{"id":203,"date":"2025-12-19T23:20:05","date_gmt":"2025-12-19T20:20:05","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=203"},"modified":"2025-12-19T23:20:05","modified_gmt":"2025-12-19T20:20:05","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ihlgm-ihlas-gayrimenkul-proje-gelistirme-ve-ticaret-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/203","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #IHLGM | \u0130hlas Gayrimenkul Proje Geli\u015ftirme ve Ticaret 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #IHLGM | \u0130hlas Gayrimenkul Proje Geli\u015ftirme ve Ticaret 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/FjXTycNIe-Q?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>\u0130hlas Gayrimenkul&#8217;\u00fcn Finansal Raporunda Gizli 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Finansal raporlar, ilk bak\u0131\u015fta rakamlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fclebilir. Ancak \u0130hlas Gayrimenkul Proje Geli\u015ftirme ve Ticaret A.\u015e.&#8217;nin (IHLGM) son finansal raporu, bu alg\u0131y\u0131 y\u0131kan cinsten. \u0130hlas Gayrimenkul&#8217;\u00fcn bilan\u00e7osunu sat\u0131r sat\u0131r okudu\u011fumuzda, k\u00e2rl\u0131l\u0131k man\u015fetlerinin ard\u0131nda yatan ve \u015firketin gelece\u011fini \u015fekillendiren \u00e7ok daha incelikli bir operasyonel ve finansal stratejiyle kar\u015f\u0131la\u015f\u0131yoruz. Bir \u015firketin sa\u011fl\u0131\u011f\u0131n\u0131 anlamak i\u00e7in sadece man\u015fet k\u00e2rl\u0131l\u0131k rakamlar\u0131n\u0131n \u00f6tesine bakman\u0131n ne kadar kritik oldu\u011funu g\u00f6steren bu analize ba\u015flayal\u0131m.<\/p>\n<h3>1. K\u00e2rl\u0131l\u0131ktaki Muazzam D\u00f6n\u00fc\u015f: Zarardan K\u00e2ra Ge\u00e7i\u015fin S\u0131rr\u0131 Nedir?<\/h3>\n<p>\u0130hlas Gayrimenkul&#8217;\u00fcn tablosunda ilk g\u00f6ze \u00e7arpan, k\u00e2rl\u0131l\u0131ktaki ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc geri d\u00f6n\u00fc\u015f. \u015eirket, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda a\u00e7\u0131klad\u0131\u011f\u0131 355 milyon TL&#8217;lik zarar\u0131, 2025&#8217;in ayn\u0131 d\u00f6neminde 118,5 milyon TL&#8217;lik net k\u00e2ra \u00e7evirmeyi ba\u015fard\u0131. Ancak bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn s\u0131rr\u0131, operasyonel bir patlamada de\u011fil, bilan\u00e7onun derinliklerinde gizli.<\/p>\n<p>Bu k\u00e2rl\u0131l\u0131\u011f\u0131n arkas\u0131ndaki ana itici g\u00fc\u00e7, &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; kaleminden gelen 253,7 milyon TL&#8217;lik devasa bir kazan\u00e7. Enflasyon muhasebesini (TMS 29), \u015firketin finansal foto\u011fraf\u0131n\u0131 g\u00fcn\u00fcm\u00fcz\u00fcn para de\u011feriyle &#8220;netle\u015ftirmek&#8221; olarak d\u00fc\u015f\u00fcnebiliriz. Bu netle\u015ftirme s\u0131ras\u0131nda, \u015firketin TL cinsi bor\u00e7lar\u0131 enflasyon kar\u015f\u0131s\u0131nda reel olarak &#8220;eridi\u011fi&#8221; i\u00e7in, bu durum k\u00e2\u011f\u0131t \u00fczerinde bir kazan\u00e7 olarak yans\u0131r. Bu durum, IHLGM&#8217;nin operasyonel olarak bir at\u0131l\u0131m yapt\u0131\u011f\u0131ndan de\u011fil, T\u00fcrkiye&#8217;nin makroekonomik ger\u00e7ekleri i\u00e7inde finansal varl\u0131klar\u0131n\u0131 ve bor\u00e7lar\u0131n\u0131 y\u00f6netme bi\u00e7iminden kaynaklanan bir k\u00e2rl\u0131l\u0131k oldu\u011funu g\u00f6steriyor. Yat\u0131r\u0131mc\u0131lar i\u00e7in bu ayr\u0131m hayati \u00f6nemdedir: Bu, tekrarlanabilir bir operasyonel k\u00e2r de\u011fil, ekonomik ko\u015fullara ba\u011fl\u0131 teknik bir kazan\u00e7t\u0131r.