{"id":542,"date":"2025-12-25T23:04:27","date_gmt":"2025-12-25T20:04:27","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=542"},"modified":"2025-12-25T23:04:27","modified_gmt":"2025-12-25T20:04:27","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-polho-polisan-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/542","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #POLHO | Polisan Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #POLHO | Polisan Holding 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/HvdB7ufun-0?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>Polisan Holding Neden Zarar A\u00e7\u0131klad\u0131? Rakamlar\u0131n Ard\u0131ndaki 4 Kritik Hamle<\/h1>\n<h3><b>Giri\u015f: Man\u015fetlerin \u00d6tesindeki Strateji<\/b><\/h3>\n<p>Polisan Holding&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ait finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131\u011f\u0131nda, man\u015fetlerde yer alan tek bir rakam dikkat \u00e7ekti: <code>562.750.921 TL<\/code>&#8216;lik d\u00f6nem zarar\u0131. Bu b\u00fcy\u00fckl\u00fckte bir rakam, ilk bak\u0131\u015fta endi\u015fe verici bir tablo \u00e7izebilir. Ancak finansal raporun derinliklerine inildi\u011finde, bu zarar\u0131n basit bir operasyonel ba\u015far\u0131s\u0131zl\u0131ktan ziyade, \u015firketin gelece\u011fini \u015fekillendiren bir dizi k\u00f6kl\u00fc ve birbiriyle ba\u011flant\u0131l\u0131 stratejik karar\u0131n ka\u00e7\u0131n\u0131lmaz bir sonucu oldu\u011fu g\u00f6r\u00fcl\u00fcyor. Bu yaz\u0131n\u0131n amac\u0131, bu karma\u015f\u0131k finansal tablonun ard\u0131ndaki en \u00f6nemli d\u00f6rt hamlenin sadece ne oldu\u011funu de\u011fil, neden birbirini tetikleyen bir d\u00f6n\u00fc\u015f\u00fcm zincirinin halkalar\u0131 oldu\u011funu herkesin anlayabilece\u011fi bir dille a\u00e7\u0131klamakt\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>1. B\u00fcy\u00fck Ayr\u0131\u015fma: K\u0131rm\u0131z\u0131 Rakamlar Denizinde K\u00e2rl\u0131 Bir Liman<\/b><\/h3>\n<p>Polisan Holding&#8217;in genel performans\u0131n\u0131 tek bir zarar rakam\u0131yla de\u011ferlendirmenin ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6steren en \u00e7arp\u0131c\u0131 detay, faaliyet segmentleri aras\u0131ndaki radikal performans fark\u0131d\u0131r. Bu ayr\u0131\u015fma, y\u00f6netimin neden bu denli cesur ad\u0131mlar atmak zorunda kald\u0131\u011f\u0131n\u0131n da anahtar\u0131n\u0131 sunmaktad\u0131r.<\/p>\n<p>Raporlara g\u00f6re, <code>1 Ocak \u2013 30 Eyl\u00fcl 2025<\/code> d\u00f6neminde, Holding&#8217;in <b>Liman \u0130\u015fletmesi<\/b> segmenti tek ba\u015f\u0131na <code>517.457.978 TL<\/code> gibi muazzam bir faaliyet k\u00e2r\u0131 \u00fcretmi\u015ftir. Bu, Holding&#8217;in ekonomik motoru olan bu segmentin ne kadar sa\u011fl\u0131kl\u0131 ve kritik oldu\u011funu g\u00f6stermektedir. Ancak madalyonun di\u011fer y\u00fcz\u00fcnde, <b>Kimyasal \u00dcr\u00fcnler<\/b> segmenti <code>(112.372.295 TL)<\/code> ve <b>Hizmet<\/b> segmenti <code>(108.912.550 TL)<\/code> faaliyet zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p>Bu tablo, asl\u0131nda radikal bir portf\u00f6y temizli\u011fine i\u015faret ediyor. Liman \u0130\u015fletmesi&#8217;nin \u00fcretti\u011fi yar\u0131m milyar TL&#8217;yi a\u015fan faaliyet k\u00e2r\u0131, sadece Holding&#8217;in ayakta kalmas\u0131n\u0131 sa\u011flamakla kalmam\u0131\u015f, ayn\u0131 zamanda di\u011fer segmentlerdeki stratejik yeniden yap\u0131lanman\u0131n ve operasyonel zararlar\u0131n finansal y\u00fck\u00fcn\u00fc de omuzlam\u0131\u015ft\u0131r. Bu durum, y\u00f6netimin neden k\u00e2rl\u0131 olmayan alanlar\u0131 buday\u0131p, k\u00e2rl\u0131 olan \u00e7ekirde\u011fe odaklanma karar\u0131 ald\u0131\u011f\u0131n\u0131 net bir \u015fekilde ortaya koymaktad\u0131r.