{"id":591,"date":"2025-12-26T21:45:34","date_gmt":"2025-12-26T18:45:34","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=591"},"modified":"2025-12-26T22:27:11","modified_gmt":"2025-12-26T19:27:11","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-pengd-penguen-gida-sanayi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/591","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PENGD | Penguen G\u0131da Sanayi 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PENGD | Penguen G\u0131da Sanayi 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/FyzXw0uSDJE?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>Penguen G\u0131da&#8217;n\u0131n Finansal Raporlar\u0131nda Sakl\u0131 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman karma\u015f\u0131k tablolar, dipnotlar ve anla\u015f\u0131lmas\u0131 zor terimlerle dolu olarak g\u00f6r\u00fcl\u00fcr. Ancak do\u011fru bir bak\u0131\u015f a\u00e7\u0131s\u0131yla incelendi\u011finde, bu rakamlar bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelecek vizyonu hakk\u0131nda \u00e7arp\u0131c\u0131 hikayeler anlatabilir. T\u00fcrkiye&#8217;nin bilinen markalar\u0131ndan Penguen G\u0131da&#8217;n\u0131n son d\u00f6nem finansal raporlar\u0131 da tam olarak b\u00f6yle \u015fa\u015f\u0131rt\u0131c\u0131 ve \u00fczerinde d\u00fc\u015f\u00fcnmeye de\u011fer detaylar i\u00e7eriyor. Gelin, bu rakamlar\u0131n ard\u0131ndaki stratejik hamlelere daha yak\u0131ndan bakal\u0131m.<\/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. Mevsimsellik Etkisi: Rakamlar\u0131n Ard\u0131ndaki Tar\u0131msal Ritim<\/h3>\n<p>Penguen G\u0131da&#8217;n\u0131n finansal performans\u0131n\u0131 do\u011fru yorumlamak i\u00e7in anla\u015f\u0131lmas\u0131 gereken ilk ve en \u00f6nemli ger\u00e7ek, faaliyetlerinin tar\u0131m takvimine ne kadar s\u0131k\u0131 s\u0131k\u0131ya ba\u011fl\u0131 oldu\u011fudur. \u015eirketin Y\u00f6netim Kurulu Faaliyet Raporu bu durumu net bir \u015fekilde ortaya koyuyor:<\/p>\n<p>&#8220;Sekt\u00f6r\u00fcn yap\u0131s\u0131 gere\u011fi y\u0131l\u0131n ilk yar\u0131s\u0131ndaki \u00e7al\u0131\u015fmalar, a\u011f\u0131rl\u0131kl\u0131 olarak tar\u0131msal hammadde teminine y\u00f6neliktir. Bu nedenle, tar\u0131msal hammadde teminine y\u00f6nelik giderler ile \u00fcretim \u00f6ncesi hatlar\u0131n bak\u0131m\u0131yla ilgili teknik yat\u0131r\u0131m giderleri bu d\u00f6nem a\u011f\u0131rl\u0131k kazanmakta; Haziran ay\u0131ndan sonra ise y\u00fckselen \u00fcretim, stok ve sat\u0131\u015f gelirleri ile mali sonu\u00e7lar\u0131 dengelenmektedir.&#8221;<\/p>\n<p>Bu ifade, \u015firketin finansal d\u00f6ng\u00fcs\u00fcn\u00fcn s\u0131rr\u0131n\u0131 veriyor. Y\u0131l\u0131n ilk alt\u0131 ay\u0131nda yap\u0131lan harcamalar, asl\u0131nda hasat ve \u00fcretim sezonuna bir haz\u0131rl\u0131kt\u0131r. Haziran ay\u0131ndan itibaren ba\u015flayan \u00fcretim ve sat\u0131\u015f faaliyetleri ise bu giderleri dengeleyerek finansal tablolar\u0131 olumlu y\u00f6nde etkiler. Bu durum, \u015firketin performans\u0131n\u0131 \u00e7eyrek baz\u0131nda de\u011fil, y\u0131ll\u0131k bir d\u00f6ng\u00fc i\u00e7inde de\u011ferlendirmenin ne denli kritik oldu\u011funu g\u00f6steriyor. \u0130lk \u00e7eyrek zararlar\u0131, yat\u0131r\u0131mc\u0131 i\u00e7in bir panik sinyali de\u011fil, aksine ba\u015far\u0131l\u0131 bir sezonun haz\u0131rl\u0131k a\u015famas\u0131 olarak okunmal\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>2. Stoklardaki Dev Art\u0131\u015f: Bir Sorun mu, Yoksa Bir Strateji mi?<\/h3>\n<p>\u0130lk bak\u0131\u015fta endi\u015fe verici gibi g\u00f6r\u00fcnen bir di\u011fer rakam ise \u00fcretim ve sat\u0131\u015f miktarlar\u0131 aras\u0131ndaki fark. Y\u00f6netim Kurulu Faaliyet Raporu&#8217;na g\u00f6re, 2025&#8217;in ilk dokuz ay\u0131nda (01.01.2025 \u2013 30.09.2025) durum \u015fu \u015fekilde:<\/p>\n<ul>\n<li><b>Toplam \u00dcretim:<\/b> 44.140 ton<\/li>\n<li><b>Toplam Sat\u0131\u015f:<\/b> 11.831 ton<\/li>\n<\/ul>\n<p>Bu durum, do\u011fal olarak stoklarda ciddi bir art\u0131\u015fa neden olmu\u015f. \u015eirketin Finansal Durum Tablosu&#8217;na g\u00f6re stoklar, 31 Aral\u0131k 2024&#8217;te <b>925,3 milyon TL<\/b> iken, 30 Eyl\u00fcl 2025&#8217;te <b>1,417 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015f.