{"id":303,"date":"2025-12-20T20:41:23","date_gmt":"2025-12-20T17:41:23","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=303"},"modified":"2025-12-20T20:41:23","modified_gmt":"2025-12-20T17:41:23","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-kopol-koza-polyester-sanayi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/303","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KOPOL | Koza Polyester Sanayi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KOPOL | Koza Polyester Sanayi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/NU0SNH28HsA?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 Finansal Raporun Perde Arkas\u0131: Koza Polyester&#8217;in Bilan\u00e7osundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p><b>Giri\u015f: Rakamlar\u0131n Anlatt\u0131\u011f\u0131 Hikaye<\/b><\/p>\n<p>Finansal raporlar, ilk bak\u0131\u015fta rakamlar ve tablolarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler gibi g\u00f6r\u00fcnebilir. Bir\u00e7o\u011fumuz i\u00e7in bu belgeler, finans uzmanlar\u0131na \u00f6zel, karma\u015f\u0131k bir dil konu\u015fur. Ancak do\u011fru bir bak\u0131\u015f a\u00e7\u0131s\u0131yla yakla\u015f\u0131ld\u0131\u011f\u0131nda, bu raporlar\u0131n asl\u0131nda bir \u015firketin sa\u011fl\u0131\u011f\u0131, stratejisi ve kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar hakk\u0131nda s\u00fcr\u00fckleyici birer hikaye anlatt\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcr\u00fcz. T\u0131pk\u0131 bir dedektifin ipu\u00e7lar\u0131n\u0131 birle\u015ftirmesi gibi, rakamlar\u0131n ard\u0131ndaki ba\u011flant\u0131lar\u0131 kurarak \u015firketin ger\u00e7ek durumunu ortaya \u00e7\u0131karmak m\u00fcmk\u00fcnd\u00fcr.<\/p>\n<p>Bu yakla\u015f\u0131mla Koza Polyester&#8217;in 30 Eyl\u00fcl 2025 tarihli ara d\u00f6nem finansal raporunu derinlemesine inceledik. Y\u00fczeydeki k\u00e2r-zarar rakamlar\u0131n\u0131n \u00e7ok daha \u00f6tesine ge\u00e7erek, \u015firketin operasyonel ve finansal yap\u0131s\u0131na dair \u00f6nemli ipu\u00e7lar\u0131 ta\u015f\u0131yan be\u015f \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7e\u011fi ortaya \u00e7\u0131kard\u0131k. Bu bulgular, bir \u015firketin finansal hikayesinin tek bir rakamdan ibaret olmad\u0131\u011f\u0131n\u0131 ve detaylarda gizli olan\u0131n \u00e7o\u011fu zaman en \u00f6nemli bilgi oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor.<\/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>1. G\u00f6r\u00fcnen K\u00e2r\u0131n \u00c7ok \u00d6tesi: &#8220;Kapsaml\u0131 Gelir&#8221; S\u0131rr\u0131<\/h2>\n<p>Bir \u015firketin finansal performans\u0131n\u0131 \u00f6l\u00e7erken ilk bak\u0131lan rakam genellikle net k\u00e2rd\u0131r. Ancak bu, hikayenin sadece bir par\u00e7as\u0131d\u0131r. Koza Polyester&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k sonu\u00e7lar\u0131nda bu durum \u00e7arp\u0131c\u0131 bir \u015fekilde kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor.<\/p>\n<p>\u015eirket, bu d\u00f6nemde <b>90.940.183 TL<\/b> <i>Net D\u00f6nem K\u00e2r\u0131<\/i> a\u00e7\u0131klad\u0131. Ancak ayn\u0131 d\u00f6neme ait <i>Toplam Kapsaml\u0131 Gelirler<\/i> tablosuna bakt\u0131\u011f\u0131m\u0131zda ise <b>523.469.921 TL<\/b> gibi \u00e7ok daha y\u00fcksek bir rakam g\u00f6r\u00fcyoruz. Aradaki 430 milyon TL&#8217;yi a\u015fan bu devasa fark, \u015firketin ana faaliyetlerinden de\u011fil, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde &#8220;Yabanc\u0131 para \u00e7evrim farklar\u0131&#8221; kaleminden kaynaklan\u0131yor.