{"id":432,"date":"2025-12-23T21:46:40","date_gmt":"2025-12-23T18:46:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=432"},"modified":"2025-12-23T21:46:40","modified_gmt":"2025-12-23T18:46:40","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-yggyo-yeni-gimat-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/432","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #YGGYO | Yeni Gimat 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 #YGGYO | Yeni Gimat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | Sonu\u00e7lar \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/zCS1ss7EH9I?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 Gayrimenkul Devinin 60 Sayfal\u0131k Raporunu Okuduk: \u0130\u015fte Sizi \u015ea\u015f\u0131rtacak 3 Ger\u00e7ek<\/h1>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmaz belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bir dedektif gibi dikkatle incelendi\u011finde, bu sayfalar bir \u015firketin stratejisi, gizli kalm\u0131\u015f g\u00fc\u00e7l\u00fc y\u00f6nleri ve gelece\u011fine dair \u00e7arp\u0131c\u0131 s\u0131rlar bar\u0131nd\u0131rabilir. Biz de tam olarak bunu yapt\u0131k: Gayrimenkul sekt\u00f6r\u00fcn\u00fcn \u00f6nemli oyuncular\u0131ndan Yeni Gimat GYO&#8217;nun kamuya a\u00e7\u0131k, toplamda 60 sayfay\u0131 a\u015fan konsolide ve solo finansal raporlar\u0131n\u0131 sat\u0131r sat\u0131r okuduk. Kar\u015f\u0131m\u0131za \u00e7\u0131kanlar, \u015firketin bilinen AVM ve otel i\u015fletmecili\u011fi kimli\u011finin \u00e7ok daha \u00f6tesinde bir hikaye anlat\u0131yor. \u0130\u015fte sizi \u015fa\u015f\u0131rtacak o \u00fc\u00e7 ger\u00e7ek.<\/p>\n<h3>1. Ger\u00e7ek: Bir Emlak \u015eirketinden \u00c7ok Neredeyse Bir Banka Gibi \u00c7al\u0131\u015f\u0131yor<\/h3>\n<h4>Nakit Da\u011f\u0131<\/h4>\n<p>Bir gayrimenkul \u015firketinin bilan\u00e7osunda ne kadar nakit olmas\u0131n\u0131 beklersiniz? Yeni Gimat GYO&#8217;nun 30 Eyl\u00fcl 2025 tarihli konsolide bilan\u00e7osuna bakt\u0131\u011f\u0131m\u0131zda, &#8220;Nakit ve Nakit Benzerleri&#8221; kaleminde dudak u\u00e7uklatan bir rakam g\u00f6r\u00fcyoruz: <b>3.78 Milyar TL<\/b>. Bu rakam\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc hayal etmekte zorlan\u0131yorsan\u0131z, bu parayla Borsa \u0130stanbul\u2019da i\u015flem g\u00f6ren onlarca \u015firketin tamam\u0131n\u0131 sat\u0131n alabilece\u011finizi d\u00fc\u015f\u00fcnebilirsiniz.<\/p>\n<h4>Faiz Geliri Makinesi<\/h4>\n<p>Peki, \u015firket bu devasa nakitle ne yap\u0131yor? Raporlar, bu paran\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n vadeli mevduatta de\u011ferlendirildi\u011fini g\u00f6steriyor. 2025&#8217;in ilk 9 ay\u0131nda \u015firketin &#8220;Finansman Gelirleri&#8221; tam <b>1.16 Milyar TL<\/b>. Raporun dipnotlar\u0131, bu gelirin neredeyse tamam\u0131n\u0131n vadeli mevduat faizlerinden geldi\u011fini net bir \u015fekilde ortaya koyuyor. Yani \u015firket, AVM ve otellerinden kira geliri elde ederken, bir yandan da adeta bir banka gibi \u00e7al\u0131\u015farak nakdinden para kazan\u0131yor.<\/p>\n<h4>Analiz: Stratejik Bir Yast\u0131k m\u0131, At\u0131l Bir G\u00fc\u00e7 m\u00fc?