{"id":496,"date":"2025-12-25T02:01:52","date_gmt":"2025-12-24T23:01:52","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=496"},"modified":"2025-12-25T02:01:52","modified_gmt":"2025-12-24T23:01:52","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ihyay-ihlas-yayin-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/496","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #IHYAY | \u0130hlas Yay\u0131n Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #IHYAY | \u0130hlas Yay\u0131n Holding 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/-Dyc_QdYkU8?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>\u0130hlas Yay\u0131n Holding&#8217;in Finansal Karnesi: Milyarlarca Liral\u0131k Cironun Ard\u0131ndaki 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Kurumsal finansal raporlar, \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n y\u00fczeyinin alt\u0131na indi\u011finizde, bir \u015firketin stratejisini, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131 ve gelece\u011fe y\u00f6nelik potansiyelini anlatan ilgi \u00e7ekici bir hikaye bulabilirsiniz. T\u0131pk\u0131 bir dedektifin ipu\u00e7lar\u0131n\u0131 birle\u015ftirmesi gibi, bir bilan\u00e7oyu veya gelir tablosunu okumak da bir \u015firketin sa\u011fl\u0131\u011f\u0131 hakk\u0131nda derinlemesine bilgi verir.<\/p>\n<p>Bu merakla \u0130hlas Yay\u0131n Holding A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihli en g\u00fcncel konsolide finansal raporunu inceledim. Bu analizden, \u015firketin mevcut durumu hakk\u0131nda \u00e7ok \u015fey anlatan ve ilk bak\u0131\u015fta g\u00f6zden ka\u00e7abilecek be\u015f \u015fa\u015f\u0131rt\u0131c\u0131 ve \u00f6nemli ger\u00e7e\u011fi sizin i\u00e7in derledim. Bu be\u015f nokta, milyarlarca liral\u0131k cironun ard\u0131ndaki karma\u015f\u0131k dinamikleri anlamak i\u00e7in bir anahtar niteli\u011finde.<\/p>\n<h3>1. Ciro Y\u00fcksek, Ancak K\u00e2r Nerede? Gelir-Zarar Paradoksu<\/h3>\n<p>\u0130hlas Yay\u0131n Holding&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, i\u015f d\u00fcnyas\u0131n\u0131n en temel paradokslar\u0131ndan birini g\u00f6zler \u00f6n\u00fcne seriyor. \u015eirket, bu d\u00f6nemde <b>2.371.008.511 TL<\/b> gibi etkileyici bir ciro (Has\u0131lat) elde etmi\u015f. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 2.321.499.671 TL&#8217;lik ciroya g\u00f6re hafif bir art\u0131\u015f g\u00f6stererek gelir istikrar\u0131na i\u015faret ediyor.<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fcnde ise ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen <b>408.888.608 TL&#8217;lik net d\u00f6nem zarar\u0131<\/b> bulunuyor. Bu durum, y\u00fcksek cironun her zaman k\u00e2rl\u0131l\u0131k anlam\u0131na gelmedi\u011finin en net kan\u0131t\u0131. Rapora g\u00f6re, &#8216;Sat\u0131\u015flar\u0131n Maliyeti&#8217; (2.1 milyar TL), &#8216;Genel Y\u00f6netim Giderleri&#8217; (387.6 milyon TL) ve &#8216;Pazarlama Giderleri&#8217; (231.5 milyon TL) gibi devasa maliyet kalemleri, elde edilen geliri tamamen eriterek \u015firketi zarara s\u00fcr\u00fckl\u00fcyor. Bu tablo, sat\u0131\u015flar\u0131 art\u0131r\u0131rken maliyetleri kontrol alt\u0131nda tutman\u0131n klasik ama zorlu m\u00fccadelesini ortaya koyuyor.<\/p>\n<h3>2. Gemiyi Y\u00fczd\u00fcren Tek Motor: Gazetecilik ve Matbaa<\/h3>\n<p>Holdingin farkl\u0131 i\u015f kollar\u0131n\u0131n performans\u0131n\u0131 mercek alt\u0131na ald\u0131\u011f\u0131m\u0131zda daha da \u015fa\u015f\u0131rt\u0131c\u0131 bir tabloyla kar\u015f\u0131la\u015f\u0131yoruz. B\u00f6l\u00fcmlere g\u00f6re raporlama (Not 4), holdingin k\u00e2r eden tek bir operasyonel motoru oldu\u011funu g\u00f6steriyor: <b>Gazetecilik ve Matbaa \u0130\u015fleri<\/b>. Bu segment, tek ba\u015f\u0131na <b>55.538.289 TL<\/b> esas faaliyet k\u00e2r\u0131 \u00fcreterek grubun ayakta kalmas\u0131n\u0131 sa\u011flayan finansal omurga g\u00f6revini \u00fcstleniyor.