{"id":2201,"date":"2026-04-29T00:21:30","date_gmt":"2026-04-28T21:21:30","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2201"},"modified":"2026-04-29T00:22:31","modified_gmt":"2026-04-28T21:22:31","slug":"enery-2026-03-bilano-analizi-enerya-enerji","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2201","title":{"rendered":"\ud83d\udd34 ENERY 2026-03 Bilan\u00e7o Analizi | Enerya Enerji"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 ENERY 2026-03 Bilan\u00e7o Analizi | Enerya Enerji\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/lFL8_0FwJJk?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>Enerya Enerji A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Raporu ve Ba\u011f\u0131ms\u0131z Denetim Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Enerya Enerji Anonim \u015eirketi (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denetim raporunu sentezlemektedir. HSY Dan\u0131\u015fmanl\u0131k ve Ba\u011f\u0131ms\u0131z Denetim A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal durumunun T\u00fcrkiye Finansal Muhasebe Standartlar\u0131&#8217;na (TFRS) uygun olarak ger\u00e7e\u011fe uygun bir \u015fekilde sunuldu\u011fu g\u00f6r\u00fc\u015f\u00fcne var\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131, Grubun hem operasyonel geni\u015fleme hem de finansal b\u00fcy\u00fcme kaydetti\u011fi bir d\u00f6nem olmu\u015ftur. Toplam varl\u0131klar 105,9 milyar TL&#8217;ye y\u00fckselmi\u015f, ana ortakl\u0131k pay\u0131na d\u00fc\u015fen net d\u00f6nem k\u00e2r\u0131 ise 4,7 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. D\u00f6nem i\u00e7inde ger\u00e7ekle\u015ftirilen 8,8 milyar TL&#8217;lik i\u00e7 kaynakl\u0131 sermaye art\u0131r\u0131m\u0131 ve Ahlatc\u0131 Alt\u0131n \u0130\u015fletmeleri A.\u015e.&#8217;nin tam m\u00fclkiyetinin devral\u0131nmas\u0131, stratejik b\u00fcy\u00fcmenin en kritik ad\u0131mlar\u0131d\u0131r. Finansal tablolar, TMS 29 uyar\u0131nca enflasyon d\u00fczeltmesine tabi tutularak 31 Aral\u0131k 2025 tarihli sat\u0131n alma g\u00fcc\u00fcyle sunulmu\u015ftur.<\/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. Grup Organizasyonu ve Faaliyet Alanlar\u0131<\/h2>\n<p>Enerya Enerji, temel olarak do\u011fal gaz\u0131n toptan ve perakende da\u011f\u0131t\u0131m\u0131 ile sat\u0131\u015f\u0131 konular\u0131nda faaliyet g\u00f6stermektedir. \u015eirket, bu alandaki ba\u011fl\u0131 ortakl\u0131klar\u0131na y\u00f6netim ve dan\u0131\u015fmanl\u0131k hizmeti sunmaktad\u0131r.<\/p>\n<h3>1.1. Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n<p>Grup, 2025 y\u0131l\u0131 itibar\u0131yla 1.211 \u00e7al\u0131\u015fan\u0131 ile geni\u015f bir co\u011frafyada faaliyet g\u00f6stermektedir. \u00d6nemli ortakl\u0131klar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Do\u011fal Gaz Da\u011f\u0131t\u0131m\u0131:<\/b> Denizli, Konya, Antalya, Karaman, Erzincan, Ayd\u0131n, Aksaray, Ere\u011fli ve Kapadokya (Ni\u011fde\/Nev\u015fehir) b\u00f6lgelerinde lisansl\u0131 da\u011f\u0131t\u0131m \u015firketleri.<\/li>\n<li><b>Madencilik:<\/b> 11 Kas\u0131m 2024 tarihinde pay devri tamamlanan <b>Ahlatc\u0131 Alt\u0131n \u0130\u015fletmeleri A.\u015e.