<\/p>\n<h3><b>2. Stratejik Yeniden Yap\u0131lanma: Bir Kay\u0131p De\u011fil, Radikal Bir Odaklanma<\/b><\/h3>\n<p>Bilan\u00e7odaki varl\u0131k ve \u00f6zkaynaklarda g\u00f6r\u00fclen devasa d\u00fc\u015f\u00fc\u015f\u00fcn ard\u0131ndaki en temel neden, operasyonel bir kay\u0131p de\u011fil, Holding&#8217;in yap\u0131s\u0131n\u0131 temelden de\u011fi\u015ftiren bilin\u00e7li bir stratejik hamledir: <b>K\u0131smi B\u00f6l\u00fcnme<\/b>.<\/p>\n<p><code>10 Eyl\u00fcl 2025<\/code> tarihinde tescil edilen i\u015flemle Polisan Holding, portf\u00f6y\u00fcndeki <b>Polisan Kansai Boya<\/b> ve <b>Rohm and Haas<\/b> \u015firketlerindeki i\u015ftirak paylar\u0131n\u0131, yeni kurulan <b>Marmara Holding A.\u015e.<\/b>&#8216;ye devretmi\u015ftir. Bu hamle, bilan\u00e7odaki &#8220;\u00d6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlar&#8221; kaleminin bir \u00f6nceki y\u0131l sonundaki <code>5,1 milyar TL<\/code>&#8216;den s\u0131f\u0131ra d\u00fc\u015fmesine neden olmu\u015ftur. Daha da \u00f6nemlisi, \u00d6zkaynaklar De\u011fi\u015fim Tablosu&#8217;nda bu i\u015flemin toplam &#8220;K\u0131smi b\u00f6l\u00fcnme etkisi&#8221; <code>(4.762.581.466 TL)<\/code> olarak yans\u0131m\u0131\u015ft\u0131r.<\/p>\n<p>Bu rakamlar bir varl\u0131k kayb\u0131ndan ziyade, Holding&#8217;in gelece\u011fine dair radikal bir vizyonu g\u00f6steriyor. Bu durum, y\u00f6netimin rekabet\u00e7i ve daha d\u00fc\u015f\u00fck marjl\u0131 boya pazar\u0131ndan stratejik olarak uzakla\u015farak, kaynaklar\u0131n\u0131 ve oda\u011f\u0131n\u0131 liman lojisti\u011fi ve end\u00fcstriyel kimyasallar gibi temel yetkinlik alanlar\u0131na kayd\u0131rma niyetini a\u00e7\u0131k\u00e7a ortaya koymaktad\u0131r. K\u0131sacas\u0131, \u015firket daha odakl\u0131 ve potansiyel olarak daha k\u00e2rl\u0131 bir yap\u0131ya kavu\u015fmak i\u00e7in bilin\u00e7li olarak k\u00fc\u00e7\u00fclm\u00fc\u015ft\u00fcr.<\/p>\n<h3><b>3. Yunanistan&#8217;dan \u00c7\u0131k\u0131\u015f: Zarar\u0131n %40&#8217;\u0131n\u0131 \u00dcreten Operasyonu Durdurma Hamlesi<\/b><\/h3>\n<p>Holding&#8217;in a\u00e7\u0131klad\u0131\u011f\u0131 zarar\u0131n en somut nedenlerinden biri, Yunanistan&#8217;daki operasyonlar\u0131n sonland\u0131r\u0131lmas\u0131 karar\u0131d\u0131r. Finansal raporda &#8220;PET sekt\u00f6r\u00fcnde s\u00fcregelen talep daralmas\u0131&#8221; nedeniyle <b>Polisan Hellas S.A.<\/b> \u015firketindeki \u00fcretim faaliyetlerinin durdurulmas\u0131na ve \u015firketin sat\u0131\u015fa \u00e7\u0131kar\u0131lmas\u0131na karar verildi\u011fi belirtilmektedir.<\/p>\n<p>Bu karar\u0131n arkas\u0131ndaki matematik ise \u00e7arp\u0131c\u0131d\u0131r: Bu operasyon, <code>1 Ocak - 30 Eyl\u00fcl 2025<\/code> d\u00f6neminde &#8220;Durdurulan Faaliyetler&#8221; ba\u015fl\u0131\u011f\u0131 alt\u0131nda tek ba\u015f\u0131na <code>(222.933.037 TL)<\/code> zarar \u00fcretmi\u015ftir. Bu rakam, Holding&#8217;in a\u00e7\u0131klad\u0131\u011f\u0131 toplam <code>562,7 milyon TL<\/code>&#8216;lik d\u00f6nem zarar\u0131n\u0131n <b>yakla\u015f\u0131k %40&#8217;\u0131n\u0131 tek ba\u015f\u0131na olu\u015fturmaktad\u0131r.