{"id":205,"date":"2025-12-19T23:21:30","date_gmt":"2025-12-19T20:21:30","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=205"},"modified":"2025-12-19T23:21:30","modified_gmt":"2025-12-19T20:21:30","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-pamel-pamel-yenilenebilir-elektrik-uretim-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/205","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PAMEL | Pamel Yenilenebilir Elektrik \u00dcretim 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PAMEL | Pamel Yenilenebilir Elektrik \u00dcretim 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/QITBU4EuilQ?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>Pamel&#8217;in Faaliyet Raporunda Sakl\u0131 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/b><\/h3>\n<p>Kurumsal faaliyet raporlar\u0131, genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmaz belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu raporlar, dikkatli okundu\u011funda bir \u015firketin ger\u00e7ek hikayesini, stratejisini ve hatta gelece\u011fini ortaya koyan inan\u0131lmaz detaylar bar\u0131nd\u0131rabilir. Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6ren Pamel Yenilenebilir Elektrik \u00dcretim A.\u015e.&#8217;nin son faaliyet raporunu inceledik ve \u00e7o\u011fu yat\u0131r\u0131mc\u0131n\u0131n g\u00f6zden ka\u00e7\u0131rabilece\u011fi \u015fa\u015f\u0131rt\u0131c\u0131 ve d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc be\u015f \u00f6nemli noktay\u0131 ortaya \u00e7\u0131kard\u0131k.<\/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<h3><b>1. \u015eirket Y\u00f6netimi Art\u0131k Devletin Elinde: Kayy\u0131m Atamas\u0131<\/b><\/h3>\n<p>Rapordaki belki de en \u00e7arp\u0131c\u0131 ve beklenmedik bilgi, \u015firketin y\u00f6netim yap\u0131s\u0131ndaki k\u00f6kl\u00fc de\u011fi\u015fimdir. \u0130stanbul 10. Sulh Ceza Hakimli\u011fi&#8217;nin 13 Kas\u0131m 2025 tarihli karar\u0131yla Tasarruf Mevat\u0131 Sigorta Fonu (TMSF), \u015firkete kayy\u0131m olarak atanm\u0131\u015ft\u0131r.<\/p>\n<p>Bu ataman\u0131n bir sonucu olarak, mevcut y\u00f6netim kurulu g\u00f6revden al\u0131nm\u0131\u015f ve TMSF taraf\u0131ndan tamamen yeni bir y\u00f6netim kurulu olu\u015fturulmu\u015ftur. Bu durum, halka a\u00e7\u0131k bir \u015firketin kontrol\u00fcn\u00fcn ve temsilinin devlet taraf\u0131ndan atanan bir kurula ge\u00e7mesi anlam\u0131na gelmektedir ve bu s\u0131radan bir geli\u015fme de\u011fildir. Bu geli\u015fme, yat\u0131r\u0131mc\u0131lar i\u00e7in yeni bir politik ve reg\u00fclasyon riski katman\u0131 eklemektedir. Devlet taraf\u0131ndan atanan bir y\u00f6netimin \u00f6nceliklerinin, \u00f6zel hissedarlar\u0131n k\u00e2r maksimizasyonu hedefiyle her zaman \u00f6rt\u00fc\u015f\u00fcp \u00f6rt\u00fc\u015fmeyece\u011fi ve \u015firketin stratejik devaml\u0131l\u0131\u011f\u0131n\u0131 nas\u0131l etkileyece\u011fi, yak\u0131ndan izlenmesi gereken kritik sorulard\u0131r.