<\/p>\n<ul>\n<li><b>01 Ocak &#8211; 30 Eyl\u00fcl 2025 Net D\u00f6nem K\u00e2r\u0131:<\/b> 118.491.387 TL<\/li>\n<li><b>01 Ocak &#8211; 30 Eyl\u00fcl 2024 Net D\u00f6nem Zarar\u0131:<\/b> (355.054.447) TL<\/li>\n<li><b>2025 Net Parasal Pozisyon Kazanc\u0131:<\/b> 253.773.931 TL<\/li>\n<li><b>2024 Net Parasal Pozisyon Kayb\u0131:<\/b> (383.491.104) TL<\/li>\n<\/ul>\n<h3>2. \u0130n\u015faatta Tam Gaz \u0130leri: Stoklardaki Devasa Art\u0131\u015f Neye \u0130\u015faret Ediyor?<\/h3>\n<p>Rapordaki en \u00e7arp\u0131c\u0131 verilerden biri de \u015firketin stoklar\u0131ndaki devasa art\u0131\u015f. IHLGM&#8217;nin stoklar\u0131, sadece dokuz ayda 1,38 milyar TL&#8217;den 2,79 milyar TL&#8217;ye f\u0131rlam\u0131\u015f durumda. Bu art\u0131\u015f\u0131n neredeyse tamam\u0131, &#8220;Yar\u0131 Mam\u00fcller&#8221; kaleminde, yani devam eden in\u015faat projelerinde yo\u011funla\u015f\u0131yor.<\/p>\n<p>Stoklardaki bu patlama, y\u00f6netimin frene basmak yerine gaza y\u00fcklendi\u011finin ve gelecekteki gelir ak\u0131\u015f\u0131n\u0131 g\u00fcvence alt\u0131na almak i\u00e7in bilan\u00e7oya agresif bir yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131n en net sinyalidir. Dipnotlar, bu art\u0131\u015f\u0131n arkas\u0131nda yakla\u015f\u0131k 2 milyar TL&#8217;lik maliyetle devam eden <b>Bizimevler 12<\/b> ve <b>Bizimevler 13<\/b> projelerinin yatt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. K\u0131sacas\u0131, bug\u00fcn\u00fcn bilan\u00e7osundaki bu devasa stok kalemi, yar\u0131n\u0131n gelir tablosunda potansiyel bir ciro patlamas\u0131n\u0131n habercisidir.<\/p>\n<ul>\n<li><b>30 Eyl\u00fcl 2025 Stoklar:<\/b> 2.798.845.441 TL<\/li>\n<li><b>31 Aral\u0131k 2024 Stoklar:<\/b> 1.385.432.125 TL<\/li>\n<li><b>Yar\u0131 Mam\u00fcllerin Kayna\u011f\u0131:<\/b> Bizimevler 12 (1,33 milyar TL) ve Bizimevler 13 (662 milyon TL) in\u015faat projeleri.<\/li>\n<\/ul>\n<h3>3. Al\u0131\u015f\u0131lmad\u0131k Bir Bor\u00e7 Yap\u0131s\u0131: Bankalar Yerine Arsa Sahipleri<\/h3>\n<p>Bir \u015firketin bor\u00e7lanma stratejisi, onun risk i\u015ftah\u0131 ve sermaye yap\u0131s\u0131 hakk\u0131nda kritik bilgiler verir. IHLGM&#8217;nin 1,86 milyar TL&#8217;lik uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerinin b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 banka kredileri de\u011fil, 1,55 milyar TL ile &#8220;\u0130li\u015fkili Olmayan Taraflara Ticari Bor\u00e7lar&#8221; olu\u015fturuyor.<\/p>\n<p>Dipnot 4 bu gizemi ayd\u0131nlat\u0131yor: Bu devasa bor\u00e7, Bizimevler 12 ve 13 projelerinin arsa sahiplerine olan bor\u00e7lar\u0131d\u0131r. Bu noktada resim netle\u015fiyor: Stoklardaki 2 milyar TL&#8217;lik Bizimevler 12 ve 13 harcamas\u0131n\u0131n (bkz. Ger\u00e7ek #2), banka kredisiyle de\u011fil, do\u011frudan projenin gelecekteki has\u0131lat\u0131yla finanse edildi\u011fini anl\u0131yoruz. Bu banka d\u0131\u015f\u0131 finansman modeli, \u015firketin nakit ak\u0131\u015f\u0131n\u0131 koruyan ancak k\u00e2r marj\u0131n\u0131 arsa sahipleriyle payla\u015fmas\u0131n\u0131 gerektiren zeki bir risk y\u00f6netimi tekni\u011fidir. Bu, faiz maliyetini d\u00fc\u015f\u00fcren ancak has\u0131lat \u00fczerinde bask\u0131 yaratan stratejik bir sermaye yap\u0131s\u0131 tercihidir.