{"id":499,"date":"2025-12-25T02:04:07","date_gmt":"2025-12-24T23:04:07","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=499"},"modified":"2025-12-25T02:04:07","modified_gmt":"2025-12-24T23:04:07","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-fonet-fonet-bilgi-teknolojileri-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/499","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #FONET | Fonet Bilgi Teknolojileri 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #FONET | Fonet Bilgi Teknolojileri 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/pTACcnkQ83U?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 Teknoloji Devi Mercek Alt\u0131nda: Fonet Raporlar\u0131ndan \u00c7\u0131kan 4 \u00c7arp\u0131c\u0131 Detay<\/h1>\n<p>Kurumsal finansal raporlar genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu alg\u0131, y\u00fczeyin alt\u0131ndaki ger\u00e7e\u011fi g\u00f6zden ka\u00e7\u0131r\u0131r. Asl\u0131nda bu raporlar, bir \u015firketin stratejisini, g\u00fc\u00e7 dinamiklerini ve de\u011fer yaratma mekanizmalar\u0131n\u0131 ortaya koyan birer hazine haritas\u0131d\u0131r. Do\u011fru okundu\u011funda, say\u0131lar bir \u015firketin ger\u00e7ek hikayesini anlat\u0131r.<\/p>\n<p>T\u00fcrkiye&#8217;nin sa\u011fl\u0131k teknolojisi sekt\u00f6r\u00fcndeki \u00f6nemli oyunculardan biri olan Fonet Bilgi Teknolojileri&#8217;nin k\u0131sa s\u00fcre \u00f6nce yay\u0131mlanan finansal raporlar\u0131 da tam olarak b\u00f6yle bir f\u0131rsat sunuyor.<\/p>\n<p>Bu makale, bilan\u00e7onun ve gelir tablosunun \u00f6tesine ge\u00e7erek Fonet&#8217;in 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek raporlar\u0131n\u0131n sat\u0131r aralar\u0131na gizlenmi\u015f en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili d\u00f6rt detay\u0131 g\u00fcn y\u00fcz\u00fcne \u00e7\u0131karacak. Bu detaylar, \u015firketin i\u015fleyi\u015fine dair \u00e7ok daha derin bir anlay\u0131\u015f kazanman\u0131z\u0131 sa\u011flayacak.<\/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. Sermayenin %38&#8217;i, Kararlar\u0131n %65&#8217;i: \u0130mtiyazl\u0131 Paylar\u0131n G\u00fcc\u00fc<\/b><\/h3>\n<p>Halka a\u00e7\u0131k \u015firketlerde genellikle &#8220;bir pay, bir oy&#8221; prensibi ge\u00e7erlidir. Ancak bu her zaman do\u011fru de\u011fildir. Baz\u0131 \u015firketler, kuruculara veya kilit payda\u015flara orant\u0131s\u0131z kontrol g\u00fcc\u00fc veren imtiyazl\u0131 veya \u00e7ift s\u0131n\u0131fl\u0131 hisse yap\u0131s\u0131n\u0131 benimser. Bu yap\u0131da, baz\u0131 hisseler di\u011ferlerinden katbekat daha fazla oy hakk\u0131na sahip olabilir.<\/p>\n<p>Fonet raporlar\u0131ndaki en \u00e7arp\u0131c\u0131 bulgulardan biri tam da bu. Faaliyet raporunun 4. sayfas\u0131ndaki sermaye yap\u0131s\u0131 tablosuna g\u00f6re, ortaklardan Abd\u00fclkerim Gazen \u015firketin sermayesinin <b>%38,35&#8217;ine<\/b> sahipken, oy haklar\u0131n\u0131n ise tam <b>%65,32&#8217;sini<\/b> kontrol ediyor.<\/p>\n<p>Peki bu nas\u0131l m\u00fcmk\u00fcn oluyor? Cevap, A ve B grubu paylar aras\u0131ndaki farkta gizli. \u015eirketin ana s\u00f6zle\u015fmesine g\u00f6re A grubu paylar\u0131n her biri 15 oy hakk\u0131 tan\u0131rken, B grubu paylar\u0131n her biri sadece bir oy hakk\u0131na sahip.<\/p>\n<p>Faaliyet raporunun 5. sayfas\u0131nda bu durum net bir \u015fekilde ifade ediliyor:<\/p>\n<p>\u015eirketin yap\u0131lacak Ola\u011fan ve Ola\u011fan\u00fcst\u00fc Genel Kurul Toplant\u0131lar\u0131\u2019nda (A) grubu pay sahipleri her bir pay i\u00e7in 15 oy hakk\u0131na, (B) grubu pay sahipleri her bir pay i\u00e7in 1 oy hakk\u0131na sahiptirler.