{"id":539,"date":"2025-12-25T22:48:29","date_gmt":"2025-12-25T19:48:29","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=539"},"modified":"2025-12-25T22:48:29","modified_gmt":"2025-12-25T19:48:29","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ozgyo-ozderici-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/539","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #OZGYO | \u00d6zderici 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 #OZGYO | \u00d6zderici Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/4Y35kBz_pTI?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>T\u00fcrkiye&#8217;nin Emlak Devlerinden Birinin Raporu Neden \u00d6nemli? \u0130\u015fte 4 \u00c7arp\u0131c\u0131 \u00c7\u0131kar\u0131m<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Arkas\u0131ndaki Hikaye<\/h3>\n<p>Kurumsal faaliyet raporlar\u0131, genellikle rakamlarla dolu, anla\u015f\u0131lmas\u0131 zor ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n arkas\u0131na dikkatle bak\u0131ld\u0131\u011f\u0131nda, bir \u015firketin, bir sekt\u00f6r\u00fcn ve hatta bir \u00fclkenin ekonomisinin gidi\u015fat\u0131na dair ne kadar derin ipu\u00e7lar\u0131 bar\u0131nd\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6rmek m\u00fcmk\u00fcnd\u00fcr. Biz de bu merakla yola \u00e7\u0131kt\u0131k ve T\u00fcrkiye&#8217;nin \u00f6nemli gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131ndan biri olan \u00d6zderici GYO&#8217;nun 2025 y\u0131l\u0131 dokuz ayl\u0131k faaliyet raporunu mercek alt\u0131na ald\u0131k. Kar\u015f\u0131m\u0131za, sadece bir bilan\u00e7odan \u00e7ok daha fazlas\u0131n\u0131 anlatan, sekt\u00f6r\u00fcn ve ekonominin gelece\u011fine dair \u015fa\u015f\u0131rt\u0131c\u0131 dersler \u00e7\u0131kt\u0131.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2><b>1. Vergi Oyunu De\u011fi\u015fti: GYO&#8217;lar \u0130\u00e7in Alt\u0131n \u00c7a\u011f Bitti mi?<\/b><\/h2>\n<p>Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131klar\u0131 (GYO&#8217;lar), kurulu\u015flar\u0131ndan bu yana T\u00fcrkiye&#8217;de \u00f6nemli bir vergi avantaj\u0131na sahipti. \u00d6zderici GYO gibi \u015firketler, 1 Ocak 2025&#8217;e kadar kazan\u00e7lar\u0131 \u00fczerinden Kurumlar Vergisi \u00f6demekten muaft\u0131. Bu durum, sekt\u00f6r\u00fc yat\u0131r\u0131mc\u0131lar i\u00e7in olduk\u00e7a cazip k\u0131l\u0131yordu. Ancak 2 A\u011fustos 2024&#8217;te \u00e7\u0131kar\u0131lan 7524 say\u0131l\u0131 yeni kanun, bu oyunu k\u00f6kten de\u011fi\u015ftirdi.<\/p>\n<p>Yeni d\u00fczenleme olduk\u00e7a net: Art\u0131k GYO&#8217;lar, elde ettikleri kazan\u00e7lar\u0131n en az %50&#8217;sini k\u00e2r pay\u0131 olarak da\u011f\u0131tmalar\u0131 ko\u015fuluyla %10 oran\u0131nda Kurumlar Vergisi \u00f6deyecek. E\u011fer bu k\u00e2r da\u011f\u0131t\u0131m\u0131n\u0131 yapmazlarsa vergi oran\u0131 %30&#8217;a \u00e7\u0131kacak.<\/p>\n<p>Bu de\u011fi\u015fikli\u011fin ne kadar b\u00fcy\u00fck bir etki yaratt\u0131\u011f\u0131n\u0131 \u00d6zderici GYO&#8217;nun k\u00e2r-zarar tablosunda net bir \u015fekilde g\u00f6r\u00fcyoruz. \u015eirket, bu yeni d\u00fczenleme nedeniyle yakla\u015f\u0131k <b>117 milyon TL<\/b> tutar\u0131nda bir &#8220;Ertelenmi\u015f Vergi Gideri&#8221; kaydetti. Bu tek kalem, \u015firketin operasyonel k\u00e2r\u0131n\u0131 bilan\u00e7o zarar\u0131na \u00e7eviren <b>iki b\u00fcy\u00fck muhasebesel etkiden ilkidir.<\/b> Bu durum, GYO&#8217;lar i\u00e7in vergisiz kazan\u00e7 d\u00f6neminin sona erdi\u011finin en somut kan\u0131t\u0131.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2><b>2. Enflasyon Muhasebesi Paradoksu: K\u00e2rl\u0131 Bir \u015eirket Nas\u0131l Zarar Eder?<\/b><\/h2>\n<p>Raporu incelerken kar\u015f\u0131m\u0131za \u00e7\u0131kan en \u015fa\u015f\u0131rt\u0131c\u0131 tablolardan biri de buydu: \u015eirket, ana faaliyetlerinden (kira gelirleri, konut sat\u0131\u015flar\u0131 vb.) tam <b>45 milyon TL k\u00e2r<\/b> elde etmi\u015f. Ancak ayn\u0131 d\u00f6nemin sonunda bilan\u00e7oda <b>14,1 milyon TL net zarar<\/b> g\u00f6r\u00fcn\u00fcyor. Peki, bu nas\u0131l m\u00fcmk\u00fcn olabilir?