{"id":658,"date":"2025-12-28T03:20:05","date_gmt":"2025-12-28T00:20:05","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=658"},"modified":"2025-12-31T01:34:08","modified_gmt":"2025-12-30T22:34:08","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ihlas-ihlas-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/658","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #IHLAS | \u0130hlas Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"IHLAS\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/FZrzZ-3Xkbc?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>\u0130hlas Holding&#8217;in Son Raporundan \u00c7\u0131kan ve Yat\u0131r\u0131mc\u0131lar\u0131 \u015ea\u015f\u0131rtan 4 Ger\u00e7ek<\/h1>\n<p>Kurumsal faaliyet raporlar\u0131, genellikle rakam y\u0131\u011f\u0131nlar\u0131 aras\u0131nda kaybolan, s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen bu raporlar, bir \u015firketin kamuoyundaki imaj\u0131 ile finansal ger\u00e7ekli\u011fi aras\u0131ndaki derin u\u00e7urumlar\u0131, stratejik a\u00e7mazlar\u0131 ve gizli kalm\u0131\u015f g\u00fc\u00e7 merkezlerini ortaya koyan birer kurumsal dram metnine d\u00f6n\u00fc\u015f\u00fcr. \u0130hlas Holding&#8217;in 2025 y\u0131l\u0131 ilk 9 ayl\u0131k faaliyet raporu, tam olarak b\u00f6yle bir belge; devasa \u00f6l\u00e7e\u011fin k\u00e2rs\u0131zl\u0131kla, halka a\u00e7\u0131kl\u0131\u011f\u0131n mutlak bir kontrolle ve kamusal alg\u0131n\u0131n finansal realiteyle \u00e7at\u0131\u015ft\u0131\u011f\u0131 bir paradoksu g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>Bu yaz\u0131da, raporun sat\u0131r aralar\u0131nda gizlenmi\u015f, \u0130hlas Holding&#8217;in karma\u015f\u0131k yap\u0131s\u0131n\u0131 ve gelece\u011fini anlamak i\u00e7in kritik \u00f6nem ta\u015f\u0131yan d\u00f6rt \u00e7arp\u0131c\u0131 bulguyu analiz edece\u011fiz.<\/p>\n<p><b>1. Devasa Gelire Ra\u011fmen \u015ea\u015f\u0131rtan Zarar Tablosu<\/b><\/p>\n<p>\u0130lk bak\u0131\u015fta, \u0130hlas Holding&#8217;in 2025&#8217;in ilk dokuz ay\u0131nda <b>9.1 milyar TL<\/b>&#8216;nin \u00fczerinde konsolide has\u0131lat elde etmesi, \u015firketin pazar g\u00fcc\u00fcne dair etkileyici bir tablo \u00e7iziyor. Ancak bu etkileyici cironun arkas\u0131nda, Holding&#8217;in k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 temelden sarsan bir ger\u00e7ek yat\u0131yor: Ayn\u0131 d\u00f6nemde ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net d\u00f6nem zarar\u0131 tam <b>1.636.439.828 TL<\/b>. Bu 1,6 milyar TL&#8217;yi a\u015fan kay\u0131p, devasa bir nakit yak\u0131m krizine i\u015faret ediyor.<\/p>\n<p>Bu durumun temel nedeni, gelir tablosunda a\u00e7\u0131k\u00e7a g\u00f6r\u00fcl\u00fcyor. Holding&#8217;in <b>8,1 milyar TL<\/b>&#8216;lik &#8220;Sat\u0131\u015flar\u0131n Maliyeti&#8221; ve <b>1,89 milyar TL<\/b>&#8216;lik &#8220;Genel Y\u00f6netim Giderleri&#8221; kalemleri, tek ba\u015flar\u0131na 10 milyar TL&#8217;yi a\u015farak 9,1 milyar TL&#8217;lik has\u0131lat\u0131 yutuyor. Bu durum, operasyonel marjlar \u00fczerinde ciddi bir bask\u0131 oldu\u011funu ve \u015firketin uygulad\u0131\u011f\u0131n\u0131 belirtti\u011fi &#8220;tasarruf tedbirlerinin&#8221; hen\u00fcz bilan\u00e7oya olumlu yans\u0131mad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Y\u00fcksek ciro, kontrol alt\u0131na al\u0131namayan maliyetler kar\u015f\u0131s\u0131nda k\u00e2rl\u0131l\u0131\u011f\u0131n garantisi olmaktan \u00e7ok uzak.<\/p>\n<p><b>2. K\u00fc\u00e7\u00fck Bir Hisse, B\u00fcy\u00fck Bir Kontrol: \u0130mtiyazl\u0131 Paylar\u0131n G\u00fcc\u00fc<\/b><\/p>\n<p>\u0130hlas Holding&#8217;in ortakl\u0131k yap\u0131s\u0131, ilk bak\u0131\u015fta modern bir halka a\u00e7\u0131k \u015firket g\u00f6r\u00fcnt\u00fcs\u00fc veriyor. Rapor, hisselerin <b>%84,03<\/b>&#8216;\u00fcn\u00fcn halka a\u00e7\u0131k oldu\u011funu, yani b\u00fcy\u00fck \u00e7o\u011funlu\u011fun borsadaki yat\u0131r\u0131mc\u0131lara ait oldu\u011funu belirtiyor. Y\u00f6netim Kurulu Ba\u015fkan\u0131 Ahmet M\u00fccahid \u00d6ren&#8217;in do\u011frudan pay\u0131 ise toplam sermayenin sadece <b>%12,90<\/b>&#8216;\u0131 seviyesinde.