{"id":627,"date":"2025-12-27T15:14:40","date_gmt":"2025-12-27T12:14:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=627"},"modified":"2025-12-27T15:27:43","modified_gmt":"2025-12-27T12:27:43","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-arfye-arf-bio-yenilenebilir-enerji-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/627","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARFYE | ARF Bio Yenilenebilir Enerji 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARFYE | ARF Bio Yenilenebilir Enerji 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/9qL4q6HvciQ?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>Ye\u015fil Enerji, K\u0131rm\u0131z\u0131 Rakamlar: Bir Biyoenerji \u015eirketinin Finansal Raporundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Yenilenebilir enerji, \u015f\u00fcphesiz gezegenimizin ve ekonominin gelece\u011fi olarak g\u00f6r\u00fcl\u00fcyor. G\u00fcne\u015f panelleri, r\u00fczgar t\u00fcrbinleri ve biyoenerji santralleri, s\u00fcrd\u00fcr\u00fclebilir bir yar\u0131n\u0131n sembolleri haline geldi. Ancak bu parlak ve umut vadeden sekt\u00f6r\u00fcn finansal perdesini aralad\u0131\u011f\u0131m\u0131zda, kar\u015f\u0131m\u0131za \u00e7\u0131kan tablo her zaman bekledi\u011fimiz gibi olmayabilir. Bazen en parlak fikirlerin arkas\u0131nda en karma\u015f\u0131k finansal ger\u00e7ekler yatabilir.<\/p>\n<p>Bu ger\u00e7e\u011fi daha yak\u0131ndan g\u00f6rmek i\u00e7in, ana \u00fcretim tesisi \u0130zmir&#8217;de bulunan Ankara merkezli ARF B\u0130O YEN\u0130LENEB\u0130L\u0130R ENERJ\u0130 \u00dcRET\u0130M ANON\u0130M \u015e\u0130RKET\u0130&#8217;nin halka a\u00e7\u0131k ba\u011f\u0131ms\u0131z denet\u00e7i raporunu inceledik. Bir \u015firketin bilan\u00e7osu ve k\u00e2r-zarar tablosu, asl\u0131nda onun ekonomik bir hikayesini anlat\u0131r. Bu hikayeden, bir biyoenerji \u015firketinin finansal sa\u011fl\u0131\u011f\u0131na dair ne gibi beklenmedik dersler \u00e7\u0131karabilece\u011fimizi g\u00f6rmek olduk\u00e7a ayd\u0131nlat\u0131c\u0131. \u0130\u015fte bu rapordan \u00e7\u0131kard\u0131\u011f\u0131m\u0131z en \u00e7arp\u0131c\u0131 be\u015f nokta.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>1. Varl\u0131klar ve Gelirler U\u00e7u\u015fta: G\u00f6z Kama\u015ft\u0131ran B\u00fcy\u00fcme H\u0131z\u0131<\/b><\/h3>\n<p>Finansal tablolara ilk bak\u0131\u015f, etkileyici bir b\u00fcy\u00fcme hikayesi anlat\u0131yor. ARF Bio&#8217;nun varl\u0131klar\u0131, yani \u015firketin sahip oldu\u011fu t\u00fcm de\u011ferler, durdurulamaz bir y\u00fckseli\u015f i\u00e7inde. \u015eirketin bilan\u00e7osuna g\u00f6re, 31 Aral\u0131k 2023&#8217;te yakla\u015f\u0131k 1.5 Milyar TL olan toplam varl\u0131klar, iki y\u0131ldan k\u0131sa bir s\u00fcre i\u00e7inde, 30 Eyl\u00fcl 2025 itibar\u0131yla 1.9 Milyar TL&#8217;yi a\u015fm\u0131\u015f durumda.<\/p>\n<p>Bu b\u00fcy\u00fcme sadece varl\u0131klarda de\u011fil, gelirlerde de kendini g\u00f6steriyor. \u015eirketin K\u00e2r veya Zarar Tablosu&#8217;na bakt\u0131\u011f\u0131m\u0131zda, 2025&#8217;in ilk dokuz ay\u0131nda elde edilen has\u0131lat (sat\u0131\u015f gelirleri) yakla\u015f\u0131k 152 Milyon TL&#8217;ye ula\u015fm\u0131\u015f. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde elde edilen yakla\u015f\u0131k 70 Milyon TL&#8217;lik gelirin iki kat\u0131ndan bile fazla. Bu veriler, ilk bak\u0131\u015fta \u015firketin muazzam bir ba\u015far\u0131 ve geni\u015fleme ivmesi yakalad\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor.<\/p>\n<h3><b>2. B\u00fcy\u00fcmeye Ra\u011fmen Artan Zarar: K\u00e2rl\u0131l\u0131k Muammas\u0131<\/b><\/h3>\n<p>\u0130lk b\u00f6l\u00fcmde \u00e7izilen bu pembe tablonun hemen ard\u0131ndan, hikayenin en \u015fa\u015f\u0131rt\u0131c\u0131 k\u0131sm\u0131na geliyoruz. Ayn\u0131 finansal rapor, bu g\u00f6z kama\u015ft\u0131ran b\u00fcy\u00fcmeye ra\u011fmen \u015firketin sadece zarar etmekle kalmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda bu zarar\u0131n da katlanarak artt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Rakamlar bu tezatl\u0131\u011f\u0131 net bir \u015fekilde ortaya koyuyor: 2024&#8217;\u00fcn ilk dokuz ay\u0131nda yakla\u015f\u0131k (8 Milyon TL) olan d\u00f6nem zarar\u0131, 2025&#8217;in ayn\u0131 d\u00f6neminde (134 Milyon TL)&#8217;nin \u00fczerine \u00e7\u0131km\u0131\u015f. Bu durum, ak\u0131llara \u015fu kritik soruyu getiriyor: Bir \u015firket hem gelirlerini hem de varl\u0131klar\u0131n\u0131 bu kadar h\u0131zl\u0131 art\u0131r\u0131rken nas\u0131l olur da zarar\u0131 daha da h\u0131zl\u0131 b\u00fcy\u00fcr? Bu muamman\u0131n cevab\u0131, tablonun biraz daha alt sat\u0131rlar\u0131nda gizli.<\/p>\n<h3><b>3. K\u0131rm\u0131z\u0131 Rakamlar\u0131n S\u0131rr\u0131: Devasa Finansman Giderleri<\/b><\/h3>\n<p>Bir \u00f6nceki b\u00f6l\u00fcmde sordu\u011fumuz sorunun cevab\u0131, K\u00e2r veya Zarar Tablosu&#8217;ndaki finansman giderleri kaleminde yat\u0131yor. Bu kalem, \u015firketin bor\u00e7lar\u0131 i\u00e7in \u00f6dedi\u011fi faiz ve benzeri maliyetleri g\u00f6sterir ve ARF Bio i\u00e7in hikayenin kilit noktas\u0131d\u0131r. 2025&#8217;in ilk dokuz ay\u0131nda \u015firketin finansman giderleri yakla\u015f\u0131k (111 Milyon TL) gibi devasa bir rakama ula\u015fm\u0131\u015f. Bu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki (37 Milyon TL) seviyesinin neredeyse \u00fc\u00e7 kat\u0131. Bu devasa faiz y\u00fck\u00fc o kadar b\u00fcy\u00fckt\u00fcr ki, \u015firketin zaten (48.5 Milyon TL) olan faaliyet zarar\u0131n\u0131 neredeyse \u00fc\u00e7e katlayarak vergi \u00f6ncesi zarar\u0131 (146 Milyon TL)&#8217;ye ta\u015f\u0131m\u0131\u015ft\u0131r.<\/p>\n<p>Bu durumu basit bir dille \u015f\u00f6yle analiz edebiliriz: Biyoenerji santralleri gibi b\u00fcy\u00fck altyap\u0131 projeleri, genellikle \u00e7ok b\u00fcy\u00fck yat\u0131r\u0131mlar gerektirir ve bu yat\u0131r\u0131mlar da \u00f6nemli miktarda kredi ve bor\u00e7lanma ile finanse edilir. ARF Bio&#8217;nun durumunda, bu bor\u00e7lar\u0131n faiz maliyetleri o kadar y\u00fcksektir ki, \u015firketin operasyonel performans\u0131n\u0131 tamamen g\u00f6lgede b\u0131rakmakta ve nihayetinde onu b\u00fcy\u00fck bir zarara s\u00fcr\u00fcklemektedir. B\u00fcy\u00fcmenin bedeli, y\u00fcksek bor\u00e7luluk ve onun getirdi\u011fi a\u011f\u0131r faiz y\u00fck\u00fc olmu\u015f.