{"id":493,"date":"2025-12-25T02:00:06","date_gmt":"2025-12-24T23:00:06","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=493"},"modified":"2025-12-25T02:00:06","modified_gmt":"2025-12-24T23:00:06","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-gerel-gersan-elektrik-ticaret-ve-sanayi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/493","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GEREL | Gersan Elektrik Ticaret ve Sanayi 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GEREL | Gersan Elektrik Ticaret ve Sanayi 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/uuIs1bjOm4U?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>Zarara Ra\u011fmen Bilan\u00e7osu G\u00fc\u00e7lenen \u015eirket: Gersan Elektrik&#8217;in Finansal Paradoksu<\/h1>\n<h3><b>Giri\u015f: Gersan&#8217;\u0131n Finansal Bilmecesi<\/b><\/h3>\n<p>Yat\u0131r\u0131mc\u0131lar ve i\u015f d\u00fcnyas\u0131 merakl\u0131lar\u0131 i\u00e7in ilgi \u00e7ekici bir soru vard\u0131r: Bir \u015firket nas\u0131l olur da \u00f6nemli bir d\u00f6nem zarar\u0131 a\u00e7\u0131klarken, ayn\u0131 zamanda temel finansal yap\u0131s\u0131nda dikkat \u00e7ekici bir g\u00fc\u00e7 ve b\u00fcy\u00fcme sergileyebilir? Gersan Elektrik&#8217;in 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k finansal raporu, ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen bu durum i\u00e7in b\u00fcy\u00fcleyici bir vaka analizi sunuyor. Bu yaz\u0131n\u0131n amac\u0131, y\u00fczeydeki rakamlar\u0131n \u00f6tesine ge\u00e7erek Gersan&#8217;\u0131n mevcut durumunu ve gelecekteki y\u00f6n\u00fcn\u00fc anlatan en etkili be\u015f stratejik hamle ve finansal de\u011fi\u015fimi ortaya \u00e7\u0131karmakt\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>1. B\u00fcy\u00fck Bor\u00e7 Azalt\u0131m\u0131: Gersan&#8217;\u0131n Bilan\u00e7osunu Sa\u011flamla\u015ft\u0131ran Stratejik Hamle<\/b><\/h3>\n<p>\u015eirketin finansal tablolar\u0131ndaki en \u00e7arp\u0131c\u0131 pozitif de\u011fi\u015fim, toplam y\u00fck\u00fcml\u00fcl\u00fcklerindeki dramatik d\u00fc\u015f\u00fc\u015ft\u00fcr. Gersan, yakla\u015f\u0131k 2,92 milyar TL olan toplam borcunu yar\u0131 yar\u0131ya azaltarak 1,46 milyar TL seviyesine indirmi\u015ftir. Y\u00fck\u00fcml\u00fcl\u00fcklerdeki bu radikal de\u011fi\u015fim, a\u015fa\u011f\u0131daki tabloda net bir \u015fekilde g\u00f6r\u00fclmektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u00fck\u00fcml\u00fcl\u00fck T\u00fcr\u00fc<\/td>\n<td>31.12.2024 (TL)<\/td>\n<td>30.09.2025 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.133.445.966<\/td>\n<td>1.159.987.761<\/td>\n<td>-45,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>787.021.864<\/td>\n<td>303.144.392<\/td>\n<td>-61,5%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>2.920.467.830<\/b><\/td>\n<td><b>1.463.132.153<\/b><\/td>\n<td>**~ -50%**<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu bor\u00e7 azalt\u0131m\u0131n\u0131n do\u011frudan olumlu etkisi, \u015firketin finansal oranlar\u0131na da yans\u0131m\u0131\u015ft\u0131r. <b>Cari Oran<\/b> 1.03&#8217;ten 2.02&#8217;ye y\u00fckselerek \u015firketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 kar\u015f\u0131lama kapasitesinin neredeyse iki kat\u0131na \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6sterirken, <b>Kald\u0131ra\u00e7 Oran\u0131<\/b> %72,56&#8217;dan %34,55&#8217;e keskin bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Bu hamle, s\u0131radan bir finansal temizli\u011fin \u00e7ok \u00f6tesinde; ge\u00e7mi\u015fin y\u00fck\u00fcn\u00fc omuzlar\u0131ndan at\u0131p gelece\u011fin y\u00fcksek b\u00fcy\u00fcme potansiyelli alanlar\u0131na yat\u0131r\u0131m yapmak i\u00e7in kendine hareket alan\u0131 yaratan stratejik bir kald\u0131ra\u00e7 d\u00fc\u015f\u00fcrme operasyonuydu.