{"id":1847,"date":"2026-03-12T15:29:56","date_gmt":"2026-03-12T12:29:56","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1847"},"modified":"2026-03-12T18:09:58","modified_gmt":"2026-03-12T15:09:58","slug":"mzhld-bilano-analizi-202512-mazhar-zorlu-holding-as","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1847","title":{"rendered":"\ud83d\udd34 MZHLD Bilan\u00e7o Analizi 2025\/12 | Mazhar Zorlu Holding AS"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 MZHLD Bilan\u00e7o Analizi 2025\/12 | Mazhar Zorlu&#039;nun Bilan\u00e7osundaki Yar\u0131m Milyarl\u0131k Risk\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/m2K3BW9dFYQ?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>Rakamlar\u0131n \u00d6tesinde: Mazhar Zorlu Holding\u2019in 2025 Denetim Raporundan 5 Kritik \u00c7\u0131kar\u0131m<\/h1>\n<h2>1. Giri\u015f: Bir Finansal R\u00f6ntgen Hikayesi<\/h2>\n<p>Bir \u015firketin sa\u011fl\u0131\u011f\u0131n\u0131 sadece k\u00e2r-zarar tablosunun y\u00fczeyindeki rakamlarla anlamak, buzda\u011f\u0131n\u0131n sadece g\u00f6r\u00fcnen k\u0131sm\u0131na bakmak gibidir. Ba\u011f\u0131ms\u0131z denetim raporlar\u0131 ise kurumun dokular\u0131na kadar inen, riskleri ve potansiyelleri \u015feffaf\u00e7a ortaya koyan ger\u00e7ek bir &#8220;finansal r\u00f6ntgen&#8221; niteli\u011findedir. T\u00fcrkiye\u2019nin plastik boru sekt\u00f6r\u00fcndeki k\u00f6kl\u00fc oyuncusu Mazhar Zorlu Holding\u2019in 31 Aral\u0131k 2025 tarihli raporu, devasa varl\u0131k de\u011ferlemeleri ile likidite darbo\u011faz\u0131 aras\u0131nda mekik dokuyan bir \u015firketin stratejik hayatta kalma m\u00fccadelesini anlat\u0131yor.<\/p>\n<h2>2. &#8220;S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f&#8221;: Denet\u00e7inin \u015eerhi Ne Anlama Geliyor?<\/h2>\n<p>Eren Ba\u011f\u0131ms\u0131z Denetim (Grant Thornton) taraf\u0131ndan haz\u0131rlanan raporda, finansal tablolar i\u00e7in &#8220;S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f&#8221; (Qualified Opinion) verilmi\u015f olmas\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in ilk ciddi &#8220;durup d\u00fc\u015f\u00fcnme&#8221; noktas\u0131d\u0131r. Bu \u015ferh, tablolar\u0131n genel olarak standartlara uygun oldu\u011funu ancak belirli kalemlerde denet\u00e7inin do\u011frulayamad\u0131\u011f\u0131 ciddi belirsizlikler bulundu\u011funu g\u00f6sterir. \u00d6zellikle Dipnot 4\u2019te yer alan 369,8 milyon TL\u2019lik i\u015ftirak portf\u00f6y\u00fcn\u00fcn b\u00fcy\u00fck k\u0131sm\u0131n\u0131n gayri faal olmas\u0131 ve de\u011ferleme i\u00e7in gerekli belge temin edilememesi, kurumsal \u015feffafl\u0131k \u00fczerinde g\u00f6lge b\u0131rak\u0131yor. Daha da kriti\u011fi, <b>Ege S\u00f6keks Tekstil Sanayi ve Ticaret A.\u015e.<\/b>\u2019den olan 33,6 milyon TL\u2019lik alaca\u011f\u0131n tahsil edilebilirli\u011fine dair somut kan\u0131t bulunamamas\u0131, bu \u015ferhin en somut dayanaklar\u0131ndan biri olarak kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor.<\/p>\n<p>&#8220;Dipnot 4\u2019te belirtilen&#8230; i\u015ftirak ve ba\u011fl\u0131 menkul k\u0131ymetlerin ba\u011f\u0131ms\u0131z denetime tabi tutulmamas\u0131, gayri faal olmalar\u0131 ve ilgili \u015firketlerden baz\u0131lar\u0131nda gerekli de\u011ferlendirmeleri yapacak d\u00fczeyde bilgi ve belge temin edilememesi nedeniyle bu \u015firketlerin kay\u0131tl\u0131 de\u011ferinde&#8230; yeterli bir de\u011ferlendirme yap\u0131lamamaktad\u0131r.&#8221;<\/p>\n<h2>3. Basmane Bilmecesi: Alacaklar ve 2026\u2019daki Umut I\u015f\u0131\u011f\u0131<\/h2>\n<p>Holdingin bilan\u00e7osundaki en a\u011f\u0131r y\u00fck, halk aras\u0131nda &#8220;Basmane \u00c7ukuru&#8221; olarak bilinen Ege D\u00fcnya Ticaret Merkezi projesinden kaynaklanan hukuki k\u00f6rd\u00fc\u011f\u00fcmd\u00fcr. Rapor, G\u00fc\u00e7birli\u011fi Grubu \u00fczerinden holdingin maruz kald\u0131\u011f\u0131 riskin sadece 162 milyon TL ile s\u0131n\u0131rl\u0131 olmad\u0131\u011f\u0131n\u0131, toplam riskin \u00e7ok daha katmanl\u0131 oldu\u011funu f\u0131s\u0131ld\u0131yor.<\/p>\n<p><b>Alacaklar\u0131n Mevcut Durumu ve Kronoloji:<\/b><\/p>\n<ul>\n<li><b>G\u00fc\u00e7birli\u011fi Holding A.\u015e. Alaca\u011f\u0131:<\/b> 12,7 milyon TL k\u0131sa, 149,8 milyon TL uzun vadeli olmak \u00fczere toplam 162,6 milyon TL.<\/li>\n<li><b>G\u00fc\u00e7birli\u011fi Tekstil A.\u015e. Alaca\u011f\u0131:<\/b> 101,8 milyon TL (Dikkati \u00e7ekilecek hususlar b\u00f6l\u00fcm\u00fcnde belirtilen uzun vadeli alacak).<\/li>\n<li><b>Ge\u00e7mi\u015fin Prangas\u0131:<\/b> TMSF ile yap\u0131lan 2017 tarihli protokollerin, ihale iptalleri nedeniyle h\u00fck\u00fcms\u00fcz kalmas\u0131 s\u00fcreci tam bir hukuki labirente d\u00f6n\u00fc\u015ft\u00fcrm\u00fc\u015ft\u00fc.<\/li>\n<li><b>Ocak 2026 Geli\u015fmesi:<\/b> 15 Ocak 2026 tarihinde TMSF&#8217;nin uygun g\u00f6r\u00fc\u015f\u00fc ve <b>16 Ocak 2026<\/b> tarihli &#8220;Niyet Protokol\u00fc&#8221; ile \u0130zmir B\u00fcy\u00fck\u015fehir Belediyesi ile olan ihtilaflar\u0131n \u00e7\u00f6z\u00fcm\u00fc i\u00e7in ilk defa somut bir \u00e7\u0131k\u0131\u015f kap\u0131s\u0131 aralanm\u0131\u015ft\u0131r. 2026 y\u0131l\u0131, bu &#8220;niyetin&#8221; nakde d\u00f6n\u00fcp d\u00f6nmeyece\u011finin s\u0131nav\u0131 olacakt\u0131r.<\/li>\n<\/ul>\n<h2>4. Likidite Dengesi: &#8220;Bedelli&#8221; Hamlesiyle Bilan\u00e7o Temizli\u011fi<\/h2>\n<p>Holdingin likidite tablosuna bakt\u0131\u011f\u0131m\u0131zda, &#8220;i\u015fletmenin s\u00fcreklili\u011fi&#8221; riskinin masada oldu\u011funu g\u00f6r\u00fcyoruz. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler, d\u00f6nen varl\u0131klar\u0131 tam 419,5 milyon TL tutar\u0131nda a\u015fm\u0131\u015f durumda. \u015eirket bir anlamda ana orta\u011f\u0131 Egeplast&#8217;\u0131n finansal g\u00fcc\u00fcyle &#8220;kredili&#8221; bir hayat s\u00fcr\u00fcyor. Ancak y\u00f6netim, bu darbo\u011faz\u0131 a\u015fmak i\u00e7in %150 oran\u0131ndaki bedelli sermaye art\u0131r\u0131m\u0131 kart\u0131n\u0131 oynam\u0131\u015f durumda.