{"id":524,"date":"2025-12-25T22:28:30","date_gmt":"2025-12-25T19:28:30","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=524"},"modified":"2025-12-25T22:28:30","modified_gmt":"2025-12-25T19:28:30","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ozsub-ozsu-balik-uretim-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/524","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OZSUB | \u00d6zsu Bal\u0131k \u00dcretim 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OZSUB | \u00d6zsu Bal\u0131k \u00dcretim 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/-4HmSODOtLU?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 Bal\u0131k\u00e7\u0131l\u0131k Devinin Finans Raporu: Rakamlar\u0131n Ard\u0131ndaki 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Finansal raporlar genellikle kuru rakam y\u0131\u011f\u0131nlar\u0131 olarak g\u00f6r\u00fcl\u00fcr. Ancak \u00d6zsu Bal\u0131k&#8217;\u0131n son raporu, bir finansal gerilim roman\u0131n\u0131 aratm\u0131yor. Bu belge, yaln\u0131zca bir \u015firketin mali durumunu \u00f6zetlemekle kalm\u0131yor, ayn\u0131 zamanda y\u0131l\u0131n en dikkat \u00e7ekici kurumsal geri d\u00f6n\u00fc\u015flerinden birinin plan\u0131n\u0131 ortaya koyuyor ve stratejik disiplinin devasa bir zarar\u0131 nas\u0131l nakit \u00fcreten bir makineye d\u00f6n\u00fc\u015ft\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6zler \u00f6n\u00fcne seriyor. \u0130\u015fte bu bal\u0131k\u00e7\u0131l\u0131k devinin finansal performans\u0131ndan \u00e7\u0131kard\u0131\u011f\u0131m\u0131z 5 \u00e7arp\u0131c\u0131 ger\u00e7ek.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. \u0130nan\u0131lmaz Geri D\u00f6n\u00fc\u015f: 66 Milyon TL Zarardan 204 Milyon TL K\u00e2ra<\/h3>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 g\u00f6steren en temel metrik, k\u00e2rl\u0131l\u0131\u011f\u0131d\u0131r. \u00d6zsu Bal\u0131k&#8217;\u0131n bu alandaki performans\u0131, kelimenin tam anlam\u0131yla bir geri d\u00f6n\u00fc\u015f hikayesi sunuyor.<\/p>\n<p>\u015eirketin konsolide k\u00e2r-zarar tablosuna g\u00f6re, 2024 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6neminde ana ortakl\u0131\u011fa ait net zarar <b>65.868.717 TL<\/b> olarak kaydedilmi\u015fti. Ancak bir y\u0131l sonra, 2025&#8217;in ayn\u0131 d\u00f6neminde, \u015firket inan\u0131lmaz bir s\u0131\u00e7rama yaparak <b>204.175.956 TL<\/b> net k\u00e2r elde etti.<\/p>\n<p>Bu, bir y\u0131l i\u00e7inde 260 milyon TL&#8217;yi a\u015fan bir finansal d\u00f6n\u00fc\u015f\u00fcmd\u00fcr. B\u00f6ylesine keskin bir ge\u00e7i\u015f, \u015firketin operasyonel etkinli\u011fini art\u0131rd\u0131\u011f\u0131n\u0131 ve pazar ko\u015fullar\u0131na ba\u015far\u0131yla adapte oldu\u011funu kan\u0131tlar nitelikte. Bu, yaln\u0131zca defterlerdeki bir d\u00fczelme de\u011fil; \u015firketin operasyonel DNA&#8217;s\u0131nda k\u00f6kl\u00fc bir de\u011fi\u015fimin finansal yans\u0131mas\u0131d\u0131r.