{"id":288,"date":"2025-12-20T20:04:43","date_gmt":"2025-12-20T17:04:43","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=288"},"modified":"2025-12-20T20:04:43","modified_gmt":"2025-12-20T17:04:43","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-artms-artemis-hali-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/288","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARTMS | Artemis Hal\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARTMS | Artemis Hal\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/WZeNxupLH9o?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>Artemis Hal\u0131&#8217;n\u0131n Finansal Raporundaki 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesine Bakmak<\/h3>\n<p>Artemis Hal\u0131&#8217;n\u0131n son finansal raporu, d\u0131\u015far\u0131dan bak\u0131ld\u0131\u011f\u0131nda parlak g\u00f6r\u00fcnen ama kap\u0131y\u0131 aralad\u0131\u011f\u0131n\u0131zda ciddi sorunlar\u0131n sinyalini veren bir eve benziyor. Finansal tablolar, genellikle rakamlarla dolu, karma\u015f\u0131k belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen bir \u015firketin ger\u00e7ek sa\u011fl\u0131\u011f\u0131na, zorluklar\u0131na ve gizli zaferlerine dair \u00e7arp\u0131c\u0131 hikayeler anlat\u0131rlar. Gelin, bu evin odalar\u0131nda dola\u015f\u0131p Artemis Hal\u0131&#8217;n\u0131n rakamlar\u0131n\u0131n saklad\u0131\u011f\u0131 \u00fc\u00e7 b\u00fcy\u00fck s\u0131rr\u0131 ortaya \u00e7\u0131karal\u0131m.<\/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. K\u00e2r Paradoksu: Sat\u0131\u015flar \u00c7ak\u0131l\u0131rken Net K\u00e2r Nas\u0131l U\u00e7u\u015fa Ge\u00e7ti?<\/h3>\n<p>Artemis Hal\u0131&#8217;n\u0131n finansal tablosu, operasyonel performanstaki ciddi d\u00fc\u015f\u00fc\u015f\u00fc maskeleyen bir paradoksla ba\u015fl\u0131yor. \u015eirketin ana faaliyetleri alarm verirken, net k\u00e2r\u0131 \u015fa\u015f\u0131rt\u0131c\u0131 bir \u015fekilde artm\u0131\u015f g\u00f6r\u00fcn\u00fcyor.<\/p>\n<p>Hikayenin ilk ve en \u00f6nemli perdesi operasyonlarda a\u00e7\u0131l\u0131yor ve ne yaz\u0131k ki sahne karanl\u0131k. \u015eirketin sat\u0131\u015flar\u0131 ve faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131nda keskin bir d\u00fc\u015f\u00fc\u015f ya\u015fan\u0131yor. Rakamlar, bu d\u00fc\u015f\u00fc\u015f\u00fcn boyutunu net bir \u015fekilde ortaya koyuyor:<\/p>\n<ul>\n<li><b>Has\u0131lat (Gelir):<\/b> 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 885 milyon TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde %37&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 556,4 milyon TL&#8217;ye geriledi.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131 (Operasyonel K\u00e2r):<\/b> D\u00fc\u015f\u00fc\u015f burada \u00e7ok daha dramatik. 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 219,6 milyon TL olan operasyonel k\u00e2r, 2025&#8217;in ayn\u0131 d\u00f6neminde %82&#8217;lik bir \u00e7\u00f6k\u00fc\u015fle sadece 38,4 milyon TL&#8217;ye d\u00fc\u015ft\u00fc.