{"id":321,"date":"2025-12-20T23:03:46","date_gmt":"2025-12-20T20:03:46","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=321"},"modified":"2025-12-20T23:03:46","modified_gmt":"2025-12-20T20:03:46","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ozysr-ozyasar-tel-ve-galvanizleme-sanayi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/321","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OZYSR | \u00d6zya\u015far Tel Ve Galvanizleme Sanayi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OZYSR | \u00d6zya\u015far Tel Ve Galvanizleme Sanayi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/wY1GOtJEYsM?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: 7 Milyar TL&#8217;lik Dev \u015eirket Neden Zarar Ediyor?<\/h1>\n<h3>G\u0130R\u0130\u015e: RAKAMLARIN \u00d6TES\u0130NDEK\u0130 H\u0130KAYE<\/h3>\n<p>Bir \u015firketin finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131\u011f\u0131nda, ilk bak\u0131lan rakam genellikle net k\u00e2r veya zarard\u0131r. Ancak bu tekil rakam, bir sanayi devinin zorlu bir makroekonomik f\u0131rt\u0131nan\u0131n ortas\u0131nda ne kadar dayan\u0131kl\u0131 oldu\u011funu anlamak i\u00e7in yeterli de\u011fildir. T\u00fcrkiye&#8217;nin \u00f6nde gelen sanayi \u015firketlerinden \u00d6zya\u015far Tel&#8217;in (BIST: OZYSR) son finansal raporu, operasyonel olarak sa\u011fl\u0131kl\u0131 bir \u015firketin y\u00fcksek faiz ve enflasyon bask\u0131s\u0131 alt\u0131nda nas\u0131l bir performans sergiledi\u011fine dair \u00e7arp\u0131c\u0131 bir vaka analizi sunuyor. Bu yaz\u0131n\u0131n amac\u0131, \u015firketin son finansal tablosundan \u00e7\u0131kar\u0131lacak ve ilk bak\u0131\u015fta sezgisel gelmeyen d\u00f6rt \u00f6nemli bulguyu ortaya koyarak, man\u015fetlerdeki zarar\u0131n ard\u0131ndaki ger\u00e7ek hikayeyi ayd\u0131nlatmakt\u0131r.<\/p>\n<h3>1. Beklenmedik D\u00f6n\u00fc\u015f: K\u00e2rdan Zarara Ge\u00e7i\u015f<\/h3>\n<p>Finansal tablolardaki en dikkat \u00e7ekici ba\u015fl\u0131k, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131ndaki keskin d\u00f6n\u00fc\u015f. Raporun Konsolide K\u00e2r veya Zarar Tablosu&#8217;na g\u00f6re, Grup 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, ana \u015firketin hissedarlar\u0131na isabet eden k\u0131s\u0131m olan <b>106.359.322 TL net zarar\u0131<\/b> a\u00e7\u0131klad\u0131. Bu rakam, ayn\u0131 \u015firketin bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde elde etti\u011fi <b>27.989.001 TL net k\u00e2r<\/b> ile tam bir tezat olu\u015fturuyor.<\/p>\n<p>&#8220;Ana Ortakl\u0131k Paylar\u0131&#8221; sat\u0131r\u0131ndan al\u0131nan bu veriler, k\u00e2\u011f\u0131t \u00fczerinde bir y\u0131ldan k\u0131sa s\u00fcrede yakla\u015f\u0131k 134 milyon TL&#8217;lik negatif bir de\u011fi\u015fim ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6steriyor. K\u00e2rdan zarara bu dramatik ge\u00e7i\u015f, herhangi bir finansal analizin kritik ba\u015flang\u0131\u00e7 noktas\u0131n\u0131 olu\u015fturur ve &#8220;Neden?&#8221; sorusunu sormay\u0131 zorunlu k\u0131lar.<\/p>\n<h3>2. Esas Su\u00e7lu Operasyonlar De\u011fil: Bor\u00e7 ve Finansman Y\u00fck\u00fc<\/h3>\n<p>Net zarar rakam\u0131 endi\u015fe verici g\u00f6r\u00fcnse de, raporun daha derinlerine inildi\u011finde \u015firketin ana faaliyetlerinin asl\u0131nda k\u00e2rl\u0131 oldu\u011fu ortaya \u00e7\u0131k\u0131yor. K\u00e2r veya Zarar Tablosu&#8217;ndaki &#8220;ESAS FAAL\u0130YET KARI \/ (ZARARI)&#8221; sat\u0131r\u0131, \u015firketin 2025&#8217;in ilk dokuz ay\u0131nda ana i\u015fi olan \u00fcretim ve sat\u0131\u015f operasyonlar\u0131ndan <b>317.959.202 TL k\u00e2r<\/b> elde etti\u011fini g\u00f6steriyor.