{"id":354,"date":"2025-12-21T18:39:54","date_gmt":"2025-12-21T15:39:54","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=354"},"modified":"2025-12-21T18:39:54","modified_gmt":"2025-12-21T15:39:54","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-vertu-verusaturk-girisim-sermayesi-2025-9-bilanco-analizi-%f0%9f%a7%bf-2","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/354","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #VERTU | Verusaturk Giri\u015fim Sermayesi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #VERTU | Verusaturk Giri\u015fim Sermayesi 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/VCZtsb21ocw?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>Teknoloji, Kahve ve Enerji: Verusaturk&#8217;un 5 Milyar TL&#8217;lik \u015ea\u015f\u0131rt\u0131c\u0131 Portf\u00f6y\u00fcn\u00fcn S\u0131rlar\u0131<\/h1>\n<h3><b>Giri\u015f: Bilan\u00e7onun \u00d6tesinde<\/b><\/h3>\n<p>Finansal raporlar genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n ard\u0131nda, bir \u015firketin stratejisi, vizyonu ve gelece\u011fe dair ipu\u00e7lar\u0131 gizlidir. Verusaturk&#8217;\u00fcn son faaliyet raporu da tam olarak b\u00f6yle bir hikaye anlat\u0131yor: Say\u0131lar\u0131n aras\u0131na gizlenmi\u015f, strateji, inovasyon ve i\u015f d\u00fcnyas\u0131n\u0131n gelece\u011fi hakk\u0131nda b\u00fcy\u00fcleyici \u00f6yk\u00fcler bar\u0131nd\u0131r\u0131yor. Gelin, bu raporun sat\u0131r aralar\u0131nda gizlenen ve modern bir yat\u0131r\u0131m devinin \u015fa\u015f\u0131rt\u0131c\u0131 portresini \u00e7izen birka\u00e7 \u00e7arp\u0131c\u0131 detaya birlikte g\u00f6z atal\u0131m.<\/p>\n<h3><b>1. 5 Milyar TL&#8217;lik Varl\u0131k, Sadece 4 Ki\u015filik Ekip: Bu Nas\u0131l M\u00fcmk\u00fcn?<\/b><\/h3>\n<p>\u0130lk bak\u0131\u015fta inanmas\u0131 g\u00fc\u00e7 bir tabloyla kar\u015f\u0131la\u015f\u0131yoruz: Verusaturk, 30 Eyl\u00fcl 2025 itibar\u0131yla tam <b>5.028.009.657 TL<\/b> de\u011ferinde bir varl\u0131\u011f\u0131 y\u00f6netiyor. \u0130\u015fin en \u015fa\u015f\u0131rt\u0131c\u0131 k\u0131sm\u0131 ise bu devasa operasyonun arkas\u0131nda ortalama sadece <b>d\u00f6rt ki\u015filik<\/b> bir ekibin olmas\u0131.<\/p>\n<p>Peki bu nas\u0131l m\u00fcmk\u00fcn? Bu durum, \u015firketin i\u015f modelinin bir sonucu. Verusaturk, \u00fcretim yapan veya hizmet satan gelensel bir \u015firket de\u011fil; bir &#8220;Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8221;. Temel i\u015fi, y\u00fcksek b\u00fcy\u00fcme potansiyeline sahip \u015firketlere stratejik olarak sermaye sa\u011flamak ve onlar\u0131n b\u00fcy\u00fcmesine ortak olmakt\u0131r. \u00d6rne\u011fin, portf\u00f6y \u015firketlerinden Vektora Yaz\u0131l\u0131m tek ba\u015f\u0131na 128 ki\u015filik bir ekiple faaliyet g\u00f6sterirken, Verusaturk\u2019\u00fcn d\u00f6rt ki\u015filik \u00e7ekirdek kadrosu sermaye y\u00f6netimine odaklan\u0131yor. Bu, a\u015f\u0131r\u0131 verimlilik ve odaklanma \u00fczerine kurulu modern bir i\u015f modelinin en net \u00f6rneklerinden biridir.