{"id":273,"date":"2025-12-20T16:14:19","date_gmt":"2025-12-20T13:14:19","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=273"},"modified":"2025-12-20T16:14:19","modified_gmt":"2025-12-20T13:14:19","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-skymd-seker-yatirim-menkul-degerler-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/273","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #SKYMD | \u015eeker Yat\u0131r\u0131m Menkul De\u011ferler 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"SKYMD   Made with Clipchamp\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/zEexwhTX10M?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>2025 Finansal Labirentinde Yol \u0130zlemek: \u015eeker Yat\u0131r\u0131m\u2019\u0131n 9 Ayl\u0131k Raporundan \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<h2>1. Giri\u015f: Finansal Raporlar Birer Harita m\u0131d\u0131r, Yoksa Sadece Kay\u0131t m\u0131?<\/h2>\n<p>2025 y\u0131l\u0131, hem k\u00fcresel hem de yerel piyasalar i\u00e7in adeta bir &#8220;stres testi&#8221; niteli\u011finde ge\u00e7iyor. Trump\u2019\u0131n Beyaz Saray\u2019a d\u00f6n\u00fc\u015f\u00fcyle \u015fekillenen yeni ticaret sava\u015flar\u0131, TCMB\u2019nin enflasyonla m\u00fccadelesindeki semantik manevralar ve jeopolitik gerilimlerin g\u00f6lgesinde kalan piyasalar, yat\u0131r\u0131mc\u0131lar i\u00e7in labirentten farks\u0131z bir ortam sunuyor.<\/p>\n<p>Bir k\u0131demli finans stratejisti g\u00f6z\u00fcyle bakt\u0131\u011f\u0131m\u0131zda, \u015eeker Yat\u0131r\u0131m\u2019\u0131n 30 Eyl\u00fcl 2025 tarihli 9 ayl\u0131k faaliyet raporu sadece bir \u015firketin performans d\u00f6k\u00fcm\u00fc de\u011fil; asl\u0131nda piyasan\u0131n kolektif ruh halini ve makroekonomik izd\u00fc\u015f\u00fcmlerini yans\u0131t\u0131yor. Bu raporu okumak, rakamlar\u0131n so\u011fuk y\u00fcz\u00fcn\u00fcn \u00f6tesine ge\u00e7ip 2025\u2019in finansal kodlar\u0131n\u0131 \u00e7\u00f6zmek ve gelece\u011fin haritas\u0131n\u0131 belirlemek anlam\u0131na geliyor. \u0130\u015fte bu karma\u015f\u0131k tablodan \u00e7\u0131kar\u0131lacak 5 kritik ders.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Ders 1: &#8220;Trump Etkisi&#8221; \u2013 Pop\u00fclizm ile Ekonomik Ger\u00e7ekli\u011fin Simetrisi<\/h2>\n<p>2025 y\u0131l\u0131n\u0131n k\u00fcresel piyasalar \u00fczerindeki en belirgin damgas\u0131 ku\u015fkusuz &#8220;Trump Politikalar\u0131&#8221; oldu. 20 Ocak\u2019ta g\u00f6reve ba\u015flayan Trump, ekonomik ger\u00e7eklikleri pop\u00fclist yakla\u015f\u0131mlarla s\u0131nayan bir s\u00fcre\u00e7 ba\u015flatt\u0131. \u00d6zellikle t\u00fcm d\u00fcnyadan yap\u0131lan \u00e7elik ve al\u00fcminyum ithalat\u0131na %25 g\u00fcmr\u00fck vergisi getirilmesi, k\u00fcresel risk i\u015ftah\u0131n\u0131 temelinden sarst\u0131.<\/p>\n<p>Bu durumun en \u015fa\u015f\u0131rt\u0131c\u0131 yan\u0131, piyasalar\u0131n pop\u00fclist s\u00f6ylemler ile sert korumac\u0131l\u0131k aras\u0131nda s\u0131k\u0131\u015fmas\u0131yd\u0131. ABD ve \u00c7in aras\u0131ndaki kar\u015f\u0131l\u0131kl\u0131 misillemeler\u2014<b>\u00c7in\u2019in tarifeleri %125\u2019e \u00e7\u0131karmas\u0131, ABD\u2019nin %145 ile yan\u0131t vermesi<\/b>\u2014enflasyon beklentilerini yukar\u0131 \u00e7ekerken, Fed\u2019in faiz indirim d\u00f6ng\u00fcs\u00fcnde frene basmas\u0131na (y\u0131l boyu sadece bir indirim beklentisi) neden oldu.