{"id":2365,"date":"2026-05-02T14:32:16","date_gmt":"2026-05-02T11:32:16","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2365"},"modified":"2026-05-02T14:32:38","modified_gmt":"2026-05-02T11:32:38","slug":"a1cap-2026-03-bilano-analizi-a1-capital-yatrm-menkul-deerler","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2365","title":{"rendered":"\ud83d\udd34 A1CAP 2026-03 Bilan\u00e7o Analizi | A1 Capital Yat\u0131r\u0131m Menkul De\u011ferler"},"content":{"rendered":"<h1>A1 Capital Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. Konsolide Finansal Durum ve Faaliyet Analizi Brifingi (31 Mart 2026)<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, A1 Capital Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n (&#8220;Grup&#8221;) 31 Mart 2026 tarihi itibar\u0131yla sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve operasyonel verilerini sentezlemektedir. Grubun finansal tablolar\u0131, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur.<\/p>\n<p>Cari d\u00f6nemin en kritik bulgusu, has\u0131lat art\u0131\u015f\u0131na ra\u011fmen Grubun <b>1.049.101.373 TL net d\u00f6nem zarar\u0131<\/b> a\u00e7\u0131klam\u0131\u015f olmas\u0131d\u0131r. Bu zarar\u0131n temel s\u00fcr\u00fckleyicisi, enflasyon muhasebesi uygulamas\u0131 sonucunda kaydedilen <b>1.014.399.115 TL tutar\u0131ndaki parasal pozisyon kayb\u0131d\u0131r.<\/b> Grubun toplam varl\u0131klar\u0131 2025 y\u0131l sonuna g\u00f6re %19,6 oran\u0131nda azalarak 16,1 milyar TL\u2019ye gerilemi\u015f; \u00f6zkaynaklar ise 10,1 milyar TL\u2019den 9,05 milyar TL seviyesine inmi\u015ftir. Operasyonel tarafta has\u0131lat 6,8 milyar TL\u2019ye y\u00fckselmi\u015f olsa da, sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f br\u00fct k\u00e2r marj\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde daraltm\u0131\u015ft\u0131r.<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Operasyonel Kapsam<\/h2>\n<p>A1 Capital, Sermaye Piyasas\u0131 Kurulu\u2019ndan (SPK) al\u0131nan &#8220;Geni\u015f Yetkili Arac\u0131 Kurum&#8221; izin belgesi ile faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> \u015eirket, 24 May\u0131s 2024 tarihinde kurulan <b>A1 Capital Portf\u00f6y Y\u00f6netimi A.\u015e.<\/b>&#8216;nin %100 pay\u0131na sahiptir ve bu ortakl\u0131k tam konsolidasyon y\u00f6ntemiyle tablolara dahil edilmi\u015ftir.<\/li>\n<li><b>Organizasyonel A\u011f:<\/b> Grubun 31 Mart 2026 itibar\u0131yla 221 \u00e7al\u0131\u015fan\u0131 bulunmaktad\u0131r. Operasyonlar 1 merkez, 1 \u015fube (Ankara) ve T\u00fcrkiye genelinde (\u0130stanbul, \u0130zmir, Ankara, Bursa, Antalya, Eski\u015fehir, Adana vb.) 16 irtibat b\u00fcrosu arac\u0131l\u0131\u011f\u0131yla y\u00fcr\u00fct\u00fclmektedir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> Ana hissedarlar G\u00fcler Yat\u0131r\u0131m Holding A.\u015e. (%32,15 toplam pay) ve RTA Laboratuvarlar\u0131 Biyolojik \u00dcr\u00fcnler \u0130la\u00e7 ve Makine San. Tic. A.\u015e.&#8217;dir (%28,85 toplam pay). \u015eirketin %29,37\u2019lik k\u0131sm\u0131 halka a\u00e7\u0131kt\u0131r.