{"id":357,"date":"2025-12-21T18:44:21","date_gmt":"2025-12-21T15:44:21","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=357"},"modified":"2025-12-21T18:44:21","modified_gmt":"2025-12-21T15:44:21","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-katmr-katmerciler-arac-ustu-ekipman-sanayi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/357","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KATMR | Katmerciler Ara\u00e7 \u00dcst\u00fc Ekipman Sanayi 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KATMR | Katmerciler Ara\u00e7 \u00dcst\u00fc Ekipman Sanayi 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/PooEoZaUuGw?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: Katmerciler&#8217;in Bilan\u00e7osundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Finansal raporlar, y\u00fczlerce sat\u0131r ve dipnotla dolu, \u00e7o\u011fu zaman \u015fifreli birer labirent gibi g\u00f6r\u00fcn\u00fcr. Ancak bu rakamlar\u0131n y\u00fczeyinin alt\u0131na inildi\u011finde, bir \u015firketin stratejisini, cesur bahislerini ve gelece\u011fe d\u00f6n\u00fck vizyonunu anlatan s\u00fcr\u00fckleyici bir hikaye ortaya \u00e7\u0131kar. Gelin, bu rakam labirentinin i\u00e7ine birlikte dalal\u0131m ve Katmerciler&#8217;in son dokuz ayl\u0131k finansal raporunun perde arkas\u0131na ge\u00e7erek, en \u015fa\u015f\u0131rt\u0131c\u0131 ve en etkili be\u015f dersi herkesin anlayabilece\u011fi bir dilde ortaya \u00e7\u0131karal\u0131m.<\/p>\n<h3>1. Enflasyonun Muhasebe Oyunu: Faaliyet K\u00e2r\u0131 Artarken Vergi \u00d6ncesi K\u00e2r Neden D\u00fc\u015ft\u00fc?<\/h3>\n<p>\u0130lk bak\u0131\u015fta kafa kar\u0131\u015ft\u0131r\u0131c\u0131 g\u00f6r\u00fcnen bir durumla ba\u015flayal\u0131m. \u015eirketin ana i\u015finden ne kadar k\u00e2r etti\u011fini g\u00f6steren <b>Esas Faaliyet K\u00e2r\u0131<\/b>, 2024\u2019\u00fcn ilk dokuz ay\u0131nda 484.060.931 TL iken, 2025\u2019in ayn\u0131 d\u00f6neminde \u00f6nemli bir art\u0131\u015fla <b>694.003.264 TL<\/b>&#8216;ye y\u00fckselmi\u015f. Bu, \u015firketin operasyonel performans\u0131n\u0131n g\u00fc\u00e7lendi\u011fine i\u015faret eden olumlu bir geli\u015fme.<\/p>\n<p>Ancak paradoks burada ba\u015fl\u0131yor: Bu art\u0131\u015fa ra\u011fmen, <b>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131<\/b> 2024\u2019\u00fcn ilk dokuz ay\u0131nda 1.216.972.241 TL iken, 2025\u2019in ayn\u0131 d\u00f6neminde <b>746.402.210 TL<\/b>\u2019ye gerilemi\u015f.<\/p>\n<p>Bu \u00e7eli\u015fkinin ana sebebi, enflasyon muhasebesi (TMS 29) kaynakl\u0131, nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen bir muhasebe kalemi olan <b>&#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131&#8221;<\/b>. Bu kalem, 2024 d\u00f6neminde 967.172.575 TL gibi devasa bir k\u00e2r katk\u0131s\u0131 sa\u011flarken, 2025 d\u00f6neminde bu katk\u0131 226.441.513 TL&#8217;ye d\u00fc\u015fm\u00fc\u015f. Bu durum, \u00f6zellikle y\u00fcksek enflasyon ortam\u0131nda man\u015fet k\u00e2r rakamlar\u0131n\u0131n ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini ve \u015firketin operasyonel sa\u011fl\u0131\u011f\u0131n\u0131n asl\u0131nda iyile\u015fmekte oldu\u011funu g\u00f6steriyor.<\/p>\n<h3>2. Milyarlarca Liral\u0131k Stok Da\u011f\u0131: Risk mi, Strateji mi?<\/h3>\n<p>Katmerciler&#8217;in bilan\u00e7osundaki en dikkat \u00e7ekici kalemlerden biri, stoklar\u0131n muazzam b\u00fcy\u00fckl\u00fc\u011f\u00fc. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin <b>Stoklar\u0131 6.895.520.191 TL<\/b> seviyesinde bulunuyor. Ayn\u0131 tarihteki <b>Toplam Varl\u0131klar\u0131 ise 12.863.129.143 TL<\/b>.<\/p>\n<p>Basit bir hesaplamayla, \u015firketin toplam varl\u0131klar\u0131n\u0131n <b>%53&#8217;\u00fcnden fazlas\u0131n\u0131n<\/b> stoklarda ba\u011fl\u0131 oldu\u011fu g\u00f6r\u00fcl\u00fcyor. Bu durum, iki ucu keskin bir b\u0131\u00e7ak gibidir: Bir yandan, gelecekteki b\u00fcy\u00fck sipari\u015flere y\u00f6nelik stratejik bir haz\u0131rl\u0131k ve \u00fcretim devaml\u0131l\u0131\u011f\u0131 anlam\u0131na gelebilir. Di\u011fer yandan ise, yava\u015f hareket eden \u00fcr\u00fcnler ve sermayenin verimsiz kullan\u0131m\u0131 gibi potansiyel riskleri bar\u0131nd\u0131rabilir.<\/p>\n<h3>3. K\u00e2rl\u0131l\u0131k ve Nakit Ak\u0131\u015f\u0131 Aras\u0131ndaki U\u00e7urum: K\u00e2\u011f\u0131t \u00dczerindeki K\u00e2r Nereye Gitti?<\/h3>\n<p>Finansal tablolardaki en \u00e7arp\u0131c\u0131 z\u0131tl\u0131klardan biri, k\u00e2rl\u0131l\u0131k ile nakit ak\u0131\u015f\u0131 aras\u0131ndaki farkt\u0131r. \u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda <b>527.756.358 TL D\u00f6nem K\u00e2r\u0131<\/b> a\u00e7\u0131klam\u0131\u015f. Ancak ayn\u0131 d\u00f6nemde, <b>Esas Faaliyetlerden Nakit Ak\u0131\u015flar\u0131 eksi (-) 1.032.216.830 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015f.<\/p>\n<p>Bu \u015fu anlama geliyor: \u015eirket k\u00e2\u011f\u0131t \u00fczerinde k\u00e2r ederken, ana i\u015f faaliyetlerinden 1 milyar TL&#8217;den fazla nakit yakm\u0131\u015f.<\/p>\n<p>Nakit Ak\u0131\u015f Tablosu&#8217;na g\u00f6re bu nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n ana sebepleri, i\u015fletme sermayesindeki b\u00fcy\u00fck art\u0131\u015flar. \u00d6zellikle <b>1.007.957.619 TL&#8217;lik &#8220;Stoklardaki Art\u0131\u015flar&#8221;<\/b> ve <b>565.434.456 TL&#8217;lik &#8220;Ticari Alacaklardaki Art\u0131\u015f&#8221;<\/b> en b\u00fcy\u00fck nakit t\u00fcketim kalemleri olmu\u015f. Bu durum, faturalar\u0131 k\u00e2r\u0131n de\u011fil nakdin \u00f6dedi\u011fi ger\u00e7e\u011fini bir kez daha hat\u0131rlat\u0131yor ve b\u00fcy\u00fcyen bir \u015firketin faaliyetlerini finanse etmek i\u00e7in i\u015fletme sermayesine ne kadar yo\u011fun yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>4. Sermayeyi \u0130kiye Katlamak: Gelece\u011fe Yap\u0131lan Cesur Bir Hamle<\/h3>\n<p>Rapor, \u015firketin finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek ad\u0131na att\u0131\u011f\u0131 cesur bir ad\u0131m\u0131 da ortaya koyuyor. Bilan\u00e7oya g\u00f6re, \u015firketin <b>\u00d6denmi\u015f Sermayesi<\/b> 2024 sonunda 1.076.625.000 TL iken, 30 Eyl\u00fcl 2025 itibar\u0131yla tam ikiye katlanarak <b>2.153.250.000 TL<\/b>&#8216;ye ula\u015fm\u0131\u015f.<\/p>\n<p>Bu sermaye art\u0131\u015f\u0131n\u0131n \u015firketin kasas\u0131na nas\u0131l yans\u0131d\u0131\u011f\u0131n\u0131 Nakit Ak\u0131\u015f Tablosu&#8217;nda g\u00f6r\u00fcyoruz: &#8220;Pay \u0130hrac\u0131ndan Kaynaklanan Nakit Giri\u015fleri&#8221; kalemi alt\u0131nda <b>1.084.142.086 TL<\/b>&#8216;lik bir nakit giri\u015fi sa\u011flanm\u0131\u015f. Bu hamle, hissedarlar\u0131n \u015firketin gelece\u011fine duydu\u011fu g\u00fcvenin g\u00fc\u00e7l\u00fc bir sinyali ve gelecekteki b\u00fcy\u00fcmeyi, yat\u0131r\u0131mlar\u0131 finanse etmek veya finansal pozisyonu sa\u011flamla\u015ft\u0131rmak i\u00e7in at\u0131lm\u0131\u015f stratejik bir karar olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<h3>5. \u0130hracat Motoru Tam Gaz: Sat\u0131\u015flar\u0131n Yeni Lideri Yurt D\u0131\u015f\u0131<\/h3>\n<p>Katmerciler&#8217;in gelir yap\u0131s\u0131nda ya\u015fanan stratejik d\u00f6n\u00fc\u015f\u00fcm, raporun en net mesajlar\u0131ndan birini veriyor. 