<\/p>\n<p>Bu durumun analizi olduk\u00e7a \u00f6nemli bir detay\u0131 ortaya \u00e7\u0131kar\u0131yor: Raporun 2.a dipnotunda belirtildi\u011fi \u00fczere, \u015firketin fonksiyonel (ge\u00e7erli) para birimi ABD Dolar\u0131 olmas\u0131na ra\u011fmen, raporlama para birimi T\u00fcrk Liras\u0131&#8217;d\u0131r. Bu muhasebe tekni\u011fi, \u015firketin ABD Dolar\u0131 baz\u0131ndaki finansal tablolar\u0131n\u0131n TL&#8217;ye \u00e7evrilmesi s\u0131ras\u0131nda kurdaki dalgalanmalar\u0131n &#8220;ka\u011f\u0131t \u00fczerinde&#8221; b\u00fcy\u00fck kazan\u00e7lar yaratmas\u0131na neden olur. Bu durum, \u015firketin ana faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131 m\u00fctevaz\u0131 kalsa bile, toplam kapsaml\u0131 gelirinin kur hareketleriyle ne kadar \u015fi\u015febilece\u011fini ve \u015firketin kur riskine ne denli maruz kald\u0131\u011f\u0131n\u0131 net bir \u015fekilde g\u00f6stermektedir.<\/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. Sat\u0131\u015flar Artarken K\u00e2r Neden D\u00fc\u015ft\u00fc? Finansman Giderlerinin Gizli Etkisi<\/h2>\n<p>Finansal tablolarda s\u0131k\u00e7a rastlanmayan, sezgilere ayk\u0131r\u0131 bir durum da sat\u0131\u015flar artarken k\u00e2r\u0131n d\u00fc\u015fmesidir. Koza Polyester&#8217;in raporu, bu dinami\u011fi anlamak i\u00e7in m\u00fckemmel bir \u00f6rnek sunuyor.<\/p>\n<p>\u015eirketin <i>Has\u0131lat<\/i> rakamlar\u0131, 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki <b>3.815.729.070 TL<\/b>&#8216;den 2025&#8217;in ayn\u0131 d\u00f6neminde <b>4.039.250.579 TL<\/b>&#8216;ye y\u00fckselerek bir b\u00fcy\u00fcme oldu\u011funu g\u00f6steriyor. Ancak ayn\u0131 d\u00f6nemler kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, <i>D\u00f6nem K\u00e2r\u0131<\/i> <b>330.936.242 TL<\/b>&#8216;den <b>90.940.183 TL<\/b>&#8216;ye dramatik bir \u015fekilde d\u00fc\u015fm\u00fc\u015f durumda. Peki, artan sat\u0131\u015flara ra\u011fmen k\u00e2r neden eridi?<\/p>\n<p>Cevap, gelir tablosunun derinliklerinde gizli: <i>Finansman Giderleri<\/i>. Bu kalem, 2024&#8217;te <b>206.622.069 TL<\/b> iken, 2025&#8217;te %135 gibi \u015fa\u015f\u0131rt\u0131c\u0131 bir art\u0131\u015fla <b>486.059.398 TL<\/b>&#8216;ye f\u0131rlam\u0131\u015f. Bu durum, \u015firketin artan bor\u00e7 y\u00fck\u00fcn\u00fcn veya y\u00fckselen faiz oranlar\u0131n\u0131n, elde edilen kazanc\u0131n \u00e7ok b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 t\u00fcketti\u011fini g\u00f6steriyor. Sat\u0131\u015flardaki art\u0131\u015f\u0131n getirdi\u011fi fayda, finansman maliyetlerindeki patlama ile adeta silinmi\u015f. Bu, d\u0131\u015f finansal ko\u015fullar\u0131n bir \u015firketin bilan\u00e7osunu ne kadar derinden etkileyebilece\u011finin somut bir kan\u0131t\u0131d\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>3. \u0130\u015fin S\u0131rr\u0131 Ailede mi? \u0130li\u015fkili Taraflarla Kurulan Derin Finansal Ba\u011f<\/h2>\n<p>Bir \u015firketin m\u00fc\u015fteri ve bor\u00e7lu yap\u0131s\u0131n\u0131 incelemek, onun i\u015f modelinin temelini ve risklerini anlamak i\u00e7in kritik \u00f6neme sahiptir. Koza Polyester&#8217;in bilan\u00e7osu, bu alanda olduk\u00e7a dikkat \u00e7ekici bir tablo \u00e7iziyor.