<\/b> Bu, y\u00f6netimin neden bu kadar kararl\u0131 bir &#8220;zarar durdurma&#8221; hamlesi yapt\u0131\u011f\u0131n\u0131 net bir \u015fekilde ortaya koymaktad\u0131r. Bu proaktif karar, kanayan bir yaray\u0131 kesip atarak kaynaklar\u0131n daha verimli alanlara y\u00f6nlendirilmesini ama\u00e7layan zorunlu bir ad\u0131md\u0131r. Karar\u0131n bir yans\u0131mas\u0131 olarak, Polisan Hellas&#8217;a ait <code>840.202.341 TL<\/code>&#8216;lik varl\u0131klar da bilan\u00e7oda &#8220;Sat\u0131\u015f Ama\u00e7l\u0131 S\u0131n\u0131fland\u0131r\u0131lan Duran Varl\u0131klar&#8221; olarak yeniden s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3><b>4. Nakit Pozisyonundaki Dramatik D\u00fc\u015f\u00fc\u015f: D\u00f6n\u00fc\u015f\u00fcm\u00fcn Nakit Yak\u0131m\u0131<\/b><\/h3>\n<p>Yeniden yap\u0131lanma ve gelece\u011fe yat\u0131r\u0131m\u0131n bedeli, \u015firketin nakit pozisyonunda kendini g\u00f6stermi\u015ftir. <b>Nakit ve Nakit Benzerleri<\/b> kalemi, <code>31 Aral\u0131k 2024<\/code>&#8216;teki <code>638,6 milyon TL<\/code> seviyesinden <code>30 Eyl\u00fcl 2025<\/code> itibar\u0131yla <code>93,9 milyon TL<\/code>&#8216;ye gerileyerek ciddi bir erime ya\u015fam\u0131\u015ft\u0131r.<\/p>\n<p>Bu dramatik d\u00fc\u015f\u00fc\u015f\u00fcn ard\u0131nda tek bir neden de\u011fil, birbiriyle etkile\u015fen \u00fc\u00e7 g\u00fc\u00e7l\u00fc finansal ak\u0131m yat\u0131yor. Nakit Ak\u0131\u015f Tablosu bu &#8220;\u00fc\u00e7l\u00fc bask\u0131&#8221;y\u0131 g\u00f6zler \u00f6n\u00fcne seriyor:<\/p>\n<ol>\n<li><b>Gelece\u011fe Yat\u0131r\u0131m:<\/b> \u015eirket, maddi duran varl\u0131k al\u0131mlar\u0131 i\u00e7in kasas\u0131ndan <code>570,6 milyon TL<\/code> \u00e7\u0131kararak gelece\u011fe tohumlar ekmi\u015ftir.<\/li>\n<li><b>Finansman Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> <code>1 milyar TL<\/code>&#8216;yi a\u015fan kredi geri \u00f6demeleri ve kira bor\u00e7lar\u0131 gibi finansman giderleri nakit \u00fczerinde ciddi bir bask\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li><b>Yeniden Yap\u0131lanma Bedeli:<\/b> En b\u00fcy\u00fck nakit \u00e7\u0131k\u0131\u015f\u0131 ise yeniden yap\u0131lanma hamlesinden gelmi\u015ftir. &#8220;Durdurulan faaliyetler nakit ak\u0131\u015f\u0131&#8221; kalemi alt\u0131nda, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Yunanistan operasyonunun sonland\u0131r\u0131lmas\u0131ndan kaynaklanan <code><b>(1.281.501.704 TL)<\/b><\/code> gibi devasa bir nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<p>Bu, gelecekteki k\u00e2rl\u0131l\u0131k i\u00e7in bug\u00fcn\u00fcn nakit pozisyonundan feragat edildi\u011fi klasik bir yat\u0131r\u0131m ve d\u00f6n\u00fc\u015f\u00fcm senaryosudur. \u015eirketin likiditesi, bu \u00fc\u00e7l\u00fc etkiyle adeta bir mengene gibi s\u0131k\u0131\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>Sonu\u00e7: D\u00f6n\u00fc\u015f\u00fcm\u00fcn Sanc\u0131lar\u0131 m\u0131, Gelece\u011fin Temelleri mi?