{"id":1978,"date":"2026-03-22T14:58:25","date_gmt":"2026-03-22T11:58:25","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1978"},"modified":"2026-03-22T14:59:03","modified_gmt":"2026-03-22T11:59:03","slug":"enkai-bilano-analizi-202512-enka-inaat-ve-sanayi-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1978","title":{"rendered":"\ud83d\udd34 ENKAI Bilan\u00e7o Analizi 2025\/12 | Enka \u0130n\u015faat ve Sanayi A.\u015e."},"content":{"rendered":"<p><iframe title=\"Spotify Embed: \ud83d\udd34 ENKAI Bilan\u00e7o Analizi 2025\/12 | Enka \u0130n\u015faat ve Sanayi 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\/3JY7tOGSk860z5Zq4QprtI?si=eab7fccfb3fd4c03&amp;utm_source=oembed\"><\/iframe><\/p>\n<h1>ENKA \u0130N\u015eAAT VE SANAY\u0130 A.\u015e. 2025 YILI KONSOL\u0130DE F\u0130NANSAL VE DENET\u0130M BR\u0130F\u0130NG\u0130<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Enka \u0130n\u015faat ve Sanayi A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131n\u0131 ve denet\u00e7i raporunu sentezlemektedir. Deloitte (DRT Ba\u011f\u0131ms\u0131z Denetim) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal durumu ve performans\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak 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, Grubun has\u0131lat\u0131nda ve net d\u00f6nem k\u00e2r\u0131nda 2024 y\u0131l\u0131na oranla belirgin bir art\u0131\u015f ya\u015fand\u0131\u011f\u0131, toplam varl\u0131klar\u0131n yakla\u015f\u0131k 493 milyar TL seviyesine ula\u015ft\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. \u0130n\u015faat segmenti, toplam has\u0131lat\u0131n %65&#8217;ini olu\u015fturarak temel lokomotif olma \u00f6zelli\u011fini s\u00fcrd\u00fcr\u00fcrken; yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller toplam varl\u0131klar\u0131n %20&#8217;sini te\u015fkil etmektedir. Grup, 2025 sonu itibar\u0131yla 25.000&#8217;den fazla \u00e7al\u0131\u015fan\u0131 ve geni\u015f bir co\u011frafi yelpazede (T\u00fcrkiye, Rusya, Kazakistan, Avrupa, Amerika ve Asya) faaliyet g\u00f6steren \u00e7ok uluslu yap\u0131s\u0131yla operasyonlar\u0131n\u0131 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. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Bur\u00e7 Seven (SMMM) taraf\u0131ndan haz\u0131rlanan 4 Mart 2026 tarihli raporda, Grubun finansal tablolar\u0131 i\u00e7in <b>olumlu (unqualified)<\/b> g\u00f6r\u00fc\u015f bildirilmi\u015ftir. Denetim s\u00fcrecinde \u00f6zellikle iki konu &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131mlanm\u0131\u015ft\u0131r:<\/p>\n<h3>1.1. \u0130n\u015faat S\u00f6zle\u015fmelerinden Has\u0131lat\u0131n Muhasebele\u015ftirilmesi<\/h3>\n<p>Grup has\u0131lat\u0131n\u0131n %65&#8217;i bu kalemden gelmektedir. 2025 y\u0131l\u0131nda in\u015faat b\u00f6l\u00fcm\u00fc <b>102.755.592 Bin TL<\/b> has\u0131lat elde ederken, buna kar\u015f\u0131l\u0131k <b>79.351.537 Bin TL<\/b> maliyete katlanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Y\u00f6ntem:<\/b> TFRS 15 uyar\u0131nca &#8220;girdi y\u00f6ntemi&#8221; kullan\u0131lmaktad\u0131r. Has\u0131lat, katlan\u0131lan maliyetlerin beklenen toplam maliyetlere k\u0131yaslanmas\u0131yla belirlenir.<\/li>\n<li><b>Risk ve Yarg\u0131:<\/b> Proje tamamlanma maliyetlerinin tahmini ve de\u011fi\u015fiklik taleplerinin muhasebele\u015ftirilmesi \u00f6nemli y\u00f6netim yarg\u0131lar\u0131na dayanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>1.2. Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkullerin De\u011ferlemesi<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla bu varl\u0131klar toplam varl\u0131klar\u0131n %20&#8217;sini olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>De\u011ferleme:<\/b> Gayrimenkuller ger\u00e7e\u011fe uygun de\u011ferleri ile izlenmekte olup, bu de\u011ferler ba\u011f\u0131ms\u0131z de\u011ferleme \u015firketleri taraf\u0131ndan belirlenmektedir.