<\/p>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam <i>Ticari Alacaklar\u0131<\/i> <b>3.364.650.599 TL<\/b> seviyesinde. Bu rakam\u0131n en \u00e7arp\u0131c\u0131 yan\u0131 ise, yakla\u015f\u0131k %70&#8217;ine denk gelen <b>2.382.148.113 TL<\/b>&#8216;lik k\u0131sm\u0131n\u0131n &#8220;\u0130li\u015fkili taraflardan ticari alacaklar&#8221; olmas\u0131. Dipnot 3&#8217;e g\u00f6re bu alaca\u011f\u0131n neredeyse tamam\u0131, tek bir \u015firkete ait: &#8220;Ak\u0131nal Sentetik Tekstil Sanayi ve Ticaret A.\u015e.&#8221;<\/p>\n<p>Bu derin ba\u011f\u0131 daha da anlaml\u0131 k\u0131lan bir di\u011fer veri ise ayn\u0131 \u015firkete yap\u0131lan 1.144.615.180 TL&#8217;lik sat\u0131\u015f\u0131n, d\u00f6nemin toplam has\u0131lat\u0131n\u0131n yakla\u015f\u0131k %28&#8217;ini olu\u015fturmas\u0131d\u0131r. Bu durum, &#8220;yo\u011funla\u015fma riski&#8221; olarak bilinen \u00f6nemli bir finansal kavram\u0131 g\u00fcndeme getiriyor. \u015eirketin hem sat\u0131\u015flar\u0131n\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 tek bir ili\u015fkili tarafa yapmas\u0131 hem de alacaklar\u0131n\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcn\u00fc bu \u015firketten beklemesi, ciddi bir k\u0131r\u0131lganl\u0131k yaratmaktad\u0131r. Bu yap\u0131, Koza Polyester&#8217;in i\u015f modelinin temel bir karakteristi\u011fi olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/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. K\u00e2\u011f\u0131t \u00dczerinde K\u00e2rl\u0131, Kasada Nakit Yok: Nakit Ak\u0131\u015f\u0131n\u0131n D\u00fc\u015f\u00fcnd\u00fcrd\u00fckleri<\/h2>\n<p>&#8220;K\u00e2r bir g\u00f6r\u00fc\u015ft\u00fcr, nakit ise bir ger\u00e7ektir&#8221; s\u00f6z\u00fc, finansal analizlerin en temel kurallar\u0131ndan biridir. Bir \u015firketin k\u00e2r a\u00e7\u0131klamas\u0131, kasas\u0131na o miktarda nakit girdi\u011fi anlam\u0131na gelmez. Koza Polyester&#8217;in nakit ak\u0131\u015f tablosu, bu ayr\u0131m\u0131n ne kadar hayati oldu\u011funu kan\u0131tlar nitelikte.<\/p>\n<p>\u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda <b>90.940.183 TL<\/b> D\u00f6nem K\u00e2r\u0131 raporlad\u0131. Ancak ayn\u0131 d\u00f6neme ait Nakit Ak\u0131\u015f Tablosu&#8217;na bakt\u0131\u011f\u0131m\u0131zda \u015fa\u015f\u0131rt\u0131c\u0131 bir ger\u00e7ekle kar\u015f\u0131la\u015f\u0131yoruz: <i>\u0130\u015fletme Faaliyetlerinden (Kullan\u0131lan)\/Elde Edilen Net Nakit<\/i> kalemi, <b>-1.235.399.478 TL<\/b> gibi devasa bir nakit a\u00e7\u0131\u011f\u0131na i\u015faret ediyor. Yani \u015firket, ana faaliyetlerinden net 1,2 milyar TL&#8217;den fazla nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fam\u0131\u015f.<\/p>\n<p>Bu tezatl\u0131\u011f\u0131n arkas\u0131ndaki ana neden, raporda <i>Ticari Alacaklardaki Azal\u0131\u015f (Art\u0131\u015f) ile \u0130lgili D\u00fczeltmeler<\/i> kaleminde g\u00f6r\u00fclen <b>(1.402.380.435) TL<\/b>&#8216;lik art\u0131\u015ft\u0131r. Bu noktay\u0131 bir \u00f6nceki bulgumuzla birle\u015ftirdi\u011fimizde resim netle\u015fiyor: \u015eirketin k\u00e2\u011f\u0131t \u00fczerinde k\u00e2rl\u0131 g\u00f6r\u00fcnmesini sa\u011flayan sat\u0131\u015flar\u0131n tahsilat\u0131nda ya\u015fanan zorluk, operasyonel nakit ak\u0131\u015f\u0131nda devasa bir bo\u015fluk yarat\u0131yor. Bu, 3. noktada ele al\u0131nan yo\u011funla\u015fma riskinin somut bir sonucudur.<\/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. H\u0131zla B\u00fcy\u00fcyen Bor\u00e7 Y\u00fck\u00fc: K\u0131sa Vadeli Riskler Art\u0131yor mu?<\/h2>\n<p>Bir \u015firketin bor\u00e7 seviyesi, \u00f6zellikle de k\u0131sa vadeli bor\u00e7lar\u0131ndaki art\u0131\u015f, finansal esnekli\u011fi ve risk profili hakk\u0131nda \u00f6nemli sinyaller verir. Koza Polyester&#8217;in bilan\u00e7osu, bu alanda dikkatle izlenmesi gereken bir trendi ortaya koyuyor.