{"id":65,"date":"2025-12-17T14:49:54","date_gmt":"2025-12-17T11:49:54","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=65"},"modified":"2025-12-17T15:12:45","modified_gmt":"2025-12-17T12:12:45","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-acsel-aciselsan-acipayam-seluloz-2025-9-bilanco-analizi-ufuktaki-umut-isigi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/65","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ACSEL | Aciselsan Ac\u0131payam Sel\u00fcloz 2025\/9 Bilan\u00e7o Analizi | Ufuktaki Umut I\u015f\u0131\u011f\u0131 \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ACSEL | Aciselsan Ac\u0131payam Sel\u00fcloz 2025\/9 Bilan\u00e7o Analizi | Ufuktaki Umut I\u015f\u0131\u011f\u0131 \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/C6YlS9xuLJQ?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>Ac\u0131selsan&#8217;\u0131n Finans Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p><b>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/b><\/p>\n<p>Kurumsal finansal raporlar, ilk bak\u0131\u015fta karma\u015f\u0131k rakamlar ve tablolar y\u0131\u011f\u0131n\u0131 gibi g\u00f6r\u00fcnebilir. Ancak daha yak\u0131ndan incelendi\u011finde, bu belgeler bir \u015firketin mevcut zorluklar\u0131, yakalad\u0131\u011f\u0131 f\u0131rsatlar ve gelece\u011fe y\u00f6nelik stratejileri hakk\u0131nda b\u00fcy\u00fcleyici bir hikaye anlat\u0131r. Bu analiz, k\u00f6kl\u00fc bir sanayi devinin, de\u011fi\u015fen pazar dinamikleri ve ekonomik zorluklar kar\u015f\u0131s\u0131nda verdi\u011fi stratejik s\u0131nav\u0131 g\u00f6zler \u00f6n\u00fcne seriyor. Analizimizin merkezinde ise T\u00fcrkiye sanayisinin k\u00f6kl\u00fc kurulu\u015flar\u0131ndan Ac\u0131selsan Ac\u0131payam Sel\u00fcloz Sanayi ve Ticaret A.\u015e. yer al\u0131yor.<\/p>\n<p>\u015eirketin <b>30 Eyl\u00fcl 2025 tarihli Faaliyet Raporu&#8217;nda<\/b> da belirtti\u011fi gibi, Ac\u0131selsan&#8217;\u0131n miras\u0131 olduk\u00e7a \u00f6nemlidir:<\/p>\n<p>Ac\u0131selsan CMC \u00fcretiminin T\u00fcrkiye\u2019deki ilk ve \u00f6nc\u00fc kurulu\u015fu olma \u00f6zelli\u011fini ta\u015f\u0131maktad\u0131r.<\/p>\n<p>Bu blog yaz\u0131s\u0131n\u0131n amac\u0131, \u015firketin 30 Eyl\u00fcl 2025&#8217;te sona eren d\u00f6neme ait son finansal raporunu dam\u0131tarak, rakamlar\u0131n ard\u0131ndaki en etkili ve \u015fa\u015f\u0131rt\u0131c\u0131 d\u00f6rt ger\u00e7e\u011fi ortaya koymakt\u0131r.<\/p>\n<p><b>1. T\u00fcrkiye&#8217;nin \u00d6nc\u00fcs\u00fc K\u00e2rl\u0131l\u0131k S\u0131nav\u0131nda<\/b><\/p>\n<p>Ac\u0131selsan&#8217;\u0131n sekt\u00f6r\u00fcndeki \u00f6nc\u00fc stat\u00fcs\u00fcne ra\u011fmen, \u015firketin mali tablolar\u0131 mevcut durumda finansal bir r\u00fczgara kar\u015f\u0131 m\u00fccadele etti\u011fini g\u00f6steriyor. \u015eirketin Kar veya Zarar Tablosu&#8217;na g\u00f6re, 2025&#8217;in ilk dokuz ay\u0131nda 65.560.033 TL net zarar rapor edilmi\u015ftir. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 36.872.585 TL&#8217;lik zarara g\u00f6re, zarar\u0131n bir \u00f6nceki y\u0131la g\u00f6re %78 gibi endi\u015fe verici bir oranda artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Benzer \u015fekilde, toplam sat\u0131\u015flardaki (Has\u0131lat) %25&#8217;lik d\u00fc\u015f\u00fc\u015f \u2013 2024&#8217;te 634.359.922 TL&#8217;den 2025&#8217;te 474.026.434 TL&#8217;ye gerilemesi \u2013 k\u00e2rl\u0131l\u0131k \u00fczerindeki bask\u0131n\u0131n ne denli \u00e7ift y\u00f6nl\u00fc oldu\u011funu ortaya koyuyor. Bu veriler, \u015firketin g\u00fc\u00e7l\u00fc miras\u0131n\u0131 g\u00fcncel k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fcrme konusunda ciddi bir s\u0131navdan ge\u00e7ti\u011fini a\u00e7\u0131k\u00e7a ortaya koymaktad\u0131r.