{"id":672,"date":"2025-12-28T13:14:48","date_gmt":"2025-12-28T10:14:48","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=672"},"modified":"2025-12-28T19:01:04","modified_gmt":"2025-12-28T16:01:04","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-agrot-agrotech-yuksek-teknoloji-ve-yatirim-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/672","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AGROT | Agrotech Y\u00fcksek Teknoloji Ve Yat\u0131r\u0131m 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AGROT | Agrotech Y\u00fcksek Teknoloji Ve Yat\u0131r\u0131m 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/N-_KNWlXqPo?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>Rakamlar\u0131n Ard\u0131ndaki Hikaye: Agrotech&#8217;in Finansal Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Finansal Tablolar\u0131n Gizemli Dili<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, karma\u015f\u0131k ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n ard\u0131na dikkatle bak\u0131ld\u0131\u011f\u0131nda, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelece\u011fine dair s\u00fcr\u00fckleyici hikayeler ke\u015ffedilebilir. Agrotech Y\u00fcksek Teknoloji ve Yat\u0131r\u0131m A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihli konsolide finansal raporu, bu duruma m\u00fckemmel bir \u00f6rnek te\u015fkil ediyor. \u0130lk bak\u0131\u015fta birbiriyle \u00e7eli\u015fen verilerle dolu bu rapor, \u015firketin ge\u00e7irdi\u011fi derin d\u00f6n\u00fc\u015f\u00fcm\u00fc g\u00f6zler \u00f6n\u00fcne seriyor. Gelin, bu raporun sat\u0131r aralar\u0131na gizlenmi\u015f en \u015fa\u015f\u0131rt\u0131c\u0131 d\u00f6rt ger\u00e7e\u011fi birlikte inceleyelim.<\/p>\n<h3>1. K\u00e2rdan Zarara Sert Ge\u00e7i\u015f<\/h3>\n<p>Raporun en \u00e7arp\u0131c\u0131 ba\u015fl\u0131\u011f\u0131, \u015firketin bir \u00f6nceki y\u0131la k\u0131yasla k\u00e2rdan devasa bir zarara ge\u00e7mi\u015f olmas\u0131. Ancak bu hikayenin as\u0131l \u015fa\u015f\u0131rt\u0131c\u0131 k\u0131sm\u0131, zarar\u0131n arkas\u0131ndaki temel nedenlerde gizli.<\/p>\n<p><b>Veri Analizi:<\/b><\/p>\n<ul>\n<li><b>2024 \u0130lk Dokuz Ay:<\/b> \u015eirket, 1 Ocak &#8211; 30 Eyl\u00fcl 2024 d\u00f6neminde ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen <b>44.796.883 TL<\/b> net d\u00f6nem k\u00e2r\u0131 elde etmi\u015fti.<\/li>\n<li><b>2025 \u0130lk Dokuz Ay:<\/b> 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde ise bu tablo tamamen tersine d\u00f6nerek <b>(366.808.388) TL<\/b> net d\u00f6nem zarar\u0131 olarak ger\u00e7ekle\u015fti.<\/li>\n<\/ul>\n<p>Bu keskin d\u00f6n\u00fc\u015f\u00fcm\u00fcn arkas\u0131ndaki nedenler incelendi\u011finde, operasyonel zorluklar\u0131n yan\u0131 s\u0131ra \u00e7ok daha b\u00fcy\u00fck bir fakt\u00f6r \u00f6ne \u00e7\u0131k\u0131yor:<\/p>\n<ul>\n<li><b>Operasyonel Bask\u0131:<\/b> <code>Has\u0131lat<\/code>, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 2,86 milyar TL&#8217;den 1,85 milyar TL&#8217;ye gerilerken, <code>Br\u00fct k\u00e2r<\/code> 233,7 milyon TL&#8217;den 48,2 milyon TL&#8217;ye d\u00fc\u015ft\u00fc. Ayn\u0131 esnada, <code>Genel y\u00f6netim giderleri<\/code> 186,7 milyon TL&#8217;den 279,8 milyon TL&#8217;ye ve <code>Pazarlama, sat\u0131\u015f ve da\u011f\u0131t\u0131m giderleri<\/code> 30,3 milyon TL&#8217;den 73,8 milyon TL&#8217;ye y\u00fckseldi.