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Zorluk<\/td>\n<td>Y\u00f6netimin \u00c7\u00f6z\u00fcm Plan\u0131<\/td>\n<td>Analist Notu (Net Etki)<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 419,5 milyon TL a\u015fmas\u0131.<\/td>\n<td>Sermayenin %150 art\u0131\u015fla 476,5 milyon TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131.<\/td>\n<td>\u00d6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirerek teknik iflas riskini bertaraf etme hamlesi.<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme sermayesi ihtiyac\u0131 ve likidite bask\u0131s\u0131.<\/td>\n<td>Egeplast A.\u015e.&#8217;nin pay\u0131n\u0131n cari alacaklardan <b>mahsup edilmesi.<\/b><\/td>\n<td>\u015eirkete taze nakit giri\u015fi sa\u011flamaktan ziyade, grup i\u00e7i bor\u00e7lar\u0131n temizlenmesini sa\u011flayan bir muhasebe operasyonu.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Maddi Duran Varl\u0131klar: TMS 29 ve Enflasyonist Kalkan<\/h2>\n<p>Mazhar Zorlu Holding&#8217;in \u00f6zkaynaklar\u0131n\u0131 ayakta tutan ve toplam varl\u0131klar\u0131n\u0131 5,1 milyar TL seviyesine ta\u015f\u0131yan as\u0131l g\u00fc\u00e7, 3,6 milyar TL\u2019lik maddi duran varl\u0131k portf\u00f6y\u00fcd\u00fcr. Bu devasa rakam\u0131n arkas\u0131nda, <b>TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama)<\/b> standard\u0131 kapsam\u0131nda yap\u0131lan yeniden de\u011ferlemeler yat\u0131yor. Ba\u011f\u0131ms\u0131z de\u011ferleme uzmanlar\u0131 &#8220;Emsal Kar\u015f\u0131la\u015ft\u0131rma&#8221; ve &#8220;Maliyet&#8221; y\u00f6ntemleriyle bu varl\u0131klar\u0131 ka\u011f\u0131t \u00fczerinde b\u00fcy\u00fctse de, analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda bu kazan\u00e7lar\u0131n &#8220;nakit d\u0131\u015f\u0131&#8221; (non-cash) oldu\u011fu unutulmamal\u0131d\u0131r. Bu portf\u00f6y holding i\u00e7in g\u00fc\u00e7l\u00fc bir teminat z\u0131rh\u0131 olu\u015ftursa da, 1 milyar TL&#8217;yi a\u015fan k\u0131sa vadeli bor\u00e7lar\u0131n \u00f6denmesinde do\u011frudan bir likidite kayna\u011f\u0131 te\u015fkil etmiyor.<\/p>\n<h2>6. Stok Y\u00f6netimi ve Pazar Riskleri: 18,7 Milyon TL\u2019lik Sinyal<\/h2>\n<p>Plastik boru \u00fcretiminin hammadde (PVC, polietilen) ba\u011f\u0131ml\u0131l\u0131\u011f\u0131, 289,6 milyon TL\u2019lik stok y\u00f6netimini hayati k\u0131l\u0131yor. Denet\u00e7ilerin stok say\u0131mlar\u0131 ve &#8220;Net Ger\u00e7ekle\u015febilir De\u011fer&#8221; testleri \u00fczerindeki hassasiyeti bo\u015funa de\u011fil. Raporda stoklar i\u00e7in ayr\u0131lan <b>18,7 milyon TL\u2019lik de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131<\/b>, hammadde fiyatlar\u0131ndaki volatiliteye ve yava\u015f hareket eden stok riskine kar\u015f\u0131 bir uyar\u0131 fi\u015fe\u011fi niteli\u011finde. Bu durum, 2026 k\u00e2r marjlar\u0131 \u00fczerinde do\u011frudan bir bask\u0131 unsuru olabilir.