{"id":533,"date":"2025-12-25T22:39:11","date_gmt":"2025-12-25T19:39:11","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=533"},"modified":"2025-12-25T22:39:11","modified_gmt":"2025-12-25T19:39:11","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-kzbgy-kizilbuk-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/533","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KZBGY | K\u0131z\u0131lb\u00fck Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KZBGY | K\u0131z\u0131lb\u00fck Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/LGDezU72m7I?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Faaliyet Raporunun Perde Arkas\u0131: K\u0131z\u0131lb\u00fck GYO Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f<\/h3>\n<p>L\u00fcks tatil k\u00f6ylerinin parlak bro\u015f\u00fcrlerinin ve etkileyici g\u00f6rsellerinin arkas\u0131nda, genellikle rakamlar, finansal tablolar ve yasal ifadelerle dolu yo\u011fun kurumsal raporlar bulunur. \u00c7o\u011fu yat\u0131r\u0131mc\u0131n\u0131n bile g\u00f6z gezdirmekten \u00e7ekindi\u011fi bu belgeler, asl\u0131nda bir projenin kalbine giden en kestirme yoldur. Biz de bu raporlardan birini, K\u0131z\u0131lb\u00fck GYO&#8217;nun faaliyet raporunu mercek alt\u0131na ald\u0131k ve bu devasa projenin perde arkas\u0131ndaki en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkileyici ger\u00e7ekleri sizler i\u00e7in derledik.<\/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. Sadece Bir Tatil K\u00f6y\u00fc De\u011fil, Yeni Bir Konsept: Termal Sa\u011fl\u0131k ve Devre M\u00fclk Bir Arada<\/h3>\n<p>K\u0131z\u0131lb\u00fck GYO&#8217;nun i\u015f modeli, s\u0131radan bir gayrimenkul projesinden \u00e7ok daha fazlas\u0131n\u0131 hedefliyor. \u015eirket, &#8220;Termal, Devre m\u00fclk, Otel, Termal SPA&#8221; karmas\u0131n\u0131 tek bir \u00e7at\u0131 alt\u0131nda birle\u015ftirerek, T\u00fcrkiye&#8217;de olduk\u00e7a ni\u015f bir pazara odaklan\u0131yor. Bu model, geleneksel devre m\u00fclk anlay\u0131\u015f\u0131n\u0131 son y\u0131llar\u0131n y\u00fckselen trendi olan sa\u011fl\u0131kl\u0131 ya\u015fam ve termal turizmle harmanl\u0131yor. \u015eirketin bu konseptle sadece ulusal de\u011fil, ayn\u0131 zamanda uluslararas\u0131 bir zincir marka olma hedefi raporda net bir \u015fekilde ifade ediliyor:<\/p>\n<p>K\u0131z\u0131lb\u00fck GYO, Sinpa\u015f\u2019\u0131n gayrimenkul geli\u015ftirmedeki yar\u0131m asra yakla\u015fan deneyim ve g\u00fcc\u00fcn\u00fc de arkas\u0131na alarak ni\u015f bir pazar olan Termal, Devre m\u00fclk, Otel, Termal SPA karmas\u0131n\u0131n bir arada oldu\u011fu yat\u0131r\u0131mlar\u0131 ile T\u00fcrkiye\u2019de ve d\u00fcnya da zincir bir marka in\u015fas\u0131 ger\u00e7ekle\u015ftirecektir.<\/p>\n<p>Bu strateji, \u015firketi mevsimsellik tuza\u011f\u0131ndan kurtar\u0131p y\u0131l\u0131n 365 g\u00fcn\u00fc gelir \u00fcreten bir yap\u0131ya kavu\u015fturarak, gayrimenkul sekt\u00f6r\u00fcndeki d\u00f6ng\u00fcsel riskleri azaltan ve y\u00fcksek b\u00fcy\u00fcme potansiyeline sahip sa\u011fl\u0131k turizmi pazar\u0131ndan pay almas\u0131n\u0131 sa\u011flayan zekice bir hamle olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<h3>2. Ak\u0131l Almaz Bir \u00d6l\u00e7ek: Marmaris&#8217;teki Projenin B\u00fcy\u00fckl\u00fc\u011f\u00fc<\/h3>\n<p>Faaliyet raporundaki rakamlar, Marmaris \u0130\u00e7meler&#8217;deki K\u0131z\u0131lb\u00fck Thermal Wellness Resort projesinin ne kadar devasa bir yat\u0131r\u0131m oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor. Projenin \u00f6l\u00e7e\u011fini somutla\u015ft\u0131rmak