{"id":563,"date":"2025-12-26T17:24:36","date_gmt":"2025-12-26T14:24:36","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=563"},"modified":"2025-12-26T21:34:42","modified_gmt":"2025-12-26T18:34:42","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-phllp-phillipcapital-menkul-degerler-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/563","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PHLLP | PhillipCapital Menkul De\u011ferler 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PHLLP | PhillipCapital Menkul De\u011ferler 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/UkfEqOkazTA?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 Finansal Raporun Sat\u0131r Aralar\u0131: PhillipCapital&#8217;in Bilan\u00e7osundan 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Finansal raporlar, genellikle rakamlarla dolu, karma\u015f\u0131k ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu belgelerin sat\u0131r aralar\u0131nda, bir \u015firketin sadece ge\u00e7mi\u015f performans\u0131n\u0131 de\u011fil, ayn\u0131 zamanda gelece\u011fe y\u00f6nelik stratejisini, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131 ve i\u00e7inde bulundu\u011fu ekonomik ortama nas\u0131l uyum sa\u011flad\u0131\u011f\u0131n\u0131 anlatan \u00f6nemli bir hikaye gizlidir. Bu yaz\u0131da, PH\u0130LL\u0130PCAP\u0130TAL MENKUL DE\u011eERLER A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihli konsolide finansal raporunu inceleyerek, \u015firketin bug\u00fcnk\u00fc k\u00e2rl\u0131l\u0131ktan feragat ederek yar\u0131n\u0131n finansal istikrar\u0131n\u0131 nas\u0131l in\u015fa etti\u011fini g\u00f6steren \u00fc\u00e7 \u015fa\u015f\u0131rt\u0131c\u0131 bulguyu sizlerle payla\u015faca\u011f\u0131z.<\/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. Gelirler U\u00e7arken K\u00e2r Neden \u00c7ak\u0131ld\u0131? Maliyetlerin Gizli Y\u00fckseli\u015fi.<\/h3>\n<p>\u0130lk bak\u0131\u015fta en dikkat \u00e7ekici \u00e7eli\u015fkilerden biri, \u015firketin gelirleri artarken k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n ciddi \u015fekilde d\u00fc\u015fmesidir. Bu durum, cirodaki ba\u015far\u0131n\u0131n operasyonel k\u00e2rl\u0131l\u0131ktaki sanc\u0131y\u0131 maskeledi\u011fi klasik bir &#8220;\u00fcst sat\u0131r ba\u015far\u0131s\u0131, alt sat\u0131r ac\u0131s\u0131&#8221; tablosu \u00e7iziyor. Rakamlar bu durumu net bir \u015fekilde ortaya koyuyor:<\/p>\n<ul>\n<li>\u015eirketin 2025&#8217;in ilk dokuz ay\u0131ndaki <b>net has\u0131lat\u0131<\/b>, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 1.775.499.563 TL&#8217;den <b>1.988.954.013 TL<\/b>&#8216;ye y\u00fckselmi\u015f.<\/li>\n<li>Ancak bu has\u0131lat art\u0131\u015f\u0131na ra\u011fmen, <b>Esas Faaliyet K\u00e2r\u0131<\/b> ayn\u0131 d\u00f6nemde 726.956.154 TL&#8217;den <b>300.471.821 TL<\/b>&#8216;ye d\u00fc\u015ferek yar\u0131dan fazla azalm\u0131\u015f.<\/li>\n<\/ul>\n<p>Bu tezatl\u0131\u011f\u0131n arkas\u0131ndaki ana neden, rapordaki &#8220;Sat\u0131\u015flar\u0131n Maliyeti&#8221; kaleminde gizli. Bu maliyet kalemi, bir \u00f6nceki y\u0131l yakla\u015f\u0131k 362,9 milyon TL iken, bu y\u0131l neredeyse \u00fc\u00e7e katlanarak <b>1.067.441.110 TL<\/b>&#8216;ye f\u0131rlam\u0131\u015f. Bu durum, \u015firketin bilin\u00e7li bir strateji de\u011fi\u015fikli\u011fine gitti\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor: K\u00e2rl\u0131l\u0131\u011f\u0131 y\u00fcksek ancak daha riskli veya daralan bir alandan, k\u00e2r marj\u0131 daha d\u00fc\u015f\u00fck ama pazar pay\u0131n\u0131 koruyabilece\u011fi veya art\u0131rabilece\u011fi daha y\u00fcksek hacimli i\u015flemlere y\u00f6nelmi\u015f olabilir. K\u0131sacas\u0131, artan gelire ra\u011fmen marjlar eriyor ve k\u00e2rl\u0131l\u0131k \u00fczerinde devasa bir bask\u0131 olu\u015fuyor.