{"id":441,"date":"2025-12-24T01:58:19","date_gmt":"2025-12-23T22:58:19","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=441"},"modified":"2025-12-24T02:10:38","modified_gmt":"2025-12-23T23:10:38","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tgsas-tgs-dis-ticaret-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/441","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TGSAS | TGS D\u0131\u015f Ticaret 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TGSAS | TGS D\u0131\u015f Ticaret 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/Mc1SOE5R_Lc?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>15 Ki\u015fi, 2 Milyar Dolar \u0130hracat: TGS D\u0131\u015f Ticaret&#8217;in Finansal Raporlar\u0131nda Gizli 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: D\u0131\u015f Ticaretin Karma\u015f\u0131k D\u00fcnyas\u0131na Farkl\u0131 Bir Bak\u0131\u015f<\/b><\/h3>\n<p>D\u0131\u015f ticaret, pek \u00e7oklar\u0131 i\u00e7in y\u00fcksek riskli, b\u00fcy\u00fck sermaye gerektiren ve operasyonel olarak karma\u015f\u0131k bir alan olarak bilinir. Bu genel kan\u0131, genellikle do\u011frudur. Ancak TGS D\u0131\u015f Ticaret A.\u015e.&#8217;nin son finansal raporlar\u0131n\u0131n yo\u011fun tablolar\u0131n\u0131n aras\u0131na g\u00f6m\u00fclm\u00fc\u015f olan veriler, bu geleneksel varsay\u0131mlara meydan okuyan bir \u015firketin plan\u0131n\u0131 ortaya koyuyor.<\/p>\n<p>Bu raporlar sadece rakamlardan ibaret de\u011fil; ayn\u0131 zamanda d\u0131\u015f ticaretin t\u00fcm risklerini ortadan kald\u0131rarak onu bir hizmet modeline d\u00f6n\u00fc\u015ft\u00fcren s\u0131ra d\u0131\u015f\u0131 ve son derece verimli bir stratejinin s\u0131rlar\u0131n\u0131 bar\u0131nd\u0131r\u0131yor. Bu yaz\u0131da, bu raporlar\u0131n derinliklerine inerek TGS&#8217;nin i\u015f modelini benzersiz k\u0131lan en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkileyici d\u00f6rt ger\u00e7e\u011fi ortaya \u00e7\u0131karaca\u011f\u0131z.<\/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. Neredeyse S\u0131f\u0131r Riskli \u0130hracat Modeli M\u00fcmk\u00fcn m\u00fc?<\/b><\/h3>\n<p>D\u0131\u015f ticaretin do\u011fas\u0131nda var oldu\u011fu d\u00fc\u015f\u00fcn\u00fclen finansal, \u00fcr\u00fcn, \u00f6deme ve kur risklerini neredeyse tamamen ortadan kald\u0131ran bir i\u015f modeli hayal edin. TGS D\u0131\u015f Ticaret&#8217;in ba\u015far\u0131s\u0131n\u0131n temelinde tam olarak bu yat\u0131yor: ak\u0131ll\u0131ca tasarlanm\u0131\u015f bir arac\u0131l\u0131k yap\u0131s\u0131.<\/p>\n<p>\u015eirket, geleneksel bir t\u00fcccar gibi mal al\u0131p satmak yerine, imalat\u00e7\u0131 firmalar i\u00e7in bir hizmet ve finansman kolayla\u015ft\u0131r\u0131c\u0131s\u0131 olarak konumlan\u0131yor. Yapt\u0131\u011f\u0131 s\u00f6zle\u015fmelerle t\u00fcm riskleri do\u011frudan imalat\u00e7\u0131 firmalara aktararak, kendisini bu y\u00fcklerden ar\u0131nd\u0131r\u0131yor. Faaliyet raporunda belirtildi\u011fi gibi, TGS&#8217;nin risk y\u00f6netimi stratejisi d\u00f6rt ana temel \u00fczerine kurulu:<\/p>\n<ul>\n<li><b>Finansal Risk:<\/b> \u00d6demeler, ithalat\u00e7\u0131 firmalardan ve KDV iadeleri vergi dairesinden tahsil edildikten sonra imalat\u00e7\u0131ya yap\u0131ld\u0131\u011f\u0131 i\u00e7in TGS i\u00e7in bir nakit ak\u0131\u015f\u0131 riski olu\u015fmuyor.<\/li>\n<li><b>\u00dcr\u00fcn Riski:<\/b> Mal\u0131n \u00fcretimi, kalitesi ve zaman\u0131nda teslimi gibi t\u00fcm s\u00fcre\u00e7lerin sorumlulu\u011fu tamamen imalat\u00e7\u0131 firmaya ait. TGS bu operasyonel y\u00fcke dahil olmuyor.<\/li>\n<li><b>\u00d6deme Riski:<\/b> \u0130malat\u00e7\u0131 firmalara yap\u0131lacak \u00f6demeler, yurtd\u0131\u015f\u0131ndan tahsilat yap\u0131lmas\u0131 \u015fart\u0131na ba\u011fland\u0131\u011f\u0131ndan, TGS bir tahsilat riski \u00fcstlenmiyor.<\/li>\n<li><b>Piyasa (Kur) Riski:<\/b> Kur farklar\u0131ndan do\u011fabilecek pozitif ya da negatif t\u00fcm etkiler, yap\u0131lan s\u00f6zle\u015fmeler uyar\u0131nca do\u011frudan ihracat\u0131 yapan firmalara yans\u0131t\u0131l\u0131yor. B\u00f6ylece \u015firket, kur dalgalanmalar\u0131na kar\u015f\u0131 kendini tamamen korumu\u015f oluyor.<\/li>\n<\/ul>\n<p>Bu model, TGS&#8217;nin ana faaliyetini ihracat s\u00fcre\u00e7lerini, \u00f6zellikle de KDV iadesi gibi karma\u015f\u0131k prosed\u00fcrleri y\u00f6netmeye odaklamas\u0131na olanak tan\u0131yor. Bu yakla\u015f\u0131m, d\u0131\u015f ticaretteki geleneksel risk alg\u0131s\u0131n\u0131 temelden de\u011fi\u015ftiriyor ve &#8220;kolayla\u015ft\u0131r\u0131c\u0131l\u0131\u011f\u0131n&#8221; ne kadar g\u00fc\u00e7l\u00fc bir strateji olabilece\u011fini kan\u0131tl\u0131yor.