<\/b> \u00fczerinden g\u00fcm\u00fc\u015fhane, Yozgat, Bal\u0131kesir ve K\u00fctahya illerinde g\u00fcm\u00fc\u015f ve alt\u0131n madencili\u011fi faaliyetleri.<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar:<\/b> <b>D\u00fcnya Kat\u0131l\u0131m Bankas\u0131 A.\u015e.<\/b>&#8216;nin (eski ad\u0131yla Adabank A.\u015e.) %96,68&#8217;ine sahip olan AHL Ahlatc\u0131 Finansal Y\u00f6netim A.\u015e.&#8217;de %29 oran\u0131nda i\u015ftirak.<\/li>\n<li><b>Yeni Giri\u015fimler:<\/b> \u0130stanbul merkezli do\u011fal gaz da\u011f\u0131t\u0131m\u0131 i\u00e7in kurulan B\u00fcy\u00fck Marmara Do\u011fal Gaz ve Elektrik A.\u015e.&#8217;de %49 oran\u0131nda i\u015ftirak.<\/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. Ba\u011f\u0131ms\u0131z Denetim Bulgular\u0131 ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Eda Meri\u00e7 Sefer taraf\u0131ndan imzalanan rapor, Grubun finansal tablolar\u0131 hakk\u0131nda &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir. Denetim s\u00fcrecinde \u00f6zellikle iki konu &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131mlanm\u0131\u015ft\u0131r:<\/p>\n<h3>2.1. Faturalanmam\u0131\u015f Do\u011fal Gaz Gelirleri<\/h3>\n<p>Grup, d\u00f6nemsellik ilkesi gere\u011fi, hen\u00fcz saya\u00e7 okunmam\u0131\u015f ancak t\u00fcketilmi\u015f olan do\u011fal gaz miktarlar\u0131n\u0131 tahmin ederek gelir tahakkuku yapmaktad\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> Hesaplaman\u0131n \u00f6nemli etkisinin bulunmas\u0131 ve y\u00f6netimin tahmin ve varsay\u0131mlar\u0131na dayanmas\u0131.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> Okuma d\u00f6nemlerine g\u00f6re t\u00fcketim verilerinin \u00f6rneklem yoluyla do\u011frulanmas\u0131, EPDK tarifeleri ile kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131 ve ge\u00e7mi\u015f d\u00f6nem tahakkuklar\u0131n\u0131n fiili faturalarla mutabakat\u0131.<\/li>\n<\/ul>\n<h3>2.2. \u015eebeke ve Altyap\u0131 Yat\u0131r\u0131mlar\u0131n\u0131n Ger\u00e7e\u011fe Uygun De\u011feri<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla 82,2 milyar TL tutar\u0131ndaki do\u011fal gaz \u015febekesi ve altyap\u0131 yat\u0131r\u0131mlar\u0131, toplam varl\u0131klar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> De\u011ferlemede kullan\u0131lan &#8220;indirgenmi\u015f nakit ak\u0131m y\u00f6ntemi&#8221; i\u00e7indeki enflasyon, abone say\u0131s\u0131, gaz sat\u0131\u015f miktar\u0131 ve iskonto oran\u0131 gibi varsay\u0131mlar\u0131n karma\u015f\u0131kl\u0131\u011f\u0131.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> De\u011ferleme uzmanlar\u0131 e\u015fli\u011finde metodolojinin kontrol edilmesi, kullan\u0131lan varsay\u0131mlar\u0131n ba\u011f\u0131ms\u0131z veriler ve sekt\u00f6r emsalleri ile kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131.