{"id":484,"date":"2025-12-25T01:54:17","date_gmt":"2025-12-24T22:54:17","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=484"},"modified":"2025-12-25T01:54:17","modified_gmt":"2025-12-24T22:54:17","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-cemas-cemas-casting-industry-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/484","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #CEMAS | \u00c7ema\u015f Casting Industry 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #CEMAS | \u00c7ema\u015f Casting Industry 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/XRhnYWIrzHg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Faaliyet Raporunun Perde Arkas\u0131: \u00c7ema\u015f D\u00f6k\u00fcm&#8217;\u00fcn Dikkat \u00c7eken 5 \u00c7arp\u0131c\u0131 Ger\u00e7e\u011fi<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Kurumsal faaliyet raporlar\u0131, genellikle jargonla dolu, rakamlar\u0131n ard\u0131 ard\u0131na s\u0131raland\u0131\u011f\u0131 s\u0131k\u0131c\u0131 dok\u00fcmanlar olarak bilinir. Ancak bazen bu raporlar\u0131n sat\u0131r aralar\u0131nda, bir \u015firketin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131, ya\u015fad\u0131\u011f\u0131 i\u00e7 \u00e7at\u0131\u015fmalar\u0131 ve gelece\u011fe y\u00f6nelik stratejilerini anlatan s\u00fcr\u00fckleyici hikayeler gizlidir. \u00c7ema\u015f D\u00f6k\u00fcm Sanayi A.\u015e.&#8217;nin son ara d\u00f6nem faaliyet raporu, tam olarak b\u00f6yle bir \u00f6rnek. \u015eirketin mevcut durumunu \u00e7arp\u0131c\u0131 bir netlikle ortaya koyan, \u015fa\u015f\u0131rt\u0131c\u0131 ve bir o kadar da \u00f6nemli be\u015f ger\u00e7e\u011fi g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>1. Finansal Tablolardaki Sert D\u00fc\u015f\u00fc\u015f ve K\u00e2r Pay\u0131 Karar\u0131<\/h3>\n<p>\u00c7ema\u015f&#8217;\u0131n 2025 y\u0131l\u0131 ilk 9 ayl\u0131k performans\u0131, ciddi bir ekonomik f\u0131rt\u0131nan\u0131n ortas\u0131nda oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor. \u015eirketin konsolide sat\u0131\u015f gelirleri, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemine k\u0131yasla %30&#8217;luk bir d\u00fc\u015f\u00fc\u015fle <code>1.894.060.333 TL<\/code>&#8216;den <code>1.314.697.045 TL<\/code>&#8216;ye geriledi. Ancak bu ciro kayb\u0131ndan \u00e7ok daha endi\u015fe verici olan, k\u00e2rl\u0131l\u0131ktaki mutlak \u00e7\u00f6k\u00fc\u015ft\u00fcr. Bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde <code>172.530.709 TL<\/code> br\u00fct k\u00e2r a\u00e7\u0131klayan \u015firket, bu y\u0131l <code>(343.523.811) TL<\/code> br\u00fct zarara u\u011frad\u0131. Bu dramatik d\u00f6n\u00fc\u015f\u00fcm, sorunun sadece d\u00fc\u015fen sat\u0131\u015flar olmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda maliyet yap\u0131s\u0131nda veya fiyatland\u0131rma stratejisinde acil m\u00fcdahale gerektiren derin bir operasyonel krize i\u015faret etmektedir.<\/p>\n<p>Bu olumsuz finansal sonu\u00e7lar\u0131n hissedarlar i\u00e7in do\u011frudan bir yans\u0131mas\u0131 oldu. \u015eirketin 2024 y\u0131l\u0131 konsolide finansal tablolar\u0131nda <code>-490.094.913 TL<\/code> net zarar a\u00e7\u0131klamas\u0131 nedeniyle, Y\u00f6netim Kurulu k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verdi. Bu sert finansal geri d\u00f6n\u00fc\u015f, raporda \u00f6ne \u00e7\u0131kan di\u011fer stratejik kararlar\u0131n arkas\u0131ndaki temel ekonomik bask\u0131y\u0131 olu\u015fturuyor.