{"id":682,"date":"2025-12-28T14:10:07","date_gmt":"2025-12-28T11:10:07","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=682"},"modified":"2025-12-28T19:45:12","modified_gmt":"2025-12-28T16:45:12","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-arsan-arsan-tekstil-ticaret-ve-sanayi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/682","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARSAN | Arsan Tekstil Ticaret Ve Sanayi 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARSAN | Arsan Tekstil Ticaret Ve Sanayi 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/06PdoAlrZBk?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>Bir Tekstil Devinin Finansal Raporundan \u00c7\u0131kan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/b><\/h3>\n<p>Finansal raporlar \u00e7o\u011fu zaman rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak dikkatli bir g\u00f6zle incelendi\u011finde, bu &#8220;kuru&#8221; rakamlar bir \u015firketin stratejisini, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131 ve bazen de s\u00fcrprizlerle dolu hikayesini anlat\u0131r. Arsan Tekstil&#8217;in son finansal raporunu inceledi\u011fimizde tam da b\u00f6yle beklenmedik ve \u00e7arp\u0131c\u0131 detaylarla kar\u015f\u0131la\u015ft\u0131k. Bu yaz\u0131da, genellikle g\u00f6zden ka\u00e7an bu rakamlar\u0131n ard\u0131ndaki d\u00f6rt \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7e\u011fi ortaya \u00e7\u0131karaca\u011f\u0131z.<\/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<h3><b>1. &#8220;Tekstil \u015eirketi&#8221; Asl\u0131nda Bir Enerji ve \u0130n\u015faat Yat\u0131r\u0131mc\u0131s\u0131<\/b><\/h3>\n<p>Arsan Tekstil, ad\u0131ndan da anla\u015f\u0131laca\u011f\u0131 gibi, ana faaliyet alan\u0131 tekstil olan bir sanayi kurulu\u015fudur. \u015eirket, 1984&#8217;te kurulmu\u015f olup pamuk ipli\u011fi, sentetik iplik, kuma\u015f ve boya gibi alanlarda faaliyet g\u00f6stermektedir. Ancak finansal raporun derinliklerine indi\u011fimizde, \u015firketin kimli\u011finin \u00e7ok daha fazlas\u0131n\u0131 bar\u0131nd\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz.<\/p>\n<p>Rapordaki 1 numaral\u0131 dipnotta yer alan &#8220;\u00f6zkaynak y\u00f6ntemi ile de\u011ferledi\u011fi i\u015ftiraklerine ili\u015fkin bilgiler&#8221; b\u00f6l\u00fcm\u00fc, bu s\u00fcrprizi g\u00f6zler \u00f6n\u00fcne seriyor. Arsan Tekstil&#8217;in portf\u00f6y\u00fcnde, tekstil d\u0131\u015f\u0131 alanlarda faaliyet g\u00f6steren \u00e7ok \u00f6nemli \u015firketler bulunuyor:<\/p>\n<ul>\n<li><b>Armada\u015f:<\/b> Kahramanmara\u015f ve \u00e7evresinde do\u011falgaz da\u011f\u0131t\u0131m\u0131 yap\u0131yor.<\/li>\n<li><b>Akeda\u015f EDA\u015e:<\/b> B\u00f6lgede elektrik da\u011f\u0131t\u0131m faaliyetlerini y\u00fcr\u00fct\u00fcyor.<\/li>\n<li><b>Akeda\u015f EPSA\u015e:<\/b> Elektrik perakende sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftiriyor.<\/li>\n<li><b>Arsan Haz\u0131r Beton ve Marzen \u0130n\u015faat:<\/b> \u0130n\u015faat sekt\u00f6r\u00fcnde faaliyet g\u00f6steren yeni i\u015ftirakler.<\/li>\n<\/ul>\n<p>Bu i\u015ftiraklerin \u015firket i\u00e7in ne kadar \u00f6nemli oldu\u011fu, k\u00e2r rakamlar\u0131na bak\u0131nca daha da netle\u015fiyor. 