<\/p>\n<h3><b>2. Ki\u015fi Ba\u015f\u0131na 135 Milyon Dolarl\u0131k \u0130nan\u0131lmaz Verimlilik<\/b><\/h3>\n<p>B\u00fcy\u00fck operasyonlar genellikle b\u00fcy\u00fck ekipler gerektirir. Ancak TGS, bu kural\u0131 da y\u0131k\u0131yor. \u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k finansal sonu\u00e7lar\u0131na g\u00f6re, sadece 15 ki\u015filik bir ekiple tam <b>2 milyar 32 milyon dolarl\u0131k<\/b> ihracata arac\u0131l\u0131k edilmi\u015f.<\/p>\n<p>Bu rakamlar\u0131 daha anla\u015f\u0131l\u0131r k\u0131lmak i\u00e7in basit bir hesaplama yapal\u0131m: Bu, \u00e7al\u0131\u015fan ba\u015f\u0131na yakla\u015f\u0131k <b>135 milyon dolarl\u0131k<\/b> bir ihracat hacmi anlam\u0131na geliyor. Bu ola\u011fan\u00fcst\u00fc verimlilik, \u015firketin yal\u0131n organizasyon yap\u0131s\u0131 ve teknoloji odakl\u0131, ak\u0131ll\u0131 i\u015f modelinin en net g\u00f6stergesi. TGS, modern i\u015f d\u00fcnyas\u0131n\u0131n bir paradoksu \u00fczerine bir ustal\u0131k dersi sunuyor: Ekonomik etki olarak devasa olurken fiziksel boyut olarak nas\u0131l k\u00fc\u00e7\u00fck kal\u0131n\u0131r? Bu durum, g\u00fcn\u00fcm\u00fcz d\u00fcnyas\u0131nda en ak\u0131ll\u0131 i\u015fin en b\u00fcy\u00fck de\u011fil, en verimli olan oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p>Bu dudak u\u00e7uklatan verimlilik sadece operasyonel bir anomali de\u011fil; ayn\u0131 zamanda benzersiz bir \u015fekilde yap\u0131land\u0131r\u0131lm\u0131\u015f finansal bir motorun do\u011frudan yans\u0131mas\u0131d\u0131r. \u015eirketin bilan\u00e7osuna tek bir bak\u0131\u015f, bu yal\u0131n modelin nas\u0131l sadece m\u00fcmk\u00fcn de\u011fil, ayn\u0131 zamanda k\u00e2rl\u0131 oldu\u011funu da g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3><b>3. G\u00fcven \u00dczerine Kurulu Bir Bilan\u00e7o: Varl\u0131klar Neden Bor\u00e7lara E\u015fit?<\/b><\/h3>\n<p>TGS&#8217;nin finansal durum tablosuna (bilan\u00e7o) ilk bak\u0131\u015fta, geleneksel analiz y\u00f6ntemlerine al\u0131\u015fk\u0131n olanlar i\u00e7in kafa kar\u0131\u015ft\u0131r\u0131c\u0131 bir tablo ortaya \u00e7\u0131k\u0131yor. Yakla\u015f\u0131k <b>16.8 milyar TL<\/b> tutar\u0131ndaki &#8220;Ticari Alacaklar&#8221; ve neredeyse buna e\u015fit olan yakla\u015f\u0131k <b>18 milyar TL<\/b>&#8216;lik &#8220;Ticari Bor\u00e7lar&#8221; kalemi dikkat \u00e7ekiyor. Toplam varl\u0131klar\u0131n <b>18.3 milyar TL<\/b> gibi devasa bir boyuta ula\u015ft\u0131\u011f\u0131 bu tabloda, \u015firketin \u00f6zkaynaklar\u0131n\u0131n yaln\u0131zca <b>274 milyon TL<\/b> gibi m\u00fctevaz\u0131 bir seviyede kalmas\u0131, ilk bak\u0131\u015fta bir finansal zay\u0131fl\u0131k gibi alg\u0131lanabilir.<\/p>\n<p>Ancak ger\u00e7ek tam tersi. Bu bilan\u00e7o yap\u0131s\u0131, \u015firketin i\u015f modelinin finansal bir yans\u0131mas\u0131d\u0131r ve bir zay\u0131fl\u0131k de\u011fil, arac\u0131 rol\u00fcn\u00fcn m\u00fckemmel bir kan\u0131t\u0131d\u0131r. Varl\u0131klar\u0131n bor\u00e7larla neredeyse bire bir e\u015fle\u015fti\u011fi bu bilan\u00e7o yap\u0131s\u0131, daha \u00f6nce a\u00e7\u0131klanan s\u0131f\u0131r riskli modelin finansal parmak izidir. \u015eirket, tamamen bir i\u015flem kanal\u0131 olarak hareket etti\u011fi i\u00e7in stok riski ve asgari nakit ak\u0131\u015f\u0131 riski ta\u015f\u0131mamaktad\u0131r ve bu ger\u00e7ek, rakamlarla a\u00e7\u0131k\u00e7a g\u00f6r\u00fclmektedir.<\/p>\n<ul>\n<li><b>Ticari Alacaklar (16.8 Milyar TL):<\/b> Bu rakam, TGS&#8217;nin yurtd\u0131\u015f\u0131ndaki ithalat\u00e7\u0131lardan tahsil etmeyi bekledi\u011fi ihracat bedellerini temsil eder.<\/li>\n<li><b>Ticari Bor\u00e7lar (18 Milyar TL):<\/b> Bu rakam ise, TGS&#8217;nin tahsilat\u0131 yapt\u0131ktan sonra yurti\u00e7indeki imalat\u00e7\u0131 firmalara \u00f6demeyi taahh\u00fct etti\u011fi bedeldir.