<\/p>\n<h3>2. Krizin \u0130nsani Bedeli: \u00dcretim Durgunlu\u011fu ve Toplu \u0130\u015ften \u00c7\u0131karma Karar\u0131<\/h3>\n<p>Finansal tablolardaki \u00e7\u00f6k\u00fc\u015f\u00fcn operasyonel ve insani bedeli a\u011f\u0131r oldu. Y\u00f6netim, sekt\u00f6rel durgunluk, piyasa belirsizli\u011fi, d\u0131\u015f pazar kayb\u0131 ve sipari\u015flerdeki azalma gibi nedenlerle \u00fcretimde frene basmak zorunda kald\u0131\u011f\u0131n\u0131 belirtiyor. Rakamlar bu yava\u015flamay\u0131 do\u011fruluyor: 2025&#8217;in ilk dokuz ay\u0131nda fiili \u00fcretim bir \u00f6nceki y\u0131la g\u00f6re %16 azalarak <code>16.833<\/code> tondan <code>14.144<\/code> tona, sat\u0131\u015flar ise %18 d\u00fc\u015ferek <code>17.765<\/code> tondan <code>14.487<\/code> tona geriledi. Operasyonel olarak bu, d\u00f6k\u00fcmhane b\u00f6l\u00fcm\u00fcndeki d\u00f6rt \u00fcretim hatt\u0131ndan birinin kapat\u0131lmas\u0131 ve 57 CNC makinesinden 20&#8217;sinde \u00fcretimin durmas\u0131 anlam\u0131na geliyordu. Bu durum, do\u011frudan bir istihdam krizini tetikledi; ana ortakl\u0131k \u00c7ema\u015f D\u00f6k\u00fcm&#8217;\u00fcn \u00e7al\u0131\u015fan say\u0131s\u0131 2024 sonunda 633 iken, 30 Eyl\u00fcl 2025 itibar\u0131yla 417&#8217;ye d\u00fc\u015ferek i\u015f g\u00fcc\u00fcnde %34&#8217;l\u00fck \u015fok bir daralmaya yol a\u00e7t\u0131.<\/p>\n<p>Al\u0131nan tasarruf tedbirlerinin yetersiz kalmas\u0131, \u015firketi daha zorlu bir karara itti. Y\u00f6netim Kurulu, \u015firketin devaml\u0131l\u0131\u011f\u0131n\u0131 sa\u011flamak amac\u0131yla \u0130\u015f Kanunu&#8217;nun 29. maddesi uyar\u0131nca toplu i\u015f\u00e7i \u00e7\u0131karma karar\u0131 ald\u0131. Y\u00f6netimin bu karar\u0131 gerek\u00e7elendirdi\u011fi ifadeler, durumun ciddiyetini ortaya koyuyor:<\/p>\n<p>&#8220;Bu s\u00fcre zarf\u0131nda \u00fcretim giderleri ve maliyetlerinin de art\u0131\u015f\u0131 nedeniyle, \u00fcretimde k\u0131s\u0131tlamaya gidilmi\u015f ve \u015eirketimiz nezdinde mevcut i\u015f g\u00fcc\u00fc ihtiyac\u0131m\u0131z azalm\u0131\u015f, piyasalardaki ekonomik belirsizli\u011fin halen devam etmesi, 2024 y\u0131l\u0131 Aral\u0131k ay\u0131ndan beri uygulanan k\u00fc\u00e7\u00fclme ve tasarruf tedbirlerinin al\u0131nmas\u0131n\u0131 da zaruri hale getirmi\u015ftir&#8230; yap\u0131lan de\u011ferlendirmeler sonucunda, mevcut kadronun daralt\u0131lmas\u0131 ve istihdam\u0131 azaltma gereklili\u011fi ortaya \u00e7\u0131km\u0131\u015f, operasyonel anlamda daha fonksiyonel bir yap\u0131land\u0131rmaya ge\u00e7ilmesi gerekli g\u00f6r\u00fcld\u00fc\u011f\u00fcnden, \u0130\u015f Kanunu m.29 uyar\u0131nca toplu i\u015f\u00e7i \u00e7\u0131kar\u0131lmas\u0131na&#8230; karar verilmi\u015ftir.&#8221;<\/p>\n<p>Bu karar, finansal rakamlar\u0131n arkas\u0131ndaki insani maliyeti ve krizin \u00e7al\u0131\u015fanlar \u00fczerindeki do\u011frudan etkisini somut bir \u015fekilde g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>3. Hissedar Sava\u015flar\u0131: Ertelenen Genel Kurullar ve Davalar<\/h3>\n<p>\u00c7ema\u015f&#8217;\u0131n kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar sadece ekonomik ve operasyonel de\u011fil, ayn\u0131 zamanda y\u00f6netimsel d\u00fczeyde de kendini g\u00f6stererek derin bir y\u00f6neti\u015fim krizine i\u015faret ediyor. \u015eirket i\u00e7inde ya\u015fanan gerilim, hem ola\u011fan hem de ola\u011fan\u00fcst\u00fc genel kurul s\u00fcre\u00e7lerinde g\u00fcn y\u00fcz\u00fcne \u00e7\u0131kt\u0131.