{"id":306,"date":"2025-12-20T20:44:12","date_gmt":"2025-12-20T17:44:12","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=306"},"modified":"2025-12-20T20:44:12","modified_gmt":"2025-12-20T17:44:12","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-snpam-sonmez-pamuklu-sanayii-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/306","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #SNPAM | S\u00f6nmez Pamuklu Sanayii 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #SNPAM | S\u00f6nmez Pamuklu Sanayii 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/OOvAGiVRu8M?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>S\u00f6nmez Pamuklu&#8217;nun Finansal Raporlar\u0131nda Sakl\u0131 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Ger\u00e7ek Hikaye<\/h3>\n<p>Bir tekstil \u015firketini d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fczde akl\u0131n\u0131za ne gelir? Muhtemelen devasa iplik makineleri, fabrikalar ve yo\u011fun bir \u00fcretim temposu. Ancak bazen bir \u015firketin ger\u00e7ek kimli\u011fi, isminin ve kamuoyundaki imaj\u0131n\u0131n \u00e7ok \u00f6tesinde, finansal raporlar\u0131n\u0131n sat\u0131r aralar\u0131nda gizlidir.<\/p>\n<p>Bu yaz\u0131da, S\u00f6nmez Pamuklu Sanayii A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihinde sona eren d\u00f6neme ait kamuya a\u00e7\u0131k finansal raporlar\u0131n\u0131 mercek alt\u0131na alaca\u011f\u0131z. Amac\u0131m\u0131z, bu belgelerden \u00e7\u0131kar\u0131labilecek en etkili ve ilk bak\u0131\u015fta \u015fa\u015f\u0131rt\u0131c\u0131 gelebilecek \u00fc\u00e7 temel ger\u00e7e\u011fi ortaya koymak. Gelin, rakamlar\u0131n ard\u0131ndaki bu ilgin\u00e7 hikayeyi birlikte ke\u015ffedelim.<\/p>\n<h3>1. &#8216;Pamuklu&#8217; Ad\u0131na Aldanmay\u0131n: Bu \u015eirket Asl\u0131nda Bir Gayrimenkul Devi<\/h3>\n<p>Bir \u015firketin ad\u0131nda &#8220;Pamuklu&#8221; kelimesi ge\u00e7ti\u011finde, do\u011fal olarak ana faaliyet alan\u0131n\u0131n tekstil \u00fcretimi oldu\u011funu d\u00fc\u015f\u00fcn\u00fcr\u00fcz. Ancak S\u00f6nmez Pamuklu&#8217;nun finansal durum tablosu, bu beklentinin ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>\u015eirketin finansal verilerine g\u00f6re, ana varl\u0131k kalemi tekstil makineleri de\u011fil, gayrimenkuller. \u0130\u015fte net rakamlar:<\/p>\n<ul>\n<li><b>TOPLAM VARLIKLAR:<\/b> 8.120.464.888 TL<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> 4.519.993.752 TL<\/li>\n<\/ul>\n<p>Basit bir hesaplamayla, \u015firketin toplam varl\u0131klar\u0131n\u0131n <b>%55&#8217;inden fazlas\u0131n\u0131n<\/b> yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerden olu\u015ftu\u011fu g\u00f6r\u00fcl\u00fcyor. Bu durum, finansal tablo dipnotlar\u0131nda (Dipnot 1) da teyit ediliyor. \u015eirketin faaliyet konular\u0131 aras\u0131nda &#8220;m\u00fclkiyetinde bulunan gayrimenkullerin kiraya verilmesi&#8221; ifadesi a\u00e7\u0131k\u00e7a yer al\u0131yor.