<\/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. Enflasyonun Milyonlarca Liral\u0131k G\u00f6r\u00fcnmez Maliyeti<\/h3>\n<p>Finansal raporlar art\u0131k T\u00fcrkiye Muhasebe Standard\u0131 (TMS) 29, yani &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; kurallar\u0131na g\u00f6re haz\u0131rlan\u0131yor. Bu standard\u0131n getirdi\u011fi en somut etkilerden biri, k\u00e2r veya zarar tablosundaki &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 \/ (Kay\u0131plar\u0131)&#8221; kalemidir.<\/p>\n<p>PhillipCapital&#8217;in raporunda bu kalemde 2025&#8217;in ilk dokuz ay\u0131 i\u00e7in <b>(256.310.417) TL<\/b>&#8216;lik bir kay\u0131p raporlanm\u0131\u015ft\u0131r. Peki, bu rakam ne anlama geliyor?<\/p>\n<p>Bu, \u015firketin kasas\u0131nda veya banka hesaplar\u0131nda tuttu\u011fu nakit ve benzeri parasal varl\u0131klar\u0131n, y\u00fcksek enflasyon nedeniyle sat\u0131n alma g\u00fcc\u00fcn\u00fc kaybetmesi sonucu olu\u015fan bir maliyettir. Bu, kasadan fiilen bir para \u00e7\u0131k\u0131\u015f\u0131 olmasa da, enflasyonun \u015firketin raporlanan net k\u00e2r\u0131 \u00fczerindeki do\u011frudan ve somut etkisini g\u00f6steren, muhasebesel bir giderdir. Bu durum, enflasyonun sadece t\u00fcketici fiyatlar\u0131n\u0131 art\u0131rmakla kalmay\u0131p, \u015firket bilan\u00e7olar\u0131nda nas\u0131l milyonlarca liral\u0131k ger\u00e7ek bir maliyet yaratt\u0131\u011f\u0131n\u0131n en g\u00fc\u00e7l\u00fc \u00f6rneklerinden biridir.<\/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. Sessiz Bir Finansal G\u00fc\u00e7 G\u00f6sterisi: 2 Milyar TL&#8217;ye Yak\u0131n Bor\u00e7 Nas\u0131l Eritildi?<\/h3>\n<p>Raporun en \u015fa\u015f\u0131rt\u0131c\u0131 ve stratejik bulgusu, \u015firketin bor\u00e7 y\u00f6netimindeki ba\u015far\u0131s\u0131d\u0131r. K\u00e2r\u0131n bask\u0131 alt\u0131nda oldu\u011fu bir d\u00f6nemde, \u015firket bilan\u00e7osunu g\u00fc\u00e7lendirmek ve gelece\u011fe y\u00f6nelik finansal bir kale in\u015fa etmek ad\u0131na son derece agresif bir ad\u0131m atm\u0131\u015ft\u0131r. Konsolide Finansal Durum Tablosu&#8217;ndaki &#8220;K\u0131sa Vadeli Bor\u00e7lanmalar&#8221; kalemindeki de\u011fi\u015fim bu durumu net bir \u015fekilde g\u00f6zler \u00f6n\u00fcne seriyor:<\/p>\n<ul>\n<li>1 Ocak 2024: <b>2.055.701.129 TL<\/b><\/li>\n<li>31 Aral\u0131k 2024: <b>658.299.085 TL<\/b><\/li>\n<li>30 Eyl\u00fcl 2025: <b>105.630.828 TL<\/b><\/li>\n<\/ul>\n<p>Bu veriler, \u015firketin sadece dokuz ayl\u0131k bir s\u00fcrede yar\u0131m milyar TL&#8217;den fazla, yirmi bir ayl\u0131k bir d\u00f6nemde ise yakla\u015f\u0131k 2 milyar TL&#8217;lik k\u0131sa vadeli borcunu kapatt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu devasa bor\u00e7 azalt\u0131m\u0131, \u015firketin sadece bilan\u00e7osunu temizlemekle kalmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda ilk iki noktada tespit etti\u011fimiz bask\u0131lara kar\u015f\u0131 proaktif bir savunma mekanizmas\u0131 geli\u015ftirdi\u011fini g\u00f6steriyor. Faaliyet k\u00e2r\u0131n\u0131n maliyet art\u0131\u015flar\u0131yla (Nokta 1) ve enflasyonun yaratt\u0131\u011f\u0131 parasal kay\u0131pla (Nokta 2) eridi\u011fi bir ortamda, faiz giderlerini minimize etmek hayati \u00f6nem