{"id":368,"date":"2025-12-22T01:11:37","date_gmt":"2025-12-21T22:11:37","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=368"},"modified":"2025-12-22T01:11:37","modified_gmt":"2025-12-21T22:11:37","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-orcay-orcay-ortakoy-cay-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/368","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ORCAY | Or\u00e7ay Ortak\u00f6y \u00c7ay 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ORCAY | Or\u00e7ay Ortak\u00f6y \u00c7ay 2025\/9 Bilan\u00e7o Analizi | Finansal ve Operasyonel Sonu\u00e7lar \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/6MRdXD6fYKE?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>Or\u00e7ay&#8217;\u0131n Finansal Tablolar\u0131 Ne Anlat\u0131yor? \u0130\u015fte En \u00c7arp\u0131c\u0131 5 Nokta<\/h1>\n<h3>Bir Fincan \u00c7ay\u0131n Ard\u0131ndaki Finansal F\u0131rt\u0131na<\/h3>\n<p>Geleneksel T\u00fcrk k\u00fclt\u00fcr\u00fcn\u00fcn vazge\u00e7ilmez bir par\u00e7as\u0131 olan \u00e7ay, genellikle istikrar\u0131 ve sakinli\u011fi \u00e7a\u011fr\u0131\u015ft\u0131r\u0131r. Ancak T\u00fcrkiye&#8217;nin \u00f6nemli \u00e7ay \u00fcreticilerinden Or\u00e7ay&#8217;\u0131n son finansal raporlar\u0131, bu sakin g\u00f6r\u00fcnt\u00fcn\u00fcn ard\u0131nda b\u00fcy\u00fcme, bor\u00e7 ve stratejik d\u00f6n\u00fc\u015f\u00fcmlerle dolu, olduk\u00e7a dinamik ve zorlu bir tabloyu ortaya koyuyor. \u015eirketin finansallar\u0131n\u0131n derinliklerine inildi\u011finde, bir fincan \u00e7ay\u0131n ard\u0131nda finansal bir f\u0131rt\u0131nan\u0131n koptu\u011fu g\u00f6r\u00fcl\u00fcyor. Bu makale, Or\u00e7ay&#8217;\u0131n son raporlar\u0131ndan \u00e7\u0131kan en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili be\u015f noktay\u0131 sizler i\u00e7in \u00f6zetliyor.<\/p>\n<h3>1. Ciro Art\u0131yor Ama K\u00e2r Nerede?<\/h3>\n<p>Finansal tablolara ilk bak\u0131\u015fta en \u00e7ok dikkat \u00e7eken \u00e7eli\u015fki, sat\u0131\u015flar ve k\u00e2rl\u0131l\u0131k aras\u0131ndaki makas. \u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki has\u0131lat\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 442,4 milyon TL&#8217;den \u00f6nemli bir art\u0131\u015fla <b>553,9 milyon TL<\/b>&#8216;ye y\u00fckselmi\u015f. Bu g\u00fc\u00e7l\u00fc ciro b\u00fcy\u00fcmesi, normal \u015fartlarda k\u00e2rl\u0131l\u0131\u011fa da olumlu yans\u0131mas\u0131 beklenen bir geli\u015fme.<\/p>\n<p>Ancak tablonun en alt sat\u0131r\u0131na indi\u011fimizde tamamen z\u0131t bir durumla kar\u015f\u0131la\u015f\u0131yoruz. Or\u00e7ay, bu g\u00fc\u00e7l\u00fc sat\u0131\u015f performans\u0131na ra\u011fmen ayn\u0131 d\u00f6nemde <b>49,1 milyon TL net zarar<\/b> (D\u00f6nem Net Zarar\u0131) a\u00e7\u0131klam\u0131\u015f durumda. Artan sat\u0131\u015flara ra\u011fmen \u015firketin neden zarar etti\u011fi sorusu, bir analistin dikkatini an\u0131nda \u00e7eken ve derhal &#8220;a\u015fa\u011f\u0131daki sat\u0131rlarda&#8221; ne oldu\u011funu sorgulatan klasik bir uyar\u0131 i\u015faretidir. Bu da bizi finansal tablolardaki bir sonraki kritik noktaya y\u00f6nlendiriyor.<\/p>\n<h3>2. K\u00e2rl\u0131l\u0131\u011f\u0131 Eriten Gizli D\u00fc\u015fman: Finansman Giderleri<\/h3>\n<p>Ciro art\u0131\u015f\u0131na ra\u011fmen olu\u015fan zarar\u0131n arkas\u0131ndaki temel sebep, gelir tablosunda gizli bir d\u00fc\u015fman gibi duran tek bir kalem: Finansman Giderleri. \u015eirket, operasyonel olarak olduk\u00e7a ba\u015far\u0131l\u0131 bir performans sergileyerek <b>116,6 milyon TL&#8217;lik bir Esas Faaliyet K\u00e2r\u0131<\/b> elde etmeyi ba\u015farm\u0131\u015f. Bu, \u015firketin ana i\u015fi olan \u00e7ay \u00fcretim ve sat\u0131\u015f\u0131ndan k\u00e2r etti\u011fini g\u00f6steriyor.