{"id":1808,"date":"2026-03-11T04:17:45","date_gmt":"2026-03-11T01:17:45","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1808"},"modified":"2026-03-12T00:46:11","modified_gmt":"2026-03-11T21:46:11","slug":"hurgz-bilano-analizi-202512-hrriyet-gazetecilik","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1808","title":{"rendered":"HURGZ Bilan\u00e7o Analizi 2025\/12 | H\u00fcrriyet Gazetecilik"},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/0n938D78pAxeOWGhoSyFTH?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>H\u00fcrriyet Gazetecilik 2025 Raporu: Zarar Azal\u0131yor, Varl\u0131klar Sat\u0131l\u0131yor \u2013 Medya Devinde Neler Oluyor?<\/h1>\n<p><b>1. Giri\u015f: Dijitalle\u015fen D\u00fcnyada Bir \u00c7\u0131nar ve Rakamlar\u0131n Dili<\/b><\/p>\n<p>Geleneksel medyan\u0131n dijital d\u00f6n\u00fc\u015f\u00fcm\u00fcn h\u0131z\u0131 ve ekonomik dalgalanmalar\u0131n sertli\u011fi aras\u0131nda verdi\u011fi m\u00fccadele, g\u00fcn\u00fcm\u00fcz ekonomi d\u00fcnyas\u0131n\u0131n en dramatik hikayelerinden birine d\u00f6n\u00fc\u015fm\u00fc\u015f durumda. Bir d\u00f6nemin &#8220;amiral gemisi&#8221; H\u00fcrriyet Gazetecilik ve Matbaac\u0131l\u0131k A.\u015e.\u2019nin 2025 y\u0131l\u0131 konsolide finansal raporlar\u0131, sadece standart bir bilan\u00e7o sunumu de\u011fil; k\u00f6kl\u00fc bir markan\u0131n hayatta kalmak i\u00e7in \u00f6z kaynaklar\u0131n\u0131 eritme pahas\u0131na uygulad\u0131\u011f\u0131 likidite stratejisinin bir itiraf\u0131d\u0131r. Bu analizde, H\u00fcrriyet\u2019in m\u00fclklerini ve makinelerini satarak operasyonel a\u00e7\u0131klar\u0131n\u0131 kapatmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131 bir y\u0131l\u0131, bir ekonomi gazetecisinin \u015f\u00fcpheci g\u00f6z\u00fcyle inceleyece\u011fiz.<\/p>\n<p><b>2. Enflasyon Muhasebesi (TMS 29): \u00d6zkaynaklardaki %23\u2019l\u00fck Reel Erime<\/b><\/p>\n<p>H\u00fcrriyet\u2019in 2025 tablolar\u0131nda rakamlar\u0131n ger\u00e7ek y\u00fcz\u00fcn\u00fc g\u00f6rebilmek i\u00e7in TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; penceresinden bakmak zorunluyuz. Finansal tablolar\u0131n 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc \u00fczerinden sunulmas\u0131, nominal k\u00e2r-zarar alg\u0131s\u0131n\u0131 y\u0131karak ger\u00e7ek tabloyu ortaya koyuyor.<\/p>\n<p>Bu uygulama olmasayd\u0131, enflasyonla \u015fi\u015fmi\u015f rakamlar i\u00e7inde \u015firketin ger\u00e7ek k\u00fc\u00e7\u00fclmesini g\u00f6rmek imkans\u0131z olacakt\u0131. Enflasyon etkisinden ar\u0131nd\u0131r\u0131lm\u0131\u015f verilere g\u00f6re, \u015firketin toplam \u00f6zkaynaklar\u0131 2024 sonundaki <b>3,28 milyar TL<\/b> seviyesinden, 2025 sonunda <b>2,52 milyar TL<\/b>\u2019ye gerilemi\u015f durumda. Bu, tek bir y\u0131lda \u015firketin reel de\u011ferinin %23 oran\u0131nda buharla\u015fmas\u0131 demektir.<\/p>\n<p><b>3. Zarar Tablosunda Aldat\u0131c\u0131 \u0130yile\u015fme: Gelir Kayb\u0131 G\u00f6lgeleniyor mu?