<\/li>\n<li><b>As\u0131l Sebep: Yat\u0131r\u0131m Gelirlerinin Buharla\u015fmas\u0131:<\/b> K\u00e2r-zarar makas\u0131n\u0131 as\u0131l a\u00e7an kalem ise <code>Yat\u0131r\u0131m faaliyetlerinden gelirler<\/code> oldu. Bu kalem, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda <b>1.279.592.948 TL<\/b> gibi muazzam bir seviyedeyken, 2025&#8217;in ayn\u0131 d\u00f6neminde sadece <b>90.962.958 TL<\/b>&#8216;ye geriledi. Yakla\u015f\u0131k 1,2 milyar TL&#8217;lik bu d\u00fc\u015f\u00fc\u015f, net zarar\u0131n en b\u00fcy\u00fck tekil nedenidir.<\/li>\n<\/ul>\n<p><b>Yorumlama:<\/b> Bu veriler, Agrotech&#8217;in sadece operasyonel olarak zorlanmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda \u00f6nceki y\u0131l\u0131n k\u00e2r\u0131n\u0131n b\u00fcy\u00fck \u00f6l\u00e7\u00fcde tek seferlik yat\u0131r\u0131m kazan\u00e7lar\u0131yla desteklendi\u011fini ortaya koyuyor. Bu kazan\u00e7lar\u0131n 2025&#8217;te tekrarlanmamas\u0131, d\u00fc\u015fen sat\u0131\u015flar ve artan giderlerle birle\u015fince \u015firketi k\u00e2\u011f\u0131t \u00fczerinde b\u00fcy\u00fck bir zarara itti.<\/p>\n<h3>2. Nakit Paradoksu: Zarara Ra\u011fmen Kasadaki B\u00fcy\u00fck Art\u0131\u015f<\/h3>\n<p>\u0130lk maddede belirtilen devasa zarara ra\u011fmen, bilan\u00e7onun varl\u0131k taraf\u0131nda \u015fa\u015f\u0131rt\u0131c\u0131 bir geli\u015fme ya\u015fan\u0131yor: \u015firketin nakit varl\u0131klar\u0131 dokuz ayda \u00fc\u00e7e katlanm\u0131\u015f durumda. Bu paradoksun a\u00e7\u0131klamas\u0131, \u015firketin stratejik bir varl\u0131k likidasyonu hamlesinde yat\u0131yor.<\/p>\n<p><b>Veri Analizi:<\/b><\/p>\n<ul>\n<li><b>31 Aral\u0131k 2024:<\/b> \u015eirketin kasas\u0131ndaki <code>Nakit ve nakit benzerleri<\/code> toplam\u0131 <b>101.981.241 TL<\/b> idi.<\/li>\n<li><b>30 Eyl\u00fcl 2025:<\/b> Dokuz ay sonra bu rakam <b>335.054.394 TL<\/b>&#8216;ye f\u0131rlad\u0131.<\/li>\n<\/ul>\n<p>Bu 233 milyon TL&#8217;lik net nakit art\u0131\u015f\u0131n\u0131n kayna\u011f\u0131, bilan\u00e7odaki <code>Finanasal yat\u0131r\u0131mlar<\/code> kalemindeki dramatik d\u00fc\u015f\u00fc\u015fle a\u00e7\u0131klan\u0131yor. Bu kalem, 31 Aral\u0131k 2024&#8217;te <b>871.317.985 TL<\/b> iken, 30 Eyl\u00fcl 2025&#8217;te <b>94.121.347 TL<\/b>&#8216;ye gerilemi\u015f durumda. Dipnot 10&#8217;a g\u00f6re bu d\u00fc\u015f\u00fc\u015f\u00fcn nedeni:<\/p>\n<ul>\n<li>2024 sonunda <b>728.070.490 TL<\/b> de\u011ferinde olan bir &#8220;Yat\u0131r\u0131m Fonu&#8221; pozisyonu tamamen sat\u0131larak nakde \u00e7evrildi.<\/li>\n<li><code>Finanasal yat\u0131r\u0131mlar<\/code> hesab\u0131nda kalan <b>94.121.347 TL<\/b> ise art\u0131k &#8220;17,948 kg Has Alt\u0131ndan&#8221; olu\u015fuyor.<\/li>\n<\/ul>\n<p><b>Yorumlama:<\/b> \u015eirket, operasyonel zarara ra\u011fmen nakit pozisyonunu g\u00fc\u00e7lendirmek i\u00e7in 700 milyon TL&#8217;nin \u00fczerinde bir yat\u0131r\u0131m fonunu tasfiye etmi\u015ftir. Bu hamle, likiditeyi art\u0131rmaya ve finansal esneklik sa\u011flamaya y\u00f6nelik bilin\u00e7li bir stratejinin par\u00e7as\u0131d\u0131r. Ka\u011f\u0131t varl\u0131klardan (yat\u0131r\u0131m fonu) fiziksel bir varl\u0131\u011fa (alt\u0131n) ge\u00e7i\u015f ise risk alg\u0131s\u0131nda ve varl\u0131k saklama stratejisinde \u00f6nemli bir de\u011fi\u015fime i\u015faret ediyor.