<\/p>\n<h3><b>2. Portf\u00f6yleri, T\u00fcrkiye&#8217;nin Gelece\u011fine Yap\u0131lm\u0131\u015f Bir Yat\u0131r\u0131m Gibi<\/b><\/h3>\n<p>Verusaturk&#8217;\u00fcn yat\u0131r\u0131m portf\u00f6y\u00fc, tek bir alana s\u0131k\u0131\u015f\u0131p kalmak yerine, T\u00fcrkiye ekonomisinin gelece\u011fini \u015fekillendirecek kilit sekt\u00f6rlere yay\u0131lm\u0131\u015f durumda. Bu \u00e7e\u015fitlilik, \u015firketin ileri g\u00f6r\u00fc\u015fl\u00fc stratejisini g\u00f6zler \u00f6n\u00fcne seriyor:<\/p>\n<ul>\n<li><b>Yenilenebilir Enerji:<\/b> \u015eirket, b\u00fcnyesinde <b>Ad\u0131yaman<\/b> ve <b>Erzurum Tortum<\/b>\u2019daki hidroelektrik santralleri (HES) ile g\u00fcne\u015f enerjisi santralleri (GES) bulunduran <b>Pamukova Elektrik<\/b> arac\u0131l\u0131\u011f\u0131yla ye\u015fil enerjiye \u00f6nemli bir yat\u0131r\u0131m yapm\u0131\u015f durumda.<\/li>\n<li><b>Teknoloji ve Yaz\u0131l\u0131m:<\/b> Portf\u00f6yde sadece SAP Gold Partneri unvan\u0131yla de\u011fil, ayn\u0131 zamanda 2017&#8217;den beri <b>T.C. Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131\u2019na ba\u011fl\u0131 bir Ar-Ge Merkezi<\/b> stat\u00fcs\u00fcne sahip olan ve Avrupa Birli\u011fi\u2019nin uluslararas\u0131 <b>GRAN-IOT<\/b> projesinde teknoloji sa\u011flay\u0131c\u0131s\u0131 olarak yer alan <b>Vektora Yaz\u0131l\u0131m<\/b> gibi teknoloji devleri bulunuyor. <b>GoLive Yaz\u0131l\u0131m<\/b> da bu alandaki bir di\u011fer \u00f6nemli yat\u0131r\u0131m\u0131.<\/li>\n<li><b>Dijital Oyun ve E\u011flence:<\/b> Yarat\u0131c\u0131 end\u00fcstrilere yap\u0131lan bir yat\u0131r\u0131m olarak, \u00f6d\u00fcll\u00fc bir bilgisayar oyununun geli\u015ftiricisi olan <b>Core Engage Yaz\u0131l\u0131m<\/b>&#8216;a yap\u0131lan ortakl\u0131k dikkat \u00e7ekiyor.<\/li>\n<li><b>G\u0131da ve Perakende:<\/b> T\u00fcrkiye&#8217;nin en bilinen kahve zincirlerinden biri olan <b>Kahve Diyar\u0131<\/b>&#8216;n\u0131n %50&#8217;sine sahip olmalar\u0131, modern t\u00fcketici al\u0131\u015fkanl\u0131klar\u0131na ve perakende sekt\u00f6r\u00fcn\u00fcn dinamizmine yap\u0131lan bir yat\u0131r\u0131m\u0131 temsil ediyor.<\/li>\n<\/ul>\n<p>Bu portf\u00f6y rastgele bir koleksiyon de\u011fil; T\u00fcrk insan\u0131n\u0131n gelecekte nas\u0131l ya\u015fayaca\u011f\u0131, \u00e7al\u0131\u015faca\u011f\u0131 ve enerji t\u00fcketece\u011fi \u00fczerine kurgulanm\u0131\u015f, titizlikle in\u015fa edilmi\u015f bir ekosistemdir.<\/p>\n<h3><b>3. Sadece Finansal De\u011fil, \u00d6d\u00fcll\u00fc Yarat\u0131c\u0131l\u0131\u011fa da Ortaklar<\/b><\/h3>\n<p>Verusaturk&#8217;\u00fcn yat\u0131r\u0131m stratejisinin ne kadar somut ve etkileyici sonu\u00e7lar do\u011furdu\u011funun en g\u00fczel \u00f6rneklerinden biri <b>Core Engage Yaz\u0131l\u0131m<\/b> ile olan ortakl\u0131klar\u0131. \u015eirket, bu yenilik\u00e7i oyun st\u00fcdyosunun %50&#8217;sine sahip.<\/p>\n<p>Bu ortakl\u0131\u011f\u0131n en dikkat \u00e7ekici meyvesi ise Core Engage taraf\u0131ndan geli\u015ftirilen &#8220;New Cycle&#8221; adl\u0131 oyunun, <b>Kristal Piksel 2024<\/b>&#8216;te &#8220;En \u0130yi PC Oyunu \u00d6d\u00fcl\u00fc&#8221;n\u00fc kazanmas\u0131 oldu. Bu ba\u015far\u0131, Verusaturk&#8217;\u00fcn yat\u0131r\u0131mlar\u0131n\u0131n sadece bilan\u00e7odaki soyut rakamlardan ibaret olmad\u0131\u011f\u0131n\u0131; aksine, ulusal \u00e7apta takdir toplayan, ger\u00e7ek, yarat\u0131c\u0131 ve ba\u015far\u0131l\u0131 \u00fcr\u00fcnlere d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. Bu durum, \u015firketin finansal stratejisine insani ve inovatif bir boyut kat\u0131yor.