<\/p>\n<p>\u0130lk olarak, 2024 Y\u0131l\u0131 Ola\u011fan Genel Kurul s\u00fcreci, ender rastlanan bir erteleme zincirine sahne oldu. Toplant\u0131:<\/p>\n<ul>\n<li>\u0130lk olarak <code>25 Nisan 2025<\/code> tarihinde planland\u0131,<\/li>\n<li>Azl\u0131k pay sahiplerinin talebiyle <code>28 May\u0131s 2025<\/code>&#8216;e ertelendi,<\/li>\n<li>Bu tarihte ise &#8220;kat\u0131l\u0131m\u0131n \u00e7ok y\u00fcksek olmas\u0131, salonun fiziken yetersiz kalmas\u0131 ve g\u00fcvenlik a\u00e7\u0131s\u0131ndan s\u0131k\u0131nt\u0131 ta\u015f\u0131mas\u0131&#8221; gibi gerek\u00e7elerle <code>2 Temmuz 2025<\/code>&#8216;e bir kez daha ertelendi,<\/li>\n<li>Son olarak 2 Temmuz&#8217;daki toplant\u0131 da sa\u011fl\u0131kl\u0131 y\u00fcr\u00fct\u00fclemedi\u011fi i\u00e7in tekrar ileri bir tarihe at\u0131ld\u0131.<\/li>\n<\/ul>\n<p>Y\u00f6netimsel kriz bununla s\u0131n\u0131rl\u0131 kalmad\u0131. \u015eirketin en b\u00fcy\u00fck ortaklar\u0131ndan <code>I\u015f\u0131klar Holding A.\u015e.<\/code> ile <code>Naz I\u015f\u0131k<\/code>, <code>01.10.2025<\/code> tarihinde, <code>03.07.2025<\/code> tarihli <b>ola\u011fan\u00fcst\u00fc<\/b> genel kurul toplant\u0131s\u0131n\u0131n iptali i\u00e7in dava a\u00e7t\u0131. Dava dilek\u00e7esinde &#8220;Yetkisiz kat\u0131l\u0131m \/ ge\u00e7ersiz vek\u00e2let&#8221; ve &#8220;Nisap \u0130hlali&#8221; gibi ciddi iddialar yer ald\u0131. Her iki kurul t\u00fcr\u00fcnde de ya\u015fanan bu kadar aleni ve tekrar eden m\u00fccadeleler, b\u00fcy\u00fck hissedarlar aras\u0131nda derin bir anla\u015fmazl\u0131k oldu\u011funu ve \u015firketin stratejik y\u00f6n\u00fc \u00fczerinde sert bir g\u00fc\u00e7 sava\u015f\u0131 ya\u015fand\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor.<\/p>\n<h3>4. Beklenmedik Bir Hamle: D\u00f6k\u00fcm Sanayinde Kripto Varl\u0131k Yat\u0131r\u0131m\u0131<\/h3>\n<p>\u015eirketin bilan\u00e7osu incelendi\u011finde, geleneksel bir sanayi \u015firketinden beklenmeyecek, olduk\u00e7a modern bir yat\u0131r\u0131m kalemi dikkat \u00e7ekiyor. Konsolide finansal durum tablosunda, &#8220;Maddi Olmayan Duran Varl\u0131klar&#8221; alt\u0131nda &#8220;Kripto Varl\u0131klar&#8221; ad\u0131nda bir kalem bulunuyor. <code>31 Aral\u0131k 2024<\/code>&#8216;te <code>12.649.706 TL<\/code> olan bu varl\u0131klar\u0131n de\u011feri, <code>30 Eyl\u00fcl 2025<\/code> itibar\u0131yla <code>11.753.019 TL<\/code>&#8216;ye gerilemi\u015f durumda.<\/p>\n<p>Bu hamle, \u015firketin a\u011f\u0131r sanayi kimli\u011fiyle taban tabana z\u0131t bir stratejiye i\u015faret etmesi ve \u015fimdiye kadar zarar etmi\u015f olmas\u0131 nedeniyle \u00f6zellikle dikkat \u00e7ekici. A\u011f\u0131r sanayinin bir kolu olan d\u00f6k\u00fcm \u015firketinin, volatilitesi y\u00fcksek bu modern varl\u0131k s\u0131n\u0131f\u0131na yat\u0131r\u0131m yapmas\u0131, \u015firketin risk i\u015ftah\u0131 ve sermaye tahsisi \u00f6ncelikleri hakk\u0131nda ciddi sorular\u0131 g\u00fcndeme getiriyor.<\/p>\n<h3>5. Zorluklar\u0131n Ortas\u0131nda Bir Umut I\u015f\u0131\u011f\u0131: Yeni G\u00fcne\u015f Enerjisi Santrali<\/h3>\n<p>Rapor, t\u00fcm bu \u00e7alkant\u0131lara ra\u011fmen \u015firketin gelece\u011fe y\u00f6nelik stratejik ad\u0131mlar att\u0131\u011f\u0131n\u0131 da g\u00f6steriyor. Bu ad\u0131mlar\u0131n en somutu, K\u0131r\u015fehir&#8217;de kurulan <code>11.20 MWe<\/code> g\u00fcc\u00fcndeki G\u00fcne\u015f Enerjisi Santrali (GES). Tesisin TEDA\u015e taraf\u0131ndan kabul\u00fcn\u00fcn yap\u0131ld\u0131\u011f\u0131 ve elektrik \u00fcretimine ba\u015flad\u0131\u011f\u0131 belirtiliyor. Bu yat\u0131r\u0131m, \u015firketin uzun vadede enerji maliyetlerini d\u00fc\u015f\u00fcrme ve s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131nda de\u011fer yaratma potansiyeli ta\u015f\u0131yor.