<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi<\/h2>\n<h3>2.1. Gelir Tablosu Dinamikleri (1 Ocak &#8211; 31 Mart 2026)<\/h3>\n<p>Grup, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re has\u0131lat\u0131n\u0131 art\u0131rm\u0131\u015f ancak k\u00e2rl\u0131l\u0131k rasyolar\u0131nda gerileme ya\u015fam\u0131\u015ft\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Mart 2026 (TL)<\/td>\n<td>31 Mart 2025 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>6.820.637.951<\/td>\n<td>6.250.199.177<\/td>\n<td>+9,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(6.544.467.578)<\/td>\n<td>(4.810.486.072)<\/td>\n<td>+36,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>276.170.373<\/td>\n<td>1.439.713.105<\/td>\n<td>-80,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>41.615.240<\/td>\n<td>1.226.388.790<\/td>\n<td>-96,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td>(1.049.101.373)<\/td>\n<td>758.728.701<\/td>\n<td>-238,3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat Da\u011f\u0131l\u0131m\u0131:<\/b> Toplam has\u0131lat\u0131n 6,66 milyar TL\u2019si menkul k\u0131ymet sat\u0131\u015flar\u0131ndan, 224,4 milyon TL\u2019si ise hizmet gelirlerinden olu\u015fmaktad\u0131r. Arac\u0131l\u0131k gelirleri i\u00e7erisinde hisse senedi i\u015flemleri 89,8 milyon TL ile en b\u00fcy\u00fck pay\u0131 al\u0131rken, t\u00fcrev i\u015flemler 35 milyon TL katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Maliyet Bask\u0131s\u0131:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki %36&#8217;l\u0131k art\u0131\u015f, br\u00fct k\u00e2r\u0131n sert bir \u015fekilde d\u00fc\u015fmesine neden olmu\u015ftur. \u00d6zellikle hisse senedi ve fonlardaki 1,14 milyar TL tutar\u0131ndaki net ger\u00e7ekle\u015fmemi\u015f de\u011ferleme kayb\u0131 br\u00fct k\u00e2r\u0131 bask\u0131layan temel unsurlardan biridir.<\/li>\n<\/ul>\n<h3>2.2. Enflasyon Muhasebesi ve Parasal Pozisyon Etkisi<\/h3>\n<p>Grubun net zarar a\u00e7\u0131klamas\u0131ndaki en b\u00fcy\u00fck etken, TMS 29 uygulamas\u0131d\u0131r. 1.014.399.115 TL tutar\u0131ndaki &#8220;Parasal Kay\u0131p&#8221;, Grubun parasal varl\u0131klar\u0131n\u0131n (nakit, alacaklar) y\u00fcksek enflasyon kar\u015f\u0131s\u0131nda sat\u0131n alma g\u00fcc\u00fcn\u00fc kaybetmesinden kaynaklanm\u0131\u015ft\u0131r.<\/p>\n<h2>3. Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>3.1. Aktif Yap\u0131s\u0131<\/h3>\n<p>Grubun toplam varl\u0131klar\u0131 16.107.037.620 TL seviyesindedir.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 15,4 milyar TL (Toplam varl\u0131klar\u0131n %95,6\u2019s\u0131).\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 1,79 milyar TL.<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar (K\u0131sa Vadeli):<\/b> 5,14 milyar TL. Bu tutar\u0131n 2,8 milyar TL&#8217;si hisse senetleri, 2,07 milyar TL&#8217;si yat\u0131r\u0131m fonlar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Ticari Alacaklar:<\/b> 8,04 milyar TL. Bunun 5,7 milyar TL&#8217;si kredili m\u00fc\u015fterilerden olan alacaklard\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 710,9 milyon TL.\n<ul>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 377,4 milyon TL (Binalar, demirba\u015flar ve yap\u0131lmakta olan yat\u0131r\u0131mlar).<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar (Uzun Vadeli):<\/b> 188,7 milyon TL (A1 Yenilenebilir Enerji, Borsa \u0130stanbul A.\u015e. vb. i\u015ftirak paylar\u0131).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>3.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 5,95 milyar TL. En b\u00fcy\u00fck kalemler 3,73 milyar TL ile ticari bor\u00e7lar ve 1,46 milyar TL ile k\u0131sa vadeli bor\u00e7lanmalard\u0131r (Takasbank kredileri ve ihra\u00e7 edilmi\u015f finansman bonolar\u0131).<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 9,05 milyar TL. D\u00f6nem zarar\u0131na ra\u011fmen, 2,03 milyar TL tutar\u0131ndaki &#8220;Sermaye D\u00fczeltmesi Olumlu Farklar\u0131&#8221; ve 6,35 milyar TL tutar\u0131ndaki ge\u00e7mi\u015f y\u0131llar karlar\u0131 \u00f6zkaynak yap\u0131s\u0131n\u0131 desteklemektedir.