<\/p>\n<p>Cevap, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle \u015firketler i\u00e7in zorunlu hale gelen &#8220;Enflasyon Muhasebesi&#8221; (TMS 29) uygulamas\u0131nda sakl\u0131. Bu muhasebe standard\u0131n\u0131 basit\u00e7e \u015f\u00f6yle \u00f6zetleyebiliriz: \u015eirketin bilan\u00e7osundaki bina, arsa gibi parasal olmayan varl\u0131klar\u0131n de\u011feri enflasyona g\u00f6re g\u00fcncellenirken, kasadaki nakit gibi parasal varl\u0131klar\u0131n de\u011feri g\u00fcncellenmiyor.<\/p>\n<p>Y\u00fcksek enflasyon ortam\u0131nda, nakit ve benzeri varl\u0131klar\u0131n al\u0131m g\u00fcc\u00fc eridi\u011fi i\u00e7in bu durum, muhasebe tablolar\u0131nda &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; ad\u0131nda bir gider kalemi yarat\u0131yor. \u00d6zderici GYO&#8217;nun tablosunda bu kalemden kaynaklanan &#8220;muhasebesel&#8221; zarar yakla\u015f\u0131k <b>79 milyon TL<\/b>. Bu rakam, \u015firketin operasyonel bir hata yapt\u0131\u011f\u0131n\u0131 de\u011fil, tamamen enflasyonun muhasebe \u00fczerindeki teknik bir etkisini g\u00f6steriyor ve T\u00fcrkiye&#8217;deki ekonomik iklimin \u015firket bilan\u00e7olar\u0131n\u0131 nas\u0131l derinden etkiledi\u011fini \u00e7arp\u0131c\u0131 bir \u015fekilde 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<h2><b>3. Konut Piyasas\u0131n\u0131n \u0130ki Y\u00fcz\u00fc: Sat\u0131\u015flar Art\u0131yor Ama Krediyle Ev Alan Yok<\/b><\/h2>\n<p>Rapordaki sekt\u00f6r analizleri, konut piyasas\u0131na dair genel alg\u0131lar\u0131n \u00f6tesinde, karma\u015f\u0131k bir tablo sunuyor. \u0130lk bak\u0131\u015fta iyi bir haber var: 2025&#8217;in ilk dokuz ay\u0131nda T\u00fcrkiye genelindeki toplam konut sat\u0131\u015flar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %19,2 oran\u0131nda artm\u0131\u015f. Bu, piyasada bir hareketlilik oldu\u011funu d\u00fc\u015f\u00fcnd\u00fcrebilir.<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fc, \u00e7ok daha farkl\u0131 bir hikaye anlat\u0131yor. Rapordaki grafikler, y\u00fcksek kredi faiz oranlar\u0131n\u0131n piyasa \u00fczerindeki ezici etkisini g\u00f6zler \u00f6n\u00fcne seriyor. &#8220;\u0130potekli sat\u0131\u015flar,&#8221; yani konut kredisi kullan\u0131larak yap\u0131lan sat\u0131\u015flar, toplam sat\u0131\u015flar\u0131n i\u00e7inde neredeyse g\u00f6r\u00fcnmez bir seviyede kalm\u0131\u015f durumda. Neredeyse t\u00fcm sat\u0131\u015flar &#8220;di\u011fer sat\u0131\u015flar&#8221; yani pe\u015fin veya senetli al\u0131mlar yoluyla ger\u00e7ekle\u015fiyor. Bu durum, konuta eri\u015fimin krediye dayal\u0131 olmaktan \u00e7\u0131kt\u0131\u011f\u0131n\u0131 ve piyasan\u0131n daha \u00e7ok birikimi olanlar veya yat\u0131r\u0131mc\u0131lar taraf\u0131ndan domine edildi\u011fini g\u00f6steriyor.<\/p>\n<p>Pop\u00fcler inan\u0131\u015f\u0131n aksine, yabanc\u0131lara yap\u0131lan konut sat\u0131\u015flar\u0131nda da bir d\u00fc\u015f\u00fc\u015f var. 2025&#8217;in ilk dokuz ay\u0131nda yabanc\u0131lara yap\u0131lan sat\u0131\u015flar, bir \u00f6nceki y\u0131la k\u0131yasla %12,6 oran\u0131nda azalm\u0131\u015f. Rapor, bu d\u00fc\u015f\u00fc\u015f\u00fcn temel nedenini 2022&#8217;de vatanda\u015fl\u0131k elde etme \u015fartlar\u0131n\u0131n de\u011fi\u015ftirilmesine ba\u011fl\u0131yor.<\/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><b>4. Sessiz ve Derinden Bir Hamle: Rota Yurt D\u0131\u015f\u0131na \u00c7evrildi<\/b><\/h2>\n<p>T\u00fcrkiye&#8217;deki ekonomik zorluklar, de\u011fi\u015fen vergi ortam\u0131 ve krediye eri\u015fimdeki g\u00fc\u00e7l\u00fckler gibi geli\u015fmeler ya\u015fan\u0131rken, \u00d6zderici GYO&#8217;nun att\u0131\u011f\u0131 stratejik bir ad\u0131m dikkat \u00e7ekiyor. Rapor, \u015firketin Temmuz 2024&#8217;te \u0130ngiltere&#8217;de <b>&#8220;REIT Property Limited&#8221;<\/b> ad\u0131nda, sermayesinin %100&#8217;\u00fcne sahip oldu\u011fu yeni bir \u015firket kurdu\u011funu ve bu \u015firkete <b>8.250.000 GBP (\u0130ngiliz Sterlini)<\/b> sermaye aktard\u0131\u011f\u0131n\u0131 belirtiyor.