{"id":180,"date":"2025-12-19T15:40:11","date_gmt":"2025-12-19T12:40:11","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=180"},"modified":"2025-12-19T15:40:11","modified_gmt":"2025-12-19T12:40:11","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-aksgy-akis-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi-enflasyon-etkisi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/180","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AKSGY | Aki\u015f Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | Enflasyon Etkisi \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"AKSGY\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/R56SgmNlzBA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Finansal Raporun Perde Arkas\u0131: Aki\u015f GYO Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Kurumsal finansal raporlar, genellikle karma\u015f\u0131k tablolar, dipnotlar ve anla\u015f\u0131lmas\u0131 zor muhasebe terimleriyle dolu olduklar\u0131 i\u00e7in \u00fcrk\u00fct\u00fcc\u00fc g\u00f6r\u00fcnebilir. Ancak bu rakamlar\u0131n ard\u0131nda, bir \u015firketin stratejisini, ekonomik zorluklara kar\u015f\u0131 direncini ve gelecek vizyonunu anlatan \u00f6nemli hikayeler sakl\u0131d\u0131r. Akasya ve Akbat\u0131 gibi dev projeleriyle tan\u0131nan, T\u00fcrkiye&#8217;nin \u00f6nde gelen gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131ndan biri olan Aki\u015f GYO da bu \u015firketlerden biridir. Bu yaz\u0131da, \u015firketin son yay\u0131nlanan 30 Eyl\u00fcl 2025 tarihli konsolide mali tablo ve faaliyet raporundan yola \u00e7\u0131karak, herkesin anlayabilece\u011fi bir dilde be\u015f \u00e7arp\u0131c\u0131 ve muhtemelen bilmedi\u011finiz detay\u0131 mercek alt\u0131na alaca\u011f\u0131z.<\/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<h3>1. Enflasyonun Bilan\u00e7odaki Gizli Etkisi: &#8220;Parasal Pozisyon Kazanc\u0131&#8221; Nedir?<\/h3>\n<p>Finansal raporlar\u0131 okurken kar\u015f\u0131la\u015f\u0131lan en kafa kar\u0131\u015ft\u0131r\u0131c\u0131 kalemlerden biri, y\u00fcksek enflasyonlu ekonomilerde ortaya \u00e7\u0131kan muhasebesel terimlerdir. Aki\u015f GYO&#8217;nun raporu, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle T\u00fcrkiye Muhasebe Standard\u0131 29 (TMS 29) uyar\u0131nca &#8220;enflasyon muhasebesi&#8221; uygulanarak haz\u0131rlanm\u0131\u015ft\u0131r. Bu durum, bilan\u00e7oda ilgin\u00e7 bir kalemin ortaya \u00e7\u0131kmas\u0131na neden olmu\u015ftur.<\/p>\n<p>\u015eirketin kar veya zarar tablosuna g\u00f6re, ilk dokuz ayda <b>312.154.580 TL<\/b>&#8216;lik bir &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; elde edilmi\u015ftir. \u0130lk bak\u0131\u015fta b\u00fcy\u00fck bir k\u00e2r gibi g\u00f6r\u00fcnen bu rakam, asl\u0131nda \u015firketin kasas\u0131na giren ger\u00e7ek bir nakit de\u011fildir. Bu, tamamen muhasebesel bir kazan\u00e7t\u0131r ve \u015fu anlama gelir: \u015eirketin sahip oldu\u011fu gayrimenkuller gibi parasal olmayan varl\u0131klar\u0131n\u0131n de\u011feri, enflasyon kar\u015f\u0131s\u0131nda, elindeki nakit veya alacaklar gibi parasal varl\u0131klar\u0131na k\u0131yasla \u00e7ok daha fazla artm\u0131\u015ft\u0131r. Bu durum, Aki\u015f GYO&#8217;nun i\u015f modelinin (fiziksel varl\u0131klara yat\u0131r\u0131m yapman\u0131n) y\u00fcksek enflasyonlu bir ekonomide nas\u0131l do\u011fal bir finansal kalkan g\u00f6revi g\u00f6rd\u00fc\u011f\u00fcne ve bilan\u00e7osal bir avantaj yaratt\u0131\u011f\u0131na dair \u00f6nemli bir g\u00f6stergedir.<\/p>\n<h3>2. AVM&#8217;lerin \u00d6tesine Ge\u00e7en Vizyon: Cadde Ma\u011fazac\u0131l\u0131\u011f\u0131na Stratejik Ad\u0131m<\/h3>\n<p>Aki\u015f GYO denince akla hemen Akasya ve Akbat\u0131 gibi devasa al\u0131\u015fveri\u015f merkezleri gelse de, \u015firketin portf\u00f6y\u00fc bundan \u00e7ok daha fazlas\u0131n\u0131 i\u00e7eriyor. Faaliyet raporu, \u015firketin pazar dinamiklerini ne kadar yak\u0131ndan takip etti\u011fini ve portf\u00f6y\u00fcn\u00fc \u00e7e\u015fitlendirme konusunda ne kadar proaktif oldu\u011funu g\u00f6steren \u00f6nemli bir stratejiyi g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>\u015eirket, T\u00fcrkiye&#8217;deki