<\/h4>\n<p>Bu durumun etkisini anlamak i\u00e7in \u015fu kar\u015f\u0131la\u015ft\u0131rmay\u0131 yapmak yeterli: \u015eirketin ayn\u0131 d\u00f6nemdeki toplam has\u0131lat\u0131 <b>2.18 Milyar TL<\/b> ve br\u00fct k\u00e2r\u0131 <b>1.72 Milyar TL<\/b>. Sadece faizden elde edilen 1.16 Milyar TL&#8217;lik gelir, br\u00fct k\u00e2r\u0131n yar\u0131s\u0131ndan fazlas\u0131n\u0131 olu\u015fturuyor. Bu devasa nakit g\u00fcc\u00fc, \u015firkete olas\u0131 ekonomik krizlere kar\u015f\u0131 muazzam bir dayan\u0131kl\u0131l\u0131k ve stratejik esneklik sa\u011fl\u0131yor. Ancak ayn\u0131 zamanda \u015fu soruyu da akla getiriyor: Bu kadar b\u00fcy\u00fck bir nakit, neden yeni gayrimenkul projeleri gibi ana faaliyet alan\u0131n\u0131 b\u00fcy\u00fctecek yat\u0131r\u0131mlar yerine bankada tutuluyor?<\/p>\n<h3>2. Ger\u00e7ek: B\u00fcy\u00fcmek Her Zaman Daha Fazla K\u00e2r Anlam\u0131na Gelmiyor<\/h3>\n<p>Genellikle bir \u015firketin, t\u00fcm i\u015ftirakleri ve ba\u011fl\u0131 ortakl\u0131klar\u0131 dahil edildi\u011finde daha b\u00fcy\u00fck ve daha k\u00e2rl\u0131 olmas\u0131 beklenir. Ancak Yeni Gimat GYO&#8217;nun raporlar\u0131, bu sezgisel beklentinin tam tersi bir durumu, bir paradoksu g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h4>Solo vs. Konsolide K\u00e2r Paradoksu<\/h4>\n<p>\u0130ki ayr\u0131 raporu kar\u015f\u0131la\u015ft\u0131rd\u0131\u011f\u0131m\u0131zda \u015fa\u015f\u0131rt\u0131c\u0131 bir sonu\u00e7la kar\u015f\u0131la\u015f\u0131yoruz:<\/p>\n<ul>\n<li><b>Solo Rapor (Sadece ana \u015firket):<\/b> Yeni Gimat GYO, tek ba\u015f\u0131na 2025&#8217;in ilk 9 ay\u0131nda <b>1.356 Milyar TL<\/b> net k\u00e2r elde etmi\u015f.<\/li>\n<li><b>Konsolide Rapor (Ba\u011fl\u0131 ortakl\u0131klar dahil):<\/b> Otelcilik ve AVM y\u00f6netimi gibi i\u015ftiraklerin performans\u0131 da hesaba kat\u0131ld\u0131\u011f\u0131nda, grubun toplam net k\u00e2r\u0131 <b>1.300 Milyar TL<\/b>&#8216;ye d\u00fc\u015f\u00fcyor.<\/li>\n<\/ul>\n<p>Evet, yanl\u0131\u015f okumad\u0131n\u0131z. Ana \u015firket tek ba\u015f\u0131nayken, gruba g\u00f6re daha k\u00e2rl\u0131.<\/p>\n<h4>Neden \u00d6nemli?<\/h4>\n<p>Bu durum, en basit haliyle, ba\u011fl\u0131 ortakl\u0131klar\u0131n bu d\u00f6nemde grubun toplam k\u00e2rl\u0131l\u0131\u011f\u0131na pozitif de\u011fil, negatif bir etki yapt\u0131\u011f\u0131 anlam\u0131na geliyor. Ana \u015firketin g\u00fc\u00e7l\u00fc k\u00e2rl\u0131l\u0131\u011f\u0131, i\u015ftiraklerin yaratt\u0131\u011f\u0131 zarar\u0131 veya d\u00fc\u015f\u00fck k\u00e2r\u0131 kapatarak grubu ayakta tutmu\u015f. Bu bulgu, \u015firketin grup yap\u0131s\u0131, i\u015ftiraklerinin verimlili\u011fi ve gelecekteki konsolidasyon stratejileri hakk\u0131nda yat\u0131r\u0131mc\u0131lara ve analistlere \u00e7ok \u00f6nemli bir ipucu veriyor.<\/p>\n<h3>3. Ger\u00e7ek: Al\u0131\u015fveri\u015f Merkezi ve Otellerin Arkas\u0131ndaki Gizli Enerji \u015eirketi<\/h3>\n<p>Bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131n\u0131n portf\u00f6y\u00fcnde ne olmas\u0131n\u0131 beklersiniz? Al\u0131\u015fveri\u015f merkezleri, oteller, arsalar&#8230; Peki ya bir yenilenebilir enerji \u015firketi? Raporlar\u0131n dipnotlar\u0131nda sakl\u0131 bu bilgi, \u015firketin stratejik vizyonuna dair en beklenmedik detay\u0131 sunuyor.<\/p>\n<h4>Beklenmedik \u0130\u015ftirak<\/h4>\n<p>Konsolide finansal raporun dipnotlar\u0131nda, \u015firketin %100 sahibi oldu\u011fu i\u015ftirakler listeleniyor. Bu listede AVM ve otelcilik \u015firketlerinin yan\u0131nda g\u00f6ze \u00e7arpan bir isim var: <b>&#8220;Proen Yenilenebilir Enerji&#8221;<\/b>.