{"id":285,"date":"2025-12-20T19:46:02","date_gmt":"2025-12-20T16:46:02","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=285"},"modified":"2025-12-20T19:46:02","modified_gmt":"2025-12-20T16:46:02","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-mrshl-marshall-boya-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/285","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MRSHL | Marshall Boya 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MRSHL | Marshall Boya 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/sr4Ke60VTFY?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>Bir Boya Markas\u0131ndan \u00c7ok Daha Fazlas\u0131: Marshall Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 4 \u015eey<\/h1>\n<h2>1.0 Giri\u015f<\/h2>\n<p>T\u00fcrkiye&#8217;de duvarlar\u0131n\u0131 boyamay\u0131 d\u00fc\u015f\u00fcnen hemen herkesin akl\u0131na ilk gelen markalardan biridir Marshall Boya. Y\u0131llard\u0131r evlerimizi, ofislerimizi renklendiren bu tan\u0131d\u0131k marka, asl\u0131nda hepimizin bildi\u011fi y\u00fcz\u00fcn\u00fcn ard\u0131nda olduk\u00e7a \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ekler bar\u0131nd\u0131r\u0131yor. Genellikle s\u0131k\u0131c\u0131 rakamlar ve karma\u015f\u0131k tablolarla dolu olarak alg\u0131lanan finansal faaliyet raporlar\u0131, dikkatli bir g\u00f6zle okundu\u011funda bir \u015firketin DNA&#8217;s\u0131n\u0131, stratejisini ve pek bilinmeyen y\u00f6nlerini ortaya koyan birer hazine haritas\u0131na d\u00f6n\u00fc\u015febilir. Bu yaz\u0131da, Marshall Boya&#8217;n\u0131n kamuya a\u00e7\u0131k faaliyet raporlar\u0131ndan dam\u0131tarak haz\u0131rlad\u0131\u011f\u0131m\u0131z, markaya bak\u0131\u015f\u0131n\u0131z\u0131 de\u011fi\u015ftirebilecek en ilgin\u00e7 d\u00f6rt bulguyu sizin i\u00e7in derledik.<\/p>\n<h2>2.0 1. Ger\u00e7ek: Yerli Sand\u0131\u011f\u0131n\u0131z Dev, Asl\u0131nda K\u00fcresel Bir G\u00fcc\u00fcn Par\u00e7as\u0131<\/h2>\n<p>Marshall Boya&#8217;n\u0131n k\u00f6kenleri, 1954 y\u0131l\u0131nda Uzunyol ve Toprak\u00e7\u0131o\u011flu aileleri taraf\u0131ndan kurulmas\u0131na dayan\u0131yor. Bu k\u00f6kl\u00fc ba\u015flang\u0131\u00e7, markan\u0131n zihinlerde yerli ve milli bir imajla yer etmesini sa\u011flam\u0131\u015ft\u0131r. Ancak, resmin tamam\u0131 bu de\u011fil. As\u0131l \u015fa\u015f\u0131rt\u0131c\u0131 nokta, Marshall&#8217;\u0131n 1998 y\u0131l\u0131ndan bu yana bamba\u015fka bir kimli\u011fe b\u00fcr\u00fcnm\u00fc\u015f olmas\u0131.<\/p>\n<p>Marka, bu tarihten itibaren 150&#8217;den fazla \u00fclkede operasyonlar\u0131 bulunan Hollanda merkezli k\u00fcresel kimya devi Akzo Nobel&#8217;in b\u00fcnyesine kat\u0131ld\u0131. Bu birle\u015fme, Marshall&#8217;\u0131 sadece yerel bir oyuncu olmaktan \u00e7\u0131kar\u0131p, ona k\u00fcresel bir vizyon ve teknolojik bir g\u00fc\u00e7 katt\u0131. Bug\u00fcn Marshall \u00fcr\u00fcnlerinde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz pek \u00e7ok yenilik\u00e7i \u00f6zellik, asl\u0131nda Akzo Nobel&#8217;in devasa k\u00fcresel Ar-Ge a\u011f\u0131n\u0131n ve bilgi birikiminin bir yans\u0131mas\u0131d\u0131r.