{"id":383,"date":"2025-12-22T01:19:52","date_gmt":"2025-12-21T22:19:52","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=383"},"modified":"2025-12-22T01:19:52","modified_gmt":"2025-12-21T22:19:52","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-pnlsn-panelsan-cati-cephe-sistemleri-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/383","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PNLSN | Panelsan \u00c7at\u0131 Cephe Sistemleri 2025\/9 Bilan\u00e7o Analizi | \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PNLSN | Panelsan \u00c7at\u0131 Cephe Sistemleri 2025\/9 Bilan\u00e7o Analizi | Agresif B\u00fcy\u00fcme\ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/MlCBu6vkvOo?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 Faaliyet Raporunun S\u00f6yledikleri: Panelsan Stratejisindeki 4 \u015ea\u015f\u0131rt\u0131c\u0131 Detay<\/h1>\n<h3><b>Giri\u015f: Bilan\u00e7onun \u00d6tesinde<\/b><\/h3>\n<p>Kurumsal faaliyet raporlar\u0131 genellikle rakamlar, tablolar ve yasal zorunluklarla dolu, okunmas\u0131 zor dok\u00fcmanlar olarak bilinir. Ancak dikkatli bir g\u00f6z, bu sayfalar\u0131n aras\u0131nda bir \u015firketin ruhunu, stratejik zekas\u0131n\u0131 ve gelece\u011fe y\u00f6nelik vizyonunu anlatan b\u00fcy\u00fcleyici hikayeler bulabilir. Bu hikayelerden biri, T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck sanayi kurulu\u015flar\u0131 aras\u0131nda yer alan Panelsan \u00c7at\u0131 Cephe Sistemleri Sanayi ve Ticaret A.\u015e.&#8217;nin raporunda gizli.<\/p>\n<p>Panelsan, y\u0131llard\u0131r \u0130SO \u0130kinci 500 listesinde istikrarl\u0131 bir \u015fekilde yer alarak g\u00fcc\u00fcn\u00fc kan\u0131tlam\u0131\u015f, 2023&#8217;te ise 349. s\u0131radan 194. s\u0131raya t\u0131rmanarak ola\u011fan\u00fcst\u00fc bir s\u0131\u00e7rama kaydetmi\u015f \u00f6nemli bir oyuncu. \u015eirketin son faaliyet raporunu inceledi\u011fimizde, basit bir \u00fcreticiden \u00e7ok daha fazlas\u0131 oldu\u011funu ortaya koyan, \u015fa\u015f\u0131rt\u0131c\u0131 ve bir o kadar da etkileyici d\u00f6rt stratejik hamleyle kar\u015f\u0131la\u015ft\u0131k. \u0130\u015fte bilan\u00e7onun \u00f6tesine ge\u00e7ip Panelsan&#8217;\u0131n gelece\u011fini \u015fekillendiren o d\u00f6rt \u00f6nemli \u00e7\u0131kar\u0131m.<\/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<h3><b>1. T\u00fcrkiye&#8217;nin En B\u00fcy\u00fck Enerji Sorunlar\u0131ndan Birine \u00c7\u00f6z\u00fcm \u00dcretiyorlar<\/b><\/h3>\n<p>Faaliyet raporundaki belki de en \u00e7arp\u0131c\u0131 ger\u00e7ek \u015fu: Enerjide d\u0131\u015fa ba\u011f\u0131ml\u0131 olan T\u00fcrkiye&#8217;de, binalar\u0131n %75&#8217;i yal\u0131t\u0131ms\u0131z durumda. \u00dclkemizde t\u00fcketilen toplam enerjinin %32,7&#8217;si bu binalarda harcan\u0131yor ve bu t\u00fcketimin de b\u00fcy\u00fck bir k\u0131sm\u0131 \u0131s\u0131tma ve so\u011futma i\u00e7in kullan\u0131l\u0131yor.<\/p>\n<p>Panelsan&#8217;\u0131n ana \u00fcr\u00fcn\u00fc olan sandvi\u00e7 paneller, tam da bu ulusal soruna do\u011frudan bir \u00e7\u00f6z\u00fcm sunuyor. Bu paneller, kullan\u0131ld\u0131klar\u0131 yap\u0131larda \u00fcst d\u00fczeyde \u0131s\u0131, su, ses ve yang\u0131n yal\u0131t\u0131m\u0131 sa\u011flayarak enerji verimlili\u011fini k\u00f6kten de\u011fi\u015ftiriyor. S\u0131radan bir vatanda\u015f i\u00e7in bunun anlam\u0131 \u00e7ok net: Do\u011fru yal\u0131t\u0131m, \u0131s\u0131nma ve so\u011futma faturalar\u0131n\u0131 yar\u0131 yar\u0131ya azaltabilir. \u015eirketin \u00f6zellikle poli\u00fcretan (PUR\/PIR) dolgulu panellerinin mevcut en iyi yal\u0131t\u0131m performanslar\u0131ndan birini sunmas\u0131, Panelsan&#8217;\u0131n sadece bir \u00fcr\u00fcn satmakla kalmay\u0131p, \u00fclkenin enerji verimlili\u011fi sorununa y\u00fcksek teknolojiyle \u00e7\u00f6z\u00fcm \u00fcretti\u011fini g\u00f6steriyor.<\/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<h3><b>2. Kendi Fabrikalar\u0131, Kendi \u00d6d\u00fcll\u00fc Teknolojileriyle \u00c7al\u0131\u015f\u0131yor<\/b><\/h3>\n<p>Bir \u015firketin kendi Ar-Ge&#8217;sine ne kadar inand\u0131\u011f\u0131n\u0131n en somut kan\u0131t\u0131, geli\u015ftirdi\u011fi teknolojiyi ilk \u00f6nce kendi operasyonlar\u0131nda kullanmas\u0131d\u0131r. Panelsan, bu konuda \u00f6rnek bir ad\u0131m atm\u0131\u015f. \u015eirketin yo\u011fun Ar-Ge \u00e7al\u0131\u015fmalar\u0131 sonucu geli\u015ftirdi\u011fi ve patentini ald\u0131\u011f\u0131 &#8220;Gizli Vidal\u0131 \u00c7at\u0131 Paneli ve Aparat Sistemi&#8221;, 2014 y\u0131l\u0131nda &#8220;Y\u0131l\u0131n \u00c7at\u0131 Kaplama Malzemesi\/Sistemi&#8221; \u00f6d\u00fcl\u00fcn\u00fc kazanacak kadar yenilik\u00e7i bir \u00fcr\u00fcn.