{"id":1738,"date":"2026-03-07T16:16:20","date_gmt":"2026-03-07T13:16:20","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1738"},"modified":"2026-03-07T16:21:11","modified_gmt":"2026-03-07T13:21:11","slug":"vsnmd-bilano-analizi-202512-vine-madencilik-retim-sanayi-ve-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1738","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 VSNMD Bilan\u00e7o Analizi 2025\/12 | Vi\u015fne Madencilik \u00dcretim Sanayi ve Ticaret A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4Z1XzPvGjQDT9kxy05Dfyh?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Vi\u015fne Madencilik\u2019in 2025 Bilan\u00e7osundan 5 \u00c7arp\u0131c\u0131 \u00c7\u0131kar\u0131m: Enflasyon Muhasebesinin \u00d6tesinde Ne Var?<\/h1>\n<p><b>1. Giri\u015f: Madencilikte Say\u0131lar\u0131n Dili De\u011fi\u015firken<\/b><\/p>\n<p>2025 y\u0131l\u0131, T\u00fcrkiye ekonomisinde &#8220;rakamsal ill\u00fczyonun&#8221; en yo\u011fun hissedildi\u011fi, paran\u0131n sadece miktar\u0131n\u0131n de\u011fil, sat\u0131n alma g\u00fcc\u00fcn\u00fcn de her ay yeniden tan\u0131mland\u0131\u011f\u0131 bir y\u0131l oldu. Y\u00fcksek enflasyonun puslu atmosferinde, bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 sadece y\u00fczeysel verilere bakarak anlamak art\u0131k imkans\u0131z. Tam da bu noktada <b>Reanda Aren<\/b> taraf\u0131ndan denetlenen Vi\u015fne Madencilik\u2019in 2025 y\u0131l\u0131 Ba\u011f\u0131ms\u0131z Denetim Raporu, teknik bir dok\u00fcman olman\u0131n \u00f6tesine ge\u00e7erek stratejik bir diren\u00e7 ve d\u00f6n\u00fc\u015f\u00fcm hikayesi anlat\u0131yor. TMS 29 (Enflasyon Muhasebesi) filtresinden ge\u00e7en bu veriler, \u015firketin halka arz sonras\u0131 nas\u0131l bir finansal kaleye d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc ve &#8220;ger\u00e7ek&#8221; de\u011ferini nas\u0131l korudu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p><b>2. Zarardan K\u00e2ra B\u00fcy\u00fck D\u00f6n\u00fc\u015f: Rakamlar\u0131n Ger\u00e7ek Hikayesi<\/b><\/p>\n<p>Vi\u015fne Madencilik\u2019in 2025 y\u0131l\u0131ndaki en radikal ba\u015far\u0131s\u0131, k\u00e2rl\u0131l\u0131k rasyolar\u0131ndaki keskin d\u00f6n\u00fc\u015f\u00fcmd\u00fcr. 2024 y\u0131l\u0131n\u0131 enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f rakamlarla net bir zararla kapatan \u015firket, 2025 y\u0131l\u0131nda bu tabloyu tamamen tersine \u00e7evirerek g\u00fc\u00e7l\u00fc bir k\u00e2r beyan etmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>Net D\u00f6nem K\u00e2r\u0131 \/ Zarar\u0131<\/td>\n<\/tr>\n<tr>\n<td>2024 Net D\u00f6nem Zarar\u0131<\/td>\n<td>33.503.391 TL<\/td>\n<\/tr>\n<tr>\n<td>2025 Net D\u00f6nem K\u00e2r\u0131<\/td>\n<td>64.575.044 TL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu k\u00e2r rakam\u0131n\u0131 as\u0131l etkileyici k\u0131lan detay, \u015firketin operasyonel performans\u0131d\u0131r. Analiz edildi\u011finde, 64,5 milyon TL\u2019lik net k\u00e2r\u0131n, 135,2 milyon TL tutar\u0131ndaki nakit d\u0131\u015f\u0131 &#8220;net parasal kay\u0131p&#8221; kalemi d\u00fc\u015f\u00fcld\u00fckten sonra elde edildi\u011fi g\u00f6r\u00fclmektedir. Bu durum, \u015firketin operasyonel verimlili\u011finin ve kire\u00e7 ta\u015f\u0131 \u00fcretimindeki maliyet y\u00f6netiminin, enflasyonist bask\u0131lara kar\u015f\u0131 beklenenden \u00e7ok daha diren\u00e7li oldu\u011funu kan\u0131tlamaktad\u0131r.