<\/p>\n<h2>3.0 2. Ger\u00e7ek: Sadece Bir Boya \u00dcreticisi De\u011fil, Bir Teknoloji ve \u0130novasyon \u00d6nc\u00fcs\u00fc<\/h2>\n<p>Marshall&#8217;\u0131n sekt\u00f6rdeki rol\u00fc, yaln\u0131zca boya \u00fcretmekle s\u0131n\u0131rl\u0131 de\u011fil. \u015eirket, tarihi boyunca teknoloji ve kalite standartlar\u0131 konusunda \u00f6nc\u00fc ad\u0131mlar atm\u0131\u015f bir kurum. Raporlar, bu \u00f6nc\u00fc kimli\u011fi somut verilerle g\u00f6zler \u00f6n\u00fcne seriyor:<\/p>\n<ul>\n<li>T\u00fcrkiye&#8217;nin ISO 9000 kalite belgesine sahip <b>ilk boya kurulu\u015fu<\/b> olmas\u0131.<\/li>\n<li>1997 y\u0131l\u0131nda T\u00fcrkiye&#8217;de <b>ilk kez<\/b> bir boya \u015firketi olarak &#8220;\u00dc\u00e7l\u00fc Sorumluluk Belgesi&#8221; almas\u0131.<\/li>\n<\/ul>\n<p>Bu yenilik\u00e7i ruh, g\u00fcn\u00fcm\u00fczde dijitalle\u015ferek devam ediyor. \u015eirketin geli\u015ftirdi\u011fi \u00f6d\u00fcll\u00fc <b>&#8220;Marshall G\u00f6r&amp;Boya&#8221;<\/b> mobil uygulamas\u0131, 2 milyondan fazla indirilme say\u0131s\u0131na ula\u015farak rekor k\u0131rm\u0131\u015f durumda. Bu uygulama, art\u0131r\u0131lm\u0131\u015f ger\u00e7eklik teknolojisi sayesinde t\u00fcketicilerin, se\u00e7tikleri rengin duvarlar\u0131nda nas\u0131l duraca\u011f\u0131n\u0131 boya yapmadan \u00f6nce telefon ekranlar\u0131ndan g\u00f6rmelerini sa\u011fl\u0131yor. Bu basit ama etkili teknoloji, t\u00fcketicilerin en b\u00fcy\u00fck endi\u015felerinden biri olan &#8220;yanl\u0131\u015f renk se\u00e7imi&#8221; riskini ortadan kald\u0131rarak karar verme s\u00fcrecini k\u00f6kten de\u011fi\u015ftiriyor. Bu at\u0131l\u0131m, Marshall&#8217;\u0131n sadece \u00fcr\u00fcn de\u011fil, ayn\u0131 zamanda kusursuz bir m\u00fc\u015fteri deneyimi sunmaya odakland\u0131\u011f\u0131n\u0131n en net kan\u0131t\u0131.<\/p>\n<h2>4.0 3. Ger\u00e7ek: Milyarlarca Liral\u0131k Sat\u0131\u015fa Ra\u011fmen Gelen D\u00f6nem Zarar\u0131 Paradoksu<\/h2>\n<p>Finansal raporlar\u0131n en \u00e7arp\u0131c\u0131 y\u00f6n\u00fc, bazen ilk bak\u0131\u015fta birbiriyle \u00e7eli\u015fkili g\u00f6r\u00fcnen verileri ortaya koymas\u0131d\u0131r. Marshall&#8217;\u0131n mali tablolar\u0131 da tam olarak b\u00f6yle bir paradoksu bar\u0131nd\u0131r\u0131yor.<\/p>\n<ul>\n<li><b>Devasa Ciro:<\/b> \u0130ncelenen son dokuz ayl\u0131k faaliyet d\u00f6neminde \u015firket <b>3.497.597.937 TL<\/b> (yakla\u015f\u0131k 3.5 milyar TL) net sat\u0131\u015f ger\u00e7ekle\u015ftirmi\u015f.<\/li>\n<li><b>\u015ea\u015f\u0131rt\u0131c\u0131 Sonu\u00e7:<\/b> Ancak bu devasa sat\u0131\u015f rakam\u0131na ra\u011fmen ayn\u0131 d\u00f6nemde <b>193.904.151 TL<\/b> net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015f.<\/li>\n<\/ul>\n<p>Bu durum, b\u00fcy\u00fck ve k\u00f6kl\u00fc bir markan\u0131n y\u00fcksek sat\u0131\u015f hacminin her zaman k\u00e2rl\u0131l\u0131k anlam\u0131na gelmedi\u011fini g\u00f6steren ders niteli\u011finde bir \u00f6rnek. Bu durum, Marshall gibi pazar lideri bir markan\u0131n bile marka bilinirli\u011fini ve pazar pay\u0131n\u0131 korumak i\u00e7in ne denli b\u00fcy\u00fck pazarlama ve operasyonel maliyetlere katland\u0131\u011f\u0131n\u0131, k\u00e2rl\u0131l\u0131\u011f\u0131n b\u0131\u00e7ak s\u0131rt\u0131 bir denge oldu\u011funu \u00e7arp\u0131c\u0131 bir \u015fekilde ortaya koyuyor. Bu finansal z\u0131tl\u0131k, i\u015f d\u00fcnyas\u0131n\u0131n karma\u015f\u0131k dinamiklerini ve k\u00e2rl\u0131l\u0131\u011f\u0131n sadece cirodan ibaret olmad\u0131\u011f\u0131n\u0131 net bir \u015fekilde g\u00f6steriyor.