{"id":556,"date":"2025-12-26T17:17:24","date_gmt":"2025-12-26T14:17:24","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=556"},"modified":"2025-12-26T20:19:39","modified_gmt":"2025-12-26T17:19:39","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-kaplm-kaplamin-ambalaj-sanayi-ve-ticaret-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/556","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KAPLM | Kaplamin Ambalaj Sanayi ve Ticaret 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KAPLM | Kaplamin Ambalaj Sanayi ve Ticaret 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/DddllbivBoY?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 Ambalaj Devinin Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Bir \u015firketin finansal ba\u015far\u0131s\u0131 genellikle ciro art\u0131\u015f\u0131, \u00fcretim rekorlar\u0131 ve pazar pay\u0131 gibi man\u015fet rakamlarla \u00f6l\u00e7\u00fcl\u00fcr. Ancak bu rakamlar her zaman hikayenin tamam\u0131n\u0131 anlatmaz. Bazen en ilgin\u00e7, en d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc detaylar, raporlar\u0131n derinliklerinde, dipnotlarda veya grafiklerin aras\u0131ndaki sat\u0131rlarda sakl\u0131d\u0131r.<\/p>\n<p>Yak\u0131n zamanda, T\u00fcrkiye&#8217;nin \u00f6nde gelen ambalaj \u015firketlerinden Kaplamin Ambalaj&#8217;\u0131n son faaliyet raporunu inceleme f\u0131rsat\u0131 buldum. \u0130lk bak\u0131\u015fta etkileyici b\u00fcy\u00fcme rakamlar\u0131yla dolu olan bu raporda, \u015firketin mevcut durumu ve gelece\u011fi hakk\u0131nda beklenmedik, \u015fa\u015f\u0131rt\u0131c\u0131 ve bir o kadar da \u00f6nemli ger\u00e7ekler ke\u015ffettim. \u0130\u015fte o rapordan \u00e7\u0131kan 4 \u00e7arp\u0131c\u0131 detay.<\/p>\n<h3>1. G\u00f6z Kama\u015ft\u0131ran B\u00fcy\u00fcme, \u015ea\u015f\u0131rtan Bilan\u00e7o: Rekor Ciroya Ra\u011fmen Gelen Zarar<\/h3>\n<p>Y\u00fczeyde, Kaplamin&#8217;in performans\u0131 adeta bir ba\u015far\u0131 hikayesi: Sat\u0131\u015f hacmi bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re <b>%28<\/b> f\u0131rlam\u0131\u015f, ciro <b>%45<\/b> gibi dikkat \u00e7ekici bir oranda artm\u0131\u015f ve fabrika sahalar\u0131 tam gaz \u00e7al\u0131\u015farak kapasite kullan\u0131m oran\u0131 <b>%68,97<\/b>&#8216;den <b>%87,34<\/b>&#8216;e s\u0131\u00e7ram\u0131\u015f. Ancak finansallar\u0131n derinliklerine inildi\u011finde, bu parlak tablonun tam tersi bir ger\u00e7eklikle kar\u015f\u0131la\u015f\u0131l\u0131yor. \u015eirket, 01.01.2025 \u2013 30.09.2025 d\u00f6neminde tam <b>205.644.898 TL<\/b> net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015f durumda.<\/p>\n<p>Peki, bu \u00e7eli\u015fkinin arkas\u0131nda ne yat\u0131yor? Cevab\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131, gelir tablosundaki <b>280.518.670 TL<\/b>&#8216;lik devasa &#8220;Finansman Giderleri&#8221; kaleminde gizli. Bu rakam, \u015firketin rekor b\u00fcy\u00fcmesini finanse ederken ne denli y\u00fcksek bir maliyetle kar\u015f\u0131 kar\u015f\u0131ya kald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Finansal durum tablosu bu durumu daha da netle\u015ftiriyor: \u015firketin &#8220;K\u0131sa Vadeli Bor\u00e7lanmalar\u0131&#8221; 2024 sonunda yakla\u015f\u0131k 340 milyon TL iken, Eyl\u00fcl 2025&#8217;te iki kattan fazla artarak