<\/p>\n<ul>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 1.860.371.311 TL<\/li>\n<li><b>\u0130li\u015fkili Olmayan Taraflara Uzun Vadeli Ticari Bor\u00e7lar:<\/b> 1.551.514.539 TL<\/li>\n<li><b>Borcun Niteli\u011fi:<\/b> Bizimevler 12 ve 13 projelerinin arsa sahiplerine olan bor\u00e7lar.<\/li>\n<\/ul>\n<h3>4. Has\u0131lat Paradoksu: Sat\u0131\u015flar D\u00fc\u015ferken K\u00e2r Nas\u0131l Artar?<\/h3>\n<p>\u0130lk bak\u0131\u015fta bir paradoks gibi g\u00f6r\u00fcnen tabloyla kar\u015f\u0131 kar\u015f\u0131yay\u0131z: \u015eirketin 2025&#8217;in ilk dokuz ay\u0131ndaki has\u0131lat\u0131 (487,9 milyon TL), bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine (508,2 milyon TL) g\u00f6re hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015f. Peki, sat\u0131\u015flar d\u00fc\u015ferken \u015firket nas\u0131l olur da zarardan k\u00e2ra ge\u00e7ebilir?<\/p>\n<p>Cevap, yine birinci maddede inceledi\u011fimiz enflasyon muhasebesinin d\u00f6n\u00fc\u015ft\u00fcr\u00fcc\u00fc etkisinde yat\u0131yor. Operasyonel sat\u0131\u015f gelirleri yatay seyrederken, enflasyon d\u00fczeltmesinden do\u011fan &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; bilan\u00e7oyu tek ba\u015f\u0131na k\u00e2ra ge\u00e7irmi\u015ftir. Bu durum, bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011ferlendirirken man\u015fet rakamlara (sadece has\u0131lat veya sadece net k\u00e2r) odaklanman\u0131n ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011finin kusursuz bir \u00f6rne\u011fidir. Operasyonel performans ile muhasebesel k\u00e2rl\u0131l\u0131k aras\u0131ndaki bu keskin ayr\u0131m, yat\u0131r\u0131mc\u0131lar\u0131n dikkatle analiz etmesi gereken en \u00f6nemli detaylardan biridir.<\/p>\n<ul>\n<li><b>01 Ocak &#8211; 30 Eyl\u00fcl 2025 Has\u0131lat:<\/b> 487.946.713 TL<\/li>\n<li><b>01 Ocak &#8211; 30 Eyl\u00fcl 2024 Has\u0131lat:<\/b> 508.254.551 TL<\/li>\n<\/ul>\n<h3>5. Sadece Gayrimenkul De\u011fil: \u015eirketin &#8220;Gizli&#8221; Madencilik Faaliyetleri<\/h3>\n<p>\u0130hlas Gayrimenkul&#8217;\u00fcn ismi ana faaliyet alan\u0131n\u0131 net bir \u015fekilde ortaya koysa da, raporun dipnotlar\u0131 \u015firketin portf\u00f6y\u00fcnde stratejik bir \u00e7e\u015fitlendirme unsuru oldu\u011funu g\u00f6steriyor: madencilik. \u015eirket, ba\u011fl\u0131 ortakl\u0131\u011f\u0131 &#8220;\u0130hlas Madencilik Enerji ve Ticaret A.\u015e.&#8221; arac\u0131l\u0131\u011f\u0131yla ve do\u011frudan yapt\u0131\u011f\u0131 anla\u015fmalarla madencilik sekt\u00f6r\u00fcnde de aktif bir rol oynuyor.<\/p>\n<p>\u015eirket, sahip oldu\u011fu maden ruhsatlar\u0131n\u0131 &#8220;r\u00f6d\u00f6vans&#8221; (royalty) usul\u00fcyle i\u015fletiyor veya devrediyor. Bu modelde \u0130hlas, madeni kendisi i\u015fletmek yerine i\u015fletme hakk\u0131n\u0131 ba\u015fka bir \u015firkete devrediyor ve kar\u015f\u0131l\u0131\u011f\u0131nda \u00fcretilen madenden d\u00fczenli bir pay al\u0131yor. Bu, s\u0131f\u0131ra yak\u0131n operasyonel maliyetle gelir elde etme imkan\u0131 sunan stratejik bir yakla\u015f\u0131md\u0131r. Sermaye yo\u011fun in\u015faat faaliyetlerini destekleyebilecek, d\u00fc\u015f\u00fck sermaye gerektiren bu nakit ak\u0131\u015f\u0131, \u015firketin risklerini da\u011f\u0131tma ve farkl\u0131 sekt\u00f6rlerden verimli gelir elde etme stratejisinin bir par\u00e7as\u0131d\u0131r.