<\/p>\n<h2>5.0 4. Ger\u00e7ek: Toplumsal Sorumluluk Sadece Bir Slogan De\u011fil, \u00dcniversite \u0130\u015f Birlikleri ve Somut Projelerle Hayata Ge\u00e7iyor<\/h2>\n<p>Bir\u00e7ok \u015firket i\u00e7in sosyal sorumluluk, genellikle bir pazarlama slogan\u0131ndan \u00f6teye ge\u00e7mez. Ancak Marshall&#8217;\u0131n faaliyet raporlar\u0131, \u015firketin bu konuyu ne kadar ciddiye ald\u0131\u011f\u0131n\u0131 ve toplumsal ba\u011flar\u0131n\u0131 stratejik bir vizyonla ne kadar derinle\u015ftirdi\u011fini g\u00f6steriyor. Projeler, d\u00f6rt ana eksende stratejik bir toplumsal yat\u0131r\u0131m hikayesi anlat\u0131yor:<\/p>\n<p><b>Gelece\u011fin Ustalar\u0131n\u0131 Yeti\u015ftirmek:<\/b> Marshall, sekt\u00f6r\u00fcn gelece\u011fine do\u011frudan yat\u0131r\u0131m yap\u0131yor. Kocaeli \u00dcniversitesi (KO\u00dc) Hereke \u00d6mer \u0130smet Uzunyol Meslek Y\u00fcksek Okulu Boya Teknolojisi B\u00f6l\u00fcm\u00fc&#8217;nde \u00f6\u011frencilere bizzat boya uygulama teknikleri dersleri vererek, teorik bilgiyi pratik deneyimle bulu\u015fturuyor ve nitelikli profesyonellerin yeti\u015fmesine \u00f6nc\u00fcl\u00fck ediyor.<\/p>\n<p><b>S\u00fcrd\u00fcr\u00fclebilirlik ve Sanat\u0131 Bulu\u015fturmak:<\/b> \u015eirket, KO\u00dc ile imzalad\u0131\u011f\u0131 s\u0131f\u0131r at\u0131k protokol\u00fc ile end\u00fcstriyel at\u0131\u011f\u0131 k\u00fclt\u00fcrel bir de\u011fere d\u00f6n\u00fc\u015ft\u00fcren yenilik\u00e7i bir projeye imza at\u0131yor. Bu i\u015f birli\u011fi \u00e7er\u00e7evesinde fabrika at\u0131klar\u0131, G\u00fczel Sanatlar Fak\u00fcltesi \u00f6\u011frencileri taraf\u0131ndan sanata ve insan hayat\u0131n\u0131 kolayla\u015ft\u0131ran materyallere d\u00f6n\u00fc\u015ft\u00fcr\u00fcl\u00fcyor. Bu, s\u00fcrd\u00fcr\u00fclebilirli\u011fin sadece bir \u00e7evre politikas\u0131 de\u011fil, ayn\u0131 zamanda bir sanat ve inovasyon platformu olabilece\u011finin kan\u0131t\u0131.<\/p>\n<p><b>Topluma Renk Katmak:<\/b> Marka, ana faaliyet alan\u0131n\u0131 toplumsal faydaya d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor. Hatay&#8217;daki &#8220;Let&#8217;s colour&#8221; projesiyle deprem b\u00f6lgesinin yeniden canlanmas\u0131na renkleriyle destek olurken, Milli E\u011fitim Bakanl\u0131\u011f\u0131&#8217;na ba\u011fl\u0131 okullara sa\u011flad\u0131\u011f\u0131 desteklerle de e\u011fitim ortamlar\u0131n\u0131 iyile\u015ftiriyor.<\/p>\n<p><b>Profesyonelleri Desteklemek:<\/b> E\u011fitimle ba\u015flayan d\u00f6ng\u00fc, profesyonel ya\u015fam\u0131 destekleyerek tamamlan\u0131yor. Boya ustalar\u0131yla son kullan\u0131c\u0131y\u0131 bir araya getiren &#8220;Ustamburada.com&#8221; platformu, sekt\u00f6rdeki profesyoneller i\u00e7in bir i\u015f ve geli\u015fim alan\u0131 yaratarak t\u00fcm ekosistemi g\u00fc\u00e7lendiriyor.<\/p>\n<p>Bu projeler, \u015firketin benimsedi\u011fi felsefeyi somutla\u015ft\u0131r\u0131yor:<\/p>\n<p>Her \u015fey insanlar ile ba\u015flar<\/p>\n<p>Bu felsefe, \u015firketin sadece duvarlar\u0131 de\u011fil, ayn\u0131 zamanda toplumun gelece\u011fini, e\u011fitimi ve sanat\u0131 da renklendirme misyonunu \u00fcstlendi\u011fini a\u00e7\u0131k\u00e7a ortaya koyuyor.