{"id":1905,"date":"2026-03-14T01:39:21","date_gmt":"2026-03-13T22:39:21","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1905"},"modified":"2026-03-14T01:39:54","modified_gmt":"2026-03-13T22:39:54","slug":"tkfen-bilano-analizi-202512-tekfen-holding-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1905","title":{"rendered":"\ud83d\udd34 TKFEN Bilan\u00e7o Analizi 2025\/12 | Tekfen Holding A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 TKFEN Bilan\u00e7o Analizi 2025\/12 | Tekfen&#039;de TMSF Y\u00f6netimi ve 5.7 Milyar Zarar\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/qvfD8Ru9kUk?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>Tekfen Holding 2025 Y\u0131l\u0131 Konsolide Finansal Raporu ve Ba\u011f\u0131ms\u0131z Denetim Analizi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu briefing belgesi, Tekfen Holding Anonim \u015eirketi ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ili\u015fkin ba\u011f\u0131ms\u0131z denetim raporu ve konsolide finansal tablolar\u0131n\u0131 analiz etmektedir. D\u00f6nem, Grup i\u00e7in \u00f6nemli y\u00f6netimsel de\u011fi\u015fiklikler, y\u00fcksek enflasyon d\u00fczeltmeleri ve finansal zorluklarla karakterize edilmi\u015ftir.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f:<\/b> Ba\u011f\u0131ms\u0131z denet\u00e7i (EY), finansal tablolara ili\u015fkin &#8220;S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir. Bu g\u00f6r\u00fc\u015f\u00fcn temel nedenleri aras\u0131nda 1.045 milyon TL tutar\u0131ndaki kredinin yanl\u0131\u015f s\u0131n\u0131fland\u0131r\u0131lmas\u0131 ve Tekfen \u0130malat b\u00fcnyesindeki muhasebele\u015ftirme hatalar\u0131 yer almaktad\u0131r.<\/li>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi Belirsizli\u011fi:<\/b> Grup, 2025 y\u0131l\u0131nda 5.721 milyon TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 9.078 milyon TL a\u015fm\u0131\u015f olmas\u0131, i\u015fletmenin s\u00fcreklili\u011fine ili\u015fkin \u00f6nemli bir belirsizli\u011fe i\u015faret etmektedir.<\/li>\n<li><b>Y\u00f6netim Kontrol\u00fc:<\/b> 2025 y\u0131l\u0131 Eyl\u00fcl ay\u0131nda, \u00e7o\u011funluk hissedar\u0131 olan Can Grubu&#8217;na TMSF taraf\u0131ndan kayy\u0131m atanmas\u0131yla birlikte, Grup y\u00f6netimi dolayl\u0131 olarak TMSF kontrol\u00fcne ge\u00e7mi\u015ftir.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 kapsam\u0131nda y\u00fcksek enflasyon d\u00fczeltmelerine tabi tutulmu\u015f; T\u00fcrk Liras\u0131&#8217;n\u0131n 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas al\u0131nm\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>1. Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Dayanaklar\u0131<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan haz\u0131rlanan raporda, belirli hususlar hari\u00e7 olmak \u00fczere tablolar\u0131n ger\u00e7e\u011fe uygun sunuldu\u011fu belirtilmi\u015ftir. Ancak &#8220;S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f&#8221; verilmesine neden olan kritik hatalar \u015funlard\u0131r:<\/p>\n<h3>1.1. Kredi S\u0131n\u0131fland\u0131rma Hatas\u0131<\/h3>\n<p>2025 y\u0131l\u0131nda ger\u00e7ekle\u015fen ortakl\u0131k yap\u0131s\u0131 de\u011fi\u015fikli\u011finin bankalara zaman\u0131nda bildirilmemesi, kredi s\u00f6zle\u015fmelerindeki y\u00fck\u00fcml\u00fcl\u00fcklerin ihlaline neden olmu\u015ftur.<\/p>\n<ul>\n<li><b>Etki:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde g\u00f6sterilmesi gereken <b>1.045 milyon TL<\/b> tutar\u0131ndaki kredi, &#8220;TMS 1&#8221; standard\u0131na ayk\u0131r\u0131 olarak uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde muhasebele\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<h3>1.2. Tekfen \u0130malat ve M\u00fchendislik A.\u015e. Muhasebe Hatalar\u0131<\/h3>\n<p>Ba\u011fl\u0131 ortakl\u0131k b\u00fcnyesindeki bir boru imalat projesinde TFRS 15 (Has\u0131lat) ve TMS 2 (Stoklar) standartlar\u0131na uyulmad\u0131\u011f\u0131 tespit edilmi\u015ftir.<\/p>\n<ul>\n<li><b>Has\u0131lat ve Maliyet:<\/b> Sat\u0131\u015flar\u0131n 251 milyon TL daha y\u00fcksek, maliyetlerin ise 148 milyon TL daha d\u00fc\u015f\u00fck g\u00f6sterilmesi gerekti\u011fi (ge\u00e7mi\u015f d\u00f6nem etkileriyle birlikte) belirtilmi\u015ftir.