<\/li>\n<li><b>Kritik Varsay\u0131mlar:<\/b> De\u011ferlemede kullan\u0131lan uzun vadeli b\u00fcy\u00fcme oranlar\u0131, iskonto oranlar\u0131, doluluk oranlar\u0131 ve kira gelirleri tahmini denetimin odak noktas\u0131n\u0131 olu\u015fturmu\u015ftur.<\/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 Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>Grubun varl\u0131k ve kaynak yap\u0131s\u0131 2025 y\u0131l\u0131nda ciddi bir b\u00fcy\u00fcme sergilemi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin 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><b>493.059.685<\/b><\/td>\n<td><b>363.510.879<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>275.272.393<\/td>\n<td>159.722.509<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>217.787.292<\/td>\n<td>203.788.370<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>493.059.685<\/b><\/td>\n<td><b>363.510.879<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>72.660.815<\/td>\n<td>54.978.712<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>40.860.038<\/td>\n<td>25.300.207<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>379.538.832<\/b><\/td>\n<td><b>283.231.960<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00d6ne \u00c7\u0131kan Detaylar:<\/h3>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> Nakit ve nakit benzerleri 53,5 milyar TL seviyesindedir.<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> 2024&#8217;te 63,9 milyar TL olan de\u011fer, 2025&#8217;te 102,9 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynak G\u00fcc\u00fc:<\/b> Ana ortakl\u0131\u011fa ait \u00f6zkaynaklar 373,2 milyar TL&#8217;dir. Ge\u00e7mi\u015f y\u0131llar k\u00e2rlar\u0131 258,8 milyar TL ile \u00f6zkaynaklar\u0131n en b\u00fcy\u00fck bile\u015fenidir.<\/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 Performans (K\u00e2r veya Zarar)<\/h2>\n<p>2025 y\u0131l\u0131nda operasyonel hacim ve k\u00e2rl\u0131l\u0131k rasyolar\u0131 kuvvetli bir seyir izlemi\u015ftir.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 156.507.106 Bin TL (2024: 100,5 Milyar TL).<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 37.070.303 Bin TL.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 28.883.252 Bin TL.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131:<\/b> 38.644.702 Bin TL (Ana ortakl\u0131k pay\u0131: 36,18 Milyar TL).<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7:<\/b> 6,17 TL (2024: 4,21 TL).<\/li>\n<\/ul>\n<h3>Gider ve Gelir Yap\u0131s\u0131:<\/h3>\n<ul>\n<li><b>Sat\u0131\u015flar\u0131n Maliyeti:<\/b> 119,4 milyar TL ile has\u0131lat\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> 30,5 milyar TL gelir elde edilirken, 9,4 milyar TL gider kaydedilmi\u015ftir.<\/li>\n<li><b>Vergi Y\u00fck\u00fc:<\/b> D\u00f6nem vergi gideri ve ertelenmi\u015f vergi gideri toplam\u0131 yakla\u015f\u0131k 11,5 milyar TL&#8217;dir.<\/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. Organizasyonel Yap\u0131 ve Sekt\u00f6rel Da\u011f\u0131l\u0131m<\/h2>\n<p>Enka, geni\u015f bir i\u015ftirak a\u011f\u0131 ve k\u00fcresel operasyon kabiliyetine sahiptir.<\/p>\n<h3>4.1. Faaliyet B\u00f6l\u00fcmleri<\/h3>\n<ol>\n<li><b>\u0130n\u015faat:<\/b> Ana faaliyet koludur. T\u00fcrkiye, G\u00fcrcistan, Kazakistan ve d\u00fcnyan\u0131n pek \u00e7ok b\u00f6lgesinde (Meksika, Irak, Mo\u011folistan vb.) altyap\u0131, enerji santralleri ve otoyol projeleri y\u00fcr\u00fct\u00fclmektedir.<\/li>\n<li><b>Gayrimenkul Kiralama:<\/b> \u00d6zellikle Rusya (Moskova) odakl\u0131 al\u0131\u015fveri\u015f merkezleri ve ofis i\u015fletmecili\u011fi (MKH, Mosenka, Enka TC).<\/li>\n<li><b>Enerji:<\/b> Gebze, Adapazar\u0131, \u0130zmir ve K\u0131rklareli elektrik \u00fcretim tesisleri \u00fczerinden kapasite mekanizmas\u0131 dahilinde faaliyet g\u00f6sterilmektedir.<\/li>\n<li><b>Ticaret:<\/b> \u0130\u015f makineleri pazarlamas\u0131 (Enka Pazarlama) ve di\u011fer ticari aktiviteler.<\/li>\n<\/ol>\n<h3>4.2. \u0130nsan Kaynaklar\u0131<\/h3>\n<p>Grup, 2025 y\u0131l\u0131nda ortalama <b>25.929<\/b> personel istihdam etmi\u015ftir.<\/p>\n<ul>\n<li>Beyaz yakal\u0131: 4.646 ki\u015fi.