{"id":71,"date":"2025-12-17T14:57:00","date_gmt":"2025-12-17T11:57:00","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=71"},"modified":"2025-12-17T14:57:31","modified_gmt":"2025-12-17T11:57:31","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-bayrk-bayrak-ebt-taban-sanayi-2025-9-bilanco-analizi-firlayan-ozkaynaklar-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/71","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BAYRK | Bayrak EBT Taban Sanayi 2025\/9 Bilan\u00e7o Analizi | F\u0131rlayan \u00d6zkaynaklar \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BAYRK | Bayrak EBT Taban Sanayi 2025\/9 Bilan\u00e7o Analizi | F\u0131rlayan \u00d6zkaynaklar \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/pezPKP6k9PQ?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>Bayrak EBT Taban&#8217;\u0131n Ak\u0131l Almaz Finansallar\u0131: 65 Milyon TL Zarara Ra\u011fmen Servetini Nas\u0131l \u0130kiye Katlad\u0131?<\/h1>\n<p>Kurumsal finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, anla\u015f\u0131lmas\u0131 zor ve kuru belgeler gibi g\u00f6r\u00fcn\u00fcr. Ancak dikkatli bir g\u00f6zle incelendi\u011finde, bu raporlar asl\u0131nda bir \u015firketin ya\u015fad\u0131\u011f\u0131 dramatik m\u00fccadelelerin, stratejik hamlelerin ve gelecek hedeflerinin \u00f6yk\u00fcs\u00fcn\u00fc anlat\u0131r.<\/p>\n<p>Bug\u00fcn merce\u011fimiz alt\u0131nda, T\u00fcrkiye&#8217;nin ayakkab\u0131 taban\u0131 \u00fcreticilerinden Bayrak EBT Taban Sanayi ve Ticaret A.\u015e. var. \u015eirketin 2025&#8217;in ilk dokuz ay\u0131n\u0131 kapsayan son faaliyet raporu, finansal sa\u011fl\u0131k ve gelecek planlar\u0131 hakk\u0131nda sezgilere ayk\u0131r\u0131 ve olduk\u00e7a \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ekler bar\u0131nd\u0131r\u0131yor. Gelin, bu rakamlar\u0131n arkas\u0131ndaki hikayeye birlikte bakal\u0131m.<\/p>\n<h3><b>1. B\u00fcy\u00fck Paradoks: Ciddi Zararlara Ra\u011fmen F\u0131rlayan \u00d6zkaynaklar<\/b><\/h3>\n<p>\u0130lk bak\u0131\u015fta en dikkat \u00e7eken nokta, \u015firketin i\u00e7inde bulundu\u011fu b\u00fcy\u00fck paradoks. Bayrak EBT Taban, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda tam <b>65.759.008 TL<\/b> net zarar a\u00e7\u0131klam\u0131\u015f. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki <b>109.513.585 TL<\/b>&#8216;lik zarara g\u00f6re bir iyile\u015fme olsa da, hala operasyonel olarak ciddi bir kan kayb\u0131 ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Ancak hikayenin \u015fa\u015f\u0131rt\u0131c\u0131 k\u0131sm\u0131 burada ba\u015fl\u0131yor. Bu devasa zarara ra\u011fmen, \u015firketin toplam \u00f6zkaynaklar\u0131 sadece dokuz ay i\u00e7inde ikiye katlanm\u0131\u015f durumda. Y\u0131l sonunda <b>152.041.586 TL<\/b> olan \u00f6zkaynaklar, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>322.253.636 TL<\/b>&#8216;ye f\u0131rlam\u0131\u015f. Benzer \u015fekilde, \u015firketin Toplam Varl\u0131klar\u0131 da <b>659.008.602 TL<\/b>&#8216;den <b>753.192.488 TL<\/b>&#8216;ye y\u00fckselmi\u015f.