<\/p>\n<h3>2. Kasadaki Patlama: Nakit Varl\u0131klar 9 Ayda 16 Kat Artt\u0131<\/h3>\n<p>K\u00e2rl\u0131l\u0131ktaki bu destans\u0131 art\u0131\u015f kadar dikkat \u00e7ekici olan bir di\u011fer geli\u015fme ise \u015firketin nakit pozisyonundaki devasa b\u00fcy\u00fcmedir. Finansal durum tablosu, bu alandaki \u015fa\u015f\u0131rt\u0131c\u0131 tabloyu g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>31 Aral\u0131k 2024 tarihinde \u015firketin &#8220;Nakit ve nakit benzerleri&#8221; kalemindeki varl\u0131\u011f\u0131 <b>22.809.842 TL<\/b> iken, bu rakam sadece dokuz ay sonra, 30 Eyl\u00fcl 2025 tarihinde <b>367.766.026 TL<\/b>&#8216;ye f\u0131rlad\u0131.<\/p>\n<p>Bu, \u015firketin kasas\u0131ndaki nakdin dokuz ay gibi k\u0131sa bir s\u00fcrede yakla\u015f\u0131k 16 kat artt\u0131\u011f\u0131 anlam\u0131na geliyor. Nakit varl\u0131klardaki bu h\u0131zl\u0131 birikim, \u015firketin faaliyetlerinden ne denli g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131 yaratt\u0131\u011f\u0131n\u0131n en net kan\u0131t\u0131d\u0131r. Bu durum, \u00d6zsu Bal\u0131k&#8217;a gelecekteki yat\u0131r\u0131mlar, bor\u00e7 azaltma veya stratejik sat\u0131n almalar i\u00e7in rakipsiz bir stratejik esneklik kazand\u0131rmaktad\u0131r.<\/p>\n<h3>3. Verimlilik Paradoksu: Daha Az Sat\u0131\u015fla Daha \u00c7ok Kazanmak<\/h3>\n<p>Genellikle bir \u015firketin k\u00e2r\u0131n\u0131 art\u0131rmas\u0131 i\u00e7in sat\u0131\u015f hacmini y\u00fckseltmesi beklenir. Ancak \u00d6zsu Bal\u0131k&#8217;\u0131n raporu, bunun tam tersi bir durumu, yani bilin\u00e7li bir stratejinin sonucu olan bir verimlilik paradoksunu ortaya koyuyor.<\/p>\n<p>Konsolide k\u00e2r-zarar tablosuna g\u00f6re, \u015firketin &#8220;Has\u0131lat&#8221; (gelir) kalemi 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki <b>2.607.655.786 TL<\/b> seviyesinden, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>2.220.760.006 TL<\/b>&#8216;ye geriledi. Yani \u015firket, asl\u0131nda ge\u00e7en y\u0131la g\u00f6re daha az sat\u0131\u015f yapt\u0131.<\/p>\n<p>Peki k\u00e2r nas\u0131l artt\u0131? Cevap, &#8220;Sat\u0131\u015flar\u0131n maliyeti&#8221; kaleminde gizli. Bu kalem, 2024&#8217;te <b>(2.321.654.588) TL<\/b> iken, 2025&#8217;te <b>(1.641.436.287) TL<\/b>&#8216;ye d\u00fc\u015ft\u00fc. \u015eirket, sat\u0131\u015f maliyetlerini yakla\u015f\u0131k 700 milyon TL azaltmay\u0131 ba\u015fard\u0131. Bu muazzam maliyet d\u00fc\u015f\u00fc\u015f\u00fc, gelirdeki yakla\u015f\u0131k 400 milyon TL&#8217;lik azalmay\u0131 fazlas\u0131yla telafi ederek, \u00e7ok daha sa\u011fl\u0131kl\u0131 bir br\u00fct k\u00e2r tablosu yaratt\u0131. Bu durum, \u015firketin b\u00fcy\u00fcme tak\u0131nt\u0131s\u0131 yerine k\u00e2rl\u0131l\u0131\u011fa odakland\u0131\u011f\u0131n\u0131 ve operasyonel m\u00fckemmelli\u011fi birincil hedef olarak benimsedi\u011fini kan\u0131tl\u0131yor. Bu tesad\u00fcfi bir verimlilik de\u011fil, bilin\u00e7li bir stratejinin sonucudur.<\/p>\n<h3>4. Milyar Liral\u0131k Akvaryum: &#8220;Canl\u0131 Varl\u0131klar\u0131n&#8221; Bilan\u00e7odaki A\u011f\u0131rl\u0131\u011f\u0131<\/h3>\n<p>Bir bal\u0131k\u00e7\u0131l\u0131k \u015firketinin bilan\u00e7osunda en ilgi \u00e7ekici kalem \u015f\u00fcphesiz &#8220;Canl\u0131 varl\u0131klar&#8221;d\u0131r. Bu, \u015firketin denizdeki kafeslerinde b\u00fcy\u00fcyen bal\u0131k stokunun finansal de\u011ferini ifade eder ve \u00d6zsu Bal\u0131k i\u00e7in bu rakam devasa boyutlardad\u0131r.