<\/p>\n<h3><b>4. D\u00f6viz Kuru Riski: Her Dalgalanman\u0131n Bir Bedeli Var<\/b><\/h3>\n<p>\u015eirketin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu finansal zorluklar sadece bor\u00e7lar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcyle s\u0131n\u0131rl\u0131 de\u011fil. Bu bor\u00e7lar\u0131n hangi para birimiyle al\u0131nd\u0131\u011f\u0131 da en az miktar\u0131 kadar \u00f6nemli bir risk unsuru. Raporun &#8220;Finansal Ara\u00e7lardan Kaynaklanan Risklerin Niteli\u011fi ve D\u00fczeyi&#8221; b\u00f6l\u00fcm\u00fc, bu riski somut bir \u015fekilde g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>D\u00f6viz Kuru Duyarl\u0131l\u0131k Analizi Tablosu&#8217;na g\u00f6re, 30 Eyl\u00fcl 2025 itibar\u0131yla T\u00fcrk Liras\u0131&#8217;n\u0131n yabanc\u0131 para birimleri (dolar, euro vb.) kar\u015f\u0131s\u0131nda sadece %10 de\u011fer kaybetmesi durumunda, \u015firketin k\u00e2r-zarar tablosuna yakla\u015f\u0131k 15.7 Milyon TL&#8217;lik ek bir negatif etki yans\u0131yacak. Bu potansiyel zarar, tek ba\u015f\u0131na, \u015firketin bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydetti\u011fi toplam zarar\u0131n (yakla\u015f\u0131k 8 Milyon TL) neredeyse iki kat\u0131d\u0131r. Bu da, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n d\u00f6viz kurundaki dalgalanmalara kar\u015f\u0131 ne kadar hassas oldu\u011funu g\u00f6zler \u00f6n\u00fcne sermektedir. \u00d6zellikle T\u00fcrkiye gibi d\u00f6viz kurunun dalgal\u0131 oldu\u011fu bir ekonomide bu, y\u00f6netilmesi gereken \u00e7ok ciddi bir risktir.<\/p>\n<h3><b>5. Sadece Enerji De\u011fil: Gelece\u011fe Y\u00f6nelik \u00c7e\u015fitlendirilmi\u015f \u0130\u015f Modeli<\/b><\/h3>\n<p>\u015eimdiye kadar \u00e7izilen zorlu finansal tabloya ra\u011fmen, raporda \u015firketin gelece\u011fine dair umut vadeden bir detay da sakl\u0131. Raporun &#8220;Has\u0131lat&#8221; ile ilgili notlar\u0131, ARF Bio&#8217;nun sadece elektrik \u00fcreten bir \u015firket olmad\u0131\u011f\u0131n\u0131, \u00e7ok daha \u00e7e\u015fitli bir i\u015f modeline sahip oldu\u011funu g\u00f6steriyor.<\/p>\n<p>\u015eirketin gelirleri yaln\u0131zca elektrik sat\u0131\u015f\u0131ndan ibaret de\u011fil. Ayn\u0131 zamanda &#8220;karbon emisyon prim sertifikas\u0131 sat\u0131\u015f\u0131&#8221;, &#8220;s\u0131v\u0131 organomineral g\u00fcbre sat\u0131\u015f\u0131&#8221; ve &#8220;yenilenebilir enerji kayna\u011f\u0131ndan do\u011fan gelirler&#8221; gibi farkl\u0131 alanlardan da para kazan\u0131yor. Bu gelir \u00e7e\u015fitlili\u011fi, \u015firketin modern bir d\u00f6ng\u00fcsel ekonomi anlay\u0131\u015f\u0131yla hareket etti\u011fini ve s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131nda farkl\u0131 de\u011ferler yaratt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu durum, uzun vadede \u015firketin risklerini da\u011f\u0131tmas\u0131 ve farkl\u0131 piyasa ko\u015fullar\u0131na uyum sa\u011flamas\u0131 a\u00e7\u0131s\u0131ndan \u00f6nemli bir stratejik avantaj olabilir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>Sonu\u00e7: B\u00fcy\u00fck Riskler, B\u00fcy\u00fck Hedefler<\/b><\/h3>\n<p>ARF Bio Enerji&#8217;nin finansal raporu, yenilenebilir enerji sekt\u00f6r\u00fcn\u00fcn ikilemini \u00e7arp\u0131c\u0131 bir \u015fekilde \u00f6zetliyor. \u015eirket, bir yandan varl\u0131k ve gelirlerinde etkileyici bir b\u00fcy\u00fcme sergilerken, di\u011fer yandan y\u00fcksek bor\u00e7luluk, ezici finansman maliyetleri ve d\u00f6viz kuru riski gibi ciddi zorluklarla m\u00fccadele ediyor. Bu tablo, \u00f6zellikle biyoenerji gibi sermaye yo\u011fun sekt\u00f6rlerde b\u00fcy\u00fcmenin ne kadar me\u015fakkatli ve finansal olarak ne kadar riskli olabilece\u011finin canl\u0131 bir kan\u0131t\u0131 niteli\u011finde.