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Bir Soru<\/h2>\n<p>2025 denetim raporu, Mazhar Zorlu Holding\u2019in operasyonel olarak direndi\u011fini g\u00f6steriyor; \u00e7al\u0131\u015fan say\u0131s\u0131n\u0131n 422\u2019den 434\u2019e y\u00fckselmesi ve 2000\u2019e yak\u0131n bayilik a\u011f\u0131, finansal f\u0131rt\u0131nan\u0131n ortas\u0131ndaki \u00fcretim kaslar\u0131n\u0131n hala yerinde oldu\u011funun kan\u0131t\u0131. Ancak holding i\u00e7in 2026 y\u0131l\u0131, &#8220;karar y\u0131l\u0131&#8221; olacak. Bir yandan bedelli sermaye art\u0131r\u0131m\u0131yla bilan\u00e7o temizli\u011fi yap\u0131l\u0131rken, di\u011fer yandan Basmane Niyet Protokol\u00fc\u2019n\u00fcn nihai bir anla\u015fmaya d\u00f6n\u00fc\u015fmesi bekleniyor.<\/p>\n<p><b>Bir \u015firketin de\u011feri sadece bilan\u00e7osundaki enflasyonla d\u00fczeltilmi\u015f rakamlarda m\u0131 gizlidir, yoksa y\u0131llard\u0131r \u00e7\u00f6z\u00fclmeyi bekleyen o stratejik ve hukuki d\u00fc\u011f\u00fcmlerin at\u0131lacak son ilmi\u011finde mi?<\/b> Mazhar Zorlu Holding\u2019in kaderini, bu d\u00fc\u011f\u00fcmlerin ne kadar profesyonelce \u00e7\u00f6z\u00fclece\u011fi belirleyecek.<\/p>\n<p>&nbsp;<\/p>\n<h1>Mazhar Zorlu Holding A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Raporlama ve Ba\u011f\u0131ms\u0131z Denetim Bilgi Notu<\/h1>\n<p>Bu belge, Mazhar Zorlu Holding A.\u015e. (&#8220;Holding&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (hep birlikte &#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunda yer alan kritik bulgular\u0131 sentezlemektedir.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Mazhar Zorlu Holding\u2019in 2025 y\u0131l\u0131 finansal raporlamas\u0131, hem operasyonel zorluklar\u0131 hem de stratejik finansal yap\u0131land\u0131rma s\u00fcre\u00e7lerini yans\u0131tmaktad\u0131r. Ba\u011f\u0131ms\u0131z denet\u00e7i (Eren Ba\u011f\u0131ms\u0131z Denetim \/ Grant Thornton), finansal tablolar hakk\u0131nda <b>&#8220;S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f&#8221;<\/b> bildirmi\u015ftir. Bu g\u00f6r\u00fc\u015f\u00fcn temelinde, baz\u0131 finansal yat\u0131r\u0131mlar\u0131n de\u011ferlemesindeki belirsizlikler ve ili\u015fkili taraflardan olan alacaklar\u0131n tahsil kabiliyetine dair kan\u0131t yetersizli\u011fi yatmaktad\u0131r.<\/p>\n<p>Grup, 2025 y\u0131l\u0131n\u0131 <b>184.833.220 TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r. Finansal tablolarda, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 yakla\u015f\u0131k <b>419,5 milyon TL<\/b> a\u015fmas\u0131 nedeniyle bir likidite riski g\u00f6zlemlense de; y\u00f6netim, planlanan sermaye art\u0131r\u0131mlar\u0131 ve stratejik gayrimenkul projeleri (Basmane Projesi gibi) arac\u0131l\u0131\u011f\u0131yla i\u015fletmenin s\u00fcreklili\u011fini korumay\u0131 hedeflemektedir.