{"id":2276,"date":"2026-05-02T11:05:12","date_gmt":"2026-05-02T08:05:12","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2276"},"modified":"2026-05-02T11:05:49","modified_gmt":"2026-05-02T08:05:49","slug":"trhol-2026-03-bilano-analizi-tera-finansal-yatrmlar-holding","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2276","title":{"rendered":"\ud83d\udd34 TRHOL 2026-03 Bilan\u00e7o Analizi | Tera Finansal Yat\u0131r\u0131mlar Holding"},"content":{"rendered":"<h1>Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e. 31 Mart 2026 Ara D\u00f6nem Finansal Brifing Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e.&#8217;nin 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal tablolar\u0131, \u015firketin stratejik bir d\u00f6n\u00fc\u015f\u00fcm ve b\u00fcy\u00fcme evresinde oldu\u011funu g\u00f6stermektedir. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde (31.03.2025) 21.421.227 TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klayan \u015firket, 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde <b>30.988.843 TL net d\u00f6nem k\u00e2r\u0131<\/b> elde ederek g\u00fc\u00e7l\u00fc bir karl\u0131l\u0131k performans\u0131 sergilemi\u015ftir.<\/p>\n<p>Bu performans\u0131n arkas\u0131ndaki temel itici g\u00fc\u00e7ler; yat\u0131r\u0131m faaliyetlerinden elde edilen 40,9 milyon TL&#8217;lik gelir ve y\u00fcksek enflasyon d\u00fczeltmesi sonucu olu\u015fan 21,4 milyon TL&#8217;lik net parasal pozisyon kazanc\u0131d\u0131r. \u015eirket, bu d\u00f6nemde i\u015ftirak yap\u0131s\u0131n\u0131 geni\u015fletmi\u015f, Aura Portf\u00f6y Y\u00f6netimi A.\u015e.&#8217;nin kontrol\u00fcn\u00fc devralmak \u00fczere resmi s\u00fcre\u00e7leri ba\u015flatm\u0131\u015f ve \u00e7al\u0131\u015fan say\u0131s\u0131n\u0131 art\u0131rarak kurumsal kapasitesini g\u00fc\u00e7lendirmi\u015ftir. Finansal durum tablosu, varl\u0131k toplam\u0131n\u0131n 418,9 milyon TL&#8217;den 604,8 milyon TL&#8217;ye y\u00fckseldi\u011fini ortaya koymaktad\u0131r.<\/p>\n<h2>Stratejik ve Kurumsal Geli\u015fim<\/h2>\n<h3>Unvan ve Faaliyet De\u011fi\u015fikli\u011fi<\/h3>\n<p>\u015eirket, Ta\u00e7 Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 ve ard\u0131ndan Dagi Yat\u0131r\u0131m Holding olan unvan\u0131n\u0131 d\u00f6nem i\u00e7inde <b>Tera Finansal Yat\u0131r\u0131mlar Holding A.\u015e.<\/b> olarak de\u011fi\u015ftirmi\u015ftir. Bu de\u011fi\u015fim, \u015firketin finansal hizmetler ve holding y\u00f6netimi odakl\u0131 yeni vizyonunu yans\u0131tmaktad\u0131r.<\/p>\n<h3>\u0130\u015ftirak ve Yat\u0131r\u0131m Portf\u00f6y\u00fc<\/h3>\n<p>\u015eirket, finansal hizmetler sekt\u00f6r\u00fcndeki varl\u0131\u011f\u0131n\u0131 stratejik sat\u0131n almalarla peki\u015ftirmi\u015ftir:<\/p>\n<ul>\n<li><b>Tera Portf\u00f6y Y\u00f6netimi A.\u015e.:<\/b> %1 oran\u0131ndaki sermaye pay\u0131 (350.000 TL nominal) 106.530.000 TL bedelle iktisap edilmi\u015ftir.<\/li>\n<li><b>Prive Sigorta A.\u015e.:<\/b> %9 oran\u0131ndaki sermaye pay\u0131 (123.974.941 TL nominal) 220.588.235 TL bedelle iktisap edilmi\u015ftir.<\/li>\n<li><b>Aura Portf\u00f6y Y\u00f6netimi A.\u015e.:<\/b> \u015eirket sermayesinin %73,51&#8217;ini temsil eden paylar\u0131n devral\u0131nmas\u0131na ili\u015fkin Pay Al\u0131m Sat\u0131m S\u00f6zle\u015fmesi 03.10.2025&#8217;te imzalanm\u0131\u015f olup, Sermaye Piyasas\u0131 Kurulu&#8217;nun (SPK) onay\u0131 beklenmektedir.<\/li>\n<li><b>Eros Tekstil:<\/b> Bu i\u015ftirakteki t\u00fcm paylar sat\u0131larak i\u015ftirak yap\u0131s\u0131ndan \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Operasyonel Kapasite<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla 1 olan \u00e7al\u0131\u015fan say\u0131s\u0131, 31 Mart 2026 itibar\u0131yla <b>6 ki\u015fiye<\/b> y\u00fckselmi\u015ftir. Bu art\u0131\u015f, holdingin operasyonel faaliyetlerinin yo\u011funla\u015ft\u0131\u011f\u0131n\u0131n bir g\u00f6stergesidir.