<\/p>\n<p>Bu durum bizi \u015fu temel sorularla ba\u015f ba\u015fa b\u0131rak\u0131yor: Ye\u015fil bir gelecek in\u015fa etmenin bedeli, ka\u00e7\u0131n\u0131lmaz olarak bu denli y\u00fcksek finansal riskler almak m\u0131d\u0131r? Ve bu \u00f6nemli yat\u0131r\u0131mlar\u0131n finansal olarak da s\u00fcrd\u00fcr\u00fclebilir hale gelmesi i\u00e7in at\u0131lmas\u0131 gereken ad\u0131mlar nelerdir? Rakamlar, hedeflerin b\u00fcy\u00fck oldu\u011fu kadar risklerin de b\u00fcy\u00fck oldu\u011funu a\u00e7\u0131k\u00e7a g\u00f6steriyor.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">ARF Bio Yenilenebilir Enerji \u00dcretim A.\u015e. 2023-2025 D\u00f6nemi Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, ARF Bio Yenilenebilir Enerji \u00dcretim A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 30 Eyl\u00fcl 2025, 31 Aral\u0131k 2024 ve 31 Aral\u0131k 2023 tarihlerinde sona eren d\u00f6nemlere ait finansal tablolar\u0131 \u00fczerine Titanyum Ba\u011f\u0131ms\u0131z Denetim Hizmetleri A.\u015e. taraf\u0131ndan haz\u0131rlanan \u00f6zel ba\u011f\u0131ms\u0131z denet\u00e7i raporunun temel bulgular\u0131n\u0131 ve analizini sunmaktad\u0131r.<\/p>\n<p>Denetim sonucunda, \u015eirket&#8217;in finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair <b>olumlu (s\u0131n\u0131rl\u0131 olumlu\/olumsuz g\u00f6r\u00fc\u015f bildirmeme d\u0131\u015f\u0131nda) bir g\u00f6r\u00fc\u015f<\/b> bildirilmi\u015ftir. Bu, finansal tablolar\u0131n \u015eirket&#8217;in finansal durumunu ve performans\u0131n\u0131 do\u011fru bir \u015fekilde yans\u0131tt\u0131\u011f\u0131 anlam\u0131na gelmektedir.<\/p>\n<p>Denetim s\u00fcrecinde iki ana konu <b>&#8220;Kilit Denetim Konusu&#8221;<\/b> olarak \u00f6ne \u00e7\u0131km\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>Maddi ve Maddi Olmayan Duran Varl\u0131klar:<\/b> Varl\u0131klar\u0131n 1,18 milyar TL&#8217;yi a\u015fan \u00f6nemli b\u00fcy\u00fckl\u00fc\u011f\u00fc ve y\u00f6netimin amortisman ile de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc konular\u0131ndaki muhasebe tahminlerinin karma\u015f\u0131kl\u0131\u011f\u0131 nedeniyle bu alan kilit konu olarak belirlenmi\u015ftir.<\/li>\n<li><b>Has\u0131lat:<\/b> Gelirlerin karbon emisyon primi, elektrik sat\u0131\u015f\u0131 ve organomineral g\u00fcbre gibi farkl\u0131 kaynaklardan elde edilmesi, has\u0131lat\u0131n do\u011fru bir \u015fekilde muhasebele\u015ftirilmesini kritik hale getirmi\u015ftir.<\/li>\n<\/ol>\n<p>Finansal olarak, \u015eirket&#8217;in toplam varl\u0131klar\u0131 ve \u00f6zkaynaklar\u0131 incelenen d\u00f6nemler boyunca istikrarl\u0131 bir b\u00fcy\u00fcme g\u00f6stermi\u015ftir. 31 Aral\u0131k 2023&#8217;te 1,5 milyar TL olan toplam varl\u0131klar, 30 Eyl\u00fcl 2025&#8217;te 1,9 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Ancak, 2025&#8217;in ilk dokuz ay\u0131nda \u015eirket, artan finansman giderlerinin etkisiyle <b>134,2 milyon TL zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Raporda ayr\u0131ca, \u015eirket&#8217;in halka arz s\u00fcrecine ili\u015fkin olarak T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi&#8221; kurma zorunlulu\u011fu gibi \u00f6nemli yasal y\u00fck\u00fcml\u00fcl\u00fcklere de dikkat \u00e7ekilmi\u015ftir.