{"id":463,"date":"2025-12-24T23:26:40","date_gmt":"2025-12-24T20:26:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=463"},"modified":"2025-12-24T23:47:01","modified_gmt":"2025-12-24T20:47:01","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-gents-gentas-dekoratif-yuzeyler-sanayi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/463","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GENTS | Genta\u015f Dekoratif Y\u00fczeyler Sanayi 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GENTS | Genta\u015f Dekoratif Y\u00fczeyler Sanayi 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/tG6V717fMCo?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 \u015eirket Raporunun Sat\u0131r Aralar\u0131: Genta\u015f Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/b><\/h3>\n<p>Kurumsal faaliyet raporlar\u0131, genellikle s\u0131k\u0131c\u0131, anla\u015f\u0131lmas\u0131 zor ve rakamlarla dolu belgeler olarak \u00fcn salm\u0131\u015ft\u0131r. Ancak bu belgelerin so\u011fuk sat\u0131rlar\u0131 aras\u0131nda, bir \u015firketin stratejisi, krizler kar\u015f\u0131s\u0131ndaki dayan\u0131kl\u0131l\u0131\u011f\u0131 ve gelece\u011fe d\u00f6n\u00fck vizyonu hakk\u0131nda \u00e7arp\u0131c\u0131 hikayeler gizlidir. Bu hikayeleri ortaya \u00e7\u0131karmak, bir \u015firketin ger\u00e7ek performans\u0131n\u0131 anlaman\u0131n anahtar\u0131d\u0131r. \u015eimdi, Genta\u015f A.\u015e.&#8217;nin 2025 y\u0131l\u0131 ara d\u00f6nem faaliyet raporunu bir dedektif gibi inceleyerek, rakamlar\u0131n ard\u0131nda yatan ve ilk bak\u0131\u015fta fark edilmeyen o gizli hikayelerden baz\u0131lar\u0131n\u0131 birlikte ke\u015ffedelim.<\/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. Devasa Sermaye Art\u0131\u015f\u0131 Ama Kasaya Tek Kuru\u015f Girmedi<\/b><\/h3>\n<p>Raporda ilk g\u00f6ze \u00e7arpan geli\u015fmelerden biri, Genta\u015f&#8217;\u0131n \u00f6denmi\u015f sermayesini 300 milyon TL&#8217;den 750 milyon TL&#8217;ye \u00e7\u0131karmas\u0131. Bu, %150&#8217;lik devasa bir art\u0131\u015f anlam\u0131na geliyor. Ancak bu noktadaki as\u0131l \u015fa\u015f\u0131rt\u0131c\u0131 detay, bu art\u0131\u015f\u0131n nas\u0131l finanse edildi\u011fidir. S\u00fcre\u00e7, yeni bir yat\u0131r\u0131mc\u0131 giri\u015fi veya d\u0131\u015far\u0131dan bir nakit enjeksiyonu ile de\u011fil, tamamen \u015firketin kendi i\u00e7 kaynaklar\u0131 kullan\u0131larak ger\u00e7ekle\u015ftirildi.<\/p>\n<p>Finansal dilde <b>bedelsiz sermaye art\u0131r\u0131m\u0131<\/b> olarak bilinen bu i\u015flemde, <b>Sermaye D\u00fczeltmesi olumlu farklar\u0131<\/b> kalemindeki 450 milyon TL, \u00f6denmi\u015f sermayeye eklendi. Bu durum, Genta\u015f&#8217;\u0131n d\u0131\u015f kayna\u011fa ihtiya\u00e7 duymadan \u00f6zkaynaklar\u0131n\u0131 g\u00fc\u00e7lendirebildi\u011fini g\u00f6steren \u00f6nemli bir finansal sa\u011fl\u0131k i\u015faretidir. Daha da \u00f6nemlisi, bu hamle y\u00f6netimin kendine olan g\u00fcvenini ortaya koyar; \u00e7\u00fcnk\u00fc \u015firketin kendi yaratt\u0131\u011f\u0131 i\u00e7sel de\u011ferin, mevcut hissedarlar\u0131 seyreltmeden veya yeni bor\u00e7lanmaya gitmeden daha b\u00fcy\u00fck bir sermaye taban\u0131 olu\u015fturacak kadar sa\u011flam oldu\u011funa inand\u0131\u011f\u0131n\u0131 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<h3><b>2. Genta\u015f&#8217;\u0131n Finansal Sihri: Daha Az Satarak Nas\u0131l Daha Fazla Kazand\u0131?