<\/p>\n<p>Ancak raporun en kritik detay\u0131, &#8220;B grubu&#8221; olarak adland\u0131r\u0131lan imtiyazl\u0131 paylarda gizli. Tamam\u0131 Ahmet M\u00fccahid \u00d6ren&#8217;e ait olan bu paylar, sahibine 11 \u00fcyeli Y\u00f6netim Kurulu&#8217;ndaki en az 9 \u00fcyeyi do\u011frudan aday g\u00f6sterme ve se\u00e7me hakk\u0131 tan\u0131yor. Bu, kurumsal y\u00f6netim a\u00e7\u0131s\u0131ndan \u00f6nemli bir asimetri yarat\u0131yor. Hisselerin %84&#8217;\u00fcne sahip olan binlerce halka a\u00e7\u0131k yat\u0131r\u0131mc\u0131n\u0131n, \u015firketin stratejik y\u00f6n\u00fcn\u00fc belirleyen y\u00f6netim kurulunun kompozisyonu \u00fczerinde neredeyse hi\u00e7bir s\u00f6z hakk\u0131 bulunmuyor. Bu durum, sermaye pay\u0131ndan ba\u011f\u0131ms\u0131z olarak, mutlak kontrol\u00fcn imtiyazl\u0131 hisseler arac\u0131l\u0131\u011f\u0131yla nas\u0131l tesis edilebilece\u011finin somut bir \u00f6rne\u011fidir.<\/p>\n<p><b>3. Holding&#8217;in As\u0131l Gelir Kayna\u011f\u0131 Bekledi\u011finiz Yerden De\u011fil<\/b><\/p>\n<p>\u0130hlas Holding denildi\u011finde kamuoyunda akla ilk gelenler, genellikle &#8220;Bizimevler&#8221; serisi gibi b\u00fcy\u00fck \u00f6l\u00e7ekli in\u015faat projeleri, medya veya pazarlama faaliyetleridir. Faaliyet raporunda listelenen Bizimevler 9, 10, 11 gibi \u00e7ok say\u0131da proje, bu in\u015faat devi alg\u0131s\u0131n\u0131 peki\u015ftirir. Ancak raporun gelir d\u00f6k\u00fcm\u00fc, bu alg\u0131y\u0131 temelden sars\u0131yor.<\/p>\n<p>2025&#8217;in ilk dokuz ay\u0131nda holdingin ana faaliyet kollar\u0131ndan elde etti\u011fi gelirler \u015fu \u015fekilde:<\/p>\n<ul>\n<li><b>Sa\u011fl\u0131k Gelirleri:<\/b> 1.084.064.227 TL<\/li>\n<li><b>\u0130n\u015faat Gelirleri:<\/b> 610.233.667 TL<\/li>\n<li><b>E\u011fitim Gelirleri:<\/b> 188.191.088 TL<\/li>\n<\/ul>\n<p>Rakamlar son derece net: Holding b\u00fcnyesindeki tek bir kurum olan T\u00fcrkiye Hastanesi&#8217;nin de dahil oldu\u011fu sa\u011fl\u0131k sekt\u00f6r\u00fc, onca b\u00fcy\u00fck projeye ra\u011fmen in\u015faat ve e\u011fitim gelirlerinin toplam\u0131ndan daha fazla gelir \u00fcreterek holdingin en b\u00fcy\u00fck ve en istikrarl\u0131 gelir motoru konumunda. Bu bulgu, holdingin \u00e7e\u015fitlendirilmi\u015f portf\u00f6y\u00fcndeki en g\u00fc\u00e7l\u00fc ve belki de kamuoyunca en az bilinen kalesinin sa\u011fl\u0131k sekt\u00f6r\u00fc oldu\u011funu ortaya koyuyor.<\/p>\n<p><b>4. Y\u00fcksek Enflasyonun Bilan\u00e7oya Yazd\u0131\u011f\u0131 &#8216;Ceza&#8217;: Parasal Pozisyon Kayb\u0131<\/b><\/p>\n<p>Faaliyet raporu, T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS) 29, yani &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; kurallar\u0131na g\u00f6re haz\u0131rlanm\u0131\u015f durumda. Bu standard\u0131n amac\u0131, finansal tablolar\u0131 enflasyonun bozucu etkisinden ar\u0131nd\u0131rarak daha ger\u00e7ek\u00e7i bir g\u00f6r\u00fcn\u00fcm sunmakt\u0131r.<\/p>\n<p>Bu standard\u0131n en somut sonu\u00e7lar\u0131ndan biri, gelir tablosunda yer alan <b>&#8220;Net Parasal Pozisyon Kazan\u00e7\/Kay\u0131p&#8221;<\/b> kalemidir. \u0130hlas Holding, bu kalemden 2025&#8217;in ilk dokuz ay\u0131nda tam <b>115.041.757 TL<\/b>&#8216;lik bir kay\u0131p yazm\u0131\u015f. Bu rakam, y\u00fcksek enflasyon ortam\u0131nda \u015firketin elindeki nakit, alacaklar ve di\u011fer parasal varl\u0131klar\u0131n al\u0131m g\u00fcc\u00fcn\u00fc kaybetmesinin bilan\u00e7oya yans\u0131yan resmi zarar\u0131d\u0131r. Bu 115 milyon liral\u0131k kay\u0131p, Holding&#8217;in E\u011fitim faaliyetlerinden elde etti\u011fi gelirin (188 milyon TL) %60&#8217;\u0131ndan fazlas\u0131na denk gelmektedir. Bu, enflasyonun sadece c\u00fczdanlar\u0131 de\u011fil, dev \u015firketlerin bilan\u00e7olar\u0131n\u0131 da nas\u0131l eritti\u011finin \u00e7arp\u0131c\u0131 bir kan\u0131t\u0131d\u0131r.