GYO&#8217;lar aras\u0131nda bir ilki ger\u00e7ekle\u015ftirerek &#8220;cadde ma\u011fazac\u0131l\u0131\u011f\u0131&#8221; alan\u0131na stratejik bir yat\u0131r\u0131m yapm\u0131\u015ft\u0131r. Bu vizyonun en somut \u00f6rne\u011fi ise Ba\u011fdat Caddesi&#8217;nde hayata ge\u00e7irilen ve Boyner&#8217;e kiralanan Erenk\u00f6y Apartman\u0131 projesidir. Bu hamle birka\u00e7 a\u00e7\u0131dan olduk\u00e7a \u00f6nemlidir:<\/p>\n<ul>\n<li><b>De\u011fi\u015fen T\u00fcketici Al\u0131\u015fkanl\u0131klar\u0131:<\/b> Pandemi sonras\u0131 ve dijitalle\u015fme ile de\u011fi\u015fen al\u0131\u015fveri\u015f al\u0131\u015fkanl\u0131klar\u0131na ve a\u00e7\u0131k havada vakit ge\u00e7irme arzusuna do\u011frudan bir yan\u0131t niteli\u011findedir.<\/li>\n<li><b>Risk \u00c7e\u015fitlendirmesi:<\/b> Gelir ak\u0131\u015f\u0131n\u0131 sadece b\u00fcy\u00fck AVM&#8217;lere ba\u011f\u0131ml\u0131 k\u0131lmaktan \u00e7\u0131kararak portf\u00f6y riskini da\u011f\u0131t\u0131r.<\/li>\n<li><b>Alternatif Gelir Kap\u0131s\u0131:<\/b> Prestijli lokasyonlardaki cadde ma\u011fazalar\u0131, AVM&#8217;lere alternatif, g\u00fc\u00e7l\u00fc ve istikrarl\u0131 bir gelir kayna\u011f\u0131 yarat\u0131r.<\/li>\n<\/ul>\n<h3>3. Beton ve \u00c7elikten Daha Fazlas\u0131: Gayrimenkul Sekt\u00f6r\u00fcnde Bir S\u00fcrd\u00fcr\u00fclebilirlik \u00d6nc\u00fcs\u00fc<\/h3>\n<p>Gayrimenkul sekt\u00f6r\u00fc genellikle sadece fiziksel yap\u0131lar, beton ve \u00e7elikle an\u0131l\u0131r. Ancak Aki\u015f GYO&#8217;nun faaliyet raporu, \u015firketin bu alg\u0131y\u0131 k\u00f6kten de\u011fi\u015ftirdi\u011fini ve s\u00fcrd\u00fcr\u00fclebilirli\u011fi i\u015f modelinin merkezine yerle\u015ftirdi\u011fini ortaya koyuyor. \u015eirketin bu alandaki somut ba\u015far\u0131lar\u0131, sadece birer iyi niyet beyan\u0131 olman\u0131n \u00e7ok \u00f6tesinde:<\/p>\n<ul>\n<li><b>CDP A Listesi:<\/b> Karbon Saydaml\u0131k Projesi (CDP) Tedarik\u00e7i Kat\u0131l\u0131m De\u011ferlendirmesi&#8217;nde <b>&#8220;A listesine giren tek T\u00fcrk GYO&#8221;<\/b> unvan\u0131na sahiptir. Bu, \u015firketin sadece kendi operasyonlar\u0131nda de\u011fil, t\u00fcm tedarik zincirinde \u00e7evresel etkiyi y\u00f6netme konusundaki liderli\u011fini tesciller.<\/li>\n<li><b>BIST S\u00fcrd\u00fcr\u00fclebilirlik Liderli\u011fi:<\/b> Borsa \u0130stanbul S\u00fcrd\u00fcr\u00fclebilirlik Endeksi\u2019nde yer alan <b>en y\u00fcksek puana sahip GYO<\/b> olma stat\u00fcs\u00fcn\u00fc s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n<p>Bu ba\u015far\u0131lar, basit bir \u00e7evre duyarl\u0131l\u0131\u011f\u0131ndan \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor. G\u00fc\u00e7l\u00fc bir \u00c7evresel, Sosyal ve Y\u00f6neti\u015fim (\u00c7SY) performans\u0131, kurumsal itibar\u0131 art\u0131r\u0131r, bu alana odaklanan uluslararas\u0131 yat\u0131r\u0131mc\u0131lar\u0131 \u00e7eker ve \u015firketin uzun vadeli risklere kar\u015f\u0131 dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendirir.<\/p>\n<h3>4. Rakamlar\u0131n Dili: Operasyonlar\u0131n Devasa Boyutu ve Gelecek Potansiyeli<\/h3>\n<p>Finansal tablolardaki b\u00fcy\u00fck rakamlar bazen soyut kalabilir. Ancak birka\u00e7 kilit veriye odakland\u0131\u011f\u0131m\u0131zda, Aki\u015f GYO&#8217;nun operasyonel b\u00fcy\u00fckl\u00fc\u011f\u00fc ve gelece\u011fe d\u00f6n\u00fck potansiyeli net bir \u015fekilde ortaya \u00e7\u0131k\u0131yor:<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam varl\u0131klar\u0131 <b>48,8 Milyar TL<\/b> gibi devasa bir b\u00fcy\u00fckl\u00fc\u011fe ula\u015fm\u0131\u015f durumda. Bu rakam, \u015firketin piyasadaki \u00f6l\u00e7e\u011fini ve g\u00fcc\u00fcn\u00fc g\u00f6steriyor.<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> Bu varl\u0131klar\u0131n en b\u00fcy\u00fck k\u0131sm\u0131n\u0131, <b>44,3 Milyar TL<\/b> de\u011ferindeki yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller olu\u015fturuyor. Bu, \u015firketin ana faaliyet alan\u0131ndaki varl\u0131k taban\u0131n\u0131n ne kadar sa\u011flam oldu\u011funu kan\u0131tl\u0131yor.