{"id":2229,"date":"2026-04-29T00:45:38","date_gmt":"2026-04-28T21:45:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2229"},"modified":"2026-04-29T00:46:11","modified_gmt":"2026-04-28T21:46:11","slug":"afyon-2026-03-bilano-analizi-afyon-imento","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2229","title":{"rendered":"\ud83d\udd34 AFYON 2026-03 Bilan\u00e7o Analizi | Afyon \u00c7imento"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 AFYON 2026-03 Bilan\u00e7o Analizi | Afyon \u00c7imento\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/ifXUp0O-4g8?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>Afyon \u00c7imento 31 Mart 2026 Ara D\u00f6nem Finansal Bilgilendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Afyon \u00c7imento Sanayi T\u00fcrk Anonim \u015eirketi&#8217;nin (&#8220;\u015eirket&#8221;) 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131n ve tamamlay\u0131c\u0131 notlar\u0131n\u0131n kapsaml\u0131 bir analizini sunmaktad\u0131r. Raporlama d\u00f6nemi, y\u00fcksek enflasyonlu ekonomilerde finansal raporlama standartlar\u0131n\u0131n (TMS 29) tam etkisi alt\u0131nda haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemindeki 115,4 milyon TL\u2019lik k\u00e2r\u0131na kar\u015f\u0131l\u0131k, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 73,4 milyon TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/li>\n<li><b>Has\u0131lat Performans\u0131:<\/b> Has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hafif bir art\u0131\u015fla 926,1 milyon TL&#8217;ye y\u00fckselmi\u015f; ancak sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f br\u00fct k\u00e2r marj\u0131n\u0131 bask\u0131lam\u0131\u015ft\u0131r.<\/li>\n<li><b>Temett\u00fc ve Sermaye:<\/b> 30 Mart 2026 tarihli Genel Kurul karar\u0131yla 600 milyon TL tutar\u0131nda nakit k\u00e2r pay\u0131 da\u011f\u0131t\u0131lmas\u0131na karar verilmi\u015f ve bu \u00f6deme 1 Nisan 2026&#8217;da ger\u00e7ekle\u015ftirilmi\u015ftir. Ayr\u0131ca kay\u0131tl\u0131 sermaye tavan\u0131 3 milyar TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Etkisi:<\/b> \u015eirket, 129,2 milyon TL tutar\u0131nda &#8220;Net Parasal Pozisyon Zarar\u0131&#8221; kaydetmi\u015ftir. Bu durum, enflasyon muhasebesi uygulamalar\u0131n\u0131n net k\u00e2r \u00fczerindeki bask\u0131n etkisini g\u00f6stermektedir.<\/li>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar, 31 Aral\u0131k 2025&#8217;teki 9,55 milyar TL seviyesinden 9,23 milyar TL&#8217;ye gerilemi\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>1. Kurumsal Yap\u0131 ve Operasyonel Bilgiler<\/h2>\n<p>Afyon \u00c7imento, 24 Mart 1954 tarihinde kurulmu\u015f olup temel faaliyet konusu \u00e7imento \u00fcretimi ve sat\u0131\u015f\u0131d\u0131r.<\/p>\n<ul>\n<li><b>Y\u00f6netim ve Ortakl\u0131k:<\/b> \u015eirket, \u00c7imsa \u00c7imento Sanayi ve Ticaret A.\u015e. taraf\u0131ndan y\u00f6netilmektedir. Nihai ana ortak Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e.&#8217;dir.<\/li>\n<li><b>Borsa Durumu:<\/b> \u015eirket paylar\u0131n\u0131n %49&#8217;u Borsa \u0130stanbul&#8217;da (B\u0130ST) i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>\u0130\u015f G\u00fcc\u00fc:<\/b> 31 Mart 2026 itibar\u0131yla \u015eirket b\u00fcnyesinde 89 mavi yakal\u0131 ve 43 beyaz yakal\u0131 olmak \u00fczere toplam 132 personel istihdam edilmektedir.