<\/p>\n<h3>3. Stratejik Eksen Kaymas\u0131: K\u00e2rs\u0131z T\u00fcrkiye, K\u00e2rl\u0131 Dubai<\/h3>\n<p>Raporun dipnotlar\u0131, Agrotech&#8217;in sadece finansal de\u011fil, ayn\u0131 zamanda co\u011frafi ve stratejik bir eksen kaymas\u0131 ya\u015fad\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. Ancak as\u0131l hikaye ciroda de\u011fil, k\u00e2rl\u0131l\u0131kta gizli. \u015eirket, zarar eden yurt i\u00e7i operasyonlar\u0131ndan k\u00e2r \u00fcreten uluslararas\u0131 yaz\u0131l\u0131m faaliyetlerine do\u011fru net bir pivot yap\u0131yor.<\/p>\n<p><b>Veri Analizi:<\/b> Dipnot 3&#8217;teki &#8220;B\u00f6l\u00fcmlere G\u00f6re Raporlama&#8221; notu, bu stratejik de\u011fi\u015fimin alt\u0131n\u0131 net bir \u015fekilde \u00e7iziyor:<\/p>\n<ul>\n<li><b>Gelir Kaymas\u0131:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda Dubai sat\u0131\u015f gelirleri (<b>1.153.936.239 TL<\/b>) T\u00fcrkiye sat\u0131\u015f gelirlerini (<b>900.794.796 TL<\/b>) geride b\u0131rakarak ana gelir kayna\u011f\u0131 haline geldi.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k Fark\u0131:<\/b> As\u0131l \u00e7arp\u0131c\u0131 veri ise <code>Br\u00fct k\u00e2r<\/code> rakamlar\u0131nda. Ayn\u0131 d\u00f6nemde T\u00fcrkiye operasyonlar\u0131 <b>(32.760.597) TL<\/b> br\u00fct zarar \u00fcretirken, Dubai operasyonlar\u0131 <b>80.947.539 TL<\/b> br\u00fct k\u00e2r yaratt\u0131.<\/li>\n<\/ul>\n<p>Dipnot 1&#8217;e g\u00f6re 23 Mart 2024&#8217;te kurulan Dubai&#8217;deki <code>Agrotech Global L.L.C-FZ<\/code> \u015firketinin ana faaliyet alan\u0131 &#8220;yaz\u0131l\u0131m ve bilgisayar programlama&#8221; olarak belirtiliyor.<\/p>\n<p><b>Yorumlama:<\/b> Bu veriler, stratejik de\u011fi\u015fimin sadece bir co\u011frafi \u00e7e\u015fitlendirme olmad\u0131\u011f\u0131n\u0131; k\u00e2rs\u0131z bir operasyondan k\u00e2rl\u0131 bir operasyona do\u011fru bilin\u00e7li bir ka\u00e7\u0131\u015f oldu\u011funu g\u00f6steriyor. Agrotech, gelecekteki b\u00fcy\u00fcme motorunu ve k\u00e2rl\u0131l\u0131k merkezini a\u00e7\u0131k\u00e7a yurt d\u0131\u015f\u0131ndaki teknoloji ve yaz\u0131l\u0131m faaliyetleri olarak konumland\u0131rm\u0131\u015f durumda.<\/p>\n<h3>4. Neredeyse S\u0131f\u0131rlanan Banka Bor\u00e7lar\u0131<\/h3>\n<p>Zorlu operasyonel tabloya ra\u011fmen, bilan\u00e7onun y\u00fck\u00fcml\u00fcl\u00fckler taraf\u0131nda bir ba\u015fka dikkat \u00e7ekici pozitif geli\u015fme var: k\u0131sa vadeli banka bor\u00e7lar\u0131 neredeyse tamamen temizlenmi\u015f.<\/p>\n<p><b>Veri Analizi:<\/b> Finansal Durum Tablosu&#8217;ndaki <code>K\u0131sa vadeli bor\u00e7lanmalar<\/code> kalemi incelendi\u011finde:<\/p>\n<ul>\n<li><b>31 Aral\u0131k 2024:<\/b> 50.560.583 TL<\/li>\n<li><b>30 Eyl\u00fcl 2025:<\/b> 346.050 TL<\/li>\n<\/ul>\n<p><b>Yorumlama:<\/b> Bu, \u015firketin finansal riskini azaltma y\u00f6n\u00fcnde att\u0131\u011f\u0131 kararl\u0131 bir ad\u0131md\u0131r. Bu hamle, tesad\u00fcfi de\u011fil, bilin\u00e7li bir sermaye tahsisi stratejisinin sonucudur. \u0130kinci maddede belirtilen 700 milyon TL&#8217;yi a\u015fan yat\u0131r\u0131m fonu sat\u0131\u015f\u0131ndan elde edilen nakit, hem \u015firketin kasas\u0131n\u0131 g\u00fc\u00e7lendirmi\u015f hem de yakla\u015f\u0131k 50 milyon TL&#8217;lik banka borcunu kapatarak bilan\u00e7oyu temizlemi\u015f ve gelecekteki faiz giderlerini ortadan kald\u0131rm\u0131\u015ft\u0131r.<\/p>\n<h3>Sonu\u00e7: D\u00f6n\u00fc\u015f\u00fcm\u00fcn Sanc\u0131s\u0131 m\u0131, F\u0131rsat\u0131 m\u0131?