<\/b><\/p>\n<p>\u015eirketin net d\u00f6nem zarar\u0131, 2024 y\u0131l\u0131ndaki 1.370.810.474 TL seviyesinden 2025\u2019te 829.404.354 TL\u2019ye gerilemi\u015f g\u00f6r\u00fcn\u00fcyor. \u0130lk bak\u0131\u015fta bir &#8220;ba\u015far\u0131&#8221; gibi sunulan bu 541 milyon TL\u2019lik iyile\u015fme, madalyonun di\u011fer y\u00fcz\u00fcndeki operasyonel \u00e7\u00f6k\u00fc\u015f\u00fc gizlemeye yetmiyor.<\/p>\n<p>Zarardaki azalman\u0131n temel sebebi i\u015flerin iyiye gitmesi de\u011fil, maliyetlerin agresif \u015fekilde k\u0131s\u0131lmas\u0131 ve bir defal\u0131k varl\u0131k sat\u0131\u015flar\u0131d\u0131r. Zira \u015firketin ana i\u015finden elde etti\u011fi has\u0131lat (gelir), reel olarak <b>1,39 milyar TL\u2019den 1,21 milyar TL\u2019ye (%13)<\/b> d\u00fc\u015fm\u00fc\u015ft\u00fcr. Yani H\u00fcrriyet, hem pazar kaybediyor hem de k\u00fc\u00e7\u00fclerek zarar\u0131n\u0131 azaltmaya \u00e7al\u0131\u015f\u0131yor. 10 Mart 2026 tarihli ba\u011f\u0131ms\u0131z denet\u00e7i raporunda sorumlu denet\u00e7i <b>\u0130smail ARDA (Vizyon Grup)<\/b>, tablolar\u0131n ger\u00e7e\u011fe uygunlu\u011fu hakk\u0131nda \u015fu g\u00f6r\u00fc\u015f\u00fc bildirmi\u015ftir:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re, ili\u015fikteki konsolide finansal tablolar Grup&#8217;un 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 ve konsolide nakit ak\u0131\u015flar\u0131n\u0131 T\u00fcrkiye Muhasebe Standartlar\u0131&#8217;na (&#8216;TMS&#8217;) uygun olarak, t\u00fcm \u00f6nemli y\u00f6nleriyle, ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<p><b>4. Operasyonel K\u00fc\u00e7\u00fclme ve Likidite Can Simidi: Matbaalar Sat\u0131l\u0131yor<\/b><\/p>\n<p>Nakit ak\u0131\u015f tablosu, bir medya devinin i\u00e7erik \u00fcretmekten ziyade &#8220;gayrimenkul tasfiyecisine&#8221; d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor. \u015eirket, operasyonel faaliyetlerinden 786 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 verirken, bu a\u00e7\u0131\u011f\u0131 kapatmak i\u00e7in adeta &#8220;aile yadigar\u0131&#8221; duran varl\u0131klar\u0131na sar\u0131lm\u0131\u015f durumda:<\/p>\n<ul>\n<li><b>Maddi ve maddi olmayan duran varl\u0131k sat\u0131\u015flar\u0131:<\/b> 907.864.133 TL nakit giri\u015fi.<\/li>\n<li><b>Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul sat\u0131\u015flar\u0131:<\/b> 205.321.212 TL nakit giri\u015fi.<\/li>\n<\/ul>\n<p>Daha da \u00e7arp\u0131c\u0131 olan, maddi duran varl\u0131klar\u0131n net kay\u0131tl\u0131 de\u011ferinin <b>1,9 milyar TL\u2019den 877 milyon TL\u2019ye<\/b> \u00e7ak\u0131lmas\u0131d\u0131r. Bir gazetenin matbaa makinelerini, te\u00e7hizat\u0131n\u0131 ve binalar\u0131n\u0131 satmas\u0131, operasyonel bir daralman\u0131n \u00f6tesinde, ana faaliyet alan\u0131ndan kademeli bir \u00e7ekilme olarak okunabilir.