<\/li>\n<\/ul>\n<p>Finansal rapor dipnotlar\u0131nda da belirtildi\u011fi gibi, TGS paran\u0131n bir anl\u0131\u011f\u0131na u\u011frad\u0131\u011f\u0131 bir &#8220;ge\u00e7i\u015f&#8221; noktas\u0131d\u0131r. Bilan\u00e7o, bu g\u00fcvene dayal\u0131 para ak\u0131\u015f\u0131n\u0131 birebir yans\u0131tmaktad\u0131r. \u00d6zkaynaklar\u0131n m\u00fctevaz\u0131 kalmas\u0131 da bu modelin bir \u00f6zelli\u011fidir. Esasen, \u015firketin 18.3 milyar TL&#8217;lik toplam varl\u0131klar\u0131 i\u00e7inden akan t\u00fcm de\u011feri temsil ediyorsa, \u00f6zkaynaklar \u015firketin bor\u00e7lar\u0131ndan ar\u0131nm\u0131\u015f olarak sahip oldu\u011fu k\u00fc\u00e7\u00fck bir k\u0131s\u0131md\u0131r. Bu m\u00fctevaz\u0131 boyut, modelin sermaye-hafif do\u011fas\u0131n\u0131 kan\u0131tlayan bir hatadan ziyade bir \u00f6zelliktir.<\/p>\n<h3><b>4. Yeni Bir D\u00f6nemin Ba\u015flang\u0131c\u0131: Kurucu Aileden Yat\u0131r\u0131m Devine Ge\u00e7i\u015f<\/b><\/h3>\n<p>Her ba\u015far\u0131l\u0131 \u015firketin hayat\u0131nda stratejik d\u00f6n\u00fcm noktalar\u0131 vard\u0131r. TGS i\u00e7in bu an, 2025 y\u0131l\u0131nda ya\u015fand\u0131. \u015eirketin %42.24&#8217;l\u00fck hissesi, kurucu ortaklar olan Tanr\u0131verdi ve Polat aileleri taraf\u0131ndan T\u00fcrkiye&#8217;nin \u00f6nde gelen yat\u0131r\u0131m kurulu\u015flar\u0131n\u0131n olu\u015fturdu\u011fu bir konsorsiyuma devredildi.<\/p>\n<p>Bu devir, sadece bir ortakl\u0131k de\u011fi\u015fikli\u011fi de\u011fil, ayn\u0131 zamanda TGS&#8217;nin stratejik bir d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn de ba\u015flang\u0131c\u0131d\u0131r. Ba\u015far\u0131l\u0131 bir aile \u015firketi olan TGS, bu hamleyle kurumsal bir yat\u0131r\u0131m g\u00fcc\u00fcn\u00fcn finansal ve stratejik vizyonunu arkas\u0131na alm\u0131\u015ft\u0131r. Devri ger\u00e7ekle\u015ftiren konsorsiyumun kilit oyuncular\u0131; <b>Re-Pie Portf\u00f6y Y\u00f6netimi A.\u015e. Onbe\u015finci Karma Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu, Tera Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/b> ve <b>Bulls Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/b> gibi alan\u0131nda \u00f6nc\u00fc kurulu\u015flard\u0131r.<\/p>\n<p>Bu birle\u015fme, sadece bir sermaye enjeksiyonu de\u011fil, ayn\u0131 zamanda stratejik bir f\u00fczyondur. RePie, yat\u0131r\u0131m yapt\u0131\u011f\u0131 \u015firketlerin &#8220;dijital d\u00f6n\u00fc\u015f\u00fcm&#8221; ve &#8220;kurumsal geli\u015fim&#8221; s\u00fcre\u00e7lerine aktif katk\u0131da bulunan bir i\u015f orta\u011f\u0131 kimli\u011fiyle tan\u0131n\u0131yor. Bu durum, TGS&#8217;nin kan\u0131tlanm\u0131\u015f, verimli motorunu, teknolojik geli\u015fim ve \u00f6l\u00e7eklendirme konusunda uzman bir g\u00fc\u00e7le birle\u015ftirmesi anlam\u0131na geliyor.<\/p>\n<p>Bu d\u00f6n\u00fc\u015f\u00fcmde s\u00fcreklili\u011fin ve mirasa sayg\u0131n\u0131n ne kadar \u00f6nemli oldu\u011funun bir kan\u0131t\u0131 olarak, kurucu ortaklardan Ali Tanr\u0131verdi, birikim ve deneyimlerini aktarmak \u00fczere \u015firkette <b>&#8220;Y\u00f6netim Kurulu Dan\u0131\u015fman\u0131&#8221;<\/b> olarak g\u00f6revine devam etmektedir. Bu detay, devrin sadece bir finansal i\u015flem olmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda \u015firketin DNA&#8217;s\u0131na duyulan sayg\u0131y\u0131 ve gelece\u011fe y\u00f6nelik ortak bir vizyonu da simgelemektedir. Bu stratejik yat\u0131r\u0131m, TGS&#8217;nin \u00e7eyrek as\u0131rl\u0131k ba\u015far\u0131l\u0131 ge\u00e7mi\u015finin bir onay\u0131 ve parlak gelece\u011fine duyulan g\u00fcvenin en net i\u015fareti olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/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: Kolayla\u015ft\u0131rman\u0131n G\u00fcc\u00fc ve Gelece\u011fe Bir Soru<\/b><\/h3>\n<p>TGS D\u0131\u015f Ticaret&#8217;in hikayesi, riskleri devrederek y\u00f6netmek, yal\u0131n bir organizasyonla inan\u0131lmaz bir verimlili\u011fe ula\u015fmak ve do\u011fru zamanda stratejik bir ortakl\u0131kla gelece\u011fe haz\u0131rlanmak gibi modern ekonominin ba\u015far\u0131 dersleriyle dolu. \u015eirketin ba\u015far\u0131s\u0131, do\u011frudan &#8220;sahip olmak&#8221; yerine s\u00fcre\u00e7leri &#8220;kolayla\u015ft\u0131rman\u0131n&#8221; ne kadar g\u00fc\u00e7l\u00fc bir strateji olabilece\u011fini kan\u0131tl\u0131yor.<\/p>\n<p>\u015eirketin hiper-verimli, riskten ar\u0131nd\u0131r\u0131lm\u0131\u015f kolayla\u015ft\u0131r\u0131c\u0131 modeli, \u015fimdi RePie liderli\u011findeki konsorsiyumun getirdi\u011fi kurumsal sermaye ve stratejik uzmanl\u0131kla g\u00fc\u00e7lendirilmi\u015f durumda. Bu yeni d\u00f6nem, TGS&#8217;nin kan\u0131tlanm\u0131\u015f modelini daha da ileriye ta\u015f\u0131ma potansiyeli sunuyor. Peki, bu vizyon ba\u015fka nerelerde uygulanabilir? Kendimize sormam\u0131z gereken soru \u015fudur:<\/p>\n<p><i>&#8220;Acaba hangi sekt\u00f6rler, TGS&#8217;nin arac\u0131 modelinde oldu\u011fu gibi, riskleri y\u00f6netip s\u00fcre\u00e7leri kolayla\u015ft\u0131rarak daha verimli hale getirilebilir?