{"id":1968,"date":"2026-03-22T14:28:56","date_gmt":"2026-03-22T11:28:56","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1968"},"modified":"2026-03-22T14:29:32","modified_gmt":"2026-03-22T11:29:32","slug":"aksen-bilano-analizi-202512-aksa-enerji-retim-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1968","title":{"rendered":"\ud83d\udd34 AKSEN Bilan\u00e7o Analizi 2025\/12 | Aksa Enerji \u00dcretim A.\u015e."},"content":{"rendered":"<p><iframe title=\"Spotify Embed: \ud83d\udd34 AKSEN Finansal Tablolar Analizi 2025\/12 | Aksa Enerji \u00dcretim A.\u015e.\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4bXmI7Th4oXbgrHTURHGXI?si=aec075e9cc074ad9&amp;utm_source=oembed\"><\/iframe><\/p>\n<h1>Aksa Enerji \u00dcretim A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Durum ve Ba\u011f\u0131ms\u0131z Denetim Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Aksa Enerji \u00dcretim A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denetim sonu\u00e7lar\u0131n\u0131 sentezlemektedir. DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. (Deloitte) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu g\u00f6r\u00fc\u015f\u00fcne var\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131 sonu itibar\u0131yla Grup, <b>4.350.539.787 TL<\/b> net d\u00f6nem k\u00e2r\u0131 elde etmi\u015f ve toplam varl\u0131klar\u0131n\u0131 <b>129.590.455.824 TL<\/b> seviyesine ula\u015ft\u0131rm\u0131\u015ft\u0131r. \u015eirketin faaliyetleri T\u00fcrkiye, Afrika ve Asya b\u00f6lgelerine yay\u0131lm\u0131\u015f olup, en y\u00fcksek FAV\u00d6K (Faiz, Vergi, Amortisman ve \u0130tfa \u00d6ncesi K\u00e2r) katk\u0131s\u0131 <b>6,16 milyar TL<\/b> ile Asya b\u00f6lgesinden gelmi\u015ftir. Grup, enflasyon muhasebesi (TMS 29) uygulayarak finansal verilerini 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczenlemi\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>1. Ba\u011f\u0131ms\u0131z Denetim Sonu\u00e7lar\u0131 ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporu, Grubun finansal durumunu &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; ile teyit etmi\u015ftir. Denetim s\u00fcrecinde \u00f6ne \u00e7\u0131kan temel hususlar \u015funlard\u0131r:<\/p>\n<h3>1.1. Kilit Denetim Konusu: Ticari Alacaklar\u0131n Geri Kazan\u0131labilirli\u011fi<\/h3>\n<p>Denet\u00e7iler, ili\u015fkili olmayan taraflardan olan <b>6.582.961.616 TL<\/b> tutar\u0131ndaki ticari alacaklar\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak belirlemi\u015ftir.<\/p>\n<ul>\n<li><b>\u00d6nem:<\/b> Bu alacaklar toplam d\u00f6nen varl\u0131klar\u0131n %33\u2019\u00fcn\u00fc, toplam varl\u0131klar\u0131n ise %5\u2019ini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Risk:<\/b> Beklenen kredi zarar\u0131 (BKZ) hesaplamalar\u0131n\u0131n TFRS 9 kapsam\u0131nda \u00f6nemli tahmin ve varsay\u0131mlar i\u00e7ermesi.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Alacak ya\u015fland\u0131rma verileri test edilmi\u015f, raporlama d\u00f6nemi sonras\u0131 tahsilatlar kontrol edilmi\u015f ve d\u0131\u015f teyit mektuplar\u0131 g\u00f6nderilmi\u015ftir.<\/li>\n<\/ul>\n<h3>1.2. Mevzuata Uygunluk<\/h3>\n<p>6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca yap\u0131lan incelemelerde:<\/p>\n<ul>\n<li>Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi&#8217;ne ili\u015fkin rapor 5 Mart 2026&#8217;da sunulmu\u015ftur.<\/li>\n<li>Defter tutma d\u00fczeninin ve finansal tablolar\u0131n TTK ile esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine uygunsuzlu\u011funa dair \u00f6nemli bir hususa rastlanmam\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. Finansal Performans Analizi<\/h2>\n<p>Grubun 2025 y\u0131l\u0131 finansal performans\u0131, operasyonel verimlilik ve co\u011frafi \u00e7e\u015fitlili\u011fin etkilerini yans\u0131tmaktad\u0131r.