<\/p>\n<p>Bu devasa art\u0131\u015f bir sat\u0131\u015f problemi gibi alg\u0131lanabilir. Ancak ilk maddede a\u00e7\u0131klad\u0131\u011f\u0131m\u0131z mevsimsellik etkisi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, durum farkl\u0131 bir anlam kazan\u0131yor. Bu, asl\u0131nda yo\u011fun sat\u0131\u015f d\u00f6nemine ve gelecek talebe y\u00f6nelik yap\u0131lm\u0131\u015f <b>stratejik bir haz\u0131rl\u0131kt\u0131r<\/b>. \u015eirket, hasat d\u00f6neminde \u00fcretti\u011fi mallar\u0131 stoklayarak y\u0131l\u0131n geri kalan\u0131ndaki sat\u0131\u015f potansiyelini g\u00fcvence alt\u0131na almaktad\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>3. K\u00e2rl\u0131l\u0131ktaki \u0130yile\u015fmenin Gizli Kahraman\u0131: Enflasyon Muhasebesi<\/h3>\n<p>Penguen G\u0131da&#8217;n\u0131n K\u00e2r veya Zarar Tablosu&#8217;nda dikkat \u00e7eken bir ba\u015fka ilgin\u00e7 detay bulunuyor. \u015eirketin net sat\u0131\u015flar\u0131 (Has\u0131lat), ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re neredeyse sabit kalm\u0131\u015f durumda:<\/p>\n<ul>\n<li><b>\u0130lk 9 Ay 2025 Has\u0131lat:<\/b> 2,022 milyar TL<\/li>\n<li><b>\u0130lk 9 Ay 2024 Has\u0131lat:<\/b> 1,999 milyar TL<\/li>\n<\/ul>\n<p>Buna ra\u011fmen, \u015firketin <b>ana ortakl\u0131\u011fa ait d\u00f6nem net zarar\u0131<\/b> \u00f6nemli \u00f6l\u00e7\u00fcde azalm\u0131\u015f:<\/p>\n<ul>\n<li><b>\u0130lk 9 Ay 2025 Net Zarar:<\/b> (124,1) milyon TL<\/li>\n<li><b>\u0130lk 9 Ay 2024 Net Zarar:<\/b> (251,4) milyon TL<\/li>\n<\/ul>\n<p>Sat\u0131\u015flar artmazken zarar\u0131n yar\u0131 yar\u0131ya azalmas\u0131n\u0131n ard\u0131ndaki ana etken, operasyonel verimlilikten \u00e7ok, finansal tablolardaki tek bir kalemden geliyor: <b>&#8220;Net parasal pozisyon kazan\u00e7lar\u0131&#8221;<\/b>. Bu kalem, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle uygulanan TMS 29 (Enflasyon Muhasebesi) standard\u0131n\u0131n bir sonucudur.<\/p>\n<p>Peki bu &#8220;parasal kazan\u00e7&#8221; tam olarak ne anlama geliyor? Basit\u00e7e ifade etmek gerekirse, y\u00fcksek enflasyon ortam\u0131nda \u015firketin bor\u00e7lar\u0131 zamanla erirken, varl\u0131klar\u0131 yeniden de\u011ferlenir. Enflasyon muhasebesi, bu etkinin bilan\u00e7oya yans\u0131t\u0131lmas\u0131d\u0131r. Penguen G\u0131da&#8217;n\u0131n bor\u00e7 a\u011f\u0131rl\u0131kl\u0131 yap\u0131s\u0131, bu muhasebe standard\u0131 alt\u0131nda k\u00e2\u011f\u0131t \u00fczerinde bir kazan\u00e7 yaratm\u0131\u015ft\u0131r. Bu, operasyonel bir ba\u015far\u0131dan \u00e7ok, ekonomik konjonkt\u00fcr\u00fcn ve muhasebe kurallar\u0131n\u0131n bir sonucudur.<\/p>\n<ul>\n<li><b>2025&#8217;teki Parasal Kazan\u00e7:<\/b> 224,2 milyon TL<\/li>\n<li><b>2024&#8217;teki Parasal Kazan\u00e7:<\/b> 43,7 milyon TL<\/li>\n<\/ul>\n<p>Bu rakamlar, k\u00e2rl\u0131l\u0131ktaki iyile\u015fmenin b\u00fcy\u00fck \u00f6l\u00e7\u00fcde muhasebesel bir etkiden kaynakland\u0131\u011f\u0131n\u0131 ve \u015firketin operasyonel performans\u0131n\u0131 de\u011ferlendirirken bu fakt\u00f6r\u00fcn mutlaka dikkate al\u0131nmas\u0131 gerekti\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>4. Bor\u00e7 Yap\u0131s\u0131ndaki Stratejik De\u011fi\u015fim: K\u0131sa Vadeden Uzun Vadeye<\/h3>\n<p>Finansal tablolar, Penguen G\u0131da&#8217;n\u0131n bor\u00e7 y\u00f6netiminde ak\u0131ll\u0131ca bir strateji de\u011fi\u015fikli\u011fine gitti\u011fini de ortaya koyuyor. \u015eirket, k\u0131sa vadeli finansal y\u00fck\u00fcml\u00fcl\u00fcklerini azalt\u0131rken, uzun vadeli bor\u00e7lanmas\u0131n\u0131 art\u0131rm\u0131\u015f. Finansal Durum Tablosu&#8217;ndaki de\u011fi\u015fim olduk\u00e7a net:<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Bor\u00e7lanmalar:<\/b> 31.12.2024&#8217;te <b>1,072 milyar TL<\/b> iken, 30.09.2025&#8217;te <b>606 milyon TL<\/b>&#8216;ye gerilemi\u015f.