<\/p>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k:<\/b> \u0130hlas Madencilik Enerji ve Ticaret A.\u015e.<\/li>\n<li><b>Faaliyet Modeli:<\/b> \u00c7anakkale, \u0130zmir, Hakkari ve Kahramanmara\u015f&#8217;taki maden ruhsatlar\u0131na ili\u015fkin r\u00f6d\u00f6vans (royalty) anla\u015fmalar\u0131.<\/li>\n<\/ul>\n<h3>Sonu\u00e7: Rakamlar\u0131n F\u0131s\u0131ldad\u0131klar\u0131<\/h3>\n<p>Bu be\u015f nokta, finansal raporlar\u0131n derinlemesine incelendi\u011finde ne kadar de\u011ferli bilgiler sunabilece\u011finin a\u00e7\u0131k bir kan\u0131t\u0131d\u0131r. \u0130hlas Gayrimenkul, sadece bir in\u015faat \u015firketi olman\u0131n \u00f6tesinde; enflasyonist bir ortamda ayakta kalmak i\u00e7in muhasebe tekniklerini kullanan, banka finansman\u0131na alternatif sermaye modelleriyle agresif b\u00fcy\u00fcmesini fonlayan ve faaliyetlerini sermaye-hafif bir modelle \u00e7e\u015fitlendiren karma\u015f\u0131k bir yap\u0131ya sahip.<\/p>\n<p>Bir sonraki sefer bir finansal rapora bakt\u0131\u011f\u0131n\u0131zda, man\u015fetlerin \u00f6tesine ge\u00e7erek dipnotlarda gizlenen hikayeyi aramay\u0131 unutmay\u0131n. Kendinize \u015fu soruyu sorun: &#8220;G\u00f6zden ka\u00e7\u0131rd\u0131\u011f\u0131m\u0131z di\u011fer finansal hikayeler bize neler anlat\u0131yor olabilir?&#8221;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u0130hlas Gayrimenkul Proje Geli\u015ftirme ve Ticaret A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Finansal ve Operasyonel Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>\u0130hlas Gayrimenkul Proje Geli\u015ftirme ve Ticaret A.\u015e. (Grup), 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 356,3 milyon TL&#8217;lik zarara kar\u015f\u0131l\u0131k 118,0 milyon TL net k\u00e2r elde ederek \u00f6nemli bir finansal geri d\u00f6n\u00fc\u015f sergilemi\u015ftir. Ancak bu k\u00e2rl\u0131l\u0131k, operasyonel performanstan ziyade, y\u00fcksek enflasyonlu ekonomilerde uygulanan TMS 29 standard\u0131 kapsam\u0131nda kaydedilen 253,8 milyon TL&#8217;lik &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221;ndan kaynaklanmaktad\u0131r. Operasyonel bazda ise, cirodaki hafif d\u00fc\u015f\u00fc\u015fe paralel olarak artan pazarlama ve genel y\u00f6netim giderleri nedeniyle, ge\u00e7ti\u011fimiz y\u0131l 27,7 milyon TL olan esas faaliyet k\u00e2r\u0131, bu d\u00f6nemde 113,1 milyon TL zarara d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<p>\u015eirketin bilan\u00e7osu, devam eden b\u00fcy\u00fck \u00f6l\u00e7ekli in\u015faat projeleri olan &#8220;Bizimevler 12&#8221; ve &#8220;Bizimevler 13&#8243;\u00fcn etkisiyle \u00f6nemli \u00f6l\u00e7\u00fcde b\u00fcy\u00fcm\u00fc\u015ft\u00fcr. Toplam varl\u0131klar 3,1 milyar TL&#8217;den 4,3 milyar TL&#8217;ye y\u00fckselirken, bu art\u0131\u015f\u0131n ana kayna\u011f\u0131n\u0131 1,4 milyar TL&#8217;den 2,8 milyar TL&#8217;ye \u00e7\u0131kan stoklar (devam eden in\u015faatlar) olu\u015fturmaktad\u0131r. Bu projelere paralel olarak, arsa sahiplerine olan bor\u00e7lar\u0131 yans\u0131tan uzun vadeli ticari bor\u00e7lar 1,55 milyar TL&#8217;ye ula\u015fm\u0131\u015f ve \u015firketin Net Bor\u00e7\/\u00d6zkaynak oran\u0131 %192&#8217;den %270&#8217;e y\u00fckselerek artan bor\u00e7lulu\u011fa i\u015faret etmi\u015ftir.