<\/b><\/h3>\n<p>Finansal tablolarda ilk bak\u0131\u015fta birbiriyle \u00e7eli\u015fiyor gibi g\u00f6r\u00fcnen bir durum dikkat \u00e7ekiyor. Rapor, \u015firketin toplam sat\u0131\u015flar\u0131n\u0131n bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %6,31 oran\u0131nda azalarak 3,68 milyar TL&#8217;den 3,45 milyar TL&#8217;ye geriledi\u011fini g\u00f6steriyor. Genellikle sat\u0131\u015flardaki d\u00fc\u015f\u00fc\u015f\u00fcn k\u00e2rl\u0131l\u0131\u011f\u0131 da olumsuz etkilemesi beklenir.<\/p>\n<p>Ancak Genta\u015f, bu beklentinin tam tersini ba\u015farm\u0131\u015f. Sat\u0131\u015flardaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen br\u00fct k\u00e2r, 874,7 milyon TL&#8217;den 977 milyon TL&#8217;ye y\u00fckselmi\u015f. Peki, bu nas\u0131l m\u00fcmk\u00fcn oldu? Cevap, <b>Sat\u0131\u015flar\u0131n Maliyeti<\/b> kaleminde gizli. \u015eirket, satt\u0131\u011f\u0131 \u00fcr\u00fcnlerin maliyetini bir \u00f6nceki y\u0131la g\u00f6re (2,81 milyar TL&#8217;den 2,48 milyar TL&#8217;ye) \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015f\u00fcrmeyi ba\u015farm\u0131\u015f. Bu, \u015firketin \u00fcretim s\u00fcre\u00e7lerinde operasyonel verimlili\u011fini art\u0131rd\u0131\u011f\u0131n\u0131 veya maliyetlerini \u00e7ok daha etkin bir \u015fekilde y\u00f6netti\u011fini g\u00f6steren kritik bir ba\u015far\u0131d\u0131r. Daha az ciro ile daha fazla k\u00e2r etmek, g\u00fc\u00e7l\u00fc bir operasyonel y\u00f6netim yetene\u011fine i\u015faret eder.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>3. K\u00fcllerinden Do\u011fan Anka Ku\u015fu: B\u00fcy\u00fck Yang\u0131n ve Kayda De\u011fer Sigorta Tazminat\u0131<\/b><\/h3>\n<p>Her \u015firketin korkulu r\u00fcyas\u0131 olan b\u00fcy\u00fck krizler, Genta\u015f&#8217;\u0131n da kap\u0131s\u0131n\u0131 \u00e7alm\u0131\u015f. Rapor, 13 Mart 2025&#8217;te \u015firketin Mengen&#8217;deki Wermodin \u00fcretim tesislerinde bir yang\u0131n \u00e7\u0131kt\u0131\u011f\u0131 bilgisini payla\u015f\u0131yor. Bu t\u00fcr bir olay, \u00fcretimde aksamalara ve ciddi finansal kay\u0131plara yol a\u00e7ma potansiyeli ta\u015f\u0131r.<\/p>\n<p>Ancak Genta\u015f&#8217;\u0131n bu krizi y\u00f6netme bi\u00e7imi, bir ba\u015far\u0131 hikayesine d\u00f6n\u00fc\u015fm\u00fc\u015f. \u0130lk ve en \u00f6nemli detay, olayda herhangi bir can kayb\u0131 veya yaralanma ya\u015fanmamas\u0131. Finansal tarafta ise \u015firket, do\u011fru ve kapsaml\u0131 sigorta poli\u00e7eleri sayesinde bu b\u00fcy\u00fck badireden g\u00fc\u00e7lenerek \u00e7\u0131km\u0131\u015f. Yang\u0131n sonras\u0131 sigorta \u015firketiyle y\u00fcr\u00fct\u00fclen s\u00fcre\u00e7 sonucunda Genta\u015f, tam 208.554.596 TL&#8217;lik bir hasar bedeli tahsil etmi\u015f. Bu olay, \u015firketin risk y\u00f6netimi ve kriz an\u0131nda finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 koruma konusundaki ba\u015far\u0131s\u0131n\u0131n alt\u0131n\u0131 \u00e7izen dramatik bir \u00f6rnektir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>4. \u0130\u00e7 Pazar Sars\u0131l\u0131rken Genta\u015f&#8217;\u0131 Ayakta Tutan \u0130hracat Kalesi<\/b><\/h3>\n<p>Rapor, Genta\u015f&#8217;\u0131n pazar performans\u0131ndaki ilgin\u00e7 bir dinami\u011fi de g\u00f6zler \u00f6n\u00fcne seriyor. \u015eirketin sat\u0131\u015f rakamlar\u0131 co\u011frafi olarak incelendi\u011finde, yurt i\u00e7i pazarda bir zorlanma ya\u015fand\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Yurt i\u00e7i sat\u0131\u015flar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 2,16 milyar TL&#8217;den 1,88 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015f.