<\/p>\n<p><b>5. Personel Say\u0131s\u0131ndaki Sessiz D\u00fc\u015f\u00fc\u015f ve &#8220;Yeniden Yap\u0131lanma&#8221;<\/b><\/p>\n<p>Varl\u0131k erimesine paralel olarak insan kayna\u011f\u0131nda da daralma devam ediyor. Dipnot 1 verilerine g\u00f6re:<\/p>\n<ul>\n<li>2024 sonunda 1.172 olan ortalama personel say\u0131s\u0131,<\/li>\n<li>2025 sonunda 1.129\u2019a d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<p>Bir y\u0131l i\u00e7inde ger\u00e7ekle\u015fen bu 43 ki\u015filik kay\u0131p, sekt\u00f6rde standart bir &#8220;yeniden yap\u0131lanma&#8221; euphemism (g\u00fczelleme) ile ge\u00e7i\u015ftirilse de, asl\u0131nda k\u00fc\u00e7\u00fclen bir operasyonun ka\u00e7\u0131n\u0131lmaz bir sonucudur.<\/p>\n<p><b>6. Rusya Operasyonlar\u0131na Veda: TME\u2019nin H\u00fcz\u00fcnl\u00fc Sonu<\/b><\/p>\n<p>H\u00fcrriyet\u2019in bir d\u00f6nem b\u00fcy\u00fck umutlarla girdi\u011fi Rusya ve Do\u011fu Avrupa (DA) pazar\u0131 art\u0131k tamamen &#8220;durdurulan faaliyetler&#8221; kategorisinde. Pronto Media Holding b\u00fcnyesindeki dijital platformlar\u0131n kapat\u0131lmas\u0131yla bu macera sona erdi. Tarihsel ba\u011flamda hat\u0131rlatmak gerekir ki; bu operasyonun ana merkezi olan <b>Trader Media East Ltd. (TME)<\/b>, Ocak 2020\u2019de Londra Borsas\u0131 kotundan \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131 (delisted). Rusya pazar\u0131ndaki performans eksikli\u011fi ve yo\u011fun rekabet, H\u00fcrriyet\u2019in finansallar\u0131nda y\u0131llarca s\u00fcren de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131klar\u0131n\u0131n da ana kayna\u011f\u0131 oldu.<\/p>\n<p><b>7. Kilit Denetim Konusu: 646 Milyon TL&#8217;lik Gayrimenkul De\u011ferlemesi<\/b><\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7inin raporunda en \u00e7ok mesai harcad\u0131\u011f\u0131 konu, \u015firketin elinde kalan son b\u00fcy\u00fck kale olan gayrimenkullerin de\u011ferlemesi oldu. Finansal tablolar\u0131n g\u00fcvenilirli\u011fi, bu varl\u0131klar\u0131n do\u011fru de\u011ferlenmesine ba\u011fl\u0131:<\/p>\n<ul>\n<li><b>Maddi Duran Varl\u0131klar (Arsa ve Binalar):<\/b> 581.006.074 TL<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> 65.464.170 TL<\/li>\n<\/ul>\n<p>Denet\u00e7iler, bu de\u011ferlerin tespitinde \u015fu y\u00f6ntemlerin hassasiyetle kullan\u0131ld\u0131\u011f\u0131n\u0131 belirtiyor:<\/p>\n<ul>\n<li>Emsal kar\u015f\u0131la\u015ft\u0131rma analizi<\/li>\n<li>Maliyet yakla\u015f\u0131m\u0131<\/li>\n<li>Direkt kapitalizasyon yakla\u015f\u0131m\u0131<\/li>\n<\/ul>\n<p><b>8. \u0130li\u015fkili Taraflarla Finansal Trafik: Grup \u0130\u00e7inde Sermaye G\u00f6\u00e7\u00fc<\/b><\/p>\n<p>Bilan\u00e7odaki en riskli ve sorgulanmas\u0131 gereken alan, Demir\u00f6ren Medya grubu i\u00e7i finansal trafiktedir. K\u0131sa vadeli &#8220;\u0130li\u015fkili taraflardan di\u011fer alacaklar&#8221; kalemi, 971 milyon TL\u2019den <b>2,7 milyar TL\u2019ye<\/b> f\u0131rlam\u0131\u015ft\u0131r. Buna kar\u015f\u0131n, uzun vadeli ili\u015fkili taraf alacaklar\u0131 2,08 milyar TL\u2019den <b>1,23 milyar TL<\/b>\u2019ye gerilemi\u015ftir.<\/p>\n<p>Bu durum, Demir\u00f6ren Grubu i\u00e7inde sermayenin uzun vadeden k\u0131sa vadeye \u00e7ekildi\u011fini ve H\u00fcrriyet\u2019in likiditesinin \u00e7ok b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n grup \u015firketlerine &#8220;emanet edildi\u011fini&#8221; g\u00f6steriyor.