{"id":2267,"date":"2026-05-02T10:56:47","date_gmt":"2026-05-02T07:56:47","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2267"},"modified":"2026-05-02T10:57:12","modified_gmt":"2026-05-02T07:57:12","slug":"egegy-2026-03-bilano-analizi-egeyap-avrupa-gayrimenkul-yatrm-ortakl","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2267","title":{"rendered":"\ud83d\udd34 EGEGY 2026-03 Bilan\u00e7o Analizi | Egeyap\u0131 Avrupa Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131"},"content":{"rendered":"

Egeyap\u0131 Avrupa Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. Finansal Analiz \u00c7al\u0131\u015fma K\u0131lavuzu<\/h1>\n

Bu \u00e7al\u0131\u015fma k\u0131lavuzu, Egeyap\u0131 Avrupa Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.’nin (“Egeyap\u0131 Avrupa”) 1 Ocak – 31 Mart 2026 ara hesap d\u00f6nemine ait \u00f6zet finansal raporlar\u0131n\u0131 analiz etmek ve anlamak amac\u0131yla haz\u0131rlanm\u0131\u015ft\u0131r. K\u0131lavuz; k\u0131sa cevapl\u0131 sorular, tart\u0131\u015fma odakl\u0131 kompozisyon sorular\u0131 ve temel finansal terimleri i\u00e7eren kapsaml\u0131 bir s\u00f6zl\u00fckten olu\u015fmaktad\u0131r.<\/p>\n

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B\u00f6l\u00fcm 1: K\u0131sa Cevapl\u0131 S\u0131nav<\/h2>\n

Talimatlar:<\/b> A\u015fa\u011f\u0131daki sorular\u0131 sa\u011flanan kaynak ba\u011flam\u0131na dayanarak 2-3 c\u00fcmle ile yan\u0131tlay\u0131n\u0131z.<\/p>\n

Sorular:<\/b><\/p>\n

    \n
  1. \u015eirketin kurumsal d\u00f6n\u00fc\u015f\u00fcm s\u00fcreci nas\u0131l ger\u00e7ekle\u015fmi\u015ftir?<\/b><\/li>\n
  2. \u015eirketin Borsa \u0130stanbul’daki i\u015flem durumu nedir?<\/b><\/li>\n
  3. Egeyap\u0131 Avrupa’n\u0131n ana faaliyet konusu nedir?<\/b><\/li>\n
  4. \u015eirketin dahil oldu\u011fu m\u00fc\u015fterek faaliyetler (adi ortakl\u0131klar) ve ortakl\u0131k paylar\u0131 nelerdir?<\/b><\/li>\n
  5. Finansal tablolar haz\u0131rlan\u0131rken hangi enflasyon muhasebesi standard\u0131 uygulanm\u0131\u015ft\u0131r ve bu uygulaman\u0131n temel dayana\u011f\u0131 nedir?<\/b><\/li>\n
  6. 31 Mart 2026 itibar\u0131yla \u015firketin k\u0131sa vadeli stoklar\u0131nda en b\u00fcy\u00fck paya sahip olan proje hangisidir?<\/b><\/li>\n
  7. Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin de\u011ferlemesi hangi y\u00f6ntemlerle ve kimler taraf\u0131ndan yap\u0131lmaktad\u0131r?<\/b><\/li>\n
  8. \u015eirketin 31 Mart 2026 itibar\u0131yla personel say\u0131s\u0131 ve kay\u0131tl\u0131 adresi nedir?<\/b><\/li>\n
  9. “Ertelenmi\u015f gelirler” kaleminin i\u00e7eri\u011fi ve k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki de\u011fi\u015fiminin sebebi nedir?<\/b><\/li>\n
  10. \u015eirketin 31 Mart 2026 ve 31 Mart 2025 d\u00f6nemleri aras\u0131ndaki has\u0131lat ve net d\u00f6nem kar\u0131 kar\u015f\u0131la\u015ft\u0131rmas\u0131 nas\u0131ld\u0131r?<\/b><\/li>\n<\/ol>\n