<\/li>\n<li><b>Uzun Vadeli Bor\u00e7lanmalar:<\/b> 31.12.2024&#8217;te sadece <b>27,2 milyon TL<\/b> iken, 30.09.2025&#8217;te <b>399,3 milyon TL<\/b>&#8216;ye f\u0131rlam\u0131\u015f.<\/li>\n<\/ul>\n<p>Bu hamlenin anlam\u0131 basit: \u015eirket, \u00fczerindeki anl\u0131k nakit bask\u0131s\u0131n\u0131 hafifleterek bor\u00e7lar\u0131n\u0131 daha y\u00f6netilebilir ve uzun bir vadeye yaym\u0131\u015ft\u0131r. Bu hamle, y\u00f6netimin olas\u0131 bir kredi s\u0131k\u0131la\u015fmas\u0131na veya faiz art\u0131\u015flar\u0131na kar\u015f\u0131 proaktif bir \u015fekilde finansal kalkan olu\u015fturdu\u011funu d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. \u015eirket, k\u0131sa vadeli belirsizlikler yerine uzun vadeli istikrar\u0131 \u00f6nceliklendiriyor.<\/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>5. Gelece\u011fe Yat\u0131r\u0131m: G\u00fcne\u015f Enerjisi Santrali (GES) Devrede<\/h3>\n<p>Raporlar sadece ge\u00e7mi\u015f performans\u0131 de\u011fil, ayn\u0131 zamanda gelece\u011fe y\u00f6nelik ad\u0131mlar\u0131 da g\u00f6sterir. Penguen G\u0131da&#8217;n\u0131n faaliyet raporunda belirtilen G\u00fcne\u015f Enerjisi Santrali (GES) projesi, bu ad\u0131mlardan en somut olan\u0131. Raporda, projenin hedeflendi\u011fi \u015fekilde ilerledi\u011fi ve <b>elektrik \u00fcretimine ba\u015flad\u0131\u011f\u0131<\/b> belirtiliyor.<\/p>\n<p>Bu ifadenin somut kan\u0131t\u0131 ise finansal durum tablosunun dipnotlar\u0131nda gizli. 2024 sonunda s\u0131f\u0131r olan &#8220;Enerji \u00fcretim alacaklar\u0131&#8221; kalemi, 30 Eyl\u00fcl 2025 itibar\u0131yla 4,1 milyon TL&#8217;ye ula\u015fm\u0131\u015f durumda. Bu, GES yat\u0131r\u0131m\u0131n\u0131n sadece faaliyete ge\u00e7mekle kalmay\u0131p, ayn\u0131 zamanda \u015firkete finansal getiri sa\u011flamaya ba\u015flad\u0131\u011f\u0131n\u0131n en net g\u00f6stergesidir. Bu yat\u0131r\u0131m, \u015firketin <b>s\u00fcrd\u00fcr\u00fclebilirlik<\/b> ve <b>\u00e7evresel etkileri azaltma<\/b> hedeflerinin yan\u0131 s\u0131ra uzun vadeli maliyet kontrol\u00fc vizyonunu da ortaya koyuyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7: Stratejik Hamleler ve Gelecek Sorular\u0131<\/h3>\n<p>Penguen G\u0131da&#8217;n\u0131n finansal raporlar\u0131, y\u00fczeydeki rakamlar\u0131n \u00f6tesinde bir hikaye anlat\u0131yor: tar\u0131msal d\u00f6ng\u00fcye uyumlu mevsimsel operasyonlar, yakla\u015fan sat\u0131\u015f d\u00f6nemine y\u00f6nelik stratejik stok art\u0131\u015f\u0131, enflasyon muhasebesinin k\u00e2rl\u0131l\u0131\u011fa olan muhasebesel etkisi, bor\u00e7lar\u0131n ak\u0131ll\u0131ca yeniden yap\u0131land\u0131r\u0131lmas\u0131 ve s\u00fcrd\u00fcr\u00fclebilirlik odakl\u0131 gelecek yat\u0131r\u0131mlar\u0131.<\/p>\n<p>T\u00fcm bu veriler, \u015firketin sadece mevcut durumu y\u00f6netmekle kalmay\u0131p, ayn\u0131 zamanda finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendiren ve gelece\u011fe yat\u0131r\u0131m yapan proaktif ad\u0131mlar att\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu durum ak\u0131llara \u015fu soruyu getiriyor:<\/p>\n<p>&#8220;Peki, t\u00fcm bu stratejik finansal ve operasyonel hamleler, Penguen G\u0131da&#8217;y\u0131 gelecekteki ekonomik dalgalanmalara kar\u015f\u0131 daha dayan\u0131kl\u0131 hale getirmeye yetecek mi?&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Penguen G\u0131da Sanayi A.