<\/p>\n<p>Fakat bu operasyonel ba\u015far\u0131, devasa finansman giderleri taraf\u0131ndan tamamen siliniyor. Or\u00e7ay&#8217;\u0131n 2025&#8217;in ilk dokuz ay\u0131nda katland\u0131\u011f\u0131 <b>Finansman Giderleri tam 174 milyon TL<\/b>&#8216;ye ula\u015fm\u0131\u015f durumda. Bu giderin b\u00fcy\u00fck bir k\u0131sm\u0131, \u015firketin bilan\u00e7osunda g\u00f6r\u00fclen yakla\u015f\u0131k <b>533 milyon TL<\/b> (514,4 milyon TL k\u0131sa vadeli + 18,7 milyon TL uzun vadeli) tutar\u0131ndaki banka kredilerine \u00f6denen faizlerden kaynaklan\u0131yor. Y\u00f6netim de bu sorunun fark\u0131nda oldu\u011funu faaliyet raporunda a\u00e7\u0131k\u00e7a belirtiyor:<\/p>\n<p>Finansal bor\u00e7lulu\u011fu azaltarak finansal giderleri d\u00fc\u015f\u00fcrmek i\u00e7in gerekli tedbirler al\u0131nmakta, yeni i\u015f modelleri ile sat\u0131\u015f ve karl\u0131l\u0131\u011f\u0131n art\u0131r\u0131l\u0131p, alacak \u00f6deme vadesinin d\u00fc\u015f\u00fcr\u00fcl\u00fcp, bor\u00e7 \u00f6deme vadesinin uzat\u0131lmas\u0131 ile i\u015fletme sermayesine yap\u0131lacak olumlu katk\u0131 \u00f6zellikle kredi borcunun ve giderlerinin d\u00fc\u015f\u00fcr\u00fclmesi y\u00f6n\u00fcnde \u00e7al\u0131\u015f\u0131lmaktad\u0131r.<\/p>\n<h3>3. Stratejide Keskin D\u00f6n\u00fc\u015f: Markal\u0131 Paketten Toptan \u00c7aya<\/h3>\n<p>Finansal raporlar\u0131n 12 numaral\u0131 dipnotu, \u015firketin sat\u0131\u015f stratejisinde sessiz ama \u00e7ok \u00f6nemli bir de\u011fi\u015fiklik ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor. Rakamlar, Or\u00e7ay&#8217;\u0131n markal\u0131, son t\u00fcketiciye y\u00f6nelik \u00fcr\u00fcnlerden ziyade, end\u00fcstriyel ve toptan sat\u0131\u015flara odakland\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<ul>\n<li><b>Paketli \u00e7ay sat\u0131\u015flar\u0131<\/b>, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 114,1 milyon TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>50,4 milyon TL<\/b>&#8216;ye keskin bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015f.<\/li>\n<li>Buna kar\u015f\u0131l\u0131k, <b>\u00e7uvall\u0131 (toptan) \u00e7ay sat\u0131\u015flar\u0131<\/b>, 2024&#8217;te 305,7 milyon TL iken, 2025&#8217;te <b>505,3 milyon TL<\/b>&#8216;ye f\u0131rlam\u0131\u015f.<\/li>\n<\/ul>\n<p>Bu hamle, \u015firketin markala\u015fma ve pazarlama maliyetlerinden ka\u00e7\u0131narak, daha d\u00fc\u015f\u00fck marjl\u0131 ancak daha y\u00fcksek hacimli ve muhtemelen daha h\u0131zl\u0131 nakit ak\u0131\u015f\u0131 sa\u011flayan bir modele y\u00f6neldi\u011fini g\u00f6steriyor. Bu, bor\u00e7 bask\u0131s\u0131 alt\u0131ndaki bir \u015firket i\u00e7in rasyonel bir i\u015fletme sermayesi y\u00f6netimi stratejisi olabilir.<\/p>\n<h3>4. Gelece\u011fe Yat\u0131r\u0131m: Fabrikan\u0131n Elektri\u011fi Art\u0131k G\u00fcne\u015ften<\/h3>\n<p>\u015eirket, finansal bask\u0131 alt\u0131nda olmas\u0131na ra\u011fmen gelece\u011fe y\u00f6nelik \u00f6nemli bir ad\u0131m atm\u0131\u015f. Faaliyet Raporu&#8217;na g\u00f6re Or\u00e7ay, kurulumunu tamamlad\u0131\u011f\u0131 <b>1,26 MW g\u00fcc\u00fcndeki G\u00fcne\u015f Enerjisi Santrali&#8217;ni (GES)<\/b> devreye alm\u0131\u015f durumda.<\/p>\n<p>Bu yat\u0131r\u0131m\u0131n, fabrikan\u0131n <b>y\u0131ll\u0131k elektrik ihtiyac\u0131n\u0131n tamam\u0131n\u0131 kar\u015f\u0131lamas\u0131<\/b> bekleniyor. Daha da \u00f6nemlisi, \u00fcretim fazlas\u0131 elektri\u011fin \u015febekeye sat\u0131larak \u015firkete ek bir gelir kap\u0131s\u0131 olu\u015fturmas\u0131 planlan\u0131yor. Finansal olarak zorlu bir d\u00f6nemde bile uzun vadeli maliyetleri d\u00fc\u015f\u00fcrmeye ve s\u00fcrd\u00fcr\u00fclebilirli\u011fe y\u00f6nelik b\u00f6yle proaktif bir yat\u0131r\u0131m yap\u0131lmas\u0131, y\u00f6netimin gelecek vizyonu a\u00e7\u0131s\u0131ndan dikkat \u00e7ekici bir hamle.