yakla\u015f\u0131k 786 milyon TL&#8217;ye y\u00fckselmi\u015f. Bu durum, b\u00fcy\u00fcme ile k\u00e2rl\u0131l\u0131k aras\u0131ndaki hassas dengeyi y\u00f6netmenin zorluklar\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>2. Sadece Bir Kutu De\u011fil: 49 Y\u0131ll\u0131k \u015eirketin \u0130novasyon ve Sorumluluk Vizyonu<\/h3>\n<p>Bu agresif b\u00fcy\u00fcme ve beraberindeki finansman ihtiyac\u0131, \u015firketin dura\u011fan bir yap\u0131ya sahip olmamas\u0131ndan kaynaklan\u0131yor. <b>1976<\/b>&#8216;da kurulan Kaplamin, daha <b>1983<\/b>&#8216;te artan rekabet kar\u015f\u0131s\u0131nda oluklu mukavva \u00fcretimine ge\u00e7erek stratejik bir d\u00f6n\u00fc\u015f\u00fcmle adapte olma yetene\u011fini kan\u0131tlam\u0131\u015ft\u0131. Bu erken d\u00f6nemdeki esneklik, bug\u00fcn \u015firketin inovasyon ve gelecek vizyonunun temelini olu\u015fturuyor. Raporda bu yakla\u015f\u0131m net bir \u015fekilde \u00f6zetleniyor:<\/p>\n<p>\u015eirketimiz, yaln\u0131zca bir \u201ckutu\u201d tedarik\u00e7isi olmak yerine, paketleme \u00e7\u00f6z\u00fcmleri sa\u011flamaya y\u00f6nelik bir yakla\u015f\u0131m benimsemektedir.<\/p>\n<p>Bu vizyon sadece s\u00f6zde kalm\u0131yor. 2025&#8217;in ilk dokuz ay\u0131nda <b>23 adet yeni \u00fcr\u00fcn<\/b> geli\u015ftirilmesi ve dijital bask\u0131 \u00e7\u00f6z\u00fcmleri sunan i\u015ftiraki <b>Prigo A.\u015e.<\/b>&#8216;ye yap\u0131lan yat\u0131r\u0131mlar, \u015firketin sekt\u00f6rdeki konumunu g\u00fc\u00e7lendirme arzusunu ortaya koyuyor. Bu inovasyon odakl\u0131 b\u00fcy\u00fcme stratejisi, \u015firketin karakterinin sadece bir y\u00f6n\u00fcn\u00fc olu\u015fturuyor. <b>S\u0131f\u0131r At\u0131k<\/b> sertifikas\u0131, <b>Women&#8217;s Empowerment Principles<\/b> deste\u011fi ve <b>EcoVadis<\/b> s\u00fcrd\u00fcr\u00fclebilirlik notu gibi belgeler, bu vizyonun sosyal ve \u00e7evresel sorumlulukla b\u00fct\u00fcnle\u015fti\u011fini g\u00f6steriyor. Rapor d\u00f6neminde <b>Ege Orman Vakf\u0131 ve T\u00fcrkiye E\u011fitim G\u00f6n\u00fcll\u00fcleri Vakf\u0131&#8217;na 10.700 TL ba\u011f\u0131\u015f<\/b> yap\u0131lm\u0131\u015f olmas\u0131 da bu modern ve sorumlu kurumsal kimli\u011fin bir par\u00e7as\u0131.<\/p>\n<h3>3. Bitmeyen Bir Ortakl\u0131k D\u00f6ng\u00fcs\u00fc: Devirler ve Sat\u0131n Almalarla \u015eekillenen Bir Yap\u0131<\/h3>\n<p>Kaplamin&#8217;in ortakl\u0131k yap\u0131s\u0131ndaki dinamizm, \u015firketin en az \u00fcr\u00fcnleri kadar hareketli bir ge\u00e7mi\u015fe sahip oldu\u011funu kan\u0131tl\u0131yor. \u015eirket, <b>1992<\/b>&#8216;de Avrupa&#8217;n\u0131n pazar liderlerinden \u0130sve\u00e7li <b>SCA PACKAGING<\/b> ile ortakl\u0131k kurarak uluslararas\u0131 bir boyut kazand\u0131. Bu ortakl\u0131k, SCA&#8217;n\u0131n <b>2012<\/b>&#8216;de k\u00fcresel dev <b>DS Smith Plc<\/b> taraf\u0131ndan sat\u0131n al\u0131nmas\u0131yla yeni bir evreye girdi. D\u00f6ng\u00fc, <b>2015<\/b>&#8216;te DS Smith&#8217;in hisselerini <b>\u00c7ukurova Investments N.V.<\/b>&#8216;ye devretmesiyle devam etti. S\u0131k ya\u015fanan bu t\u00fcr ortakl\u0131k de\u011fi\u015fimleri, bir yandan stratejik \u00e7eviklik sa\u011flarken di\u011fer yandan potansiyel bir istikrars\u0131zl\u0131k riski de ta\u015f\u0131yabilir.