&#8221;<\/i><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">TGS D\u0131\u015f Ticaret A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, TGS D\u0131\u015f Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait finansal ve operasyonel durumunu, \u015firketin faaliyet raporu ve ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131na dayanarak analiz etmektedir.<\/p>\n<p>D\u00f6nemin en kritik geli\u015fmesi, A\u011fustos 2025&#8217;te \u015firketin %42,24&#8217;l\u00fck hissesinin Re-Pie Yat\u0131r\u0131m Holding ve payda\u015flar\u0131 taraf\u0131ndan devral\u0131nmas\u0131d\u0131r. Bu stratejik ortakl\u0131k de\u011fi\u015fimi, y\u00f6netim kurulunun ve kurumsal y\u00f6netim yap\u0131s\u0131n\u0131n yeniden \u015fekillenmesine yol a\u00e7m\u0131\u015ft\u0131r. Yeni y\u00f6netim, \u015firketin finansal g\u00fcc\u00fcn\u00fc art\u0131rmay\u0131 ve hizmet kapsam\u0131n\u0131 geni\u015fletmeyi hedeflemektedir.<\/p>\n<p>Operasyonel olarak \u015firket, g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme performans\u0131 sergilemi\u015ftir. 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda arac\u0131l\u0131k edilen ihracat hacmi, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %32 artarak 2,032 milyar ABD dolar\u0131na ula\u015fm\u0131\u015ft\u0131r. Bu d\u00f6nemde 300&#8217;den fazla firmaya hizmet verilmi\u015f ve 107 \u00fclkeye ihracat ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<p>Finansal a\u00e7\u0131dan bak\u0131ld\u0131\u011f\u0131nda, \u015firketin has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 135,7 milyon TL&#8217;den 161,8 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Ancak, genel y\u00f6netim giderlerindeki \u00f6nemli art\u0131\u015f nedeniyle net d\u00f6nem k\u00e2r\u0131 63,1 milyon TL&#8217;den 56,5 milyon TL&#8217;ye gerilemi\u015ftir. \u015eirketin bilan\u00e7osu, arac\u0131l\u0131k modeline paralel olarak b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ticari alacak ve bor\u00e7lardan olu\u015fmakta olup, her iki kalemde de bir \u00f6nceki y\u0131l sonuna g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir. Toplam varl\u0131klar 26 milyar TL&#8217;den 18,3 milyar TL&#8217;ye gerilemi\u015ftir.<\/p>\n<p>\u015eirket, operasyonlar\u0131n\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde finansal riskleri imalat\u00e7\u0131 firmalara yans\u0131tan bir arac\u0131l\u0131k modeli \u00fczerine kurmu\u015ftur. Kur ve \u00f6deme riskleri, yap\u0131lan s\u00f6zle\u015fmelerle y\u00f6netilmekte ve \u015firketin risk profili d\u00fc\u015f\u00fck seviyede tutulmaktad\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>1. Kurumsal Geli\u015fmeler ve Y\u00f6netim De\u011fi\u015fiklikleri<\/h2>\n<h3>1.1. Stratejik Hisse Devri ve Yeni Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>2025 y\u0131l\u0131 A\u011fustos ay\u0131nda, TGS D\u0131\u015f Ticaret A.\u015e.&#8217;nin kurucu ortaklar\u0131 Ali Tanr\u0131verdi, Burak Tanr\u0131verdi ve \u00c7a\u011fla Polat, \u015firketin \u00f6denmi\u015f sermayesinin %42,24&#8217;\u00fcne tekab\u00fcl eden (A) ve (B) grubu paylar\u0131n\u0131 devretmek \u00fczere bir &#8220;Pay Devir S\u00f6zle\u015fmesi&#8221; imzalam\u0131\u015ft\u0131r. Devir i\u015flemleri 1 Eyl\u00fcl 2025 tarihinde tamamlanm\u0131\u015ft\u0131r.<\/p>\n<p>Bu devirle birlikte \u015firketin ana ortaklar\u0131 Re-Pie Yat\u0131r\u0131m Holding ve ili\u015fkili fonlar\u0131 olmu\u015ftur. Bu stratejik yat\u0131r\u0131m\u0131n amac\u0131, TGS&#8217;nin sekt\u00f6rdeki konumunu daha da g\u00fc\u00e7lendirmek, hizmet kalitesini ve kapsam\u0131n\u0131 art\u0131rmak ve \u00fcretici firmalara daha entegre hizmetler sunmakt\u0131r. Re-Pie Yat\u0131r\u0131m Holding, yat\u0131r\u0131m yapt\u0131\u011f\u0131 \u015firketlerin operasyonel s\u00fcre\u00e7lerine, dijital d\u00f6n\u00fc\u015f\u00fcm\u00fcne ve kurumsal geli\u015fimine katk\u0131da bulunan bir i\u015f orta\u011f\u0131 rol\u00fc \u00fcstlenmektedir.<\/p>\n<p><b>30 Eyl\u00fcl 2025 \u0130tibar\u0131yla Ortakl\u0131k Yap\u0131s\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak \u0130smi<\/td>\n<td>Nominal Pay (TL)<\/td>\n<td>Ortakl\u0131k Y\u00fczdesi (%)<\/td>\n<\/tr>\n<tr>\n<td>Re-Pie Portf\u00f6y Y\u00f6netimi A.