{"id":558,"date":"2025-12-26T17:20:38","date_gmt":"2025-12-26T14:20:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=558"},"modified":"2025-12-26T20:17:55","modified_gmt":"2025-12-26T17:17:55","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-knfrt-konfrut-tarim-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/558","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KNFRT | Konfrut Tar\u0131m 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KNFRT | Konfrut Tar\u0131m 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/otFAkBkoUZo?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>Rakamlar\u0131n Ard\u0131ndaki Strateji: Konfrut&#8217;un 2025 Finansal Raporundan 4 S\u00fcrpriz \u00c7\u0131kar\u0131m<\/h1>\n<p>Finansal raporlar, genellikle rakamlar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak dikkatli bir g\u00f6zle bak\u0131ld\u0131\u011f\u0131nda, bu belgeler bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelece\u011fe y\u00f6nelik vizyonu hakk\u0131nda \u00e7arp\u0131c\u0131 hikayeler anlat\u0131r. Konfrut Tar\u0131m&#8217;\u0131n son finansal raporu da tam olarak b\u00f6yle bir hikaye bar\u0131nd\u0131r\u0131yor. Bu yaz\u0131da, Konfrut&#8217;un b\u00fcy\u00fck bir d\u00f6n\u00fc\u015f\u00fcm\u00fcn ortas\u0131nda oldu\u011funu g\u00f6steren d\u00f6rt \u015fa\u015f\u0131rt\u0131c\u0131 \u00e7\u0131kar\u0131m\u0131 mercek alt\u0131na alaca\u011f\u0131z. Bu noktalar, birbirinden ba\u011f\u0131ms\u0131z olaylar de\u011fil, \u015firketin tek ve cesur bir stratejik pivotunu olu\u015fturan birbirine ba\u011fl\u0131 s\u00fctunlard\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>1. Radikal De\u011fi\u015fim: Ana \u015eirkete Ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 Azaltma Hamlesi<\/h3>\n<p>\u0130lk bak\u0131\u015fta Konfrut&#8217;un 2025&#8217;in ilk dokuz ay\u0131ndaki toplam geliri (Has\u0131lat), bir \u00f6nceki y\u0131lla neredeyse ayn\u0131 g\u00f6r\u00fcn\u00fcyor (3,045 milyar TL&#8217;ye kar\u015f\u0131l\u0131k 3,052 milyar TL). Ancak bu sabit g\u00f6r\u00fcnen rakam\u0131n arkas\u0131nda, \u015firketin m\u00fc\u015fteri profilinde ya\u015fanan radikal bir de\u011fi\u015fim yat\u0131yor.<\/p>\n<p>En \u015fa\u015f\u0131rt\u0131c\u0131 geli\u015fme, Konfrut&#8217;un ana \u015firketi D\u00f6hler Grubu&#8217;na yapt\u0131\u011f\u0131 sat\u0131\u015flardaki devasa d\u00fc\u015f\u00fc\u015f. Finansal rapordaki ilgili taraf i\u015flemlerine (Not 4, iii.a) g\u00f6re, D\u00f6hler Grubu&#8217;na yap\u0131lan sat\u0131\u015flar 2024&#8217;\u00fcn ilk dokuz ay\u0131nda yakla\u015f\u0131k 5,05 milyar TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde 1,38 milyar TL&#8217;ye geriledi. Bu, tek bir m\u00fc\u015fteri grubuna olan ba\u011f\u0131ml\u0131l\u0131kta ola\u011fan\u00fcst\u00fc bir azalma anlam\u0131na geliyor.<\/p>\n<p>Peki Konfrut, ana \u015firketinden do\u011fan bu b\u00fcy\u00fck bo\u015flu\u011fu nas\u0131l doldurdu? Cevap, bilan\u00e7onun alacaklar kaleminde gizli. Konsolide Finansal Durum Tablosu&#8217;na g\u00f6re, &#8220;\u0130li\u015fkili Olmayan Taraflardan Ticari Alacaklar&#8221; 2024 sonunda 108,4 milyon TL iken, Eyl\u00fcl 2025 itibar\u0131yla 621,9 milyon TL&#8217;ye f\u0131rlam\u0131\u015f durumda. Bu, \u015firketin m\u00fc\u015fteri portf\u00f6y\u00fcn\u00fc ne kadar h\u0131zl\u0131 ve etkili bir \u015fekilde \u00e7e\u015fitlendirdi\u011fini g\u00f6steriyor.<\/p>\n<p>Bu durum, bir i\u015f kayb\u0131ndan ziyade, bilin\u00e7li ve etkili bir stratejik hamle olarak okunmal\u0131. Konfrut, m\u00fc\u015fteri taban\u0131n\u0131 geni\u015fleterek ve ana \u015firkete olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltarak daha dayan\u0131kl\u0131 ve ba\u011f\u0131ms\u0131z bir yap\u0131ya do\u011fru cesur bir ad\u0131m at\u0131yor. Bu hamle, Konfrut&#8217;un pazar\u0131n\u0131 geni\u015fletirken ayn\u0131 zamanda kredi riski y\u00f6netimini de daha kritik hale getirdi\u011fini g\u00f6steriyor.