<\/p>\n<p>Bu nedenle rapordaki en kritik geli\u015fme, raporlama d\u00f6nemi bittikten hemen sonra, <b>31 Ekim 2025<\/b> tarihinde ya\u015fan\u0131yor. \u015eirket sermayesinin <b>%82,95<\/b>&#8216;lik ezici \u00e7o\u011funlu\u011fu, aralar\u0131nda <b>R\u0131za Kandemir, Feridun Ge\u00e7gel, Enver Ge\u00e7gel<\/b> ve <b>Ral Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/b>&#8216;nin bulundu\u011fu yeni bir yat\u0131r\u0131mc\u0131 grubuna devrediliyor. Bu denli b\u00fcy\u00fck bir hisse devri, Kaplamin i\u00e7in ge\u00e7mi\u015fteki ortakl\u0131k de\u011fi\u015fikliklerinden \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor ve \u015firketin gelecekteki y\u00f6n\u00fc i\u00e7in belirleyici bir d\u00f6n\u00fcm noktas\u0131 olabilir.<\/p>\n<h3>4. G\u00f6r\u00fcnmez Engeller: B\u00fcy\u00fcmeyi Bask\u0131layan D\u0131\u015f Fakt\u00f6rler<\/h3>\n<p>Yeni y\u00f6netimin devrald\u0131\u011f\u0131 miras, sadece rekor b\u00fcy\u00fcme ve y\u00fcksek bor\u00e7luluktan ibaret de\u011fil. \u015eirketin raporu, performans\u0131 do\u011frudan etkileyen ve kontrol\u00fc d\u0131\u015f\u0131ndaki makroekonomik engellere de dikkat \u00e7ekiyor. Bunlardan ilki, 175 gr. alt\u0131ndaki kraftliner ka\u011f\u0131t ithalat\u0131na uygulanan <b>antidamping \u00f6nlemleri<\/b>. \u0130kincisi ise Amerikan men\u015feli \u00fcr\u00fcnlerden al\u0131nan <b>y\u00fczde 10 ek vergi<\/b> ve Beyaz Testlayner ka\u011f\u0131t ithalat\u0131na getirilen ek mali y\u00fck\u00fcml\u00fcl\u00fckler.<\/p>\n<p>Bu d\u00fczenlemeler, \u015firketin temel hammaddelerinin maliyetini do\u011frudan art\u0131rarak k\u00e2r marjlar\u0131 \u00fczerinde ciddi bir bask\u0131 olu\u015fturuyor. Bu durum, ilk b\u00f6l\u00fcmde dikkat \u00e7ekti\u011fimiz rekor ciroya ra\u011fmen neden k\u00e2rl\u0131l\u0131\u011fa ula\u015f\u0131lamad\u0131\u011f\u0131 sorusunun bir ba\u015fka \u00f6nemli yan\u0131t\u0131n\u0131 te\u015fkil ediyor. Bu d\u0131\u015f fakt\u00f6rler, i\u015f d\u00fcnyas\u0131n\u0131n sadece i\u00e7 dinamiklerle de\u011fil, k\u00fcresel ticaret politikalar\u0131 ve yasal \u00e7er\u00e7evelerle de ne denli i\u00e7 i\u00e7e oldu\u011funu bir kez daha kan\u0131tl\u0131yor.<\/p>\n<h3>Sonu\u00e7: B\u00fcy\u00fcme ve K\u00e2rl\u0131l\u0131k Dengesi<\/h3>\n<p>Kaplamin Ambalaj&#8217;\u0131n faaliyet raporu, bir \u015firketin finansal belgelerinin sadece rakamlardan ibaret olmad\u0131\u011f\u0131n\u0131; i\u00e7inde strateji, m\u00fccadele, adaptasyon ve vizyon bar\u0131nd\u0131ran bir hikaye anlatt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Kar\u015f\u0131m\u0131zda bir yandan rekor b\u00fcy\u00fcme ve inovasyonla gelece\u011fe ko\u015fan, di\u011fer yandan y\u00fcksek finansman maliyetleri ve d\u0131\u015f engellerle m\u00fccadele eden karma\u015f\u0131k bir yap\u0131 var.<\/p>\n<p>Yeni yat\u0131r\u0131mc\u0131lar ve y\u00f6netimin \u00f6n\u00fcndeki en temel stratejik meydan okuma da bu ikilemin tam ortas\u0131nda yat\u0131yor. T\u00fcm bu veriler \u0131\u015f\u0131\u011f\u0131nda akla gelen en \u00f6nemli soru \u015fu: Ger\u00e7ekle\u015fen bu b\u00fcy\u00fck hisse devriyle birlikte yeni y\u00f6netim, Kaplamin&#8217;in g\u00f6z kama\u015ft\u0131ran b\u00fcy\u00fcmesini s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fcrmeyi ba\u015farabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Kaplamin Ambalaj A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Faaliyet ve Finansal Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Kaplamin Ambalaj Sanayi ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait faaliyet raporu ve finansal tablolar\u0131n\u0131 sentezleyerek \u015firketin performans\u0131, kurumsal yap\u0131s\u0131 ve stratejik geli\u015fmeleri hakk\u0131nda kapsaml\u0131 bir analiz sunmaktad\u0131r.