<\/p>\n<h2>6.0 Sonu\u00e7: Rakamlar\u0131n ve Raporlar\u0131n \u00d6tesindeki Resim<\/h2>\n<p>Marshall Boya&#8217;n\u0131n faaliyet raporlar\u0131, bize tan\u0131d\u0131k bir markan\u0131n ard\u0131ndaki \u00e7ok katmanl\u0131 yap\u0131y\u0131 g\u00f6steriyor. Yerli bir giri\u015fim olarak ba\u015flay\u0131p k\u00fcresel bir devin par\u00e7as\u0131 haline gelmesi, teknolojiyle t\u00fcketici deneyimini yeniden \u015fekillendirmesi, milyarlarca liral\u0131k ciroya ra\u011fmen k\u00e2rl\u0131l\u0131k m\u00fccadelesi vermesi ve toplumla kurdu\u011fu derin ve anlaml\u0131 ba\u011flar&#8230; T\u00fcm bunlar, Marshall&#8217;\u0131n sadece duvarlar\u0131 renklendiren bir \u015firket olmad\u0131\u011f\u0131n\u0131; karma\u015f\u0131k ekonomik ger\u00e7ekler, k\u00fcresel stratejiler ve yerel toplumsal sorumluluklar aras\u0131nda hassas bir denge kurmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor.<\/p>\n<p>Peki, her g\u00fcn g\u00f6rd\u00fc\u011f\u00fcm\u00fcz di\u011fer b\u00fcy\u00fck markalar\u0131n raporlar\u0131nda acaba daha ne gibi \u015fa\u015f\u0131rt\u0131c\u0131 hikayeler gizlidir?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Marshall Boya ve Vernik Sanayii A.\u015e.: 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Marshall Boya ve Vernik Sanayii A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k faaliyet d\u00f6nemine ili\u015fkin finansal, operasyonel ve kurumsal geli\u015fmelerini kapsaml\u0131 bir \u015fekilde analiz etmektedir. \u015eirket, bu d\u00f6nemde net sat\u0131\u015flar\u0131nda ve operasyonel karl\u0131l\u0131\u011f\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f ya\u015fam\u0131\u015f ve 193,9 milyon TL net d\u00f6nem zarar\u0131 kaydetmi\u015ftir. Bu finansal tabloya ra\u011fmen, \u015firketin toplam varl\u0131klar\u0131 ve y\u00fck\u00fcml\u00fcl\u00fckleri art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<p>Kurumsal yap\u0131da \u00f6nemli de\u011fi\u015fiklikler ya\u015fanm\u0131\u015ft\u0131r. 28 A\u011fustos 2025&#8217;te Johann Frederick Smidt Y\u00f6netim Kurulu Ba\u015fkan\u0131 olarak atanm\u0131\u015f, raporlama d\u00f6nemi sonras\u0131nda ise 1 Kas\u0131m 2025&#8217;ten ge\u00e7erli olmak \u00fczere \u00d6zg\u00fcr Or\u00e7unus \u015firketin yeni Genel M\u00fcd\u00fcr\u00fc olarak g\u00f6revlendirilmi\u015ftir. K\u00fcresel bir kimya devi olan Akzo Nobel&#8217;in bir par\u00e7as\u0131 olarak faaliyet g\u00f6steren Marshall Boya, T.C. Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131 taraf\u0131ndan tescillenmi\u015f Ar-Ge Merkezi stat\u00fcs\u00fcyle inovasyon \u00e7al\u0131\u015fmalar\u0131na devam etmektedir. \u015eirket, makine ve te\u00e7hizat modernizasyonu i\u00e7in 39,4 milyon TL tutar\u0131nda bir yat\u0131r\u0131m te\u015fvik belgesi alm\u0131\u015f ve T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131 (TSRS) kapsam\u0131nda zorunlu raporlama ve g\u00fcvence denetimi s\u00fcre\u00e7lerini ba\u015flatm\u0131\u015ft\u0131r. Operasyonel olarak, \u00fcretim ve kapasite kullan\u0131m oranlar\u0131nda bir \u00f6nceki y\u0131la k\u0131yasla d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenirken, \u015firket sosyal sorumluluk projeleri ve s\u00fcrd\u00fcr\u00fclebilirlik giri\u015fimleriyle pazardaki konumunu g\u00fc\u00e7lendirmeye devam etmektedir.<\/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<h3>1. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h3>\n<h4>1.1. \u015eirket Profili ve Ortakl\u0131k Yap\u0131s\u0131<\/h4>\n<p>1954 y\u0131l\u0131nda kurulan Marshall Boya ve Vernik Sanayii A.\u015e., A\u011fustos 1998&#8217;den bu yana merkezi Hollanda&#8217;da bulunan k\u00fcresel kimya, boya ve kaplama \u015firketi Akzo Nobel b\u00fcnyesinde faaliyet g\u00f6stermektedir. 