<\/p>\n<p><b>Sonu\u00e7<\/b><\/p>\n<p>\u0130hlas Holding&#8217;in faaliyet raporu, milyarlarca liral\u0131k ciroya ra\u011fmen operasyonel maliyetler alt\u0131nda ezilen bir k\u00e2rl\u0131l\u0131k yap\u0131s\u0131, halka a\u00e7\u0131k \u00e7o\u011funlu\u011fun iradesini etkisiz k\u0131lan imtiyazl\u0131 hisselerle sa\u011flanan mutlak kontrol, kamu alg\u0131s\u0131n\u0131n aksine as\u0131l gelir motorunun sa\u011fl\u0131k sekt\u00f6r\u00fc olmas\u0131 ve y\u00fcksek enflasyonun bilan\u00e7oya yazd\u0131\u011f\u0131 somut zarar gibi \u00f6nemli paradokslar\u0131 ortaya koyuyor. Bu bulgular, bir \u015firketin ger\u00e7ek finansal sa\u011fl\u0131\u011f\u0131n\u0131 anlamak i\u00e7in man\u015fetlerdeki ciro rakamlar\u0131n\u0131n \u00e7ok \u00f6tesine, raporlar\u0131n derinliklerine inmenin ne kadar kritik oldu\u011funu g\u00f6steriyor. \u0130hlas Holding&#8217;in gelecekteki ba\u015far\u0131s\u0131, kamuoyundaki in\u015faat devi kimli\u011finden s\u0131yr\u0131l\u0131p, bilan\u00e7osunun en sa\u011flam kalesi olan sa\u011fl\u0131k sekt\u00f6r\u00fcne stratejik olarak ne kadar a\u011f\u0131rl\u0131k verece\u011fine ve devasa operasyonel giderlerini nas\u0131l disiplin alt\u0131na alaca\u011f\u0131na ba\u011fl\u0131 olacakt\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u0130hlas Holding A.\u015e. 2025 Dokuz Ayl\u0131k D\u00f6nem Brifingi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, \u0130hlas Holding A.\u015e.&#8217;nin 1 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemine ait Y\u00f6netim Kurulu Faaliyet Raporu ve Konsolide Finansal Tablolar\u0131n\u0131 sentezleyerek \u015firketin kurumsal, operasyonel ve finansal durumuna dair kapsaml\u0131 bir analiz sunmaktad\u0131r.<\/p>\n<p>D\u00f6nemin en kritik finansal sonucu, \u015firketin konsolide bazda <b>1.636.439.828 TL ana ortakl\u0131k pay\u0131na d\u00fc\u015fen net d\u00f6nem zarar\u0131<\/b> a\u00e7\u0131klamas\u0131d\u0131r. Bu zarar, \u015firketin finansal stratejilerini ve operasyonel verimlili\u011fini \u00f6ncelikli g\u00fcndem maddesi haline getirmektedir. Y\u00f6netim, bu duruma kar\u015f\u0131l\u0131k olarak banka kredilerinin vadelerini uzatma, zorunlu olmad\u0131k\u00e7a d\u0131\u015f kaynak ve yat\u0131r\u0131m kullan\u0131m\u0131ndan ka\u00e7\u0131nma ve ana faaliyet kollar\u0131 olan in\u015faat, e\u011fitim ve sa\u011fl\u0131k sekt\u00f6rlerindeki gelirleri art\u0131rmaya odaklanma stratejilerini benimsemi\u015ftir. Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca enflasyon muhasebesine g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p>Operasyonel olarak Holding, in\u015faat, e\u011fitim ve sa\u011fl\u0131k ana sekt\u00f6rlerinde faaliyetlerini s\u00fcrd\u00fcrmektedir. \u0130n\u015faat alan\u0131nda, Kristal\u015fehir ve Bizimevler serisi gibi b\u00fcy\u00fck \u00f6l\u00e7ekli projelere devam edilmektedir. E\u011fitim sekt\u00f6r\u00fcnde \u0130hlas E\u011fitim Kurumlar\u0131, teknoloji odakl\u0131 bir yakla\u015f\u0131mla yakla\u015f\u0131k 2.000 \u00f6\u011frenciye hizmet vermektedir. Sa\u011fl\u0131k sekt\u00f6r\u00fcnde ise T\u00fcrkiye Hastanesi, uluslararas\u0131 akreditasyonlar\u0131 ve sa\u011fl\u0131k turizmine y\u00f6nelik yat\u0131r\u0131mlar\u0131yla \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<p>Kurumsal y\u00f6netim a\u00e7\u0131s\u0131ndan, \u015firket Y\u00f6netim Kurulu ve komiteleri (Denetim, Kurumsal Y\u00f6netim, Riskin Erken Saptanmas\u0131) aktif olarak \u00e7al\u0131\u015fmaktad\u0131r. JCR Avrasya taraf\u0131ndan yap\u0131lan derecelendirmede \u015firketin Kurumsal Y\u00f6netim Uyum Notu 8,51&#8217;den 8,70&#8217;e y\u00fckselmi\u015ftir. 2024 y\u0131l\u0131na ili\u015fkin yap\u0131lan Ola\u011fan Genel Kurul&#8217;da, d\u00f6nemin zararla kapanmas\u0131 nedeniyle k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir. \u015eirket, risk y\u00f6netimi politikalar\u0131 \u00e7er\u00e7evesinde finansal, operasyonel ve stratejik riskleri belirlemi\u015f ve bu risklere kar\u015f\u0131 aksiyon planlar\u0131 olu\u015fturmu\u015ftur.<\/p>\n<h2>1. Kurumsal Genel Bak\u0131\u015f ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<h3>1.1. \u015eirket Kimli\u011fi<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00d6\u011fe<\/td>\n<td>Bilgi<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>\u0130hlas Holding Anonim \u015eirketi<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Sicil No<\/b><\/td>\n<td>176956<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>Merkez Mah. 29 Ekim Cad. \u0130hlas Plaza No: 11 B\/21, 34197 Yenibosna-Bah\u00e7elievler\/\u0130stanbul<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130nternet Adresi<\/b><\/td>\n<td>www.ihlas.com.tr<\/td>\n<\/tr>\n<tr>\n<td><b>Rapor D\u00f6nemi<\/b><\/td>\n<td>01.01.2025 \u2013 30.09.2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Holding&#8217;in merkez adresi d\u0131\u015f\u0131nda, e\u011fitim kurumlar\u0131, hastane ve in\u015faat \u015fantiyeleri olmak \u00fczere bir\u00e7ok i\u015fyeri bulunmaktad\u0131r.