<\/li>\n<\/ul>\n<p>Peki bu sihrin s\u0131rr\u0131 ne? Bu olumsuz tabloya ra\u011fmen <b>Net D\u00f6nem K\u00e2r\u0131<\/b> 126,3 milyon TL&#8217;den 165,2 milyon TL&#8217;ye nas\u0131l y\u00fckselebildi? Cevap, \u00fcretim band\u0131nda veya sat\u0131\u015f rakamlar\u0131nda de\u011fil, muhasebe kay\u0131tlar\u0131n\u0131n derinliklerinde gizli bir &#8220;hayalet&#8221; kalemde yat\u0131yor: <b>Ertelenmi\u015f Vergi Geliri<\/b>. \u015eirket, 2025&#8217;te 99 milyon TL&#8217;lik bir ertelenmi\u015f vergi geliri kaydetti. Oysa bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde 67,9 milyon TL&#8217;lik bir vergi <i>gideri<\/i> vard\u0131. Bu tek kalem, operasyonlardaki zay\u0131fl\u0131\u011fa ra\u011fmen net k\u00e2r\u0131 tek ba\u015f\u0131na yukar\u0131 ta\u015f\u0131d\u0131. Bu, s\u00fcrd\u00fcr\u00fclebilir bir ba\u015far\u0131dan \u00e7ok, bilan\u00e7oyu teknik olarak olumlu etkileyen tek seferlik bir d\u00fczeltmedir.<\/p>\n<p>K\u00e2rl\u0131l\u0131ktaki bu muhasebe oyunu perdenin sadece bir k\u0131sm\u0131. Bilan\u00e7onun i\u00e7ine dald\u0131\u011f\u0131m\u0131zda, f\u0131rt\u0131nan\u0131n as\u0131l koptu\u011fu yeri g\u00f6r\u00fcyoruz: \u015firketin depolar\u0131 ve kasas\u0131 aras\u0131ndaki tehlikeli makas.<\/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. Bilan\u00e7o Makas\u0131: Bir Yanda Da\u011f Gibi B\u00fcy\u00fcyen Stoklar, Di\u011fer Yanda Eriyen Alacaklar<\/h3>\n<p>Bilan\u00e7onun iki \u00f6nemli kalemindeki z\u0131t y\u00f6nl\u00fc hareket, \u015firketin operasyonel d\u00f6ng\u00fcs\u00fcndeki stresi g\u00f6zler \u00f6n\u00fcne seren bir ba\u015fka \u015fa\u015f\u0131rt\u0131c\u0131 tablo sunuyor: Stoklar patlarken, ticari alacaklar eriyor.<\/p>\n<p>Bu iki z\u0131t hareket, asl\u0131nda ayn\u0131 madalyonun iki y\u00fcz\u00fc: <b>sat\u0131\u015f yapamama sorunu.<\/b><\/p>\n<ul>\n<li><b>Bir yanda stok da\u011f\u0131:<\/b> <b>Stoklar<\/b>, 2024 sonunda 758,5 milyon TL iken, sadece dokuz ay i\u00e7inde %55 gibi \u00e7arp\u0131c\u0131 bir oranda artarak <b>1,18 milyar TL<\/b>&#8216;ye ula\u015ft\u0131. D\u00fc\u015fen sat\u0131\u015flarla birle\u015fince bu durumun anlam\u0131 netle\u015fiyor: \u015eirket, \u00fcretti\u011fi hal\u0131lar\u0131 satam\u0131yor ve depolar\u0131nda devasa bir stok birikiyor.<\/li>\n<li><b>Di\u011fer yanda eriyen alacaklar:<\/b> <b>Ticari Alacaklar<\/b>, 2024 sonundaki 750,4 milyon TL seviyesinden, 2025 Eyl\u00fcl sonunda <b>399,4 milyon TL<\/b>&#8216;ye gerilemi\u015f durumda.<\/li>\n<\/ul>\n<p>\u015eirket, bir yandan yeni sat\u0131\u015f yapamad\u0131\u011f\u0131 i\u00e7in yeni alacak \u00fcretemiyor\u2014bu y\u00fczden alacaklar eriyor gibi g\u00f6r\u00fcn\u00fcyor. Di\u011fer yandan, sat\u0131lamayan \u00fcr\u00fcnler depolarda y\u0131\u011f\u0131larak stoklar\u0131 bir da\u011f gibi b\u00fcy\u00fct\u00fcyor. K\u0131sacas\u0131, \u015firketin alacak tahsilat\u0131ndaki ba\u015far\u0131s\u0131 ge\u00e7mi\u015fin bir zaferiyken, stoklardaki art\u0131\u015f bug\u00fcn\u00fcn ve gelece\u011fin en b\u00fcy\u00fck tehdididir.<\/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. Nakit Ak\u0131\u015f\u0131n\u0131n S\u0131rr\u0131: Operasyonlar H\u00e2l\u00e2 Nakit Yak\u0131yor, Ama Tahsilatlar Can Suyu Oluyor<\/h3>\n<p>Bir \u015firketin sa\u011fl\u0131\u011f\u0131n\u0131n en \u00f6nemli g\u00f6stergesi ana faaliyetlerinden nakit \u00fcretip \u00fcretemedi\u011fidir. Artemis Hal\u0131&#8217;n\u0131n nakit ak\u0131\u015f tablosu, operasyonlar\u0131n\u0131n h\u00e2l\u00e2 nakit &#8220;yakt\u0131\u011f\u0131n\u0131&#8221; ancak bu yang\u0131n\u0131n eski tahsilatlar\u0131n suyuyla ge\u00e7ici olarak s\u00f6nd\u00fcr\u00fcld\u00fc\u011f\u00fcn\u00fc ortaya koyuyor.