<\/li>\n<li><b>Gelece\u011fe Y\u00f6nelik Kira Geliri:<\/b> Belki de en \u00e7arp\u0131c\u0131 rakam budur. \u015eirketin mevcut operasyonel kiralamalardan gelecekte elde etmeyi bekledi\u011fi asgari kira gelirleri toplam\u0131 <b>70,4 Milyar TL<\/b>&#8216;ye ula\u015f\u0131yor. Bu rakam\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc somutla\u015ft\u0131rmak gerekirse, bu tutar T\u00fcrkiye\u2019nin en b\u00fcy\u00fck altyap\u0131 projelerinden biri olan Osmangazi K\u00f6pr\u00fcs\u00fc\u2019n\u00fcn yat\u0131r\u0131m maliyetinin katbekat \u00fczerindedir. Bu durum, \u015firketin gelecekteki nakit ak\u0131\u015f\u0131n\u0131n ne kadar g\u00fcvence alt\u0131nda oldu\u011funu ve uzun vadeli finansal istikrar\u0131n\u0131n ne denli sa\u011flam temellere dayand\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/li>\n<\/ul>\n<h3>5. S\u00fcrekli Hareket Halinde: Aktif Bor\u00e7 Y\u00f6netimi ve Yeni Finansman Aray\u0131\u015f\u0131<\/h3>\n<p>\u0130yi y\u00f6netilen \u015firketler, raporlama d\u00f6nemleri aras\u0131nda durmazlar; finansal yap\u0131lar\u0131n\u0131 s\u00fcrekli olarak optimize eder ve gelece\u011fe haz\u0131rl\u0131k yaparlar. Aki\u015f GYO&#8217;nun raporunun &#8220;Raporlama D\u00f6neminden Sonraki Olaylar&#8221; b\u00f6l\u00fcm\u00fc, bu dinamizmin en net kan\u0131tlar\u0131ndan ikisini sunuyor:<\/p>\n<ol>\n<li><b>Kredi Optimizasyonu ve \u0130poteklerin Kald\u0131r\u0131lmas\u0131:<\/b> Raporlama d\u00f6nemi sonras\u0131nda, Akasya AVM \u00fczerindeki toplamda <b>115 milyon ABD Dolar\u0131 ve 551 milyon TL<\/b>&#8216;lik ipoteklere konu olan krediler yeniden finanse edilmi\u015f ve bu ipoteklerin kald\u0131r\u0131lmas\u0131 i\u00e7in s\u00fcre\u00e7 ba\u015flat\u0131lm\u0131\u015ft\u0131r. Bu, \u015firketin bor\u00e7 yap\u0131s\u0131n\u0131 daha avantajl\u0131 ko\u015fullarla yeniden \u015fekillendirdi\u011fini ve maliyetlerini d\u00fc\u015f\u00fcrmeye y\u00f6nelik proaktif bir hamle yapt\u0131\u011f\u0131n\u0131 g\u00f6sterir.<\/li>\n<li><b>Yeni Finansman Aray\u0131\u015f\u0131:<\/b> \u015eirket, yurt i\u00e7inde nitelikli yat\u0131r\u0131mc\u0131lara sat\u0131lmak \u00fczere <b>1 Milyar TL<\/b> tutar\u0131na kadar bor\u00e7lanma arac\u0131 (tahvil\/finansman bonosu) ihra\u00e7 etmek i\u00e7in Sermaye Piyasas\u0131 Kurulu&#8217;na ba\u015fvurmu\u015ftur. Bu ad\u0131m, gelecekteki b\u00fcy\u00fcme planlar\u0131 ve yeni yat\u0131r\u0131mlar i\u00e7in \u015fimdiden kaynak yaratma stratejisinin \u00f6nemli bir par\u00e7as\u0131d\u0131r.<\/li>\n<\/ol>\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<h3>Sonu\u00e7: Bir Bilan\u00e7odan Daha Fazlas\u0131<\/h3>\n<p>Bir \u015firketin finansal raporu, do\u011fru okundu\u011funda, rakamlar\u0131n \u00e7ok \u00f6tesinde bir strateji ve vizyon belgesine d\u00f6n\u00fc\u015f\u00fcr. Aki\u015f GYO \u00f6rne\u011fi, bir \u015firketin sadece mevcut varl\u0131klar\u0131n\u0131 y\u00f6netmekle kalmay\u0131p; ayn\u0131 zamanda enflasyon gibi makroekonomik zorluklara ak\u0131ll\u0131ca adapte oldu\u011funu, cadde ma\u011fazac\u0131l\u0131\u011f\u0131 gibi pazar trendlerini yakalad\u0131\u011f\u0131n\u0131, s\u00fcrd\u00fcr\u00fclebilirli\u011fi somut bir i\u015f modeli haline getirdi\u011fini ve finansal yap\u0131s\u0131n\u0131 gelece\u011fe haz\u0131rlamak i\u00e7in aktif olarak \u015fekillendirdi\u011fini net bir \u015fekilde g\u00f6stermektedir. Bu da bizi \u015fu temel soruya getiriyor: Peki, bir \u015firketin gelecekteki ba\u015far\u0131s\u0131n\u0131 de\u011ferlendirirken, bug\u00fcn\u00fcn k\u00e2r rakamlar\u0131ndan \u00e7ok, gelece\u011fe d\u00f6n\u00fck bu t\u00fcr stratejik hamleleri ne kadar \u00f6nemli?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Aki\u015f GYO 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Aki\u015f Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (Aki\u015f GYO) 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide mali sonu\u00e7lar\u0131n\u0131 ve kurumsal faaliyetlerini \u00f6zetlemektedir. \u015eirket, bu d\u00f6nemde gelirlerini bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131rarak 3,11 milyar TL&#8217;ye ula\u015ft\u0131rm\u0131\u015ft\u0131r. Ancak net d\u00f6nem kar\u0131, artan vergi giderleri ve azalan parasal pozisyon kazan\u00e7lar\u0131 nedeniyle \u00f6nemli \u00f6l\u00e7\u00fcde azalarak 1,3 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p>\u015eirketin toplam varl\u0131klar\u0131 48,8 milyar TL&#8217;ye y\u00fckselmi\u015f, d\u00f6nen varl\u0131klardaki en belirgin art\u0131\u015f nakit ve nakit benzerlerinde g\u00f6zlemlenmi\u015ftir. \u00d6zkaynaklar 40,9 milyar TL seviyesindedir. Faaliyet raporu d\u00f6neminde Sahray\u0131cedit Projesi, proje halindeki stoklara \u00f6nemli bir kalem olarak eklenmi\u015ftir.