<\/h3>\n<p>Agrotech&#8217;in 30 Eyl\u00fcl 2025 tarihli finansal raporu, birbiriyle \u00e7eli\u015fen ama bir araya geldi\u011finde tutarl\u0131 bir finansal yeniden yap\u0131lanma hikayesi anlatan verilerle dolu. Bir yanda tek seferlik yat\u0131r\u0131m gelirlerinin yoklu\u011fundan kaynaklanan b\u00fcy\u00fck bir zarar ve yurt i\u00e7inde k\u00e2rs\u0131zla\u015fan operasyonlar; di\u011fer yanda ise tasfiye edilen finansal varl\u0131klar sayesinde artan nakit, s\u0131f\u0131rlanan banka bor\u00e7lar\u0131 ve Dubai merkezli k\u00e2rl\u0131 bir uluslararas\u0131 b\u00fcy\u00fcme motoru.<\/p>\n<p>Bu tablo kar\u015f\u0131s\u0131nda akla \u015fu soru geliyor: Agrotech, sanc\u0131l\u0131 ama stratejik bir d\u00f6n\u00fc\u015f\u00fcm s\u00fcrecinden mi ge\u00e7iyor, yoksa bu rakamlar daha derin yap\u0131sal sorunlar\u0131n habercisi mi? \u015eirketin gelecekteki y\u00f6n\u00fcn\u00fc ve bu cesur stratejinin ba\u015far\u0131s\u0131n\u0131 anlamak i\u00e7in sonraki finansal raporlar kritik \u00f6neme sahip olacak. Rakamlar\u0131n ard\u0131ndaki hikaye hen\u00fcz tamamlanmad\u0131.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Agrotech Grubu 30 Eyl\u00fcl 2025 Finansal Raporu Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, Agrotech Y\u00fcksek Teknoloji ve Yat\u0131r\u0131m A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k ara d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 analiz etmektedir. Rapor, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla finansal performansta \u00f6nemli bir gerileme oldu\u011funu g\u00f6stermektedir. Grup, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda kaydedilen 39,1 milyon TL&#8217;lik net k\u00e2ra kar\u015f\u0131l\u0131k, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>370,6 milyon TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p>Bu olumsuz tablonun arkas\u0131ndaki temel nedenler; has\u0131lattaki %35&#8217;lik d\u00fc\u015f\u00fc\u015f, br\u00fct k\u00e2r marjlar\u0131ndaki daralma, artan operasyonel giderler ve yat\u0131r\u0131m faaliyetlerinden elde edilen gelirlerdeki dramatik azalmad\u0131r. Finansal durum tablosu incelendi\u011finde, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin, \u00f6zellikle ticari bor\u00e7lardaki art\u0131\u015fla birlikte, iki kattan fazla artt\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Bu durum, d\u00f6nemin net zarar\u0131yla birle\u015ferek \u00f6zkaynaklarda bir erimeye yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n<p>Bununla birlikte, Grup&#8217;un i\u015fletme faaliyetlerinden sa\u011flad\u0131\u011f\u0131 <b>470,7 milyon TL&#8217;lik net nakit ak\u0131\u015f\u0131<\/b> olumlu bir geli\u015fme olarak \u00f6ne \u00e7\u0131kmaktad\u0131r. Ancak bu nakit ak\u0131\u015f\u0131, operasyonel k\u00e2rl\u0131l\u0131ktan ziyade, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde finansal yat\u0131r\u0131mlar\u0131n azalt\u0131lmas\u0131 ve ticari bor\u00e7lar\u0131n art\u0131r\u0131lmas\u0131 gibi i\u015fletme sermayesi kalemlerindeki de\u011fi\u015fikliklerden kaynaklanmaktad\u0131r. Co\u011frafi segmentasyon analizi, Dubai&#8217;deki operasyonlar\u0131n Grubun has\u0131lat\u0131na \u00f6nemli bir katk\u0131 sa\u011flad\u0131\u011f\u0131n\u0131 ve k\u00e2rl\u0131 oldu\u011funu ortaya koyarken, T\u00fcrkiye&#8217;deki faaliyetlerin ise \u00f6nemli \u00f6l\u00e7\u00fcde zararla sonu\u00e7land\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Bu durum, uluslararas\u0131 operasyonlar\u0131n Grubun finansal sa\u011fl\u0131\u011f\u0131 i\u00e7in kritik bir rol oynad\u0131\u011f\u0131n\u0131 teyit etmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Grup Profili ve Stratejik Geni\u015fleme<\/h2>\n<p>Agrotech Grubu, ana \u015firket Agrotech Y\u00fcksek Teknoloji ve Yat\u0131r\u0131m A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131ndan olu\u015fmaktad\u0131r. Grup; teknoloji ve otomasyon, enerji, turizm, in\u015faat, finansal teknolojiler, sa\u011fl\u0131k teknolojileri, tar\u0131msal i\u015fletmeler ve teknolojileri ile g\u0131da i\u015fletmeleri ve teknolojileri gibi geni\u015f bir yelpazede faaliyet g\u00f6stermektedir. \u015eirketin ana hissedar\u0131 %75 pay ile H\u00fcmeyra Keskin olup, hisselerin %25&#8217;i halka a\u00e7\u0131kt\u0131r.<\/p>\n<p>Grup, 2024 ve 2025 y\u0131llar\u0131nda yeni \u015firketler kurarak veya b\u00fcnyesine katarak stratejik bir geni\u015fleme g\u00f6stermi\u015ftir. Bu d\u00f6nemde konsolidasyona dahil edilen yeni ba\u011fl\u0131 ortakl\u0131klar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Agross Ma\u011fazac\u0131l\u0131k A.\u015e.<\/b> (T\u00fcrkiye, %90 Ortakl\u0131k, Kurulu\u015f: 12 \u015eubat 2025)<\/li>\n<li><b>Agrotech Global L.L.C-FZ<\/b> (Dubai, BAE, %100 Ortakl\u0131k, Kurulu\u015f: 23 Mart 2024)<\/li>\n<li><b>Agrow Tohum ve Fidecilik \u00dcretim A.\u015e.<\/b> (T\u00fcrkiye, %100 Ortakl\u0131k, 2024 y\u0131l\u0131nda kuruldu)<\/li>\n<li><b>Agrotech Italy SRL<\/b> (\u0130talya, %100 Ortakl\u0131k, Kurulu\u015f: A\u011fustos 2025)<\/li>\n<\/ul>\n<p>Bu geni\u015flemeye paralel olarak, Grubun toplam personel say\u0131s\u0131 31 Aral\u0131k 2024&#8217;te 121 iken, 30 Eyl\u00fcl 2025 itibar\u0131yla 138&#8217;e y\u00fckselmi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemi)<\/h2>\n<p>Grubun 2025&#8217;in ilk dokuz ay\u0131ndaki performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6stermektedir. Net k\u00e2rl\u0131l\u0131ktan net zarara ge\u00e7i\u015f, bir\u00e7ok temel kalemde ya\u015fanan olumsuz de\u011fi\u015fimlerin bir sonucudur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>1.856.234.429<\/td>\n<td>2.861.259.359<\/td>\n<td>\u25bc %35,1<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(1.808.047.487)<\/td>\n<td>(2.627.567.378)<\/td>\n<td>\u25bc %31,2<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>48.186.942<\/td>\n<td>233.691.981<\/td>\n<td>\u25bc %79,4<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(300.220.610)<\/td>\n<td>(53.912.887)<\/td>\n<td>\u25b2 %456,9 (Zarar Art\u0131\u015f\u0131)<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r \/ (Zarar)<\/b><\/td>\n<td>(425.343.709)<\/td>\n<td>(115.256.718)<\/td>\n<td>\u25b2 %269,0 (Zarar Art\u0131\u015f\u0131)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(370.577.695)<\/b><\/td>\n<td><b>39.141.577<\/b><\/td>\n<td><b>Negatife D\u00f6n\u00fc\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131<\/b><\/td>\n<td>(366.808.388)<\/td>\n<td>44.796.883<\/td>\n<td>Negatife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td>(0,31)<\/td>\n<td>0,03<\/td>\n<td>Negatife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Performans De\u011ferlendirmesi:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat ve K\u00e2rl\u0131l\u0131k D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Has\u0131lat bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 1 milyar TL azalarak 1,86 milyar TL&#8217;ye gerilemi\u015ftir. Sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015f\u00fcn has\u0131lattaki d\u00fc\u015f\u00fc\u015ften daha yava\u015f olmas\u0131, br\u00fct k\u00e2r\u0131n %79,4 gibi keskin bir oranla 48,2 milyon TL&#8217;ye inmesine neden olmu\u015ftur.