<\/p>\n<p>Bu hamle, tesad\u00fcfi bir ad\u0131mdan \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor. Bu hamle, \u015firketin T\u00fcrkiye pazar\u0131ndaki risklerini da\u011f\u0131tma ve uluslararas\u0131 alanda yeni yat\u0131r\u0131m f\u0131rsatlar\u0131 arama stratejisinin <b>net bir g\u00f6stergesidir.<\/b> Bu, ayn\u0131 zamanda, T\u00fcrkiye&#8217;deki zorlu piyasa ko\u015fullar\u0131na kar\u015f\u0131 al\u0131nm\u0131\u015f proaktif bir \u00f6nlem ve gelece\u011fe y\u00f6nelik bir portf\u00f6y \u00e7e\u015fitlendirme ad\u0131m\u0131 olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/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: Bir Raporun F\u0131s\u0131ldad\u0131klar\u0131<\/h3>\n<p>\u00d6zderici GYO&#8217;nun dokuz ayl\u0131k raporundan \u00e7\u0131kard\u0131\u011f\u0131m\u0131z bu d\u00f6rt nokta, sadece bir \u015firketin finansal durumunu \u00f6zetlemiyor. Ayn\u0131 zamanda T\u00fcrkiye&#8217;nin genel ekonomik manzaras\u0131, de\u011fi\u015fen vergi politikalar\u0131, enflasyonun y\u0131k\u0131c\u0131 etkileri ve gayrimenkul sekt\u00f6r\u00fcn\u00fcn dinamikleri hakk\u0131nda \u00e7ok \u00f6nemli sinyaller veriyor. Bu, rakamlar\u0131n \u00f6tesine bakman\u0131n ve sat\u0131r aralar\u0131ndaki hikayeyi okuman\u0131n ne kadar de\u011ferli oldu\u011funu bir kez daha kan\u0131tl\u0131yor.<\/p>\n<p>Peki, bu veriler \u0131\u015f\u0131\u011f\u0131nda sizce T\u00fcrkiye gayrimenkul sekt\u00f6r\u00fc bir d\u00f6n\u00fcm noktas\u0131nda m\u0131; yoksa sadece yeni kurallara g\u00f6re oynanan bir oyunun ba\u015flang\u0131c\u0131nda m\u0131?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u00d6zderici Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. 30.09.2025 D\u00f6nemi Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, \u00d6zderici Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (\u00d6zderici GYO) 1 Ocak 2025 \u2013 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait konsolide faaliyet ve finansal raporlar\u0131n\u0131n kapsaml\u0131 bir sentezini sunmaktad\u0131r. \u015eirket, bu d\u00f6nemde gelirlerini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rmas\u0131na ra\u011fmen, y\u00fcksek enflasyon ortam\u0131n\u0131n getirdi\u011fi parasal pozisyon kay\u0131plar\u0131 ve yeni vergi d\u00fczenlemeleri kapsam\u0131nda ayr\u0131lan ertelenmi\u015f vergi giderlerinin etkisiyle 14,1 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p>\u015eirketin finansal durumu, toplam 6,12 milyar TL&#8217;lik varl\u0131klar\u0131 ve 5,75 milyar TL&#8217;lik g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131yla sa\u011flaml\u0131\u011f\u0131n\u0131 korumaktad\u0131r. Varl\u0131klar\u0131n ezici \u00e7o\u011funlu\u011funu, de\u011feri 5,9 milyar TL olan yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller olu\u015fturmaktad\u0131r. Ana portf\u00f6y varl\u0131\u011f\u0131 olan Nuvo Dragos projesinde 400 adet ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm bulunmaktad\u0131r. \u015eirket, uluslararas\u0131 geni\u015fleme stratejisi kapsam\u0131nda \u0130ngiltere&#8217;de kurdu\u011fu REIT Property Limited i\u015ftirakine yapt\u0131\u011f\u0131 8,25 milyon GBP&#8217;lik sermaye yat\u0131r\u0131m\u0131n\u0131 tamamlam\u0131\u015ft\u0131r.<\/p>\n<p>Kurumsal y\u00f6netim alan\u0131nda \u015eirket, Sermaye Piyasas\u0131 Kurulu (SPK) ilkelerine uyumu stratejik bir hedef olarak benimsemi\u015f olup, Denetim, Kurumsal Y\u00f6netim, Riskin Erken Saptanmas\u0131 ve S\u00fcrd\u00fcr\u00fclebilirlik komiteleri aktif olarak faaliyet g\u00f6stermektedir.