<\/p>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin d\u00f6nen ve duran varl\u0131klar alt\u0131ndaki &#8220;Canl\u0131 varl\u0131klar&#8221; toplam\u0131 (1.266.068.347 TL + 190.720.106 TL) yakla\u015f\u0131k <b>1,45 milyar TL<\/b>&#8216;ye ula\u015f\u0131yor. Bu rakam, 2024 sonunda yakla\u015f\u0131k 1,8 milyar TL seviyesindeydi.<\/p>\n<p>Bilan\u00e7oda bu kadar b\u00fcy\u00fck ve &#8220;ya\u015fayan&#8221; bir varl\u0131\u011fa sahip olmak, \u015firketin kendine \u00f6zg\u00fc dinamiklerini ortaya koyuyor. Bu varl\u0131k, tipik bir stok gibi depoda beklemiyor; b\u00fcy\u00fcyor, geli\u015fiyor ve de\u011fer de\u011fi\u015ftiriyor. Canl\u0131 varl\u0131klar\u0131n de\u011ferindeki bu d\u00fc\u015f\u00fc\u015f ile kasadaki nakit patlamas\u0131 aras\u0131nda tesad\u00fcfi olmayan, stratejik bir ili\u015fki vard\u0131r. Veriler, \u015firketin 2025 y\u0131l\u0131nda bal\u0131k stokunun \u00f6nemli bir k\u0131sm\u0131n\u0131 son derece ba\u015far\u0131l\u0131 bir \u015fekilde hasat edip nakde \u00e7evirdi\u011fini ve 2. ve 3. maddelerde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz ola\u011fan\u00fcst\u00fc finansal sonu\u00e7lar\u0131 do\u011frudan bu operasyonla tetikledi\u011fini g\u00f6steriyor.<\/p>\n<h3>5. Stratejik Hamle: Sermayeyi \u0130kiye Katlama Karar\u0131<\/h3>\n<p>Finansal tablolardaki operasyonel ba\u015far\u0131lar\u0131n yan\u0131 s\u0131ra, \u015firket y\u00f6netimi stratejik bir hamleye de imza att\u0131. \u00d6zsu Bal\u0131k, \u00f6denmi\u015f sermayesini ikiye katlama karar\u0131 ald\u0131.<\/p>\n<p>Dipnot 20 ve \u00f6zkaynak de\u011fi\u015fim tablosuna g\u00f6re, \u015firketin &#8220;\u00d6denmi\u015f sermaye&#8221;si <b>60.000.000 TL<\/b>&#8216;den <b>120.000.000 TL<\/b>&#8216;ye y\u00fckseltildi. Dipnotta yer alan a\u00e7\u0131klamaya g\u00f6re bu art\u0131\u015f, &#8220;bedelsiz sermaye art\u0131r\u0131m\u0131&#8221; yoluyla ger\u00e7ekle\u015ftirildi ve 21 Nisan 2025 tarihinde SPK taraf\u0131ndan onayland\u0131.<\/p>\n<p>&#8220;Bedelsiz sermaye art\u0131r\u0131m\u0131,&#8221; \u015firketin hissedarlar\u0131ndan ek nakit talep etmeden, i\u00e7 kaynaklar\u0131n\u0131 (k\u00e2r yedekleri gibi) kullanarak sermayesini g\u00fc\u00e7lendirmesi anlam\u0131na gelir. Ba\u015fka bir deyi\u015fle, \u015firket d\u0131\u015far\u0131dan yeni para istemek yerine, kendi kazanc\u0131n\u0131 ve birikimlerini bilan\u00e7onun temeli olan sermayesine ekleyerek \u00f6zkaynak yap\u0131s\u0131n\u0131 per\u00e7inlemi\u015ftir. Bu, bir ev sahibinin bor\u00e7 almak yerine kendi birikimleriyle evine sa\u011flam bir temel atmas\u0131na benzer. Bu hamle, finansal g\u00fcc\u00fcn ve y\u00f6netimin \u015firketin gelece\u011fine olan g\u00fcveninin a\u00e7\u0131k bir i\u015faretidir.