<\/p>\n<h3><b>2. K\u00e2r Paradoksu: Elektrik Sat\u0131\u015f\u0131ndan De\u011fil, Finansal Gelirden Gelen K\u00e2rl\u0131l\u0131k<\/b><\/h3>\n<p>\u015eirketin gelir tablosu, ilk bak\u0131\u015fta kafa kar\u0131\u015ft\u0131r\u0131c\u0131 bir \u00e7eli\u015fki bar\u0131nd\u0131r\u0131yor. Pamel, 30 Eyl\u00fcl 2025 itibar\u0131yla yakla\u015f\u0131k 65 milyon TL&#8217;lik elektrik sat\u0131\u015f\u0131 yapm\u0131\u015f, ancak bu sat\u0131\u015flardan elde etti\u011fi br\u00fct k\u00e2r sadece 285.684 TL gibi sembolik bir rakamda kalm\u0131\u015ft\u0131r. Yani, ana faaliyet konusu olan elektrik \u00fcretim ve sat\u0131\u015f operasyonu neredeyse hi\u00e7 k\u00e2r getirmemi\u015ftir.<\/p>\n<p>Buna kar\u015f\u0131n, \u015firketin Esas Faaliyet K\u00e2r\u0131 103 milyon TL gibi devasa bir seviyededir. Bu paradoksun sebebi, raporda &#8220;Esas Faaliyetlerden Di\u011fer Gelirler&#8221; ba\u015fl\u0131\u011f\u0131 alt\u0131nda yer alan 111 milyon TL&#8217;lik bir kalemdir. Detayl\u0131 incelendi\u011finde, bu gelirin neredeyse tamam\u0131n\u0131n (110,6 milyon TL), \u015firketin ana orta\u011f\u0131 Pamukova Elektrik&#8217;ten sa\u011flanan finansmana ili\u015fkin &#8220;reeskont geliri&#8221; oldu\u011fu g\u00f6r\u00fclmektedir. Bu durum, Pamel&#8217;in mevcut k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n elektrik \u00fcretmekten \u00e7ok, finansal yap\u0131s\u0131ndan beslendi\u011fini net bir \u015fekilde g\u00f6stermektedir. Bu da yat\u0131r\u0131mc\u0131lar i\u00e7in kritik bir soruyu g\u00fcndeme getiriyor: Ana operasyonlardan ziyade ili\u015fkili bir taraftan elde edilen finansal gelire dayal\u0131 bu k\u00e2rl\u0131l\u0131k modeli, uzun vadede s\u00fcrd\u00fcr\u00fclebilir mi?<\/p>\n<h3><b>3. Gelece\u011fe Y\u00f6nelik Dev Hamle: Sermaye Tavan\u0131nda 10 Kat Art\u0131\u015f Plan\u0131<\/b><\/h3>\n<p>Pamel, gelece\u011fe y\u00f6nelik olduk\u00e7a iddial\u0131 bir haz\u0131rl\u0131k i\u00e7erisinde g\u00f6r\u00fcn\u00fcyor. \u015eirketin mevcut kay\u0131tl\u0131 sermaye tavan\u0131 200.000.000 TL (iki y\u00fcz milyon TL) seviyesindeyken, bu tavan\u0131 tam 10 kat art\u0131rarak 2.000.000.000 TL&#8217;ye (iki milyar TL) \u00e7\u0131karma karar\u0131 alm\u0131\u015ft\u0131r.<\/p>\n<p>Bu \u00f6nemli de\u011fi\u015fiklik i\u00e7in hem Sermaye Piyasas\u0131 Kurulu&#8217;ndan (SPK) hem de Ticaret Bakanl\u0131\u011f\u0131&#8217;ndan gerekli \u00f6n onaylar al\u0131nm\u0131\u015f olsa da, kritik bir ad\u0131m daha bulunmaktad\u0131r: Bu karar, yap\u0131lacak ilk Genel Kurul toplant\u0131s\u0131nda pay sahiplerinin onay\u0131na sunulacakt\u0131r. Bu devasa art\u0131\u015f, \u015firkete gelecekte b\u00fcy\u00fck sat\u0131n almalar veya yeni yat\u0131r\u0131mlar gibi stratejik hamleler i\u00e7in muazzam bir esneklik tan\u0131maktad\u0131r. Ancak bu durum, mevcut hissedarlar i\u00e7in potansiyel bir hisse seyrelmesi riski de bar\u0131nd\u0131rd\u0131\u011f\u0131ndan, yap\u0131lacak olan Genel Kurul oylamas\u0131 \u015firketin gelece\u011fi i\u00e7in izlenmesi gereken en \u00f6nemli olaylardan biri haline gelmi\u015ftir.