<\/p>\n<p>Sekt\u00f6rel olarak, T\u00fcrkiye gayrimenkul piyasas\u0131 2025&#8217;in ilk dokuz ay\u0131nda sat\u0131\u015f adedi baz\u0131nda b\u00fcy\u00fcme g\u00f6stermi\u015f, ancak y\u00fcksek faiz oranlar\u0131 ipotekli sat\u0131\u015flar\u0131 bask\u0131lamaya devam etmi\u015ftir. \u00d6nemli bir geli\u015fme olarak, 1 Ocak 2025&#8217;ten itibaren y\u00fcr\u00fcrl\u00fc\u011fe girecek olan ve GYO&#8217;lar\u0131n vergi istisnas\u0131n\u0131 k\u00e2r pay\u0131 da\u011f\u0131t\u0131m \u015fart\u0131na ba\u011flayan yeni vergi d\u00fczenlemesi, \u015eirket&#8217;in gelecekteki vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc ve k\u00e2r da\u011f\u0131t\u0131m politikas\u0131n\u0131 do\u011frudan etkileyecektir. Raporlama d\u00f6nemi sonras\u0131nda, \u015eirket Y\u00f6netim Kurulu, sermayenin 650 milyon TL&#8217;den 1 milyar TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in SPK&#8217;ya ba\u015fvuruda bulunmu\u015ftur.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>B\u00f6l\u00fcm I: \u015eirket Profili ve Operasyonel Faaliyetler<\/h2>\n<h3>1.1. Genel Bak\u0131\u015f<\/h3>\n<p>\u00d6zderici Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e., \u0130stanbul Ticaret Sicil Memurlu\u011fu&#8217;na 287413 sicil numaras\u0131 ile kay\u0131tl\u0131d\u0131r. \u015eirket, 04.03.2008 tarihinde unvan de\u011fi\u015fikli\u011fi yaparak gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131 stat\u00fcs\u00fcne ge\u00e7mi\u015f ve SPK&#8217;dan Portf\u00f6y \u0130\u015fletmecili\u011fi Yetki Belgesi alm\u0131\u015ft\u0131r. \u015eirketin ana faaliyet konusu, gayrimenkullere, gayrimenkule dayal\u0131 sermaye piyasas\u0131 ara\u00e7lar\u0131na, gayrimenkul projelerine ve gayrimenkule dayal\u0131 haklara yat\u0131r\u0131m yapmakt\u0131r.<\/p>\n<ul>\n<li><b>Ticaret Unvan\u0131:<\/b> \u00d6zderici Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/li>\n<li><b>Faaliyet Merkezi:<\/b> \u0130stanbul<\/li>\n<li><b>Merkez Adresi:<\/b> B\u00fcy\u00fckdere Cad. Yap\u0131 Kredi Plaza C Blok K:9 Levent 34330 Be\u015fikta\u015f \/ \u0130stanbul<\/li>\n<li><b>\u0130nternet Adresi:<\/b> www.ozdericigyo.com.tr<\/li>\n<\/ul>\n<h3>1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin sermaye yap\u0131s\u0131 30 Eyl\u00fcl 2025 itibar\u0131yla a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sermaye T\u00fcr\u00fc<\/td>\n<td>Tutar (TL)<\/td>\n<\/tr>\n<tr>\n<td>Kay\u0131tl\u0131 Sermaye Tavan\u0131<\/td>\n<td>2.500.000.000<\/td>\n<\/tr>\n<tr>\n<td>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye<\/td>\n<td>650.000.000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirketin ortakl\u0131k yap\u0131s\u0131 ve pay da\u011f\u0131l\u0131m\u0131 \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak \/ Pay Grubu<\/td>\n<td>Sermaye (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zderici Holding A.\u015e.<\/td>\n<td>330.904.061<\/td>\n<td>50,91<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zderici GYO A.\u015e. (Geri Al\u0131nan Paylar)<\/td>\n<td>97.500.000<\/td>\n<td>15,00<\/td>\n<\/tr>\n<tr>\n<td>Fiili Dola\u015f\u0131mdaki Paylar ve Di\u011fer Paylar<\/td>\n<td>221.595.939<\/td>\n<td>34,09<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>650.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Halka A\u00e7\u0131kl\u0131k Oran\u0131:<\/b> %49,09<\/li>\n<li><b>Hakim Ortak:<\/b> \u015eirketin hakim orta\u011f\u0131 \u00d6zderici Holding A.\u015e. olup, bu \u015firketin nihai ger\u00e7ek ki\u015fi ortaklar\u0131 Ahmet \u00d6zderici ve Ali U\u011fur \u00d6zderici&#8217;dir.<\/li>\n<li><b>Paylar\u0131n Niteli\u011fi:<\/b> Her biri 1 TL nominal de\u011ferli 650.000.000 adet nama yaz\u0131l\u0131 paydan olu\u015fmaktad\u0131r. Sermayeyi temsil eden paylar aras\u0131nda herhangi bir imtiyaz bulunmamaktad\u0131r.