<\/p>\n<h3>5. Ufuktaki Kurtar\u0131c\u0131: Dev Sermaye Art\u0131r\u0131m\u0131 Yolda<\/h3>\n<p>Raporlardaki en kritik ve \u015firketin gelece\u011fi i\u00e7in en umut verici geli\u015fme, bilan\u00e7o tarihinden sonraki olaylar b\u00f6l\u00fcm\u00fcnde yer al\u0131yor. \u015eirket, raporlama d\u00f6nemi kapand\u0131ktan sonra, <b>23 Ekim 2025 tarihinde Sermaye Piyasas\u0131 Kurulu&#8217;ndan (SPK) b\u00fcy\u00fck bir sermaye art\u0131r\u0131m\u0131 i\u00e7in onay alm\u0131\u015f<\/b>.<\/p>\n<p>Bu onayla birlikte \u015firketin <b>80 milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi, 160 milyon TL nakit giri\u015fi<\/b> ile <b>240 milyon TL&#8217;ye y\u00fckseltilecek<\/b>. Bu, \u015firketin gelece\u011fi i\u00e7in hayati bir geli\u015fme. \u00c7\u00fcnk\u00fc bu taze sermaye, ikinci maddede detayland\u0131r\u0131lan ve k\u00e2rl\u0131l\u0131\u011f\u0131 eriten devasa bor\u00e7 sorununun \u00e7\u00f6z\u00fcm\u00fcnde do\u011frudan kullan\u0131labilir. Bor\u00e7 y\u00fck\u00fcn\u00fcn azalmas\u0131, finansman giderlerini d\u00fc\u015f\u00fcrecek ve \u015firketin operasyonel k\u00e2r\u0131n\u0131n nihayet net k\u00e2ra d\u00f6n\u00fc\u015fmesinin \u00f6n\u00fcn\u00fc a\u00e7abilecektir.<\/p>\n<h3>Conclusion: Finansal Reset ve Gelecek Beklentileri<\/h3>\n<p>Or\u00e7ay&#8217;\u0131n finansal raporlar\u0131, bir yol ayr\u0131m\u0131ndaki bir \u015firketin r\u00f6ntgenini \u00e7ekiyor: Operasyonel olarak sa\u011fl\u0131kl\u0131 ve b\u00fcy\u00fcyen, ancak ge\u00e7mi\u015fin bor\u00e7 y\u00fck\u00fcyle adeta nefesi kesilmi\u015f bir yap\u0131. Y\u00f6netimin bu ikileme cevab\u0131 ise iki y\u00f6nl\u00fc bir strateji oldu: bir yandan maliyetleri d\u00fc\u015f\u00fcrmek i\u00e7in GES gibi ak\u0131ll\u0131 yat\u0131r\u0131mlar ve nakit ak\u0131\u015f\u0131n\u0131 iyile\u015ftirmek i\u00e7in toptan sat\u0131\u015fa keskin bir d\u00f6n\u00fc\u015f yapmak; di\u011fer yandan ise bilan\u00e7oyu kal\u0131c\u0131 olarak onaracak dev bir sermaye art\u0131\u015f\u0131yla gelece\u011fe haz\u0131rlanmak.<\/p>\n<p>Bu dev sermaye art\u0131r\u0131m\u0131 ve stratejik hamleler, Or\u00e7ay&#8217;\u0131n k\u00e2rl\u0131l\u0131k makas\u0131n\u0131 tersine \u00e7evirip \u015firketi yeni bir b\u00fcy\u00fcme patikas\u0131na sokabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Or\u00e7ay Ortak\u00f6y \u00c7ay Sanayi ve Ticaret A.\u015e. &#8211; 30 Eyl\u00fcl 2025 Ara D\u00f6nem De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Or\u00e7ay Ortak\u00f6y \u00c7ay Sanayi ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k ara d\u00f6neme ait finansal tablolar\u0131n\u0131 ve faaliyet raporunu sentezleyerek \u015firketin mevcut durumu, performans\u0131 ve stratejik g\u00f6r\u00fcn\u00fcm\u00fc hakk\u0131nda kapsaml\u0131 bir analiz sunmaktad\u0131r.<\/p>\n<p>D\u00f6nemin en kritik finansal sonucu, \u015firketin 49,2 milyon TL net zarar a\u00e7\u0131klamas\u0131d\u0131r. Bu zarar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 57,4 milyon TL&#8217;lik zarara g\u00f6re bir miktar iyile\u015fme g\u00f6sterse de, y\u00fcksek finansman giderleri karl\u0131l\u0131k \u00fczerinde bask\u0131 olu\u015fturmaya devam etmektedir. \u015eirketin has\u0131lat\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %25 artarak 442,5 milyon TL&#8217;den 553,9 milyon TL&#8217;ye y\u00fckselmi\u015f, bu da operasyonel faaliyetlerdeki b\u00fcy\u00fcmeye i\u015faret etmektedir. Ancak, 174,1 milyon TL&#8217;lik finansman gideri, bu operasyonel ba\u015far\u0131y\u0131 g\u00f6lgede b\u0131rakarak net zarara yol a\u00e7an ana fakt\u00f6r olmu\u015ftur.<\/p>\n<p>Bilan\u00e7o taraf\u0131nda, \u015firketin toplam varl\u0131klar\u0131 1,14 milyar TL&#8217;ye gerilerken, \u00f6zkaynaklar\u0131 d\u00f6nem zarar\u0131 nedeniyle 514,8 milyon TL&#8217;den 466,1 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. K\u0131sa vadeli banka kredilerindeki art\u0131\u015f, \u015firketin finansal bor\u00e7lulu\u011funun devam etti\u011fini g\u00f6stermektedir. Nakit ak\u0131\u015flar\u0131nda ise i\u015fletme faaliyetlerinden elde edilen nakit, \u00f6nceki y\u0131la k\u0131yasla \u00f6nemli \u00f6l\u00e7\u00fcde azalarak 263,3 milyon TL&#8217;den 69,9 milyon TL&#8217;ye gerilemi\u015ftir.