<\/p>\n<p>Peki, bu operasyonel k\u00e2r nereye gidiyor? Cevap, ayn\u0131 tablodaki &#8220;Finansman Giderleri (-)&#8221; sat\u0131r\u0131nda gizli. \u015eirket, ayn\u0131 d\u00f6nemde tam <b>766.024.487 TL finansman giderine<\/b> katlanmak zorunda kalm\u0131\u015f.<\/p>\n<p>Bu durum, kritik bir ger\u00e7e\u011fi g\u00f6zler \u00f6n\u00fcne seriyor: \u015eirket temel faaliyetlerinde, yani \u00fcretti\u011fi mal\u0131 satarak para kazanma konusunda ba\u015far\u0131l\u0131. Ancak bor\u00e7lanma maliyetleri o kadar y\u00fcksek ki, operasyonlardan elde edilen t\u00fcm k\u00e2r\u0131 silip s\u00fcp\u00fcr\u00fcyor ve \u015firketi net zarara s\u00fcr\u00fckl\u00fcyor. Bu devasa finansman y\u00fck\u00fc, ileride inceleyece\u011fimiz y\u00fcksek enflasyon ortam\u0131n\u0131n sanayi \u015firketleri \u00fczerindeki en do\u011frudan ve ac\u0131mas\u0131z etkilerinden biridir.<\/p>\n<h3>3. En \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek: K\u00e2\u011f\u0131t \u00dczerinde Zarar, Kasada Milyonlarca Lira Nakit<\/h3>\n<p>Raporun belki de en \u015fa\u015f\u0131rt\u0131c\u0131 ve sezgilere en ayk\u0131r\u0131 bulgusu, muhasebe k\u00e2r\u0131 ile ger\u00e7ek nakit ak\u0131\u015f\u0131 aras\u0131ndaki farkta yat\u0131yor. \u015eirket 106,4 milyon TL net zarar a\u00e7\u0131klam\u0131\u015f olsa da, Konsolide Nakit Ak\u0131\u015f Tablosu tamamen farkl\u0131 bir hikaye anlat\u0131yor.<\/p>\n<p>Tablonun &#8220;\u0130\u015eLETME FAAL\u0130YETLERDEN NAK\u0130T AKI\u015eLARI&#8221; sat\u0131r\u0131na g\u00f6re \u015firket, zarar etti\u011fi bu dokuz ayl\u0131k d\u00f6nemde operasyonlar\u0131ndan <b>878.099.972 TL pozitif nakit ak\u0131\u015f\u0131<\/b> yaratmay\u0131 ba\u015farm\u0131\u015f. Daha da ilginci, bu nakit yaratma performans\u0131, \u015firketin k\u00e2r a\u00e7\u0131klad\u0131\u011f\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki <b>864.697.397 TL<\/b>&#8216;lik nakit ak\u0131\u015f\u0131ndan bile bir miktar daha y\u00fcksek.<\/p>\n<p>Bu nakit \u00fcretme kapasitesi, \u015firketin y\u00fcksek finansman maliyetlerine ra\u011fmen bor\u00e7lar\u0131n\u0131 \u00e7evirebilme ve operasyonel yat\u0131r\u0131mlar\u0131n\u0131 s\u00fcrd\u00fcrebilme g\u00fcc\u00fcne sahip oldu\u011funu g\u00f6steriyor. Esasen, \u015firket bu zorlu faiz ortam\u0131nda hayatta kalmak i\u00e7in gereken &#8216;yak\u0131t\u0131&#8217; kendi operasyonlar\u0131ndan \u00fcretebiliyor. Bu durum, &#8220;net k\u00e2r&#8221; rakam\u0131n\u0131n bir \u015firketin finansal nabz\u0131n\u0131 \u00f6l\u00e7mede tek ba\u015f\u0131na ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011finin ve nakit ak\u0131\u015f\u0131n\u0131n ger\u00e7ek finansal g\u00fcc\u00fc anlamak i\u00e7in hayati bir g\u00f6sterge oldu\u011funun g\u00fc\u00e7l\u00fc bir kan\u0131t\u0131d\u0131r.