{"id":2533,"date":"2026-06-19T20:10:05","date_gmt":"2026-06-19T17:10:05","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2533"},"modified":"2026-06-19T20:11:09","modified_gmt":"2026-06-19T17:11:09","slug":"oda-2026-q1-bilano-analizi-rekor-nakit-art-ve-kur-fark-etkisi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2533","title":{"rendered":"ODA\u015e 2026 Q1 Bilan\u00e7o Analizi: Rekor Nakit Art\u0131\u015f\u0131 ve Kur Fark\u0131 Etkisi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"ODA\u015e 2026 Q1 Bilan\u00e7o Analizi: Rekor Nakit Art\u0131\u015f\u0131 ve Kur Fark\u0131 Etkisi\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/sQme3dBlC7A?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>ODA\u015e Elektrik \u00dcretim Sanayi Ticaret A.\u015e. 2026 Birinci \u00c7eyrek Konsolide Finansal Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, ODA\u015e Elektrik \u00dcretim Sanayi Ticaret A.\u015e. (&#8220;ODA\u015e&#8221; veya &#8220;Grup&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak 2026 \u2013 31 Mart 2026 d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131n ve faaliyetlerinin kapsaml\u0131 bir analizini sunmaktad\u0131r. Raporlama d\u00f6nemi itibar\u0131yla Grup, y\u00fcksek enflasyonlu ekonomilerde finansal raporlama standartlar\u0131n\u0131 (TMS 29) uygulayarak verilerini 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden sunmu\u015ftur.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Grup&#8217;un toplam varl\u0131klar\u0131 45,78 milyar TL seviyesindedir. Maddi duran varl\u0131klar (32,46 milyar TL), toplam varl\u0131klar\u0131n yakla\u015f\u0131k %71&#8217;ini olu\u015fturarak grubun sermaye yo\u011fun yap\u0131s\u0131n\u0131 teyit etmektedir.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> Nakit ve nakit benzerleri, 2025 sonundaki 1,37 milyar TL seviyesinden 3,34 milyar TL&#8217;ye \u00f6nemli bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Operasyonel Performans:<\/b> Has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %30 artarak 2,34 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Ancak, sat\u0131\u015flar\u0131n maliyetindeki %53&#8217;l\u00fck art\u0131\u015f br\u00fct k\u00e2r\u0131 bask\u0131lam\u0131\u015ft\u0131r.<\/li>\n<li><b>Net D\u00f6nem Sonucu:<\/b> Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda 1,25 milyar TL konsolide net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu zarar\u0131n temel nedeni, uzun vadeli kredilerden kaynaklanan ger\u00e7ekle\u015fmemi\u015f kur farklar\u0131 ve ertelenmi\u015f vergi giderleridir.<\/li>\n<li><b>Stratejik \u00c7e\u015fitlendirme:<\/b> ODA\u015e; enerji \u00fcretimi, madencilik (antimon, alt\u0131n, k\u00f6m\u00fcr), turizm ve g\u0131da alanlar\u0131nda geni\u015f bir yelpazede faaliyet g\u00f6stermektedir. Ayr\u0131ca \u00d6zbekistan ve Venezuela gibi \u00fclkelerdeki yat\u0131r\u0131mlar\u0131yla uluslararas\u0131 operasyonlar\u0131n\u0131 geni\u015fletmektedir.<\/li>\n<\/ul>\n<h2>1. Kurumsal Yap\u0131 ve Faaliyet Alanlar\u0131<\/h2>\n<p>Grup, 28 Eyl\u00fcl 2010 tarihinde kurulmu\u015f olup ana faaliyet konusu elektrik enerjisi \u00fcretimi, tesisi, i\u015fletilmesi ve sat\u0131\u015f\u0131d\u0131r. Zamanla madencilik ve turizm gibi alanlarda dikey ve yatay geni\u015fleme stratejisi izlemi\u015ftir.