i\u00e7in baz\u0131 temel verilere g\u00f6z atal\u0131m:<\/p>\n<ul>\n<li><b>Arazi B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> 173 d\u00f6n\u00fcm (173.000 m\u00b2)<\/li>\n<li><b>Konaklama Kapasitesi:<\/b> 1.309 l\u00fcks devre m\u00fclk \u00fcnitesi ve 206 oda kapasiteli 5 y\u0131ld\u0131zl\u0131 bir otel<\/li>\n<li><b>Tesisler:<\/b> Termal SPA, Al\u0131\u015fveri\u015f Alanlar\u0131, Aquapark, Macera Park\u0131, Kongre Merkezi ve Sa\u011fl\u0131k Merkezi<\/li>\n<li><b>Proje De\u011feri:<\/b> Projenin 15 Ocak 2025 itibar\u0131yla ekspertiz de\u011feri tam <b>15.798.769.000 TL<\/b>.<\/li>\n<\/ul>\n<p>Bu rakamlar, projenin sadece bir tatil k\u00f6y\u00fc olmad\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. 173 d\u00f6n\u00fcml\u00fck bu yat\u0131r\u0131m, Dolmabah\u00e7e Saray\u0131 ve bah\u00e7elerinden yakla\u015f\u0131k d\u00f6rt kat daha b\u00fcy\u00fck bir alana yay\u0131larak, adeta kendi kendine yeten k\u00fc\u00e7\u00fck bir kasaba in\u015fa edildi\u011fini g\u00f6steriyor.<\/p>\n<h3>3. \u0130ki Kanall\u0131 Gelir Stratejisi: Sat ve \u0130\u015flet Modeli<\/h3>\n<p>K\u0131z\u0131lb\u00fck GYO, finansal s\u00fcrd\u00fcr\u00fclebilirli\u011fi sa\u011flamak i\u00e7in ak\u0131ll\u0131ca tasarlanm\u0131\u015f hibrit bir i\u015f modeli benimsiyor. Bu modelin iki temel aya\u011f\u0131 var. Bir yanda, devre m\u00fclk \u00fcniteleri tapular\u0131yla birlikte sat\u0131larak proje finansman\u0131 i\u00e7in \u00f6nemli bir sermaye giri\u015fi ve k\u0131sa vadeli nakit ak\u0131\u015f\u0131 sa\u011flan\u0131yor.<\/p>\n<p>Di\u011fer yanda ise otel, apart otel, al\u0131\u015fveri\u015f alanlar\u0131, termal SPA ve Aquapark gibi stratejik ticari alanlar sat\u0131lm\u0131yor. Bu alanlar\u0131n, kira ve i\u015fletme geliri elde etmek amac\u0131yla \u015firket portf\u00f6y\u00fcnde tutulmas\u0131 planlan\u0131yor. Bu ikili strateji, geli\u015ftirme k\u00e2rlar\u0131n\u0131 uzun vadeli varl\u0131k y\u00f6netimi gelirleriyle dengeleyerek projenin sermaye yap\u0131s\u0131n\u0131 optimize ediyor. B\u00f6ylece \u015firket, hem in\u015faat d\u00f6ng\u00fcs\u00fcn\u00fcn de\u011fi\u015fkenli\u011finden kendini koruyor hem de yat\u0131r\u0131mc\u0131lar\u0131n de\u011fer verdi\u011fi \u00f6ng\u00f6r\u00fclebilir, s\u00fcrd\u00fcr\u00fclebilir bir gelir ak\u0131\u015f\u0131 yarat\u0131yor.<\/p>\n<h3>4. G\u00f6zden Uzak Bir M\u00fccadele: Projenin Hukuki Labirenti<\/h3>\n<p>Parlak bro\u015f\u00fcrler ile projenin hayata ge\u00e7irildi\u011fi sahadaki ger\u00e7eklik aras\u0131nda keskin bir tezat bulunuyor. Faaliyet raporu, \u015firketin &#8220;\u00e7ok \u00f6nemli davalar olarak nitelenmi\u015f&#8221; toplam <b>18 dava<\/b> ile kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu \u015feffaf bir \u015fekilde ortaya koyuyor. Bu davalar\u0131n merkezinde ise \u00c7evresel Etki De\u011ferlendirme (\u00c7ED) raporlar\u0131, in\u015faat ruhsatlar\u0131n\u0131n iptali ve Marmaris Belediyesi taraf\u0131ndan kesilen <b>2.677.149.516 TL<\/b> gibi astronomik rakamlara ula\u015fan idari para cezalar\u0131 yer al\u0131yor.