<\/p>\n<h3>4. Ger\u00e7ekli\u011fin Aynas\u0131: Enflasyon Muhasebesinin Etkisi<\/h3>\n<p>Bu rapordaki rakamlar\u0131 analiz ederken g\u00f6zden ka\u00e7\u0131r\u0131lmamas\u0131 gereken bir di\u011fer \u00f6nemli unsur, t\u00fcm finansal verilerin y\u00fcksek enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015f olmas\u0131d\u0131r. Raporun neredeyse her sayfas\u0131nda yer alan <code>(Tutarlar, aksi belirtilmedik\u00e7e, T\u00fcrk Liras\u0131 (\u201cTL\u201d)\u2019n\u0131n 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re TL olarak ifade edilmi\u015ftir.)<\/code> notu, rakamlar\u0131n nominal olmad\u0131\u011f\u0131n\u0131, T\u00fcrkiye Muhasebe Standard\u0131 29&#8217;a (TMS 29) g\u00f6re ayarland\u0131\u011f\u0131n\u0131 belirtir.<\/p>\n<p>Bu standard\u0131n getirdi\u011fi \u015feffafl\u0131k, K\u00e2r veya Zarar Tablosu&#8217;ndaki &#8220;Parasal Kazan\u00e7 \/ (Kay\u0131p), net&#8221; sat\u0131r\u0131nda kendini g\u00f6steriyor. Bu kalemde yakla\u015f\u0131k <b>71.869.298 TL&#8217;lik bir kay\u0131p<\/b> raporlanm\u0131\u015ft\u0131r. Basit bir dille bu, y\u00fcksek enflasyon ortam\u0131nda nakit ve benzeri varl\u0131klar\u0131 elde tutman\u0131n, paran\u0131n sat\u0131n alma g\u00fcc\u00fcn\u00fc a\u015f\u0131nd\u0131rmas\u0131 nedeniyle reel bir kayba yol a\u00e7t\u0131\u011f\u0131 ve bu muhasebe standard\u0131n\u0131n bu kayb\u0131 g\u00f6r\u00fcn\u00fcr k\u0131ld\u0131\u011f\u0131 anlam\u0131na gelir. Bu kalem bir &#8220;kahraman&#8221; de\u011fil, aksine enflasyonun \u015firket bilan\u00e7olar\u0131 \u00fczerindeki ac\u0131mas\u0131z etkisini ortaya koyan bir ger\u00e7eklik aynas\u0131d\u0131r. Bu ayarlama, zorlu bir ekonomik iklimde \u015firketin performans\u0131n\u0131n daha ger\u00e7ek\u00e7i bir resmini sunarak analizcilere de\u011ferli bir perspektif kazand\u0131r\u0131r.<\/p>\n<h3>SONU\u00c7: Tek Bir Rakam Yeterli De\u011fil<\/h3>\n<p>\u00d6zya\u015far Tel&#8217;in finansal tablosu, klasik bir &#8216;operasyonel m\u00fckemmellik-finansal bask\u0131&#8217; ikilemini g\u00f6zler \u00f6n\u00fcne seriyor. \u015eirketin \u00fcretim ve sat\u0131\u015f makinesi t\u0131k\u0131r t\u0131k\u0131r i\u015fleyip kasas\u0131na y\u00fcz milyonlarca lira nakit koyarken, makroekonomik mengeneler (y\u00fcksek faiz ve enflasyon) bu de\u011feri k\u00e2\u011f\u0131t \u00fczerinde eritiyor. Bu durum, \u015firketin mevcut stratejisinin dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 test ederken, yat\u0131r\u0131mc\u0131lar i\u00e7in de k\u0131sa vadeli bilan\u00e7o bask\u0131lar\u0131 ile uzun vadeli operasyonel g\u00fc\u00e7 aras\u0131nda bir se\u00e7im yapma zorunlulu\u011fu do\u011furuyor.<\/p>\n<p>Peki, bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011ferlendirirken, k\u00e2\u011f\u0131t \u00fczerindeki k\u00e2r m\u0131 yoksa kasas\u0131ndaki nakit ak\u0131\u015f\u0131 m\u0131 sizin i\u00e7in daha \u00f6nemlidir?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u00d6zya\u015far Tel ve Galvanizleme Grubu Finansal Durum Bilgilendirme Notu: 30 Eyl\u00fcl 2025 Ara D\u00f6nem Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, \u00d6zya\u015far Tel ve Galvanizleme Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k ara d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve temel faaliyetlerini analiz etmektedir. Rapor, grubun finansal performans\u0131n\u0131, bilan\u00e7osunu ve nakit ak\u0131\u015f\u0131n\u0131 \u00f6nceki d\u00f6nemlerle kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak incelemektedir.