<\/p>\n<h3><b>4. Hisse Sahipleri Aras\u0131ndaki G\u00fc\u00e7 Dengesizli\u011fi: 1&#8217;e Kar\u015f\u0131 15 Oy Hakk\u0131<\/b><\/h3>\n<p>\u00c7o\u011fu k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131n\u0131n g\u00f6zden ka\u00e7\u0131rabilece\u011fi bir di\u011fer \u00f6nemli detay ise \u015firketin ortakl\u0131k yap\u0131s\u0131ndaki imtiyazl\u0131 paylard\u0131r. Pamel&#8217;in sermayesi (A) Grubu ve (B) Grubu olmak \u00fczere iki farkl\u0131 pay t\u00fcr\u00fcne ayr\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>Borsada i\u015flem g\u00f6ren ve halka a\u00e7\u0131k olan (B) Grubu paylar\u0131n her biri genel kurulda sadece 1 oy hakk\u0131na sahipken, imtiyazl\u0131 (A) Grubu paylar\u0131n her birinin tam 15 oy hakk\u0131 bulunmaktad\u0131r. Bu yap\u0131, \u015firket kontrol\u00fcn\u00fcn say\u0131sal olarak az\u0131nl\u0131kta olan ancak oy g\u00fcc\u00fc olarak ezici bir \u00fcst\u00fcnl\u00fc\u011fe sahip ana ortak Pamukova Elektrik \u00dcretim A.\u015e.&#8217;de topland\u0131\u011f\u0131 anlam\u0131na gelir. Bu g\u00fc\u00e7 dengesizli\u011fi, ana orta\u011f\u0131n birle\u015fme, b\u00fcy\u00fck bir varl\u0131k sat\u0131\u015f\u0131 veya bir \u00f6nceki b\u00f6l\u00fcmde bahsedilen devasa sermaye tavan\u0131 art\u0131\u015f\u0131 gibi kritik kararlar\u0131, bireysel hissedarlar\u0131n \u00e7o\u011funlu\u011funun iradesinden ba\u011f\u0131ms\u0131z olarak tek ba\u015f\u0131na onaylayabilece\u011fi veya reddedebilece\u011fi anlam\u0131na gelmektedir.<\/p>\n<h3><b>5. Sadece Hidroelektrik De\u011fil: T\u00fcrkiye\u2019nin En Verimli G\u00fcne\u015f Santrallerine Yat\u0131r\u0131m<\/b><\/h3>\n<p>Pamel, kamuoyunda genellikle Ad\u0131yaman ve Erzurum&#8217;da bulunan iki Hidroelektrik Santrali (HES) ile bilinir. Ancak faaliyet raporu, \u015firketin enerji portf\u00f6y\u00fcn\u00fc sessizce \u00e7e\u015fitlendirdi\u011fini ortaya koyuyor. \u015eirketin iki HES tesisi toplamda yakla\u015f\u0131k 14,4 MW (6,946 MW + 7,49 MW) kurulu g\u00fcce sahiptir.<\/p>\n<p>Buna ek olarak \u015firket, i\u015ftiraki olan Sun Yenilenebilir Enerji A.\u015e. arac\u0131l\u0131\u011f\u0131yla Ankara&#8217;n\u0131n Bala il\u00e7esinde toplam 4,018 MW kurulu g\u00fcce sahip 4 adet G\u00fcne\u015f Enerjisi Santrali&#8217;ne (GES) de sahiptir. Raporda bu yat\u0131r\u0131mla ilgili kullan\u0131lan ifade olduk\u00e7a iddial\u0131: Bu santrallerin <b>&#8220;T\u00fcrkiye\u2019nin en verimli G\u00fcne\u015f Enerjisi Santrallerindendir&#8221;<\/b> oldu\u011fu belirtiliyor. Bu yat\u0131r\u0131m, g\u00fcne\u015f enerjisinin portf\u00f6yde \u00f6nemli ancak hen\u00fcz ikincil bir rolde oldu\u011funu g\u00f6sterse de, \u015firketin sadece suya ba\u011f\u0131ml\u0131 bir \u00fcretim yap\u0131s\u0131ndan \u00e7\u0131karak, gelece\u011fin enerjisi olarak kabul edilen g\u00fcne\u015fe de stratejik bir ad\u0131m att\u0131\u011f\u0131n\u0131 ve risklerini da\u011f\u0131tt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/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<h3><b>Sonu\u00e7: Bir Rapordan \u00c7ok Daha Fazlas\u0131<\/b><\/h3>\n<p>Bu be\u015f nokta, bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131n ve gelece\u011finin sadece net k\u00e2r veya zarar rakamlar\u0131ndan ibaret olmad\u0131\u011f\u0131n\u0131 a\u00e7\u0131k\u00e7a g\u00f6steriyor. Y\u00f6netimdeki kayy\u0131m atamas\u0131, k\u00e2rl\u0131l\u0131\u011f\u0131n ger\u00e7ek kayna\u011f\u0131, sermaye yap\u0131s\u0131ndaki stratejik haz\u0131rl\u0131klar, ortakl\u0131k yap\u0131s\u0131ndaki g\u00fc\u00e7 dengesi ve portf\u00f6y \u00e7e\u015fitlendirmesi gibi &#8220;sat\u0131r aras\u0131&#8221; bilgiler, bir yat\u0131r\u0131mc\u0131n\u0131n sahip olmas\u0131 gereken en kritik veriler olabilir.