<\/p>\n<p>Buna kar\u015f\u0131l\u0131k, di\u011fer iki ana segment \u00f6nemli \u00f6l\u00e7\u00fcde faaliyet zarar\u0131 yazm\u0131\u015f durumda:<\/p>\n<ul>\n<li><b>Haber Ajansl\u0131\u011f\u0131<\/b>: (100.181.309) TL zarar<\/li>\n<li><b>TV Hizmetleri ve Di\u011fer<\/b>: (320.175.892) TL zarar<\/li>\n<\/ul>\n<p>Bu durum, dijitalle\u015fmenin h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc bir \u00e7a\u011fda olduk\u00e7a ironik bir ger\u00e7e\u011fi ortaya koyuyor. Holdingin en geleneksel kolu olan bas\u0131l\u0131 yay\u0131nc\u0131l\u0131k ve matbaa, modern medya kollar\u0131 olarak g\u00f6r\u00fclen haber ajans\u0131 ve televizyon operasyonlar\u0131n\u0131n devasa zararlar\u0131n\u0131 s\u00fcbvanse ediyor. Gazetecilik ve matbaa birimi, kelimenin tam anlam\u0131yla gemiyi y\u00fczd\u00fcren tek motor konumunda.<\/p>\n<h3>3. \u00d6zkaynaklarda B\u00fcy\u00fck &#8216;S\u0131f\u0131rlama&#8217;: Bilan\u00e7o Temizli\u011fi mi, Alarm Zilleri mi?<\/h3>\n<p>\u015eirketin \u00f6zkaynak yap\u0131s\u0131ndaki de\u011fi\u015fim, belki de raporun en teknik ama en \u00e7arp\u0131c\u0131 detay\u0131. 1 Ocak 2025&#8217;te <b>1.014.563.133 TL<\/b> olan Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar, dokuz ay gibi k\u0131sa bir s\u00fcrede yakla\u015f\u0131k %43&#8217;l\u00fck bir d\u00fc\u015f\u00fc\u015fle 30 Eyl\u00fcl 2025&#8217;te <b>576.272.032 TL<\/b>&#8216;ye gerilemi\u015f.<\/p>\n<p>Bu dramatik d\u00fc\u015f\u00fc\u015f\u00fcn arkas\u0131nda, \u00d6zsermaye De\u011fi\u015fim Tablolar\u0131&#8217;ndaki (*) dipnotunda a\u00e7\u0131klanan b\u00fcy\u00fck bir muhasebe operasyonu yat\u0131yor. \u015eirket, ge\u00e7mi\u015f d\u00f6nemlerden gelen 7.8 milyar TL&#8217;nin \u00fczerindeki &#8220;Sermaye D\u00fczeltme Farklar\u0131&#8221;n\u0131 (enflasyon d\u00fczeltmesi kaynakl\u0131) kullanarak yine ge\u00e7mi\u015f y\u0131llardan birikmi\u015f devasa zararlar\u0131 mahsup etmi\u015f, yani bir anlamda s\u0131f\u0131rlam\u0131\u015f. Bu hamle bir yandan bilan\u00e7oyu sadele\u015ftirerek gelece\u011fe y\u00f6nelik daha temiz bir ba\u015flang\u0131\u00e7 sa\u011flarken, di\u011fer yandan alarm zillerini de \u00e7ald\u0131r\u0131yor; zira b\u00f6yle devasa birikmi\u015f zararlar\u0131 s\u0131f\u0131rlama ihtiyac\u0131, holdingin ge\u00e7mi\u015fte ne denli derin finansal zorluklar ya\u015fad\u0131\u011f\u0131n\u0131n da bir itiraf\u0131 niteli\u011finde.<\/p>\n<h3>4. Raflar Doluyor: Stoklardaki Dikkat \u00c7ekici Art\u0131\u015f Ne S\u00f6yl\u00fcyor?<\/h3>\n<p>Bilan\u00e7o dikkatle incelendi\u011finde, &#8220;Stoklar&#8221; kalemindeki art\u0131\u015f hemen g\u00f6ze \u00e7arp\u0131yor. \u015eirketin stoklar\u0131, 2024 sonunda <b>194.4 milyon TL<\/b> iken, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>280.2 milyon TL<\/b>&#8216;ye y\u00fckselmi\u015f. Bu, sadece dokuz ayda yakla\u015f\u0131k <b>%44&#8217;l\u00fck<\/b> bir art\u0131\u015f anlam\u0131na geliyor.<\/p>\n<p>Ancak as\u0131l hikaye, bu art\u0131\u015f\u0131n detaylar\u0131nda gizli. Raporun 8 numaral\u0131 dipnotu, stoklar\u0131n bile\u015fimini g\u00f6steriyor. Buna g\u00f6re &#8220;\u0130lk madde ve malzeme&#8221; stoklar\u0131 (193.9 milyon TL&#8217;den 201.4 milyon TL&#8217;ye) neredeyse hi\u00e7 de\u011fi\u015fmezken, as\u0131l patlama sat\u0131lmay\u0131 bekleyen <b>&#8220;Mamuller&#8221; (bitmi\u015f \u00fcr\u00fcnler) kaleminde ya\u015fanm\u0131\u015f: 11.3 milyon TL&#8217;den 52.1 milyon TL&#8217;ye f\u0131rlam\u0131\u015f<\/b>. Bu, stratejik bir hammadde birikiminden ziyade, \u00fcretimin sat\u0131\u015flar\u0131 geride b\u0131rakt\u0131\u011f\u0131na veya talepte bir yava\u015flama oldu\u011funa dair g\u00fc\u00e7l\u00fc bir kan\u0131t sunuyor. Stoklardaki bu birikme, ilk b\u00f6l\u00fcmde bahsetti\u011fimiz k\u00e2rl\u0131l\u0131k sorununu da do\u011frudan besleyen bir geli\u015fme.<\/p>\n<h3>5. Faaliyetler Nakit Yarat\u0131yor, Ama Kasa Neden Bo\u015fal\u0131yor?