\u015e. 01.01\u201330.09.2025 D\u00f6nemi Finansal ve Operasyonel Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu rapor, Penguen G\u0131da Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n (Grup) 01 Ocak \u2013 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel faaliyetlerini \u00f6zetlemektedir. Rapor, \u015firketin finansal tablolar\u0131 ve Y\u00f6netim Kurulu Faaliyet Raporu&#8217;ndan derlenen verileri i\u00e7ermektedir. Finansal tablolar, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon ortam\u0131 nedeniyle TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak, 30.09.2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<p><b>Temel Finansal Sonu\u00e7lar:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hafif bir art\u0131\u015fla <b>2,02 milyar TL<\/b> has\u0131lat elde etmi\u015ftir (2024: 2,00 milyar TL).<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015fle birlikte br\u00fct k\u00e2r, %19 art\u0131\u015fla <b>228,1 milyon TL<\/b>&#8216;ye y\u00fckselmi\u015ftir (2024: 191,3 milyon TL).<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> Operasyonel giderlerin kontrol alt\u0131nda tutulmas\u0131 sayesinde Grup, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 361 bin TL&#8217;lik zarara kar\u015f\u0131l\u0131k, <b>41,0 milyon TL<\/b> esas faaliyet k\u00e2r\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nem Net Zarar\u0131:<\/b> Y\u00fcksek finansman giderleri (335,7 milyon TL) ve enflasyon muhasebesi etkileri sonucunda Grup, d\u00f6nemi <b>124,1 milyon TL<\/b> net zararla kapatm\u0131\u015ft\u0131r. Ancak bu zarar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 251,4 milyon TL&#8217;lik zarara g\u00f6re \u00f6nemli bir azalma g\u00f6stermektedir.<\/li>\n<li><b>Bilan\u00e7o B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Toplam varl\u0131klar, 2024 y\u0131l sonuna g\u00f6re %7 artarak <b>7,30 milyar TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015fta, stoklardaki 492 milyon TL&#8217;lik y\u00fckseli\u015f belirleyici olmu\u015ftur.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler 3,10 milyar TL&#8217;ye y\u00fckselmi\u015ftir. K\u0131sa vadeli ticari bor\u00e7larda ve uzun vadeli banka kredilerinde \u00f6nemli art\u0131\u015flar g\u00f6zlenmi\u015ftir. Net bor\u00e7\/\u00f6zkaynak oran\u0131 ise %24 seviyesinde ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<p><b>Operasyonel ve Stratejik Geli\u015fmeler:<\/b><\/p>\n<ul>\n<li><b>Sezonsal Faaliyetler:<\/b> \u015eirket faaliyetleri, g\u0131da sekt\u00f6r\u00fcn\u00fcn do\u011fas\u0131 gere\u011fi g\u00fc\u00e7l\u00fc bir sezonsall\u0131k g\u00f6stermektedir. Y\u0131l\u0131n ikinci yar\u0131s\u0131nda \u00fcretim ve sat\u0131\u015flar en y\u00fcksek seviyeye ula\u015fmaktad\u0131r. \u0130lk dokuz ayda toplam <b>44.140 ton<\/b> \u00fcretim ger\u00e7ekle\u015ftirilirken, <b>11.831 ton<\/b> sat\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00dcr\u00fcn Kategorileri:<\/b> \u00dcretimde tur\u015fu (28.138 ton), sat\u0131\u015f gelirlerinde ise yine tur\u015fu (1,27 milyar TL) en b\u00fcy\u00fck paya sahiptir.<\/li>\n<li><b>Yat\u0131r\u0131mlar:<\/b> S\u00fcrd\u00fcr\u00fclebilirlik hedefleri do\u011frultusunda, \u015firketin kendi elektrik ihtiyac\u0131n\u0131n tamam\u0131n\u0131 kar\u015f\u0131lamaya y\u00f6nelik G\u00fcne\u015f Enerjisi Santrali (GES) projesi tamamlanm\u0131\u015f ve elektrik \u00fcretimine ba\u015flanm\u0131\u015ft\u0131r. Bu yat\u0131r\u0131m, enerji verimlili\u011fini art\u0131rma ve \u00e7evresel etkileri azaltma stratejisinin \u00f6nemli bir par\u00e7as\u0131d\u0131r.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, Penguen G\u0131da 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015ftirmi\u015f, ancak y\u00fcksek finansman maliyetleri nedeniyle net zarar a\u00e7\u0131klamaya devam etmi\u015ftir. Stoklardaki art\u0131\u015f, \u015firketin \u00fcretim sezonuna g\u00fc\u00e7l\u00fc bir haz\u0131rl\u0131k yapt\u0131\u011f\u0131n\u0131 g\u00f6sterirken, tamamlanan GES yat\u0131r\u0131m\u0131 gelecekteki operasyonel maliyetler \u00fczerinde olumlu bir etki yaratma potansiyeli ta\u015f\u0131maktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Grup Yap\u0131s\u0131 ve Faaliyet Alan\u0131<\/h2>\n<ul>\n<li><b>Unvan:<\/b> Penguen G\u0131da Sanayi A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Penguen Pazarlama A.