{"id":243,"date":"2025-12-20T01:35:58","date_gmt":"2025-12-19T22:35:58","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=243"},"modified":"2025-12-20T01:35:58","modified_gmt":"2025-12-19T22:35:58","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-usak-usak-seramik-sanayi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/243","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #USAK | U\u015fak Seramik Sanayi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #USAK | U\u015fak Seramik Sanayi 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/tgihgxSYFRw?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>Seramikten G\u00fcne\u015fe: U\u015fak Seramik\u2019in 2025 Finansal Yolculu\u011fundaki 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>1. Giri\u015f: Geleneksel Sanayinin De\u011fi\u015fen Y\u00fcz\u00fc<\/h3>\n<p>1972 y\u0131l\u0131nda &#8220;U\u015fak Elektro Porselen A.\u015e.&#8221; ismiyle temelleri at\u0131lan U\u015fak Seramik, yar\u0131m asr\u0131 a\u015fan ser\u00fcveninde sadece binalar\u0131n y\u00fczeylerini kaplayan bir karo \u00fcreticisi olmaktan \u00e7ok daha fazlas\u0131n\u0131 ba\u015fard\u0131. 1990 y\u0131l\u0131ndan bu yana Borsa \u0130stanbul\u2019da i\u015flem g\u00f6ren bu sanayi devi, bug\u00fcnlerde geleneksel \u00fcretim kaslar\u0131n\u0131 &#8220;ye\u015fil enerji&#8221; vizyonuyla yeniden tan\u0131ml\u0131yor. Fabrika bacalar\u0131ndan y\u00fckselen \u0131s\u0131n\u0131n yerini, panellerden s\u00fcz\u00fclen elektronlara b\u0131rakt\u0131\u011f\u0131 bir &#8220;stratejik kabuk de\u011fi\u015ftirme&#8221; s\u00fcrecine \u015fahitlik ediyoruz.<\/p>\n<p>2025 y\u0131l\u0131n\u0131n ilk 9 ayl\u0131k finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131\u011f\u0131nda, kar\u015f\u0131m\u0131zda sadece so\u011fuk rakamlardan ibaret bir tablo de\u011fil, y\u00fcksek maliyet bask\u0131lar\u0131 ve bor\u00e7 y\u00fck\u00fcyle ku\u015fat\u0131lm\u0131\u015f bir devin teknolojik bir \u00e7\u0131k\u0131\u015f kap\u0131s\u0131 arama hikayesi belirdi. \u015eirketin yay\u0131nlad\u0131\u011f\u0131 ba\u011f\u0131ms\u0131z denetim raporlar\u0131, enflasyon muhasebesinin (TMS 29) \u015feffaf \u0131\u015f\u0131\u011f\u0131 alt\u0131nda, sanayi \u015firketlerinin gelecekte nas\u0131l hayatta kalaca\u011f\u0131na dair kritik ipu\u00e7lar\u0131 veriyor.<\/p>\n<h3>2. G\u00fcne\u015ften Gelen Y\u00fcksek Marjl\u0131 Gelir: GES D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h3>\n<p>U\u015fak Seramik\u2019in 2025 y\u0131l\u0131 bilan\u00e7osundaki en radikal yenilik, \u015firketin art\u0131k sadece seramik sat\u0131\u015f\u0131yla de\u011fil, bir enerji \u00fcreticisi gibi &#8220;elektrik&#8221; sat\u0131\u015f\u0131yla da has\u0131lat yaratmas\u0131d\u0131r. 2 Ekim 2024 tarihinde tam kapasiteyle devreye al\u0131nan G\u00fcne\u015f Enerji Santrali (GES) yat\u0131r\u0131m\u0131, 2025\u2019in ilk \u00fc\u00e7 \u00e7eyre\u011finde 160,2 milyon TL tutar\u0131nda yepyeni bir gelir kalemi olu\u015fturdu. Bu rakam, geleneksel seramik sat\u0131\u015flar\u0131na g\u00f6re \u00e7ok daha d\u00fc\u015f\u00fck operasyonel maliyetli ve y\u00fcksek marjl\u0131 bir nakit ak\u0131\u015f\u0131 anlam\u0131na geliyor.<\/p>\n<p>Bu yat\u0131r\u0131m sadece bir gelir kap\u0131s\u0131 de\u011fil, ayn\u0131 zamanda devlet destekli bir maliyet kalkan\u0131. \u015eirketin y\u0131ll\u0131k elektrik ihtiyac\u0131n\u0131n yakla\u015f\u0131k %41\u2019ini kar\u015f\u0131lamas\u0131 \u00f6ng\u00f6r\u00fclen bu proje, Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131\u2019ndan al\u0131nan devasa bir te\u015fvikle de ta\u00e7land\u0131r\u0131lm\u0131\u015f durumda.