2025&#8217;in ilk dokuz ay\u0131nda bu yat\u0131r\u0131mlardan gelen k\u00e2r pay\u0131 <b>605.968.284 TL<\/b> gibi muazzam bir rakama ula\u015fm\u0131\u015f durumda. Bu muazzam k\u00e2r pay\u0131, \u015firketin tekstil operasyonlar\u0131ndan ba\u011f\u0131ms\u0131z, istikrarl\u0131 ve d\u00fczenlemeye tabi sekt\u00f6rlerden gelen g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131na sahip oldu\u011funu g\u00f6steriyor. Bu durum, tekstil gibi d\u00f6ng\u00fcsel ve rekabet\u00e7i bir sekt\u00f6r\u00fcn risklerine kar\u015f\u0131 \u00f6nemli bir koruma (hedge) sa\u011flamaktad\u0131r.<\/p>\n<h3><b>2. Devasa K\u00e2rdan Ciddi Zarara: 1 Milyar Liray\u0131 A\u015fan Finansman Giderleri<\/b><\/h3>\n<p>\u015eirketin k\u00e2r-zarar tablosu, bir \u00f6nceki y\u0131la g\u00f6re dramatik bir de\u011fi\u015fimi ortaya koyuyor. Rakamlar olduk\u00e7a \u00e7arp\u0131c\u0131:<\/p>\n<ul>\n<li><b>2024 (\u0130lk 9 Ay):<\/b> 1.117.290.068 TL D\u00f6nem Net K\u00e2r\u0131<\/li>\n<li><b>2025 (\u0130lk 9 Ay):<\/b> (149.796.605) TL D\u00f6nem Net Zarar\u0131<\/li>\n<\/ul>\n<p>Bir y\u0131lda devasa bir k\u00e2rdan ciddi bir zarara ge\u00e7i\u015fin arkas\u0131ndaki ana neden ise tablonun &#8220;Finansman Giderleri&#8221; kaleminde gizli. 2025&#8217;in ilk dokuz ay\u0131nda \u015firketin katland\u0131\u011f\u0131 finansman gideri <b>1.076.704.013 TL<\/b> gibi devasa bir boyuta ula\u015fm\u0131\u015f.<\/p>\n<p>Bu rakam\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc anlamak i\u00e7in \u015firketin ayn\u0131 d\u00f6nemdeki cirosuyla (has\u0131lat\u0131yla) kar\u015f\u0131la\u015ft\u0131rmak yeterli. \u015eirketin, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde tekstil faaliyetlerinden gelen 91.309.738 TL&#8217;lik cirosuna kar\u015f\u0131l\u0131k, bunun on kat\u0131ndan daha fazla bir finansman gideri yazmas\u0131, \u015firketin \u00fczerindeki finansal y\u00fck\u00fcn ne kadar a\u011f\u0131r oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3><b>3. Paradoks: \u015eirket Zarar Ederken \u00d6zkaynaklar\u0131 Nas\u0131l B\u00fcy\u00fcd\u00fc?<\/b><\/h3>\n<p>Finansal tablolar\u0131n en kafa kar\u0131\u015ft\u0131r\u0131c\u0131 g\u00f6r\u00fcnen \u00e7eli\u015fkilerinden biri de Arsan Tekstil&#8217;in bilan\u00e7osunda kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor. \u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda yakla\u015f\u0131k 150 milyon TL zarar a\u00e7\u0131klamas\u0131na ra\u011fmen, ayn\u0131 d\u00f6nemde toplam \u00f6zkaynaklar\u0131 (\u015firketin net varl\u0131\u011f\u0131) <b>9.056.505.360 TL&#8217;den 9.988.703.208 TL&#8217;ye y\u00fckselmi\u015f<\/b>.<\/p>\n<p>Peki, bir \u015firket zarar ederken net varl\u0131\u011f\u0131 nas\u0131l artabilir?<\/p>\n<p>Cevap, &#8220;\u00d6zkaynak De\u011fi\u015fim Tablosu&#8221; ve 30 numaral\u0131 dipnotta yat\u0131yor. \u015eirket, bu d\u00f6nemde <b>1.557.550.535 TL<\/b> tutar\u0131nda bir sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirmi\u015f. Bu art\u0131r\u0131mla \u015firketin \u00f6denmi\u015f sermayesi 204.449.465 TL&#8217;den 1.762.000.000 TL&#8217;ye \u00e7\u0131km\u0131\u015f. Basit bir dille ifade etmek gerekirse, \u015firkete d\u0131\u015far\u0131dan yeni nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bu nakit giri\u015fi, yaln\u0131zca operasyonel zarar\u0131 telafi etmekle kalmam\u0131\u015f, ayn\u0131 zamanda \u015firketin 2. b\u00f6l\u00fcmde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz 1 milyar TL&#8217;yi a\u015fan devasa finansman giderlerini kar\u015f\u0131lama ve bilan\u00e7osunu g\u00fc\u00e7lendirme stratejisinin bir par\u00e7as\u0131 olarak okunmal\u0131d\u0131r.