{"id":312,"date":"2025-12-20T20:54:00","date_gmt":"2025-12-20T17:54:00","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=312"},"modified":"2025-12-20T20:54:00","modified_gmt":"2025-12-20T17:54:00","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-begyo-bati-ege-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/312","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BEGYO | Bat\u0131 Ege Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BEGYO | Bat\u0131 Ege Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/AkVJINJEc0w?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>K\u00e2r Zarardan \u0130baret De\u011fildir: Bir GYO&#8217;nun Finans Raporlar\u0131nda Gizli 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>\u00c7o\u011fumuz i\u00e7in bir \u015firketin finansal raporu, rakamlarla dolu, anla\u015f\u0131lmas\u0131 zor ve s\u0131k\u0131c\u0131 bir belgedir. Genellikle g\u00f6zler do\u011frudan en alt sat\u0131ra, yani \u015firketin k\u00e2r m\u0131 yoksa zarar m\u0131 etti\u011fini g\u00f6steren o tek rakama kayar. Ancak bu nihai sonu\u00e7, nadiren hikayenin tamam\u0131n\u0131 anlat\u0131r. Bir \u015firketin ger\u00e7ek sa\u011fl\u0131\u011f\u0131, stratejisi ve gelece\u011fe y\u00f6nelik potansiyeli, genellikle dipnotlar\u0131n, tablolar\u0131n ve rakamlar\u0131n ard\u0131na gizlenmi\u015f detaylarda yatar.<\/p>\n<p>Bu durumun en \u00e7arp\u0131c\u0131 \u00f6rneklerinden birini Bat\u0131 Ege GYO&#8217;nun son finansal raporlar\u0131nda g\u00f6r\u00fcyoruz. \u0130lk bak\u0131\u015fta k\u00e2rdan zarara dramatik bir ge\u00e7i\u015f gibi g\u00f6r\u00fcnen tablo, daha yak\u0131ndan incelendi\u011finde \u015firketin finansal yap\u0131s\u0131, operasyonel g\u00fcc\u00fc ve hatta y\u00f6netim anlay\u0131\u015f\u0131 hakk\u0131nda \u015fa\u015f\u0131rt\u0131c\u0131 ve bir o kadar da olumlu ger\u00e7ekleri ortaya \u00e7\u0131kar\u0131yor. Bu yaz\u0131da, Bat\u0131 Ege GYO&#8217;nun finansal verilerinin derinliklerine inerek, man\u015fet rakamlar\u0131n ard\u0131nda gizlenen en etkili be\u015f ger\u00e7e\u011fi g\u00fcn y\u00fcz\u00fcne \u00e7\u0131karaca\u011f\u0131z.<\/p>\n<h3>1. Milyarl\u0131k Soru: K\u00e2r Nas\u0131l Zarara D\u00f6n\u00fc\u015ft\u00fc?<\/h3>\n<p>En \u00e7arp\u0131c\u0131 ger\u00e7ekle ba\u015flayal\u0131m: Bat\u0131 Ege GYO, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 1.011.220.618 TL&#8217;lik devasa bir net k\u00e2r a\u00e7\u0131klam\u0131\u015fken, 2025&#8217;in ayn\u0131 d\u00f6neminde 39.939.413 TL net zarar raporlad\u0131. Bu bir milyar liran\u0131n \u00fczerindeki de\u011fi\u015fim, ilk bak\u0131\u015fta \u015firketin operasyonlar\u0131nda b\u00fcy\u00fck bir sorun ya\u015fand\u0131\u011f\u0131 izlenimi verebilir.<\/p>\n<p>Ancak durum hi\u00e7 de \u00f6yle de\u011fil. \u015eirketin sat\u0131\u015flar\u0131nda veya ana faaliyetlerinde bir \u00e7\u00f6k\u00fc\u015f ya\u015fanmad\u0131. Hatta ayn\u0131 d\u00f6neme ait gelir tablosuna bakt\u0131\u011f\u0131m\u0131zda, \u015firketin 65.859.534 TL tutar\u0131nda pozitif bir Br\u00fct K\u00e2r elde etti\u011fini g\u00f6r\u00fcyoruz. Peki, bu tezatl\u0131\u011f\u0131n kayna\u011f\u0131 ne? Cevap, gelir tablosundaki tek bir sat\u0131rda gizli: &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Kay\u0131plar\u0131)&#8221;. Bu kalem, 2024 d\u00f6neminde 889.466.022 TL&#8217;lik bir kazan\u00e7 iken, 2025&#8217;te 137.519.185 TL&#8217;lik bir kayba d\u00f6n\u00fc\u015fm\u00fc\u015f.