<\/p>\n<p>Bunun yan\u0131 s\u0131ra, \u015firket i\u00e7inde bulundu\u011fu finansal krize kar\u015f\u0131 likiditesini ve esnekli\u011fini art\u0131racak ad\u0131mlar da at\u0131yor. <code>14.08.2025<\/code> tarihinde K\u0131r\u015fehir&#8217;deki fabrika binalar\u0131 ve arazisi \u00fczerindeki toplam <code>188.875.000 TL<\/code> tutar\u0131ndaki ipotekler kald\u0131r\u0131ld\u0131 (fek edildi). Bu hamle, \u015firketin bor\u00e7 bask\u0131s\u0131n\u0131 azaltarak mali manevra alan\u0131n\u0131 geni\u015fletmeyi ama\u00e7layan stratejik bir ad\u0131m olarak yorumlanabilir. Ayr\u0131ca, Sermaye Piyasas\u0131 Kurulu&#8217;nun <code>20.02.2025<\/code> tarihli onay\u0131yla 2025-2029 d\u00f6nemi i\u00e7in kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n <code>1.000.000.000 TL<\/code>&#8216;den <code>2.000.000.000 TL<\/code>&#8216;ye \u00e7\u0131kar\u0131lmas\u0131, gelecekteki finansman ihtiya\u00e7lar\u0131na y\u00f6nelik bir haz\u0131rl\u0131k olarak \u00f6ne \u00e7\u0131k\u0131yor. Bu hamleler, mevcut karga\u015fan\u0131n ortas\u0131nda bile \u015firketin uzun vadeli hedeflerine odakland\u0131\u011f\u0131n\u0131 g\u00f6steren umut \u0131\u015f\u0131klar\u0131 olarak parl\u0131yor.<\/p>\n<h3>Sonu\u00e7: F\u0131rt\u0131nan\u0131n Ortas\u0131nda Rota Aray\u0131\u015f\u0131<\/h3>\n<p>\u00c7ema\u015f D\u00f6k\u00fcm&#8217;\u00fcn faaliyet raporu, bir \u015firketin ayn\u0131 anda ne kadar farkl\u0131 cephede sava\u015f verebilece\u011fini g\u00f6steren bir vaka analizi niteli\u011finde. \u015eirket bir yandan sert piyasa ko\u015fullar\u0131, \u00fcretim daralmas\u0131 ve i\u00e7 hissedar \u00e7at\u0131\u015fmalar\u0131yla m\u00fccadele ederken, di\u011fer yandan ye\u015fil enerji ve kripto varl\u0131klar gibi alanlarda gelece\u011fe d\u00f6n\u00fck stratejik yat\u0131r\u0131mlar yap\u0131yor. Bu tablo, \u00c7ema\u015f&#8217;\u0131n tam anlam\u0131yla bir yol ayr\u0131m\u0131nda oldu\u011funu g\u00f6steriyor. Ak\u0131llardaki en b\u00fcy\u00fck soru ise \u015fu: Piyasa bask\u0131lar\u0131 ve i\u00e7 \u00e7eki\u015fmeler devam ederken, \u00c7ema\u015f&#8217;\u0131n teknoloji ve s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131ndaki bu stratejik hamleleri, \u015firketi bu zorlu f\u0131rt\u0131nadan \u00e7\u0131karmak i\u00e7in yeterli olacak m\u0131?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u00c7ema\u015f D\u00f6k\u00fcm Sanayi A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Faaliyet ve Finansal Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, \u00c7ema\u015f D\u00f6k\u00fcm Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 01 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 ara d\u00f6nemine ait faaliyet raporu ve finansal tablolar\u0131n\u0131 sentezlemektedir. \u015eirket, bu d\u00f6nemde operasyonel ve finansal a\u00e7\u0131dan \u00f6nemli zorluklarla kar\u015f\u0131la\u015fm\u0131\u015ft\u0131r. \u00dcretim ve sat\u0131\u015f hacimlerinde s\u0131ras\u0131yla %16 ve %18&#8217;lik ciddi d\u00fc\u015f\u00fc\u015fler ya\u015fanm\u0131\u015f, bu durum konsolide sat\u0131\u015f gelirlerinin ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %30 azalarak 1,31 milyar TL&#8217;ye gerilemesine neden olmu\u015ftur. \u015eirket, 172,5 milyon TL br\u00fct k\u00e2r elde etti\u011fi 2024&#8217;\u00fcn ilk dokuz ay\u0131n\u0131n aksine, bu d\u00f6nemde 343,5 milyon TL br\u00fct zarar a\u00e7\u0131klam\u0131\u015f ve d\u00f6nemi 515,1 milyon TL&#8217;lik ana ortakl\u0131k net zarar\u0131yla kapatm\u0131\u015ft\u0131r.