{"id":211,"date":"2025-12-19T23:36:08","date_gmt":"2025-12-19T20:36:08","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=211"},"modified":"2025-12-19T23:36:08","modified_gmt":"2025-12-19T20:36:08","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-kimmr-ersan-alisveris-hizmetleri-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/211","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KIMMR | Ersan Al\u0131\u015fveri\u015f Hizmetleri 2025\/9 Bilan\u00e7o Analizi | *** \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KIMMR | Ersan Al\u0131\u015fveri\u015f Hizmetleri 2025\/9 Bilan\u00e7o Analizi | *** \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/dpqEes9GQcU?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>K\u0130M Market Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Al\u0131\u015fveri\u015f Sepetinin Ard\u0131ndaki S\u0131rlar<\/h3>\n<p>Haftal\u0131k market al\u0131\u015fveri\u015finizden sonra elinize ald\u0131\u011f\u0131n\u0131z fi\u015f, sadece enflasyonun bir yans\u0131mas\u0131 de\u011fildir. O fi\u015f, ayn\u0131 zamanda g\u00fcne\u015f panelleriyle, devasa gayrimenkul portf\u00f6yleriyle ve jilet kesi\u011fi kadar ince k\u00e2r marjlar\u0131yla y\u00fcr\u00fct\u00fclen, y\u00fcksek riskli bir kurumsal sava\u015f\u0131n cephe raporudur. K\u0130M Market gibi dev bir operasyonun koridorlar\u0131nda dola\u015f\u0131rken g\u00f6rd\u00fc\u011f\u00fcm\u00fcz raflar, asl\u0131nda karma\u015f\u0131k bir strateji oyununun sadece g\u00f6r\u00fcnen y\u00fcz\u00fcd\u00fcr.<\/p>\n<p>Peki bu oyunun kurallar\u0131 nelerdir? \u015eirket, hangi gizli hamlelerle ayakta kal\u0131yor ve b\u00fcy\u00fcyor? Genellikle bu sorular\u0131n cevaplar\u0131 s\u0131k\u0131 korunan \u015firket s\u0131rlar\u0131d\u0131r. Ancak Ersan Al\u0131\u015fveri\u015f Hizmetleri&#8217;nin (K\u0130M Market) yay\u0131nlad\u0131\u011f\u0131 2025 y\u0131l\u0131na ait dokuz ayl\u0131k finansal raporu, bu stratejinin komuta merkezine nadir bir bak\u0131\u015f atmam\u0131z\u0131 sa\u011fl\u0131yor. Bu raporu sizler i\u00e7in analiz ettik ve s\u0131radan bir marketin ard\u0131ndaki bu zorlu ekonomik m\u00fccadeleyi ortaya koyan en \u00e7arp\u0131c\u0131 d\u00f6rt ger\u00e7e\u011fi dam\u0131tt\u0131k.<\/p>\n<h3>1. Bu S\u00fcpermarket G\u00fcc\u00fcn\u00fc G\u00fcne\u015ften Al\u0131yor<\/h3>\n<p>Bir s\u00fcpermarket zincirinin en stratejik yat\u0131r\u0131mlar\u0131ndan birinin ne olmas\u0131n\u0131 beklersiniz? Yeni ma\u011fazalar ya da dev lojistik merkezleri mi? K\u0130M Market&#8217;in raporu, \u015firketin en ak\u0131ll\u0131ca hamlelerinden birinin bamba\u015fka bir alanda oldu\u011funu g\u00f6steriyor: yenilenebilir enerji. \u015eirket, Manisa ve Van&#8217;da kurdu\u011fu G\u00fcne\u015f Enerjisi Santralleri&#8217;ne (GES) ciddi bir yat\u0131r\u0131m yapm\u0131\u015f durumda.<\/p>\n<p>Bu yat\u0131r\u0131m\u0131n finansal sonu\u00e7lar\u0131 ise \u00e7arp\u0131c\u0131. 2025&#8217;in ilk dokuz ay\u0131nda bu santraller, toplam <b>33.990.524 TL<\/b> de\u011ferinde elektrik \u00fcretti. Ancak rapordaki as\u0131l \u015fa\u015f\u0131rt\u0131c\u0131 istatistik \u015fu: Bu \u00fcretim, ayn\u0131 d\u00f6nemde \u015firketin toplam elektrik ihtiyac\u0131n\u0131n <b>%36,14&#8217;\u00fcn\u00fc<\/b> tek ba\u015f\u0131na kar\u015f\u0131lad\u0131. Net k\u00e2r\u0131n sat\u0131lan her 100 TL&#8217;lik \u00fcr\u00fcnden sadece 3 TL oldu\u011fu bir i\u015f modelinde, toplam elektrik kullan\u0131m\u0131n\u0131n \u00fc\u00e7te birinden fazlas\u0131n\u0131 olu\u015fturan de\u011fi\u015fken bir maliyet \u00fczerinde kontrol sa\u011flamak, sadece \u00e7evreci bir ad\u0131m de\u011fil, ayn\u0131 zamanda kritik bir rekabet avantaj\u0131d\u0131r.