{"id":666,"date":"2025-12-28T12:57:41","date_gmt":"2025-12-28T09:57:41","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=666"},"modified":"2025-12-31T01:23:27","modified_gmt":"2025-12-30T22:23:27","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-cosmo-cosmos-yatirim-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/666","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #COSMO | Cosmos Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"COSMO\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/6i4HhOKT8Ko?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>K\u00e2r Zarara D\u00f6nd\u00fc, Kasa Parayla Doldu: Cosmos Holding Raporundaki 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Finansal Raporlar\u0131n Perde Arkas\u0131<\/h3>\n<p>Halka a\u00e7\u0131k \u015firketler d\u00fczenli olarak, faaliyetlerinin ve finansal sa\u011fl\u0131klar\u0131n\u0131n bir karnesi niteli\u011findeki raporlar\u0131 kamuoyuyla payla\u015f\u0131r. Ancak bu raporlar, genellikle rakamlar, tablolar ve dipnotlarla dolu, ortalama bir okuyucu i\u00e7in anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 ve g\u00f6z korkutucu belgelerdir. Sayfalarca verinin aras\u0131nda, man\u015fet rakamlar\u0131n anlatmad\u0131\u011f\u0131, bazen de onlarla \u00e7eli\u015fen \u00e7ok daha derin bir hikaye gizlidir.<\/p>\n<p>Bu yaz\u0131da, Cosmos Yat\u0131r\u0131m Holding&#8217;in (\u0130\u015flem Sembol\u00fc: COSMO) yay\u0131nlad\u0131\u011f\u0131 son finansal ve faaliyet raporlar\u0131na bir dal\u0131\u015f yapacak ve ilk bak\u0131\u015fta g\u00f6r\u00fclemeyen en \u015fa\u015f\u0131rt\u0131c\u0131, en d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc ve en \u00f6nemli be\u015f bulguyu mercek alt\u0131na alaca\u011f\u0131z. Bu be\u015f nokta, \u015firketin mevcut durumunu ve gelece\u011fe y\u00f6nelik potansiyelini anlamak i\u00e7in kritik birer ipucu niteli\u011fi ta\u015f\u0131yor.<\/p>\n<h3>1. K\u00e2rlar D\u00fc\u015ferken Kasas\u0131 Dolan \u015eirket Paradoksu<\/h3>\n<p>Raporlardaki en \u00e7arp\u0131c\u0131 \u00e7eli\u015fkiyle ba\u015flayal\u0131m. Cosmos Holding&#8217;in konsolide finansal tablolar\u0131, 2025&#8217;in ilk dokuz ay\u0131nda 194.845 TL net zarar g\u00f6steriyor. Bu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde elde edilen 39,8 milyon TL&#8217;lik k\u00e2ra k\u0131yasla dramatik bir geri d\u00f6n\u00fc\u015f\u00fc ifade ediyor. Ancak ayn\u0131 d\u00f6nemde, \u015firketin kasas\u0131ndaki nakit ve nakit benzerleri yakla\u015f\u0131k \u00fc\u00e7 kat\u0131na \u00e7\u0131karak 7,9 milyon TL&#8217;den 23,6 milyon TL&#8217;ye f\u0131rlad\u0131. Peki, \u015firket zarar ederken kasas\u0131 nas\u0131l bu kadar dolabildi?<\/p>\n<p>Bu paradoksun s\u0131rr\u0131, nakit ak\u0131\u015f tablosunda gizli. \u015eirket, esas faaliyetlerinden 76,6 milyon TL&#8217;lik devasa bir pozitif nakit ak\u0131\u015f\u0131 yaratm\u0131\u015f. Ancak bu nakit, mal veya hizmet sat\u0131\u015f\u0131ndan de\u011fil, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ili\u015fkili taraflara olan ticari bor\u00e7lardaki art\u0131\u015ftan kaynaklan\u0131yor. Finansal tablolara g\u00f6re, \u015firketin <i>\u0130li\u015fkili Taraflara Ticari Bor\u00e7lar\u0131<\/i>, 2024 sonunda yakla\u015f\u0131k 6 milyon TL iken, 30 Eyl\u00fcl 2025&#8217;te 138,2 milyon TL&#8217;ye f\u0131rlam\u0131\u015f durumda. Raporun dipnotlar\u0131 incelendi\u011finde ise bu borcun tamam\u0131n\u0131n tek bir \u015firkete, <b>Kontrolmatik Teknoloji Enerji ve M\u00fch. A.\u015e.<\/b>&#8216;ye ait oldu\u011fu g\u00f6r\u00fcl\u00fcyor. K\u0131sacas\u0131, \u015firketin artan nakit pozisyonu, bu d\u00f6nemdeki operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131ndan de\u011fil, ana orta\u011f\u0131 Kontrolmatik taraf\u0131ndan sa\u011flanan finansmandan geliyor.<\/p>\n<h3>2. Stok Da\u011flar\u0131: 9 Ayda 3 Kat\u0131na \u00c7\u0131kan Envanterin S\u0131rr\u0131 Ne?<\/h3>\n<p>Rapordaki bir di\u011fer \u015fa\u015f\u0131rt\u0131c\u0131 veri ise stoklardaki patlama. \u015eirketin envanteri (<i>Stoklar<\/i>), 2024 sonunda 54,3 milyon TL iken, sadece dokuz ay sonra, 2025 Eyl\u00fcl sonunda 157,8 milyon TL&#8217;ye ula\u015fm\u0131\u015f. Bu, dokuz ayl\u0131k k\u0131sa bir s\u00fcrede neredeyse \u00fc\u00e7 katl\u0131k bir art\u0131\u015f anlam\u0131na geliyor.