<\/p>\n<p>Stratejik olarak \u015firket, madencilik alan\u0131nda sahip oldu\u011fu ruhsatlar\u0131 &#8220;r\u00f6dovans&#8221; (royalty) usul\u00fcyle \u00fc\u00e7\u00fcnc\u00fc partilere devrederek pasif gelir modeline ge\u00e7i\u015f yaparken, ana faaliyet alan\u0131 olan in\u015faat sekt\u00f6r\u00fcnde \u0130stanbul Avc\u0131lar&#8217;da yeni ve b\u00fcy\u00fck projelerle b\u00fcy\u00fcmesini 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. Finansal Performans Analizi<\/h2>\n<h3>1.1. Gelir Tablosu<\/h3>\n<p>Grubun 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda operasyonel zorluklara ve enflasyon muhasebesinin belirgin etkilerine i\u015faret etmektedir.<\/p>\n<ul>\n<li><b>Has\u0131lat ve K\u00e2rl\u0131l\u0131k:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hafif bir d\u00fc\u015f\u00fc\u015fle 508,3 milyon TL&#8217;den 487,9 milyon TL&#8217;ye gerilemi\u015ftir. Sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015fla birlikte Br\u00fct K\u00e2r 126,8 milyon TL&#8217;den 109,5 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Operasyonel Performans:<\/b> \u015eirket, ge\u00e7ti\u011fimiz y\u0131l 27,7 milyon TL esas faaliyet k\u00e2r\u0131 elde ederken, 2025&#8217;in ayn\u0131 d\u00f6neminde 113,1 milyon TL <b>Esas Faaliyet Zarar\u0131<\/b> kaydetmi\u015ftir. Bu negatif d\u00f6n\u00fc\u015f\u00fcmde, artan pazarlama (59,5 milyon TL) ve genel y\u00f6netim giderlerinin (197,0 milyon TL) \u00f6nemli rol\u00fc bulunmaktad\u0131r.<\/li>\n<li><b>Net K\u00e2r\/Zarar:<\/b> Operasyonel zarara ra\u011fmen, \u015firket 118,0 milyon TL <b>Net D\u00f6nem K\u00e2r\u0131<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu durum, 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde kaydedilen 383,5 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131&#8217;n\u0131n, 2025&#8217;te 253,8 milyon TL&#8217;lik Net Parasal Pozisyon Kazanc\u0131&#8217;na d\u00f6n\u00fc\u015fmesinden kaynaklanmaktad\u0131r. Bu kalem, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131n bir sonucu olup, operasyonel performanstan ziyade muhasebesel bir etkiyi yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7:<\/b> Net k\u00e2rdaki bu de\u011fi\u015fimle birlikte, hisse ba\u015f\u0131na kazan\u00e7 -0,3563 TL&#8217;den 0,1180 TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri (TL)<\/td>\n<td>01 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>01 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>487.946.713<\/td>\n<td>508.254.551<\/td>\n<td>\u25bc -4,0%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar\/(Zarar)<\/td>\n<td>109.526.479<\/td>\n<td>126.849.852<\/td>\n<td>\u25bc -13,7%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131\/(Zarar\u0131)<\/td>\n<td>(113.105.403)<\/td>\n<td>27.672.615<\/td>\n<td>Negatife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7\/Kay\u0131p<\/td>\n<td>253.773.931<\/td>\n<td>(383.491.104)<\/td>\n<td>Pozitife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>117.977.511<\/b><\/td>\n<td><b>(356.326.723)<\/b><\/td>\n<td><b>Pozitife D\u00f6n\u00fc\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131 Net Kar<\/td>\n<td>118.491.387<\/td>\n<td>(355.054.447)<\/td>\n<td>Pozitife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Bilan\u00e7o<\/h3>\n<p>\u015eirketin bilan\u00e7osu, 31 Aral\u0131k 2024&#8217;ten 30 Eyl\u00fcl 2025&#8217;e kadar olan s\u00fcrede, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde devam eden in\u015faat projeleriyle \u015fekillenerek \u00f6nemli bir b\u00fcy\u00fcme g\u00f6stermi\u015ftir.