1990 y\u0131l\u0131ndan beri Borsa \u0130stanbul&#8217;da (BIST) &#8220;MRSHL&#8221; koduyla Ana Pazar&#8217;da i\u015flem g\u00f6ren \u015firketin merkezi Kocaeli, Dilovas\u0131&#8217;nda yer almaktad\u0131r.<\/p>\n<p>\u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131 50.000.000 TL, \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi ise 10.994.134 TL&#8217;dir. \u015eirketin imtiyazl\u0131 pay\u0131 bulunmamaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla ortakl\u0131k yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n \u00dcnvan\u0131<\/td>\n<td>Do\u011frudan Pay (%)<\/td>\n<td>Dolayl\u0131 Pay (%)<\/td>\n<td>Toplam Pay (%)<\/td>\n<\/tr>\n<tr>\n<td>AKZO NOBEL COATINGS INTERNATIONAL B.V.<\/td>\n<td>49,18<\/td>\n<td>44,43<\/td>\n<td>93,61<\/td>\n<\/tr>\n<tr>\n<td>TEKYAR TEKN\u0130K YARDIM A.\u015e. (*)<\/td>\n<td>44,43<\/td>\n<td>0,00<\/td>\n<td>44,43<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>6,39<\/td>\n<td>0,00<\/td>\n<td>6,39<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>(*) <i>Tekyar Teknik Yard\u0131m A.\u015e. paylar\u0131n\u0131n tamam\u0131 Akzo Nobel Coatings International B.V.\u2019ye aittir.<\/i><\/p>\n<h4>1.2. Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla, Y\u00f6netim Kurulu 6 \u00fcyeden ve \u00fcst d\u00fczey y\u00f6netici kadrosu 8 ki\u015fiden olu\u015fmaktad\u0131r. \u015eirketin toplam personel say\u0131s\u0131 232&#8217;dir (31 Aral\u0131k 2024: 251 ki\u015fi).<\/p>\n<p><b>Y\u00f6netim Kurulu De\u011fi\u015fiklikleri:<\/b><\/p>\n<ul>\n<li><b>28 A\u011fustos 2025:<\/b> Johannes Petrus Van Kesteren&#8217;in yerine Johann Frederick Smidt, Y\u00f6netim Kurulu Ba\u015fkan\u0131 olarak atanm\u0131\u015ft\u0131r. G\u00f6rev s\u00fcresi 22 May\u0131s 2026&#8217;da sona erecektir.<\/li>\n<li><b>22 May\u0131s 2025:<\/b> Gerrit Jan Tap&#8217;\u0131n yerine Koen Vermeulen, Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi Yusuf Kamil Soner&#8217;in yerine ise Kamil Attila K\u00f6ksal se\u00e7ilmi\u015ftir.<\/li>\n<\/ul>\n<p><b>D\u00f6nem Sonras\u0131 \u00d6nemli De\u011fi\u015fiklik:<\/b><\/p>\n<ul>\n<li><b>1 Kas\u0131m 2025:<\/b> Akzo Nobel EMEA Dekoratif Boya organizasyonundaki yeniden yap\u0131lanma kapsam\u0131nda, mevcut Y\u00f6netim Kurulu \u00dcyesi, Sat\u0131\u015f ve Ge\u00e7ici S\u00fcreli Pazarlama M\u00fcd\u00fcr\u00fc <b>\u00d6zg\u00fcr Or\u00e7unus<\/b>, \u015firketin yeni <b>Genel M\u00fcd\u00fcr\u00fc<\/b> olarak atanm\u0131\u015ft\u0131r. Mevcut Genel M\u00fcd\u00fcr <b>Mehdi El Bok<\/b>, bu g\u00f6revinden ayr\u0131larak Y\u00f6netim Kurulu Ba\u015fkan Vekili ve Akzo Nobel b\u00fcnyesindeki di\u011fer g\u00f6revlerine devam edecektir.<\/li>\n<\/ul>\n<h4>1.3. Kurumsal Y\u00f6netim ve Komiteler<\/h4>\n<p>Marshall Boya, Sermaye Piyasas\u0131 Kurulu&#8217;nun (SPK) Kurumsal Y\u00f6netim \u0130lkelerine uyumu ilke edinmi\u015f olup, 2025 y\u0131l\u0131 i\u00e7in Borsa \u0130stanbul&#8217;da 2. grup \u015firketler aras\u0131nda yer almaktad\u0131r. \u015eirket b\u00fcnyesinde kurumsal y\u00f6netim faaliyetlerini desteklemek \u00fczere komiteler kurulmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Komite Ad\u0131<\/td>\n<td>Ba\u015fkan<\/td>\n<td>Toplanma S\u0131kl\u0131\u011f\u0131 (01.01 &#8211; 30.09.2025)<\/td>\n<\/tr>\n<tr>\n<td>Denetimden Sorumlu Komite<\/td>\n<td>Deniz Uyan<\/td>\n<td>5 kez<\/td>\n<\/tr>\n<tr>\n<td>Kurumsal Y\u00f6netim Komitesi<\/td>\n<td>Deniz Uyan<\/td>\n<td>7 kez<\/td>\n<\/tr>\n<tr>\n<td>Riskin Erken Saptanmas\u0131 Komitesi<\/td>\n<td>Kamil Attila K\u00f6ksal<\/td>\n<td>4 kez<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi<\/td>\n<td>Elmas Top\u00e7u<\/td>\n<td>4 kez<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Aday G\u00f6sterme Komitesi ve \u00dccret Komitesi g\u00f6revleri, Kurumsal Y\u00f6netim Komitesi taraf\u0131ndan yerine getirilmektedir.