<\/p>\n<p>Finansal durum tablosuna g\u00f6re, \u015firketin <i>K\u0131sa Vadeli Bor\u00e7lanmalar\u0131<\/i> 2024 y\u0131l sonunda <b>724.510.770 TL<\/b> iken, Eyl\u00fcl 2025 sonunda <b>2.004.920.914 TL<\/b>&#8216;ye y\u00fckselmi\u015f durumda. Bu, sadece dokuz ayl\u0131k bir s\u00fcrede neredeyse \u00fc\u00e7 katl\u0131k bir art\u0131\u015f anlam\u0131na geliyor.<\/p>\n<p>Bu h\u0131zl\u0131 bor\u00e7lanma art\u0131\u015f\u0131n\u0131, bir \u00f6nceki maddede ele ald\u0131\u011f\u0131m\u0131z negatif operasyonel nakit ak\u0131\u015f\u0131yla birlikte de\u011ferlendirmek gerekiyor. \u015eirketin ana faaliyetlerinden yeterli nakit \u00fcretememesi, g\u00fcnl\u00fck operasyonlar\u0131n\u0131 ve yat\u0131r\u0131mlar\u0131n\u0131 finanse etmek i\u00e7in bor\u00e7lanmaya y\u00f6nelmi\u015f olabilece\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. K\u0131sa vadeli bor\u00e7lardaki bu denli h\u0131zl\u0131 bir art\u0131\u015f, \u015firketin finansal risk profilini \u00f6nemli \u00f6l\u00e7\u00fcde y\u00fckseltmektedir.<\/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<p><b>Sonu\u00e7: Rakamlar\u0131n \u00d6tesine Bakmak<\/b><\/p>\n<p>Koza Polyester&#8217;in finansal raporu, bir \u015firketin hikayesinin tek bir k\u00e2r rakam\u0131ndan \u00e7ok daha fazlas\u0131 oldu\u011funu a\u00e7\u0131k\u00e7a g\u00f6steriyor. Rakamlar\u0131n ard\u0131na bakt\u0131\u011f\u0131m\u0131zda, kur hareketlerinin k\u00e2\u011f\u0131t \u00fczerindeki etkisi, artan sat\u0131\u015flara ra\u011fmen eriyen k\u00e2rl\u0131l\u0131k, ili\u015fkili bir \u015firkete olan derin finansal ba\u011f\u0131ml\u0131l\u0131k, k\u00e2r ile nakit ak\u0131\u015f\u0131 aras\u0131ndaki devasa u\u00e7urum ve h\u0131zla artan k\u0131sa vadeli bor\u00e7 y\u00fck\u00fc gibi kritik dinamikler ortaya \u00e7\u0131k\u0131yor. Bu unsurlar, \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 ve gelecekteki performans\u0131n\u0131 de\u011ferlendirirken g\u00f6z \u00f6n\u00fcnde bulundurulmas\u0131 gereken temel ta\u015flar\u0131 olu\u015fturuyor.<\/p>\n<p>Bu veriler \u0131\u015f\u0131\u011f\u0131nda, bir \u015firketin ger\u00e7ek finansal sa\u011fl\u0131\u011f\u0131n\u0131 \u00f6l\u00e7mek i\u00e7in hangi metri\u011fe daha fazla \u00f6nem verilmelidir: k\u00e2\u011f\u0131t \u00fczerindeki k\u00e2ra m\u0131, yoksa kasadaki nakde mi? Bu soru, her yat\u0131r\u0131mc\u0131n\u0131n ve analistin kendine sormas\u0131 gereken en temel sorulardan biridir.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Koza Polyester Finansal Durum De\u011ferlendirmesi: 30 Eyl\u00fcl 2025<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Koza Polyester Sanayi ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihli ara d\u00f6nem finansal tablolar\u0131na dayanarak \u015firketin mali performans\u0131n\u0131 ve durumunu analiz etmektedir. Rapor, \u015firketin operasyonel olarak b\u00fcy\u00fcme kaydetmesine ra\u011fmen, artan finansman giderleri ve i\u015fletme sermayesindeki bozulma nedeniyle net k\u00e2rl\u0131l\u0131k ve nakit ak\u0131\u015f\u0131nda ciddi zorluklar ya\u015fad\u0131\u011f\u0131n\u0131 ortaya koymaktad\u0131r.