<\/li>\n<\/ul>\n<h3>1.3. Portf\u00f6y Detaylar\u0131<\/h3>\n<p>\u015eirketin yat\u0131r\u0131m portf\u00f6y\u00fc a\u011f\u0131rl\u0131kl\u0131 olarak konut ve ofis gayrimenkullerinden ve uluslararas\u0131 bir i\u015ftirakten olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>Nuvo Dragos Projesi:<\/b> Maltepe&#8217;de bulunan proje, \u015firketin ana varl\u0131\u011f\u0131d\u0131r. 30.09.2025 itibar\u0131yla portf\u00f6yde 5 blokta <b>396 adet rezidans dairesi<\/b> ve <b>4 adet ma\u011faza<\/b> olmak \u00fczere toplam <b>400 adet ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm<\/b> bulunmaktad\u0131r.\n<ul>\n<li>Cari d\u00f6nemde 2 adet ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm sat\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li>31.12.2024 tarihli de\u011ferleme raporuna g\u00f6re, projede kalan 402 adet ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm\u00fcn ger\u00e7e\u011fe uygun de\u011feri 4.304.700.000 TL + KDV olarak tespit edilmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Yap\u0131 Kredi Plaza Ofis Kat\u0131:<\/b> \u015eirketin m\u00fclkiyetinde, faaliyetlerini de s\u00fcrd\u00fcrd\u00fc\u011f\u00fc bir ofis kat\u0131 bulunmaktad\u0131r.\n<ul>\n<li>31.12.2024 tarihli de\u011ferleme raporuna g\u00f6re de\u011feri 67.500.000 TL + KDV&#8217;dir.<\/li>\n<\/ul>\n<\/li>\n<li><b>REIT Property Limited (\u0130ngiltere \u0130\u015ftiraki):<\/b> \u015eirket, uluslararas\u0131 pazarlara a\u00e7\u0131lma stratejisi kapsam\u0131nda 24 Temmuz 2024&#8217;te \u0130ngiltere&#8217;de %100&#8217;\u00fcne sahip oldu\u011fu REIT Property Limited&#8217;i kurmu\u015ftur.\n<ul>\n<li>Aral\u0131k 2024&#8217;te sermayesi 8.250.000 GBP&#8217;ye y\u00fckseltilmi\u015f ve sermaye taahh\u00fcd\u00fcn\u00fcn tamam\u0131 31 Mart 2025 itibar\u0131yla \u00f6denmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>1.4. Portf\u00f6y S\u0131n\u0131rlamalar\u0131na Uyum<\/h3>\n<p>\u015eirket portf\u00f6y\u00fc, 30.09.2025 tarihi itibar\u0131yla SPK&#8217;n\u0131n Seri:III &#8211; No:48.1 say\u0131l\u0131 tebli\u011finde belirtilen portf\u00f6y s\u0131n\u0131rlamalar\u0131na uygundur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>Oran (%)<\/td>\n<td>Yasal S\u0131n\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Gayrimenkuller, Gayrimenkule Dayal\u0131 Projeler, Gayrimenkule Dayal\u0131 Haklar<\/td>\n<td>89,34<\/td>\n<td>\u2265 %51<\/td>\n<\/tr>\n<tr>\n<td>Para ve Sermaye Piyasas\u0131 Ara\u00e7lar\u0131 ile \u0130\u015ftirakler<\/td>\n<td>9,91<\/td>\n<td>\u2264 %49<\/td>\n<\/tr>\n<tr>\n<td>Yabanc\u0131 Varl\u0131klar (Gayrimenkul, \u0130\u015ftirak, SPK Arac\u0131)<\/td>\n<td>7,56<\/td>\n<td>\u2264 %49<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7lanma S\u0131n\u0131r\u0131<\/td>\n<td>0,59<\/td>\n<td>\u2264 %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>B\u00f6l\u00fcm II: Finansal Performans ve Analiz<\/h2>\n<h3>2.1. Finansal Raporlama Esaslar\u0131<\/h3>\n<p>Finansal tablolar, SPK&#8217;n\u0131n Seri II, 14.1 No\u2019lu tebli\u011fi ve Kamu G\u00f6zetimi Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS\/TFRS) uyar\u0131nca haz\u0131rlanm\u0131\u015ft\u0131r. \u00d6nemli bir husus olarak, T\u00fcrkiye ekonomisindeki y\u00fcksek enflasyon nedeniyle 31 Aral\u0131k 2023&#8217;ten itibaren <b>TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221;<\/b> standard\u0131 uygulanmaktad\u0131r. Bu kapsamda, t\u00fcm finansal veriler 30 Eyl\u00fcl 2025 tarihli sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p>Kullan\u0131lan temel d\u00fczeltme katsay\u0131lar\u0131:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Tarih<\/td>\n<td>Endeks<\/td>\n<td>D\u00fczeltme Katsay\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>30.09.2025<\/td>\n<td>3367,22<\/td>\n<td>1,00000<\/td>\n<\/tr>\n<tr>\n<td>31.12.2024<\/td>\n<td>2684,55<\/td>\n<td>1,25430<\/td>\n<\/tr>\n<tr>\n<td>31.12.2023<\/td>\n<td>1859,38<\/td>\n<td>1,81093<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Konsolide Finansal Durum Tablosu Analizi<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, \u015eirketin 30 Eyl\u00fcl 2025 ve 