<\/p>\n<p>&#8220;U\u015fak Seramik&#8217;in kendi t\u00fcketimini kar\u015f\u0131lamak amac\u0131yla ger\u00e7ekle\u015ftirdi\u011fi GES projesi i\u00e7in 166.524.866 TL tutar\u0131ndaki te\u015fvik belgesi Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131 taraf\u0131ndan onaylanm\u0131\u015ft\u0131r. Tesiste \u00fcretilen elektri\u011fin \u015firketin y\u0131ll\u0131k t\u00fcketiminin %41\u2019ini kar\u015f\u0131lamas\u0131 planlanmaktad\u0131r.&#8221;<\/p>\n<h3>3. Enflasyon Muhasebesinin G\u00f6lgesinde: Has\u0131lat vs. Finansman Giderleri<\/h3>\n<p>\u015eirketin sat\u0131\u015f performans\u0131, TMS 29 (Enflasyon Muhasebesi) d\u00fczeltmeleriyle birlikte incelendi\u011finde, has\u0131lat\u0131n ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki (yeniden d\u00fczenlenmi\u015f) 3 milyar TL seviyesinden 3,39 milyar TL\u2019ye y\u00fckseldi\u011fi g\u00f6r\u00fcl\u00fcyor. Ancak bu ciro art\u0131\u015f\u0131na ra\u011fmen 201,4 milyon TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klanmas\u0131, madalyonun \u00f6teki y\u00fcz\u00fcn\u00fc; yani &#8220;finansal darbo\u011faz\u0131&#8221; g\u00f6steriyor. Yakla\u015f\u0131k 882,7 milyon TL tutar\u0131ndaki devasa finansman gideri, operasyonel k\u00e2r\u0131 adeta yutmu\u015f durumda.<\/p>\n<p>Burada bir analist g\u00f6z\u00fcyle kritik bir detay\u0131 atlamamak gerekir: 326,4 milyon TL tutar\u0131ndaki <b>Net Parasal Pozisyon Kazanc\u0131<\/b>, enflasyonun bor\u00e7lar \u00fczerindeki eritici etkisi sayesinde net zarar\u0131n \u00e7ok daha derinle\u015fmesini engelleyen &#8220;g\u00f6r\u00fcnmez bir tampon&#8221; g\u00f6revi g\u00f6rm\u00fc\u015ft\u00fcr. \u00d6te yandan, \u015firketin likiditeyi sa\u011flamak i\u00e7in Temmuz ve A\u011fustos 2025 aylar\u0131nda ihra\u00e7 etti\u011fi s\u0131ras\u0131yla %52,85 ve %54 basit faizli toplam 460 milyon TL nominal de\u011ferli finansman bonolar\u0131, bor\u00e7lanma maliyetinin ne kadar a\u011f\u0131rla\u015ft\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor.<\/p>\n<p><b>2025 vs. 2024 (9 Ayl\u0131k Kar\u015f\u0131la\u015ft\u0131rma &#8211; TMS 29 D\u00fczeltilmi\u015f):<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 3.392.666.706 TL (2025) | 3.000.047.558 TL (2024)<\/li>\n<li><b>Finansman Giderleri:<\/b> 882.726.180 TL (2025) | 696.350.118 TL (2024)<\/li>\n<li><b>Net Parasal Pozisyon Kazanc\u0131:<\/b> 326.485.687 TL (2025) | 105.086.794 TL (2024)<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> -201.404.731 TL (2025) | -352.690.979 TL (2024)<\/li>\n<\/ul>\n<h3>4. Sahiplik Yap\u0131s\u0131nda &#8220;B\u00fcy\u00fck Temizlik&#8221;: Hissedar De\u011fi\u015fimi<\/h3>\n<p>\u015eirketin ortakl\u0131k yap\u0131s\u0131ndaki de\u011fi\u015fim, 2025 raporunun en \u00e7arp\u0131c\u0131 &#8220;quant&#8221; verilerinden biri. 2024 y\u0131l sonunda \u015firketin \u00f6nemli paylar\u0131na sahip olan Kondu ve Meto ailelerinin (\u00d6mer Hayati Kondu, Ali Kondu, Zeynep Feyza Kondu ve \u00c7i\u011fdem Meto) %31\u2019i a\u015fan toplam paylar\u0131n\u0131n 30 Eyl\u00fcl 2025 itibar\u0131yla %0,00\u2019a inmesi, devasa bir likidite olay\u0131na i\u015faret ediyor.<\/p>\n<p>Buna kar\u015f\u0131l\u0131k, &#8220;Di\u011fer&#8221; (halka a\u00e7\u0131k k\u0131s\u0131m) kategorisinin %52,27\u2019den %74,55\u2019e f\u0131rlam\u0131\u015f olmas\u0131, \u015firketin sahiplik taban\u0131n\u0131n tamamen tabana yay\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Tan\u0131\u015flar Yap\u0131&#8217;n\u0131n %20,45 ile ana stratejik ortak pozisyonunu korudu\u011fu bu yeni tabloda, U\u015fak Seramik\u2019in kurumsalla\u015fma yolunda m\u0131 oldu\u011fu yoksa y\u00f6netimde bir &#8220;kaptanl\u0131k&#8221; bo\u015flu\u011fu mu olu\u015ftu\u011fu sorusu yat\u0131r\u0131mc\u0131lar i\u00e7in en kritik tart\u0131\u015fma konusu haline gelmi\u015ftir.