<\/p>\n<p>Peki, bir sonraki yat\u0131r\u0131m karar\u0131n\u0131z\u0131 vermeden \u00f6nce, rakamlar\u0131n ard\u0131ndaki hikayeyi ne kadar derinden okuyorsunuz?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Pamel Yenilenebilir Elektrik \u00dcretim A.\u015e. Faaliyet ve Finansal Durum Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, Pamel Yenilenebilir Elektrik \u00dcretim A.\u015e.&#8217;nin (PAMEL) 30 Eyl\u00fcl 2025 tarihli faaliyet raporu ve konsolide finansal tablolar\u0131na dayanarak \u015firketin operasyonel, finansal ve kurumsal yap\u0131s\u0131n\u0131 kapsaml\u0131 bir \u015fekilde analiz etmektedir.<\/p>\n<p>PAMEL, Ad\u0131yaman ve Erzurum&#8217;da toplam 14,436 MW kurulu g\u00fcce sahip iki Hidroelektrik Santrali (HES) ve %100 i\u015ftiraki Sun Yenilenebilir Enerji \u00dcretim A.\u015e. arac\u0131l\u0131\u011f\u0131yla Ankara&#8217;da 4,018 MW kurulu g\u00fcce sahip d\u00f6rt G\u00fcne\u015f Enerjisi Santrali (GES) i\u015fletmektedir. \u015eirket, bu tesisler arac\u0131l\u0131\u011f\u0131yla T\u00fcrkiye&#8217;nin temiz enerji \u00fcretimine katk\u0131da bulunmaktad\u0131r.<\/p>\n<p>Finansal olarak, 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6nemde \u015firket 64.994.558 TL&#8217;lik sat\u0131\u015f has\u0131lat\u0131 elde etmi\u015f ve d\u00f6nemi -25.781.556 TL net zararla kapatm\u0131\u015ft\u0131r. Bu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki -107.440.225 TL&#8217;lik zarara k\u0131yasla bir iyile\u015fmeye i\u015faret etmektedir. \u015eirketin toplam varl\u0131klar\u0131 1.217.229.625 TL, \u00f6zkaynaklar\u0131 ise 898.643.936 TL olarak raporlanm\u0131\u015ft\u0131r.<\/p>\n<p>D\u00f6nemin en \u00f6nemli kurumsal geli\u015fmeleri aras\u0131nda, \u015firketin kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n 200 Milyon TL&#8217;den 2 Milyar TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131na y\u00f6nelik Sermaye Piyasas\u0131 Kurulu ve Ticaret Bakanl\u0131\u011f\u0131&#8217;ndan onay al\u0131nmas\u0131 yer almaktad\u0131r. Bu de\u011fi\u015fiklik, yap\u0131lacak ilk genel kurulda pay sahiplerinin onay\u0131na sunulacakt\u0131r.<\/p>\n<p>Raporlama d\u00f6nemi sonras\u0131 en kritik geli\u015fme ise, \u0130stanbul 10. Sulh Ceza Hakimli\u011fi&#8217;nin 13 Kas\u0131m 2025 tarihli karar\u0131yla Tasarruf Mevduat\u0131 Sigorta Fonu&#8217;nun (TMSF) \u015firkete kayy\u0131m olarak atanmas\u0131d\u0131r. Bu karar uyar\u0131nca, TMSF Fon Kurulu taraf\u0131ndan yeni bir Y\u00f6netim Kurulu olu\u015fturulmu\u015f ve \u015firketin y\u00f6netimi devral\u0131nm\u0131\u015ft\u0131r.<\/p>\n<h2>\u015eirket Profili ve Faaliyet Alanlar\u0131<\/h2>\n<p>Pamel Yenilenebilir Elektrik \u00dcretim A.\u015e. (BIST Kodu: PAMEL), 18 Aral\u0131k 2007&#8217;de enerji tesisleri in\u015fa etmek ve i\u015fletmek amac\u0131yla kurulmu\u015ftur. \u015eirketin merkezi \u0130stanbul, Sar\u0131yer&#8217;de bulunmaktad\u0131r ve paylar\u0131 Borsa \u0130stanbul Ana Pazar&#8217;da i\u015flem g\u00f6rmektedir.<\/p>\n<h3>Yenilenebilir Enerji Varl\u0131klar\u0131<\/h3>\n<p>PAMEL, hem hidroelektrik hem de g\u00fcne\u015f enerjisi alanlar\u0131nda faaliyet g\u00f6steren santrallere sahiptir.