2025&#8217;in ilk dokuz ay\u0131nda yap\u0131lan sat\u0131\u015flar\u0131n d\u00f6k\u00fcm\u00fc incelendi\u011finde; <b>Yurtd\u0131\u015f\u0131 sat\u0131\u015flar 1.265.319.219 TL<\/b> iken, <b>Yurti\u00e7i sat\u0131\u015flar 478.744.287 TL<\/b> seviyesinde kalm\u0131\u015f.<\/p>\n<p>Bu rakamlar\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131rd\u0131\u011f\u0131m\u0131zda tablonun ne kadar de\u011fi\u015fti\u011fi a\u00e7\u0131k\u00e7a g\u00f6r\u00fcl\u00fcyor. 2024&#8217;te yurtd\u0131\u015f\u0131 sat\u0131\u015flar 753.458.294 TL, yurti\u00e7i sat\u0131\u015flar ise 637.242.021 TL idi. Bu veriler, ihracat\u0131n toplam sat\u0131\u015flar i\u00e7indeki pay\u0131n\u0131n 2024&#8217;te <b>yakla\u015f\u0131k %54<\/b> seviyesinden, 2025&#8217;te <b>%72&#8217;nin \u00fczerine<\/b> \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Art\u0131k ihracat, i\u015fin sadece bir par\u00e7as\u0131 de\u011fil, \u015firketin gelir b\u00fcy\u00fcmesindeki ana motoru haline gelmi\u015f durumda.<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n Ard\u0131ndaki Strateji<\/h3>\n<p>Katmerciler&#8217;in finansal raporu, tekil verilerin \u00f6tesinde bir araya geldiklerinde anlam kazanan, agresif bir b\u00fcy\u00fcme hikayesi anlat\u0131yor. \u015eirket, uluslararas\u0131 sat\u0131\u015f motorunu tam gaz \u00e7al\u0131\u015ft\u0131rmak i\u00e7in cesur bir strateji izliyor (Madde 5). Bu stratejiyi, devasa bir stok yat\u0131r\u0131m\u0131yla besliyor (Madde 2). Bu b\u00fcy\u00fck hamle ise, hissedarlar\u0131n g\u00fcvenini g\u00f6steren ve \u015firketin sermayesini ikiye katlayan cesur bir kararla finanse ediliyor (Madde 4). Bu b\u00fcy\u00fcme yar\u0131\u015f\u0131, k\u00e2\u011f\u0131t \u00fczerinde etkileyici k\u00e2rlar yaratsa da, \u015firketin operasyonlar\u0131na yo\u011fun yat\u0131r\u0131m yapmas\u0131 nedeniyle ge\u00e7ici olarak nakit ak\u0131\u015f\u0131n\u0131 eksiye d\u00fc\u015f\u00fcr\u00fcyor (Madde 3) ki bu, y\u00fcksek b\u00fcy\u00fcme faz\u0131ndaki bir i\u015fletme i\u00e7in klasik bir i\u015farettir. Enflasyon muhasebesinin yaratt\u0131\u011f\u0131 g\u00fcr\u00fclt\u00fcn\u00fcn ard\u0131nda ise, \u015firketin ana faaliyetlerindeki operasyonel sa\u011fl\u0131\u011f\u0131n g\u00fc\u00e7lendi\u011fi ger\u00e7e\u011fi yat\u0131yor (Madde 1).<\/p>\n<p>T\u00fcm bu birbiriyle ba\u011flant\u0131l\u0131 ad\u0131mlar \u0131\u015f\u0131\u011f\u0131nda sormam\u0131z gereken soru \u015fudur: Katmerciler&#8217;in ihracat odakl\u0131 bu cesur b\u00fcy\u00fcme stratejisi, devasa stok yat\u0131r\u0131m\u0131n\u0131n getirdi\u011fi riskleri y\u00f6neterek s\u00fcrd\u00fcr\u00fclebilir bir nakit ak\u0131\u015f\u0131na ve k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fc\u015febilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Katmerciler Ara\u00e7 \u00dcst\u00fc Ekipman Sanayi ve Ticaret A.