<\/p>\n<p><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b>, 2025&#8217;in ilk dokuz ay\u0131nda <b>22,6 milyon TL negatif<\/b> (nakit \u00e7\u0131k\u0131\u015f\u0131) olarak ger\u00e7ekle\u015fti. Bu, \u015firketin ana faaliyetlerinin kendi masraflar\u0131n\u0131 kar\u015f\u0131layacak nakdi hen\u00fcz \u00fcretemedi\u011fi anlam\u0131na geliyor. Ancak bu rakam, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki <b>193,1 milyon TL<\/b>&#8216;lik devasa nakit \u00e7\u0131k\u0131\u015f\u0131na g\u00f6re b\u00fcy\u00fck bir iyile\u015fme gibi g\u00f6r\u00fcn\u00fcyor.<\/p>\n<p>Peki bu iyile\u015fmenin ard\u0131ndaki ger\u00e7ek ne? Asl\u0131nda olan \u015fudur: Artemis Hal\u0131, satamad\u0131\u011f\u0131 ve depoda bekletti\u011fi hal\u0131lar\u0131 (<b>-418,7 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131<\/b>) finanse etmek i\u00e7in eski m\u00fc\u015fterilerinden toplad\u0131\u011f\u0131 paray\u0131 (<b>+327,4 milyon TL nakit giri\u015fi<\/b>) kullan\u0131yor. Bu, bir cebinden al\u0131p di\u011ferine koymaktan farks\u0131z, s\u00fcrd\u00fcr\u00fclebilir bir nakit \u00fcretimi de\u011fil, acil durum y\u00f6netimidir. \u015eirket, operasyonel olarak h\u00e2l\u00e2 para yak\u0131yor; sadece bu yang\u0131n\u0131 eski tahsilatlar\u0131n suyuyla ge\u00e7ici olarak s\u00f6nd\u00fcr\u00fcyor.<\/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>Sonu\u00e7: Ufuktaki Soru \u0130\u015faretleri<\/h3>\n<p>Artemis Hal\u0131&#8217;n\u0131n raporu, finansal tablolar\u0131n y\u00fczeydeki rakamlar\u0131n \u00f6tesinde okunmas\u0131 gerekti\u011fini bir kez daha kan\u0131tl\u0131yor. \u0130lk bak\u0131\u015fta g\u00f6r\u00fcnen net k\u00e2r art\u0131\u015f\u0131, operasyonel olarak zorlu bir d\u00f6nemden ge\u00e7en \u015firketin ger\u00e7ek durumunu yans\u0131tmaktan uzak. D\u00fc\u015fen sat\u0131\u015flar, eriyen faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131 ve da\u011f gibi biriken stoklar, \u015firketin \u00f6n\u00fcndeki temel zorluklar olarak \u00f6ne \u00e7\u0131k\u0131yor. Ba\u015far\u0131l\u0131 alacak tahsilat\u0131 ve ertelenmi\u015f vergi geliri gibi fakt\u00f6rler \u015fimdilik bir tampon g\u00f6revi g\u00f6rse de, bunlar\u0131n s\u00fcrd\u00fcr\u00fclebilir \u00e7\u00f6z\u00fcmler olmad\u0131\u011f\u0131 a\u015fik\u00e2r.<\/p>\n<p>As\u0131l soru \u015fu: Artemis Hal\u0131, <b>ertelenmi\u015f vergi geliri<\/b> ve <b>eski alacak tahsilat\u0131<\/b> gibi tek kullan\u0131ml\u0131k can simitleri t\u00fckendi\u011finde, operasyonlar\u0131ndan nakit yakan ve <b>da\u011f gibi b\u00fcy\u00fcyen stoklar\u0131n<\/b> alt\u0131nda ezilen bu gemiyi k\u00e2rl\u0131 bir limana yana\u015ft\u0131rabilecek mi, yoksa rakamlar\u0131n ard\u0131ndaki bu f\u0131rt\u0131na, \u015firketi daha derin sulara m\u0131 s\u00fcr\u00fckleyecek?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Artemis Hal\u0131 A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Finansal Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Artemis Hal\u0131 A.\u015e.