<\/p>\n<h4>Stratejik Hamle<\/h4>\n<p>Bu \u015firketin varl\u0131k sebebi ne? Dipnottaki a\u00e7\u0131klama, bu hamlenin ne kadar bilin\u00e7li oldu\u011funu g\u00f6steriyor. \u015eirketin kurulu\u015f amac\u0131: &#8220;Yeni Gimat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;n\u0131n enerjisini tedarik etmek.&#8221;<\/p>\n<h4>Gelece\u011fe Yat\u0131r\u0131m<\/h4>\n<p>Bu, \u015firketin sadece bir gayrimenkul yat\u0131r\u0131mc\u0131s\u0131 ve i\u015fletmecisi olmad\u0131\u011f\u0131n\u0131 kan\u0131tlayan zekice bir hamle. \u00d6zellikle enerji maliyetlerinin \u00f6ng\u00f6r\u00fclemez bir \u015fekilde artt\u0131\u011f\u0131 bir d\u00f6nemde, kendi enerjisini \u00fcretecek bir yap\u0131 kurmak; maliyetleri kontrol alt\u0131na almak, operasyonel verimlili\u011fi art\u0131rmak ve s\u00fcrd\u00fcr\u00fclebilirlik hedeflerine ula\u015fmak i\u00e7in at\u0131lm\u0131\u015f stratejik bir dikey entegrasyon ad\u0131m\u0131d\u0131r. Bu k\u00fc\u00e7\u00fck detay, \u015firketin uzun vadeli ve \u00e7ok y\u00f6nl\u00fc d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor.<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Bu \u00fc\u00e7 ger\u00e7ek bir araya geldi\u011finde, Yeni Gimat GYO&#8217;nun sadece mevcut varl\u0131klar\u0131n\u0131 y\u00f6neten bir \u015firket olmad\u0131\u011f\u0131n\u0131, aksine krizlere kar\u015f\u0131 kendini devasa bir nakit duvar\u0131yla korumaya al\u0131rken, bir yandan da i\u015ftirak portf\u00f6y\u00fcn\u00fc verimlilik ve maliyet kontrol\u00fc oda\u011f\u0131nda yeniden yap\u0131land\u0131rmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. Gizli enerji \u015firketi ve ana \u015firketin tek ba\u015f\u0131na daha k\u00e2rl\u0131 olmas\u0131, bu stratejinin en somut kan\u0131tlar\u0131.<\/p>\n<p>Bu bulgular, rakamlar\u0131n sadece birer sonu\u00e7 olmad\u0131\u011f\u0131n\u0131; ayn\u0131 zamanda bir \u015firketin stratejisini, verimlili\u011fini ve gelece\u011fe bak\u0131\u015f\u0131n\u0131 anlatan birer hikaye oldu\u011funu kan\u0131tl\u0131yor. As\u0131l soru, bu haz\u0131rl\u0131k d\u00f6neminin sonunda \u015firketin devasa nakit g\u00fcc\u00fcn\u00fc hangi y\u00f6nde bir b\u00fcy\u00fcme patlamas\u0131 i\u00e7in kullanaca\u011f\u0131d\u0131r: Yeni gayrimenkul projeleri mi, yoksa enerji gibi farkl\u0131 alanlarda daha da b\u00fcy\u00fcmek mi? Rakamlar \u015fimdilik susuyor, zaman ise bu hikayenin devam\u0131n\u0131 mutlaka yazacakt\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Yeni Gimat GYO A.\u015e. 30 Eyl\u00fcl 2025 Finansal Durum ve Faaliyet Brifingi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Yeni Gimat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (Grup) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla konsolide ve solo finansal performans\u0131n\u0131 ve durumunu \u00f6zetlemektedir. Raporlar, \u015firketin ana gelir kayna\u011f\u0131 olan gayrimenkul varl\u0131klar\u0131n\u0131n istikrarl\u0131 de\u011ferini korudu\u011funu, ancak faaliyet gelirlerinde bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Grubun konsolide net d\u00f6nem k\u00e2r\u0131, 2025&#8217;in ilk dokuz ay\u0131nda 1.300,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015f ve bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 1.352,3 milyon TL&#8217;ye k\u0131yasla hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Solo bazda ise net k\u00e2r 1.301,2 milyon TL&#8217;den 1.356,6 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Has\u0131lat:<\/b> Konsolide has\u0131lat, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemine g\u00f6re %10,6 azalarak 2.180,3 milyon TL&#8217;ye gerilemi\u015ftir. Benzer bir d\u00fc\u015f\u00fc\u015f solo has\u0131latta da g\u00f6zlemlenmi\u015ftir.