<\/p>\n<p>Bu neden \u00f6nemli? \u00c7\u00fcnk\u00fc S\u00f6nmez Pamuklu&#8217;nun de\u011feri ve finansal istikrar\u0131, sadece end\u00fcstriyel \u00fcretimine de\u011fil, ayn\u0131 zamanda g\u00fc\u00e7l\u00fc gayrimenkul portf\u00f6y\u00fcne dayan\u0131yor. Bu durum, S\u00f6nmez Pamuklu&#8217;yu geleneksel bir tekstil \u00fcreticisinden ziyade, end\u00fcstriyel faaliyetleri olan bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131na (GYO) benzetiyor. Yat\u0131r\u0131mc\u0131lar i\u00e7in bu, hissenin tekstil sekt\u00f6r\u00fcndeki dalgalanmalara kar\u015f\u0131 do\u011fal bir koruma sa\u011flad\u0131\u011f\u0131 ve de\u011ferlemesinin arazi ve bina portf\u00f6y\u00fc \u00fczerinden de yap\u0131lmas\u0131 gerekti\u011fi anlam\u0131na geliyor.<\/p>\n<h3>2. K\u00e2r Sadece \u0130plikten Gelmiyor: Ak\u0131ll\u0131 Yat\u0131r\u0131mlar\u0131n G\u00fcc\u00fc<\/h3>\n<p>Bir \u015firketin k\u00e2r\u0131n\u0131n her zaman ana faaliyet kolundan gelmesi beklenir. S\u00f6nmez Pamuklu \u00f6rne\u011finde ise k\u00e2rl\u0131l\u0131\u011f\u0131n ard\u0131nda ba\u015fka bir g\u00fc\u00e7 daha var: stratejik yat\u0131r\u0131mlar.<\/p>\n<p>Kapsaml\u0131 Gelir Tablosu&#8217;na bakt\u0131\u011f\u0131m\u0131zda \u015fu ilgin\u00e7 tabloyla kar\u015f\u0131la\u015f\u0131yoruz:<\/p>\n<ul>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> 23.176.386 TL<\/li>\n<li><b>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar\u0131n Karlar\u0131ndan Paylar:<\/b> 80.016.727 TL<\/li>\n<\/ul>\n<p>Peki i\u015ftiraklerden gelen 80 milyon TL&#8217;lik k\u00e2r, nas\u0131l olup da 23 milyon TL&#8217;lik net k\u00e2ra d\u00fc\u015f\u00fcyor? Gelir tablosu, bu sorunun cevab\u0131n\u0131n &#8220;Parasal kazan\u00e7\/kay\u0131p&#8221; gibi enflasyon muhasebesi kaynakl\u0131 giderler ve di\u011fer faaliyet giderleri oldu\u011funu g\u00f6steriyor. Bu durum, i\u015ftiraklerden gelen nakit ak\u0131\u015f\u0131n\u0131n, \u015firketin ana operasyonlar\u0131n\u0131n zorland\u0131\u011f\u0131 veya y\u00fcksek enflasyonist ortam\u0131n k\u00e2rl\u0131l\u0131\u011f\u0131 eritti\u011fi d\u00f6nemlerde ne kadar kritik bir hayat damar\u0131 oldu\u011funu kan\u0131tl\u0131yor. Yat\u0131r\u0131mlar olmasayd\u0131, \u015firket bu d\u00f6nemi zararla kapatabilirdi.<\/p>\n<p>Basit bir dille ifade etmek gerekirse, \u015firketin i\u015ftirak etti\u011fi di\u011fer firmalardan elde etti\u011fi k\u00e2r pay\u0131, kendi ana faaliyetlerinden elde etti\u011fi net k\u00e2r\u0131 katbekat a\u015f\u0131yor. Bu da demek oluyor ki \u015firketin k\u00e2rl\u0131l\u0131k motorunun \u00f6nemli bir par\u00e7as\u0131n\u0131, sahip oldu\u011fu di\u011fer \u015firket hisseleri olu\u015fturuyor.<\/p>\n<p>Dipnotlar ve faaliyet raporu incelendi\u011finde, bu i\u015ftiraklerin aras\u0131nda <b>S\u00f6nmez \u00c7imento<\/b>, <b>S\u00f6nmez A.S.F.<\/b> ve <b>S\u00f6nmez Filament<\/b> gibi farkl\u0131 sekt\u00f6rlerde faaliyet g\u00f6steren \u015firketler oldu\u011fu g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Bu durum bize ne anlat\u0131yor? S\u00f6nmez Pamuklu, sadece bir tekstil \u00fcreticisi gibi de\u011fil, ayn\u0131 zamanda yat\u0131r\u0131mlar\u0131n\u0131 y\u00f6neterek gelir \u00fcreten ve tekstil sekt\u00f6r\u00fcn\u00fcn risklerini di\u011fer alanlardaki yat\u0131r\u0131mlar\u0131yla dengeleyen stratejik bir holding gibi hareket ediyor.