<\/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. Denetim Kapsam\u0131 ve Sonucu<\/h2>\n<ul>\n<li><b>Denet\u00e7i Firma:<\/b> T\u0130TANYUM Ba\u011f\u0131ms\u0131z Denetim Hizmetleri A.\u015e.<\/li>\n<li><b>Sorumlu Denet\u00e7i:<\/b> G\u00f6khan T\u0130RYAK\u0130<\/li>\n<li><b>Denetlenen D\u00f6nemler:<\/b> 30 Eyl\u00fcl 2025, 31 Aral\u0131k 2024 ve 31 Aral\u0131k 2023 tarihleri itibar\u0131yla ve ayn\u0131 tarihlerde sona eren hesap d\u00f6nemlerine ait finansal tablolar.<\/li>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> Denet\u00e7i, g\u00f6r\u00fc\u015f\u00fcne g\u00f6re \u015eirket&#8217;in ili\u015fikteki finansal tablolar\u0131n\u0131n, finansal durumunu, finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS\/TMS) uyar\u0131nca t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu sonucuna varm\u0131\u015ft\u0131r. Bu, &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; olarak nitelendirilir.<\/li>\n<li><b>G\u00f6r\u00fc\u015f\u00fcn Dayana\u011f\u0131:<\/b> Denetim, Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Denetim Standartlar\u0131n\u0131n bir par\u00e7as\u0131 olan Ba\u011f\u0131ms\u0131z Denetim Standartlar\u0131&#8217;na (BDS&#8217;lere) uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr.<\/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>2. Kilit Denetim Konular\u0131<\/h2>\n<p>Denet\u00e7i, mesleki muhakemesine g\u00f6re cari d\u00f6neme ait finansal tablolar\u0131n denetiminde en \u00e7ok \u00f6nem arz eden konular\u0131 kilit denetim konusu olarak belirlemi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kilit Denetim Konusu<\/td>\n<td>Neden \u00d6nemli?<\/td>\n<td>Denet\u00e7inin Yakla\u015f\u0131m\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>Maddi ve Maddi Olmayan Duran Varl\u0131klar<\/b><\/td>\n<td>\u015eirket&#8217;in finansal tablolar\u0131nda <b>1.180.059.250 TL<\/b> tutar\u0131ndaki bu varl\u0131klar, aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturmaktad\u0131r. Amortismanlar\u0131n do\u011frusal y\u00f6ntemle hesaplanmas\u0131 ve varl\u0131klardaki de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc, \u015eirket y\u00f6netiminin \u00f6nemli muhasebe tahminleri ve varsay\u0131mlar\u0131n\u0131 i\u00e7ermektedir.<\/td>\n<td>Denetim prosed\u00fcrleri; amortisman hesaplamalar\u0131n\u0131 ve de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fc sorgulamak, de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testi etme modelini incelemek, kullan\u0131lan tahminlerin \u00f6nceki d\u00f6nemlerle tutarl\u0131l\u0131\u011f\u0131n\u0131 de\u011ferlendirmek ve finansal tablo notlar\u0131ndaki a\u00e7\u0131klamalar\u0131n yeterlili\u011fini kontrol etmek \u00fczerine tasarlanm\u0131\u015ft\u0131r.