<\/p>\n<h3>2. Sadece Market De\u011fil, Ciddi Bir Gayrimenkul Yat\u0131r\u0131mc\u0131s\u0131<\/h3>\n<p>K\u0130M Market&#8217;in raporu, \u015firketin sadece raflardaki \u00fcr\u00fcnleri satarak b\u00fcy\u00fcmedi\u011fini, ayn\u0131 zamanda sessiz sedas\u0131z bir gayrimenkul devine d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc ortaya koyuyor. Rakamlar, bu ikinci kimli\u011fin ne kadar bask\u0131n hale geldi\u011fini g\u00f6zler \u00f6n\u00fcne seriyor: \u015eirketin perakende has\u0131lat\u0131 ilk dokuz ayda %13,14 gibi sayg\u0131de\u011fer bir oranda b\u00fcy\u00fcrken, &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221; portf\u00f6y\u00fc <b>%60,8&#8217;lik<\/b> bir patlama ya\u015fad\u0131.<\/p>\n<p>Bu ola\u011fan\u00fcst\u00fc b\u00fcy\u00fcme, tesad\u00fcf de\u011fil, bilin\u00e7li bir stratejinin sonucu. \u015eirketin yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerinin de\u011feri, 2024 sonunda <b>824,7 milyon TL<\/b> iken, sadece dokuz ayda, bu d\u00f6nemde yap\u0131lan <b>501 milyon TL<\/b>&#8216;lik yeni al\u0131mlarla <b>1,325 milyar TL<\/b>&#8216;ye f\u0131rlad\u0131. Bu durum, \u015firketin g\u00fc\u00e7l\u00fc bir ikili strateji y\u00fcr\u00fctt\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor: K\u0130M sadece bir market de\u011fil; perakende operasyonlar\u0131n\u0131 bir s\u0131\u00e7rama tahtas\u0131 olarak kullanan ve enflasyonist f\u0131rt\u0131naya kar\u015f\u0131 finansal bir kalkan \u00f6ren agresif bir gayrimenkul yat\u0131r\u0131mc\u0131s\u0131d\u0131r.<\/p>\n<h3>3. Y\u00fcksek Enflasyonun Bilan\u00e7odaki Resmi<\/h3>\n<p>K\u0130M Market&#8217;in bilan\u00e7osundaki bir dipnot, \u015firketin faaliyet g\u00f6sterdi\u011fi ekonomik iklimin ne kadar zorlu oldu\u011funu tek ba\u015f\u0131na \u00f6zetliyor. Finansal tablolar, TMS 29 standard\u0131na, yani &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; kurallar\u0131na g\u00f6re haz\u0131rlanm\u0131\u015f. Bu teknik ifadenin ard\u0131nda yatan ger\u00e7ek ise dudak u\u00e7uklat\u0131c\u0131: Eyl\u00fcl 2025 itibar\u0131yla &#8220;\u00dc\u00e7 Y\u0131ll\u0131k Bile\u015fik Enflasyon Oran\u0131&#8221; <b>%222<\/b> olarak hesaplanm\u0131\u015f.<\/p>\n<p>Bu durum, y\u00f6neticiler i\u00e7in adeta bir &#8220;ekonomik sis&#8221; i\u00e7inde yol bulmaya \u00e7al\u0131\u015fmak anlam\u0131na geliyor. Sermaye b\u00fct\u00e7elemesi, performans de\u011ferlendirmesi ve stratejik planlama gibi temel y\u00f6netim fonksiyonlar\u0131, paran\u0131n de\u011ferinin bu kadar istikrars\u0131z oldu\u011fu bir ortamda son derece zorla\u015f\u0131yor. Rakamlar\u0131 kar\u015f\u0131la\u015ft\u0131r\u0131labilir k\u0131lmak i\u00e7in finansal tablolar, ge\u00e7mi\u015f verileri bug\u00fcn\u00fcn de\u011ferine ta\u015f\u0131yan bir &#8220;D\u00fczeltme Katsay\u0131s\u0131&#8221; kullan\u0131yor. \u00d6rne\u011fin, Aral\u0131k 2024&#8217;e ait rakamlar, bug\u00fcn\u00fcn rakamlar\u0131yla adil bir \u015fekilde k\u0131yaslanabilmek i\u00e7in <b>1,25430<\/b> ile \u00e7arp\u0131lmak zorunda. Ba\u015fka bir deyi\u015fle, bu katsay\u0131 bir t\u00fcr &#8220;finansal zaman makinesi&#8221; g\u00f6revi g\u00f6r\u00fcyor; ge\u00e7en y\u0131l\u0131n 100 liras\u0131n\u0131n bug\u00fcn\u00fcn paras\u0131yla asl\u0131nda 125 lira oldu\u011funu s\u00f6yleyerek adil bir kar\u015f\u0131la\u015ft\u0131rma yapmam\u0131z\u0131 sa\u011fl\u0131yor.