<\/p>\n<h3>1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin sermaye yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131\/Unvan\u0131<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k Olan K\u0131s\u0131m<\/td>\n<td>84,03<\/td>\n<td>1.260.424.334<\/td>\n<\/tr>\n<tr>\n<td>Ahmet M\u00fccahid \u00d6ren<\/td>\n<td>12,90<\/td>\n<td>193.497.545<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>3,07<\/td>\n<td>46.078.121<\/td>\n<\/tr>\n<tr>\n<td><b>Sermaye Toplam\u0131<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>1.500.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131:<\/b> 2.000.000.000 TL<\/li>\n<li><b>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye:<\/b> 1.500.000.000 TL<\/li>\n<\/ul>\n<h3>1.3. \u0130mtiyazl\u0131 Paylar<\/h3>\n<p>\u015eirket sermayesi A ve B grubu paylardan olu\u015fmaktad\u0131r. B grubu pay sahipleri, Y\u00f6netim Kurulu \u00fcye se\u00e7iminde imtiyaz hakk\u0131na sahiptir. Esas s\u00f6zle\u015fmeye g\u00f6re, Y\u00f6netim Kurulu \u00fcye say\u0131s\u0131na ba\u011fl\u0131 olarak \u00fcyelerin \u00e7o\u011funlu\u011fu B grubu pay sahiplerinin g\u00f6sterece\u011fi adaylar aras\u0131ndan se\u00e7ilmektedir. 30.09.2025 itibar\u0131yla B grubu imtiyazl\u0131 hisselerin tamam\u0131 (85.399,80 TL nominal de\u011ferde) Ahmet M\u00fccahid \u00d6ren&#8217;e aittir.<\/p>\n<h3>1.4. Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n<p>Holding&#8217;in do\u011frudan ba\u011fl\u0131 ortakl\u0131klar\u0131 ve i\u015ftirakleri, faaliyet g\u00f6sterdikleri sekt\u00f6rler ve ortakl\u0131k paylar\u0131 a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ticaret Unvan\u0131<\/td>\n<td>Faaliyet Konusu<\/td>\n<td>\u015eirketin Sermaye Pay\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Pazarlama A.\u015e.<\/td>\n<td>Elektrikli Ev Aletleri Pazarlamas\u0131<\/td>\n<td>98,32<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Net A.\u015e.<\/td>\n<td>\u0130nternet Hizmetleri<\/td>\n<td>91,12<\/td>\n<\/tr>\n<tr>\n<td>Tasfiye Halinde \u0130hlas Finans Kurumu A.\u015e.<\/td>\n<td>Finansal Faaliyetler<\/td>\n<td>50,27<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<td>Giri\u015fim Sermayesi Faaliyetleri<\/td>\n<td>45,00<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Ev Aletleri \u0130malat Sanayi ve Ticaret A.\u015e.<\/td>\n<td>Elektrikli Ev Aletleri \u00dcretim ve Pazarlama<\/td>\n<td>27,26<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Yay\u0131n Holding A.\u015e.<\/td>\n<td>Bas\u0131n Yay\u0131n<\/td>\n<td>23,96<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Gayrimenkul Proje Geli\u015ftirme ve Ticaret A.\u015e.<\/td>\n<td>\u0130n\u015faat Faaliyetleri<\/td>\n<td>21,07<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Madencilik Enerji ve Ticaret A.\u015e.<\/td>\n<td>Maden \u0130\u015fletmecili\u011fi<\/td>\n<td>11,24<\/td>\n<\/tr>\n<tr>\n<td>\u0130hlas Gazetecilik A.\u015e.<\/td>\n<td>Gazete Bas\u0131m\u0131<\/td>\n<td>7,14<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Y\u00f6netim ve \u0130dare Yap\u0131s\u0131<\/h2>\n<h3>2.1. Y\u00f6netim Kurulu<\/h3>\n<p>30.05.2024 tarihinde yap\u0131lan Ola\u011fan\u00fcst\u00fc Genel Kurul&#8217;da 3 y\u0131l g\u00f6rev yapmak \u00fczere se\u00e7ilen Y\u00f6netim Kurulu, 11 \u00fcyeden olu\u015fmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6revi<\/td>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>Yetki Durumu<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu ve \u0130cra Kurulu Ba\u015fkan\u0131<\/td>\n<td>Ahmet M\u00fccahid \u00d6ren<\/td>\n<td>M\u00fcnferiden Temsil ve \u0130lzam<\/td>\n<\/tr>\n<tr>\n<td>YK Ba\u015fkan Vekili (\u0130n\u015faat)<\/td>\n<td>Zeki Celep<\/td>\n<td>M\u00fc\u015ftereken Temsil ve \u0130lzam<\/td>\n<\/tr>\n<tr>\n<td>YK \u00dcyesi (Finans ve Mali \u0130\u015fler)<\/td>\n<td>Abdullah Tu\u011fcu<\/td>\n<td>M\u00fc\u015ftereken Temsil ve \u0130lzam<\/td>\n<\/tr>\n<tr>\n<td>YK \u00dcyesi (Hukuk \u0130\u015fleri)<\/td>\n<td>Abdurrahman G\u00f6k<\/td>\n<td>M\u00fc\u015ftereken Temsil ve \u0130lzam<\/td>\n<\/tr>\n<tr>\n<td>YK \u00dcyesi (Sa\u011fl\u0131k \u0130\u015fleri)<\/td>\n<td>Hayati Odaba\u015f\u0131<\/td>\n<td>M\u00fc\u015ftereken Temsil ve \u0130lzam<\/td>\n<\/tr>\n<tr>\n<td>YK \u00dcyesi<\/td>\n<td>Mahmut Kemal Ayd\u0131n<\/td>\n<td>Temsil Yetkisi Yok<\/td>\n<\/tr>\n<tr>\n<td>YK \u00dcyesi<\/td>\n<td>Sedat Kurucan<\/td>\n<td>Temsil Yetkisi Yok<\/td>\n<\/tr>\n<tr>\n<td>Ba\u011f\u0131ms\u0131z YK \u00dcyesi (Denetim Kom. B\u015fk.)