<\/p>\n<p>Buna kar\u015f\u0131l\u0131k, yurt d\u0131\u015f\u0131 sat\u0131\u015flar ise ayn\u0131 d\u00f6nemde k\u00fc\u00e7\u00fck bir art\u0131\u015fla 1,57 milyar TL&#8217;den 1,58 milyar TL&#8217;ye y\u00fckselerek g\u00fc\u00e7l\u00fc bir diren\u00e7 g\u00f6stermi\u015f. Bu veriler, \u015firketin k\u00fcresel pazarlardaki konumunun ne kadar sa\u011flam oldu\u011funu g\u00f6steriyor. \u0130hracat, sadece yerel pazardaki daralmaya kar\u015f\u0131 bir kalkan g\u00f6revi g\u00f6rmenin \u00f6tesinde, \u015firketin ba\u015far\u0131l\u0131 bir <b>jeopolitik ve ekonomik risk \u00e7e\u015fitlendirme stratejisi<\/b> y\u00fcr\u00fctt\u00fc\u011f\u00fcn\u00fcn kan\u0131t\u0131d\u0131r. Bu strateji, Genta\u015f&#8217;\u0131 yerel piyasa dalgalanmalar\u0131na kar\u015f\u0131 stratejik olarak yal\u0131tarak her yat\u0131r\u0131mc\u0131 i\u00e7in kritik bir g\u00fcvence sa\u011fl\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>5. Hem Gelece\u011fe Hem Hissedara: Genta\u015f\u2019\u0131n Dengeli G\u00fc\u00e7 Form\u00fcl\u00fc<\/b><\/h3>\n<p>Bir \u015firketin g\u00fcc\u00fc sadece bug\u00fcnk\u00fc k\u00e2r rakamlar\u0131yla \u00f6l\u00e7\u00fclmez. Gelece\u011fe ne kadar yat\u0131r\u0131m yapt\u0131\u011f\u0131 ve payda\u015flar\u0131na ne kadar de\u011fer verdi\u011fi de en az o kadar \u00f6nemlidir. Genta\u015f raporu bu konuda da iki g\u00fc\u00e7l\u00fc sinyal veriyor.<\/p>\n<p>\u0130lk olarak, \u015firket ilgili d\u00f6nemde <b>Ar-Ge<\/b> (Ara\u015ft\u0131rma ve Geli\u015ftirme) faaliyetleri i\u00e7in 23.282.964 TL harcama yapm\u0131\u015f. Bu rakam, Genta\u015f&#8217;\u0131n sadece mevcut \u00fcr\u00fcnlerini satmakla yetinmedi\u011fini, ayn\u0131 zamanda yenilik\u00e7ili\u011fe, \u00fcr\u00fcn portf\u00f6y\u00fcn\u00fc geli\u015ftirmeye ve gelecekteki rekabet g\u00fcc\u00fcn\u00fc art\u0131rmaya odakland\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>\u0130kinci olarak, \u015firket yat\u0131r\u0131mc\u0131s\u0131na olan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 somut ad\u0131mlarla g\u00f6steriyor. 2024 y\u0131l\u0131 k\u00e2r\u0131ndan yat\u0131r\u0131mc\u0131lara toplam 90.000.000 TL <b>temett\u00fc<\/b> (k\u00e2r pay\u0131) da\u011f\u0131t\u0131lm\u0131\u015f. Ge\u00e7mi\u015f y\u0131llara bak\u0131ld\u0131\u011f\u0131nda da \u015firketin d\u00fczenli temett\u00fc \u00f6deme al\u0131\u015fkanl\u0131\u011f\u0131 oldu\u011fu g\u00f6r\u00fcl\u00fcyor. Bu iki veri bir arada okundu\u011funda ortaya net bir resim \u00e7\u0131k\u0131yor: Genta\u015f, bir yandan gelece\u011fin teknolojilerine ve \u00fcr\u00fcnlerine yat\u0131r\u0131m yaparken, di\u011fer yandan da kendisine g\u00fcvenen yat\u0131r\u0131mc\u0131lar\u0131 \u00f6d\u00fcllendirmeyi ihmal etmiyor.