{"id":631,"date":"2025-12-27T15:17:51","date_gmt":"2025-12-27T12:17:51","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=631"},"modified":"2025-12-27T15:41:30","modified_gmt":"2025-12-27T12:41:30","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-dgnmo-doganlar-mobilya-grubu-imalat-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/631","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DGNMO | Do\u011fanlar Mobilya Grubu \u0130malat 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DGNMO | Do\u011fanlar Mobilya Grubu \u0130malat 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/xr7My7yT2F8?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>Milyar Liral\u0131k Zarar, Yeni CEO ve G\u00fcne\u015f Enerjisi: Do\u011fanlar Mobilya&#8217;n\u0131n Raporundan 5 \u00c7arp\u0131c\u0131 \u00c7\u0131kar\u0131m<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Kurumsal finansal raporlar, genellikle rakamlar ve tablolarla dolu, anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen bu rakamlar\u0131n ard\u0131nda, bir \u015firketin gelece\u011fini \u015fekillendiren \u00f6nemli bir hikaye yatar. Do\u011fta\u015f ve Kelebek gibi T\u00fcrkiye&#8217;nin en bilinen markalar\u0131n\u0131 b\u00fcnyesinde bar\u0131nd\u0131ran Do\u011fanlar Mobilya Grubu&#8217;nun (DGNMO) son ara d\u00f6nem faaliyet raporu, tam da b\u00f6yle bir hikaye anlat\u0131yor: B\u00fcy\u00fck zorluklarla cesur stratejik hamlelerin i\u00e7 i\u00e7e ge\u00e7ti\u011fi bir d\u00f6n\u00fc\u015f\u00fcm \u00f6yk\u00fcs\u00fc. \u0130\u015fte o rapordan \u00f6ne \u00e7\u0131kan 5 \u00e7arp\u0131c\u0131 \u00e7\u0131kar\u0131m.<\/p>\n<h3>1. K\u00e2rdan Zarara: 2 Milyar Liral\u0131k \u015eok D\u00fc\u015f\u00fc\u015f<\/h3>\n<p>Raporun man\u015fet rakam\u0131 bir gerilemeden ziyade, adeta finansal bir u\u00e7urumu g\u00f6zler \u00f6n\u00fcne seriyor. \u00d6zet konsolide k\u00e2r-zarar tablosuna g\u00f6re, \u015firket 2024&#8217;\u00fcn ilk dokuz ay\u0131nda <b>257.872.494 TL net k\u00e2r<\/b> (ana ortakl\u0131k pay\u0131) elde ederken, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>1.779.318.805 TL net zarara<\/b> u\u011frad\u0131. Bu 2 milyar TL&#8217;yi a\u015fan negatif de\u011fi\u015fim, \u015firketin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 mali bask\u0131n\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc net bir \u015fekilde ortaya koyuyor. Has\u0131latta hafif bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015f olsa da, bu devasa zarar\u0131n arkas\u0131ndaki ana etkenler, artan sat\u0131\u015f maliyetleri ve 1,6 milyar TL&#8217;den 2,24 milyar TL&#8217;ye f\u0131rlayan finansman giderleri oldu.<\/p>\n<h3>2. Likidite Alarm\u0131: K\u0131sa Vadeli Bor\u00e7lar Varl\u0131klar\u0131 \u0130kiye Katlad\u0131<\/h3>\n<p>Raporun &#8220;\u0130\u015fletmenin s\u00fcreklili\u011fi&#8221; b\u00f6l\u00fcm\u00fc, \u015firketin likidite pozisyonuna dair kritik bir uyar\u0131 i\u00e7eriyor. 30 Eyl\u00fcl 2025 itibar\u0131yla, grubun k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri (<b>8,46 milyar TL<\/b>) d\u00f6nen varl\u0131klar\u0131n\u0131n (<b>3,62 milyar TL<\/b>) iki kat\u0131n\u0131 a\u015fm\u0131\u015f durumda. Bu durum, \u015firketin bir y\u0131l i\u00e7inde \u00f6demesi gereken bor\u00e7lar\u0131n\u0131n, bu bor\u00e7lar\u0131 kar\u015f\u0131lamak i\u00e7in kullanabilece\u011fi kolayca nakde \u00e7evrilebilir varl\u0131klar\u0131ndan \u00e7ok daha fazla oldu\u011fu anlam\u0131na geliyor. Bu dengesizlik, \u015firketin tedarik\u00e7i \u00f6demelerinden personel maa\u015flar\u0131na kadar acil y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kabiliyeti hakk\u0131nda ciddi endi\u015feler do\u011furan akut bir likidite krizine i\u015faret ediyor.