<\/p>\n<p>Kurumsal alanda, 22 Nisan 2025&#8217;teki Ola\u011fan Genel Kurul&#8217;da 2024 y\u0131l\u0131 kar\u0131ndan 300 milyon TL temett\u00fc da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015f ve \u00f6deme May\u0131s 2025&#8217;te tamamlanm\u0131\u015ft\u0131r. Raporlama d\u00f6nemi sonras\u0131nda, Akasya AVM \u00fczerindeki \u00f6nemli ipoteklerin kald\u0131r\u0131lmas\u0131, yurti\u00e7inde 1 milyar TL&#8217;ye kadar bor\u00e7lanma arac\u0131 ihrac\u0131 i\u00e7in SPK&#8217;ya ba\u015fvurulmas\u0131 ve ortakl\u0131k yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fiklikler ya\u015fanmas\u0131 gibi kritik geli\u015fmeler meydana gelmi\u015ftir. \u015eirket, s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131ndaki lider konumunu Karbon Saydaml\u0131k Projesi (CDP) ve Borsa \u0130stanbul S\u00fcrd\u00fcr\u00fclebilirlik Endeksi&#8217;ndeki ba\u015far\u0131lar\u0131yla s\u00fcrd\u00fcrmektedir.<\/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 (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<p>\u015eirketin ilk dokuz ayl\u0131k finansal performans\u0131, gelir art\u0131\u015f\u0131na ra\u011fmen karl\u0131l\u0131kta ya\u015fanan d\u00fc\u015f\u00fc\u015f\u00fc ve bilan\u00e7odaki yap\u0131sal de\u011fi\u015fimleri ortaya koymaktad\u0131r. T\u00fcm finansal tutarlar, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fcne g\u00f6re TL cinsinden ifade edilmi\u015ftir.<\/p>\n<h3>1.1. Kapsaml\u0131 Gelir Tablosu \u00d6zeti<\/h3>\n<p>\u015eirketin ilk dokuz ayl\u0131k konsolide gelir tablosu, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla has\u0131latta hafif bir art\u0131\u015f g\u00f6sterirken, net karda \u00f6nemli bir d\u00fc\u015f\u00fc\u015f ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>3.109.824.484<\/td>\n<td>3.008.695.340<\/td>\n<td>+3,4%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(779.399.236)<\/td>\n<td>(726.838.974)<\/td>\n<td>+7,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Ticari Faaliyetlerden Br\u00fct Kar<\/b><\/td>\n<td><b>2.330.425.248<\/b><\/td>\n<td><b>2.281.856.366<\/b><\/td>\n<td><b>+2,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td><b>2.078.949.374<\/b><\/td>\n<td><b>2.066.357.178<\/b><\/td>\n<td><b>+0,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri<\/td>\n<td>517.407.897<\/td>\n<td>402.826.970<\/td>\n<td>+28,4%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(669.703.136)<\/td>\n<td>(1.186.475.483)<\/td>\n<td>-43,5%<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131<\/td>\n<td>312.154.580<\/td>\n<td>1.029.580.311<\/td>\n<td>-69,7%<\/td>\n<\/tr>\n<tr>\n<td><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi Kar\u0131<\/b><\/td>\n<td><b>2.238.808.715<\/b><\/td>\n<td><b>2.285.537.673<\/b><\/td>\n<td><b>-2,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Vergi Gideri<\/td>\n<td>(939.515.020)<\/td>\n<td>(2.073.576)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td><b>1.299.293.695<\/b><\/td>\n<td><b>2.283.464.097<\/b><\/td>\n<td><b>-43,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td><b>0,54<\/b><\/td>\n<td><b>0,95<\/b><\/td>\n<td><b>-43,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kapsaml\u0131 Gelir<\/b><\/td>\n<td><b>1.235.292.237<\/b><\/td>\n<td><b>2.254.268.169<\/b><\/td>\n<td><b>-45,2%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> Kira gelirlerindeki art\u0131\u015f sayesinde has\u0131lat 3,11 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Karl\u0131l\u0131k:<\/b> Finansman giderlerindeki azalmaya ra\u011fmen, net parasal pozisyon kazan\u00e7lar\u0131ndaki sert d\u00fc\u015f\u00fc\u015f ve 939,5 milyon TL&#8217;lik vergi gideri (\u00f6nceki y\u0131l 2,1 milyon TL), net d\u00f6nem kar\u0131n\u0131n %43,1 oran\u0131nda azalarak 1,3 milyar TL&#8217;ye gerilemesine neden olmu\u015ftur.