<\/p>\n<p>Peki, zarar eden bir \u015firket ayn\u0131 anda servetini nas\u0131l bu kadar art\u0131rabilir? Cevap, bilan\u00e7onun \u00f6zkaynaklar kaleminde gizli: &#8220;tahsisli sermaye art\u0131r\u0131m\u0131&#8221;. Ana hissedar Kurt Taban Ayakkab\u0131 Sanayi Ticaret A.\u015e., \u015firkete b\u00fcy\u00fck bir sermaye enjeksiyonu yapm\u0131\u015f. Bu hamle, bilan\u00e7odaki &#8220;Paylara \u0130li\u015fkin Primler&#8221; kaleminin yakla\u015f\u0131k 58.1 milyon TL&#8217;den 277.9 milyon TL&#8217;ye \u00e7\u0131kmas\u0131yla net bir \u015fekilde g\u00f6r\u00fcl\u00fcyor. D\u0131\u015far\u0131dan bir yat\u0131r\u0131mc\u0131 i\u00e7in bu, \u015firketin organik olarak de\u011fil, ana hissedar\u0131n\u0131n finansal g\u00fcc\u00fcyle b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc g\u00f6steren kritik bir ayr\u0131nt\u0131d\u0131r. Bu durum bize \u015funu g\u00f6steriyor: \u015eirket operasyonel olarak zor bir d\u00f6nemden ge\u00e7se de, onu ayakta tutmak ve b\u00fcy\u00fctmek i\u00e7in devasa fonlar enjekte etmeye haz\u0131r g\u00fc\u00e7l\u00fc bir ana hissedara sahip. Bu sermaye enjeksiyonu sadece bir can simidi de\u011fil, ayn\u0131 zamanda \u015firketi bir sonraki b\u00fcy\u00fck finansman hamlesine haz\u0131rlayan stratejik bir k\u00f6pr\u00fc g\u00f6revi g\u00f6r\u00fcyor.<\/p>\n<h3><b>2. Temel Sorun: Her Sat\u0131\u015fta Para Kaybediliyor<\/b><\/h3>\n<p>\u015eirketin finansal tablolar\u0131, operasyonel zorluklar\u0131n k\u00f6kenine dair net bir ipucu veriyor. Br\u00fct k\u00e2r, bir \u015firketin satt\u0131\u011f\u0131 \u00fcr\u00fcnlerin maliyetini \u00e7\u0131kard\u0131ktan sonra elinde kalan parad\u0131r ve i\u015fin en temel k\u00e2rl\u0131l\u0131k g\u00f6stergesidir. Bayrak EBT Taban&#8217;\u0131n 2025&#8217;in ilk dokuz ay\u0131ndaki rakamlar\u0131 bu noktada endi\u015fe verici.<\/p>\n<p>\u015eirketin bu d\u00f6nemdeki has\u0131lat\u0131 (geliri) <b>173.784.245 TL<\/b> iken, sat\u0131\u015flar\u0131n maliyeti <b>206.625.262 TL<\/b> olmu\u015f. Bu basit hesaplaman\u0131n sonucu ise <b>32.841.017 TL<\/b>&#8216;lik bir br\u00fct zarar.<\/p>\n<p>Bu rakam\u0131n kritik \u00f6nemi \u015furadan geliyor: \u015eirket, \u00fcretti\u011fi mallar\u0131 satarak kazand\u0131\u011f\u0131 paradan daha fazlas\u0131n\u0131 bu mallar\u0131 \u00fcretmek i\u00e7in harc\u0131yor. Bu durum, y\u00f6netim, pazarlama veya finansman gibi di\u011fer t\u00fcm masraflar hesaba kat\u0131lmadan \u00f6nce bile \u015firketin ana faaliyetinden para kaybetti\u011fi anlam\u0131na geliyor. Bu, \u015firketin i\u015f modelinin temelinde yatan bir verimsizlik veya fiyatland\u0131rma hatas\u0131 oldu\u011funu kan\u0131tlar nitelikte. K\u00e2rl\u0131l\u0131\u011fa giden yol, di\u011fer t\u00fcm giderlerden \u00f6nce, bu temel sorunun \u00e7\u00f6z\u00fclmesinden ge\u00e7iyor.