<\/p>\n<p><b>Temel Finansal Bulgular:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131kta Negatife D\u00f6n\u00fc\u015f:<\/b> Grup, 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6nemde ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen <b>106,4 milyon TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu sonu\u00e7, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 28,0 milyon TL&#8217;lik net k\u00e2ra k\u0131yasla \u00f6nemli bir gerilemeyi g\u00f6stermektedir. Bu negatif d\u00f6n\u00fc\u015f\u00fcm\u00fcn ana nedenleri, azalan has\u0131lat, artan finansman giderleri ve y\u00fcksek enflasyon ortam\u0131ndan kaynaklanan parasal kay\u0131plard\u0131r.<\/li>\n<li><b>Has\u0131lat ve Faaliyet K\u00e2r\u0131nda D\u00fc\u015f\u00fc\u015f:<\/b> Grubun konsolide has\u0131lat\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %15,3 azalarak 6,18 milyar TL&#8217;den <b>5,24 milyar TL&#8217;ye gerilemi\u015ftir<\/b>. Br\u00fct k\u00e2r %24,7, esas faaliyet k\u00e2r\u0131 ise %25,9 oran\u0131nda d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Finansal Durum:<\/b> Grubun toplam varl\u0131klar\u0131, 2024 y\u0131l sonundaki 7,33 milyar TL seviyesinden hafif bir d\u00fc\u015f\u00fc\u015fle 30 Eyl\u00fcl 2025 itibar\u0131yla <b>7,12 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Toplam \u00f6zkaynaklar ise d\u00f6nem zarar\u0131 nedeniyle 3,44 milyar TL&#8217;den <b>3,33 milyar TL&#8217;ye<\/b> gerilemi\u015ftir.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> Grup, faaliyetlerinden g\u00fc\u00e7l\u00fc nakit ak\u0131\u015f\u0131 yaratmaya devam etmi\u015ftir. \u0130\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131, \u00f6nceki y\u0131la paralel olarak <b>878,1 milyon TL<\/b> seviyesinde ger\u00e7ekle\u015fmi\u015ftir. Bununla birlikte, finansman faaliyetleri, artan bor\u00e7 geri \u00f6demeleri nedeniyle \u00f6nceki y\u0131lki 299,7 milyon TL&#8217;lik nakit giri\u015fine kar\u015f\u0131n bu d\u00f6nemde <b>482,6 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131na<\/b> yol a\u00e7m\u0131\u015ft\u0131r. D\u00f6nem sonunda net nakit ve nakit benzerlerinde 95,1 milyon TL&#8217;lik bir azalma ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Grup Yap\u0131s\u0131:<\/b> Konsolidasyon kapsam\u0131na ana ortakl\u0131k \u00d6zya\u015far Tel, %100 i\u015ftiraki \u00c7okya\u015far Halat ve %51 i\u015ftiraki \u00c7okya\u015far Tel dahildir. Arnavutluk&#8217;ta faaliyet g\u00f6steren ve %51 paya sahip olunan CWI Albania, oy hakk\u0131 oran\u0131n\u0131n %50 olmas\u0131 nedeniyle \u00f6zkaynak y\u00f6ntemiyle konsolide edilmektedir.<\/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>1. Grup Yap\u0131s\u0131 ve Faaliyet Alan\u0131<\/h2>\n<p>\u00d6zya\u015far Grubu, ana faaliyet konusu tel ve tel \u00fcr\u00fcnleri imalat\u0131 olan \u00e7e\u015fitli \u015firketlerden olu\u015fmaktad\u0131r. Grup, tam konsolidasyon ve \u00f6zkaynak y\u00f6ntemiyle konsolide edilen \u015firketleriyle metal sekt\u00f6r\u00fcnde faaliyet g\u00f6stermektedir.<\/p>\n<h3>1.1. Ana Ortakl\u0131k: \u00d6zya\u015far Tel ve Galvanizleme Sanayi A.\u015e.<\/h3>\n<ul>\n<li><b>Kurulu\u015f ve Faaliyetler:<\/b> 1973 y\u0131l\u0131nda kurulan \u015firket; tel, dikenli tel, galvanizli tel, \u00e7ivi ve vida gibi in\u015faat ve sanayi malzemelerinin imalat\u0131, al\u0131m sat\u0131m\u0131 ile i\u015ftigal etmektedir.