<\/p>\n<h3><b>4. K\u00e2r Sat\u0131\u015ftan De\u011fil, Do\u011fru Se\u00e7imlerden Geliyor<\/b><\/h3>\n<p>Raporun en \u00e7arp\u0131c\u0131 finansal verilerinden biri, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131ndaki inan\u0131lmaz de\u011fi\u015fim. Verusaturk, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda <b>(76.843.607) TL<\/b> zarar a\u00e7\u0131klam\u0131\u015fken, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>376.809.598 TL<\/b> net k\u00e2ra ula\u015fm\u0131\u015f.<\/p>\n<p>Peki bu devasa d\u00f6n\u00fc\u015f\u00fcm\u00fcn s\u0131rr\u0131 ne? Cevap, gelir tablosundaki &#8220;Finansal yat\u0131r\u0131m de\u011ferleme kar\u0131&#8221; kaleminde gizli. Bu, k\u00e2r\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n bir \u00fcr\u00fcn satmaktan de\u011fil, portf\u00f6ylerindeki \u015firketlerin de\u011ferinin artmas\u0131ndan geldi\u011fi anlam\u0131na geliyor. \u00d6rne\u011fin, bu pozitif d\u00f6n\u00fc\u015f\u00fcmde <b>Pamukova Elektrik<\/b> gibi enerji varl\u0131klar\u0131n\u0131n de\u011ferlemesindeki art\u0131\u015f\u0131n \u00f6nemli bir pay\u0131 var. Bu, ba\u015far\u0131l\u0131 giri\u015fim sermayecili\u011finin \u00f6z\u00fcd\u00fcr: Potansiyeli y\u00fcksek \u015firketleri erken a\u015famada tespit etmek ve onlar\u0131n b\u00fcy\u00fcmesiyle birlikte de\u011fer kazanmak. T\u0131pk\u0131 de\u011ferlenen bir ev gibi; satmasan\u0131z bile, ka\u011f\u0131t \u00fczerinde daha zenginsinizdir.<\/p>\n<h3><b>Sonu\u00e7: Rakamlar\u0131n Ard\u0131ndaki Strateji<\/b><\/h3>\n<p>Verusaturk&#8217;\u00fcn faaliyet raporu, rakamlar\u0131n \u00e7ok \u00f6tesinde bir vizyonu ortaya koyuyor. Kar\u015f\u0131m\u0131zda, yal\u0131n bir organizasyon yap\u0131s\u0131yla muazzam bir varl\u0131\u011f\u0131 y\u00f6neten, T\u00fcrkiye&#8217;nin gelece\u011fine y\u00f6n verecek farkl\u0131 sekt\u00f6rlere cesurca yat\u0131r\u0131m yapan ve ba\u015far\u0131s\u0131n\u0131 do\u011fru se\u00e7imler \u00fczerine kuran dinamik bir strateji var. D\u00f6rt ki\u015filik \u00e7ekirdek ekibin sa\u011flad\u0131\u011f\u0131 bu a\u015f\u0131r\u0131 odaklanma, Verusaturk&#8217;\u00fcn operasyonel y\u00fcklere tak\u0131lmadan b\u00f6ylesine karma\u015f\u0131k ve ileriye d\u00f6n\u00fck bir portf\u00f6y\u00fc tespit etmesini ve y\u00f6netmesini sa\u011fl\u0131yor.<\/p>\n<p>Bir \u015firketin portf\u00f6y\u00fc hem bir hidroelektrik santrali hem de \u00f6d\u00fcll\u00fc bir bilgisayar oyunu i\u00e7erdi\u011finde, bu bize ekonominin gelece\u011fi hakk\u0131nda ne anlat\u0131yor?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Verusaturk Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.: Bilgilendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Verusaturk Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (BIST: VERTU), 2012 y\u0131l\u0131nda Verusa Holding \u00f6nc\u00fcl\u00fc\u011f\u00fcnde kurulan ve T\u00fcrkiye&#8217;nin b\u00fcy\u00fcme potansiyeli y\u00fcksek giri\u015fimlerine yat\u0131r\u0131m yapan halka a\u00e7\u0131k bir \u015firkettir. %63,61&#8217;lik pay oran\u0131 ile Verusa Holding&#8217;in hakim ortakl\u0131\u011f\u0131nda faaliyet g\u00f6steren Verusaturk, yenilenebilir enerji, teknoloji, yaz\u0131l\u0131m, dijital oyun ve g\u0131da gibi stratejik sekt\u00f6rlerde \u00e7e\u015fitlendirilmi\u015f bir portf\u00f6y\u00fc y\u00f6netmektedir.