\u015e. birlikte &#8220;Grup&#8221; olarak an\u0131lmaktad\u0131r.<\/li>\n<li><b>Kurulu\u015f ve Tesisler:<\/b> 27 Ocak 1988&#8217;de Bursa&#8217;da kurulan \u015eirket, Balkan Mahallesi, Nil\u00fcfer adresinde 150.000 m\u00b2 arazi \u00fczerinde 75.000 m\u00b2 kapal\u0131 alana sahip tesislerinde faaliyet g\u00f6stermektedir.<\/li>\n<li><b>Faaliyet Konusu:<\/b> Grubun ana faaliyet konusu dondurulmu\u015f g\u0131da, konserve, tur\u015fu, sal\u00e7a ve re\u00e7el \u00fcr\u00fcnlerinin \u00fcretimi ve sat\u0131\u015f\u0131d\u0131r.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k:<\/b> Penguen Pazarlama A.\u015e., Penguen G\u0131da&#8217;n\u0131n %98 oran\u0131nda hissesine sahip oldu\u011fu ba\u011fl\u0131 ortakl\u0131\u011f\u0131d\u0131r. 1 Mart 2006&#8217;da kurulan bu \u015firket, i\u00e7 ve d\u0131\u015f ticaret, ithalat, ihracat, depolama ve ta\u015f\u0131mac\u0131l\u0131k faaliyetleri y\u00fcr\u00fctmektedir.<\/li>\n<li><b>Ana Ortak:<\/b> Grubun ana orta\u011f\u0131 Gen\u00e7o\u011flu Holding A.\u015e.&#8217;dir.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket hisseleri 1998 y\u0131l\u0131ndan bu yana Borsa \u0130stanbul&#8217;da (BIST) i\u015flem g\u00f6rmektedir. Halka a\u00e7\u0131kl\u0131k oran\u0131 %76,88&#8217;dir.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> Grubun 30.09.2025 tarihi itibar\u0131yla toplam \u00e7al\u0131\u015fan say\u0131s\u0131 182 ki\u015fidir (31.12.2024: 177 ki\u015fi).<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi (01.01\u201330.09.2025)<\/h2>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015f, ancak y\u00fcksek finansman giderleri ve enflasyon muhasebesi etkileri alt\u0131nda net zarar\u0131n\u0131 azaltarak d\u00f6nemi tamamlam\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Konsolide Gelir Tablosu Analizi<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>01.01-30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.022.172.658<\/td>\n<td>1.999.958.759<\/td>\n<td>+1,1%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.794.064.469)<\/td>\n<td>(1.808.618.350)<\/td>\n<td>-0,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>228.108.189<\/b><\/td>\n<td><b>191.340.409<\/b><\/td>\n<td><b>+19,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(99.723.513)<\/td>\n<td>(102.358.395)<\/td>\n<td>-2,6%<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama, Sat\u0131\u015f ve Da\u011f\u0131t\u0131m Gid. (-)<\/td>\n<td>(91.217.091)<\/td>\n<td>(100.234.379)<\/td>\n<td>-9,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>41.048.961<\/b><\/td>\n<td><b>(361.683)<\/b><\/td>\n<td><b>Pozitif Y\u00f6nl\u00fc<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(335.716.970)<\/td>\n<td>(249.712.381)<\/td>\n<td>+34,4%<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131<\/td>\n<td>224.296.679<\/td>\n<td>43.735.797<\/td>\n<td>+412,8%<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Zarar<\/td>\n<td>(58.377.405)<\/td>\n<td>(198.401.315)<\/td>\n<td>-70,6%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Zarar\u0131<\/b><\/td>\n<td><b>(124.135.517)<\/b><\/td>\n<td><b>(251.420.096)<\/b><\/td>\n<td><b>-50,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Ana Ortakl\u0131k Paylar\u0131 Net Zarar\u0131<\/i><\/td>\n<td><i>(124.130.425)<\/i><\/td>\n<td><i>(251.416.460)<\/i><\/td>\n<td><i>-50,6%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na Kay\u0131p (Kr)<\/b><\/td>\n<td><b>(0,709)<\/b><\/td>\n<td><b>(1,437)<\/b><\/td>\n<td><b>&#8211;<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat ve K\u00e2rl\u0131l\u0131k:<\/b> Has\u0131lat yatay seyrederken, sat\u0131\u015f maliyetlerindeki d\u00fc\u015f\u00fc\u015f br\u00fct k\u00e2r\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r. Operasyonel giderlerdeki kontrol, \u015firketin esas faaliyet k\u00e2r\u0131na ge\u00e7mesini sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Giderleri ve Enflasyon Etkisi:<\/b> D\u00f6nem net sonucunu en \u00e7ok etkileyen kalem, 335,7 milyon TL&#8217;ye ula\u015fan finansman giderleri olmu\u015ftur. Di\u011fer yandan, TMS 29 kapsam\u0131nda muhasebele\u015ftirilen 224,3 milyon TL&#8217;lik Net Parasal Pozisyon Kazanc\u0131, zarar\u0131n daha da b\u00fcy\u00fcmesini engellemi\u015ftir. Bu kalem, Grubun parasal y\u00fck\u00fcml\u00fcl\u00fcklerinin parasal varl\u0131klar\u0131ndan fazla olmas\u0131ndan kaynaklanan ve enflasyonist ortamda ortaya \u00e7\u0131kan bir kazanc\u0131 ifade etmektedir.