<\/p>\n<p><b>Hidroelektrik Santralleri (HES):<\/b><\/p>\n<ul>\n<li><b>Ad\u0131yaman \u015eifrin HES:<\/b> Ad\u0131yaman&#8217;\u0131n \u00c7elikhan il\u00e7esinde yer alan bu santral, 6,946 MW kurulu g\u00fcce sahiptir. 2012 y\u0131l\u0131nda i\u015fletmeye a\u00e7\u0131lan tesis, Alman teknolojisi ile kurulmu\u015f t\u00fcrbin ve ekipmanlara sahiptir ve uzaktan otomasyon sistemi ile y\u00f6netilmektedir. Santralin y\u0131ll\u0131k \u00fcretim kapasitesi 17,386 GWh olup, 49 y\u0131ll\u0131k \u00fcretim lisans\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Erzurum Tortum HES:<\/b> Erzurum&#8217;un Tortum il\u00e7esinde bulunan santral, toplam 7,49 MW kurulu g\u00fcce sahip \u00fc\u00e7 t\u00fcrbinden olu\u015fmaktad\u0131r. 2014 y\u0131l\u0131nda \u00fcretime ba\u015flayan santralin kapasitesini art\u0131rmak amac\u0131yla projelendirilen &#8220;\u015eenyurt Hatt\u0131&#8221; yat\u0131r\u0131m\u0131 2023 y\u0131l\u0131nda tamamlanarak \u00fcretime katk\u0131 sa\u011flam\u0131\u015ft\u0131r. Tesisin y\u0131ll\u0131k \u00fcretim kapasitesi 22,925 GWh&#8217;dir ve 49 y\u0131ll\u0131k \u00fcretim lisans\u0131na sahiptir.<\/li>\n<\/ul>\n<p><b>G\u00fcne\u015f Enerjisi Santralleri (GES):<\/b><\/p>\n<ul>\n<li>PAMEL, 29.12.2021 tarihinde kurulan 80.000.000 TL sermayeli &#8220;Sun Yenilenebilir Enerji \u00dcretim A.\u015e.&#8221;nin %100 pay sahibidir.<\/li>\n<li>Sun Yenilenebilir Enerji, 2022 y\u0131l\u0131nda Ortak\u00f6y Enerji A.\u015e. ve \u015ei\u015fli Enerji A.\u015e.&#8217;yi sat\u0131n alm\u0131\u015ft\u0131r.<\/li>\n<li>Bu \u015firketlerin b\u00fcnyesinde, Ankara&#8217;n\u0131n Bala il\u00e7esinde konumlanan ve T\u00fcrkiye&#8217;nin en verimli santralleri aras\u0131nda g\u00f6sterilen 4 adet GES bulunmaktad\u0131r.<\/li>\n<li>Bu santrallerin toplam kurulu g\u00fcc\u00fc 4,018 MW, y\u0131ll\u0131k \u00fcretim kapasitesi ise 6,2 GWh&#8217;dir.<\/li>\n<li>Santrallerden elde edilen enerji, Yenilenebilir Enerji Kaynaklar\u0131 Destekleme Mekanizmas\u0131 (YEKDEM) kapsam\u0131nda sat\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h2>Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<p>\u015eirket, 15 A\u011fustos 2013&#8217;ten bu yana kay\u0131tl\u0131 sermaye sistemine tabidir. 30 Eyl\u00fcl 2025 itibar\u0131yla sermaye ve ortakl\u0131k yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<ul>\n<li><b>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye:<\/b> 31.095.331 TL<\/li>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131:<\/b> 200.000.000 TL<\/li>\n<li><b>Planlanan Yeni Tavan:<\/b> 2.000.000.000 TL (SPK ve Ticaret Bakanl\u0131\u011f\u0131 onay\u0131 al\u0131nm\u0131\u015f, Genel Kurul onay\u0131na sunulacak)<\/li>\n<\/ul>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahibi<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Oran (%)<\/td>\n<\/tr>\n<tr>\n<td>Pamukova Elektrik \u00dcretim A.\u015e.<\/td>\n<td>23.652.981<\/td>\n<td>76,07<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer \u2013 (Halka A\u00e7\u0131k)<\/td>\n<td>7.442.350<\/td>\n<td>23,93<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>31.095.331<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Finansal tablo dipnotlar\u0131na g\u00f6re, Pamukova Elektrik \u00dcretim A.