<\/p>\n<h3>5. G\u00f6r\u00fcnmez Ordu: &#8220;Esnek Maliyet Modeli&#8221; ve \u0130\u015f G\u00fcc\u00fc<\/h3>\n<p>Operasyonel strateji taraf\u0131nda U\u015fak Seramik, i\u015f g\u00fcc\u00fc y\u00f6netiminde olduk\u00e7a \u00e7evik bir model izliyor. \u015eirketin 443 kadrolu personeline kar\u015f\u0131l\u0131k, Nida \u0130n\u015faat \u00fczerinden hizmet ald\u0131\u011f\u0131 435 ta\u015feron personeli bulunmas\u0131, toplam i\u015f g\u00fcc\u00fcn\u00fcn neredeyse %50\u2019sinin d\u0131\u015f kaynakl\u0131 oldu\u011funu g\u00f6steriyor. Bir k\u0131demli analist olarak bu durumu, &#8220;Esnek Maliyet Modeli&#8221; olarak tan\u0131mlayabiliriz; zira \u015firket bu sayede k\u0131dem tazminat\u0131 y\u00fck\u00fcml\u00fcl\u00fcklerini (\u015fu an 39,8 milyon TL seviyesinde) kontrol alt\u0131nda tutarken, \u00fcretim kapasitesini dalgal\u0131 piyasa ko\u015fullar\u0131na g\u00f6re h\u0131zla daralt\u0131p geni\u015fletebilme yetene\u011fi kazan\u0131yor.<\/p>\n<h3>6. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve Kritik Soru<\/h3>\n<p>U\u015fak Seramik, y\u00fcksek faiz ortam\u0131n\u0131n getirdi\u011fi a\u011f\u0131r finansman y\u00fck\u00fc ve bor\u00e7 sarmal\u0131yla m\u00fccadele ederken, \u00e7\u0131k\u0131\u015f stratejisini enerji verimlili\u011fi ve g\u00fcne\u015f yat\u0131r\u0131mlar\u0131 \u00fczerine kurguluyor. 2025 raporu, \u015firketin enflasyonun yaratt\u0131\u011f\u0131 &#8220;parasal kazan\u00e7&#8221; ve g\u00fcne\u015ften gelen &#8220;yeni has\u0131lat&#8221; ile ayakta durdu\u011funu kan\u0131tl\u0131yor. Ancak %54\u2019lere varan bono faizleri ve kurumsal sahiplik yap\u0131s\u0131ndaki radikal de\u011fi\u015fim, \u00f6n\u00fcm\u00fczdeki d\u00f6nemin olduk\u00e7a f\u0131rt\u0131nal\u0131 ge\u00e7ece\u011finin habercisi.<\/p>\n<p>Peki, <b>U\u015fak Seramik gibi geleneksel sanayi devleri, g\u00fcne\u015ften ald\u0131klar\u0131 g\u00fc\u00e7le bu finansal darbo\u011faz\u0131 a\u015farak 2026\u2019da s\u00fcrd\u00fcr\u00fclebilir bir k\u00e2rl\u0131l\u0131k hikayesi yazabilir mi, yoksa finansman giderleri bu enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc de g\u00f6lgede mi b\u0131rakacak?<\/b> Bu sorunun cevab\u0131, \u015firketin bor\u00e7 yap\u0131land\u0131rma ba\u015far\u0131s\u0131nda ve enerji gelirlerinin k\u00e2r marj\u0131na yapaca\u011f\u0131 katk\u0131da gizli.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" style=\"color: #0000ff;\" data-start-index=\"0\">U\u015fak Seramik Sanayi A.\u015e. Finansal ve Operasyonel De\u011ferlendirme Brifingi (Ocak &#8211; Eyl\u00fcl 2025)<\/span><\/h1>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"91\"><span class=\"ng-star-inserted\" data-start-index=\"91\">Bu brifing belgesi, U\u015fak Seramik Sanayi A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 01 Ocak \u2013 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ili\u015fkin ba\u011f\u0131ms\u0131z denetim raporu, finansal tablolar ve y\u00f6netim kurulu faaliyet raporundan sentezlenen kritik verileri ve analizleri i\u00e7ermektedir.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"338\"><span class=\"ng-star-inserted\" data-start-index=\"338\">Y\u00f6netici \u00d6zeti<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"352\"><span class=\"ng-star-inserted\" data-start-index=\"352\">U\u015fak Seramik Sanayi A.\u015e., 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda operasyonel b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015f, has\u0131lat\u0131n\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131rarak\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"494\">3,39 milyar TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"508\">\u00a0seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r. Ancak, y\u00fcksek finansman giderleri ve ekonomik konjonkt\u00fcr\u00fcn etkisiyle d\u00f6nem net zarar\u0131\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"619\">201,4 milyon TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"634\">\u00a0olarak ger\u00e7ekle\u015fmi\u015ftir. \u015eirket, maliyetlerini d\u00fc\u015f\u00fcrmek amac\u0131yla ger\u00e7ekle\u015ftirdi\u011fi G\u00fcne\u015f Enerji Tesisi (GES) yat\u0131r\u0131m\u0131n\u0131 tamamlayarak elektrik \u00fcretimine ba\u015flam\u0131\u015f ve enerji ihtiyac\u0131n\u0131n %41&#8217;ini buradan kar\u015f\u0131lama hedefiyle \u00f6nemli bir stratejik ad\u0131m atm\u0131\u015ft\u0131r. Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca 30 Eyl\u00fcl 2025 tarihli sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"1051\"><span class=\"ng-star-inserted\" data-start-index=\"1051\">1. Kurumsal Profil ve Organizasyonel Yap\u0131<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1092\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1092\">Kurulu\u015f ve Faaliyet:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1112\">\u00a01972 y\u0131l\u0131nda kurulan \u015firket; duvar karosu, yer karosu, bord\u00fcr, dekor ve porselen \u00fcretimi ve sat\u0131\u015f\u0131 yapmaktad\u0131r. \u00dcretim faaliyetleri U\u015fak\/Banaz&#8217;daki merkezde y\u00fcr\u00fct\u00fclmektedir.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1286\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1286\">Borsa Bilgisi:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1300\">\u00a0\u015eirket hisseleri 1990 y\u0131l\u0131ndan itibaren Borsa \u0130stanbul\u2019da (eski \u0130MKB) i\u015flem g\u00f6rmektedir.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1389\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1389\">\u0130nsan Kaynaklar\u0131:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1406\">\u00a030 Eyl\u00fcl 2025 itibar\u0131yla 443 kadrolu personel istihdam edilmektedir. Ayr\u0131ca, Nida \u0130n\u015faat Ltd. \u015eti. \u00fczerinden sa\u011flanan ta\u015feron personeli say\u0131s\u0131 435&#8217;e y\u00fckselmi\u015ftir (2024 sonu: 348).<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1586\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1586\">Sermaye Yap\u0131s\u0131:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1601\">\u00a0Kay\u0131tl\u0131 sermaye tavan\u0131 5 milyar TL, \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi ise 1.225.000.000 TL\u2019dir.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"1684\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1684\"><span class=\"ng-star-inserted\" data-start-index=\"1684\">Hissedar<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1692\"><span class=\"ng-star-inserted\" data-start-index=\"1692\">Pay Tutar\u0131 (TL)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1707\"><span class=\"ng-star-inserted\" data-start-index=\"1707\">Pay Oran\u0131 (%)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1720\"><span class=\"ng-star-inserted\" data-start-index=\"1720\">Tan\u0131\u015flar Yap\u0131 Sanayi ve Ticaret A.\u015e.<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1756\"><span class=\"ng-star-inserted\" data-start-index=\"1756\">250.501.943<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1767\"><span class=\"ng-star-inserted\" data-start-index=\"1767\">%20,45<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1773\"><span class=\"ng-star-inserted\" data-start-index=\"1773\">Hit Enerji A.\u015e.