<\/p>\n<h3><b>4. S\u00fcrpriz Portf\u00f6y: L\u00fcks Bir Otel \u0130\u015fletmecili\u011fi<\/b><\/h3>\n<p>Arsan Tekstil&#8217;in faaliyet alanlar\u0131ndaki s\u00fcrprizler enerji ve in\u015faatla s\u0131n\u0131rl\u0131 de\u011fil. Raporun 1 numaral\u0131 dipnotu, \u015firketin bir ba\u015fka beklenmedik yat\u0131r\u0131m\u0131n\u0131 daha ortaya \u00e7\u0131kar\u0131yor. \u015eirketin ba\u011fl\u0131 ortakl\u0131klar\u0131ndan biri olan Arman Tekstil, \u0130stanbul Beykoz&#8217;da bulunan l\u00fcks bir otel olan <b>&#8220;A\u2019ija Hotel&#8221;in<\/b> i\u015fletmesini y\u00fcr\u00fct\u00fcyor.<\/p>\n<p>Bir sanayi ve tekstil devinin portf\u00f6y\u00fcnde, turizm sekt\u00f6r\u00fcn\u00fcn en l\u00fcks segmentinde yer alan bir otel i\u015fletmesinin bulunmas\u0131, \u015firketin ne kadar \u00e7e\u015fitli ve beklenmedik alanlara yat\u0131r\u0131m yapabildi\u011finin en ilgin\u00e7 g\u00f6stergelerinden biri.<\/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<h3><b>Sonu\u00e7: Bilan\u00e7onun Derinliklerine Yolculuk<\/b><\/h3>\n<p>Bu d\u00f6rt nokta, bir \u015firketin sadece g\u00f6r\u00fcnen y\u00fcz\u00fcnden ibaret olmad\u0131\u011f\u0131n\u0131, finansal raporlar\u0131n derinliklerinde ne kadar farkl\u0131 hikayeler bar\u0131nd\u0131rabilece\u011fini kan\u0131tl\u0131yor. Arsan Tekstil \u00f6rne\u011fi, bir \u015firketin ad\u0131n\u0131n ve ana faaliyet konusunun, onun ger\u00e7ek yat\u0131r\u0131m stratejisini ve finansal yap\u0131s\u0131n\u0131 tam olarak yans\u0131tmayabilece\u011fini net bir \u015fekilde g\u00f6steriyor.<\/p>\n<p>Yat\u0131r\u0131m kararlar\u0131 al\u0131rken veya \u015firketleri de\u011ferlendirirken y\u00fczeysel bilgilerin \u00f6tesine ge\u00e7mek kritik \u00f6nem ta\u015f\u0131yor. \u00d6yleyse, sormak gerekir: Bir sonraki yat\u0131r\u0131m\u0131n\u0131z\u0131 de\u011ferlendirirken, rakamlar\u0131n ard\u0131ndaki as\u0131l hikayeyi okumak i\u00e7in bilan\u00e7onun derinliklerine dalmaya ne dersiniz?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1>Arsan Tekstil Ticaret ve Sanayi A.\u015e. Finansal ve Stratejik Durum Raporu (30 Eyl\u00fcl 2025)<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Arsan Tekstil Ticaret ve Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 tarihli ba\u011f\u0131ms\u0131z denetimden ge\u00e7memi\u015f konsolide finansal tablolar\u0131na dayanarak haz\u0131rlanan temel bulgular\u0131 ve stratejik y\u00f6nelimleri \u00f6zetlemektedir. Rapor, Grup&#8217;un \u00f6nemli bir kurumsal d\u00f6n\u00fc\u015f\u00fcm i\u00e7inde oldu\u011funu, faaliyetlerini \u00e7e\u015fitlendirdi\u011fini ve karma\u015f\u0131k bir finansal performans sergiledi\u011fini ortaya koymaktad\u0131r.<\/p>\n<p><b>Temel \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Stratejik D\u00f6n\u00fc\u015f\u00fcm:<\/b> Grup, ana faaliyet alan\u0131 olan tekstilden daha \u00e7e\u015fitlendirilmi\u015f bir yap\u0131ya ge\u00e7erek bir holding \u015firketi olma yolunda ad\u0131mlar atm\u0131\u015ft\u0131r. Bu strateji, enerji (do\u011falgaz ve elektrik da\u011f\u0131t\u0131m\u0131) ve in\u015faat (haz\u0131r beton ve yap\u0131 malzemeleri) sekt\u00f6rlerindeki \u00f6nemli i\u015ftirak yat\u0131r\u0131mlar\u0131yla desteklenmektedir.