<\/p>\n<p><b>2. Radarlar Yurt D\u0131\u015f\u0131ndan Yurt \u0130\u00e7ine D\u00f6n\u00fcyor<\/b><\/p>\n<p>Sat\u0131\u015f rakamlar\u0131n\u0131n derinine inildi\u011finde ise dramatik ve \u015fa\u015f\u0131rt\u0131c\u0131 bir stratejik de\u011fi\u015fim g\u00f6ze \u00e7arp\u0131yor. Rapordaki &#8220;Not 16: Has\u0131lat ve Sat\u0131\u015flar\u0131n Maliyeti&#8221; b\u00f6l\u00fcm\u00fcndeki veriler, \u015firketin pazar oda\u011f\u0131nda b\u00fcy\u00fck bir kayma ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Y\u0131ll\u0131k bazda kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, uluslararas\u0131 sat\u0131\u015flar (Yurt d\u0131\u015f\u0131 sat\u0131\u015flar) 546.333.884 TL&#8217;den 231.468.462 TL&#8217;ye gerileyerek %57&#8217;nin \u00fczerinde \u015fok bir d\u00fc\u015f\u00fc\u015fle neredeyse yar\u0131 yar\u0131ya azalm\u0131\u015ft\u0131r. Tam tersi bir y\u00f6nde ise, yurt i\u00e7i sat\u0131\u015flar ayn\u0131 d\u00f6nemde 92.203.911 TL&#8217;den 243.592.842 TL&#8217;ye f\u0131rlayarak %164&#8217;l\u00fck ola\u011fan\u00fcst\u00fc bir art\u0131\u015fla neredeyse \u00fc\u00e7e katlanm\u0131\u015ft\u0131r. Bu durum, ister bilin\u00e7li bir strateji ister piyasa ko\u015fullar\u0131n\u0131n bir sonucu olsun, Ac\u0131selsan&#8217;\u0131n odak noktas\u0131n\u0131 uluslararas\u0131 pazarlardan h\u0131zla yurt i\u00e7i pazara \u00e7evirdi\u011fini g\u00f6steren b\u00fcy\u00fck bir d\u00f6n\u00fcm noktas\u0131d\u0131r.<\/p>\n<p><b>3. Ufuktaki Umut I\u015f\u0131\u011f\u0131: Milyon Dolarl\u0131k Yeni Anla\u015fma<\/b><\/p>\n<p>Zorlu finansal sonu\u00e7lara kar\u015f\u0131n, raporda gelece\u011fe dair olumlu bir anlat\u0131 da bulunuyor. \u015eirketin Faaliyet Raporu&#8217;na g\u00f6re, Ac\u0131selsan 16 Temmuz 2025 tarihinde T\u00fcrkiye Petrolleri Anonim Ortakl\u0131\u011f\u0131 (TPAO) gibi kilit bir ulusal kurumdan \u00f6nemli bir sipari\u015f alm\u0131\u015ft\u0131r. Sondaj faaliyetlerinde kullan\u0131lmak \u00fczere al\u0131nan bu sipari\u015fin de\u011feri 3.760.800 ABD Dolar\u0131 olarak belirtilmi\u015ftir ve \u00fcr\u00fcnlerin teslimat\u0131n\u0131n 2025 y\u0131l\u0131 i\u00e7inde tamamlanmas\u0131 planlanmaktad\u0131r. Bu geli\u015fme olduk\u00e7a etkilidir \u00e7\u00fcnk\u00fc hem TPAO gibi stratejik bir kurumdan gelen b\u00fcy\u00fck bir g\u00fcvenoyunu temsil etmekte hem de \u015firketin bir \u00f6nceki maddede belirtilen yurt i\u00e7i pazara y\u00f6nelme stratejisinin ne kadar g\u00fc\u00e7l\u00fc bir potansiyele sahip oldu\u011funun sinyalini vermektedir.<\/p>\n<p><b>4. En K\u00e2rl\u0131 &#8216;Faaliyet&#8217;: Enflasyonla M\u00fccadele<\/b><\/p>\n<p>Belki de rapordaki en beklenmedik bulgu, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131na en olumlu katk\u0131lardan birinin do\u011frudan \u00fcr\u00fcn sat\u0131\u015f\u0131ndan de\u011fil, finansal y\u00f6netimden gelmesidir. Y\u00fcksek enflasyonlu ekonomilerde finansal raporlama, TMS 29 standard\u0131 gibi \u00f6zel muhasebe kurallar\u0131 gerektirir ve Ac\u0131selsan da bu standarda g\u00f6re tablolar\u0131n\u0131 haz\u0131rlamaktad\u0131r. Bu ba\u011flamda, Kar veya Zarar