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> T\u00fcm bu geli\u015fmeler neticesinde, Grubun net zarar\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yar\u0131 yar\u0131ya azalarak 124,1 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Konsolide Bilan\u00e7o Analizi<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>1.883.870.376<\/td>\n<td>1.438.818.482<\/td>\n<td>+30,9%<\/td>\n<\/tr>\n<tr>\n<td><i>Stoklar<\/i><\/td>\n<td><i>1.417.480.222<\/i><\/td>\n<td><i>925.328.512<\/i><\/td>\n<td><i>+53,2%<\/i><\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td><i>53.485.427<\/i><\/td>\n<td><i>63.564.078<\/i><\/td>\n<td><i>-15,9%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>5.413.593.173<\/td>\n<td>5.385.165.325<\/td>\n<td>+0,5%<\/td>\n<\/tr>\n<tr>\n<td><i>Maddi Duran Varl\u0131klar<\/i><\/td>\n<td><i>5.204.165.397<\/i><\/td>\n<td><i>5.167.969.190<\/i><\/td>\n<td><i>+0,7%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>7.297.463.549<\/b><\/td>\n<td><b>6.823.983.807<\/b><\/td>\n<td><b>+6,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.728.456.781<\/td>\n<td>1.564.532.169<\/td>\n<td>+10,5%<\/td>\n<\/tr>\n<tr>\n<td><i>K\u0131sa Vadeli Bor\u00e7lanmalar<\/i><\/td>\n<td><i>606.060.722<\/i><\/td>\n<td><i>1.072.183.286<\/i><\/td>\n<td><i>-43,5%<\/i><\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Bor\u00e7lar<\/i><\/td>\n<td><i>1.021.302.344<\/i><\/td>\n<td><i>414.945.761<\/i><\/td>\n<td><i>+146,1%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.371.544.236<\/td>\n<td>931.909.358<\/td>\n<td>+47,2%<\/td>\n<\/tr>\n<tr>\n<td><i>Uzun Vadeli Bor\u00e7lanmalar<\/i><\/td>\n<td><i>399.353.380<\/i><\/td>\n<td><i>27.223.227<\/i><\/td>\n<td><i>+1366,9%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>3.100.001.017<\/b><\/td>\n<td><b>2.496.441.527<\/b><\/td>\n<td><b>+24,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>4.197.462.532<\/td>\n<td>4.327.542.280<\/td>\n<td>-3,0%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>7.297.463.549<\/b><\/td>\n<td><b>6.823.983.807<\/b><\/td>\n<td><b>+6,9%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Bilan\u00e7odaki en dikkat \u00e7ekici de\u011fi\u015fim, stoklar\u0131n 925,3 milyon TL&#8217;den 1,42 milyar TL&#8217;ye y\u00fckselmesidir. Bu durum, sekt\u00f6r\u00fcn sezonsal yap\u0131s\u0131 ve \u00fcretim faaliyetlerinin y\u0131l\u0131n ikinci yar\u0131s\u0131nda yo\u011funla\u015fmas\u0131yla a\u00e7\u0131klanmaktad\u0131r. Duran varl\u0131klar ise b\u00fcy\u00fck \u00f6l\u00e7\u00fcde maddi duran varl\u0131klardan olu\u015fmakta ve stabil kalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kaynak Yap\u0131s\u0131:<\/b> Y\u00fck\u00fcml\u00fcl\u00fckler taraf\u0131nda, k\u0131sa vadeli banka kredileri azal\u0131rken, ticari bor\u00e7larda ve uzun vadeli banka kredilerinde ciddi art\u0131\u015flar ya\u015fanm\u0131\u015ft\u0131r. Bu, bor\u00e7 yap\u0131s\u0131n\u0131n vadesinin uzat\u0131ld\u0131\u011f\u0131na i\u015faret edebilir. \u00d6zkaynaklar, d\u00f6nem zarar\u0131 nedeniyle hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/li>\n<\/ul>\n<h3>2.3. Konsolide Nakit Ak\u0131\u015f Analizi<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131nda i\u015fletme faaliyetlerinden <b>167,4 milyon TL<\/b> net nakit yaratm\u0131\u015ft\u0131r. Bu, stoklardaki ve ticari bor\u00e7lardaki art\u0131\u015flardan etkilenmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 nedeniyle yat\u0131r\u0131m faaliyetlerinden <b>86,3 milyon TL<\/b> net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Bor\u00e7lanma hareketleri ve \u00f6denen faizler sonucunda finansman faaliyetlerinden <b>78,4 milyon TL<\/b> net nakit \u00e7\u0131k\u0131\u015f\u0131 olmu\u015ftur.