<\/p>\n<p>Bu yap\u0131, rastgele olu\u015fmu\u015f bir durum de\u011fil, \u015firketin stratejik DNA&#8217;s\u0131na i\u015flenmi\u015f bilin\u00e7li bir tercihtir. Kurucu vizyonunun, k\u0131sa vadeli piyasa dalgalanmalar\u0131na veya aktivist yat\u0131r\u0131mc\u0131 bask\u0131lar\u0131na kurban gitmemesini sa\u011flayan bir kalkan g\u00f6revi g\u00f6r\u00fcr. Bu sayede Fonet, halka a\u00e7\u0131k bir teknoloji \u015firketinin s\u0131k\u00e7a kar\u015f\u0131la\u015ft\u0131\u011f\u0131 &#8220;\u00e7eyreklik performans&#8221; bask\u0131s\u0131ndan s\u0131yr\u0131larak, istikrarl\u0131 ve \u00e7ok y\u0131ll\u0131 bir stratejik vizyonu \u00f6d\u00fcns\u00fcz bir \u015fekilde s\u00fcrd\u00fcrme l\u00fcks\u00fcne sahip olur.<\/p>\n<h3><b>2. \u00c7al\u0131\u015fanlar\u0131n %70&#8217;inden Fazlas\u0131 M\u00fc\u015fterinin \u0130\u00e7inde: &#8216;G\u00f6m\u00fcl\u00fc&#8217; \u0130\u015f Modeli<\/b><\/h3>\n<p>Bir teknoloji \u015firketinin \u00e7al\u0131\u015fanlar\u0131n\u0131n nerede g\u00f6rev yapt\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcrs\u00fcn\u00fcz? Genellikle modern ofisler veya Ar-Ge merkezleri akla gelir. Fonet&#8217;in raporlar\u0131 ise bu beklentiyi tamamen y\u0131k\u0131yor. Faaliyet raporunun 7. sayfas\u0131ndaki personel da\u011f\u0131l\u0131m tablosu, \u015firketin i\u015f modeline dair s\u0131ra d\u0131\u015f\u0131 bir ger\u00e7e\u011fi ortaya koyuyor: Toplam 504 \u00e7al\u0131\u015fan\u0131n 362&#8217;si, &#8220;Teknik Personel&#8221; stat\u00fcs\u00fcnde ve do\u011frudan m\u00fc\u015fteri olan hastanelerde, belirli s\u00fcreli s\u00f6zle\u015fmelerle g\u00f6rev yap\u0131yor. Bu, toplam i\u015f g\u00fcc\u00fcn\u00fcn <b>%71&#8217;inden<\/b> fazlas\u0131 demek.<\/p>\n<p>Bu &#8220;g\u00f6m\u00fcl\u00fc&#8221; i\u015f modeli, Fonet&#8217;in sadece bir yaz\u0131l\u0131m lisans\u0131 satmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda m\u00fc\u015fterinin operasyonlar\u0131n\u0131n kalbine yerle\u015fmi\u015f, entegre bir hizmet ve teknik destek g\u00fcc\u00fc sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. \u015eirketin personeli, yaz\u0131l\u0131m\u0131 kullanan sa\u011fl\u0131k \u00e7al\u0131\u015fanlar\u0131yla ayn\u0131 \u00e7at\u0131 alt\u0131nda sorunlar\u0131 tespit ediyor, \u00e7\u00f6z\u00fcyor ve sistemin verimli \u00e7al\u0131\u015fmas\u0131n\u0131 sa\u011fl\u0131yor.<\/p>\n<p>Bu modelin stratejik avantajlar\u0131 olduk\u00e7a belirgin. M\u00fc\u015fteri ile son derece derin ve vazge\u00e7ilmez bir ili\u015fki kurarak ba\u015fka bir yaz\u0131l\u0131m sa\u011flay\u0131c\u0131s\u0131na ge\u00e7i\u015f maliyetini (switching cost) ciddi \u015fekilde art\u0131r\u0131yor. Ancak stratejinin dehas\u0131, bu personelin &#8220;belirli s\u00fcreli i\u015f s\u00f6zle\u015fmeleri&#8221; ile istihdam edilmesinde yat\u0131yor. Bu yap\u0131, Fonet&#8217;e muazzam bir operasyonel esneklik sa\u011fl\u0131yor; \u015firketin en b\u00fcy\u00fck maliyet kalemi olan personel giderlerini, do\u011frudan gelir getiren hastane s\u00f6zle\u015fmeleriyle paralel olarak \u00f6l\u00e7eklendirmesine olanak tan\u0131yor. Bu durum, sabit maa\u015fl\u0131 b\u00fcy\u00fck bir i\u015f g\u00fcc\u00fcne sahip rakiplerine k\u0131yasla i\u015f modelini \u00f6nemli \u00f6l\u00e7\u00fcde risksiz hale getiren, de\u011fi\u015fken bir maliyet yap\u0131s\u0131 yarat\u0131yor.<\/p>\n<h3><b>3. De\u011ferin \u00dc\u00e7te \u0130kisi &#8216;G\u00f6r\u00fcnmez&#8217;: Bir Teknoloji \u015eirketinin Ger\u00e7ek Zenginli\u011fi<\/b><\/h3>\n<p>Geleneksel bir \u015firketin de\u011ferini ne olu\u015fturur? Fabrikalar, makineler, binalar, stoktaki \u00fcr\u00fcnler&#8230; Peki bir teknoloji \u015firketinin de\u011feri nerededir? Fonet&#8217;in konsolide bilan\u00e7osu bu sorunun cevab\u0131n\u0131 net bir \u015fekilde veriyor. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam varl\u0131klar\u0131 <b>1,945 milyar TL<\/b>. Bu rakam\u0131n i\u00e7indeki en b\u00fcy\u00fck kalem ise <b>1,269 milyar TL<\/b> ile &#8220;Maddi olmayan duran varl\u0131klar&#8221;.