<\/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: Rakamlar\u0131n \u00d6tesine Bakmak<\/b><\/h3>\n<p>Genta\u015f&#8217;\u0131n 2025 ara d\u00f6nem raporu, bir \u015firketin direncini besleyen as\u0131l motorun operasyonel m\u00fckemmellik oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor. Bu analizdeki be\u015f noktan\u0131n tamam\u0131n\u0131 birbirine ba\u011flayan ortak tema, maliyetleri titizlikle kontrol eden, kriz risklerini etkin bir \u015fekilde y\u00f6neten, k\u00fcresel pazarlarda stratejik olarak konumlanan ve hem gelece\u011fe hem de yat\u0131r\u0131mc\u0131s\u0131na ak\u0131ll\u0131ca yat\u0131r\u0131m yapan bir y\u00f6netim anlay\u0131\u015f\u0131d\u0131r. Yang\u0131n gibi b\u00fcy\u00fck bir kriz veya i\u00e7 pazardaki daralma gibi zorluklar, bu sa\u011flam temel \u00fczerinde birer f\u0131rsata d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015ft\u00fcr.<\/p>\n<p>Peki, sizin kar\u015f\u0131la\u015ft\u0131\u011f\u0131n\u0131z bir sonraki finansal raporda hangi gizli hikayeler yat\u0131yor olabilir?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Genta\u015f A.\u015e. 30 Eyl\u00fcl 2025 Ara D\u00f6nem Faaliyet ve Finansal Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Genta\u015f Dekoratif Y\u00fczeyler Sanayi ve Ticaret A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k ara d\u00f6neme ait faaliyet raporu ve finansal tablolar\u0131n\u0131 sentezlemektedir. Rapor, \u015firketin finansal performans\u0131n\u0131, operasyonel faaliyetlerini ve stratejik ad\u0131mlar\u0131n\u0131 kapsaml\u0131 bir \u015fekilde analiz etmektedir.<\/p>\n<p>D\u00f6nemin en kritik finansal geli\u015fmesi, sat\u0131\u015f has\u0131lat\u0131ndaki %6,31&#8217;lik d\u00fc\u015f\u00fc\u015fe ra\u011fmen br\u00fct k\u00e2r ve esas faaliyet k\u00e2r\u0131nda g\u00f6zlemlenen art\u0131\u015ft\u0131r. Esas faaliyet k\u00e2r\u0131ndaki bu \u00f6nemli art\u0131\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Mart 2025&#8217;te Wermodin \u00fcretim tesisinde meydana gelen yang\u0131n sonras\u0131 tahsil edilen 208,5 milyon TL&#8217;lik sigorta hasar gelirinden kaynaklanmaktad\u0131r. Bununla birlikte, TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama standard\u0131 uyar\u0131nca kaydedilen 289,6 milyon TL&#8217;lik net parasal pozisyon kayb\u0131 ve artan vergi giderleri, Grubun net d\u00f6nem k\u00e2r\u0131n\u0131n bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla 217,3 milyon TL&#8217;den 50,8 milyon TL&#8217;ye gerilemesine neden olmu\u015ftur.<\/p>\n<p>Operasyonel olarak \u015firket, \u00f6denmi\u015f sermayesini 300 milyon TL&#8217;den bedelsiz art\u0131\u015f yoluyla 750 milyon TL&#8217;ye \u00e7\u0131kararak sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir. Grup, d\u00f6nem i\u00e7inde 82,5 milyon TL&#8217;lik yat\u0131r\u0131m harcamas\u0131 ve 23,2 milyon TL&#8217;lik Ar-Ge harcamas\u0131 ger\u00e7ekle\u015ftirmi\u015ftir. Nakit pozisyonu, d\u00f6nem ba\u015f\u0131ndaki 319 milyon TL&#8217;den d\u00f6nem sonunda 511,5 milyon TL&#8217;ye y\u00fckselerek g\u00fc\u00e7l\u00fc bir likiditeye i\u015faret etmektedir. \u015eirket, 456 milyon TL net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc pozisyonu ile kur riskine maruz kalmaya devam 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>1. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h3>\n<h4>a. Genel Bilgiler<\/h4>\n<ul>\n<li><b>Ticaret Unvan\u0131:<\/b> GENTA\u015e Dekoratif Y\u00fczeyler Sanayi ve Ticaret A.\u015e.