<\/p>\n<p>Ancak hikayenin en etkileyici k\u0131sm\u0131 bu de\u011fil. Panelsan, bu \u00f6d\u00fcll\u00fc teknolojiyi sadece m\u00fc\u015fterilerine satmakla yetinmemi\u015f. 2020 y\u0131l\u0131nda, bu sistemi kullanarak kendi fabrika \u00e7at\u0131s\u0131na 1,2 MW g\u00fcc\u00fcnde bir G\u00fcne\u015f Enerjisi Santrali (GES) kurmu\u015f. Bu hamle, \u015firketin hem kendi teknolojisine olan sars\u0131lmaz g\u00fcvenini hem de yenilenebilir enerjiye olan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 ortaya koyuyor. Bu stratejiyi, Polatl\u0131&#8217;daki binalar\u0131n\u0131n \u00e7at\u0131s\u0131na kurmay\u0131 planlad\u0131klar\u0131 550 kW g\u00fcc\u00fcndeki yeni GES projesi ve Elaz\u0131\u011f&#8217;da planlanan toplam 2015 kW&#8217;l\u0131k lisanss\u0131z \u00fcretim tesisi gibi ad\u0131mlarla s\u00fcrd\u00fcrmeleri, onlar\u0131n inovatif ve \u00e7evreye duyarl\u0131 bir marka kimli\u011fi in\u015fa etme konusundaki kararl\u0131l\u0131\u011f\u0131n\u0131 peki\u015ftiriyor.<\/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<h3><b>3. Agresif B\u00fcy\u00fcme: Kazakistan&#8217;dan Ham Madde \u00dcretimine<\/b><\/h3>\n<p>Panelsan&#8217;\u0131n stratejisi sadece yurt i\u00e7i pazarla veya mevcut \u00fcr\u00fcn gam\u0131yla s\u0131n\u0131rl\u0131 de\u011fil. \u015eirket, hem uluslararas\u0131 alanda hem de tedarik zincirinde dikey olarak agresif bir b\u00fcy\u00fcme stratejisi izliyor.<\/p>\n<p>Uluslararas\u0131 geni\u015flemenin en somut \u00f6rne\u011fi, T\u00fcrkiye&#8217;nin \u00f6nde gelen gruplar\u0131ndan YDA Group ile Kazakistan&#8217;da kurduklar\u0131 YDA-Panelsan LLP ortak giri\u015fimi. Bu fabrika, \u015firketin co\u011frafi etki alan\u0131n\u0131 geni\u015fletme konusundaki ciddiyetini g\u00f6steriyor.<\/p>\n<p>Dikey entegrasyon taraf\u0131nda ise %50 ortakl\u0131kla kurulan IPS Kimya Sanayi ve Ticaret A.\u015e. hamlesi dikkat \u00e7ekiyor. Bu yeni \u015firket, Panelsan&#8217;\u0131n sandvi\u00e7 panel \u00fcretimindeki en kritik girdilerden biri olan poli\u00fcretan ham maddesini \u00fcretecek. Bu, tedarik zincirini g\u00fcvence alt\u0131na almak, maliyetleri kontrol etmek ve k\u00e2rl\u0131l\u0131\u011f\u0131 art\u0131rmak i\u00e7in at\u0131lm\u0131\u015f son derece stratejik bir ad\u0131m.<\/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<h3><b>4. Daralan Piyasaya Ra\u011fmen Yat\u0131r\u0131ma H\u0131z Kesmeden Devam Ediyorlar<\/b><\/h3>\n<p>Ekonomik raporlar, sekt\u00f6re dair karamsar bir tablo \u00e7izerken yat\u0131r\u0131m yapmak cesaret ister. Rapordaki &#8220;PANELDER PMI&#8221; grafi\u011fi, endeksin Eyl\u00fcl 2025&#8217;te 33.80&#8217;e gerileyerek sekt\u00f6rde &#8220;daralman\u0131n derinle\u015fti\u011fini&#8221; ve &#8220;zay\u0131f talep ko\u015fullar\u0131n\u0131&#8221; i\u015faret etti\u011fini g\u00f6steriyor. Bir\u00e7ok \u015firket bu gibi d\u00f6nemlerde frene basarken, Panelsan tam tersini yap\u0131yor.<\/p>\n<p>Bu piyasa r\u00fczgar\u0131na kar\u015f\u0131 \u015firket, en b\u00fcy\u00fck yat\u0131r\u0131mlar\u0131ndan birine imza at\u0131yor: \u0130talyan men\u015feli yeni bir sandvi\u00e7 panel \u00fcretim hatt\u0131 i\u00e7in yap\u0131lan 5.000.000 Euro&#8217;luk anla\u015fma. Bu yat\u0131r\u0131m\u0131n tek ba\u015f\u0131na \u00fcretim kapasitesini minimum %50 art\u0131rmas\u0131 bekleniyor. Bununla da yetinmeyen \u015firket, ayn\u0131 d\u00f6nemde mevcut \u00fcretim tesislerine biti\u015fik konumda stratejik bir fabrika arsas\u0131 sat\u0131n alarak gelecekteki b\u00fcy\u00fcme f\u0131rsatlar\u0131 i\u00e7in de haz\u0131rl\u0131k yapm\u0131\u015ft\u0131r. K\u0131sa vadeli piyasa daralmas\u0131na ra\u011fmen bu denli b\u00fcy\u00fck bir kapasite art\u0131\u015f\u0131na gitmek, \u015firketin pazar\u0131n gelece\u011fine ve kendi uzun vadeli b\u00fcy\u00fcme potansiyeline olan derin inanc\u0131n\u0131 ortaya koyan, ileri g\u00f6r\u00fc\u015fl\u00fc ve \u00f6zg\u00fcvenli bir stratejidir.