<\/b><\/h3>\n<p>Ele al\u0131nan bu d\u00f6rt kritik hamle, Polisan Holding&#8217;in basit bir krizden ziyade, sanc\u0131l\u0131 ama bilin\u00e7li bir stratejik d\u00f6n\u00fc\u015f\u00fcmden ge\u00e7ti\u011fini a\u00e7\u0131k\u00e7a g\u00f6steriyor. Bu, adeta a\u011fr\u0131l\u0131 ama gerekli bir cerrahi operasyona benziyor. Man\u015fetlerdeki zarar rakam\u0131, asl\u0131nda \u015firketin k\u00e2rs\u0131z varl\u0131klar\u0131 (Yunanistan operasyonu) ve ana oda\u011f\u0131 d\u0131\u015f\u0131ndaki i\u015ftirakleri (k\u0131smi b\u00f6l\u00fcnme) b\u00fcnyesinden atarak, ekonomik motoru olan Liman \u0130\u015fletmesi&#8217;ne daha fazla odaklanma stratejisinin bir yans\u0131mas\u0131d\u0131r. Y\u00f6netim, gelecekte daha sade, odaklanm\u0131\u015f ve k\u00e2rl\u0131 bir yap\u0131ya ula\u015fmak i\u00e7in bug\u00fcn\u00fcn bilan\u00e7osunda ve nakit ak\u0131\u015f\u0131nda ciddi bir bedel \u00f6demeyi g\u00f6ze alm\u0131\u015ft\u0131r.<\/p>\n<p>Peki, at\u0131lan bu cesur ad\u0131mlar, Polisan Holding&#8217;i gelecekte daha sade, odaklanm\u0131\u015f ve k\u00e2rl\u0131 bir yap\u0131ya kavu\u015fturacak m\u0131? Bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn meyvelerini g\u00f6rmek i\u00e7in \u00f6n\u00fcm\u00fczdeki d\u00f6nem finansallar\u0131 kritik olacak.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Polisan Holding A.\u015e. 9A 2025 Finansal Durum ve Temel Geli\u015fmeler Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Polisan Holding A.\u015e.&#8217;nin 1 Ocak \u2013 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131, \u015firketin stratejik olarak yeniden yap\u0131land\u0131\u011f\u0131 ve \u00f6nemli zorluklarla kar\u015f\u0131la\u015ft\u0131\u011f\u0131 bir d\u00f6nemi yans\u0131tmaktad\u0131r. Holding, bu d\u00f6nemde <b>562,7 milyon TL net d\u00f6nem zarar\u0131<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu sonu\u00e7, hem s\u00fcrd\u00fcr\u00fclen faaliyetlerden kaynaklanan 339,8 milyon TL&#8217;lik zarar hem de sat\u0131\u015fa \u00e7\u0131kar\u0131lan Yunanistan&#8217;daki i\u015ftiraki Polisan Hellas&#8217;\u0131n olu\u015fturdu\u011fu durdurulan faaliyetlerden gelen 222,9 milyon TL&#8217;lik zarardan olu\u015fmaktad\u0131r.<\/p>\n<p>D\u00f6neme damgas\u0131n\u0131 vuran iki temel stratejik geli\u015fme bulunmaktad\u0131r:<\/p>\n<ol>\n<li><b>K\u0131smi B\u00f6l\u00fcnme:<\/b> Holding&#8217;in, Polisan Kansai Boya ve Rohm and Haas \u015firketlerindeki i\u015ftirak paylar\u0131, 10 Eyl\u00fcl 2025 tarihinde tescil edilen bir k\u0131smi b\u00f6l\u00fcnme i\u015flemiyle yeni kurulan Marmara Holding A.\u015e.&#8217;ye devredilmi\u015ftir. Bu i\u015flem, Polisan Holding&#8217;in bilan\u00e7osundan <b>5,1 milyar TL&#8217;lik &#8220;\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar&#8221; kaleminin \u00e7\u0131kmas\u0131na<\/b> ve \u00f6zkaynaklarda <b>4,76 milyar TL&#8217;lik bir azalmaya<\/b> neden olmu\u015ftur.<\/li>\n<li><b>Durdurulan Faaliyetler:<\/b> PET sekt\u00f6r\u00fcndeki talep daralmas\u0131 nedeniyle Yunanistan&#8217;da faaliyet g\u00f6steren i\u015ftiraki Polisan Hellas&#8217;\u0131n \u00fcretim faaliyetleri durdurulmu\u015f ve \u015firket paylar\u0131n\u0131n sat\u0131\u015f\u0131 i\u00e7in karar al\u0131nm\u0131\u015ft\u0131r. Bu i\u015ftirake ait varl\u0131klar ve y\u00fck\u00fcml\u00fcl\u00fckler &#8220;Sat\u0131\u015f Ama\u00e7l\u0131&#8221; olarak yeniden s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<p>Bu yap\u0131sal de\u011fi\u015fikliklerin bir sonucu olarak, Holding&#8217;in toplam varl\u0131klar\u0131 31 Aral\u0131k 2024&#8217;teki 24,4 milyar TL&#8217;den 30 Eyl\u00fcl 2025 itibar\u0131yla <b>18,1 milyar TL&#8217;ye<\/b>, toplam \u00f6zkaynaklar\u0131 ise 19,4 milyar TL&#8217;den <b>13,9 milyar TL&#8217;ye<\/b> gerilemi\u015ftir. Operasyonel olarak, has\u0131lat ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6sterirken, esas faaliyet kar\u0131 338 milyon TL kardan <b>44,9 milyon TL zarara<\/b> d\u00f6nm\u00fc\u015ft\u00fcr.