<\/p>\n<h3><b>3. Radikal Karar: \u0130\u015f G\u00fcc\u00fc Yar\u0131dan Fazla Azalt\u0131ld\u0131<\/b><\/h3>\n<p>Finansal tablolardaki bir di\u011fer \u00e7arp\u0131c\u0131 veri ise \u015firketin i\u015f g\u00fcc\u00fcnde ya\u015fanan dramatik d\u00fc\u015f\u00fc\u015f. Raporlara g\u00f6re, \u00e7al\u0131\u015fan say\u0131s\u0131 dokuz ay gibi k\u0131sa bir s\u00fcrede ciddi \u015fekilde azalt\u0131lm\u0131\u015f. 2024 y\u0131l\u0131 sonunda <b>364 ki\u015fi<\/b> olan personel say\u0131s\u0131, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>153 ki\u015fiye<\/b> gerilemi\u015f.<\/p>\n<p>Bu, %57&#8217;yi a\u015fan bir i\u015f g\u00fcc\u00fc azalt\u0131m\u0131 demek. Bir \u015firketin personel say\u0131s\u0131n\u0131 bu kadar radikal bir \u015fekilde d\u00fc\u015f\u00fcrmesi, \u00f6nemli bir finansal bask\u0131 alt\u0131nda oldu\u011funun ve operasyonel maliyetleri azaltmak i\u00e7in b\u00fcy\u00fck bir yeniden yap\u0131lanma s\u00fcrecine girdi\u011finin en net g\u00f6stergelerinden biridir. Bu hamle, bir \u00f6nceki b\u00f6l\u00fcmde bahsedilen 32.8 milyon TL&#8217;lik br\u00fct zarara verilmi\u015f do\u011frudan ve ac\u0131mas\u0131z bir yan\u0131tt\u0131r. \u015eirket, sat\u0131\u015f maliyetlerini ve operasyonel giderleri d\u00fc\u015f\u00fcrmek i\u00e7in en b\u00fcy\u00fck varl\u0131klar\u0131ndan birini, yani insan kayna\u011f\u0131n\u0131, feda etmek zorunda kalm\u0131\u015ft\u0131r.<\/p>\n<h3><b>4. Gelece\u011fe Y\u00f6nelik Bahis: 600 Milyon TL&#8217;lik Dev Fonlama Plan\u0131<\/b><\/h3>\n<p>Mevcut zorluklara ve yeniden yap\u0131lanma \u00e7abalar\u0131na ra\u011fmen, Bayrak EBT Taban gelece\u011fe y\u00f6nelik olduk\u00e7a iddial\u0131 bir ad\u0131m atmaya haz\u0131rlan\u0131yor. Raporlama d\u00f6nemi kapand\u0131ktan hemen sonra, 3 Ekim 2025&#8217;te, \u015firket y\u00f6netim kurulu \u00e7ok \u00f6nemli bir karar ald\u0131. \u015eirket, <b>600.000.000 TL<\/b>&#8216;ye kadar &#8220;kira sertifikas\u0131&#8221; (sukuk) ihra\u00e7 ederek dev bir fonlama yapmay\u0131 planl\u0131yor.<\/p>\n<p>Bu, alternatif bir finansman enstr\u00fcman\u0131 kullanarak b\u00fcy\u00fck bir sermaye toplama giri\u015fimidir. Bu hamle, \u015firketin stratejisine dair ikili bir okuma sunuyor: Bir yandan, mevcut operasyonlar\u0131 ve yeniden yap\u0131lanmay\u0131 finanse etmek i\u00e7in acil bir nakit ihtiyac\u0131n\u0131 kar\u015f\u0131larken, di\u011fer yandan piyasaya ve potansiyel yat\u0131r\u0131mc\u0131lara geri d\u00f6n\u00fc\u015f plan\u0131n\u0131n iddial\u0131 ve uygulanabilir oldu\u011funa dair g\u00fc\u00e7l\u00fc bir g\u00fcven sinyali g\u00f6nderiyor. Bu, hem bir hayatta kalma hem de bir b\u00fcy\u00fcme bahsidir.