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Net K\u00e2rda Keskin D\u00fc\u015f\u00fc\u015f:<\/b> \u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %5,9 artarak 4,04 milyar TL&#8217;ye y\u00fckselmi\u015f ve Esas Faaliyet K\u00e2r\u0131 %16,7 art\u0131\u015fla 602,6 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Ancak, finansman giderlerinin %135 artarak 486 milyon TL&#8217;ye f\u0131rlamas\u0131, Net D\u00f6nem K\u00e2r\u0131n\u0131n bir \u00f6nceki y\u0131lki 330,9 milyon TL&#8217;den %72,5&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 90,9 milyon TL&#8217;ye gerilemesine neden olmu\u015ftur.<\/li>\n<li><b>Alarm Veren Nakit Ak\u0131\u015f\u0131:<\/b> \u0130\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015f\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 30,9 milyon TL&#8217;lik pozitif seviyeden 2,55 milyar TL&#8217;lik negatif seviyeye dramatik bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Bu durum, \u015firketin operasyonlar\u0131ndan nakit \u00fcretemedi\u011fini ve faaliyetlerini s\u00fcrd\u00fcrmek i\u00e7in d\u0131\u015f finansmana ba\u011f\u0131ml\u0131 hale geldi\u011fini g\u00f6stermektedir.<\/li>\n<li><b>\u0130li\u015fkili Taraf Alacaklar\u0131nda Patlama:<\/b> Negatif nakit ak\u0131\u015f\u0131n\u0131n ana nedeni, ticari alacaklardaki 1,46 milyar TL&#8217;lik art\u0131\u015ft\u0131r. Bu art\u0131\u015f\u0131n b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fc (%77&#8217;si), ili\u015fkili taraf olan Ak\u0131nal Sentetik Tekstil&#8217;den olan alacaklardaki 1,08 milyar TL&#8217;lik y\u00fckseli\u015ften kaynaklanmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla, \u015firketin toplam ticari alacaklar\u0131n\u0131n %71&#8217;i bu tek ili\u015fkili taraftan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Artan Bor\u00e7luluk:<\/b> Faaliyetlerdeki nakit a\u00e7\u0131\u011f\u0131n\u0131 kapatmak amac\u0131yla, \u015firketin k\u0131sa vadeli bor\u00e7lanmalar\u0131 724,5 milyon TL&#8217;den 2 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu durum, finansman giderlerini daha da art\u0131rarak k\u00e2rl\u0131l\u0131k \u00fczerinde ek bask\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Varl\u0131k B\u00fcy\u00fcmesi:<\/b> \u015eirketin toplam varl\u0131klar\u0131, \u00f6zellikle ticari alacaklar ve maddi duran varl\u0131klardaki art\u0131\u015fla birlikte 6,72 milyar TL&#8217;den 8,52 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Ancak bu b\u00fcy\u00fcme, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde bor\u00e7la finanse edilmi\u015f ve tahsil edilemeyen alacaklar \u015feklinde varl\u0131klarda birikmi\u015ftir.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, Koza Polyester&#8217;in operasyonel performans\u0131 sa\u011fl\u0131kl\u0131 bir g\u00f6r\u00fcnt\u00fc sergilese de, agresif finansman yap\u0131s\u0131, y\u00fcksek kur riski ve \u00f6zellikle ili\u015fkili taraflarla olan ticari ili\u015fkilerden kaynaklanan devasa i\u015fletme sermayesi ihtiyac\u0131, \u015firketin finansal s\u00fcrd\u00fcr\u00fclebilirli\u011fi i\u00e7in \u00f6nemli riskler bar\u0131nd\u0131rmaktad\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>Detayl\u0131 Finansal Analiz<\/h2>\n<h3>1. Finansal Durum Tablosu Analizi (Bilan\u00e7o)<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Koza Polyester&#8217;in finansal durumu, bir \u00f6nceki y\u0131l sonuna k\u0131yasla varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerde \u00f6nemli art\u0131\u015flar g\u00f6stermektedir.