<\/li>\n<li><b>Raporlama D\u00f6nemi:<\/b> 01\/01\/2025 \u2013 30\/09\/2025<\/li>\n<li><b>Ticaret Sicil No:<\/b> Bolu Ticaret Sicil M\u00fcd\u00fcrl\u00fc\u011f\u00fc, No: 157<\/li>\n<li><b>Merkez:<\/b> Be\u015fler Mahallesi Zonguldak Cad. No-2 Mengen \u2013 BOLU<\/li>\n<li><b>\u015eubeler:<\/b> Ankara, Bolu (Merkez), Kocaeli<\/li>\n<li><b>\u0130nternet Adresi:<\/b> www.gentas.com.tr<\/li>\n<\/ul>\n<h4>b. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h4>\n<p>\u015eirket, 1.000.000.000 TL kay\u0131tl\u0131 sermaye tavan\u0131 i\u00e7inde, 300.000.000 TL olan \u00f6denmi\u015f sermayesini Sermaye D\u00fczeltmesi olumlu farklar\u0131ndan 450.000.000 TL kullanarak 750.000.000 TL\u2019ye y\u00fckseltmi\u015ftir. SPK onay\u0131 22 A\u011fustos 2025&#8217;te al\u0131nm\u0131\u015f, paylar\u0131n da\u011f\u0131t\u0131m\u0131 1 Eyl\u00fcl 2025&#8217;te tamamlanm\u0131\u015ft\u0131r. \u015eirkette imtiyazl\u0131 pay bulunmamaktad\u0131r.<\/p>\n<p><b>30 Eyl\u00fcl 2025 \u0130tibar\u0131yla %5 ve Fazlas\u0131na Sahip Ortaklar:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Abdurrahman KAHRAMAN<\/td>\n<td>79.476.069<\/td>\n<td>10,60<\/td>\n<\/tr>\n<tr>\n<td>Mehmet Ziya KAHRAMAN<\/td>\n<td>61.750.002<\/td>\n<td>8,23<\/td>\n<\/tr>\n<tr>\n<td>Maza Internat\u0131onal B.V.<\/td>\n<td>53.007.143<\/td>\n<td>7,07<\/td>\n<\/tr>\n<tr>\n<td>Seyit Mehmet MUTLU<\/td>\n<td>50.140.808<\/td>\n<td>6,69<\/td>\n<\/tr>\n<tr>\n<td>Sezai KAHRAMAN<\/td>\n<td>37.875.008<\/td>\n<td>5,05<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Ortaklar<\/td>\n<td>467.750.972<\/td>\n<td>62,36<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>750.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>c. Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim kadrosu a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<td>\u0130crac\u0131 Durumu<\/td>\n<\/tr>\n<tr>\n<td>Orhan KAHRAMAN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131 &amp; Genel M\u00fcd\u00fcr<\/td>\n<td>\u0130crada G\u00f6revli<\/td>\n<\/tr>\n<tr>\n<td>Sezai KAHRAMAN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>\u0130crada G\u00f6revli<\/td>\n<\/tr>\n<tr>\n<td>Selim KAHRAMAN<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crada G\u00f6revli<\/td>\n<\/tr>\n<tr>\n<td>Ay\u015fe ARIAK TUNABOYLU<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crada G\u00f6revli De\u011fil<\/td>\n<\/tr>\n<tr>\n<td>Evren T\u00dcFEK\u00c7\u0130O\u011eLU<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crada G\u00f6revli De\u011fil<\/td>\n<\/tr>\n<tr>\n<td>Alper Kemal DO\u011eAN<\/td>\n<td>Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131 &#8211; Teknik Operasyonlar<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Eren G\u00d6N\u00dcL<\/td>\n<td>Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131 &#8211; Sat\u0131\u015f ve Pazarlama<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Edibe Efdal ALTAN<\/td>\n<td>\u0130nsan Kaynaklar\u0131 Grup Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2. D\u00f6nem \u0130\u00e7indeki Faaliyetler ve Geli\u015fmeler<\/h3>\n<h4>a. Sat\u0131\u015f Performans\u0131 ve Has\u0131lat<\/h4>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 d\u00f6nemindeki konsolide sat\u0131\u015flar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re toplamda %6,31 oran\u0131nda