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket paylar\u0131, 29 May\u0131s 2024 tarihinden itibaren Borsa \u0130stanbul&#8217;da &#8220;OZYSR&#8221; kodu ile i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Personel:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla ortalama personel say\u0131s\u0131 430&#8217;dur.<\/li>\n<li><b>\u00dcretim Kapasitesi:<\/b> \u0130stanbul Sanayi Odas\u0131&#8217;n\u0131n 13 Haziran 2024 tarihli raporuna g\u00f6re \u015firketin y\u0131ll\u0131k (24 saat \u00fczerinden) ana \u00fcretim kapasitelerinden baz\u0131lar\u0131 \u015funlard\u0131r:\n<ul>\n<li>Galvanizli tel (s\u0131cak dald\u0131rma): 270.525.000 kg<\/li>\n<li>So\u011fuk \u00e7ekilmi\u015f tel: 23.979.000 kg<\/li>\n<li>Boyal\u0131 panel \u00e7it: 26.940.000 kg<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>1.2. Konsolide Edilen Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u015eirket Ad\u0131<\/td>\n<td>Sahiplik Oran\u0131<\/td>\n<td>Ana Faaliyet Alan\u0131<\/td>\n<td>Temel Bilgiler<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7okya\u015far Halat Makina Tel Galvanizleme Sanayi Ticaret A.\u015e.<\/b><\/td>\n<td>%100<\/td>\n<td>\u00c7elik tel ve \u00e7elik halat mamulleri \u00fcretimi, al\u0131m-sat\u0131m\u0131<\/td>\n<td>2008&#8217;de Kocaeli&#8217;de kuruldu. Sermayesi 2025&#8217;te 50,5 milyon TL&#8217;den 350 milyon TL&#8217;ye \u00e7\u0131kar\u0131ld\u0131. \u0130ntermiks Metal ile 2024&#8217;te birle\u015fti.<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7okya\u015far Tel \u00d6rme ve Dokuma Tel Galvanizleme \u00c7ivi Sanayi Ticaret A.\u015e.<\/b><\/td>\n<td>%51<\/td>\n<td>Metallerin y\u00fczey i\u015flemleri, galvanizleme, tel ve \u00e7ivi \u00fcretimi<\/td>\n<td>1992&#8217;de \u0130stanbul&#8217;da kuruldu, 2002&#8217;de Adana&#8217;ya ta\u015f\u0131nd\u0131. Sermayesi 2024&#8217;te 65 milyon TL&#8217;den 420 milyon TL&#8217;ye \u00e7\u0131kar\u0131ld\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.3. \u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131m<\/h3>\n<ul>\n<li><b>Cokyasar Wire Industry Albania SH. A (CWI Albania):<\/b>\n<ul>\n<li><b>Sahiplik ve Kontrol:<\/b> Grup, \u015firketin sermayesinin %51&#8217;ine sahip olmas\u0131na ra\u011fmen, oy hakk\u0131 oran\u0131 %50&#8217;dir. Tek ba\u015f\u0131na y\u00f6netmek i\u00e7in yeterli oy hakk\u0131na sahip olmamas\u0131 nedeniyle, \u015firket \u00f6zkaynak y\u00f6ntemiyle konsolide edilmektedir.<\/li>\n<li><b>Faaliyetler:<\/b> 2019 y\u0131l\u0131nda Arnavutluk&#8217;ta kurulmu\u015f olup metallerin i\u015flenmesi ve kaplanmas\u0131 alan\u0131nda faaliyet g\u00f6stermektedir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi (01.01 &#8211; 30.09.2025 D\u00f6nemi)<\/h2>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla daha zay\u0131f bir finansal performans sergilemi\u015ftir. Azalan sat\u0131\u015flar ve artan finansman maliyetleri, k\u00e2rl\u0131l\u0131\u011f\u0131 olumsuz etkilemi\u015ftir.