<\/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<h3><b>Sonu\u00e7: Gelece\u011fin Plan\u0131<\/b><\/h3>\n<p>Panelsan&#8217;\u0131n faaliyet raporundan \u00e7\u0131kan bu d\u00f6rt \u00e7\u0131kar\u0131m, \u015firketin sadece bir sandvi\u00e7 panel \u00fcreticisi olmad\u0131\u011f\u0131n\u0131; aksine enerji verimlili\u011fine \u00e7\u00f6z\u00fcm sunan, kendi teknolojisine g\u00fcvenen, hem yatay hem dikey olarak cesurca b\u00fcy\u00fcyen ve piyasa ko\u015fullar\u0131na meydan okuyarak gelece\u011fe yat\u0131r\u0131m yapan bir strateji devi oldu\u011funu g\u00f6steriyor.<\/p>\n<p>Bu durum akla \u015fu soruyu getiriyor: Bir \u015firketin ger\u00e7ek g\u00fcc\u00fc, mevcut piyasa ko\u015fullar\u0131na verdi\u011fi tepkilerde mi, yoksa bu ko\u015fullara ra\u011fmen gelece\u011fi \u015fekillendirmek i\u00e7in att\u0131\u011f\u0131 cesur ad\u0131mlarda m\u0131 yatar?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">PANELSAN A.\u015e. 30 Eyl\u00fcl 2025 D\u00f6nemi Bilgilendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme raporu, PANELSAN \u00c7at\u0131 Cephe Sistemleri Sanayi ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 itibar\u0131yla finansal durumunu, operasyonel faaliyetlerini ve stratejik y\u00f6nelimlerini \u00f6zetlemektedir. \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, zorlu piyasa ko\u015fullar\u0131na ra\u011fmen k\u00e2rl\u0131l\u0131k marjlar\u0131n\u0131 iyile\u015ftirmi\u015f ve b\u00fcy\u00fcme odakl\u0131 stratejik yat\u0131r\u0131mlar\u0131n\u0131 kararl\u0131l\u0131kla s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr.<\/p>\n<p><b>Temel Finansal Bulgular:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> \u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k has\u0131lat\u0131 2.039.903.466 TL olarak ger\u00e7ekle\u015fmi\u015f olup, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re (2.577.972.789 TL) bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Has\u0131latta ya\u015fanan d\u00fc\u015f\u00fc\u015fe ra\u011fmen, br\u00fct k\u00e2r marj\u0131 (%13,51&#8217;den %13,56&#8217;ya), net k\u00e2r marj\u0131 (%3,05&#8217;ten %4,09&#8217;a) ve FAV\u00d6K marj\u0131 (%11,26&#8217;dan %11,96&#8217;ya) gibi temel k\u00e2rl\u0131l\u0131k oranlar\u0131nda art\u0131\u015f kaydedilmi\u015ftir. Net d\u00f6nem k\u00e2r\u0131 83.397.509 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bilan\u00e7o Yap\u0131s\u0131:<\/b> \u015eirket, g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131n\u0131 korumaktad\u0131r. Toplam varl\u0131klar\u0131 4.151.059.253 TL olan \u015firketin \u00f6zkaynaklar\u0131 2.731.648.920 TL seviyesindedir. D\u00fc\u015f\u00fck kald\u0131ra\u00e7 oran\u0131 (%34) ve bor\u00e7\/\u00f6zkaynak oran\u0131 (%52) finansal sa\u011flaml\u0131\u011fa i\u015faret etmektedir.<\/li>\n<\/ul>\n<p><b>Stratejik Geli\u015fmeler ve Yat\u0131r\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Kapasite Art\u0131\u015f\u0131:<\/b> Polatl\u0131&#8217;daki tesiste 5 milyon Euro bedelle devreye al\u0131nan yeni \u0130talyan men\u015feli sandvi\u00e7 panel \u00fcretim hatt\u0131 ile \u00fcretim kapasitesinin asgari %50 art\u0131r\u0131lmas\u0131 hedeflenmektedir. Bu yat\u0131r\u0131m, Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131&#8217;ndan al\u0131nan te\u015fvik belgesi ile desteklenmektedir.<\/li>\n<li><b>Uluslararas\u0131 Geni\u015fleme:<\/b> YDA Grubu ile Kazakistan&#8217;da kurulan YDA-Panelsan LLP ortakl\u0131\u011f\u0131 (%51 YDA, %49 Panelsan) ile uluslararas\u0131 pazarlardaki varl\u0131k g\u00fc\u00e7lendirilmektedir. Astana&#8217;daki fabrikan\u0131n \u00fcretim hatt\u0131 sipari\u015fi verilmi\u015ftir.<\/li>\n<li><b>Dikey Entegrasyon:<\/b> Sandvi\u00e7 panel \u00fcretiminin en \u00f6nemli girdilerinden olan poli\u00fcretan hammaddesini \u00fcretmek \u00fczere, 5.000.000 TL sermayeli IPS Kimya Sanayi ve Ticaret A.\u015e.&#8217;ye %50 oran\u0131nda ortak olunmu\u015ftur. Bu hamlenin \u015firketin s\u0131na\u00ee ve ticar\u00ee faaliyetlerine olumlu etki yapmas\u0131 beklenmektedir.