<\/li>\n<li><b>\u0130kili Finansal Performans:<\/b> 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, Grup&#8217;un br\u00fct ve esas faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015fmi\u015ftir. Br\u00fct k\u00e2r 13 milyon TL&#8217;ye y\u00fckselirken (2024: 43,6 milyon TL zarar), esas faaliyet k\u00e2r\u0131 442,8 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r (2024: 173,6 milyon TL zarar).<\/li>\n<li><b>Net K\u00e2rdan Net Zarara Ge\u00e7i\u015f:<\/b> Operasyonel k\u00e2rl\u0131l\u0131ktaki bu olumlu tabloya ra\u011fmen, finansman giderlerindeki bir \u00f6nceki y\u0131la g\u00f6re iki kat\u0131ndan fazla art\u0131\u015f (2025: 1,08 milyar TL; 2024: 511,2 milyon TL), \u015firketi net zarara s\u00fcr\u00fcklemi\u015ftir. D\u00f6nem, 135,5 milyon TL net zararla kapat\u0131l\u0131rken, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde 1,02 milyar TL net k\u00e2r elde edilmi\u015fti.<\/li>\n<li><b>G\u00fc\u00e7lenen Bilan\u00e7o Yap\u0131s\u0131:<\/b> Ger\u00e7ekle\u015ftirilen 1,56 milyar TL&#8217;lik \u00f6nemli sermaye art\u0131r\u0131m\u0131yla \u015firketin \u00f6denmi\u015f sermayesi 1,76 milyar TL&#8217;ye ula\u015fm\u0131\u015f ve toplam \u00f6zkaynaklar 9,06 milyar TL&#8217;den 9,99 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f, bilan\u00e7oyu g\u00fc\u00e7lendirmi\u015f ve varl\u0131k b\u00fcy\u00fcmesini finanse etmi\u015ftir. Toplam varl\u0131klar 9,9 milyar TL&#8217;den 11,3 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi ve Standartlardan Sapma:<\/b> Finansal tablolar, TMS 29 standard\u0131 uyar\u0131nca y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131na g\u00f6re d\u00fczeltilmi\u015ftir. Bu, t\u00fcm finansal verilerin yorumlanmas\u0131nda kritik bir fakt\u00f6rd\u00fcr. Ayr\u0131ca Grup, i\u015ftirak yat\u0131r\u0131mlar\u0131n\u0131n ger\u00e7e\u011fe daha uygun sunumunu sa\u011flamak amac\u0131yla TMS 28 standard\u0131n\u0131n ilgili h\u00fck\u00fcmlerinden bilin\u00e7li olarak sapm\u0131\u015f ve bu sapman\u0131n finansal etkisini \u015feffaf bir \u015fekilde a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Ana Temalar ve Analiz<\/h2>\n<h3>1. Kurumsal Yap\u0131lanma ve Stratejik Y\u00f6nelim<\/h3>\n<p>Grup, geleneksel tekstil faaliyetlerinin \u00f6tesine ge\u00e7erek stratejik bir yeniden yap\u0131lanma ve \u00e7e\u015fitlendirme s\u00fcrecindedir.<\/p>\n<ul>\n<li><b>Holdingle\u015fme S\u00fcreci:<\/b> \u015eirket, bir Holding \u015eirketi olacak \u015fekilde esas s\u00f6zle\u015fmesini de\u011fi\u015ftirme karar\u0131 alm\u0131\u015ft\u0131r. Bu ama\u00e7la 16 Nisan 2025 tarihinde Sermaye Piyasas\u0131 Kurulu&#8217;na (SPK) ve T.C. Ticaret Bakanl\u0131\u011f\u0131&#8217;na gerekli ba\u015fvurular yap\u0131lm\u0131\u015ft\u0131r. Bu ad\u0131m, Grup&#8217;un farkl\u0131 sekt\u00f6rlerdeki yat\u0131r\u0131mlar\u0131n\u0131 daha etkin y\u00f6netme ve stratejik bir \u00fcst yap\u0131 olu\u015fturma niyetini g\u00f6stermektedir.