<\/p>\n<p>Bu bulguyu analiz ederken, ayn\u0131 d\u00f6nemde \u015firketin cirosundaki (<i>Has\u0131lat<\/i>) d\u00fc\u015f\u00fc\u015f\u00fc g\u00f6z ard\u0131 edemeyiz. Ge\u00e7en y\u0131l\u0131n ilk dokuz ay\u0131nda 495,5 milyon TL olan has\u0131lat, bu y\u0131l\u0131n ayn\u0131 d\u00f6neminde 387,2 milyon TL&#8217;ye gerilemi\u015f. Bu durum akla \u015fu soruyu getiriyor: Bu devasa stok art\u0131\u015f\u0131, gelecekteki b\u00fcy\u00fck projelere y\u00f6nelik stratejik bir haz\u0131rl\u0131k m\u0131, yoksa yava\u015flayan sat\u0131\u015flar\u0131n ve \u015firketin \u00f6n\u00fcndeki potansiyel bir zorlu\u011fun g\u00f6stergesi mi?<\/p>\n<h3>3. \u0130\u015f G\u00fcc\u00fcnde \u015eok Dalga: Personel Say\u0131s\u0131 Neden \u00dc\u00e7te \u0130kiye D\u00fc\u015ft\u00fc?<\/h3>\n<p>Finansal verilerin yan\u0131 s\u0131ra, faaliyet raporu da \u015firketin yap\u0131s\u0131ndaki k\u00f6kl\u00fc bir de\u011fi\u015fime i\u015faret ediyor. Raporun ilgili b\u00f6l\u00fcm\u00fcnde, grup b\u00fcnyesinde istihdam edilen ortalama personel say\u0131s\u0131n\u0131n 2024&#8217;te 112 iken, mevcut d\u00f6nemde 38&#8217;e d\u00fc\u015ft\u00fc\u011f\u00fc belirtiliyor.<\/p>\n<p>Bu, i\u015f g\u00fcc\u00fcn\u00fcn yakla\u015f\u0131k \u00fc\u00e7te ikisinin azalmas\u0131 demek. Bu denli keskin bir d\u00fc\u015f\u00fc\u015f, basit bir maliyet kesintisinin \u00e7ok \u00f6tesinde, \u015firketin operasyonel yap\u0131s\u0131nda b\u00fcy\u00fck bir yeniden yap\u0131lanmaya veya grubun i\u015f oda\u011f\u0131nda \u00f6nemli bir de\u011fi\u015fikli\u011fe gitti\u011fine dair g\u00fc\u00e7l\u00fc bir sinyal veriyor.<\/p>\n<h3>4. \u0130li\u015fkili Taraflar: Holding&#8217;in Can Damar\u0131<\/h3>\n<p>\u0130lk maddede bahsetti\u011fimiz bor\u00e7 art\u0131\u015f\u0131, ili\u015fkili taraflar\u0131n holding finansman\u0131ndaki kritik rol\u00fcn\u00fc ortaya koymu\u015ftu. Ancak bu ili\u015fkilerin \u00f6nemi bununla s\u0131n\u0131rl\u0131 de\u011fil. \u015eirketin gelirlerindeki d\u00fc\u015f\u00fc\u015f de yine bu taraflarla yap\u0131lan i\u015flemlerle yak\u0131ndan ba\u011flant\u0131l\u0131.<\/p>\n<p>Raporun 5 numaral\u0131 dipnotuna g\u00f6re, \u015firketin ili\u015fkili taraflara yapt\u0131\u011f\u0131 <i>Mal ve Hizmet Sat\u0131\u015flar\u0131<\/i>, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 199,2 milyon TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde sadece 13,3 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015f. Bu veriler, \u015firketin finansal performans\u0131n\u0131n, ba\u015fta Kontrolmatik Teknoloji Enerji ve M\u00fchendislik A.\u015e. olmak \u00fczere birka\u00e7 kilit ortak \u015firketle olan ili\u015fkilerine ne kadar derinden ba\u011fl\u0131 oldu\u011funu g\u00f6steriyor. Cosmos Holding Y\u00f6netim Kurulu Ba\u015fkan\u0131 \u00d6mer \u00dcnsalan&#8217;\u0131n ayn\u0131 zamanda Kontrolmatik&#8217;in Y\u00f6netim Kurulu Ba\u015fkan Vekili olmas\u0131, bu yak\u0131n ili\u015fkiye dair \u00f6nemli bir ba\u011flam sunuyor.<\/p>\n<h3>5. Piyasan\u0131n Cesur Bahsi: Zarar Eden \u015eirkete 1.2 Milyar TL&#8217;lik De\u011fer Bi\u00e7mek<\/h3>\n<p>Son olarak, \u015firketin finansal temelleri ile Borsa \u0130stanbul&#8217;daki de\u011feri aras\u0131ndaki devasa fark dikkat \u00e7ekiyor. 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla \u015firketin toplam \u00f6z kaynaklar\u0131 (<i>\u00d6zkaynaklar<\/i>) yakla\u015f\u0131k 128 milyon TL. Ancak ayn\u0131 g\u00fcn itibar\u0131yla \u015firketin piyasa de\u011feri (<i>Piyasa de\u011feri<\/i>) 1,23 milyar TL&#8217;nin \u00fczerindeydi.<\/p>\n<p>Bu rakamlar, piyasan\u0131n \u015firketi defter de\u011ferinin yakla\u015f\u0131k 10 kat\u0131 bir de\u011ferle fiyatlad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Yat\u0131r\u0131mc\u0131lar\u0131n, \u015firketin son d\u00f6nemdeki ciro d\u00fc\u015f\u00fc\u015f\u00fc ve net zarar\u0131na ra\u011fmen bu de\u011feri bi\u00e7mesi olduk\u00e7a cesur bir bahis. Bu durum, yat\u0131r\u0131mc\u0131lar\u0131n mevcut d\u00f6nemin performans\u0131na de\u011fil; \u015firketin gelecekteki stratejisine, de\u011ferli i\u015ftiraklerine (\u00f6rne\u011fin elektrikli otomasyon panolar\u0131 \u00fcreten Panel Smart ve in\u015faat-m\u00fchendislik sekt\u00f6r\u00fcnde faaliyet g\u00f6steren Cosmos M\u00fchendislik gibi) ve sahip oldu\u011fu g\u00fc\u00e7l\u00fc stratejik ittifaklara b\u00fcy\u00fck bir beklenti y\u00fckledi\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor.<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Cosmos Holding&#8217;in finansal raporlar\u0131, birbiriyle \u00e7eli\u015fen dinamiklerle dolu karma\u015f\u0131k bir tablo sunuyor: D\u00fc\u015fen k\u00e2ra ra\u011fmen artan nakit, k\u00fc\u00e7\u00fclen i\u015f g\u00fcc\u00fcne ra\u011fmen b\u00fcy\u00fcyen varl\u0131klar ve d\u00fc\u015f\u00fck defter de\u011ferine ra\u011fmen f\u0131rlayan piyasa de\u011feri. T\u00fcm bu veriler, \u015firketin basit bir bilan\u00e7o analizinden \u00e7ok daha fazlas\u0131 oldu\u011funu g\u00f6steriyor.<\/p>\n<p>Cosmos Holding, d\u00fc\u015fen sat\u0131\u015flar ve k\u00fc\u00e7\u00fclen i\u015f g\u00fcc\u00fcn\u00fcn i\u015faret etti\u011fi gibi temel operasyonlar\u0131nda zorlanan bir \u015firket mi, yoksa kilit orta\u011f\u0131 taraf\u0131ndan gelecekteki bir d\u00f6n\u00fc\u015f\u00fcm i\u00e7in bilin\u00e7li olarak yeniden \u015fekillendirilen ve finanse edilen stratejik bir ara\u00e7 m\u0131? Rakamlar bize d\u00fc\u011f\u00fcml\u00fc bir hikaye anlat\u0131yor ve sonunu sadece zaman g\u00f6sterecek.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">COSMOS YATIRIM HOLD\u0130NG A.\u015e. &#8211; 30 Eyl\u00fcl 2025 Finansal ve Operasyonel Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, COSMOS Yat\u0131r\u0131m Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve faaliyetlerini \u00f6zetlemektedir. Rapor, \u015firketin finansal tablolar\u0131 ve faaliyet raporundan elde edilen verilere dayanmaktad\u0131r.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal geli\u015fmeleri, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla has\u0131latta ve karl\u0131l\u0131kta \u00f6nemli bir d\u00fc\u015f\u00fc\u015f ya\u015fanmas\u0131d\u0131r. Grubun konsolide has\u0131lat\u0131, 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki 495,5 milyon TL&#8217;den 2025&#8217;in ayn\u0131 d\u00f6neminde 387,2 milyon TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f, br\u00fct kar\u0131n 94,4 milyon TL&#8217;den 50,9 milyon TL&#8217;ye ve esas faaliyet kar\u0131n\u0131n 76,7 milyon TL&#8217;den 34,2 milyon TL&#8217;ye inmesine neden olmu\u015ftur. Grup, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda elde etti\u011fi 39,8 milyon TL&#8217;lik net kar\u0131n aksine, 2025&#8217;in ayn\u0131 d\u00f6neminde 194.845 TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Ancak, ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen kar 3,78 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. Karl\u0131l\u0131ktaki bu d\u00fc\u015f\u00fc\u015fte, enflasyon muhasebesi kaynakl\u0131 35,3 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131 \u00f6nemli bir etken olmu\u015ftur.<\/p>\n<p>Bilan\u00e7o taraf\u0131nda, Grubun toplam varl\u0131klar\u0131 31 Aral\u0131k 2024&#8217;teki 479,7 milyon TL&#8217;den 30 Eyl\u00fcl 2025&#8217;te 562,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta, Finansal Yat\u0131r\u0131mlar (3,9 milyon TL&#8217;den 102 milyon TL&#8217;ye) ve Stoklar (54,3 milyon TL&#8217;den 157,8 milyon TL&#8217;ye) kalemlerindeki g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme etkili olurken, Ticari Alacaklar&#8217;da (276,4 milyon TL&#8217;den 122,7 milyon TL&#8217;ye) belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir. Kaynaklar taraf\u0131nda ise toplam y\u00fck\u00fcml\u00fcl\u00fckler artm\u0131\u015f, \u00f6zkaynaklar ise 114,9 milyon TL&#8217;den 128 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<p>Nakit ak\u0131\u015flar\u0131 incelendi\u011finde, i\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131n\u0131n \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki -6,1 milyon TL&#8217;den +76,6 milyon TL&#8217;ye \u00e7\u0131karak g\u00fc\u00e7l\u00fc bir pozitif performans sergiledi\u011fi g\u00f6r\u00fclmektedir. Bu iyile\u015fme, \u00e7al\u0131\u015fma sermayesindeki etkin y\u00f6netime i\u015faret etmektedir. Finansman faaliyetleri ise finansal yat\u0131r\u0131mlardaki art\u0131\u015f nedeniyle 66 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur. Sonu\u00e7 olarak, Grubun d\u00f6nem sonu nakit ve nakit benzerleri 7,9 milyon TL&#8217;den 23,6 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<p>Grup; Holding, \u0130n\u015faat Taahh\u00fct ve Elektrik Elektronik olmak \u00fczere \u00fc\u00e7 ana sekt\u00f6rde faaliyet g\u00f6stermekte olup, has\u0131lat\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 \u0130n\u015faat Taahh\u00fct sekt\u00f6r\u00fc olu\u015fturmaktad\u0131r. \u015eirket, kurumsal y\u00f6netim ilkelerine uyum sa\u011flamakta ve risklerini Riskin Erken Saptanmas\u0131 Komitesi arac\u0131l\u0131\u011f\u0131yla y\u00f6netmektedir.