<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>\u015eirket&#8217;in gelirleri karbon emisyon prim sertifikas\u0131 sat\u0131\u015f\u0131, elektrik sat\u0131\u015f\u0131 ve s\u0131v\u0131 organomineral g\u00fcbre sat\u0131\u015f\u0131 gibi \u00e7e\u015fitli ve yenilenebilir enerji sat\u0131\u015flar\u0131ndan olu\u015fmaktad\u0131r. Has\u0131lat\u0131n finansal tablolar i\u00e7indeki tutarsal b\u00fcy\u00fckl\u00fc\u011f\u00fc ve TFRS 15&#8217;e uygun olarak muhasebele\u015ftirilmesi kritik \u00f6nemdedir.<\/td>\n<td>Denetim prosed\u00fcrleri; gelirlerin kaydedilmesine ili\u015fkin i\u00e7 kontrollerin ve s\u00fcrecin anla\u015f\u0131lmas\u0131, analitik incelemeler, detay testler, m\u00fc\u015fteri teyit mektuplar\u0131 ve dipnotlardaki a\u00e7\u0131klamalar\u0131n TFRS kapsam\u0131nda de\u011ferlendirilmesini i\u00e7ermi\u015ftir.<\/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>3. \u015eirket Profili ve Faaliyetleri<\/h2>\n<ul>\n<li><b>Ticari Unvan:<\/b> ARF B\u0130O YEN\u0130LENEB\u0130L\u0130R ENERJ\u0130 \u00dcRET\u0130M ANON\u0130M \u015e\u0130RKET\u0130<\/li>\n<li><b>Kurulu\u015f ve Merkez:<\/b> T\u00fcrkiye&#8217;de kurulmu\u015f olup, kay\u0131tl\u0131 adresi &#8220;Be\u015ftepe Mahallesi Nergiz Sokak No: 9\/36 Yenimahalle\/Ankara&#8221;d\u0131r.<\/li>\n<li><b>Faaliyet Alan\u0131:<\/b> \u015eirket, \u0130zmir&#8217;in \u00d6demi\u015f il\u00e7esinde yer alan <b>4,8 MW<\/b> g\u00fcc\u00fcndeki biyogaz tesisinde, hayvansal ve tar\u0131msal organik at\u0131klardan elektrik enerjisi \u00fcretmektedir. Faaliyetleri aras\u0131nda karbon emisyon prim sertifikas\u0131 sat\u0131\u015f\u0131 ve yenilenebilir enerji sekt\u00f6r\u00fcnde g\u00fcbre \u00fcretimi de bulunmaktad\u0131r.<\/li>\n<li><b>Lisans ve Te\u015fvikler:<\/b>\n<ul>\n<li>Enerji Piyasas\u0131 D\u00fczenleme Kurumu&#8217;ndan (EPDK) ald\u0131\u011f\u0131 \u00fcretim lisans\u0131 2067 y\u0131l\u0131na kadar ge\u00e7erlidir.<\/li>\n<li>Yenilenebilir Enerji Kaynaklar\u0131 Destekleme Mekanizmas\u0131 (YEKDEM) kapsam\u0131nda faaliyet g\u00f6stermektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Fonksiyonel Para Birimi:<\/b> \u015eirket&#8217;in fonksiyonel para birimi 1 Mart 2023 tarihinden itibaren ABD Dolar\u0131 olarak belirlenmi\u015ftir. Ancak finansal tablolar, yasal d\u00fczenlemeler gere\u011fi T\u00fcrk Liras\u0131 (TL) olarak sunulmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 (30.09.2025 \u0130tibar\u0131yla)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortaklar<\/td>\n<td>Tutar (TL)<\/td>\n<td>Oran (%)<\/td>\n<\/tr>\n<tr>\n<td>Re-Pie Portf\u00f6y Y\u00f6netimi A.\u015e. ARF Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu<\/td>\n<td>140.000.000<\/td>\n<td>95<\/td>\n<\/tr>\n<tr>\n<td>Pardus Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<td>7.377.401<\/td>\n<td>5<\/td>\n<\/tr>\n<tr>\n<td><b>Sermaye Toplam\u0131<\/b><\/td>\n<td><b>147.337.401<\/b><\/td>\n<td><b>100<\/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>4. Temel Finansal G\u00f6stergeler<\/h2>\n<p>(T\u00fcm tutarlar T\u00fcrk Liras\u0131 olarak g\u00f6sterilmi\u015ftir.)