<\/p>\n<p>\u015eirket, 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6nemde g\u00fc\u00e7l\u00fc bir finansal performans sergilemi\u015ftir. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 76,8 milyon TL&#8217;lik zarara kar\u015f\u0131l\u0131k, 376,8 milyon TL net k\u00e2r elde ederek \u00f6nemli bir geri d\u00f6n\u00fc\u015fe imza atm\u0131\u015ft\u0131r. Bu performans, \u015firketin toplam varl\u0131klar\u0131n\u0131 5 milyar TL&#8217;nin \u00fczerine ta\u015f\u0131m\u0131\u015ft\u0131r. Bu ba\u015far\u0131n\u0131n arkas\u0131ndaki temel itici g\u00fc\u00e7, portf\u00f6ydeki \u015firketlerin ger\u00e7e\u011fe uygun de\u011ferleme art\u0131\u015flar\u0131 ve ba\u015far\u0131l\u0131 yat\u0131r\u0131m sat\u0131\u015flar\u0131ndan elde edilen gelirlerdir.<\/p>\n<p>Verusaturk&#8217;un yat\u0131r\u0131m portf\u00f6y\u00fc, Pamukova Elektrik arac\u0131l\u0131\u011f\u0131yla yenilenebilir enerji alan\u0131ndaki 18,454 MW&#8217;l\u0131k kurulu g\u00fcc\u00fc, Vektora Yaz\u0131l\u0131m ile SAP Gold Partneri olarak teknoloji ve dan\u0131\u015fmanl\u0131k hizmetlerini, Core Engage ile &#8220;Kristal Piksel 2024 En \u0130yi PC Oyunu&#8221; \u00f6d\u00fcll\u00fc &#8220;New Cycle&#8221; gibi ba\u015far\u0131l\u0131 dijital oyun projelerini ve Kahve Diyar\u0131 markas\u0131yla g\u0131da ve perakende sekt\u00f6r\u00fcn\u00fc kapsamaktad\u0131r. \u015eirket, TFRS uyar\u0131nca bir giri\u015fim sermayesi kurulu\u015fu olarak yat\u0131r\u0131mlar\u0131n\u0131 konsolide etmek yerine &#8220;ger\u00e7e\u011fe uygun de\u011fer fark\u0131 k\u00e2r veya zarara yans\u0131t\u0131lan finansal varl\u0131klar&#8221; olarak \u00f6l\u00e7mektedir. Bu yakla\u015f\u0131m, portf\u00f6y performans\u0131n\u0131n finansal tablolara dinamik ve \u015feffaf bir \u015fekilde yans\u0131t\u0131lmas\u0131n\u0131 sa\u011flamaktad\u0131r.<\/p>\n<h2>1. \u015eirket Profili ve Yap\u0131s\u0131<\/h2>\n<h3>1.1. Kurumsal Kimlik<\/h3>\n<p>Verusaturk, Borsa \u0130stanbul Ana Pazar&#8217;da &#8220;VERTU&#8221; i\u015flem koduyla i\u015flem g\u00f6ren, b\u00fcy\u00fcme odakl\u0131 bir giri\u015fim sermayesi yat\u0131r\u0131m ortakl\u0131\u011f\u0131d\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ticaret Unvan\u0131<\/td>\n<td>Verusaturk Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Kurulu\u015f Tarihi<\/b><\/td>\n<td>09 Ocak 2012<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015flem G\u00f6rd\u00fc\u011f\u00fc Pazar<\/b><\/td>\n<td>Borsa \u0130stanbul (BIST) \u2013 ANA PAZAR<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015flem Kodu<\/b><\/td>\n<td>VERTU<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>Maslak Mah. Saat Sk. Spine Tower Sitesi No:5\/94 Sar\u0131yer\/\u0130stanbul<\/td>\n<\/tr>\n<tr>\n<td><b>Yetki Belgesi<\/b><\/td>\n<td>Sermaye Piyasas\u0131 Kurulu &#8220;Portf\u00f6y \u0130\u015fletmecili\u011fi