<\/p>\n<h3>3. 8 Milyar TL&#8217;lik Dev, S\u0131f\u0131ra Yak\u0131n Banka Borcuyla \u00c7al\u0131\u015f\u0131yor<\/h3>\n<p>B\u00fcy\u00fck sanayi \u015firketlerinin b\u00fcy\u00fcmelerini ve operasyonlar\u0131n\u0131 finanse etmek i\u00e7in genellikle \u00f6nemli miktarda banka kredisi, yani finansal bor\u00e7 kulland\u0131\u011f\u0131 bilinir. S\u00f6nmez Pamuklu ise bu genel kan\u0131y\u0131 tamamen y\u0131k\u0131yor.<\/p>\n<p>Finansal tablo dipnotlar\u0131nda yer alan belki de en \u015fa\u015f\u0131rt\u0131c\u0131 bilgi, Dipnot 10&#8217;da tek bir c\u00fcmleyle \u00f6zetleniyor:<\/p>\n<p>&#8220;\u015eirket\u2019in k\u0131sa ve uzun vadeli finansal bor\u00e7lanmas\u0131 bulunmamaktad\u0131r.&#8221;<\/p>\n<p>Bu ifade, \u015firketin bankalara herhangi bir k\u0131sa veya uzun vadeli kredi borcu olmad\u0131\u011f\u0131n\u0131 net bir \u015fekilde ortaya koyuyor. <b>8.12 Milyar TL<\/b> gibi devasa bir varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne sahip bir \u015firketin, operasyonlar\u0131n\u0131 ve yat\u0131r\u0131mlar\u0131n\u0131 tamamen kendi kaynaklar\u0131yla finanse etmesi, finansal ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n\u0131n ve y\u00f6netim disiplininin en net kan\u0131tlar\u0131ndan biridir. Bu durum, \u015firketin son derece muhafazakar ve disiplinli bir finansal y\u00f6netim anlay\u0131\u015f\u0131na sahip oldu\u011funu, riskten ka\u00e7\u0131nd\u0131\u011f\u0131n\u0131 ve d\u0131\u015f finansmana ihtiya\u00e7 duymayacak kadar g\u00fc\u00e7l\u00fc bir \u00f6zkaynak yap\u0131s\u0131 oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<h3>Sonu\u00e7: G\u00f6r\u00fcnenin \u00d6tesine Bakmak<\/h3>\n<p>S\u00f6nmez Pamuklu&#8217;nun finansal raporlar\u0131, bir \u015firketin ad\u0131n\u0131n \u00f6tesine bakman\u0131n ne kadar \u00f6nemli oldu\u011funu bize g\u00f6steriyor. Rakamlar, &#8220;Pamuklu&#8221; ad\u0131yla bildi\u011fimiz bu yap\u0131n\u0131n asl\u0131nda gayrimenkul a\u011f\u0131rl\u0131kl\u0131, yat\u0131r\u0131mc\u0131 kimli\u011fi g\u00fc\u00e7l\u00fc ve finansal olarak tamamen kendine yeten bir dev oldu\u011funu ortaya koyuyor.<\/p>\n<p>Bu analiz, bir \u015firketin ger\u00e7ek do\u011fas\u0131n\u0131 anlamak i\u00e7in g\u00f6r\u00fcnenin \u00f6tesine ge\u00e7ip verileri dikkatle incelemek gerekti\u011fini bir kez daha hat\u0131rlat\u0131yor.<\/p>\n<p>Bir sonraki yat\u0131r\u0131m\u0131n\u0131z\u0131 d\u00fc\u015f\u00fcn\u00fcrken veya bir \u015firketi de\u011ferlendirirken, g\u00f6r\u00fcnenin ard\u0131ndaki ger\u00e7ek hikayeyi ne kadar ara\u015ft\u0131r\u0131yorsunuz?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">S\u00f6nmez Pamuklu Sanayii A.\u015e. 30 Eyl\u00fcl 2025 Ara D\u00f6nem De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing dok\u00fcman\u0131, S\u00f6nmez Pamuklu Sanayii A.\u015e.