ta\u015f\u0131r. \u015eirket, yakla\u015f\u0131k 2 milyar TL&#8217;lik borcu eriterek gelecekteki faiz y\u00fck\u00fcn\u00fc ortadan kald\u0131r\u0131yor ve k\u00e2rl\u0131l\u0131k \u00fczerindeki bir ba\u015fka b\u00fcy\u00fck bask\u0131 unsurunu saf d\u0131\u015f\u0131 b\u0131rak\u0131yor. Bu, k\u00e2rdan feragat ederek finansal istikrar\u0131 sat\u0131n alma stratejisinin en somut ad\u0131m\u0131d\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>Sonu\u00e7: Belirsizlikte Stratejik Rotalar \u00c7izmek<\/h3>\n<p>Bu \u00fc\u00e7 bulguyu bir araya getirdi\u011fimizde (artan maliyet bask\u0131s\u0131, enflasyonun somut etkisi ve agresif bor\u00e7 azaltma), \u015firketin zorlu bir ekonomik iklimde operasyonel verimlilik ve finansal sa\u011flaml\u0131k aras\u0131nda hassas bir denge kurmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131na dair net bir tablo ortaya \u00e7\u0131k\u0131yor. Bir yandan maliyetler ve enflasyon bug\u00fcn\u00fcn k\u00e2r\u0131n\u0131 eritirken, di\u011fer yandan \u015firket bor\u00e7lar\u0131n\u0131 rekor seviyede azaltarak finansal yap\u0131s\u0131n\u0131 gelecekteki \u015foklara kar\u015f\u0131 \u00e7ok daha dayan\u0131kl\u0131 hale getiriyor.<\/p>\n<p>Bu rakamlar, ekonomik belirsizlik d\u00f6nemlerinde bir \u015firketin hayatta kalma ve b\u00fcy\u00fcme stratejisi hakk\u0131nda bize ne anlat\u0131yor?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">PhillipCapital Menkul De\u011ferler A.\u015e. ve Ba\u011fl\u0131 Ortakl\u0131klar\u0131: Finansal Durum ve Performans Analizi (30 Eyl\u00fcl 2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, PhillipCapital Menkul De\u011ferler A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Ocak &#8211; 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve temel bulgular\u0131 \u00f6zetlemektedir. Raporlar, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon ortam\u0131 nedeniyle TMS 29 standard\u0131na g\u00f6re enflasyona g\u00f6re d\u00fczeltilmi\u015f olarak sunulmu\u015ftur.<\/p>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda <b>173,1 milyon TL net d\u00f6nem k\u00e2r\u0131<\/b> elde etmi\u015ftir. Bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde (yeniden d\u00fczenlenmi\u015f) kaydedilen 155,2 milyon TL&#8217;lik k\u00e2ra g\u00f6re bir art\u0131\u015fa i\u015faret etmektedir. Net k\u00e2rdaki bu art\u0131\u015fa ra\u011fmen, operasyonel performans detayl\u0131 bir inceleme gerektirmektedir. Grubun net has\u0131lat\u0131 bir \u00f6nceki y\u0131la g\u00f6re artarak 1,99 milyar TL&#8217;ye ula\u015fm\u0131\u015fken, sat\u0131\u015flar\u0131n maliyetindeki (1,07 milyar TL) ola\u011fan\u00fcst\u00fc art\u0131\u015f nedeniyle <b>br\u00fct k\u00e2r 1,41 milyar TL&#8217;den 921,5 milyon TL&#8217;ye gerilemi\u015ftir.<\/b> Bu durum, esas faaliyet k\u00e2r\u0131n\u0131n da 727 milyon TL&#8217;den 300,5 milyon TL&#8217;ye d\u00fc\u015fmesine neden olmu\u015ftur. Enflasyonun net parasal pozisyon \u00fczerindeki olumsuz etkisi (256,3 milyon TL zarar) k\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131layan \u00f6nemli bir fakt\u00f6r olmaya devam etmi\u015ftir.<\/p>\n<p>Finansal durum tablosu incelendi\u011finde, Grubun \u00f6zkaynaklar\u0131 d\u00f6nem k\u00e2r\u0131 ve di\u011fer kapsaml\u0131 gelirlerin etkisiyle g\u00fc\u00e7lenerek <b>2,4 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir. Toplam varl\u0131klar 5,21 milyar TL seviyesinde yatay bir seyir izlemi\u015ftir. Y\u00fck\u00fcml\u00fcl\u00fckler taraf\u0131nda en dikkat \u00e7ekici geli\u015fme, k\u0131sa vadeli bor\u00e7lanmalar\u0131n 658,3 milyon TL&#8217;den 105,6 milyon TL&#8217;ye d\u00fc\u015ferek bor\u00e7luluk yap\u0131s\u0131nda \u00f6nemli bir iyile\u015fme sa\u011flamas\u0131d\u0131r.