<\/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<p><b>Sonu\u00e7<\/b><\/p>\n<p>\u00d6zsu Bal\u0131k&#8217;\u0131n son finansal raporu, rakamlar\u0131n \u00f6tesinde bir finansal toparlanma, operasyonel ustal\u0131k ve stratejik \u00f6ng\u00f6r\u00fc hikayesi sunuyor. \u015eirket, daha az sat\u0131\u015f yaparak daha fazla k\u00e2r etmeyi ba\u015farm\u0131\u015f, canl\u0131 varl\u0131klar\u0131n\u0131 rekor bir nakde d\u00f6n\u00fc\u015ft\u00fcrm\u00fc\u015f ve sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirerek gelece\u011fe sa\u011flam bir ad\u0131m atm\u0131\u015ft\u0131r. T\u00fcm bu geli\u015fmeler ak\u0131llara \u015fu soruyu getiriyor: Bu etkileyici finansal performans, \u00d6zsu Bal\u0131k&#8217;\u0131n k\u00fcresel pazardaki gelece\u011fi i\u00e7in ne anlama geliyor?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u00d6zsu Bal\u0131k \u00dcretim A.\u015e. Finansal Durum Raporu: 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, \u00d6zsu Bal\u0131k \u00dcretim A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 analiz etmektedir. \u015eirket, 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde kaydedilen zarara k\u0131yasla 2025&#8217;te g\u00fc\u00e7l\u00fc bir k\u00e2rl\u0131l\u0131\u011fa ge\u00e7erek dikkat \u00e7ekici bir finansal geri d\u00f6n\u00fc\u015f sergilemi\u015ftir. Bu performans\u0131n arkas\u0131ndaki temel itici g\u00fc\u00e7ler, azalan gelirlere ra\u011fmen sat\u0131\u015flar\u0131n maliyetindeki \u00f6nemli d\u00fc\u015f\u00fc\u015f sayesinde artan br\u00fct k\u00e2r marj\u0131, operasyonel giderlerin etkin y\u00f6netimi ve enflasyon muhasebesi kaynakl\u0131 parasal kazan\u00e7lard\u0131r.<\/p>\n<p>Finansal tablolardaki en belirgin geli\u015fme, i\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131ndaki \u00e7arp\u0131c\u0131 iyile\u015fmedir. \u015eirket, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki negatif nakit ak\u0131\u015f\u0131n\u0131 tersine \u00e7evirerek 723 milyon TL&#8217;nin \u00fczerinde pozitif bir nakit ak\u0131\u015f\u0131 yaratm\u0131\u015f ve bu sayede nakit pozisyonunu 22,8 milyon TL&#8217;den 367,8 milyon TL&#8217;ye y\u00fckseltmi\u015ftir. Bilan\u00e7o taraf\u0131nda, \u00f6zkaynaklar net d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle g\u00fc\u00e7lenmi\u015f ve ger\u00e7ekle\u015ftirilen bedelsiz sermaye art\u0131r\u0131m\u0131 ile \u00f6denmi\u015f sermaye iki kat\u0131na \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Unifeed yem \u015firketindeki pay art\u0131r\u0131m\u0131, grubun dikey entegrasyon stratejisini teyit etmektedir. Genel olarak, 2025&#8217;in ilk dokuz ay\u0131, \u00d6zsu Bal\u0131k i\u00e7in operasyonel verimlili\u011fin artt\u0131\u011f\u0131, k\u00e2rl\u0131l\u0131\u011f\u0131n sa\u011fland\u0131\u011f\u0131 ve likiditenin \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendi\u011fi bir d\u00f6nem olmu\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<h3>1. Kapsaml\u0131 Gelir Tablosu Analizi<\/h3>\n<p>\u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda k\u00e2rl\u0131l\u0131kta k\u00f6kl\u00fc bir iyile\u015fme g\u00f6stermektedir. Gelirlerdeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen maliyet kontrol\u00fc ve operasyonel verimlilik, net k\u00e2ra ge\u00e7i\u015fi sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<h4>1.1. Has\u0131lat ve Br\u00fct K\u00e2rl\u0131l\u0131k<\/h4>\n<p>\u015eirketin has\u0131lat\u0131 bir \u00f6nceki y\u0131la g\u00f6re azal\u0131rken, sat\u0131\u015flar\u0131n maliyetindeki keskin