<\/p>\n<p>Son olarak, 27 Haziran 2025 tarihinde ana hissedar Bitlis Ailesi \u00fcyelerinin, \u015firketteki %77,7&#8217;lik paylar\u0131n\u0131n Corex Ports and Terminals Dilovas\u0131 Liman \u0130\u015fletmeleri A.\u015e.&#8217;ye devri i\u00e7in bir hisse devir s\u00f6zle\u015fmesi imzalamas\u0131, ileriki d\u00f6nemde \u015firketin kontrol yap\u0131s\u0131nda \u00f6nemli bir de\u011fi\u015fiklik potansiyeli ta\u015f\u0131maktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Finansal Performans Analizi (1 Ocak \u2013 30 Eyl\u00fcl 2025)<\/h2>\n<p>Holding&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k performans\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda hem ciroda hem de karl\u0131l\u0131kta belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6stermektedir. Artan finansman giderleri ve durdurulan faaliyetlerin olumsuz etkisi, net zarar\u0131n devam etmesinde rol oynam\u0131\u015ft\u0131r.<\/p>\n<h3>Kar ve Zarar Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyon 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>Has\u0131lat<\/td>\n<td>4.662,7<\/td>\n<td>5.298,5<\/td>\n<td>(%12,0)<\/td>\n<\/tr>\n<tr>\n<td>Ticari Faaliyetlerden Br\u00fct Kar<\/td>\n<td>1.028,6<\/td>\n<td>1.532,1<\/td>\n<td>(%32,9)<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/td>\n<td>(44,9)<\/td>\n<td>338,0<\/td>\n<td>Negatife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/td>\n<td>(339,8)<\/td>\n<td>(298,3)<\/td>\n<td>(%13,9)<\/td>\n<\/tr>\n<tr>\n<td>Durdurulan Faaliyetler D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/td>\n<td>(222,9)<\/td>\n<td>(239,4)<\/td>\n<td>%7,0<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td><b>(562,7)<\/b><\/td>\n<td><b>(537,7)<\/b><\/td>\n<td><b>(%4,7)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kay\u0131p (TL)<\/td>\n<td>(0,323)<\/td>\n<td>(0,309)<\/td>\n<td>(%4,5)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Performans De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>Has\u0131lat ve Br\u00fct Karl\u0131l\u0131k:<\/b> Has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %12 azalarak 4,66 milyar TL&#8217;ye gerilemi\u015ftir. Sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015f\u00fcn cirodaki d\u00fc\u015f\u00fc\u015ften daha yava\u015f kalmas\u0131, br\u00fct kar marj\u0131n\u0131 olumsuz etkilemi\u015f ve br\u00fct kar %32,9&#8217;luk sert bir d\u00fc\u015f\u00fc\u015fle 1,03 milyar TL&#8217;ye inmi\u015ftir.<\/li>\n<li><b>Esas Faaliyet Karl\u0131l\u0131\u011f\u0131:<\/b> Holding, 338 milyon TL&#8217;lik esas faaliyet kar\u0131ndan 44,9 milyon TL&#8217;lik zarara ge\u00e7mi\u015ftir. Bu negatif d\u00f6n\u00fc\u015f\u00fcn arkas\u0131ndaki ana nedenler; azalan br\u00fct karl\u0131l\u0131k ve k\u0131smi b\u00f6l\u00fcnme \u00f6ncesi Polisan Kansai Boya ve Rohm and Haas i\u015ftiraklerinden gelen 342,4 milyon TL&#8217;lik zarar pay\u0131d\u0131r.<\/li>\n<li><b>Finansman Giderleri:<\/b> Finansman giderleri, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k iki kat artarak 210,1 milyon TL&#8217;den 405,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f, karl\u0131l\u0131k \u00fczerinde ek bir bask\u0131 unsuru olmu\u015ftur.