<\/p>\n<p>D\u00f6nemin en kritik verileri, \u015firketin operasyonel b\u00fcy\u00fcmesini g\u00f6stermektedir. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re sat\u0131\u015f miktar\u0131 %28, ciro ise %45 oran\u0131nda artm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcmeye paralel olarak kapasite kullan\u0131m oran\u0131 %68,97&#8217;den %87,34&#8217;e y\u00fckselmi\u015ftir. Ancak, artan has\u0131lata ra\u011fmen \u015firket, ilgili d\u00f6nemde 205,6 milyon TL ana ortakl\u0131k net zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r; bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 111,0 milyon TL&#8217;lik zarara k\u0131yasla bir art\u0131\u015fa i\u015faret etmektedir.<\/p>\n<p>Raporlama d\u00f6nemi sonras\u0131nda \u015firketin yap\u0131s\u0131n\u0131 temelden etkileyen iki \u00f6nemli geli\u015fme ya\u015fanm\u0131\u015ft\u0131r. \u0130lk olarak, 31 Ekim 2025 tarihinde, i\u015ftiraki Prigo Dijital Bask\u0131 ve Ambalaj \u00c7\u00f6z\u00fcmleri Sanayi ve Ticaret A.\u015e.&#8217;nin kalan %42,89&#8217;luk hissesi 147.115 ABD Dolar\u0131 bedelle sat\u0131n al\u0131narak %100 ba\u011fl\u0131 ortakl\u0131k haline getirilmi\u015ftir. \u0130kinci ve daha \u00f6nemli geli\u015fme ise, yine 31 Ekim 2025&#8217;te \u015firketin \u00f6denmi\u015f sermayesinin %82,95&#8217;ini temsil eden paylar\u0131n 15.056.734,48 ABD Dolar\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda yeni yat\u0131r\u0131mc\u0131lara (R\u0131za Kandemir, Ral Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e., Feridun Ge\u00e7gel ve Enver Ge\u00e7gel) devredilmesi olmu\u015ftur. Bu devir i\u015flemi, \u015firketin ana ortakl\u0131k yap\u0131s\u0131n\u0131 ve y\u00f6netim kurulunu de\u011fi\u015ftirmi\u015ftir.<\/p>\n<p>\u015eirket, &#8220;kutu tedarik\u00e7isi&#8221; olmaktan ziyade &#8220;paketleme \u00e7\u00f6z\u00fcmleri&#8221; sunma vizyonuyla hareket etmekte ve Prigo i\u015ftiraki arac\u0131l\u0131\u011f\u0131yla dijital bask\u0131 alan\u0131ndaki yetkinliklerini art\u0131rmaktad\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>I. Kurumsal Profil ve Stratejik Genel Bak\u0131\u015f<\/h2>\n<h3>A. Tarih\u00e7e ve Operasyonlar<\/h3>\n<p>1976 y\u0131l\u0131nda kurulan Kaplamin Ambalaj, 1984 y\u0131l\u0131nda oluklu mukavva ambalaj \u00fcretimine ba\u015flam\u0131\u015ft\u0131r. \u015eirket, g\u0131da, tar\u0131m ve sanayi sekt\u00f6rleri i\u00e7in ambalaj malzemeleri \u00fcretmektedir. Y\u0131ll\u0131k \u00fcretim kapasitesi 1985&#8217;te 9.000 ton iken, yap\u0131lan yat\u0131r\u0131mlarla g\u00fcn\u00fcm\u00fczde 65.253 tona ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Tesisler:<\/b>\n<ul>\n<li><b>Kaplamin Tesisi (\u0130zmir):<\/b> 47.250 m\u00b2 toplam alan \u00fczerinde 25.000 m\u00b2 kapal\u0131 alana sahiptir.