Yetki Belgesi&#8221; (12.06.2012)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Stratejik Odak<\/h3>\n<p>\u015eirketin temel faaliyet konusu, T\u00fcrkiye&#8217;de kurulmu\u015f veya kurulacak olan, geli\u015fme potansiyeli ta\u015f\u0131yan ve kaynak ihtiyac\u0131 olan giri\u015fim \u015firketlerine yat\u0131r\u0131m yapmakt\u0131r. Stratejik olarak odakland\u0131\u011f\u0131 ana sekt\u00f6rler \u015funlard\u0131r:<\/p>\n<ul>\n<li>Yenilenebilir Enerji<\/li>\n<li>Teknoloji ve Yaz\u0131l\u0131m<\/li>\n<li>Dijital Oyun Yaz\u0131l\u0131m\u0131<\/li>\n<li>G\u0131da \u00dcretimi ve Perakende<\/li>\n<\/ul>\n<h3>1.3. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 52.000.000 TL olup, kay\u0131tl\u0131 sermaye tavan\u0131 250.000.000 TL&#8217;dir. Hakim ortak %63,61&#8217;lik pay ile Verusa Holding A.\u015e.&#8217;dir.<\/p>\n<p><b>Pay Sahipli\u011fi Yap\u0131s\u0131 (30.09.2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahipleri<\/td>\n<td>Sermaye Tutar\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Verusa Holding A.\u015e.<\/td>\n<td>33.077.590<\/td>\n<td>63,61<\/td>\n<\/tr>\n<tr>\n<td>Geri Al\u0131nm\u0131\u015f Paylar<\/td>\n<td>723.306<\/td>\n<td>1,39<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k)<\/td>\n<td>18.199.104<\/td>\n<td>35,00<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>52.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket sermayesi, A Grubu (4.066.072 adet) ve B Grubu (47.933.928 adet) nama yaz\u0131l\u0131 paylardan olu\u015fmaktad\u0131r. A Grubu paylar, Y\u00f6netim Kurulu \u00fcyelerinin \u00fc\u00e7te ikisinin se\u00e7iminde aday g\u00f6sterme imtiyaz\u0131na sahiptir.<\/p>\n<h2>2. Yat\u0131r\u0131m Portf\u00f6y\u00fc Analizi<\/h2>\n<h3>2.1. Portf\u00f6y Genel Bak\u0131\u015f<\/h3>\n<p>Verusaturk, hem do\u011frudan hem de dolayl\u0131 i\u015ftirakler arac\u0131l\u0131\u011f\u0131yla stratejik sekt\u00f6rlerde \u00f6nemli yat\u0131r\u0131mlara sahiptir. 30 Eyl\u00fcl 2025 itibar\u0131yla, portf\u00f6y\u00fcn %83,98&#8217;i giri\u015fim sermayesi yat\u0131r\u0131mlar\u0131ndan olu\u015fmakta olup, bu oran yasal olarak zorunlu olan asgari %51&#8217;lik s\u0131n\u0131r\u0131n olduk\u00e7a \u00fczerindedir.<\/p>\n<p><b>Se\u00e7ilmi\u015f Portf\u00f6y \u015eirketleri ve Pay Oranlar\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u015eirket Ad\u0131<\/td>\n<td>Sekt\u00f6r<\/td>\n<td>Yat\u0131r\u0131m T\u00fcr\u00fc<\/td>\n<td>Verusaturk Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Pamukova Elektrik \u00dcretim A.\u015e.<\/b><\/td>\n<td>Yenilenebilir Enerji<\/td>\n<td>Do\u011frudan<\/td>\n<td>%51,00<\/td>\n<\/tr>\n<tr>\n<td><b>Vektora Yaz\u0131l\u0131m Teknolojileri A.\u015e.<\/b><\/td>\n<td>Teknoloji &#8211; Yaz\u0131l\u0131m<\/td>\n<td>Do\u011frudan<\/td>\n<td>%60,00<\/td>\n<\/tr>\n<tr>\n<td><b>Core Engage Yaz\u0131l\u0131m A.\u015e.<\/b><\/td>\n<td>Dijital Oyun Yaz\u0131l\u0131m\u0131<\/td>\n<td>Do\u011frudan<\/td>\n<td>%50,00<\/td>\n<\/tr>\n<tr>\n<td><b>Kahve Diyar\u0131 Pazarlama San. ve Tic. A.\u015e.<\/b><\/td>\n<td>G\u0131da ve Perakende<\/td>\n<td>Do\u011frudan<\/td>\n<td>%50,00<\/td>\n<\/tr>\n<tr>\n<td><b>GoLive Yaz\u0131l\u0131m Hizmetleri A.\u015e.