{"id":708,"date":"2025-12-28T14:57:38","date_gmt":"2025-12-28T11:57:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=708"},"modified":"2025-12-30T23:21:40","modified_gmt":"2025-12-30T20:21:40","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ralyh-ral-investment-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/708","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #RALYH | RAL Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"RALYH\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/LOCdq4ohGHs?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 Finansal Raporun Perde Arkas\u0131: RAL Holding&#8217;in Rakamlar\u0131nda Gizli 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Anlatt\u0131\u011f\u0131 Hikaye<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlar\u0131n, tablolar\u0131n ve dipnotlar\u0131n aras\u0131nda kayboldu\u011fumuz, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Sayfalar dolusu veri, konunun uzman\u0131 olmayanlar i\u00e7in birer bilmeceye d\u00f6n\u00fc\u015febilir. Ancak bu rakamlar\u0131n ard\u0131nda, bir \u015firketin stratejisini, risk i\u015ftah\u0131n\u0131, ba\u015far\u0131lar\u0131n\u0131 ve hedeflerini anlatan b\u00fcy\u00fcleyici bir hikaye yatar. Her bir kalem, y\u00f6netim kurulunun ald\u0131\u011f\u0131 kararlar\u0131n, piyasa ko\u015fullar\u0131n\u0131n ve gelece\u011fe y\u00f6nelik at\u0131lan ad\u0131mlar\u0131n bir yans\u0131mas\u0131d\u0131r.<\/p>\n<p>Bu hikayeyi \u00e7\u00f6zmek i\u00e7in en iyi \u00f6rneklerden biri, RAL Yat\u0131r\u0131m Holding A.\u015e.&#8217;nin 1 Ocak 2025 \u2013 30 Eyl\u00fcl 2025 d\u00f6nemine ait 9 ayl\u0131k konsolide finansal raporudur. \u0130lk bak\u0131\u015fta karma\u015f\u0131k g\u00f6r\u00fcnen bu rapor, daha yak\u0131ndan incelendi\u011finde \u015firketin i\u015fleyi\u015fine ve stratejik y\u00f6nelimine dair \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ekleri ortaya koyuyor. Bu yaz\u0131da, RAL Holding&#8217;in bilan\u00e7osunun ve gelir tablosunun derinliklerine inerek, rakamlar\u0131n arkas\u0131nda gizlenen en \u00e7arp\u0131c\u0131 d\u00f6rt ger\u00e7e\u011fi g\u00fcn y\u00fcz\u00fcne \u00e7\u0131karaca\u011f\u0131z.<\/p>\n<h3>1. Varl\u0131klar U\u00e7u\u015fta, Ancak K\u0131sa Vadeli Bor\u00e7lar da Pe\u015finde: Agresif B\u00fcy\u00fcmenin \u0130ki Y\u00fcz\u00fc<\/h3>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 anlaman\u0131n ilk ad\u0131m\u0131, varl\u0131klar\u0131n\u0131n ne kadar b\u00fcy\u00fcd\u00fc\u011f\u00fcne bakmakt\u0131r. RAL Holding bu konuda olduk\u00e7a etkileyici bir tablo \u00e7iziyor. Konsolide finansal durum tablosuna g\u00f6re, \u015firketin <b>Toplam Varl\u0131klar\u0131<\/b> 31 Aral\u0131k 2024&#8217;te 9,15 milyar TL iken, sadece 9 ay sonra, 30 Eyl\u00fcl 2025&#8217;te 13,06 milyar TL&#8217;ye ula\u015fm\u0131\u015f. Bu, 9 ayl\u0131k gibi k\u0131sa bir s\u00fcrede yakla\u015f\u0131k <b>%43&#8217;l\u00fck<\/b> devasa bir b\u00fcy\u00fcmeyi ifade ediyor. Bu, bir ev sahibi olmaya benzetilebilir: De\u011feri y\u00fcksek bir ev (varl\u0131k) al\u0131rs\u0131n\u0131z, ancak bunu b\u00fcy\u00fck bir mortgage (y\u00fck\u00fcml\u00fcl\u00fck) ile finanse edersiniz. De\u011feriniz artar, ancak borcunuz da artar.<\/p>\n<p>Ancak madalyonun bir de di\u011fer y\u00fcz\u00fc var. Ayn\u0131 d\u00f6nemde, \u015firketin <b>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckleri<\/b>, yani bir y\u0131l i\u00e7inde \u00f6demesi gereken bor\u00e7lar\u0131, 2,49 milyar TL&#8217;den 4,48 milyar TL&#8217;ye f\u0131rlam\u0131\u015f. Bu, k\u0131sa vadeli bor\u00e7lar\u0131n neredeyse iki kat\u0131na \u00e7\u0131kt\u0131\u011f\u0131 anlam\u0131na geliyor. Bu durum, \u015firketin son derece agresif bir b\u00fcy\u00fcme stratejisi izledi\u011fini ve bu b\u00fcy\u00fcmeyi b\u00fcy\u00fck \u00f6l\u00e7\u00fcde k\u0131sa vadeli finansmanla destekledi\u011fini g\u00f6steriyor. Bu strateji, uzun vadeli projelere yat\u0131r\u0131m yapan bir holding i\u00e7in klasik bir risk-getiri denklemi sunuyor: K\u0131sa vadeli bor\u00e7la uzun vadeli varl\u0131klar\u0131 finanse etmek, b\u00fcy\u00fcme potansiyelini maksimize ederken, finansman ko\u015fullar\u0131nda ya\u015fanacak bir s\u0131k\u0131\u015fmaya kar\u015f\u0131 \u015firketi daha k\u0131r\u0131lgan hale getirir.