<\/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. \u00d6zkaynak Paradoksu: Zarara Ra\u011fmen %151&#8217;lik \u015ea\u015f\u0131rt\u0131c\u0131 B\u00fcy\u00fcme<\/b><\/h3>\n<p>Raporun en dikkat \u00e7ekici paradoksu burada ortaya \u00e7\u0131k\u0131yor: Gelir tablosu 2025&#8217;in ilk dokuz ay\u0131nda yakla\u015f\u0131k 209,8 milyon TL&#8217;lik net d\u00f6nem zarar\u0131 g\u00f6sterirken, bilan\u00e7o ayn\u0131 d\u00f6nemde toplam \u00f6zkaynaklar\u0131n yakla\u015f\u0131k 1,1 milyar TL&#8217;den 2,77 milyar TL&#8217;ye f\u0131rlayarak %151 oran\u0131nda b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc ortaya koyuyor.<\/p>\n<p>Bu \u015fa\u015f\u0131rt\u0131c\u0131 b\u00fcy\u00fcmenin arkas\u0131ndaki temel neden, operasyonel k\u00e2rl\u0131l\u0131k de\u011fil, finansman faaliyetleridir. \u00d6zkaynak De\u011fi\u015fim Tablosu ve Dipnot 16&#8217;ya g\u00f6re bu art\u0131\u015f\u0131n ana motorlar\u0131; 132,5 milyon TL&#8217;lik bir <b>sermaye art\u0131r\u0131m\u0131<\/b> ve <b>paylara ili\u015fkin primler<\/b> kalemindeki devasa art\u0131\u015ft\u0131r. Pay primleri, yakla\u015f\u0131k 249 milyon TL&#8217;den 1,95 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f, Y\u00f6netim Kurulu Ba\u015fkan\u0131 Erkan \u0130ZG\u0130&#8217;ye y\u00f6nelik ger\u00e7ekle\u015ftirilen ve toplamda 1,75 milyar TL nakit giri\u015fi sa\u011flayan &#8220;tahsisli sermaye art\u0131r\u0131m\u0131&#8221; ile sa\u011flanm\u0131\u015ft\u0131r. Bu hamle, hem b\u00fcy\u00fck hissedarlar\u0131n \u015firkete olan g\u00fc\u00e7l\u00fc g\u00fcvenini g\u00f6stermekte hem de bir \u00f6nceki b\u00f6l\u00fcmde bahsedilen b\u00fcy\u00fck bor\u00e7 azalt\u0131m\u0131n\u0131 finanse edecek sermayeyi sa\u011flam\u0131\u015ft\u0131r. Ancak bu devasa sermaye enjeksiyonu ve ard\u0131ndan gelen bor\u00e7 \u00f6demesi bir vakum i\u00e7inde ger\u00e7ekle\u015fmedi; aksine, \u015firketin ayn\u0131 d\u00f6nemde kar\u015f\u0131la\u015ft\u0131\u011f\u0131 ciddi operasyonel zorluklara kar\u015f\u0131 at\u0131lm\u0131\u015f kararl\u0131 ve zorunlu bir ad\u0131md\u0131.<\/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. Sat\u0131\u015flarda ve K\u00e2rl\u0131l\u0131kta Zorlu Bir D\u00f6nem<\/b><\/h3>\n<p>Bu k\u00f6kl\u00fc finansal yeniden yap\u0131lanmay\u0131 zorunlu k\u0131lan operasyonel tablo, \u015firketin sat\u0131\u015f ve k\u00e2rl\u0131l\u0131k cephesinde kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131 net bir \u015fekilde ortaya koyuyor. Finansal yap\u0131daki g\u00fc\u00e7lenmeye ra\u011fmen, faaliyet performans\u0131 bask\u0131 alt\u0131nda kalm\u0131\u015ft\u0131r. Faaliyet raporundaki &#8220;Finansal Durum&#8221; \u00f6zet tablosu, bu zorluklar\u0131 net bir \u015fekilde g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Net Sat\u0131\u015flar:<\/b> \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %30,29&#8217;luk bir azalma g\u00f6stererek yakla\u015f\u0131k 1,86 milyar TL&#8217;ye d\u00fc\u015ft\u00fc.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 530 milyon TL&#8217;lik k\u00e2rdan, 39 milyon TL&#8217;lik zarara d\u00f6nerek %107,35&#8217;lik negatif bir de\u011fi\u015fim ya\u015fad\u0131.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131 (Ana Ortakl\u0131k Paylar\u0131):<\/b> \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 254,6 milyon TL&#8217;lik k\u00e2rdan, yakla\u015f\u0131k 209,8 milyon TL&#8217;lik zarara geriledi.<\/li>\n<\/ul>\n<p>Sat\u0131\u015f ve k\u00e2rl\u0131l\u0131ktaki bu d\u00fc\u015f\u00fc\u015f, \u015firketin ger\u00e7ekle\u015ftirdi\u011fi b\u00fcy\u00fck finansal yeniden yap\u0131lanmay\u0131 anlamak i\u00e7in gerekli ba\u011flam\u0131 sunmaktad\u0131r. Bu durum, bilan\u00e7o iyile\u015fmelerinin bu d\u00f6nemdeki operasyonel k\u00e2rdan de\u011fil, do\u011frudan finansman faaliyetlerinden kaynakland\u0131\u011f\u0131n\u0131n alt\u0131n\u0131 \u00e7izmektedir.