<\/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. Finansal Performans ve Durum Analizi<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun 2024 ve 2025 y\u0131llar\u0131na ait temel finansal verilerini kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak sunmaktad\u0131r (Tutarlar 31.12.2025 sat\u0131n alma g\u00fcc\u00fcyle d\u00fczeltilmi\u015ftir):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyon TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>105.940<\/td>\n<td>79.397<\/td>\n<td>+33,4%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>13.252<\/td>\n<td>12.642<\/td>\n<td>+4,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Maddi Duran Varl\u0131klar<\/b><\/td>\n<td>83.154<\/td>\n<td>58.264<\/td>\n<td>+42,7%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar (Toplam)<\/b><\/td>\n<td>64.773<\/td>\n<td>43.727<\/td>\n<td>+48,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>32.787<\/td>\n<td>30.759<\/td>\n<td>+6,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>4.310<\/td>\n<td>2.732<\/td>\n<td>+57,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td>4.695<\/td>\n<td>3.698<\/td>\n<td>+26,9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.1. Gelir ve Gider Analizi<\/h3>\n<ul>\n<li><b>Br\u00fct K\u00e2r Art\u0131\u015f\u0131:<\/b> Has\u0131lat\u0131n maliyetlerden daha y\u00fcksek oranda artmas\u0131, br\u00fct k\u00e2r marj\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir.<\/li>\n<li><b>Esas Faaliyetlerden Di\u011fer Gelirler:<\/b> 2,28 milyar TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Giderleri:<\/b> 2024&#8217;te 536 milyon TL olan giderler, 2025&#8217;te 1,5 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Net Parasal Pozisyon Kayb\u0131:<\/b> Enflasyon d\u00fczeltmesi sonucu 1,01 milyar TL net parasal pozisyon kayb\u0131 kaydedilmi\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>4. Sermaye ve \u00d6zkaynak Yap\u0131s\u0131ndaki De\u011fi\u015fimler<\/h2>\n<p>2025 y\u0131l\u0131 i\u00e7inde Grubun \u00f6zkaynak yap\u0131s\u0131nda radikal de\u011fi\u015fiklikler meydana gelmi\u015ftir:<\/p>\n<ul>\n<li><b>B\u00fcy\u00fck Sermaye Art\u0131r\u0131m\u0131:<\/b> Mart 2025&#8217;te \u015eirket, 145 milyon TL olan sermayesini; emisyon primi, \u00f6zsermaye enflasyon d\u00fczeltme farklar\u0131 ve ge\u00e7mi\u015f y\u0131l karlar\u0131ndan kar\u015f\u0131lanmak \u00fczere <b>8,85 milyar TL<\/b> art\u0131rarak <b>9 milyar TL<\/b>&#8216;ye \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<li><b>Geri Al\u0131nm\u0131\u015f Paylar:<\/b> \u015eirketin kendi paylar\u0131n\u0131 geri al\u0131m\u0131 sonucu \u00f6zkaynaklarda -1,97 milyar TL&#8217;lik bir indirim kalemi bulunmaktad\u0131r.<\/li>\n<li><b>Yeniden De\u011ferleme Kazan\u00e7lar\u0131:<\/b> Maddi duran varl\u0131klar yeniden de\u011ferleme art\u0131\u015flar\u0131 neticesinde \u00f6zkaynaklarda 30,7 milyar TL&#8217;lik bir birikmi\u015f kazan\u00e7 olu\u015fmu\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>5. Sekt\u00f6rel Mevzuat ve D\u00fczenleyici \u00c7er\u00e7eve<\/h2>\n<h3>5.1. Do\u011fal Gaz Piyasas\u0131 (EPDK)<\/h3>\n<ul>\n<li><b>Tarife D\u00f6nemi:<\/b> \u00dc\u00e7\u00fcnc\u00fc tarife uygulama d\u00f6nemi 2022-2026 aras\u0131n\u0131 kapsamaktad\u0131r.<\/li>\n<li><b>Getiri Oranlar\u0131:<\/b> Reel makul getiri oran\u0131 %13,25 (vergi \u00f6ncesi) olarak belirlenmi\u015ftir.<\/li>\n<li><b>Sistem Kullan\u0131m Bedeli (SKB):<\/b> \u0130ki ay \u00f6nceki T\u00dcFE de\u011fi\u015fim oran\u0131na g\u00f6re g\u00fcncellenmektedir. 2024 y\u0131l\u0131 Temmuz ay\u0131 itibar\u0131yla Konya, Karaman, Kapadokya, Aksaray ve Denizli b\u00f6lgelerinde t\u00fcketim sapmalar\u0131 nedeniyle tarifeler revize edilmi\u015ftir.