<\/li>\n<li><b>Yenilenebilir Enerji:<\/b> Mevcut 1,2 MW&#8217;l\u0131k G\u00fcne\u015f Enerjisi Santrali&#8217;ne (GES) ek olarak, Polatl\u0131&#8217;da 550 kW ve Elaz\u0131\u011f&#8217;da toplam 2015 kW g\u00fcc\u00fcnde yeni GES kurulumlar\u0131 i\u00e7in onaylar ve \u00e7a\u011fr\u0131 mektuplar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p><b>Piyasa De\u011ferlendirmesi:<\/b> T\u00fcrkiye yal\u0131t\u0131m sekt\u00f6r\u00fc, enerji verimlili\u011fi bilincinin artmas\u0131 ve kentsel d\u00f6n\u00fc\u015f\u00fcm projeleriyle uzun vadeli b\u00fcy\u00fcme potansiyeli ta\u015f\u0131maktad\u0131r. Ancak k\u0131sa vadede, PANELDER PMI endeksinin Eyl\u00fcl 2025&#8217;te 33,80&#8217;e gerileyerek daralman\u0131n derinle\u015fti\u011fini g\u00f6stermesi, talep ko\u015fullar\u0131ndaki zay\u0131fl\u0131\u011fa i\u015faret etmektedir. K\u00fcresel pazarda ise yal\u0131t\u0131m malzemelerine olan talep, artan in\u015faat faaliyetleri ve enerji verimlili\u011fi standartlar\u0131 sayesinde istikrarl\u0131 bir \u015fekilde b\u00fcy\u00fcmektedir.<\/p>\n<h2>\u015eirket Profili ve Faaliyet Alan\u0131<\/h2>\n<p>PANELSAN \u00c7at\u0131 Cephe Sistemleri Sanayi ve Ticaret A.\u015e., al\u00fcminyum, galvaniz sac ve plastik gibi malzemelerden, poli\u00fcretan (PUR), poliizosiyanurat (PIR), polistren (EPS) ve mineral y\u00fcn gibi dolgu malzemeleri kullanarak prefabrik \u0131s\u0131 yal\u0131t\u0131ml\u0131 in\u015faat elemanlar\u0131 \u00fcretmektedir. \u015eirketin ana \u00fcr\u00fcn gruplar\u0131, end\u00fcstriyel yap\u0131larda \u00fcst d\u00fczey \u0131s\u0131, su, ses ve yang\u0131n yal\u0131t\u0131m\u0131 sa\u011flayan sandvi\u00e7 paneller ve yal\u0131t\u0131m malzemeleridir.<\/p>\n<p><b>\u00dcretim Kapasitesi ve Tesisler:<\/b><\/p>\n<ul>\n<li><b>Lokasyon:<\/b> Ankara, Polatl\u0131, \u00c7ekirdeksiz Organize Sanayi B\u00f6lgesi.<\/li>\n<li><b>Alan:<\/b> 142.540 m\u00b2 fabrika arsas\u0131 \u00fczerinde 26.540 m\u00b2 kapal\u0131 alan.<\/li>\n<li><b>Y\u0131ll\u0131k Kapasite:<\/b> 12.500.000 m\u00b2 sandvi\u00e7 panel ve 910.000 m\u00b3 EPS \u00fcretimi.<\/li>\n<\/ul>\n<p><b>\u00dcr\u00fcn Gruplar\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kategori<\/td>\n<td>\u00dcr\u00fcn Tipi<\/td>\n<td>Dolgu Malzemeleri<\/td>\n<\/tr>\n<tr>\n<td><b>Sandvi\u00e7 \u00c7at\u0131 Panelleri<\/b><\/td>\n<td>3-5 Hadveli, Gizli Vidal\u0131, Membranl\u0131, Akustik, CTP<\/td>\n<td>PUR \/ PIR, Ta\u015f y\u00fcn\u00fc, EPS<\/td>\n<\/tr>\n<tr>\n<td><b>Sandvi\u00e7 Cephe Panelleri<\/b><\/td>\n<td>Sin\u00fcs\/Yar\u0131 Sin\u00fcs Formlu, Matrix Serisi, Gizli\/D\u0131\u015ftan Vidal\u0131, So\u011fuk Oda, Akustik<\/td>\n<td>PUR \/ PIR, Ta\u015f y\u00fcn\u00fc, EPS<\/td>\n<\/tr>\n<tr>\n<td><b>Yal\u0131t\u0131m Grubu<\/b><\/td>\n<td>EPS (Karbonlu, Beyaz), EPS Enjeksiyon<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Tamamlay\u0131c\u0131 \u00dcr\u00fcnler<\/b><\/td>\n<td>\u00d6zel Ba\u011flant\u0131 Aparat\u0131, Polikarbon Levha, K\u00f6\u015fe Paneli<\/td>\n<td>PUR, PIR, Ta\u015f y\u00fcn\u00fc<\/td>\n<\/tr>\n<tr>\n<td><b>Di\u011fer EPS \u00dcr\u00fcnleri<\/b><\/td>\n<td>Panpor, Decopa Tavan Kaplama, Panpalet Ta\u015f\u0131ma Paletleri, Panbox Meyve\/Sebze Kutular\u0131, Medikal Kutular, Ar\u0131 Kovanlar\u0131<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Pazar Konumu ve Kalite Belgeleri:<\/b><\/p>\n<ul>\n<li>\u015eirket, \u00fcr\u00fcnlerini T\u00fcrkiye&#8217;nin yan\u0131 s\u0131ra Ortado\u011fu, T\u00fcrk\u00ee Cumhuriyetler, Afrika ve Avrupa pazarlar\u0131nda sunmaktad\u0131r.<\/li>\n<li>3 farkl\u0131 k\u0131tada ge\u00e7erli olan <b>FM Global<\/b> kalite belgesine sahip \u00fcr\u00fcnleri ile uluslararas\u0131 pazarlarda tercih edilen bir markad\u0131r.<\/li>\n<li>Yenilik\u00e7i &#8220;Gizli Vidal\u0131 \u00c7at\u0131 Paneli ve Aparat Sistemi&#8221;, 2014 y\u0131l\u0131nda &#8220;Y\u0131l\u0131n \u00c7at\u0131 Kaplama Malzemesi\/Sistemi&#8221; \u00f6d\u00fcl\u00fcn\u00fc kazanm\u0131\u015ft\u0131r.<\/li>\n<li>ISO \u0130kinci 500 Listesi&#8217;nde yer alan Panelsan, 2023 y\u0131l\u0131nda 194. s\u0131raya y\u00fckselmi\u015f, 2024 y\u0131l\u0131nda ise 370. s\u0131rada yer alarak T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck sanayi kurulu\u015flar\u0131 aras\u0131ndaki yerini korumu\u015ftur.