&#8217;nin 1 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemine ait faaliyet raporu ve finansal tablolar\u0131n\u0131 sentezleyerek \u015firketin performans\u0131, finansal durumu ve kurumsal yap\u0131s\u0131 hakk\u0131nda kapsaml\u0131 bir analiz sunmaktad\u0131r.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal geli\u015fmesi, \u015firketin has\u0131lat\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f ya\u015fanmas\u0131na ra\u011fmen, br\u00fct kar ve esas faaliyet kar\u0131nda \u00f6nemli art\u0131\u015flar kaydetmesidir. 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat 621,8 milyon TL olarak ger\u00e7ekle\u015firken, br\u00fct kar %43 art\u0131\u015fla 95,4 milyon TL&#8217;ye, esas faaliyet kar\u0131 ise %111 art\u0131\u015fla 87,2 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. D\u00f6nem net kar\u0131 23,2 milyon TL olarak kaydedilmi\u015ftir. Bu performans, maliyet y\u00f6netimi ve operasyonel verimlilikteki iyile\u015fmelere i\u015faret etmektedir.<\/p>\n<p>Finansal durum a\u00e7\u0131s\u0131ndan \u015firket, 30 Eyl\u00fcl 2025 itibar\u0131yla 8,12 milyar TL&#8217;lik toplam varl\u0131\u011fa sahiptir. Varl\u0131klar\u0131n en b\u00fcy\u00fck kalemini 4,52 milyar TL ile Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller ve 1,80 milyar TL ile \u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar olu\u015fturmaktad\u0131r. D\u00f6nem i\u00e7inde 130 milyon TL&#8217;den 390 milyon TL&#8217;ye \u00e7\u0131kar\u0131lan \u00f6denmi\u015f sermaye, \u015firketin \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir. Toplam \u00f6zkaynaklar 7,32 milyar TL seviyesindedir. Nakit pozisyonunda \u00f6nemli bir art\u0131\u015f g\u00f6zlenmi\u015f, d\u00f6nem sonu nakit ve nakit benzerleri 100,8 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<p>Kurumsal yap\u0131ya bak\u0131ld\u0131\u011f\u0131nda, S\u00f6nmez Ailesi&#8217;nin ba\u011fl\u0131 \u015firketler arac\u0131l\u0131\u011f\u0131yla efektif olarak %95&#8217;in \u00fczerinde bir paya sahip oldu\u011fu ve y\u00f6netimde tam kontrol\u00fc elinde tuttu\u011fu g\u00f6r\u00fclmektedir. \u015eirketin i\u015ftirakleri, \u00f6zellikle S\u00f6nmez \u00c7imento ve S\u00f6nmez A.S.F., \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenerek \u015firketin d\u00f6nem kar\u0131na 80 milyon TL&#8217;lik \u00f6nemli bir katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<h2>1. \u015eirket Genel Bilgileri<\/h2>\n<p>S\u00f6nmez Pamuklu Sanayii A.\u015e., tekstil ve gayrimenkul kiralama alanlar\u0131nda faaliyet g\u00f6steren, Bursa merkezli bir anonim \u015firkettir. Hisseleri 26 Aral\u0131k 1994 tarihinden beri Borsa \u0130stanbul&#8217;da (BIST) i\u015flem g\u00f6rmekte olup, g\u00fcncel olarak &#8220;Piyasa \u00d6ncesi \u0130\u015flem Platformu&#8221;nda yer almaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilgi Kategorisi<\/td>\n<td>Detay<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>S\u00d6NMEZ PAMUKLU SANAY\u0130\u0130 A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Raporun Ait Oldu\u011fu