<\/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>2. K\u00e2rl\u0131l\u0131k Bask\u0131s\u0131na Ra\u011fmen B\u00fcy\u00fcme: Stratejik Sat\u0131n Alma ve Gelecek Vizyonu<\/h3>\n<p>Bir \u015firketin \u00f6nemli bir net zarar a\u00e7\u0131klad\u0131\u011f\u0131 d\u00f6nemde b\u00fcy\u00fck bir yat\u0131r\u0131m yapmas\u0131 genellikle beklenmez. Ancak Konfrut, tam da bunu yaparak uzun vadeli vizyonunu ortaya koyuyor. Raporun 3. Notu (\u0130\u015fletme Birle\u015fmeleri), bu stratejinin en somut kan\u0131t\u0131n\u0131 sunuyor ve bir \u00f6nceki b\u00f6l\u00fcmde bahsedilen stratejik de\u011fi\u015fimin nereye do\u011fru y\u00f6neldi\u011fini g\u00f6steriyor.<\/p>\n<p>12 Eyl\u00fcl 2025&#8217;te Konfrut, taze meyve ve sebze sekt\u00f6r\u00fcnde faaliyet g\u00f6steren &#8220;\u0130\u015flek Tar\u0131m&#8221; \u015firketinin %50&#8217;sini sat\u0131n ald\u0131. Bu stratejik hamlenin bedeli 4,875 milyon Euro, yani yakla\u015f\u0131k 234,8 milyon TL oldu.<\/p>\n<p>Bu sat\u0131n alma i\u015flemiyle birlikte bilan\u00e7oda 126 milyon TL&#8217;lik bir &#8220;\u015eerefiye&#8221; (Goodwill) kalemi ortaya \u00e7\u0131kt\u0131. Basit bir dille \u015ferefiye, Konfrut&#8217;un \u0130\u015flek Tar\u0131m&#8217;\u0131n defter de\u011ferinin \u00fczerinde \u00f6dedi\u011fi primi ifade eder. Bu prim, sat\u0131n al\u0131nan \u015firketin gelecekteki k\u00e2r potansiyeline, pazar konumuna ve Konfrut&#8217;un stratejileriyle yarataca\u011f\u0131 sinerjiye duyulan inanc\u0131 g\u00f6sterir.<\/p>\n<p>Bu hamlenin zamanlamas\u0131 ve hedefi olduk\u00e7a manidar. Raporun 1c Notu&#8217;na g\u00f6re \u0130\u015flek Tar\u0131m, T\u00fcrkiye&#8217;nin en \u00f6nemli tar\u0131m merkezlerinden \u00c7ukurova b\u00f6lgesinde faaliyet g\u00f6steriyor ve Avrupa, \u0130ngiltere, Rusya, Balkanlar ve Orta Do\u011fu gibi stratejik pazarlara ihracat yap\u0131yor. Dolay\u0131s\u0131yla, k\u0131sa vadeli k\u00e2rl\u0131l\u0131k sorunlar\u0131na ra\u011fmen Konfrut&#8217;un &#8220;Taze Tar\u0131msal \u00dcr\u00fcn&#8221; i\u015f kolunu b\u00fcy\u00fctmek i\u00e7in bu denli kilit bir yat\u0131r\u0131m yapmas\u0131, \u015firketin gelece\u011fe odakland\u0131\u011f\u0131n\u0131 ve ihracat odakl\u0131 b\u00fcy\u00fcme motorlar\u0131n\u0131 \u015fimdiden ate\u015fledi\u011fini net bir \u015fekilde g\u00f6steriyor.<\/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>3. Enflasyon Muhasebesinin Gizli Etkisi: K\u00e2r Neden Zarara D\u00f6nd\u00fc?<\/h3>\n<p>Konfrut&#8217;un 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki (105,4) milyon TL&#8217;lik zarar\u0131, 2025&#8217;in ayn\u0131 d\u00f6neminde (351,4) milyon TL&#8217;ye y\u00fckseldi. Has\u0131lat\u0131n neredeyse sabit kald\u0131\u011f\u0131 bir ortamda zarardaki bu keskin art\u0131\u015f\u0131n arkas\u0131ndaki ana etken neydi? Cevap, operasyonel performanstan \u00e7ok, T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomik ortam\u0131nda zorunlu hale gelen bir muhasebe uygulamas\u0131nda yat\u0131yor.<\/p>\n<p>Gelir Tablosu&#8217;nda yer alan &#8220;Net Parasal Pozisyon Kar\/Zarar\u0131&#8221; kalemi bu durumu a\u00e7\u0131kl\u0131yor. Bu kalem, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda \u015firkete 131,3 milyon TL&#8217;lik bir k\u00e2r yazarken, 2025&#8217;in ayn\u0131 d\u00f6neminde (147,5) milyon TL&#8217;lik bir zarara d\u00f6n\u00fc\u015ft\u00fc. Sadece bu muhasebesel kalemdeki de\u011fi\u015fim, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131nda yakla\u015f\u0131k 280 milyon TL&#8217;lik negatif bir etki yaratt\u0131.<\/p>\n<p>TMS 29 standard\u0131 gere\u011fi hesaplanan bu kalem, \u015firketin kasas\u0131ndan fiilen bir para \u00e7\u0131k\u0131\u015f\u0131 oldu\u011fu anlam\u0131na gelmez. Daha basit bir ifadeyle, kasada ve alacaklarda bor\u00e7lardan daha fazla parasal varl\u0131\u011f\u0131n\u0131z oldu\u011funu d\u00fc\u015f\u00fcn\u00fcn. Y\u00fcksek enflasyon ortam\u0131nda, bu net pozisyonun al\u0131m g\u00fcc\u00fc zamanla erir. TMS 29, i\u015fte bu sat\u0131n alma g\u00fcc\u00fc kayb\u0131n\u0131 bilan\u00e7oya yans\u0131t\u0131r ve bu, kasadan fiilen bir para \u00e7\u0131k\u0131\u015f\u0131 olmasa da k\u00e2\u011f\u0131t \u00fczerinde zarara yol a\u00e7ar.