<\/p>\n<p><b>9. Sonu\u00e7: Kendi Sahibine Alacakl\u0131 Bir Medya Devi<\/b><\/p>\n<p>H\u00fcrriyet\u2019in 2025 tablosu, operasyonel a\u00e7\u0131dan alarm vermektedir. \u015eirketin Cari Oran\u0131 (D\u00f6nen Varl\u0131klar \/ K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler) ka\u011f\u0131t \u00fczerinde 1,21 (3,1B TL \/ 2,5B TL) ile makul g\u00f6r\u00fcnse de, bu likiditenin <b>2,7 milyar TL\u2019si<\/b> grup i\u00e7i alacaklardan olu\u015fmaktad\u0131r.<\/p>\n<p>Yani H\u00fcrriyet, ana faaliyetinden nakit \u00fcretemeyen, matbaas\u0131n\u0131 ve binas\u0131n\u0131 satarak elde etti\u011fi nakdi de kendi ana orta\u011f\u0131na bor\u00e7 olarak veren bir yap\u0131ya b\u00fcr\u00fcnm\u00fc\u015ft\u00fcr. Net d\u00f6nem zarar\u0131n\u0131n azalmas\u0131, bu yap\u0131sal sorunu ortadan kald\u0131rm\u0131yor; aksine k\u00fc\u00e7\u00fclerek hayatta kalma stratejisinin bir par\u00e7as\u0131 olarak kal\u0131yor.<\/p>\n<p>Kapan\u0131\u015f sorusu \u015fudur: <b>&#8220;Gayrimenkul sat\u0131\u015flar\u0131yla finanse edilen ve kendi grubuna devasa bir kredi muslu\u011fu haline gelen bir medya devi, dijital \u00e7a\u011f\u0131n ger\u00e7ek k\u00e2rl\u0131l\u0131k form\u00fcl\u00fcn\u00fc ne zaman bulacak, yoksa satacak varl\u0131klar bitti\u011finde yolun sonu mu gelecek?&#8221;<\/b><\/p>\n<p>&nbsp;<\/p>\n<h1>H\u00fcrriyet Gazetecilik ve Matbaac\u0131l\u0131k A.\u015e. 2025 Hesap D\u00f6nemi Finansal De\u011ferlendirme ve Ba\u011f\u0131ms\u0131z Denetim Brifingi<\/h1>\n<p>Bu belge, H\u00fcrriyet Gazetecilik ve Matbaac\u0131l\u0131k A.\u015e.&#8217;nin (Grup) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131, ba\u011f\u0131ms\u0131z denet\u00e7i raporunu ve operasyonel performans verilerini analiz eden kapsaml\u0131 bir \u00f6zettir.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Vizyon Grup Ba\u011f\u0131ms\u0131z Denetim A.\u015e. taraf\u0131ndan ger\u00e7ekle\u015ftirilen denetim sonucunda, H\u00fcrriyet Gazetecilik ve Matbaac\u0131l\u0131k A.\u015e.&#8217;nin 2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131n, T\u00fcrkiye Muhasebe Standartlar\u0131&#8217;na (TMS) uygun olarak Grup&#8217;un finansal durumunu t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir \u015fekilde yans\u0131tt\u0131\u011f\u0131 teyit edilmi\u015ftir.<\/p>\n<p>Finansal a\u00e7\u0131dan 2025 y\u0131l\u0131, daralan has\u0131lat ve artan operasyonel maliyetlerin etkisiyle net d\u00f6nem zarar\u0131 ile kapat\u0131lm\u0131\u015ft\u0131r. Grup, 2025 y\u0131l\u0131nda 829,9 milyon TL net d\u00f6nem zarar\u0131 kaydetmi\u015ftir. Toplam varl\u0131klar bir \u00f6nceki y\u0131la g\u00f6re gerileyerek 5,35 milyar TL seviyesine inmi\u015f, \u00f6zkaynaklar ise 2,53 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Gayrimenkul de\u011ferlemeleri ve Rusya operasyonlar\u0131n\u0131n durdurulmas\u0131, d\u00f6nemin \u00f6ne \u00e7\u0131kan kilit finansal ba\u015fl\u0131klar\u0131 aras\u0131ndad\u0131r.<\/p>\n<h2>2. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i \u0130smail Arda taraf\u0131ndan haz\u0131rlanan 10 Mart 2026 tarihli raporda, Grup&#8217;un finansal tablolar\u0131na ili\u015fkin &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; bildirilmi\u015ftir. Denetim s\u00fcrecinde mesleki muhakeme a\u00e7\u0131s\u0131ndan en \u00e7ok \u00f6nem arz eden iki &#8220;Kilit Denetim Konusu&#8221; belirlenmi\u015ftir:<\/p>\n<h3>2.1. Maddi Duran Varl\u0131klar\u0131n (Arsa ve Binalar) Ger\u00e7e\u011fe Uygun De\u011feri<\/h3>\n<ul>\n<li><b>De\u011ferleme:<\/b> Grup, 31 Aral\u0131k 2025 itibar\u0131yla arazi ve binalar\u0131n\u0131 ger\u00e7e\u011fe uygun de\u011fer y\u00f6ntemiyle muhasebele\u015ftirmi\u015ftir. Bu varl\u0131klar\u0131n toplam de\u011feri <b>581.006.074 TL<\/b> olarak tespit edilmi\u015ftir.<\/li>\n<li><b>Y\u00f6ntem:<\/b> De\u011ferlemeler, SPK taraf\u0131ndan yetkilendirilmi\u015f ba\u011f\u0131ms\u0131z kurulu\u015flarca emsal kar\u015f\u0131la\u015ft\u0131rma, maliyet ve direkt kapitalizasyon yakla\u015f\u0131mlar\u0131 kullan\u0131larak yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>2.2. Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkullerin Yeniden De\u011ferlemesi<\/h3>\n<ul>\n<li><b>De\u011ferleme:<\/b> Grup&#8217;un toplam varl\u0131klar\u0131 i\u00e7inde \u00f6nemli bir paya sahip olan yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerinin kay\u0131tl\u0131 de\u011feri <b>65.464.170 TL<\/b>&#8216;dir.<\/li>\n<li><b>Denet\u00e7i Notu:<\/b> Bu varl\u0131klar\u0131n piyasa ko\u015fullar\u0131, fiziki durum ve co\u011frafi konum fakt\u00f6rlerinden do\u011frudan etkilenmesi nedeniyle denetim s\u00fcrecinde \u00f6zel bir odak noktas\u0131 olu\u015fturulmu\u015ftur. Denetim prosed\u00fcrleri sonucunda \u00f6nemli bir bulguya rastlanmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>Grup&#8217;un finansal yap\u0131s\u0131nda 2024-2025 d\u00f6nemleri aras\u0131nda varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fck dengesinde de\u011fi\u015fimler g\u00f6zlenmi\u015ftir.<\/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<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>5.352.671.127<\/td>\n<td>5.764.386.785<\/td>\n<\/tr>\n<tr>\n<td>&#8211; D\u00f6nen Varl\u0131klar<\/td>\n<td>3.103.675.115<\/td>\n<td>1.316.106.415<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Duran Varl\u0131klar<\/td>\n<td>2.248.996.012<\/td>\n<td>4.448.280.370<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.824.449.386<\/td>\n<td>2.477.302.615<\/td>\n<\/tr>\n<tr>\n<td>&#8211; K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>2.563.132.777<\/td>\n<td>1.890.893.936<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>261.316.609<\/td>\n<td>586.408.679<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>2.528.221.741<\/td>\n<td>3.287.084.170<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li><b>Likit Yap\u0131:<\/b> D\u00f6nen varl\u0131klarda g\u00f6r\u00fclen art\u0131\u015f\u0131n temel kayna\u011f\u0131, ili\u015fkili taraflardan olan di\u011fer alacaklardaki art\u0131\u015ft\u0131r (2,73 milyar TL).