<\/p>\n<h3>2.1. K\u00e2r veya Zarar Tablosu Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>5.235.261.136<\/td>\n<td>6.180.314.470<\/td>\n<td>-15,3%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(4.508.548.908)<\/td>\n<td>(5.215.570.177)<\/td>\n<td>-13,6%<\/td>\n<\/tr>\n<tr>\n<td><b>BR\u00dcT K\u00c2R<\/b><\/td>\n<td><b>726.712.228<\/b><\/td>\n<td><b>964.744.293<\/b><\/td>\n<td><b>-24,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri<\/td>\n<td>(181.969.388)<\/td>\n<td>(203.330.736)<\/td>\n<td>-10,5%<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri<\/td>\n<td>(431.712.930)<\/td>\n<td>(480.723.330)<\/td>\n<td>-10,2%<\/td>\n<\/tr>\n<tr>\n<td><b>ESAS FAAL\u0130YET K\u00c2RI<\/b><\/td>\n<td><b>317.959.202<\/b><\/td>\n<td><b>429.414.391<\/b><\/td>\n<td><b>-25,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri<\/td>\n<td>145.623.005<\/td>\n<td>209.953.975<\/td>\n<td>-30,6%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri<\/td>\n<td>(766.024.487)<\/td>\n<td>(551.849.704)<\/td>\n<td>+38,8%<\/td>\n<\/tr>\n<tr>\n<td>Parasal Kazan\u00e7 \/ (Kay\u0131p), net<\/td>\n<td>(71.869.298)<\/td>\n<td>(24.524.884)<\/td>\n<td>+193,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r \/ (Zarar)<\/b><\/td>\n<td><b>(180.134.652)<\/b><\/td>\n<td><b>116.035.652<\/b><\/td>\n<td><b>-255,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00d6NEM K\u00c2RI \/ (ZARARI)<\/b><\/td>\n<td><b>(104.960.975)<\/b><\/td>\n<td><b>28.637.926<\/b><\/td>\n<td><b>-466,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131<\/td>\n<td>(106.359.322)<\/td>\n<td>27.989.001<\/td>\n<td>-479,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td><b>(1,03)<\/b><\/td>\n<td><b>0,27<\/b><\/td>\n<td><b>-481,5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Performans De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>Has\u0131lat Gerilemesi:<\/b> 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda has\u0131latta ya\u015fanan %15,3&#8217;l\u00fck d\u00fc\u015f\u00fc\u015f, br\u00fct k\u00e2r\u0131n %24,7 oran\u0131nda azalmas\u0131na neden olmu\u015ftur.<\/li>\n<li><b>Gider Y\u00f6netimi:<\/b> Faaliyet giderleri (pazarlama ve genel y\u00f6netim) mutlak de\u011fer olarak azalm\u0131\u015f olsa da, esas faaliyet k\u00e2r\u0131ndaki d\u00fc\u015f\u00fc\u015f\u00fc telafi edememi\u015ftir.<\/li>\n<li><b>Finansman Bask\u0131s\u0131:<\/b> K\u00e2rl\u0131l\u0131ktaki en belirgin bask\u0131 finansman giderlerinden kaynaklanmaktad\u0131r. Finansman giderleri bir \u00f6nceki y\u0131la g\u00f6re %38,8 artarak 766 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015f, net zarar\u0131n ba\u015fl\u0131ca nedenlerinden biridir.<\/li>\n<li><b>Enflasyon Etkisi:<\/b> Raporlama, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131na g\u00f6re yap\u0131ld\u0131\u011f\u0131ndan, net parasal pozisyon \u00fczerindeki enflasyon etkisi de k\u00e2rl\u0131l\u0131\u011f\u0131 olumsuz etkilemi\u015ftir. Net parasal kay\u0131p, 24,5 milyon TL&#8217;den 71,9 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Konsolide Finansal Durum Analizi (30.09.2025)<\/h2>\n<p>Grubun finansal durumu, 2024 y\u0131l sonuna g\u00f6re genel olarak stabil kalmakla birlikte, d\u00f6nen varl\u0131klarda ve \u00f6zkaynaklarda d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir.<\/p>\n<h3>3.1. Bilan\u00e7o \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>3.692.898.011<\/td>\n<td>3.973.002.280<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>1.114.042.683<\/td>\n<td>1.209.189.749<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>1.271.923.257<\/td>\n<td>1.448.732.442<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>1.032.252.092<\/td>\n<td>1.120.086.470<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>3.429.894.982<\/td>\n<td>3.359.249.390<\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>2.884.513.247<\/td>\n<td>2.751.868.983<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>7.122.792.993<\/b><\/td>\n<td><b>7.332.251.670<\/b><\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>3.341.160.076<\/td>\n<td>3.400.995.272<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Bor\u00e7lanmalar<\/td>\n<td>1.584.197.383<\/td>\n<td>1.539.585.876<\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>1.139.620.729<\/td>\n<td>1.184.393.775<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>448.920.375<\/td>\n<td>487.359.804<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>3.790.080.451<\/b><\/td>\n<td><b>3.888.355.076<\/b><\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>3.332.712.542<\/b><\/td>\n<td><b>3.443.896.594<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>2.896.240.180<\/td>\n<td>3.003.658.271<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>7.122.792.993<\/b><\/td>\n<td><b>7.332.251.670<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Bilan\u00e7o De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klardaki hafif d\u00fc\u015f\u00fc\u015f, esasen d\u00f6nen varl\u0131klardaki azalmadan kaynaklanmaktad\u0131r. Nakit, ticari alacaklar ve stoklardaki d\u00fc\u015f\u00fc\u015f, i\u015fletme sermayesi y\u00f6netimindeki de\u011fi\u015fimleri yans\u0131tmaktad\u0131r. Duran varl\u0131klardaki art\u0131\u015f ise maddi duran varl\u0131klara yap\u0131lan yat\u0131r\u0131mlar\u0131n devam etti\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> Toplam bor\u00e7luluk seviyesi bir miktar azalm\u0131\u015ft\u0131r. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler b\u00fcy\u00fck \u00f6l\u00e7\u00fcde stabil kal\u0131rken, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir. Finansal bor\u00e7lar\u0131n toplam\u0131 2,19 milyar TL&#8217;den 2,29 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki 111 milyon TL&#8217;lik d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde raporlanan 106,4 milyon TL&#8217;lik d\u00f6nem zarar\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<h2>4. Nakit Ak\u0131\u015f Analizi (01.01 &#8211; 30.09.2025 D\u00f6nemi)<\/h2>\n<p>Grup, d\u00f6nem zarar\u0131na ra\u011fmen faaliyetlerinden g\u00fc\u00e7l\u00fc nakit \u00fcretmeyi s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Ancak yat\u0131r\u0131m harcamalar\u0131 ve bor\u00e7 geri \u00f6demeleri net nakit pozisyonunu azaltm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> D\u00f6nem zarar\u0131na kar\u015f\u0131n, amortisman, ger\u00e7ekle\u015fmemi\u015f kur farklar\u0131 ve parasal kay\u0131p gibi nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen gider d\u00fczeltmeleri ve i\u015fletme sermayesindeki (alacak ve stoklardaki azalma) olumlu de\u011fi\u015fimler sayesinde <b>878,1 milyon TL net nakit giri\u015fi<\/b> sa\u011flanm\u0131\u015ft\u0131r. Bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle (864,7 milyon TL) neredeyse ayn\u0131d\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in yap\u0131lan 274,4 milyon TL&#8217;lik harcama, yat\u0131r\u0131m faaliyetlerinden <b>253,4 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131na<\/b> yol a\u00e7m\u0131\u015ft\u0131r. Bu, grubun b\u00fcy\u00fcme ve modernizasyon yat\u0131r\u0131mlar\u0131na devam etti\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Bu d\u00f6nemde en b\u00fcy\u00fck de\u011fi\u015fim finansman faaliyetlerinde ya\u015fanm\u0131\u015ft\u0131r. 2,44 milyar TL&#8217;lik bor\u00e7 geri \u00f6demesi, 2,11 milyar TL&#8217;lik yeni bor\u00e7lanmay\u0131 a\u015fm\u0131\u015ft\u0131r. Bu durum, \u00f6nceki y\u0131ldaki sermaye art\u0131\u015f\u0131n\u0131n aksine, bu d\u00f6nemde <b>482,6 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131na<\/b> neden olmu\u015ftur.