<\/p>\n<h2>\u015eirket Profili ve Kurumsal Yap\u0131<\/h2>\n<h3>Genel Bilgiler<\/h3>\n<p>Cosmos Yat\u0131r\u0131m Holding A.\u015e., 1995 y\u0131l\u0131nda Bumerang Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. ad\u0131yla bir menkul k\u0131ymet yat\u0131r\u0131m ortakl\u0131\u011f\u0131 olarak kurulmu\u015ftur. 20 Aral\u0131k 2013 tarihinde Sermaye Piyasas\u0131 Kurulu izniyle stat\u00fcs\u00fcn\u00fc ve unvan\u0131n\u0131 de\u011fi\u015ftirerek bir yat\u0131r\u0131m holdingine d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirketin temel amac\u0131; \u015firketlerin sermaye ve y\u00f6netimine kat\u0131larak yat\u0131r\u0131m, finansman, organizasyon ve y\u00f6netim faaliyetlerini b\u00fct\u00fcnsel bir yakla\u015f\u0131mla ele almak, ticari, s\u0131nai ve finansal alanlarda yat\u0131r\u0131mlar yapmakt\u0131r. \u015eirket hisseleri, Borsa \u0130stanbul Ana Pazar&#8217;da &#8220;COSMO&#8221; sembol\u00fc ile i\u015flem g\u00f6rmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ticaret Unvan\u0131<\/td>\n<td>Cosmos Yat\u0131r\u0131m Holding A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>Oru\u00e7reis Mahallesi Tekstilkent Caddesi A Blok No: 12\/B \u0130\u00e7 Kap\u0131 No: 154 Esenler\/\u0130stanbul<\/td>\n<\/tr>\n<tr>\n<td><b>Kurulu\u015f Tarihi<\/b><\/td>\n<td>17.05.1995<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Sicil No<\/b><\/td>\n<td>330414 (\u0130stanbul)<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130nternet Sitesi<\/b><\/td>\n<td>www.cosmosholding.com<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet Konusu<\/b><\/td>\n<td>Mali Kurulu\u015flar \/ Holdingler ve Yat\u0131r\u0131m \u015eirketleri<\/td>\n<\/tr>\n<tr>\n<td><b>Piyasa De\u011feri (30.09.2025)<\/b><\/td>\n<td>1.233.991.860,00 TL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Sermaye<\/h3>\n<p>\u015eirket, kay\u0131tl\u0131 sermaye sistemine tabidir. 2021-2025 y\u0131llar\u0131 i\u00e7in ge\u00e7erli olan kay\u0131tl\u0131 sermaye tavan\u0131 30.000.000 TL&#8217;dir. \u015eirketin \u00f6denmi\u015f sermayesi ise 6.494.694 TL&#8217;dir.<\/p>\n<p><b>10 Kas\u0131m 2025 \u0130tibar\u0131yla Ortakl\u0131k Yap\u0131s\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131\/Unvan\u0131<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer \u00dcnsalan<\/td>\n<td>2.080.600<\/td>\n<td>32,04<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zg\u00fcr Kaya<\/td>\n<td>520.000<\/td>\n<td>8,01<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>3.894.094<\/td>\n<td>59,95<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>6.494.694<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket sermayesi, (A) ve (B) grubu paylara ayr\u0131lm\u0131\u015ft\u0131r. 600 TL tutar\u0131ndaki (A) grubu paylar, Y\u00f6netim Kurulu \u00fcye se\u00e7iminde aday g\u00f6sterme imtiyaz\u0131na sahiptir ve bu paylar\u0131n tamam\u0131 \u00d6mer \u00dcnsalan&#8217;a aittir.<\/p>\n<h3>Y\u00f6netim Kurulu<\/h3>\n<p>Y\u00f6netim Kurulu, 17 Temmuz 2025 tarihli Ola\u011fan Genel Kurul&#8217;da 3 y\u0131l g\u00f6rev yapmak \u00fczere se\u00e7ilmi\u015ftir. Kurul, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere alt\u0131 \u00fcyeden olu\u015fmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6mer \u00dcnsalan<\/b><\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zg\u00fcr Kaya<\/b><\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td><b>Selahattin Kartal<\/b><\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td><b>Halit \u00dcnsalan<\/b><\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td><b>Cafer Memduho\u011flu<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td><b>H\u00fcseyin Ta\u015fan<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Y\u00f6netim Kurulu b\u00fcnyesinde Denetimden Sorumlu Komite, Kurumsal Y\u00f6netim Komitesi ve Riskin Erken Saptanmas\u0131 Komitesi bulunmaktad\u0131r. Komite ba\u015fkanlar\u0131 ve Denetim Komitesi&#8217;nin tamam\u0131 ba\u011f\u0131ms\u0131z \u00fcyelerden olu\u015fmaktad\u0131r.