31 Aral\u0131k 2024 tarihlerindeki finansal durumunu \u00f6zetlemektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td><b>30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>31 Aral\u0131k 2024<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>125.048.024<\/td>\n<td>40.702.225<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n<td>5.904.047.883<\/td>\n<td>5.875.402.097<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>6.117.571.969<\/b><\/td>\n<td><b>6.128.248.160<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>33.723.311<\/td>\n<td>29.743.098<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>330.296.912<\/td>\n<td>263.619.529<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>364.020.223<\/b><\/td>\n<td><b>293.362.627<\/b><\/td>\n<\/tr>\n<tr>\n<td>\u00d6denmi\u015f Sermaye<\/td>\n<td>650.000.000<\/td>\n<td>250.000.000<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>5.753.551.746<\/b><\/td>\n<td><b>5.834.885.533<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>6.117.571.969<\/b><\/td>\n<td><b>6.128.248.160<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.3. Konsolide K\u00e2r veya Zarar Tablosu Analizi<\/h3>\n<p>1 Ocak &#8211; 30 Eyl\u00fcl d\u00f6nemlerine ait kar\u015f\u0131la\u015ft\u0131rmal\u0131 k\u00e2r\/zarar tablosu a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td><b>2025 (9 Ay)<\/b><\/td>\n<td><b>2024 (9 Ay)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>128.484.412<\/td>\n<td>55.166.619<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>110.958.218<\/td>\n<td>55.166.619<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>45.027.914<\/td>\n<td>43.725.491<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kay\u0131plar\u0131<\/td>\n<td>(79.049.078)<\/td>\n<td>(171.468.515)<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r \/ (Zarar)<\/td>\n<td>102.964.873<\/td>\n<td>(3.308.141)<\/td>\n<\/tr>\n<tr>\n<td>Ertelenmi\u015f Vergi Gideri<\/td>\n<td>(117.079.236)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(14.114.363)<\/b><\/td>\n<td><b>(3.308.141)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 \/ (Kay\u0131p) (TL)<\/b><\/td>\n<td><b>(0,022)<\/b><\/td>\n<td><b>(0,013)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.4. \u00d6nemli Gider Kalemleri<\/h3>\n<p>D\u00f6nem i\u00e7inde ger\u00e7ekle\u015fen ana gider kalemleri ve y\u00f6netici \u00fccretleri \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 46.606.343 TL<\/li>\n<li><b>Pazarlama, Sat\u0131\u015f ve Da\u011f\u0131t\u0131m Giderleri:<\/b> 20.811.176 TL<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6netici ve YK \u00dcyelerine \u00d6denen Br\u00fct \u00dccret Toplam\u0131:<\/b> 15.117.515 TL<\/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>B\u00f6l\u00fcm III: Kurumsal Y\u00f6netim ve Yap\u0131lanma<\/h2>\n<h3>3.1. Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h3>\n<p>\u015eirket, en az 5 \u00fcyeden olu\u015fan bir y\u00f6netim kurulu taraf\u0131ndan idare edilmektedir. 21 Mart 2025 tarihli Ola\u011fan Genel Kurul&#8217;da se\u00e7ilen \u00fcyeler a\u015fa\u011f\u0131dad\u0131r:<\/p>\n<ul>\n<li><b>Ali U\u011fur \u00d6ZDER\u0130C\u0130:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>Ahmet \u00d6ZDER\u0130C\u0130:<\/b> Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/li>\n<li><b>Meral \u00d6ZDER\u0130C\u0130:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Cenk \u0130D\u0130L:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Necdet Osman KOLAT:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<\/ul>\n<p>Y\u00f6netim kurulu \u00fcyeleri, finans, bankac\u0131l\u0131k, i\u015fletme ve m\u00fchendislik alanlar\u0131nda geni\u015f deneyime sahiptir.