<\/p>\n<p>&#8220;Trump politikalar\u0131n\u0131n yaratabilece\u011fi ek enflasyon bask\u0131s\u0131 da FED tahminleriyle birle\u015fince, risk i\u015ftah\u0131 kar\u0131\u015f\u0131k bir seyir izledi.&#8221; <i>\u2014 \u015eeker Yat\u0131r\u0131m 2025 Faaliyet Raporu<\/i><\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Ders 2: Retorik Labirenti \u2013 TCMB\u2019nin Kelimelerle \u00d6rd\u00fc\u011f\u00fc Yeni Stratejik \u00c7\u0131pa<\/h2>\n<p>Yurt i\u00e7inde 2025 y\u0131l\u0131, Merkez Bankas\u0131&#8217;n\u0131n (TCMB) politika setindeki dramatik ve teknik d\u00f6n\u00fc\u015f\u00fcmlere sahne oldu. Y\u0131la %45 politika faiziyle ba\u015flayan banka, Nisan ay\u0131nda faizi %46\u2019ya kadar y\u00fckseltti. Ancak as\u0131l stratejik ders, Eyl\u00fcl ay\u0131nda faizlerin %40,5 seviyesine \u00e7ekilmesine ra\u011fmen tonun &#8220;\u015fahinle\u015fmesinde&#8221; gizliydi.<\/p>\n<p>Stratejistler i\u00e7in as\u0131l sinyal rakamlarda de\u011fil, karar metnindeki o kritik kelime de\u011fi\u015fimindeydi. TCMB, &#8220;ayl\u0131k enflasyon&#8221; vurgusundan &#8220;fiyat istikrar\u0131&#8221; vurgusuna ge\u00e7erek piyasaya semantik bir duvar \u00f6rd\u00fc:<\/p>\n<ul>\n<li><b>Eski Stratejik Sinyal:<\/b> &#8220;Ayl\u0131k enflasyonda kal\u0131c\u0131 ve belirgin d\u00fc\u015f\u00fc\u015f sa\u011flanana kadar&#8230;&#8221;<\/li>\n<li><b>Yeni Stratejik \u00c7\u0131pa:<\/b> &#8220;Enflasyonda kal\u0131c\u0131 d\u00fc\u015f\u00fc\u015f ve <b>fiyat istikrar\u0131 sa\u011flanana kadar<\/b>&#8230;&#8221;<\/li>\n<\/ul>\n<p>Bu de\u011fi\u015fim, merkez bankas\u0131n\u0131n g\u0131da fiyatlar\u0131ndaki y\u00fcksek seyir ve hizmet enflasyonundaki &#8220;atalet&#8221; kar\u015f\u0131s\u0131nda, faiz indirimlerine ra\u011fmen s\u0131k\u0131 duru\u015fundan milim taviz vermeyece\u011finin ilan\u0131d\u0131r. 2025&#8217;te semantik, faiz oranlar\u0131 kadar g\u00fc\u00e7l\u00fc bir enstr\u00fcmand\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Ders 3: Jeopolitik T\u00fcrb\u00fclansta &#8220;Banking Paradox&#8221; ve Moody\u2019s Onay\u0131<\/h2>\n<p>2025 Haziran ay\u0131, Borsa \u0130stanbul (BIST) i\u00e7in bir dayan\u0131kl\u0131l\u0131k testiydi. \u0130srail ve \u0130ran aras\u0131ndaki gerilim, H\u00fcrm\u00fcz Bo\u011faz\u0131&#8217;n\u0131n kapanma riskiyle piyasay\u0131 sarsm\u0131\u015f, endeks 9.000 band\u0131na kadar gerilemi\u015fti. Ancak as\u0131l \u015fa\u015f\u0131rt\u0131c\u0131 olan, piyasan\u0131n bu jeopolitik risklere kar\u015f\u0131 geli\u015ftirdi\u011fi h\u0131zl\u0131 ba\u011f\u0131\u015f\u0131kl\u0131k oldu.