<\/p>\n<p>Bu olumsuz performansa yan\u0131t olarak y\u00f6netim, sekt\u00f6rdeki durgunluk, ekonomik kriz ve talep azl\u0131\u011f\u0131n\u0131 gerek\u00e7e g\u00f6stererek \u00fcretimde k\u0131s\u0131tlamaya gitmi\u015f ve \u0130\u015f Kanunu uyar\u0131nca toplu i\u015f\u00e7i \u00e7\u0131karma karar\u0131 alm\u0131\u015ft\u0131r. Bu s\u00fcre\u00e7te \u015firketin personel say\u0131s\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde azalm\u0131\u015ft\u0131r. Kurumsal y\u00f6netim alan\u0131nda ise, 2024 y\u0131l\u0131 Ola\u011fan Genel Kurul toplant\u0131s\u0131n\u0131n azl\u0131k pay sahibi talebi, salon yetersizli\u011fi ve g\u00fcvenlik endi\u015feleri gibi nedenlerle defalarca ertelenmesi ve bir Ola\u011fan\u00fcst\u00fc Genel Kurul karar\u0131n\u0131n ana hissedarlardan I\u015f\u0131klar Holding A.\u015e. taraf\u0131ndan mahkemeye ta\u015f\u0131nmas\u0131, hissedarlar aras\u0131nda belirgin bir anla\u015fmazl\u0131k oldu\u011funu g\u00f6stermektedir.<\/p>\n<p>Bununla birlikte, d\u00f6nem i\u00e7inde olumlu geli\u015fmeler de kaydedilmi\u015ftir. K\u0131r\u015fehir&#8217;deki 11,20 MWe g\u00fcc\u00fcndeki G\u00fcne\u015f Enerjisi Santrali projesi TEDA\u015e taraf\u0131ndan kabul edilerek elektrik \u00fcretimine ba\u015flam\u0131\u015ft\u0131r. Ayr\u0131ca, fabrika arazisi \u00fczerindeki 188,9 milyon TL tutar\u0131ndaki ipotekler kald\u0131r\u0131lm\u0131\u015ft\u0131r. \u015eirket y\u00f6netimi, kay\u0131tl\u0131 sermaye tavan\u0131n\u0131 1 milyar TL&#8217;den 2 milyar TL&#8217;ye y\u00fckseltme karar\u0131 alm\u0131\u015f ve bu karar Sermaye Piyasas\u0131 Kurulu taraf\u0131ndan onaylanm\u0131\u015ft\u0131r.<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>Y\u00f6netim Kurulu<\/h3>\n<p>25 Haziran 2024 tarihli genel kurul toplant\u0131s\u0131nda, \u015firketin Y\u00f6netim Kurulu&#8217;nun \u00fc\u00e7 y\u0131l s\u00fcreyle g\u00f6rev yapmak \u00fczere alt\u0131 \u00fcyeden olu\u015fmas\u0131na karar verilmi\u015ftir. Bu \u00fcyelerden ikisi ba\u011f\u0131ms\u0131zd\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u0130sim<\/td>\n<td>G\u00f6rev<\/td>\n<\/tr>\n<tr>\n<td>R\u0131za Kutlu I\u015eIK<\/td>\n<td>Ba\u015fkan<\/td>\n<\/tr>\n<tr>\n<td>U\u011fur I\u015eIK<\/td>\n<td>Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td>Ahmet L\u00fctfi G\u00d6KTU\u011e<\/td>\n<td>\u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Ahmet \u00c7EV\u0130RGEN<\/td>\n<td>\u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Ahmet SELAMO\u011eLU<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer Serdar KA\u015eIK\u00c7ILAR<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Sermaye Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 791.000.000 TL&#8217;dir. %5&#8217;ten b\u00fcy\u00fck paya sahip ortaklar\u0131n da\u011f\u0131l\u0131m\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermayedeki Pay\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>I\u015f\u0131klar Holding A.\u015e.<\/td>\n<td>91.593.540,00<\/td>\n<td>11,58<\/td>\n<\/tr>\n<tr>\n<td>Asuman \u00d6zt\u00fcrk<\/td>\n<td>63.280.000,00<\/td>\n<td>8,00<\/td>\n<\/tr>\n<tr>\n<td>\u00c7imtek \u00c7imento Teknolojisi A.