<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1788\"><span class=\"ng-star-inserted\" data-start-index=\"1788\">61.257.265<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1798\"><span class=\"ng-star-inserted\" data-start-index=\"1798\">%5,00<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1803\"><span class=\"ng-star-inserted\" data-start-index=\"1803\">Di\u011fer Ger\u00e7ek ve T\u00fczel Ki\u015filer (Halka A\u00e7\u0131k)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1845\"><span class=\"ng-star-inserted\" data-start-index=\"1845\">913.240.792<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1856\"><span class=\"ng-star-inserted\" data-start-index=\"1856\">%74,55<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1862\"><b class=\"ng-star-inserted\" data-start-index=\"1862\">Toplam<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1868\"><b class=\"ng-star-inserted\" data-start-index=\"1868\">1.225.000.000<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1881\"><b class=\"ng-star-inserted\" data-start-index=\"1881\">%100,00<\/b><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"1888\"><span class=\"ng-star-inserted\" data-start-index=\"1888\">2. Finansal Durum Analizi<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1913\"><span class=\"ng-star-inserted\" data-start-index=\"1913\">\u015eirketin toplam varl\u0131klar\u0131, 2024 y\u0131l sonuna g\u00f6re yakla\u015f\u0131k %6,5 artarak\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1984\">9,71 milyar TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"1998\">\u00a0seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2021\"><span class=\"ng-star-inserted\" data-start-index=\"2021\">Varl\u0131k ve Y\u00fck\u00fcml\u00fcl\u00fck Dengesi<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2049\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2049\">D\u00f6nen Varl\u0131klar:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2065\">\u00a04,26 milyar TL (Ticari alacaklarda 1,89 milyar TL&#8217;den 1,02 milyar TL&#8217;ye belirgin bir azal\u0131\u015f g\u00f6r\u00fclmektedir).<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2173\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2173\">Duran Varl\u0131klar:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2189\">\u00a05,45 milyar TL (Maddi duran varl\u0131klardaki art\u0131\u015f, yeniden de\u011ferleme ve yat\u0131r\u0131mlardan kaynaklanmaktad\u0131r).<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2293\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2293\">K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2319\">\u00a04,77 milyar TL.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2335\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2335\">Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2361\">\u00a0466,5 milyon TL.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2378\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2378\">Toplam \u00d6zkaynaklar:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2397\">\u00a04,47 milyar TL.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2413\"><span class=\"ng-star-inserted\" data-start-index=\"2413\">Bor\u00e7lanma Yap\u0131s\u0131<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2429\"><span class=\"ng-star-inserted\" data-start-index=\"2429\">\u015eirketin finansal bor\u00e7lar\u0131 2,28 milyar TL seviyesindedir. Bor\u00e7lar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 k\u0131sa vadeli banka kredilerinden ve ihra\u00e7 edilen finansman bonolar\u0131ndan olu\u015fmaktad\u0131r:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2597\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2597\">Finansman Bonosu \u0130hra\u00e7lar\u0131:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2624\">\u00a0Temmuz 2025&#8217;te 110 milyon TL ve A\u011fustos 2025&#8217;te 350 milyon TL nominal tutarl\u0131, nitelikli yat\u0131r\u0131mc\u0131lara y\u00f6nelik bono ihra\u00e7lar\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2772\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2772\">\u0130potekler:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2782\">\u00a0Krediler kar\u015f\u0131l\u0131\u011f\u0131nda duran varl\u0131klar \u00fczerinde toplam\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2837\">10,68 milyar TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"2852\">\u00a0tutar\u0131nda ipotek bulunmaktad\u0131r.