<\/td>\n<td>Mehmet \u0130yioldu<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Ba\u011f\u0131ms\u0131z YK \u00dcyesi (Kur. Y\u00f6n. Kom. B\u015fk.)<\/td>\n<td>Prof. Dr. Abdullah Avni Atay<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Ba\u011f\u0131ms\u0131z YK \u00dcyesi (Kur. Y\u00f6n. Kom. \u00dcyesi)<\/td>\n<td>Mehmet Halit Sel\u00e7uk<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Ba\u011f\u0131ms\u0131z YK \u00dcyesi (Riskin Erken Sap. Kom. B\u015fk.)<\/td>\n<td>Prof. Dr. \u00d6mer Soysal<\/td>\n<td>Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. \u00dcst D\u00fczey Y\u00f6neticiler<\/h3>\n<p>Y\u00f6netim Kurulu&#8217;ndaki icrac\u0131 \u00fcyelerin yan\u0131 s\u0131ra, \u015firketin stratejik ve operasyonel y\u00f6netiminde kilit rol oynayan di\u011fer \u00fcst d\u00fczey y\u00f6neticiler bulunmaktad\u0131r:<\/p>\n<ul>\n<li><b>Yusuf Bu\u011fra Varl\u0131k:<\/b> Stratejik Planlama ve Performans Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Hakk\u0131 Okur:<\/b> \u0130hlas E\u011fitim Kurumlar\u0131 Kurucu Temsilcisi ve Genel M\u00fcd\u00fcr\u00fc<\/li>\n<li><b>C\u00fcneyt Delikta\u015f:<\/b> Bilgi Teknolojileri Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>K\u0131van\u00e7 Turasay:<\/b> Organizasyonel Geli\u015fimden Sorumlu Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Vedat Bozac\u0131:<\/b> Sat\u0131n alma Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Faruk Koca:<\/b> T\u00fcrkiye Hastanesi Ba\u015fhekimi<\/li>\n<li><b>\u0130rfan Arvas:<\/b> Sosyal \u0130\u015fler Direkt\u00f6r\u00fc<\/li>\n<\/ul>\n<h3>2.3. Personel ve Mali Haklar<\/h3>\n<ul>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30.09.2025 itibar\u0131yla Grup genelinde <b>2.942<\/b> personel bulunmaktad\u0131r. \u0130hlas Holding A.\u015e. b\u00fcnyesinde ise <b>966<\/b> ki\u015fi istihdam edilmektedir.<\/li>\n<li><b>Personel Giderleri:<\/b> \u0130lgili d\u00f6nemde Grup&#8217;un toplam personel gideri <b>2.512.944.077 TL<\/b>&#8216;dir.<\/li>\n<li><b>Y\u00f6netim Kurulu \u00dccretleri:<\/b> 30.06.2025 tarihli Ola\u011fan Genel Kurul&#8217;da t\u00fcm Y\u00f6netim Kurulu \u00fcyelerine ayl\u0131k <b>15.000 TL br\u00fct huzur hakk\u0131<\/b> \u00f6denmesi kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r. \u0130crada g\u00f6revli \u00fcyeler ayr\u0131ca \u00fccret almaktad\u0131r.<\/li>\n<li><b>Kilit Y\u00f6netici Personel Mali Haklar\u0131 (01.01-30.09.2025):<\/b>\n<ul>\n<li>Maa\u015f, huzur hakk\u0131 vb. k\u0131sa vadeli toplam fayda: <b>118.605.983 TL<\/b><\/li>\n<li>\u0130\u015ften ayr\u0131lma halinde sa\u011flanacak toplam fayda (tazminat): <b>46.324.724 TL<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>3. Operasyonel Faaliyetler ve Sekt\u00f6rel Analiz<\/h2>\n<h3>3.1. Ana Faaliyet Kollar\u0131 ve Gelir Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Holding, ana faaliyetlerini in\u015faat, e\u011fitim ve sa\u011fl\u0131k sekt\u00f6rlerinde yo\u011funla\u015ft\u0131rm\u0131\u015ft\u0131r. 01.01-30.09.2025 d\u00f6nemindeki gelir da\u011f\u0131l\u0131m\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Sa\u011fl\u0131k Gelirleri:<\/b> 1.084.064.227 TL<\/li>\n<li><b>\u0130n\u015faat Gelirleri:<\/b> 610.233.667 TL<\/li>\n<li><b>E\u011fitim Gelirleri:<\/b> 188.191.088 TL<\/li>\n<\/ul>\n<h3>3.2. \u0130n\u015faat Sekt\u00f6r\u00fc<\/h3>\n<p>\u0130hlas \u0130n\u015faat Grubu, bug\u00fcne kadar toplam <b>4.004.190 m\u00b2<\/b> in\u015faat alan\u0131na ula\u015farak <b>23.791<\/b> ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm (konut, villa, devrem\u00fclk vb.) in\u015fa etmi\u015ftir. Devam eden projeler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Kristal\u015fehir:<\/b> Esenyurt&#8217;ta 18 bloktan olu\u015fan 4.655 konut ve 82 i\u015fyerinden olu\u015fan bir projedir.