<\/li>\n<li><b>Net Nakit De\u011fi\u015fimi:<\/b> D\u00f6nem ba\u015f\u0131ndaki 63,6 milyon TL&#8217;lik nakit, d\u00f6nem sonunda <b>53,5 milyon TL<\/b>&#8216;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Operasyonel Faaliyetler ve Stratejik Geli\u015fmeler<\/h2>\n<h3>3.1. Sekt\u00f6rel Dinamikler ve \u00dcretim<\/h3>\n<p>Y\u00f6netim Kurulu Raporu&#8217;na g\u00f6re, \u015firketin faaliyet g\u00f6sterdi\u011fi g\u0131da sanayi-sebze ve meyve mamulleri sekt\u00f6r\u00fc, tar\u0131m sekt\u00f6r\u00fcndeki geli\u015fmelere ve sezonsall\u0131\u011fa olduk\u00e7a ba\u011f\u0131ml\u0131d\u0131r. Y\u0131l\u0131n ilk yar\u0131s\u0131 tar\u0131msal hammadde temini ve \u00fcretim hatlar\u0131n\u0131n bak\u0131m\u0131na odaklan\u0131rken, haziran ay\u0131ndan sonra \u00fcretim, stok ve sat\u0131\u015flar en y\u00fcksek seviyeye ula\u015fmaktad\u0131r.<\/p>\n<p><b>30.09.2025 \u0130tibar\u0131yla \u00dcretim Miktarlar\u0131 (Ton)<\/b> | \u00dcr\u00fcn Kategorisi | Miktar (Ton) | | :&#8212; | :&#8212; | | Konserve | 6.443 | | Tur\u015fu | 28.138 | | Re\u00e7el | 110 | | Dondurulmu\u015f | 9.449 | | <b>TOPLAM<\/b> | <b>44.140<\/b> |<\/p>\n<h3>3.2. Sat\u0131\u015f Faaliyetleri<\/h3>\n<p>D\u00f6nem i\u00e7inde ger\u00e7ekle\u015ftirilen sat\u0131\u015flar\u0131n \u00fcr\u00fcn kategorilerine g\u00f6re da\u011f\u0131l\u0131m\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<p><b>30.09.2025 \u0130tibar\u0131yla Sat\u0131\u015flar<\/b> | \u00dcr\u00fcn Kategorisi | Miktar (Ton) | Tutar (Bin TL) | | :&#8212; | :&#8212; | :&#8212; | | Konserve | 2.419 | 531.986 | | Tur\u015fu | 5.634 | 1.266.601 | | Re\u00e7el | 161 | 29.346 | | Sal\u00e7a | 1 | 66 | | Dondurulmu\u015f | 3.616 | 194.172 | | <b>TOPLAM<\/b> | <b>11.831<\/b> | <b>2.022.173<\/b> |<\/p>\n<ul>\n<li><b>Sat\u0131\u015f Kompozisyonu:<\/b> Toplam has\u0131lat\u0131n %62,6&#8217;s\u0131 tur\u015fu sat\u0131\u015flar\u0131ndan, %26,3&#8217;\u00fc ise konserve sat\u0131\u015flar\u0131ndan elde edilmi\u015ftir.<\/li>\n<li><b>Yurt \u0130\u00e7i \/ Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar:<\/b> Toplam has\u0131lat\u0131n <b>1,44 milyar TL<\/b>&#8216;si yurt d\u0131\u015f\u0131 sat\u0131\u015flardan, <b>606 milyon TL<\/b>&#8216;si ise yurt i\u00e7i sat\u0131\u015flardan kaynaklanm\u0131\u015ft\u0131r. \u0130hracat, Grup gelirlerinin \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>3.3. Yat\u0131r\u0131mlar<\/h3>\n<p>D\u00f6nem i\u00e7erisinde \u015firket, sezonluk \u00fcretim kapasitesinin daha etkin kullan\u0131m\u0131 i\u00e7in planlad\u0131\u011f\u0131 yat\u0131r\u0131mlar\u0131 hayata ge\u00e7irmi\u015ftir. En \u00f6nemli stratejik yat\u0131r\u0131m, s\u00fcrd\u00fcr\u00fclebilirlik ve enerji verimlili\u011fi hedefleri kapsam\u0131nda ger\u00e7ekle\u015ftirilen <b>G\u00fcne\u015f Enerjisi Santrali (GES)<\/b> projesidir. Bu proje, \u015firketin kendi elektrik ihtiyac\u0131n\u0131n tamam\u0131n\u0131 kar\u015f\u0131lamak amac\u0131yla hedeflenmi\u015f olup, raporlama d\u00f6nemi itibar\u0131yla <b>elektrik \u00fcretimine ba\u015flam\u0131\u015ft\u0131r<\/b>.<\/p>\n<h2>4. Kurumsal Y\u00f6netim ve Sermaye Yap\u0131s\u0131<\/h2>\n<h3>4.1. Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b> Orhan \u00dcmit Gen\u00e7o\u011flu (Ba\u015fkan), Turhan Gen\u00e7o\u011flu (Ba\u015fkan Vekili), \u015eevket Aykan S\u00f6z\u00fc\u00e7etin (\u00dcye\/Genel M\u00fcd\u00fcr), Aycan Anlamaz (\u00dcye\/Mali \u0130\u015fler M\u00fcd\u00fcr\u00fc) ile ba\u011f\u0131ms\u0131z \u00fcyeler Alper Ko\u00e7 ve Zeki Kahraman&#8217;dan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Komiteler:<\/b> \u015eirket b\u00fcnyesinde Riskin Erken Saptanmas\u0131, Kurumsal Y\u00f6netim, Denetimden Sorumlu Komite ve S\u00fcrd\u00fcr\u00fclebilirlik Komitesi aktif olarak g\u00f6rev yapmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak<\/td>\n<td>Hisse (%)<\/td>\n<td>Tutar (TL)<\/td>\n<\/tr>\n<tr>\n<td>Gen\u00e7o\u011flu Holding A.