{"id":420,"date":"2025-12-23T20:37:16","date_gmt":"2025-12-23T17:37:16","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=420"},"modified":"2025-12-23T20:37:16","modified_gmt":"2025-12-23T17:37:16","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-kzgyo-kuzugrup-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/420","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KZGYO | Kuzugrup Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KZGYO | Kuzugrup Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/d-4xpH4zPFw?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>Finansal Tablolar\u0131n Ard\u0131ndaki S\u0131rlar: Kuzu Grup GYO (KZGYO) Hakk\u0131nda Bilmeniz Gereken 5 \u00c7arp\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Halka arz sonras\u0131 parlayan hisselerden Kuzu Grup GYO&#8217;nun (KZGYO) finansal raporlar\u0131, ilk bak\u0131\u015fta bir rakam labirenti gibi g\u00f6r\u00fcnebilir. Ancak bu labirentin duvarlar\u0131 aras\u0131nda \u015firketin ger\u00e7ek hikayesi gizli. Biz de o hikayeyi ortaya \u00e7\u0131karmak i\u00e7in derin bir dal\u0131\u015f yapt\u0131k ve Kuzu Grup&#8217;un 30 Eyl\u00fcl 2025 tarihli finansal tablolar\u0131n\u0131n ard\u0131ndaki en \u00e7arp\u0131c\u0131 ve \u00f6nemli be\u015f ger\u00e7e\u011fi, herkesin anlayabilece\u011fi bir dilde sizlerle payla\u015f\u0131yoruz. Haz\u0131rsan\u0131z, rakamlar\u0131n anlatt\u0131\u011f\u0131 hikayeye ba\u015flayal\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>1. Tek Varl\u0131k, Devasa De\u011fer: Neredeyse T\u00fcm Varl\u0131klar Tek Bir Otelde Toplanm\u0131\u015f<\/h3>\n<p>Kuzu Grup GYO&#8217;nun bilan\u00e7osuna ilk bak\u0131\u015fta en \u00e7ok dikkat \u00e7eken unsur, varl\u0131k yap\u0131s\u0131ndaki inan\u0131lmaz yo\u011funla\u015fma. Rakamlar durumu net bir \u015fekilde ortaya koyuyor:<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 16.600.008.250 TL<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> 16.387.967.984 TL<\/li>\n<\/ul>\n<p>Bu rakamlar, \u015firketin toplam varl\u0131klar\u0131n\u0131n %98&#8217;inden fazlas\u0131n\u0131n tek bir gayrimenkul portf\u00f6y\u00fcnden olu\u015ftu\u011fu anlam\u0131na geliyor. Faaliyet raporuna g\u00f6re bu portf\u00f6y, \u0130stanbul Bak\u0131rk\u00f6y&#8217;de yer alan &#8220;JW Marriott Marmara Sea Otel&#8221;, 62 adet apart otel ve 9 adet ticari \u00fcniteden olu\u015fan bir kompleksten ibaret.<\/p>\n<p>Bir Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 (GYO) i\u00e7in bu denli y\u00fcksek bir varl\u0131k konsantrasyonu, \u015firketin t\u00fcm kaynaklar\u0131n\u0131 tek ve de\u011ferli bir projeye odaklad\u0131\u011f\u0131n\u0131 g\u00f6steren bir strateji olarak yorumlanabilir. Ancak bu durum, otelin bulundu\u011fu lokasyonun (\u0130stanbul Bak\u0131rk\u00f6y) turizm potansiyelindeki d\u00fc\u015f\u00fc\u015flere, b\u00f6lgesel rekabetin artmas\u0131na veya tek bir varl\u0131\u011f\u0131 etkileyebilecek olas\u0131 bir fiziksel hasar (yang\u0131n, deprem vb.) riskine kar\u015f\u0131 \u015firketi a\u015f\u0131r\u0131 hassas hale getirmektedir.<\/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>2. K\u00e2rl\u0131l\u0131ktaki Sert D\u00fc\u015f\u00fc\u015f: Rakamlar Neden Ge\u00e7en Y\u0131l\u0131n \u00c7ok Gerisinde?