Tablosu&#8217;nda yer alan &#8220;Net parasal pozisyon kazan\u00e7\/(kay\u0131plar\u0131)&#8221; kalemi \u00f6ne \u00e7\u0131kmaktad\u0131r. \u015eirket, bu kalemden 2025&#8217;in ilk dokuz ay\u0131nda 25.375.542 TL&#8217;lik bir kazan\u00e7 elde etmi\u015ftir. Basit bir dille a\u00e7\u0131klamak gerekirse, bu kazan\u00e7 \u00fcr\u00fcn satarak elde edilen bir k\u00e2r de\u011fildir. Aksine, y\u00fcksek enflasyon ortam\u0131nda parasal varl\u0131klar\u0131n ve y\u00fck\u00fcml\u00fcl\u00fcklerin etkin bir \u015fekilde y\u00f6netilmesiyle elde edilen finansal bir kazan\u00e7t\u0131r.<\/p>\n<p>Ancak dikkat \u00e7ekici bir di\u011fer nokta, bu &#8220;enflasyon kazanc\u0131n\u0131n&#8221; bir \u00f6nceki y\u0131l ayn\u0131 d\u00f6nemde 81.060.383 TL seviyesinde olmas\u0131yd\u0131. Bu durum, \u015firketin enflasyonist ortamdan finansal olarak faydalanma yetene\u011finin bu y\u0131l \u00f6nemli \u00f6l\u00e7\u00fcde azald\u0131\u011f\u0131n\u0131 ve operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n art\u0131k her zamankinden daha kritik hale geldi\u011fini g\u00f6steriyor. Bu &#8220;enflasyon kazanc\u0131&#8221; \u015firketin operasyonel zararlar\u0131n\u0131 yumu\u015fatm\u0131\u015f olsa da, bu finansal tamponun yakla\u015f\u0131k %70 oran\u0131nda erimesi, finansal performans\u0131n ard\u0131ndaki gizli karma\u015f\u0131kl\u0131klar\u0131 ve riskleri g\u00f6zler \u00f6n\u00fcne sermektedir.<\/p>\n<p><b>Sonu\u00e7: Bir Yol Ayr\u0131m\u0131ndaki Sanayi Devi<\/b><\/p>\n<p>Ac\u0131selsan&#8217;\u0131n son finansal raporu, operasyonel k\u00e2rl\u0131l\u0131k s\u0131nav\u0131n\u0131n (1. Ger\u00e7ek), \u015firketi uluslararas\u0131 pazarlardan yurt i\u00e7ine do\u011fru radikal bir stratejik d\u00f6n\u00fc\u015fe (2. Ger\u00e7ek) zorlad\u0131\u011f\u0131 birbiriyle ba\u011flant\u0131l\u0131 bir tablo \u00e7iziyor. Bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn potansiyeli, TPAO gibi stratejik bir ortaktan al\u0131nan milyon dolarl\u0131k sipari\u015fle (3. Ger\u00e7ek) umut vaat ederken, t\u00fcm bu geli\u015fmeler \u015firketin en \u00f6nemli finansal tamponlar\u0131ndan biri olan enflasyon muhasebesi kazanc\u0131n\u0131n ciddi \u015fekilde zay\u0131flad\u0131\u011f\u0131 (4. Ger\u00e7ek) bir d\u00f6nemde ya\u015fan\u0131yor. Bu dinamikler, \u015firketin kritik bir yol ayr\u0131m\u0131nda oldu\u011funu g\u00f6steriyor.<\/p>\n<p>Ac\u0131selsan&#8217;\u0131n yurt i\u00e7ine yapt\u0131\u011f\u0131 bu stratejik d\u00f6n\u00fc\u015f ve imzalad\u0131\u011f\u0131 b\u00fcy\u00fck anla\u015fmalar, bu k\u00f6kl\u00fc sanayi devini yeniden k\u00e2rl\u0131l\u0131\u011fa ta\u015f\u0131yabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<p><!--more--><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Ac\u0131selsan Ac\u0131payam Sel\u00fcloz Sanayi ve Ticaret A.\u015e. Finansal Durum ve Faaliyet Brifingi (30 Eyl\u00fcl 2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Ac\u0131selsan Ac\u0131payam Sel\u00fcloz Sanayi ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait finansal ve operasyonel performans\u0131n\u0131, sa\u011flanan kaynak dok\u00fcmanlara dayanarak analiz etmektedir. \u015eirket, T\u00fcrkiye&#8217;nin \u00f6nc\u00fc Karboksimetilsel\u00fcloz (CMC) \u00fcreticisi olup, ana orta\u011f\u0131 %50,73 pay ile Verusa Holding A.\u015e.