<\/li>\n<\/ul>\n<h3>1.2. Finansal Durum Tablosu (Bilan\u00e7o) \u00d6zeti<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirketin bilan\u00e7osu, varl\u0131k yap\u0131s\u0131ndaki b\u00fcy\u00fcmeyi ve y\u00fck\u00fcml\u00fcl\u00fcklerdeki yeniden yap\u0131lanmay\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>3.430.207.567<\/td>\n<td>1.706.799.202<\/td>\n<td>+101,0%<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>1.852.020.297<\/td>\n<td>728.451.624<\/td>\n<td>+154,2%<\/td>\n<\/tr>\n<tr>\n<td><i>Proje Halindeki Stoklar<\/i><\/td>\n<td>1.267.085.966<\/td>\n<td>640.148.717<\/td>\n<td>+97,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>45.407.343.187<\/td>\n<td>45.081.244.919<\/td>\n<td>+0,7%<\/td>\n<\/tr>\n<tr>\n<td><i>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/i><\/td>\n<td>44.383.934.273<\/td>\n<td>44.379.193.474<\/td>\n<td>+0,01%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>48.837.550.754<\/b><\/td>\n<td><b>46.788.044.121<\/b><\/td>\n<td><b>+4,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.810.898.184<\/td>\n<td>2.481.074.057<\/td>\n<td>-27,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>6.099.767.277<\/td>\n<td>4.243.858.826<\/td>\n<td>+43,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>7.910.665.461<\/td>\n<td>6.724.932.883<\/td>\n<td>+17,6%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>40.926.885.293<\/b><\/td>\n<td><b>40.063.111.238<\/b><\/td>\n<td><b>+2,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>48.837.550.754<\/b><\/td>\n<td><b>46.788.044.121<\/b><\/td>\n<td><b>+4,4%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Nakit pozisyonundaki g\u00fc\u00e7l\u00fc art\u0131\u015f ve Sahray\u0131cedit projesinin eklenmesiyle proje halindeki stoklar\u0131n b\u00fcy\u00fcmesi, d\u00f6nen varl\u0131klar\u0131n iki kat\u0131na \u00e7\u0131kmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r. Duran varl\u0131klar\u0131n ezici \u00e7o\u011funlu\u011funu 44,4 milyar TL ile yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Uzun vadeli bor\u00e7lanmalar\u0131n k\u0131sa vadeli k\u0131s\u0131mlar\u0131ndaki azalma, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr. Buna kar\u015f\u0131l\u0131k, yeni uzun vadeli bor\u00e7lanmalar ve ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcndeki art\u0131\u015f, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckleri \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Net d\u00f6nem kar\u0131n\u0131n etkisiyle \u00f6zkaynaklar 40,9 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>1.3. Nakit Ak\u0131\u015f Tablosu \u00d6zeti<\/h3>\n<p>D\u00f6nem i\u00e7inde \u015eirketin nakit pozisyonunda \u00f6nemli bir art\u0131\u015f ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 1,05 milyar TL pozitif nakit ak\u0131\u015f\u0131 sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Maddi duran varl\u0131k ve yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul al\u0131mlar\u0131 nedeniyle 23,7 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 228,1 milyon TL pozitif nakit ak\u0131\u015f\u0131 sa\u011flanm\u0131\u015ft\u0131r. Bu kalemin ana unsurlar\u0131 \u015funlard\u0131r:\n<ul>\n<li><b>Bor\u00e7lanmadan kaynaklanan nakit giri\u015fleri:<\/b> 3,12 milyar TL<\/li>\n<li><b>Bor\u00e7 \u00f6demelerine ili\u015fkin nakit \u00e7\u0131k\u0131\u015flar\u0131:<\/b> (2,55 milyar TL)<\/li>\n<li><b>\u00d6denen temett\u00fcler:<\/b> (331,9 milyon TL)<\/li>\n<li><b>\u00d6denen faiz:<\/b> (296,8 milyon TL)<\/li>\n<li><b>Paylar\u0131n geri al\u0131m\u0131:<\/b> (39,6 milyon TL)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, d\u00f6nem ba\u015f\u0131 569,5 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda 1,70 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<h3>1.4. B\u00f6l\u00fcmlere G\u00f6re Raporlama<\/h3>\n<p>Grup faaliyetlerini &#8220;Akasya Projesi&#8221;, &#8220;Akbat\u0131 Projesi&#8221; ve &#8220;Di\u011fer&#8221; olarak \u00fc\u00e7 ana b\u00f6l\u00fcmde raporlamaktad\u0131r.