<\/p>\n<p>Bu durum, \u015firketin net zarar\u0131ndaki art\u0131\u015f\u0131n en b\u00fcy\u00fck nedenlerinden birini olu\u015fturuyor. Y\u00fcksek enflasyon ortam\u0131n\u0131n, bir \u015firketin operasyonlar\u0131 g\u00f6rece istikrarl\u0131 olsa bile, raporlanan finansallar\u0131n\u0131 ne kadar derinden etkileyebilece\u011finin en net g\u00f6stergesi.<\/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>4. Operasyonel Odaklanma: Bir Fabrika Sat\u0131\u015f\u0131 ve Sadele\u015fen \u0130\u015f Modeli<\/h3>\n<p>Raporun 17. Notu (Durdurulan Faaliyetler), Konfrut&#8217;un i\u015f modelini sadele\u015ftirmek i\u00e7in att\u0131\u011f\u0131 en \u00f6nemli ad\u0131mlardan birini ortaya koyuyor: Denizli&#8217;de bulunan meyve ve sebze suyu konsantresi fabrikas\u0131n\u0131n sat\u0131\u015f\u0131. Fabrika, t\u00fcm ekipmanlar\u0131 ve personeli ile birlikte ana \u015firket D\u00f6hler G\u0131da Sanayi A.\u015e.&#8217;ye toplam 433,5 milyon TL bedelle devredildi ve bu i\u015flem 1 A\u011fustos 2025&#8217;te tamamlanarak \u015firkete \u00f6nemli bir nakit giri\u015fi sa\u011flad\u0131.<\/p>\n<p>Bu sat\u0131\u015f, tek ba\u015f\u0131na bir varl\u0131k sat\u0131\u015f\u0131 de\u011fil, \u0130\u015flek Tar\u0131m sat\u0131n almas\u0131n\u0131n arkas\u0131ndaki sermayeyi ve stratejik oda\u011f\u0131 yaratan hamlenin ta kendisidir. Raporun 1c Notu&#8217;nda tan\u0131mlanan i\u015f birimlerine bakt\u0131\u011f\u0131m\u0131zda, Konfrut&#8217;un sermaye yo\u011fun &#8220;Tar\u0131msal End\u00fcstri&#8221; segmentinden bilin\u00e7li bir \u015fekilde \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. Bu hamleyle elde edilen kaynaklar, do\u011frudan \u015firketin yeni odak noktas\u0131 olan ve \u0130\u015flek Tar\u0131m sat\u0131n almas\u0131yla g\u00fc\u00e7lendirilen &#8220;Taze Tar\u0131msal \u00dcr\u00fcn&#8221; segmentine aktar\u0131l\u0131yor. K\u0131sacas\u0131, fabrika sat\u0131\u015f\u0131 ve yeni \u015firket al\u0131m\u0131, ayn\u0131 stratejik madalyonun iki y\u00fcz\u00fcd\u00fcr: daha \u00e7evik, daha odaklanm\u0131\u015f ve ihracat potansiyeli y\u00fcksek bir i\u015f modeline ge\u00e7i\u015f.<\/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: D\u00f6n\u00fc\u015f\u00fcmdeki Bir Devi Anlamak<\/h3>\n<p>Konfrut&#8217;un son finansal raporu, y\u00fczeydeki rakamlar\u0131n \u00e7ok \u00f6tesinde, b\u00fct\u00fcnc\u00fcl bir stratejik d\u00f6n\u00fc\u015f\u00fcm hikayesi anlat\u0131yor. Ana \u015firkete ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 azaltarak pazar\u0131n\u0131 \u00e7e\u015fitlendirmesi, k\u00e2rl\u0131l\u0131k bask\u0131s\u0131na ra\u011fmen ihracat odakl\u0131 b\u00fcy\u00fcmeye yat\u0131r\u0131m yapmas\u0131, operasyonel oda\u011f\u0131n\u0131 keskinle\u015ftirmek i\u00e7in sermaye yo\u011fun bir varl\u0131\u011f\u0131 sat\u0131p taze \u00fcr\u00fcn segmentine girmesi ve t\u00fcm bunlar\u0131 y\u00fcksek enflasyonun muhasebesel etkileriyle y\u00f6netmesi&#8230; T\u00fcm bunlar, basit bir d\u00fc\u015f\u00fc\u015fteki bir \u015firketin de\u011fil, her ad\u0131m\u0131 birbiriyle ba\u011flant\u0131l\u0131, karma\u015f\u0131k ve bilin\u00e7li bir stratejik yeniden yap\u0131lanmadan ge\u00e7en bir \u015firketin i\u015faretleridir.<\/p>\n<p>Peki, Konfrut&#8217;un att\u0131\u011f\u0131 bu cesur ad\u0131mlar, \u015firketi y\u00fcksek enflasyonlu ve rekabet\u00e7i tar\u0131m piyasas\u0131nda daha dayan\u0131kl\u0131 ve k\u00e2rl\u0131 bir gelece\u011fe ta\u015f\u0131yabilecek mi? Bunu zaman g\u00f6sterecek.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Konfrut Tar\u0131m A.\u015e. Finansal Durum ve Faaliyet \u00d6zeti: 30 Eyl\u00fcl 2025 D\u00f6nemi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Konfrut Tar\u0131m A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131 (&#8220;Grup&#8221;), 1 Ocak \u2013 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemini \u00f6nemli stratejik yeniden yap\u0131lanma ve zorlu finansal sonu\u00e7larla tamamlam\u0131\u015ft\u0131r. Bu d\u00f6nem, Grubun taze meyve-sebze sekt\u00f6r\u00fcndeki konumunu g\u00fc\u00e7lendiren <b>\u0130\u015flek So\u011fuk Hava Deposu Paketleme Nakliye Tar\u0131m \u00dcr\u00fcnleri Sanayi ve Ticaret A.