\u015e. Finansal Durum De\u011ferlendirmesi: 30 Eyl\u00fcl 2025<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Katmerciler Ara\u00e7 \u00dcst\u00fc Ekipman Sanayi ve Ticaret A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla konsolide finansal durumunu ve 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k performans\u0131n\u0131 analiz etmektedir. Finansal tablolar, T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS) ve Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama standard\u0131 (TMS 29) uyar\u0131nca 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>G\u00fc\u00e7l\u00fc B\u00fcy\u00fcme ve K\u00e2rl\u0131l\u0131k:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat\u0131n\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %28 art\u0131rarak 1,76 milyar TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Br\u00fct k\u00e2r %38 art\u0131\u015fla 751 milyon TL&#8217;ye, esas faaliyet k\u00e2r\u0131 ise %43 art\u0131\u015fla 694 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015flar, \u00f6zellikle yurtd\u0131\u015f\u0131 sat\u0131\u015flardaki g\u00fc\u00e7l\u00fc performanstan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Bilan\u00e7o B\u00fcy\u00fcmesi:<\/b> Toplam varl\u0131klar, 31 Aral\u0131k 2024&#8217;e g\u00f6re %22 artarak 12,86 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcme, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde stoklar, ticari alacaklar ve pe\u015fin \u00f6denmi\u015f giderlerdeki art\u0131\u015flardan kaynaklanan d\u00f6nen varl\u0131klardaki y\u00fckseli\u015fle sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131n\u0131n G\u00fc\u00e7lenmesi:<\/b> Grup, d\u00f6nem i\u00e7inde ger\u00e7ekle\u015ftirdi\u011fi sermaye art\u0131r\u0131m\u0131 ile \u00f6denmi\u015f sermayesini 1,08 milyar TL&#8217;den 2,15 milyar TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Bu art\u0131\u015f, \u00f6zkaynaklar\u0131 %18 g\u00fc\u00e7lendirerek 8,20 milyar TL&#8217;ye ta\u015f\u0131m\u0131\u015ft\u0131r.<\/li>\n<li><b>Negatif Faaliyet Nakit Ak\u0131\u015f\u0131:<\/b> G\u00fc\u00e7l\u00fc operasyonel k\u00e2rl\u0131l\u0131\u011fa ra\u011fmen, i\u015fletme sermayesindeki (\u00f6zellikle stoklar ve alacaklardaki) \u00f6nemli art\u0131\u015f nedeniyle esas faaliyetlerden kaynaklanan net nakit ak\u0131\u015f\u0131 1,03 milyar TL negatif olarak ger\u00e7ekle\u015fmi\u015ftir. Bu durum, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 164 milyon TL&#8217;lik pozitif nakit ak\u0131\u015f\u0131yla keskin bir tezat olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Faaliyetlerden kaynaklanan nakit a\u00e7\u0131\u011f\u0131 ve yat\u0131r\u0131mlar, 1,08 milyar TL&#8217;lik sermaye art\u0131r\u0131m\u0131 ve 823 milyon TL&#8217;lik yeni bor\u00e7lanma dahil olmak \u00fczere finansman faaliyetlerinden sa\u011flanan 1,2 milyar TL&#8217;lik net nakit giri\u015fi ile finanse edilmi\u015ftir.<\/li>\n<li><b>D\u00f6viz Kuru Riski:<\/b> Grubun 30 Eyl\u00fcl 2025 itibar\u0131yla 706 milyon TL tutar\u0131nda net parasal yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmaktad\u0131r. Bu durum, TL&#8217;nin yabanc\u0131 para birimleri kar\u015f\u0131s\u0131nda de\u011fer kaybetmesi durumunda kur zarar\u0131 riskini beraberinde getirmektedir.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, Grup operasyonel olarak g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme ve k\u00e2rl\u0131l\u0131k sergilerken, bu b\u00fcy\u00fcmenin finansman\u0131 artan i\u015fletme sermayesi ihtiyac\u0131na yol a\u00e7m\u0131\u015f ve faaliyet nakit ak\u0131\u015f\u0131n\u0131 negatife \u00e7evirmi\u015ftir. \u015eirket, bu ihtiyac\u0131 ba\u015far\u0131l\u0131 bir sermaye art\u0131r\u0131m\u0131 ve ek bor\u00e7lanma ile kar\u015f\u0131layarak bilan\u00e7osunu b\u00fcy\u00fctm\u00fc\u015f ve \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir.<\/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>\u015eirkete Genel Bak\u0131\u015f<\/h2>\n<p>Katmerciler Ara\u00e7 \u00dcst\u00fc Ekipman Sanayi ve Ticaret A.\u015e., 1985 y\u0131l\u0131nda \u0130zmir, T\u00fcrkiye&#8217;de kurulmu\u015ftur. Grubun ana faaliyet merkezi \u0130zmir, \u00c7i\u011fli&#8217;de bulunmaktad\u0131r ve Ankara&#8217;da \u00fcretim tesisleri, ofisler ile Irak ve \u0130stanbul&#8217;da \u015fubeleri mevcuttur.<\/p>\n<p><b>Faaliyet Alanlar\u0131:<\/b><\/p>\n<ul>\n<li>\u0130tfaiye, \u00e7\u00f6p, vidanj\u00f6r, kanal a\u00e7ma ve \u00e7evre ara\u00e7lar\u0131<\/li>\n<li>Ta\u015f\u0131ma ara\u00e7lar\u0131<\/li>\n<li>Savunma sanayiine y\u00f6nelik ara\u00e7lar<\/li>\n<li>\u0130n\u015faat sekt\u00f6r\u00fcne y\u00f6nelik ara\u00e7 \u00fcst\u00fc ekipman imalat\u0131<\/li>\n<li>Ara\u00e7 \u00fcst\u00fc ekipmanlar\u0131n boyanmas\u0131 ve kaynak i\u015f\u00e7ili\u011fi<\/li>\n<\/ul>\n<p>\u015eirket hisseleri 2010 y\u0131l\u0131nda halka arz edilmi\u015f olup, 30 Eyl\u00fcl 2025 itibar\u0131yla paylar\u0131n %79,85&#8217;i Borsa \u0130stanbul A.\u015e. (B\u0130ST)&#8217;de i\u015flem g\u00f6rmektedir. Grubun ana orta\u011f\u0131 \u0130smail Katmerci&#8217;dir. 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla Grup, 297 personel istihdam etmektedir (31 Aral\u0131k 2024: 223 ki\u015fi).<\/p>\n<p><b>Konsolidasyona Dahil Edilen Ba\u011fl\u0131 Ortakl\u0131klar:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u015eirket Ad\u0131<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Faaliyet Alan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Katmerciler Profil San. ve Tic. A.\u015e.<\/td>\n<td>100,00%<\/td>\n<td>Boyama \u0130\u015f\u00e7ili\u011fi<\/td>\n<\/tr>\n<tr>\n<td>Is\u0131pan Otomotiv ve \u00dcst Ekipman Metal ve Makine San. ve Tic. A.\u015e.<\/td>\n<td>95,67%<\/td>\n<td>Kaynak \u0130\u015f\u00e7ili\u011fi<\/td>\n<\/tr>\n<tr>\n<td>Gimkat Ara\u00e7 \u00dcst\u00fc Ekipman San. ve Tic. A. \u015e<\/td>\n<td>100,00%<\/td>\n<td>Ara\u00e7 \u00dcst\u00fc Ekipman \u0130malat\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Finansal Performans Analizi (01 Ocak \u2013 30 Eyl\u00fcl 2025)<\/h2>\n<h3>Gelir Tablosu \u00d6zet Bulgular\u0131<\/h3>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla has\u0131lat ve operasyonel k\u00e2rl\u0131l\u0131kta \u00f6nemli bir art\u0131\u015f kaydetmi\u015ftir. Ancak net k\u00e2r, \u00f6nceki y\u0131la g\u00f6re daha d\u00fc\u015f\u00fck olan net parasal pozisyon kazan\u00e7lar\u0131 ve artan vergi giderleri nedeniyle y\u00fckselmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>1.755.644.366<\/td>\n<td>1.370.483.274<\/td>\n<td>+28,1%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.005.117.595)<\/td>\n<td>(828.563.958)<\/td>\n<td>+21,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>750.526.771<\/b><\/td>\n<td><b>541.919.316<\/b><\/td>\n<td><b>+38,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>694.003.264<\/b><\/td>\n<td><b>484.060.931<\/b><\/td>\n<td><b>+43,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131<\/td>\n<td>226.441.513<\/td>\n<td>967.172.575<\/td>\n<td>-76,6%<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r<\/td>\n<td>746.402.210<\/td>\n<td>1.216.972.241<\/td>\n<td>-38,7%<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi Gideri<\/td>\n<td>(218.796.841)<\/td>\n<td>(890.724.598)<\/td>\n<td>-75,4%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td><b>527.756.358<\/b><\/td>\n<td><b>326.211.463<\/b><\/td>\n<td><b>+61,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td><b>0,25<\/b><\/td>\n<td><b>0,30<\/b><\/td>\n<td><b>-16,7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Has\u0131lat ve K\u00e2rl\u0131l\u0131k Analizi<\/h3>\n<ul>\n<li><b>Has\u0131lat Art\u0131\u015f\u0131:<\/b> Net sat\u0131\u015flar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %28,1 artarak 1,76 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcmenin ana itici g\u00fcc\u00fc, %68 art\u0131\u015f g\u00f6steren <b>yurtd\u0131\u015f\u0131 sat\u0131\u015flard\u0131r<\/b>. Yurtd\u0131\u015f\u0131 sat\u0131\u015flar, toplam has\u0131lat\u0131n %72&#8217;sini olu\u015fturarak Grubun uluslararas\u0131 pazarlardaki konumunu g\u00fc\u00e7lendirdi\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Br\u00fct K\u00e2rl\u0131l\u0131k:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f\u0131n has\u0131lat art\u0131\u015f\u0131n\u0131n alt\u0131nda kalmas\u0131 sayesinde br\u00fct k\u00e2r %38,5 artarak 751 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Faaliyet K\u00e2rl\u0131l\u0131\u011f\u0131:<\/b> Genel y\u00f6netim, pazarlama ve Ar-Ge giderlerindeki kontroll\u00fc art\u0131\u015flar sonucunda esas faaliyet k\u00e2r\u0131 %43,4 gibi g\u00fc\u00e7l\u00fc bir oranda artarak 694 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net K\u00e2r:<\/b> D\u00f6nem net k\u00e2r\u0131 %61,8 art\u0131\u015fla 528 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. Net k\u00e2rdaki bu art\u0131\u015f, operasyonel performanstaki iyile\u015fmenin bir yans\u0131mas\u0131d\u0131r. Bununla birlikte, bir \u00f6nceki y\u0131la g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015fen Net Parasal Pozisyon Kazan\u00e7lar\u0131 (TMS 29 enflasyon muhasebesi etkisi), vergi \u00f6ncesi k\u00e2r\u0131n d\u00fc\u015fmesine neden olmu\u015ftur. Ancak, 2024&#8217;e k\u0131yasla daha d\u00fc\u015f\u00fck vergi gideri sayesinde nihai net k\u00e2rda art\u0131\u015f sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Finansal Durum Analizi (30 Eyl\u00fcl 2025)<\/h2>\n<h3>Bilan\u00e7o \u00d6zet Bulgular\u0131<\/h3>\n<p>Grup, 30 Eyl\u00fcl 2025 itibar\u0131yla g\u00fc\u00e7l\u00fc bir bilan\u00e7o yap\u0131s\u0131 sergilemektedir. Varl\u0131klar ve \u00f6zkaynaklar, \u00f6nceki y\u0131l sonuna g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde b\u00fcy\u00fcm\u00fc\u015ft\u00fcr.<\/p>\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<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>11.441.007.234<\/td>\n<td>9.068.094.710<\/td>\n<td>+26,2%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.422.121.909<\/td>\n<td>1.511.111.452<\/td>\n<td>-5,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>12.863.129.143<\/b><\/td>\n<td><b>10.579.206.162<\/b><\/td>\n<td><b>+21,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.849.582.671<\/td>\n<td>2.767.760.047<\/td>\n<td>+39,1%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>810.124.911<\/td>\n<td>887.960.389<\/td>\n<td>-8,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>4.659.707.582<\/b><\/td>\n<td><b>3.655.720.436<\/b><\/td>\n<td><b>+27,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>8.203.421.561<\/b><\/td>\n<td><b>6.923.485.726<\/b><\/td>\n<td><b>+18,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>12.863.129.143<\/b><\/td>\n<td><b>10.579.206.162<\/b><\/td>\n<td><b>+21,6%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> Toplam varl\u0131klar\u0131n %89&#8217;unu olu\u015fturan d\u00f6nen varl\u0131klar, 2,37 milyar TL artm\u0131\u015ft\u0131r. Bu art\u0131\u015f\u0131n temel kaynaklar\u0131:\n<ul>\n<li><b>Stoklar:<\/b> %17 art\u0131\u015fla 6,90 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu kalem, d\u00f6nen varl\u0131klar\u0131n en b\u00fcy\u00fck bile\u015fenidir (%60).