\u015e.<\/td>\n<td>46.725.240,00<\/td>\n<td>5,91<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>589.401.220,00<\/td>\n<td>74,51<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>791.000.000,00<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Operasyonel Faaliyetler ve Temel Geli\u015fmeler<\/h2>\n<h3>\u00dcretim ve Sat\u0131\u015f Performans\u0131<\/h3>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6neminde \u015firketin \u00fcretim ve sat\u0131\u015f metrajlar\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir.<\/p>\n<ul>\n<li><b>Fiili \u00dcretim:<\/b> 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 16.833 ton olan \u00fcretim, 2025&#8217;in ayn\u0131 d\u00f6neminde %16 azalarak 14.144 tona gerilemi\u015ftir.<\/li>\n<li><b>Sat\u0131\u015flar:<\/b> 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 17.765 ton olan sat\u0131\u015flar, 2025&#8217;in ayn\u0131 d\u00f6neminde %18 d\u00fc\u015f\u00fc\u015fle 14.487 tona inmi\u015ftir.<\/li>\n<\/ul>\n<h3>Operasyonel K\u0131s\u0131tlamalar ve Toplu \u0130\u015f\u00e7i \u00c7\u0131karma Karar\u0131<\/h3>\n<p>Y\u00f6netim Kurulu, operasyonel daralma ve maliyet art\u0131\u015flar\u0131 nedeniyle \u00f6nemli kararlar alm\u0131\u015ft\u0131r. Bu kararlar\u0131n gerek\u00e7eleri; sekt\u00f6rdeki durgunluk, piyasa ko\u015fullar\u0131ndaki belirsizlik, ekonomik kriz, d\u0131\u015f pazar kayb\u0131, talep ve sipari\u015f azl\u0131\u011f\u0131 ile olu\u015fan stok fazlal\u0131\u011f\u0131 olarak s\u0131ralanm\u0131\u015ft\u0131r. Al\u0131nan tedbirler \u015funlard\u0131r:<\/p>\n<ul>\n<li>D\u00f6k\u00fcmhane b\u00f6l\u00fcm\u00fcndeki d\u00f6rt \u00fcretim hatt\u0131ndan biri kapat\u0131lm\u0131\u015f, di\u011fer hatlarda \u00fcretim \u00f6nemli \u00f6l\u00e7\u00fcde azalt\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>Tala\u015fl\u0131 imalat b\u00f6l\u00fcm\u00fcndeki 57 CNC tezgah\u0131ndan 20&#8217;sinde \u00fcretim yap\u0131lamamaktad\u0131r.<\/li>\n<li>Fabrika genelindeki t\u00fcm b\u00f6l\u00fcmlerde i\u015f g\u00fcc\u00fc fazlal\u0131\u011f\u0131 ortaya \u00e7\u0131km\u0131\u015f, bu durum Aral\u0131k 2024&#8217;ten beri uygulanan k\u00fc\u00e7\u00fclme ve tasarruf tedbirlerinin yetersiz kalmas\u0131 sonucu \u0130\u015f Kanunu&#8217;nun 29. maddesi uyar\u0131nca <b>toplu i\u015f\u00e7i \u00e7\u0131kar\u0131lmas\u0131<\/b> karar\u0131n\u0131 zorunlu k\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>Finansal dipnotlara g\u00f6re, \u00c7ema\u015f D\u00f6k\u00fcm Sanayi A.\u015e. b\u00fcnyesindeki personel say\u0131s\u0131 31 Aral\u0131k 2024&#8217;te 633 iken, 30 Eyl\u00fcl 2025 itibar\u0131yla 417&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>Stratejik Geli\u015fmeler ve Yat\u0131r\u0131mlar<\/h3>\n<ul>\n<li><b>Sermaye Tavan\u0131 Art\u0131r\u0131m\u0131:<\/b> Y\u00f6netim Kurulu, 20 Ocak 2025&#8217;te \u015firketin kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n 1.000.000.000 TL&#8217;den 2.000.000.000 TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131na ve ge\u00e7erlilik s\u00fcresinin 2025-2029 y\u0131llar\u0131 olarak belirlenmesine karar vermi\u015ftir. Bu ba\u015fvuru, Sermaye Piyasas\u0131 Kurulu (SPK) taraf\u0131ndan 20 \u015eubat 2025&#8217;te uygun bulunmu\u015ftur. Bu do\u011frultuda 4 Eyl\u00fcl 2025&#8217;te SPK&#8217;ya tekrar ba\u015fvuru yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yenilenebilir Enerji Yat\u0131r\u0131m\u0131:<\/b> K\u0131r\u015fehir&#8217;de kurulan 11,20 MWe g\u00fcc\u00fcndeki G\u00fcne\u015f Enerjisine Dayal\u0131 Elektrik \u00dcretim Tesisi projesi, T\u00fcrkiye Elektrik Da\u011f\u0131t\u0131m A.