\u015e.<\/td>\n<td>22,26%<\/td>\n<td>38.961.842<\/td>\n<\/tr>\n<tr>\n<td>Turhan Gen\u00e7o\u011flu<\/td>\n<td>0,43%<\/td>\n<td>752.294<\/td>\n<\/tr>\n<tr>\n<td>Orhan \u00dcmit Gen\u00e7o\u011flu<\/td>\n<td>0,43%<\/td>\n<td>752.292<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k)<\/td>\n<td>76,88%<\/td>\n<td>134.533.572<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6denmi\u015f Sermaye<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<td><b>175.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131:<\/b> 750.000.000 TL<\/li>\n<\/ul>\n<h2>5. Finansal Risk Y\u00f6netimi<\/h2>\n<ul>\n<li><b>D\u00f6viz Kuru Riski:<\/b> Grup, yabanc\u0131 para cinsinden, a\u011f\u0131rl\u0131kl\u0131 olarak Avro, varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle d\u00f6viz kuru riskine maruz kalmaktad\u0131r. 30.09.2025 tarihi itibar\u0131yla Grubun <b>708,9 milyon TL<\/b> net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu bulunmaktad\u0131r. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, Avro&#8217;nun TL kar\u015f\u0131s\u0131nda %10 de\u011ferlenmesi, vergi \u00f6ncesi k\u00e2r\u0131 yakla\u015f\u0131k <b>71 milyon TL<\/b> olumsuz etkilemektedir.<\/li>\n<li><b>Kredi Riski:<\/b> Kredi riski, bor\u00e7lu taraflar\u0131n say\u0131ca \u00e7ok olmas\u0131 nedeniyle da\u011f\u0131t\u0131lmaktad\u0131r. 30.09.2025 itibar\u0131yla 194,5 milyon TL&#8217;lik ticari alacaklar\u0131n <b>80,3 milyon TL<\/b>&#8216;lik k\u0131sm\u0131 teminatlarla g\u00fcvence alt\u0131na al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Riski:<\/b> Grup, sermaye yap\u0131s\u0131n\u0131 net finansal bor\u00e7\/\u00f6zkaynaklar oran\u0131n\u0131 kullanarak izlemektedir. Bu oran 30.09.2025 itibar\u0131yla <b>%24<\/b>&#8216;t\u00fcr (31.12.2024: %25).<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"591\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu rapor, **Penguen G\u0131da Sanayi A.\u015e.** firmas\u0131n\u0131n 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemini kapsayan **kurumsal faaliyetlerini ve finansal durumunu** detayland\u0131rmaktad\u0131r. Belge i\u00e7erisinde \u015firketin **\u00fcst y\u00f6netim kadrosu**, \u00e7e\u015fitli ihtisas komiteleri ve ortakl\u0131k yap\u0131s\u0131na dair g\u00fcncel bilgiler sunulmaktad\u0131r. G\u0131da sekt\u00f6r\u00fcn\u00fcn **mevsimsel do\u011fas\u0131** gere\u011fi, y\u0131l\u0131n ilk yar\u0131s\u0131nda haz\u0131rl\u0131k ve bak\u0131m \u00e7al\u0131\u015fmalar\u0131na odaklan\u0131ld\u0131\u011f\u0131, \u00fcretimin ise ikinci yar\u0131da ivme kazand\u0131\u011f\u0131 belirtilmektedir. \u015eirketin \u00fcretim hacmi ve sat\u0131\u015f gelirleri **\u00fcr\u00fcn kategorileri baz\u0131nda** payla\u015f\u0131l\u0131rken, enerji verimlili\u011fini art\u0131rmaya y\u00f6nelik **G\u00fcne\u015f Enerjisi Santrali (GES)** yat\u0131r\u0131m\u0131 gibi s\u00fcrd\u00fcr\u00fclebilirlik projelerine de\u011finilmektedir. Ayr\u0131ca, i\u015fletmenin **personel da\u011f\u0131l\u0131m\u0131** ve kay\u0131tl\u0131 sermaye yap\u0131s\u0131 gibi temel kurumsal veriler de d\u00f6k\u00fcmanda yer almaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[136],"class_list":["post-591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-pengd"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/591","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=591"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/591\/revisions"}],"predecessor-version":[{"id":608,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/591\/revisions\/608"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/607"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}