<\/li>\n<li><b>Net Zarar:<\/b> S\u00fcrd\u00fcr\u00fclen faaliyetlerden kaynaklanan 339,8 milyon TL&#8217;lik zarara, Polisan Hellas&#8217;\u0131n sat\u0131\u015fa \u00e7\u0131kar\u0131lmas\u0131ndan kaynaklanan 222,9 milyon TL&#8217;lik zarar eklenince, toplam net d\u00f6nem zarar\u0131 562,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h2>2. Finansal Durum Analizi (30 Eyl\u00fcl 2025)<\/h2>\n<p>Holding&#8217;in bilan\u00e7osu, 2025 y\u0131l\u0131nda ger\u00e7ekle\u015ftirilen stratejik yeniden yap\u0131land\u0131rma faaliyetleri sonucunda \u00f6nemli \u00f6l\u00e7\u00fcde k\u00fc\u00e7\u00fclm\u00fc\u015ft\u00fcr. Varl\u0131k ve \u00f6zkaynaklardaki d\u00fc\u015f\u00fc\u015f, temel olarak k\u0131smi b\u00f6l\u00fcnme i\u015fleminden kaynaklanmaktad\u0131r.<\/p>\n<h3>Finansal Durum Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyar 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>D\u00f6nen Varl\u0131klar<\/td>\n<td>3,05<\/td>\n<td>3,31<\/td>\n<td>(%7,8)<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>15,07<\/td>\n<td>21,09<\/td>\n<td>(%28,5)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>18,11<\/b><\/td>\n<td><b>24,40<\/b><\/td>\n<td><b>(%25,8)<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>2,72<\/td>\n<td>3,58<\/td>\n<td>(%24,0)<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1,49<\/td>\n<td>1,46<\/td>\n<td>%2,1<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>4,20<\/b><\/td>\n<td><b>5,04<\/b><\/td>\n<td><b>(%16,7)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>13,91<\/b><\/td>\n<td><b>19,36<\/b><\/td>\n<td><b>(%28,2)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Bilan\u00e7o De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klardaki 6,3 milyar TL&#8217;lik d\u00fc\u015f\u00fc\u015f\u00fcn ana kayna\u011f\u0131, k\u0131smi b\u00f6l\u00fcnme sonucunda 5,1 milyar TL tutar\u0131ndaki &#8220;\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar&#8221; kaleminin bilan\u00e7odan \u00e7\u0131kmas\u0131d\u0131r. Ayr\u0131ca, Polisan Hellas&#8217;a ait 651,5 milyon TL&#8217;lik varl\u0131k, &#8220;Sat\u0131\u015f Ama\u00e7l\u0131 S\u0131n\u0131fland\u0131r\u0131lan Duran Varl\u0131klar&#8221; hesab\u0131na transfer edilmi\u015ftir. Nakit ve nakit benzerleri de 638,6 milyon TL&#8217;den 93,9 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fcklerdeki azalma, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde 1,7 milyar TL&#8217;den 1,17 milyar TL&#8217;ye d\u00fc\u015fen k\u0131sa vadeli finansal bor\u00e7lanmalardan ve 1,29 milyar TL&#8217;den 938 milyon TL&#8217;ye gerileyen ticari bor\u00e7lardan kaynaklanmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki 5,45 milyar TL&#8217;lik sert d\u00fc\u015f\u00fc\u015f\u00fcn iki ana nedeni bulunmaktad\u0131r:\n<ol>\n<li><b>K\u0131smi B\u00f6l\u00fcnme Etkisi:<\/b> 4,76 milyar TL<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> 562,7 milyon TL<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h2>3. Stratejik Yap\u0131sal De\u011fi\u015fiklikler ve \u00d6nemli Geli\u015fmeler<\/h2>\n<p>2025 y\u0131l\u0131, Polisan Holding i\u00e7in portf\u00f6y\u00fcn\u00fc yeniden \u015fekillendirdi\u011fi ve gelecekteki kontrol yap\u0131s\u0131n\u0131 etkileyebilecek ad\u0131mlar att\u0131\u011f\u0131 kritik bir y\u0131l olmu\u015ftur.