<\/li>\n<\/ul>\n<h2>4. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>Grup, ana orta\u011f\u0131 G\u00fcler Yat\u0131r\u0131m Holding ve di\u011fer grup \u015firketleri ile aktif bir ticari ili\u015fki i\u00e7erisindedir:<\/p>\n<ul>\n<li><b>Alacaklar:<\/b> RTA Laboratuvarlar\u0131\u2019ndan 104,4 milyon TL, ICG Finansal Dan\u0131\u015fmanl\u0131k\u2019tan 65,4 milyon TL di\u011fer alacak bulunmaktad\u0131r.<\/li>\n<li><b>Bor\u00e7lar:<\/b> ASY Yenilenebilir Enerji \u00dcretim A.\u015e.\u2019ye 143,8 milyon TL di\u011fer bor\u00e7 bulunmaktad\u0131r.<\/li>\n<li><b>Gelir\/Gider:<\/b> D\u00f6nem i\u00e7inde ili\u015fkili taraflardan 8,05 milyon TL kredi faizi geliri elde edilmi\u015f, ASY Yenilenebilir Enerji\u2019ye 19,1 milyon TL adat gideri \u00f6denmi\u015ftir.<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6netim:<\/b> Kilit y\u00f6netici personele sa\u011flanan faydalar ilk \u00e7eyrekte 24,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Risk Y\u00f6netimi ve Ko\u015fullu Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<ul>\n<li><b>Kur Riski:<\/b> Grup, 1,45 milyar TL tutar\u0131nda net yabanc\u0131 para varl\u0131k pozisyonuna sahiptir. TL&#8217;nin d\u00f6viz kar\u015f\u0131s\u0131nda %10 de\u011fer kaybetmesi durumunda Grubun k\u00e2r\u0131n\u0131n 145,4 milyon TL olumlu etkilenmesi \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Kredi Riski:<\/b> Grup, m\u00fc\u015fterilere kulland\u0131r\u0131lan 5,66 milyar TL tutar\u0131ndaki kredilere kar\u015f\u0131l\u0131k, teminat olarak 6,69 milyar TL piyasa de\u011ferinde hisse senedi tutmaktad\u0131r.<\/li>\n<li><b>Teminatlar:<\/b> Grup, kendi t\u00fczel ki\u015fili\u011fi ad\u0131na 1,95 milyar TL tutar\u0131nda teminat, rehin ve ipotek (TR\u0130K) vermi\u015ftir. Takasbank\u2019a verilen teminat mektuplar\u0131 1,26 milyar TL ile bu kalemin en b\u00fcy\u00fck par\u00e7as\u0131d\u0131r.<\/li>\n<li><b>Davalar:<\/b> Grup aleyhine a\u00e7\u0131lan davalar i\u00e7in 66,9 milyon TL tutar\u0131nda kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2365\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>A1 Capital 2026 Y\u0131l\u0131na Nas\u0131l Ba\u015flad\u0131? Finansal Analiz ve Nakit Ger\u00e7ekleri<br \/>\nA1 Capital\u2019in 2026 y\u0131l\u0131 birinci \u00e7eyrek raporu, enflasyon muhasebesinin (TMS 29) finansallar \u00fczerindeki sert etkisini g\u00f6zler \u00f6n\u00fcne seriyor. 6,8 milyar TL\u2019lik has\u0131lata ra\u011fmen 1 milyar TL\u2019yi a\u015fan net zarar a\u00e7\u0131klayan \u015firketin, bilan\u00e7o yap\u0131s\u0131 ve operasyonel verimlili\u011fi yat\u0131r\u0131mc\u0131lar i\u00e7in ne ifade ediyor? 10 milyar TL\u2019ye \u00e7\u0131kar\u0131lan sermaye tavan\u0131 hamlesi ve nakit y\u00f6netimindeki stratejik de\u011fi\u015fimlerin detayl\u0131 analizini blog yaz\u0131m\u0131zda bulabilirsiniz.<\/p>\n","protected":false},"author":9,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[272],"class_list":["post-2365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-a1cap"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2365","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2365"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2365\/revisions"}],"predecessor-version":[{"id":2366,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2365\/revisions\/2366"}],"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=2365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}