&#8217;dir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Finansal Performans:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda 65,6 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 36,9 milyon TL&#8217;lik zarara k\u0131yasla bir art\u0131\u015fa i\u015faret etmektedir. Performanstaki bu gerilemenin ana nedeni, yurt d\u0131\u015f\u0131 sat\u0131\u015f gelirlerindeki keskin d\u00fc\u015f\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Has\u0131lat Dinamikleri:<\/b> Toplam has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %25 azalarak 634,4 milyon TL&#8217;den 474 milyon TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f, yurt d\u0131\u015f\u0131 sat\u0131\u015flar\u0131n 546,3 milyon TL&#8217;den 231,5 milyon TL&#8217;ye inmesinden kaynaklanmaktad\u0131r. Buna kar\u015f\u0131l\u0131k, yurt i\u00e7i sat\u0131\u015flar 92,2 milyon TL&#8217;den 243,6 milyon TL&#8217;ye y\u00fckselerek \u00f6nemli bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Finansal Durum:<\/b> 31 Aral\u0131k 2024&#8217;ten bu yana \u015eirket&#8217;in toplam varl\u0131klar\u0131 1,016 milyar TL&#8217;den 892,7 milyon TL&#8217;ye, \u00f6zkaynaklar\u0131 ise 605,4 milyon TL&#8217;den 539,8 milyon TL&#8217;ye gerilemi\u015ftir. \u015eirketin maddi duran varl\u0131klar\u0131 \u00fczerinde finansal kurulu\u015flara verilmi\u015f 442 milyon TL tutar\u0131nda ipotek bulunmaktad\u0131r.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> Olumsuz k\u00e2rl\u0131l\u0131\u011fa ra\u011fmen, i\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131, \u00f6nceki d\u00f6nemdeki 163,5 milyon TL&#8217;lik \u00e7\u0131k\u0131\u015fa k\u0131yasla 24,5 milyon TL&#8217;lik pozitif bir giri\u015fe d\u00f6n\u00fc\u015ferek \u00f6nemli bir iyile\u015fme g\u00f6stermi\u015ftir. D\u00f6nem sonu nakit ve nakit benzerleri 16,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Stratejik Geli\u015fme:<\/b> \u015eirket, 16 Temmuz 2025 tarihinde T\u00fcrkiye Petrolleri Anonim Ortakl\u0131\u011f\u0131&#8217;ndan (TPAO) sondaj faaliyetlerinde kullan\u0131lmak \u00fczere 3.760.800 ABD Dolar\u0131 tutar\u0131nda \u00f6nemli bir CMC sipari\u015fi alm\u0131\u015ft\u0131r. Bu sipari\u015fin teslimat\u0131n\u0131n 2025 y\u0131l\u0131 i\u00e7inde tamamlanmas\u0131 planlanmaktad\u0131r ve gelecekteki gelirlere olumlu katk\u0131 sa\u011flamas\u0131 beklenmektedir.<\/li>\n<li><b>Finansal Riskler:<\/b> \u015eirket, a\u011f\u0131rl\u0131kl\u0131 olarak ABD Dolar\u0131 cinsinden olmak \u00fczere net 38,8 milyon TL&#8217;lik bir yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonuna sahiptir. Bu durum, \u015firketi kur dalgalanmalar\u0131na kar\u015f\u0131 hassas k\u0131lmaktad\u0131r.<\/li>\n<li><b>Muhasebe Politikas\u0131:<\/b> Finansal tablolar, TFRS&#8217;ye uygun olarak ve Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard\u0131 (TMS 29) uygulanarak haz\u0131rlanm\u0131\u015ft\u0131r. T\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. \u015eirket Profili ve Kurumsal Yap\u0131<\/h3>\n<ul>\n<li><b>Faaliyet Alan\u0131:<\/b> 1973 y\u0131l\u0131nda Denizli&#8217;de kurulan Ac\u0131selsan, T\u00fcrkiye&#8217;nin ilk ve \u00f6nc\u00fc Karboksimetilsel\u00fcloz (CMC) \u00fcreticisidir. \u00dcretti\u011fi sel\u00fcloz t\u00fcrevleri; deterjan, ecza, g\u0131da, sondaj, boya, tutkal ve kozmetik gibi \u00e7e\u015fitli sekt\u00f6rlerde ara madde olarak kullan\u0131lmaktad\u0131r.