<\/li>\n<li><b>Finansal Durum:<\/b> Grubun toplam varl\u0131klar\u0131 24,4 milyar TL seviyesinde stabil kalm\u0131\u015ft\u0131r. Bu varl\u0131klar\u0131n en b\u00fcy\u00fck kalemini 17,3 milyar TL de\u011ferindeki Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller (Ankamall AVM ve CP Ankara Otel) olu\u015fturmaktad\u0131r. Toplam \u00f6zkaynaklar ise 18,8 milyar TL&#8217;den 18,4 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> Konsolide nakit ve nakit benzerleri 3,78 milyar TL seviyesinde g\u00fc\u00e7l\u00fc ve istikrarl\u0131 bir konumdad\u0131r.<\/li>\n<li><b>Kur Riski:<\/b> \u015eirket, 2024 y\u0131l sonunda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc ta\u015f\u0131rken, 30 Eyl\u00fcl 2025 itibar\u0131yla hem konsolide (81,4 milyon TL) hem de solo (747,6 milyon TL) bazda \u00f6nemli bir net yabanc\u0131 para varl\u0131k pozisyonuna ge\u00e7mi\u015ftir. Bu de\u011fi\u015fim, kur dalgalanmalar\u0131na kar\u015f\u0131 daha diren\u00e7li bir yap\u0131ya i\u015faret etmektedir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> Grubun toplam finansal bor\u00e7lar\u0131 718,1 milyon TL olup, bunun \u00f6nemli bir k\u0131sm\u0131 Avro cinsinden uzun vadeli kredilerden olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, Yeni Gimat GYO, g\u00fc\u00e7l\u00fc ve de\u011ferli varl\u0131k portf\u00f6y\u00fc sayesinde istikrarl\u0131 bir finansal yap\u0131ya sahiptir. Faaliyet gelirlerindeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen, etkin finansal y\u00f6netim ve kur pozisyonundaki iyile\u015fme, \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 korumaktad\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<h2>Kurumsal Yap\u0131 ve Ana Faaliyetler<\/h2>\n<h3>\u015eirket Profili<\/h3>\n<p>Yeni Gimat Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e., 1999 y\u0131l\u0131nda kurulmu\u015f ve 2013 y\u0131l\u0131nda Sermaye Piyasas\u0131 Kurulu izniyle bir Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;na (GYO) d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirketin ana faaliyet konusu, portf\u00f6y\u00fcnde bulunan Ankamall AVM ve CP Ankara Otel isimli otelden kira geliri elde etmektir. \u015eirketin 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla kay\u0131tl\u0131 sermayesi 241.920.000 TL&#8217;dir.<\/p>\n<h3>Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 tarihi itibar\u0131yla \u015firketin ortakl\u0131k yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahibi<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Torunlar GYO<\/td>\n<td>14,83%<\/td>\n<td>35.884.800<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Ortaklar (*)<\/td>\n<td>85,17%<\/td>\n<td>206.035.200<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<td><b>241.920.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>(*) <i>Di\u011fer Ortaklar&#8217;\u0131n her birinin sermayedeki pay\u0131, toplam sermayenin %5&#8217;ini a\u015fmamaktad\u0131r.<\/i><\/p>\n<h3>\u0130\u015ftirakler (Konsolide)<\/h3>\n<p>Yeni Gimat GYO&#8217;nun tam konsolidasyon kapsam\u0131na dahil etti\u011fi ve sermayesinin %100&#8217;\u00fcne sahip oldu\u011fu i\u015ftirakleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Sinerji AVM ve Otel A.