<\/p>\n<p>H\u00fcrm\u00fcz Bo\u011faz\u0131 endi\u015fesinin da\u011f\u0131lmas\u0131yla BIST 100, ay\u0131 <b>9.948,51<\/b> gibi kritik bir seviyede ve %10,30 y\u00fckseli\u015fle kapatt\u0131. Burada en dikkat \u00e7ekici &#8220;paradoks&#8221;, sava\u015f \u00e7anlar\u0131 \u00e7alarken bankac\u0131l\u0131k endeksinin <b>%27,26 pozitif ayr\u0131\u015farak<\/b> piyasay\u0131 s\u0131rtlamas\u0131yd\u0131. Bu dayan\u0131kl\u0131l\u0131k, Temmuz ay\u0131nda <b>Moody\u2019s\u2019in T\u00fcrkiye\u2019nin notunu B1\u2019den Ba3\u2019e y\u00fckseltmesiyle<\/b> kurumsal bir onay kazand\u0131. Bu, T\u00fcrk finansallar\u0131n\u0131n b\u00f6lgesel jeopolitikten ayr\u0131\u015fma (decoupling) kapasitesine dair \u00f6nemli bir derstir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Ders 4: 125 Bin TL&#8217;den 1 Milyar TL&#8217;ye \u2013 T\u00fcrkiye Ekonomisinde &#8220;Antifrajilite&#8221;<\/h2>\n<p>\u015eeker Yat\u0131r\u0131m\u2019\u0131n tarihsel yolculu\u011fu, uzun vadeli kurumsal haf\u0131zan\u0131n \u00f6nemini kan\u0131tl\u0131yor. 24 Aral\u0131k 1996 tarihinde sadece <b>125.000 TL<\/b> \u00f6denmi\u015f sermaye ile kurulan yap\u0131, 2025 Eyl\u00fcl itibar\u0131yla <b>1.098.707.194 TL<\/b> \u00f6z kayna\u011fa ula\u015fm\u0131\u015f durumda.<\/p>\n<p>Bu b\u00fcy\u00fcme verisi, sadece bir bilan\u00e7o ba\u015far\u0131s\u0131 de\u011fil; T\u00fcrkiye\u2019nin son 30 y\u0131l\u0131ndaki t\u00fcm ekonomik krizlerine, enflasyon d\u00f6ng\u00fclerine ve siyasi t\u00fcrb\u00fclanslar\u0131na ra\u011fmen sergilenen bir &#8220;antifrajilite&#8221; (zorluklardan g\u00fc\u00e7lenerek \u00e7\u0131kma) hikayesidir. Stratejik vizyonun &#8220;istikrar&#8221; ve &#8220;g\u00fcven&#8221; \u00fczerine kuruldu\u011funda, nominal rakamlar\u0131n nas\u0131l reel bir g\u00fcce d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fcn somut \u00f6rne\u011fidir.<\/p>\n<p>&#8220;\u015eeker Yat\u0131r\u0131m, sekt\u00f6r\u00fcnde sa\u011flam, g\u00fcvenilir, istikrarl\u0131 b\u00fcy\u00fcyen \u00e7izgisi&#8230; ile mevzuata, etik de\u011ferlere ve kurumsal y\u00f6netim ilkelerine ba\u011fl\u0131 \u00e7al\u0131\u015fmay\u0131 ilke edinmi\u015ftir.&#8221; <i>\u2014 \u015eeker Yat\u0131r\u0131m Vizyon Belgesi<\/i><\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Ders 5: &#8220;The Great Disappearing Act&#8221; \u2013 Enflasyon Muhasebesinin Sert Ger\u00e7ekli\u011fi<\/h2>\n<p>Yat\u0131r\u0131mc\u0131lar i\u00e7in 2025\u2019in en sars\u0131c\u0131 dersi, rakamlar\u0131n arkas\u0131ndaki &#8220;muhasebe ger\u00e7e\u011fi&#8221; oldu. \u015eeker Yat\u0131r\u0131m\u2019\u0131n 9 ayl\u0131k raporunda g\u00f6r\u00fclen <b>33.313.210.870 TL (33,3 Milyar TL)<\/b> seviyesindeki devasa has\u0131lat (revenue), ilk bak\u0131\u015fta muazzam bir hacmi temsil ediyor. Ancak TMS 29 Enflasyon Muhasebesi devreye girdi\u011finde kar\u015f\u0131m\u0131za \u00e7\u0131kan tablo olduk\u00e7a farkl\u0131.<\/p>\n<p>\u015eirket, operasyonel olarak devasa bir hacmi y\u00f6netmesine ra\u011fmen, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>86.719.270 TL (86,7 Milyon TL) net d\u00f6nem zarar\u0131<\/b> kaydetti. Bu zarar\u0131n ana kayna\u011f\u0131, k\u00e2r\u0131n i\u00e7ini bo\u015faltan <b>179.324.542 TL tutar\u0131ndaki &#8220;Net Parasal Kay\u0131p&#8221;<\/b> kalemidir.