<\/li>\n<li><b>Prigo Tesisi (\u0130zmir):<\/b> 3.098 m\u00b2 toplam alan \u00fczerinde 3.414 m\u00b2 kapal\u0131 alana (2 katl\u0131 yap\u0131) sahiptir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Hedef Pazar:<\/b> Ba\u015fta Ege ve Marmara b\u00f6lgelerindeki oluklu mukavva kutu t\u00fcketicileri hedeflenmektedir. Bursa&#8217;da bulunan \u015fube ile b\u00f6lge m\u00fc\u015fterilerine hizmet verilmektedir.<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla konsolide \u00e7al\u0131\u015fan personel say\u0131s\u0131 215&#8217;tir.<\/li>\n<\/ul>\n<h3>B. \u0130\u015ftirak Faaliyetleri: Prigo Dijital Bask\u0131 A.\u015e.<\/h3>\n<p>2021 y\u0131l\u0131 sonunda %100 ba\u011fl\u0131 ortakl\u0131k olarak kurulan Prigo, dijital bask\u0131 \u00e7\u00f6z\u00fcmleri sunarak sekt\u00f6r taleplerine h\u0131zl\u0131 yan\u0131t vermektedir. 2022&#8217;deki sermaye art\u0131r\u0131m\u0131 ile Kaplamin&#8217;in pay\u0131 %57&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Ancak raporlama d\u00f6nemi sonras\u0131 31 Ekim 2025&#8217;te tamamlanan i\u015flemle, \u015firketin kalan %42,89 oran\u0131ndaki paylar\u0131 147.115 ABD Dolar\u0131 bedelle sat\u0131n al\u0131nm\u0131\u015f ve Prigo, tek pay sahipli anonim \u015firket stat\u00fcs\u00fcne ge\u00e7erek tamamen Kaplamin&#8217;in i\u015ftiraki olmu\u015ftur.<\/p>\n<h3>C. Y\u00f6netim Organizasyonu<\/h3>\n<p>\u015eirketin organizasyon yap\u0131s\u0131 Fabrika M\u00fcd\u00fcr\u00fc&#8217;ne ba\u011fl\u0131 ana departmanlardan olu\u015fmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcst Y\u00f6netim Rol\u00fc<\/td>\n<td>\u0130sim<\/td>\n<\/tr>\n<tr>\n<td>Fabrika M\u00fcd\u00fcr\u00fc<\/td>\n<td>Sn. Ra\u015fit CIVAN<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Fabrika M\u00fcd\u00fcr\u00fc&#8217;ne do\u011frudan raporlayan departmanlar aras\u0131nda Sat\u0131\u015f, Muhasebe, Kalite, \u00dcretim, Planlama, Bak\u0131m Onar\u0131m, Sevkiyat, \u0130hracat ve Teknik M\u00fcd\u00fcrl\u00fck bulunmaktad\u0131r.<\/i><\/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>II. Finansal Performans Analizi (01.01.2025 \u2013 30.09.2025)<\/h2>\n<h3>A. \u00dcretim, Sat\u0131\u015f ve Kapasite Kullan\u0131m\u0131<\/h3>\n<p>\u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda g\u00fc\u00e7l\u00fc bir operasyonel b\u00fcy\u00fcme kaydetmi\u015ftir. Sat\u0131\u015f miktar\u0131 ve ciroda \u00f6nemli art\u0131\u015flar ya\u015fan\u0131rken, kapasite kullan\u0131m oran\u0131 da belirgin \u015fekilde y\u00fckselmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge<\/td>\n<td>Eyl\u00fcl 2024<\/td>\n<td>Eyl\u00fcl 2025<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>\u00dcretim Miktar\u0131 (Ton)<\/td>\n<td>29.057<\/td>\n<td>31.040<\/td>\n<td>+6,8%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015f Miktar\u0131 (Ton)<\/td>\n<td>30.753<\/td>\n<td>39.308<\/td>\n<td>+27,8%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015f Has\u0131lat\u0131 (TL)<\/td>\n<td>1.234.698.775<\/td>\n<td>1.788.429.204<\/td>\n<td>+44,9%<\/td>\n<\/tr>\n<tr>\n<td>Kapasite Kullan\u0131m\u0131<\/td>\n<td>68,97%<\/td>\n<td>87,34%<\/td>\n<td>+18,37p<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>B. K\u00e2rl\u0131l\u0131k Analizi<\/h3>\n<p>Artan sat\u0131\u015f hacmi ve ciroya ra\u011fmen, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131 alt\u0131nda kalm\u0131\u015ft\u0131r. Sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f, br\u00fct