<\/li>\n<li><b>Faaliyet Alanlar\u0131n\u0131n \u00c7e\u015fitlendirilmesi:<\/b> Grup&#8217;un faaliyetleri ve yat\u0131r\u0131mlar\u0131 birden fazla sekt\u00f6re yay\u0131lm\u0131\u015ft\u0131r:\n<ul>\n<li><b>Tekstil (Ana Faaliyet):<\/b> Arsan Tekstil ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Arsan Dokuma arac\u0131l\u0131\u011f\u0131yla pamuk ipli\u011fi, sentetik iplik, \u00f6rme ve dokuma kuma\u015f \u00fcretimi ve boya faaliyetleri y\u00fcr\u00fct\u00fclmektedir.<\/li>\n<li><b>Turizm:<\/b> Ba\u011fl\u0131 ortakl\u0131k Arman Tekstil, \u0130stanbul Beykoz&#8217;da bulunan &#8220;A&#8217;ija Hotel&#8221;in i\u015fletmecili\u011fini yapmaktad\u0131r.<\/li>\n<li><b>Enerji (\u0130\u015ftirakler Yoluyla):<\/b> Grup, \u00f6zkaynak y\u00f6ntemiyle de\u011ferledi\u011fi i\u015ftirakleri arac\u0131l\u0131\u011f\u0131yla enerji sekt\u00f6r\u00fcnde \u00f6nemli bir varl\u0131\u011fa sahiptir. Bunlar aras\u0131nda do\u011falgaz da\u011f\u0131t\u0131m\u0131 yapan Armada\u015f (%39,10 pay) ile elektrik da\u011f\u0131t\u0131m\u0131 ve perakende sat\u0131\u015f\u0131 yapan Akeda\u015f EDA\u015e ve Akeda\u015f EPSA\u015e (%27,50 pay) bulunmaktad\u0131r.<\/li>\n<li><b>\u0130n\u015faat (Yeni Yat\u0131r\u0131mlar):<\/b> Grup, 2023&#8217;\u00fcn son \u00e7eyre\u011finde kurulan Arsan Haz\u0131r Beton (%40 pay) ve Marzen \u0130n\u015faat Yap\u0131 Market (%40 pay) ile in\u015faat ve yap\u0131 malzemeleri sekt\u00f6r\u00fcne girerek \u00e7e\u015fitlenmesini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>2. Finansal Performans De\u011ferlendirmesi (01.01-30.09 D\u00f6nemleri Kar\u015f\u0131la\u015ft\u0131rmas\u0131)<\/h3>\n<p>Grup&#8217;un 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k performans\u0131, operasyonel iyile\u015fme ile artan finansman maliyetleri aras\u0131ndaki \u00e7eli\u015fkiyi g\u00f6zler \u00f6n\u00fcne sermektedir.<\/p>\n<h4>Gelir ve Operasyonel K\u00e2rl\u0131l\u0131k Analizi<\/h4>\n<p>Has\u0131latta hafif bir d\u00fc\u015f\u00fc\u015f ya\u015fanmas\u0131na ra\u011fmen, sat\u0131\u015flar\u0131n maliyetindeki \u00f6nemli azalma sayesinde br\u00fct k\u00e2rl\u0131l\u0131kta ve esas faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131nda g\u00fc\u00e7l\u00fc bir toparlanma g\u00f6r\u00fclm\u00fc\u015ft\u00fcr. Bu toparlanmada, esas faaliyetlerden elde edilen di\u011fer gelirler ve i\u015ftiraklerden gelen k\u00e2r paylar\u0131 belirleyici olmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>K\u00e2r veya Zarar Kalemi (TL)<\/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>Has\u0131lat<\/td>\n<td>91.309.738<\/td>\n<td>99.149.396<\/td>\n<td>Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(78.261.420)<\/td>\n<td>(142.750.100)<\/td>\n<td>Maliyetlerde \u0130yile\u015fme<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r \/ (Zarar)<\/b><\/td>\n<td><b>13.048.318<\/b><\/td>\n<td><b>(43.600.705)<\/b><\/td>\n<td><b>Zarardan K\u00e2ra Ge\u00e7i\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyetlerden Di\u011fer Gelirler<\/td>\n<td>602.492.434<\/td>\n<td>209.035.478<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar\u0131n K\u00e2rlar\u0131ndan Paylar<\/td>\n<td>605.968.284<\/td>\n<td>1.361.901.530<\/td>\n<td>Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>442.814.114<\/b><\/td>\n<td><b>(173.643.741)<\/b><\/td>\n<td><b>Zarardan K\u00e2ra Ge\u00e7i\u015f<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Net K\u00e2r ve Finansman Giderlerinin Etkisi<\/h4>\n<p>Operasyonel d\u00fczeydeki