azalm\u0131\u015ft\u0131r. Yurti\u00e7i sat\u0131\u015flarda d\u00fc\u015f\u00fc\u015f ya\u015fan\u0131rken, yurtd\u0131\u015f\u0131 sat\u0131\u015flarda s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6zlemlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sat\u0131\u015f Kalemi<\/td>\n<td>30.09.2025 (TL)<\/td>\n<td>30.09.2024 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Yurti\u00e7i Sat\u0131\u015flar<\/td>\n<td>1.888.116.117<\/td>\n<td>2.169.033.393<\/td>\n<td>-12,95%<\/td>\n<\/tr>\n<tr>\n<td>Yurtd\u0131\u015f\u0131 Sat\u0131\u015flar<\/td>\n<td>1.586.847.359<\/td>\n<td>1.577.965.286<\/td>\n<td>+0,56%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td><b>3.456.048.307<\/b><\/td>\n<td><b>3.688.901.034<\/b><\/td>\n<td><b>-6,31%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>(Tutarlar 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsindendir)<\/i><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>b. Yat\u0131r\u0131mlar ve Ar-Ge Faaliyetleri<\/h4>\n<ul>\n<li><b>Yat\u0131r\u0131mlar:<\/b> Grubun Eyl\u00fcl 2025 sonu itibar\u0131yla te\u015fvikli ve te\u015fviksiz yat\u0131r\u0131mlar\u0131 i\u00e7in 82.505.841 TL tutar\u0131nda ger\u00e7ekle\u015fen ve yap\u0131m\u0131 devam eden harcamas\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Ar-Ge:<\/b> \u00dcr\u00fcn kalitesini art\u0131rmak, yeni teknolojileri takip etmek ve \u00fcr\u00fcn portf\u00f6y\u00fcn\u00fc geli\u015ftirmek amac\u0131yla Ar-Ge faaliyetlerine \u00f6nem verilmektedir. \u0130lgili d\u00f6nemde \u015firketin Ar-Ge harcama tutar\u0131 23.282.964 TL olmu\u015ftur.<\/li>\n<\/ul>\n<h4>c. \u00d6nemli Geli\u015fmeler<\/h4>\n<ul>\n<li><b>Wermodin Tesisindeki Yang\u0131n:<\/b> 13 Mart 2025 tarihinde Bolu Mengen&#8217;deki Wermodin \u00fcretim tesislerinin \u00e7at\u0131s\u0131nda bir yang\u0131n meydana gelmi\u015ftir. Can kayb\u0131 ve yaralanman\u0131n olmad\u0131\u011f\u0131 olay sonras\u0131 sigorta poli\u00e7eleri kapsam\u0131nda 208.554.596 TL hasar bedeli tahsilat\u0131 yap\u0131larak s\u00fcre\u00e7 tamamlanm\u0131\u015ft\u0131r. Bu tutar, finansal tablolara sigorta hasar geliri olarak yans\u0131m\u0131\u015ft\u0131r.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Raporu:<\/b> T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131&#8217;na (TSRS) uygun olarak haz\u0131rlanan &#8220;2024 y\u0131l\u0131 S\u00fcrd\u00fcr\u00fclebilirlik Raporu&#8221; 31 Ekim 2025 tarihinde kamuoyu ile payla\u015f\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>d. Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h4>\n<ul>\n<li><b>Genmar Yap\u0131 \u00dcr\u00fcnleri A.\u015e.:<\/b> %62,70 i\u015ftirak oran\u0131 ile Grubun ba\u011fl\u0131 ortakl\u0131\u011f\u0131d\u0131r.<\/li>\n<li><b>Genta\u015f Kimya Sanayi A.\u015e.:<\/b> %14,50 i\u015ftirak oran\u0131 bulunmaktad\u0131r. \u00d6zkaynak y\u00f6ntemiyle de\u011ferlenmektedir.<\/li>\n<li><b>Gentas Italy S.r.l:<\/b> %100 oran\u0131nda ba\u011fl\u0131 ortakl\u0131kt\u0131r.<\/li>\n<li><b>Di\u011ferleri:<\/b> Gendepo Mobilya A.\u015e. ve Genmar \u0130n\u015faat A.\u015e. de Grubun i\u015ftirak ve ba\u011fl\u0131 ortakl\u0131klar\u0131 aras\u0131nda yer almaktad\u0131r.