<\/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. Gelece\u011fe Yat\u0131r\u0131m: Elektrikli Ara\u00e7 \u015earj \u0130stasyonlar\u0131 ve Ar-Ge Hamleleri<\/b><\/h3>\n<p>Gersan, mevcut operasyonel zorluklar\u0131n \u00f6tesine bakarak gelece\u011fe y\u00f6nelik stratejik yat\u0131r\u0131mlar yapmaktad\u0131r. \u015eirketin Ar-Ge faaliyetleri, \u00f6zellikle elektrikli ara\u00e7 (EV) \u015farj istasyonlar\u0131 i\u00e7in geli\u015ftirdi\u011fi <b>G-Charge<\/b> markas\u0131 \u00fczerinde yo\u011funla\u015fmaktad\u0131r.<\/p>\n<p>T\u00fcrkiye Elektrikli ve Hibrit Ara\u00e7lar Derne\u011fi&#8217;nin (TEHAD) kurucu \u00fcyelerinden olan Gersan, T\u00fcrkiye&#8217;nin ilk AC\/DC d\u00f6n\u00fc\u015f\u00fcml\u00fc sabit elektrikli \u015farj istasyonunu ba\u015far\u0131yla geli\u015ftirmi\u015ftir. Bu istasyonlar art\u0131k otomobillerin yan\u0131 s\u0131ra otob\u00fcs ve a\u011f\u0131r vas\u0131talar i\u00e7in de kullan\u0131ma sunulmu\u015ftur. Bu stratejiyi destekleyen \u00f6nemli bir d\u0131\u015f fakt\u00f6r ise, \u00c7evre ve \u015eehircilik Bakanl\u0131\u011f\u0131&#8217;n\u0131n &#8220;Otopark Y\u00f6netmeli\u011fi&#8221; ile yeni AVM ve otoparklarda her 50 park yerinden en az birinin \u015farj \u00fcnitesiyle donat\u0131lmas\u0131n\u0131 zorunlu k\u0131lmas\u0131d\u0131r. Bu d\u00fczenleme, Gersan&#8217;\u0131n G-Charge markas\u0131 i\u00e7in haz\u0131r bir pazar yaratmaktad\u0131r.<\/p>\n<p>Ayr\u0131ca, \u015firketin \u00c7aycuma&#8217;daki tesisinde modernizasyon ve geni\u015fleme i\u00e7in ald\u0131\u011f\u0131 565427 ve 575531 numaral\u0131 yeni yat\u0131r\u0131m te\u015fvik belgeleri, bu alandaki kararl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Bu hamleler, Gersan&#8217;\u0131n sat\u0131\u015flardaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen e-mobilite gibi y\u00fcksek b\u00fcy\u00fcme potansiyeline sahip, gelece\u011fe y\u00f6nelik teknolojilere aktif olarak yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131 ve stratejik bir eksen kaymas\u0131 ya\u015fad\u0131\u011f\u0131n\u0131 ortaya koymaktad\u0131r. Ancak Gersan&#8217;\u0131n gelecek vizyonu sadece teknolojik bir eksen kaymas\u0131yla s\u0131n\u0131rl\u0131 de\u011fil; ayn\u0131 zamanda co\u011frafi olarak da yeni b\u00fcy\u00fcme alanlar\u0131 hedefliyor.<\/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. K\u00fcresel Ayak \u0130zi ve Stratejik Pazarlar<\/b><\/h3>\n<p>Gersan&#8217;\u0131n stratejisi sadece teknolojiye de\u011fil, ayn\u0131 zamanda co\u011frafi \u00e7e\u015fitlili\u011fe de odaklanmaktad\u0131r. \u015eirketin uluslararas\u0131 varl\u0131\u011f\u0131, bu stratejinin \u00f6nemli bir par\u00e7as\u0131d\u0131r. Kilit uluslararas\u0131 operasyonlar aras\u0131nda <b>Rusya<\/b>&#8216;da bir ba\u011fl\u0131 ortakl\u0131k (Gersan-R OOO) ile <b>Birle\u015fik Arap Emirlikleri (Sharjah)<\/b>, <b>Fildi\u015fi Sahili<\/b> ve <b>Kamerun<\/b>&#8216;da \u015fubeler bulunmaktad\u0131r.<\/p>\n<p>\u00d6zellikle Rusya&#8217;daki ba\u011fl\u0131 ortakl\u0131\u011f\u0131n durumu dikkat \u00e7ekicidir: Bu \u015firket, 2032 y\u0131l\u0131na kadar s\u00fcrecek \u00f6nemli vergi te\u015fviklerinden yararlanacakt\u0131r (ilk 6 y\u0131l vergiden muaf, sonraki 6 y\u0131l %50 vergi indirimi). Afrika&#8217;daki operasyonlar ise \u015firketin proje bazl\u0131 gelirlerini \u00e7e\u015fitlendirme stratejisini desteklemektedir. Fildi\u015fi Sahili&#8217;ndeki \u015fube bir hastane in\u015faat\u0131 projesine odaklan\u0131rken, Kamerun&#8217;daki \u015fube genel in\u015faat ve taahh\u00fct i\u015fleri \u00fcstlenmektedir. Bu k\u00fcresel ayak izi, Gersan&#8217;\u0131n pazarlar\u0131n\u0131 \u00e7e\u015fitlendirme, tek bir b\u00f6lgeye olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 azaltma ve yurt d\u0131\u015f\u0131ndaki b\u00fcy\u00fcme f\u0131rsatlar\u0131n\u0131 yakalama stratejisini 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>Sonu\u00e7: Yeni Bir D\u00f6nem \u0130\u00e7in Finansal Yeniden Yap\u0131lanma<\/b><\/h3>\n<p>\u00d6zetle, Gersan 