&#8217;nin 1 Ocak \u2013 30 Eyl\u00fcl 2025 d\u00f6nemine ait finansal tablolar\u0131, \u015firketin operasyonel performans\u0131nda \u00f6nemli zorluklar ya\u015fand\u0131\u011f\u0131n\u0131, ancak muhasebesel kalemlerin etkisiyle net k\u00e2rda art\u0131\u015f kaydetti\u011fini g\u00f6stermektedir. Has\u0131lat ve esas faaliyet k\u00e2r\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir \u015fekilde d\u00fc\u015ferken, ertelenmi\u015f vergi geliri ve y\u00fcksek enflasyon muhasebesi (TMS 29) kaynakl\u0131 parasal pozisyon kazan\u00e7lar\u0131 sayesinde net d\u00f6nem k\u00e2r\u0131 artm\u0131\u015ft\u0131r.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Operasyonel Performansta D\u00fc\u015f\u00fc\u015f:<\/b> \u015eirketin 9 ayl\u0131k has\u0131lat\u0131, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 885,0 milyon TL&#8217;den %37 azalarak 556,4 milyon TL&#8217;ye gerilemi\u015ftir. Artan pazarlama ve y\u00f6netim giderlerinin de etkisiyle esas faaliyet k\u00e2r\u0131 219,6 milyon TL&#8217;den %82&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 38,4 milyon TL&#8217;ye inmi\u015ftir.<\/li>\n<li><b>Net K\u00e2r Art\u0131\u015f\u0131n\u0131n Kayna\u011f\u0131:<\/b> Operasyonel k\u00e2rdaki sert d\u00fc\u015f\u00fc\u015fe ra\u011fmen, net d\u00f6nem k\u00e2r\u0131 126,3 milyon TL&#8217;den 165,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n temel nedenleri, 99,0 milyon TL&#8217;lik ertelenmi\u015f vergi geliri ve 31,3 milyon TL&#8217;lik net parasal pozisyon kazanc\u0131d\u0131r. Bu durum, k\u00e2r\u0131n temel faaliyetlerden ziyade vergi ve enflasyon muhasebesi d\u00fczeltmelerinden kaynakland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Bilan\u00e7o Dinamikleri:<\/b> Bilan\u00e7o taraf\u0131nda en dikkat \u00e7ekici geli\u015fmeler stoklar ve ticari alacaklarda ya\u015fanm\u0131\u015ft\u0131r. Stoklar, 758,5 milyon TL&#8217;den 1,18 milyar TL&#8217;ye \u00e7\u0131karak \u00f6nemli bir art\u0131\u015f kaydetmi\u015ftir. Buna kar\u015f\u0131l\u0131k, ticari alacaklar 750,4 milyon TL&#8217;den 399,4 milyon TL&#8217;ye gerileyerek tahsilat performans\u0131nda iyile\u015fmeye i\u015faret etmektedir.<\/li>\n<li><b>Bor\u00e7luluk Yap\u0131s\u0131ndaki De\u011fi\u015fim:<\/b> \u015eirketin uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckleri \u00f6nemli \u00f6l\u00e7\u00fcde azal\u0131rken, k\u0131sa vadeli bor\u00e7lanmalar\u0131 artm\u0131\u015ft\u0131r. Bu durum, bor\u00e7 yap\u0131s\u0131n\u0131n vadesinin k\u0131sald\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Artan Kur Riski:<\/b> \u015eirketin net yabanc\u0131 para pozisyonu, 2024 sonunda 30,7 milyon TL&#8217;lik varl\u0131k pozisyonundan, 30 Eyl\u00fcl 2025 itibar\u0131yla 258,5 milyon TL&#8217;lik y\u00fck\u00fcml\u00fcl\u00fck (a\u00e7\u0131k) pozisyonuna d\u00f6nm\u00fc\u015ft\u00fcr. Bu, \u015firketi kur dalgalanmalar\u0131na kar\u015f\u0131 daha hassas hale getiren \u00f6nemli bir risk fakt\u00f6r\u00fcd\u00fcr.