<\/li>\n<li><b>Ticari Alacaklar:<\/b> %40 art\u0131\u015fla 1,93 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Pe\u015fin \u00d6denmi\u015f Giderler:<\/b> %60 art\u0131\u015fla 2,23 milyar TL olmu\u015ftur. Bu kalemin b\u00fcy\u00fck k\u0131sm\u0131 verilen sipari\u015f avanslar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> Duran varl\u0131klarda 89 milyon TL&#8217;lik bir azal\u0131\u015f g\u00f6zlemlenmi\u015ftir. Maddi ve maddi olmayan duran varl\u0131klardaki d\u00fc\u015f\u00fc\u015f, bu azal\u0131\u015f\u0131n ana nedenidir.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Y\u0131l sonuna g\u00f6re %39 artarak 3,85 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta;\n<ul>\n<li><b>K\u0131sa Vadeli Bor\u00e7lanmalar\u0131n<\/b> 321 milyon TL&#8217;den 932 milyon TL&#8217;ye \u00e7\u0131kmas\u0131,<\/li>\n<li><b>Ertelenmi\u015f Gelirlerin<\/b> (al\u0131nan sipari\u015f avanslar\u0131) 1,54 milyar TL&#8217;den 2,03 milyar TL&#8217;ye y\u00fckselmesi etkili olmu\u015ftur.<\/li>\n<\/ul>\n<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 810 milyon TL&#8217;ye gerilemi\u015ftir. Toplam finansal bor\u00e7lar (k\u0131sa ve uzun vadeli) 1,49 milyar TL&#8217;den 1,65 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklar 1,28 milyar TL artarak 8,20 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015f\u0131n en \u00f6nemli nedenleri:\n<ul>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> Ger\u00e7ekle\u015ftirilen sermaye art\u0131r\u0131m\u0131 ile 1,08 milyar TL&#8217;den 2,15 milyar TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nem Net K\u00e2r\u0131:<\/b> 528 milyon TL&#8217;lik d\u00f6nem k\u00e2r\u0131 \u00f6zkaynaklara eklenmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Nakit Ak\u0131\u015f Analizi (01 Ocak \u2013 30 Eyl\u00fcl 2025)<\/h2>\n<p>Grup, d\u00f6nem i\u00e7inde operasyonel faaliyetlerinden negatif nakit ak\u0131\u015f\u0131 yaratm\u0131\u015f; bu a\u00e7\u0131\u011f\u0131 ve yat\u0131r\u0131mlar\u0131n\u0131 sermaye art\u0131r\u0131m\u0131 ve bor\u00e7lanma yoluyla finanse etmi\u015ftir.<\/p>\n<ul>\n<li><b>Esas Faaliyetlerden Nakit Ak\u0131\u015flar\u0131:<\/b> <b>-1.032.216.830 TL<\/b>\n<ul>\n<li>528 milyon TL&#8217;lik d\u00f6nem k\u00e2r\u0131na ra\u011fmen, i\u015fletme sermayesindeki 1,75 milyar TL&#8217;lik art\u0131\u015f (\u00f6zellikle stoklarda 1 milyar TL, ticari alacaklarda 565 milyon TL ve pe\u015fin \u00f6denmi\u015f giderlerde 928 milyon TL art\u0131\u015f) faaliyetlerden kaynaklanan nakit ak\u0131\u015f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde negatife \u00e7evirmi\u015ftir. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde bu kalem +164 milyon TL idi.<\/li>\n<\/ul>\n<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> <b>+119.503.052 TL<\/b>\n<ul>\n<li>Maddi duran varl\u0131k ve yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul sat\u0131\u015flar\u0131ndan elde edilen 151 milyon TL&#8217;lik nakit giri\u015fi, 31 milyon TL&#8217;lik maddi\/maddi olmayan duran varl\u0131k al\u0131m\u0131 kaynakl\u0131 nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131 fazlas\u0131yla kar\u015f\u0131lam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> <b>+1.199.143.139 TL<\/b>\n<ul>\n<li>Bu g\u00fc\u00e7l\u00fc pozitif ak\u0131\u015f\u0131n kaynaklar\u0131:\n<ul>\n<li>Pay ihrac\u0131ndan (sermaye art\u0131r\u0131m\u0131) sa\u011flanan <b>1.084.142.086 TL<\/b>&#8216;lik nakit giri\u015fi.