<\/p>\n<p>Nakit ak\u0131\u015flar\u0131, i\u015fletme faaliyetlerinden elde edilen nakit giri\u015finin \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla ciddi \u00f6l\u00e7\u00fcde azald\u0131\u011f\u0131n\u0131 (1,75 milyar TL&#8217;den 427,1 milyon TL&#8217;ye) g\u00f6stermektedir. Bu d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ticari alacaklardaki art\u0131\u015ftan kaynaklanan i\u015fletme sermayesindeki de\u011fi\u015fimlerden etkilenmi\u015ftir.<\/p>\n<p>B\u00f6l\u00fcmsel bazda, <b>Arac\u0131 Kurum<\/b> faaliyetleri 176,3 milyon TL k\u00e2r ile Grubun ana k\u00e2r merkezi olmay\u0131 s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. <b>CQ Teknoloji<\/b> b\u00f6l\u00fcm\u00fc de k\u00e2rl\u0131l\u0131\u011fa katk\u0131 sa\u011flarken, <b>Sigorta<\/b> ve <b>Portf\u00f6y Y\u00f6netimi<\/b> b\u00f6l\u00fcmleri zarar a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p>Son olarak, sunulan finansal tablolarda \u00f6nceki d\u00f6nemlere ait \u00f6nemli <b>d\u00fczeltme ve yeniden s\u0131n\u0131fland\u0131rmalar<\/b> yap\u0131ld\u0131\u011f\u0131 belirtilmelidir. \u00d6zellikle personel primlerinin gider olarak muhasebele\u015ftirilmesi ve \u00e7e\u015fitli kalemlerin yeniden s\u0131n\u0131fland\u0131r\u0131lmas\u0131 gibi hatalar\u0131n d\u00fczeltilmesi, \u00f6nceki d\u00f6nem finansal verilerinin \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fmesine yol a\u00e7m\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<h2>Detayl\u0131 Finansal Analiz<\/h2>\n<h3>K\u00e2r veya Zarar Performans\u0131 (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h3>\n<h4>Gelirler ve K\u00e2rl\u0131l\u0131k<\/h4>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat\u0131n\u0131 art\u0131rmas\u0131na ra\u011fmen, maliyetlerdeki keskin art\u0131\u015f nedeniyle operasyonel k\u00e2rl\u0131l\u0131kta \u00f6nemli bir d\u00fc\u015f\u00fc\u015f ya\u015fam\u0131\u015ft\u0131r. Finansal gelir\/gider dengesindeki iyile\u015fme, bu d\u00fc\u015f\u00fc\u015f\u00fc k\u0131smen telafi ederek net k\u00e2r\u0131n pozitif kalmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<p><b>Konsolide K\u00e2r veya Zarar Tablosu \u00d6zeti<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (Yeniden D\u00fczenlenmi\u015f)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat, Net<\/b><\/td>\n<td>1.988.954.013<\/td>\n<td>1.775.499.563<\/td>\n<td>+12%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.067.441.110)<\/td>\n<td>(362.962.796)<\/td>\n<td>+194%<\/td>\n<\/tr>\n<tr>\n<td><b>BR\u00dcT K\u00c2R<\/b><\/td>\n<td><b>921.512.903<\/b><\/td>\n<td><b>1.412.536.767<\/b><\/td>\n<td><b>-35%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(554.483.244)<\/td>\n<td>(568.027.302)<\/td>\n<td>-2%<\/td>\n<\/tr>\n<tr>\n<td><b>ESAS FAAL\u0130YET K\u00c2RI<\/b><\/td>\n<td><b>300.471.821<\/b><\/td>\n<td><b>726.956.154<\/b><\/td>\n<td><b>-59%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Net Finansman Geliri\/Gideri<\/td>\n<td>(34.252.064)<\/td>\n<td>(340.918.955)<\/td>\n<td>\u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kay\u0131plar\u0131<\/td>\n<td>(256.310.417)<\/td>\n<td>(271.798.035)<\/td>\n<td>\u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r<\/td>\n<td>239.287.100<\/td>\n<td>285.076.375<\/td>\n<td>-16%<\/td>\n<\/tr>\n<tr>\n<td><b>NET