<\/li>\n<li><b>Bizimevler 9:<\/b> Avc\u0131lar&#8217;da 145 daire ve 16 ticari \u00fcniteden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Bizimevler 10:<\/b> Avc\u0131lar&#8217;da toplam 641 daire ve 58 ticari \u00fcniteden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Bizimevler 11:<\/b> Avc\u0131lar&#8217;da 582 daire ve 55 ticari \u00fcnite olarak planlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bizimevler 12:<\/b> Avc\u0131lar&#8217;da 473 daire ve 25 ticari \u00fcnite olarak planlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bizimevler 13:<\/b> Avc\u0131lar&#8217;da arsa sahipleri ile Has\u0131lat Payla\u015f\u0131m\u0131 s\u00f6zle\u015fmesi imzalanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.3. E\u011fitim Sekt\u00f6r\u00fc<\/h3>\n<p>\u0130hlas E\u011fitim Kurumlar\u0131, \u00fc\u00e7 kamp\u00fcste 15 okul, 106 idari personel ve 201 \u00f6\u011fretmen ile hizmet vermektedir. Y\u0131ll\u0131k yakla\u015f\u0131k 2.000 \u00f6\u011frenciye e\u011fitim sunmaktad\u0131r. Kurum, teknolojik altyap\u0131ya \u00f6nem vermekte; Google Suite for Education, Microsoft Imagine gibi programlar\u0131 ve tablet destekli e\u011fitimi aktif olarak kullanmaktad\u0131r.<\/p>\n<h3>3.4. Sa\u011fl\u0131k Sekt\u00f6r\u00fc<\/h3>\n<p>T\u00fcrkiye Hastanesi, 1991 y\u0131l\u0131ndan beri hizmet vermektedir. \u00d6ne \u00e7\u0131kan \u00f6zellikleri:<\/p>\n<ul>\n<li><b>Akreditasyon ve Sertifikalar:<\/b> Sa\u011fl\u0131k Bakanl\u0131\u011f\u0131 taraf\u0131ndan A grubu hastane olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015f, &#8220;Bebek Dostu&#8221; ve &#8220;Yenido\u011fan Bebek Dostu&#8221; unvanlar\u0131na sahiptir. Ayr\u0131ca American Accreditation Commission International (AACI) akreditasyonunu alm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6nc\u00fc Merkezler:<\/b> T\u00fcrkiye&#8217;nin ilk tam te\u015fekk\u00fcll\u00fc g\u00f6z merkezi olup, lazer ameliyatlar\u0131n\u0131n ilk yap\u0131ld\u0131\u011f\u0131 merkezdir.<\/li>\n<li><b>Sa\u011fl\u0131k Turizmi:<\/b> Uluslararas\u0131 Hasta \u0130li\u015fkileri birimi kurularak Avrupa, Asya ve Afrika&#8217;dan gelen talepleri kar\u015f\u0131lamak \u00fczere sa\u011fl\u0131k programlar\u0131 olu\u015fturulmu\u015ftur.<\/li>\n<\/ul>\n<h3>3.5. Ara\u015ft\u0131rma ve Geli\u015ftirme (Ar-Ge)<\/h3>\n<p>Holding&#8217;in ba\u011fl\u0131 ortakl\u0131\u011f\u0131 \u0130hlas Ev Aletleri \u0130malat Sanayi ve Ticaret A.\u015e., 01.01-30.09.2025 d\u00f6neminde <b>51.493.728 TL<\/b> Ar-Ge harcamas\u0131 yapm\u0131\u015ft\u0131r. \u015eirketin T.C. Bilim, Sanayi ve Teknoloji Bakanl\u0131\u011f\u0131 taraf\u0131ndan onaylanm\u0131\u015f bir Ar-Ge Merkezi bulunmaktad\u0131r.<\/p>\n<h2>4. Finansal Performans ve De\u011ferlendirme<\/h2>\n<h3>4.1. Enflasyon Muhasebesi Uygulamas\u0131<\/h3>\n<p>Finansal tablolar, Kamu G\u00f6zetimi Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) karar\u0131 uyar\u0131nca TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re enflasyona g\u00f6re d\u00fczeltilmi\u015ftir. D\u00fczeltme i\u015flemi, T\u00fcrkiye \u0130statistik Kurumu (T\u00dc\u0130K) taraf\u0131ndan yay\u0131mlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131larak yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>4.2. Konsolide Finansal Durum Tablosu (Bilan\u00e7o) \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>19.356.253.063<\/td>\n<td>17.145.501.159<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>12.158.652.787<\/td>\n<td>12.150.395.330<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>31.514.905.850<\/b><\/td>\n<td><b>29.295.896.489<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>4.792.572.624<\/td>\n<td>3.541.468.933<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>14.008.579.384<\/td>\n<td>11.019.512.966<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td>18.801.152.008<\/td>\n<td>14.560.981.899<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>12.713.753.842<\/b><\/td>\n<td><b>14.734.914.590<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/i><\/td>\n<td><i>4.326.414.535<\/i><\/td>\n<td><i>5.815.966.020<\/i><\/td>\n<\/tr>\n<tr>\n<td><i>Kontrol