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"2884\"><span class=\"ng-star-inserted\" data-start-index=\"2884\">3. Operasyonel Performans ve Gelir Tablosu<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2926\"><span class=\"ng-star-inserted\" data-start-index=\"2926\">Has\u0131latta 2024 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemine (3,00 milyar TL) g\u00f6re art\u0131\u015f kaydedilerek\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3004\">3,39 milyar TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"3018\">&#8216;ye ula\u015f\u0131lm\u0131\u015ft\u0131r.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"3035\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3035\"><span class=\"ng-star-inserted\" data-start-index=\"3035\">Gelir\/Gider Kalemi (01.01 &#8211; 30.09)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3069\"><span class=\"ng-star-inserted\" data-start-index=\"3069\">2025 (TL)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3078\"><span class=\"ng-star-inserted\" data-start-index=\"3078\">2024 (TL)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3087\"><span class=\"ng-star-inserted\" data-start-index=\"3087\">Has\u0131lat<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3094\"><span class=\"ng-star-inserted\" data-start-index=\"3094\">3.392.666.706<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3107\"><span class=\"ng-star-inserted\" data-start-index=\"3107\">3.000.047.558<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3120\"><span class=\"ng-star-inserted\" data-start-index=\"3120\">Sat\u0131\u015flar\u0131n Maliyeti<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3139\"><span class=\"ng-star-inserted\" data-start-index=\"3139\">(2.672.633.568)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3154\"><span class=\"ng-star-inserted\" data-start-index=\"3154\">(2.505.847.275)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3169\"><b class=\"ng-star-inserted\" data-start-index=\"3169\">Br\u00fct Kar<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3177\"><b class=\"ng-star-inserted\" data-start-index=\"3177\">720.033.138<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3188\"><b class=\"ng-star-inserted\" data-start-index=\"3188\">494.200.283<\/b><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3199\"><span class=\"ng-star-inserted\" data-start-index=\"3199\">Esas Faaliyet Kar\u0131<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3217\"><span class=\"ng-star-inserted\" data-start-index=\"3217\">297.899.115<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3228\"><span class=\"ng-star-inserted\" data-start-index=\"3228\">243.183.268<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3239\"><span class=\"ng-star-inserted\" data-start-index=\"3239\">Finansman Giderleri (Net)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3264\"><span class=\"ng-star-inserted\" data-start-index=\"3264\">(866.899.513)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3277\"><span class=\"ng-star-inserted\" data-start-index=\"3277\">(661.749.260)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3290\"><span class=\"ng-star-inserted\" data-start-index=\"3290\">Net Parasal Pozisyon Kazanc\u0131<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3318\"><span class=\"ng-star-inserted\" data-start-index=\"3318\">326.485.687<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3329\"><span class=\"ng-star-inserted\" data-start-index=\"3329\">105.086.794<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3340\"><b class=\"ng-star-inserted\" data-start-index=\"3340\">D\u00f6nem Net Zarar\u0131<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3356\"><b