<\/b><\/td>\n<td>Teknoloji &#8211; Yaz\u0131l\u0131m<\/td>\n<td>Do\u011frudan<\/td>\n<td>%25,00<\/td>\n<\/tr>\n<tr>\n<td><b>Probel Yaz\u0131l\u0131m ve Bili\u015fim Sistemleri A.\u015e.<\/b><\/td>\n<td>Teknoloji &#8211; Yaz\u0131l\u0131m<\/td>\n<td>Do\u011frudan<\/td>\n<td>%10,00<\/td>\n<\/tr>\n<tr>\n<td><b>Pamel Yenilenebilir Elektrik \u00dcretim A.\u015e.<\/b><\/td>\n<td>Yenilenebilir Enerji<\/td>\n<td>Dolayl\u0131<\/td>\n<td>%38,79<\/td>\n<\/tr>\n<tr>\n<td><b>Sun Yenilenebilir Enerji \u00dcretim A.\u015e.<\/b><\/td>\n<td>Yenilenebilir Enerji<\/td>\n<td>Dolayl\u0131<\/td>\n<td>%38,79<\/td>\n<\/tr>\n<tr>\n<td><b>Zeroone Interactive Yaz\u0131l\u0131m A.\u015e.<\/b><\/td>\n<td>Dijital Oyun Yaz\u0131l\u0131m\u0131<\/td>\n<td>Dolayl\u0131<\/td>\n<td>%50,00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Stratejik Sekt\u00f6r Yat\u0131r\u0131mlar\u0131<\/h3>\n<h4>Yenilenebilir Enerji<\/h4>\n<ul>\n<li><b>Pamukova Elektrik \u00dcretim A.\u015e. (%51 Pay):<\/b> Verusaturk&#8217;un enerji sekt\u00f6r\u00fcndeki ana yat\u0131r\u0131m arac\u0131d\u0131r. Portf\u00f6y\u00fc, toplamda <b>18,454 MW<\/b> kurulu g\u00fcce sahip santrallerden olu\u015fmaktad\u0131r.\n<ul>\n<li><b>Hidroelektrik Santralleri (HES):<\/b> Pamukova&#8217;n\u0131n %76,07 oran\u0131nda i\u015ftirak etti\u011fi halka a\u00e7\u0131k <b>Pamel Yenilenebilir Elektrik<\/b> b\u00fcnyesinde, Ad\u0131yaman&#8217;da 6,946 MW ve Erzurum-Tortum&#8217;da 7,49 MW g\u00fcc\u00fcnde iki adet HES bulunmaktad\u0131r.<\/li>\n<li><b>G\u00fcne\u015f Enerjisi Santralleri (GES):<\/b> Pamel \u00fczerinden %100 dolayl\u0131 i\u015ftirak edilen <b>Sun Yenilenebilir Enerji<\/b> ve onun ba\u011fl\u0131 ortakl\u0131klar\u0131 olan Ortak\u00f6y Enerji ve \u015ei\u015fli Enerji b\u00fcnyesinde toplam 4,018 MW kurulu g\u00fcce sahip d\u00f6rt adet GES tesisi yer almaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>Teknoloji ve Yaz\u0131l\u0131m<\/h4>\n<ul>\n<li><b>Vektora Yaz\u0131l\u0131m Teknolojileri A.\u015e. (%60 Pay):<\/b> 2003&#8217;te kurulan ve 128 personele sahip olan Vektora, T\u00fcrkiye&#8217;deki SAP&#8217;nin Gold Partneri&#8217;dir. 22 y\u0131ll\u0131k tecr\u00fcbesiyle 400&#8217;\u00fcn \u00fczerinde ba\u015far\u0131l\u0131 projeye imza atm\u0131\u015ft\u0131r. 2017&#8217;den beri T.C. Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131&#8217;na ba\u011fl\u0131 bir Ar-Ge Merkezi olarak faaliyet g\u00f6stermekte ve Avrupa Birli\u011fi destekli uluslararas\u0131 projelerde (CELTIC-NEXT &#8211; GRAN-IOT) teknoloji sa\u011flay\u0131c\u0131s\u0131 olarak yer almaktad\u0131r.<\/li>\n<li>Di\u011fer \u00f6nemli teknoloji yat\u0131r\u0131mlar\u0131 aras\u0131nda <b>GoLive Yaz\u0131l\u0131m (%25)<\/b> ve <b>Probel Yaz\u0131l\u0131m (%10)<\/b> bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h4>Dijital Oyun Yaz\u0131l\u0131m\u0131<\/h4>\n<ul>\n<li><b>Core Engage Yaz\u0131l\u0131m A.\u015e. (%50 Pay):<\/b> 2020&#8217;de kurulan \u015firket, dijital oyun yaz\u0131l\u0131m\u0131 alan\u0131nda faaliyet g\u00f6stermektedir. Geli\u015ftirdi\u011fi &#8220;New Cycle&#8221; adl\u0131 oyun, <b>Kristal Piksel 2024<\/b>&#8216;te **&#8221;En \u0130yi PC Oyunu \u00d6d\u00fcl\u00fc&#8221;**n\u00fc kazanarak \u00f6nemli bir ba\u015far\u0131 elde etmi\u015ftir. Bu \u015firket \u00fczerinden <b>Zeroone Interactive Yaz\u0131l\u0131m A.