<\/p>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Toplam varl\u0131klar %39,5 artarak 3,10 milyar TL&#8217;den 4,33 milyar TL&#8217;ye y\u00fckselmi\u015ftir.\n<ul>\n<li>Bu art\u0131\u015f\u0131n temel nedeni, <b>Stoklar<\/b> kaleminin 1,39 milyar TL&#8217;den 2,80 milyar TL&#8217;ye \u00e7\u0131kmas\u0131d\u0131r. Stoklar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131, Bizimevler 12 (1,34 milyar TL) ve Bizimevler 13 (663 milyon TL) projelerine ait yar\u0131 mamuller (devam eden in\u015faat maliyetleri) olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler 2,06 milyar TL&#8217;den 3,17 milyar TL&#8217;ye y\u00fckselmi\u015ftir.\n<ul>\n<li>Bu art\u0131\u015f\u0131n en dikkat \u00e7ekici kalemi, 1,01 milyar TL&#8217;den 1,55 milyar TL&#8217;ye \u00e7\u0131kan <b>Uzun Vadeli Ticari Bor\u00e7lar<\/b>&#8216;d\u0131r. Bu bor\u00e7lar, Bizimevler 12 ve 13 projeleri i\u00e7in arsa sahiplerine olan y\u00fck\u00fcml\u00fcl\u00fckleri temsil etmektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Net d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle toplam \u00f6zkaynaklar 1,04 milyar TL&#8217;den 1,16 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemleri (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>3.669.083.267<\/td>\n<td>2.439.518.104<\/td>\n<td>\u25b2 50,4%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>658.604.871<\/td>\n<td>662.365.614<\/td>\n<td>\u25bc -0,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>4.327.688.138<\/b><\/td>\n<td><b>3.101.883.718<\/b><\/td>\n<td><b>\u25b2 39,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.310.160.575<\/td>\n<td>754.248.854<\/td>\n<td>\u25b2 73,7%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.860.371.311<\/td>\n<td>1.303.893.629<\/td>\n<td>\u25b2 42,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>1.157.156.252<\/b><\/td>\n<td><b>1.043.741.235<\/b><\/td>\n<td><b>\u25b2 10,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>4.327.688.138<\/b><\/td>\n<td><b>3.101.883.718<\/b><\/td>\n<td><b>\u25b2 39,5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.3. Nakit Ak\u0131\u015f\u0131<\/h3>\n<p>Nakit ak\u0131\u015f tablosu, operasyonlardan sa\u011flanan nakdin pozitife d\u00f6nd\u00fc\u011f\u00fcn\u00fc, ancak bunun b\u00fcy\u00fck \u00f6l\u00e7\u00fcde artan bor\u00e7lanmalardan kaynakland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki 42,8 milyon TL&#8217;lik negatif ak\u0131\u015f, 2025&#8217;te 19,5 milyon TL&#8217;lik pozitif ak\u0131\u015fa d\u00f6nm\u00fc\u015ft\u00fcr. Bu iyile\u015fme, stoklardaki 1,4 milyar TL&#8217;lik devasa art\u0131\u015fa ra\u011fmen, ili\u015fkili olmayan taraflara olan ticari bor\u00e7lardaki 676 milyon TL&#8217;lik ve ili\u015fkili taraflara olan di\u011fer bor\u00e7lardaki 359 milyon TL&#8217;lik art\u0131\u015flarla sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> Yat\u0131r\u0131m