<\/li>\n<\/ul>\n<h2>Stratejik Yat\u0131r\u0131mlar ve B\u00fcy\u00fcme Politikas\u0131<\/h2>\n<p>Panelsan, i\u015f hacmini ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rmak amac\u0131yla kapasite art\u0131\u015f\u0131, uluslararas\u0131 geni\u015fleme, dikey entegrasyon ve yenilenebilir enerji alanlar\u0131nda \u00e7ok y\u00f6nl\u00fc bir yat\u0131r\u0131m politikas\u0131 izlemektedir.<\/p>\n<h3>Kapasite Art\u0131\u015f\u0131 ve Te\u015fvikler<\/h3>\n<ul>\n<li><b>Yeni \u00dcretim Hatt\u0131:<\/b> \u0130talyan men\u015feli yeni bir sandvi\u00e7 panel \u00fcretim hatt\u0131 al\u0131m\u0131 i\u00e7in 5.000.000 Euro bedelli bir s\u00f6zle\u015fme imzalanm\u0131\u015f, hat teslim al\u0131narak deneme \u00fcretimine ba\u015flanm\u0131\u015ft\u0131r. Bu yat\u0131r\u0131m\u0131n tamamlanmas\u0131yla \u00fcretim kapasitesinin minimum %50 artmas\u0131 beklenmektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Te\u015fvik Belgesi:<\/b> Polatl\u0131 OSB&#8217;deki tevsi\u00ee yat\u0131r\u0131m projesi i\u00e7in Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131&#8217;ndan te\u015fvik belgesi al\u0131nm\u0131\u015ft\u0131r. Toplam yat\u0131r\u0131m tutar\u0131 218.272.617 TL olan proje; Sigorta Primi \u0130\u015fveren Hissesi deste\u011fi, %55 Vergi \u0130ndirimi, KDV \u0130stisnas\u0131 ve G\u00fcmr\u00fck Vergisi muafiyeti gibi destekleri i\u00e7ermektedir.<\/li>\n<\/ul>\n<h3>Uluslararas\u0131 Geni\u015fleme: Kazakistan Yat\u0131r\u0131m\u0131<\/h3>\n<ul>\n<li>\u015eirket, YDA \u015eirketler Grubu ile stratejik bir ortakl\u0131k kurmu\u015ftur.<\/li>\n<li>Bu ortakl\u0131k kapsam\u0131nda, Panelsan&#8217;\u0131n %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Panelsan KZ, Kazakistan&#8217;da kurulu YDA-Panelsan LLP \u015firketinin %49 hissesini devralm\u0131\u015ft\u0131r. Yeni ortakl\u0131k yap\u0131s\u0131 <b>%51 YDA \u0130n\u015faat Sanayi ve Ticaret A.\u015e.<\/b> ve <b>%49 Panelsan KZ<\/b> olarak tescil edilmi\u015ftir.<\/li>\n<li>Kazakistan Astana&#8217;da kurulacak fabrika i\u00e7in hat sipari\u015fi s\u00f6zle\u015fmesi imzalanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Dikey Entegrasyon: IPS Kimya Ortakl\u0131\u011f\u0131<\/h3>\n<ul>\n<li>Panelsan, en \u00f6nemli hammadde girdilerinden biri olan poli\u00fcretan hammaddesinin \u00fcretimini ger\u00e7ekle\u015ftirmek amac\u0131yla stratejik bir ad\u0131m atm\u0131\u015ft\u0131r.<\/li>\n<li>Ankara&#8217;da kurulu, 5.000.000 TL sermayeli <b>IPS Kimya Sanayi ve Ticaret A.\u015e.<\/b>&#8216;ye %50 oran\u0131nda ortak olunmu\u015ftur.<\/li>\n<li>Bu ortakl\u0131\u011f\u0131n, Panelsan&#8217;\u0131n s\u0131na\u00ee ve ticar\u00ee faaliyetlerine tedarik g\u00fcvenli\u011fi ve maliyet avantaj\u0131 sa\u011flayarak olumlu katk\u0131da bulunmas\u0131 hedeflenmektedir.<\/li>\n<\/ul>\n<h3>Yenilenebilir Enerji Yat\u0131r\u0131mlar\u0131<\/h3>\n<ul>\n<li>\u015eirket, s\u00fcrd\u00fcr\u00fclebilirlik ve maliyet optimizasyonu hedefleri do\u011frultusunda yenilenebilir enerjiye yat\u0131r\u0131m yapmaktad\u0131r.<\/li>\n<li><b>Mevcut Tesis:<\/b> Polatl\u0131&#8217;daki fabrikan\u0131n \u00e7at\u0131s\u0131na, \u015firketin patentli \u00fcr\u00fcn\u00fc olan &#8220;Gizli Vidal\u0131 \u00c7at\u0131 Paneli&#8221; kullan\u0131larak 2020 y\u0131l\u0131nda 1,2 MW kurulu g\u00fcce sahip bir GES kurulmu\u015ftur.<\/li>\n<li><b>Yeni Projeler:<\/b>\n<ul>\n<li>Polatl\u0131&#8217;daki binan\u0131n \u00e7at\u0131s\u0131na 550 kW g\u00fcc\u00fcnde yeni bir GES tesisi projesi TEDA\u015e taraf\u0131ndan onaylanm\u0131\u015f ve 7.309.503 TL&#8217;lik yat\u0131r\u0131m i\u00e7in te\u015fvik belgesi al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li>Elaz\u0131\u011f&#8217;da toplam 2015 kW g\u00fcc\u00fcnde lisanss\u0131z elektrik \u00fcretimi tesisi i\u00e7in \u00e7a\u011fr\u0131 mektuplar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Di\u011fer Stratejik Ad\u0131mlar<\/h3>\n<ul>\n<li><b>Arsa Al\u0131m\u0131:<\/b> \u0130lerideki b\u00fcy\u00fcme f\u0131rsatlar\u0131n\u0131 de\u011ferlendirmek amac\u0131yla Polatl\u0131 OSB&#8217;de mevcut \u00fcretim tesislerine biti\u015fik bir fabrika arsas\u0131 sat\u0131n al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Temett\u00fc Politikas\u0131:<\/b> \u015eirket, her y\u0131l temett\u00fc da\u011f\u0131tarak bir &#8220;temett\u00fc \u015firketi&#8221; olmay\u0131 \u00f6nemli hedefleri aras\u0131nda g\u00f6rmektedir. 