<\/p>\n<p>Basit bir hesaplamayla, \u015firketin toplam varl\u0131klar\u0131n\u0131n yakla\u015f\u0131k <b>%65&#8217;inin<\/b>, yani neredeyse \u00fc\u00e7te ikisinin elle tutulamayan, &#8220;g\u00f6r\u00fcnmez&#8221; varl\u0131klardan olu\u015ftu\u011fu ortaya \u00e7\u0131k\u0131yor. Peki bu varl\u0131klar tam olarak ne? Finansal raporlar\u0131n 14 numaral\u0131 dipnotu, bu soyut rakam\u0131 somutla\u015ft\u0131r\u0131yor: Bu de\u011ferin en b\u00fcy\u00fck ve en \u00f6nemli par\u00e7as\u0131n\u0131, net defter de\u011feri <b>930 milyon TL&#8217;yi a\u015fan &#8220;Java tabanl\u0131 bulut\/ Yeni HBYS&#8221;<\/b> (Hastane Bilgi Y\u00f6netim Sistemi) olu\u015fturuyor. K\u0131sacas\u0131, \u015firketin adeta &#8220;ta\u00e7 m\u00fccevheri&#8221; olan ana \u00fcr\u00fcn\u00fc, bilan\u00e7odaki en de\u011ferli varl\u0131\u011f\u0131d\u0131r.<\/p>\n<p>Bu durum, Fonet gibi modern teknoloji \u015firketlerinin de\u011ferinin art\u0131k binalarda veya makinelerde de\u011fil; bilgi birikiminde, inovasyonda ve yazd\u0131klar\u0131 kodda yatt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. \u015eirketin en b\u00fcy\u00fck zenginli\u011fi, fiziksel m\u00fclkleri de\u011fil, m\u00fchendislerinin zihninde ve sunucular\u0131nda sakl\u0131 olan entelekt\u00fcel birikimidir.<\/p>\n<h3><b>4. Tek Kuru\u015f \u00d6demeden Sermayeyi 6&#8217;ya Katlamak: &#8216;Bedelsiz&#8217; B\u00fcy\u00fcmenin S\u0131rr\u0131<\/b><\/h3>\n<p>\u015eirketlerin sermaye art\u0131rmas\u0131 genellikle yat\u0131r\u0131mc\u0131lardan ek para talep etmeleri anlam\u0131na gelen &#8220;bedelli&#8221; y\u00f6ntemle olur. Ancak Fonet, 2025 y\u0131l\u0131 i\u00e7inde \u00e7ok daha farkl\u0131 ve dikkat \u00e7ekici bir yola ba\u015fvurdu. Faaliyet raporunun 12. ve 13. sayfalar\u0131nda detayland\u0131r\u0131ld\u0131\u011f\u0131 \u00fczere \u015firket, \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini <b>144.000.000 TL&#8217;den 936.000.000 TL&#8217;ye<\/b> y\u00fckseltti. Bu, tam <b>792.000.000 TL&#8217;lik (%550)<\/b> devasa bir art\u0131\u015f anlam\u0131na geliyor.<\/p>\n<p>Bu i\u015flemin en \u015fa\u015f\u0131rt\u0131c\u0131 k\u0131sm\u0131 ise bunun bir <i>bedelsiz<\/i> sermaye art\u0131r\u0131m\u0131 olmas\u0131. Yani mevcut hissedarlar ceplerinden tek bir kuru\u015f ek para \u00e7\u0131karmad\u0131. Peki bu devasa art\u0131\u015f nas\u0131l finanse edildi? Raporlar, kayna\u011f\u0131n \u015firketin kendi i\u00e7 kaynaklar\u0131 oldu\u011funu belirtiyor: &#8220;Sermaye D\u00fczeltmesi Olumlu Farklar\u0131&#8221; ve &#8220;Ge\u00e7mi\u015f Y\u0131l Karlar\u0131&#8221;.<\/p>\n<p>Finansal olarak sa\u011flam bir \u015firketin neden b\u00f6yle bir hamle yapt\u0131\u011f\u0131n\u0131n alt\u0131nda yatan stratejik nedenler a\u00e7\u0131kt\u0131r. Bu, y\u00f6netimin \u015firketin gelece\u011fine duydu\u011fu g\u00fcvenin <b>g\u00fc\u00e7l\u00fc bir ilan\u0131d\u0131r<\/b>. Piyasadaki hisse senedi say\u0131s\u0131n\u0131 art\u0131rarak likiditeyi (al\u0131m-sat\u0131m kolayl\u0131\u011f\u0131n\u0131) iyile\u015ftirmenin yan\u0131 s\u0131ra, \u00e7ok daha temel bir ger\u00e7e\u011fi tescil eder: 792 milyon TL&#8217;lik devasa bir sermaye art\u0131\u015f\u0131n\u0131 tamamen &#8220;Ge\u00e7mi\u015f Y\u0131l Karlar\u0131&#8221; gibi i\u00e7 kaynaklardan finanse edebilme kabiliyeti, \u015firketin uzun y\u0131llara dayanan s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n en net kan\u0131t\u0131d\u0131r. Bu hamle sadece bir sinyal de\u011fil, biriken k\u00e2rlar\u0131n kal\u0131c\u0131 ve temel bir sermayeye d\u00f6n\u00fc\u015ft\u00fcr\u00fclerek bilan\u00e7onun sa\u011flamla\u015ft\u0131r\u0131lmas\u0131n\u0131n bir sonucudur.