<\/p>\n<h3>4. 10 Milyar Liral\u0131k Ciro, %3&#8217;l\u00fck K\u00e2r<\/h3>\n<p>S\u00fcpermarketlerin devasa cirolar yapt\u0131\u011f\u0131n\u0131 hepimiz biliriz. K\u0130M Market de 2025&#8217;in ilk dokuz ay\u0131nda <b>9,85 milyar TL<\/b>&#8216;lik (neredeyse 10 milyar TL) &#8220;Has\u0131lat&#8221; ile bu beklentiyi kar\u015f\u0131l\u0131yor. Ancak bu ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc rakam, perakende sekt\u00f6r\u00fcn\u00fcn ac\u0131mas\u0131z ger\u00e7e\u011fini gizliyor. Raporun en can al\u0131c\u0131 noktas\u0131 ise &#8220;D\u00f6nem Net K\u00e2r\u0131&#8221; sat\u0131r\u0131nda: <b>297,9 milyon TL<\/b>.<\/p>\n<p>Bu iki rakam, sekt\u00f6r\u00fcn i\u015f modelini basit ve g\u00fc\u00e7l\u00fc bir \u015fekilde \u00f6zetliyor: K\u0130M Market, satt\u0131\u011f\u0131 her <b>100 TL<\/b>&#8216;lik \u00fcr\u00fcnden sadece yakla\u015f\u0131k <b>3 TL<\/b> net k\u00e2r elde ediyor (%3,02 net k\u00e2r marj\u0131). Bu ger\u00e7ek, s\u00fcpermarket i\u015finin devasa hacimler, milimetrik operasyonel verimlilik ve maliyetler \u00fczerinde demir bir disiplin gerektiren bir oyun oldu\u011funu kan\u0131tl\u0131yor. G\u00fcne\u015f enerjisi yat\u0131r\u0131m\u0131yla maliyetleri sabitlemek ve gayrimenkul hamlesiyle enflasyona kar\u015f\u0131 korunmak gibi stratejiler, bu b\u0131\u00e7ak s\u0131rt\u0131 k\u00e2r marj\u0131n\u0131 korumak i\u00e7in ne kadar hayati oldu\u011funu g\u00f6steriyor. Ba\u015far\u0131, k\u00fc\u00e7\u00fck marjlar\u0131n milyonlarca kez tekrarlanmas\u0131na ba\u011fl\u0131d\u0131r.<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n \u00d6tesindeki Market<\/h3>\n<p>K\u0130M Market&#8217;in finansal raporu, bir al\u0131\u015fveri\u015f fi\u015finin ard\u0131nda yatan sofistike stratejiyi g\u00f6zler \u00f6n\u00fcne seriyor. Bu rakamlar bize sadece bir marketi de\u011fil; enerjisini g\u00fcne\u015ften alan bir verimlilik ustas\u0131n\u0131, enflasyona kar\u015f\u0131 gayrimenkulle kendini koruyan bir finansal stratejisti, hiperenflasyon denizinde yolunu bulan usta bir kaptan\u0131 ve inan\u0131lmaz d\u00fc\u015f\u00fck k\u00e2r marjlar\u0131yla devasa bir operasyonu y\u00f6neten bir i\u015fletme dehas\u0131n\u0131 anlat\u0131yor.<\/p>\n<p>Bir dahaki sefere markete gitti\u011finizde, raflar\u0131n arkas\u0131nda ne kadar karma\u015f\u0131k bir ekonomik motorun \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnecek misiniz?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Ersan Al\u0131\u015fveri\u015f Hizmetleri (K\u0130M Market) 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Ersan Al\u0131\u015fveri\u015f Hizmetleri ve G\u0131da Sanayi Ticaret A.