<\/p>\n<h3>2.1. K\u00e2r veya Zarar Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (TL)<\/td>\n<td>2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>42.385.314.361<\/td>\n<td>41.412.051.265<\/td>\n<td>%2,3 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(31.840.584.362)<\/td>\n<td>(32.657.898.221)<\/td>\n<td>%2,5 Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>10.544.729.999<\/td>\n<td>8.754.153.044<\/td>\n<td>%20,5 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>9.594.412.671<\/td>\n<td>7.083.808.916<\/td>\n<td>%35,4 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>4.350.539.787<\/td>\n<td>3.859.078.067<\/td>\n<td>%12,7 Art\u0131\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. B\u00f6lgesel FAV\u00d6K Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Grup, performans\u0131n\u0131 \u00fc\u00e7 ana co\u011frafi b\u00f6lge \u00fczerinden takip etmektedir:<\/p>\n<ul>\n<li><b>Asya:<\/b> 6.157.787.183 TL (En y\u00fcksek katk\u0131)<\/li>\n<li><b>T\u00fcrkiye (KKTC dahil):<\/b> 3.710.730.457 TL<\/li>\n<li><b>Afrika:<\/b> 3.649.103.035 TL<\/li>\n<li><b>Toplam FAV\u00d6K:<\/b> 13.517.620.675 TL<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Operasyonel Yap\u0131 ve Kapasite<\/h2>\n<p>Aksa Enerji, global \u00f6l\u00e7ekte geni\u015f bir santral portf\u00f6y\u00fcne sahiptir. 31 Aral\u0131k 2025 itibar\u0131yla toplam kurulu g\u00fc\u00e7 <b>3.058 MWe<\/b> seviyesindedir.<\/p>\n<h3>3.1. Ana Santraller ve Kapasiteler<\/h3>\n<ul>\n<li><b>Antalya Do\u011falgaz Santrali (T\u00fcrkiye):<\/b> 900 MWe<\/li>\n<li><b>Ta\u015fkent Do\u011falgaz Santralleri (\u00d6zbekistan):<\/b> 492 MWe<\/li>\n<li><b>Talimarjan Do\u011falgaz Santrali (\u00d6zbekistan):<\/b> 430 MWe<\/li>\n<li><b>Gana Dual Yak\u0131t Santrali (Gana):<\/b> 370 MWe<\/li>\n<li><b>Buhara Do\u011falgaz Santrali (\u00d6zbekistan):<\/b> 298 MWe<\/li>\n<li><b>Bolu G\u00f6yn\u00fck Termik Santrali (T\u00fcrkiye):<\/b> 270 MWe<\/li>\n<\/ul>\n<h3>3.2. Yeni Yat\u0131r\u0131mlar ve Geli\u015fmeler<\/h3>\n<ul>\n<li><b>\u00d6zbekistan:<\/b> Talimarjan santrali 8 Temmuz 2025 itibar\u0131yla 430 MW tam kapasite ile ticari \u00fcretime ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Kazakistan:<\/b> Qyzylorda, Shymkent ve Aktobe gibi b\u00f6lgelerde proje geli\u015ftirme \u00e7al\u0131\u015fmalar\u0131 devam etmektedir.<\/li>\n<li><b>Afrika Yay\u0131l\u0131m\u0131:<\/b> Senegal (Ndar Energies), Gabon ve Burkina Faso\u2019da yeni \u015firketler kurulmu\u015f ve enerji sat\u0131\u015f anla\u015fmalar\u0131 imzalanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yenilenebilir Enerji:<\/b> Van, Sivas ve Kayseri illerinde depolamal\u0131 GES ve RES \u00f6n lisanslar\u0131 kapsam\u0131nda projeler geli\u015ftirilmektedir.<\/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. Finansal Durum ve Kaynak Yap\u0131s\u0131<\/h2>\n<p>Grubun bilan\u00e7osu, duran varl\u0131k yat\u0131r\u0131mlar\u0131n\u0131n ve \u00f6zkaynak b\u00fcy\u00fcmesinin etkisini g\u00f6stermektedir.<\/p>\n<h3>4.1. Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 129.590.455.824 TL<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 102.179.332.881 TL (\u00d6nceki y\u0131l 80,88 milyar TL). Bu art\u0131\u015fta yeniden de\u011ferlemeler ve yeni yat\u0131r\u0131mlar etkilidir.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 6.520.055.791 TL (Stratejik bir nakit art\u0131\u015f\u0131 g\u00f6zlemlenmektedir).<\/li>\n<\/ul>\n<h3>4.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 64.459.603.806 TL<\/li>\n<li><b>Finansal Bor\u00e7lanmalar:<\/b> K\u0131sa ve uzun vadeli toplam bor\u00e7lanmalar Grubun yat\u0131r\u0131m finansman stratejisinin bir par\u00e7as\u0131d\u0131r.<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 65.130.852.018 TL. Maddi duran varl\u0131k yeniden de\u011ferleme art\u0131\u015flar\u0131 \u00f6zkaynaklar i\u00e7erisinde <b>9.729.333.551 TL<\/b> tutar\u0131nda birikmi\u015f bir paya sahiptir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>\u015eirketin h\u00e2kim orta\u011f\u0131 Kazanc\u0131 Holding A.