ve finansman faaliyetleri sonras\u0131 d\u00f6nem ba\u015f\u0131ndaki 50,8 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda 49,6 milyon TL seviyesinde neredeyse sabit kalm\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. Operasyonel Faaliyetler ve Stratejik Geli\u015fmeler<\/h2>\n<h3>2.1. \u0130n\u015faat Faaliyetleri<\/h3>\n<p>Grup, ana faaliyet alan\u0131 olan in\u015faat sekt\u00f6r\u00fcnde mevcut ve yeni projelerle b\u00fcy\u00fcmesini s\u00fcrd\u00fcrmektedir.<\/p>\n<ul>\n<li><b>Kristal\u015fehir Projesi (Esenyurt):<\/b> Toplam 18 blok, 4.655 konut ve 82 i\u015fyerinden olu\u015fan projenin in\u015faat\u0131 devam etmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla avans kar\u015f\u0131l\u0131\u011f\u0131 sat\u0131lan 3.139 dairenin 3.095&#8217;i ve 51 i\u015fyerinin 48&#8217;i faturaland\u0131r\u0131larak teslim edilmi\u015ftir.<\/li>\n<li><b>Bizimevler 12 Projesi (Avc\u0131lar, Firuzk\u00f6y):<\/b> 42.966 m\u00b2 arsa \u00fczerinde Has\u0131lat Payla\u015f\u0131m\u0131 modeliyle geli\u015ftirilen proje, 473 daire ve 25 ticari \u00fcniteyi kapsamaktad\u0131r.<\/li>\n<li><b>Bizimevler 13 Projesi (Avc\u0131lar, Firuzk\u00f6y):<\/b> 32.310 m\u00b2 arsa \u00fczerinde yine Has\u0131lat Payla\u015f\u0131m\u0131 s\u00f6zle\u015fmesiyle yeni bir proje geli\u015ftirilmektedir.<\/li>\n<\/ul>\n<h3>2.2. Madencilik Faaliyetleri<\/h3>\n<p>Grup, madencilik segmentinde do\u011frudan i\u015fletmecilik yerine, ruhsatlar\u0131n\u0131 devrederek r\u00f6dovans (royalty) geliri elde etme stratejisini benimsemi\u015ftir.<\/p>\n<ul>\n<li><b>CVK Maden \u0130\u015fletmeleri ile Anla\u015fmalar:<\/b>\n<ul>\n<li>\u00c7anakkale Yenice&#8217;deki ruhsat, ayl\u0131k \u00fcretilecek t\u00fcvenan cevherin %7&#8217;si oran\u0131nda pay al\u0131nmas\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda 30+2 y\u0131l s\u00fcreli\u011fine devredilmi\u015ftir.<\/li>\n<li>\u0130zmir Bay\u0131nd\u0131r&#8217;daki iki ruhsat da benzer \u015fekilde, ayl\u0131k %7 pay kar\u015f\u0131l\u0131\u011f\u0131nda 30+2 y\u0131l s\u00fcreyle devredilmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Di\u011fer Anla\u015fmalar:<\/b>\n<ul>\n<li>Hakkari \u00c7ukurca&#8217;daki ruhsat, ayl\u0131k \u00fcretimin %10&#8217;u oran\u0131nda pay al\u0131nmas\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda 10 y\u0131l s\u00fcreli\u011fine devredilmi\u015ftir.<\/li>\n<li>Kahramanmara\u015f Elbistan&#8217;daki ruhsat ise, i\u015fletme giderleri d\u00fc\u015f\u00fcld\u00fckten sonra kalan cironun 1\/3&#8217;\u00fcn\u00fcn pay olarak al\u0131naca\u011f\u0131 bir r\u00f6dovans s\u00f6zle\u015fmesiyle 10 y\u0131ll\u0131\u011f\u0131na i\u015fletmeye verilmi\u015ftir.<\/li>\n<\/ul>\n<\/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. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirketin %74,99&#8217;u halka a\u00e7\u0131k olup, en b\u00fcy\u00fck kurumsal hissedarlar %21,07 pay ile hakim ortak konumundaki \u0130hlas Holding A.\u015e. ve %3,87 pay ile \u0130hlas Ev Aletleri \u0130malat Sanayi ve Tic. A.\u015e.&#8217;dir.