\u015e. (&#8220;\u0130\u015flek Tar\u0131m&#8221;)&#8217;nin %50&#8217;sinin sat\u0131n al\u0131nmas\u0131<\/b> ve Denizli&#8217;deki konsantre meyve ve sebze suyu \u00fcretim operasyonlar\u0131n\u0131n durdurularak ana ortak D\u00f6hler G\u0131da Sanayi A.\u015e.&#8217;ye sat\u0131lmas\u0131 gibi kritik ad\u0131mlarla \u015fekillenmi\u015ftir.<\/p>\n<p>Finansal olarak, Grup 9 ayl\u0131k d\u00f6nemde <b>351,4 milyon TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r (Ana ortakl\u0131k pay\u0131na d\u00fc\u015fen zarar 313,5 milyon TL&#8217;dir). Bu sonu\u00e7, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 105,4 milyon TL&#8217;lik zarara k\u0131yasla \u00f6nemli bir art\u0131\u015f\u0131 temsil etmektedir. Has\u0131lat 3,05 milyar TL seviyesinde ge\u00e7en y\u0131la paralel kal\u0131rken, artan pazarlama ve genel y\u00f6netim giderleri esas faaliyet zarar\u0131n\u0131 (120,3 milyon TL) derinle\u015ftirmi\u015ftir. Y\u00fcksek enflasyon muhasebesi (TMS 29) uygulamas\u0131 kapsam\u0131nda kaydedilen <b>147,6 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131<\/b>, d\u00f6nem zarar\u0131n\u0131 etkileyen bir di\u011fer \u00f6nemli fakt\u00f6r olmu\u015ftur.<\/p>\n<p>Sat\u0131n alma ve yat\u0131r\u0131mlar\u0131n etkisiyle Grubun bilan\u00e7osu b\u00fcy\u00fcm\u00fc\u015f, toplam varl\u0131klar\u0131 3,32 milyar TL&#8217;den <b>3,97 milyar TL&#8217;ye<\/b> y\u00fckselmi\u015ftir. Bu b\u00fcy\u00fcme, \u00f6zellikle \u0130\u015flek Tar\u0131m&#8217;\u0131n devral\u0131nmas\u0131yla Maddi Duran Varl\u0131klara eklenen 308,7 milyon TL ve kaydedilen 126 milyon TL&#8217;lik \u015ferefiye ile desteklenmi\u015ftir. \u00d6zkaynaklar ise d\u00f6nem zarar\u0131 nedeniyle 1,92 milyar TL&#8217;den 1,69 milyar TL&#8217;ye gerilemi\u015ftir.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Net Zarar:<\/b> Grup, 9 ayl\u0131k d\u00f6nemi 351,4 milyon TL net zararla kapatm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stratejik Sat\u0131n Alma:<\/b> Taze meyve ve sebze sekt\u00f6r\u00fcndeki konumunu g\u00fc\u00e7lendirmek amac\u0131yla \u0130\u015flek Tar\u0131m&#8217;\u0131n %50&#8217;si 4,875 milyon Avro bedelle sat\u0131n al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Durdurulan Faaliyetler:<\/b> Denizli&#8217;deki fabrika ve ilgili varl\u0131klar ana ortak D\u00f6hler G\u0131da&#8217;ya 433,6 milyon TL bedelle sat\u0131larak bu alandaki faaliyetlere son verilmi\u015ftir.<\/li>\n<li><b>Varl\u0131k B\u00fcy\u00fcmesi:<\/b> Toplam varl\u0131klar, sat\u0131n alman\u0131n etkisiyle %19,5 artarak 3,97 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> 147,6 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131, d\u00f6nemin finansal sonu\u00e7lar\u0131n\u0131 olumsuz etkilemi\u015ftir.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> \u0130\u015fletme faaliyetlerinden 387,9 milyon TL pozitif nakit ak\u0131\u015f\u0131 sa\u011flan\u0131rken, yat\u0131r\u0131m faaliyetlerinden (\u00f6zellikle sat\u0131n alma kaynakl\u0131) 336,1 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/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>Kurumsal Yap\u0131 ve Faaliyetler<\/h2>\n<h3>Genel Bak\u0131\u015f ve Faaliyet Alanlar\u0131<\/h3>\n<p>Konfrut Tar\u0131m A.\u015e., u\u00e7tan uca dijital altyap\u0131ya sahip bir tar\u0131msal tedarik zinciri \u015firketi olarak faaliyet g\u00f6stermektedir. Grup, tar\u0131m ve g\u0131da end\u00fcstrisinin ihtiya\u00e7lar\u0131na y\u00f6nelik olarak d\u00f6rt ana i\u015f birimi alt\u0131nda yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Taze Tar\u0131msal \u00dcr\u00fcn:<\/b> Taze meyve ve sebze operasyonlar\u0131.