2024 y\u0131l\u0131 faaliyet k\u00e2r\u0131ndan net %17,56 oran\u0131nda temett\u00fc da\u011f\u0131t\u0131lmas\u0131 karar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Sekt\u00f6rel Analiz ve Pazar Konumu<\/h2>\n<h3>T\u00fcrkiye Yal\u0131t\u0131m Sekt\u00f6r\u00fc<\/h3>\n<ul>\n<li><b>Pazar B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> T\u00fcrkiye yal\u0131t\u0131m sekt\u00f6r\u00fc, 2023 y\u0131l\u0131nda t\u00fcm hizmetler dahil 7,5 milyar dolarl\u0131k bir b\u00fcy\u00fckl\u00fc\u011fe ula\u015fm\u0131\u015f ve 2024&#8217;te s\u0131n\u0131rl\u0131 da olsa b\u00fcy\u00fcmeye devam etmi\u015ftir.<\/li>\n<li><b>Potansiyel:<\/b> T\u00fcrkiye&#8217;deki binalar\u0131n %75&#8217;inin yal\u0131t\u0131ms\u0131z olmas\u0131 ve binalarda t\u00fcketilen enerjinin %32,7&#8217;sinin \u0131s\u0131nma\/so\u011futma ama\u00e7l\u0131 kullan\u0131lmas\u0131, sekt\u00f6r i\u00e7in b\u00fcy\u00fck bir potansiyel bar\u0131nd\u0131rmaktad\u0131r.<\/li>\n<li><b>D\u00fczenleyici Etkiler:<\/b> Binalarda Is\u0131 Yal\u0131t\u0131m\u0131 Kurallar\u0131 Standard\u0131 olan TS 825&#8217;in revizyonu, sekt\u00f6r i\u00e7in 2025&#8217;teki en \u00f6nemli geli\u015fmelerden biri olarak g\u00f6r\u00fclmektedir. Bu standart, enerji tasarrufunu art\u0131rmay\u0131 hedeflemektedir.<\/li>\n<li><b>Beklentiler:<\/b> Kentsel d\u00f6n\u00fc\u015f\u00fcm\u00fcn h\u0131zlanmas\u0131 ve yeni bina talebi, sekt\u00f6r\u00fcn b\u00fcy\u00fcmesini destekleyecek ana fakt\u00f6rlerdir. Faizlerin d\u00fc\u015fmesiyle birlikte 2025&#8217;te in\u015faat faaliyetlerinin ivmelenmesi beklenmektedir.<\/li>\n<\/ul>\n<h3>K\u00fcresel Yal\u0131t\u0131m Pazar\u0131<\/h3>\n<ul>\n<li><b>Pazar De\u011feri ve B\u00fcy\u00fcme:<\/b> K\u00fcresel yal\u0131t\u0131m pazar\u0131n\u0131n 2025&#8217;te 74,7 milyar ABD dolar\u0131 de\u011ferinde olmas\u0131 ve y\u0131ll\u0131k %6,9 bile\u015fik b\u00fcy\u00fcme oran\u0131yla 2032&#8217;de 119,23 milyar dolara ula\u015fmas\u0131 beklenmektedir.<\/li>\n<li><b>Ana \u0130tici G\u00fc\u00e7ler:<\/b>\n<ul>\n<li>Artan in\u015faat faaliyetleri, kentle\u015fme ve sanayile\u015fme (\u00f6zellikle Asya Pasifik b\u00f6lgesinde).<\/li>\n<li>Enerji verimlili\u011fi konusundaki artan fark\u0131ndal\u0131k ve s\u0131k\u0131 d\u00fczenlemeler.<\/li>\n<li>Biyo-bazl\u0131 ve \u00e7evre dostu yal\u0131t\u0131m malzemelerine y\u00f6nelik artan tercih.<\/li>\n<li>Yeniden modelleme ve yenileme faaliyetlerindeki art\u0131\u015f.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>PANELDER PMI Endeksi (Eyl\u00fcl 2025)<\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Sonu\u00e7:<\/b> PANELDER PMI endeksi Eyl\u00fcl 2025&#8217;te <b>33,80<\/b> olarak sonu\u00e7lanm\u0131\u015f, A\u011fustos 2025&#8217;teki 35,00 seviyesinden bir gerileme kaydetmi\u015ftir.<\/li>\n<li><b>Yorum:<\/b> Bu d\u00fc\u015f\u00fc\u015f, sekt\u00f6rdeki daralman\u0131n derinle\u015fti\u011fini g\u00f6stermektedir. \u00d6n\u00fcm\u00fczdeki 3 aya y\u00f6nelik sipari\u015f, istihdam, stok ve tedarik beklentilerinde &#8220;azalacak&#8221; y\u00f6n\u00fcndeki g\u00f6r\u00fc\u015fler artm\u0131\u015f, art\u0131\u015f beklentisi ise s\u0131n\u0131rl\u0131 kalm\u0131\u015ft\u0131r. Bu durum, \u00fcretim sekt\u00f6r\u00fcndeki zay\u0131f talep ko\u015fullar\u0131n\u0131n ve d\u00fc\u015f\u00fck g\u00fcven d\u00fczeyinin devam etti\u011fine i\u015faret etmektedir.<\/li>\n<\/ul>\n<h2>30 Eyl\u00fcl 2025 D\u00f6nemi Finansal Performans Analizi<\/h2>\n<h3>Gelir Tablosu Analizi<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, \u015firketin 2025 ve 2024 y\u0131llar\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemlerine ait temel gelir tablosu kalemlerini kar\u015f\u0131la\u015ft\u0131rmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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>2.039.903.466<\/td>\n<td>2.577.972.789<\/td>\n<td>-20,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>276.545.755<\/td>\n<td>348.215.544<\/td>\n<td>-20,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>167.049.484<\/td>\n<td>231.577.984<\/td>\n<td>-27,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>83.397.509<\/td>\n<td>78.591.110<\/td>\n<td>+6,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>K\u00e2rl\u0131l\u0131k