<\/h3>\n<p>Nakit ak\u0131\u015f tablosu, \u015firketin finansal sa\u011fl\u0131\u011f\u0131 hakk\u0131nda genellikle en net resmi sunar. \u0130hlas Yay\u0131n Holding&#8217;in nakit ak\u0131\u015f\u0131nda da ilgin\u00e7 bir ikilem mevcut. Rapor d\u00f6neminin sonunda \u015firketin kasas\u0131ndaki toplam nakit ve benzerleri <b>27.9 milyon TL<\/b> azalm\u0131\u015f.<\/p>\n<p>Ancak \u015fa\u015f\u0131rt\u0131c\u0131 olan \u015fu ki, \u015firketin ana faaliyetleri asl\u0131nda nakit \u00fcretiyor. &#8220;\u0130\u015fletme faaliyetlerinden sa\u011flanan net nakit ak\u0131\u015flar\u0131&#8221; kalemi <b>64.8 milyon TL<\/b> pozitif. Peki bu nakit nereye gidiyor? Cevap, di\u011fer iki kalemde gizli: \u015eirket, yat\u0131r\u0131m faaliyetleri i\u00e7in net <b>57.3 milyon TL<\/b> ve finansman faaliyetleri i\u00e7in net <b>35.4 milyon TL<\/b> nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fam\u0131\u015f. Detaylara indi\u011fimizde, yat\u0131r\u0131m harcamalar\u0131n\u0131n en b\u00fcy\u00fck kaleminin <b>57.7 milyon TL<\/b> ile &#8220;Maddi duran varl\u0131k al\u0131mlar\u0131&#8221;, finansman \u00e7\u0131k\u0131\u015flar\u0131n\u0131n ise <b>21.2 milyon TL<\/b>&#8216;lik bor\u00e7 geri \u00f6demeleri ve <b>29.7 milyon TL<\/b>&#8216;lik &#8220;\u00d6denen faiz&#8221; oldu\u011fu g\u00f6r\u00fcl\u00fcyor. Bu, temel operasyonlar\u0131 nakit yaratan ancak bu nakdi an\u0131nda fiziksel varl\u0131klara yat\u0131r\u0131m yapmaya ve bor\u00e7lar\u0131n\u0131 faiziyle birlikte \u00f6demeye harcayan bir \u015firket portresi \u00e7iziyor.<\/p>\n<h3>Sonu\u00e7: Belirsizlik \u0130\u00e7inde Bir D\u00f6n\u00fc\u015f\u00fcm<\/h3>\n<p>\u0130hlas Yay\u0131n Holding&#8217;in finansal raporu, birbiriyle \u00e7eli\u015fen ancak bir araya geldi\u011finde anlaml\u0131 bir b\u00fct\u00fcn olu\u015fturan verilerle dolu. Ciro ve k\u00e2r aras\u0131ndaki makas\u0131n a\u00e7\u0131lmas\u0131, geleneksel matbaa ve gazetecilik biriminin di\u011fer segmentleri s\u0131rtlamas\u0131, bilan\u00e7oda yap\u0131lan k\u00f6kl\u00fc temizlik ve nakit ak\u0131\u015f\u0131 \u00fczerindeki bask\u0131lar&#8230; Stoklarda, \u00f6zellikle de sat\u0131lmay\u0131 bekleyen mamul \u00fcr\u00fcnlerdeki art\u0131\u015f, ciro sabit kalsa bile k\u00e2rl\u0131l\u0131\u011f\u0131 neden yakalayamad\u0131klar\u0131na dair \u00f6nemli bir ipucu sunuyor. T\u00fcm bu unsurlar, zorlu bir piyasada \u00f6nemli bir d\u00f6n\u00fc\u015f\u00fcmden ge\u00e7en bir medya grubunun resmini \u00e7iziyor.<\/p>\n<p>Bu rakamlar, k\u00f6kl\u00fc bir medya grubunun zorlu bir d\u00f6n\u00fc\u015f\u00fcmden ge\u00e7ti\u011fini g\u00f6steriyor. Gazetecilik biriminin g\u00fcc\u00fc, grubun geri kalan\u0131n\u0131 bu finansal dalgalanmada ne kadar daha ta\u015f\u0131yabilir? Yan\u0131t\u0131, bir sonraki finansal raporlarda gizli olacak.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u0130hlas Yay\u0131n Holding A.\u015e. Finansal Durum ve Performans Analizi: 30 Eyl\u00fcl 2025<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, \u0130hlas Yay\u0131n Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 01 Ocak \u2013 30 Eyl\u00fcl 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve se\u00e7ilmi\u015f dipnotlar\u0131n\u0131 analiz etmektedir. Rapor, Grubun finansal durumu, operasyonel performans\u0131, nakit ak\u0131\u015flar\u0131 ve kilit faaliyet segmentleri hakk\u0131nda kapsaml\u0131 bir bak\u0131\u015f sunmaktad\u0131r. Finansal tablolar, Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczenlenmi\u015ftir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Finansal Durum:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131, 31 Aral\u0131k 2024&#8217;e k\u0131yasla hafif bir d\u00fc\u015f\u00fc\u015fle 6,15 milyar TL&#8217;ye gerilemi\u015ftir. Ayn\u0131 d\u00f6nemde toplam y\u00fck\u00fcml\u00fcl\u00fckler artarak 2,77 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bunun sonucunda, toplam \u00f6zkaynaklar %12,7 azalarak 3,88 milyar TL&#8217;den 3,39 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Ana ortakl\u0131\u011fa ait \u00f6zkaynaklardaki