<\/p>\n<h3>3.1. K\u0131smi B\u00f6l\u00fcnme: Polisan Kansai Boya ve Rohm and Haas \u0130\u015ftiraklerinin Devri<\/h3>\n<ul>\n<li><b>\u0130\u015flem:<\/b> Holding&#8217;in %50 i\u015f ortakl\u0131\u011f\u0131 olan Polisan Kansai Boya ve %40 i\u015ftiraki olan Rohm and Haas&#8217;taki paylar\u0131, &#8220;ortaklara pay devri modeli&#8221; ile yeni kurulan Marmara Holding A.\u015e.&#8217;ye devredilmi\u015ftir.<\/li>\n<li><b>Takvim:<\/b> Karar, 29 A\u011fustos 2025 tarihli Ola\u011fan\u00fcst\u00fc Genel Kurul&#8217;da al\u0131nm\u0131\u015f ve i\u015flem 10 Eyl\u00fcl 2025&#8217;te tescil edilmi\u015ftir.<\/li>\n<li><b>Finansal Etki:<\/b> Bu devirle birlikte Polisan Holding&#8217;in konsolide kar\/zarar tablosu, bu i\u015ftiraklerin sonu\u00e7lar\u0131n\u0131 yaln\u0131zca 10 Eyl\u00fcl 2025&#8217;e kadar yans\u0131tmaktad\u0131r. \u0130\u015flemin \u00f6zkaynaklar \u00fczerindeki net olumsuz etkisi 4.765.514.976 TL olmu\u015ftur.<\/li>\n<\/ul>\n<h3>3.2. Durdurulan Faaliyetler: Polisan Hellas&#8217;\u0131n Sat\u0131\u015f Karar\u0131<\/h3>\n<ul>\n<li><b>Gerek\u00e7e:<\/b> PET (Polietilen Tereftalat) sekt\u00f6r\u00fcnde devam eden talep daralmas\u0131 nedeniyle Yunanistan&#8217;daki ba\u011fl\u0131 ortakl\u0131k Polisan Hellas S.A.&#8217;n\u0131n faaliyetlerinden \u00e7\u0131kma karar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Aksiyonlar:<\/b> \u00dcretim faaliyetleri durdurulmu\u015f, personel i\u015f akitleri sonland\u0131r\u0131lm\u0131\u015f ve \u015firketin bor\u00e7lulu\u011funu azaltmak amac\u0131yla Polisan Holding taraf\u0131ndan 27 milyon Euro sermaye art\u0131r\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansal Etki:<\/b> Polisan Hellas&#8217;\u0131n varl\u0131klar\u0131 (651,5 milyon TL) ve y\u00fck\u00fcml\u00fcl\u00fckleri (137,2 milyon TL), bilan\u00e7o&#8217;da &#8220;Sat\u0131\u015f Ama\u00e7l\u0131&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r. \u015eirketin ilk dokuz ayl\u0131k faaliyetlerinden kaynaklanan 222,9 milyon TL&#8217;lik zarar, kar\/zarar tablosunda &#8220;Durdurulan Faaliyetler&#8221; kalemi alt\u0131nda raporlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.3. Ana Hissedarlar\u0131n Pay Devri S\u00f6zle\u015fmesi<\/h3>\n<ul>\n<li><b>Geli\u015fme:<\/b> Holding&#8217;in ana hissedarlar\u0131 olan Bitlis Ailesi \u00fcyeleri, \u015firketin sermayesinin %77,7268&#8217;ini temsil eden paylar\u0131n\u0131n Corex B.V. i\u015ftiraki olan Corex Ports and Terminals Dilovas\u0131 Liman \u0130\u015fletmeleri A.\u015e.&#8217;ye devri i\u00e7in 27 Haziran 2025 tarihinde bir hisse devir s\u00f6zle\u015fmesi imzalam\u0131\u015ft\u0131r.<\/li>\n<li><b>Durum:<\/b> Pay devrinin ger\u00e7ekle\u015fmesi, s\u00f6zle\u015fmede yer alan \u00f6n \u015fartlar\u0131n yerine getirilmesine ba\u011fl\u0131d\u0131r. Bu geli\u015fme, gelecekte Polisan Holding&#8217;in ana kontrol\u00fcn\u00fcn de\u011fi\u015fme potansiyeli ta\u015f\u0131d\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n<h2>4. Segment Baz\u0131nda Performans<\/h2>\n<p>Holding&#8217;in operasyonlar\u0131 kimyasal \u00fcr\u00fcnler, liman i\u015fletmecili\u011fi ve hizmetler olmak \u00fczere \u00fc\u00e7 ana segmentte yo\u011funla\u015fmaktad\u0131r. Liman segmenti karl\u0131l\u0131\u011f\u0131n\u0131 korurken, kimyasal \u00fcr\u00fcnler segmenti zarara d\u00f6nm\u00fc\u015ft\u00fcr.