<\/h3>\n<p>\u015eirketin net k\u00e2r rakamlar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle k\u0131yasland\u0131\u011f\u0131nda ilk bak\u0131\u015fta endi\u015fe verici bir tablo \u00e7iziyor:<\/p>\n<ul>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2024 Net D\u00f6nem K\u00e2r\u0131:<\/b> 418.068.880 TL<\/li>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2025 Net D\u00f6nem K\u00e2r\u0131:<\/b> 86.466.109 TL<\/li>\n<\/ul>\n<p>Bu dramatik d\u00fc\u015f\u00fc\u015f, \u015firketin operasyonel performans\u0131nda bir sorun oldu\u011fu izlenimini yaratabilir. Ancak gelir tablosunun derinliklerine inildi\u011finde, as\u0131l nedenin operasyonel bir \u00e7\u00f6k\u00fc\u015ften ziyade teknik bir muhasebe kaleminden kaynakland\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Anahtar kalem &#8220;Ertelenmi\u015f Vergi Gideri&#8221;. 2024&#8217;\u00fcn ilk dokuz ay\u0131nda bu kalem sadece 412.472 TL&#8217;lik bir gider yarat\u0131rken, 2025&#8217;in ayn\u0131 d\u00f6neminde tam <b>611.569.920 TL<\/b>&#8216;lik devasa bir gidere d\u00f6n\u00fc\u015fm\u00fc\u015f. Bu, \u015firketin varl\u0131klar\u0131n\u0131n de\u011ferinin muhasebesel olarak artmas\u0131n\u0131n, gelecekte olas\u0131 bir sat\u0131\u015f durumunda ortaya \u00e7\u0131kacak vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcne kar\u015f\u0131 bug\u00fcnden bir kar\u015f\u0131l\u0131k ayr\u0131lmas\u0131d\u0131r. Yani, k\u00e2\u011f\u0131t \u00fczerindeki de\u011fer art\u0131\u015f\u0131, k\u00e2\u011f\u0131t \u00fczerinde bir vergi gideri yaratm\u0131\u015ft\u0131r. Bu d\u00f6nemde \u015firketin kasas\u0131ndan \u00e7\u0131kan bir nakit olmasa da, muhasebe standartlar\u0131 gere\u011fi net k\u00e2r\u0131 do\u011frudan a\u015fa\u011f\u0131 \u00e7ekmi\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<h3>3. Eriyen Nakit Rezervleri: Kasadaki Para Nereye Gitti?<\/h3>\n<p>Bilan\u00e7onun en likit kalemi olan nakit pozisyonunda da dikkat \u00e7ekici bir azalma var. \u015eirketin kasas\u0131ndaki para dokuz ayl\u0131k s\u00fcre\u00e7te \u00f6nemli \u00f6l\u00e7\u00fcde erimi\u015f:<\/p>\n<ul>\n<li><b>31 Aral\u0131k 2024 Nakit ve Nakit Benzerleri:<\/b> 522.045.921 TL<\/li>\n<li><b>30 Eyl\u00fcl 2025 Nakit ve Nakit Benzerleri:<\/b> 106.309.502 TL<\/li>\n<\/ul>\n<p>Yakla\u015f\u0131k 415 milyon TL&#8217;lik bu d\u00fc\u015f\u00fc\u015f\u00fcn sebebini anlamak i\u00e7in Nakit Ak\u0131\u015f Tablosu&#8217;na bakmam\u0131z gerekiyor. Tablonun &#8220;Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131&#8221; b\u00f6l\u00fcm\u00fc, bu sorunun cevab\u0131n\u0131 net bir \u015fekilde veriyor. Bu d\u00f6nemde <b>483.333.333 TL<\/b> tutar\u0131nda &#8220;Kredi Geri \u00d6demelerine \u0130li\u015fkin Nakit \u00c7\u0131k\u0131\u015flar\u0131&#8221; ger\u00e7ekle\u015fmi\u015f.<\/p>\n<p>Bu durum, \u015firketin halka arz sonras\u0131 d\u00f6nemde elindeki nakdin \u00f6nemli bir k\u0131sm\u0131n\u0131 banka kredilerini geri \u00f6demek i\u00e7in kulland\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu hamle, bir yandan \u015firketin likiditesini azalt\u0131rken, di\u011fer yandan finansal bor\u00e7lulu\u011funu d\u00fc\u015f\u00fcrerek bilan\u00e7osunu daha sa\u011fl\u0131kl\u0131 bir yap\u0131ya kavu\u015fturmu\u015ftur.<\/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>4. K\u00e2\u011f\u0131t \u00dczerindeki Kazanc\u0131n G\u00fcc\u00fc: K\u00e2r\u0131n Kayna\u011f\u0131 Faaliyetler mi, De\u011ferleme mi?<\/h3>\n<p>Kuzu Grup GYO&#8217;nun k\u00e2r\u0131n\u0131n \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fcn otelcilik gibi operasyonel faaliyetlerden de\u011fil, sahip oldu\u011fu gayrimenkul\u00fcn de\u011ferindeki art\u0131\u015ftan kaynakland\u0131\u011f\u0131n\u0131 bilmek \u00f6nemlidir. Gelir tablosunda yer alan <b>623.883.387 TL<\/b>&#8216;lik &#8220;Yat\u0131r\u0131m Faaliyetlerinden Gelirler&#8221; kalemi bu durumu kan\u0131tl\u0131yor. Bu gelir, nakit giri\u015fi sa\u011flamayan, yani &#8220;k\u00e2\u011f\u0131t \u00fczerinde&#8221; bir kazan\u00e7t\u0131r.