G\u00fcc\u00fc Olmayan Paylar<\/i><\/td>\n<td><i>8.387.339.307<\/i><\/td>\n<td><i>8.918.948.570<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>31.514.905.850<\/b><\/td>\n<td><b>29.295.896.489<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.3. Konsolide Gelir Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL) &#8211; (01 Ocak &#8211; 30 Eyl\u00fcl)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>9.122.172.889<\/td>\n<td>9.580.232.127<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(8.117.995.570)<\/td>\n<td>(10.185.068.560)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar\/Zarar<\/b><\/td>\n<td><b>1.004.177.319<\/b><\/td>\n<td><b>(604.836.433)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td><b>(1.391.029.968)<\/b><\/td>\n<td><b>(2.818.714.432)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7\/Kay\u0131p<\/td>\n<td>(115.041.757)<\/td>\n<td>1.183.775.956<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td><b>(2.042.931.629)<\/b><\/td>\n<td><b>(2.142.456.343)<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Kontrol G\u00fcc\u00fc Olmayan Paylar<\/i><\/td>\n<td><i>(406.491.801)<\/i><\/td>\n<td><i>(1.034.381.668)<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131 Net D\u00f6nem Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td><b>(1.636.439.828)<\/b><\/td>\n<td><b>(1.108.074.675)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7\/Kay\u0131p<\/td>\n<td>(1,3620)<\/td>\n<td>(1,4283)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.4. Finansal Oranlar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oranlar<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>4,02<\/td>\n<td>4,84<\/td>\n<\/tr>\n<tr>\n<td>Finansal Kald\u0131ra\u00e7<\/td>\n<td>0,60<\/td>\n<td>0,50<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler\/\u00d6zkaynaklar<\/td>\n<td>1,48<\/td>\n<td>0,99<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.5. Y\u00f6netim Organ\u0131n\u0131n De\u011ferlendirmesi<\/h3>\n<p>Y\u00f6netim Kurulu, 30.09.2025 itibar\u0131yla olu\u015fan 1,6 milyar TL&#8217;lik net d\u00f6nem zarar\u0131na ra\u011fmen \u015firketin sermayesinin kar\u015f\u0131l\u0131ks\u0131z kalmad\u0131\u011f\u0131n\u0131 ve borca bat\u0131kl\u0131k durumunun olmad\u0131\u011f\u0131n\u0131 belirtmektedir. Finansal yap\u0131y\u0131 iyile\u015ftirmek amac\u0131yla banka kredilerinin uzun vadeye yay\u0131ld\u0131\u011f\u0131, tasarruf tedbirleri uyguland\u0131\u011f\u0131 ve ana faaliyet alanlar\u0131na odaklan\u0131ld\u0131\u011f\u0131 vurgulanmaktad\u0131r.<\/p>\n<h2>5. Risk Y\u00f6netimi ve \u0130\u00e7 Kontrol<\/h2>\n<h3>5.1. Risk Y\u00f6netim Politikas\u0131<\/h3>\n<p>Grup, faaliyetlerinden kaynaklanan kredi, kur ve likidite risklerine maruz kalmaktad\u0131r. Risk y\u00f6netimi program\u0131, bu risklerin finansal performans \u00fczerindeki olumsuz etkilerini en aza indirmeyi hedefler.<\/p>\n<ul>\n<li><b>Kredi Riski:<\/b> Genellikle ticari alacaklardan kaynaklan\u0131r ve \u015f\u00fcpheli alacak kar\u015f\u0131l\u0131klar\u0131 ile y\u00f6netilir.<\/li>\n<li><b>Kur Riski:<\/b> Yabanc\u0131 para cinsinden i\u015flemlerden kaynaklan\u0131r ve yak\u0131ndan takip edilir.<\/li>\n<li><b>Likidite Riski:<\/b> Aktif ve pasiflerin vadesel da\u011f\u0131l\u0131m\u0131 dengelenerek y\u00f6netilir.<\/li>\n<\/ul>\n<h3>5.2. Riskin Erken Saptanmas\u0131 Komitesi<\/h3>\n<p>Komite, 2025 d\u00f6neminde 5 toplant\u0131 yapm\u0131\u015ft\u0131r. T\u00fcrkiye ve d\u00fcnyadaki ekonomik geli\u015fmeler do\u011frultusunda risk k\u00fct\u00fc\u011f\u00fc g\u00fcncellenmi\u015f; sa\u011fl\u0131k, e\u011fitim, finans ve stratejik planlama alanlar\u0131nda risk azalt\u0131c\u0131 stratejiler ve aksiyonlar belirlenmi\u015ftir.<\/p>\n<h3>5.3. \u0130\u00e7 Kontrol ve \u0130\u00e7 Denetim<\/h3>\n<p>\u015eirket, varl\u0131klar\u0131 korumak, muhasebe bilgilerinin do\u011frulu\u011funu sa\u011flamak ve faaliyet verimlili\u011fini art\u0131rmak amac\u0131yla bir i\u00e7 kontrol sistemine sahiptir. \u0130\u00e7 Denetim Birimi, bu sistemin etkinli\u011fini sistematik olarak de\u011ferlendirir ve Denetim Komitesi&#8217;ne raporlar.