k\u00e2r marj\u0131n\u0131 d\u00fc\u015f\u00fcrm\u00fc\u015f ve d\u00f6nem net zararla sonu\u00e7lanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>K\u00e2r\/Zarar Kalemleri (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>1.645.779.527<\/td>\n<td>1.788.429.204<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.406.081.117)<\/td>\n<td>(1.574.325.295)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>239.698.410<\/b><\/td>\n<td><b>214.103.909<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(115.276.195)<\/td>\n<td>(280.518.670)<\/td>\n<\/tr>\n<tr>\n<td><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi Zarar\u0131<\/b><\/td>\n<td>(93.410.585)<\/td>\n<td>(234.801.735)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Zarar\u0131 (Ana Ortakl\u0131k Paylar\u0131)<\/b><\/td>\n<td><b>(110.967.762)<\/b><\/td>\n<td><b>(205.644.898)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7\/Kay\u0131p (TL)<\/td>\n<td>(5,55)<\/td>\n<td>(10,28)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>C. Finansal Durum Tablosu \u00d6zeti<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam varl\u0131klar\u0131 2,75 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde, \u00f6zellikle k\u0131sa vadeli bor\u00e7lanmalardaki art\u0131\u015f dikkat \u00e7ekmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Durum (TL)<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>954.729.962<\/td>\n<td>1.151.628.445<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.668.349.853<\/td>\n<td>1.600.960.736<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>2.623.079.815<\/b><\/td>\n<td><b>2.752.589.181<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.060.700.325<\/td>\n<td>1.429.069.317<\/td>\n<\/tr>\n<tr>\n<td><i>K\u0131sa Vadeli Bor\u00e7lanmalar<\/i><\/td>\n<td><i>339.719.566<\/i><\/td>\n<td><i>786.351.164<\/i><\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>242.488.371<\/td>\n<td>211.469.754<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>1.303.188.696<\/b><\/td>\n<td><b>1.640.539.071<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>1.319.891.119<\/b><\/td>\n<td><b>1.112.050.110<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>2.623.079.815<\/b><\/td>\n<td><b>2.752.589.181<\/b><\/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>III. Kurumsal Y\u00f6netim ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>A. Y\u00f6netim Kurulu<\/h3>\n<p>Raporlama d\u00f6nemi sonundaki Y\u00f6netim Kurulu ve g\u00f6rev s\u00fcreleri a\u015fa\u011f\u0131daki gibidir. Raporlama d\u00f6nemi sonras\u0131 \u00f6nemli de\u011fi\u015fiklikler ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<td>G\u00f6rev Ba\u015flang\u0131\u00e7 Tarihi<\/td>\n<td>G\u00f6rev S\u00fcresi<\/td>\n<td>Notlar<\/td>\n<\/tr>\n<tr>\n<td>Mehmet Ali KARAMEHMET<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>23.05.2023<\/td>\n<td>3 Y\u0131l<\/td>\n<td>31.10.2025&#8217;te istifa etti.<\/td>\n<\/tr>\n<tr>\n<td>\u0130sa DO\u011eANLI<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>23.05.2023<\/td>\n<td>3 Y\u0131l<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>M\u00fccahit Turan TEK\u0130N<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>23.05.2023<\/td>\n<td>3 Y\u0131l<\/td>\n<td>31.10.2025&#8217;te istifa etti.