<\/p>\n<h3>3. Kriz An\u0131nda Lider De\u011fi\u015fimi: D\u00fcmeni Yeni Bir CEO Devrald\u0131<\/h3>\n<p>Finansal zorluklar\u0131n ortas\u0131nda, A\u011fustos 2025&#8217;te kritik bir liderlik de\u011fi\u015fimi ya\u015fand\u0131. \u0130smail Do\u011fan CEO&#8217;luk g\u00f6revinden ayr\u0131l\u0131rken, yerine teknoloji ve e-ticaret d\u00fcnyas\u0131n\u0131n deneyimli ismi <b>Mutlu Erturan<\/b> getirildi. Faaliyet raporunda belirtildi\u011fi \u00fczere, ODT\u00dc ve Nottingham \u00dcniversitesi mezunu olan Erturan&#8217;\u0131n kariyerinde Hepsiburada ve IBM gibi \u015firketlerde \u00fcst d\u00fczey y\u00f6neticilik deneyimleri bulunuyor. Finansal bir krizin ortas\u0131nda e-ticaret ve teknoloji ge\u00e7mi\u015fi g\u00fc\u00e7l\u00fc bir lideri g\u00f6reve getirmek, y\u00f6netim kurulunun \u015firketi mevcut darbo\u011fazdan \u00e7\u0131karmak i\u00e7in radikal bir dijital d\u00f6n\u00fc\u015f\u00fcme oynad\u0131\u011f\u0131n\u0131n net bir i\u015faretidir.<\/p>\n<h3>4. K\u0131rm\u0131z\u0131 Rakamlara Ra\u011fmen Ye\u015fil Yat\u0131r\u0131m: S\u00fcrd\u00fcr\u00fclebilirlik Paradoksu<\/h3>\n<p>\u015eirketin devasa zararla m\u00fccadele ederken bir yandan da s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131nda \u00f6nemli yat\u0131r\u0131mlar yapmas\u0131 dikkat \u00e7ekici bir paradoks yarat\u0131yor. Faaliyet raporuna g\u00f6re \u015firket, Biga ve D\u00fczce&#8217;deki \u00fcretim tesislerinin \u00e7at\u0131lar\u0131na <b>G\u00fcne\u015f Enerjisi Santrali (GES)<\/b> kurarak ye\u015fil enerjiye yat\u0131r\u0131m yapt\u0131. Bu hamlenin somut bir sonucu olarak, \u015firket 1 Ekim 2025 itibar\u0131yla <b>B\u0130ST S\u00fcrd\u00fcr\u00fclebilirlik ve B\u0130ST Kat\u0131l\u0131m S\u00fcrd\u00fcr\u00fclebilirlik endekslerine<\/b> dahil olmaya hak kazand\u0131. Bu strateji, k\u0131sa vadeli finansal bask\u0131lara ra\u011fmen uzun vadede hem enerji maliyetlerini d\u00fc\u015f\u00fcrme hem de marka itibar\u0131n\u0131 g\u00fc\u00e7lendirme potansiyeli ta\u015f\u0131yan ileri g\u00f6r\u00fc\u015fl\u00fc bir ad\u0131m olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<h3>5. K\u00fcresel Hayaller, Finansal Ger\u00e7ekler<\/h3>\n<p>Do\u011fanlar Mobilya Grubu, <b>Senegal<\/b>&#8216;de faal bir fabrika ve <b>ABD ile \u0130ngiltere<\/b>&#8216;de i\u015ftirakler kurarak k\u00fcresel bir oyuncu olma vizyonunu s\u00fcrd\u00fcr\u00fcyor. Ancak bu geni\u015fleme stratejisi, sat\u0131\u015f a\u011f\u0131 verileriyle birlikte okundu\u011funda daha derin bir anlam kazan\u0131yor. Toplam sat\u0131\u015f noktas\u0131 say\u0131s\u0131 2024 sonundaki 795&#8217;ten 2025 Eyl\u00fcl sonu itibar\u0131yla <b>775<\/b>&#8216;e gerilemi\u015f olsa da, as\u0131l hikaye bu rakam\u0131n k\u0131r\u0131l\u0131m\u0131nda gizli. Rapora g\u00f6re, y\u00fcksek operasyonel maliyete sahip \u015firket m\u00fclkiyetindeki yurt i\u00e7i ma\u011faza (&#8220;Yurt \u0130\u00e7i Perakende&#8221;) say\u0131s\u0131 79&#8217;dan 73&#8217;e d\u00fc\u015ferken, daha az sermaye gerektiren yurt i\u00e7i franchise a\u011f\u0131 sadece 606&#8217;dan 591&#8217;e gerilemi\u015f, yurt d\u0131\u015f\u0131 franchise noktalar\u0131 ise 103&#8217;ten 105&#8217;e <i>y\u00fckselmi\u015ftir<\/i>. Bu durum, basit bir daralmadan \u00e7ok, ikinci b\u00f6l\u00fcmde belirtilen likidite krizine bir yan\u0131t olarak do\u011frudan kontrol\u00fc nakit koruma lehine feda eden, sermaye-yo\u011fun perakendeden franchise modeline do\u011fru stratejik bir kaymaya i\u015faret etmektedir.<\/p>\n<h3>Sonu\u00e7: Kriz mi, F\u0131rsat m\u0131?<\/h3>\n<p>Do\u011fanlar Mobilya Grubu&#8217;nun son raporu, derin bir finansal s\u0131k\u0131nt\u0131n\u0131n ortas\u0131nda at\u0131lan cesur ad\u0131mlar\u0131 belgeliyor. B\u00fcy\u00fck bir zarar ve likidite bask\u0131s\u0131; yeni bir CEO liderli\u011finde teknolojiye, s\u00fcrd\u00fcr\u00fclebilirli\u011fe yap\u0131lan yat\u0131r\u0131mlar ve finansal ger\u00e7eklerin zorlad\u0131\u011f\u0131 ak\u0131ll\u0131ca bir perakende stratejisi de\u011fi\u015fimiyle birle\u015fiyor. Bu tablo, \u015firketin bir yol ayr\u0131m\u0131nda oldu\u011funu g\u00f6steriyor.