<\/p>\n<h3>3.2. Komiteler<\/h3>\n<p>SPK Kurumsal Y\u00f6netim \u0130lkeleri uyar\u0131nca olu\u015fturulan komiteler ve ba\u015fkanlar\u0131 \u015f\u00f6yledir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Komite<\/td>\n<td>Ba\u015fkan<\/td>\n<td>\u00dcyeler<\/td>\n<\/tr>\n<tr>\n<td>Denetimden Sorumlu Komite<\/td>\n<td>Cenk \u0130dil<\/td>\n<td>Necdet Osman Kolat<\/td>\n<\/tr>\n<tr>\n<td>Kurumsal Y\u00f6netim Komitesi<\/td>\n<td>Cenk \u0130dil<\/td>\n<td>Necdet Osman Kolat, Melike Fettaho\u011flu A\u011fa\u00e7han<\/td>\n<\/tr>\n<tr>\n<td>Riskin Erken Saptanmas\u0131 Komitesi<\/td>\n<td>Necdet Osman Kolat<\/td>\n<td>Cenk \u0130dil<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi<\/td>\n<td>Necdet Osman Kolat<\/td>\n<td>Cenk \u0130dil, Melike Fettaho\u011flu A\u011fa\u00e7han<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Aday G\u00f6sterme ve \u00dccret Komitelerinin g\u00f6revleri Kurumsal Y\u00f6netim Komitesi taraf\u0131ndan yerine getirilmektedir.<\/p>\n<h3>3.3. K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n<p>\u015eirket, k\u00e2r da\u011f\u0131t\u0131m\u0131 konusunda T\u00fcrk Ticaret Kanunu ve Sermaye Piyasas\u0131 Mevzuat\u0131 d\u00fczenlemelerine uymaktad\u0131r. Kamuya a\u00e7\u0131klanm\u0131\u015f \u00f6zel bir k\u00e2r da\u011f\u0131t\u0131m politikas\u0131 bulunmamaktad\u0131r. 21 Mart 2025 tarihli genel kurulda 2024 y\u0131l\u0131 i\u00e7in k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir.<\/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>B\u00f6l\u00fcm IV: Ekonomik ve Sekt\u00f6rel De\u011ferlendirme<\/h2>\n<h3>4.1. Genel Ekonomik G\u00f6r\u00fcn\u00fcm<\/h3>\n<ul>\n<li><b>K\u00fcresel Ekonomi:<\/b> 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde ticaret sava\u015flar\u0131 endi\u015feleri, jeopolitik gerilimler ve merkez bankalar\u0131n\u0131n para politikalar\u0131 k\u00fcresel ekonomiyi \u015fekillendirmi\u015ftir. ABD Merkez Bankas\u0131 (FED) politika faizini %4,25&#8217;e indirirken, Avrupa Merkez Bankas\u0131 (ECB) faizleri sabit tutmu\u015ftur. Alt\u0131n fiyatlar\u0131 tarihi rekor seviyelere ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>T\u00fcrkiye Ekonomisi:<\/b> 2025&#8217;in ikinci \u00e7eyre\u011finde %4,8&#8217;lik bir b\u00fcy\u00fcme kaydedilmi\u015ftir. Eyl\u00fcl ay\u0131nda y\u0131ll\u0131k T\u00dcFE %33,29&#8217;a y\u00fckselerek dezenflasyon s\u00fcrecinde bir duraklamaya i\u015faret etmi\u015ftir. TCMB, politika faizini %43&#8217;ten %40,5&#8217;e indirmi\u015ftir. Orta Vadeli Program (OVP), daha yava\u015f b\u00fcy\u00fcme ve daha y\u00fcksek enflasyon beklentilerini yans\u0131tmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Gayrimenkul Sekt\u00f6r\u00fc Analizi<\/h3>\n<ul>\n<li><b>Genel Konut Sat\u0131\u015flar\u0131:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda T\u00fcrkiye genelinde konut sat\u0131\u015flar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %19,2 artarak 947.236 adet olmu\u015ftur. Bu art\u0131\u015fta 2024&#8217;teki d\u00fc\u015f\u00fck baz etkisi \u00f6nemli rol oynam\u0131\u015ft\u0131r. Eyl\u00fcl 2025&#8217;te toplam sat\u0131\u015f 129.391 adettir.<\/li>\n<li><b>\u0130potekli Sat\u0131\u015flar:<\/b> Y\u00fcksek kredi faiz oranlar\u0131 nedeniyle ipotekli sat\u0131\u015flar d\u00fc\u015f\u00fck seyrini s\u00fcrd\u00fcrmektedir. 2025&#8217;in ilk dokuz ay\u0131nda toplam ipotekli sat\u0131\u015f 162.493 adet olarak ger\u00e7ekle\u015fmi\u015ftir. Eyl\u00fcl 2025&#8217;te bu rakam 21.266&#8217;d\u0131r.<\/li>\n<li><b>Sat\u0131\u015f Durumuna G\u00f6re:<\/b> \u0130lk dokuz ayda sat\u0131\u015flar\u0131n %30&#8217;u ilk el, %70&#8217;i ikinci el konutlardan olu\u015fmu\u015ftur. Eyl\u00fcl 2025&#8217;te 47.117 adet ilk el, 103.540 adet ikinci el konut sat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yabanc\u0131lara Yap\u0131lan Sat\u0131\u015flar:<\/b> Yabanc\u0131lara yap\u0131lan konut sat\u0131\u015flar\u0131, 2022&#8217;de de\u011fi\u015fen vatanda\u015fl\u0131k \u015fartlar\u0131 sonras\u0131 ba\u015flayan d\u00fc\u015f\u00fc\u015f e\u011filimini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. 