\u015e. ile olan ticari ili\u015fkileri \u015feffaf bir \u015fekilde raporlanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Ticari Alacaklar:<\/b> \u0130li\u015fkili taraflardan olan k\u0131sa vadeli ticari alacaklar <b>1.065.028.246 TL<\/b> tutar\u0131ndad\u0131r (En b\u00fcy\u00fck pay Aksa Elektrik Sat\u0131\u015f A.\u015e.&#8217;ye aittir).<\/li>\n<li><b>Sat\u0131\u015flar:<\/b> 2025 y\u0131l\u0131nda ili\u015fkili taraflara yap\u0131lan elektrik sat\u0131\u015f\u0131 <b>541.710.531 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Kefaletler:<\/b> Ortaklar\u0131n ve ili\u015fkili \u015firketlerin Grup lehine verdi\u011fi kefaletler toplam\u0131 <b>98.640.470.120 TL<\/b>\u2019dir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. \u00d6nemli Risk ve Tahminler<\/h2>\n<p>Finansal tablolar\u0131n haz\u0131rlanmas\u0131nda kullan\u0131lan temel varsay\u0131mlar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Enflasyon Muhasebesi:<\/b> TMS 29 uyar\u0131nca 2025 y\u0131l\u0131 i\u00e7in kullan\u0131lan d\u00fczeltme katsay\u0131s\u0131 <b>1,00000<\/b>; 2024 y\u0131l\u0131 kar\u015f\u0131la\u015ft\u0131rmal\u0131 verileri i\u00e7in ise <b>1,30892<\/b>&#8216;dir.<\/li>\n<li><b>Amortisman:<\/b> Santraller, lisans s\u00fcresi veya faydal\u0131 \u00f6m\u00fcrden (Fuel oil: 6-14 y\u0131l, Do\u011falgaz: 33-40 y\u0131l, K\u00f6m\u00fcr: 37 y\u0131l) k\u0131sa olan\u0131 \u00fczerinden itfa edilmektedir.<\/li>\n<li><b>BKZ Hesaplamas\u0131:<\/b> Grup, temerr\u00fct olas\u0131l\u0131\u011f\u0131 ve temerr\u00fct halinde kay\u0131p gibi ileriye d\u00f6n\u00fck bilgiler kullanarak beklenen kredi zararlar\u0131n\u0131 \u00f6l\u00e7mektedir.<\/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<p><i>Bu brifing dok\u00fcman\u0131, Aksa Enerji \u00dcretim A.\u015e.&#8217;nin 31 Aral\u0131k 2025 tarihli resmi konsolide finansal raporunda yer alan veriler \u0131\u015f\u0131\u011f\u0131nda haz\u0131rlanm\u0131\u015ft\u0131r.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1968\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Aksa Enerji 2025\u2019te K\u00fcresel Etkisini Art\u0131rd\u0131: Rekor Verimlilik ve Stratejik B\u00fcy\u00fcme!<br \/>\nAksa Enerji, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131yla global enerji arenas\u0131ndaki g\u00fcc\u00fcn\u00fc bir kez daha kan\u0131tlad\u0131. Kurulu g\u00fcc\u00fcn\u00fc 3.058 MW\u2019a \u00e7\u0131karan \u015firket, has\u0131lat\u0131n\u0131 42,4 milyar TL\u2019ye ta\u015f\u0131rken FAV\u00d6K marj\u0131n\u0131 %32\u2019ye y\u00fckselterek operasyonel verimlilikte \u00e7\u0131tay\u0131 yukar\u0131 \u00e7ekti<br \/>\n. \u00d6zbekistan\u2019daki dev yat\u0131r\u0131m\u0131 Talimercan Santrali\u2019ni rekor s\u00fcrede devreye alan Aksa Enerji, Afrika\u2019da Gabon ve Burkina Faso ile yeni rotalar \u00e7izerken; T\u00fcrkiye\u2019de ise depolamal\u0131 yenilenebilir enerji projeleriyle s\u00fcrd\u00fcr\u00fclebilir gelece\u011fin kap\u0131lar\u0131n\u0131 aral\u0131yor<br \/>\n. Yat\u0131r\u0131mc\u0131s\u0131na y\u0131ll\u0131k %85 getiri sunan ve kurumsal y\u00f6neti\u015fimde kad\u0131n \u00fcye oran\u0131yla \u00f6nc\u00fc olan \u015firketin 2025 ba\u015far\u0131 hikayesinin detaylar\u0131 blog yaz\u0131m\u0131zda!<\/p>\n","protected":false},"author":5,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[311],"class_list":["post-1968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-aksen"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1968","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1968"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1968\/revisions"}],"predecessor-version":[{"id":1969,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1968\/revisions\/1969"}],"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=1968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}