2025 y\u0131l\u0131nda bilan\u00e7osunu adeta ba\u015ftan a\u015fa\u011f\u0131 yenileyerek cesur bir finansal yeniden yap\u0131lanma hamlesi ger\u00e7ekle\u015ftirmi\u015ftir. Y\u00f6netim, operasyonel zorluklar kar\u015f\u0131s\u0131nda pasif kalmak yerine, b\u00fcy\u00fck bir sermaye enjeksiyonunu kald\u0131ra\u00e7 olarak kullanarak bor\u00e7 y\u00fck\u00fcn\u00fc dramatik bir \u015fekilde azaltm\u0131\u015f ve \u015firkete sa\u011flam bir finansal zemin kazand\u0131rm\u0131\u015ft\u0131r. Mevcut sat\u0131\u015f rakamlar\u0131 zorlu bir d\u00f6neme i\u015faret etse de \u015firket, gelece\u011fin teknolojilerine ve uluslararas\u0131 geni\u015flemeye olan oda\u011f\u0131n\u0131 iki kat\u0131na \u00e7\u0131karmaktad\u0131r. Bu da ak\u0131llara \u015fu soruyu getiriyor: Bu cesur finansal yeniden yap\u0131lanma ve gelece\u011fe odakl\u0131 teknoloji yat\u0131r\u0131mlar\u0131, Gersan&#8217;\u0131 elektrik ve e-mobilite sekt\u00f6r\u00fcn\u00fcn bir sonraki d\u00f6neminde lider bir oyuncu haline getirecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Gersan Elektrik A.\u015e. Finansal ve Operasyonel Durum Raporu (30 Eyl\u00fcl 2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Gersan Elektrik Ticaret ve Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel faaliyetlerini \u00f6zetlemektedir. Rapor, \u015firketin ba\u011f\u0131ms\u0131z denetim raporu ve faaliyet raporundan elde edilen verileri sentezlemektedir.<\/p>\n<p>D\u00f6nemin en kritik geli\u015fmeleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Finansal Performans:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131nda, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 254,6 milyon TL&#8217;lik net k\u00e2ra k\u0131yasla <b>209,6 milyon TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Has\u0131lat %30,29 oran\u0131nda azalarak 1,86 milyar TL&#8217;ye gerilemi\u015f, br\u00fct k\u00e2r ise zarara d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu olumsuz performans, sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f ve pazarlama ile genel y\u00f6netim giderlerindeki y\u00fckseli\u015ften kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131n\u0131n G\u00fc\u00e7lenmesi:<\/b> D\u00f6nem zarar\u0131na ra\u011fmen, \u015firketin \u00f6zkaynaklar\u0131 ba\u015far\u0131l\u0131 bir sermaye art\u0131r\u0131m\u0131 sayesinde %151 artarak 1,1 milyar TL&#8217;den <b>2,77 milyar TL&#8217;ye<\/b> y\u00fckselmi\u015ftir. Tahsisli sermaye art\u0131r\u0131m\u0131 yoluyla 1,75 milyar TL&#8217;lik fon giri\u015fi sa\u011flanm\u0131\u015f, bu da \u015firketin finansal yap\u0131s\u0131n\u0131 temelden g\u00fc\u00e7lendirmi\u015ftir.<\/li>\n<li><b>Bor\u00e7lulu\u011fun Azalmas\u0131:<\/b> Sa\u011flanan yeni fonlar, bor\u00e7lar\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde azalt\u0131lmas\u0131nda kullan\u0131lm\u0131\u015ft\u0131r. Toplam y\u00fck\u00fcml\u00fcl\u00fckler 2,92 milyar TL&#8217;den 1,46 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. \u00d6zellikle k\u0131sa vadeli ticari bor\u00e7larda ve ortaklara olan bor\u00e7larda ciddi bir azalma kaydedilmi\u015ftir. Bu sayede \u015firketin <b>kald\u0131ra\u00e7 oran\u0131 %72,56&#8217;dan %34,55&#8217;e gerilemi\u015f<\/b> ve finansal risk profili iyile\u015fmi\u015ftir.<\/li>\n<li><b>Operasyonel ve Stratejik Odak:<\/b> Grup, ana faaliyet alanlar\u0131 olan busbar sistemleri, kablo ta\u015f\u0131y\u0131c\u0131lar\u0131 ve topraklama elemanlar\u0131n\u0131n yan\u0131 s\u0131ra, Ar-Ge \u00e7al\u0131\u015fmalar\u0131yla <b>elektrikli ara\u00e7 \u015farj istasyonlar\u0131 (G-Charge)<\/b> ve otomasyon sistemleri gibi gelece\u011fin teknolojilerine yat\u0131r\u0131m yapmaya devam etmektedir. \u00c7aycuma&#8217;daki \u00fcretim tesisinde modernizasyon ve kapasite art\u0131\u015f\u0131na y\u00f6nelik yat\u0131r\u0131m te\u015fvik belgeleri kapsam\u0131nda yat\u0131r\u0131mlar s\u00fcrmektedir.