<\/p>\n<h3>1.1. \u00d6nemli Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u015eirket<\/td>\n<td>Faaliyet Alan\u0131<\/td>\n<td>\u00d6nemli Bilgi<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7an2 Termik A.\u015e.<\/b><\/td>\n<td>Enerji \u00dcretimi<\/td>\n<td>\u00c7anakkale&#8217;de 330 MWe kurulu g\u00fcce sahip yerli k\u00f6m\u00fcr santrali.<\/td>\n<\/tr>\n<tr>\n<td><b>Suda Maden A.\u015e.<\/b><\/td>\n<td>Madencilik<\/td>\n<td>Antimon, Alt\u0131n, G\u00fcm\u00fc\u015f ve Bak\u0131r arama ve i\u015fletme ruhsatlar\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Oda\u015f Enerji CA<\/b><\/td>\n<td>Enerji \u00dcretimi<\/td>\n<td>\u00d6zbekistan&#8217;da kurulu elektrik \u00fcretim ve sat\u0131\u015f \u015firketi.<\/td>\n<\/tr>\n<tr>\n<td><b>CR Proje Geli\u015ftirme<\/b><\/td>\n<td>Turizm \/ Yat\u0131r\u0131m<\/td>\n<td>Turizm ve konaklama yat\u0131r\u0131mlar\u0131 (Zenn Yat\u0131r\u0131m, Yasin \u0130n\u015faat vb.).<\/td>\n<\/tr>\n<tr>\n<td><b>Voytron Enerji<\/b><\/td>\n<td>Enerji Ticareti<\/td>\n<td>Elektrik perakende sat\u0131\u015f ve toptan sat\u0131\u015f lisans\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Minerosol Group CA<\/b><\/td>\n<td>Yat\u0131r\u0131m \/ Gayrimenkul<\/td>\n<td>Venezuela merkezli \u00e7ok y\u00f6nl\u00fc yat\u0131r\u0131m projeleri.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Performans Analizi<\/h2>\n<h3>2.1. Gelir Tablosu \u00d6zeti (01.01 &#8211; 31.03.2026)<\/h3>\n<p>Grup&#8217;un gelir tablosu, operasyonel b\u00fcy\u00fcmenin devam etti\u011fini ancak karl\u0131l\u0131k marjlar\u0131n\u0131n maliyet art\u0131\u015flar\u0131 ve finansman giderleri nedeniyle bask\u0131land\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2.336.616.862 TL (2025 Q1: 1.802.227.318 TL)<\/li>\n<li><b>Sat\u0131\u015flar\u0131n Maliyeti:<\/b> (2.195.454.514) TL<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 141.162.348 TL (Marj: %6,04)<\/li>\n<li><b>Esas Faaliyet Zarar\u0131:<\/b> (290.965.912) TL<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> (1.252.485.525) TL<\/li>\n<\/ul>\n<p><b>Karl\u0131l\u0131k Analizi Notu:<\/b> Esas faaliyet k\u00e2r\u0131ndaki d\u00fc\u015f\u00fc\u015fte genel y\u00f6netim ve pazarlama giderlerindeki art\u0131\u015flar ile esas faaliyetlerden kaynaklanan di\u011fer giderler (201,9 milyon TL) etkili olmu\u015ftur. D\u00f6nem zarar\u0131n\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131, 1,13 milyar TL tutar\u0131ndaki ertelenmi\u015f vergi giderinden kaynaklanmaktad\u0131r.<\/p>\n<h3>2.2. Nakit Ak\u0131\u015f\u0131 ve Likidite<\/h3>\n<p>Grup, net d\u00f6nem zarar\u0131na ra\u011fmen i\u015fletme faaliyetlerinden pozitif nakit ak\u0131\u015f\u0131 yaratmaya devam etmektedir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 125.801.232 TL<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 1.520.808.801 TL (Nakit giri\u015fi)<\/li>\n<li><b>D\u00f6nem Sonu Nakit Mevcudu:<\/b> 3.340.298.638 TL<\/li>\n<\/ul>\n<p>Yat\u0131r\u0131m faaliyetlerinden kaynaklanan y\u00fcksek nakit giri\u015fi, maddi duran varl\u0131klar\u0131n al\u0131m\u0131ndan ziyade finansal y\u00f6netim ve d\u00fczeltme kalemlerinden kaynaklanmaktad\u0131r.<\/p>\n<h2>3. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<h3>3.1. Varl\u0131k Yap\u0131s\u0131<\/h3>\n<p>31 Mart 2026 itibar\u0131yla toplam varl\u0131klar, 2025 y\u0131l sonuna g\u00f6re s\u0131n\u0131rl\u0131 bir art\u0131\u015fla 45,78 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar (9,56 Milyar TL):<\/b> Nakit mevcudundaki art\u0131\u015fa ra\u011fmen stoklarda (2,48 milyar TL) ve ticari alacaklarda hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6zlenmi\u015ftir.<\/li>\n<li><b>Duran Varl\u0131klar (36,22 Milyar TL):<\/b> Maddi duran varl\u0131klar (32,46 milyar TL) bilan\u00e7onun en b\u00fcy\u00fck kalemidir. Grup, maddi duran varl\u0131klar i\u00e7in &#8220;Yeniden De\u011ferleme Modeli&#8221;ni kullanmaktad\u0131r. \u00d6zellikle termik santral (30 y\u0131l) ve binalar (50 y\u0131l) \u00fczerinden amortisman ayr\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>Toplam Bor\u00e7luluk:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler 4,13 milyar TL, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckler ise 2,01 milyar TL&#8217;dir. Toplam y\u00fck\u00fcml\u00fcl\u00fckler 6,14 milyar TL seviyesindedir.<\/li>\n<li><b>Finansal Bor\u00e7lar:<\/b> K\u0131sa vadeli bor\u00e7lanmalar 1,59 milyar TL civar\u0131ndad\u0131r. Uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f\u0131n temel sebebi 1,95 milyar TL&#8217;ye ula\u015fan ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcd\u00fcr.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 39,64 milyar TL seviyesinde olup, ana ortakl\u0131\u011fa ait \u00f6zkaynaklar 15,67 milyar TL&#8217;dir. Kontrol g\u00fcc\u00fc olmayan paylar\u0131n (az\u0131nl\u0131k paylar\u0131) \u00f6zkaynaklar i\u00e7indeki pay\u0131 23,97 milyar TL ile olduk\u00e7a y\u00fcksektir.<\/li>\n<\/ul>\n<h2>4. B\u00f6l\u00fcmlere G\u00f6re Raporlama (Co\u011frafi Analiz)<\/h2>\n<p>Grup operasyonlar\u0131n\u0131 T\u00fcrkiye, \u00d6zbekistan ve Amerika\/Venezuela b\u00f6lgeleri alt\u0131nda s\u0131n\u0131fland\u0131rmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>B\u00f6lge<\/td>\n<td>Has\u0131lat (TL)<\/td>\n<td>D\u00f6nem K\u00e2r\u0131\/Zarar\u0131 (TL)<\/td>\n<td>Toplam Varl\u0131klar (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>T\u00fcrkiye<\/b><\/td>\n<td>2.242.712.992<\/td>\n<td>(1.785.718.449)<\/td>\n<td>58.785.903.756<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zbekistan<\/b><\/td>\n<td>309.966.351<\/td>\n<td>180.710.814<\/td>\n<td>3.703.599.083<\/td>\n<\/tr>\n<tr>\n<td><b>Amerika\/Venezuela<\/b><\/td>\n<td>15.931.920<\/td>\n<td>293.716.448<\/td>\n<td>3.216.958.580<\/td>\n<\/tr>\n<tr>\n<td><b>Eliminasyon<\/b><\/td>\n<td>(231.994.399)<\/td>\n<td>58.805.665<\/td>\n<td>(19.925.140.829)<\/td>\n<\/tr>\n<tr>\n<td><b>Konsolide Toplam<\/b><\/td>\n<td><b>2.336.616.862<\/b><\/td>\n<td><b>(1.252.485.525)<\/b><\/td>\n<td><b>45.781.320.590<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Analiz:<\/b> T\u00fcrkiye operasyonlar\u0131 en b\u00fcy\u00fck has\u0131lat\u0131 \u00fcretmesine ra\u011fmen finansman ve vergi y\u00fck\u00fc nedeniyle zarar a\u00e7\u0131klarken, \u00d6zbekistan ve Venezuela operasyonlar\u0131 k\u00e2rl\u0131 bir performans sergilemi\u015ftir.