<\/li>\n<li><b>Tar\u0131msal Tedarik:<\/b> G\u0131da end\u00fcstrisi i\u00e7in y\u00fcksek kaliteli zirai hammadde temini.<\/li>\n<li><b>Tar\u0131msal Lojistik:<\/b> G\u0131da \u00fcr\u00fcn\u00fc ta\u015f\u0131mac\u0131l\u0131\u011f\u0131na \u00f6zel nakliye \u00e7\u00f6z\u00fcmleri.<\/li>\n<li><b>Tar\u0131msal End\u00fcstri:<\/b> Tar\u0131ma dayal\u0131 sanayiye \u00f6zel \u00e7\u00f6z\u00fcmler.<\/li>\n<\/ul>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Grup \u015eirketleri<\/h3>\n<ul>\n<li><b>Ana Ortak:<\/b> \u015eirket hisselerinin %77,61&#8217;i <b>D\u00f6hler G\u0131da Sanayi A.\u015e.<\/b>&#8216;ye aittir. Geriye kalan %22,39&#8217;luk k\u0131s\u0131m halka a\u00e7\u0131kt\u0131r.<\/li>\n<li><b>Grup \u015eirketleri:<\/b> Konsolide finansal tablolar, Konfrut Tar\u0131m A.\u015e. ve a\u015fa\u011f\u0131daki ba\u011fl\u0131 ortakl\u0131klar\u0131 kapsamaktad\u0131r:\n<ul>\n<li><b>Konfrut GAP Tar\u0131m A.\u015e.:<\/b> %50 ba\u011fl\u0131 ortakl\u0131k. G\u00fcneydo\u011fu Anadolu B\u00f6lgesi&#8217;nde taze nar ve i\u015flenmi\u015f nar \u00fcr\u00fcn\u00fc tedariki, paketlemesi, depolamas\u0131 ve ticareti yapmaktad\u0131r.<\/li>\n<li><b>Raz Nar G\u0131da A.\u015e.:<\/b> Konfrut GAP&#8217;\u0131n %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olup, 8 Nisan 2025&#8217;te kurulmu\u015ftur. Meyve, sebze, bakliyat ve hububat yeti\u015ftiricili\u011fi ve ticareti \u00fczerine faaliyet g\u00f6stermektedir.<\/li>\n<li><b>\u0130\u015flek So\u011fuk Hava Deposu Paketleme Nakliye Tar\u0131m \u00dcr\u00fcnleri Sanayi ve Ticaret A.\u015e. (&#8220;\u0130\u015flek Tar\u0131m&#8221;):<\/b> %50 ba\u011fl\u0131 ortakl\u0131k. \u00c7ukurova b\u00f6lgesinde faaliyet g\u00f6steren entegre bir yap\u0131ya sahiptir ve y\u0131ll\u0131k 60.000 ton i\u015fleme kapasitesiyle stratejik pazarlara ihracat yapmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Personel Durumu<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun ortalama personel say\u0131s\u0131 200&#8217;d\u00fcr. Bu say\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 173 ki\u015filik personel say\u0131s\u0131na g\u00f6re bir art\u0131\u015f g\u00f6stermektedir.<\/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>2025 Y\u0131l\u0131ndaki \u00d6nemli Kurumsal Geli\u015fmeler<\/h2>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131, Konfrut&#8217;un stratejik y\u00f6n\u00fcn\u00fc ve kurumsal yap\u0131s\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde etkileyen bir dizi geli\u015fmeye sahne olmu\u015ftur.<\/p>\n<h3>Unvan De\u011fi\u015fikli\u011fi<\/h3>\n<p>9 Ocak 2025 tarihli Ola\u011fan\u00fcst\u00fc Genel Kurul karar\u0131yla \u015firketin unvan\u0131 &#8220;Konfrut G\u0131da Sanayi ve Ticaret Anonim \u015eirketi&#8221;nden <b>&#8220;Konfrut Tar\u0131m Anonim \u015eirketi&#8221;<\/b> olarak de\u011fi\u015ftirilmi\u015ftir. Bu de\u011fi\u015fiklik 20 Ocak 2025&#8217;te tescil edilmi\u015ftir.<\/p>\n<h3>Konfrut AG ile Birle\u015fme<\/h3>\n<p>\u015eirketin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Konfrut AG Tar\u0131m A.\u015e., t\u00fcm varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleriyle Konfrut Tar\u0131m A.\u015e. taraf\u0131ndan devral\u0131nmak suretiyle birle\u015fmi\u015ftir. 3 Temmuz 2025&#8217;te tescil edilen bu i\u015flemle Konfrut AG&#8217;nin t\u00fczel ki\u015fili\u011fi sona ermi\u015ftir.<\/p>\n<h3>\u0130\u015flek Tar\u0131m&#8217;\u0131n Sat\u0131n Al\u0131nmas\u0131<\/h3>\n<p>Grup, taze tar\u0131msal \u00fcr\u00fcn i\u015f kolundaki b\u00fcy\u00fcme stratejisi do\u011frultusunda, 12 Eyl\u00fcl 2025 tarihinde \u0130\u015flek Tar\u0131m&#8217;\u0131n sermayesinin %50&#8217;sini <b>4.875.000 Avro<\/b> (yakla\u015f\u0131k 234,8 milyon TL) bedelle sat\u0131n alm\u0131\u015ft\u0131r. Bu sat\u0131n alma sonucunda:<\/p>\n<ul>\n<li>\u0130\u015flek Tar\u0131m, Grubun %50 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 haline gelmi\u015ftir.