<\/p>\n<p>Bu hukuki m\u00fccadele, raporun &#8220;Finansal Olmayan Riskler&#8221; b\u00f6l\u00fcm\u00fcnde bizzat \u015firketin kendisinin de tan\u0131mlad\u0131\u011f\u0131 &#8220;Reg\u00fclasyon ve Yasal Uyum Riskleri&#8221; ile &#8220;Toplumsal Kabul&#8221; risklerinin somut bir yans\u0131mas\u0131. \u015eirket raporda bu davalar\u0131n lehte sonu\u00e7lanaca\u011f\u0131na dair beklentisini belirtse de, bu durum projenin parlak vizyonunun ard\u0131ndaki y\u00fcksek riskli yasal ve toplumsal zemini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>5. Durmak Bilmeyen B\u00fcy\u00fcme Hedefi: Marmaris&#8217;ten T\u00fcm T\u00fcrkiye&#8217;ye ve D\u00fcnyaya<\/h3>\n<p>K\u0131z\u0131lb\u00fck GYO&#8217;nun vizyonu Marmaris ile s\u0131n\u0131rl\u0131 de\u011fil. \u015eirket, Marmaris projesiyle yakalad\u0131\u011f\u0131 bu ni\u015f konsepti bir zincir haline getirmeyi hedefliyor. Raporda, yat\u0131r\u0131m \u00f6nceli\u011fi olarak belirlenen ve termal kaynaklar\u0131yla \u00f6ne \u00e7\u0131kan iller de s\u0131ralanm\u0131\u015f: <b>Bal\u0131kesir, Bursa, Denizli, Bolu ve Afyon<\/b>.<\/p>\n<p>Bu plan, somut ad\u0131mlarla \u015fimdiden hayata ge\u00e7iyor. Bal\u0131kesir&#8217;de &#8220;Sinpa\u015f Kasaba Thermal Wellness Resort&#8221; ad\u0131yla yeni bir proje i\u00e7in s\u00f6zle\u015fme imzaland\u0131\u011f\u0131 belirtiliyor. Raporun daha derinlerinde ise bu b\u00fcy\u00fcmenin nas\u0131l finanse edilece\u011fine dair kritik bir ipucu var: Yeni projede, devre tatil sat\u0131\u015f\u0131ndan elde edilecek has\u0131lat\u0131n %12&#8217;si arsa sahibine verilirken, kalan %88&#8217;i \u015firkete ait olacak. Bu has\u0131lat payla\u015f\u0131m\u0131 modeli, \u015firketin b\u00fcy\u00fck arazi sat\u0131n alma maliyetlerine katlanmadan, sermaye verimlili\u011fi y\u00fcksek bir stratejiyle h\u0131zla geni\u015flemesini sa\u011fl\u0131yor. \u015eirket, uzun vadede ise bu konsepti &#8220;d\u00fcnyan\u0131n \u00e7e\u015fitli b\u00f6lgelerine&#8221; ta\u015f\u0131ma potansiyelini de\u011ferlendirerek k\u00fcresel bir oyuncu olma hedefini ortaya koyuyor.<\/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>Sonu\u00e7<\/h3>\n<p>K\u0131z\u0131lb\u00fck GYO&#8217;nun faaliyet raporu, parlak bir tatil vaadinin \u00f6tesinde, stratejik bir gerilimi ortaya koyuyor: Bir yanda y\u00fcksek k\u00e2r marj\u0131 vadeden, \u00e7ekici ve ni\u015f bir i\u015f modeli; di\u011fer yanda ise projenin takvimini ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 tehdit edebilecek boyutta ciddi yasal ve d\u00fczenleyici engeller. Projenin ba\u015far\u0131s\u0131, sadece finansal hedeflere ula\u015fmas\u0131na de\u011fil, ayn\u0131 zamanda bu zorluklar\u0131n \u00fcstesinden gelme becerisine de ba\u011fl\u0131 olacak.<\/p>\n<p>Peki, b\u00f6ylesine iddial\u0131 bir vizyon, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131 a\u015farak T\u00fcrkiye&#8217;nin tatil anlay\u0131\u015f\u0131n\u0131 yeniden \u015fekillendirebilir mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">K\u0131z\u0131lb\u00fck GYO Faaliyet Raporu ve Finansal Durumuna \u0130li\u015fkin Brifing Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing notu, K\u0131z\u0131lb\u00fck Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (K\u0131z\u0131lb\u00fck GYO) 30 Eyl\u00fcl 2025 tarihli faaliyet raporu ve finansal tablolar\u0131n\u0131 sentezleyerek \u015firketin stratejik konumunu, operasyonel faaliyetlerini, finansal performans\u0131n\u0131 ve kar\u015f\u0131la\u015ft\u0131\u011f\u0131 temel riskleri analiz etmektedir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Stratejik Odak ve B\u00fcy\u00fcme:<\/b> 2021&#8217;de Sinpa\u015f GYO&#8217;dan k\u0131smi b\u00f6l\u00fcnme yoluyla kurulan K\u0131z\u0131lb\u00fck GYO, termal sa\u011fl\u0131k, devre m\u00fclk ve otelcili\u011fi birle\u015ftiren ni\u015f bir pazara odaklanm\u0131\u015ft\u0131r. \u015eirketin ana stratejisi, Marmaris&#8217;teki amiral gemisi projesini tamamlad\u0131ktan sonra &#8220;K\u0131z\u0131lb\u00fck&#8221; konseptini Bal\u0131kesir, Bursa, Denizli gibi termal b\u00f6lgelere yayarak bir zincir marka haline getirmektir.