<\/p>\n<p>Peki, bu k\u00f6kl\u00fc mobilya devi i\u00e7in yolun sonu ne olacak? Yeni CEO&#8217;nun teknoloji odakl\u0131 vizyonu ve s\u00fcrd\u00fcr\u00fclebilirlik yat\u0131r\u0131mlar\u0131, \u015firketi bu finansal girdaptan \u00e7\u0131kar\u0131p yeniden k\u00e2rl\u0131l\u0131\u011fa ta\u015f\u0131yabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Brifing Dok\u00fcman\u0131: Do\u011fanlar Mobilya Grubu 30.09.2025 Finansal ve Operasyonel Analizi<\/span><\/h1>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Do\u011fanlar Mobilya Grubu \u0130malat Sanayi ve Ticaret A.\u015e.&#8217;nin (Grup) 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel faaliyetlerini kapsaml\u0131 bir \u015fekilde analiz etmektedir. Rapor, \u015firketin finansal performans\u0131, bilan\u00e7osundaki \u00f6nemli de\u011fi\u015fimler, stratejik giri\u015fimleri ve kar\u015f\u0131la\u015ft\u0131\u011f\u0131 temel riskleri \u00f6zetlemektedir.<\/p>\n<p><b>Temel Finansal Sonu\u00e7lar:<\/b><\/p>\n<ul>\n<li><b>Net Zarar:<\/b> Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda <b>1.779.318.805 TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu sonu\u00e7, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 257.872.494 TL&#8217;lik net k\u00e2r ile keskin bir tezat olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Konsolide has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %13 azalarak 10,88 milyar TL&#8217;den <b>9,45 milyar TL&#8217;ye<\/b> gerilemi\u015ftir.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k Bask\u0131s\u0131:<\/b> Artan sat\u0131\u015f maliyetleri ve finansman giderleri, br\u00fct k\u00e2r\u0131n 3,82 milyar TL&#8217;den 2,12 milyar TL&#8217;ye d\u00fc\u015fmesine ve esas faaliyet k\u00e2r\u0131n\u0131n 737 milyon TL k\u00e2rdan <b>831 milyon TL zarara<\/b> d\u00f6nmesine neden olmu\u015ftur.<\/li>\n<li><b>Bilan\u00e7o Zay\u0131flamas\u0131:<\/b> D\u00f6nem zarar\u0131 nedeniyle toplam \u00f6zkaynaklar 4 milyar TL&#8217;den <b>2,29 milyar TL&#8217;ye<\/b> gerilemi\u015ftir. Toplam varl\u0131klar ise 12,33 milyar TL&#8217;den 11,59 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<p><b>Operasyonel ve Stratejik Geli\u015fmeler:<\/b><\/p>\n<ul>\n<li><b>Y\u00f6netim De\u011fi\u015fikli\u011fi:<\/b> 15 A\u011fustos 2025 itibar\u0131yla \u0130smail Do\u011fan, CEO&#8217;luk g\u00f6revini <b>Mutlu Erturan<\/b>&#8216;a devretmi\u015ftir. Y\u00f6netim Kurulu Ba\u015fkan\u0131 olarak ise \u0130smail Do\u011fan atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Ad\u0131mlar\u0131:<\/b> \u015eirket, 1 Ekim 2025 itibar\u0131yla <b>B\u0130ST S\u00fcrd\u00fcr\u00fclebilirlik<\/b> ve <b>B\u0130ST Kat\u0131l\u0131m S\u00fcrd\u00fcr\u00fclebilirlik<\/b> endekslerine dahil olmaya hak kazanm\u0131\u015ft\u0131r. Biga&#8217;daki G\u00fcne\u015f Enerjisi Santrali (GES) yat\u0131r\u0131m\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131 tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sat\u0131\u015f A\u011f\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla, 664&#8217;\u00fc yurt i\u00e7inde ve 111&#8217;i yurt d\u0131\u015f\u0131nda olmak \u00fczere toplam <b>775 aktif sat\u0131\u015f noktas\u0131<\/b> bulunmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131mlar ve Ar-Ge:<\/b> Y\u0131l\u0131n ilk dokuz ay\u0131nda <b>346,5 milyon TL<\/b> yat\u0131r\u0131m harcamas\u0131 ve <b>103,6 milyon TL<\/b> Ar-Ge yat\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<p><b>Temel Riskler:<\/b><\/p>\n<ul>\n<li><b>Likidite Riski:<\/b> Grubun k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri (8,46 milyar TL), d\u00f6nen varl\u0131klar\u0131n\u0131 (3,62 milyar TL) <b>4,87 milyar TL<\/b> a\u015fmaktad\u0131r. Y\u00f6netim, bu durumu mevcut banka limitleri ve ana ortak Do\u011fanlar Yat\u0131r\u0131m Holding A.