\u015e. arac\u0131l\u0131\u011f\u0131yla \u015eirket paylar\u0131n\u0131n %76,07&#8217;lik k\u0131sm\u0131 Investco Holding A.\u015e.&#8217;ye aittir.<\/p>\n<h3>\u0130mtiyazl\u0131 Paylar ve Oy Haklar\u0131<\/h3>\n<p>\u015eirket sermayesi (A) Grubu ve (B) Grubu paylardan olu\u015fmaktad\u0131r:<\/p>\n<ul>\n<li><b>(A) Grubu Paylar:<\/b> 1.360.000 adet nama yaz\u0131l\u0131 paydan olu\u015fur. Bu paylar, Y\u00f6netim Kurulu&#8217;nun yar\u0131s\u0131n\u0131n kendi adaylar\u0131 aras\u0131ndan se\u00e7ilmesi ve Genel Kurul&#8217;da her pay i\u00e7in 15 oy hakk\u0131na sahip olma imtiyaz\u0131 tan\u0131r.<\/li>\n<li><b>(B) Grubu Paylar:<\/b> 29.735.331 adet hamiline yaz\u0131l\u0131 paydan olu\u015fur. Her bir pay i\u00e7in 1 oy hakk\u0131 bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h2>Y\u00f6netim ve Kurumsal Yap\u0131<\/h2>\n<h3>Y\u00f6netim Kurulu ve \u0130dari Kadro (Rapor Tarihi \u0130tibar\u0131yla)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>Unvan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Pamukova Elektrik \u00dcretim A.\u015e. (Temsilen Mustafa \u00dcnal)<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer \u00d6zbay<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>Dr. M. Necip Uluda\u011f<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Mithat K\u0131l\u0131\u00e7<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Yasemin \u00d6zcan Kele\u015f (*)<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>(*) Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi Yasemin \u00d6zcan Kele\u015f, 03.10.2025 tarihinde g\u00f6revinden ayr\u0131lm\u0131\u015ft\u0131r.<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u0130dari Kadro:<\/b><\/p>\n<ul>\n<li><b>Ali ARICA:<\/b> \u015eifrin HES Y\u00f6neticisi<\/li>\n<li><b>\u00dcmit AYDEM\u0130R:<\/b> Havva HES Y\u00f6neticisi<\/li>\n<li><b>Haluk \u00d6N\u00dcRME:<\/b> Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri B\u00f6l\u00fcm Y\u00f6neticisi<\/li>\n<\/ul>\n<h3>Raporlama D\u00f6nemi Sonras\u0131 Y\u00f6netim De\u011fi\u015fikli\u011fi: TMSF Taraf\u0131ndan Kayy\u0131m Atanmas\u0131<\/h3>\n<p>13 Kas\u0131m 2025 tarihinde \u0130stanbul 10. Sulh Ceza Hakimli\u011fi karar\u0131yla Tasarruf Mevduat\u0131 Sigorta Fonu (TMSF), PAMEL&#8217;e kayy\u0131m olarak atanm\u0131\u015ft\u0131r. TMSF Fon Kurulu&#8217;nun 14 Kas\u0131m 2025 tarihli karar\u0131 ile \u015eirket Y\u00f6netim Kurulu yeniden olu\u015fturulmu\u015ftur. Yeni Y\u00f6netim Kurulu \u00fcyeleri 21 Kas\u0131m 2025&#8217;te tescil edilmi\u015ftir:<\/p>\n<ul>\n<li><b>Cemal Okumu\u015f:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>Zafer \u00d6zdamar:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Serdar Karaku\u015f:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Dilek B\u00fcy\u00fck:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Ay\u015feg\u00fcl Aydo\u011fan Uru\u015f:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<\/ul>\n<p>Ayr\u0131ca, Fon Kurulu&#8217;nun 27 Kas\u0131m 2025 tarihli karar\u0131yla <b>\u00d6zg\u00fcr \u00c7a\u011flayan<\/b> da Y\u00f6netim Kurulu \u00dcyesi olarak atanm\u0131\u015ft\u0131r.