d\u00fc\u015f\u00fc\u015f br\u00fct k\u00e2r\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 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>2.220.760.006<\/td>\n<td>2.607.655.786<\/td>\n<td>-%14,8<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(1.641.436.287)<\/td>\n<td>(2.321.654.588)<\/td>\n<td>-%29,3<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>592.727.022<\/b><\/td>\n<td><b>365.059.518<\/b><\/td>\n<td><b>+%62,4<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %14,8 oran\u0131nda azalarak 2,22 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Maliyet Kontrol\u00fc:<\/b> Has\u0131latttaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen, sat\u0131\u015flar\u0131n maliyeti %29,3 gibi \u00e7ok daha b\u00fcy\u00fck bir oranda azalarak 1,64 milyar TL&#8217;ye inmi\u015ftir. Bu durum, maliyet y\u00f6netiminde ve operasyonel verimlilikte \u00f6nemli bir iyile\u015fmeye i\u015faret etmektedir.<\/li>\n<li><b>Br\u00fct K\u00e2r Art\u0131\u015f\u0131:<\/b> Maliyetlerdeki bu \u00f6nemli d\u00fc\u015f\u00fc\u015f sayesinde, br\u00fct k\u00e2r bir \u00f6nceki y\u0131la g\u00f6re %62,4 artarak 592,7 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu, \u015firketin k\u00e2rl\u0131l\u0131k dinamiklerinde pozitif bir yap\u0131sal de\u011fi\u015fikli\u011fin g\u00f6stergesidir.<\/li>\n<\/ul>\n<h4>1.2. Faaliyet Performans\u0131 ve Net K\u00e2r<\/h4>\n<p>Faaliyet giderlerindeki kontrol ve enflasyon muhasebesinin pozitif etkisi, \u015firketin faaliyet zarar\u0131ndan k\u00e2r\u0131na ve net zarardan k\u00e2ra ge\u00e7mesini sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>392.845.066<\/td>\n<td>(42.636.039)<\/td>\n<td>Pozitif D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Parasal Kay\u0131p \/ Kazan\u00e7<\/b><\/td>\n<td>250.597.392<\/td>\n<td>49.150.999<\/td>\n<td>+201,4 Milyon TL<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>206.572.235<\/b><\/td>\n<td><b>(62.655.042)<\/b><\/td>\n<td><b>Pozitif D\u00f6n\u00fc\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td>2,16<\/td>\n<td>(1,04)<\/td>\n<td>Pozitif D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Faaliyet K\u00e2r\u0131:<\/b> \u015eirket, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 42,6 milyon TL&#8217;lik faaliyet zarar\u0131n\u0131, 2025&#8217;te 392,8 milyon TL&#8217;lik faaliyet k\u00e2r\u0131na d\u00f6n\u00fc\u015ft\u00fcrm\u00fc\u015ft\u00fcr. Bu geri d\u00f6n\u00fc\u015fte, pazarlama, sat\u0131\u015f ve da\u011f\u0131t\u0131m giderlerinin 213 milyon TL&#8217;den 148,2 milyon TL&#8217;ye d\u00fc\u015fmesi etkili olmu\u015ftur.<\/li>\n<li><b>Parasal Kazan\u00e7:<\/b> TMS 29 enflasyon muhasebesi uygulamas\u0131 kapsam\u0131nda kaydedilen &#8220;Parasal Kay\u0131p \/ Kazan\u00e7&#8221; kalemi, 2025 d\u00f6nem k\u00e2r\u0131na 250,6 milyon TL pozitif katk\u0131 sa\u011flam\u0131\u015ft\u0131r. Bu, bir \u00f6nceki y\u0131l\u0131n katk\u0131s\u0131ndan (49,2 milyon TL) \u00f6nemli \u00f6l\u00e7\u00fcde y\u00fcksektir.