class=\"ng-star-inserted\" data-start-index=\"3356\">(201.404.731)<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3369\"><b class=\"ng-star-inserted\" data-start-index=\"3369\">(352.690.979)<\/b><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3382\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3382\">\u00dcr\u00fcn Bazl\u0131 Sat\u0131\u015flar:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3402\">\u00a0Toplam has\u0131lat\u0131n en b\u00fcy\u00fck kalemi 2,1 milyar TL ile\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3454\">Granit<\/b><span class=\"ng-star-inserted\" data-start-index=\"3460\">\u00a0sat\u0131\u015flar\u0131d\u0131r. Duvar karosu sat\u0131\u015flar\u0131 598,5 milyon TL, yer karosu sat\u0131\u015flar\u0131 ise 662,9 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3579\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3579\">Elektrik \u00dcretimi:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3596\">\u00a02025 d\u00f6neminde ilk kez 160,2 milyon TL tutar\u0131nda elektrik \u00fcretim geliri kaydedilmi\u015ftir.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"3684\"><span class=\"ng-star-inserted\" data-start-index=\"3684\">4. Yat\u0131r\u0131mlar ve Devlet Te\u015fvikleri<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3718\"><span class=\"ng-star-inserted\" data-start-index=\"3718\">\u015eirket, enerji maliyetlerini kontrol alt\u0131na almak ad\u0131na stratejik yat\u0131r\u0131mlara odaklanm\u0131\u015ft\u0131r:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3810\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3810\">G\u00fcne\u015f Enerji Tesisi (GES):<\/b><span class=\"ng-star-inserted\" data-start-index=\"3836\">\u00a002.10.2024 tarihi itibar\u0131yla elektrik \u00fcretimine ba\u015flayan tesis, y\u0131ll\u0131k t\u00fcketimin %41&#8217;ini kar\u015f\u0131lama potansiyeline sahiptir.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3959\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3959\">Te\u015fvikler:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3969\">\u00a0GES projesi i\u00e7in Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131&#8217;ndan\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4022\">166.524.866 TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"4036\">\u00a0tutar\u0131nda te\u015fvik belgesi onaylanm\u0131\u015ft\u0131r. Ayr\u0131ca Sosyal G\u00fcvenlik Kurumu prim te\u015fvikleri ve yat\u0131r\u0131m indirimi avantajlar\u0131ndan faydalan\u0131lmaktad\u0131r.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"4178\"><span class=\"ng-star-inserted\" data-start-index=\"4178\">5. Risk Y\u00f6netimi ve Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4221\"><span class=\"ng-star-inserted\" data-start-index=\"4221\">Riskler<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4228\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4228\">Kur Riski:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4238\">\u00a0\u015eirket 420,9 milyon TL tutar\u0131nda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonuna sahiptir. T\u00fcrk Liras\u0131n\u0131n %10 de\u011fer kaybetmesi durumunda net zarar\u0131n yakla\u015f\u0131k 47,2 milyon TL artaca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4429\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4429\">Likidite Riski:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4444\">\u00a0K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klardan y\u00fcksek olmas\u0131 dikkat \u00e7ekmektedir. \u015eirket y\u00f6netimi, fon kaynaklar\u0131n\u0131 da\u011f\u0131tarak ve yeterli nakit bulundurarak bu riski y\u00f6netmeye \u00e7al\u0131\u015fmaktad\u0131r.