\u015e. (K\u0130M Market), 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131n\u0131 kapsayan d\u00f6nemde g\u00fc\u00e7l\u00fc operasyonel performans sergileyerek, enflasyon muhasebesi (TMS 29) uygulanm\u0131\u015f rakamlarla <b>297,9 milyon TL net d\u00f6nem kar\u0131<\/b> elde etmi\u015ftir. \u015eirketin has\u0131lat\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %13,14 artarak <b>9,85 milyar TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcme, \u015firketin stratejik yat\u0131r\u0131mlar\u0131 ve operasyonel verimlilik art\u0131\u015flar\u0131 ile desteklenmi\u015ftir.<\/p>\n<p>D\u00f6nemin en kritik stratejik geli\u015fmesi, Manisa ve Van&#8217;da kurulan iki b\u00fcy\u00fck G\u00fcne\u015f Enerjisi Santrali&#8217;nin (GES) tam kapasiteyle faaliyete ge\u00e7mesidir. Bu santraller, dokuz ayl\u0131k d\u00f6nemde \u015firketin toplam elektrik ihtiyac\u0131n\u0131n <b>%36,14<\/b>&#8216;\u00fcn\u00fc kar\u015f\u0131layarak 34 milyon TL&#8217;lik bir \u00fcretim de\u011feri yaratm\u0131\u015f ve s\u00fcrd\u00fcr\u00fclebilirlik hedeflerine \u00f6nemli bir katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<p>\u015eirketin finansal yap\u0131s\u0131 sa\u011flaml\u0131\u011f\u0131n\u0131 korumaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla toplam varl\u0131klar\u0131 <b>8,53 milyar TL<\/b>&#8216;ye ula\u015f\u0131rken, \u00f6zkaynaklar\u0131n toplam kaynaklar i\u00e7indeki pay\u0131 <b>%45,5<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Net Bor\u00e7 \/ \u00d6zkaynak oran\u0131 ise 0,25 ile olduk\u00e7a sa\u011fl\u0131kl\u0131 bir seviyededir. 2024 y\u0131l\u0131 kar\u0131n\u0131n da\u011f\u0131t\u0131lmayarak \u015firket b\u00fcnyesinde tutulmas\u0131 y\u00f6n\u00fcndeki Genel Kurul karar\u0131, gelecekteki b\u00fcy\u00fcme ve yat\u0131r\u0131m planlar\u0131n\u0131 desteklemektedir. Operasyonel olarak ma\u011faza say\u0131s\u0131 142&#8217;den 144&#8217;e y\u00fckselmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Temel Finansal G\u00f6stergeler (Enflasyona G\u00f6re D\u00fczeltilmi\u015f)<\/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><b>Has\u0131lat<\/b><\/td>\n<td>9.849.940.509 TL<\/td>\n<td>8.706.272.334 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>2.376.901.499 TL<\/td>\n<td>2.111.409.599 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>498.847.342 TL<\/td>\n<td>446.534.852 TL<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131<\/b><\/td>\n<td>297.898.068 TL<\/td>\n<td>413.267.642 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>8.534.487.482 TL<\/td>\n<td>7.928.043.721 TL (31.12.2024)<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>3.883.118.201 TL<\/td>\n<td>3.596.620.617 TL (31.12.2024)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>1. Finansal Performans Analizi<\/h3>\n<p>\u015eirketin finansal tablolar\u0131, Kamu G\u00f6zetimi Kurumu (KGK) ve Sermaye Piyasas\u0131 Kurulu (SPK) kararlar\u0131 uyar\u0131nca TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. T\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re ifade edilmi\u015ftir. Kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nem verileri de ayn\u0131 sat\u0131n alma g\u00fcc\u00fcne getirilerek sunulmu\u015ftur.