<\/p>\n<h4>Varl\u0131klar<\/h4>\n<p>\u015eirketin toplam varl\u0131klar\u0131, 31 Aral\u0131k 2024&#8217;teki 6,72 milyar TL seviyesinden %26,8 artarak 8,52 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 3,12 milyar TL&#8217;den 4,47 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n ana kayna\u011f\u0131 Ticari Alacaklard\u0131r.\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 291,6 milyon TL&#8217;den 215,4 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Ticari Alacaklar:<\/b> %76,9&#8217;luk b\u00fcy\u00fck bir art\u0131\u015fla 1,90 milyar TL&#8217;den 3,36 milyar TL&#8217;ye f\u0131rlam\u0131\u015ft\u0131r. Bu kalemin alt k\u0131r\u0131l\u0131m\u0131, riskin yo\u011funla\u015ft\u0131\u011f\u0131 alan\u0131 g\u00f6stermektedir:\n<ul>\n<li><i>\u0130li\u015fkili Olmayan Taraflardan Alacaklar:<\/i> 604,3 milyon TL&#8217;den 982,5 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><i>\u0130li\u015fkili Taraflardan Alacaklar (Ak\u0131nal Sentetik):<\/i> 1,30 milyar TL&#8217;den <b>2,38 milyar TL&#8217;ye<\/b> y\u00fckselmi\u015ftir. Bu, toplam ticari alacaklar\u0131n %71&#8217;ini olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ticari Alacaklar (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>\u0130li\u015fkili Taraflardan<\/td>\n<td>2.382.148.113<\/td>\n<td>1.297.785.902<\/td>\n<td>+%83,6<\/td>\n<\/tr>\n<tr>\n<td>\u0130li\u015fkili Olmayan Taraflardan<\/td>\n<td>982.502.486<\/td>\n<td>604.335.383<\/td>\n<td>+%62,6<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>3.364.650.599<\/b><\/td>\n<td><b>1.902.121.285<\/b><\/td>\n<td><b>+%76,9<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Duran Varl\u0131klar:<\/b> 3,60 milyar TL&#8217;den 4,05 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n temel nedeni, maddi duran varl\u0131klardaki (tesis, makine vb.) 374 milyon TL&#8217;lik net art\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h4>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> %62&#8217;lik bir art\u0131\u015fla 1,79 milyar TL&#8217;den 2,90 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n en b\u00fcy\u00fck nedeni, banka kredilerindeki y\u00fckseli\u015ftir:\n<ul>\n<li><i>K\u0131sa Vadeli Bor\u00e7lanmalar:<\/i> 724,5 milyon TL&#8217;den <b>2,00 milyar TL&#8217;ye<\/b> \u00e7\u0131karak neredeyse \u00fc\u00e7 kat\u0131na \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 1,11 milyar TL&#8217;den 1,28 milyar TL&#8217;ye s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 3,82 milyar TL&#8217;den 4,34 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f, d\u00f6nem k\u00e2r\u0131 ve \u00f6zellikle yabanc\u0131 para \u00e7evrim farklar\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>2. Gelir Tablosu Analizi (9 Ayl\u0131k Performans)<\/h3>\n<p>\u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, operasyonel ba\u015far\u0131 ile finansal zorluklar aras\u0131ndaki tezatl\u0131\u011f\u0131 net bir \u015fekilde ortaya koymaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri (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><b>Has\u0131lat<\/b><\/td>\n<td>4.039.250.579<\/td>\n<td>3.815.729.070<\/td>\n<td>+%5,9<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(3.350.411.608)<\/td>\n<td>(3.190.180.712)<\/td>\n<td>+%5,0<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>688.838.971<\/b><\/td>\n<td><b>625.548.358<\/b><\/td>\n<td><b>+%10,1<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>602.608.426<\/b><\/td>\n<td><b>516.218.666<\/b><\/td>\n<td><b>+%16,7<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(486.059.398)<\/td>\n<td>(206.622.069)<\/td>\n<td>+%135,2<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r<\/b><\/td>\n<td><b>130.984.871<\/b><\/td>\n<td><b>350.086.944<\/b><\/td>\n<td><b>-%62,6<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>90.940.183<\/b><\/td>\n<td><b>330.936.242<\/b><\/td>\n<td><b>-%72,5<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td><b>0,07<\/b><\/td>\n<td><b>1,53<\/b><\/td>\n<td><b>-%95,4<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Operasyonel