<\/p>\n<h3>2. Gizli Kahraman Sahnede: Enerji Sekt\u00f6r\u00fc, \u0130n\u015faat\u0131 G\u00f6lgede B\u0131rak\u0131yor<\/h3>\n<p>RAL Holding&#8217;in faaliyet raporlar\u0131 ve kamuoyundaki imaj\u0131 genellikle in\u015faat sekt\u00f6r\u00fcyle \u00f6zde\u015fle\u015fmi\u015f durumda. Ancak \u015firketin b\u00f6l\u00fcmlere g\u00f6re raporlamas\u0131na yak\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, k\u00e2rl\u0131l\u0131\u011f\u0131n as\u0131l motorunun farkl\u0131 bir sekt\u00f6r oldu\u011fu ortaya \u00e7\u0131k\u0131yor: Enerji.<\/p>\n<p>&#8220;Not 4 B\u00f6l\u00fcmlere G\u00f6re Raporlama&#8221; dipnotu, holdingin k\u00e2rl\u0131l\u0131k yap\u0131s\u0131ndaki bu \u015fa\u015f\u0131rt\u0131c\u0131 dinami\u011fi g\u00f6zler \u00f6n\u00fcne seriyor. 2025&#8217;in ilk 9 ay\u0131nda segmentlerin vergi \u00f6ncesi k\u00e2rlar\u0131 \u015fu \u015fekilde ger\u00e7ekle\u015fmi\u015f:<\/p>\n<ul>\n<li><b>Enerji:<\/b> 1.359.946.553 TL<\/li>\n<li><b>\u0130n\u015faat:<\/b> 814.526.328 TL<\/li>\n<li><b>Holding:<\/b> (31.470.560) TL (Zarar)<\/li>\n<\/ul>\n<p>Bu rakamlar, Enerji b\u00f6l\u00fcm\u00fcn\u00fcn, \u015firketin ana faaliyet alan\u0131 olarak g\u00f6r\u00fclen \u0130n\u015faat b\u00f6l\u00fcm\u00fcnden yakla\u015f\u0131k %67 daha fazla vergi \u00f6ncesi k\u00e2r \u00fcretti\u011fini g\u00f6steriyor. Bu durum, RAL Holding&#8217;in enerji sekt\u00f6r\u00fcne yapt\u0131\u011f\u0131 yat\u0131r\u0131m\u0131n ne kadar ba\u015far\u0131l\u0131 oldu\u011funun ve stratejik \u00e7e\u015fitlendirmenin \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131 i\u00e7in ne denli hayati bir rol oynad\u0131\u011f\u0131n\u0131n en net kan\u0131t\u0131.<\/p>\n<h3>3. Enflasyon Muhasebesinin Sihri: 735 Milyon TL&#8217;lik &#8220;Parasal Pozisyon Kazanc\u0131&#8221;<\/h3>\n<p>Y\u00fcksek enflasyonlu ekonomilerde faaliyet g\u00f6stermek, finansal tablolarda al\u0131\u015f\u0131lmad\u0131k kalemlerin ortaya \u00e7\u0131kmas\u0131na neden olabilir. RAL Holding&#8217;in gelir tablosunda yer alan &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131&#8221; kalemi de bunun en \u00e7arp\u0131c\u0131 \u00f6rneklerinden biri.<\/p>\n<p>\u015eirket, 2025&#8217;in ilk 9 ay\u0131nda bu kalemden tam <b>735.595.187 TL&#8217;lik bir kazan\u00e7<\/b> kaydetmi\u015f. Bu rakam\u0131n ne kadar s\u0131ra d\u0131\u015f\u0131 oldu\u011funu anlamak i\u00e7in bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine bakmak yeterli: 2024&#8217;\u00fcn ilk 9 ay\u0131nda \u015firket bu kalemden 501.050.639 TL&#8217;lik bir zarar yazm\u0131\u015ft\u0131. Peki, bu devasa kazan\u00e7 ne anlama geliyor?<\/p>\n<p>Basit\u00e7e ifade etmek gerekirse, bu, kasaya giren ger\u00e7ek bir nakit de\u011fil, muhasebesel bir kazan\u00e7t\u0131r. Y\u00fcksek enflasyon ortam\u0131nda, bir \u015firketin parasal y\u00fck\u00fcml\u00fcl\u00fckleri (banka kredileri gibi) parasal varl\u0131klar\u0131ndan (nakit gibi) daha fazlaysa ortaya \u00e7\u0131kar. Enflasyon, paran\u0131n de\u011ferini d\u00fc\u015f\u00fcrd\u00fc\u011f\u00fc i\u00e7in, borcun reel de\u011feri, nakit varl\u0131klar\u0131n reel de\u011ferinden daha h\u0131zl\u0131 erir. Bu durum, ka\u011f\u0131t \u00fczerinde bir &#8220;kazan\u00e7&#8221; olarak raporlan\u0131r. RAL Holding&#8217;in y\u00fcksek bor\u00e7luluk yap\u0131s\u0131, enflasyonist ortamda b\u00f6ylesine b\u00fcy\u00fck bir muhasebesel k\u00e2r yaratm\u0131\u015f ve \u015firketin vergi \u00f6ncesi k\u00e2r\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde yukar\u0131 \u00e7ekmi\u015ftir.<\/p>\n<h3>4. K\u00e2r Var, Nakit Nerede? 