece bir bilan\u00e7o \u00f6zeti de\u011fil, operasyonel y\u00fck\u00fcn s\u00fcrd\u00fcr\u00fclebilir bir b\u00fcy\u00fcme hikayesine d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn tescilidir.<\/p>\n<p><b>2. Zarardan K\u00e2ra: B\u00fcy\u00fck Finansal Geri D\u00f6n\u00fc\u015f<\/b><\/p>\n<p>Enerjisa i\u00e7in 2025 y\u0131l\u0131, finansal tablolarda keskin bir d\u00f6n\u00fc\u015f\u00fcn tescillendi\u011fi bir d\u00f6nem oldu. \u015eirket, y\u00fcksek enflasyonun etkisiyle yeniden d\u00fczenlenen (TMS 29) 2024 y\u0131l\u0131 verilerinde <b>(6.351.905) bin TL<\/b> seviyesinde bir net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015fken, 2025 y\u0131l\u0131n\u0131 <b>3.171.282 bin TL<\/b> net d\u00f6nem k\u00e2r\u0131 ile kapatt\u0131.<\/p>\n<p>Bir stratejist perspektifiyle bu geri d\u00f6n\u00fc\u015f, yat\u0131r\u0131mc\u0131 g\u00fcveni a\u00e7\u0131s\u0131ndan kritik bir e\u015fi\u011fin a\u015f\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Operasyonel verimlilik ve disiplinli finansal y\u00f6netim sayesinde elde edilen bu k\u00e2r, \u015firketin y\u00fcksek sermaye maliyetleri ve enflasyonist bask\u0131 alt\u0131nda dahi \u00f6zkaynaklar\u0131n\u0131 koruma kabiliyetini kan\u0131tlamaktad\u0131r.<\/p>\n<p><b>3. G\u00f6r\u00fcnmez Dev: 64 Milyar TL&#8217;lik Hizmet \u0130mtiyaz Varl\u0131\u011f\u0131<\/b><\/p>\n<p>\u015eirketin bilan\u00e7osundaki en hacimli ve stratejik kalem, &#8220;TFRS Yorum 12&#8221; \u00e7er\u00e7evesinde muhasebele\u015ftirilen &#8220;\u0130mtiyaz S\u00f6zle\u015fmelerine \u0130li\u015fkin Finansal Varl\u0131klar&#8221;d\u0131r. 31 Aral\u0131k 2025 itibar\u0131yla <b>64.144.038 bin TL<\/b> tutar\u0131na ula\u015fan bu devasa varl\u0131k, Enerjisa\u2019n\u0131n da\u011f\u0131t\u0131m \u015febekesine yapt\u0131\u011f\u0131 yat\u0131r\u0131mlar\u0131 temsil eder.<\/p>\n<p>Bu kalem, EPDK taraf\u0131ndan d\u00fczenlenen ve yat\u0131r\u0131mlar\u0131n geri \u00f6demesini (itfa) sa\u011flayan, ayn\u0131 zamanda makul bir getiri oran\u0131 (AOSM\/WACC) sunan reg\u00fclatif bir mekanizmad\u0131r. Bu yap\u0131, \u015firkete enflasyona kar\u015f\u0131 defansif bir karakter kazand\u0131r\u0131rken gelecekteki nakit ak\u0131\u015flar\u0131n\u0131n da en b\u00fcy\u00fck teminat\u0131n\u0131 olu\u015fturur. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda bu konunun &#8220;Kilit Denetim Konusu&#8221; olarak se\u00e7ilmesi, meselenin teknik derinli\u011fini \u015fu s\u00f6zlerle \u00f6zetliyor:<\/p>\n<p>&#8220;TFRS Yorum 12 kapsam\u0131nda muhasebele\u015fecek unsurlar\u0131n ve mevzuat\u0131n karma\u015f\u0131kl\u0131\u011f\u0131 ve uygulanan varsay\u0131mlar (temel olarak enflasyon ve makul getiri oranlar\u0131na ili\u015fkin tahminleri i\u00e7ermektedir) dolay\u0131s\u0131yla bu konu kilit denetim konusu olarak tespit edilmi\u015ftir.&#8221;<\/p>\n<p><b>4. Enflasyonun Filtresi: TMS 29 ve Sat\u0131n Alma G\u00fcc\u00fc<\/b><\/p>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131 anlamak i\u00e7in TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131n\u0131 bir mercek olarak kullanmak zorunludur. Bu standart gere\u011fi, t\u00fcm finansal veriler 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne getirilmi\u015ftir.