<\/p>\n<p><b>Ders Net:<\/b> Y\u00fcksek enflasyon ortam\u0131nda nominal k\u00e2rlar sadece birer ill\u00fczyondur. Modern yat\u0131r\u0131mc\u0131 art\u0131k has\u0131lata veya nominal getiriye de\u011fil; enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f, reel nakit ak\u0131\u015f\u0131na ve parasal pozisyon y\u00f6netimine odaklanmak zorundad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Sonu\u00e7: Stratejiniz Ne Kadar Esnek?<\/h2>\n<p>\u015eeker Yat\u0131r\u0131m\u2019\u0131n 2025 y\u0131l\u0131 9 ayl\u0131k raporu, bizlere k\u00fcresel g\u00fcmr\u00fck vergilerinin, merkez bankas\u0131 retori\u011finin ve enflasyon muhasebesinin &#8220;yeni normal&#8221; oldu\u011funu g\u00f6steriyor. Rakamlar, do\u011fru stratejik konumlanma ve \u015feffaf y\u00f6netimle birle\u015fmedi\u011finde sadece birer g\u00fcr\u00fclt\u00fcden ibarettir.<\/p>\n<p>\u015eu soruyu sorman\u0131n vaktidir: K\u00fcresel tarifelerin piyasalar\u0131 yeniden \u015fekillendirdi\u011fi, 33 milyar TL\u2019lik hacimlerin bile enflasyon muhasebesiyle test edildi\u011fi bu yeni d\u00fcnyada; <b>sizin yat\u0131r\u0131m stratejiniz sadece nominal k\u00e2rlar\u0131 m\u0131 koval\u0131yor, yoksa de\u011fi\u015fen bu finansal paradigmaya uyum sa\u011flayacak kadar esnek mi?<\/b><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u015eeker Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. 30 Eyl\u00fcl 2025 Ara D\u00f6nem Faaliyet ve Finansal Bilgilendirme Belgesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, \u015eeker Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.&#8217;nin (\u015eeker Yat\u0131r\u0131m) 1 Ocak 2025 \u2013 30 Eyl\u00fcl 2025 d\u00f6nemine ili\u015fkin faaliyet raporu ve finansal tablolar\u0131ndan elde edilen kritik verileri sentezlemektedir. &#8220;Geni\u015f Yetkili Arac\u0131 Kurum&#8221; stat\u00fcs\u00fcndeki \u015firket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131n\u0131 k\u00fcresel ve yerel ekonomik dalgalanmalar\u0131n, y\u00fcksek enflasyonun ve jeopolitik risklerin g\u00f6lgesinde ge\u00e7irmi\u015ftir.<\/p>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla temel finansal ve operasyonel veriler \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Finansal B\u00fcy\u00fckl\u00fck:<\/b> \u015eirket 155.000.000 TL \u00f6denmi\u015f sermaye ve 1.098.707.194 TL \u00f6zkayna\u011fa ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nem Performans\u0131:<\/b> TMS 29 enflasyon muhasebesi uygulanm\u0131\u015f verilere g\u00f6re, \u015firket dokuz ayl\u0131k d\u00f6nemi 86.719.270 TL net d\u00f6nem zarar\u0131 ile kapatm\u0131\u015ft\u0131r.<\/li>\n<li><b>Has\u0131lat ve K\u00e2r:<\/b> 33,3 milyar TL has\u0131lat elde edilmi\u015f, br\u00fct k\u00e2r ise 700,2 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Piyasa Konumu:<\/b> 2023 y\u0131l\u0131 sonunda halka arz edilen \u015firketin paylar\u0131n\u0131n %33,87&#8217;si Borsa \u0130stanbul (BIST) Y\u0131ld\u0131z Pazar&#8217;da i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Stratejik Odak:<\/b> G\u00fcvenilirlik, istikrarl\u0131 b\u00fcy\u00fcme ve m\u00fc\u015fteri odakl\u0131l\u0131k prensipleri \u00e7er\u00e7evesinde, geni\u015f yetkili arac\u0131 kurum faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n<h2>1. Kurumsal Profil ve Organizasyonel Yap\u0131<\/h2>\n<h3>1.a. Tarih\u00e7e ve Kurulu\u015f Amac\u0131<\/h3>\n<p>\u015eeker Yat\u0131r\u0131m, 24 Aral\u0131k 1996 tarihinde \u015eekerbank T.A.