<\/p>\n<h2>5. Riskler ve \u00d6nemli A\u00e7\u0131klamalar<\/h2>\n<h3>5.1. Kur ve Enflasyon Etkisi<\/h3>\n<p>Grup&#8217;un zarar etmesinin ana nedeni, uzun vadeli kredilerin hen\u00fcz ger\u00e7ekle\u015fmemi\u015f kur farklar\u0131ndan kaynaklanmaktad\u0131r. TMS 29 kapsam\u0131nda yap\u0131lan enflasyon d\u00fczeltmeleri, finansal tablolar\u0131n 31 Mart 2026 sat\u0131n alma g\u00fcc\u00fcyle sunulmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<h3>5.2. Maddi Duran Varl\u0131k De\u011ferlemesi<\/h3>\n<p>Enerji \u00fcretim tesisleri ve maden sahalar\u0131 i\u00e7in &#8220;Yeniden De\u011ferleme Modeli&#8221; benimsenmi\u015ftir. De\u011ferlemelerde &#8220;Gelir Yakla\u015f\u0131m\u0131&#8221;, &#8220;Emsal Kar\u015f\u0131la\u015ft\u0131rma&#8221; ve &#8220;Maliyet Yakla\u015f\u0131m\u0131&#8221; y\u00f6ntemleri kullan\u0131lmaktad\u0131r.<\/p>\n<h3>5.3. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>Grup, ili\u015fkili taraflardan (Hidro Kontrol, Abdulkadir Bahattin \u00d6zal vb.) ticari ve ticari olmayan alacaklar\/bor\u00e7lar bakiyesi ta\u015f\u0131maktad\u0131r. 31 Mart 2026 itibar\u0131yla ili\u015fkili taraflardan ticari alacaklar net 17,87 milyon TL seviyesindedir. \u00dcst y\u00f6netime sa\u011flanan faydalar ilk \u00fc\u00e7 ayda toplam 30,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<h2>Sonu\u00e7<\/h2>\n<p>ODA\u015e, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde operasyonel has\u0131lat\u0131n\u0131 art\u0131rm\u0131\u015f ve nakit pozisyonunu g\u00fc\u00e7lendirmi\u015f olsa da, kur dalgalanmalar\u0131 ve vergi muhasebesi uygulamalar\u0131 nedeniyle net zarar kaydetmi\u015ftir. Grubun \u00d6zbekistan ve Venezuela&#8217;daki uluslararas\u0131 yat\u0131r\u0131mlar\u0131, T\u00fcrkiye&#8217;deki operasyonel bask\u0131lar\u0131 dengeleyici bir unsur olarak \u00f6ne \u00e7\u0131kmaktad\u0131r. Enerji ve madencilik sekt\u00f6r\u00fcndeki g\u00fc\u00e7l\u00fc varl\u0131k yap\u0131s\u0131, grubun uzun vadeli kapasitesini desteklemektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2533\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>ODA\u015e Elektrik&#8217;in 2026 y\u0131l\u0131 ilk \u00e7eyrek finansal sonu\u00e7lar\u0131 operasyonel b\u00fcy\u00fcme ile makroekonomik zorluklar\u0131n m\u00fccadelesini yans\u0131t\u0131yor \u015eirketin has\u0131lat\u0131ndaki art\u0131\u015f ve 3,3 milyar TL&#8217;ye ula\u015fan rekor nakit pozisyonu operasyonel verimlili\u011fin s\u00fcrd\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor Net k\u00e2r kalemindeki bask\u0131n\u0131n kur fark\u0131 kaynakl\u0131 oldu\u011fu ve nakit ak\u0131\u015f\u0131n\u0131n pozitif seyretti\u011fi g\u00f6r\u00fcl\u00fcyor \u00d6zbekistan&#8217;daki enerji santrali ve Venezuela&#8217;daki alt\u0131n ve petrol projeleriyle \u00e7e\u015fitlenen gelir yap\u0131s\u0131n\u0131n ODA\u015e&#8217;\u0131 gelece\u011fe nas\u0131l haz\u0131rlad\u0131\u011f\u0131n\u0131 detayl\u0131 analizimizde bulabilirsiniz<\/p>\n","protected":false},"author":6,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[299],"class_list":["post-2533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-odas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2533","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2533"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2533\/revisions"}],"predecessor-version":[{"id":2534,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2533\/revisions\/2534"}],"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=2533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}