<\/p>\n<p>Stratejik olarak, \u015firket enerji maliyetlerini d\u00fc\u015f\u00fcrmek amac\u0131yla 44,5 milyon TL&#8217;lik bir G\u00fcne\u015f Enerjisi Santrali (GES) yat\u0131r\u0131m\u0131n\u0131 tamamlam\u0131\u015ft\u0131r. En \u00f6nemli geli\u015fme ise bilan\u00e7o tarihinden sonra ya\u015fanm\u0131\u015ft\u0131r: Sermaye Piyasas\u0131 Kurulu, \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 80 milyon TL&#8217;den 240 milyon TL&#8217;ye \u00e7\u0131karmak \u00fczere 160 milyon TL&#8217;lik nakdi sermaye art\u0131r\u0131m\u0131 i\u00e7in halka arz izahnamesini onaylam\u0131\u015ft\u0131r. Bu hamle, \u015firketin finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmeyi, bor\u00e7lulu\u011fu azaltmay\u0131 ve gelecekteki b\u00fcy\u00fcme i\u00e7in kaynak yaratmay\u0131 hedefleyen kritik bir ad\u0131md\u0131r.<\/p>\n<h2>1. Kurumsal Profil ve Faaliyetler<\/h2>\n<h3>1.1. \u015eirket Tarih\u00e7esi ve Faaliyet Alan\u0131<\/h3>\n<p>Or\u00e7ay Ortak\u00f6y \u00c7ay Sanayi ve Ticaret A.\u015e. (&#8220;\u015eirket&#8221;), 1986 y\u0131l\u0131nda Rize&#8217;nin G\u00fcneysu il\u00e7esi Ortak\u00f6y beldesinde, g\u00fcnde 30 ton \u00e7ay i\u015fleme kapasitesiyle kurulmu\u015ftur. Y\u0131llar i\u00e7inde yap\u0131lan yat\u0131r\u0131mlarla kapasitesini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Kapasite Art\u0131\u015f\u0131:<\/b> 2011-2014 y\u0131llar\u0131 aras\u0131nda ek fabrika binas\u0131, yeni makine ve ekipman yat\u0131r\u0131mlar\u0131 ile g\u00fcnl\u00fck \u00e7ay i\u015fleme kapasitesi 180 tona ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Mevcut Kapasite:<\/b> Tesisler, y\u0131ll\u0131k 3.000 ton kuru \u00e7ay \u00fcretimi ve 10.000 ton \u00e7ay paketleme kapasitesine sahiptir.<\/li>\n<li><b>\u00dcr\u00fcn Gam\u0131:<\/b> 2014 y\u0131l\u0131nda yap\u0131lan ye\u015fil\/beyaz \u00e7ay tesisi yat\u0131r\u0131m\u0131 ile \u00fcr\u00fcn gam\u0131n\u0131 geni\u015fletmi\u015f, bitkisel bazl\u0131 \u00e7ay \u00fcretimini de portf\u00f6y\u00fcne eklemi\u015ftir.<\/li>\n<li><b>Markalar:<\/b> \u015eirketin sekt\u00f6rde yer alan markalar\u0131 <code>Or\u00e7ay<\/code>, <code>Orijinal \u00c7ay<\/code>, <code>Ortea<\/code>, <code>Tazeveren<\/code>, <code>Tazedem<\/code> ve <code>Hasret<\/code>&#8216;tir. Ayr\u0131ca ba\u015fka markalar i\u00e7in fason \u00fcretim de yap\u0131lmaktad\u0131r.<\/li>\n<li><b>AR-GE ve Know-How Deste\u011fi:<\/b> \u015eirket, 60&#8217;tan fazla yerli \u00e7ay mamul\u00fcn\u00fcn demlendi\u011fi &#8220;KEIFI \u00c7ay ve 1001 Keyfi&#8221; adl\u0131 \u00e7ay evi zincirlerine AR-GE ve know-how deste\u011fi vererek sekt\u00f6r\u00fcn geli\u015fimine katk\u0131da bulunmaktad\u0131r.<\/li>\n<li><b>Laboratuvar:<\/b> Fabrika b\u00fcnyesindeki laboratuvarda nem tad\u0131m\u0131, toz analizi, ekstrakt analizi gibi kimyasal ve duyusal analizler yap\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h3>1.2. Sekt\u00f6rel Konum<\/h3>\n<p>\u015eirket, T\u00fcrkiye&#8217;nin en \u00f6nemli tar\u0131msal \u00fcretim alanlar\u0131ndan biri olan Do\u011fu Karadeniz B\u00f6lgesi&#8217;nde faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>T\u00fcrkiye \u00c7ay Sekt\u00f6r\u00fc:<\/b> Rize Ticaret Borsas\u0131&#8217;n\u0131n 2024 raporuna g\u00f6re, Do\u011fu Karadeniz&#8217;de 791.287 dekar alanda yakla\u015f\u0131k 205.118 \u00fcretici \u00e7ay tar\u0131m\u0131 yapmaktad\u0131r. 2023 y\u0131l\u0131 ya\u015f \u00e7ay rekoltesi 1,355 milyon tonun \u00fczerine \u00e7\u0131km\u0131\u015f ve bu \u00fcr\u00fcnden 270.000 ton kuru \u00e7ay elde edilmi\u015ftir.