<\/li>\n<li><b>Bilan\u00e7o Etkisi:<\/b> Alacaklar 37 milyon TL, ge\u00e7mi\u015f y\u0131l karlar\u0131 ise 357 milyon TL daha d\u00fc\u015f\u00fck g\u00f6sterilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Performans ve Durum Analizi<\/h2>\n<p>Grup&#8217;un 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, bir \u00f6nceki y\u0131la g\u00f6re belirgin bir daralma ve zarar tablosu ortaya koymaktad\u0131r.<\/p>\n<h3>2.1. Temel Finansal G\u00f6stergeler (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>72.194.888<\/td>\n<td>86.223.537<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td>53.909.396<\/td>\n<td>76.165.900<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>1.917.023<\/td>\n<td>7.824.510<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Zarar\u0131<\/b><\/td>\n<td>(3.300.155)<\/td>\n<td>(210.366)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td>(5.721.464)<\/td>\n<td>528.923 (Kar)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. \u0130\u015fletmenin S\u00fcreklili\u011fi ve Likidite Riski<\/h3>\n<p>Grup&#8217;un finansal yap\u0131s\u0131nda ciddi bir likidite s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131 g\u00f6zlemlenmektedir:<\/p>\n<ul>\n<li><b>Net \u0130\u015fletme Sermayesi A\u00e7\u0131\u011f\u0131:<\/b> 9.077.834 bin TL.<\/li>\n<li><b>D\u00f6nem Zarar\u0131:<\/b> 5.721.464 bin TL.<\/li>\n<li><b>Y\u00f6netimin Aksiyon Plan\u0131:<\/b> Bankalarla m\u00fczakerelerin y\u00fcr\u00fct\u00fclmesi, kredi limitlerinin yenilenmesi, nakit ak\u0131\u015f\u0131n\u0131n optimizasyonu ve operasyonel verimlilik art\u0131\u015f\u0131 hedeflenmektedir. Y\u00f6netim, bu belirsizliklere ra\u011fmen faaliyetlerin s\u00fcrd\u00fcr\u00fclebilece\u011fi g\u00f6r\u00fc\u015f\u00fcndedir.<\/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. B\u00f6l\u00fcmsel Faaliyet Analizi<\/h2>\n<p>Tekfen Holding \u00fc\u00e7 ana grupta faaliyet g\u00f6stermektedir. 2025 y\u0131l\u0131 sonu\u00e7lar\u0131na g\u00f6re tar\u0131msal sanayi grubu has\u0131lat\u0131n lokomotifi olmu\u015ftur.<\/p>\n<ul>\n<li><b>Tar\u0131msal Sanayi:<\/b> 33.287.406 bin TL has\u0131lat ile toplam gelirin yakla\u015f\u0131k %62&#8217;sini olu\u015fturmaktad\u0131r. B\u00f6l\u00fcm, 270.182 bin TL d\u00f6nem kar\u0131 elde etmi\u015ftir.<\/li>\n<li><b>M\u00fchendislik ve Taahh\u00fct:<\/b> 19.640.253 bin TL has\u0131lat elde etmi\u015ftir. Ancak bu b\u00f6l\u00fcm, 4.273.458 bin TL gibi y\u00fcksek bir d\u00f6nem zarar\u0131 ile kapatm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m:<\/b> 981.737 bin TL has\u0131lat elde etmi\u015f, 1.728.927 bin TL d\u00f6nem zarar\u0131 a\u00e7\u0131klam\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>4. Kilit Denetim Konular\u0131<\/h2>\n<p>Denet\u00e7iler, karma\u015f\u0131kl\u0131\u011f\u0131 ve y\u00f6netim muhakemesi gerektirmesi nedeniyle a\u015fa\u011f\u0131daki alanlar\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak belirlemi\u015ftir:<\/p>\n<ul>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi nedeniyle t\u00fcm kalemler g\u00fcncel sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmi\u015ftir. 31 Aral\u0131k 2025 itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 <b>%211<\/b> olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130n\u015faat S\u00f6zle\u015fmeleri Has\u0131lat\u0131:<\/b> Toplam has\u0131lat\u0131n %36&#8217;s\u0131 bu kaynaktan gelmektedir. &#8220;Girdi Y\u00f6ntemi&#8221; kullan\u0131larak yap\u0131lan \u00f6l\u00e7\u00fcmler, maliyet tahminleri ve proje de\u011fi\u015fiklik talepleri \u00f6nemli y\u00f6netim yarg\u0131s\u0131 i\u00e7ermektedir.<\/li>\n<li><b>Ertelenmi\u015f Vergi Varl\u0131klar\u0131:<\/b> 1.845.049 bin TL tutar\u0131ndaki ertelenmi\u015f vergi varl\u0131\u011f\u0131n\u0131n geri kazan\u0131labilirli\u011fi, gelecekteki vergilendirilebilir karlar\u0131n tahminine dayand\u0131\u011f\u0131 i\u00e7in riskli bir alan olarak g\u00f6r\u00fclmektedir.