<\/li>\n<li>Yeni bor\u00e7lanmalardan kaynaklanan <b>822.510.887 TL<\/b>&#8216;lik nakit giri\u015fi.<\/li>\n<\/ul>\n<\/li>\n<li>Bu giri\u015fler, 660 milyon TL&#8217;lik bor\u00e7 geri \u00f6demesi ve 75 milyon TL&#8217;lik faiz \u00f6demesini finanse etmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Sonu\u00e7:<\/b> D\u00f6nem ba\u015f\u0131ndaki 312 milyon TL&#8217;lik nakit, t\u00fcm bu ak\u0131\u015flar sonucunda d\u00f6nem sonunda 320 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<h2>\u00d6nemli Notlar ve Muhasebe Politikalar\u0131<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar, KGK&#8217;n\u0131n 23 Kas\u0131m 2023 tarihli duyurusu uyar\u0131nca TMS 29 standard\u0131na g\u00f6re enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir. T\u00fcm tutarlar, raporlama d\u00f6nemi sonu olan 30 Eyl\u00fcl 2025 tarihindeki \u00f6l\u00e7\u00fcm birimi (TL&#8217;nin sat\u0131n alma g\u00fcc\u00fc) cinsinden ifade edilmektedir. Kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nem verileri de ayn\u0131 \u00f6l\u00e7\u00fcm birimine getirilmi\u015ftir.<\/li>\n<li><b>D\u00f6viz Kuru Riski:<\/b> Grubun yabanc\u0131 para cinsinden varl\u0131klar\u0131 ve y\u00fck\u00fcml\u00fcl\u00fckleri bulunmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla, Grubun <b>705.653.059 TL<\/b> e\u015fde\u011feri net parasal yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu mevcuttur. Finansal tablolardaki duyarl\u0131l\u0131k analizine g\u00f6re, TL&#8217;nin ABD Dolar\u0131 ve Avro kar\u015f\u0131s\u0131nda %20 de\u011fer kaybetmesi durumunda, kur fark\u0131 zarar\u0131 nedeniyle net k\u00e2r\u0131n s\u0131ras\u0131yla 491,7 milyon TL (USD i\u00e7in) ve 246,9 milyon TL (EUR i\u00e7in) daha d\u00fc\u015f\u00fck olaca\u011f\u0131 tahmin edilmektedir.<\/li>\n<li><b>Vergileme:<\/b> Grup, 2025 y\u0131l\u0131 i\u00e7in %25 kurumlar vergisi oran\u0131na tabidir. D\u00f6nem i\u00e7in 52 milyon TL cari d\u00f6nem kurumlar vergisi ve 167 milyon TL ertelenmi\u015f vergi gideri olmak \u00fczere toplamda 219 milyon TL vergi gideri hesaplanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"357\" 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: Katmerciler&#8217;in Bilan\u00e7osundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye Finansal raporlar, y\u00fczlerce sat\u0131r ve dipnotla dolu, \u00e7o\u011fu zaman \u015fifreli birer labirent gibi g\u00f6r\u00fcn\u00fcr. Ancak bu rakamlar\u0131n y\u00fczeyinin alt\u0131na inildi\u011finde, bir \u015firketin stratejisini, cesur bahislerini ve&#8230; <\/p>\n","protected":false},"author":1,"featured_media":358,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[69],"class_list":["post-357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-katmr"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/357","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=357"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/357\/revisions"}],"predecessor-version":[{"id":359,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/357\/revisions\/359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/358"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}