<\/p>\n<h4>1.1. Gelir Tablosu De\u011ferlendirmesi<\/h4>\n<p>\u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat\u0131n\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re enflasyon d\u00fczeltmesi sonras\u0131 %13,14 art\u0131rm\u0131\u015ft\u0131r. Br\u00fct kar marj\u0131 %24,1 seviyesinde ger\u00e7ekle\u015firken, esas faaliyet kar\u0131 da art\u0131\u015f g\u00f6stermi\u015ftir. Ancak, d\u00f6nem net kar\u0131nda ge\u00e7en y\u0131la g\u00f6re bir d\u00fc\u015f\u00fc\u015f g\u00f6zlenmi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f\u00fcn ana nedenleri, 2025 d\u00f6neminde kaydedilen <b>88,7 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131<\/b> ve artan vergi giderleridir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>9.849.940.509<\/td>\n<td>8.706.272.334<\/td>\n<td>\u25b2 13,14%<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(7.473.039.010)<\/td>\n<td>(6.594.862.735)<\/td>\n<td>\u25b2 13,31%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>2.376.901.499<\/b><\/td>\n<td><b>2.111.409.599<\/b><\/td>\n<td><b>\u25b2 12,58%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Br\u00fct Kar Marj\u0131<\/i><\/td>\n<td><i>%24,13<\/i><\/td>\n<td><i>%24,25<\/i><\/td>\n<td><i>&#8211;<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td><b>498.847.342<\/b><\/td>\n<td><b>446.534.852<\/b><\/td>\n<td><b>\u25b2 11,71%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Esas Faaliyet Kar Marj\u0131<\/i><\/td>\n<td><i>%5,06<\/i><\/td>\n<td><i>%5,13<\/i><\/td>\n<td><i>&#8211;<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Kar<\/b><\/td>\n<td>572.367.640<\/td>\n<td>608.265.360<\/td>\n<td>\u25bc 5,90%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131<\/b><\/td>\n<td><b>297.898.068<\/b><\/td>\n<td><b>413.267.642<\/b><\/td>\n<td><b>\u25bc 27,91%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td>1,24<\/td>\n<td>1,72<\/td>\n<td>\u25bc 27,91%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>1.2. Bilan\u00e7o Analizi<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam varl\u0131klar\u0131, 31 Aral\u0131k 2024&#8217;e g\u00f6re %7,6 artarak 8,53 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcmede duran varl\u0131klardaki art\u0131\u015f etkili olmu\u015ftur. \u00d6zellikle yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller kalemi 825 milyon TL&#8217;den 1,33 milyar TL&#8217;ye y\u00fckselmi\u015ftir. D\u00f6nen varl\u0131klar taraf\u0131nda stoklar 784 milyon TL&#8217;den 1,05 milyar TL&#8217;ye \u00e7\u0131karken, nakit ve nakit benzerleri 1,61 milyar TL&#8217;den 1,24 milyar TL&#8217;ye gerilemi\u015ftir. Bu de\u011fi\u015fim, yat\u0131r\u0131m faaliyetlerine y\u00f6nlendirilen kaynaklar\u0131 yans\u0131tmaktad\u0131r. \u00d6zkaynaklar ise 3,6 milyar TL&#8217;den 3,88 milyar TL&#8217;ye y\u00fckselerek \u015firketin mali yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>2.675.168.683<\/td>\n<td>2.790.367.985<\/td>\n<td>\u25bc 4,13%<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>1.243.070.399<\/td>\n<td>1.613.173.506<\/td>\n<td>\u25bc 22,94%<\/td>\n<\/tr>\n<tr>\n<td><i>Stoklar<\/i><\/td>\n<td>1.054.628.830<\/td>\n<td>783.615.272<\/td>\n<td>\u25b2 34,59%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>5.859.318.799<\/td>\n<td>5.137.675.736<\/td>\n<td>\u25b2 14,05%<\/td>\n<\/tr>\n<tr>\n<td><i>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/i><\/td>\n<td>1.325.833.048<\/td>\n<td>824.777.308<\/td>\n<td>\u25b2 60,75%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>8.534.487.482<\/b><\/td>\n<td><b>7.928.043.721<\/b><\/td>\n<td><b>\u25b2 7,65%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.459.710.786<\/td>\n<td>2.354.778.593<\/td>\n<td>\u25b2 