<\/li>\n<li><b>\u00dcretim Tesisleri:<\/b> \u015eirket merkezi \u0130stanbul&#8217;da bulunmakla birlikte, \u00fcretim faaliyetleri Afyonkarahisar&#8217;daki fabrikada y\u00fcr\u00fct\u00fclmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>\u015eirketin varl\u0131k ve kaynak yap\u0131s\u0131, raporlama d\u00f6nemi sonunda a\u015fa\u011f\u0131daki temel de\u011fi\u015fimleri sergilemi\u015ftir:<\/p>\n<h3>2.1. Varl\u0131klar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>31 Mart 2026 (TL)<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>2.725.068.526<\/td>\n<td>2.839.798.805<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Nakit ve Nakit Benzerleri<\/td>\n<td>891.618.686<\/td>\n<td>1.173.535.114<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Stoklar<\/td>\n<td>876.125.933<\/td>\n<td>509.716.347<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>6.500.283.850<\/td>\n<td>6.714.740.351<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Maddi Duran Varl\u0131klar<\/td>\n<td>6.247.756.916<\/td>\n<td>6.376.482.449<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>9.225.352.376<\/b><\/td>\n<td><b>9.554.539.156<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Not:<\/b> Stoklardaki belirgin art\u0131\u015f (509,7 milyon TL&#8217;den 876,1 milyon TL&#8217;ye), \u00f6zellikle hammadde, malzeme ve yar\u0131 mamul stoklar\u0131ndaki y\u00fckseli\u015ften kaynaklanmaktad\u0131r.<\/p>\n<h3>2.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 1,51 milyar TL seviyesindedir (2025 sonu: 1,17 milyar TL). Bu art\u0131\u015f\u0131n temel sebebi, ili\u015fkili taraflara olan 600 milyon TL&#8217;lik k\u00e2r pay\u0131 borcudur.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 51,8 milyon TL ile s\u0131n\u0131rl\u0131 d\u00fczeydedir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 8,34 milyar TL&#8217;den 7,67 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu d\u00fc\u015f\u00fc\u015fte d\u00f6nem zarar\u0131 ve k\u00e2r pay\u0131 da\u011f\u0131t\u0131m karar\u0131 etkili olmu\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>3. Gelir Tablosu ve Operasyonel Performans<\/h2>\n<p>1 Ocak \u2013 31 Mart 2026 d\u00f6nemine ait operasyonel sonu\u00e7lar, maliyet bask\u0131s\u0131n\u0131 ve vergi etkilerini yans\u0131tmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemi<\/td>\n<td>2026 \u0130lk \u00c7eyrek (TL)<\/td>\n<td>2025 \u0130lk \u00c7eyrek (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>926.105.600<\/td>\n<td>897.975.214<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(739.751.213)<\/td>\n<td>(650.836.922)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>186.354.387<\/td>\n<td>247.138.292<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>127.273.483<\/td>\n<td>181.985.624<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Gelirleri<\/b><\/td>\n<td>79.557.126<\/td>\n<td>149.941.376<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Zarar\u0131<\/b><\/td>\n<td>(129.217.803)<\/td>\n<td>(128.962.700)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(73.365.961)<\/b><\/td>\n<td><b>115.380.894<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Sat\u0131\u015flar\u0131n K\u0131r\u0131l\u0131m\u0131 ve Maliyetler<\/h3>\n<ul>\n<li><b>Yurt \u0130\u00e7i Sat\u0131\u015flar:<\/b> 776,6 milyon TL (2025: 952,8 milyon TL) seviyesine gerilemi\u015ftir.<\/li>\n<li><b>Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar:<\/b> 35,4 milyon TL&#8217;den 251,5 milyon TL&#8217;ye \u00e7\u0131karak \u00f6nemli bir ihracat art\u0131\u015f\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>\u00dcretim Maliyetleri:<\/b> Enerji giderleri 446,3 milyon TL ile toplam \u00fcretim maliyetlerinin en b\u00fcy\u00fck kalemini olu\u015fturmaya devam etmektedir.<\/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. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>\u015eirketin nakit pozisyonu d\u00f6nem i\u00e7inde 174,8 milyon TL net azal\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> (222.951.817) TL. D\u00f6nem zarar\u0131n\u0131n yan\u0131 s\u0131ra stoklardaki 364,9 milyon TL&#8217;lik art\u0131\u015f, i\u015fletme faaliyetlerinden nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi duran varl\u0131k al\u0131m\u0131 ve avans de\u011fi\u015fimleri nedeniyle 29,8 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 79,5 milyon TL faiz geliri nakit ak\u0131\u015f\u0131n\u0131 olumlu etkilemi\u015f; toplam finansman nakit ak\u0131\u015f\u0131 77,9 milyon TL seviyesinde ger\u00e7ekle\u015fmi\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>5. \u00d6nemli Finansal Riskler ve Notlar<\/h2>\n<h3>5.1. D\u00f6viz Kuru Riski<\/h3>\n<p>\u015eirket, 31 Mart 2026 itibar\u0131yla 78,1 milyon TL tutar\u0131nda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonuna sahiptir.