<\/p>\n<h2>2. Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Dayanaklar\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, belirli k\u0131s\u0131tlamalar d\u0131\u015f\u0131nda finansal tablolar\u0131n TFRS\u2019ye uygun olarak ger\u00e7e\u011fi yans\u0131tacak \u015fekilde sunuldu\u011funu belirtmi\u015ftir. Ancak &#8220;S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f&#8221; i\u00e7in iki temel gerek\u00e7e sunulmu\u015ftur:<\/p>\n<h3>2.1. Finansal Yat\u0131r\u0131mlar\u0131n De\u011ferleme Sorunu<\/h3>\n<ul>\n<li>Grup&#8217;un 31 Aral\u0131k 2025 itibar\u0131yla net de\u011feri <b>369.827.729 TL<\/b> olan ba\u011fl\u0131 menkul k\u0131ymet ve i\u015ftirakleri bulunmaktad\u0131r.<\/li>\n<li>Bu i\u015ftiraklerin Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmemesi, ba\u011f\u0131ms\u0131z denetimden ge\u00e7memesi ve baz\u0131 \u015firketlerde de\u011ferleme yapacak d\u00fczeyde bilgi\/belge temin edilememesi nedeniyle, kay\u0131tl\u0131 de\u011ferlerin ve varsa de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131klar\u0131n\u0131n do\u011frulu\u011fu teyit edilememi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. \u0130li\u015fkili Taraf Alacaklar\u0131ndaki Belirsizlik<\/h3>\n<ul>\n<li><b>G\u00fc\u00e7birli\u011fi Holding A.\u015e.:<\/b> Grup\u2019un bu \u015firketten toplam <b>162.628.358 TL<\/b> alaca\u011f\u0131 bulunmaktad\u0131r. Bu tutar i\u00e7in herhangi bir teminat bulunmamakta ve hukuki takip yap\u0131lmamaktad\u0131r. Tahsilat, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde &#8220;Ege D\u00fcnya Ticaret Merkezi&#8221; projesinin tamamlanmas\u0131na ba\u011fl\u0131d\u0131r.<\/li>\n<li><b>Ege S\u00f6kteks Tekstil San. ve Tic. A.\u015e.:<\/b> K\u0131sa vadeli <b>33.630.828 TL<\/b> tutar\u0131ndaki alacak i\u00e7in de benzer bir belirsizlik s\u00f6z konusudur. Denet\u00e7iler, bu bakiyenin geri kazan\u0131labilirli\u011fine dair yeterli kan\u0131t elde edememi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Kilit Denetim Konular\u0131<\/h2>\n<p>Denetim s\u00fcrecinde mesleki muhakeme a\u00e7\u0131s\u0131ndan en \u00e7ok \u00f6nem arz eden hususlar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Stok Y\u00f6netimi ve De\u011ferlemesi:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla stoklar\u0131n tutar\u0131 <b>289.618.787 TL<\/b>&#8216;dir. Sat\u0131\u015f fiyatlar\u0131ndaki dalgalanmalar ve stok devir h\u0131zlar\u0131 nedeniyle, stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131n\u0131n hesaplanmas\u0131 kritik bir denetim alan\u0131 olarak belirlenmi\u015ftir.