\u015e. Onbe\u015finci Karma Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu<\/td>\n<td>2.649.703<\/td>\n<td>17,66%<\/td>\n<\/tr>\n<tr>\n<td>Re Pie Portf\u00f6y Y\u00f6netimi A.\u015e. ve \u00d6zel Portf\u00f6y Y\u00f6netimi Hizmeti Verilen M\u00fc\u015fterileri<\/td>\n<td>1.569.139<\/td>\n<td>10,46%<\/td>\n<\/tr>\n<tr>\n<td>Re Pie Giri\u015fim Sermayesi ve Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<td>667.058<\/td>\n<td>4,45%<\/td>\n<\/tr>\n<tr>\n<td>Bulls Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<td>750.440<\/td>\n<td>5,00%<\/td>\n<\/tr>\n<tr>\n<td>Tera Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<td>700.710<\/td>\n<td>4,67%<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k K\u0131s\u0131m)<\/td>\n<td>8.662.950<\/td>\n<td>57,75%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>15.000.000<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. \u0130mtiyazl\u0131 Paylar ve Oy Haklar\u0131<\/h3>\n<p>\u015eirket hisseleri (A) ve (B) grubu olarak ikiye ayr\u0131lm\u0131\u015ft\u0131r. \u015eirket ana s\u00f6zle\u015fmesi uyar\u0131nca (A) grubu pay sahipleri, genel kurullarda her bir pay i\u00e7in 15 oy hakk\u0131na sahiptir. Ayr\u0131ca, Y\u00f6netim Kurulu \u00fcyelerinin bir k\u0131sm\u0131 (A) grubu pay sahiplerinin g\u00f6sterece\u011fi adaylar aras\u0131ndan se\u00e7ilmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin fiili dola\u015f\u0131mdaki hisse oran\u0131 %80,19&#8217;dur.<\/p>\n<h3>1.3. Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h3>\n<p>Hisse devrini takiben Y\u00f6netim Kurulu yeniden yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r. Eyl\u00fcl 2025&#8217;te al\u0131nan kararlarla atanan yeni \u00fcyeler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Serkan Leke:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>Mehmet Ali Erg\u00fcn:<\/b> Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Muharrem Kaan \u015eakul:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Engin Nukan:<\/b> Y\u00f6netim Kurulu \u00dcyesi ve Genel M\u00fcd\u00fcr<\/li>\n<li><b>Selahattin Okan:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Osman Nuri Topba\u015f:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<\/ul>\n<p>\u015eirketin kurucular\u0131ndan <b>Ali Tanr\u0131verdi<\/b>, devir sonras\u0131 <b>Y\u00f6netim Kurulu Dan\u0131\u015fman\u0131<\/b> olarak g\u00f6rev alarak birikim ve deneyimlerini aktarmaya devam etmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla 6 \u00fcyeden olu\u015fan Y\u00f6netim Kurulu, d\u00f6nem i\u00e7inde 18 fiziksel toplant\u0131 ger\u00e7ekle\u015ftirmi\u015ftir.<\/p>\n<p>\u00dcst y\u00f6netime (Y\u00f6netim Kurulu ve \u00dcst D\u00fczey Y\u00f6neticiler) 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde sa\u011flanan huzur hakk\u0131, \u00fccret, prim ve di\u011fer mali menfaatlerin toplam\u0131 <b>24.237.775 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir (30 Eyl\u00fcl 2024: 12.994.261 TL).<\/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>2. Operasyonel Performans ve Sekt\u00f6rdeki Konumu<\/h2>\n<h3>2.1. \u0130hracat Hacmi ve B\u00fcy\u00fcme<\/h3>\n<p>TGS D\u0131\u015f Ticaret, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda arac\u0131l\u0131k etti\u011fi ihracat hacminde \u00f6nemli bir art\u0131\u015f kaydetmi\u015ftir.<\/p>\n<ul>\n<li><b>Toplam \u0130hracat:<\/b> 2 milyar 32 milyon ABD dolar\u0131.<\/li>\n<li><b>Y\u0131ll\u0131k Art\u0131\u015f:<\/b> Bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %32 b\u00fcy\u00fcme.<\/li>\n<li><b>Hizmet Verilen Firma Say\u0131s\u0131:<\/b> Marmara, G\u00fcneydo\u011fu Anadolu, Akdeniz, Ege ve Karadeniz b\u00f6lgelerinde 300&#8217;den fazla firma.<\/li>\n<li><b>Pazar Eri\u015fimi:<\/b> 7 k\u0131tada 107 farkl\u0131 \u00fclkeye ihracat.