<\/li>\n<li>Sat\u0131n alma i\u015flemi, bilan\u00e7oda <b>126.036.197 TL tutar\u0131nda bir \u015ferefiye<\/b> yaratm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Durdurulan Faaliyetler: Denizli Fabrikas\u0131&#8217;n\u0131n Sat\u0131\u015f\u0131<\/h3>\n<p>12 Mart 2024 tarihli Genel Kurul karar\u0131 uyar\u0131nca, \u015eirketin Denizli&#8217;deki konsantre meyve ve sebze suyu imalat\u0131 fabrikas\u0131, ilgili ta\u015f\u0131nmazlar, ta\u015f\u0131n\u0131rlar ve personel ile birlikte ana ortak <b>D\u00f6hler G\u0131da Sanayi A.\u015e.&#8217;ye sat\u0131lm\u0131\u015ft\u0131r<\/b>.<\/p>\n<ul>\n<li>Devir i\u015flemi 19 Nisan 2025&#8217;te tamamlanm\u0131\u015f ve devir bedeli olan <b>433.563.876 TL<\/b> nakden tahsil edilmi\u015ftir.<\/li>\n<li>Bu operasyon, finansal tablolarda &#8220;Durdurulan Faaliyetler&#8221; alt\u0131nda raporlanm\u0131\u015ft\u0131r. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde bu faaliyetlerden 199,1 milyon TL zarar kaydedilmi\u015ftir.<\/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>Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda has\u0131lat\u0131n\u0131 korumas\u0131na ra\u011fmen artan giderler ve parasal pozisyon kayb\u0131 nedeniyle net zarar\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Konsolide Gelir Tablosu Kalemleri (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>3.045.961.965<\/td>\n<td>3.052.980.887<\/td>\n<td>-0,2%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(2.831.219.846)<\/td>\n<td>(2.889.931.048)<\/td>\n<td>-2,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>214.742.119<\/td>\n<td>163.049.839<\/td>\n<td>+31,7%<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(117.174.621)<\/td>\n<td>(110.291.106)<\/td>\n<td>+6,2%<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama, Sat\u0131\u015f ve Da\u011f\u0131t\u0131m Giderleri (-)<\/td>\n<td>(228.840.628)<\/td>\n<td>(179.818.227)<\/td>\n<td>+27,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131\/Zarar\u0131<\/b><\/td>\n<td>(120.272.878)<\/td>\n<td>(101.338.572)<\/td>\n<td>-18,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon K\u00e2r\u0131\/Zarar\u0131<\/b><\/td>\n<td>(147.598.798)<\/td>\n<td>131.396.397<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\/Zarar\u0131<\/b><\/td>\n<td>(287.360.067)<\/td>\n<td>117.720.685<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131\/Zarar\u0131<\/b><\/td>\n<td>(351.419.429)<\/td>\n<td>(105.420.152)<\/td>\n<td>-233,4%<\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131<\/td>\n<td>(313.478.537)<\/td>\n<td>(110.168.623)<\/td>\n<td>-184,6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Performans De\u011ferlendirmesi:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> Grubun has\u0131lat\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yatay bir seyir izleyerek 3,05 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Br\u00fct K\u00e2rl\u0131l\u0131k:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015f sayesinde br\u00fct k\u00e2r %31,7 artarak 214,7 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Faaliyet Giderleri:<\/b> Pazarlama, sat\u0131\u015f ve da\u011f\u0131t\u0131m giderlerinde %27,3&#8217;l\u00fck belirgin bir art\u0131\u015f ya\u015fanm\u0131\u015ft\u0131r. Bu art\u0131\u015f, br\u00fct k\u00e2rdaki iyile\u015fmeyi bask\u0131layarak esas faaliyet zarar\u0131n\u0131n 101,3 milyon TL&#8217;den 120,3 milyon TL&#8217;ye y\u00fckselmesine neden olmu\u015ftur.<\/li>\n<li><b>Net Parasal Pozisyon Kayb\u0131:<\/b> Y\u00fcksek enflasyonlu ekonomilerde uygulanan TMS 29 standard\u0131 kapsam\u0131nda, Grubun net parasal y\u00fck\u00fcml\u00fcl\u00fck pozisyonu nedeniyle 147,6 milyon TL&#8217;lik bir parasal kay\u0131p kaydedilmi\u015ftir. Bu kalem, d\u00f6nem zarar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde etkilemi\u015ftir.