<\/li>\n<li><b>Amiral Gemisi Projesi:<\/b> Portf\u00f6y\u00fcn merkezinde, Marmaris \u0130\u00e7meler&#8217;de 173 d\u00f6n\u00fcm arazi \u00fczerinde geli\u015ftirilen ve 15,8 milyar TL de\u011ferlemeye sahip <b>K\u0131z\u0131lb\u00fck Thermal Wellness Resort<\/b> projesi yer almaktad\u0131r. Projenin 1. etab\u0131 ve 2. etab\u0131n\u0131n bir k\u0131sm\u0131 tamamlanm\u0131\u015f olup, 2025 y\u0131l\u0131 Nisan ay\u0131ndan itibaren misafir kabul\u00fcne ba\u015flanm\u0131\u015ft\u0131r. 2025&#8217;in ilk dokuz ay\u0131nda KDV hari\u00e7 2,23 milyar TL de\u011ferinde 2.341 adet devre m\u00fclk sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Finansal Performans:<\/b> \u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda konsolide bazda yakla\u015f\u0131k <b>1,23 milyar TL has\u0131lat<\/b> ve <b>58,7 milyon TL net d\u00f6nem kar\u0131<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 9,1 milyar TL&#8217;lik y\u00fcksek k\u00e2r, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin yeniden de\u011ferlemesinden kaynaklanm\u0131\u015f olup, mevcut d\u00f6nemde benzer bir de\u011fer art\u0131\u015f\u0131 olmamas\u0131 net k\u00e2rdaki d\u00fc\u015f\u00fc\u015f\u00fcn ana sebebidir.<\/li>\n<li><b>Kritik Risk Fakt\u00f6r\u00fc: Hukuki S\u00fcre\u00e7ler:<\/b> \u015eirket, \u00f6zellikle Marmaris&#8217;teki projesiyle ilgili olarak <b>18 adet &#8220;\u00e7ok \u00f6nemli&#8221; dava<\/b> ile kar\u015f\u0131 kar\u015f\u0131yad\u0131r. Bu davalar; \u00c7ED raporu, eski in\u015faat ruhsatlar\u0131 ve en \u00f6nemlisi Marmaris Belediyesi taraf\u0131ndan kesilen y\u00fcksek tutarl\u0131 idari para cezalar\u0131 (bir davada <b>2,67 milyar TL<\/b>&#8216;ye varan) ile mevcut ruhsatlar\u0131n ve yap\u0131 kullanma izin belgesinin iptali gibi konular\u0131 i\u00e7ermektedir. \u015eirket y\u00f6netimi bu davalar\u0131n lehte sonu\u00e7lanaca\u011f\u0131na inansa da, bu s\u00fcre\u00e7ler projenin ilerleyi\u015fi ve \u015firketin mali durumu \u00fczerinde \u00f6nemli bir operasyonel ve finansal risk unsuru olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Kurumsal ve Finansal Yap\u0131:<\/b> \u015eirket, son d\u00f6nemde ger\u00e7ekle\u015ftirdi\u011fi bedelsiz sermaye art\u0131r\u0131mlar\u0131yla \u00f6denmi\u015f sermayesini 1,2 milyar TL&#8217;ye, kay\u0131tl\u0131 sermaye tavan\u0131n\u0131 ise 6 milyar TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. G\u00fc\u00e7l\u00fc kurumsal y\u00f6netim yap\u0131s\u0131, detayl\u0131 komite \u00e7al\u0131\u015fmalar\u0131 ve \u015feffaf politikalara verdi\u011fi \u00f6nem raporda \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/li>\n<\/ul>\n<h2>1. \u015eirket Profili ve Stratejik Konumland\u0131rma<\/h2>\n<h3>1.1. Kurulu\u015f ve Faaliyet Alan\u0131<\/h3>\n<p>K\u0131z\u0131lb\u00fck GYO, Sinpa\u015f GYO&#8217;nun gayrimenkul geli\u015ftirme alan\u0131ndaki tecr\u00fcbesini arkas\u0131na alarak 30 Mart 2021&#8217;de k\u0131smi b\u00f6l\u00fcnme yoluyla kurulmu\u015ftur. \u015eirket, Sermaye Piyasas\u0131 Kurulu mevzuat\u0131na uygun olarak gayrimenkullere, gayrimenkul projelerine ve bunlara dayal\u0131 haklara yat\u0131r\u0131m yapma amac\u0131yla faaliyet g\u00f6stermektedir. A\u011fustos 2021&#8217;de Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmeye ba\u015flayan \u015firketin ana odak noktas\u0131, T\u00fcrkiye&#8217;de ni\u015f bir pazar olan <b>Termal, Devre M\u00fclk, Otel ve Termal SPA<\/b> karmas\u0131n\u0131 bir araya getiren karma kullan\u0131ml\u0131 projeler geli\u015ftirmektir.