\u015e. (TEDA\u015e) taraf\u0131ndan kabul edilerek elektrik \u00fcretimine ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130poteklerin Kald\u0131r\u0131lmas\u0131:<\/b> K\u0131r\u015fehir&#8217;deki fabrika binalar\u0131 ve arazisi \u00fczerinde QNB Bank taraf\u0131ndan 2015-2022 y\u0131llar\u0131 aras\u0131nda konulan toplam 188.875.000 TL tutar\u0131ndaki ipotekler, 14 A\u011fustos 2025 itibar\u0131yla fek edilmi\u015ftir (kald\u0131r\u0131lm\u0131\u015ft\u0131r).<\/li>\n<\/ul>\n<h2>3. Finansal Performans Analizi<\/h2>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla finansal performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla \u00f6nemli \u00f6l\u00e7\u00fcde k\u00f6t\u00fcle\u015fmi\u015ftir. Finansal tablolar, TMS 29 standard\u0131 uyar\u0131nca enflasyon muhasebesine g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<h3>Konsolide Finansal Sonu\u00e7lar \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (TL)<\/td>\n<td><b>30.09.2025<\/b><\/td>\n<td><b>30.09.2024<\/b><\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>1.314.697.045<\/td>\n<td>1.894.060.333<\/td>\n<td>-%30<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r \/ (Zarar)<\/td>\n<td>(343.523.811)<\/td>\n<td>172.530.709<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/td>\n<td>(531.747.569)<\/td>\n<td>(96.710.602)<\/td>\n<td>+%450<\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k D\u00f6nem K\u00e2r\u0131\/Zarar\u0131<\/td>\n<td>(515.098.387)<\/td>\n<td>(414.374.052)<\/td>\n<td>+%24<\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 \/ (Kay\u0131p)<\/td>\n<td>(0,651)<\/td>\n<td>(0,524)<\/td>\n<td>+%24<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemi (TL)<\/td>\n<td><b>30.09.2025<\/b><\/td>\n<td><b>31.12.2024<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>5.197.422.304<\/td>\n<td>5.452.696.651<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>4.312.673.775<\/td>\n<td>4.562.398.862<\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>4.092.050.554<\/td>\n<td>4.360.789.469<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n<p>\u015eirketin 01.01.2024 &#8211; 31.12.2024 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131nda <b>-490.094.913 TL net zarar<\/b> bulunmaktad\u0131r. Bu nedenle, 24 Mart 2025 tarihli Y\u00f6netim Kurulu karar\u0131yla 2024 y\u0131l\u0131 i\u00e7in k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na ve d\u00f6nem zarar\u0131n\u0131n ge\u00e7mi\u015f y\u0131l zararlar\u0131na eklenmesine karar verilmi\u015ftir.<\/p>\n<h3>B\u00f6l\u00fcmlere G\u00f6re Performans<\/h3>\n<p>Finansal dipnotlar, Grubun zarar\u0131n\u0131n ana kayna\u011f\u0131n\u0131n <b>D\u00f6k\u00fcm<\/b> segmenti oldu\u011funu g\u00f6stermektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla D\u00f6k\u00fcm segmenti, yakla\u015f\u0131k 1,99 milyar TL net sat\u0131\u015f gelirine kar\u015f\u0131l\u0131k 2,33 milyar TL sat\u0131\u015flar\u0131n maliyeti kaydederek tek ba\u015f\u0131na yakla\u015f\u0131k <b>345 milyon TL br\u00fct zarar<\/b> yaratm\u0131\u015ft\u0131r. Di\u011fer segmentler olan Taahh\u00fct ve Enerji&#8217;nin finansal etkisi bu segmente k\u0131yasla \u00e7ok daha s\u0131n\u0131rl\u0131d\u0131r.