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4633\"><span class=\"ng-star-inserted\" data-start-index=\"4633\">Denet\u00e7i Sonucu<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4647\"><span class=\"ng-star-inserted\" data-start-index=\"4647\">Karar Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen s\u0131n\u0131rl\u0131 denetim sonucunda:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4737\"><span class=\"ng-star-inserted\" data-start-index=\"4737\">&#8220;\u0130li\u015fikteki ara d\u00f6nem finansal bilgilerin, t\u00fcm \u00f6nemli y\u00f6nleriyle, TMS 34&#8217;e uygun olarak haz\u0131rlanmad\u0131\u011f\u0131 kanaatine varmam\u0131za sebep olacak herhangi bir husus dikkatimizi \u00e7ekmemi\u015ftir.&#8221;<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"4917\"><span class=\"ng-star-inserted\" data-start-index=\"4917\">6. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4944\"><span class=\"ng-star-inserted\" data-start-index=\"4944\">\u015eirket, ana ortaklar\u0131 ve grup \u015firketleri ile ticari faaliyetlerini s\u00fcrd\u00fcrmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla en y\u00fcksek net alacak bakiyesi\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5082\">253,3 milyon TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"5097\">\u00a0ile Eda Turizm Otelcilik Madencilik Ltd. \u015eti.&#8217;den gelmektedir. \u015eirket, Tan\u0131\u015flar Yap\u0131 Malzemeleri A.\u015e.&#8217;den hammadde (feldspat, kil, kaolen vb.) tedarik etmektedir. \u00dcst d\u00fczey y\u00f6neticilere sa\u011flanan fayda ve menfaatlerin toplam\u0131 ise 6,97 milyon TL&#8217;dir.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"5346\"><span class=\"ng-star-inserted\" data-start-index=\"5346\">7. \u00d6nemli Dipnotlar ve Di\u011fer Hususlar<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5383\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5383\">Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5401\">\u00a0\u015eirketin aleyhine a\u00e7\u0131lan davalar i\u00e7in 7,2 milyon TL kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5475\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5475\">Stoklar:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5483\">\u00a0D\u00f6nem sonu stok mevcudu 1,51 milyar TL olup, bunun 1,09 milyar TL&#8217;si mamullerden olu\u015fmaktad\u0131r.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5578\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5578\">Bilan\u00e7o Sonras\u0131 Olaylar:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5602\">\u00a030 Eyl\u00fcl 2025 tarihinden rapor tarihine (10 Kas\u0131m 2025) kadar finansal tablolar\u0131 etkileyecek \u00f6nemli bir husus bulunmamaktad\u0131r.<\/span><\/div>\n<button class=\"simplefavorite-button\" data-postid=\"243\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Seramikten G\u00fcne\u015fe: U\u015fak Seramik\u2019in 2025 Finansal Yolculu\u011fundaki 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek 1. Giri\u015f: Geleneksel Sanayinin De\u011fi\u015fen Y\u00fcz\u00fc 1972 y\u0131l\u0131nda &#8220;U\u015fak Elektro Porselen A.\u015e.&#8221; ismiyle temelleri at\u0131lan U\u015fak Seramik, yar\u0131m asr\u0131 a\u015fan ser\u00fcveninde sadece binalar\u0131n y\u00fczeylerini kaplayan bir karo \u00fcreticisi olmaktan \u00e7ok&#8230; <\/p>\n","protected":false},"author":1,"featured_media":254,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,42],"class_list":["post-243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-usak"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/243","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=243"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/243\/revisions"}],"predecessor-version":[{"id":255,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/243\/revisions\/255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/254"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}