<\/p>\n<p>Matematiksel titizli\u011fin bir g\u00f6stergesi olarak; 31 Aral\u0131k 2024\u2019teki 2.684,55 olan T\u00dcFE endeksinin 31 Aral\u0131k 2025\u2019te 3.513,87\u2019ye y\u00fckselmesi, ge\u00e7mi\u015f rakamlar\u0131n 1,30892 katsay\u0131s\u0131 ile d\u00fczeltilmesini sa\u011flam\u0131\u015ft\u0131r. Ancak bir analist i\u00e7in en kritik veri, <b>4.880.806 bin TL<\/b> tutar\u0131ndaki <b>Net Parasal Pozisyon Kayb\u0131<\/b>&#8216;d\u0131r. Bu rakam, y\u00fcksek enflasyon ortam\u0131nda parasal varl\u0131k tutman\u0131n maliyetini g\u00f6stermekte ve \u015firketin net k\u00e2r\u0131 \u00fczerindeki bask\u0131n\u0131n ana nedenini a\u00e7\u0131klamaktad\u0131r.<\/p>\n<p><b>5. Geleneksel \u015eebekeden M\u00fc\u015fteri \u00c7\u00f6z\u00fcmlerine: Portf\u00f6y \u00c7e\u015fitlili\u011fi<\/b><\/p>\n<p>Enerjisa, klasik bir elektrik da\u011f\u0131t\u0131c\u0131s\u0131ndan \u00f6teye ge\u00e7erek 100% sahiplik yap\u0131s\u0131yla tam entegre bir ekosisteme d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr:<\/p>\n<ul>\n<li><b>E-\u015farj:<\/b> 2023 y\u0131l\u0131nda tamamlanan sat\u0131n al\u0131mla birlikte pay oran\u0131 %100&#8217;e ula\u015fan \u015firket, elektrikli ara\u00e7 \u015farj a\u011f\u0131nda liderli\u011fini peki\u015ftiriyor.<\/li>\n<li><b>Enerjisa M\u00fc\u015fteri \u00c7\u00f6z\u00fcmleri:<\/b> Yenilenebilir enerji ve enerji verimlili\u011fi \u00e7\u00f6z\u00fcmlerinin yan\u0131 s\u0131ra, 2025 y\u0131l\u0131nda al\u0131nan 20 y\u0131l s\u00fcreli <b>&#8220;toplay\u0131c\u0131l\u0131k lisans\u0131&#8221;<\/b> ile enerji piyasas\u0131nda yeni bir stratejik alan a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Enerjisa Ara\u00e7 Filo Hizmetleri:<\/b> May\u0131s 2024&#8217;te kurulan bu yeni kol, operasyonel ara\u00e7 kiralama ile portf\u00f6y \u00e7e\u015fitlili\u011fini art\u0131rmaktad\u0131r.<\/li>\n<\/ul>\n<p><b>6. Denet\u00e7i Notu: \u015eeffafl\u0131k ve G\u00fcven<\/b><\/p>\n<p>Ba\u011f\u0131ms\u0131z denetim kurulu\u015fu Deloitte taraf\u0131ndan haz\u0131rlanan raporda, Enerjisa\u2019n\u0131n finansal tablolar\u0131 hakk\u0131nda <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirilmi\u015ftir. Denet\u00e7i, \u00f6zellikle <b>3.739.689 bin TL<\/b> tutar\u0131ndaki \u015eerefiye (Goodwill) ve <b>31.521.520 bin TL<\/b> tutar\u0131ndaki devasa Ertelenmi\u015f Vergi Varl\u0131\u011f\u0131 (Deferred Tax Asset) kalemlerini, b\u00fcy\u00fckl\u00fckleri ve y\u00f6netim tahminlerine dayal\u0131 yap\u0131lar\u0131 nedeniyle profesyonel bir \u015f\u00fcphecilikle incelemi\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<p><b>BA\u011eIMSIZ DENET\u00c7\u0130 G\u00d6R\u00dc\u015e\u00dc<\/b> &#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re, ili\u015fikteki konsolide finansal tablolar, Grup\u2019un 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal durumunu ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait konsolide finansal performans\u0131n\u0131 TFRS\u2019lere uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/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<p><b>7. Sonu\u00e7: Yar\u0131n\u0131n Enerjisine