\u015e.<\/b>&#8216;ye de %50 oran\u0131nda dolayl\u0131 yat\u0131r\u0131m bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h4>G\u0131da ve Perakende<\/h4>\n<ul>\n<li><b>Kahve Diyar\u0131 Pazarlama San. ve Tic. A.\u015e. (%50 Pay):<\/b> 2005&#8217;te kurulan Kahve Diyar\u0131, g\u0131da \u00fcretimi ve perakende sekt\u00f6r\u00fcnde T\u00fcrkiye genelindeki \u015fubeleriyle faaliyet g\u00f6stermektedir.<\/li>\n<\/ul>\n<h3>2.3. Yat\u0131r\u0131mlar\u0131n Co\u011frafi Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Verusaturk&#8217;un yat\u0131r\u0131mlar\u0131 co\u011frafi olarak \u00e7e\u015fitlilik g\u00f6stermektedir. Teknoloji ve yaz\u0131l\u0131m \u015firketleri a\u011f\u0131rl\u0131kl\u0131 olarak \u0130stanbul ve Ankara&#8217;da merkezlenirken, g\u0131da ve perakende operasyonlar\u0131 \u0130zmir merkezli olup T\u00fcrkiye geneline yay\u0131lm\u0131\u015ft\u0131r. Yenilenebilir enerji santralleri ise Ad\u0131yaman ve Erzurum gibi T\u00fcrkiye&#8217;nin farkl\u0131 b\u00f6lgelerinde konumlanm\u0131\u015ft\u0131r.<\/p>\n<h2>3. Finansal Performans ve De\u011ferleme<\/h2>\n<h3>3.1. 30 Eyl\u00fcl 2025 Finansal Sonu\u00e7lar\u0131<\/h3>\n<p>Verusaturk, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda finansal olarak g\u00fc\u00e7l\u00fc bir performans g\u00f6stermi\u015f ve k\u00e2rl\u0131l\u0131\u011fa ge\u00e7mi\u015ftir. Finansal tablolar, TMS 29 standard\u0131 uyar\u0131nca enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p><b>\u00d6zet Finansal Durum Tablosu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>5.028.009.657<\/td>\n<td>4.660.656.196<\/td>\n<\/tr>\n<tr>\n<td>Finansal Yat\u0131r\u0131mlar<\/td>\n<td>4.988.922.647<\/td>\n<td>4.640.616.474<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>5.017.169.055<\/td>\n<td>4.659.464.831<\/td>\n<\/tr>\n<tr>\n<td>\u00d6denmi\u015f Sermaye<\/td>\n<td>52.000.000<\/td>\n<td>52.000.000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6zet K\u00e2r veya Zarar Tablosu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (1 Ocak &#8211; 30 Eyl\u00fcl)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyetlerden Di\u011fer Gelirler<\/td>\n<td>396.827.618<\/td>\n<td>174.917.777<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/td>\n<td>376.809.598<\/td>\n<td>(76.843.607)<\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 \/ (Kay\u0131p)<\/td>\n<td>7,25<\/td>\n<td>(1,48)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>K\u00e2rl\u0131l\u0131ktaki art\u0131\u015f\u0131n ana kayna\u011f\u0131, 378,6 milyon TL&#8217;lik finansal yat\u0131r\u0131m de\u011ferleme k\u00e2r\u0131 ve 12,7 milyon TL&#8217;lik finansal yat\u0131r\u0131m sat\u0131\u015f k\u00e2r\u0131n\u0131 i\u00e7eren &#8220;Esas Faaliyetlerden Di\u011fer Gelirler&#8221; kalemidir.