<\/p>\n<p>Bu tezi destekleyen en somut veri, faaliyet raporundaki &#8220;Gayrimenkul De\u011ferleme Raporunun \u00d6zeti&#8221; tablosunda yer al\u0131yor. Bu tabloya g\u00f6re, 2025&#8217;in ilk dokuz ay\u0131nda gayrimenkullerdeki &#8220;Yeniden de\u011ferleme de\u011fer art\u0131\u015flar\u0131&#8221; toplam\u0131 <b>581.492.503 TL<\/b>&#8216;dir. Bu durum, \u015firketin ana varl\u0131\u011f\u0131 olan otel kompleksinin piyasa de\u011ferinin artmas\u0131ndan kaynaklanmaktad\u0131r. Bu, GYO&#8217;lar i\u00e7in yayg\u0131n bir k\u00e2r kalemidir ancak yat\u0131r\u0131mc\u0131lar\u0131n, \u015firketin kasas\u0131na giren nakit \u00fcreten k\u00e2r ile muhasebesel k\u00e2r aras\u0131ndaki bu \u00f6nemli fark\u0131 ay\u0131rt etmesi gerekir.<\/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>5. \u0130\u00e7 \u0130\u00e7e Yap\u0131: \u015eirket Nas\u0131l Kendi Kendisinin Kirac\u0131s\u0131 Oluyor?<\/h3>\n<p>\u015eirketin organizasyon yap\u0131s\u0131, olduk\u00e7a ilgi \u00e7ekici ve verimli bir modeli ortaya koyuyor. Kuzu Grup GYO, ana varl\u0131k olan otel kompleksinin yasal sahibi, yani &#8220;malik&#8221; konumundad\u0131r.<\/p>\n<p>Ancak oteli fiilen i\u015fleten ve Kuzu Grup GYO&#8217;ya kira \u00f6deyen \u015firket, GYO&#8217;nun kendi ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan &#8220;Kuzu Otel \u0130\u015fletmecili\u011fi ve Gayrimenkul Yat\u0131r\u0131mlar\u0131 A.\u015e.&#8221;dir. Yani GYO, sahibi oldu\u011fu gayrimenkul\u00fc, yine sahibi oldu\u011fu ba\u015fka bir \u015firkete kiralamaktad\u0131r.<\/p>\n<p>Bu yap\u0131, GYO&#8217;nun ana i\u015flevi olan varl\u0131k sahipli\u011fi ve kira geliri elde etme \u00fczerine odaklanmas\u0131n\u0131 sa\u011flarken, otelcili\u011fin operasyonel risklerini (doluluk oranlar\u0131, personel y\u00f6netimi, hizmet kalitesi vb.) ba\u011fl\u0131 ortakl\u0131kta izole eder. Bu ayr\u0131m, hem risk y\u00f6netimini kolayla\u015ft\u0131r\u0131r hem de her iki \u015firketin kendi uzmanl\u0131k alanlar\u0131na odaklanmas\u0131na olanak tan\u0131r. Faaliyet raporundaki &#8220;Kuzugrup GYO\u2019ya Genel Bak\u0131\u015f&#8221; b\u00f6l\u00fcm\u00fc de bu iki \u015firket aras\u0131ndaki kira s\u00f6zle\u015fmelerine at\u0131fta bulunarak bu yap\u0131y\u0131 teyit etmektedir.<\/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>Sonu\u00e7<\/h3>\n<p>Kuzu Grup GYO&#8217;nun finansal tablolar\u0131, tek ve \u00e7ok de\u011ferli bir varl\u0131\u011fa odaklanm\u0131\u015f, finansal yap\u0131s\u0131 b\u00fcy\u00fck bor\u00e7 \u00f6demeleri ve varl\u0131k de\u011ferlemeleriyle \u015fekillenen, kendine \u00f6zg\u00fc bir GYO profili \u00e7iziyor. \u015eirketin hikayesi, rakamlar\u0131n \u00f6tesinde, stratejik bir odaklanma ve dikkatle kurgulanm\u0131\u015f bir kurumsal yap\u0131y\u0131 i\u015faret ediyor.<\/p>\n<p>Bu analizlerin ard\u0131ndan akla \u015fu soru geliyor:<\/p>\n<p>Peki sizce, b\u00f6ylesine de\u011ferli tek bir varl\u0131\u011fa odaklanmak, Kuzu Grup GYO&#8217;yu gelecekteki piyasa dalgalanmalar\u0131na kar\u015f\u0131 daha dayan\u0131kl\u0131 m\u0131 yoksa daha k\u0131r\u0131lgan m\u0131 k\u0131l\u0131yor?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Kuzugrup Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. | 30 Eyl\u00fcl 2025 D\u00f6nemi Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Kuzugrup Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (Kuzugrup GYO) ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k ara d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel faaliyetlerini \u00f6zetlemektedir. \u015eirket, portf\u00f6y\u00fcn\u00fcn merkezinde \u0130stanbul&#8217;daki JW Marriott Marmara Sea Otel kompleksi bulunan, \u00fcst segment turizm ve gayrimenkul varl\u0131klar\u0131na odaklanm\u0131\u015f bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131d\u0131r.