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> \u0130\u015fletme faaliyetlerinden kaynaklanan nakit \u00e7\u0131k\u0131\u015f\u0131, \u00f6zellikle ticari bor\u00e7lar\u0131n \u00f6denmesiyle 1,2 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Ancak finansman faaliyetlerinden sa\u011flanan 1,35 milyar TL&#8217;lik (b\u00fcy\u00fck \u00f6l\u00e7\u00fcde sermaye art\u0131r\u0131m\u0131ndan kaynaklanan) pozitif nakit ak\u0131\u015f\u0131 sayesinde, d\u00f6nemin ba\u015f\u0131nda 42,3 milyon TL olan nakit ve nakit benzerleri <b>131 milyon TL&#8217;ye<\/b> y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, Gersan A.\u015e. 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda operasyonel k\u00e2rl\u0131l\u0131k a\u00e7\u0131s\u0131ndan zorlu bir d\u00f6nem ge\u00e7irmi\u015f olsa da, ger\u00e7ekle\u015ftirdi\u011fi stratejik sermaye art\u0131r\u0131m\u0131 ile bilan\u00e7osunu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015f, bor\u00e7lulu\u011funu azaltm\u0131\u015f ve gelecekteki b\u00fcy\u00fcme i\u00e7in sa\u011flam bir finansal zemin olu\u015fturmu\u015ftur.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. \u015eirkete Genel Bak\u0131\u015f<\/h2>\n<h3>1.1. Faaliyet Alan\u0131 ve \u00dcr\u00fcnler<\/h3>\n<p>1980 y\u0131l\u0131nda Gersan Ticaret olarak faaliyete ba\u015flayan ve 1985&#8217;ten itibaren GERSAN A.\u015e. olarak devam eden \u015firket, elektrik sekt\u00f6r\u00fcn\u00fcn \u00f6nc\u00fc kurulu\u015flar\u0131ndan biridir. Grup, enerji santrallerinden evdeki prize kadar uzanan hat \u00fczerinde iletkenleri ta\u015f\u0131yan, birle\u015ftiren ve koruyan sistemler ile malzemelerin \u00fcretimini yapmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla Grup b\u00fcnyesinde 684 ki\u015fi \u00e7al\u0131\u015fmaktad\u0131r.<\/p>\n<p><b>Ba\u015fl\u0131ca \u00dcr\u00fcn Kategorileri:<\/b><\/p>\n<ul>\n<li>Bus-Bar Kanal Sistemleri<\/li>\n<li>Kablo Ta\u015f\u0131ma Sistemleri (Kablo Kanal ve Merdivenleri, Ask\u0131 Sistemleri)<\/li>\n<li>Topraklama ve Ba\u011flant\u0131 Elemanlar\u0131<\/li>\n<li>D\u00f6\u015feme Alt\u0131 Kanal\u0131 ve Buat Sistemleri<\/li>\n<li>Elektrik Da\u011f\u0131t\u0131m Panolar\u0131<\/li>\n<li>G-Charge Ara\u00e7 \u015earj Sistemleri<\/li>\n<li>Led-Bus Ayd\u0131nlatma Sistemi<\/li>\n<li>G-Bus Otomasyon Sistemi<\/li>\n<li>UVC Led Sistemleri<\/li>\n<\/ul>\n<h3>1.2. Uluslararas\u0131 Varl\u0131k ve Tesisler<\/h3>\n<p>Grup, \u00fcretim faaliyetlerini Zonguldak, \u00c7aycuma Organize Sanayi B\u00f6lgesi&#8217;ndeki tesisinde y\u00fcr\u00fctmekte olup, y\u00f6netim merkezi \u0130stanbul Tuzla&#8217;dad\u0131r. \u015eirketin uluslararas\u0131 alanda da \u00f6nemli bir varl\u0131\u011f\u0131 bulunmaktad\u0131r.<\/p>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b>\n<ul>\n<li><b>Gersan-R OOO (Rusya):<\/b> %99,38 i\u015ftirak oran\u0131yla Kaliningrad&#8217;da faaliyet g\u00f6steren ve 2032 y\u0131l\u0131na kadar vergi te\u015fviklerinden yararlanacak olan bir \u00fcretim tesisidir.<\/li>\n<li><b>Gersan \u015earj Sistemleri Sanayi ve Ticaret A.\u015e. (T\u00fcrkiye):<\/b> %70 i\u015ftirak oran\u0131yla \u015farj istasyonu \u00fcretimi, elektromekanik ve in\u015faat taahh\u00fct i\u015fleri yapmaktad\u0131r.<\/li>\n<li><b>Gersan Electric Oman LLC (Umman):<\/b> %19 i\u015ftirak oran\u0131yla kurulmu\u015f olup, gayri faal durumdad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u015eubeler:<\/b>\n<ul>\n<li>Birle\u015fik Arap Emirlikleri (Sharjah)<\/li>\n<li>Kamerun (Yaunde)<\/li>\n<li>Fildi\u015fi Sahili (Abidjan)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\u015eirket, GOST, IEC, BS, TSE, EN, ISO, CE gibi uluslararas\u0131 sertifikalara sahip olup, Vietnam&#8217;dan \u015eili&#8217;ye, Rusya&#8217;dan Katar&#8217;a kadar geni\u015f bir co\u011frafyaya ihracat yapmaktad\u0131r.<\/p>\n<h2>2. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla k\u00e2rl\u0131l\u0131kta \u00f6nemli bir d\u00fc\u015f\u00fc\u015f ya\u015fam\u0131\u015ft\u0131r. Has\u0131lat azal\u0131rken, maliyet ve giderlerdeki art\u0131\u015flar net zarara yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Gelir Tablosu<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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>1.859.469.876<\/td>\n<td>2.667.261.795<\/td>\n<td>-30,29%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>-1.898.444.812<\/td>\n<td>-2.136.978.119<\/td>\n<td>-11,16%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r \/ (Zarar)<\/b><\/td>\n<td><b>-38.974.936<\/b><\/td>\n<td><b>530.283.676<\/b><\/td>\n<td><b>-107,35%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri<\/td>\n<td>-222.645.324<\/td>\n<td>-152.355.051<\/td>\n<td>46,14%<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri<\/td>\n<td>-148.777.215<\/td>\n<td>-123.933.070<\/td>\n<td>20,05%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>-182.999.586<\/b><\/td>\n<td><b>268.965.593<\/b><\/td>\n<td><b>-168,04%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri<\/td>\n<td>-306.437.016<\/td>\n<td>-133.966.135<\/td>\n<td>128,75%<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131<\/td>\n<td>210.546.358<\/td>\n<td>150.811.882<\/td>\n<td>39,61%<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r \/ (Zarar)<\/td>\n<td>-268.621.596<\/td>\n<td>295.388.747<\/td>\n<td>-190,94%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>-209.631.668<\/b><\/td>\n<td><b>254.607.312<\/b><\/td>\n<td><b>-182,34%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td><b>-0,56<\/b><\/td>\n<td><b>3,18<\/b><\/td>\n<td><b>&#8211;<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Performans De\u011ferlendirmesi:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Net sat\u0131\u015flar, bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k 800 milyon TL azalarak 1,86 milyar TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f\u00fcn %51&#8217;i yurti\u00e7i sat\u0131\u015flardan kaynaklanmaktad\u0131r.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k Bask\u0131s\u0131:<\/b> Sat\u0131\u015flar\u0131n maliyeti has\u0131lattan daha yava\u015f d\u00fc\u015fm\u00fc\u015f, bu da br\u00fct k\u00e2r\u0131n 39 milyon TL zarara d\u00f6n\u00fc\u015fmesine neden olmu\u015ftur. Pazarlama ve genel y\u00f6netim giderlerindeki art\u0131\u015flar da operasyonel zarar\u0131 derinle\u015ftirmi\u015ftir.<\/li>\n<li><b>Finansal Giderler:<\/b> Finansman giderleri, \u00f6zellikle kredi ve leasing i\u015flemlerinden kaynaklanan kambiyo zararlar\u0131 ve bor\u00e7lanma maliyetleri nedeniyle iki kat\u0131ndan fazla artarak 306,4 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> TMS 29 kapsam\u0131nda uygulanan enflasyon muhasebesi, 210,5 milyon TL&#8217;lik net parasal pozisyon kazanc\u0131 yaratarak zarar\u0131n daha da b\u00fcy\u00fcmesini engellemi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Finansal Durum ve Bilan\u00e7o Yap\u0131s\u0131 (30.09.2025)<\/h2>\n<p>Grup, ger\u00e7ekle\u015ftirdi\u011fi sermaye art\u0131r\u0131m\u0131 sayesinde bilan\u00e7osunu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015f ve bor\u00e7luluk seviyesini d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr.<\/p>\n<p><b>\u00d6zet Konsolide Finansal Durum Tablosu<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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>D\u00f6nen Varl\u0131klar<\/td>\n<td>2.348.740.157<\/td>\n<td>2.205.222.522<\/td>\n<td>6,51%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.886.675.888<\/td>\n<td>1.819.701.556<\/td>\n<td>3,68%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>4.235.416.045<\/b><\/td>\n<td><b>4.024.924.078<\/b><\/td>\n<td><b>5,23%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.159.977.761<\/td>\n<td>2.133.445.966<\/td>\n<td>-45,63%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>303.144.392<\/td>\n<td>787.021.864<\/td>\n<td>-61,48%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>1.463.132.153<\/b><\/td>\n<td><b>2.920.467.830<\/b><\/td>\n<td><b>-49,90%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM \u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>2.772.283.892<\/b><\/td>\n<td><b>1.104.456.248<\/b><\/td>\n<td><b>151,01%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>4.235.416.045<\/b><\/td>\n<td><b>4.024.924.078<\/b><\/td>\n<td><b>5,23%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Bilan\u00e7o Analizi:<\/b><\/p>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Toplam varl\u0131klar %5,23 art\u0131\u015fla 4,24 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Nakit ve nakit benzerleri 42,3 milyon TL&#8217;den 131 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Stoklar (1,16 milyar TL) ve ticari alacaklar (696 milyon TL) d\u00f6nen varl\u0131klar\u0131n en b\u00fcy\u00fck kalemlerini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler yar\u0131 yar\u0131ya azalarak 1,46 milyar TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fte en b\u00fcy\u00fck etken, ticari bor\u00e7lar\u0131n 1,39 milyar TL&#8217;den 372 milyon TL&#8217;ye ve uzun vadeli di\u011fer bor\u00e7lar (ortaklara bor\u00e7lar) kaleminin 429 milyon TL&#8217;den s\u0131f\u0131ra inmesidir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki 1,67 milyar TL&#8217;lik art\u0131\u015f, tamamen finansman faaliyetlerinden kaynaklanmaktad\u0131r. D\u00f6nem zarar\u0131na ra\u011fmen yap\u0131lan sermaye art\u0131r\u0131m\u0131, \u015firketin \u00f6zkaynaklar\u0131n\u0131 tarihi bir seviyeye ta\u015f\u0131m\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>4. Sermaye Yap\u0131s\u0131 ve Ortakl\u0131k<\/h2>\n<p>30 Aral\u0131k 2024 tarihli y\u00f6netim kurulu karar\u0131 ile ba\u015flat\u0131lan tahsisli sermaye art\u0131r\u0131m\u0131 s\u00fcreci, 2025 y\u0131l\u0131 i\u00e7inde tamamlanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi, mevcut ortaklar\u0131n r\u00fc\u00e7han haklar\u0131 k\u0131s\u0131tlanarak ger\u00e7ekle\u015ftirilen tahsisli sat\u0131\u015f ile <b>240.000.000 TL&#8217;den 372.475.397 TL&#8217;ye<\/b> y\u00fckseltilmi\u015ftir. Pay sat\u0131\u015f fiyat\u0131 1,00 TL nominal de\u011ferli pay i\u00e7in 13,21 TL olarak belirlenmi\u015ftir. Bu i\u015flem sonucunda \u015firkete yakla\u015f\u0131k <b>1,75 milyar TL<\/b> fon giri\u015fi sa\u011flanm\u0131\u015f ve bu tutar\u0131n b\u00fcy\u00fck k\u0131sm\u0131 &#8220;Paylara \u0130li\u015fkin Primler&#8221; olarak \u00f6zkaynaklara kaydedilmi\u015ftir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> Sermaye art\u0131r\u0131m\u0131 sonras\u0131 ortakl\u0131k yap\u0131s\u0131 de\u011fi\u015fmi\u015ftir.<\/li>\n<\/ul>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30.09.2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahibi<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Erkan \u0130zgi<\/td>\n<td>58.254.537<\/td>\n<td>15,64<\/td>\n<\/tr>\n<tr>\n<td>\u0130zgi Holding A.\u015e.<\/td>\n<td>53.594.245<\/td>\n<td>14,39<\/td>\n<\/tr>\n<tr>\n<td>Serkan Aktulum<\/td>\n<td>52.990.159<\/td>\n<td>14,23<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k K\u0131s\u0131m Dahil)<\/td>\n<td>207.636.456<\/td>\n<td>55,74<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>372.475.397<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Operasyonel Faaliyetler ve Stratejik Geli\u015fmeler<\/h2>\n<h3>5.1. Ara\u015ft\u0131rma ve Geli\u015ftirme \u00c7al\u0131\u015fmalar\u0131<\/h3>\n<p>Grup, Ar-Ge faaliyetlerini \u00f6zellikle gelece\u011fin teknolojilerine odaklam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>G-Charge Elektrikli Ara\u00e7 \u015earj Sistemleri:<\/b> T\u00fcrkiye&#8217;de yerli bir marka olarak geli\u015ftirilen G-Charge, toplu konutlar, AVM&#8217;ler ve akaryak\u0131t istasyonlar\u0131 i\u00e7in \u00e7\u00f6z\u00fcmler sunmaktad\u0131r. \u00c7evre ve \u015eehircilik Bakanl\u0131\u011f\u0131&#8217;n\u0131n Otopark Y\u00f6netmeli\u011fi&#8217;nde elektrikli ara\u00e7 \u015farj \u00fcnitelerini zorunlu k\u0131lmas\u0131, bu alandaki pazar potansiyelini art\u0131rmaktad\u0131r.