<\/li>\n<li><b>Pazar Konumu:<\/b> \u015eirket, \u00fcretiminin \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc Kuzey Amerika, Do\u011fu Avrupa, Kuzey Afrika ve Ortado\u011fu \u00fclkelerine ihra\u00e7 etmektedir. Paylar\u0131 2012 y\u0131l\u0131ndan beri Borsa \u0130stanbul&#8217;da (BIST) &#8220;ACSEL&#8221; kodu ile Ana Pazar&#8217;da i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirket&#8217;in ana orta\u011f\u0131, %50,73&#8217;l\u00fck pay oran\u0131yla Verusa Holding A.\u015e.&#8217;dir. Kalan %49,27&#8217;lik k\u0131s\u0131m ise halka a\u00e7\u0131kt\u0131r.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirket&#8217;in kay\u0131tl\u0131 sermaye tavan\u0131 200.000.000 TL, \u00e7\u0131kar\u0131lm\u0131\u015f ve tamam\u0131 \u00f6denmi\u015f sermayesi ise 10.721.700 TL&#8217;dir. \u015eirketin imtiyazl\u0131 pay\u0131 bulunmamaktad\u0131r.<\/li>\n<li><b>Y\u00f6netim ve Organizasyon:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131 Verusa Holding A.\u015e. temsilcisi Reha \u00c7\u0131rak&#8217;t\u0131r. Genel M\u00fcd\u00fcrl\u00fck g\u00f6revini Zafer Karag\u00f6l y\u00fcr\u00fctmektedir. \u015eirket b\u00fcnyesinde Denetimden Sorumlu Komite, Kurumsal Y\u00f6netim Komitesi ve Riskin Erken Saptanmas\u0131 Komitesi gibi yap\u0131lar mevcuttur.<\/li>\n<\/ul>\n<h3>2. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h3>\n<h4>2.1. Gelir Tablosu Analizi<\/h4>\n<p>\u015eirketin ilk dokuz ayl\u0131k performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re k\u00e2rl\u0131l\u0131kta bir gerileme g\u00f6stermi\u015ftir. Has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fc, artan net zarar\u0131n temel nedenidir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (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>474.026.434<\/td>\n<td>634.359.922<\/td>\n<td>-25,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r \/ (Zarar)<\/b><\/td>\n<td>(5.854.002)<\/td>\n<td>(11.743.818)<\/td>\n<td>\u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(42.377.472)<\/td>\n<td>(43.228.904)<\/td>\n<td>\u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(65.560.033)<\/td>\n<td>(36.872.585)<\/td>\n<td>-77,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td>(6,115)<\/td>\n<td>(3,439)<\/td>\n<td>-77,8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat Da\u011f\u0131l\u0131m\u0131:<\/b> Toplam has\u0131lattaki d\u00fc\u015f\u00fc\u015f\u00fcn temel kayna\u011f\u0131, yurt d\u0131\u015f\u0131 sat\u0131\u015flardaki %57,6&#8217;l\u0131k azalmad\u0131r. Buna kar\u015f\u0131n, yurt i\u00e7i sat\u0131\u015flar %164,2 oran\u0131nda artarak yurt d\u0131\u015f\u0131 pazarlardaki zay\u0131fl\u0131\u011f\u0131 k\u0131smen telafi etmi\u015ftir.\n<ul>\n<li><b>Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar:<\/b> 231.468.462 TL (\u00d6nceki D\u00f6nem: 546.333.884 TL)<\/li>\n<li><b>Yurt \u0130\u00e7i Sat\u0131\u015flar:<\/b> 243.592.842 TL (\u00d6nceki D\u00f6nem: 92.203.911 TL)<\/li>\n<\/ul>\n<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Sat\u0131\u015flar\u0131n maliyetinin has\u0131lat\u0131 a\u015fmas\u0131 nedeniyle br\u00fct zarar olu\u015fmu\u015ftur. Ancak br\u00fct zarar, maliyet kontrol\u00fc sayesinde \u00f6nceki d\u00f6neme g\u00f6re azalm\u0131\u015ft\u0131r. Esas faaliyet zarar\u0131 da benzer bir iyile\u015fme g\u00f6stermi\u015ftir. Buna kar\u015f\u0131l\u0131k, finansman giderleri ve di\u011fer fakt\u00f6rlerin etkisiyle net zarar \u00f6nemli \u00f6l\u00e7\u00fcde artm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>2.2. Finansal