<\/p>\n<p><b>\u00d6nemli Finansal Geli\u015fmeler (1 Ocak &#8211; 30 Eyl\u00fcl 2025):<\/b><\/p>\n<ul>\n<li><b>Varl\u0131k B\u00fcy\u00fcmesi:<\/b> Toplam varl\u0131klar, bir \u00f6nceki y\u0131l sonuna g\u00f6re hafif bir art\u0131\u015fla 16,45 milyar TL&#8217;den <b>16,60 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n ana kayna\u011f\u0131, portf\u00f6ydeki yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin <b>581,5 milyon TL<\/b>&#8216;lik yeniden de\u011ferleme art\u0131\u015f\u0131d\u0131r.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> D\u00f6nem has\u0131lat\u0131 754,1 milyon TL ile bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine (758,5 milyon TL) yak\u0131n seviyede ger\u00e7ekle\u015fmi\u015ftir. Ancak, esas faaliyet k\u00e2r\u0131 139,9 milyon TL&#8217;den 87,1 milyon TL&#8217;ye gerilemi\u015ftir. D\u00f6nem net k\u00e2r\u0131 ise, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ertelenmi\u015f vergi giderinden kaynaklanarak, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 418,1 milyon TL&#8217;den <b>86,5 milyon TL<\/b>&#8216;ye \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> \u015eirketin nakit ve nakit benzerleri, y\u0131l ba\u015f\u0131ndaki 522 milyon TL&#8217;den <b>106,3 milyon TL<\/b>&#8216;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f\u00fcn temel nedeni, finansman faaliyetleri kapsam\u0131nda ger\u00e7ekle\u015ftirilen <b>483,3 milyon TL<\/b>&#8216;lik kredi geri \u00f6demesidir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirket, 6,57% gibi d\u00fc\u015f\u00fck bir net bor\u00e7\/toplam \u00f6zkaynak oran\u0131 ile g\u00fc\u00e7l\u00fc sermaye yap\u0131s\u0131n\u0131 korumaktad\u0131r. \u00d6zkaynaklar 12,22 milyar TL&#8217;den <b>12,30 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<p><b>Stratejik ve Operasyonel Durum:<\/b><\/p>\n<ul>\n<li><b>Portf\u00f6y:<\/b> \u015eirketin portf\u00f6y\u00fc, \u0130stanbul Bak\u0131rk\u00f6y&#8217;de konumlanan ve toplam 72 ba\u011f\u0131ms\u0131z b\u00f6l\u00fcmden (1 otel, 62 apart otel, 9 ticari \u00fcnite) olu\u015fan tek ve y\u00fcksek de\u011ferli bir varl\u0131k \u00fczerinde yo\u011funla\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket, A\u011fustos 2023&#8217;te ba\u015far\u0131l\u0131 bir halka arz ger\u00e7ekle\u015ftirmi\u015f ve &#8220;KZGYO&#8221; kodu ile Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Kurumsal Y\u00f6netim:<\/b> \u015eirket, SPK d\u00fczenlemeleri uyar\u0131nca Denetim Komitesi, Riskin Erken Saptanmas\u0131 Komitesi ve Kurumsal Y\u00f6netim Komitesi gibi yap\u0131lar\u0131 kurarak kurumsal y\u00f6netim ilkelerine uyumunu g\u00fc\u00e7lendirmi\u015ftir.<\/li>\n<li><b>Mevzuata Uyum:<\/b> Kuzugrup GYO, portf\u00f6y\u00fcn\u00fcn %99,55&#8217;ini gayrimenkul varl\u0131klar\u0131na ay\u0131rarak GYO&#8217;lar i\u00e7in belirlenen asgari %51&#8217;lik s\u0131n\u0131r\u0131n \u00e7ok \u00fczerinde yer almakta ve bor\u00e7lanma limiti gibi di\u011fer t\u00fcm portf\u00f6y s\u0131n\u0131rlamalar\u0131na tam uyum g\u00f6stermektedir.<\/li>\n<\/ul>\n<p><b>Riskler ve G\u00f6r\u00fcn\u00fcm:<\/b> Pandemi sonras\u0131 toparlanma s\u00fcrecindeki turizm sekt\u00f6r\u00fc \u015eirket i\u00e7in olumlu bir zemin sunarken, y\u00fcksek enflasyonist ortam (TMS 29 enflasyon muhasebesi uygulamas\u0131n\u0131 gerektiren), faiz oranlar\u0131ndaki dalgalanmalar ve \u00f6zellikle kira gelirlerinin Avro cinsinden olmas\u0131 nedeniyle kur riski, y\u00f6netilmesi gereken temel makroekonomik riskler olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/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>1. \u015eirket Profili ve Stratejisi<\/h3>\n<h4>1.1. Kurumsal Yap\u0131 ve Tarih\u00e7e<\/h4>\n<p>Kuzugrup GYO, 11 Eyl\u00fcl 2021&#8217;de &#8220;Kuzugrup Gayrimenkul Geli\u015ftirme A.