4,46%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.191.658.495<\/td>\n<td>1.976.644.511<\/td>\n<td>\u25b2 10,88%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>4.651.369.281<\/td>\n<td>4.331.423.104<\/td>\n<td>\u25b2 7,39%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>3.883.118.201<\/b><\/td>\n<td><b>3.596.620.617<\/b><\/td>\n<td><b>\u25b2 7,96%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>8.534.487.482<\/b><\/td>\n<td><b>7.928.043.721<\/b><\/td>\n<td><b>\u25b2 7,65%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>1.3. \u00d6nemli Finansal Rasyolar<\/h4>\n<ul>\n<li><b>Cari Oran:<\/b> 1,09 (D\u00f6nen varl\u0131klar\u0131n k\u0131sa vadeli bor\u00e7lar\u0131 kar\u015f\u0131lama g\u00fcc\u00fcn\u00fc g\u00f6sterir.)<\/li>\n<li><b>Likidite Oran\u0131:<\/b> 0,66 (Stoklar hari\u00e7 d\u00f6nen varl\u0131klar\u0131n k\u0131sa vadeli bor\u00e7lar\u0131 kar\u015f\u0131lama g\u00fcc\u00fcn\u00fc g\u00f6sterir.)<\/li>\n<li><b>\u00d6zkaynak \/ Toplam Varl\u0131klar:<\/b> %45,5 (Varl\u0131klar\u0131n ne kadar\u0131n\u0131n \u00f6zkaynaklarla finanse edildi\u011fini g\u00f6sterir.)<\/li>\n<li><b>Net Bor\u00e7 \/ \u00d6zkaynak Oran\u0131:<\/b> 0,25 (\u015eirketin bor\u00e7luluk seviyesinin d\u00fc\u015f\u00fck oldu\u011funu g\u00f6sterir.)<\/li>\n<li><b>FAV\u00d6K Marj\u0131:<\/b> %6,1<\/li>\n<\/ul>\n<h3>2. Stratejik ve Operasyonel Geli\u015fmeler<\/h3>\n<h4>2.1. Yenilenebilir Enerji Yat\u0131r\u0131mlar\u0131 (GES Projeleri)<\/h4>\n<p>\u015eirket, enerji maliyetlerini d\u00fc\u015f\u00fcrmek ve karbon ayak izini azaltmak amac\u0131yla y\u00fcr\u00fctt\u00fc\u011f\u00fc yenilenebilir enerji yat\u0131r\u0131mlar\u0131n\u0131 ba\u015far\u0131yla tamamlam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Manisa\/Demirci GES:<\/b> 7.000 kWp \/ 5.000 kWe kurulu g\u00fcce sahiptir.<\/li>\n<li><b>Van\/G\u00fcrp\u0131nar GES:<\/b> 5.997 kWp kurulu g\u00fcce sahiptir.<\/li>\n<\/ul>\n<p>Her iki tesis de 2025 y\u0131l\u0131 i\u00e7inde faaliyete ge\u00e7mi\u015f olup, \u00fcretilen elektrik mahsupla\u015fma y\u00f6ntemiyle \u015febekeye aktar\u0131lmaktad\u0131r. Ocak-Eyl\u00fcl 2025 d\u00f6neminde bu santrallerden <b>33.990.524 TL<\/b> de\u011ferinde elektrik \u00fcretilmi\u015f, bu da \u015firketin toplam elektrik t\u00fcketiminin <b>%36,14<\/b>&#8216;\u00fcne denk gelmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem (2025)<\/td>\n<td>Elektrik T\u00fcketim Faturas\u0131 (TL)<\/td>\n<td>Elektrik \u00dcretim Faturas\u0131 (TL)<\/td>\n<td>Kar\u015f\u0131lama Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Ocak-Eyl\u00fcl Toplam\u0131<\/b><\/td>\n<td><b>94.059.619<\/b><\/td>\n<td><b>33.990.524<\/b><\/td>\n<td><b>%36,14<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>2.2. Yat\u0131r\u0131mlar ve B\u00fcy\u00fcme<\/h4>\n<ul>\n<li><b>Toplam Yat\u0131r\u0131m:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda toplam <b>581,4 milyon TL<\/b>&#8216;lik yat\u0131r\u0131m yap\u0131lm\u0131\u015ft\u0131r. Bunun <b>501,1 milyon TL<\/b>&#8216;si yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul al\u0131m\u0131, <b>80,1 milyon TL<\/b>&#8216;si ise maddi duran varl\u0131k al\u0131m\u0131d\u0131r.