<\/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<\/b><\/h3>\n<p>Fonet&#8217;in 2025 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek raporlar\u0131, basit rakamlar\u0131n arkas\u0131nda ne kadar zengin bir hikaye yatt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. \u0130mtiyazl\u0131 paylarla sa\u011flanan konsolide kontrol, m\u00fc\u015fterinin i\u00e7ine &#8220;g\u00f6m\u00fcl\u00fc&#8221; benzersiz i\u015f g\u00fcc\u00fc, de\u011ferinin b\u00fcy\u00fck k\u0131sm\u0131n\u0131 olu\u015fturan entelekt\u00fcel sermaye ve i\u00e7 kaynaklarla ger\u00e7ekle\u015ftirilen devasa sermaye art\u0131r\u0131m\u0131&#8230; T\u00fcm bu detaylar, bir \u015firketin sadece finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011fil, ayn\u0131 zamanda stratejik zekas\u0131n\u0131 ve rekabet\u00e7i ruhunu da ortaya koyuyor. Bu da bize g\u00f6steriyor ki, bir hisse senedi grafi\u011finin anl\u0131k dalgalanmalar\u0131ndan \u00e7ok daha fazlas\u0131, bu raporlar\u0131n sayfalar\u0131nda gizli.<\/p>\n<p>Peki siz, yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131z veya \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131z bir \u015firketin raporlar\u0131nda hangi gizli hikayeleri bulabilece\u011finizi hi\u00e7 d\u00fc\u015f\u00fcnd\u00fcn\u00fcz m\u00fc?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">FONET Bilgi Teknolojileri A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, FONET Bilgi Teknolojileri A.\u015e.&#8217;nin 01 Ocak 2025 \u2013 30 Eyl\u00fcl 2025 ara d\u00f6nemine ili\u015fkin faaliyetlerini, finansal performans\u0131n\u0131 ve stratejik geli\u015fmelerini \u00f6zetlemektedir. \u015eirket, sa\u011fl\u0131k bili\u015fimi sekt\u00f6r\u00fcndeki lider konumunu s\u00fcrd\u00fcr\u00fcrken, Ar-Ge yat\u0131r\u0131mlar\u0131 ve yeni i\u015f anla\u015fmalar\u0131yla b\u00fcy\u00fcme potansiyelini g\u00fc\u00e7lendirmektedir.<\/p>\n<p>30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6nemde \u015eirket, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %9,7&#8217;lik bir art\u0131\u015fla 520,9 milyon TL has\u0131lat elde etmi\u015ftir. D\u00f6nem net k\u00e2r\u0131 105,5 milyon TL olarak ger\u00e7ekle\u015firken, bu rakam bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 117,3 milyon TL&#8217;lik k\u00e2r\u0131n hafif alt\u0131nda kalm\u0131\u015ft\u0131r. Bununla birlikte, 2025 y\u0131l\u0131n\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011findeki net k\u00e2r (68,8 milyon TL), 2024&#8217;\u00fcn \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fine (15,0 milyon TL) k\u0131yasla \u00f6nemli bir art\u0131\u015f g\u00f6stermi\u015ftir. \u015eirketin FVA\u00d6K marj\u0131 %38,3&#8217;ten %40,6&#8217;ya y\u00fckselerek operasyonel verimlilikte art\u0131\u015fa i\u015faret etmektedir.<\/p>\n<p>D\u00f6nemin en kritik stratejik geli\u015fmesi, \u015eirket&#8217;in \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 144 milyon TL&#8217;den 936 milyon TL&#8217;ye y\u00fckseltmesidir. Tamamen i\u00e7 kaynaklardan (Sermaye D\u00fczeltmesi Olumlu Farklar\u0131 ve Ge\u00e7mi\u015f Y\u0131l K\u00e2rlar\u0131) kar\u015f\u0131lanan bu bedelsiz sermaye art\u0131r\u0131m\u0131, \u015firketin finansal yap\u0131s\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n<p>Operasyonel olarak \u015eirket, Ar-Ge faaliyetlerine, \u00f6zellikle Java tabanl\u0131 bulut mimarisine sahip yeni Hastane Bilgi Y\u00f6netim Sistemi (HBYS) projesine yo\u011fun yat\u0131r\u0131m yapmaya devam etmi\u015ftir. Dokuz ayl\u0131k d\u00f6nemde 178,1 milyon TL&#8217;lik geli\u015ftirme maliyeti aktifle\u015ftirilmi\u015ftir. Ayr\u0131ca, Bal\u0131kesir ve Kahramanmara\u015f \u0130l Sa\u011fl\u0131k M\u00fcd\u00fcrl\u00fckleri taraf\u0131ndan a\u00e7\u0131lan ihaleleri kazanarak gelecekteki gelir ak\u0131\u015f\u0131n\u0131 g\u00fcvence alt\u0131na alm\u0131\u015ft\u0131r.<\/p>\n<p>Finansal tablolar\u0131n, T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS 29) uyar\u0131nca enflasyon muhasebesi ilkelerine g\u00f6re haz\u0131rland\u0131\u011f\u0131 ve t\u00fcm tutarlar\u0131n 30 Eyl\u00fcl 2025 tarihindeki paran\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edildi\u011fi unutulmamal\u0131d\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. \u015eirket Profili ve Stratejik Konumland\u0131rma<\/h2>\n<h3>1.1. Genel Bak\u0131\u015f<\/h3>\n<p>Fonet Bilgi Teknolojileri A.