\u015e.:<\/b> Ana faaliyeti otelciliktir ve Ankara&#8217;da bulunan CP Ankara Oteli&#8217;ni i\u015fletmektedir.<\/li>\n<li><b>Profam Gayrimenkul Geli\u015ftirme A.\u015e.:<\/b> Al\u0131\u015fveri\u015f merkezleri, turistik oteller ve benzeri gayrimenkullerin ticari maksatla i\u015fletilmesi ve geli\u015ftirilmesi faaliyetlerini y\u00fcr\u00fctmektedir.<\/li>\n<li><b>Proen Yenilenebilir Enerji A.\u015e.:<\/b> 2022 y\u0131l\u0131nda, Yeni Gimat GYO&#8217;nun elektrik enerjisi tedarikini sa\u011flamak amac\u0131yla kurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>Ana Varl\u0131klar<\/h3>\n<ul>\n<li><b>Ankamall AVM:<\/b> Grubun en \u00f6nemli varl\u0131\u011f\u0131 olan Ankamall AVM, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla 16,75 milyar TL de\u011ferindedir. Toplam 275.457,58 m\u00b2 alana sahiptir.<\/li>\n<li><b>CP Ankara Otel:<\/b> 263 oda ve 575 yatak kapasitesine sahip olan otel, 27.650 m\u00b2 alanda hizmet vermektedir. Otel, Sinerji AVM ve Otel A.\u015e. taraf\u0131ndan i\u015fletilmektedir. Temmuz 2025 &#8211; Haziran 2026 d\u00f6nemi i\u00e7in kira bedeli 51.862.800 TL olarak belirlenmi\u015ftir. Daha \u00f6nceki bir d\u00f6nemde sabit kira dondurularak cironun %25&#8217;i oran\u0131nda kira al\u0131nmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015f olup, bu oranlar yeniden de\u011ferlendirilecektir.<\/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<h2>Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<h3>Konsolide Finansal Sonu\u00e7lar<\/h3>\n<p>Grubun 2025 ve 2024 y\u0131llar\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemlerine ait kar\u015f\u0131la\u015ft\u0131rmal\u0131 konsolide k\u00e2r\/zarar tablosu \u00f6zetlenmi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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>2.180.255.225<\/td>\n<td>2.438.415.737<\/td>\n<td>-10,6%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>1.728.383.112<\/td>\n<td>1.636.234.055<\/td>\n<td>+5,6%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>1.475.666.277<\/td>\n<td>1.573.691.242<\/td>\n<td>-6,2%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri<\/td>\n<td>1.168.836.484<\/td>\n<td>712.063.650<\/td>\n<td>+64,1%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>1.300.535.106<\/b><\/td>\n<td><b>1.352.304.817<\/b><\/td>\n<td><b>-3,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Hisse Ba\u015f\u0131na Kazan\u00e7<\/td>\n<td>5,57<\/td>\n<td>5,77<\/td>\n<td>-3,5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>Has\u0131latta bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %10,6&#8217;l\u0131k bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li>Ancak, sat\u0131lan mal\u0131n maliyetindeki daha b\u00fcy\u00fck d\u00fc\u015f\u00fc\u015f sayesinde br\u00fct k\u00e2r %5,6 oran\u0131nda artm\u0131\u015ft\u0131r.<\/li>\n<li>Finansman gelirleri, \u00f6zellikle vadeli mevduat faiz gelirlerindeki art\u0131\u015fla birlikte %64,1 oran\u0131nda y\u00fckselerek k\u00e2rl\u0131l\u0131\u011f\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde desteklemi\u015ftir.