D\u00f6nem<\/b><\/td>\n<td>01\/01\/2025-30\/09\/2025<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Sicil Numaras\u0131<\/b><\/td>\n<td>22079<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adres<\/b><\/td>\n<td>Demirta\u015f Dumlup\u0131nar osb Mah. \u0130stanbul Cad. No: 570 Osmangazi\/Bursa<\/td>\n<\/tr>\n<tr>\n<td><b>Telefon \/ Faks<\/b><\/td>\n<td>Tel: (0224) 261 04 40 (20 Hat) \/ Faks: (0224) 261 04 56<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130nternet Sitesi Adresi<\/b><\/td>\n<td>www.sonmezpamuklu.com.tr<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet Konusu<\/b><\/td>\n<td>Her \u00e7e\u015fit suni, sentetik ve bunlar\u0131n kar\u0131\u015f\u0131m\u0131 tekstille ilgili iplik ve kuma\u015f imalat\u0131, boyamas\u0131 ve entegre \u00fcretim i\u015fleri ile m\u00fclkiyetinde bulunan gayrimenkullerin kiraya verilmesi.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 390.000.000 TL&#8217;dir. \u015eirkette herhangi bir imtiyazl\u0131 pay bulunmamaktad\u0131r. S\u00f6nmez Ailesi, hem do\u011frudan hem de ba\u011fl\u0131 \u015firketler arac\u0131l\u0131\u011f\u0131yla y\u00f6netimde kontrol g\u00fcc\u00fcne sahiptir. 31 Aral\u0131k 2024 itibar\u0131yla S\u00f6nmez Ailesi&#8217;nin \u015firketteki do\u011frudan pay\u0131 %63,48 iken, ba\u011fl\u0131 \u015firketlerle birlikte efektif pay oran\u0131 %95,13 olarak belirtilmi\u015ftir.<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30 Eyl\u00fcl 2025)<\/b> | Orta\u011f\u0131n Ad\u0131\/Soyad\u0131 | Sermayedeki Pay\u0131 (TL) | Sermayedeki Pay\u0131 (%) | | :&#8212; | :&#8212; | :&#8212; | | CELAL S\u00d6NMEZ | 95.254.451,25 | 24,42 | | AL\u0130 CEM S\u00d6NMEZ | 50.189.723,49 | 12,87 | | OSMAN S\u00d6NMEZ | 52.125.045,56 | 13,37 | | CEM\u0130L S\u00d6NMEZ | 50.011.310,93 | 12,82 | | S\u00d6NMEZ ASF \u0130PL\u0130K DOKUMA VE BOYA SAN.A.\u015e. | 81.314.278,16 | 20,85 | | S\u00d6NMEZ F\u0130LAMENT SENTET\u0130K \u0130PL\u0130K VE ELYAF SAN. A.\u015e. | 20.773.874,31 | 5,33 | | S\u00d6NMEZ END\u00dcSTR\u0130 HOLD\u0130NG A.\u015e. | 24.177.295,65 | 6,20 | | D\u0130\u011eER (HALKA A\u00c7IK) | 16.154.020,65 | 4,14 | | <b>TOPLAM<\/b> | <b>390.000.000,00<\/b> | <b>100<\/b> |<\/p>\n<h2>3. Y\u00f6netim Kurulu ve Personel Bilgileri<\/h2>\n<p>\u015eirketin Y\u00f6netim Kurulu, 06.06.2023 tarihli Ola\u011fan Genel Kurul toplant\u0131s\u0131nda 3 y\u0131l s\u00fcre ile g\u00f6rev yapmak \u00fczere se\u00e7ilmi\u015ftir.<\/p>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri<\/b> | Ad\u0131 &#8211; Soyad\u0131 | G\u00f6revi | Ba\u011f\u0131ms\u0131z \u00dcye Olup Olmad\u0131\u011f\u0131 | | :&#8212; | :&#8212; | :&#8212; | | Celal S\u00f6nmez | Y\u00f6netim Kurulu Ba\u015fkan\u0131, Murahhas \u00dcye | Ba\u011f\u0131ms\u0131z de\u011fil | | Osman S\u00f6nmez | Y\u00f6netim Kurulu Ba\u015fkan Vekili | Ba\u011f\u0131ms\u0131z de\u011fil | | Ali Cem S\u00f6nmez | Y\u00f6netim Kurulu \u00dcyesi | Ba\u011f\u0131ms\u0131z de\u011fil | | Cemil S\u00f6nmez | Y\u00f6netim Kurulu \u00dcyesi | Ba\u011f\u0131ms\u0131z