<\/p>\n<h3>1.2. Yat\u0131r\u0131m Stratejisi<\/h3>\n<p>\u015eirketin yat\u0131r\u0131m stratejisi \u00fc\u00e7 ana a\u015famadan olu\u015fmaktad\u0131r:<\/p>\n<ul>\n<li><b>K\u0131sa Vade:<\/b> Mevcut amiral gemisi projesi olan <b>K\u0131z\u0131lb\u00fck Thermal Wellness Resort<\/b>&#8216;un geli\u015ftirmesini tamamlamak, sat\u0131\u015f ve kiralama hedeflerine ula\u015farak projeyi planlanan takvime uygun \u015fekilde tam kapasiteyle i\u015fletmeye a\u00e7mak.<\/li>\n<li><b>Orta Vade:<\/b> &#8220;K\u0131z\u0131lb\u00fck&#8221; konseptini bir zincir haline getirmek. Bu do\u011frultuda, termal kaynaklar\u0131yla \u00f6ne \u00e7\u0131kan <b>Bal\u0131kesir, Bursa, Denizli, Bolu ve Afyon<\/b> gibi illerde yeni yat\u0131r\u0131mlar planlanmaktad\u0131r. Bu strateji ile mevcut m\u00fc\u015fterilere farkl\u0131 lokasyonlarda konaklama imk\u00e2n\u0131 sunularak m\u00fc\u015fteri memnuniyetinin art\u0131r\u0131lmas\u0131 hedeflenmektedir.<\/li>\n<li><b>Uzun Vade:<\/b> T\u00fcrkiye&#8217;deki zincirle\u015fme potansiyeline ba\u011fl\u0131 olarak, kazan\u0131lan tecr\u00fcbe ile &#8220;K\u0131z\u0131lb\u00fck&#8221; konseptini d\u00fcnyan\u0131n farkl\u0131 b\u00f6lgelerine ta\u015f\u0131yarak uluslararas\u0131 yat\u0131r\u0131mlar yapmay\u0131 de\u011ferlendirmek.<\/li>\n<\/ul>\n<h2>2. Projeler ve Varl\u0131k Portf\u00f6y\u00fc<\/h2>\n<h3>2.1. Sinpa\u015f K\u0131z\u0131lb\u00fck Thermal Wellness Resort (Marmaris)<\/h3>\n<p>\u015eirketin portf\u00f6y\u00fcndeki en \u00f6nemli varl\u0131k olan bu proje, Marmaris \u0130\u00e7meler&#8217;de, Ege ve Akdeniz&#8217;in birle\u015fti\u011fi bir koyda yer almaktad\u0131r. Proje, y\u0131l\u0131n 365 g\u00fcn\u00fc faaliyet g\u00f6sterecek \u015fekilde tasarlanm\u0131\u015f olup, yeni nesil muhafazakar ve sa\u011fl\u0131kl\u0131 ya\u015fam tatil anlay\u0131\u015f\u0131n\u0131 hedeflemektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Proje \u00d6zelli\u011fi<\/td>\n<td>A\u00e7\u0131klama<\/td>\n<\/tr>\n<tr>\n<td><b>Konum<\/b><\/td>\n<td>Mu\u011fla \u0130li, Marmaris \u0130l\u00e7esi, \u0130\u00e7meler Mahallesi<\/td>\n<\/tr>\n<tr>\n<td><b>Arsa B\u00fcy\u00fckl\u00fc\u011f\u00fc<\/b><\/td>\n<td>173.486,72 m\u00b2<\/td>\n<\/tr>\n<tr>\n<td><b>Ekspertiz De\u011feri<\/b><\/td>\n<td><b>15.798.769.000 TL<\/b> (15.01.2025 tarihi itibar\u0131yla)<\/td>\n<\/tr>\n<tr>\n<td><b>Bile\u015fenler<\/b><\/td>\n<td>Devre m\u00fclk \u00fcniteleri, 5 y\u0131ld\u0131zl\u0131 otel, apart otel, termal SPA, Wellness Park, Aquapark, macera park\u0131, al\u0131\u015fveri\u015f alanlar\u0131, konferans merkezi, restoranlar ve sa\u011fl\u0131k merkezi.<\/td>\n<\/tr>\n<tr>\n<td><b>Kapasite (3 Etap Toplam\u0131)<\/b><\/td>\n<td>1.309 adet l\u00fcks devre m\u00fclk \u00fcnitesi (65.848 devre), 206 oda kapasiteli 5 y\u0131ld\u0131zl\u0131 otel, 10 odal\u0131 apart otel.<\/td>\n<\/tr>\n<tr>\n<td><b>Mevcut Durum<\/b><\/td>\n<td>1. Etap (t\u00fcm\u00fc) ve 2. Etab\u0131n ilk 5 blo\u011funun in\u015faat\u0131 tamamlanm\u0131\u015ft\u0131r. Tesis, Nisan 2025&#8217;ten itibaren misafir kabul etmeye ba\u015flam\u0131\u015ft\u0131r.<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015f Performans\u0131<\/b><\/td>\n<td>01 Ocak \u2013 30 Eyl\u00fcl 2025 aras\u0131nda <b>2.341 adet<\/b> devre m\u00fclk sat\u0131\u015f\u0131 yap\u0131lm\u0131\u015f olup, KDV hari\u00e7 toplam sat\u0131\u015f bedeli <b>2.232.253.616 TL<\/b>&#8216;dir.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Sinpa\u015f Kasaba Thermal Wellness Resort (Bal\u0131kesir)<\/h3>\n<p>\u015eirket, zincirle\u015fme stratejisinin ilk ad\u0131m\u0131 olarak Bal\u0131kesir&#8217;de yeni bir proje geli\u015ftirmektedir.