<\/p>\n<h3>Finansal Durum Tablosu (Bilan\u00e7o) \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>31.12.2023<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>622.896.752<\/td>\n<td>697.030.114<\/td>\n<td>585.087.816<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.284.251.317<\/td>\n<td>1.114.696.735<\/td>\n<td>918.479.905<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>1.907.148.069<\/b><\/td>\n<td><b>1.811.726.849<\/b><\/td>\n<td><b>1.503.567.721<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>273.761.789<\/td>\n<td>201.990.763<\/td>\n<td>131.401.553<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>355.338.642<\/td>\n<td>402.150.721<\/td>\n<td>384.027.589<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>629.100.431<\/b><\/td>\n<td><b>604.141.484<\/b><\/td>\n<td><b>515.429.143<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>1.278.047.638<\/b><\/td>\n<td><b>1.207.585.365<\/b><\/td>\n<td><b>988.138.579<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>1.907.148.069<\/b><\/td>\n<td><b>1.811.726.849<\/b><\/td>\n<td><b>1.503.567.721<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Kar veya Zarar Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>152.463.700<\/td>\n<td>70.240.517<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar \/ (Zarar)<\/td>\n<td>(1.885.466)<\/td>\n<td>(7.573.704)<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/td>\n<td>(48.482.392)<\/td>\n<td>(40.283.384)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(110.927.635)<\/td>\n<td>(37.167.251)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(134.183.260)<\/b><\/td>\n<td><b>(7.988.345)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Nakit Ak\u0131\u015f Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131<\/td>\n<td>71.920.299<\/td>\n<td>(75.462.325)<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015f\u0131<\/td>\n<td>(4.326.375)<\/td>\n<td>(4.366.762)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Nakit Ak\u0131\u015f\u0131<\/td>\n<td>(62.565.157)<\/td>\n<td>63.620.722<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f \/ (Azal\u0131\u015f)<\/b><\/td>\n<td><b>5.028.767<\/b><\/td>\n<td><b>(16.208.365)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>6.492.259<\/b><\/td>\n<td><b>3.452.908<\/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>5. Risk Y\u00f6netimi ve Di\u011fer \u00d6nemli Hususlar<\/h2>\n<h3>Sermaye Riski Y\u00f6netimi<\/h3>\n<p>\u015eirket, sermaye y\u00f6netiminde bor\u00e7 ve \u00f6zkaynak dengesini verimli bir \u015fekilde kullanarak karl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rmay\u0131 hedeflemektedir. Bu ama\u00e7la net bor\u00e7\/toplam sermaye oran\u0131n\u0131 takip etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>31.12.2023<\/td>\n<\/tr>\n<tr>\n<td>Net Bor\u00e7 \/ Toplam \u00d6z Sermaye Oran\u0131<\/td>\n<td>0,3276<\/td>\n<td>0,3329<\/td>\n<td>0,3341<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Yabanc\u0131 Para Pozisyonu ve Kur Riski<\/h3>\n<p>\u015eirket, d\u00f6viz cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerinin TL&#8217;ye \u00e7evriminde kullan\u0131lan kur oranlar\u0131n\u0131n de\u011fi\u015fimi nedeniyle kur riskine maruzdur. 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla, T\u00fcrk Liras\u0131&#8217;n\u0131n ABD Dolar\u0131 ve Euro kar\u015f\u0131s\u0131nda %10 de\u011fer kaybetmesi durumunda, \u015eirket&#8217;in vergi \u00f6ncesi kar\/zarar\u0131n\u0131n <b>15.736.783 TL<\/b> azalaca\u011f\u0131 hesaplanm\u0131\u015ft\u0131r. Bu, \u015firketin kur dalgalanmalar\u0131na kar\u015f\u0131 hassasiyetini g\u00f6stermektedir.