<\/p>\n<ul>\n<li><b>Akasya Projesi:<\/b> 2,17 milyar TL has\u0131lat ve 1,62 milyar TL br\u00fct kar ile Grubun en b\u00fcy\u00fck gelir ve kar kayna\u011f\u0131 olmaya devam etmektedir.<\/li>\n<li><b>Akbat\u0131 Projesi:<\/b> 832,7 milyon TL has\u0131lat ve 603,5 milyon TL br\u00fct kar ile ikinci s\u0131rada yer almaktad\u0131r.<\/li>\n<li><b>Di\u011fer:<\/b> Bu b\u00f6l\u00fcm 106,4 milyon TL has\u0131lat ve 104,5 milyon TL br\u00fct kar sa\u011flam\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. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>2.1. \u015eirket Profili ve Tarih\u00e7e<\/h3>\n<p>2005 y\u0131l\u0131nda kurulan Aki\u015f GYO, Akk\u00f6k Holding&#8217;in gayrimenkul sekt\u00f6r\u00fcndeki i\u015ftirakidir. 18 May\u0131s 2012&#8217;de &#8220;Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8221; unvan\u0131n\u0131 alan \u015eirket, 9 Ocak 2013&#8217;ten beri Borsa \u0130stanbul&#8217;da (BIST) &#8220;AKSGY&#8221; koduyla i\u015flem g\u00f6rmektedir. &#8220;Her i\u015fimizin temelinde mutlulu\u011funuz var&#8221; ilkesiyle hareket eden \u015eirket, Akbat\u0131 (2011) ve Akasya (2014) gibi b\u00fcy\u00fck projelere imza atm\u0131\u015ft\u0131r. 2017&#8217;de SAF GYO ile birle\u015ferek sekt\u00f6rdeki konumunu g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n<h3>2.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirketin sermaye ve ortakl\u0131k yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<ul>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131:<\/b> 10.000.000.000 TL (Ge\u00e7erlilik s\u00fcresi: 2024-2028)<\/li>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> 2.415.000.000 TL<\/li>\n<\/ul>\n<p><b>30 Eyl\u00fcl 2025 Ortakl\u0131k Yap\u0131s\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Akk\u00f6k Holding A.\u015e.<\/td>\n<td>361.739.983<\/td>\n<td>14,98<\/td>\n<\/tr>\n<tr>\n<td>Raif Ali Din\u00e7k\u00f6k<\/td>\n<td>360.416.940<\/td>\n<td>14,92<\/td>\n<\/tr>\n<tr>\n<td>Alize Din\u00e7k\u00f6k<\/td>\n<td>216.892.762<\/td>\n<td>8,98<\/td>\n<\/tr>\n<tr>\n<td>Nil\u00fcfer Din\u00e7k\u00f6k \u00c7ift\u00e7i<\/td>\n<td>196.779.377<\/td>\n<td>8,15<\/td>\n<\/tr>\n<tr>\n<td>\u0130zer Lodrik<\/td>\n<td>178.500.001<\/td>\n<td>7,39<\/td>\n<\/tr>\n<tr>\n<td>Alina Din\u00e7k\u00f6k<\/td>\n<td>136.985.270<\/td>\n<td>5,67<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k K\u0131s\u0131m Dahil)<\/td>\n<td>963.685.667<\/td>\n<td>39,91<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>2.415.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: 30 Eyl\u00fcl 2025 itibar\u0131yla hisselerin %46,91&#8217;i BIST&#8217;te fiili dola\u015f\u0131mdad\u0131r.<\/i><\/p>\n<h3>2.3. Y\u00f6netim Kurulu ve \u00dcst D\u00fczey Y\u00f6netim<\/h3>\n<p>22 Nisan 2025&#8217;te se\u00e7ilen Y\u00f6netim Kurulu ve mevcut \u00fcst d\u00fczey y\u00f6neticiler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b>\n<ul>\n<li>Raif Ali Din\u00e7k\u00f6k (Ba\u015fkan)<\/li>\n<li>\u0130hsan G\u00f6k\u015fin Durusoy (Ba\u015fkan Vekili)<\/li>\n<li>Alize Din\u00e7k\u00f6k (\u00dcye)<\/li>\n<li>Mehmet Emin \u00c7ift\u00e7i (\u00dcye)<\/li>\n<li>Levent \u00c7anak\u00e7\u0131l\u0131 (\u00dcye)<\/li>\n<li>\u0130nteks Sanayi \u0130n\u015faat Ticaret A.\u015e. (\u00dcye)<\/li>\n<li>Bur\u00e7in Ressamo\u011flu (Ba\u011f\u0131ms\u0131z \u00dcye)<\/li>\n<li>Mustafa M\u00fcnir Alaca (Ba\u011f\u0131ms\u0131z \u00dcye)<\/li>\n<li>Bahar U\u00e7anlar (Ba\u011f\u0131ms\u0131z \u00dcye)<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6neticiler:<\/b>\n<ul>\n<li>Levent \u00c7anak\u00e7\u0131l\u0131 (Genel M\u00fcd\u00fcr)<\/li>\n<li>Naile Banuhan Y\u00fcr\u00fcko\u011flu (Mali \u0130\u015flerden Sorumlu Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131)<\/li>\n<li>\u00d6zlem \u00d6zbat\u0131r (\u0130nsan ve K\u00fclt\u00fcr Direkt\u00f6r\u00fc)<\/li>\n<li>Didem Hi\u00e7yorulmazlar (Sat\u0131\u015f ve Pazarlama Direkt\u00f6r\u00fc)<\/li>\n<li>Elifcan Karap\u0131nar (Mali ve \u0130dari \u0130\u015fler Direkt\u00f6r\u00fc)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grup&#8217;un toplam \u00e7al\u0131\u015fan say\u0131s\u0131 278 ki\u015fidir.