<\/p>\n<ul>\n<li><b>Geli\u015ftirici:<\/b> \u015eirketin i\u015ftiraki olan G\u00fcney Marmara Gayrimenkul Yat\u0131r\u0131mlar\u0131 A.\u015e.&#8217;nin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan K\u0131z\u0131lb\u00fck Ku\u015fg\u00f6l\u00fc Gayrimenkul Yat\u0131r\u0131mlar\u0131 A.\u015e.<\/li>\n<li><b>Konum:<\/b> Bal\u0131kesir \u0130li, Susurluk \u0130l\u00e7esi, Ok\u00e7ug\u00f6l Mahallesi.<\/li>\n<li><b>Arsa B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Toplam 343.151,54 m\u00b2.<\/li>\n<li><b>S\u00f6zle\u015fme Modeli:<\/b> Arsa Pay\u0131 Kar\u015f\u0131l\u0131\u011f\u0131 \u0130n\u015faat ve Has\u0131lat Payla\u015f\u0131m\u0131. Elde edilecek has\u0131lat\u0131n <b>%88&#8217;i<\/b> K\u0131z\u0131lb\u00fck Ku\u015fg\u00f6l\u00fc&#8217;ne, %12&#8217;si arsa sahibine ait olacakt\u0131r.<\/li>\n<li><b>Mevcut Durum:<\/b> Projeye ait otel ruhsat\u0131 22 Aral\u0131k 2022&#8217;de al\u0131nm\u0131\u015f olup, planlanan toplam in\u015faat alan\u0131 33.244 m\u00b2&#8217;dir.<\/li>\n<\/ul>\n<h2>3. Finansal Performans Analizi (01.01.2025 \u2013 30.09.2025)<\/h2>\n<p>\u015eirketin finansal tablolar\u0131, operasyonel faaliyetlerin artt\u0131\u011f\u0131n\u0131 ancak net k\u00e2rl\u0131l\u0131\u011f\u0131n baz etkisiyle \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir.<\/p>\n<h3>3.1. Temel Finansal G\u00f6stergeler (Konsolide)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>30.879.392.989<\/td>\n<td>28.598.894.416<\/td>\n<td>+%7,97<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>20.258.491.863<\/td>\n<td>20.201.906.287<\/td>\n<td>+%0,28<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat (9 Ayl\u0131k)<\/b><\/td>\n<td>1.233.591.455<\/td>\n<td>&#8211; (\u00d6nceki y\u0131l 9 ayl\u0131k: 0)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar (9 Ayl\u0131k)<\/b><\/td>\n<td>1.003.497.451<\/td>\n<td>&#8211; (\u00d6nceki y\u0131l 9 ayl\u0131k: 0)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 (9 Ayl\u0131k)<\/b><\/td>\n<td><b>58.735.355<\/b><\/td>\n<td>&#8211; (\u00d6nceki y\u0131l 9 ayl\u0131k: 9.123.705.458)<\/td>\n<td>-%99,4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Bilan\u00e7o ve Gelir Tablosu Analizi<\/h3>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klardaki art\u0131\u015f, devam eden proje in\u015faatlar\u0131 nedeniyle &#8220;Stoklar&#8221; ve &#8220;Pe\u015fin \u00d6denmi\u015f Giderler&#8221; kalemlerindeki y\u00fckseli\u015ften kaynaklanmaktad\u0131r. En b\u00fcy\u00fck varl\u0131k kalemi, 23,6 milyar TL ile &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221;dir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> K\u0131sa ve uzun vadeli bor\u00e7lanmalarda art\u0131\u015f g\u00f6zlenmektedir. Bu art\u0131\u015f, projelerin finansman\u0131 i\u00e7in kullan\u0131lan kaynaklar\u0131 yans\u0131tmaktad\u0131r.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda 1,23 milyar TL has\u0131lat elde edilmesi, projenin devreye girmesiyle birlikte operasyonel gelir ak\u0131\u015f\u0131n\u0131n ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Ancak, net k\u00e2r \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re dramatik bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Bu durumun temel nedeni, 2024 y\u0131l\u0131nda kaydedilen <b>6,46 milyar TL&#8217;lik &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller De\u011fer Art\u0131\u015flar\u0131&#8221;<\/b> kaleminin 2025 d\u00f6neminde