d\u00fc\u015f\u00fc\u015f ise %43,2 gibi \u00f6nemli bir oranda ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Operasyonel Performans:<\/b> Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda 2,37 milyar TL has\u0131lat elde etmi\u015f ve bu rakam bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hafif bir art\u0131\u015f g\u00f6stermi\u015ftir. Ancak artan sat\u0131\u015f maliyetleri ve faaliyet giderleri nedeniyle d\u00f6nem, 364,8 milyon TL Esas Faaliyet Zarar\u0131 ve 542,1 milyon TL D\u00f6nem Zarar\u0131 ile sonu\u00e7lanm\u0131\u015ft\u0131r. Ana ortakl\u0131k pay\u0131na d\u00fc\u015fen net d\u00f6nem zarar\u0131 408,9 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131nda i\u015fletme faaliyetlerinden 64,8 milyon TL net nakit giri\u015fi sa\u011flam\u0131\u015ft\u0131r; bu, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 87,2 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131na k\u0131yasla olumlu bir geli\u015fmedir. Ancak, yat\u0131r\u0131m faaliyetlerinden 57,3 milyon TL ve finansman faaliyetlerinden 35,4 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. Sonu\u00e7 olarak, d\u00f6nemin ba\u015f\u0131nda 76,1 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda 48,3 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Segment Performans\u0131:<\/b> Grubun en b\u00fcy\u00fck gelir kayna\u011f\u0131 olan &#8220;Gazetecilik ve Matbaa \u0130\u015fleri&#8221; segmenti, 1,73 milyar TL has\u0131latla pozitif br\u00fct kar elde etmesine ra\u011fmen, faaliyet giderleri sonras\u0131 sadece 55,5 milyon TL esas faaliyet kar\u0131 yaratabilmi\u015ftir. &#8220;Haber Ajansl\u0131\u011f\u0131&#8221; ve &#8220;TV Hizmetleri ve Di\u011fer&#8221; segmentleri ise hem br\u00fct hem de esas faaliyet d\u00fczeyinde \u00f6nemli zararlar kaydetmi\u015ftir.<\/li>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> Grup, ba\u015fta \u0130hlas Holding A.\u015e. olmak \u00fczere ili\u015fkili taraflarla yo\u011fun ticari ve finansal ili\u015fkilere sahiptir. Raporlama tarihi itibar\u0131yla ili\u015fkili taraflara \u00f6nemli tutarlarda bor\u00e7 ve alacak bakiyeleri bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Faaliyet Alanlar\u0131<\/h2>\n<p>\u0130hlas Yay\u0131n Holding A.\u015e. (&#8220;\u015eirket&#8221;), her t\u00fcrl\u00fc yaz\u0131l\u0131, g\u00f6rsel ve i\u015fitsel yay\u0131nc\u0131l\u0131k, reklamc\u0131l\u0131k ve haber ajansl\u0131\u011f\u0131 gibi sekt\u00f6rlerde faaliyet g\u00f6steren \u015firketlerin sermayelerine ve y\u00f6netimlerine kat\u0131lmak amac\u0131yla kurulmu\u015f bir holding \u015firketidir. Grubun merkezi \u0130stanbul, Bah\u00e7elievler&#8217;dedir.<\/p>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Personel Say\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun ortakl\u0131k yap\u0131s\u0131 ve personel say\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30 Eyl\u00fcl 2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131\/\u00dcnvan\u0131<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Holding A.\u015e.<\/td>\n<td>23,96<\/td>\n<td>107.814.631<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>73,94<\/td>\n<td>332.735.369<\/td>\n<\/tr>\n<tr>\n<td>Ahmet M\u00fccahid \u00d6ren<\/td>\n<td>2,10<\/td>\n<td>9.450.000<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6denmi\u015f Sermaye<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>450.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: B grubu imtiyazl\u0131 paylar, y\u00f6netim kurulu \u00fcye se\u00e7iminde ve genel kurulda oy hakk\u0131nda (her pay i\u00e7in 15 oy) avantaj sa\u011flamaktad\u0131r. Bu paylar \u0130hlas Holding A.\u015e. ve Ahmet M\u00fccahid \u00d6ren&#8217;e aittir.