<\/li>\n<li><b>Net K\u00e2r:<\/b> T\u00fcm bu olumlu geli\u015fmeler sonucunda \u015firket, 2024&#8217;teki 62,7 milyon TL&#8217;lik net zarar\u0131, 2025&#8217;in ilk dokuz ay\u0131nda 206,6 milyon TL&#8217;lik net k\u00e2ra \u00e7evirmeyi ba\u015farm\u0131\u015ft\u0131r. Pay ba\u015f\u0131na kazan\u00e7 da negatif 1,04 TL&#8217;den pozitif 2,16 TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h3>2. Finansal Durum Tablosu Analizi<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin bilan\u00e7osu, artan likidite, g\u00fc\u00e7lenen \u00f6zkaynak yap\u0131s\u0131 ve bor\u00e7luluk profilindeki de\u011fi\u015fim ile karakterize olmaktad\u0131r.<\/p>\n<h4>2.1. Varl\u0131k Yap\u0131s\u0131<\/h4>\n<p>\u015eirketin toplam varl\u0131klar\u0131 s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6sterirken, varl\u0131k kompozisyonunda nakit lehine \u00f6nemli bir de\u011fi\u015fim ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi (TL)<\/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>Nakit ve Nakit Benzerleri<\/b><\/td>\n<td>367.766.026<\/td>\n<td>22.809.842<\/td>\n<td>+%1512,3<\/td>\n<\/tr>\n<tr>\n<td><b>Canl\u0131 Varl\u0131klar (Toplam)<\/b><\/td>\n<td>1.456.788.453<\/td>\n<td>1.799.099.039<\/td>\n<td>-%19,0<\/td>\n<\/tr>\n<tr>\n<td><b>Maddi Duran Varl\u0131klar<\/b><\/td>\n<td>312.794.519<\/td>\n<td>278.204.292<\/td>\n<td>+%12,4<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynak Y\u00f6ntemiyle De\u011f. Yat\u0131r\u0131mlar<\/b><\/td>\n<td>287.699.391<\/td>\n<td>259.856.220<\/td>\n<td>+%10,7<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>2.908.072.095<\/b><\/td>\n<td><b>2.817.145.507<\/b><\/td>\n<td><b>+%3,2<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> En dikkat \u00e7ekici geli\u015fme, nakit ve nakit benzerlerinin 22,8 milyon TL&#8217;den 367,8 milyon TL&#8217;ye y\u00fckselmesidir. Bu art\u0131\u015f, g\u00fc\u00e7l\u00fc operasyonel nakit ak\u0131\u015f\u0131n\u0131n bir sonucudur.<\/li>\n<li><b>Canl\u0131 Varl\u0131klar:<\/b> Toplam canl\u0131 varl\u0131k de\u011feri azalm\u0131\u015ft\u0131r. Bu durum, d\u00f6nem i\u00e7indeki sat\u0131\u015flar\u0131n ve stok y\u00f6netiminin bir yans\u0131mas\u0131 olarak nakit ak\u0131\u015f\u0131na pozitif katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131mlar:<\/b> Maddi duran varl\u0131klardaki ve \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlardaki (Unifeed) art\u0131\u015f, grubun b\u00fcy\u00fcme ve entegrasyon stratejisini s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir.<\/li>\n<\/ul>\n<h4>2.2. Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131<\/h4>\n<p>\u015eirketin y\u00fck\u00fcml\u00fcl\u00fck yap\u0131s\u0131nda k\u0131sa vadeye bir kayma g\u00f6zlemlenirken, \u00f6zkaynaklar d\u00f6nem k\u00e2r\u0131 ve sermaye art\u0131r\u0131m\u0131 ile g\u00fc\u00e7lenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemi (TL)<\/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>1.869.147.321<\/td>\n<td>1.696.188.448<\/td>\n<td>+%10,2<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>139.175.740<\/td>\n<td>363.944.837<\/td>\n<td>-%61,8<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>120.000.000<\/td>\n<td>60.000.000<\/td>\n<td>+%100,0<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>899.749.034<\/td>\n<td>757.012.222<\/td>\n<td>+%18,9<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>2.908.072.095<\/b><\/td>\n<td><b>2.817.145.507<\/b><\/td>\n<td><b>+%3,2<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Bor\u00e7 