<\/p>\n<h3>Kurumsal Y\u00f6netim ve Komiteler<\/h3>\n<p>\u015eirket, Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne uyum sa\u011flamay\u0131 hedeflemektedir. Bu kapsamda, Y\u00f6netim Kurulu b\u00fcnyesinde \u00fc\u00e7 komite olu\u015fturulmu\u015ftur:<\/p>\n<ul>\n<li><b>Denetim Komitesi:<\/b> Mithat K\u0131l\u0131\u00e7 (Ba\u015fkan), Yasemin \u00d6zcan Kele\u015f (\u00dcye)<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Yasemin \u00d6zcan Kele\u015f (Ba\u015fkan), Mithat K\u0131l\u0131\u00e7 (\u00dcye), Haluk \u00d6n\u00fcrme (\u00dcye)<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Mithat K\u0131l\u0131\u00e7 (Ba\u015fkan), Yasemin \u00d6zcan Kele\u015f (\u00dcye)<\/li>\n<\/ul>\n<h2>\u00dcretim ve Sat\u0131\u015f Performans\u0131<\/h2>\n<p>1 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde, \u015firketin HES ve GES santrallerinin toplam \u00fcretim ve sat\u0131\u015f performans\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metrik<\/td>\n<td>De\u011fer<\/td>\n<\/tr>\n<tr>\n<td>Toplam Sat\u0131\u015f Miktar\u0131 (kWh)<\/td>\n<td>11.540.739<\/td>\n<\/tr>\n<tr>\n<td>Toplam Sat\u0131\u015f Tutar\u0131 (TL)<\/td>\n<td>64.994.558<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u00d6zet Finansal Veriler<\/h2>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 ve kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nemlere ait konsolide finansal verileri a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir. Tutarlar, T\u00fcrk Liras\u0131&#8217;n\u0131n 30 Eyl\u00fcl 2025 tarihindeki al\u0131m g\u00fcc\u00fcyle ifade edilmi\u015ftir.<\/p>\n<h3>Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>14.503.671<\/td>\n<td>13.277.076<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.202.725.954<\/td>\n<td>1.237.976.347<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>1.217.229.625<\/b><\/td>\n<td><b>1.251.253.423<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>7.533.563<\/td>\n<td>6.440.037<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>311.052.126<\/td>\n<td>320.387.894<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>318.585.689<\/b><\/td>\n<td><b>326.827.931<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>898.643.936<\/b><\/td>\n<td><b>924.425.492<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>1.217.229.625<\/b><\/td>\n<td><b>1.251.253.423<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Kar veya Zarar ve Di\u011fer Kapsaml\u0131 Gelir Tablosu<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat (Sat\u0131\u015flar)<\/td>\n<td>64.994.558<\/td>\n<td>70.613.834<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(64.708.874)<\/td>\n<td>(67.762.533)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r \/ (Zarar)<\/b><\/td>\n<td><b>285.684<\/b><\/td>\n<td><b>2.851.301<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/td>\n<td>103.031.149<\/td>\n<td>88.961.436<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(195.304.858)<\/td>\n<td>(167.477.586)<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r\/(Zarar)<\/td>\n<td>(41.213.044)<\/td>\n<td>(23.150.847)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>(25.781.556)<\/b><\/td>\n<td><b>(107.440.225)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7\/(Kay\u0131p)<\/td>\n<td>(0,829)<\/td>\n<td>(3,455)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Y\u00f6netim