\u015e.&#8221; unvan\u0131yla kurulmu\u015f ve ana faaliyet konusu olarak otel i\u015fletmecili\u011fi ba\u015fta olmak \u00fczere gayrimenkul projelerine yat\u0131r\u0131m yapmay\u0131 belirlemi\u015ftir. Ocak 2022&#8217;de, ana orta\u011f\u0131 Kuzu Toplu Konut \u0130n\u015faat A.\u015e.&#8217;ye ait olan otel ta\u015f\u0131nmaz\u0131n\u0131 ayni sermaye olarak devralm\u0131\u015ft\u0131r. Bu otel, &#8220;JW Marriott&#8221; markas\u0131 alt\u0131nda 13 May\u0131s 2022&#8217;de &#8220;JW Marriott \u0130stanbul Marmara Sea Otel&#8221; ad\u0131yla faaliyete ge\u00e7mi\u015ftir.<\/p>\n<p>\u015eirket, 8 May\u0131s 2023&#8217;te tescil edilen unvan de\u011fi\u015fikli\u011fi ile mevcut unvan\u0131 olan &#8220;Kuzugrup Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8221; ad\u0131n\u0131 alarak bir GYO&#8217;ya d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirketin merkezi \u0130stanbul Bah\u00e7elievler&#8217;dedir.<\/p>\n<h4>1.2. Vizyon, Misyon ve Yat\u0131r\u0131m Stratejisi<\/h4>\n<ul>\n<li><b>Vizyon:<\/b> Hayata, \u00e7evreye ve yat\u0131r\u0131mc\u0131s\u0131na de\u011fer katan, nitelikli ve trend belirleyen projelerin yarat\u0131c\u0131s\u0131, sekt\u00f6rde lider ve tercih edilen bir marka olmak. Net aktif de\u011feri a\u00e7\u0131s\u0131ndan sekt\u00f6r\u00fcn \u00f6nde gelen oyuncusu olmay\u0131 hedeflemektedir.<\/li>\n<li><b>Misyon:<\/b> Yat\u0131r\u0131mlar\u0131ndan sa\u011flad\u0131\u011f\u0131 gelirleri ve yat\u0131r\u0131mlar\u0131n\u0131n de\u011ferini s\u00fcrd\u00fcr\u00fclebilir \u015fekilde art\u0131rmak ve hissedarlar\u0131na \u015feffafl\u0131kla bilgi sunmak.<\/li>\n<li><b>Yat\u0131r\u0131m Stratejisi:<\/b>\n<ul>\n<li>Makroekonomik geli\u015fmeleri analiz ederek azami getiri i\u00e7in kaynaklar ve yat\u0131r\u0131mlar aras\u0131nda optimum denge kurmak.<\/li>\n<li>Piyasa beklentilerini do\u011fru analiz ederek portf\u00f6y da\u011f\u0131l\u0131m\u0131n\u0131 her ko\u015fula uyumlu hale getirmek.<\/li>\n<li>Risk-getiri dengesini ortaklara azami de\u011fer yaratacak \u015fekilde y\u00f6netmek.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>1.3. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h4>\n<p>\u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131 875.000.000 TL, \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi ise halka arz sonras\u0131 200.000.000 TL&#8217;dir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ticaret \u00dcnvan\u0131<\/td>\n<td>Pay Grubu<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermayedeki Pay\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Kuzu Toplu Konut \u0130n\u015faat A.\u015e.<\/td>\n<td>A (Nama)<\/td>\n<td>89.250.000<\/td>\n<td>44,625<\/td>\n<\/tr>\n<tr>\n<td>Kuzu Toplu Konut \u0130n\u015faat A.\u015e.<\/td>\n<td>B (Hamiline)<\/td>\n<td>60.750.000<\/td>\n<td>30,375<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k)<\/td>\n<td>B (Hamiline)<\/td>\n<td>50.000.000<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td>&nbsp;<\/td>\n<td><b>200.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130mtiyazl\u0131 Paylar:<\/b> A Grubu paylar, y\u00f6netim kuruluna aday g\u00f6sterme imtiyaz\u0131na sahiptir. B Grubu paylar\u0131n herhangi bir imtiyaz\u0131 bulunmamaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>2. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h3>\n<p>Mali tablolar, SPK&#8217;n\u0131n ilgili tebli\u011fleri ve TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131 uyar\u0131nca 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczenlenmi\u015ftir.