<\/p>\n<p>Basit bir dille a\u00e7\u0131klamak gerekirse, bu rakam \u015firketin kasas\u0131ndan \u00e7\u0131kan ger\u00e7ek bir paray\u0131 de\u011fil, tamamen ka\u011f\u0131t \u00fczerinde kalan ve enflasyon muhasebesi gere\u011fi yap\u0131lmas\u0131 zorunlu olan bir d\u00fczeltmeyi ifade ediyor. T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) kapsam\u0131nda, T\u00fcrkiye gibi y\u00fcksek enflasyonlu ekonomilerde faaliyet g\u00f6steren \u015firketler, finansal tablolar\u0131n\u0131 enflasyonun etkisinden ar\u0131nd\u0131rmak zorundad\u0131r (TMS 29). \u0130\u015fte bu muhasebe kural\u0131, \u015firketin parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerinin enflasyon kar\u015f\u0131s\u0131ndaki de\u011fer de\u011fi\u015fimini k\u00e2r\/zarar tablosuna yans\u0131tmas\u0131n\u0131 gerektirir. Tek bir muhasebe standard\u0131n\u0131n, bir \u015firketin net sonucunu bu denli de\u011fi\u015ftirebilmesi, man\u015fet rakamlar\u0131n \u00f6tesine bakman\u0131n ne kadar kritik oldu\u011funu g\u00f6steriyor.<\/p>\n<h3>2. Zarar Ederken Temett\u00fc Da\u011f\u0131tmak m\u0131? \u0130\u015fte S\u0131rr\u0131<\/h3>\n<p>Raporlardaki bir di\u011fer \u015fa\u015f\u0131rt\u0131c\u0131 nokta ise, \u015firketin net zarar a\u00e7\u0131klad\u0131\u011f\u0131 bir d\u00f6nemde hissedarlar\u0131na temett\u00fc da\u011f\u0131tma karar\u0131 almas\u0131. \u015eirketin &#8220;\u00d6zkaynak De\u011fi\u015fim Tablosu&#8221;, 2025 d\u00f6neminde 70.000.000 TL tutar\u0131nda bir temett\u00fc \u00f6demesi yap\u0131ld\u0131\u011f\u0131n\u0131 a\u00e7\u0131k\u00e7a g\u00f6steriyor. Zarar eden bir \u015firket nas\u0131l olur da ortaklar\u0131na k\u00e2r pay\u0131 da\u011f\u0131tabilir?<\/p>\n<p>Bu sorunun cevab\u0131 bilan\u00e7onun \u00f6zkaynaklar b\u00f6l\u00fcm\u00fcnde yer alan &#8220;Ge\u00e7mi\u015f Y\u0131llar Kar \/ Zararlar\u0131&#8221; kaleminde yat\u0131yor. \u015eirket, d\u00f6nem ba\u015f\u0131nda bir \u00f6nceki y\u0131l\u0131n k\u00e2r\u0131n\u0131 bu hesaba aktard\u0131ktan sonra 1,7 milyar TL&#8217;yi a\u015fan devasa bir birikmi\u015f k\u00e2ra sahipti. Da\u011f\u0131t\u0131lan temett\u00fc, mevcut d\u00f6nemin kazanc\u0131ndan de\u011fil, \u015firketin y\u0131llar i\u00e7inde biriktirdi\u011fi bu g\u00fc\u00e7l\u00fc k\u00e2r rezervinden kar\u015f\u0131land\u0131. Bu 70 milyon liral\u0131k \u00f6deme, \u015firketin birikmi\u015f k\u00e2rlar\u0131n\u0131n sadece %4.1&#8217;ine denk gelmektedir; bu da y\u00f6netimin, hissedarlar\u0131 \u00f6d\u00fcllendirirken bile ne kadar ihtiyatl\u0131 davrand\u0131\u011f\u0131n\u0131 ve finansal yast\u0131\u011f\u0131n\u0131n ne kadar geni\u015f oldu\u011funu g\u00f6stermektedir. Bu hamle, y\u00f6netimin \u015firketin gelece\u011fine olan g\u00fcvenini g\u00f6stermekle kalm\u0131yor, ayn\u0131 zamanda \u015firketin ge\u00e7mi\u015f y\u0131llardaki istikrarl\u0131 k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n bir sonucu olarak hissedarlar\u0131na nakit d\u00f6nd\u00fcrebilecek kadar g\u00fc\u00e7l\u00fc bir finansal yap\u0131ya sahip oldu\u011funun da alt\u0131n\u0131 \u00e7iziyor.<\/p>\n<h3>3. Bor\u00e7la De\u011fil, \u00d6zkaynakla B\u00fcy\u00fcyen Dev: \u015ea\u015f\u0131rt\u0131c\u0131 Derecede D\u00fc\u015f\u00fck Risk Profili<\/h3>\n<p>Gayrimenkul geli\u015ftirme ve yat\u0131r\u0131m sekt\u00f6r\u00fc, b\u00fcy\u00fck projeleri finanse etmek i\u00e7in genellikle y\u00fcksek bor\u00e7luluk (kald\u0131ra\u00e7) oranlar\u0131yla bilinir. Ancak Bat\u0131 Ege GYO, bu genel kan\u0131n\u0131n tam tersi bir profil \u00e7iziyor ve sekt\u00f6rdeki benzerlerine g\u00f6re istisnai derecede d\u00fc\u015f\u00fck bir bor\u00e7 seviyesine sahip.<\/p>\n<p>Finansal raporun 12 numaral\u0131 dipnotunda yer alan &#8220;Sermaye Y\u00f6netimi&#8221; b\u00f6l\u00fcm\u00fc bu ger\u00e7e\u011fi net bir \u015fekilde ortaya koyuyor. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin &#8220;Net bor\u00e7\/kullan\u0131lan sermaye oran\u0131&#8221; sadece %1,01. Bu oran\u0131 destekleyen rakamlar ise daha da etkileyici: \u015eirketin yakla\u015f\u0131k 80 milyon TL&#8217;lik toplam borcuna kar\u015f\u0131l\u0131k, kasas\u0131nda 5 milyar TL&#8217;yi a\u015fan devasa bir \u00f6zsermaye bulunuyor. \u00d6zkaynak a\u011f\u0131rl\u0131kl\u0131 bu bilan\u00e7o yap\u0131s\u0131, \u015firketin finansal olarak ne kadar sa\u011flam temeller \u00fczerinde durdu\u011funu ve muhafazak\u00e2r bir risk y\u00f6netimi stratejisi izledi\u011fini g\u00f6steren en \u00f6nemli kan\u0131tlardan biri.