<\/p>\n<h3>2.4. Komiteler<\/h3>\n<p>\u015eirket b\u00fcnyesinde faaliyet g\u00f6steren komiteler ve ba\u015fkanlar\u0131 (25 Nisan 2025 itibar\u0131yla):<\/p>\n<ul>\n<li><b>Denetimden Sorumlu Komite:<\/b> Mustafa M\u00fcnir Alaca (Ba\u015fkan)<\/li>\n<li><b>Kurumsal Y\u00f6neti\u015fim Komitesi:<\/b> Bur\u00e7in Ressamo\u011flu (Ba\u015fkan)<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Bahar U\u00e7anlar (Ba\u015fkan)<\/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. Portf\u00f6y ve Projeler<\/h2>\n<h3>3.1. Faaliyetteki Gayrimenkuller<\/h3>\n<ul>\n<li><b>Akasya AVM:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla kay\u0131tl\u0131 de\u011feri yakla\u015f\u0131k 30 milyar TL&#8217;dir. \u015eirketin ana gelir kayna\u011f\u0131d\u0131r.<\/li>\n<li><b>Akbat\u0131 AVM:<\/b> Kay\u0131tl\u0131 de\u011feri 11,5 milyar TL&#8217;dir.<\/li>\n<li><b>Erenk\u00f6y Projesi:<\/b> Ba\u011fdat Caddesi&#8217;nde cadde ma\u011fazac\u0131l\u0131\u011f\u0131 konseptiyle geli\u015ftirilmi\u015f olup kay\u0131tl\u0131 de\u011feri 2,65 milyar TL&#8217;dir.<\/li>\n<li><b>Di\u011fer Varl\u0131klar:<\/b> Portf\u00f6yde Akasya Ofis, Akasya Sosyal Tesis ve Bulgaristan&#8217;daki arsalar bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Geli\u015ftirilmekte Olan Projeler<\/h3>\n<ul>\n<li><b>Sahray\u0131cedit Projesi:<\/b> Kad\u0131k\u00f6y&#8217;de yakla\u015f\u0131k 100.000 m\u00b2&#8217;lik bir alanda, has\u0131lat payla\u015f\u0131m\u0131 esas\u0131na dayal\u0131 olarak geli\u015ftirilen konut a\u011f\u0131rl\u0131kl\u0131 karma bir projedir. Aki\u015f G\u00fcray Adi Ortakl\u0131\u011f\u0131 (%80 Aki\u015f GYO) taraf\u0131ndan y\u00fcr\u00fct\u00fclmektedir. Projenin 30 Eyl\u00fcl 2025 itibar\u0131yla stoklardaki de\u011feri 627 milyon TL&#8217;dir.<\/li>\n<li><b>Beykoz Arsalar\u0131:<\/b> Aki\u015f \u2013 Mudanya Adi Ortakl\u0131\u011f\u0131&#8217;n\u0131n (%50 Aki\u015f GYO) proje geli\u015ftirmek amac\u0131yla edindi\u011fi arsalard\u0131r. Stoklardaki net kay\u0131tl\u0131 de\u011feri 640 milyon TL&#8217;dir (116 milyon TL&#8217;lik de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc sonras\u0131).<\/li>\n<\/ul>\n<h3>3.3. Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015f Ortakl\u0131klar\u0131<\/h3>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar (%100):<\/b>\n<ul>\n<li><b>Akya\u015fam Y\u00f6netim Hizmetleri A.\u015e.:<\/b> AVM ve ofis y\u00f6netimi.<\/li>\n<li><b>Akasya \u00c7ocuk D\u00fcnyas\u0131 A.\u015e.:<\/b> \u00c7ocuk e\u011flence sekt\u00f6r\u00fc.<\/li>\n<li><b>Aksu Real Estate E.A.D. (Bulgaristan):<\/b> Gayrimenkul yat\u0131r\u0131mlar\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u0130\u015f Ortakl\u0131klar\u0131:<\/b>\n<ul>\n<li><b>WMG London Developments L.P. (%89,50):<\/b> \u0130ngiltere&#8217;de gayrimenkul yat\u0131r\u0131m\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><b>M\u00fc\u015fterek Y\u00f6netime Tabi Ortakl\u0131klar:<\/b>\n<ul>\n<li><b>Aki\u015f \u2013 Mudanya Adi Ortakl\u0131\u011f\u0131 (%50):<\/b> Beykoz Projesi.<\/li>\n<li><b>Aki\u015f \u2013 G\u00fcray Adi Ortakl\u0131\u011f\u0131 (%80):<\/b> Sahray\u0131cedit Projesi.<\/li>\n<\/ul>\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. Raporlama D\u00f6nemine \u0130li\u015fkin \u00d6nemli Geli\u015fmeler<\/h2>\n<h3>4.1. 2024 Y\u0131l\u0131 Ola\u011fan Genel Kurul Kararlar\u0131<\/h3>\n<p>22 Nisan 2025&#8217;te yap\u0131lan toplant\u0131da al\u0131nan ba\u015fl\u0131ca kararlar \u015funlard\u0131r:<\/p>\n<ul>\n<li>2025 y\u0131l\u0131 mali tablolar\u0131n\u0131n denetimi i\u00e7in PwC Ba\u011f\u0131ms\u0131z Denetim&#8217;in se\u00e7ilmesi onaylanm\u0131\u015ft\u0131r.