<\/p>\n<h4>2.1. Finansal Durum Tablosu (Bilan\u00e7o) \u00d6zeti<\/h4>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>184.539.001<\/td>\n<td>628.166.485<\/td>\n<td>-70,6%<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td><i>106.309.502<\/i><\/td>\n<td><i>522.045.921<\/i><\/td>\n<td><i>-79,6%<\/i><\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>16.415.469.249<\/td>\n<td>15.825.826.990<\/td>\n<td>+3,7%<\/td>\n<\/tr>\n<tr>\n<td><i>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/i><\/td>\n<td><i>16.387.967.984<\/i><\/td>\n<td><i>15.806.475.481<\/i><\/td>\n<td><i>+3,7%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>16.600.008.250<\/b><\/td>\n<td><b>16.453.993.475<\/b><\/td>\n<td><b>+0,9%<\/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>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>842.037.291<\/td>\n<td>1.077.145.495<\/td>\n<td>-21,8%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>3.454.701.086<\/td>\n<td>3.159.579.807<\/td>\n<td>+9,3%<\/td>\n<\/tr>\n<tr>\n<td><i>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/i><\/td>\n<td><i>3.329.052.344<\/i><\/td>\n<td><i>2.717.462.546<\/i><\/td>\n<td><i>+22,5%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>4.296.738.377<\/b><\/td>\n<td><b>4.236.725.302<\/b><\/td>\n<td><b>+1,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>12.303.269.873<\/b><\/td>\n<td><b>12.217.268.173<\/b><\/td>\n<td><b>+0,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>16.600.008.250<\/b><\/td>\n<td><b>16.453.993.475<\/b><\/td>\n<td><b>+0,9%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Varl\u0131klar\u0131n %98,7&#8217;sini olu\u015fturan yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller, d\u00f6nen varl\u0131klardaki (\u00f6zellikle nakit) d\u00fc\u015f\u00fc\u015fe ra\u011fmen toplam varl\u0131klar\u0131n artmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> K\u0131sa vadeli bor\u00e7lanmalardaki azalma ve ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcndeki art\u0131\u015f dikkat \u00e7ekmektedir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki art\u0131\u015f, d\u00f6nem k\u00e2r\u0131n\u0131n bir yans\u0131mas\u0131d\u0131r.<\/li>\n<\/ul>\n<h4>2.2. K\u00e2r veya Zarar Tablosu \u00d6zeti<\/h4>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>754.131.762<\/td>\n<td>758.478.052<\/td>\n<td>-0,6%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Esas Faaliyet Kar\u0131<\/td>\n<td>372.502.170<\/td>\n<td>420.566.755<\/td>\n<td>-11,4%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>87.134.107<\/td>\n<td>139.867.176<\/td>\n<td>-37,7%<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/td>\n<td>623.883.387<\/td>\n<td>285.421.460<\/td>\n<td>+118,6%<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r<\/td>\n<td>698.036.029<\/td>\n<td>418.481.352<\/td>\n<td>+66,8%<\/td>\n<\/tr>\n<tr>\n<td>Vergi Gideri<\/td>\n<td>(611.569.920)<\/td>\n<td>(412.472)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00d6NEM NET K\u00c2RI<\/b><\/td>\n<td><b>86.466.109<\/b><\/td>\n<td><b>418.068.880<\/b><\/td>\n<td><b>-79,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td><b>0,43<\/b><\/td>\n<td><b>2,09<\/b><\/td>\n<td><b>-79,4%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Performans:<\/b> Has\u0131lat stabil kal\u0131rken, artan pazarlama ve genel y\u00f6netim giderleri esas faaliyet k\u00e2r\u0131n\u0131 bask\u0131lam\u0131\u015ft\u0131r. Yat\u0131r\u0131m faaliyetlerinden elde edilen gelirler (gayrimenkul de\u011fer art\u0131\u015flar\u0131) vergi \u00f6ncesi k\u00e2r\u0131 art\u0131rm\u0131\u015f, ancak <b>611,6 milyon TL&#8217;lik ertelenmi\u015f vergi gideri<\/b>, net k\u00e2r\u0131n bir \u00f6nceki y\u0131la g\u00f6re sert bir \u015fekilde d\u00fc\u015fmesine neden olmu\u015ftur.