Yap\u0131s\u0131:<\/b> Uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki 224,7 milyon TL&#8217;lik sert d\u00fc\u015f\u00fc\u015f ve k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f, bor\u00e7lar\u0131n yeniden yap\u0131land\u0131r\u0131ld\u0131\u011f\u0131n\u0131 veya vadesinin yakla\u015ft\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Toplam bor\u00e7lulukta hafif bir azalma s\u00f6z konusudur.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirket, Nisan 2025&#8217;te onaylanan bir kararla 60 milyon TL olan \u00f6denmi\u015f sermayesini bedelsiz olarak 120 milyon TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynak G\u00fc\u00e7lenmesi:<\/b> Toplam \u00f6zkaynaklar, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde 204,2 milyon TL&#8217;lik net d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle %18,9 artarak yakla\u015f\u0131k 900 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3. Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>Nakit ak\u0131\u015f tablosu, \u015firketin finansal sa\u011fl\u0131\u011f\u0131ndaki iyile\u015fmenin temelini olu\u015fturan operasyonel performans\u0131 net bir \u015fekilde ortaya koymaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f\u0131 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015fletme Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131<\/b><\/td>\n<td>723.128.067<\/td>\n<td>(376.389.904)<\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131<\/b><\/td>\n<td>(94.012.267)<\/td>\n<td>(46.596.099)<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131<\/b><\/td>\n<td>(239.124.535)<\/td>\n<td>451.277.237<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f<\/b><\/td>\n<td><b>344.956.184<\/b><\/td>\n<td><b>24.556.570<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130\u015fletme Nakit Ak\u0131\u015f\u0131:<\/b> En kritik geli\u015fme, i\u015fletme faaliyetlerinden sa\u011flanan nakit ak\u0131\u015f\u0131n\u0131n negatif 376,4 milyon TL&#8217;den pozitif 723,1 milyon TL&#8217;ye d\u00f6nmesidir. Bu d\u00f6n\u00fc\u015f\u00fcmde, d\u00f6nem k\u00e2r\u0131 ve canl\u0131 varl\u0131klardaki azal\u0131\u015f gibi i\u015fletme sermayesi kalemlerindeki de\u011fi\u015fimler ana rol\u00fc oynam\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 2024&#8217;te bor\u00e7lanma yoluyla sa\u011flanan 451 milyon TL&#8217;lik nakit giri\u015finin aksine, 2025&#8217;te 239,1 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. Bu durum, artan operasyonel nakit ile bor\u00e7 geri \u00f6demesi yap\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> \u015eirket, yat\u0131r\u0131m harcamalar\u0131n\u0131 iki kat\u0131na \u00e7\u0131kararak 94 milyon TL&#8217;ye y\u00fckseltmi\u015f, bu da b\u00fcy\u00fcme odakl\u0131 yat\u0131r\u0131mlar\u0131n devam etti\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Sonu\u00e7:<\/b> G\u00fc\u00e7l\u00fc operasyonel performans, artan yat\u0131r\u0131m harcamalar\u0131n\u0131 ve bor\u00e7 geri \u00f6demelerini finanse ettikten sonra dahi, d\u00f6nem sonunda nakit mevcudunda 345 milyon TL&#8217;lik net bir art\u0131\u015f sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>4. Kurumsal Yap\u0131 ve Stratejik Notlar<\/h3>\n<ul>\n<li><b>Grup Yap\u0131s\u0131:<\/b> \u00d6zsu Bal\u0131k \u00dcretim A.