2025&#8217;in ilk dokuz ay\u0131nda bir \u00f6nceki y\u0131la g\u00f6re %12,6 azalarak 14.944 adet olarak ger\u00e7ekle\u015fmi\u015ftir. Eyl\u00fcl 2025&#8217;teki sat\u0131\u015f adedi ise 1.867&#8217;dir.<\/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>B\u00f6l\u00fcm V: \u00d6nemli Geli\u015fmeler ve Risk Fakt\u00f6rleri<\/h2>\n<h3>5.1. Mevzuat De\u011fi\u015fiklikleri: GYO&#8217;lar \u0130\u00e7in Yeni Vergi D\u00fczenlemesi<\/h3>\n<p>2 A\u011fustos 2024 tarihinde yay\u0131mlanan 7524 say\u0131l\u0131 Kanun ile GYO&#8217;lar\u0131n vergi istisnas\u0131 rejiminde k\u00f6kl\u00fc bir de\u011fi\u015fiklik yap\u0131lm\u0131\u015ft\u0131r. <b>1 Ocak 2025&#8217;ten itibaren ge\u00e7erli olacak yeni d\u00fczenlemeye g\u00f6re:<\/b><\/p>\n<ul>\n<li>GYO kazan\u00e7lar\u0131na uygulanan kurumlar vergisi istisnas\u0131, bu kazan\u00e7lar\u0131n <b>en az %50&#8217;sinin k\u00e2r pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131 \u015fart\u0131na<\/b> ba\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li>K\u00e2r da\u011f\u0131t\u0131m \u015fart\u0131 sa\u011fland\u0131\u011f\u0131 takdirde, kurum kazanc\u0131na <b>%10 asgari kurumlar vergisi<\/b> uygulanacakt\u0131r.<\/li>\n<li>K\u00e2r da\u011f\u0131t\u0131m \u015fart\u0131 sa\u011flanmazsa, istisnadan yararlan\u0131lan kazan\u00e7lar \u00fczerinden <b>%30 oran\u0131nda vergi<\/b> al\u0131nacakt\u0131r.<\/li>\n<\/ul>\n<p>Bu de\u011fi\u015fiklik, \u015eirket&#8217;in gelecekteki vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc, nakit ak\u0131\u015f\u0131n\u0131 ve k\u00e2r da\u011f\u0131t\u0131m politikas\u0131n\u0131 do\u011frudan etkileyen en \u00f6nemli stratejik fakt\u00f6rd\u00fcr.<\/p>\n<h3>5.2. Hukuki S\u00fcre\u00e7ler<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirket&#8217;in taraf oldu\u011fu davalar bulunmaktad\u0131r:<\/p>\n<ul>\n<li>5 adet i\u015f\u00e7ilik davas\u0131<\/li>\n<li>54 adet kira tespit davas\u0131<\/li>\n<li>39 adet kira alacaklar\u0131na ili\u015fkin icra takibi dosyas\u0131<\/li>\n<\/ul>\n<h3>5.3. D\u00f6nem Kapan\u0131\u015f\u0131ndan Sonraki Geli\u015fmeler<\/h3>\n<p>Raporlama d\u00f6neminin kapan\u0131\u015f\u0131n\u0131 takiben, \u015eirket Y\u00f6netim Kurulu \u00f6nemli bir sermaye art\u0131r\u0131m\u0131 karar\u0131 alm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Karar:<\/b> \u00c7\u0131kar\u0131lm\u0131\u015f sermayenin 650.000.000 TL&#8217;den <b>1.000.000.000 TL&#8217;ye<\/b> y\u00fckseltilmesi.<\/li>\n<li><b>Kaynak:<\/b> 350.000.000 TL&#8217;lik art\u0131r\u0131m\u0131n tamam\u0131 <b>i\u00e7 kaynaklardan<\/b> kar\u015f\u0131lanacakt\u0131r.<\/li>\n<li><b>Ba\u015fvuru:<\/b> Gerekli izinler i\u00e7in 16 Ekim 2025 tarihinde Sermaye Piyasas\u0131 Kurulu&#8217;na ba\u015fvuru yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"539\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrkiye&#8217;nin Emlak Devlerinden Birinin Raporu Neden \u00d6nemli? \u0130\u015fte 4 \u00c7arp\u0131c\u0131 \u00c7\u0131kar\u0131m Giri\u015f: Rakamlar\u0131n Arkas\u0131ndaki Hikaye Kurumsal faaliyet raporlar\u0131, genellikle rakamlarla dolu, anla\u015f\u0131lmas\u0131 zor ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n arkas\u0131na dikkatle bak\u0131ld\u0131\u011f\u0131nda, bir \u015firketin, bir sekt\u00f6r\u00fcn ve hatta&#8230; <\/p>\n","protected":false},"author":1,"featured_media":540,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[120],"class_list":["post-539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ozgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/539","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=539"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/539\/revisions"}],"predecessor-version":[{"id":541,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/539\/revisions\/541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/540"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}