tekrarlanmamas\u0131d\u0131r. Mevcut d\u00f6nem k\u00e2r\u0131, tamamen operasyonel faaliyetlerden ve finansal etkilerden olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<h2>4. Kurumsal Y\u00f6netim ve Yap\u0131lanma<\/h2>\n<p>K\u0131z\u0131lb\u00fck GYO, Sermaye Piyasas\u0131 Kurulu&#8217;nun Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne uyuma azami \u00f6zen g\u00f6stermektedir. Bu \u00e7er\u00e7evede olu\u015fturulan komiteler ve politikalar, \u015firketin \u015feffaf ve hesap verebilir bir yap\u0131da y\u00f6netildi\u011fini g\u00f6stermektedir.<\/p>\n<h3>4.1. Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>Y\u00f6netim Kurulu 5 \u00fcyeden olu\u015fmaktad\u0131r. \u015eirket b\u00fcnyesinde faaliyet g\u00f6steren temel komiteler ve ba\u015fkanlar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Komite Ad\u0131<\/td>\n<td>Komite Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Denetim Komitesi<\/td>\n<td>Akif G\u00fclle (Ba\u011f\u0131ms\u0131z \u00dcye)<\/td>\n<\/tr>\n<tr>\n<td>Kurumsal Y\u00f6netim Komitesi<\/td>\n<td>Akif G\u00fclle (Ba\u011f\u0131ms\u0131z \u00dcye)<\/td>\n<\/tr>\n<tr>\n<td>Riskin Erken Saptanmas\u0131 Komitesi<\/td>\n<td>Akif G\u00fclle (Ba\u011f\u0131ms\u0131z \u00dcye)<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi<\/td>\n<td>Mahmut Sefa \u00c7elik (Genel M\u00fcd\u00fcr)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.2. Temel Politikalar<\/h3>\n<ul>\n<li><b>Kar Da\u011f\u0131t\u0131m Politikas\u0131:<\/b> \u015eirket, Kurumlar Vergisi istisnas\u0131ndan faydalanmak i\u00e7in elde etti\u011fi kazan\u00e7lar\u0131n en az %50&#8217;sini da\u011f\u0131tmay\u0131 hedefler. Ancak 14 A\u011fustos 2025 tarihli Genel Kurul&#8217;da, projelerin ve yeni yat\u0131r\u0131mlar\u0131n finansman\u0131 amac\u0131yla 2024 y\u0131l\u0131 kar\u0131n\u0131n da\u011f\u0131t\u0131lmamas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>\u00dccretlendirme Politikas\u0131:<\/b> Y\u00f6netim Kurulu \u00fcyelerine Genel Kurul onay\u0131yla belirlenen huzur hakk\u0131 \u00f6denirken, \u00fcst d\u00fczey y\u00f6neticilere performans, sekt\u00f6r ortalamalar\u0131 ve enflasyon oran\u0131 dikkate al\u0131narak rekabet\u00e7i bir \u00fccretlendirme yap\u0131lmaktad\u0131r.<\/li>\n<li><b>Etik Kurallar ve S\u00fcrd\u00fcr\u00fclebilirlik:<\/b> \u015eirket, t\u00fcm \u00e7al\u0131\u015fanlar\u0131n uymas\u0131 gereken detayl\u0131 etik kurallar tan\u0131mlam\u0131\u015ft\u0131r. Ayr\u0131ca, enerji verimlili\u011fi, at\u0131k y\u00f6netimi ve su tasarrufu gibi konular\u0131 i\u00e7eren bir s\u00fcrd\u00fcr\u00fclebilirlik yakla\u015f\u0131m\u0131 benimsenmi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Hukuki S\u00fcre\u00e7ler ve Operasyonel Riskler (Kritik De\u011ferlendirme)<\/h2>\n<p>\u015eirketin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 en \u00f6nemli zorluk, Marmaris projesiyle ilgili devam eden hukuki s\u00fcre\u00e7lerdir. Faaliyet raporunda <b>18 adet &#8220;\u00e7ok \u00f6nemli&#8221; dava<\/b> oldu\u011fu belirtilmi\u015ftir.<\/p>\n<h3>5.1. Dava Kategorileri<\/h3>\n<ol>\n<li><b>\u00c7ED Raporu \u0130ptal Davalar\u0131:<\/b> \u00c7evresel Etki De\u011ferlendirmesi (\u00c7ED) olumlu raporunun iptali istemiyle a\u00e7\u0131lan davalar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 \u015firket lehine sonu\u00e7lanm\u0131\u015f ve kararlar kesinle\u015fmi\u015ftir.