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, 2025&#8217;in ilk dokuz ay\u0131nda Artemis Hal\u0131&#8217;n\u0131n operasyonel verimlili\u011fi ve sat\u0131\u015f performans\u0131 bask\u0131 alt\u0131nda kalm\u0131\u015ft\u0131r. Finansal tablolar, stok y\u00f6netimi ve kur riski gibi konular\u0131n yak\u0131ndan takip edilmesi gerekti\u011fini ortaya koyarken, tahsilat performans\u0131ndaki iyile\u015fme ve ertelenmi\u015f vergi varl\u0131\u011f\u0131n\u0131n olu\u015fmas\u0131 olumlu geli\u015fmeler olarak \u00f6ne \u00e7\u0131kmaktad\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<h3>1. Kurumsal Profil ve Operasyonel Faaliyetler<\/h3>\n<ul>\n<li><b>Tarih\u00e7e ve Faaliyet Alan\u0131:<\/b> 2012 y\u0131l\u0131nda Gaziantep&#8217;te &#8220;BGM Hal\u0131 Sanayi ve Ticaret A.\u015e.&#8221; ad\u0131yla kurulan \u015firket, 2015&#8217;te &#8220;Artemis Hal\u0131 A.\u015e.&#8221; unvan\u0131n\u0131 alm\u0131\u015ft\u0131r. Ana faaliyet konusu her t\u00fcrl\u00fc el ve makine hal\u0131s\u0131, yolluk, kilim ve tekstil \u00fcr\u00fcnlerinin imalat\u0131, ithalat\u0131, ihracat\u0131 ve pazarlamas\u0131d\u0131r.<\/li>\n<li><b>Tesisler ve Kapasite:<\/b> \u015eirketin y\u00f6netim merkezi \u0130stanbul Be\u015fikta\u015f&#8217;ta, fabrikas\u0131 ise Gaziantep 5. Organize Sanayi B\u00f6lgesi&#8217;nde yer almaktad\u0131r. Toplam 32.346 m\u00b2&#8217;lik bir alana sahip olan fabrikan\u0131n y\u0131ll\u0131k hal\u0131 dokuma kapasitesi 1.994.304 m\u00b2&#8217;dir (06.01.2025 tarihli kapasite raporuna g\u00f6re).<\/li>\n<li><b>\u0130stihdam:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla ortalama personel say\u0131s\u0131, 2024 sonundaki 192 ki\u015fiden 202 ki\u015fiye y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u0130hracat Pazarlar\u0131:<\/b> \u015eirket, ba\u015fta ABD, Meksika, Rusya, Suudi Arabistan ve BAE olmak \u00fczere geni\u015f bir co\u011frafyaya ihracat yapmaktad\u0131r.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131 ve Halka Arz:<\/b> \u015eirket paylar\u0131 4 Mart 2024 tarihinde Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla \u00f6denmi\u015f sermayesi 70.000.000 TL olup, ortakl\u0131k yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:\n<ul>\n<li>Davut Tolga Batall\u0131: %48,99<\/li>\n<li>Tolga Batall\u0131: %22,66<\/li>\n<li>Halka A\u00e7\u0131k K\u0131s\u0131m: %28,34<\/li>\n<\/ul>\n<\/li>\n<\/ul>\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 Performans Analizi (01.01-30.09 D\u00f6nemi Kar\u015f\u0131la\u015ft\u0131rmas\u0131)<\/h3>\n<h4>Gelirler ve K\u00e2rl\u0131l\u0131k<\/h4>\n<p>\u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla operasyonel bazda \u00f6nemli bir gerileme g\u00f6stermektedir. Has\u0131lat ve br\u00fct k\u00e2rdaki d\u00fc\u015f\u00fc\u015f, artan faaliyet giderleriyle birle\u015ferek esas faaliyet k\u00e2r\u0131nda sert bir daralmaya yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>556.392.132<\/td>\n<td>885.023.584<\/td>\n<td>-37,1%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(380.597.196)<\/td>\n<td>(558.639.138)<\/td>\n<td>-31,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>175.794.936<\/b><\/td>\n<td><b>326.384.446<\/b><\/td>\n<td><b>-46,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri (-)<\/td>\n<td>(66.907.488)<\/td>\n<td>(50.319.352)<\/td>\n<td>+33,0%<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(62.101.716)<\/td>\n<td>(50.875.989)<\/td>\n<td>+22,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>38.371.206<\/b><\/td>\n<td><b>219.611.504<\/b><\/td>\n<td><b>-82,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>165.210.044<\/b><\/td>\n<td><b>126.268.952<\/b><\/td>\n<td><b>+30,8%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Net sat\u0131\u015flar, 2024&#8217;\u00fcn ilk dokuz ay\u0131na g\u00f6re %37 oran\u0131nda azalarak 556,4 milyon TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f, \u015firketin ana faaliyetlerindeki zay\u0131flamaya i\u015faret etmektedir.