<\/li>\n<li><b>Ma\u011faza A\u011f\u0131:<\/b> \u015eirket, ma\u011faza say\u0131s\u0131n\u0131 31.12.2024&#8217;teki 142&#8217;den 30.09.2025&#8217;te 144&#8217;e \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 30.09.2025 itibar\u0131yla personel say\u0131s\u0131 2.470 ki\u015fidir.<\/li>\n<\/ul>\n<h4>2.3. \u00d6zel Markal\u0131 \u00dcr\u00fcnler (Private Label) ve Ar-Ge<\/h4>\n<p>\u015eirket, &#8220;Kim&#8217;in&#8221; ve &#8220;Kimi&#8221; markalar\u0131 alt\u0131ndaki \u00f6zel markal\u0131 \u00fcr\u00fcn gam\u0131n\u0131 geli\u015ftirmeye devam etmektedir. Yap\u0131lan m\u00fc\u015fteri ara\u015ft\u0131rmalar\u0131 sonucunda \u00fcr\u00fcn ambalajlar\u0131n\u0131n g\u00fcncellenmesi karar\u0131 al\u0131nm\u0131\u015f olup, bu y\u00f6ndeki \u00e7al\u0131\u015fmalar s\u00fcrmektedir.<\/p>\n<h3>3. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h3>\n<h4>3.1. Ortakl\u0131k ve Sermaye Yap\u0131s\u0131<\/h4>\n<p>\u015eirketin \u00f6denmi\u015f sermayesi <b>240.000.000 TL<\/b>, kay\u0131tl\u0131 sermaye tavan\u0131 ise <b>875.000.000 TL<\/b>&#8216;dir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131\/Unvan\u0131<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Ergin Ersan<\/td>\n<td>59.500.000<\/td>\n<td>24,791<\/td>\n<\/tr>\n<tr>\n<td>Erol Ersan<\/td>\n<td>57.750.000<\/td>\n<td>24,063<\/td>\n<\/tr>\n<tr>\n<td>Ercan Ersan<\/td>\n<td>57.750.000<\/td>\n<td>24,063<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>65.000.000<\/td>\n<td>27,083<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>240.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130mtiyazl\u0131 Paylar:<\/b> Ersan Karde\u015flere ait toplam 5.250.000 adet A Grubu nama yaz\u0131l\u0131 pay, Y\u00f6netim Kurulu adaylar\u0131n\u0131n yar\u0131s\u0131n\u0131 belirleme ve \u00f6nerme imtiyaz\u0131 tan\u0131maktad\u0131r. Oyda imtiyaz bulunmamaktad\u0131r.<\/li>\n<li><b>Pay Geri Al\u0131m\u0131:<\/b> 2023&#8217;te ba\u015flat\u0131lan pay geri al\u0131m program\u0131 1 Ocak 2024&#8217;te sonland\u0131r\u0131lm\u0131\u015ft\u0131r. Bu program kapsam\u0131nda al\u0131nan 1.448.847 adet hisse, halka a\u00e7\u0131k k\u0131s\u0131m i\u00e7inde raporlanmaktad\u0131r.<\/li>\n<\/ul>\n<h4>3.2. Y\u00f6netim Kurulu ve Komiteler<\/h4>\n<p>Y\u00f6netim Kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere alt\u0131 \u00fcyeden olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>Erol Ersan:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>Ergin Ersan:<\/b> Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Ercan Ersan:<\/b> \u00dcye ve Genel M\u00fcd\u00fcr<\/li>\n<li><b>Hikmet Cem Ersan:<\/b> \u00dcye<\/li>\n<li><b>Ali Z\u0131r\u0131h:<\/b> Ba\u011f\u0131ms\u0131z \u00dcye<\/li>\n<li><b>Prof. Dr. \u00d6z Se\u00e7er:<\/b> Ba\u011f\u0131ms\u0131z \u00dcye<\/li>\n<\/ul>\n<p>Y\u00f6netim Kurulu&#8217;na ba\u011fl\u0131 olarak <b>Denetim Komitesi, Kurumsal Y\u00f6netim Komitesi<\/b> ve <b>Riskin Erken Saptanmas\u0131 Komitesi<\/b> faaliyet g\u00f6stermektedir. Komite ba\u015fkanlar\u0131n\u0131n tamam\u0131 ba\u011f\u0131ms\u0131z \u00fcyelerden se\u00e7ilmi\u015ftir.