<\/p>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar, \u0130\u015ftirakler ve \u0130\u015f Ortakl\u0131klar\u0131<\/h3>\n<p>Grup, \u00e7e\u015fitli sekt\u00f6rlerde faaliyet g\u00f6steren \u015firketlere yat\u0131r\u0131m yapm\u0131\u015ft\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun konsolidasyon kapsam\u0131ndaki \u015firketleri ve ortakl\u0131k oranlar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u015eirket Unvan\u0131<\/td>\n<td>Faaliyet Konusu<\/td>\n<td>Ortakl\u0131k Oran\u0131 (%)<\/td>\n<td>T\u00fcr\u00fc<\/td>\n<\/tr>\n<tr>\n<td><b>Panel Smart Elektromekanik ve Otomasyon Sistemleri San. Tic. A.\u015e.<\/b><\/td>\n<td>Elektrik ve otomasyon panolar\u0131 imalat\u0131 ve ticareti<\/td>\n<td>85<\/td>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<\/tr>\n<tr>\n<td><b>Cosmos M\u00fchendislik A.\u015e.<\/b><\/td>\n<td>\u0130n\u015faat, taahh\u00fct, mimarl\u0131k ve m\u00fchendislik i\u015fleri<\/td>\n<td>60<\/td>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<\/tr>\n<tr>\n<td><b>Mekatronik Yap\u0131 Taahh\u00fct Sanayi A.\u015e.<\/b><\/td>\n<td>Hastane, temiz oda, iklimlendirme sistemleri kurulumu<\/td>\n<td>51<\/td>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<\/tr>\n<tr>\n<td><b>Harvey Burger G\u0131da A.\u015e.<\/b><\/td>\n<td>G\u0131da (Restoran ve franchise)<\/td>\n<td>33<\/td>\n<td>\u0130\u015ftirak<\/td>\n<\/tr>\n<tr>\n<td><b>Mekatronik Yap\u0131 Taah. San. A.\u015e. ve Tekno Elektromekanik M\u00fch. San. ve Tic. A.\u015e. \u0130\u015f Ortakl\u0131\u011f\u0131<\/b><\/td>\n<td>\u0130n\u015faat, taahh\u00fct i\u015fleri<\/td>\n<td>26,01<\/td>\n<td>\u0130\u015f Ortakl\u0131\u011f\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Cosmos M\u00fchendislik A.\u015e.&#8217;nin<\/b> sermayesi 24 Ocak 2025&#8217;te 110.000.000 TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Panel Smart Elektromekanik A.\u015e.&#8217;nin<\/b> sermayesi 2025 y\u0131l\u0131nda 25.000.000 TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>01 Ocak \u2013 30 Eyl\u00fcl 2025 D\u00f6nemi Finansal Performans Analizi<\/h2>\n<p>Grup, finansal tablolar\u0131n\u0131 T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS\/TFRS) ve SPK&#8217;n\u0131n 28 Aral\u0131k 2023 tarihli karar\u0131 uyar\u0131nca TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak haz\u0131rlamaktad\u0131r. Sunulan t\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fcne g\u00f6re TL olarak ifade edilmi\u015ftir.<\/p>\n<h3>Konsolide Gelir Tablosu Analizi<\/h3>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda has\u0131lat ve karl\u0131l\u0131kta \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f ya\u015fam\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Gelir Tablosu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>387.172.342<\/td>\n<td>495.491.092<\/td>\n<td>-21,9%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(336.262.830)<\/td>\n<td>(401.047.297)<\/td>\n<td>-16,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>50.909.512<\/b><\/td>\n<td><b>94.443.795<\/b><\/td>\n<td><b>-46,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyetlerden Di\u011fer Gelirler<\/td>\n<td>35.147.112<\/td>\n<td>14.633.599<\/td>\n<td>140,2%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyetlerden Di\u011fer Giderler (-)<\/td>\n<td>(20.066.803)<\/td>\n<td>(9.404.179)<\/td>\n<td>113,4%<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(27.176.494)<\/td>\n<td>(22.176.418)<\/td>\n<td>22,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td><b>34.235.315<\/b><\/td>\n<td><b>76.655.009<\/b><\/td>\n<td><b>-55,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kay\u0131plar\u0131<\/td>\n<td>(35.298.808)<\/td>\n<td>(28.292.475)<\/td>\n<td>24,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Kar\u0131<\/b><\/td>\n<td><b>5.445.990<\/b><\/td>\n<td><b>53.532.566<\/b><\/td>\n<td><b>-89,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(194.845)<\/b><\/td>\n<td><b>39.799.340<\/b><\/td>\n<td><b>-100,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131<\/td>\n<td>3.776.912<\/td>\n<td>20.353.713<\/td>\n<td>-81,4%<\/td>\n<\/tr>\n<tr>\n<td>Kontrol G\u00fcc\u00fc Olmayan Paylar<\/td>\n<td>(3.971.757)<\/td>\n<td>19.445.627<\/td>\n<td>-120,4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat %21,9 oran\u0131nda azalarak 387,2 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Karl\u0131l\u0131k:<\/b> Has\u0131lataki d\u00fc\u015f\u00fc\u015f ve maliyetlerdeki oransal art\u0131\u015f, br\u00fct kar\u0131n %46,1, esas faaliyet kar\u0131n\u0131n ise %55,3 oran\u0131nda azalmas\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Kar:<\/b> Enflasyon muhasebesi kaynakl\u0131 35,3 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131&#8217;n\u0131n da etkisiyle, 2024&#8217;te 39,8 milyon TL olan net kar, 2025&#8217;te 194.845 TL net zarara d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. Ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net kar ise 3,78 milyon TL olmu\u015ftur.<\/li>\n<\/ul>\n<h3>Konsolide Finansal Durum Tablosu (Bilan\u00e7o) Analizi<\/h3>\n<p>Grubun toplam varl\u0131klar\u0131, 2024 y\u0131l sonuna g\u00f6re %17,2 artarak 562,2 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Finansal Durum Tablosu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/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><b>524.769.346<\/b><\/td>\n<td><b>436.394.889<\/b><\/td>\n<td><b>20,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>23.636.356<\/td>\n<td>7.874.614<\/td>\n<td>200,2%<\/td>\n<\/tr>\n<tr>\n<td>Finansal Yat\u0131r\u0131mlar<\/td>\n<td>102.041.833<\/td>\n<td>3.905.879<\/td>\n<td>2512,5%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>122.678.427<\/td>\n<td>276.398.686<\/td>\n<td>-55,6%<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>157.848.909<\/td>\n<td>54.346.839<\/td>\n<td>190,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>37.435.116<\/b><\/td>\n<td><b>43.273.047<\/b><\/td>\n<td><b>-13,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>19.838.036<\/td>\n<td>27.544.952<\/td>\n<td>-28,0%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>562.204.462<\/b><\/td>\n<td><b>479.667.936<\/b><\/td>\n<td><b>17,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>432.038.209<\/b><\/td>\n<td><b>361.520.281<\/b><\/td>\n<td><b>19,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Bor\u00e7lanmalar<\/td>\n<td>29.747.054<\/td>\n<td>3.727.348<\/td>\n<td>698,0%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>282.951.723<\/td>\n<td>240.012.232<\/td>\n<td>17,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>2.139.603<\/b><\/td>\n<td><b>3.260.608<\/b><\/td>\n<td><b>-34,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>434.177.812<\/b><\/td>\n<td><b>364.780.889<\/b><\/td>\n<td><b>19,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>128.026.650<\/b><\/td>\n<td><b>114.887.047<\/b><\/td>\n<td><b>11,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/td>\n<td>71.481.232<\/td>\n<td>67.370.994<\/td>\n<td>6,1%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>562.204.462<\/b><\/td>\n<td><b>479.667.936<\/b><\/td>\n<td><b>17,2%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Ticari alacaklardaki 153,7 milyon TL&#8217;lik d\u00fc\u015f\u00fc\u015f dikkat \u00e7ekicidir. Bu d\u00fc\u015f\u00fc\u015f, nakit ve finansal yat\u0131r\u0131mlardaki art\u0131\u015f\u0131n temel kaynaklar\u0131ndan biridir. Stoklardaki 103,5 milyon TL&#8217;lik art\u0131\u015f ise \u00fcretim ve ticari faaliyetlerdeki yo\u011funla\u015fmaya i\u015faret etmektedir.<\/li>\n<li><b>Kaynak Yap\u0131s\u0131:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde K\u0131sa Vadeli Bor\u00e7lanmalar ve \u0130li\u015fkili Taraflara Ticari Bor\u00e7lar&#8217;daki art\u0131\u015ftan kaynaklanmaktad\u0131r. \u0130li\u015fkili taraflara olan ticari bor\u00e7lar 6 milyon TL&#8217;den 138,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h3>Konsolide Nakit Ak\u0131\u015f Tablosu Analizi<\/h3>\n<p>Grubun nakit pozisyonu d\u00f6nem i\u00e7inde belirgin bir iyile\u015fme g\u00f6stermi\u015ftir.