1.4 Milyar TL&#8217;lik K\u00e2r\u0131n Ard\u0131ndaki Nakit Ak\u0131\u015f\u0131 S\u0131rr\u0131<\/h3>\n<p>RAL Holding, 2025&#8217;in ilk 9 ay\u0131nda <b>1.441.685.817 TL<\/b> gibi etkileyici bir d\u00f6nem k\u00e2r\u0131 a\u00e7\u0131klam\u0131\u015f. Bu kadar y\u00fcksek bir k\u00e2r, \u015firketin kasas\u0131ndaki nakdin de benzer oranda artmas\u0131 gerekti\u011fi beklentisini yaratabilir. Ancak nakit ak\u0131\u015f tablosu, \u00e7ok farkl\u0131 bir hikaye anlat\u0131yor.<\/p>\n<p>Ayn\u0131 d\u00f6nemde, \u015firketin &#8220;Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f&#8221; sadece <b>67.945.644 TL<\/b> olmu\u015f. Yani, 1,4 milyar TL&#8217;lik k\u00e2ra ra\u011fmen kasaya giren net nakit, bu tutar\u0131n yaln\u0131zca k\u00fc\u00e7\u00fck bir k\u0131sm\u0131n\u0131 olu\u015fturuyor. Peki, bu paran\u0131n geri kalan\u0131 nerede?<\/p>\n<p>Cevap, nakit ak\u0131\u015f tablosunun &#8220;Yat\u0131r\u0131m Faaliyetlerinden Kaynaklanan Nakit Ak\u0131\u015flar\u0131&#8221; b\u00f6l\u00fcm\u00fcnde gizli. Bu b\u00f6l\u00fcmde sadece b\u00fcy\u00fck bir harcama de\u011fil, ayn\u0131 zamanda devasa bir sermaye yeniden tahsis program\u0131 g\u00f6r\u00fcyoruz. \u015eirket, bir yandan <b>4 milyar TL<\/b>&#8216;nin \u00fczerinde &#8220;Maddi Duran Varl\u0131k Al\u0131m\u0131&#8221; i\u00e7in nakit \u00e7\u0131k\u0131\u015f\u0131 yaparken, di\u011fer yandan \u015fa\u015f\u0131rt\u0131c\u0131 bir \u015fekilde <b>948 milyon TL<\/b>&#8216;ye yak\u0131n &#8220;Maddi Duran Varl\u0131k Sat\u0131\u015f\u0131&#8221;ndan nakit giri\u015fi sa\u011flam\u0131\u015f. Net yat\u0131r\u0131m harcamas\u0131 yakla\u015f\u0131k 3,4 milyar TL olsa da, bu iki devasa rakam\u0131n bir arada olmas\u0131, basit bir yeniden yat\u0131r\u0131mdan \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor. Bu, y\u00f6netimin \u015firketin varl\u0131k taban\u0131n\u0131 gelece\u011fe y\u00f6nelik olarak aktif ve agresif bir \u015fekilde yeniden \u015fekillendirdi\u011fini, eski varl\u0131klar\u0131 elden \u00e7\u0131kar\u0131p yeni yat\u0131r\u0131mlara odakland\u0131\u011f\u0131n\u0131 g\u00f6steren net bir stratejik hamledir.<\/p>\n<h3>Sonu\u00e7: B\u00fcy\u00fcme H\u0131rs\u0131 ve Gelece\u011fe Yat\u0131r\u0131m<\/h3>\n<p>RAL Holding&#8217;in 9 ayl\u0131k finansal raporu, rakamlar\u0131n \u00f6tesine bak\u0131ld\u0131\u011f\u0131nda, y\u00fcksek riskli bir d\u00f6n\u00fc\u015f\u00fcm \u00fczerine oynanm\u0131\u015f cesur bir bahsin hikayesini anlat\u0131yor. Bu rapor, d\u00f6rt temel bulguyu tek bir stratejik anlat\u0131da birle\u015ftiriyor: \u015eirket, gelece\u011fin k\u00e2r motoru olarak g\u00f6rd\u00fc\u011f\u00fc enerji sekt\u00f6r\u00fcne (2. Ger\u00e7ek) odaklanmak i\u00e7in bor\u00e7la finanse edilen agresif bir b\u00fcy\u00fcme (1. Ger\u00e7ek) stratejisi izliyor. Enflasyon muhasebesinden do\u011fan nakit d\u0131\u015f\u0131 kazan\u00e7lar da dahil olmak \u00fczere (3. Ger\u00e7ek) elde edilen her bir liray\u0131, milyarlarca liral\u0131k yeni varl\u0131k al\u0131m\u0131 ve y\u00fcz milyonlarca liral\u0131k varl\u0131k sat\u0131\u015f\u0131 i\u00e7eren devasa bir sermaye yeniden yap\u0131land\u0131rma program\u0131na (4. Ger\u00e7ek) aktar\u0131yor.<\/p>\n<p>Bu rakamlar, gelece\u011fe cesurca yat\u0131r\u0131m yapan ve hesaplanm\u0131\u015f riskler alan bir \u015firketin portresini \u00e7iziyor. Ak\u0131llardaki soru ise \u015fu: Bu devasa yat\u0131r\u0131mlar, bug\u00fcn\u00fcn borcunu yar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir k\u00e2r\u0131na d\u00f6n\u00fc\u015ft\u00fcrebilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">RAL Yat\u0131r\u0131m Holding A.\u015e. 2025 Dokuz Ayl\u0131k Finansal Durum ve Performans Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing dok\u00fcman\u0131, RAL Yat\u0131r\u0131m Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 1 Ocak 2025 \u2013 30 Eyl\u00fcl 2025 d\u00f6nemine ait konsolide finansal raporlar\u0131n\u0131n kapsaml\u0131 bir analizini sunmaktad\u0131r. Rapor, Grubun finansal pozisyonunda ve performans\u0131nda \u00f6nemli de\u011fi\u015fimleri ortaya koymaktad\u0131r.