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    B\u00f6l\u00fcm 2: Cevap Anahtar\u0131<\/h2>\n
      \n
    1. Cevap:<\/b> \u015eirket 2015 y\u0131l\u0131nda kurulmu\u015f, 2023 y\u0131l\u0131 sonunda SPK ve Ticaret Bakanl\u0131\u011f\u0131 izinleriyle Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131na (GYO) d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. Unvan de\u011fi\u015fikli\u011fi 17 Ocak 2024 tarihinde tescil edilerek resmiyet kazanm\u0131\u015ft\u0131r.<\/li>\n
    2. Cevap:<\/b> \u015eirket, 14 Ocak 2025 tarihinden itibaren Borsa \u0130stanbul\u2019da (B\u0130ST) “EGEGY” koduyla i\u015flem g\u00f6rmektedir. Hisselerinin %30,14\u2019\u00fc halka a\u00e7\u0131k stat\u00fcdedir.<\/li>\n
    3. Cevap:<\/b> \u015eirketin ana faaliyeti konut ve ticarethane in\u015faatlar\u0131 yapmak, satmak, kendi ad\u0131na veya kat kar\u015f\u0131l\u0131\u011f\u0131 projeler geli\u015ftirmek ve gayrimenkul yat\u0131r\u0131mlar\u0131 yapmakt\u0131r. Bu kapsamda arsa al\u0131m\u0131 ve proje geli\u015ftirme s\u00fcre\u00e7lerini y\u00f6netir.<\/li>\n
    4. Cevap:<\/b> \u015eirket; Da\u011fba\u015f\u0131 Adi Ortakl\u0131\u011f\u0131 (%46), Aslant\u00fcrkler Adi Ortakl\u0131\u011f\u0131 (%50) ve Yedikule \u2013 Ege Yap\u0131 A.\u015e. Adi Ortakl\u0131\u011f\u0131 (%52) projelerinde pay sahibidir. Bu ortakl\u0131klar \u00fczerinden Beyo\u011flu, \u015eile ve Fatih (Cer \u0130stanbul) gibi b\u00f6lgelerde projeler y\u00fcr\u00fct\u00fclmektedir.<\/li>\n
    5. Cevap:<\/b> Finansal tablolar, TMS 29 “Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama” standard\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. Bu kapsamda tutarlar, 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilerek ifade edilmi\u015ftir.<\/li>\n
    6. Cevap:<\/b> K\u0131sa vadeli stoklarda en b\u00fcy\u00fck paya sahip olan proje, 3.462.102.540 TL ile Urla Kekliktepe projesidir. Bu proje, 2026 y\u0131l\u0131nda teslimi planland\u0131\u011f\u0131 i\u00e7in uzun vadeli stoklardan k\u0131sa vadeli stoklara s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n
    7. Cevap:<\/b> De\u011ferlemeler, SPK taraf\u0131ndan yetkilendirilmi\u015f ba\u011f\u0131ms\u0131z de\u011ferleme \u015firketleri taraf\u0131ndan “pazar yakla\u015f\u0131m\u0131” ve “gelir yakla\u015f\u0131m\u0131” y\u00f6ntemleri kullan\u0131larak yap\u0131lmaktad\u0131r. 31 Mart 2026 raporundaki de\u011ferler, Aral\u0131k 2025’te yap\u0131lan ekspertiz \u00e7al\u0131\u015fmalar\u0131na dayanmaktad\u0131r.<\/li>\n
    8. Cevap:<\/b> 31 Mart 2026 itibar\u0131yla \u015firketin 17 personeli bulunmaktad\u0131r. \u015eirketin kay\u0131tl\u0131 adresi Altunizade Mahallesi, \u0130nci \u00c7\u0131kmaz\u0131 Sokak, No: 3, \u00dcsk\u00fcdar, \u0130stanbul’dur.<\/li>\n
    9. Cevap:<\/b> Ertelenmi\u015f gelirler, esas olarak Modernyaka ve Urla Kekliktepe gibi projelerden m\u00fc\u015fterilerden al\u0131nan avanslardan olu\u015fmaktad\u0131r. Bu kalem, daire ve ofislerin sat\u0131\u015f\u0131 yap\u0131lmas\u0131na ra\u011fmen hen\u00fcz teslimat\u0131n ger\u00e7ekle\u015fmedi\u011fini g\u00f6sterir.<\/li>\n
    10. Cevap:<\/b> 31 Mart 2026 itibar\u0131yla has\u0131lat 2,17 milyar TL’ye, net d\u00f6nem kar\u0131 ise 520,7 milyon TL’ye ula\u015fm\u0131\u015ft\u0131r. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde has\u0131lat 123,5 milyon TL, d\u00f6nem kar\u0131 ise 155,5 milyon TL seviyesindeydi; bu da ciddi bir b\u00fcy\u00fcme g\u00f6stermektedir.<\/li>\n<\/ol>\n