<\/p>\n<h3>4. Nakit Ak\u0131\u015f\u0131 Zarar\u0131 Yalanlar: Raporun En Pozitif Sinyali<\/h3>\n<p>Muhasebesel zarar\u0131n hikayenin tamam\u0131n\u0131 anlatmad\u0131\u011f\u0131n\u0131n bir di\u011fer kan\u0131t\u0131 da \u015firketin nakit ak\u0131\u015f tablosunda kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor. Gelir tablosu yakla\u015f\u0131k 40 milyon TL&#8217;lik bir zarar g\u00f6sterirken, \u015firketin kasas\u0131na giren ve \u00e7\u0131kan ger\u00e7ek paray\u0131 g\u00f6steren nakit ak\u0131\u015f tablosu tam tersi bir tablo \u00e7iziyor.<\/p>\n<p>&#8220;Nakit Ak\u0131\u015f Tablosu&#8221;na g\u00f6re, \u015firketin &#8220;\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131&#8221; 2025&#8217;in ilk dokuz ay\u0131nda 28.231.987 TL pozitif bir de\u011ferde. Bu rakam\u0131 daha da anlaml\u0131 k\u0131lan ise bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki performansla yap\u0131lan kar\u015f\u0131la\u015ft\u0131rma. 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde \u015firket, ana faaliyetlerinden 182.085.155 TL&#8217;lik bir nakit \u00e7\u0131k\u0131\u015f\u0131na (negatif nakit ak\u0131\u015f\u0131) sahipti.<\/p>\n<p>Bu \u015fu anlama geliyor: Muhasebesel, yani nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen enflasyon d\u00fczeltmesi kaynakl\u0131 zarara ra\u011fmen, \u015firketin temel operasyonlar\u0131 bir \u00f6nceki y\u0131la g\u00f6re \u00e7ok daha sa\u011fl\u0131kl\u0131 bir \u015fekilde ger\u00e7ek nakit \u00fcretiyor. Bu durum, bir \u015firketin operasyonel sa\u011fl\u0131\u011f\u0131n\u0131 \u00f6l\u00e7erken net k\u00e2rdan ziyade nakit ak\u0131\u015f\u0131n\u0131n ne kadar daha g\u00fcvenilir bir g\u00f6sterge olabilece\u011finin alt\u0131n\u0131 \u00e7iziyor.<\/p>\n<h3>5. Siyasette Rakip, Y\u00f6netimde Ortak: Bat\u0131 Ege GYO&#8217;nun S\u0131ra D\u0131\u015f\u0131 Y\u00f6netim Kurulu<\/h3>\n<p>Finansal tablolar\u0131n \u00f6tesine ge\u00e7ip \u015firketin faaliyet raporunu inceledi\u011fimizde, belki de en s\u0131ra d\u0131\u015f\u0131 ger\u00e7ekle kar\u015f\u0131la\u015f\u0131yoruz: y\u00f6netim kurulunun yap\u0131s\u0131. Y\u00f6netim kurulunda, Sinpa\u015f grubunun kurucusu Avni \u00c7elik ve Deniz Tekstil&#8217;in kurucusu Derya Baltal\u0131 gibi T\u00fcrk i\u015f d\u00fcnyas\u0131n\u0131n duayen isimleri yer al\u0131yor. Ancak as\u0131l s\u00fcrpriz, ba\u011f\u0131ms\u0131z y\u00f6netim kurulu \u00fcyelerinin profillerinde gizli.<\/p>\n<p>Faaliyet raporundaki \u00f6zge\u00e7mi\u015fler incelendi\u011finde, ba\u011f\u0131ms\u0131z \u00fcyeler aras\u0131nda T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck ve birbirine rakip iki siyasi partisinden eski milletvekillerinin yer ald\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Bu isimler, Adalet ve Kalk\u0131nma Partisi&#8217;nin (AKP) kurucular\u0131 aras\u0131nda yer alan eski Amasya Milletvekili Akif G\u00fclle ile Cumhuriyet Halk Partisi&#8217;nden (CHP) d\u00f6rt d\u00f6nem \u00fcst \u00fcste \u00c7orum Milletvekilli\u011fi yapm\u0131\u015f olan Tufan K\u00f6se. Siyasi yelpazenin farkl\u0131 u\u00e7lar\u0131ndan gelen bu iki ismin ayn\u0131 y\u00f6netim kurulunda g\u00f6rev almas\u0131, T\u00fcrkiye&#8217;de pek rastlanan bir durum de\u011fil. Bu durum, \u015firketin karma\u015f\u0131k bir i\u015f ve siyaset ortam\u0131nda payda\u015f ili\u015fkilerini y\u00f6netme, riskleri dengeleme ve kapsay\u0131c\u0131 bir kurumsal y\u00f6netim anlay\u0131\u015f\u0131 benimseme konusundaki stratejik yakla\u015f\u0131m\u0131n\u0131n bir yans\u0131mas\u0131 olarak yorumlanabilir.