<\/li>\n<\/ul>\n<p><b>Y\u0131llara G\u00f6re \u0130hracat Performans\u0131 (milyon USD):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u0131l<\/td>\n<td>Sekt\u00f6r S\u0131ras\u0131<\/td>\n<td>T\u00fcrkiye S\u0131ras\u0131<\/td>\n<td>\u0130hracat (milyon USD)<\/td>\n<\/tr>\n<tr>\n<td>2020<\/td>\n<td>1<\/td>\n<td>7<\/td>\n<td>1.521,00<\/td>\n<\/tr>\n<tr>\n<td>2021<\/td>\n<td>1<\/td>\n<td>10<\/td>\n<td>1.617,00<\/td>\n<\/tr>\n<tr>\n<td>2022<\/td>\n<td>2<\/td>\n<td>8<\/td>\n<td>1.762,00<\/td>\n<\/tr>\n<tr>\n<td>2023<\/td>\n<td>DTS\u015e S\u0131ralamas\u0131 Yok<\/td>\n<td>14<\/td>\n<td>1.706,00<\/td>\n<\/tr>\n<tr>\n<td>2024<\/td>\n<td>DTS\u015e S\u0131ralamas\u0131 Yok<\/td>\n<td>6<\/td>\n<td>2.534,00<\/td>\n<\/tr>\n<tr>\n<td><b>2025\/9<\/b><\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td><b>2.032,00<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Kaynak: TGS, T\u0130M \u0130hracatta \u0130lk 1000 Firma Raporu<\/i><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Ba\u015far\u0131 \u00d6d\u00fclleri<\/h3>\n<p>\u015eirket, 2024 y\u0131l\u0131ndaki ba\u015far\u0131l\u0131 ihracat performans\u0131 nedeniyle 2025 y\u0131l\u0131nda \u00e7e\u015fitli kurumlardan \u00f6d\u00fcller alm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>T\u00fcrkiye \u0130hracat\u00e7\u0131lar Meclisi (T\u0130M):<\/b> T\u00fcrkiye\u2019nin 6. \u0130hracat\u00e7\u0131s\u0131 \u00d6d\u00fcl\u00fc<\/li>\n<li><b>\u0130stanbul Tekstil ve Hammaddeleri \u0130hracat\u00e7\u0131lar\u0131 Birli\u011fi (\u0130TH\u0130B):<\/b> Alt\u0131n \u00d6d\u00fcl<\/li>\n<li><b>Otomotiv End\u00fcstrisi \u0130hracat\u00e7\u0131lar\u0131 Birli\u011fi (O\u0130B):<\/b> Platin \u00d6d\u00fcl\u00fc<\/li>\n<li><b>\u0130stanbul Deri ve Deri Mam\u00fclleri \u0130hracat\u00e7\u0131lar\u0131 Birli\u011fi (\u0130DM\u0130B):<\/b> Platin \u00d6d\u00fcl\u00fc<\/li>\n<li><b>\u0130stanbul Haz\u0131r Giyim ve Konfeksiyon \u0130hracat\u00e7\u0131lar\u0131 Birli\u011fi (\u0130HK\u0130B):<\/b> Platin \u00d6d\u00fcl\u00fc<\/li>\n<\/ul>\n<h3>2.3. Sunulan Hizmetler ve Avantajlar<\/h3>\n<p>TGS, &#8220;D\u0131\u015f Ticaret Sermaye \u015eirketi&#8221; (DTS\u015e) stat\u00fcs\u00fcyle imalat\u00e7\u0131 firmalara ihracat s\u00fcre\u00e7lerinde kapsaml\u0131 hizmetler sunmaktad\u0131r. Bu stat\u00fc, 19 Mart 2025 tarihli Resm\u00ee Gazete ilan\u0131yla 2025 y\u0131l\u0131 i\u00e7in de yenilenmi\u015ftir. \u015eirketin sa\u011flad\u0131\u011f\u0131 temel avantajlar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>KDV \u0130ade S\u00fcre\u00e7 Y\u00f6netimi:<\/b> Firmalar\u0131n KDV iade alacaklar\u0131n\u0131 h\u0131zla tahsil ederek nakit ak\u0131\u015flar\u0131n\u0131 iyile\u015ftirir.<\/li>\n<li><b>Teminat Sorumlulu\u011fu:<\/b> Vergi dairesinin talep etti\u011fi teminat mektubu \u015fart\u0131n\u0131 TGS \u00fcstlenir, bu sayede firmalar\u0131n bankalardaki gayri nakdi limitleri etkilenmez.<\/li>\n<li><b>K\u0131smi Finansman:<\/b> KDV \u00f6n \u00f6demesi yaparak firmalar\u0131n i\u015fletme sermayesi ihtiyac\u0131n\u0131 kar\u015f\u0131lar.<\/li>\n<li><b>Operasyonel Y\u00fck\u00fcn Azalt\u0131lmas\u0131:<\/b> D\u0131\u015f ticaret ve KDV i\u015flemleri i\u00e7in personel istihdam etme ihtiyac\u0131n\u0131 ortadan kald\u0131r\u0131r.<\/li>\n<li><b>Dan\u0131\u015fmanl\u0131k:<\/b> \u0130hracat uygulamalar\u0131, KDV ve d\u0131\u015f ticaret finansman\u0131 konular\u0131nda g\u00fcncel mevzuat\u0131 takip ederek dan\u0131\u015fmanl\u0131k hizmeti verir.<\/li>\n<\/ul>\n<h3>2.4. Ba\u011fl\u0131 Ortakl\u0131k<\/h3>\n<p>\u015eirketin %99 oran\u0131nda pay sahibi oldu\u011fu <b>TGS Kuma\u015f \u00dcr\u00fcnleri Pazarlama A.\u015e.<\/b>, 2011 y\u0131l\u0131nda kurulmu\u015ftur. 500.000 TL \u00f6denmi\u015f sermayeye sahip olan bu i\u015ftirak, TGS&#8217;nin m\u00fc\u015fterisi olan imalat\u00e7\u0131lara hammadde (iplik, kuma\u015f vb.) tedarik etmek ve TGS&#8217;nin pazarlama faaliyetlerine destek sa\u011flamak amac\u0131yla faaliyet g\u00f6stermektedir.<\/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>3. Finansal Analiz (01.01.2025 \u2013 30.09.2025)<\/h2>\n<p>\u015eirketin finansal tablolar\u0131, T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS) ve TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131na uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<h3>3.1. Konsolide Gelir Tablosu Analizi<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td><b>161.752.120<\/b><\/td>\n<td><b>135.718.560<\/b><\/td>\n<td><b>+19,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>161.752.120<\/td>\n<td>135.718.560<\/td>\n<td>+19,2%<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(101.907.250)<\/td>\n<td>(64.574.219)<\/td>\n<td>+57,8%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyetlerden Di\u011fer Gelirler<\/td>\n<td>27.545.300<\/td>\n<td>18.795.283<\/td>\n<td>+46,6%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyetlerden Di\u011fer Giderler (-)<\/td>\n<td>(4.147.898)<\/td>\n<td>(3.352.731)<\/td>\n<td>+23,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>83.242.272<\/b><\/td>\n<td><b>86.586.893<\/b><\/td>\n<td><b>-3,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(3.059.399)<\/td>\n<td>(1.455.369)<\/td>\n<td>+110,2%<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kayb\u0131<\/td>\n<td>(3.748.777)<\/td>\n<td>(7.691.823)<\/td>\n<td>-51,3%<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r<\/td>\n<td>76.434.097<\/td>\n<td>77.439.701<\/td>\n<td>-1,3%<\/td>\n<\/tr>\n<tr>\n<td>Vergi Gideri<\/td>\n<td>(19.972.336)<\/td>\n<td>(14.367.972)<\/td>\n<td>+39,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>56.461.760<\/b><\/td>\n<td><b>63.071.728<\/b><\/td>\n<td><b>-10,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Ana Ortakl\u0131k Paylar\u0131<\/i><\/td>\n<td><i>56.379.903<\/i><\/td>\n<td><i>63.074.366<\/i><\/td>\n<td><i>-10,6%<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> \u015eirketin arac\u0131l\u0131k etti\u011fi ihracat ve KDV iadesi i\u015flemlerinden elde etti\u011fi komisyon gelirlerini yans\u0131tmaktad\u0131r. Artan ihracat hacmine paralel olarak has\u0131lat %19,2 artm\u0131\u015ft\u0131r.<\/li>\n<li><b>Giderler:<\/b> K\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f\u00fcn ana sebebi, <b>Genel Y\u00f6netim Giderleri<\/b>&#8216;ndeki %57,8&#8217;lik art\u0131\u015ft\u0131r. Bu art\u0131\u015f, y\u00f6netim kurulu \u00fccretleri ve personel giderlerindeki y\u00fckseli\u015ften kaynaklanmaktad\u0131r.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Artan giderler ve vergi y\u00fck\u00fc sonucunda \u015firketin <b>Net D\u00f6nem K\u00e2r\u0131<\/b> %10,5 oran\u0131nda azalarak 56,5 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<h3>3.2. Konsolide Finansal Durum Tablosu (Bilan\u00e7o) Analizi<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>18.264.772.318<\/b><\/td>\n<td><b>25.985.101.393<\/b><\/td>\n<td><b>-29,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>56.950.783<\/td>\n<td>126.036.449<\/td>\n<td>-54,8%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>16.845.074.994<\/td>\n<td>24.691.005.727<\/td>\n<td>-31,8%<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Alacaklar<\/td>\n<td>1.148.827.038<\/td>\n<td>927.690.970<\/td>\n<td>+23,8%<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>189.058.836<\/td>\n<td>222.149.906<\/td>\n<td>-14,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>43.831.386<\/b><\/td>\n<td><b>63.312.990<\/b><\/td>\n<td><b>-30,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>38.638.805<\/td>\n<td>60.244.892<\/td>\n<td>-35,9%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>18.308.603.704<\/b><\/td>\n<td><b>26.048.414.383<\/b><\/td>\n<td><b>-29,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>18.025.272.223<\/b><\/td>\n<td><b>25.752.363.346<\/b><\/td>\n<td><b>-29,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>17.988.245.536<\/td>\n<td>25.698.216.589<\/td>\n<td>-30,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>9.247.175<\/b><\/td>\n<td><b>11.942.417<\/b><\/td>\n<td><b>-22,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>18.034.519.398<\/b><\/td>\n<td><b>25.764.305.763<\/b><\/td>\n<td><b>-30,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>274.084.306<\/b><\/td>\n<td><b>284.108.620<\/b><\/td>\n<td><b>-3,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>18.308.603.704<\/b><\/td>\n<td><b>26.048.414.383<\/b><\/td>\n<td><b>-29,7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Bilan\u00e7o Yap\u0131s\u0131:<\/b> Bilan\u00e7o, \u015firketin arac\u0131l\u0131k faaliyetlerinin bir yans\u0131mas\u0131 olarak, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde <b>Ticari Alacaklar<\/b> (ihracat\u00e7\u0131 firmalar\u0131n mal bedelleri) ve <b>Ticari Bor\u00e7lar<\/b>dan (imalat\u00e7\u0131 firmalara \u00f6denecek tutarlar) olu\u015fmaktad\u0131r. Bu iki kalem birbirini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde dengelemektedir.<\/li>\n<li><b>Varl\u0131k ve Y\u00fck\u00fcml\u00fcl\u00fcklerde Azalma:<\/b> Toplam varl\u0131klar ve y\u00fck\u00fcml\u00fcl\u00fckler, y\u0131l sonuna g\u00f6re yakla\u015f\u0131k %30 oran\u0131nda azalm\u0131\u015ft\u0131r. Ortalama tahsilat s\u00fcresi 53 g\u00fcnden 80 g\u00fcne, ortalama bor\u00e7 \u00f6deme s\u00fcresi ise 56 g\u00fcnden 85 g\u00fcne \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Di\u011fer Kalemler:<\/b> <b>Di\u011fer Alacaklar<\/b> kalemi, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde vergi dairesinden talep edilen KDV iadesi alacaklar\u0131ndan olu\u015fmaktad\u0131r. <b>Stoklar<\/b> ise faturas\u0131 kesilmi\u015f ancak hen\u00fcz fiili ihrac\u0131 ger\u00e7ekle\u015fmemi\u015f m\u00fc\u015fteri \u00fcr\u00fcnlerini temsil etmektedir.