<\/li>\n<li>Net d\u00f6nem k\u00e2r\u0131, bu etkilere ra\u011fmen hafif bir d\u00fc\u015f\u00fc\u015fle 1,3 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h3>Solo Finansal Sonu\u00e7lar<\/h3>\n<p>\u015eirketin solo bazda 2025 ve 2024 y\u0131llar\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemlerine ait kar\u015f\u0131la\u015ft\u0131rmal\u0131 k\u00e2r\/zarar tablosu \u00f6zetlenmi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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>2.038.166.001<\/td>\n<td>2.177.877.445<\/td>\n<td>-6,4%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>1.686.528.940<\/td>\n<td>1.581.063.007<\/td>\n<td>+6,7%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>1.623.558.121<\/td>\n<td>1.548.110.290<\/td>\n<td>+4,9%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri<\/td>\n<td>1.178.310.602<\/td>\n<td>701.526.365<\/td>\n<td>+68,0%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>1.356.641.747<\/b><\/td>\n<td><b>1.301.157.473<\/b><\/td>\n<td><b>+4,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Hisse Ba\u015f\u0131na Kazan\u00e7<\/td>\n<td>5,81<\/td>\n<td>5,55<\/td>\n<td>+4,7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>Solo has\u0131lat %6,4 oran\u0131nda azal\u0131rken, solo net k\u00e2r %4,3 oran\u0131nda art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li>Bu art\u0131\u015f, esas faaliyet k\u00e2r\u0131ndaki iyile\u015fme ve konsolide sonu\u00e7lara paralel olarak finansman gelirlerindeki g\u00fc\u00e7l\u00fc art\u0131\u015ftan kaynaklanmaktad\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<h2>Finansal Durum Tablosu Analizi (30 Eyl\u00fcl 2025 vs. 31 Aral\u0131k 2024)<\/h2>\n<h3>Konsolide Bilan\u00e7o<\/h3>\n<p>Grubun 30 Eyl\u00fcl 2025 ve 31 Aral\u0131k 2024 tarihli konsolide bilan\u00e7olar\u0131n\u0131n ana kalemleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>3.780.613.215<\/td>\n<td>3.781.393.783<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n<td>17.331.371.271<\/td>\n<td>17.331.371.271<\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>2.833.848.950<\/td>\n<td>2.601.494.088<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>24.444.112.104<\/b><\/td>\n<td><b>24.364.106.473<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynaklar (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>483.214.857<\/td>\n<td>562.871.220<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>5.494.356.323<\/td>\n<td>4.930.042.254<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>5.977.571.180<\/b><\/td>\n<td><b>5.492.913.474<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>18.466.540.924<\/b><\/td>\n<td><b>18.871.192.999<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>24.444.112.104<\/b><\/td>\n<td><b>24.364.106.473<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Solo Bilan\u00e7o<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 ve 31 Aral\u0131k 2024 tarihli solo bilan\u00e7olar\u0131n\u0131n ana kalemleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>3.715.004.246<\/td>\n<td>3.725.149.037<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n<td>19.177.356.144<\/td>\n<td>19.177.356.144<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>23.679.283.373<\/b><\/td>\n<td><b>23.488.590.309<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynaklar (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>285.295.940<\/td>\n<td>133.763.865<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>4.902.413.854<\/td>\n<td>4.514.707.431<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>5.187.709.794<\/b><\/td>\n<td><b>4.648.471.296<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>18.491.573.579<\/b><\/td>\n<td><b>18.840.119.013<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>23.679.283.373<\/b><\/td>\n<td><b>23.488.590.309<\/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<h2>Finansal