olumlu performansa kar\u015f\u0131n, finansman giderlerindeki keskin art\u0131\u015f, vergi \u00f6ncesi k\u00e2r\u0131 ve nihayetinde d\u00f6nem net sonucunu olumsuza \u00e7evirmi\u015ftir. Bu durum, \u015firketin bor\u00e7lanma maliyetlerine kar\u015f\u0131 hassasiyetini art\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>K\u00e2r veya Zarar Kalemi (TL)<\/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>Finansman Gideri \u00d6ncesi Faaliyet K\u00e2r\u0131 (Zarar\u0131)<\/td>\n<td>1.074.385.354<\/td>\n<td>1.364.594.046<\/td>\n<td>Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(1.076.704.013)<\/td>\n<td>(511.159.707)<\/td>\n<td><b>Giderlerde %110 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi D\u00f6nem K\u00e2r\u0131 (Zarar\u0131)<\/td>\n<td>(11.236.674)<\/td>\n<td>1.087.566.516<\/td>\n<td>K\u00e2rdan Zarara Ge\u00e7i\u015f<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Vergi Gideri<\/td>\n<td>(124.299.214)<\/td>\n<td>(66.742.025)<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(135.535.888)<\/b><\/td>\n<td><b>1.020.824.491<\/b><\/td>\n<td><b>K\u00e2rdan Zarara Keskin Ge\u00e7i\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kapsaml\u0131 Gelir \/ (Gider)<\/b><\/td>\n<td><b>(145.621.658)<\/b><\/td>\n<td><b>1.033.009.671<\/b><\/td>\n<td><b>Gelirden Gidere Keskin Ge\u00e7i\u015f<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3. Finansal Durum ve Bilan\u00e7o Yap\u0131s\u0131 (30.09.2025 vs. 31.12.2024)<\/h3>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda ger\u00e7ekle\u015ftirdi\u011fi sermaye art\u0131r\u0131m\u0131 ile bilan\u00e7osunu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015f ve varl\u0131k yap\u0131s\u0131n\u0131 yeniden \u015fekillendirmi\u015ftir.<\/p>\n<h4>Bilan\u00e7o B\u00fcy\u00fcmesi ve Varl\u0131k Yap\u0131s\u0131<\/h4>\n<p>Toplam varl\u0131klar, \u00f6zellikle duran varl\u0131klardaki art\u0131\u015fla b\u00fcy\u00fcm\u00fc\u015ft\u00fcr. \u00d6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlar, Grup&#8217;un toplam varl\u0131klar\u0131n\u0131n en b\u00fcy\u00fck kalemlerinden biri haline gelmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemleri (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>D\u00f6nen Varl\u0131klar<\/td>\n<td>2.411.663.973<\/td>\n<td>2.890.944.931<\/td>\n<td>Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>8.884.667.466<\/td>\n<td>6.977.698.758<\/td>\n<td><b>%27 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Finansal Yat\u0131r\u0131mlar<\/i><\/td>\n<td><i>2.771.982.363<\/i><\/td>\n<td><i>1.588.959.180<\/i><\/td>\n<td><i>%75 Art\u0131\u015f<\/i><\/td>\n<\/tr>\n<tr>\n<td><i>Maddi Duran Varl\u0131klar<\/i><\/td>\n<td><i>2.713.878.903<\/i><\/td>\n<td><i>2.220.164.648<\/i><\/td>\n<td><i>%22 Art\u0131\u015f<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>11.296.331.439<\/b><\/td>\n<td><b>9.868.643.689<\/b><\/td>\n<td><b>%14 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Sermaye Art\u0131r\u0131m\u0131 ve \u00d6zkaynak G\u00fc\u00e7lenmesi<\/h4>\n<p>Grup, SPK taraf\u0131ndan 7 A\u011fustos 2025&#8217;te onaylanan kararla sermayesini 1,56 milyar TL art\u0131rarak 204,4 milyon TL&#8217;den 1,76 milyar TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Bu hamle, \u00f6zkaynak