\u015e.&#8217;nin potansiyel sermaye deste\u011fi ile y\u00f6netilebilir olarak de\u011ferlendirmektedir.<\/li>\n<li><b>Sermaye ve Bor\u00e7luluk:<\/b> Net bor\u00e7\/toplam sermaye oran\u0131, 31 Aral\u0131k 2024&#8217;teki %67 seviyesinden 30 Eyl\u00fcl 2025&#8217;te <b>%80&#8217;e<\/b> y\u00fckselerek artan bor\u00e7lulu\u011fa i\u015faret etmektedir.<\/li>\n<li><b>Kur Riski:<\/b> Grubun <b>2,02 milyar TL<\/b> net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmaktad\u0131r. D\u00f6viz kurlar\u0131ndaki %10&#8217;luk bir art\u0131\u015f\u0131n vergi \u00f6ncesi k\u00e2r \u00fczerinde yakla\u015f\u0131k <b>202,5 milyon TL<\/b> olumsuz etki yarataca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/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. Detayl\u0131 Finansal Analiz<\/h2>\n<p>Grubun finansal tablolar\u0131, T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) ve TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<h3>2.1. K\u00e2r veya Zarar Tablosu<\/h3>\n<p>Grubun 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda \u00f6nemli \u00f6l\u00e7\u00fcde zay\u0131flam\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kar veya Zarar Kalemleri (TL)<\/td>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>9.450.885.196<\/td>\n<td>10.876.328.426<\/td>\n<td>-13,1%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(7.334.670.131)<\/td>\n<td>(7.052.201.095)<\/td>\n<td>+4,0%<\/td>\n<\/tr>\n<tr>\n<td><b>BR\u00dcT K\u00c2R<\/b><\/td>\n<td><b>2.116.215.065<\/b><\/td>\n<td><b>3.824.127.331<\/b><\/td>\n<td><b>-44,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri (-)<\/td>\n<td>(2.522.163.614)<\/td>\n<td>(2.858.020.964)<\/td>\n<td>-11,7%<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(556.472.578)<\/td>\n<td>(548.774.734)<\/td>\n<td>+1,4%<\/td>\n<\/tr>\n<tr>\n<td><b>ESAS FAAL\u0130YET K\u00c2RI\/ZARARI<\/b><\/td>\n<td><b>(831.391.224)<\/b><\/td>\n<td><b>736.724.416<\/b><\/td>\n<td><b>-213,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(2.244.674.359)<\/td>\n<td>(1.603.828.433)<\/td>\n<td>+40,0%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri<\/td>\n<td>103.090.444<\/td>\n<td>120.180.845<\/td>\n<td>-14,2%<\/td>\n<\/tr>\n<tr>\n<td>Parasal Kazan\u00e7 \/ Kay\u0131p<\/td>\n<td>1.053.605.001<\/td>\n<td>827.680.463<\/td>\n<td>+27,3%<\/td>\n<\/tr>\n<tr>\n<td><b>VERG\u0130 \u00d6NCES\u0130 ZARAR<\/b><\/td>\n<td><b>(1.924.473.076)<\/b><\/td>\n<td><b>95.674.559 (K\u00e2r)<\/b><\/td>\n<td><b>-2111,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>NET D\u00d6NEM ZARARI (Ana Ortakl\u0131k)<\/b><\/td>\n<td><b>(1.779.318.805)<\/b><\/td>\n<td><b>257.872.494 (K\u00e2r)<\/b><\/td>\n<td><b>-790,0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat ve Br\u00fct K\u00e2rl\u0131l\u0131k:<\/b> Has\u0131latta ya\u015fanan %13&#8217;l\u00fck d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131n sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015f, br\u00fct k\u00e2r marj\u0131n\u0131 ciddi \u015fekilde bask\u0131lam\u0131\u015f ve br\u00fct k\u00e2r\u0131n %44,7 oran\u0131nda azalmas\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Faaliyet Zarar\u0131:<\/b> Pazarlama giderlerindeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen, br\u00fct k\u00e2rdaki erime \u015firketin 737 milyon TL&#8217;lik esas faaliyet k\u00e2r\u0131ndan 831 milyon TL&#8217;lik zarara ge\u00e7mesine neden olmu\u015ftur.