<\/li>\n<\/ul>\n<h4>e. Temett\u00fc Ge\u00e7mi\u015fi<\/h4>\n<p>\u015eirket, son be\u015f y\u0131lda d\u00fczenli olarak temett\u00fc da\u011f\u0131t\u0131m\u0131 yapm\u0131\u015ft\u0131r. 2024 y\u0131l\u0131 k\u00e2r\u0131ndan 90.000.000 TL br\u00fct temett\u00fc da\u011f\u0131t\u0131m\u0131 genel kurulda onaylanm\u0131\u015f ve iki taksitte \u00f6denmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u0131l<\/td>\n<td>Temett\u00fc (TL)<\/td>\n<td>Sermayeye Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>2020<\/td>\n<td>55.000.000<\/td>\n<td>35,71<\/td>\n<\/tr>\n<tr>\n<td>2021<\/td>\n<td>25.000.000<\/td>\n<td>12,50<\/td>\n<\/tr>\n<tr>\n<td>2022<\/td>\n<td>103.535.523<\/td>\n<td>46,17<\/td>\n<\/tr>\n<tr>\n<td>2023<\/td>\n<td>50.000.000<\/td>\n<td>16,67<\/td>\n<\/tr>\n<tr>\n<td>2024<\/td>\n<td>90.000.000<\/td>\n<td>30,00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h3>\n<h4>a. Gelir Tablosu Analizi<\/h4>\n<p>Grubun has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015fmesine ra\u011fmen, sat\u0131\u015flar\u0131n maliyetindeki daha b\u00fcy\u00fck d\u00fc\u015f\u00fc\u015f sayesinde br\u00fct k\u00e2r %11,7 art\u0131\u015fla 977 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Sigorta hasar gelirinin de etkisiyle Esas Faaliyet K\u00e2r\u0131, 379,7 milyon TL&#8217;den 672,1 milyon TL&#8217;ye \u00e7\u0131karak %77&#8217;lik bir art\u0131\u015f g\u00f6stermi\u015ftir. Ancak, enflasyon muhasebesi kaynakl\u0131 <b>289,6 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131<\/b>, d\u00f6nem k\u00e2r\u0131n\u0131 ciddi \u015fekilde bask\u0131lam\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>3.456.048.307<\/td>\n<td>3.688.901.034<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(2.478.980.497)<\/td>\n<td>(2.814.197.763)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>977.067.810<\/b><\/td>\n<td><b>874.703.271<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>672.073.388<\/b><\/td>\n<td><b>379.698.218<\/b><\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131\/Kay\u0131plar\u0131<\/td>\n<td>(289.632.681)<\/td>\n<td>(18.025.937)<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r<\/td>\n<td>250.855.758<\/td>\n<td>314.084.850<\/td>\n<\/tr>\n<tr>\n<td>Vergi (Gideri)<\/td>\n<td>(200.026.589)<\/td>\n<td>(96.712.919)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>50.829.169<\/b><\/td>\n<td><b>217.371.931<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131<\/b><\/td>\n<td><b>71.065.503<\/b><\/td>\n<td><b>214.961.290<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>100 Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td><b>0,0948<\/b><\/td>\n<td><b>0,2866<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>b. Finansal Durum (Bilan\u00e7o) Analizi<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131 5,12 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. D\u00f6nen varl\u0131klar\u0131n en b\u00fcy\u00fck kalemlerini 1,42 milyar TL ile stoklar ve 664,5 milyon TL ile ticari alacaklar olu\u015fturmaktad\u0131r. Toplam y\u00fck\u00fcml\u00fcl\u00fckler 1,89 milyar TL seviyesindeyken, \u00f6zkaynaklar 3,23 