<\/i><\/p>\n<p><b>Personel Say\u0131s\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>\u015eirket<\/td>\n<td>Ba\u011fl\u0131 Ortakl\u0131klar<\/td>\n<td>Grup Toplam\u0131<\/td>\n<\/tr>\n<tr>\n<td>2025<\/td>\n<td>31<\/td>\n<td>1.082<\/td>\n<td>1.113<\/td>\n<\/tr>\n<tr>\n<td>2024<\/td>\n<td>31<\/td>\n<td>1.069<\/td>\n<td>1.100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve Faaliyet Konular\u0131<\/h3>\n<p>Grup, konsolide finansal tablolara dahil edilen \u00e7e\u015fitli ba\u011fl\u0131 ortakl\u0131klar arac\u0131l\u0131\u011f\u0131yla faaliyet g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<td>Ana Faaliyet Konusu<\/td>\n<td>Etkin Sahiplik Oran\u0131 (%) (30\/09\/2025)<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130hlas Gazetecilik A.\u015e.<\/b><\/td>\n<td>T\u00fcrkiye Gazetesi&#8217;nin \u00e7\u0131kar\u0131lmas\u0131, da\u011f\u0131t\u0131m\u0131, pazarlamas\u0131 ve matbaa bask\u0131 i\u015fleri<\/td>\n<td>30,9<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130hlas Haber Ajans\u0131 A.\u015e. (\u0130HA)<\/b><\/td>\n<td>Haber ajansl\u0131\u011f\u0131; g\u00f6r\u00fcnt\u00fcl\u00fc, yaz\u0131l\u0131 ve foto\u011frafl\u0131 haber \u00fcretimi ve pazarlamas\u0131<\/td>\n<td>54,2<\/td>\n<\/tr>\n<tr>\n<td><b>TGRT Haber TV A.\u015e.<\/b><\/td>\n<td>TGRT Haber TV ve TGRT FM ile televizyon ve radyo yay\u0131nc\u0131l\u0131\u011f\u0131<\/td>\n<td>99,4<\/td>\n<\/tr>\n<tr>\n<td><b>TGRT Dijital TV Hizmetleri A.\u015e.<\/b><\/td>\n<td>TGRT Belgesel TV kanal\u0131yla televizyon yay\u0131nc\u0131l\u0131\u011f\u0131<\/td>\n<td>100,0<\/td>\n<\/tr>\n<tr>\n<td><b>Dijital Varl\u0131klar Ltd. \u015eti.<\/b><\/td>\n<td>Dijital medya yay\u0131nc\u0131l\u0131\u011f\u0131 ve internet hizmetleri<\/td>\n<td>97,7<\/td>\n<\/tr>\n<tr>\n<td><b>TGRT Radyo ve TV Yay\u0131nc\u0131l\u0131\u011f\u0131 A.\u015e.<\/b><\/td>\n<td>Radyo ve televizyon yay\u0131nc\u0131l\u0131\u011f\u0131<\/td>\n<td>100,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>Grup&#8217;un 30 Eyl\u00fcl 2025 ve 31 Aral\u0131k 2024 tarihli konsolide finansal durum tablolar\u0131n\u0131n kar\u015f\u0131la\u015ft\u0131rmal\u0131 \u00f6zeti a\u015fa\u011f\u0131da sunulmu\u015ftur. Rakamlar, TMS 29 uyar\u0131nca 30 Eyl\u00fcl 2025 sat\u0131n alma g\u00fcc\u00fcne g\u00f6re ifade edilmi\u015ftir.<\/p>\n<p><b>Varl\u0131klar\u0131n Kar\u015f\u0131la\u015ft\u0131rmas\u0131 (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemleri<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>1.407.770.531<\/b><\/td>\n<td><b>1.449.028.299<\/b><\/td>\n<td><b>-2,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>48.565.642<\/td>\n<td>76.595.575<\/td>\n<td>-36,6%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>814.742.672<\/td>\n<td>902.253.122<\/td>\n<td>-9,7%<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>280.225.980<\/td>\n<td>194.379.373<\/td>\n<td>+44,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>4.745.426.388<\/b><\/td>\n<td><b>4.828.800.445<\/b><\/td>\n<td><b>-1,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n<td>1.427.304.055<\/td>\n<td>1.427.304.055<\/td>\n<td>0,0%<\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>1.064.442.281<\/td>\n<td>1.116.912.003<\/td>\n<td>-4,7%<\/td>\n<\/tr>\n<tr>\n<td>Ertelenmi\u015f Vergi Varl\u0131\u011f\u0131<\/td>\n<td>926.652.464<\/td>\n<td>917.251.496<\/td>\n<td>+1,0%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>6.153.196.919<\/b><\/td>\n<td><b>6.277.828.744<\/b><\/td>\n<td><b>-2,0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kaynaklar\u0131n Kar\u015f\u0131la\u015ft\u0131rmas\u0131 (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemleri<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/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><b>1.183.356.883<\/b><\/td>\n<td><b>829.672.965<\/b><\/td>\n<td><b>+42,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ertelenmi\u015f Gelirler<\/td>\n<td>554.976.555<\/td>\n<td>325.906.736<\/td>\n<td>+70,3%<\/td>\n<\/tr>\n<tr>\n<td>\u0130li\u015fkili Taraflara Di\u011fer