<\/li>\n<li><b>Belediye Pay\u0131:<\/b> Mevzuat gere\u011fi, da\u011f\u0131t\u0131m \u015firketleri hisselerinin %10&#8217;unu ilgili belediyeye bedelsiz olarak sunmakla y\u00fck\u00fcml\u00fcd\u00fcr.<\/li>\n<\/ul>\n<h3>5.2. Madencilik (MAPEG)<\/h3>\n<p>Grup, 3213 say\u0131l\u0131 Maden Kanunu \u00e7er\u00e7evesinde Enerji ve Tabii Kaynaklar Bakanl\u0131\u011f\u0131&#8217;na ba\u011fl\u0131 MAPEG denetimine tabidir. Faaliyetler; \u00c7ED y\u00f6netmeli\u011fi, Orman Kanunu ve Tar\u0131m Kanunu gibi \u00e7evresel ve yasal d\u00fczenlemelere tam uyum i\u00e7erisinde y\u00fcr\u00fct\u00fclmektedir.<\/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>6. \u00d6nemli Muhasebe Politikalar\u0131 ve Enflasyon Muhasebesi<\/h2>\n<ul>\n<li><b>TMS 29 Uygulamas\u0131:<\/b> T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi kategorisinde de\u011ferlendirilmesi nedeniyle, finansal tablolar 31 Aral\u0131k 2025 tarihli \u00f6l\u00e7\u00fcm birimiyle sunulmu\u015ftur.<\/li>\n<li><b>Endeks Verileri:<\/b> 31 Aral\u0131k 2025 endeksi 3.513,87 olarak baz al\u0131nm\u0131\u015f; 2024 verileri 1,30892 katsay\u0131s\u0131 ile d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>\u00d6l\u00e7\u00fcm Esaslar\u0131:<\/b> Parasal olmayan kalemler (sabit k\u0131ymetler, \u00f6zkaynaklar) endekslenirken, parasal kalemler (nakit, bor\u00e7lar) cari de\u011ferleriyle b\u0131rak\u0131lm\u0131\u015ft\u0131r. Net parasal pozisyon kar\/zarar\u0131 gelir tablosuna yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2201\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Enerya Enerji, 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131yla hem enerji da\u011f\u0131t\u0131m\u0131ndaki liderli\u011fini hem de madencilik alan\u0131ndaki yeni vizyonunu tescilledi. Y\u0131l\u0131 32,7 milyar TL has\u0131lat ve 4,7 milyar TL net k\u00e2r ile kapatan \u015firket, \u00f6zellikle 9 milyar TL&#8217;ye \u00e7\u0131kar\u0131lan dev sermayesi ve stratejik alt\u0131n madeni yat\u0131r\u0131m\u0131yla dikkat \u00e7ekiyor. 82 milyar TL&#8217;yi a\u015fan altyap\u0131 varl\u0131\u011f\u0131 ve s\u0131f\u0131r net bor\u00e7 yap\u0131s\u0131yla finansal kalesi sa\u011flam olan Enerya, yat\u0131r\u0131mc\u0131s\u0131n\u0131 korumak ad\u0131na ger\u00e7ekle\u015ftirdi\u011fi ve sermayenin %3,86&#8217;s\u0131na ula\u015fan yo\u011fun pay geri al\u0131m program\u0131yla piyasada g\u00fcven tazeledi. \u015eirketin enerji da\u011f\u0131t\u0131m\u0131ndaki ba\u015far\u0131s\u0131n\u0131 madencilik potansiyeliyle birle\u015ftirdi\u011fi 2025 y\u0131l\u0131 finansal karnesinin t\u00fcm kritik detaylar\u0131n\u0131 analizimizde bulabilirsiniz.<\/p>\n","protected":false},"author":5,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[318],"class_list":["post-2201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-enery"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2201"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2201\/revisions"}],"predecessor-version":[{"id":2202,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2201\/revisions\/2202"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}