<\/p>\n<h3>3.2. Muhasebe ve De\u011ferleme Yakla\u015f\u0131m\u0131<\/h3>\n<p>Verusaturk, TFRS 10 standard\u0131 kapsam\u0131nda bir &#8220;yat\u0131r\u0131m i\u015fletmesi&#8221; olarak tan\u0131mland\u0131\u011f\u0131 i\u00e7in ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131 konsolide etmemektedir. Bunun yerine, TMS 28 ve TFRS 9 uyar\u0131nca, portf\u00f6y\u00fcndeki t\u00fcm i\u015ftirak ve ba\u011fl\u0131 ortakl\u0131k yat\u0131r\u0131mlar\u0131n\u0131 <b>&#8220;ger\u00e7e\u011fe uygun de\u011fer fark\u0131 k\u00e2r veya zarara yans\u0131t\u0131lan finansal varl\u0131klar&#8221;<\/b> olarak \u00f6l\u00e7mektedir. Bu y\u00f6ntem, portf\u00f6y \u015firketlerinin de\u011ferindeki de\u011fi\u015fimlerin do\u011frudan gelir tablosuna yans\u0131t\u0131lmas\u0131na olanak tan\u0131r.<\/p>\n<p>Borsada i\u015flem g\u00f6rmeyen (Seviye 3) yat\u0131r\u0131mlar\u0131n ger\u00e7e\u011fe uygun de\u011ferlemesinde kullan\u0131lan ba\u015fl\u0131ca y\u00f6ntemler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Pamukova Elektrik:<\/b> D\u00fczeltilmi\u015f Net Aktif De\u011fer y\u00f6ntemi ile de\u011ferlenmi\u015ftir. De\u011ferlemede, Pamukova&#8217;n\u0131n halka a\u00e7\u0131k i\u015ftiraki Pamel&#8217;in borsa kapan\u0131\u015f fiyat\u0131 (Seviye 1 veri) esas al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Vektora Yaz\u0131l\u0131m ve GoLive Yaz\u0131l\u0131m:<\/b> \u0130ndirgenmi\u015f Nakit Ak\u0131mlar\u0131 (\u0130NA) ve Borsa \u00c7arpanlar\u0131 (Emsal De\u011fer) y\u00f6ntemleri bir arada kullan\u0131lm\u0131\u015ft\u0131r. De\u011ferlemelerde %30&#8217;lar seviyesinde likidite iskontosu ve %30&#8217;un \u00fczerinde A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti (AOSM) oranlar\u0131 dikkate al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Core Engage ve Kahve Diyar\u0131:<\/b> Primarily De\u011ferlemesi \u0130ndirgenmi\u015f Nakit Ak\u0131mlar\u0131 (\u0130NA) y\u00f6ntemine dayanmaktad\u0131r. Core Engage i\u00e7in ABD Dolar\u0131 baz\u0131nda %17,57, Kahve Diyar\u0131 i\u00e7in ise TL baz\u0131nda %30,87 AOSM oran\u0131 kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Probel Yaz\u0131l\u0131m:<\/b> Enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f \u00f6zkaynak defter de\u011feri \u00fczerinden de\u011ferlenmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"354\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Teknoloji, Kahve ve Enerji: Verusaturk&#8217;un 5 Milyar TL&#8217;lik \u015ea\u015f\u0131rt\u0131c\u0131 Portf\u00f6y\u00fcn\u00fcn S\u0131rlar\u0131 Giri\u015f: Bilan\u00e7onun \u00d6tesinde Finansal raporlar genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n ard\u0131nda, bir \u015firketin stratejisi, vizyonu ve gelece\u011fe dair ipu\u00e7lar\u0131 gizlidir. Verusaturk&#8217;\u00fcn son faaliyet raporu&#8230; <\/p>\n","protected":false},"author":1,"featured_media":355,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[52],"class_list":["post-354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-vertu"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/354","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=354"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/354\/revisions"}],"predecessor-version":[{"id":356,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/354\/revisions\/356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/355"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}