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      B\u00f6l\u00fcm 3: Kompozisyon Sorular\u0131<\/h2>\n

      Talimatlar:<\/b> A\u015fa\u011f\u0131daki konular\u0131 finansal veriler ve raporlardaki dipnotlar \u0131\u015f\u0131\u011f\u0131nda analiz ederek detayland\u0131r\u0131n\u0131z. (Cevaplar bu k\u0131lavuzda sunulmam\u0131\u015ft\u0131r.)<\/p>\n

        \n
      1. Stok Y\u00f6netimi ve Proje D\u00f6ng\u00fcs\u00fc:<\/b> Urla Kekliktepe projesinin uzun vadeli stoklardan k\u0131sa vadeli stoklara aktar\u0131lmas\u0131n\u0131n \u015firketin finansal yap\u0131s\u0131 ve nakit ak\u0131\u015f\u0131 \u00fczerindeki beklenen etkilerini tart\u0131\u015f\u0131n\u0131z.<\/li>\n
      2. Enflasyon Muhasebesinin Etkisi:<\/b> TMS 29 uygulamas\u0131n\u0131n, \u015firketin net parasal pozisyon kazan\u00e7\/kay\u0131plar\u0131 \u00fczerindeki etkisini ve bu durumun karl\u0131l\u0131k analizini nas\u0131l de\u011fi\u015ftirdi\u011fini de\u011ferlendiriniz.<\/li>\n
      3. Gayrimenkul Portf\u00f6y Stratejisi:<\/b> \u015eirketin yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkulleri (arsa ve otel) ile stoklar (in\u015fas\u0131 s\u00fcren projeler) aras\u0131ndaki dengeyi, risk y\u00f6netimi a\u00e7\u0131s\u0131ndan analiz ediniz.<\/li>\n
      4. M\u00fc\u015fterek Faaliyetlerin Muhasebele\u015ftirilmesi:<\/b> “Haklar\u0131n Birle\u015fmesi” y\u00f6ntemiyle muhasebele\u015ftirilen adi ortakl\u0131klar\u0131n, \u015firketin toplam varl\u0131klar\u0131 ve y\u00fck\u00fcml\u00fcl\u00fckleri \u00fczerindeki payda\u015fl\u0131k etkisini yorumlay\u0131n\u0131z.<\/li>\n
      5. Finansman Yap\u0131s\u0131 ve Bor\u00e7luluk:<\/b> Banka kredilerindeki ve finansal bor\u00e7lanmalardaki art\u0131\u015f\u0131, devam eden projelerin finansman ihtiyac\u0131 ve \u015firketin \u00f6zkaynak yap\u0131s\u0131 ile ili\u015fkilendirerek analiz ediniz.<\/li>\n<\/ol>\n