<\/p>\n<p><b>3. Halka Arz\u0131n G\u00fcc\u00fc: 754 Milyon TL\u2019lik Sermaye Enjeksiyonu<\/b><\/p>\n<p>3-5 \u015eubat 2025 tarihlerinde ger\u00e7ekle\u015fen halka arz, Vi\u015fne Madencilik i\u00e7in sadece bir finansman kayna\u011f\u0131 de\u011fil, ayn\u0131 zamanda bilan\u00e7o yap\u0131s\u0131n\u0131 k\u00f6kten de\u011fi\u015ftiren bir milat olmu\u015ftur. \u00d6zkaynaklar de\u011fi\u015fim tablosundaki &#8220;Paylara \u0130li\u015fkin Primler&#8221; kalemindeki devasa art\u0131\u015f, bu stratejik hamlenin boyutunu belgelemektedir:<\/p>\n<p>&#8220;\u015eirket\u2019in 3-4-5 \u015eubat 2025 tarihlerinde tamamlanm\u0131\u015f ve sermaye artt\u0131r\u0131m\u0131 ile sat\u0131\u015fa sunulan toplam 17.000.000 TL\u2019lik nominal de\u011ferli paylara isabet eden emisyon primi tutar\u0131 754.840.811 TL\u2019dir.&#8221;<\/p>\n<p>Bu sermaye enjeksiyonu, \u015firketin bor\u00e7luluk yap\u0131s\u0131n\u0131 &#8220;de-leverage&#8221; (bor\u00e7tan ar\u0131nd\u0131rma) etkisiyle normalize etmi\u015ftir. 2024 sonunda 219,7 milyon TL olan k\u0131sa vadeli banka kredileri, 2025 sonunda 11,7 milyon TL seviyesine \u00e7ekilerek neredeyse s\u0131f\u0131rlanm\u0131\u015ft\u0131r. Y\u00fcksek faiz ortam\u0131nda finansal bor\u00e7lar\u0131n bu denli tasfiye edilmesi, \u015firketi faiz riskinden tamamen korumu\u015f ve likidite g\u00fcc\u00fcn\u00fc maksimize etmi\u015ftir.<\/p>\n<p><b>4. Enflasyon Muhasebesi (TMS 29): Bir Finansal G\u00f6zl\u00fck<\/b><\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7ilerin &#8220;Kilit Denetim Konusu&#8221; olarak belirledi\u011fi TMS 29 uygulamas\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in bir finansal navigasyon cihaz\u0131 g\u00f6revi g\u00f6r\u00fcyor. T\u00fcrkiye\u2019deki 3 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyonun %100 s\u0131n\u0131r\u0131n\u0131 a\u015farak %211 seviyesine ula\u015fmas\u0131, tablolar\u0131n 31 Aral\u0131k 2025 sat\u0131n al\u0131m g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmesini zorunlu k\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>Buradaki en kritik analitik detay &#8220;Parasal Kay\u0131p&#8221; kalemidir. \u015eirketin 135,2 milyon TL net parasal kay\u0131p yazmas\u0131n\u0131n temel nedeni, halka arzdan gelen ve y\u0131l sonunda 509,3 milyon TL\u2019ye ula\u015fan devasa nakit varl\u0131\u011f\u0131d\u0131r. Enflasyon muhasebesi kurallar\u0131 gere\u011fi, elde tutulan y\u00fcksek tutarl\u0131 nakit, sat\u0131n alma g\u00fcc\u00fcn\u00fc kaybetti\u011fi i\u00e7in &#8220;kay\u0131p&#8221; olarak kaydedilir. Bu durum, madalyonun di\u011fer y\u00fcz\u00fcnde \u015firketin ne denli g\u00fc\u00e7l\u00fc bir nakit pozisyonu \u00fczerinde oturdu\u011funu teyit etmektedir.<\/p>\n<p><b>5. 3 Milyar TL\u2019lik Dev Varl\u0131k Park\u0131 ve Yat\u0131r\u0131m Vizyonu<\/b><\/p>\n<p>Madencilik gibi sermaye yo\u011fun sekt\u00f6rlerde varl\u0131k kalitesi en \u00f6nemli g\u00fcvencedir. Vi\u015fne Madencilik, maddi duran varl\u0131klar\u0131n\u0131 2,95 milyar TL seviyesinde, profesyonel de\u011ferleme \u015firketlerince belirlenen &#8220;Ger\u00e7e\u011fe Uygun De\u011fer&#8221; y\u00f6ntemiyle raporlamaktad\u0131r. Ancak bu tablodaki as\u0131l cevher &#8220;Yap\u0131lmakta Olan Yat\u0131r\u0131mlar&#8221; kalemidir.<\/p>\n<p>\u015eirketin sahip oldu\u011fu \u00f6nemli varl\u0131k gruplar\u0131:<\/p>\n<ul>\n<li><b>Maden Varl\u0131klar\u0131:<\/b> Haklar ve rehabilitasyon maliyetleri (98 milyon TL net de\u011fer).<\/li>\n<li><b>Tesis, Makine ve Cihazlar:<\/b> Teknolojik altyap\u0131n\u0131n merkezi (1,82 milyar TL net de\u011fer).