D\u00d6NEM K\u00c2RI<\/b><\/td>\n<td><b>173.132.104<\/b><\/td>\n<td><b>155.165.805<\/b><\/td>\n<td><b>+12%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k Analizi:<\/b> Net has\u0131lat art\u0131\u015f\u0131na ra\u011fmen, sat\u0131\u015flar\u0131n maliyetinin \u00fc\u00e7 kat\u0131na yak\u0131n bir art\u0131\u015f g\u00f6stermesi, br\u00fct k\u00e2r marj\u0131n\u0131 ciddi \u015fekilde daraltm\u0131\u015ft\u0131r. Bu durum, do\u011frudan esas faaliyet k\u00e2r\u0131na yans\u0131m\u0131\u015f ve operasyonel verimlilikte bir d\u00fc\u015f\u00fc\u015fe i\u015faret etmi\u015ftir.<\/li>\n<li><b>Finansman ve Enflasyon Etkisi:<\/b> Net finansman giderlerindeki azalma ve parasal pozisyon kay\u0131plar\u0131ndaki hafif iyile\u015fme, operasyonel k\u00e2rdaki d\u00fc\u015f\u00fc\u015f\u00fcn net k\u00e2ra daha s\u0131n\u0131rl\u0131 yans\u0131mas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>Hisse Ba\u015f\u0131na Kazan\u00e7<\/h4>\n<p>Hisse ba\u015f\u0131na kazan\u00e7, net k\u00e2rdaki art\u0131\u015fla paralel olarak y\u00fckselmi\u015ftir.<\/p>\n<ul>\n<li><b>1 Ocak &#8211; 30 Eyl\u00fcl 2025:<\/b> 2,0007 TL<\/li>\n<li><b>1 Ocak &#8211; 30 Eyl\u00fcl 2024:<\/b> 1,7931 TL (Yeniden D\u00fczenlenmi\u015f)<\/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<h3>Finansal Durum Tablosu (30 Eyl\u00fcl 2025 itibar\u0131yla)<\/h3>\n<p>Grubun bilan\u00e7osu, varl\u0131k ve kaynak yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fimler sergilemektedir. \u00d6zellikle k\u0131sa vadeli bor\u00e7lanmalardaki azalma, finansal yap\u0131y\u0131 g\u00fc\u00e7lendiren bir unsur olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<h4>Varl\u0131k Yap\u0131s\u0131<\/h4>\n<p>Grup, toplam varl\u0131klar\u0131n\u0131 5,21 milyar TL seviyesinde korumu\u015ftur. Nakit pozisyonu azal\u0131rken ticari alacaklar artm\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6nemli Varl\u0131k Kalemleri (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024 (Yeniden D\u00fczenlenmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>930.262.527<\/td>\n<td>1.165.188.913<\/td>\n<\/tr>\n<tr>\n<td>Finansal Yat\u0131r\u0131mlar (D\u00f6nen+Duran)<\/td>\n<td>1.026.305.843<\/td>\n<td>993.939.494<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>2.594.957.460<\/td>\n<td>2.312.312.665<\/td>\n<\/tr>\n<tr>\n<td>* \u0130li\u015fkili Taraflardan Ticari Alacaklar*<\/td>\n<td><i>710.728.861<\/i><\/td>\n<td><i>295.346.576<\/i><\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>416.133.232<\/td>\n<td>429.923.940<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>5.210.900.740<\/b><\/td>\n<td><b>5.163.325.321<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h4>\n<p>Toplam kaynaklar i\u00e7erisinde \u00f6zkaynaklar\u0131n pay\u0131 artarken, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler azalm\u0131\u015ft\u0131r. Bu durum, Grubun finansal esnekli\u011fini ve dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rmaktad\u0131r.