<\/p>\n<h3>Mevzuattan Kaynaklanan Di\u011fer Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<p>Denet\u00e7i raporu, \u015eirket&#8217;in gelecekteki y\u00fck\u00fcml\u00fcl\u00fcklerine dikkat \u00e7eken \u00f6nemli hususlar i\u00e7ermektedir:<\/p>\n<ul>\n<li><b>\u00d6nceki Denetim:<\/b> \u015eirket&#8217;in ge\u00e7mi\u015f d\u00f6nemlere ait finansal tablolar\u0131n\u0131n denetimi ba\u015fka bir ba\u011f\u0131ms\u0131z denetim firmas\u0131 taraf\u0131ndan yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Halka Arza \u0130li\u015fkin Y\u00fck\u00fcml\u00fcl\u00fck:<\/b> T\u00fcrk Ticaret Kanunu&#8217;nun (TTK) 402&#8217;nci maddesi uyar\u0131nca, &#8220;paylar\u0131n\u0131n ilk defa halka arz edilmesi ve\/veya borsada i\u015flem g\u00f6rmeye ba\u015flamas\u0131 i\u00e7in Kurula ba\u015fvuran \/ ba\u015fvurulan ortakl\u0131klar, paylar\u0131n\u0131n borsada i\u015flem g\u00f6rmeye ba\u015flamas\u0131n\u0131 takiben yap\u0131lacak ilk genel kurul tarihi itibariyle gerekli uyumu sa\u011flamak zorundad\u0131r.&#8221; Bu kapsamda Y\u00f6netim Kurulu&#8217;nun, halka arz sonras\u0131 ilk genel kurula kadar <b>Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi&#8217;ni<\/b> kurmas\u0131 gerekmektedir. Ba\u011f\u0131ms\u0131z denet\u00e7i, bu hususun \u00f6nemini vurgulam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"627\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu kaynak, **ARF B\u0130O YEN\u0130LENEB\u0130L\u0130R ENERJ\u0130 \u00dcRET\u0130M ANON\u0130M \u015e\u0130RKET\u0130**&#8217;ne ait, **30 Eyl\u00fcl 2025, 31 Aral\u0131k 2024 ve 31 Aral\u0131k 2023 tarihlerini kapsayan** d\u00f6nemlere ili\u015fkin **\u00d6zel Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu**&#8217;ndan olu\u015fmaktad\u0131r. Rapor, **T\u0130TANYUM Ba\u011f\u0131ms\u0131z Denetim Hizmetleri A.\u015e.** taraf\u0131ndan haz\u0131rlanm\u0131\u015ft\u0131r ve \u015firketin **finansal tablolar\u0131n\u0131** ve bu tablolara ili\u015fkin ayr\u0131nt\u0131l\u0131 notlar\u0131 i\u00e7ermektedir. Belge, \u015firketin **bilan\u00e7o, kar veya zarar ve di\u011fer kapsaml\u0131 gelir tablolar\u0131** gibi temel finansal verilerini, ayr\u0131ca **maddi ve maddi olmayan duran varl\u0131klar** gibi \u00f6nemli denetim konular\u0131n\u0131 ele almaktad\u0131r. Finansal risk y\u00f6netimi ve **ili\u015fkili taraf a\u00e7\u0131klamalar\u0131** da dahil olmak \u00fczere, \u015firketin mali durumunun detayl\u0131 bir **incelemesini ve de\u011ferlendirmesini** sunmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":633,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[141],"class_list":["post-627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-arfye"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/627","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=627"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/627\/revisions"}],"predecessor-version":[{"id":634,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/627\/revisions\/634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/633"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}