<\/li>\n<li><b>Sekt\u00f6rdeki Oyuncular:<\/b> Sekt\u00f6rde 48&#8217;i \u00c7aykur&#8217;a, 135&#8217;i \u00f6zel sekt\u00f6re ait olmak \u00fczere toplam 183 \u00e7ay fabrikas\u0131 bulunmaktad\u0131r. 2023 y\u0131l\u0131nda \u00fcretilen ya\u015f \u00e7ay\u0131n %57,79&#8217;u \u00f6zel sekt\u00f6r, %42,21&#8217;i ise \u00c7AYKUR taraf\u0131ndan i\u015flenmi\u015ftir.<\/li>\n<li><b>Or\u00e7ay&#8217;\u0131n Pazarlama Stratejisi:<\/b>\n<ul>\n<li><b>\u00dcr\u00fcn Kompozisyonu:<\/b> \u00dcretilen kuru \u00e7ay\u0131n yakla\u015f\u0131k %35-40&#8217;\u0131 yar\u0131 mamul (\u00e7uval \u00e7ay), %60-65&#8217;i ise paketlenmi\u015f \u00fcr\u00fcn olarak pazara sunulmaktad\u0131r.<\/li>\n<li><b>Da\u011f\u0131t\u0131m Kanallar\u0131:<\/b> \u00dcr\u00fcnler, bayi te\u015fkilat\u0131 olan yerlerde bayiler arac\u0131l\u0131\u011f\u0131yla, di\u011fer b\u00f6lgelerde ise do\u011frudan pazara sunulmaktad\u0131r.<\/li>\n<li><b>Hedef Pazar:<\/b> \u00d6ncelikli olarak ev d\u0131\u015f\u0131 kullan\u0131m (yiyecek ve i\u00e7ecek sekt\u00f6r\u00fc) pazar\u0131na odaklan\u0131lmakla birlikte, toptanc\u0131 marketler, toptan-yar\u0131 toptan ve perakende noktalar\u0131nda da sat\u0131\u015f yap\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>1.3. Organizasyon ve Y\u00f6netim Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, 5 \u00fcyeden olu\u015fan bir Y\u00f6netim Kurulu taraf\u0131ndan idare edilmektedir. Y\u00f6netim Kurulu \u00fcyeleri en fazla 3 y\u0131l i\u00e7in se\u00e7ilebilir. 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde Y\u00f6netim Kurulu 13 toplant\u0131 yapm\u0131\u015f ve kat\u0131l\u0131m oran\u0131 %100 olmu\u015ftur.<\/p>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri (30.09.2025 itibar\u0131yla):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<\/tr>\n<tr>\n<td>Mehmet ERDO\u011eAN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>H\u0131z\u0131r ERDO\u011eAN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td>\u0130rfan G\u00dcVEND\u0130<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Adnan YANKIN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Kenan KANBUR<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Y\u00f6netim Kurulu B\u00fcnyesindeki Komiteler:<\/b><\/p>\n<ul>\n<li><b>Denetimden Sorumlu Komite:<\/b> Ba\u015fkan Adnan YANKIN, \u00dcye Kenan KANBUR.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Ba\u015fkan Adnan YANKIN, \u00dcye Kenan KANBUR.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Ba\u015fkan Adnan YANKIN, \u00dcyeler Fatih Nusret DUR ve Emel KO\u00c7AK. (Bu komite ayn\u0131 zamanda Aday G\u00f6sterme ve \u00dccret Komitelerinin g\u00f6revlerini de \u00fcstlenmektedir.)<\/li>\n<\/ul>\n<h2>2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>2.1. Sermaye Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> 80.000.000 TL<\/li>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131:<\/b> 400.000.000 TL<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket hisseleri 26-27 A\u011fustos 2021 tarihlerinde Borsa \u0130stanbul Ana Pazar\u2019da halka arz edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortaklar<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Mehmet ERDO\u011eAN<\/td>\n<td>11.034.809<\/td>\n<td>13,79<\/td>\n<\/tr>\n<tr>\n<td>Fatih ERDO\u011eAN<\/td>\n<td>11.034.807<\/td>\n<td>13,79<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k K\u0131s\u0131m dahil)<\/td>\n<td>57.930.384<\/td>\n<td>72,42<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>80.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Finansal tablolarda halka a\u00e7\u0131k k\u0131sm\u0131n oran\u0131 %58,91 olarak belirtilmi\u015ftir.