<\/p>\n<p>D\u00f6nemin en kritik bulgular\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Net K\u00e2rda G\u00fc\u00e7l\u00fc Art\u0131\u015f:<\/b> Grubun net d\u00f6nem k\u00e2r\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %33 artarak 1,08 milyar TL&#8217;den 1,44 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Ana ortakl\u0131k pay\u0131na d\u00fc\u015fen net k\u00e2r ise 938,9 milyon TL&#8217;den 1,21 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> Bu k\u00e2r art\u0131\u015f\u0131n\u0131n arkas\u0131ndaki temel itici g\u00fc\u00e7, TMS 29 standard\u0131 kapsam\u0131nda uygulanan enflasyon muhasebesidir. Grup, 2025&#8217;in ilk dokuz ay\u0131nda 735,6 milyon TL&#8217;lik &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; kaydederken, 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde 501,1 milyon TL&#8217;lik bir kay\u0131p ya\u015fam\u0131\u015ft\u0131r. Bu durum, operasyonel k\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen net k\u00e2r\u0131n artmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Varl\u0131k ve \u00d6zkaynak B\u00fcy\u00fcmesi:<\/b> Grubun toplam varl\u0131klar\u0131, 2024 y\u0131l sonuna k\u0131yasla %43 artarak 9,15 milyar TL&#8217;den 13,06 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. Benzer \u015fekilde, toplam \u00f6zkaynaklar da net k\u00e2r ve 270 milyon TL&#8217;lik i\u00e7 kaynaklardan sermaye art\u0131r\u0131m\u0131 sayesinde %40 artarak 4,34 milyar TL&#8217;den 6,09 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Operasyonel Performans:<\/b> Has\u0131lat, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %24 azalarak 5,79 milyar TL&#8217;den 4,39 milyar TL&#8217;ye gerilemi\u015ftir. Buna paralel olarak Esas Faaliyet K\u00e2r\u0131 da 1,32 milyar TL&#8217;den 973 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Stratejik Yat\u0131r\u0131mlar:<\/b> Yat\u0131r\u0131m faaliyetlerinden kaynaklanan 3,43 milyar TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131, \u00f6zellikle 4,02 milyar TL&#8217;lik maddi duran varl\u0131k al\u0131m\u0131, Grubun b\u00fcy\u00fcme odakl\u0131 yat\u0131r\u0131m stratejisini teyit etmektedir. Bu yat\u0131r\u0131mlar, bilan\u00e7o b\u00fcy\u00fcmesinin ana kayna\u011f\u0131d\u0131r.<\/li>\n<li><b>Sekt\u00f6rel Da\u011f\u0131l\u0131m:<\/b> \u0130n\u015faat sekt\u00f6r\u00fc, 4,05 milyar TL ile Grubun ana gelir kayna\u011f\u0131 olmaya devam etmektedir. Bununla birlikte, Enerji segmentinin varl\u0131klar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde b\u00fcy\u00fcm\u00fc\u015f ve net k\u00e2rl\u0131l\u0131\u011f\u0131na enflasyon muhasebesi kaynakl\u0131 parasal pozisyon kazanc\u0131 b\u00fcy\u00fck katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansal Sa\u011fl\u0131k:<\/b> Toplam bor\u00e7lulu\u011fun artmas\u0131na ra\u011fmen, \u00f6zkaynaklardaki g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme sayesinde Net Finansal Bor\u00e7\/\u00d6zkaynak oran\u0131 %65&#8217;ten %54&#8217;e gerileyerek Grubun kald\u0131ra\u00e7 yap\u0131s\u0131n\u0131n iyile\u015fti\u011fine i\u015faret etmektedir.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131, RAL Yat\u0131r\u0131m Holding i\u00e7in stratejik yat\u0131r\u0131mlar\u0131n ve bilan\u00e7o b\u00fcy\u00fcmesinin \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. Operasyonel gelirlerdeki d\u00fc\u015f\u00fc\u015f, enflasyon muhasebesinin yaratt\u0131\u011f\u0131 parasal kazan\u00e7larla telafi edilerek net k\u00e2rl\u0131l\u0131kta g\u00fc\u00e7l\u00fc bir art\u0131\u015f sa\u011flanm\u0131\u015ft\u0131r.<\/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>1. Kurumsal Yap\u0131 ve Stratejik Geli\u015fmeler<\/h3>\n<h4>1.1. Holding Profili<\/h4>\n<p>1976 y\u0131l\u0131nda kurulan Ral Yat\u0131r\u0131m Holding A.