Bak\u0131\u015f<\/b><\/p>\n<p>2025 y\u0131l\u0131 itibar\u0131yla <b>233.065.038 bin TL<\/b> has\u0131lat elde eden Enerjisa, bu devasa geliri <b>238.598.183 bin TL<\/b> toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc ve <b>95.768.408 bin TL<\/b> seviyesindeki g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131yla desteklemektedir. \u015eirket, &#8220;Varl\u0131k Zengini&#8221; (Asset Rich) yap\u0131s\u0131 ve enflasyona kar\u015f\u0131 reg\u00fclatif koruma kalkan\u0131yla enerji sekt\u00f6r\u00fcndeki teknolojik d\u00f6n\u00fc\u015f\u00fcm\u00fcn \u00f6nc\u00fcs\u00fc olmaya devam etmektedir.<\/p>\n<p><b>Ponder (D\u00fc\u015f\u00fcnme Sorusu):<\/b> Y\u00fcksek enflasyon ve dijitalle\u015fme aras\u0131nda denge kuran enerji \u015firketleri, gelece\u011fin ak\u0131ll\u0131 \u015fehirlerini in\u015fa etmede nas\u0131l bir rol oynayacak?<\/p>\n<h1>Enerjisa Enerji A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Performans ve Ba\u011f\u0131ms\u0131z Denetim Raporu Bilgilendirme Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Enerjisa Enerji A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren y\u0131la ait konsolide finansal tablolar\u0131n\u0131n ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunun kapsaml\u0131 bir analizini sunmaktad\u0131r. Ba\u011f\u0131ms\u0131z denet\u00e7i (Deloitte &#8211; DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.), Grup&#8217;un finansal durumunun T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir.<\/p>\n<p>2025 y\u0131l\u0131 raporlamas\u0131, T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu bir ekonomi olarak de\u011ferlendirilmesi nedeniyle TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131n\u0131n uyguland\u0131\u011f\u0131 kritik bir d\u00f6nemi temsil etmektedir. Grup, 2025 y\u0131l\u0131nda 3.171.282 bin TL net d\u00f6nem k\u00e2r\u0131 elde ederek, 2024 y\u0131l\u0131ndaki 6.351.905 bin TL&#8217;lik net zarardan g\u00fc\u00e7l\u00fc bir d\u00f6n\u00fc\u015f ger\u00e7ekle\u015ftirmi\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>Finansal Durum ve Performans G\u00f6stergeleri<\/h2>\n<p>Grup&#8217;un finansal sonu\u00e7lar\u0131, 31 Aral\u0131k 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015f rakamlar\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<h3>Konsolide Finansal Durum \u00d6zeti (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>238.598.183<\/td>\n<td>235.281.484<\/td>\n<\/tr>\n<tr>\n<td>&#8211; D\u00f6nen Varl\u0131klar<\/td>\n<td>66.773.135<\/td>\n<td>67.264.752<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Duran Varl\u0131klar<\/td>\n<td>171.825.048<\/td>\n<td>168.016.732<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>142.829.775<\/td>\n<td>137.824.499<\/td>\n<\/tr>\n<tr>\n<td>&#8211; K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>84.578.944<\/td>\n<td>88.455.366<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>58.250.831<\/td>\n<td>49.369.133<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>95.768.408<\/td>\n<td>97.456.985<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Operasyonel Performans \u00d6zeti (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>233.065.038<\/td>\n<td>249.460.229<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>59.506.343<\/td>\n<td>55.922.820<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet K\u00e2r\u0131 (Finansman \u00d6ncesi)<\/b><\/td>\n<td>37.847.568<\/td>\n<td>36.124.367<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>3.171.282<\/td>\n<td>(6.351.905)<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na Kazan\u00e7 (Kr)<\/b><\/td>\n<td>2,69<\/td>\n<td>(5,38)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcrecinde mesleki muhakeme uyar\u0131nca en \u00e7ok \u00f6nem arz eden be\u015f temel konu belirlenmi\u015ftir:<\/p>\n<h3>1. Hizmet \u0130mtiyaz Anla\u015fmalar\u0131 (TFRS Yorum 12)<\/h3>\n<p>Grup&#8217;un da\u011f\u0131t\u0131m operasyonlar\u0131, devlet ile imzalanan hizmet imtiyaz s\u00f6zle\u015fmeleri kapsam\u0131nda &#8220;\u0130mtiyaz S\u00f6zle\u015fmelerine \u0130li\u015fkin Finansal Varl\u0131klar&#8221; olarak muhasebele\u015ftirilmektedir.<\/p>\n<ul>\n<li><b>Mali Etki:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla 64.144.038 bin TL tutar\u0131nda imtiyaz s\u00f6zle\u015fmesi varl\u0131\u011f\u0131 ve 26.715.655 bin TL faiz geliri kaydedilmi\u015ftir.<\/li>\n<li><b>Karma\u015f\u0131kl\u0131k:<\/b> Enflasyon ve makul getiri oranlar\u0131na ili\u015fkin tahminler ile EPDK mevzuat\u0131na uyum, konunun kilit \u00f6nemini belirlemektedir.<\/li>\n<\/ul>\n<h3>2. TMS 29 Y\u00fcksek Enflasyon Raporlamas\u0131<\/h3>\n<p>T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimlerin yans\u0131t\u0131lmas\u0131 amac\u0131yla finansal tablolar yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<ul>\n<li><b>Uygulama:<\/b> Grup, TMS 29&#8217;u ilk olarak 1 Ocak 2021 tarihinden itibaren uygulamaya ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Parasal Pozisyon:<\/b> 2025 y\u0131l\u0131nda 4.880.806 bin TL tutar\u0131nda net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3. \u015eerefiye De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc Testi<\/h3>\n<p>Ge\u00e7mi\u015f sat\u0131n almalar neticesinde finansal tablolarda 3.739.689 bin TL tutar\u0131nda \u015ferefiye bulunmaktad\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> \u015eerefiyenin \u00f6nemli tutarda olmas\u0131 ve nakit ak\u0131\u015f projeksiyonlar\u0131nda kullan\u0131lan y\u00f6netim tahminlerinin (sekt\u00f6rel ve ekonomik de\u011fi\u015fimler) karma\u015f\u0131kl\u0131\u011f\u0131 nedeniyle her y\u0131l de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testine tabi tutulmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4. Gelirlerin Muhasebele\u015ftirilmesi (G\u00f6revli Tedarik \u015eirketleri)<\/h3>\n<p>G\u00f6revli tedarik \u015firketlerinin has\u0131lat\u0131, EPDK taraf\u0131ndan belirlenen d\u00fczenlemeye tabi perakende sat\u0131\u015f tarifeleri \u00fczerinden hesaplanmaktad\u0131r.<\/p>\n<ul>\n<li><b>Model:<\/b> Has\u0131lat tutar\u0131; amortisman giderleri, i\u015fletme giderleri ve br\u00fct k\u00e2r marj\u0131 dikkate al\u0131narak maliyetlerden hareketle hesaplanmaktad\u0131r. Bu hesaplamalar\u0131n karma\u015f\u0131kl\u0131\u011f\u0131 denetim oda\u011f\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>5. Ertelenmi\u015f Vergi Varl\u0131klar\u0131n\u0131n Geri Kazan\u0131labilirli\u011fi<\/h3>\n<p>Grup, 31.521.520 bin TL tutar\u0131nda \u00f6nemli seviyede ertelenmi\u015f vergi varl\u0131\u011f\u0131 ta\u015f\u0131maktad\u0131r.