<\/li>\n<li><b>Y\u00f6netim Kurulu ve Y\u00f6neticiler:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131 Sedat Kurucan, Mali \u0130\u015flerden Sorumlu Murahhas \u00dcye Mahmut Kemal Ayd\u0131n ve Genel M\u00fcd\u00fcr \u015eadi \u00c7i\u00e7ek\u00e7i \u00fcst y\u00f6netimi olu\u015fturmaktad\u0131r. D\u00f6nem i\u00e7inde ba\u011f\u0131ms\u0131z y\u00f6netim kurulu \u00fcyesi Prof. Dr. Resul \u0130zmirli&#8217;nin yerine Prof. Dr. \u00d6mer Soysal atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Personel:<\/b> Grup&#8217;un toplam \u00e7al\u0131\u015fan say\u0131s\u0131 bir \u00f6nceki y\u0131la g\u00f6re 232&#8217;den 312&#8217;ye y\u00fckselmi\u015ftir. Kilit y\u00f6netici personele 2025&#8217;in ilk dokuz ay\u0131nda 16,0 milyon TL tutar\u0131nda k\u0131sa vadeli fayda sa\u011flanm\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. Riskler ve Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<ul>\n<li><b>Finansal Riskler:<\/b>\n<ul>\n<li><b>Kald\u0131ra\u00e7 Riski:<\/b> \u015eirketin <b>Net Bor\u00e7 \/ \u00d6zkaynak oran\u0131<\/b>, 31 Aral\u0131k 2024&#8217;teki %192 seviyesinden 30 Eyl\u00fcl 2025&#8217;te %270&#8217;e y\u00fckselmi\u015ftir. Bu art\u0131\u015f, devam eden projelerin finansman\u0131 i\u00e7in bor\u00e7lanman\u0131n artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Kur Riski:<\/b> \u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla 431,5 milyon TL&#8217;lik <b>net yabanc\u0131 para varl\u0131k pozisyonu<\/b> bulunmaktad\u0131r. Bu durum, \u015firketin T\u00fcrk Liras\u0131&#8217;n\u0131n de\u011fer kayb\u0131ndan olumlu etkilenece\u011fi anlam\u0131na gelmektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Teminatlar ve \u0130potekler (TR\u0130K):<\/b> Grubun verdi\u011fi en \u00f6nemli teminat, Bizimevler 12 ve 13 projeleri i\u00e7in arsa sahiplerine verilen 2,68 milyar TL tutar\u0131ndaki ipotektir.<\/li>\n<li><b>Hukuki S\u00fcre\u00e7ler:<\/b> \u015eirketin aleyhine a\u00e7\u0131lm\u0131\u015f 3,8 milyon TL&#8217;lik dava bulunmaktad\u0131r ve bu davalar i\u00e7in kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r. \u015eirketin ba\u015flatt\u0131\u011f\u0131 en \u00f6nemli hukuki s\u00fcre\u00e7 ise, GOPA\u015e ve Gaziosmanpa\u015fa Belediye Ba\u015fkanl\u0131\u011f\u0131&#8217;ndan olan alaca\u011f\u0131na ili\u015fkin 72,0 milyon TL&#8217;lik icra takibi ve 91,5 milyon TL&#8217;lik alacak davas\u0131d\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"203\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>\u0130hlas Gayrimenkul&#8217;\u00fcn Finansal Raporunda Gizli 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye Finansal raporlar, ilk bak\u0131\u015fta rakamlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fclebilir. Ancak \u0130hlas Gayrimenkul Proje Geli\u015ftirme ve Ticaret A.\u015e.&#8217;nin (IHLGM) son finansal raporu, bu alg\u0131y\u0131 y\u0131kan cinsten. \u0130hlas&#8230; <\/p>\n","protected":false},"author":1,"featured_media":235,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,36],"class_list":["post-203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-ihlgm"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/203","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=203"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/203\/revisions"}],"predecessor-version":[{"id":236,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/203\/revisions\/236"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/235"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}