<\/li>\n<li><b>Yap\u0131lmakta Olan Yat\u0131r\u0131mlar:<\/b> 511,3 milyon TL.<\/li>\n<\/ul>\n<p>Bir\u00e7ok \u015firketin enflasyon d\u00f6neminde yat\u0131r\u0131mlar\u0131n\u0131 ask\u0131ya ald\u0131\u011f\u0131 bir ortamda, Vi\u015fne Madencilik\u2019in 511,3 milyon TL\u2019lik devam eden yat\u0131r\u0131m\u0131, \u015firketin gelecekteki \u00fcretim kapasitesini ve b\u00fcy\u00fcme i\u015ftah\u0131n\u0131 simgeleyen bir &#8220;gelecek sigortas\u0131&#8221; niteli\u011findedir.<\/p>\n<p><b>6. Sonu\u00e7: Gelece\u011fin Cevherini \u0130\u015flemek<\/b><\/p>\n<p>Vi\u015fne Madencilik\u2019in 2025 y\u0131l\u0131 finansal karnesi, kurumsalla\u015fma ad\u0131mlar\u0131n\u0131n ve finansal disiplinin somut bir yans\u0131mas\u0131d\u0131r. \u00c7al\u0131\u015fan say\u0131s\u0131n\u0131 250\u2019den 266\u2019ya \u00e7\u0131karan, \u00f6zkaynaklar\u0131n\u0131 3,64 milyar TL seviyesine ta\u015f\u0131yan ve bor\u00e7 y\u00fck\u00fcn\u00fc minimize eden bir yap\u0131 kar\u015f\u0131m\u0131zda duruyor.<\/p>\n<p>Bir finansal analist perspektifiyle \u015fu soruyu sormak ka\u00e7\u0131n\u0131lmazd\u0131r: <i>&#8220;Y\u00fcksek enflasyon d\u00f6nemlerinde bir \u015firketin ba\u015far\u0131s\u0131n\u0131 \u00f6l\u00e7mek i\u00e7in sadece net k\u00e2ra bakmak yeterli mi, yoksa \u00f6zkaynaklar\u0131n sat\u0131n alma g\u00fcc\u00fcn\u00fc koruma ve bu g\u00fcc\u00fc reel yat\u0131r\u0131mlara d\u00f6n\u00fc\u015ft\u00fcrme yetene\u011fi mi as\u0131l kriter olmal\u0131?&#8221;<\/i> Vi\u015fne Madencilik\u2019in 2025 y\u0131l\u0131 tablolar\u0131, ger\u00e7ek ba\u015far\u0131n\u0131n miktar\u0131nda de\u011fil, bu g\u00fcc\u00fc gelece\u011fe nas\u0131l ta\u015f\u0131d\u0131\u011f\u0131nda sakl\u0131 oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p>&nbsp;<\/p>\n<h1>Vi\u015fne Madencilik 2025 Y\u0131l\u0131 Finansal De\u011ferlendirme ve Ba\u011f\u0131ms\u0131z Denetim Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Vi\u015fne Madencilik \u00dcretim Sanayi ve Ticaret A.\u015e.&#8217;nin 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait finansal tablolar\u0131, y\u00fcksek enflasyonun etkilerini yans\u0131tan TMS 29 standartlar\u0131na uygun olarak haz\u0131rlanm\u0131\u015f ve ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015ftir. Reanda Aren Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, \u015firketin finansal durumunun ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu (&#8220;Olumlu G\u00f6r\u00fc\u015f&#8221;) teyit edilmi\u015ftir.<\/p>\n<p>2025 y\u0131l\u0131, \u015firket i\u00e7in bir toparlanma y\u0131l\u0131 olmu\u015ftur. 2024 y\u0131l\u0131nda kaydedilen 33,5 milyon TL&#8217;lik net d\u00f6nem zarar\u0131n\u0131n ard\u0131ndan, 2025 y\u0131l\u0131nda 64,6 milyon TL net d\u00f6nem k\u00e2r\u0131 elde edilmi\u015ftir. Toplam varl\u0131klar 4 milyar TL seviyesini a\u015farken, \u00f6zkaynaklar sermaye art\u0131r\u0131m\u0131 ve yeniden de\u011ferleme art\u0131\u015flar\u0131n\u0131n etkisiyle 3,64 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Enflasyon muhasebesi uygulamas\u0131 (TMS 29) ve maddi duran varl\u0131klar\u0131n yeniden de\u011ferlenmesi, mali tablolar\u0131n en kritik belirleyicileri olarak \u00f6ne \u00e7\u0131kmaktad\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. Ba\u011f\u0131ms\u0131z Denetim Bulgular\u0131 ve Kilit Konular<\/h2>\n<h3>Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>Denetim, Reanda Aren b\u00fcnyesindeki Sorumlu Denet\u00e7i Bora Akg\u00fcng\u00f6r taraf\u0131ndan y\u00fcr\u00fct\u00fclm\u00fc\u015f ve 2 Mart 2026 tarihinde raporlanm\u0131\u015ft\u0131r. Finansal tablolar\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131na (TFRS) uygunlu\u011fu onaylanm\u0131\u015ft\u0131r.