<\/i><\/p>\n<h3>2.3. \u0130mtiyazl\u0131 Paylar<\/h3>\n<p>\u015eirket sermayesi A ve B Grubu nama yaz\u0131l\u0131 paylardan olu\u015fmaktad\u0131r. A Grubu paylar \u00f6nemli imtiyazlara sahiptir:<\/p>\n<ul>\n<li><b>Oy Hakk\u0131 \u0130mtiyaz\u0131:<\/b> Genel Kurul toplant\u0131lar\u0131nda A Grubu paylar\u0131n her biri 5 oy hakk\u0131na sahipken, B Grubu paylar\u0131n her biri 1 oy hakk\u0131na sahiptir.<\/li>\n<li><b>Y\u00f6netim Kurulu Se\u00e7im \u0130mtiyaz\u0131:<\/b> 5 \u00fcyeden olu\u015fan Y\u00f6netim Kurulu&#8217;nun 2 \u00fcyesi, A Grubu pay sahiplerinin g\u00f6sterece\u011fi adaylar aras\u0131ndan se\u00e7ilmektedir.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Grubu<\/td>\n<td>Toplam Nominal De\u011fer (TL)<\/td>\n<td>Sermayeye Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>A Grubu (\u0130mtiyazl\u0131)<\/td>\n<td>11.601.661<\/td>\n<td>14,5<\/td>\n<\/tr>\n<tr>\n<td>B Grubu<\/td>\n<td>68.398.339<\/td>\n<td>85,5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>3. Finansal Performans Analizi (30.09.2025)<\/h2>\n<p><i>T\u00fcm finansal veriler, TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama standard\u0131 uyar\u0131nca 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/i><\/p>\n<h3>3.1. Kar veya Zarar Tablosu Analizi<\/h3>\n<p>\u015eirketin sat\u0131\u015f gelirleri artmas\u0131na ra\u011fmen, y\u00fcksek finansman giderleri nedeniyle d\u00f6nem zararla sonu\u00e7lanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyon TL)<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>01.01-30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td><b>553,9<\/b><\/td>\n<td><b>442,5<\/b><\/td>\n<td><b>+25,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(433,9)<\/td>\n<td>(338,5)<\/td>\n<td>+28,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>120,0<\/b><\/td>\n<td><b>104,0<\/b><\/td>\n<td><b>+15,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>116,6<\/td>\n<td>107,5<\/td>\n<td>+8,5%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(174,1)<\/td>\n<td>(164,1)<\/td>\n<td>+6,1%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri<\/td>\n<td>45,6<\/td>\n<td>41,3<\/td>\n<td>+10,4%<\/td>\n<\/tr>\n<tr>\n<td><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi Zarar\u0131<\/b><\/td>\n<td><b>(33,0)<\/b><\/td>\n<td><b>(64,4)<\/b><\/td>\n<td><b>-48,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Zarar\u0131<\/b><\/td>\n<td><b>(49,2)<\/b><\/td>\n<td><b>(57,4)<\/b><\/td>\n<td><b>-14,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/td>\n<td>(0,6146)<\/td>\n<td>(0,7179)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Has\u0131lat Da\u011f\u0131l\u0131m\u0131 (01.01-30.09.2025):<\/b><\/p>\n<ul>\n<li>\u00c7uvall\u0131 \u00e7ay sat\u0131\u015flar\u0131: 505,4 milyon TL<\/li>\n<li>Paketli \u00e7ay sat\u0131\u015flar\u0131: 50,5 milyon TL<\/li>\n<li>Beyaz-ye\u015fil \u00e7ay sat\u0131\u015flar\u0131: 3,7 milyon TL<\/li>\n<\/ul>\n<h3>3.2. Finansal Durum Tablosu (Bilan\u00e7o) Analizi<\/h3>\n<p>D\u00f6nem sonunda \u015firketin varl\u0131klar\u0131 ve \u00f6zkaynaklar\u0131nda bir azalma g\u00f6zlemlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyon 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><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>769,0<\/b><\/td>\n<td><b>848,1<\/b><\/td>\n<td><b>-9,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>29,9<\/td>\n<td>47,4<\/td>\n<td>-36,9%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>239,0<\/td>\n<td>218,3<\/td>\n<td>+9,5%<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>366,0<\/td>\n<td>452,0<\/td>\n<td>-19,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>368,2<\/b><\/td>\n<td><b>378,3<\/b><\/td>\n<td><b>-2,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>363,2<\/td>\n<td>371,2<\/td>\n<td>-2,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>1.141,1<\/b><\/td>\n<td><b>1.230,3<\/b><\/td>\n<td><b>-7,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\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><b>613,2<\/b><\/td>\n<td><b>646,5<\/b><\/td>\n<td><b>-5,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Bor\u00e7lanmalar (Banka Kredileri)<\/td>\n<td>514,4<\/td>\n<td>458,9<\/td>\n<td>+12,1%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>88,5<\/td>\n<td>21,7<\/td>\n<td>+307,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>61,8<\/b><\/td>\n<td><b>69,0<\/b><\/td>\n<td><b>-10,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Bor\u00e7lanmalar (Banka Kredileri)<\/td>\n<td>18,7<\/td>\n<td>30,1<\/td>\n<td>-37,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>675,0<\/b><\/td>\n<td><b>715,5<\/b><\/td>\n<td><b>-5,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>466,1<\/b><\/td>\n<td><b>514,8<\/b><\/td>\n<td><b>-9,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>1.141,1<\/b><\/td>\n<td><b>1.230,3<\/b><\/td>\n<td><b>-7,3%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.3. Nakit Ak\u0131\u015f Tablosu Analizi<\/h3>\n<p>\u0130\u015fletme faaliyetlerinden yarat\u0131lan nakit, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir \u015fekilde d\u00fc\u015fm\u00fc\u015ft\u00fcr. Y\u00fcksek faiz \u00f6demeleri, finansman faaliyetlerinden nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyon TL)<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>01.01-30.09.2024<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Elde Edilen Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>69,9<\/td>\n<td>263,3<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Kaynaklanan Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(4,7)<\/td>\n<td>(63,2)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(82,8)<\/td>\n<td>(221,9)<\/td>\n<\/tr>\n<tr>\n<td><i>\u00d6denen Faiz<\/i><\/td>\n<td><i>(151,8)<\/i><\/td>\n<td><i>(155,6)<\/i><\/td>\n<\/tr>\n<tr>\n<td><i>Al\u0131nan Faiz<\/i><\/td>\n<td><i>25,0<\/i><\/td>\n<td><i>26,8<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Azal\u0131\u015f<\/b><\/td>\n<td><b>(17,5)<\/b><\/td>\n<td><b>(21,8)<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/td>\n<td>47,4<\/td>\n<td>27,4<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>29,9<\/b><\/td>\n<td><b>5,6<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.4. \u00d6nemli Finansal Rasyolar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Rasyo<\/td>\n<td>30.09.2025 De\u011feri<\/td>\n<td>A\u00e7\u0131klama<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,25<\/td>\n<td>D\u00f6nen varl\u0131klar\u0131n k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri kar\u015f\u0131lama g\u00fcc\u00fc.<\/td>\n<\/tr>\n<tr>\n<td>Asit Test Oran\u0131<\/td>\n<td>0,66<\/td>\n<td>Stoklar hari\u00e7 d\u00f6nen varl\u0131klar\u0131n k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri kar\u015f\u0131lama g\u00fcc\u00fc.<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7 \/ \u00d6zkaynaklar<\/td>\n<td>1,45<\/td>\n<td>\u015eirketin ne \u00f6l\u00e7\u00fcde bor\u00e7la finanse edildi\u011fini g\u00f6sterir.<\/td>\n<\/tr>\n<tr>\n<td>Mali Rantabilite (ROE)<\/td>\n<td>-0,1055<\/td>\n<td>\u00d6zkaynaklar\u0131n ne kadar verimli kullan\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6sterir. Negatif de\u011fer zarara i\u015faret eder.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>4. \u00d6nemli Geli\u015fmeler ve Stratejik G\u00f6r\u00fcn\u00fcm<\/h2>\n<h3>4.1. Tamamlanan Yat\u0131r\u0131mlar<\/h3>\n<ul>\n<li><b>G\u00fcne\u015f Enerjisi Santrali (GES):<\/b> \u015eirket, enerji giderlerini d\u00fc\u015f\u00fcrmek ve yenilenebilir enerjiye y\u00f6nelmek amac\u0131yla 1,26 MW g\u00fcc\u00fcndeki GES yat\u0131r\u0131m\u0131n\u0131 tamamlam\u0131\u015ft\u0131r. 44.517.582 TL maliyetli santral, fabrikan\u0131n y\u0131ll\u0131k elektrik t\u00fcketiminin tamam\u0131n\u0131 kar\u015f\u0131layacak \u015fekilde devreye