<\/li>\n<li><b>Gayrimenkul \u00c7\u0131k\u0131\u015flar\u0131:<\/b> Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerde 2024 sonundaki 362,6 milyon TL&#8217;lik bakiye, 2025 sonunda 65,4 milyon TL&#8217;ye gerilemi\u015ftir; bu durum sat\u0131\u015f ve transferlerden kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7lanma:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f, ticari bor\u00e7lar ve di\u011fer k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki de\u011fi\u015fimlerden etkilenmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. Operasyonel Performans (K\u00e2r veya Zarar)<\/h2>\n<p>Has\u0131lat ve karl\u0131l\u0131k kalemlerinde 2025 y\u0131l\u0131nda daralma ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2025 y\u0131l\u0131nda <b>1.218.500.310 TL<\/b> has\u0131lat elde edilmi\u015f, bu rakam 2024 y\u0131l\u0131ndaki 1,39 milyar TL&#8217;nin alt\u0131nda kalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Br\u00fct Zarar:<\/b> Sat\u0131\u015flar\u0131n maliyetinin (1,40 milyar TL) has\u0131lat\u0131 a\u015fmas\u0131 nedeniyle <b>190,2 milyon TL<\/b> br\u00fct zarar kaydedilmi\u015ftir.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\/Zarar\u0131:<\/b> 96,7 milyon TL esas faaliyet zarar\u0131 olu\u015fmu\u015ftur.<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> S\u00fcrd\u00fcr\u00fclen ve durdurulan faaliyetler toplam\u0131nda ana ortakl\u0131k pay\u0131na d\u00fc\u015fen net d\u00f6nem zarar\u0131 <b>829.404.354 TL<\/b>&#8216;dir.<\/li>\n<li><b>Pay Ba\u015f\u0131na Kay\u0131p:<\/b> 2024 y\u0131l\u0131nda 2,3156 TL olan pay ba\u015f\u0131na kay\u0131p, 2025 y\u0131l\u0131nda <b>1,4010 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Segment Bazl\u0131 Analiz ve Co\u011frafi Faaliyetler<\/h2>\n<p>Grup&#8217;un operasyonlar\u0131 co\u011frafi olarak T\u00fcrkiye ve Avrupa (Almanya) a\u011f\u0131rl\u0131kl\u0131d\u0131r.<\/p>\n<ul>\n<li><b>T\u00fcrkiye:<\/b> 844,3 milyon TL has\u0131lat ile ana pazar konumundad\u0131r. Ancak 462,1 milyon TL net b\u00f6l\u00fcm zarar\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>Avrupa:<\/b> 374,1 milyon TL has\u0131lat elde edilmi\u015f ve 12,3 milyon TL net b\u00f6l\u00fcm sonucu (br\u00fct k\u00e2r sonras\u0131 pazarlama giderleri hari\u00e7) sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Rusya ve DA (Do\u011fu Avrupa):<\/b> Rusya&#8217;da mukim Pronto Media Holding b\u00fcnyesindeki dijital platformlar\u0131n faaliyetleri, rekabet yo\u011funlu\u011fu ve d\u00fc\u015f\u00fck performans nedeniyle 2017&#8217;den itibaren durdurulmu\u015ftur. Bu b\u00f6lgeye ili\u015fkin 2025 y\u0131l\u0131 &#8220;Durdurulan Faaliyetler&#8221; zarar\u0131 <b>19,2 milyon TL<\/b>&#8216;dir.<\/li>\n<\/ul>\n<h2>6. Kurumsal ve Organizasyonel Yap\u0131<\/h2>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirketin ana orta\u011f\u0131 <b>Demir\u00f6ren Medya Yat\u0131r\u0131mlar\u0131 Ticaret A.\u015e.<\/b>&#8216;dir (%81,21 pay oran\u0131). Nihai ortak pay sahipleri Demir\u00f6ren Ailesi&#8217;dir.