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemleri<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>3.012.171.445<\/td>\n<td>2.745.858.711<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>2.112.044.272<\/td>\n<td>2.157.093.882<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>5.124.215.717<\/b><\/td>\n<td><b>4.902.952.593<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.624.461.536<\/td>\n<td>1.563.417.485<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>268.727.878<\/td>\n<td>100.556.314<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>1.893.189.414<\/b><\/td>\n<td><b>1.663.973.799<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>3.231.026.303<\/b><\/td>\n<td><b>3.238.978.794<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>5.124.215.717<\/b><\/td>\n<td><b>4.902.952.593<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>c. Nakit Ak\u0131\u015flar\u0131<\/h4>\n<p>Grup, d\u00f6nem i\u00e7inde i\u015fletme faaliyetlerinden 288,9 milyon TL nakit ak\u0131\u015f\u0131 sa\u011flam\u0131\u015ft\u0131r. Yat\u0131r\u0131m faaliyetlerinden 156,9 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ve finansman faaliyetlerinden 21,5 milyon TL nakit giri\u015fi ya\u015fanm\u0131\u015ft\u0131r. D\u00f6nem sonunda nakit ve nakit benzerleri, d\u00f6nem ba\u015f\u0131na g\u00f6re 192,4 milyon TL artarak 511,5 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<h3>4. Finansal Y\u00fck\u00fcml\u00fcl\u00fckler ve Riskler<\/h3>\n<h4>a. Bor\u00e7luluk Durumu<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun finansal bor\u00e7lar\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Finansal Bor\u00e7lar:<\/b> 396.860.944 TL<\/li>\n<li><b>Uzun Vadeli Bor\u00e7lar\u0131n K\u0131sa Vadeli K\u0131sm\u0131:<\/b> 70.862.926 TL<\/li>\n<li><b>Uzun Vadeli Banka Kredileri:<\/b> 41.390.406 TL<\/li>\n<\/ul>\n<h4>b. Kur Riski<\/h4>\n<p>Grup, yabanc\u0131 para cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle kur riskine maruz kalmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun net yabanc\u0131 para pozisyonu <b>(456.052.481) TL<\/b> a\u00e7\u0131k pozisyondad\u0131r. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, yabanc\u0131 para birimlerinin TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda, Grubun vergi \u00f6ncesi k\u00e2r\u0131 ve \u00f6zkaynaklar\u0131 <b>45.605.249 TL<\/b> azalacakt\u0131r. Bu durum, \u015firketin TL&#8217;deki de\u011fer kay\u0131plar\u0131na kar\u015f\u0131 hassasiyetini g\u00f6stermektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"463\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir \u015eirket Raporunun Sat\u0131r Aralar\u0131: Genta\u015f Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye Kurumsal faaliyet raporlar\u0131, genellikle s\u0131k\u0131c\u0131, anla\u015f\u0131lmas\u0131 zor ve rakamlarla dolu belgeler olarak \u00fcn salm\u0131\u015ft\u0131r. Ancak bu belgelerin so\u011fuk sat\u0131rlar\u0131 aras\u0131nda, bir \u015firketin stratejisi, krizler&#8230; <\/p>\n","protected":false},"author":1,"featured_media":470,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[96],"class_list":["post-463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-gents"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/463","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=463"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/463\/revisions"}],"predecessor-version":[{"id":471,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/463\/revisions\/471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/470"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}