<\/li>\n<li>2024 y\u0131l\u0131 kar da\u011f\u0131t\u0131m teklifi kabul edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.2. Kar Da\u011f\u0131t\u0131m\u0131<\/h3>\n<p>Y\u00f6netim Kurulu&#8217;nun teklifi \u00fczerine, 2024 y\u0131l\u0131 kar\u0131ndan toplam <b>300.000.000 TL<\/b> br\u00fct temett\u00fcn\u00fcn (pay ba\u015f\u0131na br\u00fct 0,1242 TL) 5 May\u0131s 2025 tarihinde nakden da\u011f\u0131t\u0131lmas\u0131na karar verilmi\u015f ve \u00f6deme ger\u00e7ekle\u015ftirilmi\u015ftir. Kalan kar, ola\u011fan\u00fcst\u00fc yedeklere aktar\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>4.3. Raporlama D\u00f6nemi Sonras\u0131 Geli\u015fmeler<\/h3>\n<ul>\n<li><b>\u0130poteklerin Kald\u0131r\u0131lmas\u0131:<\/b> Akasya AVM \u00fczerinde bulunan toplam 115 milyon ABD Dolar\u0131 ve 551 milyon TL tutar\u0131ndaki ipoteklerin kald\u0131r\u0131lmas\u0131 s\u00fcreci Ekim 2025&#8217;te tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7lanma Arac\u0131 \u0130hrac\u0131 Ba\u015fvurusu:<\/b> 4 Kas\u0131m 2025 tarihinde, yurti\u00e7inde nitelikli yat\u0131r\u0131mc\u0131lara sat\u0131lmak \u00fczere 1 milyar TL&#8217;ye kadar bor\u00e7lanma arac\u0131 (tahvil\/finansman bonosu) ihra\u00e7 etmek i\u00e7in Sermaye Piyasas\u0131 Kurulu&#8217;na ba\u015fvuruda bulunulmu\u015ftur.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131 De\u011fi\u015fiklikleri:<\/b>\n<ul>\n<li>Raif Ali Din\u00e7k\u00f6k, pay devirleri sonucunda pay oran\u0131n\u0131 %14,92&#8217;den %5,15&#8217;e d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr.<\/li>\n<li>Akk\u00f6k Holding A.\u015e., yapt\u0131\u011f\u0131 al\u0131mlarla 2 Ekim 2025 itibar\u0131yla pay oran\u0131n\u0131 %14,99&#8217;a y\u00fckseltmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>4.4. Finansal Risk Y\u00f6netimi ve Yabanc\u0131 Para Pozisyonu<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun <b>1,81 milyar TL net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu<\/b> bulunmaktad\u0131r. Bu pozisyonun b\u00fcy\u00fck bir k\u0131sm\u0131 Avro cinsinden y\u00fck\u00fcml\u00fcl\u00fcklerden kaynaklanmaktad\u0131r. D\u00f6viz kuru duyarl\u0131l\u0131k analizine g\u00f6re, yabanc\u0131 paralar\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda kar\/zarar \u00fczerinde yakla\u015f\u0131k 190 milyon TL&#8217;lik negatif etki olu\u015facakt\u0131r. \u015eirket, kur ve faiz risklerini y\u00f6netmek amac\u0131yla t\u00fcrev ara\u00e7lar kullanmaktad\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>5. S\u00fcrd\u00fcr\u00fclebilirlik Faaliyetleri<\/h2>\n<p>Aki\u015f GYO, s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131nda sekt\u00f6r\u00fcndeki \u00f6nc\u00fc konumunu korumaktad\u0131r.<\/p>\n<ul>\n<li><b>CDP (Karbon Saydaml\u0131k Projesi):<\/b> \u0130klim De\u011fi\u015fikli\u011fi Program\u0131&#8217;ndan &#8220;B&#8221; notu alm\u0131\u015ft\u0131r. CDP Tedarik\u00e7i Kat\u0131l\u0131m De\u011ferlendirmesi&#8217;nde &#8220;A&#8221; listesine giren tek T\u00fcrk GYO olmu\u015ftur.<\/li>\n<li><b>Borsa \u0130stanbul:<\/b> BIST S\u00fcrd\u00fcr\u00fclebilirlik Endeksi&#8217;nde en y\u00fcksek puana sahip GYO stat\u00fcs\u00fcn\u00fc devam ettirmektedir.<\/li>\n<li><b>Refinitiv (LSEG):<\/b> K\u00fcresel \u00f6l\u00e7ekte en y\u00fcksek puana sahip GYO konumundad\u0131r.<\/li>\n<li><b>Ba\u011f\u0131\u015flar:<\/b> 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda toplam 507.128 TL tutar\u0131nda ba\u011f\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"180\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Finansal Raporun Perde Arkas\u0131: Aki\u015f GYO Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye Kurumsal finansal raporlar, genellikle karma\u015f\u0131k tablolar, dipnotlar ve anla\u015f\u0131lmas\u0131 zor muhasebe terimleriyle dolu olduklar\u0131 i\u00e7in \u00fcrk\u00fct\u00fcc\u00fc g\u00f6r\u00fcnebilir. Ancak bu rakamlar\u0131n ard\u0131nda, bir \u015firketin&#8230; <\/p>\n","protected":false},"author":1,"featured_media":190,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,35],"class_list":["post-180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-aksgy"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/180","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=180"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/180\/revisions"}],"predecessor-version":[{"id":191,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/180\/revisions\/191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/190"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}