Performans:<\/b> Has\u0131lat art\u0131\u015f\u0131n\u0131n maliyet art\u0131\u015f\u0131ndan daha y\u00fcksek olmas\u0131, Br\u00fct K\u00e2r marj\u0131n\u0131n iyile\u015fmesini sa\u011flam\u0131\u015ft\u0131r. Operasyonel giderlerin kontrol alt\u0131nda tutulmas\u0131yla Esas Faaliyet K\u00e2r\u0131&#8217;nda %16,7&#8217;lik sa\u011fl\u0131kl\u0131 bir b\u00fcy\u00fcme elde edilmi\u015ftir.<\/li>\n<li><b>Finansal Bask\u0131:<\/b> Net k\u00e2rdaki \u00e7\u00f6k\u00fc\u015f\u00fcn tek ve en \u00f6nemli nedeni Finansman Giderleri&#8217;dir. Not 26.2&#8217;ye g\u00f6re bu giderin ana bile\u015fenleri \u015funlard\u0131r:\n<ul>\n<li><b>Kur Fark\u0131 Giderleri:<\/b> 31,9 milyon TL&#8217;den <b>319,1 milyon TL&#8217;ye<\/b> y\u00fckselmi\u015ftir. \u015eirketin i\u015flevsel para biriminin USD olmas\u0131 ve raporlaman\u0131n TL cinsinden yap\u0131lmas\u0131, TL&#8217;nin de\u011fer kaybetti\u011fi senaryolarda bu kalemi olumsuz etkilemektedir.<\/li>\n<li><b>Kredi Faiz Giderleri:<\/b> Artan bor\u00e7lulu\u011fa paralel olarak 65,0 milyon TL&#8217;den 103,3 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>3. Nakit Ak\u0131\u015f Tablosu Analizi<\/h3>\n<p>Nakit ak\u0131\u015f tablosu, \u015firketin likidite ve i\u015fletme sermayesi y\u00f6netimindeki ciddi sorunlar\u0131 g\u00f6zler \u00f6n\u00fcne sermektedir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 2024&#8217;\u00fcn ilk 9 ay\u0131nda 175,8 milyon TL (d\u00fczeltmeler sonras\u0131 net) nakit \u00fcreten \u015firket, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>1,24 milyar TL nakit yakm\u0131\u015ft\u0131r.<\/b> Bu durum, k\u00e2r etmesine ra\u011fmen \u015firketin nakit yaratamad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.\n<ul>\n<li><b>Ana Neden:<\/b> Bu negatif ak\u0131\u015f\u0131n temel sebebi, <b>\u0130\u015fletme Sermayesindeki De\u011fi\u015fimlerdir<\/b>. \u00d6zellikle <code>Ticari Alacaklardaki Art\u0131\u015f<\/code> kalemi tek ba\u015f\u0131na <b>(1,40 milyar TL)<\/b> nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur. <code>Stoklardaki Art\u0131\u015f<\/code> ((70,4 milyon TL)) ve <code>Ticari Bor\u00e7lardaki Azal\u0131\u015f<\/code> ((214,5 milyon TL)) da negatif etkiyi art\u0131rm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> \u015eirket yat\u0131r\u0131m harcamalar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde azaltm\u0131\u015ft\u0131r. Nakit \u00e7\u0131k\u0131\u015f\u0131 157,9 milyon TL&#8217;den 6,4 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerindeki b\u00fcy\u00fck nakit a\u00e7\u0131\u011f\u0131n\u0131 kapatmak i\u00e7in \u015firket, finansman faaliyetlerinden <b>1,20 milyar TL net nakit giri\u015fi<\/b> sa\u011flam\u0131\u015ft\u0131r. Bu, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yeni kredi kullan\u0131m\u0131ndan (<code>Bor\u00e7lanmadan Kaynaklanan Nakit Giri\u015fleri<\/code>: 2,30 milyar TL) kaynaklanm\u0131\u015ft\u0131r. K\u0131sacas\u0131, \u015firket operasyonlar\u0131n\u0131 ve artan alacaklar\u0131n\u0131 yeni bor\u00e7larla finanse etmektedir.