\u015e., \u0130ngiltere&#8217;de yerle\u015fik \u00d6zsu Fish UK Limited ve Hollanda&#8217;da yerle\u015fik \u00d6zsu Fish EU B.V. adl\u0131 da\u011f\u0131t\u0131m odakl\u0131 ba\u011fl\u0131 ortakl\u0131klar\u0131 ile konsolide bir yap\u0131ya sahiptir.<\/li>\n<li><b>Dikey Entegrasyon (Unifeed Yat\u0131r\u0131m\u0131):<\/b> Grup, bal\u0131k yemi \u00fcreticisi Unifeed Su \u00dcr\u00fcnleri Yem Sanayi Ticaret A.\u015e.&#8217;deki pay\u0131n\u0131 27 May\u0131s 2025&#8217;te %50&#8217;nin \u00fczerine \u00e7\u0131karm\u0131\u015ft\u0131r. Esas s\u00f6zle\u015fme h\u00fck\u00fcmleri nedeniyle kontrol g\u00fcc\u00fc olu\u015fmad\u0131\u011f\u0131 i\u00e7in yat\u0131r\u0131m \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenmeye devam etmektedir. Bu hamle, tedarik zincirinde dikey entegrasyonu hedefleyen stratejik bir ad\u0131md\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar, SPK karar\u0131 uyar\u0131nca TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard\u0131&#8221; uygulanarak haz\u0131rlanm\u0131\u015ft\u0131r. Bu durum, \u00f6zellikle &#8220;Parasal Kay\u0131p \/ Kazan\u00e7&#8221; kalemi arac\u0131l\u0131\u011f\u0131yla gelir tablosu \u00fczerinde \u00f6nemli bir etkiye sahiptir ve kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nemler bu standarda g\u00f6re yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Te\u015fvikleri:<\/b> Grubun, KDV istisnas\u0131 ve vergi indirimi gibi avantajlar sa\u011flayan iki adet yat\u0131r\u0131m te\u015fvik belgesi bulunmaktad\u0131r. Biri 2021 tarihli, di\u011feri ise 2024 sonu tarihli olan bu belgeler, \u015firketin yat\u0131r\u0131m i\u015ftah\u0131n\u0131 desteklemektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"524\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Bal\u0131k\u00e7\u0131l\u0131k Devinin Finans Raporu: Rakamlar\u0131n Ard\u0131ndaki 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Finansal raporlar genellikle kuru rakam y\u0131\u011f\u0131nlar\u0131 olarak g\u00f6r\u00fcl\u00fcr. Ancak \u00d6zsu Bal\u0131k&#8217;\u0131n son raporu, bir finansal gerilim roman\u0131n\u0131 aratm\u0131yor. Bu belge, yaln\u0131zca bir \u015firketin mali durumunu \u00f6zetlemekle kalm\u0131yor, ayn\u0131 zamanda y\u0131l\u0131n&#8230; <\/p>\n","protected":false},"author":1,"featured_media":525,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[115],"class_list":["post-524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ozsub"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/524","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=524"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/524\/revisions"}],"predecessor-version":[{"id":526,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/524\/revisions\/526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/525"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}