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Segment (Milyon TL)<\/td>\n<td>Has\u0131lat (9A 2025)<\/td>\n<td>Has\u0131lat (9A 2024)<\/td>\n<td>Faaliyet Kar\u0131\/Zarar\u0131 (9A 2025)<\/td>\n<td>Faaliyet Kar\u0131\/Zarar\u0131 (9A 2024)<\/td>\n<\/tr>\n<tr>\n<td>Kimyasal \u00dcr\u00fcnler<\/td>\n<td>2.895,7<\/td>\n<td>3.536,1<\/td>\n<td>(112,4)<\/td>\n<td>86,9<\/td>\n<\/tr>\n<tr>\n<td>Liman \u0130\u015fletmesi<\/td>\n<td>1.880,1<\/td>\n<td>1.928,8<\/td>\n<td>517,5<\/td>\n<td>723,4<\/td>\n<\/tr>\n<tr>\n<td>Hizmet<\/td>\n<td>535,3<\/td>\n<td>543,8<\/td>\n<td>(108,9)<\/td>\n<td>(39,3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Holding&#8217;in nakit pozisyonu, d\u00f6nem i\u00e7inde belirgin bir \u015fekilde azalm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden nakit ak\u0131\u015f\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 50,8 milyon TL&#8217;lik negatif ak\u0131\u015fa k\u0131yasla 174,3 milyon TL pozitife d\u00f6nm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi duran varl\u0131k al\u0131mlar\u0131 nedeniyle 498 milyon TL&#8217;lik negatif nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 2,4 milyar TL&#8217;lik yeni kredi al\u0131nmas\u0131na ra\u011fmen, 1 milyar TL&#8217;lik kredi geri \u00f6demesi ve durdurulan faaliyetlere ili\u015fkin 1,28 milyar TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131 (Polisan Hellas bor\u00e7 \u00f6demesi) nedeniyle net 91,5 milyon TL&#8217;lik negatif finansman nakit ak\u0131\u015f\u0131 olu\u015fmu\u015ftur.<\/li>\n<li><b>Sonu\u00e7:<\/b> Bu ak\u0131\u015flar neticesinde d\u00f6nem ba\u015f\u0131ndaki 638,6 milyon TL&#8217;lik nakit ve nakit benzerleri, d\u00f6nem sonunda <b>93,9 milyon TL&#8217;ye<\/b> gerilemi\u015ftir.<\/li>\n<\/ul>\n<h2>6. Finansal Raporlama Esaslar\u0131<\/h2>\n<p>Sunulan t\u00fcm finansal tablolar ve dipnotlar, T\u00fcrkiye Muhasebe Standartlar\u0131\/T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TMS\/TFRS) uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r. Ayr\u0131ca, Kamu G\u00f6zetimi Kurumu&#8217;nun (KGK) karar\u0131 uyar\u0131nca, finansal tablolar TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 kapsam\u0131nda enflasyon muhasebesine tabi tutulmu\u015ftur. T\u00fcm tutarlar, T\u00fcrk Liras\u0131&#8217;n\u0131n <b>30 Eyl\u00fcl 2025<\/b> tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"542\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Polisan Holding Neden Zarar A\u00e7\u0131klad\u0131? Rakamlar\u0131n Ard\u0131ndaki 4 Kritik Hamle Giri\u015f: Man\u015fetlerin \u00d6tesindeki Strateji Polisan Holding&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ait finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131\u011f\u0131nda, man\u015fetlerde yer alan tek bir rakam dikkat \u00e7ekti: 562.750.921 TL&#8216;lik d\u00f6nem zarar\u0131. Bu b\u00fcy\u00fckl\u00fckte bir&#8230; <\/p>\n","protected":false},"author":1,"featured_media":543,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[121],"class_list":["post-542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-polho"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/542","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=542"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/542\/revisions"}],"predecessor-version":[{"id":544,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/542\/revisions\/544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/543"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}