<\/p>\n<p><b>\u00d6zet Nakit Ak\u0131\u015f Tablosu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b><\/td>\n<td><b>76.592.330<\/b><\/td>\n<td><b>(6.132.376)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b><\/td>\n<td><b>3.596.830<\/b><\/td>\n<td><b>(2.527.667)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b><\/td>\n<td><b>(66.023.917)<\/b><\/td>\n<td><b>2.919.851<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f<\/b><\/td>\n<td><b>15.761.742<\/b><\/td>\n<td><b>(2.814.542)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/b><\/td>\n<td>7.874.614<\/td>\n<td>15.296.688<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>23.636.356<\/b><\/td>\n<td><b>12.482.146<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u00c7al\u0131\u015fma sermayesindeki olumlu de\u011fi\u015fimler (\u00f6zellikle ticari alacaklar\u0131n azalmas\u0131 ve ticari bor\u00e7lar\u0131n artmas\u0131), i\u015fletme faaliyetlerinden 76,6 milyon TL nakit giri\u015fi sa\u011flanmas\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Bu kategorideki 66 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n ana nedeni, 98,9 milyon TL tutar\u0131ndaki finansal yat\u0131r\u0131mlardaki art\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>B\u00f6l\u00fcmlere G\u00f6re Raporlama<\/h2>\n<p>Grup, faaliyetlerini \u00fc\u00e7 ana segment alt\u0131nda raporlamaktad\u0131r: Holding, \u0130n\u015faat Taahh\u00fct ve Elektrik Elektronik. 2025 ilk dokuz ayl\u0131k d\u00f6nemde has\u0131lat ve br\u00fct kar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 \u0130n\u015faat Taahh\u00fct ve Elektrik Elektronik segmentlerinden elde edilmi\u015ftir.<\/p>\n<p><b>01 Ocak &#8211; 30 Eyl\u00fcl 2025 Segment Performans\u0131 (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>Holding<\/td>\n<td>\u0130n\u015faat Taahh\u00fct<\/td>\n<td>Elektrik Elektronik<\/td>\n<td>Konsolidasyon D\u00fczeltmeleri<\/td>\n<td>Toplam<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>8.064.518<\/td>\n<td>303.586.874<\/td>\n<td>93.674.705<\/td>\n<td>(18.153.755)<\/td>\n<td><b>387.172.342<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>8.064.518<\/td>\n<td>13.948.537<\/td>\n<td>20.837.351<\/td>\n<td>8.059.106<\/td>\n<td><b>50.909.512<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>63.175<\/td>\n<td>20.702.555<\/td>\n<td>13.469.585<\/td>\n<td>&#8211;<\/td>\n<td><b>34.235.315<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(2.994.169)<\/td>\n<td>(24.957.772)<\/td>\n<td>(2.855.601)<\/td>\n<td>30.612.697<\/td>\n<td><b>(194.845)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>Grubun ili\u015fkili taraflarla \u00f6nemli ticari ve finansal i\u015flemleri bulunmaktad\u0131r. \u00d6zellikle Kontrolmatik Teknoloji Enerji ve M\u00fch. A.\u015e. ile olan bor\u00e7 bakiyesi ve genel olarak ili\u015fkili taraflarla yap\u0131lan ticari i\u015flemler dikkat \u00e7ekmektedir.<\/p>\n<p><b>\u0130li\u015fkili Taraflarla Olan Bakiyeler (30 Eyl\u00fcl 2025 &#8211; TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u0130li\u015fkili Taraf<\/td>\n<td>Ticari Alacak<\/td>\n<td>Di\u011fer Alacak<\/td>\n<td>Ticari Bor\u00e7<\/td>\n<td>Di\u011fer Bor\u00e7<\/td>\n<\/tr>\n<tr>\n<td>Kontrolmatik Teknoloji Enerji ve M\u00fch. A.\u015e.<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>138.189.212<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Kontrolmatik Elektrik Sanayi Ticaret Ltd. \u015eti.<\/td>\n<td>22.250.503<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Pomega Enerji Depolama Teknolojileri A.\u015e.<\/td>\n<td>16.589.574<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer \u00dcnsalan<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>78.297.028<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u0130li\u015fkili Taraf Bakiyeleri<\/b><\/td>\n<td><b>53.973.168<\/b><\/td>\n<td><b>356.506<\/b><\/td>\n<td><b>138.189.212<\/b><\/td>\n<td><b>80.331.553<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>01.01-30.09.2025 d\u00f6neminde ili\u015fkili taraflara yap\u0131lan mal ve hizmet sat\u0131\u015flar\u0131 13,3 milyon TL iken, ili\u015fkili taraflardan yap\u0131lan mal ve hizmet al\u0131\u015flar\u0131 25,4 milyon TL olmu\u015ftur.<\/li>\n<li>Ayn\u0131 d\u00f6nemde \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan \u00fccret ve benzeri faydalar\u0131n toplam tutar\u0131 2.306.177 TL&#8217;dir.<\/li>\n<\/ul>\n<h2>Finansal Risk Y\u00f6netimi<\/h2>\n<p>Grup, finansal risklerini Y\u00f6netim Kurulu koordinasyonunda y\u00f6netmekte olup, \u00f6zellikle kur riskine kar\u015f\u0131 pozisyonunu takip etmektedir.<\/p>\n<h3>Kur Riski ve Duyarl\u0131l\u0131k Analizi<\/h3>\n<p>Grup, 30 Eyl\u00fcl 2025 itibar\u0131yla yabanc\u0131 para cinsinden varl\u0131klar\u0131 y\u00fck\u00fcml\u00fcl\u00fcklerinden fazla oldu\u011fu i\u00e7in net yabanc\u0131 para varl\u0131k pozisyonuna sahiptir.