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> T\u00fcm bu fakt\u00f6rlerin birle\u015fimiyle, Grubun ana ortakl\u0131k pay\u0131na d\u00fc\u015fen net zarar\u0131 313,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/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>Finansal Durum Analizi (30 Eyl\u00fcl 2025)<\/h2>\n<p>Grubun finansal durumu, y\u0131lba\u015f\u0131ndan bu yana yap\u0131lan sat\u0131n almalar ve yat\u0131r\u0131mlarla varl\u0131k yap\u0131s\u0131nda \u00f6nemli bir b\u00fcy\u00fcme g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Konsolide Finansal Durum Tablosu (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>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>2.722.302.719<\/td>\n<td>2.490.049.795<\/td>\n<td>+9,3%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>1.248.520.729<\/td>\n<td>833.882.859<\/td>\n<td>+49,7%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>3.970.823.448<\/b><\/td>\n<td><b>3.323.932.654<\/b><\/td>\n<td><b>+19,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.953.876.315<\/td>\n<td>1.146.834.050<\/td>\n<td>+70,4%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>325.772.823<\/td>\n<td>254.134.219<\/td>\n<td>+28,2%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>2.279.649.138<\/b><\/td>\n<td><b>1.400.968.269<\/b><\/td>\n<td><b>+62,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>1.377.748.411<\/td>\n<td>1.680.376.499<\/td>\n<td>-18,0%<\/td>\n<\/tr>\n<tr>\n<td>Kontrol G\u00fcc\u00fc Olmayan Paylar<\/td>\n<td>313.425.899<\/td>\n<td>242.587.886<\/td>\n<td>+29,2%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM \u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>1.691.174.310<\/b><\/td>\n<td><b>1.922.964.385<\/b><\/td>\n<td><b>-12,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>3.970.823.448<\/b><\/td>\n<td><b>3.323.932.654<\/b><\/td>\n<td><b>+19,5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Bilan\u00e7o De\u011ferlendirmesi:<\/b><\/p>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klardaki 647 milyon TL&#8217;lik art\u0131\u015f\u0131n en \u00f6nemli kayna\u011f\u0131 duran varl\u0131klard\u0131r. \u0130\u015flek Tar\u0131m&#8217;\u0131n sat\u0131n al\u0131nmas\u0131yla <b>Maddi Duran Varl\u0131klar 300,7 milyon TL<\/b>, <b>Maddi Olmayan Duran Varl\u0131klar (\u015eerefiye dahil) 129,4 milyon TL<\/b> artm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f dikkat \u00e7ekicidir. \u00d6zellikle ili\u015fkili taraflara olan ticari bor\u00e7lar 160,4 milyon TL&#8217;den 1,09 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Toplam y\u00fck\u00fcml\u00fcl\u00fckler %62,7 artarak 2,28 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> D\u00f6nem zarar\u0131, ana ortakl\u0131\u011fa ait \u00f6zkaynaklarda 302,6 milyon TL&#8217;lik bir d\u00fc\u015f\u00fc\u015fe neden olmu\u015ftur.<\/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>Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>D\u00f6nem i\u00e7inde i\u015fletme faaliyetlerinden pozitif nakit ak\u0131\u015f\u0131 yarat\u0131l\u0131rken, yat\u0131r\u0131m harcamalar\u0131 nakit pozisyonunda azalmaya yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131nda <b>387,9 milyon TL<\/b> pozitif nakit ak\u0131\u015f\u0131 yaratm\u0131\u015ft\u0131r. Bu, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 496,5 milyon TL&#8217;lik negatif ak\u0131\u015fa k\u0131yasla \u00f6nemli bir iyile\u015fmedir ve b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ticari bor\u00e7lardaki art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bu kalemden <b>336,1 milyon TL<\/b> net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bunun <b>234,8 milyon TL&#8217;si \u0130\u015flek Tar\u0131m&#8217;\u0131n sat\u0131n al\u0131nmas\u0131ndan<\/b>, 101,8 milyon TL&#8217;si ise maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131ndan kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> D\u00f6nem i\u00e7inde <b>30,3 milyon TL<\/b> net nakit \u00e7\u0131k\u0131\u015f\u0131 olmu\u015ftur.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> T\u00fcm bu ak\u0131\u015flar ve enflasyon etkisi sonucunda, d\u00f6nem ba\u015f\u0131 22,9 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda <b>11,8 milyon TL&#8217;ye<\/b> gerilemi\u015ftir.