<\/li>\n<\/ul>\n<h4>2.3. Nakit Ak\u0131\u015f Analizi<\/h4>\n<p>D\u00f6nem ba\u015f\u0131ndaki 522 milyon TL&#8217;lik nakit varl\u0131\u011f\u0131, 9 ayl\u0131k s\u00fcre\u00e7 sonunda 106,3 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> +158,0 milyon TL nakit giri\u015fi sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> +27,5 milyon TL nakit giri\u015fi sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> <b>-468,4 milyon TL<\/b> nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur. Bu \u00e7\u0131k\u0131\u015f\u0131n <b>483,3 milyon TL&#8217;si kredi geri \u00f6demelerinden<\/b>, <b>209,4 milyon TL&#8217;si faiz \u00f6demelerinden<\/b> kaynaklan\u0131rken, <b>224,3 milyon TL&#8217;lik ili\u015fkili taraflardan al\u0131nan bor\u00e7<\/b> giri\u015fi ile k\u0131smen dengelenmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>3. Operasyonel Faaliyetler ve Portf\u00f6y Yap\u0131s\u0131<\/h3>\n<h4>3.1. Halka Arz<\/h4>\n<p>\u015eirket, Tera Yat\u0131r\u0131m liderli\u011finde A\u011fustos 2023&#8217;te halka arz edilmi\u015ftir. 20,76 TL birim fiyatla arz edilen 50 milyon adet paya toplam talebin 5,6 kat\u0131 gelmi\u015f ve halka arz b\u00fcy\u00fckl\u00fc\u011f\u00fc 1.038.000.000 TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u015eirket paylar\u0131 29 A\u011fustos 2023&#8217;ten beri B\u0130ST&#8217;te &#8220;KZGYO&#8221; koduyla i\u015flem g\u00f6rmektedir.<\/p>\n<h4>3.2. Portf\u00f6y Yap\u0131s\u0131 ve De\u011ferlemesi<\/h4>\n<p>\u015eirketin portf\u00f6y\u00fc, \u0130stanbul Bak\u0131rk\u00f6y&#8217;de bulunan ve toplam 72 adet ba\u011f\u0131ms\u0131z b\u00f6l\u00fcmden olu\u015fan gayrimenkulden olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>1 adet Otel:<\/b> JW Marriott Marmara Sea Otel (21.297,84 m\u00b2)<\/li>\n<li><b>62 adet Apart Otel (Rezidans)<\/b><\/li>\n<li><b>9 adet Ticari \u00dcnite<\/b><\/li>\n<\/ul>\n<p>Bu portf\u00f6y\u00fcn net kay\u0131tl\u0131 de\u011feri, 30 Eyl\u00fcl 2025 itibar\u0131yla yap\u0131lan de\u011ferleme sonucunda art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gayrimenkul Kategorisi<\/td>\n<td>1 Ocak 2025 De\u011feri (TL)<\/td>\n<td>Yeniden De\u011ferleme Art\u0131\u015f\u0131 (TL)<\/td>\n<td>30 Eyl\u00fcl 2025 De\u011feri (TL)<\/td>\n<\/tr>\n<tr>\n<td>Otel ve Ticari \u00dcniteler<\/td>\n<td>9.540.188.181<\/td>\n<td>359.460.335<\/td>\n<td>9.899.648.516<\/td>\n<\/tr>\n<tr>\n<td>Apart Oteller<\/td>\n<td>6.266.287.300<\/td>\n<td>222.032.168<\/td>\n<td>6.488.319.468<\/td>\n<\/tr>\n<tr>\n<td><b>Net Kay\u0131tl\u0131 De\u011fer<\/b><\/td>\n<td><b>15.806.475.481<\/b><\/td>\n<td><b>581.492.503<\/b><\/td>\n<td><b>16.387.967.984<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>4. Kurumsal Y\u00f6netim ve Risk Y\u00f6netimi<\/h3>\n<h4>4.1. Y\u00f6netim Kurulu ve Komiteler<\/h4>\n<p>\u015eirketin 8 ki\u015filik Y\u00f6netim Kurulu&#8217;nun ba\u015fkanl\u0131\u011f\u0131n\u0131 \u00d6zen Kuzu yapmaktad\u0131r. Kurulda 3 ba\u011f\u0131ms\u0131z \u00fcye (Figen Y\u0131ld\u0131r\u0131m, Kadri \u00d6zg\u00fcne\u015f, \u0130brahim \u00dcnalm\u0131\u015f) bulunmaktad\u0131r. \u015eirket, SPK Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne uyum amac\u0131yla 28 \u015eubat 2024&#8217;te a\u015fa\u011f\u0131daki komiteleri olu\u015fturmu\u015ftur:<\/p>\n<ul>\n<li><b>Denetim Komitesi:<\/b> Finansal raporlama, ba\u011f\u0131ms\u0131z denetim ve i\u00e7 kontrol sistemlerinin g\u00f6zetiminden sorumludur.