<\/li>\n<li><b>DC H\u0131zl\u0131 \u015earj Teknolojisi:<\/b> &#8220;Busbar Sistemli, AC\/DC D\u00f6n\u00fc\u015f\u00fcml\u00fc, DC H\u0131zl\u0131 \u015earj (MOD 4) \u00d6zellikli \u015earj \u00dcnitesi&#8221; projesi ile T\u00fcrkiye&#8217;de ilk defa AC\/DC d\u00f6n\u00fc\u015f\u00fcml\u00fc sabit \u015farj istasyonu geli\u015ftirilmi\u015f, otomobillerin yan\u0131 s\u0131ra otob\u00fcs ve a\u011f\u0131r vas\u0131talar i\u00e7in de \u00fcr\u00fcn tedari\u011fi m\u00fcmk\u00fcn hale gelmi\u015ftir.<\/li>\n<\/ul>\n<h3>5.2. Yat\u0131r\u0131mlar ve Te\u015fvikler<\/h3>\n<p>\u015eirket, Zonguldak \u00c7aycuma&#8217;daki \u00fcretim tesisinde verimlili\u011fi ve kapasiteyi art\u0131rmaya y\u00f6nelik yat\u0131r\u0131mlar\u0131n\u0131 s\u00fcrd\u00fcrmektedir. Bu kapsamda iki adet yat\u0131r\u0131m te\u015fvik belgesi bulunmaktad\u0131r:<\/p>\n<ol>\n<li><b>Metal E\u015fya \u0130malat\u0131 Yat\u0131r\u0131m\u0131:<\/b> 84.500.000 TL tutar\u0131ndaki te\u015fvik belgesi kapsam\u0131nda 11.893.932,76 TL harcama yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Elektrik Da\u011f\u0131t\u0131m ve Kontrol Cihazlar\u0131 \u0130malat\u0131 Yat\u0131r\u0131m\u0131:<\/b> 13.900.000 TL tutar\u0131ndaki te\u015fvik belgesi kapsam\u0131nda 2.111.949,51 TL harcama yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<h3>5.3. Risk Y\u00f6netimi<\/h3>\n<p>\u015eirket b\u00fcnyesinde, risklerin erken saptanmas\u0131 ve y\u00f6netilmesi amac\u0131yla bir <b>Riskin Erken Saptanmas\u0131 Komitesi<\/b> faaliyet g\u00f6stermektedir. Komite, ba\u011f\u0131ms\u0131z y\u00f6netim kurulu \u00fcyesi Zafer Kaymak\u00e7\u0131 (Ba\u015fkan) ve y\u00f6netim kurulu \u00fcyesi G\u00fclfem Oktay&#8217;dan olu\u015fmaktad\u0131r. Komite, 30 Eyl\u00fcl 2025&#8217;te sona eren d\u00f6nemde 4 kez toplanarak risk y\u00f6netimi s\u00fcre\u00e7lerini g\u00f6zden ge\u00e7irmi\u015f ve y\u00f6netim kuruluna raporlama yapm\u0131\u015ft\u0131r.<\/p>\n<p><b>Finansal Yap\u0131 Rasyolar\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Rasyo<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>2,02<\/td>\n<td>1,03<\/td>\n<\/tr>\n<tr>\n<td>Kald\u0131ra\u00e7 Oran\u0131<\/td>\n<td>34,55%<\/td>\n<td>72,56%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fck \/ \u00d6zkaynaklar<\/td>\n<td>52,78%<\/td>\n<td>264,43%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<button class=\"simplefavorite-button\" data-postid=\"493\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Zarara Ra\u011fmen Bilan\u00e7osu G\u00fc\u00e7lenen \u015eirket: Gersan Elektrik&#8217;in Finansal Paradoksu Giri\u015f: Gersan&#8217;\u0131n Finansal Bilmecesi Yat\u0131r\u0131mc\u0131lar ve i\u015f d\u00fcnyas\u0131 merakl\u0131lar\u0131 i\u00e7in ilgi \u00e7ekici bir soru vard\u0131r: Bir \u015firket nas\u0131l olur da \u00f6nemli bir d\u00f6nem zarar\u0131 a\u00e7\u0131klarken, ayn\u0131 zamanda temel finansal yap\u0131s\u0131nda dikkat&#8230; <\/p>\n","protected":false},"author":1,"featured_media":494,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[105],"class_list":["post-493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-gerel"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/493","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=493"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/493\/revisions"}],"predecessor-version":[{"id":495,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/493\/revisions\/495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/494"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}