yap\u0131s\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00d6zkaynak Kalemleri (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>\u00d6denmi\u015f Sermaye<\/td>\n<td>1.762.000.000<\/td>\n<td>204.449.465<\/td>\n<td><b>%762 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>9.988.703.208<\/td>\n<td>9.056.505.360<\/td>\n<td><b>%10 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Y\u00fck\u00fcml\u00fcl\u00fcklerdeki Art\u0131\u015f<\/h4>\n<p>Grup&#8217;un toplam y\u00fck\u00fcml\u00fcl\u00fckleri, \u00f6zellikle k\u0131sa vadeli bor\u00e7lanmalardaki art\u0131\u015f nedeniyle y\u00fckselmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u00fck\u00fcml\u00fcl\u00fck Kalemleri (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>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>454.727.730<\/td>\n<td>172.536.352<\/td>\n<td><b>%164 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>852.900.501<\/td>\n<td>639.601.978<\/td>\n<td><b>%33 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>1.307.628.231<\/b><\/td>\n<td><b>812.138.330<\/b><\/td>\n<td><b>%61 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4. Raporlamaya \u0130li\u015fkin \u00d6nemli Esaslar<\/h3>\n<p>Finansal tablolar\u0131n yorumlanmas\u0131nda iki temel muhasebe politikas\u0131 \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<ul>\n<li><b>Enflasyon Muhasebesi Uygulamas\u0131 (TMS 29):<\/b> SPK&#8217;n\u0131n 28 Aral\u0131k 2023 tarihli karar\u0131 uyar\u0131nca, Grup 31 Aral\u0131k 2023&#8217;ten itibaren TMS 29 h\u00fck\u00fcmlerini uygulamaktad\u0131r. Bu \u00e7er\u00e7evede, sunulan t\u00fcm finansal tablo kalemleri ve kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nem verileri, T\u00fcrk Liras\u0131&#8217;n\u0131n 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir. Bu d\u00fczeltme, finansal sonu\u00e7lar\u0131n ve pozisyonun nominal de\u011ferler yerine reel bazda analiz edilmesini gerektirmektedir.<\/li>\n<li><b>TMS 28 Standard\u0131ndan Sapma ve Etkisi:<\/b> Grup y\u00f6netimi, TMS 29&#8217;u uygulayan i\u015ftiraklerinin finansal tablolar\u0131n\u0131 konsolide ederken, TMS 28&#8217;in (\u0130\u015ftiraklerdeki ve \u0130\u015f Ortakl\u0131klar\u0131ndaki Yat\u0131r\u0131mlar) sadece k\u00e2r\/zarar ve di\u011fer kapsaml\u0131 geliri dikkate alan yakla\u015f\u0131m\u0131n\u0131n yan\u0131lt\u0131c\u0131 olaca\u011f\u0131 sonucuna varm\u0131\u015ft\u0131r. Bu nedenle, standard\u0131n ilgili h\u00fckm\u00fcnden saparak i\u015ftiraklerin defter de\u011ferini, i\u015ftiraklerin toplam \u00f6zkaynak tutar\u0131n\u0131 dikkate alarak \u00f6l\u00e7m\u00fc\u015ft\u00fcr. Bu karar\u0131n finansal tablolara etkisi \u015feffaf bir \u015fekilde a\u00e7\u0131klanm\u0131\u015ft\u0131r:<\/li>\n<\/ul>\n<h3>5. Grup Yap\u0131s\u0131 ve \u0130\u015ftirakler<\/h3>\n<p>Grup&#8217;un yap\u0131s\u0131, ana \u015firket Arsan Tekstil, tam konsolidasyona tabi ba\u011fl\u0131 ortakl\u0131klar ve \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen stratejik i\u015ftiraklerden olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>Tam Konsolidasyona Tabi Ba\u011fl\u0131 Ortakl\u0131klar:<\/b>\n<ul>\n<li><b>Arsan Dokuma Boya Sanayi ve Ticaret A.\u015e.:<\/b> Tekstil \u00fcretimi.<\/li>\n<li><b>Arman Tekstil Turizm Yat\u0131r\u0131m ve D\u0131\u015f Ticaret A.