<\/p>\n<h3>Kilit Denetim Konular\u0131<\/h3>\n<p>Denetim s\u00fcrecinde \u00f6zellikle iki ana ba\u015fl\u0131k \u00fczerinde durulmu\u015ftur:<\/p>\n<ul>\n<li><b>TMS 29 Enflasyon Muhasebesi Uygulamas\u0131:<\/b> T\u00fcrkiye ekonomisindeki y\u00fcksek enflasyon nedeniyle, 31 Aral\u0131k 2025 tarihi itibar\u0131yla t\u00fcm parasal olmayan kalemler g\u00fcncel sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmi\u015ftir. Hesaplamalar\u0131n karma\u015f\u0131kl\u0131\u011f\u0131 ve kullan\u0131lan y\u00f6netim muhakemeleri nedeniyle bu alan &#8220;kilit denetim konusu&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Maddi Duran Varl\u0131klar\u0131n Yeniden De\u011ferlemesi:<\/b> \u015eirket; gayrimenkul, makine, ta\u015f\u0131t ve demirba\u015flar\u0131n\u0131 ger\u00e7e\u011fe uygun de\u011fer y\u00f6ntemi ile takip etmektedir. Bu varl\u0131klar\u0131n toplam varl\u0131klar i\u00e7indeki pay\u0131n\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc ve de\u011ferleme metotlar\u0131ndaki tahminlerin \u00f6nemi, denetim oda\u011f\u0131n\u0131 bu noktaya kayd\u0131rm\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>2. \u015eirket Profili ve Operasyonel Yap\u0131<\/h2>\n<p>Vi\u015fne Madencilik, 2008 y\u0131l\u0131nda kurulmu\u015f olup merkezi \u0130zmir&#8217;de bulunmaktad\u0131r. \u015eirketin faaliyetleri temel olarak kire\u00e7 \u00fcretimi ve madencilik \u00fczerine yo\u011funla\u015fm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Ana \u00dcr\u00fcn Gruplar\u0131:<\/b>\n<ul>\n<li>S\u00f6nmemi\u015f kire\u00e7 (kalsiyum oksit): Par\u00e7a, gran\u00fcl, toz ve mikronize formlarda.<\/li>\n<li>S\u00f6nm\u00fc\u015f kire\u00e7 (kalsiyum hidroksit).<\/li>\n<li>Agrega.<\/li>\n<li>Nem ve gaz giderici &#8220;Vikalo&#8221;.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 2024 y\u0131l\u0131nda 250 olan personel say\u0131s\u0131, 2025 sonu itibar\u0131yla 266&#8217;ya (222 mavi yakal\u0131, 44 beyaz yakal\u0131) y\u00fckselmi\u015ftir.<\/li>\n<li><b>Sekt\u00f6rel Eri\u015fim:<\/b> \u00dcr\u00fcnler d\u00f6kme formda sanayi kurulu\u015flar\u0131na veya paketli olarak haz\u0131r s\u0131va, al\u00e7\u0131, in\u015faat ve plastik sekt\u00f6rlerine pazarlanmaktad\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. Finansal Performans Analizi<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, \u015firketin temel finansal g\u00f6stergelerinin 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcyle d\u00fczeltilmi\u015f kar\u015f\u0131la\u015ft\u0131rmas\u0131n\u0131 sunmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge (TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>4.052.612.631<\/td>\n<td>3.560.660.851<\/td>\n<td>%+13,8<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>3.643.889.792<\/td>\n<td>2.878.524.686<\/td>\n<td>%+26,6<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>1.424.929.074<\/td>\n<td>1.458.933.762<\/td>\n<td>%-2,3<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>267.906.802<\/td>\n<td>241.683.003<\/td>\n<td>%+10,8<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>6.551.294<\/td>\n<td>9.089.935<\/td>\n<td>%-27,9<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>64.575.044<\/td>\n<td>(33.503.391)<\/td>\n<td>%+292,7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gelir