<\/p>\n<ul>\n<li><b>De\u011ferleme:<\/b> Bu varl\u0131klar\u0131n geri kazan\u0131labilirli\u011fi, y\u00f6netimin gelece\u011fe d\u00f6n\u00fck nakit ak\u0131m ve k\u00e2r projeksiyonlar\u0131na dayanmaktad\u0131r. Makroekonomik verilerin bu projeksiyonlarla uyumu kritik bir denetim konusudur.<\/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 Faaliyet Alanlar\u0131<\/h2>\n<p>Enerjisa Enerji A.\u015e., Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e. ve E.ON International Participations N.V. ortak kontrol\u00fc alt\u0131ndad\u0131r. Grup, faaliyetlerini yaln\u0131zca T\u00fcrkiye&#8217;de y\u00fcr\u00fctmektedir.<\/p>\n<h3>Temel \u0130\u015ftirakler ve G\u00f6revleri<\/h3>\n<ul>\n<li><b>Da\u011f\u0131t\u0131m \u015eirketleri:<\/b> BA\u015eKENT EDA\u015e, AYEDA\u015e ve TOROSLAR EDA\u015e (Ankara, \u0130stanbul Anadolu Yakas\u0131 ve Toroslar b\u00f6lgelerinde elektrik da\u011f\u0131t\u0131m\u0131).<\/li>\n<li><b>Perakende \u015eirketleri:<\/b> EPS, AYESA\u015e ve TOROSLAR EPSA\u015e (Elektrik perakende sat\u0131\u015f hizmetleri).<\/li>\n<li><b>M\u00fc\u015fteri \u00c7\u00f6z\u00fcmleri:<\/b> Enerjisa M\u00fc\u015fteri \u00c7\u00f6z\u00fcmleri A.\u015e. (Yenilenebilir enerji, enerji verimlili\u011fi ve toplay\u0131c\u0131l\u0131k faaliyetleri).<\/li>\n<li><b>E-\u015farj:<\/b> Elektrikli ara\u00e7lar \u015farj sistemleri i\u015fletmecili\u011fi.<\/li>\n<li><b>Enerjisa Ara\u00e7 Filo Hizmetleri A.\u015e.:<\/b> 2024 y\u0131l\u0131nda kurulan operasyonel ara\u00e7 kiralama ve filo hizmetleri \u015firketi.<\/li>\n<\/ul>\n<p><b>\u0130nsan Kaynaklar\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla Grup\u2019un toplam \u00e7al\u0131\u015fan say\u0131s\u0131 10.671&#8217;dir (2024: 10.384).<\/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>Finansal Riskler ve \u0130\u015fletmenin S\u00fcreklili\u011fi<\/h2>\n<p>Grup y\u00f6netimi, finansal tablolar\u0131 i\u015fletmenin s\u00fcreklili\u011fi prensibine uygun olarak haz\u0131rlam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Likidite Durumu:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler, d\u00f6nen varl\u0131klar\u0131 17.805.809 bin TL a\u015fmaktad\u0131r.<\/li>\n<li><b>Y\u00f6netim Analizi:<\/b> Bu durum, sekt\u00f6r\u00fcn do\u011fas\u0131 gere\u011fi (yat\u0131r\u0131mlar\u0131n 10 y\u0131l i\u00e7inde geri al\u0131nmas\u0131 ve EPDK tarife d\u00fczeltmeleri) beklenen bir durumdur. Grup, g\u00fc\u00e7l\u00fc operasyonel nakit ak\u0131\u015f\u0131 ve etkin finansman y\u00f6netimi ile k\u0131sa vadeli nakit ihtiya\u00e7lar\u0131n\u0131 kar\u015f\u0131lamay\u0131 \u00f6ng\u00f6rmektedir.