\u015e., 1997 y\u0131l\u0131nda sa\u011fl\u0131k bili\u015fimi alan\u0131nda faaliyet g\u00f6stermek \u00fczere kurulmu\u015f, 2001&#8217;de limited \u015firkete, 2011&#8217;de ise anonim \u015firkete d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirketin ana i\u015ftigal konusu &#8220;Bili\u015fim Sekt\u00f6r\u00fc&#8221; olup, \u00f6zellikle sa\u011fl\u0131k bili\u015fimi alan\u0131nda uzmanla\u015fm\u0131\u015ft\u0131r. \u015eirket, Bilgi Y\u00f6netim Sistemleri, Sistem Entegrasyonu, Dan\u0131\u015fmanl\u0131k ve Anahtar Teslim Proje hizmetleri sunmaktad\u0131r. Merkezi Ankara&#8217;da bulunan \u015eirket, 4 May\u0131s 2017&#8217;den bu yana Borsa \u0130stanbul&#8217;da (BIST) i\u015flem g\u00f6rmektedir.<\/p>\n<h3>1.2. Misyon ve Vizyon<\/h3>\n<ul>\n<li><b>Misyon:<\/b> \u0130leri teknoloji geli\u015ftirerek, geli\u015fmek ve geli\u015ftirmektir. Bu sayede T\u00fcrkiye ekonomisine katk\u0131 sa\u011flayarak, \u00fclkenin k\u00fcresel pazardaki duru\u015funu g\u00fc\u00e7lendirmeyi ama\u00e7lamaktad\u0131r.<\/li>\n<li><b>Vizyon:<\/b> Bili\u015fim sekt\u00f6r\u00fcnde ileri teknolojiler ile geli\u015fim ve d\u00f6n\u00fc\u015f\u00fcm\u00fc sa\u011flayan, m\u00fc\u015fterileri i\u00e7in yaratt\u0131\u011f\u0131 de\u011feri s\u00fcrekli artt\u0131ran, teknoloji bilgisi, yetkin kadrosu, giri\u015fimci ve m\u00fc\u015fteri odakl\u0131 yakla\u015f\u0131m\u0131yla kaliteli hizmet sunan, sekt\u00f6r\u00fcnde lider bir \u015firket olmakt\u0131r.<\/li>\n<\/ul>\n<h3>1.3. \u00dcr\u00fcn ve Hizmet Portf\u00f6y\u00fc<\/h3>\n<p>\u015eirketin temel \u00fcr\u00fcn\u00fc, sa\u011fl\u0131k kurulu\u015flar\u0131n\u0131n t\u0131bbi, idari ve finansal t\u00fcm i\u015f s\u00fcre\u00e7lerini otomasyonla y\u00f6neten <b>Fonet Hastane Bilgi Y\u00f6netim Sistemi (HBYS)<\/b>&#8216;dir. 62 mod\u00fclden olu\u015fan bu sistem, Somali, Nijer, Azerbaycan, KKTC ve Moldova dahil olmak \u00fczere 230&#8217;un \u00fczerinde sa\u011fl\u0131k kurulu\u015funda aktif olarak kullan\u0131lmaktad\u0131r.<\/p>\n<p>\u015eirket ayr\u0131ca \u00fcr\u00fcn gam\u0131n\u0131 geni\u015fleterek <b>Yo\u011fun Bak\u0131m Y\u00f6netim Sistemi<\/b> ve <b>Uzaktan Sa\u011fl\u0131k Bilgi Sistemi<\/b> gibi yeni \u00fcr\u00fcnleri geli\u015ftirmi\u015f ve sat\u0131\u015f faaliyetlerine ba\u015flam\u0131\u015ft\u0131r. Anahtar teslim projeler kapsam\u0131nda ise Kuzey K\u0131br\u0131s T\u00fcrk Cumhuriyeti&#8217;nin &#8220;e-Sigorta Bilgi Sistemi&#8221; ve &#8220;Sa\u011fl\u0131k Bilgi Sistemi&#8221; gibi b\u00fcy\u00fck \u00f6l\u00e7ekli projelerini y\u00fcr\u00fctmektedir.<\/p>\n<h3>1.4. Ba\u011fl\u0131 Ortakl\u0131k ve \u015eubeler<\/h3>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k:<\/b> \u015eirketin %100 i\u015ftiraki olan <b>Pidata Bili\u015fim Teknolojileri A.\u015e.<\/b>, 2018 y\u0131l\u0131nda HBYS d\u0131\u015f\u0131 projeler geli\u015ftirmek, katma de\u011ferli \u00fcr\u00fcnler ara\u015ft\u0131rmak ve \u00f6zel sekt\u00f6re y\u00f6nelik bili\u015fim \u00e7\u00f6z\u00fcmleri sunmak amac\u0131yla kurulmu\u015ftur.<\/li>\n<li><b>\u015eubeler ve \u0130rtibat B\u00fcrosu:<\/b> \u015eirketin Hacettepe Teknokent, \u0130stanbul, \u015eanl\u0131urfa ve Bak\u00fc&#8217;de (Azerbaycan) olmak \u00fczere d\u00f6rt \u015fubesi ve Stockholm&#8217;de (\u0130sve\u00e7) bir irtibat b\u00fcrosu bulunmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Kurumsal ve Sermaye Yap\u0131s\u0131<\/h2>\n<h3>2.1. Y\u00f6netim Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, en fazla 3 y\u0131l i\u00e7in se\u00e7ilen 6 \u00fcyeden olu\u015fan bir Y\u00f6netim Kurulu taraf\u0131ndan y\u00f6netilmektedir. Y\u00f6netim Kurulu Ba\u015fkan\u0131 Abd\u00fclkerim GAZEN&#8217;dir. Kurul b\u00fcnyesinde ayr\u0131ca iki ba\u011f\u0131ms\u0131z \u00fcye bulunmaktad\u0131r. Y\u00f6netim Kurulu&#8217;nun g\u00f6revlerini etkin bir \u015fekilde yerine getirmesi amac\u0131yla Sermaye Piyasas\u0131 Kurulu d\u00fczenlemeleri uyar\u0131nca olu\u015fturulmu\u015f komiteler a\u015fa\u011f\u0131dad\u0131r:<\/p>\n<ul>\n<li>Denetimden Sorumlu Komite<\/li>\n<li>Riskin Erken Saptanmas\u0131 Komitesi<\/li>\n<li>Kurumsal Y\u00f6netim Komitesi (Aday G\u00f6sterme ve \u00dccret Komitelerinin g\u00f6revlerini de \u00fcstlenir)<\/li>\n<\/ul>\n<h3>2.