<\/li>\n<li><b>K\u00e2r Marjlar\u0131nda Daralma:<\/b> Has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen pazarlama ve genel y\u00f6netim giderlerinin artmas\u0131, k\u00e2r marjlar\u0131 \u00fczerinde ciddi bir bask\u0131 olu\u015fturmu\u015ftur. Esas faaliyet k\u00e2r\u0131 %82,5 gibi \u00e7ok sert bir d\u00fc\u015f\u00fc\u015f ya\u015fam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>Net K\u00e2r\u0131n Arkas\u0131ndaki Fakt\u00f6rler<\/h4>\n<p>Operasyonel performanstaki bu negatif tabloya kar\u015f\u0131n net k\u00e2r\u0131n artmas\u0131, faaliyet d\u0131\u015f\u0131 ve muhasebesel kalemlerden kaynaklanmaktad\u0131r:<\/p>\n<ol>\n<li><b>Vergi Geliri Etkisi:<\/b> 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde 82,4 milyon TL vergi gideri kaydeden \u015firket, 2025&#8217;te 92,8 milyon TL vergi geliri elde etmi\u015ftir. Bu durumun ana kayna\u011f\u0131, 99,0 milyon TL tutar\u0131ndaki ertelenmi\u015f vergi geliridir.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29) Etkisi:<\/b> Y\u00fcksek enflasyonlu ekonomilerde uygulanan TMS 29 standard\u0131 kapsam\u0131nda \u015firket, 2024&#8217;te 45,8 milyon TL net parasal pozisyon kayb\u0131 yazarken, 2025&#8217;te 31,3 milyon TL net parasal pozisyon kazanc\u0131 kaydetmi\u015ftir. Bu kalem, k\u00e2r\/zarar tablosunda yakla\u015f\u0131k 77 milyon TL&#8217;lik pozitif bir etki yaratm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\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. Finansal Durum Analizi (30.09.2025 vs 31.12.2024)<\/h3>\n<h4>Varl\u0131k Yap\u0131s\u0131<\/h4>\n<p>\u015eirketin toplam varl\u0131klar\u0131, 2024 sonundaki 2,54 milyar TL&#8217;den 2,69 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Varl\u0131k yap\u0131s\u0131ndaki en \u00f6nemli de\u011fi\u015fimler d\u00f6nen varl\u0131k kalemlerinde g\u00f6zlemlenmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>161.897.553<\/td>\n<td>179.867.875<\/td>\n<td>-10,0%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>399.416.770<\/td>\n<td>750.397.499<\/td>\n<td>-46,8%<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>1.177.262.201<\/td>\n<td>758.518.990<\/td>\n<td>+55,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>1.825.456.438<\/b><\/td>\n<td><b>1.761.836.112<\/b><\/td>\n<td><b>+3,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>2.691.709.449<\/b><\/td>\n<td><b>2.539.023.740<\/b><\/td>\n<td><b>+6,0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Stok Art\u0131\u015f\u0131:<\/b> Stoklardaki %55&#8217;lik art\u0131\u015f, yakla\u015f\u0131k 419 milyon TL&#8217;lik bir kaynak kullan\u0131m\u0131na i\u015faret etmektedir. Bu durum, sat\u0131lamayan \u00fcr\u00fcn miktar\u0131n\u0131n artt\u0131\u011f\u0131n\u0131 veya hammadde maliyetlerinin y\u00fckseldi\u011fini g\u00f6sterebilir ve likidite \u00fczerinde bask\u0131 olu\u015fturma potansiyeli ta\u015f\u0131r.