<\/li>\n<li><b>Net De\u011fi\u015fim:<\/b> T\u00fcm faaliyetler sonucunda, d\u00f6nemin ba\u015f\u0131nda 1,21 milyar TL olan nakit ve nakit benzerleri, enflasyon etkisinden ar\u0131nd\u0131r\u0131ld\u0131ktan sonra 95,1 milyon TL azalarak d\u00f6nem sonunda <b>1,11 milyar TL<\/b> seviyesine inmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>Grup, faaliyetleri kapsam\u0131nda ili\u015fkili taraflarla \u00f6nemli ticari ve finansal i\u015flemler ger\u00e7ekle\u015ftirmektedir.<\/p>\n<ul>\n<li><b>Alacak ve Bor\u00e7lar:<\/b>\n<ul>\n<li>30 Eyl\u00fcl 2025 itibar\u0131yla, Cokyasar Wire Industries &#8211; Albania&#8217;dan 188,2 milyon TL ticari ve 280,3 milyon TL uzun vadeli di\u011fer alacak bulunmaktad\u0131r.<\/li>\n<li>2024 sonunda \u00c7okya\u015far Holding A.\u015e.&#8217;ye olan 8 milyon TL&#8217;lik ticari bor\u00e7, 30 Eyl\u00fcl 2025&#8217;te kapanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Ticari \u0130\u015flemler (01.01 &#8211; 30.09.2025):<\/b>\n<ul>\n<li>Cokyasar Wire Industries &#8211; Albania&#8217;ya <b>239,6 milyon TL<\/b> ve Akkoza Metal&#8217;e <b>76,8 milyon TL<\/b> tutar\u0131nda sat\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>\u00c7okya\u015far Holding A.\u015e.&#8217;den personel, kira ve di\u011fer giderler kapsam\u0131nda <b>40,7 milyon TL<\/b> ve pazarlama giderleri kapsam\u0131nda <b>4,3 milyon TL<\/b>&#8216;lik al\u0131m yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6netici Faydalar\u0131:<\/b>\n<ul>\n<li>Y\u00f6netim kurulu \u00fcyeleri olarak tan\u0131mlanan \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan faydalar\u0131n toplam\u0131, 2025&#8217;in ilk dokuz ay\u0131nda <b>9,48 milyon TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir (2024 ayn\u0131 d\u00f6nem: 11,26 milyon TL).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"321\" 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: 7 Milyar TL&#8217;lik Dev \u015eirket Neden Zarar Ediyor? G\u0130R\u0130\u015e: RAKAMLARIN \u00d6TES\u0130NDEK\u0130 H\u0130KAYE Bir \u015firketin finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131\u011f\u0131nda, ilk bak\u0131lan rakam genellikle net k\u00e2r veya zarard\u0131r. Ancak bu tekil rakam, bir sanayi devinin zorlu bir makroekonomik&#8230; <\/p>\n","protected":false},"author":1,"featured_media":322,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[66],"class_list":["post-321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ozysr"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/321","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=321"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/321\/revisions"}],"predecessor-version":[{"id":323,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/321\/revisions\/323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/322"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}