\u015e. taraf\u0131ndan sermaye piyasas\u0131 faaliyetlerinde bulunmak \u00fczere kurulmu\u015ftur. Kurulu\u015funda 125.000 TL olan \u00f6denmi\u015f sermayesi, zaman i\u00e7inde 155.000.000 TL&#8217;ye y\u00fckseltilmi\u015ftir. \u015eirket, 6 Aral\u0131k 2023 itibar\u0131yla BIST Y\u0131ld\u0131z Pazar\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.<\/p>\n<h3>1.b. Ortakl\u0131k Yap\u0131s\u0131 (30 Eyl\u00fcl 2025)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak \u00dcnvan\u0131<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>\u015eekerbank T.A.\u015e.<\/td>\n<td>65,39<\/td>\n<td>101.347.980<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k Paylar (BIST)<\/td>\n<td>33,87<\/td>\n<td>52.500.000<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>0,74<\/td>\n<td>1.152.020<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>155.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.c. Yetki ve Faaliyet Alanlar\u0131<\/h3>\n<p>&#8220;Geni\u015f Yetkili Arac\u0131 Kurum&#8221; olarak \u015eeker Yat\u0131r\u0131m a\u015fa\u011f\u0131daki alanlarda hizmet vermektedir:<\/p>\n<ul>\n<li>\u0130\u015flem Arac\u0131l\u0131\u011f\u0131 ve Portf\u00f6y Arac\u0131l\u0131\u011f\u0131<\/li>\n<li>Bireysel Portf\u00f6y Y\u00f6neticili\u011fi<\/li>\n<li>Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131<\/li>\n<li>Halka Arza Arac\u0131l\u0131k (Arac\u0131l\u0131k Y\u00fcklenimi Suretiyle)<\/li>\n<li>Genel Saklama Hizmetleri<\/li>\n<\/ul>\n<h2>2. Sekt\u00f6rel Geli\u015fmeler ve Piyasa Analizi (2025)<\/h2>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131, k\u00fcresel \u00f6l\u00e7ekte ABD\u2019deki y\u00f6netim de\u011fi\u015fikli\u011fi (Trump d\u00f6nemi) ve yerel \u00f6l\u00e7ekte TCMB\u2019nin para politikalar\u0131 ile \u015fekillenmi\u015ftir:<\/p>\n<ul>\n<li><b>Ocak &#8211; Mart D\u00f6nemi:<\/b> ABD&#8217;de Trump&#8217;\u0131n g\u00f6reve ba\u015flamas\u0131 ve g\u00fcmr\u00fck vergisi (tarife) s\u00f6ylemleri k\u00fcresel risk i\u015ftah\u0131n\u0131 bask\u0131lam\u0131\u015ft\u0131r. Yurt i\u00e7inde TCMB, faiz indirimlerine ba\u015flam\u0131\u015f ancak mart ay\u0131nda d\u00f6viz kurlar\u0131ndaki y\u00fckseli\u015f ve enflasyon riskleri nedeniyle gecelik bor\u00e7 verme faizini %46\u2019ya y\u00fckseltmi\u015ftir.<\/li>\n<li><b>Nisan &#8211; Haziran D\u00f6nemi:<\/b> ABD ve \u00c7in aras\u0131ndaki kar\u015f\u0131l\u0131kl\u0131 tarifeler piyasalarda volatiliteyi art\u0131rm\u0131\u015ft\u0131r. Haziran ay\u0131nda \u0130srail ve \u0130ran aras\u0131ndaki gerilim k\u00fcresel bir sava\u015f endi\u015fesi yaratarak petrol fiyatlar\u0131n\u0131 y\u00fckseltmi\u015f, ancak ay sonunda ate\u015fkes umutlar\u0131yla BIST 100 %10,30 y\u00fckseli\u015fle toparlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Temmuz &#8211; Eyl\u00fcl D\u00f6nemi:<\/b> Moody\u2019s T\u00fcrkiye&#8217;nin kredi notunu \u201cBa3\u201de y\u00fckseltmi\u015ftir. TCMB, temmuzda faizi %43\u2019e \u00e7ekerek indirim d\u00f6ng\u00fcs\u00fcne girmi\u015f, eyl\u00fclde ise faizi %40,5 seviyesine indirmi\u015ftir. BIST 100 endeksi a\u011fustosta 11.288 puan ile rekor k\u0131rm\u0131\u015f, ancak eyl\u00fclde k\u00e2r sat\u0131\u015flar\u0131yla 11.012 puana gerilemi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Finansal Durum Analizi<\/h2>\n<p>\u015eirketin finansal tablolar\u0131 TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re enflasyon etkisinden ar\u0131nd\u0131r\u0131larak sunulmu\u015ftur.