\u015e.:<\/b> Turizm ve otel i\u015fletmecili\u011fi.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Stratejik \u0130\u015ftirakler:<\/b> Bu yat\u0131r\u0131mlar, Grup&#8217;un bilan\u00e7o ve k\u00e2r\/zarar tablosunda \u00f6nemli bir a\u011f\u0131rl\u0131\u011fa sahiptir.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u0130\u015ftirak Ad\u0131<\/td>\n<td>Faaliyet Alan\u0131<\/td>\n<td>Grup Pay\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Armada\u015f Arsan Mara\u015f Do\u011falgaz Da\u011f\u0131t\u0131m A.\u015e.<\/td>\n<td>Do\u011falgaz Da\u011f\u0131t\u0131m\u0131<\/td>\n<td>39,10%<\/td>\n<\/tr>\n<tr>\n<td>Akeda\u015f Elektrik Da\u011f\u0131t\u0131m A.\u015e.<\/td>\n<td>Elektrik Da\u011f\u0131t\u0131m\u0131<\/td>\n<td>27,50%<\/td>\n<\/tr>\n<tr>\n<td>Akeda\u015f Elektrik Perakende Sat\u0131\u015f A.\u015e.<\/td>\n<td>Elektrik Perakende Sat\u0131\u015f\u0131<\/td>\n<td>27,50%<\/td>\n<\/tr>\n<tr>\n<td>Arsan Haz\u0131r Beton Prefabrik Yap\u0131&#8230; A.\u015e.<\/td>\n<td>\u0130n\u015faat (Haz\u0131r Beton)<\/td>\n<td>40,00%<\/td>\n<\/tr>\n<tr>\n<td>Marzen \u0130n\u015faat Yap\u0131 Market&#8230; A.\u015e.<\/td>\n<td>\u0130n\u015faat (Yap\u0131 Malzemeleri)<\/td>\n<td>40,00%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<button class=\"simplefavorite-button\" data-postid=\"682\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Arsan Tekstil Ticaret ve Sanayi Anonim \u015eirketi** ile ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n **30 Eyl\u00fcl 2025** tarihinde sona eren ara d\u00f6neme ait kapsaml\u0131 **finansal raporlar\u0131n\u0131** ve dipnotlar\u0131n\u0131 i\u00e7ermektedir. Kaynaklarda \u015firketin **bilan\u00e7o**, **gelir tablosu**, **nakit ak\u0131\u015f** ve **\u00f6zkaynak de\u011fi\u015fim** tablolar\u0131 detayl\u0131 verilerle sunulmaktad\u0131r. \u00d6zellikle **y\u00fcksek enflasyonlu ekonomilerde raporlama** standartlar\u0131na (TMS 29) uygun olarak yap\u0131lan d\u00fczeltmeler ve g\u00fcncel d\u00f6viz kuru etkileri dikkat \u00e7ekmektedir. Metinler ayr\u0131ca \u015firketin **organizasyon yap\u0131s\u0131**, **yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkulleri**, **vergi y\u00fck\u00fcml\u00fcl\u00fckleri** ve **ili\u015fkili taraf i\u015flemlerine** dair muhasebe politikalar\u0131n\u0131 a\u00e7\u0131klamaktad\u0131r. Finansal performans\u0131n yan\u0131 s\u0131ra **risk y\u00f6netimi**, **sermaye tavan\u0131 art\u0131r\u0131m\u0131** ve d\u00f6nem sonu sonras\u0131 geli\u015fmelere dair kritik bilgiler payla\u015f\u0131lmaktad\u0131r. Sonu\u00e7 olarak bu kaynaklar, grubun ilgili d\u00f6nemdeki **mali durumunu** ve operasyonel sonu\u00e7lar\u0131n\u0131 \u015feffaf bir \u015fekilde \u00f6zetlemektedir.<\/p>\n","protected":false},"author":1,"featured_media":726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[162],"class_list":["post-682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-arsan"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/682","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=682"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/682\/revisions"}],"predecessor-version":[{"id":727,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/682\/revisions\/727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/726"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}