<\/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<h3>2. Finansal Durum ve Performans<\/h3>\n<h4>2.1. Finansal Tablolara Genel Bak\u0131\u015f<\/h4>\n<p>\u015eirketin finansal tablolar\u0131, SPK&#8217;n\u0131n II-14.1 say\u0131l\u0131 tebli\u011fine uygun olarak ve T\u00fcrkiye Muhasebe Standard\u0131 29 (TMS 29) kapsam\u0131nda enflasyon etkisine g\u00f6re d\u00fczeltilerek haz\u0131rlanm\u0131\u015ft\u0131r. 30 Eyl\u00fcl 2025 tarihli ara d\u00f6nem finansal tablolar\u0131 ba\u011f\u0131ms\u0131z denetimden ge\u00e7memi\u015ftir.<\/p>\n<p><b>Bilan\u00e7o \u00d6zeti (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>467.280.273<\/td>\n<td>463.972.427<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>2.372.737.695<\/td>\n<td>1.781.039.245<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>1.225.849.157<\/td>\n<td>1.424.880.233<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>3.598.586.852<\/b><\/td>\n<td><b>3.205.919.478<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>2.549.337.224<\/td>\n<td>1.993.806.161<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>121.791.862<\/td>\n<td>92.085.366<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6z Kaynaklar<\/b><\/td>\n<td><b>927.457.766<\/b><\/td>\n<td><b>1.120.027.951<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>3.598.586.852<\/b><\/td>\n<td><b>3.205.919.478<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Gelir Tablosu \u00d6zeti (01.01 &#8211; 30.09 D\u00f6nemleri, TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td>Net Sat\u0131\u015flar<\/td>\n<td>3.497.597.937<\/td>\n<td>4.640.647.486<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>1.340.832.148<\/td>\n<td>1.579.715.347<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>126.399.650<\/td>\n<td>278.996.680<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td><b>(193.904.151)<\/b><\/td>\n<td><b>(169.788.300)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 (Zarar)<\/td>\n<td>(17,6371)<\/td>\n<td>(15,4435)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>2.2. Finansal Oranlar ve G\u00f6stergeler<\/h4>\n<p>Finansal oranlar, \u015firketin likidite, mali yap\u0131 ve karl\u0131l\u0131k durumunda bir \u00f6nceki y\u0131la g\u00f6re g\u00f6zlemlenen de\u011fi\u015fimleri ortaya koymaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024 \/ 30.09.2024<\/td>\n<\/tr>\n<tr>\n<td><b>Likidite<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>0,93<\/td>\n<td>0,89 (31.12.2024)<\/td>\n<\/tr>\n<tr>\n<td><b>Mali Yap\u0131<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7lar \/ Aktif Toplam\u0131<\/td>\n<td>0,74<\/td>\n<td>0,65 (31.12.2024)<\/td>\n<\/tr>\n<tr>\n<td>\u00d6z Kaynaklar \/ Aktif Toplam\u0131<\/td>\n<td>0,26<\/td>\n<td>0,35 (31.12.2024)<\/td>\n<\/tr>\n<tr>\n<td><b>Karl\u0131l\u0131k<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar Marj\u0131<\/td>\n<td>%38,34<\/td>\n<td>%34,04 (30.09.2024)<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Kar Marj\u0131<\/td>\n<td>%3,61<\/td>\n<td>%6,01 (30.09.2024)<\/td>\n<\/tr>\n<tr>\n<td>Net Kar Marj\u0131<\/td>\n<td>-%5,54<\/td>\n<td>-%3,66 (30.09.2024)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>2.3. Finansman ve Risk Y\u00f6netimi<\/h4>\n<p>\u015eirketin finansman kaynaklar\u0131 a\u011f\u0131rl\u0131kl\u0131 olarak faizli banka mevduatlar\u0131 ve k\u0131sa vadeli kredilerden olu\u015fmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla ticari bor\u00e7lar\u0131 1,3 milyar TL seviyesindedir.<\/p>\n<p><b>Kur Riski:<\/b> \u015eirketin yabanc\u0131 para cinsinden varl\u0131klar\u0131 ve y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle \u00f6nemli bir kur riski bulunmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla net yabanc\u0131 para pozisyonu <b>(701.351.265) TL<\/b> a\u00e7\u0131k vermektedir. Duyarl\u0131l\u0131k analizine g\u00f6re, d\u00f6viz kurlar\u0131nda TL aleyhine ya\u015fanacak %10&#8217;luk bir de\u011fi\u015fim, vergi \u00f6ncesi k\u00e2r\/zarar \u00fczerinde yakla\u015f\u0131k <b>70,1 milyon TL<\/b>&#8216;lik olumsuz bir etki yaratma potansiyeline sahiptir.<\/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<h3>3. Operasyonel Faaliyetler ve Stratejik Geli\u015fmeler<\/h3>\n<h4>3.1. Sekt\u00f6rdeki Konum ve Faaliyetler<\/h4>\n<p>Marshall Boya, 60 y\u0131l\u0131 a\u015fk\u0131n s\u00fcredir T\u00fcrkiye pazar\u0131nda faaliyet g\u00f6steren, geni\u015f bayi a\u011f\u0131na sahip lider bir markad\u0131r. \u0130novatif yakla\u015f\u0131mlar\u0131yla sekt\u00f6re y\u00f6n veren \u015firket, 2 milyondan fazla indirilen &#8220;Marshall G\u00f6r&amp;Boya&#8221; mobil uygulamas\u0131 ve boya ustalar\u0131 ile son kullan\u0131c\u0131lar\u0131 bulu\u015fturan &#8220;Ustamburada.com&#8221; platformu gibi dijital \u00e7\u00f6z\u00fcmler sunmaktad\u0131r.<\/p>\n<p><b>\u00dcretim Verileri (Ton)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>Kapasite<\/td>\n<td>\u00dcretim<\/td>\n<\/tr>\n<tr>\n<td><b>2025\/9<\/b><\/td>\n<td>94.007<\/td>\n<td>55.969<\/td>\n<\/tr>\n<tr>\n<td><b>2024\/9<\/b><\/td>\n<td>103.946<\/td>\n<td>68.874<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>3.2. Ara\u015ft\u0131rma ve Geli\u015ftirme (Ar-Ge)<\/h4>\n<p>\u015eirket, 5 \u015eubat 2019 tarihinden bu yana T.C. Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131 taraf\u0131ndan tescilli bir Ar-Ge Merkezi stat\u00fcs\u00fcne sahiptir. Bu stat\u00fc, Ar-Ge faaliyetleri i\u00e7in \u00e7e\u015fitli te\u015fvik ve muafiyetlerden yararlanma imkan\u0131 sa\u011flamaktad\u0131r. Ar-Ge merkezi, \u00fcr\u00fcn portf\u00f6y\u00fcn\u00fc geni\u015fletme, mevcut \u00fcr\u00fcnlerin performans ve maliyet optimizasyonunu sa\u011flama ve patent hedefli yenilik\u00e7i projeler geli\u015ftirme \u00fczerine odaklanm\u0131\u015ft\u0131r. Bu kapsamda Kocaeli \u00dcniversitesi ile ortak \u00e7al\u0131\u015fmalar y\u00fcr\u00fct\u00fclmekte olup, 2025 y\u0131l\u0131 i\u00e7inde lansman\u0131 planlanan 6 yeni \u00fcr\u00fcn projesi geli\u015ftirilmi\u015ftir.<\/p>\n<h4>3.3. Yat\u0131r\u0131mlar ve Te\u015fvikler<\/h4>\n<p>\u015eirket, \u00fcretim tesislerindeki makine ve te\u00e7hizatlar\u0131n yenilenmesi ve modernizasyonu amac\u0131yla 25 Nisan 2024 tarihinde T.C. Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131&#8217;ndan yat\u0131r\u0131m te\u015fvik belgesi alm\u0131\u015ft\u0131r. Ba\u015flang\u0131\u00e7ta 35.788.000 TL olan te\u015fvik tutar\u0131, yap\u0131lan eklemelerle <b>39.434.551 TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir. Te\u015fvik belgesi kapsam\u0131nda sa\u011flanan destekler aras\u0131nda KDV istisnas\u0131, g\u00fcmr\u00fck vergisi muafiyeti, faiz deste\u011fi ve vergi indirimi gibi unsurlar yer almaktad\u0131r.<\/p>\n<h4>3.4. S\u00fcrd\u00fcr\u00fclebilirlik ve Sosyal Sorumluluk<\/h4>\n<p>Marshall Boya, SPK d\u00fczenlemeleri uyar\u0131nca 2024 ve 2025 y\u0131llar\u0131 i\u00e7in T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131&#8217;na (TSRS) uyumlu raporlama yapmakla y\u00fck\u00fcml\u00fcd\u00fcr. Bu raporlar\u0131n g\u00fcvence denetimi i\u00e7in BDO Denet Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. se\u00e7ilmi\u015ftir.<\/p>\n<p><b>\u00d6ne \u00c7\u0131kan Giri\u015fimler:<\/b><\/p>\n<ul>\n<li><b>Enerji Verimlili\u011fi:<\/b> \u00dcretim tesislerinde do\u011fal ayd\u0131nlatma ve duman tahliye sistemleri modernize edilerek enerji t\u00fcketiminde azalma ve \u00e7al\u0131\u015fan g\u00fcvenli\u011finde art\u0131\u015f hedeflenmi\u015ftir.<\/li>\n<li><b>S\u0131f\u0131r At\u0131k:<\/b> Kocaeli \u00dcniversitesi ile imzalanan &#8220;S\u0131f\u0131r At\u0131k Protokol\u00fc&#8221; \u00e7er\u00e7evesinde, fabrika at\u0131klar\u0131n\u0131n sanatsal ve faydal\u0131 materyallere d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi i\u00e7in projeler geli\u015ftirilmektedir.<\/li>\n<li><b>Toplumsal Projeler:<\/b>\n<ul>\n<li>Hatay&#8217;\u0131n Defne il\u00e7esinde &#8220;Let&#8217;s colour&#8221; projesi ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li>Milli E\u011fitim Bakanl\u0131\u011f\u0131&#8217;na ba\u011fl\u0131 okullara destek verilmi\u015ftir.<\/li>\n<li>Bilecik G\u00f6lpazar\u0131&#8217;ndaki tarihi yap\u0131lar\u0131n restorasyonuna boya deste\u011fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Ba\u011f\u0131\u015f ve Yard\u0131mlar:<\/b> 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde \u015firket taraf\u0131ndan yap\u0131lan toplam ba\u011f\u0131\u015f ve yard\u0131m tutar\u0131 <b>981.485 TL<\/b>&#8216;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"285\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Boya Markas\u0131ndan \u00c7ok Daha Fazlas\u0131: Marshall Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 4 \u015eey 1.0 Giri\u015f T\u00fcrkiye&#8217;de duvarlar\u0131n\u0131 boyamay\u0131 d\u00fc\u015f\u00fcnen hemen herkesin akl\u0131na ilk gelen markalardan biridir Marshall Boya. Y\u0131llard\u0131r evlerimizi, ofislerimizi renklendiren bu tan\u0131d\u0131k marka, asl\u0131nda hepimizin bildi\u011fi y\u00fcz\u00fcn\u00fcn ard\u0131nda olduk\u00e7a&#8230; <\/p>\n","protected":false},"author":1,"featured_media":286,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[54],"class_list":["post-285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-mrshl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/285","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=285"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/285\/revisions"}],"predecessor-version":[{"id":287,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/285\/revisions\/287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/286"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}