<\/td>\n<\/tr>\n<tr>\n<td>Aynur ERG\u00dcN<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<td>23.05.2023<\/td>\n<td>3 Y\u0131l<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Cemal BULAKO\u011eLU<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<td>23.05.2023<\/td>\n<td>3 Y\u0131l<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>R\u0131za Kandemir<\/b><\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>31.10.2025<\/td>\n<td>&#8211;<\/td>\n<td>Mehmet Ali Karamehmet yerine atand\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Enver GE\u00c7GEL<\/b><\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>31.10.2025<\/td>\n<td>&#8211;<\/td>\n<td>M\u00fccahit Turan Tekin yerine atand\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>B. Ortakl\u0131k Yap\u0131s\u0131 ve Raporlama Sonras\u0131 De\u011fi\u015fiklik<\/h3>\n<p>Raporlama d\u00f6nemi sonu itibar\u0131yla \u015firketin ortakl\u0131k yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir. Ancak 31 Ekim 2025&#8217;te ger\u00e7ekle\u015fen pay devri ile ana ortakl\u0131k yap\u0131s\u0131 tamamen de\u011fi\u015fmi\u015ftir.<\/p>\n<p><b>Rapor D\u00f6nemi Ortakl\u0131k Yap\u0131s\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahibi<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131<\/td>\n<\/tr>\n<tr>\n<td>TOPAZ TELEKOM\u0130N\u0130KASYON YAYINCILIK REKLAMCILIK SAN.VE T\u0130C.A.\u015e.<\/td>\n<td>10.733.168<\/td>\n<td>53,67%<\/td>\n<\/tr>\n<tr>\n<td>BORAK S.A.<\/td>\n<td>5.844.079<\/td>\n<td>29,22%<\/td>\n<\/tr>\n<tr>\n<td>HALKA A\u00c7IK<\/td>\n<td>3.355.443<\/td>\n<td>16,78%<\/td>\n<\/tr>\n<tr>\n<td>SELKASAN KA\u011eIT VE PAKETLEME MALZEMELER\u0130 \u0130MALATI SAN. VE T\u0130C. A.\u015e<\/td>\n<td>12.212<\/td>\n<td>0,06%<\/td>\n<\/tr>\n<tr>\n<td>D\u0130\u011eER<\/td>\n<td>55.098<\/td>\n<td>0,28%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>20.000.000<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>31 Ekim 2025 \u0130tibar\u0131yla Ger\u00e7ekle\u015fen Pay Devri:<\/b><\/p>\n<ul>\n<li><b>Sat\u0131lan Pay Oran\u0131:<\/b> %82,95<\/li>\n<li><b>Sat\u0131\u015f Bedeli:<\/b> 15.056.734,48 ABD Dolar\u0131<\/li>\n<li><b>Sat\u0131c\u0131lar:<\/b> Topaz Telekom\u00fcnikasyon A.\u015e., Selkasan A.\u015e. ve Borak S.A.<\/li>\n<li><b>Yeni Ortaklar ve Pay Da\u011f\u0131l\u0131m\u0131:<\/b>\n<ul>\n<li><b>R\u0131za Kandemir:<\/b> %35,02<\/li>\n<li><b>Ral Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.:<\/b> %6,47<\/li>\n<li><b>Feridun Ge\u00e7gel:<\/b> %20,73<\/li>\n<li><b>Enver Ge\u00e7gel:<\/b> %20,73<\/li>\n<\/ul>\n<\/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>IV. Operasyonel Faaliyetler ve Pazar Konumu<\/h2>\n<h3>A. Pazar ve Sat\u0131\u015f Ko\u015fullar\u0131<\/h3>\n<p>\u015eirket, 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde \u00fcretti\u011fi \u00fcr\u00fcnleri \u00e7e\u015fitli sekt\u00f6rlere satm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>Dayan\u0131kl\u0131 T\u00fcketim Mallar\u0131: %11<\/li>\n<li>Tekstil: %7<\/li>\n<li>Otomotiv: %7<\/li>\n<li>Tar\u0131m \u00dcr\u00fcnleri: %7<\/li>\n<li>Di\u011fer sekt\u00f6rler aras\u0131nda kimyasal \u00fcr\u00fcnler, deterjan, kozmetik, cam, seramik ve makine yedek par\u00e7a bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>B. Ara\u015ft\u0131rma-Geli\u015ftirme ve \u0130novasyon<\/h3>\n<p>\u015eirket, &#8220;paketleme \u00e7\u00f6z\u00fcmleri sa\u011flama&#8221; yakla\u015f\u0131m\u0131n\u0131 benimsemi\u015ftir. Ar-Ge faaliyetleri tasar\u0131ma y\u00f6nelik olup, bu kapsamda 01.01.2025 \u2013 30.09.2025 d\u00f6neminde Prigo tasar\u0131m\u0131 olarak 3 lokasyonda 23 adet yeni \u00fcr\u00fcn geli\u015ftirilmi\u015ftir. \u015eirketin sahip oldu\u011fu ba\u015fl\u0131ca sertifikalar \u015funlard\u0131r:<\/p>\n<ul>\n<li>ISO 9001, ISO 14001, ISO 45001, ISO 50001<\/li>\n<li>BRCGS Packaging Materials<\/li>\n<li>EcoVadis S\u00fcrd\u00fcr\u00fclebilirlik De\u011ferlendirmesi<\/li>\n<li>Sedex \u00dcyeli\u011fi<\/li>\n<li>Sera Gaz\u0131 Do\u011frulama Beyan\u0131 (ISO 14064-1)<\/li>\n<li>Women&#8217;s Empowerment Principles (WEPs) Deste\u011fi<\/li>\n<li>S\u0131f\u0131r At\u0131k Belgesi<\/li>\n<\/ul>\n<h3>C. D\u0131\u015fsal Fakt\u00f6rler ve Zorluklar<\/h3>\n<p>\u015eirket faaliyetleri \u00fczerinde olumsuz etkileri g\u00f6zlemlenen baz\u0131 d\u0131\u015fsal fakt\u00f6rler bulunmaktad\u0131r:<\/p>\n<ul>\n<li>175 gr. alt\u0131ndaki kraftliner ka\u011f\u0131ttaki antidamping uygulamas\u0131.<\/li>\n<li>Amerikan men\u015feli \u00fcr\u00fcnlerden al\u0131nan %10 ek vergi.<\/li>\n<li>Beyaz Testlayner ka\u011f\u0131t i\u00e7in uygulanan ek vergi.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"556\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sunulan belgeler, **Kaplamin Ambalaj Sanayi ve Ticaret A.\u015e.** firmas\u0131n\u0131n 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait **konsolide finansal raporlar\u0131n\u0131** i\u00e7ermektedir. Bu kaynaklar; \u015firketin mevcut **varl\u0131klar\u0131n\u0131**, bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fcklerini ve **\u00f6zkaynak de\u011fi\u015fimlerini** g\u00f6steren detayl\u0131 tablolar\u0131 kapsaml\u0131 bir \u015fekilde sunmaktad\u0131r. Rapor i\u00e7eri\u011finde, i\u015fletmenin **sat\u0131\u015f gelirleri**, d\u00f6nem zararlar\u0131 ve nakit ak\u0131\u015flar\u0131 gibi temel performans g\u00f6stergeleri enflasyona g\u00f6re d\u00fczeltilmi\u015f verilerle a\u00e7\u0131klanmaktad\u0131r. Ayr\u0131ca, **Prigo Dijital Bask\u0131** ba\u011fl\u0131 ortakl\u0131\u011f\u0131yla olan yap\u0131sal ili\u015fkiler ve di\u011fer **ili\u015fkili taraf i\u015flemleri** hakk\u0131nda \u00f6nemli muhasebe notlar\u0131na yer verilmektedir. Belgeler, \u015firketin finansal durumunu **T\u00fcrkiye Finansal Raporlama Standartlar\u0131** \u00e7er\u00e7evesinde analiz ederek yat\u0131r\u0131mc\u0131lar ve payda\u015flar i\u00e7in \u015feffaf bir g\u00f6r\u00fcn\u00fcm sa\u011flamaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":571,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[124],"class_list":["post-556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kaplm"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/556","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=556"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/556\/revisions"}],"predecessor-version":[{"id":572,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/556\/revisions\/572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/571"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}