Bor\u00e7lar<\/td>\n<td>169.835.625<\/td>\n<td>76.671.469<\/td>\n<td>+121,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>1.582.357.221<\/b><\/td>\n<td><b>1.567.728.206<\/b><\/td>\n<td><b>+0,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/td>\n<td>1.383.955.645<\/td>\n<td>1.356.214.250<\/td>\n<td>+2,0%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>2.765.714.104<\/b><\/td>\n<td><b>2.397.401.171<\/b><\/td>\n<td><b>+15,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>3.387.482.815<\/b><\/td>\n<td><b>3.880.427.573<\/b><\/td>\n<td><b>-12,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>576.272.032<\/td>\n<td>1.014.563.133<\/td>\n<td>-43,2%<\/td>\n<\/tr>\n<tr>\n<td>Kontrol G\u00fcc\u00fc Olmayan Paylar<\/td>\n<td>2.811.210.783<\/td>\n<td>2.865.864.440<\/td>\n<td>-1,9%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>6.153.196.919<\/b><\/td>\n<td><b>6.277.828.744<\/b><\/td>\n<td><b>-2,0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Performans Analizi (Gelir Tablosu)<\/h2>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Has\u0131latta bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hafif bir art\u0131\u015f olmas\u0131na ra\u011fmen, artan maliyetler ve giderler karl\u0131l\u0131\u011f\u0131 olumsuz etkilemi\u015ftir.<\/p>\n<p><b>Konsolide Gelir Tablosu \u00d6zeti (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri<\/td>\n<td>01 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>01 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td><b>2.371.008.511<\/b><\/td>\n<td><b>2.321.499.671<\/b><\/td>\n<td><b>+2,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(2.109.906.125)<\/td>\n<td>(2.079.287.111)<\/td>\n<td>+1,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar\/(Zarar)<\/b><\/td>\n<td><b>261.102.386<\/b><\/td>\n<td><b>242.212.560<\/b><\/td>\n<td><b>+7,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(387.599.285)<\/td>\n<td>(383.898.967)<\/td>\n<td>+1,0%<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri (-)<\/td>\n<td>(231.498.751)<\/td>\n<td>(225.972.934)<\/td>\n<td>+2,4%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyetlerden Di\u011fer Gelir\/Giderler (Net)<\/td>\n<td>(6.823.262)<\/td>\n<td>14.919.473<\/td>\n<td>-145,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td><b>(364.818.912)<\/b><\/td>\n<td><b>(352.739.868)<\/b><\/td>\n<td><b>+3,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri\/Giderleri (Net)<\/td>\n<td>(40.571.137)<\/td>\n<td>(33.515.517)<\/td>\n<td>+21,1%<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7\/Kay\u0131p<\/td>\n<td>(106.293.153)<\/td>\n<td>(153.953.381)<\/td>\n<td>-30,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Kar\/(Zarar)<\/b><\/td>\n<td><b>(515.175.191)<\/b><\/td>\n<td><b>(577.232.598)<\/b><\/td>\n<td><b>-10,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi Gelir\/(Gideri)<\/td>\n<td>(26.885.952)<\/td>\n<td>(4.314.568)<\/td>\n<td>+523,1%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00d6NEM KARI\/(ZARARI)<\/b><\/td>\n<td><b>(542.061.143)<\/b><\/td>\n<td><b>(581.547.166)<\/b><\/td>\n<td><b>-6,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131<\/b><\/td>\n<td><b>(408.888.608)<\/b><\/td>\n<td><b>(335.640.662)<\/b><\/td>\n<td><b>+21,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Kontrol G\u00fcc\u00fc Olmayan Paylar<\/td>\n<td>(133.172.535)<\/td>\n<td>(245.906.504)<\/td>\n<td>-45,8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda Grup, operasyonlar\u0131ndan nakit yaratmay\u0131 ba\u015farm\u0131\u015f ancak yat\u0131r\u0131m ve finansman faaliyetlerindeki nakit \u00e7\u0131k\u0131\u015flar\u0131 nedeniyle genel nakit pozisyonunda azalma ya\u015fam\u0131\u015ft\u0131r.