Durum Tablosu Analizi<\/h4>\n<p>\u015eirketin bilan\u00e7o yap\u0131s\u0131, y\u0131l ba\u015f\u0131na g\u00f6re bir daralma g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>267.457.702<\/td>\n<td>370.371.708<\/td>\n<td>-27,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>625.291.092<\/td>\n<td>646.184.835<\/td>\n<td>-3,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>892.748.794<\/b><\/td>\n<td><b>1.016.556.543<\/b><\/td>\n<td><b>-12,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>226.942.323<\/td>\n<td>252.637.347<\/td>\n<td>-10,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>126.003.775<\/td>\n<td>158.556.467<\/td>\n<td>-20,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>352.946.098<\/b><\/td>\n<td><b>411.193.814<\/b><\/td>\n<td><b>-14,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>539.802.696<\/b><\/td>\n<td><b>605.362.729<\/b><\/td>\n<td><b>-10,8%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> D\u00f6nen varl\u0131klardaki d\u00fc\u015f\u00fc\u015f, \u00f6zellikle ticari alacaklar ve stoklardaki azalmadan kaynaklanmaktad\u0131r. Duran varl\u0131klar, 436 milyon TL&#8217;lik maddi ve 188,5 milyon TL&#8217;lik yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul kalemlerinden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131:<\/b> Hem k\u0131sa hem de uzun vadeli bor\u00e7lanmalarda bir azalma g\u00f6zlenmektedir. Toplam finansal bor\u00e7lar 303,3 milyon TL&#8217;den 242,5 milyon TL&#8217;ye gerilemi\u015ftir. \u00d6zkaynaklardaki d\u00fc\u015f\u00fc\u015f, d\u00f6nem zarar\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<h4>2.3. Nakit Ak\u0131\u015f Analizi<\/h4>\n<p>D\u00f6nem i\u00e7inde nakit y\u00f6netimi a\u00e7\u0131s\u0131ndan olumlu geli\u015fmeler kaydedilmi\u015ftir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u015eirket, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde 163,5 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131na kar\u015f\u0131n, bu d\u00f6nemde 24,5 milyon TL pozitif nakit ak\u0131\u015f\u0131 yaratm\u0131\u015ft\u0131r. Bu durum, i\u015fletme sermayesi y\u00f6netimindeki etkinli\u011fe i\u015faret etmektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi duran varl\u0131k al\u0131mlar\u0131 i\u00e7in yap\u0131lan 6,3 milyon TL&#8217;lik \u00e7\u0131k\u0131\u015fa kar\u015f\u0131n, ili\u015fkili taraflara verilen bor\u00e7lar\u0131n geri \u00f6denmesi ve faiz gelirleri sayesinde yat\u0131r\u0131m faaliyetlerinden 30,9 milyon TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Bu d\u00f6nemde bor\u00e7 geri \u00f6demeleri ve faiz giderleri nedeniyle finansman faaliyetlerinden 43,9 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> T\u00fcm faaliyetler neticesinde \u015eirket&#8217;in nakit ve nakit benzerleri 7,5 milyon TL&#8217;den 16,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h3>3. D\u00f6nem \u0130\u00e7indeki \u00d6nemli Geli\u015fmeler<\/h3>\n<ul>\n<li><b>T\u00fcrkiye Petrolleri A.O. Sipari\u015fi:<\/b> 16 Temmuz 2025&#8217;te, T\u00fcrkiye Petrolleri Anonim Ortakl\u0131\u011f\u0131&#8217;ndan sondaj faaliyetlerinde kullan\u0131lmak \u00fczere 3.760.800 ABD Dolar\u0131 tutar\u0131nda yeni bir CMC sipari\u015fi al\u0131nm\u0131\u015ft\u0131r. Bu geli\u015fme, \u015eirket&#8217;in stratejik \u00f6neme sahip yerli m\u00fc\u015fterilerle ili\u015fkilerini g\u00fc\u00e7lendirdi\u011fini ve gelecekteki sat\u0131\u015f hacmine \u00f6nemli katk\u0131 sa\u011flayaca\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim Kurulu\u015funun Belirlenmesi:<\/b> 4 Temmuz 2025 tarihli Y\u00f6netim Kurulu karar\u0131yla, 2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131n denetimi i\u00e7in PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.