de\u011fil | | \u015eerif S\u00f6zbir | Y\u00f6netim Kurulu \u00dcyesi | Ba\u011f\u0131ms\u0131z de\u011fil | | Hayrettin Sivri | Y\u00f6netim Kurulu \u00dcyesi | Ba\u011f\u0131ms\u0131z \u00fcye | | Tayyar Ak\u00e7ay | Y\u00f6netim Kurulu \u00dcyesi | Ba\u011f\u0131ms\u0131z \u00fcye | | Osman Kazanc\u0131 | Y\u00f6netim Kurulu \u00dcyesi | Ba\u011f\u0131ms\u0131z \u00fcye |<\/p>\n<ul>\n<li><b>Personel Say\u0131s\u0131:<\/b> Faaliyet raporuna g\u00f6re 30 Eyl\u00fcl 2025 itibar\u0131yla personel say\u0131s\u0131 133&#8217;t\u00fcr. Finansal dipnotlarda ise y\u0131l i\u00e7indeki ortalama personel say\u0131s\u0131 128 olarak belirtilmi\u015ftir (31 Aral\u0131k 2024: 118 ki\u015fi).<\/li>\n<li><b>Y\u00f6netim Organ\u0131 \u00dcyelerine Sa\u011flanan Mali Haklar:<\/b> 30.09.2025 tarihi itibar\u0131yla y\u00f6netim organ\u0131 \u00fcyeleri ve \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan huzur hakk\u0131, \u00fccret, prim, ikramiye, k\u00e2r pay\u0131 gibi mali menfaatlerin toplam tutar\u0131 520.649,21 TL&#8217;dir.<\/li>\n<\/ul>\n<h2>4. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<p>\u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda has\u0131latta d\u00fc\u015f\u00fc\u015f ya\u015famas\u0131na ra\u011fmen karl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r. Bu durum, sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015f ve di\u011fer faaliyet gelirlerindeki art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/p>\n<p><b>Kapsaml\u0131 Gelir Tablosu \u00d6zeti (01 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemleri)<\/b> | Kalem (TL) | 2025 | 2024 | De\u011fi\u015fim (%) | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | Has\u0131lat | 621.841.926 | 698.103.701 | -10,9% | | Sat\u0131\u015flar\u0131n Maliyeti (-) | (526.447.020) | (631.499.250) | -16,6% | | <b>Br\u00fct Kar<\/b> | <b>95.394.906<\/b> | <b>66.604.451<\/b> | <b>+43,2%<\/b> | | Esas Faaliyetlerden Di\u011fer Gelirler | 69.502.930 | 70.447.447 | -1,3% | | Esas Faaliyetlerden Di\u011fer Giderler (-) | (45.815.966) | (61.706.107) | -25,8% | | <b>Esas Faaliyet Kar\u0131<\/b> | <b>87.221.307<\/b> | <b>41.245.684<\/b> | <b>+111,5%<\/b> | | \u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar\u0131n Karlar\u0131ndan Paylar | 80.016.727 | 75.973.434 | +5,3% | | S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi Kar\u0131 | 97.224.831 | 25.856.035 | +276,0% | | <b>Net D\u00f6nem Kar\u0131<\/b> | <b>23.176.386<\/b> | <b>16.934.285<\/b> | <b>+36,9%<\/b> | | <b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b> | <b>0,06<\/b> | <b>0,13<\/b> | <b>-53,8%<\/b> |<\/p>\n<p><i>Not: Pay ba\u015f\u0131na kazan\u00e7taki d\u00fc\u015f\u00fc\u015f, net kar art\u0131\u015f\u0131na ra\u011fmen, \u00f6denmi\u015f sermayenin 130 milyon TL&#8217;den 390 milyon TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 sonucu hisse say\u0131s\u0131ndaki art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/i><\/p>\n<h2>5. Finansal Durum Analizi (30.09.2025 \u0130tibar\u0131yla)<\/h2>\n<p>\u015eirketin finansal durumu, g\u00fc\u00e7l\u00fc bir duran varl\u0131k ve \u00f6zkaynak yap\u0131s\u0131na i\u015faret etmektedir. Toplam varl\u0131klar\u0131n %95&#8217;ini duran varl\u0131klar olu\u015fturmaktad\u0131r. Toplam y\u00fck\u00fcml\u00fcl\u00fckler azal\u0131rken, sermaye art\u0131r\u0131m\u0131 ile \u00f6zkaynaklar g\u00fc\u00e7lenmi\u015ftir.