<\/p>\n<p><b>Net Yabanc\u0131 Para Pozisyonu (30 Eyl\u00fcl 2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Para Birimi<\/td>\n<td>TL Kar\u015f\u0131l\u0131\u011f\u0131 Net Varl\u0131k \/ (Y\u00fck\u00fcml\u00fcl\u00fck)<\/td>\n<\/tr>\n<tr>\n<td>ABD Dolar\u0131<\/td>\n<td>32.948.440<\/td>\n<\/tr>\n<tr>\n<td>Avro<\/td>\n<td>183.830<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Net YP Varl\u0131k Pozisyonu<\/b><\/td>\n<td><b>33.132.276<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kur Riski Duyarl\u0131l\u0131k Analizi:<\/b><\/p>\n<p>A\u015fa\u011f\u0131daki tablo, d\u00f6viz kurlar\u0131n\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 veya kaybetmesi durumunda, Grubun kar\/zarar \u00fczerindeki potansiyel etkisini g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>De\u011fi\u015fken<\/td>\n<td>Kar\/Zarar \u00dczerindeki Etki (Art\u0131\u015f)<\/td>\n<td>Kar\/Zarar \u00dczerindeki Etki (Azal\u0131\u015f)<\/td>\n<\/tr>\n<tr>\n<td>ABD Dolar\u0131&#8217;n\u0131n %10 De\u011fi\u015fimi<\/td>\n<td>3.294.844 TL<\/td>\n<td>(3.294.844) TL<\/td>\n<\/tr>\n<tr>\n<td>Avro&#8217;nun %10 De\u011fi\u015fimi<\/td>\n<td>18.383 TL<\/td>\n<td>(18.383) TL<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Etki<\/b><\/td>\n<td><b>3.313.227 TL<\/b><\/td>\n<td><b>(3.313.227) TL<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Temel Finansal Rasyolar<\/h2>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Rasyo<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td><b>Likidite Oranlar\u0131<\/b><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,21<\/td>\n<td>1,21<\/td>\n<\/tr>\n<tr>\n<td>Asit-Test Oran\u0131<\/td>\n<td>0,85<\/td>\n<td>1,06<\/td>\n<\/tr>\n<tr>\n<td>Nakit Oran<\/td>\n<td>0,05<\/td>\n<td>0,02<\/td>\n<\/tr>\n<tr>\n<td><b>Finansal Yap\u0131 Oranlar\u0131<\/b><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Finansal Kald\u0131ra\u00e7 (Toplam Varl\u0131klar\/\u00d6zkaynaklar)<\/td>\n<td>4,39<\/td>\n<td>4,18<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler\/\u00d6zkaynaklar<\/td>\n<td>3,39<\/td>\n<td>3,18<\/td>\n<\/tr>\n<tr>\n<td>K.V. Y\u00fck\u00fcml\u00fcl\u00fckler\/Toplam Kaynaklar<\/td>\n<td>0,77<\/td>\n<td>0,75<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<button class=\"simplefavorite-button\" data-postid=\"666\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sunulan kaynaklar, **Cosmos Yat\u0131r\u0131m Holding**&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemini kapsayan **konsolide finansal tablolar\u0131n\u0131** ve faaliyet raporu \u00f6zetini i\u00e7ermektedir. Belgelerde \u015firketin **d\u00f6nen ve duran varl\u0131klar\u0131**, bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fckleri ve \u00f6zkaynak de\u011fi\u015fimleri gibi temel mali verileri **kar\u015f\u0131la\u015ft\u0131rmal\u0131 tablolarla** sunulmaktad\u0131r. Holdingin in\u015faat, elektromekanik ve g\u0131da gibi farkl\u0131 sekt\u00f6rlerdeki **ba\u011fl\u0131 ortakl\u0131klar\u0131** ile i\u015ftiraklerinin performans\u0131na dair detayl\u0131 d\u00f6k\u00fcmler yer almaktad\u0131r. Ayr\u0131ca, y\u00fcksek enflasyonun mali raporlar \u00fczerindeki etkilerini yans\u0131tan **enflasyon muhasebesi** uygulamalar\u0131 ve nakit ak\u0131\u015f s\u00fcre\u00e7leri teknik dipnotlarla a\u00e7\u0131klanmaktad\u0131r. \u015eirketin d\u00f6nem i\u00e7indeki **has\u0131lat\u0131, sat\u0131\u015f maliyetleri** ve net k\u00e2r durumuna ili\u015fkin veriler, yat\u0131r\u0131mc\u0131lar i\u00e7in geni\u015f bir operasyonel \u00e7er\u00e7eve \u00e7izmektedir. Son olarak, y\u00f6netim yap\u0131s\u0131 ve **ili\u015fkili taraflarla** ger\u00e7ekle\u015ftirilen ticari i\u015flemler \u015feffaf bir bi\u00e7imde raporlanmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":794,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[155],"class_list":["post-666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-cosmo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/666","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=666"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/666\/revisions"}],"predecessor-version":[{"id":795,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/666\/revisions\/795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/794"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}