Risk Y\u00f6netimi<\/h2>\n<h3>Kur Riski Analizi<\/h3>\n<p>Grup, ba\u015fl\u0131ca ABD Dolar\u0131 ve Avro cinsinden kur riskine maruz kalmaktad\u0131r. \u015eirketin net yabanc\u0131 para pozisyonu, 2024 y\u0131l sonuna k\u0131yasla \u00f6nemli bir iyile\u015fme g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Net Yabanc\u0131 Para Pozisyonu (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Konsolide<\/b><\/td>\n<td>81.413.920 (Varl\u0131k)<\/td>\n<td>(21.217.415) (Y\u00fck\u00fcml\u00fcl\u00fck)<\/td>\n<\/tr>\n<tr>\n<td><b>Solo<\/b><\/td>\n<td>747.606.554 (Varl\u0131k)<\/td>\n<td>(21.450.762) (Y\u00fck\u00fcml\u00fcl\u00fck)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Duyarl\u0131l\u0131k Analizi:<\/b> Yabanc\u0131 para kurlar\u0131n\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kaybetmesi (deval\u00fcasyon) durumunda, 30 Eyl\u00fcl 2025 pozisyonuna g\u00f6re grubun k\u00e2r\u0131 \u00fczerindeki etki (konsolide) 8,24 milyon TL pozitif olacakt\u0131r. Tersi durumda (TL&#8217;nin %10 de\u011ferlenmesi) ise ayn\u0131 tutarda negatif etki olu\u015facakt\u0131r.<\/p>\n<h3>Bor\u00e7luluk Durumu (Konsolide)<\/h3>\n<p>30 Eyl\u00fcl 2025 tarihi itibar\u0131yla Grubun toplam finansal bor\u00e7lar\u0131 718.139.909 TL&#8217;dir. Bu bor\u00e7lar\u0131n da\u011f\u0131l\u0131m\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Finansal Bor\u00e7lar:<\/b> 107.864.324 TL\n<ul>\n<li><i>Avro Krediler:<\/i> 50.168.146 TL<\/li>\n<\/ul>\n<\/li>\n<li><b>Uzun Vadeli Finansal Bor\u00e7lar:<\/b> 604.087.743 TL\n<ul>\n<li><i>Avro Krediler:<\/i> 604.087.743 TL<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Bor\u00e7lar\u0131n b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fcn Avro cinsinden ve uzun vadeli olmas\u0131 dikkat \u00e7ekmektedir.<\/p>\n<h2>Temel Muhasebe Politikalar\u0131<\/h2>\n<p>Finansal tablolar, T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak haz\u0131rlanmaktad\u0131r. T\u00fcrkiye&#8217;de ya\u015fanan y\u00fcksek enflasyonist ortam nedeniyle, Grup, finansal tablolar\u0131n\u0131 TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak d\u00fczeltmektedir (enflasyon muhasebesi).<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"432\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Gayrimenkul Devinin 60 Sayfal\u0131k Raporunu Okuduk: \u0130\u015fte Sizi \u015ea\u015f\u0131rtacak 3 Ger\u00e7ek Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmaz belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bir dedektif gibi dikkatle incelendi\u011finde, bu sayfalar bir \u015firketin stratejisi, gizli kalm\u0131\u015f g\u00fc\u00e7l\u00fc y\u00f6nleri ve&#8230; <\/p>\n","protected":false},"author":1,"featured_media":433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[90],"class_list":["post-432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-yggyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/432","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=432"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/432\/revisions"}],"predecessor-version":[{"id":434,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/432\/revisions\/434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/433"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}