<\/li>\n<li><b>Borsa Bilgisi:<\/b> \u015eirket paylar\u0131 25 \u015eubat 1992&#8217;den beri Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir. Fiili dola\u015f\u0131mdaki pay oran\u0131 yakla\u015f\u0131k <b>%18,79<\/b>&#8216;dur.<\/li>\n<li><b>\u0130stihdam:<\/b> 2025 y\u0131l\u0131 itibar\u0131yla ortalama \u00e7al\u0131\u015fan say\u0131s\u0131 <b>1.129<\/b>&#8216;dur (2024: 1.172).<\/li>\n<li><b>Tesisler:<\/b> \u015eirketin Adana, Antalya, Trabzon ve Almanya&#8217;da olmak \u00fczere 4 adet bas\u0131m tesisi bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h2>7. \u00d6nemli Riskler ve Muhasebe Politikalar\u0131<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden d\u00fczeltilerek sunulmu\u015ftur.<\/li>\n<li><b>\u015e\u00fcpheli Alacaklar:<\/b> Grup, ticari alacaklar\u0131 i\u00e7in beklenen kredi zarar\u0131 modelini uygulamaktad\u0131r. 2025 sonu itibar\u0131yla \u015f\u00fcpheli ticari alacaklar kar\u015f\u0131l\u0131\u011f\u0131 <b>119,9 milyon TL<\/b>&#8216;dir.<\/li>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> Akt\u00fceryal varsay\u0131mlarla hesaplanan \u00e7al\u0131\u015fanlara sa\u011flanan fayda kar\u015f\u0131l\u0131klar\u0131 toplam\u0131 (k\u0131sa ve uzun vadeli) yakla\u015f\u0131k <b>268 milyon TL<\/b>&#8216;dir.<\/li>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> Grup aleyhine a\u00e7\u0131lan davalar i\u00e7in 18,5 milyon TL tutar\u0131nda k\u0131sa vadeli kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1808\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>H\u00fcrriyet Gazetecilik 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Zarar Azald\u0131, Enflasyon Muhasebesi Devrede!<br \/>\nH\u00fcrriyet Gazetecilik ve Matbaac\u0131l\u0131k A.\u015e., 2025 y\u0131l\u0131na ait konsolide finansal tablolar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Enflasyon d\u00fczeltmesi i\u00e7eren raporlara g\u00f6re \u015firket, net d\u00f6nem zarar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde azaltarak 830 milyon TL seviyesine \u00e7ekti. Toplam h\u00e2s\u0131lat\u0131n 1,2 milyar TL&#8217;yi a\u015ft\u0131\u011f\u0131 bu d\u00f6nemde, \u00f6zellikle dijital ve bas\u0131l\u0131 yay\u0131n reklam gelirleri ile gayrimenkul de\u011ferlemeleri dikkat \u00e7eken ba\u015fl\u0131klar aras\u0131nda yer ald\u0131. TMS 29 standartlar\u0131na g\u00f6re haz\u0131rlanan raporun detaylar\u0131 ve \u015firketin mali yap\u0131s\u0131ndaki son durum analizimizde.<\/p>\n","protected":false},"author":6,"featured_media":1726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[296],"class_list":["post-1808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-hurgz"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1808","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1808"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1808\/revisions"}],"predecessor-version":[{"id":1835,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1808\/revisions\/1835"}],"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=1808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}