<\/p>\n<h3>3.a. \u00d6zet Bilan\u00e7o Verileri (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>2.749.029.486<\/td>\n<td>2.524.272.363<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>2.257.147.039<\/td>\n<td>2.063.586.399<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.635.328.293<\/td>\n<td>1.318.637.718<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>1.098.707.194<\/td>\n<td>1.189.310,548<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.b. K\u00e2r veya Zarar Tablosu \u00d6zeti (1 Ocak &#8211; 30 Eyl\u00fcl)<\/h3>\n<ul>\n<li><b>Has\u0131lat:<\/b> 33.313.210.870 TL (\u00d6nceki y\u0131l: 40,56 Milyar TL)<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 244.427.096 TL<\/li>\n<li><b>Net Parasal Kay\u0131p:<\/b> (179.324.542) TL (Enflasyon d\u00fczeltmesi kaynakl\u0131)<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> (86.719.270) TL<\/li>\n<li><b>Pay Ba\u015f\u0131na Kay\u0131p:<\/b> 56 Kr.<\/li>\n<\/ul>\n<h3>3.c. Kredi Notlar\u0131 (JCR Avrasya)<\/h3>\n<p>\u015eirketin kredi rating notlar\u0131 istikrarl\u0131 g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc korumaktad\u0131r:<\/p>\n<ul>\n<li><b>Uzun Vadeli Ulusal Not:<\/b> A (tr) \/ (Stabil G\u00f6r\u00fcn\u00fcm)<\/li>\n<li><b>K\u0131sa Vadeli Ulusal Not:<\/b> J1 (tr) \/ (Stabil G\u00f6r\u00fcn\u00fcm)<\/li>\n<li><b>Uluslararas\u0131 Yabanc\u0131\/Yerel Para Notu:<\/b> BB \/ (Stabil G\u00f6r\u00fcn\u00fcm)<\/li>\n<\/ul>\n<h2>4. Y\u00f6netim ve Kurumsal Y\u00f6netim \u0130lkeleri<\/h2>\n<h3>4.a. Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h3>\n<p>Y\u00f6netim Kurulu Ba\u015fkanl\u0131\u011f\u0131 g\u00f6revini <b>Dr. Hasan Basri G\u00f6ktan<\/b> y\u00fcr\u00fctmektedir. \u015eirketin Genel M\u00fcd\u00fcrl\u00fck ve Y\u00f6netim Kurulu \u00dcyeli\u011fi g\u00f6revini ise 1997 y\u0131l\u0131ndan bu yana <b>Osman G\u00f6ktan<\/b> s\u00fcrd\u00fcrmektedir.<\/p>\n<ul>\n<li><b>\u00d6nemli De\u011fi\u015fiklik:<\/b> Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131 Mecit Batuhan Alpman, 13 Ekim 2025 tarihinde g\u00f6revinden istifa ederek ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>4.b. Kurullar ve Komiteler<\/h3>\n<p>Y\u00f6netim Kurulu b\u00fcnyesinde \u00fc\u00e7 temel komite faaliyet g\u00f6stermektedir:<\/p>\n<ol>\n<li><b>Denetimden Sorumlu Komite:<\/b> Ba\u015fkan Hikmet Ayd\u0131n Simit.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Ba\u015fkan Hikmet Ayd\u0131n Simit.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Ba\u015fkan Hikmet Ayd\u0131n Simit.<\/li>\n<\/ol>\n<h3>4.c. \u00c7al\u0131\u015fan Haklar\u0131 ve Ba\u011f\u0131\u015flar<\/h3>\n<ul>\n<li><b>Mali Haklar:<\/b> \u00dcst y\u00f6netime \u00f6denen \u00fccret ve huzur hakk\u0131 toplam\u0131 48,6 milyon TL&#8217;dir.