<\/li>\n<li><b>Alacaklarda Azalma:<\/b> Ticari alacaklardaki %47&#8217;lik d\u00fc\u015f\u00fc\u015f, tahsilat s\u00fcre\u00e7lerinin etkinli\u011fini g\u00f6stermesi a\u00e7\u0131s\u0131ndan olumlu bir geli\u015fmedir ve nakit ak\u0131\u015f\u0131na pozitif katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131<\/h4>\n<p>Toplam kaynaklar i\u00e7inde y\u00fck\u00fcml\u00fcl\u00fcklerin pay\u0131 azal\u0131rken, \u00f6zkaynaklar d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle g\u00fc\u00e7lenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemi (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>432.835.909<\/td>\n<td>294.772.615<\/td>\n<td>+46,8%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>42.278.228<\/td>\n<td>193.195.694<\/td>\n<td>-78,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>475.114.137<\/b><\/td>\n<td><b>487.968.309<\/b><\/td>\n<td><b>-2,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>2.216.595.312<\/b><\/td>\n<td><b>2.051.055.431<\/b><\/td>\n<td><b>+8,1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Bor\u00e7 Vadesinin K\u0131salmas\u0131:<\/b> Uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki 151 milyon TL&#8217;lik d\u00fc\u015f\u00fc\u015f dikkat \u00e7ekicidir. Bu d\u00fc\u015f\u00fc\u015f\u00fcn temel nedeni, 2024 sonunda 93,1 milyon TL olan ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn 2025&#8217;te ortadan kalkmas\u0131 ve uzun vadeli bor\u00e7lanmalardaki azalmad\u0131r. Buna kar\u015f\u0131l\u0131k k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler, \u00f6zellikle k\u0131sa vadeli bor\u00e7lanmalar\u0131n 53,6 milyon TL&#8217;den 138,5 milyon TL&#8217;ye \u00e7\u0131kmas\u0131yla artm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynak B\u00fcy\u00fcmesi:<\/b> 165,2 milyon TL&#8217;lik d\u00f6nem k\u00e2r\u0131, \u00f6zkaynaklar\u0131n 2,22 milyar TL&#8217;ye ula\u015fmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\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>4. Nakit Ak\u0131\u015f Analizi<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> 22,6 milyon TL negatif nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r. Bu rakam, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 193,1 milyon TL&#8217;lik negatif ak\u0131\u015fa g\u00f6re \u00f6nemli bir iyile\u015fmeyi temsil etmektedir. Ticari alacaklardaki azalmadan gelen 327,4 milyon TL&#8217;lik nakit giri\u015fi, stoklardaki 418,7 milyon TL&#8217;lik art\u0131\u015f (nakit \u00e7\u0131k\u0131\u015f\u0131) taraf\u0131ndan b\u00fcy\u00fck \u00f6l\u00e7\u00fcde dengelenmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 nedeniyle 131,4 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu, \u015firketin yat\u0131r\u0131m yapmaya devam etti\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> Yeni bor\u00e7lanmalar ve al\u0131nan faizler sayesinde 172,5 milyon TL&#8217;lik nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> T\u00fcm faaliyetler sonucunda \u015firketin nakit ve nakit benzerleri, d\u00f6nem ba\u015f\u0131nda 179,9 milyon TL iken, enflasyon etkisi de dahil edildi\u011finde d\u00f6nem sonunda 161,9 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\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>5. \u00d6nemli