<\/p>\n<h2>6. Kurumsal Y\u00f6netim Politikalar\u0131 ve Uyum<\/h2>\n<h3>6.1. Kurumsal Y\u00f6netim Derecelendirmesi<\/h3>\n<p>JCR Avrasya Derecelendirme A.\u015e. taraf\u0131ndan yap\u0131lan de\u011ferlendirmede \u015firketin genel uyum notu y\u0131llar i\u00e7inde art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Tarih<\/td>\n<td>Genel Uyum Notu<\/td>\n<\/tr>\n<tr>\n<td>28.07.2021<\/td>\n<td>8,50<\/td>\n<\/tr>\n<tr>\n<td>27.07.2022<\/td>\n<td>8,51<\/td>\n<\/tr>\n<tr>\n<td>27.07.2023<\/td>\n<td>8,51<\/td>\n<\/tr>\n<tr>\n<td>26.07.2024<\/td>\n<td>8,51<\/td>\n<\/tr>\n<tr>\n<td><b>28.07.2025<\/b><\/td>\n<td><b>8,70<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu not, \u015firketin B\u0130ST Kurumsal Y\u00f6netim Endeksi&#8217;nde kalmaya devam etmesini sa\u011flamaktad\u0131r.<\/p>\n<h3>6.2. K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n<p>\u015eirketin detayl\u0131 bir k\u00e2r da\u011f\u0131t\u0131m politikas\u0131 bulunmaktad\u0131r. Ancak, 30.06.2025 tarihinde yap\u0131lan 2024 y\u0131l\u0131 Ola\u011fan Genel Kurul Toplant\u0131s\u0131&#8217;nda, TMS\/TFRS&#8217;ye g\u00f6re 1.381.813.379 TL ve VUK&#8217;a g\u00f6re 56.144.531 TL net d\u00f6nem zarar\u0131 olmas\u0131 nedeniyle <b>k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na<\/b> oy \u00e7oklu\u011fuyla karar verilmi\u015ftir.<\/p>\n<h3>6.3. Bilgilendirme Politikas\u0131<\/h3>\n<p>\u015eirket, sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n de\u011ferini etkileyebilecek t\u00fcm geli\u015fmeleri zaman\u0131nda, tam ve do\u011fru bir \u015fekilde kamuya duyurmay\u0131 ama\u00e7layan bir bilgilendirme politikas\u0131na sahiptir. Kamuoyu a\u00e7\u0131klamalar\u0131 i\u00e7in Kamuyu Ayd\u0131nlatma Platformu (KAP) ve kurumsal internet sitesi aktif olarak kullan\u0131lmaktad\u0131r.<\/p>\n<h3>6.4. S\u00fcrd\u00fcr\u00fclebilirlik<\/h3>\n<p>Holding, Sermaye Piyasas\u0131 Kurulu d\u00fczenlemeleri \u00e7er\u00e7evesinde \u00e7evresel, sosyal ve kurumsal y\u00f6netim \u00e7al\u0131\u015fmalar\u0131n\u0131 &#8220;S\u00fcrd\u00fcr\u00fclebilirlik \u0130lkeleri Uyum \u00c7er\u00e7evesi&#8221; kapsam\u0131nda y\u00fcr\u00fctmekte ve bu konudaki raporunu KAP \u00fczerinden kamuya a\u00e7\u0131klamaktad\u0131r. Bu rapor, \u015firketin s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131ndaki politika ve uygulamalar\u0131n\u0131 detayland\u0131rmaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"658\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **\u0130hlas Holding A.\u015e.**&#8217;nin 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131n\u0131 kapsayan **Y\u00f6netim Kurulu Faaliyet Raporu** ile konsolide finansal tablolar\u0131n\u0131 sunmaktad\u0131r. Holdingin **in\u015faat, sa\u011fl\u0131k, e\u011fitim ve medya** gibi geni\u015f bir yelpazeye yay\u0131lan sekt\u00f6rel operasyonlar\u0131, ortakl\u0131k yap\u0131s\u0131 ve \u00fcst d\u00fczey y\u00f6netim kadrosu detayl\u0131ca aktar\u0131lmaktad\u0131r. Kaynaklarda \u015firketin **finansal performans\u0131**, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 kur ve likidite riskleri ile mevcut gayrimenkul projelerinin g\u00fcncel durumu verilerle analiz edilmektedir. Ayr\u0131ca kurumun **kurumsal y\u00f6netim ilkelerine** uyumu, i\u00e7 denetim mekanizmalar\u0131 ve s\u00fcrd\u00fcr\u00fclebilirlik hedefleri hakk\u0131nda kapsaml\u0131 bilgilere yer verilmektedir. Raporlar genel olarak grubun **stratejik hedeflerini**, operasyonel verimlili\u011fini ve yasal mevzuata uygunluk s\u00fcre\u00e7lerini \u015feffaf bir \u015fekilde \u00f6zetlemektedir.<\/p>\n","protected":false},"author":1,"featured_media":799,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[151],"class_list":["post-658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ihlas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/658","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=658"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/658\/revisions"}],"predecessor-version":[{"id":800,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/658\/revisions\/800"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/799"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}