<\/p>\n<p><b>\u00d6nemli Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Kalemleri (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemi<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024 (Yeniden D\u00fczenlenmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Bor\u00e7lanmalar<\/td>\n<td>105.630.828<\/td>\n<td>658.299.085<\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>2.278.436.913<\/td>\n<td>1.880.014.600<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KISA VADEL\u0130 Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>2.521.367.445<\/b><\/td>\n<td><b>2.698.819.163<\/b><\/td>\n<\/tr>\n<tr>\n<td>TOPLAM UZUN VADEL\u0130 Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/td>\n<td>288.706.954<\/td>\n<td>278.997.948<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM \u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>2.400.826.341<\/b><\/td>\n<td><b>2.185.508.210<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>5.210.900.740<\/b><\/td>\n<td><b>5.163.325.321<\/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<h3>Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>Nakit ak\u0131\u015f tablosu, Grubun i\u015fletme faaliyetlerinden nakit yaratma kabiliyetinin \u00f6nceki y\u0131la g\u00f6re zay\u0131flad\u0131\u011f\u0131n\u0131, ancak yat\u0131r\u0131m ve finansman faaliyetlerinin bu etkiyi dengeledi\u011fini g\u00f6stermektedir.<\/p>\n<p><b>Konsolide Nakit Ak\u0131\u015f Tablosu \u00d6zeti (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (Yeniden D\u00fczenlenmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td>A. \u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>427.137.947<\/td>\n<td>1.745.403.687<\/td>\n<\/tr>\n<tr>\n<td>B. Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>173.096.075<\/td>\n<td>85.517.634<\/td>\n<\/tr>\n<tr>\n<td>C. Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(509.352.055)<\/td>\n<td>(1.442.033.787)<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f\/Azal\u0131\u015f<\/b><\/td>\n<td><b>87.917.779<\/b><\/td>\n<td><b>376.482.830<\/b><\/td>\n<\/tr>\n<tr>\n<td>E. D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/td>\n<td>1.057.222.762<\/td>\n<td>1.410.972.970<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>908.910.204<\/b><\/td>\n<td><b>1.328.898.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> Ticari alacaklardaki 282,6 milyon TL&#8217;lik art\u0131\u015f, i\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde bask\u0131lam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> 223,4 milyon TL tutar\u0131nda al\u0131nan temett\u00fcler, bu kategoride pozitif nakit ak\u0131\u015f\u0131 yarat\u0131lmas\u0131n\u0131n ana nedenidir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Kredi geri \u00f6demelerine (552,7 milyon TL) ili\u015fkin nakit \u00e7\u0131k\u0131\u015flar\u0131, finansman faaliyetlerindeki ana nakit kullan\u0131m kalemidir.<\/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>Operasyonel ve Kurumsal Yap\u0131<\/h2>\n<h3>\u015eirket Profili ve Faaliyet Alanlar\u0131<\/h3>\n<p>PhillipCapital Menkul De\u011ferler A.\u015e., 26 Ekim 1990&#8217;da kurulmu\u015f, Sermaye Piyasas\u0131 Kanunu \u00e7er\u00e7evesinde faaliyet g\u00f6steren bir &#8220;Geni\u015f Yetkili Arac\u0131 Kurum&#8221;dur. \u015eirketin ana orta\u011f\u0131, hisselerin %100&#8217;\u00fcne sahip olan <b>Phillip Brokerage Pte Ltd.<\/b>&#8216;dir. \u015eirket borsaya kote de\u011fildir.<\/p>\n<p>Yetki belgeleri kapsam\u0131nda y\u00fcr\u00fctt\u00fc\u011f\u00fc faaliyetler \u015funlard\u0131r:<\/p>\n<ul>\n<li>\u0130\u015flem Arac\u0131l\u0131\u011f\u0131<\/li>\n<li>Portf\u00f6y Arac\u0131l\u0131\u011f\u0131<\/li>\n<li>Bireysel Portf\u00f6y Arac\u0131l\u0131\u011f\u0131<\/li>\n<li>S\u0131n\u0131rl\u0131 Saklama Hizmeti<\/li>\n<li>Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131<\/li>\n<\/ul>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve Konsolidasyon<\/h3>\n<p>Finansal tablolar, ana \u015firket ile %100 i\u015ftiraki olan a\u015fa\u011f\u0131daki ba\u011fl\u0131 ortakl\u0131klar\u0131n tam konsolidasyonu ile haz\u0131rlanm\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>Phillip Sigorta ve Reas\u00fcrans Brokerli\u011fi A.