<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla 117 \u00e7al\u0131\u015fan (2024 sonu: 113).<\/li>\n<li><b>Ba\u011f\u0131\u015flar:<\/b> D\u00f6nem i\u00e7inde TEV ve Azimli Tar\u0131m Makinalar\u0131 arac\u0131l\u0131\u011f\u0131yla toplam 140.500 TL ba\u011f\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>5. Risk Y\u00f6netimi ve Mevzuat Uyumu<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> SPK ve KGK kararlar\u0131 uyar\u0131nca, 31 Aral\u0131k 2023\u2019ten itibaren finansal tablolar enflasyon etkisine g\u00f6re d\u00fczeltilmektedir. 2025 y\u0131l\u0131 dokuz ayl\u0131k tablolar\u0131nda bu uygulama s\u00fcrd\u00fcr\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Hukuki Durum:<\/b> \u015eirket aleyhine mali durumu \u00f6nemli \u00f6l\u00e7\u00fcde etkileyecek bir dava bulunmamaktad\u0131r. Mevcut 3 adet davan\u0131n toplam tutar\u0131 249.910 TL ve 200.000 USD seviyesindedir.<\/li>\n<li><b>Risk Y\u00f6netimi:<\/b> \u015eirket, sermaye yeterlili\u011fi taban\u0131 ve likidite y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc hesaplamalar\u0131n\u0131 SPK tebli\u011flerine uygun olarak yapmakta olup, raporlama d\u00f6neminde herhangi bir sorunla kar\u015f\u0131la\u015f\u0131lmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>\u015eirket, ana orta\u011f\u0131 \u015eekerbank T.A.\u015e. ve ba\u011fl\u0131 i\u015ftirakleri (\u015eeker Finansal Kiralama, \u015eeker Faktoring, \u015eeker Sigorta vb.) ile piyasa \u015fartlar\u0131na uygun ticari faaliyetlerini s\u00fcrd\u00fcrmektedir. Bu kapsamda; bankac\u0131l\u0131k hizmetleri, kira i\u015flemleri, sigorta ve saklama hizmetleri gibi alanlarda grup i\u00e7i i\u015flemler ger\u00e7ekle\u015ftirilmektedir. \u015eirket y\u00f6netimi, bu i\u015flemlerin her birinde uygun bir kar\u015f\u0131 edim sa\u011fland\u0131\u011f\u0131n\u0131 ve \u015firketi zarara u\u011fratacak bir \u00f6nlem al\u0131nmad\u0131\u011f\u0131n\u0131 beyan etmi\u015ftir.<\/p>\n<p>&nbsp;<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"273\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>2025 Finansal Labirentinde Yol \u0130zlemek: \u015eeker Yat\u0131r\u0131m\u2019\u0131n 9 Ayl\u0131k Raporundan \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders 1. Giri\u015f: Finansal Raporlar Birer Harita m\u0131d\u0131r, Yoksa Sadece Kay\u0131t m\u0131? 2025 y\u0131l\u0131, hem k\u00fcresel hem de yerel piyasalar i\u00e7in adeta bir &#8220;stres testi&#8221; niteli\u011finde ge\u00e7iyor&#8230;. <\/p>\n","protected":false},"author":1,"featured_media":274,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[50],"class_list":["post-273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-skymd"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/273","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=273"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/273\/revisions"}],"predecessor-version":[{"id":275,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/273\/revisions\/275"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/274"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}