<\/li>\n<li><b>Maddi Duran Varl\u0131klar\u0131n Yeniden De\u011ferlemesi:<\/b> Grup; arsalar, fabrika binalar\u0131 ve yer\u00fcst\u00fc d\u00fczenlerini &#8220;yeniden de\u011ferleme modeli&#8221; ile muhasebele\u015ftirmektedir. Bu s\u00fcre\u00e7, ba\u011f\u0131ms\u0131z de\u011ferleme uzmanlar\u0131n\u0131n tahminlerine dayand\u0131\u011f\u0131 i\u00e7in karma\u015f\u0131kl\u0131k ve \u00f6nemli muhakemeler i\u00e7ermektedir.<\/li>\n<\/ul>\n<h2>4. Finansal Durum ve Performans Analizi<\/h2>\n<p>Grup\u2019un finansal pozisyonuna dair temel veriler a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir (Tutarlar TL cinsinden ve enflasyona g\u00f6re d\u00fczeltilmi\u015ftir):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge<\/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>5.181.741.789<\/td>\n<td>5.175.493.343<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>3.582.373.227<\/td>\n<td>3.854.562.547<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.246.195.610<\/td>\n<td>2.032.179.065<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>346.876.069<\/td>\n<td>102.854.937<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td>(184.833.220)<\/td>\n<td>(504.238.686)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00d6nemli Tespitler:<\/h3>\n<ul>\n<li><b>Sat\u0131\u015f Performans\u0131:<\/b> Has\u0131lat bir \u00f6nceki y\u0131la g\u00f6re art\u0131\u015f g\u00f6stermi\u015f, br\u00fct kar marj\u0131 iyile\u015fmi\u015ftir.<\/li>\n<li><b>Zarar Durumu:<\/b> D\u00f6nem zarar\u0131 devam etmekle birlikte, 2024 y\u0131l\u0131na g\u00f6re ciddi bir azalma kaydedilmi\u015ftir.<\/li>\n<li><b>Likit Pozisyonu:<\/b> Nakit ve nakit benzerleri 17,8 milyon TL seviyesindedir.<\/li>\n<\/ul>\n<h2>5. \u0130\u015fletmenin S\u00fcreklili\u011fi ve Gelecek Stratejileri<\/h2>\n<p>Grup y\u00f6netimi, finansal darbo\u011faz\u0131 a\u015fmak i\u00e7in a\u015fa\u011f\u0131daki ad\u0131mlar\u0131 planlamaktad\u0131r:<\/p>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> Hakim ortak Egeplast A.\u015e., sermayesini %150 oran\u0131nda bedelli art\u0131rarak 476,5 milyon TL&#8217;ye \u00e7\u0131karmak i\u00e7in SPK&#8217;ya ba\u015fvurmu\u015ftur. Holding, bu art\u0131r\u0131ma kendi alacaklar\u0131ndan mahsup yoluyla i\u015ftirak edecektir.<\/li>\n<li><b>Basmane Projesi (Ege D\u00fcnya Ticaret Merkezi):<\/b> \u0130zmir B\u00fcy\u00fck\u015fehir Belediyesi ve TMSF ile y\u00fcr\u00fct\u00fclen m\u00fczakerelerde &#8220;Niyet Protokol\u00fc&#8221; a\u015famas\u0131na gelinmi\u015ftir. 15 Ocak 2026 tarihinde TMSF, protokol\u00fcn imzalanmas\u0131n\u0131 uygun bulmu\u015ftur. Bu projenin tamamlanmas\u0131, Grup\u2019un i\u015ftiraklerinden olan b\u00fcy\u00fck \u00f6l\u00e7ekli alacaklar\u0131n tasfiyesi i\u00e7in kritiktir.<\/li>\n<li><b>Operasyonel Verimlilik:<\/b> Makine parkurunun yenilenmesi ve ihracat odakl\u0131 fuar kat\u0131l\u0131mlar\u0131yla br\u00fct kar\u0131n art\u0131r\u0131lmas\u0131 hedeflenmektedir.