<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n \u00d6tesine Bakmak<\/h3>\n<p>Sonu\u00e7ta, 1 milyar liral\u0131k k\u00e2r\u0131n buharla\u015fmas\u0131 bir muhasebe kural\u0131ndan ibaretti. Zarar tablosu, \u015firketin rekor birikmi\u015f k\u00e2rlar\u0131ndan 70 milyon TL temett\u00fc da\u011f\u0131tmas\u0131na engel olamad\u0131. Sekt\u00f6r normlar\u0131n\u0131n aksine, bor\u00e7lulu\u011fu neredeyse s\u0131f\u0131rd\u0131. Ve en \u00f6nemlisi, muhasebe zarar\u0131na ra\u011fmen kasas\u0131na bir \u00f6nceki y\u0131ldan \u00e7ok daha fazla nakit giriyordu. T\u00fcm bunlar, siyasi yelpazenin iki z\u0131t ucundan ismi bir araya getiren s\u0131ra d\u0131\u015f\u0131 bir y\u00f6netim kurulunun \u00f6zg\u00fcvenli stratejisiyle birle\u015fti\u011finde, Bat\u0131 Ege GYO&#8217;nun finansal g\u00fcc\u00fcn\u00fcn man\u015fetlerin \u00e7ok \u00f6tesinde oldu\u011funu ortaya koyuyor.<\/p>\n<p>Bu \u00f6rnek, bize ekonomik belirsizlik zamanlar\u0131nda bir \u015firketin g\u00fcc\u00fcn\u00fc \u00f6l\u00e7mek i\u00e7in hangi metriklere ger\u00e7ekten odaklanmam\u0131z gerekti\u011fini g\u00f6stermiyor mu?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Bat\u0131 Ege GYO A.\u015e. 01.01.2025 \u2013 30.09.2025 D\u00f6nemi Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bat\u0131 Ege Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (BEGYO), 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131n\u0131 39,9 milyon TL net zararla tamamlam\u0131\u015ft\u0131r. Bu sonu\u00e7, \u015firketin 2024 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6neminde elde etti\u011fi 1,01 milyar TL&#8217;lik net k\u00e2r ile keskin bir tezat olu\u015fturmaktad\u0131r. Performanstaki bu \u00f6nemli de\u011fi\u015fim, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde T\u00fcrkiye Muhasebe Standard\u0131 (TMS 29) uyar\u0131nca uygulanan enflasyon muhasebesinden kaynaklanmaktad\u0131r. Cari d\u00f6nemde kaydedilen 137,5 milyon TL&#8217;lik &#8220;Net Parasal Pozisyon Kayb\u0131&#8221;, \u00f6nceki y\u0131l\u0131n 889,5 milyon TL&#8217;lik kazanc\u0131n\u0131n tersine d\u00f6nerek net sonucu zarara \u00e7eviren ana etken olmu\u015ftur.<\/p>\n<p>Operasyonel olarak, \u015firketin has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 386,5 milyon TL&#8217;den 126,4 milyon TL&#8217;ye gerilemi\u015f, bu durum br\u00fct k\u00e2r\u0131n da 144,1 milyon TL&#8217;den 65,9 milyon TL&#8217;ye d\u00fc\u015fmesine neden olmu\u015ftur. \u015eirketin finansal durumu incelendi\u011finde, toplam varl\u0131klar\u0131n 5,12 milyar TL seviyesinde yatay kald\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Portf\u00f6y\u00fcn temelini 3,87 milyar TL de\u011ferindeki yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller ve 743 milyon TL&#8217;lik stoklar olu\u015fturmaktad\u0131r. Y\u00fck\u00fcml\u00fcl\u00fckler taraf\u0131nda ise, \u00f6zellikle k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde \u00f6nemli bir art\u0131\u015f ya\u015fanm\u0131\u015ft\u0131r. Bu art\u0131\u015f\u0131n temel sebebi, Eyl\u00fcl 2025&#8217;te al\u0131nan ve ili\u015fkili taraflara \u00f6denecek olan 70 milyon TL&#8217;lik temett\u00fc da\u011f\u0131t\u0131m karar\u0131d\u0131r.<\/p>\n<p>Kurumsal y\u00f6netim alan\u0131nda, 25 Eyl\u00fcl 2025 tarihinde ger\u00e7ekle\u015ftirilen Ola\u011fan Genel Kurul toplant\u0131s\u0131nda, \u00fc\u00e7\u00fc ba\u011f\u0131ms\u0131z olmak \u00fczere sekiz \u00fcyeden olu\u015fan yeni bir Y\u00f6netim Kurulu \u00fc\u00e7 y\u0131ll\u0131k bir s\u00fcre i\u00e7in se\u00e7ilmi\u015ftir. Kurul, ana ortaklar olan Sinpa\u015f Grubu ve Baltal\u0131 Grubu temsilcilerinden olu\u015fmaktad\u0131r. Ayr\u0131ca, 1 Ocak 2025&#8217;ten itibaren y\u00fcr\u00fcrl\u00fc\u011fe girecek olan yeni vergi mevzuat\u0131, Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131klar\u0131 (GYO) i\u00e7in kurumlar vergisi istisnas\u0131n\u0131, gayrimenkul kazan\u00e7lar\u0131n\u0131n en az %50&#8217;sinin temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131 \u015fart\u0131na ba\u011flam\u0131\u015ft\u0131r. Bu d\u00fczenlemeye haz\u0131rl\u0131k olarak \u015firket, da\u011f\u0131t\u0131lmam\u0131\u015f k\u00e2rlar \u00fczerinden ertelenmi\u015f vergi hesaplamaya ba\u015flam\u0131\u015ft\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>1. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait finansal performans\u0131, enflasyon muhasebesinin etkileri ve operasyonel gelirlerdeki d\u00fc\u015f\u00fc\u015fle \u015fekillenmi\u015ftir.<\/p>\n<h3>1.1. K\u00e2r ve Zarar Tablosu<\/h3>\n<p>Cari d\u00f6nemde \u015firket, net k\u00e2rdan net zarara ge\u00e7i\u015f yapm\u0131\u015ft\u0131r. Bu durumun arkas\u0131ndaki temel fakt\u00f6rler, azalan has\u0131lat ve enflasyon d\u00fczeltmelerinden kaynaklanan parasal pozisyon kayb\u0131d\u0131r.<\/p>\n<p><b>\u00d6zet K\u00e2r veya Zarar Tablosu (01.01 &#8211; 30.09 D\u00f6nemleri)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (TL)<\/td>\n<td>2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>126.442.047<\/td>\n<td>386.468.122<\/td>\n<td>-67,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>65.859.534<\/td>\n<td>144.103.829<\/td>\n<td>-54,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>34.081.465<\/td>\n<td>127.636.265<\/td>\n<td>-73,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Kay\u0131plar\u0131)<\/b><\/td>\n<td>(137.519.185)<\/td>\n<td>889.466.022<\/td>\n<td>-115,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r \/ (Zarar)<\/b><\/td>\n<td>(101.549.076)<\/td>\n<td>1.011.220.618<\/td>\n<td>-110,0%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(39.939.413)<\/b><\/td>\n<td><b>1.011.220.618<\/b><\/td>\n<td><b>-103,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td>(0,0490)<\/td>\n<td>1,2408<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Gelir ve K\u00e2rl\u0131l\u0131k:<\/b> \u015eirketin has\u0131lat\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %67 oran\u0131nda azalarak 126,4 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu d\u00fc\u015f\u00fc\u015f, esas faaliyet k\u00e2r\u0131n\u0131n da %73 azalarak 34,1 milyon TL&#8217;ye gerilemesine yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> Finansal sonu\u00e7lardaki en belirleyici fakt\u00f6r, TMS 29 kapsam\u0131nda yap\u0131lan enflasyon d\u00fczeltmeleridir. 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 889,5 milyon TL&#8217;lik parasal kazan\u00e7 kaydedilirken, 2025&#8217;in ayn\u0131 d\u00f6neminde 137,5 milyon TL&#8217;lik parasal kay\u0131p olu\u015fmu\u015ftur. Bu kalemdeki 1 milyar TL&#8217;yi a\u015fan negatif de\u011fi\u015fim, \u015firketin zarar a\u00e7\u0131klamas\u0131n\u0131n ana nedenidir.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> T\u00fcm bu geli\u015fmeler sonucunda \u015firket, 2025&#8217;in ilk dokuz ay\u0131nda 39,9 milyon TL net zarar kaydetmi\u015ftir. Pay ba\u015f\u0131na kazan\u00e7, hisse ba\u015f\u0131na 1,24 TL k\u00e2rdan, 0,049 TL zarara d\u00f6nm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>1.2. Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\n<p>\u015eirketin bilan\u00e7o yap\u0131s\u0131, gayrimenkul a\u011f\u0131rl\u0131kl\u0131 varl\u0131k kompozisyonunu ve d\u00fc\u015f\u00fck bor\u00e7luluk seviyesini korumakla birlikte, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde dikkat \u00e7ekici bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<p><b>\u00d6zet Finansal Durum Tablosu<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30.09.2025 (TL)<\/td>\n<td>31.12.2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>834.577.974<\/td>\n<td>854.134.109<\/td>\n<td>-2,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>4.283.870.400<\/td>\n<td>4.309.787.942<\/td>\n<td>-0,6%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>5.118.448.374<\/b><\/td>\n<td><b>5.163.922.051<\/b><\/td>\n<td><b>-0,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>74.942.111<\/td>\n<td>8.585.522<\/td>\n<td>+772,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>5.131.944<\/td>\n<td>6.678.246<\/td>\n<td>-23,2%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td>80.074.055<\/td>\n<td>15.263.768<\/td>\n<td>+424,6%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>5.038.374.319<\/b><\/td>\n<td><b>5.148.658.283<\/b><\/td>\n<td><b>-2,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>5.118.448.374<\/b><\/td>\n<td><b>5.163.922.051<\/b><\/td>\n<td><b>-0,9%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Kompozisyonu:<\/b> Toplam