<\/li>\n<li><b>Finansman Giderleri:<\/b> Finansman giderlerindeki %40&#8217;l\u0131k art\u0131\u015f, d\u00f6nem zarar\u0131n\u0131 derinle\u015ftiren en \u00f6nemli fakt\u00f6rlerden biri olmu\u015ftur. Artan bor\u00e7luluk ve faiz oranlar\u0131 bu kalemi olumsuz etkilemi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Finansal Durum Tablosu<\/h3>\n<p>Grubun bilan\u00e7osu, 31 Aral\u0131k 2024&#8217;e k\u0131yasla varl\u0131k ve \u00f6zkaynaklarda d\u00fc\u015f\u00fc\u015f, k\u0131sa vadeli bor\u00e7lanmalarda ise belirgin bir art\u0131\u015f g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemleri (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>3.620.073.358<\/td>\n<td>3.845.059.487<\/td>\n<td>-5,9%<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td><i>98.658.645<\/i><\/td>\n<td><i>226.207.015<\/i><\/td>\n<td><i>-56,4%<\/i><\/td>\n<\/tr>\n<tr>\n<td><i>Stoklar<\/i><\/td>\n<td><i>1.984.522.655<\/i><\/td>\n<td><i>2.263.623.719<\/i><\/td>\n<td><i>-12,3%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>7.965.761.914<\/td>\n<td>8.487.097.242<\/td>\n<td>-6,1%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>11.585.835.272<\/b><\/td>\n<td><b>12.332.156.729<\/b><\/td>\n<td><b>-6,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>8.458.805.583<\/td>\n<td>6.967.649.387<\/td>\n<td>+21,4%<\/td>\n<\/tr>\n<tr>\n<td><i>K\u0131sa Vadeli Bor\u00e7lanmalar<\/i><\/td>\n<td><i>3.425.639.975<\/i><\/td>\n<td><i>1.650.464.342<\/i><\/td>\n<td><i>+107,6%<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>837.557.930<\/td>\n<td>1.357.613.008<\/td>\n<td>-38,3%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>9.296.363.513<\/b><\/td>\n<td><b>8.325.262.395<\/b><\/td>\n<td><b>+11,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM \u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>2.289.471.759<\/b><\/td>\n<td><b>4.006.894.334<\/b><\/td>\n<td><b>-42,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>11.585.835.272<\/b><\/td>\n<td><b>12.332.156.729<\/b><\/td>\n<td><b>-6,1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Nakit pozisyonu ve stoklardaki azalma dikkat \u00e7ekicidir. En b\u00fcy\u00fck varl\u0131k kalemi, 6,56 milyar TL ile maddi duran varl\u0131klard\u0131r.<\/li>\n<li><b>Bor\u00e7 Yap\u0131s\u0131:<\/b> K\u0131sa vadeli banka kredileri %107,6 oran\u0131nda artarak 3,43 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu durum, \u015firketin finansman yap\u0131s\u0131nda k\u0131sa vadeli bor\u00e7lar\u0131n a\u011f\u0131rl\u0131\u011f\u0131n\u0131n artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>\u00d6zkaynak Erimesi:<\/b> Y\u00fcksek d\u00f6nem zarar\u0131, \u00f6zkaynaklarda %42,9&#8217;luk bir d\u00fc\u015f\u00fc\u015fe neden olmu\u015ftur.<\/li>\n<\/ul>\n<h3>2.3. Nakit Ak\u0131\u015flar\u0131<\/h3>\n<p>D\u00f6nem i\u00e7inde i\u015fletme faaliyetlerinden pozitif nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015f olsa da, y\u00fcksek faiz \u00f6demeleri ve yat\u0131r\u0131m harcamalar\u0131 nedeniyle toplam nakit pozisyonunda azalma ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 945,3 milyon TL (\u00d6nceki d\u00f6nem: 128,9 milyon TL). Bu art\u0131\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde amortisman, faiz giderleri gibi nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen gider d\u00fczeltmelerinden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> (256,5 milyon TL) net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu tutar, b\u00fcy\u00fck oranda maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> (815,2 milyon TL) net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. 922,7 milyon TL bor\u00e7lanma giri\u015fine ra\u011fmen, 1,67 milyar TL&#8217;lik faiz \u00f6demesi bu kalemde negatif bir sonuca yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Nakit De\u011fi\u015fimi:<\/b> D\u00f6nem ba\u015f\u0131nda 226,2 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda <b>92,1 milyon TL&#8217;ye<\/b> gerilemi\u015ftir (nakit ak\u0131\u015f tablosuna g\u00f6re).