<\/li>\n<li><b>Operasyonel Gider Art\u0131\u015f\u0131:<\/b> Faaliyet zarar\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 53,9 milyon TL&#8217;den 300,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta, genel y\u00f6netim giderlerinin 186,7 milyon TL&#8217;den 279,8 milyon TL&#8217;ye ve pazarlama giderlerinin 30,3 milyon TL&#8217;den 73,8 milyon TL&#8217;ye \u00e7\u0131kmas\u0131 etkili olmu\u015ftur.<\/li>\n<li><b>Yat\u0131r\u0131m Gelirlerindeki Azalma:<\/b> K\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f\u00fcn en kritik nedenlerinden biri, yat\u0131r\u0131m faaliyetlerinden elde edilen gelirlerin 1,28 milyar TL&#8217;den 91 milyon TL&#8217;ye gerilemesidir. \u00d6nceki d\u00f6nem k\u00e2rl\u0131l\u0131\u011f\u0131na \u00f6nemli katk\u0131 sa\u011flayan bu kalemin zay\u0131flamas\u0131, 2025&#8217;teki genel zararda belirleyici olmu\u015ftur.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Bilan\u00e7o Analizi (30 Eyl\u00fcl 2025 vs. 31 Aral\u0131k 2024)<\/h2>\n<p>Grubun toplam varl\u0131klar\u0131 g\u00f6rece sabit kal\u0131rken, varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerin kompozisyonunda \u00f6nemli de\u011fi\u015fimler ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal 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>Toplam D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>2.908.229.381<\/td>\n<td>2.730.783.920<\/td>\n<td>\u25b2 %6,5<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>335.054.394<\/td>\n<td>101.981.241<\/td>\n<td>\u25b2 %228,5<\/td>\n<\/tr>\n<tr>\n<td><i>Finansal Yat\u0131r\u0131mlar<\/i><\/td>\n<td>94.121.347<\/td>\n<td>871.317.985<\/td>\n<td>\u25bc %89,2<\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Alacaklar (Net)<\/i><\/td>\n<td>2.020.509.877<\/td>\n<td>1.344.863.924<\/td>\n<td>\u25b2 %50,2<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Duran Varl\u0131klar<\/b><\/td>\n<td>7.814.714.999<\/td>\n<td>7.703.863.952<\/td>\n<td>\u25b2 %1,4<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>10.722.944.380<\/b><\/td>\n<td><b>10.434.647.872<\/b><\/td>\n<td><b>\u25b2 %2,8<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.410.888.560<\/td>\n<td>635.059.847<\/td>\n<td>\u25b2 %122,2<\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Bor\u00e7lar (Net)<\/i><\/td>\n<td>1.303.138.907<\/td>\n<td>474.250.958<\/td>\n<td>\u25b2 %174,8<\/td>\n<\/tr>\n<tr>\n<td><i>K\u0131sa Vadeli Bor\u00e7lanmalar<\/i><\/td>\n<td>346.050<\/td>\n<td>50.560.583<\/td>\n<td>\u25bc %99,3<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.660.495.687<\/td>\n<td>1.742.524.647<\/td>\n<td>\u25bc %4,7<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>3.071.384.247<\/b><\/td>\n<td><b>2.377.584.494<\/b><\/td>\n<td><b>\u25b2 %29,2<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM \u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>7.651.560.133<\/b><\/td>\n<td><b>8.057.063.378<\/b><\/td>\n<td><b>\u25bc %5,0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>10.722.944.380<\/b><\/td>\n<td><b>10.434.647.872<\/b><\/td>\n<td><b>\u25b2 %2,8<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Bilan\u00e7o De\u011ferlendirmesi:<\/b><\/p>\n<ul>\n<li><b>Varl\u0131k Kompozisyonu:<\/b> D\u00f6nen varl\u0131klar i\u00e7inde likidite yap\u0131s\u0131 de\u011fi\u015fmi\u015ftir. Finansal yat\u0131r\u0131mlar 871 milyon TL&#8217;den 94 milyon TL&#8217;ye d\u00fc\u015ferken, nakit ve nakit benzerleri 102 milyon TL&#8217;den 335 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Ticari alacaklardaki %50&#8217;lik art\u0131\u015f dikkat \u00e7ekicidir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fck Yap\u0131s\u0131:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki %122&#8217;lik art\u0131\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde net ticari bor\u00e7lar\u0131n 474 milyon TL&#8217;den 1,3 milyar TL&#8217;ye f\u0131rlamas\u0131ndan kaynaklanmaktad\u0131r. Bu durum, Grubun tedarik\u00e7ilerine olan bor\u00e7lar\u0131n\u0131 art\u0131rarak faaliyetlerini finanse etti\u011fini g\u00f6stermektedir. K\u0131sa vadeli banka kredileri ise neredeyse tamamen \u00f6denmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam \u00f6zkaynaklar, d\u00f6nemin 366,8 milyon TL&#8217;lik ana ortakl\u0131\u011fa ait net zarar\u0131 nedeniyle 8 milyar TL&#8217;den 7,65 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Faaliyet zarar\u0131na ra\u011fmen Grup, i\u015fletme faaliyetlerinden pozitif nakit ak\u0131\u015f\u0131 yaratmay\u0131 ba\u015farm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f Kalemi (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td><b>A. \u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b><\/td>\n<td><b>470.741.703<\/b><\/td>\n<td><b>528.851.957<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>B. Yat\u0131r\u0131m Faaliyetlerinden Nakit \u00c7\u0131k\u0131\u015flar\u0131<\/b><\/td>\n<td>(144.622.896)<\/td>\n<td>(146.635.872)<\/td>\n<\/tr>\n<tr>\n<td><b>C. Finansman Faaliyetlerinden Nakit \u00c7\u0131k\u0131\u015flar\u0131<\/b><\/td>\n<td>(72.369.983)<\/td>\n<td>(784.975.148)<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f<\/b><\/td>\n<td><b>253.748.824<\/b><\/td>\n<td><b>(402.759.063)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/b><\/td>\n<td>101.981.241<\/td>\n<td>619.380.786<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>335.054.394<\/b><\/td>\n<td><b>53.136.147<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Nakit Ak\u0131\u015f De\u011ferlendirmesi:<\/b><\/p>\n<ul>\n<li><b>\u0130\u015fletme Nakit Ak\u0131\u015f\u0131:<\/b> 470,7 milyon TL&#8217;lik pozitif nakit ak\u0131\u015f\u0131, d\u00f6nem zarar\u0131ndan ziyade i\u015fletme sermayesi y\u00f6netimi ile sa\u011flanm\u0131\u015ft\u0131r. Bu ak\u0131\u015f\u0131n ana kaynaklar\u0131, finansal varl\u0131klardaki 777,2 milyon TL&#8217;lik azal\u0131\u015f ve ticari bor\u00e7lardaki 828,9 milyon TL&#8217;lik art\u0131\u015ft\u0131r. Bu pozitif etkiler, ticari alacaklardaki 647,2 milyon TL&#8217;lik art\u0131\u015f\u0131 dengelemi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m ve Finansman:<\/b> Grup, yat\u0131r\u0131m faaliyetlerine 144,6 milyon TL (a\u011f\u0131rl\u0131kl\u0131 olarak maddi duran varl\u0131k al\u0131m\u0131) harcam\u0131\u015ft\u0131r. Finansman