<\/p>\n<h2>Finansal Performans Analizi<\/h2>\n<h3>K\u00e2r veya Zarar Tablosu \u00d6zeti (01.01.2026 \u2013 31.03.2026)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31.03.2026 (TL)<\/td>\n<td>31.03.2025 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(17.604.894)<\/td>\n<td>(1.170.353)<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131 \/ Zarar\u0131<\/td>\n<td>(18.062.971)<\/td>\n<td>(1.017.704)<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/td>\n<td>40.900.000<\/td>\n<td>0<\/td>\n<\/tr>\n<tr>\n<td>Finansal Giderler (-)<\/td>\n<td>(408.128)<\/td>\n<td>(11.911.653)<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131<\/td>\n<td>21.416.855<\/td>\n<td>(4.832.211)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ Zarar\u0131<\/b><\/td>\n<td><b>30.988.843<\/b><\/td>\n<td><b>(21.421.227)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li><b>Yat\u0131r\u0131m Gelirleri:<\/b> D\u00f6nem k\u00e2r\u0131n\u0131n en b\u00fcy\u00fck bile\u015feni, 40,9 milyon TL tutar\u0131ndaki menkul k\u0131ymet sat\u0131\u015f k\u00e2rlar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Y\u00fcksek enflasyonlu ekonomide raporlama esaslar\u0131 uyar\u0131nca yap\u0131lan d\u00fczeltmeler, \u015firkete 21,4 milyon TL net parasal pozisyon kazanc\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Gider Art\u0131\u015f\u0131:<\/b> \u015eirketin b\u00fcy\u00fcme stratejisine ba\u011fl\u0131 olarak genel y\u00f6netim giderleri 1,1 milyon TL&#8217;den 17,6 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h2>Finansal Durum Analizi<\/h2>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin toplam varl\u0131klar\u0131 31 Aral\u0131k 2025&#8217;e g\u00f6re %44,3 oran\u0131nda artarak <b>604.871.905 TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 15,6 milyon TL&#8217;den 205,7 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. Bu art\u0131\u015f\u0131n temel kayna\u011f\u0131, 188,1 milyon TL tutar\u0131ndaki yeni finansal yat\u0131r\u0131mlard\u0131r (hisse senetleri).<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 399,1 milyon TL seviyesindedir. Varl\u0131klar\u0131n %93,5&#8217;ini (373,3 milyon TL) i\u015ftirakler, i\u015f ortakl\u0131klar\u0131 ve ba\u011fl\u0131 ortakl\u0131klardaki yat\u0131r\u0131mlar olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Kaynak Yap\u0131s\u0131 ve Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 400.371.766 TL seviyesindedir. \u015eirketin uzun vadeli y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmamaktad\u0131r.<\/li>\n<li><b>\u0130li\u015fkili Taraflara Bor\u00e7lar:<\/b> K\u0131sa vadeli di\u011fer bor\u00e7lar\u0131n \u00e7ok b\u00fcy\u00fck bir k\u0131sm\u0131 (387,8 milyon TL) ili\u015fkili taraf olan <b>Tera Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.<\/b>&#8216;ye olan bor\u00e7lardan olu\u015fmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> D\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle 173,5 milyon TL&#8217;den 204,5 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h2>Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>D\u00f6nem sonu nakit ve nakit benzerleri <b>2.264.081 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir (2025 sonu: 446.189 TL).