<\/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>3. Operasyonel ve Stratejik Geli\u015fmeler<\/h2>\n<h3>3.1. \u015eirket Yap\u0131s\u0131 ve Markalar<\/h3>\n<ul>\n<li><b>Tarih\u00e7e:<\/b> 1972&#8217;de Hac\u0131 Ali Do\u011fan taraf\u0131ndan kurulan \u015firketin markala\u015fma s\u00fcreci 1987&#8217;de Do\u011fta\u015f ile ba\u015flam\u0131\u015ft\u0131r. 2012&#8217;de Kelebek Mobilya&#8217;n\u0131n sat\u0131n al\u0131nmas\u0131yla b\u00fcy\u00fcyen grup, 2021&#8217;de &#8220;Do\u011fanlar Mobilya Grubu&#8221; ad\u0131n\u0131 alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Marka Portf\u00f6y\u00fc:<\/b> Grup, <b>Do\u011fta\u015f, Kelebek, Lova Yatak, Kelebek Mutfak-Banyo, Ruum Store<\/b> ve <b>Biga Home<\/b> markalar\u0131yla faaliyet g\u00f6stermektedir.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket hisseleri, 1990 y\u0131l\u0131ndan beri Borsa \u0130stanbul&#8217;da <b>DGNMO<\/b> koduyla i\u015flem g\u00f6rmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla halka a\u00e7\u0131kl\u0131k oran\u0131 %49,44&#8217;t\u00fcr.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> Ana ortak <b>Do\u011fanlar Yat\u0131r\u0131m Holding A.\u015e.<\/b>, d\u00f6nem i\u00e7inde yapt\u0131\u011f\u0131 al\u0131mlarla pay\u0131n\u0131 ge\u00e7ici olarak %50,56&#8217;ya \u00e7\u0131karm\u0131\u015f, ancak SPK&#8217;n\u0131n pay al\u0131m teklifi muafiyeti karar\u0131 uyar\u0131nca 20 Ekim 2025&#8217;te yapt\u0131\u011f\u0131 sat\u0131\u015fla pay\u0131n\u0131 %49,91&#8217;e d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>3.2. \u00dcretim ve Yat\u0131r\u0131mlar<\/h3>\n<p>Grup, T\u00fcrkiye ve Senegal&#8217;deki \u00fc\u00e7 b\u00fcy\u00fck tesiste \u00fcretim yapmaktad\u0131r:<\/p>\n<ul>\n<li><b>Biga Tesisi (\u00c7anakkale):<\/b> 247.075 m\u00b2 toplam alanda panel, d\u00f6\u015feme ve yatak \u00fcretimi.<\/li>\n<li><b>D\u00fczce Tesisi:<\/b> 159.500 m\u00b2 toplam alanda panel ve d\u00f6\u015feme \u00fcretimi.<\/li>\n<li><b>Senegal Tesisi (Dakar):<\/b> 52.800 m\u00b2 toplam alanda panel, d\u00f6\u015feme ve yatak \u00fcretimi (2023&#8217;te faaliyete ge\u00e7ti).<\/li>\n<\/ul>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda toplam <b>346.531.358 TL<\/b> yat\u0131r\u0131m harcamas\u0131 yap\u0131lm\u0131\u015ft\u0131r. Bu yat\u0131r\u0131m\u0131n ana kalemleri Arsa, Bina ve Makine (134,1 milyon TL) ile \u00d6zel Maliyetlerdir (124,6 milyon TL).<\/p>\n<h3>3.3. Sat\u0131\u015f A\u011f\u0131<\/h3>\n<p>Grubun 30 Eyl\u00fcl 2025 itibar\u0131yla toplam 775 sat\u0131\u015f noktas\u0131 bulunmaktad\u0131r. Bu say\u0131, 31 Aral\u0131k 2024&#8217;teki 795 noktaya g\u00f6re bir d\u00fc\u015f\u00fc\u015f\u00fc ifade etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kanal T\u00fcr\u00fc<\/td>\n<td>31.12.2024<\/td>\n<td>30.09.2025<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Yurt \u0130\u00e7i Toplam<\/b><\/td>\n<td><b>685<\/b><\/td>\n<td><b>664<\/b><\/td>\n<td><b>-21<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Yurt \u0130\u00e7i Perakende<\/i><\/td>\n<td>79<\/td>\n<td>73<\/td>\n<td>-6<\/td>\n<\/tr>\n<tr>\n<td><i>Yurt \u0130\u00e7i Franchise<\/i><\/td>\n<td>606<\/td>\n<td>591<\/td>\n<td>-15<\/td>\n<\/tr>\n<tr>\n<td><b>Yurt D\u0131\u015f\u0131 Toplam<\/b><\/td>\n<td><b>110<\/b><\/td>\n<td><b>111<\/b><\/td>\n<td><b>+1<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Yurt D\u0131\u015f\u0131 Perakende<\/i><\/td>\n<td>7<\/td>\n<td>6<\/td>\n<td>-1<\/td>\n<\/tr>\n<tr>\n<td><i>Yurt D\u0131\u015f\u0131 Franchise<\/i><\/td>\n<td>103<\/td>\n<td>105<\/td>\n<td>+2<\/td>\n<\/tr>\n<tr>\n<td><b>GENEL TOPLAM<\/b><\/td>\n<td><b>795<\/b><\/td>\n<td><b>775<\/b><\/td>\n<td><b>-20<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.4. Ar-Ge ve \u0130novasyon<\/h3>\n<ul>\n<li><b>Tasar\u0131m Merkezleri:<\/b> Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131 onayl\u0131 \u00fc\u00e7 tasar\u0131m merkezi (\u0130stanbul, D\u00fczce, \u00c7anakkale) bulunmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m ve Personel:<\/b> D\u00f6nem i\u00e7inde <b>103.625.318 TL<\/b> Ar-Ge harcamas\u0131 yap\u0131lm\u0131\u015ft\u0131r. Bu merkezlerde 55&#8217;i tasar\u0131mc\u0131 olmak \u00fczere 70 personel g\u00f6rev yapmaktad\u0131r.