<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar\u0131n De\u011ferlemesi:<\/b> 5.192.888 bin TL tutar\u0131ndaki finansal yat\u0131r\u0131mlar\u0131n ger\u00e7e\u011fe uygun de\u011ferinin belirlenmesinde ba\u011f\u0131ms\u0131z uzman raporlar\u0131 ve karma\u015f\u0131k de\u011ferleme y\u00f6ntemleri kullan\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>5. Kurumsal Yap\u0131 ve \u00d6nemli Geli\u015fmeler<\/h2>\n<h3>5.1. TMSF Kontrol\u00fc ve Y\u00f6netim De\u011fi\u015fikli\u011fi<\/h3>\n<p>K\u00fc\u00e7\u00fck\u00e7ekmece 4. Sulh Ceza Hakimli\u011finin karar\u0131 do\u011frultusunda, \u015eirket&#8217;in %42,8 hissesine sahip olan Can Grubu \u015firketlerine TMSF kayy\u0131m olarak atanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Y\u00f6netim Atamalar\u0131:<\/b> Grup \u015eirketler Ba\u015fkanl\u0131\u011f\u0131na Nam\u0131k \u00dclke, Mali \u0130\u015flerden Sorumlu Ba\u015fkan Yard\u0131mc\u0131l\u0131\u011f\u0131na Kenan Alpd\u00fcndar getirilmi\u015ftir. 18 Aral\u0131k 2025 tarihli Ola\u011fan\u00fcst\u00fc Genel Kurul ile yeni Y\u00f6netim Kurulu belirlenmi\u015ftir.<\/li>\n<\/ul>\n<h3>5.2. Personel Say\u0131s\u0131<\/h3>\n<p>Grup&#8217;un ta\u015feronlar dahil toplam \u00e7al\u0131\u015fan say\u0131s\u0131, 2024 y\u0131l\u0131ndaki 12.611 seviyesinden 31 Aral\u0131k 2025 itibar\u0131yla <b>10.941<\/b>&#8216;e gerilemi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Sonu\u00e7 ve De\u011ferlendirme<\/h2>\n<p>Tekfen Holding, 2025 y\u0131l\u0131n\u0131 hem operasyonel hem de finansal a\u00e7\u0131dan zorlu bir s\u00fcre\u00e7te tamamlam\u0131\u015ft\u0131r. Y\u00fcksek enflasyon ortam\u0131 ve in\u015faat projelerindeki maliyet bask\u0131lar\u0131, Grup&#8217;un ciddi bir d\u00f6nem zarar\u0131 a\u00e7\u0131klamas\u0131na ve i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131 vermesine yol a\u00e7m\u0131\u015ft\u0131r. Ba\u011f\u0131ms\u0131z denet\u00e7inin s\u0131n\u0131fland\u0131rma hatalar\u0131 ve muhasebe eksiklikleri nedeniyle verdi\u011fi &#8220;S\u0131n\u0131rl\u0131 Olumlu G\u00f6r\u00fc\u015f&#8221;, finansal raporlama s\u00fcre\u00e7lerinde iyile\u015ftirme ihtiyac\u0131n\u0131 ortaya koymaktad\u0131r. TMSF kontrol\u00fcndeki yeni y\u00f6netimin odak noktas\u0131, bankalarla kredi ili\u015fkilerini d\u00fczenlemek ve likidite krizini a\u015fmak olacakt\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1905\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Tekfen Holding 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Zarar, Y\u00f6netim De\u011fi\u015fimi ve Kritik Belirsizlikler<br \/>\nTekfen Holding&#8217;in 2025 y\u0131l\u0131 konsolide finansal raporu, hem mali hem de y\u00f6netsel a\u00e7\u0131dan tarihi bir d\u00f6n\u00fcm noktas\u0131n\u0131 i\u015faret ediyor. Y\u0131l\u0131 53,9 milyar TL has\u0131lat ve 5,7 milyar TL net zararla kapatan Holding, TMSF\u2019nin ana hissedar nezdindeki kayy\u0131ml\u0131k rol\u00fcyle yeni bir y\u00f6netim d\u00f6nemine girdi. Denet\u00e7i raporundaki &#8220;s\u0131n\u0131rl\u0131 olumlu&#8221; g\u00f6r\u00fc\u015f ve 9 milyar TL&#8217;yi a\u015fan i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131, grubun \u00f6n\u00fcm\u00fczdeki d\u00f6nemde nakit ak\u0131\u015f\u0131 ve kredi yap\u0131land\u0131rmalar\u0131na odaklanaca\u011f\u0131n\u0131 g\u00f6steriyor. Tar\u0131msal sanayinin k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 korudu\u011fu, ancak in\u015faat grubunun maliyet bask\u0131s\u0131yla zorland\u0131\u011f\u0131 2025 y\u0131l\u0131na dair t\u00fcm detaylar analizimizde.<\/p>\n","protected":false},"author":6,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[148],"class_list":["post-1905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tkfen"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1905","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=1905"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1905\/revisions"}],"predecessor-version":[{"id":1906,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1905\/revisions\/1906"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}