<\/li>\n<\/ul>\n<h3>3.3. Nakit Ak\u0131\u015f\u0131 ve K\u00e2r Da\u011f\u0131t\u0131m\u0131<\/h3>\n<p>D\u00f6nem sonunda <b>Nakit ve Nakit Benzerleri<\/b> 126 milyon TL&#8217;den 57 milyon TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fte i\u015fletme faaliyetlerinden kaynaklanan 22,4 milyon TL ve finansman faaliyetlerinden kaynaklanan 68,6 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015flar\u0131 etkili olmu\u015ftur.<\/p>\n<p>\u015eirket, 2024 y\u0131l\u0131 faaliyet d\u00f6nemine ili\u015fkin olarak 21 May\u0131s 2025&#8217;teki Genel Kurul&#8217;da al\u0131nan kararla toplam <b>15.000.000 TL<\/b> (hisse ba\u015f\u0131na br\u00fct 1 TL) temett\u00fc da\u011f\u0131tm\u0131\u015f ve \u00f6demeleri 27 May\u0131s 2025&#8217;te ger\u00e7ekle\u015ftirmi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Risk Y\u00f6netimi ve Kurumsal Y\u00f6netim<\/h2>\n<h3>4.1. Risk De\u011ferlendirmesi<\/h3>\n<p>\u015eirket, faaliyet modelinden kaynaklanan d\u00fc\u015f\u00fck bir risk profiline sahiptir:<\/p>\n<ul>\n<li><b>Finansal ve \u00d6deme Riski:<\/b> \u0130malat\u00e7\u0131 firmalara yap\u0131lacak \u00f6demeler, ilgili tutarlar\u0131n ithalat\u00e7\u0131dan veya vergi dairesinden tahsil edilmesi \u015fart\u0131na ba\u011fl\u0131 oldu\u011fundan risk minimize edilmi\u015ftir.<\/li>\n<li><b>Piyasa Riski:<\/b> Kur ve vade fark\u0131ndan kaynaklanan riskler, yap\u0131lan s\u00f6zle\u015fmelerle do\u011frudan ihracat\u0131 yapan firmalara yans\u0131t\u0131lmaktad\u0131r.<\/li>\n<li><b>Pazar Riski:<\/b> \u015eirket, tek bir sekt\u00f6re ba\u011f\u0131ml\u0131 olmay\u0131p ihracat yapan t\u00fcm imalat sekt\u00f6rlerini kapsad\u0131\u011f\u0131 i\u00e7in pazar riski T\u00fcrkiye&#8217;nin toplam ihracat rakamlar\u0131ndan etkilenmektedir.<\/li>\n<\/ul>\n<h3>4.2. Kurumsal Y\u00f6netim ve S\u00fcrd\u00fcr\u00fclebilirlik<\/h3>\n<p>TGS, Sermaye Piyasas\u0131 Kurulu&#8217;nun Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne b\u00fcy\u00fck \u00f6l\u00e7\u00fcde uyum sa\u011flamaktad\u0131r. Hisse devrinin ard\u0131ndan 23 Eyl\u00fcl 2025&#8217;te <b>Denetimden Sorumlu Komite, Riskin Erken Saptanmas\u0131 Komitesi<\/b> ve <b>Kurumsal Y\u00f6netim Komitesi<\/b> olu\u015fturulmu\u015ftur. Bu komiteler d\u00f6nem i\u00e7inde aktif olarak toplanm\u0131\u015f ve raporlar\u0131n\u0131 Y\u00f6netim Kurulu&#8217;na sunmu\u015ftur.<\/p>\n<p>\u015eirket, s\u00fcrd\u00fcr\u00fclebilirlik ilkeleri \u00e7er\u00e7evesinde m\u00fc\u015fteri memnuniyeti, \u00e7evre y\u00f6netimi ve bilgi g\u00fcvenli\u011fi konular\u0131nda \u00e7e\u015fitli ISO sertifikalar\u0131na (ISO 9001, 10002, 14001, 27001, 27701) sahiptir. &#8220;E\u015fitlik ve Kapsay\u0131c\u0131l\u0131k&#8221; ilkesi do\u011frultusunda adil bir istihdam politikas\u0131 y\u00fcr\u00fct\u00fclmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin ortalama \u00e7al\u0131\u015fan say\u0131s\u0131 15 ki\u015fidir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"441\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>15 Ki\u015fi, 2 Milyar Dolar \u0130hracat: TGS D\u0131\u015f Ticaret&#8217;in Finansal Raporlar\u0131nda Gizli 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: D\u0131\u015f Ticaretin Karma\u015f\u0131k D\u00fcnyas\u0131na Farkl\u0131 Bir Bak\u0131\u015f D\u0131\u015f ticaret, pek \u00e7oklar\u0131 i\u00e7in y\u00fcksek riskli, b\u00fcy\u00fck sermaye gerektiren ve operasyonel olarak karma\u015f\u0131k bir alan olarak&#8230; <\/p>\n","protected":false},"author":1,"featured_media":444,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[92],"class_list":["post-441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tgsas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/441","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=441"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/441\/revisions"}],"predecessor-version":[{"id":445,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/441\/revisions\/445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/444"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}