varl\u0131klar\u0131n %91&#8217;ini olu\u015fturan 4,6 milyar TL&#8217;lik k\u0131s\u0131m, &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221; (3,87 milyar TL) ve &#8220;Stoklar&#8221;dan (743 milyon TL) olu\u015fmaktad\u0131r. Bu durum, \u015firketin ana faaliyet alan\u0131n\u0131n gayrimenkul geli\u015ftirme ve yat\u0131r\u0131m oldu\u011funu teyit etmektedir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fck Yap\u0131s\u0131:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler, 2024 sonuna k\u0131yasla 8,6 milyon TL&#8217;den 74,9 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n neredeyse tamam\u0131, 25 Eyl\u00fcl 2025 tarihli genel kurulda al\u0131nan 70 milyon TL&#8217;lik k\u00e2r pay\u0131 da\u011f\u0131t\u0131m karar\u0131ndan kaynaklanmaktad\u0131r. Bu tutar\u0131n 45,1 milyon TL&#8217;si ana ortaklara olan bor\u00e7 olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklar, d\u00f6nem zarar\u0131 ve da\u011f\u0131t\u0131lmas\u0131na karar verilen temett\u00fc nedeniyle %2,1&#8217;lik bir azal\u0131\u015fla 5,04 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<h3>1.3. Nakit Ak\u0131\u015f\u0131<\/h3>\n<p>\u015eirketin nakit pozisyonunda d\u00f6nem i\u00e7inde olumlu bir geli\u015fme ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131:<\/b> \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 182 milyon TL&#8217;lik negatif ak\u0131\u015fa kar\u015f\u0131n, bu d\u00f6nemde 28,2 milyon TL pozitif nakit ak\u0131\u015f\u0131 sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nem Sonu Nakit:<\/b> Nakit ve nakit benzerleri, d\u00f6nem ba\u015f\u0131ndaki 2,5 milyon TL&#8217;den d\u00f6nem sonu itibar\u0131yla 28,5 milyon TL&#8217;ye y\u00fckselmi\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<h2>2. Kurumsal Yap\u0131 ve Faaliyetler<\/h2>\n<h3>2.1. \u015eirket Profili ve Tarih\u00e7e<\/h3>\n<p>2011 y\u0131l\u0131nda kurulan \u015firket, 2014 y\u0131l\u0131nda Ege&#8217;nin ilk temal\u0131 konut projesi olan &#8220;Aqua City Denizli&#8221;yi hayata ge\u00e7irmi\u015ftir. Sermaye Piyasas\u0131 Kurulu&#8217;nun izniyle 2023 y\u0131l\u0131nda Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;na d\u00f6n\u00fc\u015fen \u015firket, 8 Aral\u0131k 2023 tarihinde BEGYO koduyla Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Vizyon:<\/b> T\u00fcrkiye ve \u00e7evre pazarlarda gayrimenkul sekt\u00f6r\u00fcnde \u00f6nemli bir oyuncu olmak ve yat\u0131r\u0131mc\u0131lara g\u00fcven veren bir marka olarak tan\u0131nmak.<\/li>\n<li><b>Misyon:<\/b> Kaliteli, yenilik\u00e7i ve s\u00fcrd\u00fcr\u00fclebilir gayrimenkul projeleri geli\u015ftirerek sekt\u00f6rdeki b\u00fcy\u00fcme ve geli\u015fim potansiyelini s\u00fcrekli k\u0131lmak.<\/li>\n<\/ul>\n<h3>2.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin 2,5 milyar TL kay\u0131tl\u0131 sermaye tavan\u0131 i\u00e7inde 815 milyon TL \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi bulunmaktad\u0131r. Ortakl\u0131k yap\u0131s\u0131 30 Eyl\u00fcl 2025 itibar\u0131yla a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahibi<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Sinpa\u015f Yap\u0131 End. ve Tic. A.\u015e.<\/td>\n<td>30,60<\/td>\n<\/tr>\n<tr>\n<td>Deniz Tekstil San. ve Tic. A.\u015e.<\/td>\n<td>26,73<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>35,58<\/td>\n<\/tr>\n<tr>\n<td>H\u00fcrsan Havlu \u00dcr. San. ve Tic. A.\u015e.<\/td>\n<td>5,80<\/td>\n<\/tr>\n<tr>\n<td>Derya Baltal\u0131<\/td>\n<td>1,29<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: A ve B grubu paylar, y\u00f6netim kurulu \u00fcye se\u00e7iminde aday g\u00f6sterme imtiyaz\u0131na sahiptir.