<\/p>\n<h4>3.3. Kar Da\u011f\u0131t\u0131m Politikas\u0131<\/h4>\n<p>\u015eirketin kar da\u011f\u0131t\u0131m politikas\u0131, uzun vadeli stratejiler, yat\u0131r\u0131m ve finansman ihtiya\u00e7lar\u0131 g\u00f6z \u00f6n\u00fcnde bulundurularak Genel Kurul&#8217;un onay\u0131na sunulmaktad\u0131r. 27 Mart 2025 tarihli Y\u00f6netim Kurulu toplant\u0131s\u0131nda, 2024 y\u0131l\u0131 faaliyetleri sonucu elde edilen kar\u0131n, <b>da\u011f\u0131t\u0131lmayarak \u015firketin \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek ve yat\u0131r\u0131mlar\u0131 finanse etmek amac\u0131yla kullan\u0131lmas\u0131<\/b> teklif edilmi\u015ftir. Bu teklif, 18 Nisan 2025 tarihli Ola\u011fan Genel Kurul Toplant\u0131s\u0131&#8217;nda oy \u00e7oklu\u011fuyla kabul edilmi\u015ftir.<\/p>\n<h3>4. Risk Y\u00f6netimi ve Hukuki Durum<\/h3>\n<h4>4.1. Finansal ve Operasyonel Riskler<\/h4>\n<p>\u015eirket, faaliyetlerinden kaynaklanan fiyat, faiz, kur ve likidite risklerini aktif olarak y\u00f6netmektedir. Temel faaliyetlerinin TL cinsinden olmas\u0131 nedeniyle kur riski s\u0131n\u0131rl\u0131d\u0131r. 1 Ocak 2024&#8217;te y\u00fcr\u00fcrl\u00fc\u011fe giren ve perakende sekt\u00f6r\u00fcnde \u00f6deme vadelerini d\u00fczenleyen kanunun, \u015firketin g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131 sayesinde \u00f6nemli bir finansman riski yaratmayaca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/p>\n<h4>4.2. Hukuki S\u00fcre\u00e7ler<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firket aleyhine ve lehine devam eden dava ve icra takipleri bulunmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Dava\/\u0130cra Takibi T\u00fcr\u00fc<\/td>\n<td>Adet<\/td>\n<td>Tutar (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>\u015eirket taraf\u0131ndan a\u00e7\u0131lan davalar<\/b><\/td>\n<td>16<\/td>\n<td>15.203.407<\/td>\n<\/tr>\n<tr>\n<td><b>\u015eirket lehine icra takipleri<\/b><\/td>\n<td>68<\/td>\n<td>24.954.525<\/td>\n<\/tr>\n<tr>\n<td><b>\u015eirket aleyhine a\u00e7\u0131lan davalar<\/b><\/td>\n<td>245<\/td>\n<td>22.609.359<\/td>\n<\/tr>\n<tr>\n<td><b>\u015eirket aleyhine icra takipleri<\/b><\/td>\n<td>118<\/td>\n<td>13.591.452<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket, aleyhine a\u00e7\u0131lm\u0131\u015f davalar\u0131n kaybedilme ihtimaline kar\u015f\u0131 bilan\u00e7osunda <b>4.257.088 TL<\/b> tutar\u0131nda dava kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rm\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"211\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>K\u0130M Market Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Al\u0131\u015fveri\u015f Sepetinin Ard\u0131ndaki S\u0131rlar Haftal\u0131k market al\u0131\u015fveri\u015finizden sonra elinize ald\u0131\u011f\u0131n\u0131z fi\u015f, sadece enflasyonun bir yans\u0131mas\u0131 de\u011fildir. O fi\u015f, ayn\u0131 zamanda g\u00fcne\u015f panelleriyle, devasa gayrimenkul portf\u00f6yleriyle ve jilet kesi\u011fi kadar ince k\u00e2r marjlar\u0131yla&#8230; <\/p>\n","protected":false},"author":1,"featured_media":241,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,40],"class_list":["post-211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-kimmr"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/211","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=211"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/211\/revisions"}],"predecessor-version":[{"id":242,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/211\/revisions\/242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/241"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}