faaliyetlerinde ise 50,2 milyon TL&#8217;lik k\u0131sa vadeli bor\u00e7 geri \u00f6demesi ve 12,7 milyon TL&#8217;lik geri al\u0131nan paylar i\u00e7in nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> D\u00f6nem sonunda nakit pozisyonunda 253,7 milyon TL&#8217;lik net bir art\u0131\u015f kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>B\u00f6l\u00fcmsel Raporlama: Co\u011frafi Performans<\/h2>\n<p>Grup, faaliyetlerini T\u00fcrkiye, Dubai ve \u0130talya olmak \u00fczere co\u011frafi segmentlere ay\u0131rarak raporlamaktad\u0131r. Dubai operasyonlar\u0131, Grubun gelir ve k\u00e2rl\u0131l\u0131\u011f\u0131nda merkezi bir rol oynamaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Co\u011frafi B\u00f6lge (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/td>\n<td>Sat\u0131\u015f Gelirleri (TL)<\/td>\n<td>Br\u00fct K\u00e2r (TL)<\/td>\n<td>Net D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131) (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>T\u00fcrkiye<\/b><\/td>\n<td>900.794.796<\/td>\n<td>(32.760.597)<\/td>\n<td>(376.442.353)<\/td>\n<\/tr>\n<tr>\n<td><b>Dubai<\/b><\/td>\n<td>1.153.936.239<\/td>\n<td>80.947.539<\/td>\n<td>5.899.077<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130talya<\/b><\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>(34.419)<\/td>\n<\/tr>\n<tr>\n<td><b>Eliminasyon<\/b><\/td>\n<td>(198.496.606)<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>1.856.234.429<\/b><\/td>\n<td><b>48.186.942<\/b><\/td>\n<td><b>(370.577.695)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Dubai operasyonu, tek ba\u015f\u0131na 1,15 milyar TL&#8217;nin \u00fczerinde has\u0131lat \u00fcreterek Grubun en b\u00fcy\u00fck gelir kayna\u011f\u0131 olmu\u015f ve 5,9 milyon TL net k\u00e2r elde etmi\u015ftir. Buna kar\u015f\u0131l\u0131k, T\u00fcrkiye operasyonlar\u0131 900 milyon TL has\u0131lata ra\u011fmen 376,4 milyon TL gibi y\u00fcksek bir net zararla d\u00f6nemi tamamlam\u0131\u015ft\u0131r. Bu tablo, uluslararas\u0131 operasyonlar\u0131n Grubun finansal dayan\u0131kl\u0131l\u0131\u011f\u0131 a\u00e7\u0131s\u0131ndan ta\u015f\u0131d\u0131\u011f\u0131 \u00f6nemi a\u00e7\u0131k\u00e7a ortaya koymaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"672\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Rakamlar\u0131n Ard\u0131ndaki Hikaye: Agrotech&#8217;in Finansal Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Finansal Tablolar\u0131n Gizemli Dili Finansal raporlar, \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, karma\u015f\u0131k ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu rakamlar\u0131n ard\u0131na dikkatle bak\u0131ld\u0131\u011f\u0131nda, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131&#8230; <\/p>\n","protected":false},"author":1,"featured_media":720,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[158],"class_list":["post-672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-agrot"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/672","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=672"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/672\/revisions"}],"predecessor-version":[{"id":721,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/672\/revisions\/721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/720"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}