\u015e.:<\/b> Sigorta ve reas\u00fcrans brokerli\u011fi.<\/li>\n<li><b>Phillip Portf\u00f6y Y\u00f6netimi A.\u015e.:<\/b> Yat\u0131r\u0131m fonlar\u0131n\u0131n kurulmas\u0131 ve y\u00f6netimi.<\/li>\n<li><b>CQ Teknoloji Bili\u015fim A.\u015e.:<\/b> Bili\u015fim hizmetleri. Bu i\u015ftirakin sermayesi 2024 ve 2025 y\u0131llar\u0131nda yap\u0131lan art\u0131\u015flarla 1 milyon TL&#8217;den 20 milyon TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<h3>B\u00f6l\u00fcmlere G\u00f6re Performans<\/h3>\n<p>Grubun operasyonel performans\u0131 d\u00f6rt ana b\u00f6l\u00fcme ayr\u0131lm\u0131\u015ft\u0131r. Arac\u0131 kurum faaliyetleri, k\u00e2rl\u0131l\u0131\u011f\u0131n neredeyse tamam\u0131n\u0131 tek ba\u015f\u0131na sa\u011flamaktad\u0131r.<\/p>\n<p><b>B\u00f6l\u00fcmsel Performans \u00d6zeti (1 Ocak &#8211; 30 Eyl\u00fcl 2025, TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>B\u00f6l\u00fcm<\/td>\n<td>Has\u0131lat<\/td>\n<td>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/td>\n<\/tr>\n<tr>\n<td>Arac\u0131 Kurum<\/td>\n<td>1.939.968.107<\/td>\n<td>176.337.362<\/td>\n<\/tr>\n<tr>\n<td>Sigorta<\/td>\n<td>12.677.434<\/td>\n<td>(8.136.727)<\/td>\n<\/tr>\n<tr>\n<td>Portf\u00f6y<\/td>\n<td>32.705.463<\/td>\n<td>(21.966.264)<\/td>\n<\/tr>\n<tr>\n<td>CQ Teknoloji<\/td>\n<td>11.872.309<\/td>\n<td>8.433.567<\/td>\n<\/tr>\n<tr>\n<td><i>Eliminasyon<\/i><\/td>\n<td><i>(8.269.300)<\/i><\/td>\n<td><i>18.464.166<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>1.988.954.013<\/b><\/td>\n<td><b>173.132.104<\/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>\u00d6nemli Muhasebe Konular\u0131 ve D\u00fczeltmeler<\/h2>\n<h3>Y\u00fcksek Enflasyon Muhasebesi (TMS 29) Etkisi<\/h3>\n<p>Finansal tablolar, KGK ve SPK kararlar\u0131 uyar\u0131nca TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re d\u00fczeltilmi\u015ftir. Bu standard\u0131n uygulanmas\u0131, parasal olmayan kalemlerin ge\u00e7mi\u015f tarihli maliyetlerinin raporlama tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmesini gerektirir. Bu uygulaman\u0131n en belirgin sonucu, k\u00e2r veya zarar tablosunda yer alan <b>&#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 \/ (Kay\u0131plar\u0131)&#8221;<\/b> kalemidir. 2025&#8217;in ilk dokuz ay\u0131nda bu kalemden <b>256,3 milyon TL zarar<\/b> kaydedilmi\u015ftir.<\/p>\n<h3>\u00d6nceki D\u00f6nem Finansal Tablolar\u0131nda Yap\u0131lan D\u00fczeltmeler<\/h3>\n<p>Grup, 30 Eyl\u00fcl 2025 raporlamas\u0131 s\u0131ras\u0131nda \u00f6nceki d\u00f6nem finansal tablolar\u0131nda tespit edilen \u00f6nemli hatalar\u0131 ve s\u0131n\u0131fland\u0131rma farkl\u0131l\u0131klar\u0131n\u0131 TMS 8 standard\u0131 uyar\u0131nca geriye d\u00f6n\u00fck olarak d\u00fczeltmi\u015ftir. Bu d\u00fczeltmeler, kar\u015f\u0131la\u015ft\u0131rmal\u0131 finansal verilerin \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fmesine neden olmu\u015ftur. Ba\u015fl\u0131ca d\u00fczeltmeler \u015funlard\u0131r:<\/p>\n<ol>\n<li><b>T\u00fcrev Ara\u00e7 S\u0131n\u0131flamas\u0131:<\/b> T\u00fcrev teminatlar\u0131n\u0131n hatal\u0131 s\u0131n\u0131fland\u0131r\u0131lmas\u0131 d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Personel Prim Giderleri:<\/b> TMS 19&#8217;a ayk\u0131r\u0131 olarak k\u00e2r da\u011f\u0131t\u0131m\u0131 olarak dikkate al\u0131nan personel prim tutarlar\u0131n\u0131n <b>gider olarak yeniden muhasebele\u015ftirilmesi.