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        B\u00f6l\u00fcm 4: Kapsaml\u0131 Terimler S\u00f6zl\u00fc\u011f\u00fc<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        Terim<\/td>\nTan\u0131m<\/td>\n<\/tr>\n
        GYO (Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131)<\/b><\/td>\nSermaye Piyasas\u0131 Kurulu d\u00fczenlemeleri \u00e7er\u00e7evesinde, gayrimenkullere, gayrimenkule dayal\u0131 projelere ve haklara yat\u0131r\u0131m yapan sermaye piyasas\u0131 kurumudur.<\/td>\n<\/tr>\n
        TMS 29<\/b><\/td>\nY\u00fcksek enflasyonlu ekonomilerde finansal tablolar\u0131n sat\u0131n alma g\u00fcc\u00fc de\u011fi\u015fimlerine g\u00f6re d\u00fczeltilmesini zorunlu k\u0131lan muhasebe standard\u0131d\u0131r.<\/td>\n<\/tr>\n
        Adi Ortakl\u0131k<\/b><\/td>\n\u0130ki veya daha fazla ki\u015finin, ortak bir amaca ula\u015fmak i\u00e7in emeklerini ve mallar\u0131n\u0131 birle\u015ftirmeyi \u00fcstlendikleri, t\u00fczel ki\u015fili\u011fi olmayan i\u015f ortakl\u0131\u011f\u0131 modelidir.<\/td>\n<\/tr>\n
        Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkul<\/b><\/td>\nKira geliri, de\u011fer art\u0131\u015f kazanc\u0131 veya her ikisini birden elde etmek amac\u0131yla elde tutulan arazi veya bina gibi varl\u0131klard\u0131r.<\/td>\n<\/tr>\n
        Stoklar<\/b><\/td>\n\u015eirketin normal faaliyet ak\u0131\u015f\u0131 i\u00e7inde sat\u0131lmak i\u00e7in elde tuttu\u011fu veya in\u015fa etmekte oldu\u011fu konut, ofis gibi projelerin maliyetlerini i\u00e7eren varl\u0131k grubudur.<\/td>\n<\/tr>\n
        Ertelenmi\u015f Gelirler<\/b><\/td>\nGelecek d\u00f6nemlerde teslim edilecek mal veya hizmetler i\u00e7in m\u00fc\u015fterilerden \u00f6nceden tahsil edilen avanslar\u0131 temsil eden y\u00fck\u00fcml\u00fcl\u00fckt\u00fcr.<\/td>\n<\/tr>\n
        Has\u0131lat<\/b><\/td>\n\u015eirketin ana faaliyetleri sonucunda elde etti\u011fi br\u00fct ekonomik yarar (sat\u0131\u015f tutar\u0131) toplam\u0131d\u0131r.<\/td>\n<\/tr>\n
        Net Parasal Pozisyon Kazanc\u0131\/Kayb\u0131<\/b><\/td>\nEnflasyon d\u00f6nemlerinde parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerin sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimden kaynaklanan farkt\u0131r.<\/td>\n<\/tr>\n
        Kullan\u0131m Hakk\u0131 Varl\u0131klar\u0131<\/b><\/td>\nKiralamadan do\u011fan ve kiralanan varl\u0131\u011f\u0131n kira s\u00fcresi boyunca kullan\u0131m hakk\u0131n\u0131 temsil eden varl\u0131klard\u0131r (\u00d6rn: Ofis kiralamalar\u0131).<\/td>\n<\/tr>\n
        \u00d6zkaynaklar<\/b><\/td>\n\u015eirketin toplam varl\u0131klar\u0131ndan t\u00fcm y\u00fck\u00fcml\u00fcl\u00fckleri \u00e7\u0131kar\u0131ld\u0131ktan sonra kalan, ortaklara ait olan payd\u0131r.<\/td>\n<\/tr>\n
        Pazar Yakla\u015f\u0131m\u0131<\/b><\/td>\nBir varl\u0131\u011f\u0131n de\u011ferinin, benzer varl\u0131klar\u0131n piyasadaki sat\u0131\u015f fiyatlar\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131 yoluyla belirlendi\u011fi de\u011ferleme y\u00f6ntemidir.<\/td>\n<\/tr>\n
        M\u00fc\u015fteri S\u00f6zle\u015fmelerinden Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\nSat\u0131\u015f\u0131 yap\u0131lm\u0131\u015f ancak m\u00fclkiyeti hen\u00fcz m\u00fc\u015fteriye devredilmemi\u015f birimlere ili\u015fkin \u015firketin yerine getirmesi gereken sorumluluklard\u0131r.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n