&#8217;nin se\u00e7ilmesine ve bu se\u00e7imin Genel Kurul onay\u0131na sunulmas\u0131na karar verilmi\u015ftir.<\/li>\n<\/ul>\n<h3>4. Finansal Risk Y\u00f6netimi<\/h3>\n<ul>\n<li><b>Kur Riski:<\/b> \u015eirket&#8217;in 30 Eyl\u00fcl 2025 itibar\u0131yla 38.801.395 TL tutar\u0131nda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu bulunmaktad\u0131r. Bu pozisyon, a\u011f\u0131rl\u0131kl\u0131 olarak ABD Dolar\u0131 cinsindendir. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, TL&#8217;nin yabanc\u0131 paralar kar\u015f\u0131s\u0131nda %20 de\u011fer kaybetmesi durumunda yakla\u015f\u0131k 6,9 milyon TL&#8217;lik bir zarar olu\u015fabilece\u011fi \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Likidite Riski:<\/b> \u015eirket, tahmini ve fiili nakit ak\u0131\u015flar\u0131n\u0131 d\u00fczenli olarak takip ederek ve finansal varl\u0131k\/y\u00fck\u00fcml\u00fcl\u00fck vadelerini e\u015fle\u015ftirerek likidite riskini y\u00f6netmektedir. Finansal y\u00fck\u00fcml\u00fcl\u00fcklerin \u00f6nemli bir k\u0131sm\u0131 ilk 12 ay i\u00e7inde vadesi gelecek kalemlerden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Kredi Riski:<\/b> \u015eirket, kredibilitesi y\u00fcksek taraflarla \u00e7al\u0131\u015farak ve gerekti\u011finde teminat alarak kredi riskini y\u00f6netmektedir. Ticari alacaklar\u0131n ortalama vadesi 31 Aral\u0131k 2024&#8217;teki 45 g\u00fcnden 30 Eyl\u00fcl 2025&#8217;te 100 g\u00fcne y\u00fckselmi\u015ftir. \u015eirket, beklenen kredi zararlar\u0131na kar\u015f\u0131l\u0131k bir matris kullanarak de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fc \u00f6l\u00e7mektedir ve raporlama tarihi itibar\u0131yla ayr\u0131lm\u0131\u015f bir \u015f\u00fcpheli alacak kar\u015f\u0131l\u0131\u011f\u0131 bulunmamaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"65\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Ac\u0131selsan&#8217;\u0131n Finans Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye Kurumsal finansal raporlar, ilk bak\u0131\u015fta karma\u015f\u0131k rakamlar ve tablolar y\u0131\u011f\u0131n\u0131 gibi g\u00f6r\u00fcnebilir. Ancak daha yak\u0131ndan incelendi\u011finde, bu belgeler bir \u015firketin mevcut zorluklar\u0131, yakalad\u0131\u011f\u0131 f\u0131rsatlar ve gelece\u011fe y\u00f6nelik stratejileri hakk\u0131nda&#8230; <\/p>\n","protected":false},"author":1,"featured_media":67,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,9],"class_list":["post-65","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-acsel"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/65","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=65"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/65\/revisions"}],"predecessor-version":[{"id":75,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/65\/revisions\/75"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/67"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=65"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=65"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=65"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}