<\/b> Bu d\u00fczeltme, 31 Aral\u0131k 2024 tarihli net d\u00f6nem k\u00e2r\u0131n\u0131 54,5 milyon TL azaltm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ertelenmi\u015f Vergi Gideri:<\/b> 30 Eyl\u00fcl 2024 d\u00f6nemine ait ertelenmi\u015f vergi giderinde s\u0131n\u0131fland\u0131rma hatas\u0131 d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Faiz Gelirleri S\u0131n\u0131flamas\u0131:<\/b> Yat\u0131r\u0131m ve esas faaliyet gelirleri alt\u0131nda sunulan faiz gelirleri, finansman gelirlerine s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit Ak\u0131\u015f Tablosu D\u00fczeltmeleri:<\/b> 30 Eyl\u00fcl 2024 d\u00f6nemine ait nakit ak\u0131\u015f tablosunda d\u00f6nem k\u00e2r\u0131 mutabakat\u0131, i\u015fletme sermayesi de\u011fi\u015fimleri ve di\u011fer kategorilerde tespit edilen hatalar d\u00fczeltilmi\u015ftir.<\/li>\n<\/ol>\n<p>Bu d\u00fczeltmeler, Grubun finansal raporlama s\u00fcre\u00e7lerinin g\u00f6zden ge\u00e7irildi\u011fini g\u00f6stermekte olup, kar\u015f\u0131la\u015ft\u0131rmal\u0131 analizlerde yeniden d\u00fczenlenmi\u015f rakamlar\u0131n esas al\u0131nmas\u0131 kritik \u00f6nem ta\u015f\u0131maktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"563\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sunulan metin, **PhillipCapital Menkul De\u011ferler A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n** 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemine ait **konsolide finansal raporlar\u0131n\u0131** ve bu raporlara dair detayl\u0131 dipnotlar\u0131 i\u00e7ermektedir. Belgeler; grubun **finansal durumunu, kar-zarar tablolar\u0131n\u0131, nakit ak\u0131\u015flar\u0131n\u0131** ve \u00f6zkaynak de\u011fi\u015fimlerini enflasyon muhasebesi ilkelerine uygun olarak sunmaktad\u0131r. \u015eirketin organizasyon yap\u0131s\u0131, **yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 ve portf\u00f6y arac\u0131l\u0131\u011f\u0131** gibi faaliyet alanlar\u0131 ile teknoloji ve sigorta sekt\u00f6r\u00fcndeki i\u015ftirakleri hakk\u0131nda kapsaml\u0131 bilgiler verilmektedir. Ayr\u0131ca, muhasebe politikalar\u0131ndaki de\u011fi\u015fimler, **y\u00fcksek enflasyon d\u00fczeltmeleri** ve finansal varl\u0131klar\u0131n s\u0131n\u0131fland\u0131r\u0131lmas\u0131na dair teknik a\u00e7\u0131klamalar detayland\u0131r\u0131lmaktad\u0131r. Rapor, grubun mali performans\u0131n\u0131 **ge\u00e7mi\u015f d\u00f6nem verileriyle kar\u015f\u0131la\u015ft\u0131rmal\u0131** bir \u015fekilde analiz ederek yat\u0131r\u0131mc\u0131lar ve payda\u015flar i\u00e7in \u015feffaf bir tablo \u00e7izmektedir. T\u00fcm finansal veriler, sat\u0131n alma g\u00fcc\u00fc de\u011fi\u015fimlerini yans\u0131tacak \u015fekilde **T\u00fcrk Liras\u0131** cinsinden ifade edilmi\u015ftir.<\/p>\n","protected":false},"author":1,"featured_media":583,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[127],"class_list":["post-563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-phllp"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/563","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=563"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/563\/revisions"}],"predecessor-version":[{"id":584,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/563\/revisions\/584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/583"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}