<\/li>\n<li><b>Odak Alanlar\u0131:<\/b> \u00c7al\u0131\u015fmalar s\u00fcrd\u00fcr\u00fclebilirlik (geri d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015f kuma\u015flar, bio-bazl\u0131 sunta), fonksiyonellik (motorlu mekanizmalar, gizli sehpalar) ve hibrit teknolojiler \u00fczerine yo\u011funla\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<h3>3.5. \u00d6nemli Kurumsal Geli\u015fmeler<\/h3>\n<ul>\n<li><b>CEO Atamas\u0131:<\/b> ODT\u00dc Ekonomi mezunu olan ve daha \u00f6nce Yap\u0131 Kredi, IBM ve Hepsiburada gibi \u015firketlerde \u00fcst d\u00fczey g\u00f6revler alan <b>Mutlu Erturan<\/b>, 15 A\u011fustos 2025&#8217;te yeni CEO olarak atanm\u0131\u015ft\u0131r.<\/li>\n<li><b>GES Yat\u0131r\u0131m\u0131:<\/b> Biga&#8217;daki GES projesinin 2.992 kWp g\u00fcc\u00fcndeki k\u0131sm\u0131 devreye al\u0131nm\u0131\u015ft\u0131r. Biga ve D\u00fczce&#8217;deki \u00c7at\u0131 GES yat\u0131r\u0131mlar\u0131 i\u00e7in al\u0131nan te\u015fvik belgelerinin tamamlama vizeleri Nisan 2025&#8217;te onaylanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kurumsal Y\u00f6netim:<\/b> Kurumsal y\u00f6netim derecelendirme notu <b>9,12<\/b>&#8216;ye (10 \u00fczerinden) y\u00fckseltilmi\u015f ve \u015firket BIST Kurumsal Y\u00f6netim Endeksi&#8217;ne dahil edilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Risk Y\u00f6netimi<\/h2>\n<h3>4.1. \u0130\u015fletmenin S\u00fcreklili\u011fi ve Likidite Riski<\/h3>\n<p>Finansal raporlarda, Grubun k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerinin d\u00f6nen varl\u0131klar\u0131n\u0131 <b>4.868.449.198 TL<\/b> tutar\u0131nda a\u015ft\u0131\u011f\u0131 belirtilmi\u015ftir. Bu durum, \u00f6nemli bir likidite riskine i\u015faret etmektedir. \u015eirket y\u00f6netimi, bu riske kar\u015f\u0131 a\u015fa\u011f\u0131daki \u00f6nlemleri ve gerek\u00e7eleri sunmaktad\u0131r:<\/p>\n<ul>\n<li>K\u0131sa ve uzun vadeli banka kredi limitlerinin mevcut olmas\u0131.<\/li>\n<li>Ana ortak Do\u011fanlar Yat\u0131r\u0131m Holding A.\u015e. taraf\u0131ndan sermaye deste\u011fi al\u0131nabilecek g\u00fcce sahip olunmas\u0131.<\/li>\n<li>Mobilya sekt\u00f6r\u00fcndeki pazar pay\u0131n\u0131n korunmas\u0131 ve 2025&#8217;te 9,45 milyar TL&#8217;lik sat\u0131\u015f ger\u00e7ekle\u015ftirilmesi.<\/li>\n<li>E-ticaret kanallar\u0131, maliyet optimizasyonu ve k\u00e2rl\u0131l\u0131\u011f\u0131 y\u00fcksek \u00fcr\u00fcnlere odaklan\u0131larak ciro ve k\u00e2rl\u0131l\u0131\u011f\u0131n art\u0131r\u0131lmas\u0131n\u0131n hedeflenmesi.<\/li>\n<\/ul>\n<p>Bu de\u011ferlendirmeler \u0131\u015f\u0131\u011f\u0131nda, y\u00f6netim i\u015fletmenin s\u00fcreklili\u011fine ili\u015fkin \u00f6nemli bir risk \u00f6ng\u00f6rmemektedir.<\/p>\n<h3>4.2. Sermaye ve Kredi Riski<\/h3>\n<ul>\n<li><b>Sermaye Riski:<\/b> Net Bor\u00e7 \/ Toplam Sermaye oran\u0131 31 Aral\u0131k 2024&#8217;te %67 iken, 30 Eyl\u00fcl 2025&#8217;te <b>%80&#8217;e<\/b> y\u00fckselmi\u015ftir. Bu art\u0131\u015f, azalan \u00f6zkaynaklar ve artan bor\u00e7luluk nedeniyle \u015firketin finansal kald\u0131ra\u00e7 oran\u0131n\u0131n y\u00fckseldi\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Kredi Riski:<\/b> Grup, ticari alacaklar\u0131 ve banka mevduatlar\u0131 nedeniyle kredi riskine maruz kalmaktad\u0131r. Y\u00f6netim, m\u00fc\u015fterilerin kredi kalitesini s\u00fcrekli olarak izlemekte ve riskleri y\u00f6netmektedir.<\/li>\n<\/ul>\n<h3>4.3. Kur Riski<\/h3>\n<p>Grup, yabanc\u0131 para cinsinden bor\u00e7lanmalar\u0131 nedeniyle \u00f6nemli bir kur riskine maruz kalmaktad\u0131r.