<\/p>\n<p><b>Finansal Durum Tablosu \u00d6zeti<\/b> | Kalem (TL) | 30 Eyl\u00fcl 2025 | 31 Aral\u0131k 2024 | De\u011fi\u015fim (%) | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | <b>D\u00f6nen Varl\u0131klar<\/b> | <b>406.120.475<\/b> | <b>413.224.810<\/b> | <b>-1,7%<\/b> | | Nakit ve Nakit Benzerleri | 100.793.398 | 73.114.975 | +37,9% | | Ticari Alacaklar | 139.249.855 | 196.816.853 | -29,2% | | Stoklar | 135.417.196 | 96.229.775 | +40,7% | | <b>Duran Varl\u0131klar<\/b> | <b>7.714.344.413<\/b> | <b>7.837.611.730<\/b> | <b>-1,6%<\/b> | | \u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar | 1.798.465.012 | 1.928.731.853 | -6,8% | | Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller | 4.519.993.752 | 4.519.993.752 | 0,0% | | Maddi Duran Varl\u0131klar | 1.394.543.650 | 1.387.442.560 | +0,5% | | <b>TOPLAM VARLIKLAR<\/b> | <b>8.120.464.888<\/b> | <b>8.250.836.540<\/b> | <b>-1,6%<\/b> | | <b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b> | <b>91.120.581<\/b> | <b>165.783.650<\/b> | <b>-45,0%<\/b> | | <b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b> | <b>704.458.406<\/b> | <b>779.217.394<\/b> | <b>-9,6%<\/b> | | <b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b> | <b>795.578.987<\/b> | <b>945.001.044<\/b> | <b>-15,8%<\/b> | | <b>\u00d6ZKAYNAKLAR<\/b> | <b>7.324.885.901<\/b> | <b>7.305.835.496<\/b> | <b>+0,3%<\/b> | | \u00d6denmi\u015f Sermaye | 390.000.000 | 130.000.000 | +200,0% | | Ge\u00e7mi\u015f Y\u0131llar Karlar\u0131 | 5.204.875.382 | 5.145.218.997 | +1,2% | | <b>TOPLAM KAYNAKLAR<\/b> | <b>8.120.464.888<\/b> | <b>8.250.836.540<\/b> | <b>-1,6%<\/b> |<\/p>\n<h2>6. Nakit Ak\u0131\u015f Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<p>\u015eirketin nakit pozisyonu, 2025&#8217;in ilk dokuz ay\u0131nda \u00f6nemli \u00f6l\u00e7\u00fcde artm\u0131\u015ft\u0131r. \u0130\u015fletme faaliyetlerinden yarat\u0131lan g\u00fc\u00e7l\u00fc nakit ak\u0131\u015f\u0131, yat\u0131r\u0131m harcamalar\u0131n\u0131 kar\u015f\u0131lam\u0131\u015f ve d\u00f6nem sonunda nakit miktar\u0131nda art\u0131\u015f sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f Kalemi (TL)<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>89.524.602<\/td>\n<td>115.778.758<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Kaynaklanan Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(76.669.505)<\/td>\n<td>(68.634.513)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>&#8211;<\/td>\n<td>(79.627.907)<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f\/(Azal\u0131\u015f)<\/b><\/td>\n<td><b>27.678.423<\/b><\/td>\n<td><b>(50.531.531)<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/td>\n<td>73.114.975<\/td>\n<td>68.376.085<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>100.793.398<\/b><\/td>\n<td><b>17.844.554<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>7. \u0130\u015ftirakler ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h2>\n<p>\u015eirketin i\u015ftirakleri, finansal sonu\u00e7lar\u0131na \u00f6nemli katk\u0131lar sa\u011flamaktad\u0131r. Bu yat\u0131r\u0131mlar \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenmekte ve bu i\u015ftiraklerin kar\/zararlar\u0131ndan \u015firketin pay\u0131na d\u00fc\u015fen k\u0131s\u0131m, gelir tablosuna yans\u0131t\u0131lmaktad\u0131r.<\/p>\n<p><b>Do\u011frudan \u0130\u015ftirak ve Ba\u011fl\u0131 Ortakl\u0131klar<\/b> | \u0130\u015ftirak Ad\u0131 | \u0130\u015ftirak Oran\u0131 (%) | \u0130\u015ftirak Etti\u011fi Sermaye Tutar\u0131 (TL) | | :&#8212; | :&#8212; | :&#8212; | | S\u00f6nmez Filament A.\u015e. | 6,09 | 4.507.704,14 | | S\u00f6nmez A.S.F. A.\u015e. | 38,23 | 23.430.161,00 | | S\u00f6nmez Gayrimenkul A.\u015e. | 6,25 | 1.500.000,00 | | S\u00f6nmez \u00c7imento A.\u015e. | 15,00 | 103.967.160,00 |<\/p>\n<p><b>\u0130\u015ftiraklerin D\u00f6nem Kar\u0131na Etkisi (01 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemleri)<\/b> | \u0130\u015ftirak Ad\u0131 | 2025&#8217;teki Kar\/(Zarar) Pay\u0131 (TL) | 2024&#8217;teki Kar\/(Zarar) Pay\u0131 (TL) | | :&#8212; | :&#8212; | :&#8212; | | S\u00f6nmez A.S.F. \u0130plik Dokuma ve Boya Sanayii A.\u015e. | 20.326.365 | (17.284.264) | | S\u00f6nmez Filament Sentetik \u0130plik ve Elyaf San. A.\u015e. | (2.448.101) | 1.810.043 | | S\u00f6nmez \u00c7imento Yap\u0131 ve Madencilik Sanayi Ticaret A.\u015e. | 58.139.387 | 92.433.508 | | S\u00f6nmez Gayrimenkul Yat\u0131r\u0131mlar\u0131 ve Y\u00f6netimi A.\u015e. | 3.999.076 | (985.853) | | <b>TOPLAM<\/b> | <b>80.016.727<\/b> | <b>75.973.434<\/b> |<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"306\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>S\u00f6nmez Pamuklu&#8217;nun Finansal Raporlar\u0131nda Sakl\u0131 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Ger\u00e7ek Hikaye Bir tekstil \u015firketini d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fczde akl\u0131n\u0131za ne gelir? Muhtemelen devasa iplik makineleri, fabrikalar ve yo\u011fun bir \u00fcretim temposu. Ancak bazen bir \u015firketin ger\u00e7ek kimli\u011fi, isminin ve kamuoyundaki imaj\u0131n\u0131n&#8230; <\/p>\n","protected":false},"author":1,"featured_media":307,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[61],"class_list":["post-306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-snpam"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/306","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=306"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/306\/revisions"}],"predecessor-version":[{"id":308,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/306\/revisions\/308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/307"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}