<\/li>\n<\/ul>\n<h3>4. \u0130li\u015fkili Taraf \u0130\u015flemleri ve Di\u011fer \u00d6nemli Hususlar<\/h3>\n<ul>\n<li><b>Faaliyet Alan\u0131 ve Ortakl\u0131k Yap\u0131s\u0131:<\/b> 2011&#8217;de Gaziantep&#8217;te kurulan \u015firket; polyester elyaf, polyester cips ve plastifiyan \u00fcretimi yapmaktad\u0131r. Ana hissedarlar\u0131 Saim Ak\u0131nal (%27,16) ve Suat Ak\u0131nal&#8217;d\u0131r (%27,16). Halka a\u00e7\u0131kl\u0131k oran\u0131 %26,54&#8217;t\u00fcr.<\/li>\n<li><b>Yo\u011fun \u0130li\u015fkili Taraf \u0130li\u015fkileri:<\/b> \u015eirketin finansal yap\u0131s\u0131 \u00fczerindeki en belirgin risklerden biri, Ak\u0131nal Sentetik Tekstil A.\u015e. ile olan yo\u011fun ticari ili\u015fkilerdir.\n<ul>\n<li><b>Has\u0131lat Ba\u011f\u0131ml\u0131l\u0131\u011f\u0131:<\/b> 2025&#8217;in ilk dokuz ay\u0131ndaki 4,04 milyar TL&#8217;lik toplam has\u0131lat\u0131n 1,14 milyar TL&#8217;si (%28) Ak\u0131nal Sentetik&#8217;e yap\u0131lan sat\u0131\u015flardan elde edilmi\u015ftir.<\/li>\n<li><b>Alacak Riski:<\/b> 3,36 milyar TL&#8217;lik toplam ticari alaca\u011f\u0131n 2,38 milyar TL&#8217;si (%71) Ak\u0131nal Sentetik&#8217;ten kaynaklanmaktad\u0131r. Alacaklardaki art\u0131\u015f\u0131n b\u00fcy\u00fck \u00f6l\u00e7\u00fcde bu \u015firketten olmas\u0131, tahsilat riskini tek bir noktada yo\u011funla\u015ft\u0131rmaktad\u0131r.<\/li>\n<li><b>Kira ve Kefalet:<\/b> \u015eirket, fabrika binas\u0131n\u0131 Ak\u0131nal Sentetik&#8217;ten kiralamakta ve iki \u015firket birbirlerinin banka kredilerine kar\u015f\u0131l\u0131kl\u0131 olarak m\u00fcteselsil kefalet sa\u011flamaktad\u0131r. Bu durum, bir \u015firketteki finansal bir sorunun di\u011ferini do\u011frudan etkileme riskini art\u0131rmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Kur Riski:<\/b> \u015eirketin yabanc\u0131 para pozisyonu, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>(2,03 milyar TL)<\/b> net y\u00fck\u00fcml\u00fcl\u00fck g\u00f6stermektedir. Duyarl\u0131l\u0131k analizine g\u00f6re, yabanc\u0131 paralar\u0131n USD kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda, \u015firketin net zarar\u0131 <b>221,8 milyon TL<\/b> daha y\u00fcksek olacakt\u0131r. Bu, \u015firketin kur dalgalanmalar\u0131na kar\u015f\u0131 ne kadar hassas oldu\u011funu g\u00f6stermektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"303\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Finansal Raporun Perde Arkas\u0131: Koza Polyester&#8217;in Bilan\u00e7osundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Anlatt\u0131\u011f\u0131 Hikaye Finansal raporlar, ilk bak\u0131\u015fta rakamlar ve tablolarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler gibi g\u00f6r\u00fcnebilir. Bir\u00e7o\u011fumuz i\u00e7in bu belgeler, finans uzmanlar\u0131na \u00f6zel, karma\u015f\u0131k bir dil konu\u015fur. Ancak&#8230; <\/p>\n","protected":false},"author":1,"featured_media":304,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[60],"class_list":["post-303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kopol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/303","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=303"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/303\/revisions"}],"predecessor-version":[{"id":305,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/303\/revisions\/305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/304"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}