<\/p>\n<ul>\n<li><b>Dolar Etkisi:<\/b> ABD Dolar\u0131&#8217;n\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda k\u00e2r\/zarar \u00fczerinde 2,4 milyon TL olumlu etki beklenmektedir.<\/li>\n<li><b>Avro Etkisi:<\/b> Avro&#8217;nun %10 de\u011fer kazanmas\u0131 durumunda 10,2 milyon TL tutar\u0131nda bir zarar etkisi \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n<h3>5.2. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>\u015eirket, ana orta\u011f\u0131 \u00c7imsa ve Sabanc\u0131 Holding grup \u015firketleriyle yo\u011fun ticari faaliyetlerini s\u00fcrd\u00fcrmektedir:<\/p>\n<ul>\n<li><b>Cimsa Building Solutions B.V.:<\/b> 245,7 milyon TL mal sat\u0131\u015f\u0131.<\/li>\n<li><b>Akbank:<\/b> 31,1 milyon TL mevduat ve 83,6 bin TL faiz geliri.<\/li>\n<li><b>Enerjisa:<\/b> Elektrik ve hizmet al\u0131mlar\u0131. (\u00d6zellikle Eyl\u00fcl 2023&#8217;te devreye al\u0131nan G\u00fcne\u015f Enerji Santrali &#8211; GES projesi kapsam\u0131nda Enerjisa M\u00fc\u015fteri \u00c7\u00f6z\u00fcmleri A.\u015e. ile 9 y\u0131ll\u0131k bak\u0131m\/i\u015fletme s\u00f6zle\u015fmesi bulunmaktad\u0131r.)<\/li>\n<\/ul>\n<h3>5.3. Vergi Durumu<\/h3>\n<ul>\n<li><b>Ertelenmi\u015f Vergi Varl\u0131\u011f\u0131:<\/b> 148,6 milyon TL (2025: 256,9 milyon TL).<\/li>\n<li><b>Vergi Gideri:<\/b> D\u00f6nem i\u00e7inde 35,8 milyon TL cari vergi gideri ve 108,4 milyon TL ertelenmi\u015f vergi gideri 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>6. Raporlama Sonras\u0131 Geli\u015fmeler<\/h2>\n<ul>\n<li><b>Sermaye Tavan\u0131 Art\u0131r\u0131m\u0131:<\/b> 30 Mart 2026 tarihli Ola\u011fan Genel Kurul&#8217;da, \u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n <b>800.000.000 TL&#8217;den 3.000.000.000 TL&#8217;ye<\/b> \u00e7\u0131kar\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015f; bu karar 17 Nisan 2026&#8217;da tescil edilmi\u015ftir.<\/li>\n<li><b>Temett\u00fc \u00d6demesi:<\/b> 600.000.000 TL tutar\u0131ndaki nakit k\u00e2r pay\u0131 \u00f6demesi 1 Nisan 2026 tarihinde tamamlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2229\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Afyon \u00c7imento&#8217;nun 2026 y\u0131l\u0131 ilk \u00e7eyrek finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131: Enflasyon muhasebesi etkisiyle net zarar a\u00e7\u0131klanmas\u0131na ra\u011fmen, ihracattaki rekor b\u00fcy\u00fcme ve 600 milyon TL&#8217;lik dev temett\u00fc \u00f6demesi piyasalar\u0131n odak noktas\u0131nda. \u015eirketin yurt d\u0131\u015f\u0131 pazarlardaki agresif geni\u015flemesi, azalan yurt i\u00e7i talebi dengelerken; sermaye tavan\u0131n\u0131n 3 milyar TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 gelece\u011fe dair stratejik bir haz\u0131rl\u0131\u011f\u0131n sinyallerini veriyor. Finansal tablolar\u0131n derinliklerinde yer alan parasal pozisyon kay\u0131plar\u0131 ve nakit ak\u0131\u015f y\u00f6netiminin detayl\u0131 analizini yaz\u0131m\u0131zda bulabilirsiniz.<\/p>\n","protected":false},"author":11,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[322],"class_list":["post-2229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-afyon"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2229","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2229"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2229\/revisions"}],"predecessor-version":[{"id":2230,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2229\/revisions\/2230"}],"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=2229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}