<\/li>\n<li>Mavi yakal\u0131: 21.283 ki\u015fi.<\/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. Kritik Muhasebe Politikalar\u0131 ve Raporlama Esaslar\u0131<\/h2>\n<h3>5.1. Y\u00fcksek Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>KGK duyurular\u0131 uyar\u0131nca, ge\u00e7erli para birimi TL olan i\u015fletmeler i\u00e7in 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal tablolar TMS 29 kapsam\u0131nda enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<ul>\n<li>31 Aral\u0131k 2025 k\u00fcm\u00fclatif enflasyon oran\u0131: <b>%211<\/b>.<\/li>\n<li>Net parasal pozisyon kay\u0131plar\u0131 1,56 milyar TL olarak raporlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>5.2. Ge\u00e7erli Para Birimi (TMS 21)<\/h3>\n<p>\u015eirket operasyonlar\u0131 \u00fczerinde ABD Dolar\u0131\u2019n\u0131n a\u011f\u0131rl\u0131kl\u0131 etkisi nedeniyle, TMS 21 uyar\u0131nca ge\u00e7erli para birimi <b>ABD Dolar\u0131<\/b> olarak belirlenmi\u015ftir. Ancak sunum para birimi T\u00fcrk Liras\u0131&#8217;d\u0131r. \u00c7evrimlerde kullan\u0131lan d\u00f6nem sonu USD\/TL kuru <b>42,8457<\/b>&#8216;dir.<\/p>\n<h3>5.3. \u00d6nemli Nakit Ak\u0131\u015flar\u0131<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 26,6 milyar TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131m\u0131 i\u00e7in 8,9 milyar TL, yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul al\u0131m\u0131 i\u00e7in 11,3 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 olmu\u015ftur.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 20,1 milyar TL tutar\u0131nda temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirilmi\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>6. Mevzuattan Kaynaklanan Di\u011fer Hususlar<\/h2>\n<p>T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca yap\u0131lan incelemelerde:<\/p>\n<ul>\n<li>&#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi&#8221; hakk\u0131nda rapor 4 Mart 2026&#8217;da sunulmu\u015ftur.<\/li>\n<li>Grup\u2019un defter tutma d\u00fczeninin ve finansal tablolar\u0131n\u0131n TTK ile \u015eirket esas s\u00f6zle\u015fmesine uygun oldu\u011fu teyit edilmi\u015ftir.<\/li>\n<li>Y\u00f6netim Kurulu, denetim kapsam\u0131nda gerekli t\u00fcm a\u00e7\u0131klama ve belgeleri denet\u00e7ilere sunmu\u015ftur.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1978\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Enka \u0130n\u015faat 2025 Y\u0131l\u0131nda Rekor Performans Sergiledi: Has\u0131lat 156 Milyar TL\u2019yi A\u015ft\u0131!<br \/>\nEnka \u0130n\u015faat, 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. \u0130n\u015faat, enerji ve gayrimenkul kiralama kollar\u0131ndaki g\u00fc\u00e7l\u00fc operasyonel ba\u015far\u0131s\u0131yla dikkat \u00e7eken grup, y\u0131ll\u0131k has\u0131lat\u0131n\u0131 156,5 milyar TL&#8217;ye, net d\u00f6nem kar\u0131n\u0131 ise 38,6 milyar TL seviyesine ta\u015f\u0131d\u0131. Hisse ba\u015f\u0131na kazanc\u0131n 6,17 TL&#8217;ye y\u00fckseldi\u011fi bu d\u00f6nemde, Enka\u2019n\u0131n k\u00fcresel \u00e7apta devam eden projeleri ve stratejik gayrimenkul yat\u0131r\u0131mlar\u0131 b\u00fcy\u00fcmenin itici g\u00fcc\u00fc oldu. \u015eirketin mali yap\u0131s\u0131ndaki bu devasa b\u00fcy\u00fcme ve hissedarlar\u0131na sa\u011flad\u0131\u011f\u0131 y\u00fcksek temett\u00fc getirisi hakk\u0131ndaki t\u00fcm detaylar\u0131 analizimizde bulabilirsiniz.<br \/>\n.<\/p>\n","protected":false},"author":3,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[314],"class_list":["post-1978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-enkai"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1978","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=1978"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1978\/revisions"}],"predecessor-version":[{"id":1979,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1978\/revisions\/1979"}],"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=1978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}