\u015e., 2017&#8217;deki ortakl\u0131k ve y\u00f6netim yap\u0131s\u0131 de\u011fi\u015fikli\u011finin ard\u0131ndan 2018&#8217;de holding stat\u00fcs\u00fcne ge\u00e7mi\u015ftir. \u015eirket, s\u00fcrd\u00fcr\u00fclebilir gelir elde etme hedefiyle in\u015faat, enerji ve gayrimenkul sekt\u00f6rlerinde faaliyet g\u00f6stermektedir. Hisselerinin %37,2&#8217;si 1996 y\u0131l\u0131ndan beri Borsa \u0130stanbul&#8217;da (B\u0130ST) i\u015flem g\u00f6rmektedir. \u015eirket merkezi Ankara&#8217;dad\u0131r.<\/p>\n<h4>1.2. Ba\u011fl\u0131 Ortakl\u0131klar ve Faaliyet Alanlar\u0131<\/h4>\n<p>Grup, 30 Eyl\u00fcl 2025 itibar\u0131yla farkl\u0131 sekt\u00f6rlerde faaliyet g\u00f6steren ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131 tam konsolidasyon y\u00f6ntemiyle finansal tablolar\u0131na dahil etmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ticaret Unvan\u0131<\/td>\n<td>Faaliyet Konusu<\/td>\n<td>\u00d6denmi\u015f Sermaye (TL)<\/td>\n<td>Grup&#8217;un Pay\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Trio Teknik Yap\u0131 A.\u015e.<\/td>\n<td>E\u011fitim<\/td>\n<td>3.000.000<\/td>\n<td>100%<\/td>\n<\/tr>\n<tr>\n<td>Hera Teknik Yap\u0131 A.\u015e.<\/td>\n<td>\u0130n\u015faat<\/td>\n<td>75.000.000<\/td>\n<td>100%<\/td>\n<\/tr>\n<tr>\n<td>Ral Yap\u0131 M\u00fchendislik A.\u015e.<\/td>\n<td>\u0130n\u015faat<\/td>\n<td>100.000.000<\/td>\n<td>100%<\/td>\n<\/tr>\n<tr>\n<td>Ral Enerji A.\u015e.<\/td>\n<td>Enerji<\/td>\n<td>275.000.000<\/td>\n<td>51%<\/td>\n<\/tr>\n<tr>\n<td>Ral Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<td>Gayrimenkul<\/td>\n<td>500.000.000<\/td>\n<td>100%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>1.3. \u00d6nemli Kurumsal Eylemler<\/h4>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi, 26 Mart 2025 tarihinde tescil edilen kararla %428,57 oran\u0131nda (270.000.000 TL) art\u0131r\u0131larak 63.000.000 TL&#8217;den <b>333.000.000 TL<\/b>&#8216;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Art\u0131r\u0131m, ola\u011fan\u00fcst\u00fc yedekler ve sermaye d\u00fczeltmesi olumlu farklar\u0131ndan kar\u015f\u0131lanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeni \u015eirket Kurulu\u015fu:<\/b> 13 Kas\u0131m 2023 tarihli Y\u00f6netim Kurulu karar\u0131yla, Ral Yap\u0131 M\u00fchendislik A.\u015e.&#8217;nin k\u0131smi b\u00f6l\u00fcnmesi yoluyla, 31 Aral\u0131k 2023 itibar\u0131yla net kay\u0131tl\u0131 de\u011feri 83.838.328 TL olan varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerin devredilmesiyle <b>Ral Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/b> kurulmu\u015ftur.<\/li>\n<li><b>Ral Enerji A.\u015e. B\u00fcy\u00fcmesi:<\/b> Grubun %51 paya sahip oldu\u011fu Ral Enerji A.\u015e.&#8217;nin sermayesi, \u00e7e\u015fitli art\u0131r\u0131mlarla 275.000.000 TL&#8217;ye y\u00fckseltilmi\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<h3>2. Konsolide Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h3>\n<h4>2.1. Gelir Tablosu De\u011ferlendirmesi<\/h4>\n<p>Grubun 2025&#8217;in ilk dokuz ay\u0131ndaki operasyonel performans\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Ancak, enflasyon muhasebesi etkisiyle net k\u00e2rda \u00f6nemli bir art\u0131\u015f ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri (TL)<\/td>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>4.392.068.731<\/td>\n<td>5.791.120.875<\/td>\n<td>-24,2%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>1.131.391.432<\/td>\n<td>1.405.103.285<\/td>\n<td>-19,5%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>973.050.127<\/td>\n<td>1.316.580.621<\/td>\n<td>-26,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Kay\u0131plar\u0131)<\/b><\/td>\n<td><b>735.595.187<\/b><\/td>\n<td><b>(501.050.639)<\/b><\/td>\n<td><b>-246,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r<\/td>\n<td>1.736.705.538<\/td>\n<td>906.866.343<\/td>\n<td>+91,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>1.441.685.817<\/b><\/td>\n<td><b>1.081.859.006<\/b><\/td>\n<td><b>+33,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131<\/b><\/td>\n<td><b>1.209.344.260<\/b><\/td>\n<td><b>938.941.527<\/b><\/td>\n<td><b>+28,8%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>2.2. Enflasyon Muhasebesi Etkisi (TMS 29)<\/h4>\n<p>Finansal tablolar, KGK&#8217;n\u0131n 23 Kas\u0131m 2023 tarihli a\u00e7\u0131klamas\u0131 uyar\u0131nca &#8220;TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. Bu standard\u0131n en belirgin etkisi &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131\/Kay\u0131plar\u0131&#8221; kaleminde g\u00f6r\u00fclmektedir.