Risk Fakt\u00f6rleri<\/h3>\n<ul>\n<li><b>Operasyonel Risk:<\/b> Has\u0131lat ve esas faaliyet k\u00e2r\u0131ndaki keskin d\u00fc\u015f\u00fc\u015f, pazar ko\u015fullar\u0131n\u0131n zorla\u015ft\u0131\u011f\u0131na veya \u015firketin rekabet g\u00fcc\u00fcnde zay\u0131flama ya\u015fand\u0131\u011f\u0131na i\u015faret etmektedir. Bu trendin devam etmesi, \u015firketin uzun vadeli s\u00fcrd\u00fcr\u00fclebilirli\u011fi i\u00e7in bir risk te\u015fkil etmektedir.<\/li>\n<li><b>Stok Y\u00f6netimi Riski:<\/b> Stoklardaki 419 milyon TL&#8217;lik art\u0131\u015f, \u00f6nemli bir i\u015fletme sermayesinin stoklara ba\u011flanmas\u0131na neden olmu\u015ftur. Bu durum, stoklar\u0131n nakde \u00e7evrilememesi, de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc veya y\u00fcksek depolama maliyetleri gibi riskleri beraberinde getirmektedir.<\/li>\n<li><b>Kur Riski:<\/b> \u015eirketin d\u00f6viz pozisyonu, 2024 sonundaki 30,7 milyon TL&#8217;lik net varl\u0131k (fazla) pozisyonundan, 30 Eyl\u00fcl 2025 itibar\u0131yla 258,5 milyon TL&#8217;lik net y\u00fck\u00fcml\u00fcl\u00fck (a\u00e7\u0131k) pozisyonuna d\u00f6nm\u00fc\u015ft\u00fcr. Bu durum, T\u00fcrk Liras\u0131&#8217;n\u0131n de\u011fer kaybetmesi halinde \u015firketin finansal tablolar\u0131n\u0131n olumsuz etkilenece\u011fi anlam\u0131na gelmektedir. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, d\u00f6viz kurlar\u0131nda %10&#8217;luk bir art\u0131\u015f\u0131n k\u00e2r\/zarar \u00fczerinde yakla\u015f\u0131k 25,9 milyon TL&#8217;lik negatif bir etki yaratmas\u0131 beklenmektedir.<\/li>\n<li><b>Likidite Riski:<\/b> \u0130\u015fletme faaliyetlerinden negatif nakit ak\u0131\u015f\u0131 yarat\u0131lmas\u0131 ve bor\u00e7 vadesinin k\u0131salmas\u0131, likidite y\u00f6netimine daha fazla \u00f6nem verilmesini gerektirmektedir. Mevcut nakit seviyesi yeterli g\u00f6r\u00fcnse de, operasyonel nakit yaratma kabiliyetindeki zay\u0131fl\u0131k takip edilmelidir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"288\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Artemis Hal\u0131&#8217;n\u0131n Finansal Raporundaki 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek: Rakamlar\u0131n Ard\u0131ndaki Hikaye Giri\u015f: Rakamlar\u0131n \u00d6tesine Bakmak Artemis Hal\u0131&#8217;n\u0131n son finansal raporu, d\u0131\u015far\u0131dan bak\u0131ld\u0131\u011f\u0131nda parlak g\u00f6r\u00fcnen ama kap\u0131y\u0131 aralad\u0131\u011f\u0131n\u0131zda ciddi sorunlar\u0131n sinyalini veren bir eve benziyor. Finansal tablolar, genellikle rakamlarla dolu, karma\u015f\u0131k belgeler&#8230; <\/p>\n","protected":false},"author":1,"featured_media":289,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[55],"class_list":["post-288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-artms"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/288","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=288"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/288\/revisions"}],"predecessor-version":[{"id":290,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/288\/revisions\/290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/289"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}