ve \u00dcst D\u00fczey Y\u00f6netime Sa\u011flanan Faydalar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>\u00dccret ve K\u0131sa D\u00f6nem Faydalar (TL)<\/td>\n<\/tr>\n<tr>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>1.310.081<\/td>\n<\/tr>\n<tr>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<td>857.309<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>D\u00f6nem \u0130\u00e7indeki \u00d6nemli Geli\u015fmeler<\/h2>\n<ul>\n<li><b>Kredi Borcunun Kapat\u0131lmas\u0131:<\/b> 18 Haziran 2025 itibar\u0131yla, T\u00fcrkiye Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 A.\u015e. nezdindeki t\u00fcm kredi bor\u00e7lar\u0131n\u0131n kapat\u0131ld\u0131\u011f\u0131na dair bildirim al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim Kurulu\u015funun Belirlenmesi:<\/b> 4 Temmuz 2025 tarihli Y\u00f6netim Kurulu karar\u0131yla, 2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131n denetimi i\u00e7in PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.&#8217;nin se\u00e7ilmesine ve bu se\u00e7imin Genel Kurul onay\u0131na sunulmas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan Art\u0131\u015f\u0131:<\/b> \u015eirket Esas S\u00f6zle\u015fmesi&#8217;nin &#8220;Sermaye ve Paylar&#8221; ba\u015fl\u0131kl\u0131 7. maddesinin tadili ile kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n 200.000.000 TL&#8217;den 2.000.000.000 TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 ve tavan ge\u00e7erlilik s\u00fcresinin 2025-2029 (veya di\u011fer kaynakta belirtildi\u011fi gibi 2026-2029) y\u0131llar\u0131n\u0131 kapsayacak \u015fekilde uzat\u0131lmas\u0131 i\u00e7in Sermaye Piyasas\u0131 Kurulu ve T.C. Ticaret Bakanl\u0131\u011f\u0131&#8217;ndan gerekli izinler al\u0131nm\u0131\u015ft\u0131r. Tadil tasar\u0131s\u0131, yap\u0131lacak ilk Genel Kurul&#8217;da pay sahiplerinin onay\u0131na sunulacakt\u0131r.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi Ayr\u0131l\u0131\u011f\u0131:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi Yasemin \u00d6zcan Kele\u015f, 3 Ekim 2025 itibar\u0131yla g\u00f6revinden ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"205\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Pamel&#8217;in Faaliyet Raporunda Sakl\u0131 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye Kurumsal faaliyet raporlar\u0131, genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmaz belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu raporlar, dikkatli okundu\u011funda bir \u015firketin ger\u00e7ek hikayesini, stratejisini ve hatta gelece\u011fini ortaya koyan inan\u0131lmaz detaylar&#8230; <\/p>\n","protected":false},"author":1,"featured_media":237,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,37],"class_list":["post-205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-pamel"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/205","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=205"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/205\/revisions"}],"predecessor-version":[{"id":238,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/205\/revisions\/238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/237"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}