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> \u015eirketin varl\u0131\u011f\u0131n\u0131 tehdit edebilecek risklerin erken te\u015fhisi ve y\u00f6netilmesinden sorumludur.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Kurumsal y\u00f6netim ilkelerinin uygulanmas\u0131n\u0131 g\u00f6zetir ve ayn\u0131 zamanda Aday G\u00f6sterme ve \u00dccret Komitelerinin g\u00f6revlerini de yerine getirir.<\/li>\n<\/ul>\n<h4>4.2. Finansal Risk Y\u00f6netimi<\/h4>\n<ul>\n<li><b>Likidite Riski:<\/b> \u015eirket y\u00f6netimi, y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lamak i\u00e7in yeterli nakit ve fon kayna\u011f\u0131 bulundurarak riski y\u00f6netmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla toplam 994,6 milyon TL&#8217;lik beklenen nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n 463,5 milyon TL&#8217;si 3 aydan k\u0131sa vadelidir.<\/li>\n<li><b>Kur Riski:<\/b> \u015eirketin d\u00f6viz cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri ile otel kira gelirlerinin Avro cinsinden olmas\u0131 nedeniyle kur riskine maruz kalmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin <b>64.130.229 TL<\/b> net yabanc\u0131 para varl\u0131k pozisyonu (fazlas\u0131) bulunmaktad\u0131r.<\/li>\n<li><b>Faiz Oran\u0131 Riski:<\/b> \u015eirketin finansal y\u00fck\u00fcml\u00fcl\u00fcklerinin sabit faizli olmas\u0131 nedeniyle faiz oran\u0131 riski s\u0131n\u0131rl\u0131d\u0131r.<\/li>\n<li><b>Sermaye Riski:<\/b> \u015eirket, sermaye yap\u0131s\u0131n\u0131 net bor\u00e7\/toplam \u00f6zkaynak oran\u0131n\u0131 izleyerek y\u00f6netmektedir. Bu oran 30 Eyl\u00fcl 2025&#8217;te %6,57&#8217;dir ve \u015firketin bor\u00e7luluk seviyesinin d\u00fc\u015f\u00fck oldu\u011funu g\u00f6stermektedir.<\/li>\n<\/ul>\n<h4>4.3. Portf\u00f6y S\u0131n\u0131rlamalar\u0131na Uyum<\/h4>\n<p>Kuzugrup GYO, GYO&#8217;lara \u0130li\u015fkin Esaslar Tebli\u011fi&#8217;nde belirtilen portf\u00f6y s\u0131n\u0131rlamalar\u0131na uymaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Portf\u00f6y S\u0131n\u0131rlamalar\u0131<\/td>\n<td>Cari D\u00f6nem Oran\u0131<\/td>\n<td>Asgari\/Azami Oran<\/td>\n<td>Uyum Durumu<\/td>\n<\/tr>\n<tr>\n<td>Gayrimenkuller, Projeler, Haklar Oran\u0131<\/td>\n<td>99,55%<\/td>\n<td>\u2265 %51<\/td>\n<td>Uyumlu<\/td>\n<\/tr>\n<tr>\n<td>At\u0131l Tutulan Arsa\/Araziler<\/td>\n<td>0%<\/td>\n<td>\u2264 %20<\/td>\n<td>Uyumlu<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7lanma S\u0131n\u0131r\u0131<\/td>\n<td>4,61%<\/td>\n<td>\u2264 %500<\/td>\n<td>Uyumlu<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<button class=\"simplefavorite-button\" data-postid=\"420\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Finansal Tablolar\u0131n Ard\u0131ndaki S\u0131rlar: Kuzu Grup GYO (KZGYO) Hakk\u0131nda Bilmeniz Gereken 5 \u00c7arp\u0131c\u0131 Ger\u00e7ek Halka arz sonras\u0131 parlayan hisselerden Kuzu Grup GYO&#8217;nun (KZGYO) finansal raporlar\u0131, ilk bak\u0131\u015fta bir rakam labirenti gibi g\u00f6r\u00fcnebilir. Ancak bu labirentin duvarlar\u0131 aras\u0131nda \u015firketin ger\u00e7ek hikayesi&#8230; <\/p>\n","protected":false},"author":1,"featured_media":421,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[86],"class_list":["post-420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kzgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/420","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=420"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/420\/revisions"}],"predecessor-version":[{"id":422,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/420\/revisions\/422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/421"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}