ve Gider Analizi<\/h3>\n<ul>\n<li><b>Sat\u0131\u015flar\u0131n Yap\u0131s\u0131:<\/b> Has\u0131lat\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu 1,42 milyar TL ile yurt i\u00e7i sat\u0131\u015flardan elde edilmi\u015ftir. Yurt d\u0131\u015f\u0131 sat\u0131\u015flar 2024&#8217;teki 75,3 milyon TL seviyesinden 2025&#8217;te 791 bin TL&#8217;ye gerileyerek sert bir d\u00fc\u015f\u00fc\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Maliyetler:<\/b> Sat\u0131\u015flar\u0131n maliyeti 1,15 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. En b\u00fcy\u00fck maliyet kalemlerini genel \u00fcretim giderleri (479 milyon TL) ve amortisman giderleri (298 milyon TL) olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Parasal Kay\u0131p\/Kazan\u00e7:<\/b> TMS 29 uygulamas\u0131 sonucunda 135,2 milyon TL net parasal kay\u0131p kaydedilmi\u015ftir (2024: 15 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>4. Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h2>\n<h3>Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>\u015eirketin varl\u0131k yap\u0131s\u0131 b\u00fcy\u00fck oranda maddi duran varl\u0131klara dayal\u0131d\u0131r:<\/p>\n<ul>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 2,95 milyar TL (Toplam varl\u0131klar\u0131n %72,8&#8217;i). Bu kalem i\u00e7inde en b\u00fcy\u00fck pay\u0131 1,82 milyar TL ile tesis, makine ve cihazlar almaktad\u0131r.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 509,4 milyon TL. 2024 y\u0131l\u0131ndaki 32 milyon TL seviyesine g\u00f6re %1.489 oran\u0131nda devasa bir art\u0131\u015f g\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n<h3>Bor\u00e7lanma ve Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<p>Toplam y\u00fck\u00fcml\u00fcl\u00fckler 682 milyon TL&#8217;den 408,7 milyon TL&#8217;ye gerileyerek finansal kald\u0131ra\u00e7ta iyile\u015fme sa\u011flam\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Bor\u00e7lanmalar:<\/b> 219,7 milyon TL&#8217;den 12,5 milyon TL&#8217;ye indirilmi\u015ftir.<\/li>\n<li><b>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc:<\/b> 171,2 milyon TL seviyesindedir.<\/li>\n<li><b>K\u0131dem Tazminat\u0131 Kar\u015f\u0131l\u0131\u011f\u0131:<\/b> 38,9 milyon TL (2024: 28,9 milyon TL).<\/li>\n<\/ul>\n<h3>\u00d6zkaynaklar ve Sermaye Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u00d6denmi\u015f sermaye 100 milyon TL&#8217;den 117 milyon TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Paylara \u0130li\u015fkin Primler:<\/b> Halka arz ve sermaye art\u0131r\u0131m\u0131 s\u00fcre\u00e7leri sonucunda 24,3 milyon TL&#8217;den 753,8 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> En b\u00fcy\u00fck ortak %39,74 pay ile Urla Makina San. ve Tic. A.\u015e.&#8217;dir. \u00d6zt\u00fcre ailesi toplamda do\u011frudan ve dolayl\u0131 olarak %82,39 hisse kontrol\u00fcne sahiptir.<\/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. \u0130li\u015fkili Taraf ve Di\u011fer \u00d6nemli Notlar<\/h2>\n<ul>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> \u015eirket, HSD Madencilik ile yo\u011fun mamul sat\u0131\u015f\u0131 (288 milyon TL) ve i\u015f g\u00fcc\u00fc temini\/nakliye i\u015flemleri y\u00fcr\u00fctmektedir. \u00d6zt\u00fcre Holding ile sevk, idare ve finansman temini kapsam\u0131nda 19,3 milyon TL&#8217;lik i\u015flem hacmi ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Teminat ve Rehinler:<\/b> \u015eirket taraf\u0131ndan verilen toplam TR\u0130K tutar\u0131 6,8 milyon TL olup, bu tutar\u0131n \u00f6zkaynaklara oran\u0131 %0,19 gibi olduk\u00e7a d\u00fc\u015f\u00fck bir seviyededir.