<\/p>\n<ul>\n<li><b>Net Yabanc\u0131 Para Pozisyonu:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun <b>(2.024.507.216) TL<\/b> net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu bulunmaktad\u0131r. Bu, 31 Aral\u0131k 2024&#8217;teki (1.372.318.557) TL&#8217;lik pozisyona g\u00f6re riskin artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Hassasiyet Analizi:<\/b> Di\u011fer de\u011fi\u015fkenler sabitken, TL&#8217;nin ABD Dolar\u0131 ve Avro kar\u015f\u0131s\u0131nda %10 de\u011fer kaybetmesi durumunda, Grubun vergi \u00f6ncesi k\u00e2r\u0131 \u00fczerinde <b>202.450.722 TL<\/b> tutar\u0131nda olumsuz bir etki olu\u015faca\u011f\u0131 hesaplanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Y\u00f6netim ve Organizasyon<\/h2>\n<h3>5.1. Y\u00f6netim Kurulu<\/h3>\n<p>20 A\u011fustos 2025 tarihinde yap\u0131lan g\u00f6rev da\u011f\u0131l\u0131m\u0131na g\u00f6re Y\u00f6netim Kurulu \u015fu isimlerden olu\u015fmaktad\u0131r:<\/p>\n<ul>\n<li><b>Davut Do\u011fan:<\/b> Onursal Ba\u015fkan ve Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>\u0130smail Do\u011fan:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>\u015eadan Do\u011fan:<\/b> Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Adnan Do\u011fan:<\/b> Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Zeynep Yal\u0131m Uzun:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Berna Aky\u00fcz \u00d6\u011f\u00fct:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Muhterem \u015eenel:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<\/ul>\n<h3>5.2. Organizasyon Yap\u0131s\u0131<\/h3>\n<p>Organizasyon \u015femas\u0131na g\u00f6re, operasyonel birimler (Do\u011fta\u015f, Kelebek, Lova Yatak Genel M\u00fcd\u00fcrleri), destek fonksiyonlar\u0131 (COO, CFO, CPTD, CSO) ve kurumsal fonksiyonlar (Hukuk, \u0130\u00e7 Denetim) do\u011frudan CEO&#8217;ya raporlamaktad\u0131r. Y\u00f6netim Kurulu ve alt komiteleri, CEO \u00fczerinde denetim ve stratejik y\u00f6nlendirme g\u00f6revini \u00fcstlenmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"631\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sunulan metinler, **Do\u011fanlar Mobilya Grubu \u0130malat Sanayi ve Ticaret A.\u015e. ve Ba\u011fl\u0131 Ortakl\u0131klar\u0131**&#8217;n\u0131n 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k ara hesap d\u00f6nemine ait **\u00f6zet konsolide finansal rapor**unun \u00f6nemli k\u0131s\u0131mlar\u0131n\u0131 i\u00e7ermektedir. Bu rapor, \u015firketin ve i\u015ftiraklerinin **finansal durum tablosu**ndaki varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerini, **kar veya zarar ve di\u011fer kapsaml\u0131 gelir tablosu**ndaki performans\u0131n\u0131 ve **nakit ak\u0131\u015f tablosu**ndaki hareketlerini g\u00f6stermektedir. Ayr\u0131ca, notlar \u015firketin organizasyon yap\u0131s\u0131, faaliyet konusu, y\u00fcksek enflasyon muhasebesi uygulamalar\u0131 ve **ili\u015fkili taraflarla olan i\u015flemleri** gibi finansal tablolar\u0131n temelini olu\u015fturan \u00f6nemli bilgileri a\u00e7\u0131klamaktad\u0131r. Raporun haz\u0131rlanmas\u0131nda **T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS)** ve **enflasyon muhasebesi** esas al\u0131nm\u0131\u015f olup, \u015firket y\u00f6netiminin **i\u015fletmenin s\u00fcreklili\u011fi**ne ili\u015fkin de\u011ferlendirmeleri de sunulmu\u015ftur.<\/p>\n","protected":false},"author":1,"featured_media":635,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[143],"class_list":["post-631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-dgnmo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/631","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=631"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/631\/revisions"}],"predecessor-version":[{"id":636,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/631\/revisions\/636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/635"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}