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, 2028 y\u0131l\u0131na kadar ge\u00e7erli 2.500.000.000 TL kay\u0131tl\u0131 sermaye tavan\u0131na sahiptir. D\u00f6nem i\u00e7inde ger\u00e7ekle\u015ftirilen bedelsiz sermaye art\u0131r\u0131m\u0131 ile \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 144.000.000 TL&#8217;den <b>936.000.000 TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir.<\/p>\n<p>30 Eyl\u00fcl 2025 tarihi itibar\u0131yla (sermaye art\u0131r\u0131m\u0131 \u00f6ncesi rakamlarla) ortakl\u0131k ve oy hakk\u0131 yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ad\u0131\/Unvan\u0131<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermayedeki Pay\u0131 (%)<\/td>\n<td>Oy Hakk\u0131 Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>ABD\u00dcLKER\u0130M GAZEN<\/td>\n<td>55.217.999,16<\/td>\n<td>38,35<\/td>\n<td>65,32<\/td>\n<\/tr>\n<tr>\n<td>D\u0130\u011eER (Halka A\u00e7\u0131k)<\/td>\n<td>88.782.000,84<\/td>\n<td>61,65<\/td>\n<td>34,68<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>144.000.000,00<\/b><\/td>\n<td><b>100<\/b><\/td>\n<td><b>100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.3. \u0130mtiyazl\u0131 Paylar<\/h3>\n<p>\u015eirket sermayesi (A) Grubu ve (B) Grubu paylardan olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>(A) Grubu Paylar:<\/b> Nama yaz\u0131l\u0131 olup imtiyazl\u0131d\u0131r. Genel Kurul&#8217;da her bir pay i\u00e7in <b>15 oy hakk\u0131na<\/b> sahiptirler. Ayr\u0131ca Y\u00f6netim Kurulu \u00fcyelerinin bir k\u0131sm\u0131n\u0131 belirleme imtiyazlar\u0131 bulunur.<\/li>\n<li><b>(B) Grubu Paylar:<\/b> Hamiline yaz\u0131l\u0131 olup imtiyaz\u0131 bulunmamaktad\u0131r ve her pay i\u00e7in <b>1 oy hakk\u0131<\/b> verir.<\/li>\n<\/ul>\n<h3>2.4. Hisse Senedi Bilgileri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kriter<\/td>\n<td>Bilgi<\/td>\n<\/tr>\n<tr>\n<td>Borsa Kodu<\/td>\n<td>FONET<\/td>\n<\/tr>\n<tr>\n<td>ISIN Kodu<\/td>\n<td>TREFONT00028<\/td>\n<\/tr>\n<tr>\n<td>Pazar<\/td>\n<td>ANA PAZAR<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131kl\u0131k Oran\u0131<\/td>\n<td>%61,65<\/td>\n<\/tr>\n<tr>\n<td>30.09.2025 Tarihli Fiyat<\/td>\n<td>15,96 TL<\/td>\n<\/tr>\n<tr>\n<td>Dahil Oldu\u011fu Endeksler<\/td>\n<td>BIST T\u00dcM-100, BIST B\u0130L\u0130\u015e\u0130M, BIST TEKNOLOJ\u0130, BIST ANKARA, BIST KATILIM T\u00dcM, BIST KATILIM 100, BIST 500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Finansal Performans\u0131<\/h2>\n<h3>3.1. Finansal Raporlama Esaslar\u0131<\/h3>\n<p>Sunulan finansal veriler, Kamu G\u00f6zetimi Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131nlanan TFRS&#8217;ye uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r. T\u00fcrkiye&#8217;de y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131n\u0131n varl\u0131\u011f\u0131 nedeniyle, finansal tablolar TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca d\u00fczeltilmi\u015ftir. T\u00fcm tutarlar, raporlama tarihi olan <b>30 Eyl\u00fcl 2025<\/b> itibar\u0131yla paran\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h3>3.2. Finansal Durum Tablosu Analizi (Bilan\u00e7o)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>171.180.540<\/td>\n<td>104.875.638<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.774.648.214<\/td>\n<td>1.408.512.925<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>1.945.828.754<\/b><\/td>\n<td><b>1.513.388.563<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>85.192.065<\/td>\n<td>84.829.037<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>349.401.982<\/td>\n<td>19.813.620<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>1.511.234.707<\/b><\/td>\n<td><b>1.408.745.906<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>1.945.828.754<\/b><\/td>\n<td><b>1.513.388.563<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar\u0131n %91&#8217;ini duran varl\u0131klar olu\u015fturmaktad\u0131r. Duran varl\u0131klar i\u00e7indeki en b\u00fcy\u00fck kalem, 1,27 milyar TL&#8217;lik net defter de\u011feri ile <b>Maddi Olmayan Duran Varl\u0131klar<\/b>&#8216;d\u0131r. Bu durum, \u015firketin Ar-Ge faaliyetlerine yapt\u0131\u011f\u0131 yo\u011fun yat\u0131r\u0131mlar\u0131 ve bu yat\u0131r\u0131mlar\u0131n aktifle\u015ftirilmesini yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Finansal Yap\u0131:<\/b> \u015eirket, 0,22&#8217;lik kald\u0131ra\u00e7 oran\u0131 ile d\u00fc\u015f\u00fck bor\u00e7luluk seviyesine sahiptir. \u00d6zkaynaklar, toplam kaynaklar\u0131n %78&#8217;ini olu\u015fturarak g\u00fc\u00e7l\u00fc bir finansal yap\u0131ya i\u015faret etmektedir.<\/li>\n<\/ul>\n<h3>3.3. Gelir Tablosu Analizi<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>520.929.138<\/td>\n<td>475.008.569<\/td>\n<td>+%9,7<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>176.620.991<\/td>\n<td>151.486.902<\/td>\n<td>+%16,6<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>151.178.347<\/td>\n<td>157.244.232<\/td>\n<td>-%3,9<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131<\/td>\n<td>138.384.837<\/td>\n<td>153.138.021<\/td>\n<td>-%9,6<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>105.530.445<\/b><\/td>\n<td><b>117.265.476<\/b><\/td>\n<td>-%10,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Performans:<\/b> Has\u0131lat ve br\u00fct k\u00e2rda g\u00fc\u00e7l\u00fc bir art\u0131\u015f ya\u015fanmas\u0131na ra\u011fmen, net d\u00f6nem k\u00e2r\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %10 azalm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00c7eyreklik Performans:<\/b> 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde (Temmuz-Eyl\u00fcl) elde edilen 68,8 milyon TL net k\u00e2r, 2024&#8217;\u00fcn ayn\u0131 \u00e7eyre\u011findeki 15,0 milyon TL&#8217;lik k\u00e2ra k\u0131yasla \u00f6nemli bir iyile\u015fme g\u00f6stermektedir.<\/li>\n<li><b>FVA\u00d6K (EBITDA):<\/b> \u015eirketin FVA\u00d6K&#8217;\u00fc 9 ayl\u0131k d\u00f6nemde 182 milyon TL&#8217;den 211,7 milyon TL&#8217;ye y\u00fckselmi\u015f, FVA\u00d6K marj\u0131 ise %38,32&#8217;den %40,64&#8217;e \u00e7\u0131karak operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n artt\u0131\u011f\u0131n\u0131 g\u00f6stermi\u015ftir.<\/li>\n<\/ul>\n<h3>3.4. Finansal Oranlar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran Grubu<\/td>\n<td>Oran Ad\u0131<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>L\u0130K\u0130D\u0130TE<\/b><\/td>\n<td>Cari Oran<\/td>\n<td>2,01<\/td>\n<td>1,24<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>Likidite Oran\u0131<\/td>\n<td>1,53<\/td>\n<td>1,24<\/td>\n<\/tr>\n<tr>\n<td><b>F\u0130NANSAL YAPI<\/b><\/td>\n<td>Kald\u0131ra\u00e7 Oran\u0131<\/td>\n<td>0,22<\/td>\n<td>0,07<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>Bor\u00e7\/\u00d6zkaynak<\/td>\n<td>0,29<\/td>\n<td>0,07<\/td>\n<\/tr>\n<tr>\n<td><b>K\u00c2RLILIK<\/b><\/td>\n<td>Aktif K\u00e2rl\u0131l\u0131\u011f\u0131<\/td>\n<td>0,05<\/td>\n<td>0,12<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>\u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131<\/td>\n<td>0,07<\/td>\n<td>0,13<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Operasyonel Faaliyetler ve Geli\u015fmeler<\/h2>\n<h3>4.1. Ara\u015ft\u0131rma ve Geli\u015ftirme (Ar-Ge)<\/h3>\n<p>\u015eirket, Bilim, Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131 taraf\u0131ndan verilen <b>AR-GE Merkezi Belgesi<\/b>&#8216;ne sahiptir. Bu stat\u00fc, \u015firkete 5746 say\u0131l\u0131 kanun kapsam\u0131nda vergi indirimleri ve muafiyetler gibi \u00f6nemli te\u015fvikler sa\u011flamaktad\u0131r. Ar-Ge faaliyetleri, Java tabanl\u0131 bulut mimarisinde \u00e7al\u0131\u015fan yeni nesil HBYS, E-Sigorta Bilgi Y\u00f6netim Sistemleri ve Ki\u015fisel Sa\u011fl\u0131k Kayd\u0131 Bilgi Sistemi projeleri \u00fczerinde yo\u011funla\u015fm\u0131\u015ft\u0131r.