<\/p>\n<p><b>Konsolide Nakit Ak\u0131\u015f Tablosu \u00d6zeti (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f Kalemleri<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015fletme Faaliyetlerinden Net Nakit Ak\u0131\u015flar\u0131 (A)<\/b><\/td>\n<td><b>64.781.967<\/b><\/td>\n<td><b>(87.248.005)<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Kar\u0131 \/ Zarar\u0131<\/td>\n<td>(542.061.143)<\/td>\n<td>(581.547.166)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Net Kar\u0131\/Zarar\u0131 Mutabakat\u0131 ile \u0130lgili D\u00fczeltmeler<\/td>\n<td>(34.349.801)<\/td>\n<td>(175.739.052)<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Sermayesinde Ger\u00e7ekle\u015fen De\u011fi\u015fimler<\/td>\n<td>681.192.911<\/td>\n<td>670.038.213<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Faaliyetlerinden Net Nakit Ak\u0131\u015flar\u0131 (B)<\/b><\/td>\n<td><b>(57.260.212)<\/b><\/td>\n<td><b>27.446.314<\/b><\/td>\n<\/tr>\n<tr>\n<td>Maddi ve Maddi Olmayan Duran Varl\u0131k Al\u0131mlar\u0131<\/td>\n<td>(68.090.290)<\/td>\n<td>(98.840.808)<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Faaliyetlerinden Net Nakit Ak\u0131\u015flar\u0131 (C)<\/b><\/td>\n<td><b>(35.390.955)<\/b><\/td>\n<td><b>(32.861.803)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f\/Azal\u0131\u015f (D=A+B+C)<\/b><\/td>\n<td><b>(27.869.200)<\/b><\/td>\n<td><b>(92.663.494)<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri (E)<\/td>\n<td>76.135.810<\/td>\n<td>143.032.546<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri (F=D+E)<\/b><\/td>\n<td><b>48.266.610<\/b><\/td>\n<td><b>50.369.052<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>B\u00f6l\u00fcmlere G\u00f6re Raporlama<\/h2>\n<p>Grup faaliyetlerini \u00fc\u00e7 ana raporlanabilir b\u00f6l\u00fcm alt\u0131nda izlemektedir: Gazetecilik ve Matbaa \u0130\u015fleri, Haber Ajansl\u0131\u011f\u0131 ve TV Hizmetleri ve Di\u011fer.<\/p>\n<p><b>Faaliyet B\u00f6l\u00fcmleri Baz\u0131nda Performans \u00d6zeti (01 Ocak &#8211; 30 Eyl\u00fcl 2025, TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Raporlanabilir B\u00f6l\u00fcm<\/td>\n<td>Has\u0131lat<\/td>\n<td>Br\u00fct Kar\/Zarar<\/td>\n<td>Esas Faaliyet Kar\u0131\/Zarar\u0131<\/td>\n<td>FAV\u00d6K<\/td>\n<td>Toplam Varl\u0131klar<\/td>\n<\/tr>\n<tr>\n<td>Gazetecilik ve Matbaa \u0130\u015fleri<\/td>\n<td>1.733.939.389<\/td>\n<td>329.123.558<\/td>\n<td>55.538.289<\/td>\n<td>(46.079.443)<\/td>\n<td>5.401.213.713<\/td>\n<\/tr>\n<tr>\n<td>Haber Ajansl\u0131\u011f\u0131<\/td>\n<td>386.022.996<\/td>\n<td>(21.474.340)<\/td>\n<td>(100.181.309)<\/td>\n<td>(136.696.970)<\/td>\n<td>372.537.420<\/td>\n<\/tr>\n<tr>\n<td>TV Hizmetleri ve Di\u011fer<\/td>\n<td>251.046.126<\/td>\n<td>(46.546.832)<\/td>\n<td>(320.175.892)<\/td>\n<td>(338.705.724)<\/td>\n<td>379.445.786<\/td>\n<\/tr>\n<tr>\n<td><b>Grup Toplam\u0131<\/b><\/td>\n<td><b>2.371.008.511<\/b><\/td>\n<td><b>261.102.386<\/b><\/td>\n<td><b>(364.818.912)<\/b><\/td>\n<td><b>(521.482.137)<\/b><\/td>\n<td><b>6.153.196.919<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Gazetecilik ve Matbaa \u0130\u015fleri:<\/b> Grubun ana gelir kayna\u011f\u0131d\u0131r ve pozitif br\u00fct kar \u00fcretmektedir. Ancak faaliyet zarar\u0131 \u00f6ncesi kar marj\u0131 olduk\u00e7a d\u00fc\u015f\u00fckt\u00fcr.<\/li>\n<li><b>Haber Ajansl\u0131\u011f\u0131 ve TV Hizmetleri:<\/b> Bu iki segment de hem br\u00fct kar hem de esas faaliyet d\u00fczeyinde \u00f6nemli zararlar kaydetmektedir, bu da Grubun genel karl\u0131l\u0131\u011f\u0131n\u0131 a\u015fa\u011f\u0131 \u00e7ekmektedir.<\/li>\n<\/ul>\n<h2>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>Grup, ana orta\u011f\u0131 \u0130hlas Holding A.\u015e. ve di\u011fer grup \u015firketleriyle \u00f6nemli \u00f6l\u00e7\u00fcde ticari ve finansal i\u015flem ger\u00e7ekle\u015ftirmektedir. Bu i\u015flemler, alacaklar, bor\u00e7lar, mal\/hizmet sat\u0131\u015flar\u0131 ve al\u0131\u015flar\u0131 ile faiz ve kira gelir\/giderlerini kapsamaktad\u0131r.<\/p>\n<p><b>Se\u00e7ilmi\u015f \u0130li\u015fkili Taraf Bakiyeleri (30 Eyl\u00fcl 2025, TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bakiye T\u00fcr\u00fc<\/td>\n<td>\u0130li\u015fkili Taraf<\/td>\n<td>Tutar<\/td>\n<\/tr>\n<tr>\n<td><b>Ticari Alacaklar<\/b><\/td>\n<td>Net Tech Bili\u015fim ve Siber G\u00fcvenlik A.\u015e.<\/td>\n<td>55.077.907<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>\u0130hlas Holding A.\u015e.