<\/li>\n<li><b>Stok Devir H\u0131z\u0131:<\/b> 2025 y\u0131l\u0131 i\u00e7in stok devir h\u0131z\u0131 68 g\u00fcn olarak hesaplanm\u0131\u015ft\u0131r (2024: 62 g\u00fcn).<\/li>\n<li><b>Ticari Alacaklar:<\/b> K\u0131sa vadeli ticari alacaklar\u0131n ortalama tahsilat s\u00fcresi 55 g\u00fcnd\u00fcr. \u015e\u00fcpheli ticari alacaklar i\u00e7in 5,1 milyon TL kar\u015f\u0131l\u0131k ayr\u0131lm\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>6. Kritik Muhasebe Tahminleri ve Varsay\u0131mlar<\/h2>\n<p>\u015eirket y\u00f6netimi, finansal tablolar\u0131 haz\u0131rlarken a\u015fa\u011f\u0131daki hususlarda \u00f6nemli muhasebe tahminleri kullanm\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>Maden Varl\u0131klar\u0131n\u0131n \u0130tfas\u0131:<\/b> &#8220;\u00dcretim birimleri y\u00f6ntemi&#8221; kullan\u0131larak rezerv miktarlar\u0131 \u00fczerinden amortisman ayr\u0131lmaktad\u0131r.<\/li>\n<li><b>Yeniden De\u011ferleme:<\/b> Gayrimenkuller ve makineler i\u00e7in ba\u011f\u0131ms\u0131z de\u011ferleme kurulu\u015flar\u0131n\u0131n raporlar\u0131 esas al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> Y\u0131ll\u0131k %32,20 iskonto oran\u0131 ve %30,89 enflasyon beklentisi ile akt\u00fceryal hesaplama yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Finansal tablolar, \u015firketin \u00f6ng\u00f6r\u00fclebilir gelecekte faaliyetlerini s\u00fcrd\u00fcrece\u011fi varsay\u0131m\u0131yla haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<button class=\"simplefavorite-button\" data-postid=\"1738\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Vi\u015fne Madencilik 2025 Y\u0131l\u0131nda Kar Rekoru ve G\u00fc\u00e7l\u00fc \u00d6zkaynak Yap\u0131s\u0131yla \u00d6ne \u00c7\u0131k\u0131yor<br \/>\nVi\u015fne Madencilik \u00dcretim Sanayi ve Ticaret A.\u015e., 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klayarak s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme yolunda dev bir ad\u0131m att\u0131\u011f\u0131n\u0131 kan\u0131tlad\u0131. 2025 y\u0131l\u0131 ba\u015f\u0131nda ba\u015far\u0131yla tamamlanan halka arz s\u00fcrecinin ard\u0131ndan sermayesini ve nakit pozisyonunu g\u00fc\u00e7lendiren \u015firket, y\u0131l\u0131 64,5 milyon TL net kar ile kapatt\u0131. K\u0131sa vadeli bor\u00e7lar\u0131n\u0131 radikal bir \u015fekilde azaltan ve toplam varl\u0131klar\u0131n\u0131 4 milyar TL\u2019nin \u00fczerine ta\u015f\u0131yan Vi\u015fne Madencilik, enflasyon muhasebesi (TMS 29) etkilerine ra\u011fmen kire\u00e7 ve madencilik sekt\u00f6r\u00fcndeki sa\u011flam duru\u015funu koruyor. Finansal tablolar\u0131n detaylar\u0131, \u015firketin operasyonel verimlili\u011fi ve yat\u0131r\u0131mc\u0131lar\u0131na sundu\u011fu g\u00fcvenle gelece\u011fe emin ad\u0131mlarla ilerledi\u011fini g\u00f6steriyor.<\/p>\n","protected":false},"author":3,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[292],"class_list":["post-1738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-vsnmd"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1738","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=1738"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1738\/revisions"}],"predecessor-version":[{"id":1740,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1738\/revisions\/1740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}