<\/p>\n<p>D\u00f6nem i\u00e7inde, \u00f6zellikle &#8220;Java tabanl\u0131 bulut mimarisinde \u00e7al\u0131\u015fan yeni HBYS&#8221; projesi i\u00e7in \u00f6nemli harcamalar yap\u0131lm\u0131\u015f ve bu harcamalar aktifle\u015ftirilmi\u015ftir.<\/p>\n<ul>\n<li><b>Aktifle\u015ftirilen Geli\u015ftirme Maliyeti (9A 2025):<\/b> 178.119.992 TL<\/li>\n<li><b>Bu Tutar\u0131n \u0130\u00e7indeki Personel Maliyeti:<\/b> 167.617.658 TL<\/li>\n<\/ul>\n<h3>4.2. Personel Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam personel say\u0131s\u0131 <b>504<\/b>&#8216;t\u00fcr. Personel da\u011f\u0131l\u0131m\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Personel Kategorisi<\/td>\n<td>Say\u0131<\/td>\n<\/tr>\n<tr>\n<td>\u0130dari Personel<\/td>\n<td>11<\/td>\n<\/tr>\n<tr>\n<td>Ar-Ge Personeli<\/td>\n<td>131<\/td>\n<\/tr>\n<tr>\n<td><b>\u015eirket Merkezi Toplam\u0131<\/b><\/td>\n<td><b>142<\/b><\/td>\n<\/tr>\n<tr>\n<td>Teknik Personel (Hastanelerde \u00e7al\u0131\u015fan)<\/td>\n<td>362<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>504<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.3. \u00d6nemli Geli\u015fmeler ve \u0130haleler<\/h3>\n<ul>\n<li><b>Bedelsiz Sermaye Art\u0131r\u0131m\u0131:<\/b> Y\u00f6netim Kurulu&#8217;nun 17.06.2025 tarihli karar\u0131 ile ba\u015flat\u0131lan s\u00fcre\u00e7, SPK&#8217;n\u0131n onay\u0131 ve 17.10.2025 tarihli tescil ile tamamlanm\u0131\u015ft\u0131r. \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 144 milyon TL&#8217;den <b>936 milyon TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir. Art\u0131r\u0131m, Sermaye D\u00fczeltmesi Olumlu Farklar\u0131 (392,1 milyon TL) ve Ge\u00e7mi\u015f Y\u0131l K\u00e2rlar\u0131 (399,9 milyon TL) kullan\u0131larak ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>\u0130haleler:<\/b>\n<ul>\n<li><b>Bitlis \u0130l Sa\u011fl\u0131k M\u00fcd\u00fcrl\u00fc\u011f\u00fc \u0130halesi (18.07.2025):<\/b> &#8220;36 ay s\u00fcreli SBYS ve YBBYS Hizmet Al\u0131m\u0131&#8221; ihalesi \u015firket uhdesinde kalmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Bal\u0131kesir \u0130l Sa\u011fl\u0131k M\u00fcd\u00fcrl\u00fc\u011f\u00fc \u0130halesi (22.09.2025):<\/b> &#8220;36 ay s\u00fcreli SBYS Hizmet Al\u0131m\u0131&#8221; ihalesine kat\u0131lm\u0131\u015f ve <b>184.703.328,00 TL<\/b> ile en uygun teklifi vermi\u015ftir.<\/li>\n<li><b>Kahramanmara\u015f \u0130l Sa\u011fl\u0131k M\u00fcd\u00fcrl\u00fc\u011f\u00fc \u0130halesi (23.09.2025):<\/b> &#8220;36 ay s\u00fcreli SBYS ve DHBS Hizmet Al\u0131m\u0131&#8221; ihalesine kat\u0131lm\u0131\u015f ve <b>113.382.189,00 TL<\/b> ile en uygun teklifi vermi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"499\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Teknoloji Devi Mercek Alt\u0131nda: Fonet Raporlar\u0131ndan \u00c7\u0131kan 4 \u00c7arp\u0131c\u0131 Detay Kurumsal finansal raporlar genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu alg\u0131, y\u00fczeyin alt\u0131ndaki ger\u00e7e\u011fi g\u00f6zden ka\u00e7\u0131r\u0131r. Asl\u0131nda bu raporlar, bir \u015firketin stratejisini, g\u00fc\u00e7 dinamiklerini&#8230; <\/p>\n","protected":false},"author":1,"featured_media":500,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[107],"class_list":["post-499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-fonet"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/499","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=499"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/499\/revisions"}],"predecessor-version":[{"id":501,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/499\/revisions\/501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/500"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}