<\/p>\n<ul>\n<li><b>Esas Faaliyetler:<\/b> Finansal yat\u0131r\u0131mlardaki 188,1 milyon TL&#8217;lik art\u0131\u015f nedeniyle i\u015fletme faaliyetlerinden 14,2 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi duran varl\u0131k (ta\u015f\u0131t) al\u0131m\u0131 i\u00e7in 9 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015f, ancak enflasyon d\u00fczeltme etkileriyle yat\u0131r\u0131m faaliyetlerinden net 25 milyon TL nakit giri\u015fi raporlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Tera Yat\u0131r\u0131m Bankas\u0131 A.\u015e.&#8217;den sa\u011flanan 8 milyon TL&#8217;lik kredi nakit giri\u015flerinde etkili olmu\u015ftur.<\/li>\n<\/ul>\n<h2>Finansal Risk Y\u00f6netimi<\/h2>\n<ul>\n<li><b>Kredi Riski:<\/b> \u015eirketin kredi riski maruziyeti esas olarak banka mevduatlar\u0131ndan (2,26 milyon TL) kaynaklanmaktad\u0131r.<\/li>\n<li><b>Likidite Riski:<\/b> Aktiflerin \u00f6nemli bir k\u0131sm\u0131n\u0131n finansal yat\u0131r\u0131mlardan olu\u015fmas\u0131 likidite y\u00f6netimini desteklemektedir. Net bor\u00e7 \/ toplam sermaye oran\u0131 %66 olarak hesaplanm\u0131\u015ft\u0131r (2025 sonu: %58).<\/li>\n<li><b>Kur Riski:<\/b> \u015eirketin d\u00f6viz pozisyonu olduk\u00e7a d\u00fc\u015f\u00fckt\u00fcr. 31 Mart 2026 itibar\u0131yla net yabanc\u0131 para varl\u0131k pozisyonu sadece 1.276 TL kar\u015f\u0131l\u0131\u011f\u0131 d\u00f6vizden olu\u015fmaktad\u0131r, bu da kur dalgalanmalar\u0131na kar\u015f\u0131 d\u00fc\u015f\u00fck hassasiyet anlam\u0131na gelmektedir.<\/li>\n<\/ul>\n<h2>Muhasebe Politikalar\u0131 ve Gelecek Beklentileri<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar TMS 29 uyar\u0131nca 31 Mart 2026 tarihli sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Konsolidasyon:<\/b> Aura Portf\u00f6y Y\u00f6netimi A.\u015e. paylar\u0131n\u0131n devral\u0131nmas\u0131 s\u00fcrecinin tamamlanmas\u0131yla birlikte, \u015eirket TFRS 10 uyar\u0131nca konsolide finansal tablo haz\u0131rlama y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc alt\u0131na girecektir.<\/li>\n<li><b>Raporlama Sonras\u0131 Olaylar:<\/b> 2025 sonunda Asya Pasifik b\u00f6lgesinde bir banka sat\u0131n al\u0131nmas\u0131na y\u00f6nelik \u00f6n g\u00f6r\u00fc\u015fmeler ba\u015flad\u0131\u011f\u0131 belirtilmi\u015f, 2026 ilk \u00e7eyrek raporunda bu konuda ek bir geli\u015fme not edilmemi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2276\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Tera Finansal Yat\u0131r\u0131mlar 2026 Y\u0131l\u0131na G\u00fc\u00e7l\u00fc Bir Ba\u015flang\u0131\u00e7 Yapt\u0131<br \/>\nTera Finansal Yat\u0131r\u0131mlar Holding A.\u015e., 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fine ait finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. \u015eirket, stratejik hamleleri ve i\u015ftirak yat\u0131r\u0131mlar\u0131yla toplam varl\u0131klar\u0131n\u0131 604,8 milyon TL seviyesine \u00e7\u0131kar\u0131rken, d\u00f6nem sonunda 30,9 milyon TL net k\u00e2r a\u00e7\u0131klad\u0131. Unvan de\u011fi\u015fikli\u011fi ve yeni i\u015ftirak al\u0131mlar\u0131yla dikkat \u00e7eken holdingin, enflasyon muhasebesi etkilerini de i\u00e7eren detayl\u0131 finansal analizini yaz\u0131m\u0131zda bulabilirsiniz. Finansal d\u00fcnyadaki bu yeni d\u00f6nemi ve \u015firketin gelecek hedeflerini ke\u015ffetmek i\u00e7in t\u0131klay\u0131n.<\/p>\n","protected":false},"author":3,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[275],"class_list":["post-2276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-trhol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2276","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2276"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2276\/revisions"}],"predecessor-version":[{"id":2277,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2276\/revisions\/2277"}],"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=2276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}