<\/li>\n<li><b>K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m\u0131:<\/b> 24 Mart 2025 tarihli Genel Kurul karar\u0131yla, ge\u00e7mi\u015f y\u0131l k\u00e2rlar\u0131ndan kar\u015f\u0131lanmak \u00fczere toplam 4.031.163 bin TL (hisse ba\u015f\u0131na br\u00fct 2,87 TL) k\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131 24 Nisan 2025 tarihinde ger\u00e7ekle\u015ftirilmi\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>\u00d6nemli Muhasebe Politikalar\u0131 ve D\u00fczeltmeler<\/h2>\n<ul>\n<li><b>TMS 29 Endeksleme:<\/b> 31 Aral\u0131k 2025 endeksi 3.513,87 olarak belirlenmi\u015f olup, 2024 sonuna g\u00f6re d\u00fczeltme katsay\u0131s\u0131 1,30892 olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Hizmet \u0130mtiyazlar\u0131:<\/b> Da\u011f\u0131t\u0131m \u015febekesi yat\u0131r\u0131mlar\u0131 finansal varl\u0131k olarak kaydedilmekte ve etkin faiz y\u00f6ntemiyle gelirle\u015ftirilmektedir.<\/li>\n<li><b>Stoklar:<\/b> Stoklar a\u011f\u0131rl\u0131kl\u0131 ortalama maliyet y\u00f6ntemine g\u00f6re de\u011ferlendirilmekte olup, 31 Aral\u0131k 2025 bakiyesi 3.550.757 bin TL&#8217;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1723\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Enerjisa Enerji 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Zarardan G\u00fc\u00e7l\u00fc Bir Kar D\u00f6n\u00fc\u015f\u00fc!<br \/>\nEnerjisa Enerji A.\u015e., 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. 2024 y\u0131l\u0131nda ya\u015fanan net zarar\u0131n ard\u0131ndan stratejik ad\u0131mlar ve operasyonel verimlilikle 3,17 milyar TL net kara ula\u015fan \u015firket, enerji sekt\u00f6r\u00fcndeki \u00f6nc\u00fc konumunu peki\u015ftirdi.<br \/>\n\u00d6ne \u00c7\u0131kanlar:<br \/>\nGelir Y\u00f6netimi: Toplam has\u0131lat 233 milyar TL seviyesinde ger\u00e7ekle\u015firken, br\u00fct kar marj\u0131ndaki iyile\u015fme dikkat \u00e7ekti.<br \/>\nPerakende ve Da\u011f\u0131t\u0131m G\u00fcc\u00fc: Karl\u0131l\u0131\u011f\u0131n lokomotifi perakende ve da\u011f\u0131t\u0131m birimleri olurken; E-\u015farj ve yenilenebilir enerji \u00e7\u00f6z\u00fcmlerini kapsayan m\u00fc\u015fteri \u00e7\u00f6z\u00fcmleri alan\u0131ndaki yat\u0131r\u0131mlar h\u0131z kesmeden devam etti.<br \/>\nYat\u0131r\u0131mc\u0131 Dostu Yakla\u015f\u0131m: Ge\u00e7ti\u011fimiz y\u0131l \u00f6denen 4 milyar TL\u2019lik temett\u00fc ile payda\u015flar\u0131na de\u011fer katmay\u0131 s\u00fcrd\u00fcren Enerjisa, enflasyon muhasebesi uygulamalar\u0131na ra\u011fmen sa\u011flam bilan\u00e7o yap\u0131s\u0131n\u0131 korudu.<br \/>\nEnerjisa\u2019n\u0131n 2025 y\u0131l\u0131 performans\u0131n\u0131, segment bazl\u0131 analizleri ve gelecek projeksiyonlar\u0131n\u0131 i\u00e7eren detayl\u0131 incelememizi okumak i\u00e7in t\u0131klay\u0131n.<br \/>\nNot: Bu veriler 2 Mart 2026 tarihli ba\u011f\u0131ms\u0131z denet\u00e7i raporuna dayanmaktad\u0131r<br \/>\n.<\/p>\n","protected":false},"author":9,"featured_media":1726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[290],"class_list":["post-1723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-enjsa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1723","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1723"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1723\/revisions"}],"predecessor-version":[{"id":1727,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1723\/revisions\/1727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1726"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}