<\/li>\n<li><b>Eski \u0130n\u015faat Ruhsatlar\u0131n\u0131n \u0130ptali Davalar\u0131:<\/b> G\u00fcncel olmayan ruhsatlara ili\u015fkin a\u00e7\u0131lan davalardan birinde, 17 adet yap\u0131 ruhsat\u0131n\u0131n iptaline karar verilmi\u015f olup, \u015firket karara kar\u015f\u0131 istinaf ba\u015fvurusunda bulunmu\u015ftur. S\u00fcre\u00e7 devam etmektedir.<\/li>\n<li><b>Marmaris Belediyesi Yapt\u0131r\u0131mlar\u0131 ve \u0130lgili Davalar:<\/b> En kritik s\u00fcre\u00e7 bu kategoride ya\u015fanmaktad\u0131r. Belediye taraf\u0131ndan;\n<ul>\n<li><b>Y\u00fcksek Tutarl\u0131 \u0130dari Para Cezalar\u0131<\/b> kesilmi\u015ftir. Bu cezalar aras\u0131nda <b>59,6 milyon TL, 104,7 milyon TL<\/b> ve <b>2,67 milyar TL<\/b> gibi \u00f6nemli tutarlar bulunmaktad\u0131r. \u015eirket, bu cezalara kar\u015f\u0131 iptal davalar\u0131 a\u00e7m\u0131\u015f ve baz\u0131lar\u0131 i\u00e7in y\u00fcr\u00fctmeyi durdurma kararlar\u0131 alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ruhsat ve Yap\u0131 Kullanma \u0130zin Belgesi (\u0130sk\u00e2n) \u0130ptalleri<\/b> ger\u00e7ekle\u015ftirilmi\u015ftir. Marmaris Belediyesi, kesinle\u015fmemi\u015f mahkeme kararlar\u0131n\u0131 gerek\u00e7e g\u00f6stererek projenin 1. ve 2. etaplar\u0131na ait tadilat ruhsatlar\u0131n\u0131, 1. etaba ait yap\u0131 kullanma izin belgesini (isk\u00e2n) ve 3. etaba ait yeni yap\u0131 ruhsatlar\u0131n\u0131 resen iptal etmi\u015ftir. \u015eirket, bu iptal i\u015flemlerine kar\u015f\u0131 da davalar a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3>5.2. \u015eirketin De\u011ferlendirmesi ve Risk Analizi<\/h3>\n<p>\u015eirket y\u00f6netimi, faaliyet raporunda &#8220;Hukukun ola\u011fan i\u015fleyi\u015finde bu davalar\u0131n lehte neticelenmesi gerekti\u011fi kanaatindeyiz&#8221; ifadesiyle olumlu bir beklenti i\u00e7inde oldu\u011funu belirtmektedir. \u00d6zellikle, \u00e7eli\u015fkili mahkeme kararlar\u0131n\u0131n bulundu\u011funu ve \u0130zmir B\u00f6lge \u0130dare Mahkemesi&#8217;nin imar durumunu hukuka uygun bulan bir karar\u0131 onad\u0131\u011f\u0131n\u0131 vurgulamaktad\u0131r.<\/p>\n<p>Ancak, bu hukuki s\u00fcre\u00e7lerin varl\u0131\u011f\u0131 ve \u00f6zellikle ruhsat\/isk\u00e2n iptalleri, projenin tamamlanmas\u0131, yeni sat\u0131\u015flar\u0131n tapu s\u00fcre\u00e7leri ve tesisin tam kapasiteyle i\u015fletilmesi \u00f6n\u00fcnde ciddi bir <b>operasyonel belirsizlik ve finansal risk<\/b> olu\u015fturmaktad\u0131r. Davalar\u0131n sonu\u00e7lanma s\u00fcresi ve nihai kararlar, \u015firketin gelecekteki performans\u0131 \u00fczerinde belirleyici olacakt\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"533\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Faaliyet Raporunun Perde Arkas\u0131: K\u0131z\u0131lb\u00fck GYO Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f L\u00fcks tatil k\u00f6ylerinin parlak bro\u015f\u00fcrlerinin ve etkileyici g\u00f6rsellerinin arkas\u0131nda, genellikle rakamlar, finansal tablolar ve yasal ifadelerle dolu yo\u011fun kurumsal raporlar bulunur. \u00c7o\u011fu yat\u0131r\u0131mc\u0131n\u0131n bile g\u00f6z gezdirmekten&#8230; <\/p>\n","protected":false},"author":1,"featured_media":534,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[118],"class_list":["post-533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kzbgy"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/533","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=533"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/533\/revisions"}],"predecessor-version":[{"id":535,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/533\/revisions\/535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/534"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}