Oranlar\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>01.01-30.09.2024<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r Marj\u0131<\/b><\/td>\n<td>13,56%<\/td>\n<td>13,51%<\/td>\n<\/tr>\n<tr>\n<td><b>Net K\u00e2r Marj\u0131<\/b><\/td>\n<td>4,09%<\/td>\n<td>3,05%<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K Marj\u0131<\/b><\/td>\n<td>11,96%<\/td>\n<td>11,26%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket, has\u0131lat\u0131ndaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen maliyet y\u00f6netimi ve operasyonel verimlilik sayesinde k\u00e2rl\u0131l\u0131k marjlar\u0131n\u0131 ve net d\u00f6nem k\u00e2r\u0131n\u0131 art\u0131rmay\u0131 ba\u015farm\u0131\u015ft\u0131r.<\/p>\n<h3>Bilan\u00e7o Analizi<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, 31 Aral\u0131k 2024 ile 30 Eyl\u00fcl 2025 tarihleri aras\u0131ndaki ana bilan\u00e7o kalemlerindeki de\u011fi\u015fimi g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ana Hesap Gruplar\u0131 (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim Oran\u0131<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>1.815.360.224<\/td>\n<td>2.151.543.914<\/td>\n<td>-15,63%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>2.335.699.029<\/td>\n<td>2.094.120.308<\/td>\n<td>+11,54%<\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.220.345.837<\/td>\n<td>1.343.168.629<\/td>\n<td>-9,14%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>199.064.496<\/td>\n<td>205.953.907<\/td>\n<td>-3,35%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynak<\/b><\/td>\n<td><b>2.731.648.920<\/b><\/td>\n<td><b>2.696.541.686<\/b><\/td>\n<td><b>+1,30%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR\/KAYNAKLAR<\/b><\/td>\n<td><b>4.151.059.253<\/b><\/td>\n<td><b>4.245.664.222<\/b><\/td>\n<td><b>-2,23%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Duran varl\u0131klardaki art\u0131\u015f, \u015firketin devam eden yat\u0131r\u0131mlar\u0131n\u0131 yans\u0131tmaktad\u0131r. \u00d6zkaynaklardaki art\u0131\u015f ise \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n bilan\u00e7oya olumlu etkisini g\u00f6stermektedir.<\/p>\n<h3>Finansal Oranlar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Temel Oranlar<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran (D\u00f6nen Varl\u0131klar\/K\u0131sa Vadeli Y\u00fck.)<\/td>\n<td>1,49<\/td>\n<td>1,60<\/td>\n<\/tr>\n<tr>\n<td>Likidite Oran\u0131 ((D\u00f6nen Varl\u0131klar-Stoklar)\/K\u0131sa Vadeli Y\u00fck.)<\/td>\n<td>1,14<\/td>\n<td>1,30<\/td>\n<\/tr>\n<tr>\n<td>Kald\u0131ra\u00e7 Oran\u0131 (Toplam Y\u00fck\u00fcml\u00fcl\u00fckler\/Aktif Toplam\u0131)<\/td>\n<td>0,34<\/td>\n<td>0,36<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7\/\u00d6zkaynak Oran\u0131 (Toplam Y\u00fck\u00fcml\u00fcl\u00fckler\/\u00d6zkaynaklar)<\/td>\n<td>0,52<\/td>\n<td>0,57<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket, g\u00fc\u00e7l\u00fc likidite pozisyonunu ve d\u00fc\u015f\u00fck bor\u00e7luluk seviyesini korumaktad\u0131r.<\/p>\n<h3>Sat\u0131\u015flar\u0131n Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>\u015eirket, sat\u0131\u015flar\u0131n\u0131n b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc yurt i\u00e7inde ger\u00e7ekle\u015ftirmektedir. \u0130hracat pay\u0131n\u0131 art\u0131rma hedefi do\u011frultusunda d\u0131\u015f ticaret birimi faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/p>\n<ul>\n<li><b>01.01 &#8211; 30.09.2025 D\u00f6nemi:<\/b>\n<ul>\n<li>Yurt i\u00e7i sat\u0131\u015flar\u0131n pay\u0131: %91,62<\/li>\n<li>Yurt d\u0131\u015f\u0131 sat\u0131\u015flar\u0131n pay\u0131: %7,57<\/li>\n<\/ul>\n<\/li>\n<li><b>01.01 &#8211; 30.09.2024 D\u00f6nemi:<\/b>\n<ul>\n<li>Yurt i\u00e7i sat\u0131\u015flar\u0131n pay\u0131: %91,24<\/li>\n<li>Yurt d\u0131\u015f\u0131 sat\u0131\u015flar\u0131n pay\u0131: %7,70<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Kurumsal Y\u00f6netim ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 (30.09.2025)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ad\u0131 Soyad\u0131<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Ma\u015flak Holding A.