<\/i><\/p>\n<h3>2.3. Portf\u00f6y ve Projeler<\/h3>\n<p>\u015eirketin portf\u00f6y\u00fc a\u011f\u0131rl\u0131kl\u0131 olarak Denizli&#8217;deki projelerden olu\u015fmaktad\u0131r. Portf\u00f6y de\u011feri 4,14 milyar TL olarak raporlanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Sinpa\u015f AquaCity:<\/b> \u015eirketin ana konut projesi olup, sat\u0131\u015fa haz\u0131r 69 adet ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm kalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Aqua Mall AVM:<\/b> 68 adet d\u00fckkandan olu\u015fan ve kira geliri elde edilen bir al\u0131\u015fveri\u015f merkezidir.<\/li>\n<li><b>Ticari Alanlar:<\/b> Metro Grossmarket&#8217;e kiralanm\u0131\u015f 2 katl\u0131 bir al\u0131\u015fveri\u015f merkezi ve arsas\u0131n\u0131 i\u00e7ermektedir.<\/li>\n<li><b>Arsalar:<\/b> Denizli&#8217;de bulunan ve yat\u0131r\u0131m amac\u0131yla elde tutulan 5 adet parsel.<\/li>\n<\/ul>\n<p><b>Portf\u00f6y De\u011ferleri<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kategorisi<\/td>\n<td>Expertiz De\u011feri (TL)<\/td>\n<\/tr>\n<tr>\n<td>Arsalar<\/td>\n<td>1.734.568.000<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alanlar<\/td>\n<td>1.386.216.000<\/td>\n<\/tr>\n<tr>\n<td>Konutlar<\/td>\n<td>1.019.356.000<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Portf\u00f6y De\u011feri<\/b><\/td>\n<td><b>4.140.140.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.4. Y\u00f6netim Kurulu<\/h3>\n<p>25 Eyl\u00fcl 2025 tarihli Ola\u011fan Genel Kurul toplant\u0131s\u0131nda \u00fc\u00e7 y\u0131l s\u00fcreyle g\u00f6rev yapmak \u00fczere se\u00e7ilen Y\u00f6netim Kurulu \u00fcyeleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131 \/ Temsil Etti\u011fi Kurum<\/td>\n<td>Unvan\u0131<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Sinpa\u015f Yap\u0131 End\u00fcstri A.\u015e. Temsilen Avni \u00c7elik<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Ahmet \u00c7elik<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Derya Baltal\u0131<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Mahmut Sefa \u00c7elik<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Deniz Tekstil San. ve Tic. A.\u015e. Temsilen Deniz Baltal\u0131 G\u00f6kkan<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer Okan \u00c7a\u011flar<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Evet<\/td>\n<\/tr>\n<tr>\n<td>Akif G\u00fclle<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Evet<\/td>\n<\/tr>\n<tr>\n<td>Tufan K\u00f6se<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Evet<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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. \u00d6nemli Muhasebe ve Mevzuat De\u011fi\u015fiklikleri<\/h2>\n<h3>3.1. Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>\u015eirketin finansal tablolar\u0131, Kamu G\u00f6zetimi Kurumu (KGK) karar\u0131 uyar\u0131nca 31 Aral\u0131k 2023 tarihinden itibaren TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re d\u00fczeltilmektedir. Bu uygulama, parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerin net pozisyonuna ba\u011fl\u0131 olarak &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Kay\u0131plar\u0131)&#8221; kalemi alt\u0131nda k\u00e2r veya zarar tablosunda \u00f6nemli dalgalanmalara neden olmaktad\u0131r. 2025 y\u0131l\u0131ndaki net zarar b\u00fcy\u00fck \u00f6l\u00e7\u00fcde bu kalemde ya\u015fanan negatif de\u011fi\u015fimden kaynaklanm\u0131\u015ft\u0131r.<\/p>\n<h3>3.2. GYO Vergi \u0130stisnas\u0131nda De\u011fi\u015fiklik<\/h3>\n<p>2 A\u011fustos 2024 tarihli Resmi Gazete&#8217;de yay\u0131mlanan kanun ile GYO&#8217;lara tan\u0131nan kurumlar vergisi istisnas\u0131, 1 Ocak 2025&#8217;ten itibaren ge\u00e7erli olmak \u00fczere yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<ul>\n<li><b>\u0130stisnan\u0131n \u015eart\u0131:<\/b> \u0130stisnan\u0131n uygulanmas\u0131, GYO&#8217;lar\u0131n ta\u015f\u0131nmazlardan elde ettikleri kazan\u00e7lar\u0131n en az %50&#8217;sini, kurumlar vergisi beyannamesinin verilmesi gereken ay\u0131 izleyen ikinci ay\u0131n sonuna kadar k\u00e2r pay\u0131 olarak da\u011f\u0131tma \u015fart\u0131na ba\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Asgari Kurumlar Vergisi:<\/b> GYO kazan\u00e7lar\u0131 da dahil olmak \u00fczere indirim ve istisnalar d\u00fc\u015f\u00fclmeden \u00f6nceki kurum kazanc\u0131n\u0131n %10&#8217;undan az olamayacak \u015fekilde bir asgari kurumlar vergisi getirilmi\u015ftir.