<\/td>\n<td>7.678.728<\/td>\n<\/tr>\n<tr>\n<td><b>Di\u011fer Bor\u00e7lar<\/b><\/td>\n<td>\u0130hlas Holding A.\u015e.<\/td>\n<td>169.191.082<\/td>\n<\/tr>\n<tr>\n<td><b>Ticari Bor\u00e7lar<\/b><\/td>\n<td>\u0130hlas Holding A.\u015e.<\/td>\n<td>11.750.391<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>KPT Lojistik Ta\u015f\u0131mac\u0131l\u0131k A.\u015e.<\/td>\n<td>11.063.358<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Se\u00e7ilmi\u015f \u0130li\u015fkili Taraf \u0130\u015flemleri (01 Ocak &#8211; 30 Eyl\u00fcl 2025, TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u0130\u015flem T\u00fcr\u00fc<\/td>\n<td>\u0130li\u015fkili Taraf<\/td>\n<td>Tutar<\/td>\n<\/tr>\n<tr>\n<td><b>Mal\/Hizmet Sat\u0131\u015flar\u0131<\/b><\/td>\n<td>\u0130hlas Ev Aletleri \u0130malat San.Tic.A.\u015e.<\/td>\n<td>58.638.374<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>\u0130hlas Holding A.\u015e.<\/td>\n<td>50.395.609<\/td>\n<\/tr>\n<tr>\n<td><b>Mal\/Hizmet Al\u0131\u015flar\u0131<\/b><\/td>\n<td>\u0130hlas Holding A.\u015e.<\/td>\n<td>40.336.891<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>\u015eifa Yemek ve G\u0131da \u00dcretim Tesisleri Tic. A.\u015e.<\/td>\n<td>30.301.884<\/td>\n<\/tr>\n<tr>\n<td><b>Al\u0131nan Faiz Faturalar\u0131<\/b><\/td>\n<td>\u0130hlas Holding A.\u015e.<\/td>\n<td>31.363.702<\/td>\n<\/tr>\n<tr>\n<td><b>Kesilen Faiz Faturalar\u0131<\/b><\/td>\n<td>Net Tech Bili\u015fim ve Siber G\u00fcvenlik A.\u015e.<\/td>\n<td>15.203.629<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Finansal Riskler ve Muhasebe Politikalar\u0131<\/h2>\n<ul>\n<li><b>Sermaye Riski Y\u00f6netimi:<\/b> Grup, sermaye yeterlili\u011fini net bor\u00e7\/\u00f6zsermaye oran\u0131n\u0131 kullanarak izlemektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla bu oran, 31 Aral\u0131k 2024&#8217;teki %60 seviyesinden %80&#8217;e y\u00fckselmi\u015ftir. Bu art\u0131\u015f, net bor\u00e7taki art\u0131\u015f ve \u00f6zkaynaklardaki azal\u0131\u015ftan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Kur Riski Y\u00f6netimi:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun 442.558 TL net d\u00f6viz pozisyonu a\u00e7\u0131\u011f\u0131 bulunmaktad\u0131r. Bu, \u00f6nceki y\u0131lsonundaki 9,9 milyon TL&#8217;lik a\u00e7\u0131\u011fa g\u00f6re \u00f6nemli bir iyile\u015fmeyi g\u00f6stermektedir.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar, KGK&#8217;n\u0131n karar\u0131 uyar\u0131nca y\u00fcksek enflasyonlu ekonomilerde finansal raporlama standard\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. Bu durum, \u00f6zellikle parasal olmayan kalemlerin ve \u00f6zkaynak kalemlerinin yeniden de\u011ferlenmesine yol a\u00e7m\u0131\u015ft\u0131r. 02 Haziran 2025 tarihli genel kurul karar\u0131 uyar\u0131nca enflasyon d\u00fczeltmesi sonucu ortaya \u00e7\u0131kan ge\u00e7mi\u015f y\u0131l zararlar\u0131, di\u011fer \u00f6zkaynak kalemleri ile mahsup edilmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"496\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>\u0130hlas Yay\u0131n Holding&#8217;in Finansal Karnesi: Milyarlarca Liral\u0131k Cironun Ard\u0131ndaki 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye Kurumsal finansal raporlar, \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n y\u00fczeyinin alt\u0131na indi\u011finizde, bir \u015firketin stratejisini,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":497,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[106],"class_list":["post-496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ihyay"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/496","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=496"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/496\/revisions"}],"predecessor-version":[{"id":498,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/496\/revisions\/498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/497"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}