<\/p>\n<h2>4. Kurumsal Y\u00f6netim ve Hissedar \u0130li\u015fkileri<\/h2>\n<p>D\u00f6nem, hissedarlar aras\u0131ndaki gerilimlerin ve kurumsal y\u00f6netimdeki aksakl\u0131klar\u0131n \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 bir s\u00fcre\u00e7 olmu\u015ftur.<\/p>\n<h3>Genel Kurul Toplant\u0131lar\u0131ndaki Ertelemeler<\/h3>\n<p>\u015eirketin 2024 y\u0131l\u0131 Ola\u011fan Genel Kurul toplant\u0131s\u0131, bir dizi erteleme ile sonu\u00e7lanm\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>25 Nisan 2025:<\/b> Toplant\u0131, azl\u0131k pay sahibinin TTK 420. madde kapsam\u0131ndaki talebi \u00fczerine ertelendi.<\/li>\n<li><b>28 May\u0131s 2025:<\/b> Toplant\u0131, kat\u0131l\u0131m\u0131n \u00e7ok y\u00fcksek olmas\u0131, salonun fiziken yetersiz kalmas\u0131 ve g\u00fcvenlik sorunlar\u0131 nedeniyle tekrar ertelendi.<\/li>\n<li><b>2 Temmuz 2025:<\/b> Bakanl\u0131k temsilcileri g\u00f6zetiminde yap\u0131lan toplant\u0131, sa\u011fl\u0131kl\u0131 bir \u015fekilde y\u00fcr\u00fct\u00fclmesinin m\u00fcmk\u00fcn olmad\u0131\u011f\u0131 gerek\u00e7esiyle ve ilgili taraflar\u0131n ortak karar\u0131yla en az bir ay sonraya ertelendi.<\/li>\n<li><b>Yeni Tarih:<\/b> Ertelenen toplant\u0131n\u0131n <b>16 Ekim 2025<\/b> tarihinde K\u0131r\u015fehir&#8217;de yap\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<h3>Ola\u011fan\u00fcst\u00fc Genel Kurul ve Hukuki S\u00fcre\u00e7<\/h3>\n<ul>\n<li><b>Toplant\u0131:<\/b> 3 Temmuz 2025 tarihinde, Esas S\u00f6zle\u015fme&#8217;nin &#8220;Genel Kurul&#8221; ba\u015fl\u0131kl\u0131 12. maddesinin de\u011fi\u015ftirilmesi g\u00fcndemiyle bir Ola\u011fan\u00fcst\u00fc Genel Kurul toplant\u0131s\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Dava:<\/b> \u015eirket ortaklar\u0131ndan <b>I\u015f\u0131klar Holding A.\u015e.<\/b> ve Naz I\u015f\u0131k taraf\u0131ndan, 1 Ekim 2025 tarihinde K\u0131r\u015fehir 2. Asliye Hukuk Mahkemesi&#8217;ne bu genel kurul toplant\u0131s\u0131n\u0131n iptali i\u00e7in dava a\u00e7\u0131lm\u0131\u015ft\u0131r. Davan\u0131n gerek\u00e7eleri aras\u0131nda yetkisiz kat\u0131l\u0131m, ge\u00e7ersiz vek\u00e2let, nisap ihlali ve g\u00fcndem d\u0131\u015f\u0131 madde eklenmesi gibi usuls\u00fczl\u00fck iddialar\u0131 bulunmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"484\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Faaliyet Raporunun Perde Arkas\u0131: \u00c7ema\u015f D\u00f6k\u00fcm&#8217;\u00fcn Dikkat \u00c7eken 5 \u00c7arp\u0131c\u0131 Ger\u00e7e\u011fi Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye Kurumsal faaliyet raporlar\u0131, genellikle jargonla dolu, rakamlar\u0131n ard\u0131 ard\u0131na s\u0131raland\u0131\u011f\u0131 s\u0131k\u0131c\u0131 dok\u00fcmanlar olarak bilinir. Ancak bazen bu raporlar\u0131n sat\u0131r aralar\u0131nda, bir \u015firketin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":485,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[102],"class_list":["post-484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-cemas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/484","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=484"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/484\/revisions"}],"predecessor-version":[{"id":486,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/484\/revisions\/486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/485"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}