<\/li>\n<li><b>Muhasebe Etkisi:<\/b> Bu de\u011fi\u015fiklikler nedeniyle \u015firket, da\u011f\u0131t\u0131lmayan k\u00e2rlar \u00fczerinden ge\u00e7erli olacak %30 vergi oran\u0131n\u0131 kullanarak ertelenmi\u015f vergi hesaplamas\u0131 yapmaya ba\u015flam\u0131\u015ft\u0131r. Bu durum, cari d\u00f6nem k\u00e2r\/zarar tablosunda 61,6 milyon TL&#8217;lik bir &#8220;Ertelenmi\u015f Vergi Geliri&#8221; olarak yans\u0131m\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<h2>4. Finansal Risk Y\u00f6netimi<\/h2>\n<h3>4.1. Kur Riski<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla a\u011f\u0131rl\u0131kl\u0131 olarak ABD Dolar\u0131 cinsinden 699.248 TL kar\u015f\u0131l\u0131\u011f\u0131 net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmaktad\u0131r. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, ABD Dolar\u0131&#8217;n\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda yakla\u015f\u0131k 69.925 TL tutar\u0131nda bir zarar olu\u015facakt\u0131r. Bu risk seviyesi, \u015firketin genel b\u00fcy\u00fckl\u00fc\u011f\u00fc g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda s\u0131n\u0131rl\u0131d\u0131r.<\/p>\n<h3>4.2. Likidite ve Sermaye Riski<\/h3>\n<p>\u015eirket, d\u00fc\u015f\u00fck bor\u00e7luluk seviyesi ile g\u00fc\u00e7l\u00fc bir sermaye yap\u0131s\u0131na sahiptir.<\/p>\n<ul>\n<li><b>Net Bor\u00e7 \/ Kullan\u0131lan Sermaye Oran\u0131:<\/b> Bu oran, 2024 sonunda %0,25 iken, 30 Eyl\u00fcl 2025 itibar\u0131yla %1,01&#8217;e y\u00fckselmi\u015ftir. Orandaki art\u0131\u015fa ra\u011fmen bor\u00e7luluk olduk\u00e7a d\u00fc\u015f\u00fck seviyededir.<\/li>\n<li><b>Net Bor\u00e7:<\/b> Nakit ve nakit benzerleri d\u00fc\u015f\u00fcld\u00fckten sonraki net bor\u00e7 tutar\u0131 51,6 milyon TL&#8217;dir. Bu tutar, 5 milyar TL&#8217;yi a\u015fan \u00f6zkaynaklar kar\u015f\u0131s\u0131nda olduk\u00e7a y\u00f6netilebilir bir d\u00fczeydedir.<\/li>\n<\/ul>\n<h3>4.3. Portf\u00f6y S\u0131n\u0131rlamalar\u0131na Uyum<\/h3>\n<p>\u015eirket, GYO mevzuat\u0131nda belirtilen portf\u00f6y s\u0131n\u0131rlamalar\u0131na uymaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla, gayrimenkul ve gayrimenkule dayal\u0131 varl\u0131klar\u0131n toplam varl\u0131klara oran\u0131 %90,17&#8217;dir. Bu oran, mevzuatta belirtilen asgari %51&#8217;lik s\u0131n\u0131r\u0131n olduk\u00e7a \u00fczerindedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"312\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>K\u00e2r Zarardan \u0130baret De\u011fildir: Bir GYO&#8217;nun Finans Raporlar\u0131nda Gizli 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye \u00c7o\u011fumuz i\u00e7in bir \u015firketin finansal raporu, rakamlarla dolu, anla\u015f\u0131lmas\u0131 zor ve s\u0131k\u0131c\u0131 bir belgedir. Genellikle g\u00f6zler do\u011frudan en alt sat\u0131ra, yani \u015firketin k\u00e2r m\u0131&#8230; <\/p>\n","protected":false},"author":1,"featured_media":313,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[63],"class_list":["post-312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-begyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/312","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=312"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/312\/revisions"}],"predecessor-version":[{"id":314,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/312\/revisions\/314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/313"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}