al\u0131nm\u0131\u015ft\u0131r. \u00dcretim fazlas\u0131 elektri\u011fin sat\u0131\u015f\u0131 planlanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Y\u00f6netimin De\u011ferlendirmesi ve Stratejiler<\/h3>\n<ul>\n<li><b>Performans De\u011ferlendirmesi:<\/b> Y\u00f6netim, 2025&#8217;in ilk dokuz ay\u0131nda ekonomik konjonkt\u00fcr nedeniyle hedeflere ula\u015f\u0131lamad\u0131\u011f\u0131n\u0131 belirtmi\u015ftir. D\u00f6nem zarar\u0131 kabul edilmekle birlikte, \u015firketin finansal yap\u0131s\u0131n\u0131 iyile\u015ftirmek i\u00e7in \u00f6nlemler al\u0131nd\u0131\u011f\u0131 ifade edilmi\u015ftir.<\/li>\n<li><b>Finansal Yap\u0131y\u0131 \u0130yile\u015ftirme \u00d6nlemleri:<\/b>\n<ul>\n<li>Finansal bor\u00e7lulu\u011fu azaltarak finansman giderlerini d\u00fc\u015f\u00fcrmek.<\/li>\n<li>Yeni i\u015f modelleri ile sat\u0131\u015flar\u0131 ve karl\u0131l\u0131\u011f\u0131 art\u0131rmak.<\/li>\n<li>Alacak \u00f6deme vadesini d\u00fc\u015f\u00fcr\u00fcp, bor\u00e7 \u00f6deme vadesini uzatarak i\u015fletme sermayesini g\u00fc\u00e7lendirmek.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>4.3. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>\u015eirketin bilan\u00e7osunda \u00f6nemli tutarda ili\u015fkili taraf alaca\u011f\u0131 bulunmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla ba\u015fl\u0131ca alacaklar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Aden Pelet ve Orman \u00dcr\u00fcn. San. Tic. A.\u015e.:<\/b> 116,5 milyon TL (Ticari olmayan)<\/li>\n<li><b>Pasifik Gayrimenkul Yat\u0131r\u0131m \u0130n\u015faat A.\u015e.:<\/b> 20,3 milyon TL (Ticari)<\/li>\n<\/ul>\n<h3>4.4. Bilan\u00e7o Tarihi Sonras\u0131 Olaylar<\/h3>\n<p>D\u00f6nem kapand\u0131ktan sonra \u015firketin finansal yap\u0131s\u0131n\u0131 k\u00f6kten etkileyecek \u00e7ok \u00f6nemli bir geli\u015fme ya\u015fanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131 ve Halka Arz:<\/b> \u015eirket Y\u00f6netim Kurulu, 400.000.000 TL&#8217;lik kay\u0131tl\u0131 sermaye tavan\u0131 i\u00e7inde, 80.000.000 TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayenin, 160.000.000 TL&#8217;si nakden kar\u015f\u0131lanmak suretiyle <b>240.000.000 TL&#8217;ye<\/b> \u00e7\u0131kar\u0131lmas\u0131na karar vermi\u015ftir. Bu i\u015fleme ili\u015fkin halka arz izahnamesi <b>Sermaye Piyasas\u0131 Kurulu&#8217;nun 23 Ekim 2025<\/b> tarihli toplant\u0131s\u0131nda onaylanm\u0131\u015ft\u0131r. Bu sermaye art\u0131\u015f\u0131, \u015firketin \u00f6zkaynaklar\u0131n\u0131 g\u00fc\u00e7lendirecek ve bor\u00e7lulu\u011funu azaltma stratejisini do\u011frudan destekleyecektir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"368\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Or\u00e7ay&#8217;\u0131n Finansal Tablolar\u0131 Ne Anlat\u0131yor? \u0130\u015fte En \u00c7arp\u0131c\u0131 5 Nokta Bir Fincan \u00c7ay\u0131n Ard\u0131ndaki Finansal F\u0131rt\u0131na Geleneksel T\u00fcrk k\u00fclt\u00fcr\u00fcn\u00fcn vazge\u00e7ilmez bir par\u00e7as\u0131 olan \u00e7ay, genellikle istikrar\u0131 ve sakinli\u011fi \u00e7a\u011fr\u0131\u015ft\u0131r\u0131r. Ancak T\u00fcrkiye&#8217;nin \u00f6nemli \u00e7ay \u00fcreticilerinden Or\u00e7ay&#8217;\u0131n son finansal raporlar\u0131, bu sakin&#8230; <\/p>\n","protected":false},"author":1,"featured_media":369,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[72],"class_list":["post-368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-orcay"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/368","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=368"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/368\/revisions"}],"predecessor-version":[{"id":370,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/368\/revisions\/370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/369"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}