<\/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>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>Grubun ana orta\u011f\u0131 D\u00f6hler Grubu \u015firketleriyle yo\u011fun ticari ve finansal ili\u015fkileri bulunmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla:<\/p>\n<ul>\n<li><b>Sat\u0131\u015flar:<\/b> \u0130li\u015fkili taraflara yap\u0131lan \u00fcr\u00fcn ve hizmet sat\u0131\u015flar\u0131n\u0131n toplam\u0131 <b>1,39 milyar TL<\/b>&#8216;dir. Bu rakam, toplam has\u0131lat\u0131n \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Alacaklar:<\/b> \u0130li\u015fkili taraflardan olan ticari alacaklar <b>1,15 milyar TL<\/b>&#8216;dir.<\/li>\n<li><b>Bor\u00e7lar:<\/b> \u0130li\u015fkili taraflara olan ticari bor\u00e7lar <b>1,09 milyar TL<\/b> seviyesindedir.<\/li>\n<\/ul>\n<p>Bu veriler, Grubun operasyonel ve finansal yap\u0131s\u0131n\u0131n D\u00f6hler Grubu ile ne kadar entegre oldu\u011funu g\u00f6stermektedir.<\/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>Finansal Risk Y\u00f6netimi<\/h2>\n<p>Grup, faaliyetlerinden kaynaklanan kur, faiz ve likidite risklerini aktif olarak y\u00f6netmektedir.<\/p>\n<ul>\n<li><b>Sermaye Y\u00f6netimi:<\/b> Grubun Net Finansal Bor\u00e7 \/ \u00d6zkaynak oran\u0131 30 Eyl\u00fcl 2025 itibar\u0131yla <b>%10<\/b> seviyesindedir.<\/li>\n<li><b>Kur Riski:<\/b> Grubun 30 Eyl\u00fcl 2025 itibar\u0131yla <b>591,3 milyon TL net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu<\/b> bulunmaktad\u0131r. Bu pozisyon, d\u00f6viz kurlar\u0131ndaki dalgalanmalara kar\u015f\u0131 bir risk unsuru olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Likidite Riski:<\/b> Grup, kredi limitleri ve nakit ak\u0131\u015flar\u0131n\u0131n dengelenmesi yoluyla likidite riskini y\u00f6netmektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"558\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Konfrut Tar\u0131m A.\u015e.** ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n **30 Eyl\u00fcl 2025** tarihi itibar\u0131yla haz\u0131rlanan kapsaml\u0131 **konsolide finansal raporlar\u0131n\u0131** i\u00e7ermektedir. Kaynaklar; \u015firketin **mali durum tablosu**, kar-zarar verileri, \u00f6zkaynak de\u011fi\u015fimleri ve **nakit ak\u0131\u015f tablolar\u0131** gibi temel muhasebe dok\u00fcmanlar\u0131n\u0131 detayl\u0131 dipnotlarla birlikte sunmaktad\u0131r. Metinlerde ayr\u0131ca \u015firketin **organizasyon yap\u0131s\u0131ndaki de\u011fi\u015fimler**, \u0130\u015flek Tar\u0131m\u2019\u0131n %50 hissesinin sat\u0131n al\u0131nmas\u0131yla ger\u00e7ekle\u015fen **i\u015fletme birle\u015fmesi** ve ili\u015fkili taraflarla yap\u0131lan ticari i\u015flemler a\u00e7\u0131klanmaktad\u0131r. Finansal veriler, **y\u00fcksek enflasyon muhasebesi** standartlar\u0131na uygun olarak T\u00fcrkiye Finansal Raporlama Standartlar\u0131 \u00e7er\u00e7evesinde d\u00fczenlenmi\u015ftir. \u015eirketin **tar\u0131msal tedarik zinciri**, lojistik ve end\u00fcstriyel \u00e7\u00f6z\u00fcmler gibi d\u00f6rt ana i\u015f birimi alt\u0131ndaki operasyonel faaliyetleri ve **ortakl\u0131k yap\u0131s\u0131** da raporun ana unsurlar\u0131 aras\u0131nda yer almaktad\u0131r. \u00dc\u00e7\u00fcnc\u00fc \u00e7eyrek sonu itibar\u0131yla grubun kar\u015f\u0131 kar\u015f\u0131ya kald\u0131\u011f\u0131 **d\u00f6nem zarar\u0131** ve varl\u0131k de\u011ferlemeleri dok\u00fcmanlarda \u015feffaf bir \u015fekilde raporlanm\u0131\u015ft\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":569,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[125],"class_list":["post-558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-knfrt"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/558","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=558"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/558\/revisions"}],"predecessor-version":[{"id":570,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/558\/revisions\/570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/569"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}