\u015e.<\/td>\n<td>34.150.000<\/td>\n<td>45,53<\/td>\n<\/tr>\n<tr>\n<td>Azimut Portf\u00f6y Erciyes Hisse Senedi Serbest \u00d6zel Fon<\/td>\n<td>13.752.384<\/td>\n<td>18,34<\/td>\n<\/tr>\n<tr>\n<td>Hisse Geri Al\u0131m<\/td>\n<td>865.376<\/td>\n<td>1,15<\/td>\n<\/tr>\n<tr>\n<td>D\u0130\u011eER (Halka A\u00e7\u0131k)<\/td>\n<td>26.232.240<\/td>\n<td>34,98<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>75.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Fiili Dola\u015f\u0131mdaki Pay Oran\u0131:<\/b> %27,99<\/li>\n<li><b>Toplam Yat\u0131r\u0131mc\u0131 Say\u0131s\u0131:<\/b> 20.056<\/li>\n<\/ul>\n<h3>Y\u00f6netim Kurulu ve \u0130mtiyazl\u0131 Paylar<\/h3>\n<p>\u015eirket Esas S\u00f6zle\u015fmesi&#8217;ne g\u00f6re A Grubu nama yaz\u0131l\u0131 paylar, y\u00f6netim kurulunda belirli imtiyazlara sahiptir:<\/p>\n<ul>\n<li>Y\u00f6netim kurulu \u00fcyelerinin yar\u0131s\u0131 (ba\u011f\u0131ms\u0131z \u00fcyeler hari\u00e7) A Grubu pay sahipleri veya onlar\u0131n g\u00f6sterece\u011fi adaylar aras\u0131ndan se\u00e7ilir.<\/li>\n<li>Y\u00f6netim Kurulu Ba\u015fkan\u0131, A Grubu pay sahiplerinin aday g\u00f6sterdi\u011fi \u00fcyeler aras\u0131ndan se\u00e7ilir.<\/li>\n<li>Ta\u015f\u0131nmaz al\u0131m sat\u0131m\u0131, ipotek tesisi ve yeni i\u015ftirak kurma gibi \u00f6nemli kararlar i\u00e7in en az bir A Grubu \u00fcyesinin olumlu oyu gereklidir.<\/li>\n<\/ul>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri (13.05.2024 itibar\u0131yla 3 y\u0131l s\u00fcreyle):<\/b><\/p>\n<ul>\n<li><b>Serhat MA\u015eLAK:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>R. Kaan MA\u015eLAK:<\/b> Y\u00f6netim Kurulu Ba\u015fkan Vekili \/ Genel M\u00fcd\u00fcr<\/li>\n<li><b>M. Co\u015fkun KARADEN\u0130Z:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Volkan PARLAKTA\u015e:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Figen G\u00fcne\u015f DO\u011eAN:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<\/ul>\n<h3>Pay Geri Al\u0131m Program\u0131<\/h3>\n<p>26 Haziran 2025 tarihli Ola\u011fan Genel Kurul&#8217;da onaylanan Pay Geri Al\u0131m Program\u0131 kapsam\u0131nda;<\/p>\n<ul>\n<li><b>Geri Al\u0131nan Hisse Adedi:<\/b> 865.376 adet<\/li>\n<li><b>Ortalama Birim Fiyat:<\/b> 39,49 TL<\/li>\n<li><b>Toplam \u0130\u015flem Tutar\u0131:<\/b> 32.650.572,39 TL (BSMV+Komisyonlar dahil)<\/li>\n<\/ul>\n<h3>Risk Y\u00f6netimi<\/h3>\n<p>\u015eirket, varl\u0131\u011f\u0131n\u0131 ve geli\u015fimini tehlikeye d\u00fc\u015f\u00fcrebilecek risklerin erken te\u015fhisi amac\u0131yla bir <b>Riskin Erken Saptanmas\u0131 Komitesi<\/b> olu\u015fturmu\u015ftur. Finansal, operasyonel, stratejik, kredi ve likidite riskleri proaktif bir yakla\u015f\u0131mla y\u00f6netilmektedir.<\/p>\n<ul>\n<li><b>Kur Riski:<\/b> Vadeli sat\u0131\u015flarda forward kuru baz al\u0131narak risk minimize edilmektedir.<\/li>\n<li><b>Alacak Riski:<\/b> Ticari alacaklar Euler Hermes Sigorta A.\u015e. taraf\u0131ndan sigortalanmaktad\u0131r.<\/li>\n<li><b>Likidite Riski:<\/b> Nakit ak\u0131mlar\u0131 yak\u0131ndan izlenmekte ve bankalarla haz\u0131r kredi limitleri bulundurulmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"383\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Faaliyet Raporunun S\u00f6yledikleri: Panelsan Stratejisindeki 4 \u015ea\u015f\u0131rt\u0131c\u0131 Detay Giri\u015f: Bilan\u00e7onun \u00d6tesinde Kurumsal faaliyet raporlar\u0131 genellikle rakamlar, tablolar ve yasal zorunluklarla dolu, okunmas\u0131 zor dok\u00fcmanlar olarak bilinir. Ancak dikkatli bir g\u00f6z, bu sayfalar\u0131n aras\u0131nda bir \u015firketin ruhunu, stratejik zekas\u0131n\u0131 ve&#8230; <\/p>\n","protected":false},"author":1,"featured_media":384,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[77],"class_list":["post-383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-pnlsn"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/383","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=383"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/383\/revisions"}],"predecessor-version":[{"id":385,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/383\/revisions\/385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/384"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}