<\/p>\n<ul>\n<li>Parasal y\u00fck\u00fcml\u00fcl\u00fcklerin parasal varl\u0131klardan fazla oldu\u011fu bir ortamda, y\u00fcksek enflasyon net parasal pozisyon kazanc\u0131 yarat\u0131r.<\/li>\n<li>2025&#8217;in ilk dokuz ay\u0131nda kaydedilen <b>735,6 milyon TL<\/b>&#8216;lik kazan\u00e7, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki <b>501,1 milyon TL<\/b>&#8216;lik kayb\u0131n tersine d\u00f6nmesi, Grubun net k\u00e2r\u0131n\u0131 operasyonel performanstan ba\u011f\u0131ms\u0131z olarak \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r. Bu durum, finansal sonu\u00e7lar\u0131 yorumlarken g\u00f6z \u00f6n\u00fcnde bulundurulmas\u0131 gereken en \u00f6nemli fakt\u00f6rd\u00fcr.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>3. Finansal Durum Tablosu (Bilan\u00e7o) Analizi (30 Eyl\u00fcl 2025 vs. 31 Aral\u0131k 2024)<\/h3>\n<h4>3.1. Varl\u0131k Yap\u0131s\u0131 ve B\u00fcy\u00fcme<\/h4>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda varl\u0131klar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcme, hem d\u00f6nen hem de duran varl\u0131klardaki art\u0131\u015flardan kaynaklanmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemleri (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>3.843.424.521<\/td>\n<td>3.025.394.911<\/td>\n<td>+27,0%<\/td>\n<\/tr>\n<tr>\n<td><i>S\u00f6zle\u015fme Varl\u0131klar\u0131<\/i><\/td>\n<td>1.832.715.083<\/td>\n<td>990.662.162<\/td>\n<td>+85,0%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>9.216.435.117<\/td>\n<td>6.124.365.410<\/td>\n<td>+50,5%<\/td>\n<\/tr>\n<tr>\n<td><i>Maddi Duran Varl\u0131klar<\/i><\/td>\n<td>6.614.118.570<\/td>\n<td>3.613.450.755<\/td>\n<td>+83,0%<\/td>\n<\/tr>\n<tr>\n<td><i>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/i><\/td>\n<td>2.252.870.000<\/td>\n<td>2.316.226.784<\/td>\n<td>-2,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>13.059.859.638<\/b><\/td>\n<td><b>9.149.760.321<\/b><\/td>\n<td><b>+42,7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> Bu kalemde g\u00f6r\u00fclen 3 milyar TL&#8217;lik art\u0131\u015f\u0131n ana kayna\u011f\u0131, &#8220;Yap\u0131lmakta Olan Yat\u0131r\u0131mlar&#8221; hesab\u0131ndaki 3,93 milyar TL&#8217;lik d\u00f6nem i\u00e7i giri\u015ftir. Bu, Grubun devam eden b\u00fcy\u00fck \u00f6l\u00e7ekli projelerini g\u00f6stermektedir.<\/li>\n<li><b>S\u00f6zle\u015fme Varl\u0131klar\u0131:<\/b> Y\u0131llara sari projelerden kaynaklanan bu varl\u0131klardaki 842 milyon TL&#8217;lik art\u0131\u015f, devam eden taahh\u00fct i\u015flerinin b\u00fcy\u00fckl\u00fc\u011f\u00fcne i\u015faret etmektedir.<\/li>\n<\/ul>\n<h4>3.2. Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131<\/h4>\n<p>Varl\u0131k b\u00fcy\u00fcmesine paralel olarak y\u00fck\u00fcml\u00fcl\u00fckler ve \u00f6zkaynaklar da artm\u0131\u015ft\u0131r. \u00d6zellikle \u00f6zkaynaklardaki g\u00fc\u00e7l\u00fc art\u0131\u015f dikkat \u00e7ekicidir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemleri (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>4.485.691.317<\/td>\n<td>2.493.186.949<\/td>\n<td>+79,9%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>2.485.897.001<\/td>\n<td>2.318.278.656<\/td>\n<td>+7,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>6.971.588.318<\/b><\/td>\n<td><b>4.811.465.605<\/b><\/td>\n<td><b>+44,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>6.088.271.320<\/b><\/td>\n<td><b>4.338.294.716<\/b><\/td>\n<td><b>+40,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/i><\/td>\n<td>5.260.383.341<\/td>\n<td>4.021.120.812<\/td>\n<td>+30,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>13.059.859.638<\/b><\/td>\n<td><b>9.149.760.321<\/b><\/td>\n<td><b>+42,7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u00d6zkaynak Art\u0131\u015f\u0131:<\/b> \u00d6zkaynaklardaki 1,75 milyar TL&#8217;lik art\u0131\u015f\u0131n temel nedenleri, 1,21 milyar TL&#8217;lik ana ortakl\u0131k pay\u0131 net d\u00f6nem k\u00e2r\u0131 ve 270 milyon TL&#8217;lik sermaye art\u0131r\u0131m\u0131d\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>4. Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda i\u015fletme faaliyetlerinden g\u00fc\u00e7l\u00fc nakit yarat\u0131rken, bu nakdi b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yat\u0131r\u0131m faaliyetlerinde kullanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f Kalemleri (TL)<\/td>\n<td>01.01.2025 &#8211; 30.09.2025<\/td>\n<td>01.01.2024 &#8211; 30.09.2024<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>2.985.287.428<\/td>\n<td>752.500.549<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(3.432.237.996)<\/td>\n<td>(2.707.672.968)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>514.896.212<\/td>\n<td>1.819.865.342<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f<\/b><\/td>\n<td><b>67.945.644<\/b><\/td>\n<td><b>(135.307.077)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Yat\u0131r\u0131m Harcamalar\u0131:<\/b> Yat\u0131r\u0131m faaliyetlerindeki 3,43 milyar TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n 4,02 milyar TL&#8217;si maddi duran varl\u0131k al\u0131mlar\u0131ndan, 229 milyon TL&#8217;si ise yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul al\u0131m\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Finansman:<\/b> Finansman faaliyetlerinden sa\u011flanan 515 milyon TL&#8217;lik nakit giri\u015fi, bor\u00e7lanmadan kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>5. Faaliyet B\u00f6l\u00fcmlerine G\u00f6re Performans<\/h3>\n<p>Grup, faaliyetlerini Holding, \u0130n\u015faat ve Enerji olmak \u00fczere \u00fc\u00e7 ana b\u00f6l\u00fcmde raporlamaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>30.09.2025 (TL)<\/td>\n<td>Holding<\/td>\n<td>\u0130n\u015faat<\/td>\n<td>Enerji<\/td>\n<td>Toplam Konsolide<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>3.554.957.821<\/td>\n<td>5.645.987.401<\/td>\n<td>6.323.177.362<\/td>\n<td>13.059.859.638<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015f Gelirleri<\/b><\/td>\n<td>50.387.433<\/td>\n<td>4.052.725.678<\/td>\n<td>298.680.828<\/td>\n<td>4.392.068.731<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r\/Zarar<\/b><\/td>\n<td>(8.576.253)<\/td>\n<td>1.084.554.917<\/td>\n<td>298.680.828<\/td>\n<td>1.131.391.432<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r\/Zarar<\/b><\/td>\n<td>(31.470.560)<\/td>\n<td>814.526.328<\/td>\n<td>1.359.946.553<\/td>\n<td>1.736.705.539<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130n\u015faat Segmenti:<\/b> Toplam has\u0131lat\u0131n %92&#8217;sini olu\u015fturarak Grubun ana operasyonel g\u00fcc\u00fc olmay\u0131 s\u00fcrd\u00fcrmektedir.<\/li>\n<li><b>Enerji Segmenti:<\/b> Varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc a\u00e7\u0131s\u0131ndan en b\u00fcy\u00fck segment haline gelmi\u015ftir. Segmentin vergi \u00f6ncesi k\u00e2r\u0131n\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 (<b>1,27 milyar TL<\/b>) net parasal pozisyon kazanc\u0131ndan kaynaklanmaktad\u0131r. Bu, segmentin varl\u0131k yap\u0131s\u0131n\u0131n enflasyonist ortamda \u00f6nemli bir finansal kazan\u00e7 yaratt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>6. \u00d6nemli Finansal Kalemler ve Riskler<\/h3>\n<h4>6.1. Sermaye ve Risk Y\u00f6netimi<\/h4>\n<p>Grup, sermaye yap\u0131s\u0131n\u0131 bor\u00e7 ve \u00f6zkaynak dengesini optimize ederek y\u00f6netmeyi hedeflemektedir. Net finansal bor\u00e7lulu\u011fun \u00f6zkaynaklara oran\u0131, Grubun kald\u0131ra\u00e7 seviyesini g\u00f6steren \u00f6nemli bir g\u00f6stergedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sermaye Y\u00f6netimi (TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Finansal Bor\u00e7lar<\/td>\n<td>3.372.162.144<\/td>\n<td>2.857.265.932<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri (-)<\/td>\n<td>(82.930.687)<\/td>\n<td>(18.795.678)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Finansal Bor\u00e7lar<\/b><\/td>\n<td><b>3.289.231.457<\/b><\/td>\n<td><b>2.838.470.254<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>6.088.271.320<\/b><\/td>\n<td><b>4.338.294.716<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Net Finansal Bor\u00e7lar \/ \u00d6zkaynaklar Oran\u0131<\/b><\/td>\n<td><b>54%<\/b><\/td>\n<td><b>65%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Oran\u0131n %65&#8217;ten %54&#8217;e d\u00fc\u015fmesi, bor\u00e7taki art\u0131\u015fa ra\u011fmen \u00f6zkaynaklar\u0131n daha h\u0131zl\u0131 b\u00fcy\u00fcmesi sayesinde bor\u00e7luluk seviyesinin g\u00f6receli olarak iyile\u015fti\u011fini g\u00f6stermektedir.<\/p>\n<h4>6.2. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h4>\n<p>D\u00f6nem sonu itibar\u0131yla ili\u015fkili taraflarla \u00f6nemli bakiye ve i\u015flemler bulunmaktad\u0131r:<\/p>\n<ul>\n<li><b>\u0130li\u015fkili Taraflardan Di\u011fer Alacaklar:<\/b> Toplam 291,7 milyon TL olup, bunun 39,7 milyon TL&#8217;si R\u0131za Kandemir&#8217;den, 22,8 milyon TL&#8217;si Ahmet Zorlu&#8217;dan ve 169,8 milyon TL&#8217;si Anadolu Mikronize Kimya&#8217;dan kaynaklanmaktad\u0131r.<\/li>\n<li><b>\u0130li\u015fkili Taraflara Di\u011fer Bor\u00e7lar:<\/b> Toplam 393,5 milyon TL&#8217;dir ve bunun 358,9 milyon TL&#8217;si Grain Turk Tar\u0131m A.\u015e.&#8217;ye olan bor\u00e7tur.<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6netici Faydalar\u0131:<\/b> \u0130lk dokuz ayda \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan faydalar\u0131n toplam\u0131 2.301.013 TL&#8217;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"708\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>**Ral Yat\u0131r\u0131m Holding**, in\u015faat, enerji, madencilik ve e\u011fitim sekt\u00f6rlerinde ger\u00e7ekle\u015ftirdi\u011fi stratejik faaliyetleri ile kapsaml\u0131 bir **kurumsal finans ve geli\u015fim \u00f6zeti** sunmaktad\u0131r. Holding, \u00f6zellikle **yenilenebilir enerji** alan\u0131ndaki yat\u0131r\u0131mlar\u0131 ve T\u00fcrkiye&#8217;nin en b\u00fcy\u00fcklerinden biri olan **Viran\u015fehir GES** projesinin tam kapasiteyle devreye al\u0131nmas\u0131yla dikkat \u00e7ekmektedir. Gayrimenkul taraf\u0131nda Ankara ve Samsun gibi \u015fehirlerde **prestijli karma kullan\u0131m projeleri** y\u00fcr\u00fct\u00fcl\u00fcrken, madencilik alan\u0131nda **Anadolu Mikronize** ile k\u00fcresel bir ortakl\u0131k kuruldu\u011fu g\u00f6r\u00fclmektedir. \u015eirket, **sermaye art\u0131r\u0131m\u0131** s\u00fcre\u00e7lerini ba\u015far\u0131yla tamamlam\u0131\u015f ve uluslararas\u0131 d\u00fczeyde **MSCI Global Small Cap Endeksi**&#8217;ne dahil edilerek yat\u0131r\u0131mc\u0131 g\u00fcvenini peki\u015ftirmi\u015ftir. Teknolojik d\u00f6n\u00fc\u015f\u00fcm ve akademik ba\u015far\u0131 odakl\u0131 **e\u011fitim yat\u0131r\u0131mlar\u0131** da grubun uzun vadeli s\u00fcrd\u00fcr\u00fclebilirlik vizyonunun \u00f6nemli bir par\u00e7as\u0131n\u0131 olu\u015fturmaktad\u0131r. Bu rapor, grubun mali verileriyle birlikte **operasyonel ba\u015far\u0131lar\u0131n\u0131** ve gelecek d\u00f6nem hedeflerini detayland\u0131rmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":756,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[174],"class_list":["post-708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ralyh"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/708","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=708"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/708\/revisions"}],"predecessor-version":[{"id":758,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/708\/revisions\/758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/756"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}