<\/li>\n<\/ul>\n<h2>6. Kurumsal Yap\u0131 ve Muhasebe Politikalar\u0131<\/h2>\n<ul>\n<li><b>Organizasyon:<\/b> Mazhar Zorlu Holding b\u00fcnyesinde Egeplast (\u00dcretim), Ege Y\u0131ld\u0131z (Pazarlama) ve Romegeplast (Romanya &#8211; Pazarlama) \u015firketleri bulunmaktad\u0131r. Toplam personel say\u0131s\u0131 434&#8217;t\u00fcr.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uyar\u0131nca 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>D\u00f6viz Pozisyonu:<\/b> Grup, ABD Dolar\u0131, Avro ve Rumen Leyi \u00fczerinden i\u015flemler ger\u00e7ekle\u015ftirmekte olup kur de\u011fi\u015fimlerine kar\u015f\u0131 hassasiyet ta\u015f\u0131maktad\u0131r.<\/li>\n<\/ul>\n<h2>7. \u00d6nemli Notlar ve Sonu\u00e7<\/h2>\n<p>Grup&#8217;un finansal sa\u011fl\u0131\u011f\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ili\u015fkili \u015firketler aras\u0131ndaki alacak-bor\u00e7 ili\u015fkilerinin \u00e7\u00f6z\u00fclmesine ve Basmane Projesi gibi uzun s\u00fcredir devam eden hukuki s\u00fcre\u00e7lerin neticelenmesine ba\u011fl\u0131d\u0131r. Y\u00f6netim, 2026 y\u0131l\u0131nda i\u015fletme faaliyetlerinin nakit ak\u0131\u015flar\u0131nda bir s\u0131k\u0131nt\u0131 \u00f6ng\u00f6rmemekte ve stratejik iyile\u015ftirme ad\u0131mlar\u0131na g\u00fcvenmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1847\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Mazhar Zorlu Holding 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Operasyonel Kar ve Stratejik D\u00f6n\u00fc\u015f\u00fcm<br \/>\n&#8220;Mazhar Zorlu Holding, 2025 y\u0131l\u0131 konsolide finansal raporlar\u0131n\u0131 yay\u0131mlad\u0131. Enflasyon muhasebesi etkilerinin net \u015fekilde g\u00f6r\u00fcld\u00fc\u011f\u00fc raporlarda, has\u0131lat\u0131n 2,24 milyar TL\u2019ye y\u00fckselmesi ve br\u00fct esas faaliyet kar\u0131ndaki g\u00fc\u00e7l\u00fc art\u0131\u015f dikkat \u00e7ekiyor. Net zararda ge\u00e7ti\u011fimiz y\u0131la oranla ya\u015fanan %63\u2019l\u00fck iyile\u015fme, grubun finansal toparlanma s\u00fcrecinde oldu\u011funu g\u00f6steriyor. Egeplast\u2019\u0131n %150\u2019lik bedelli sermaye art\u0131r\u0131m\u0131 ba\u015fvurusu ve Basmane Projesi i\u00e7in imzalanan yeni &#8216;Niyet Protokol\u00fc&#8217; gibi kritik geli\u015fmeler, 2026 y\u0131l\u0131 i\u00e7in \u015firketin stratejik yol haritas\u0131n\u0131 belirliyor.&#8221;<\/p>\n","protected":false},"author":3,"featured_media":1726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[300],"class_list":["post-1847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-mzhld"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1847","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=1847"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1847\/revisions"}],"predecessor-version":[{"id":1857,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1847\/revisions\/1857"}],"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=1847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}