<\/p>\n<p>Bayrak EBT Taban&#8217;\u0131n finansal hikayesi, tam anlam\u0131yla z\u0131tl\u0131klarla dolu bir anlat\u0131 sunuyor. Bir yanda ciddi operasyonel zararlar, temel k\u00e2rl\u0131l\u0131k sorunlar\u0131 ve i\u015f g\u00fcc\u00fcnde b\u00fcy\u00fck bir daralma var. Di\u011fer yanda ise ana hissedar\u0131n ko\u015fulsuz deste\u011fiyle ikiye katlanan bir servet ve gelece\u011fe y\u00f6nelik 600 milyon TL&#8217;lik iddial\u0131 bir fonlama plan\u0131 bulunuyor. \u015eirket, bir yandan yaralar\u0131n\u0131 sarmaya \u00e7al\u0131\u015f\u0131rken di\u011fer yandan gelece\u011fe dev bir ad\u0131m atmaya haz\u0131rlan\u0131yor.<\/p>\n<p>Bu tablo, ak\u0131llara ka\u00e7\u0131n\u0131lmaz bir soruyu getiriyor: Peki, bu 600 milyon TL&#8217;lik dev kaynak, \u015firketin makus talihini yenmesi i\u00e7in yeterli olacak m\u0131, yoksa kar\u015f\u0131la\u015f\u0131lan sorunlar paran\u0131n tek ba\u015f\u0131na \u00e7\u00f6zemeyece\u011fi kadar derin mi? Zaman, bu sorunun cevab\u0131n\u0131 g\u00f6sterecek.<\/p>\n<p><!--more--><\/p>\n<h1><span style=\"color: #0000ff;\">Bayrak EBT Taban Sanayi ve Ticaret A.\u015e. \u2013 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Bayrak EBT Taban Sanayi ve Ticaret A.\u015e.&#8217;nin 01 Ocak \u2013 30 Eyl\u00fcl 2025 d\u00f6nemine ait faaliyet raporu ve finansal tablolar\u0131n\u0131 sentezleyerek \u015firketin performans\u0131, finansal sa\u011fl\u0131\u011f\u0131 ve stratejik geli\u015fmeleri hakk\u0131nda kapsaml\u0131 bir analiz sunmaktad\u0131r.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal sonucu, \u015firketin 65,8 milyon TL net zarar a\u00e7\u0131klamas\u0131d\u0131r. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 109,5 milyon TL&#8217;lik zarara k\u0131yasla bir iyile\u015fmeye i\u015faret etse de, \u015firketin k\u00e2rl\u0131l\u0131k sorunlar\u0131n\u0131n devam etti\u011fini g\u00f6stermektedir. Gelirlerdeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen br\u00fct zarar\u0131n azalmas\u0131 ve yat\u0131r\u0131m faaliyetlerinden elde edilen 41 milyon TL&#8217;lik gelir, net zarardaki bu iyile\u015fmenin ana etkenleri olmu\u015ftur.<\/p>\n<p>D\u00f6nemin en kritik stratejik hamlesi, ana ortak Kurt Taban Ayakkab\u0131 Sanayi Ticaret A.\u015e.&#8217;ye yap\u0131lan tahsisli sermaye art\u0131r\u0131m\u0131d\u0131r. Bu i\u015flem, \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 56,5 milyon TL&#8217;ye y\u00fckseltmi\u015f ve \u00f6zkaynaklar\u0131n\u0131 152 milyon TL&#8217;den 322,3 milyon TL&#8217;ye \u00e7\u0131kararak bilan\u00e7oyu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015ftir. Ancak, i\u015fletme faaliyetlerinden kaynaklanan 190,9 milyon TL&#8217;lik negatif nakit ak\u0131\u015f\u0131, operasyonel verimlilik ve likidite y\u00f6netimi konular\u0131nda ciddi zorluklara i\u015faret etmektedir. Bu nakit a\u00e7\u0131\u011f\u0131, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde sermaye art\u0131r\u0131m\u0131 ve yeni bor\u00e7lanmalardan sa\u011flanan finansmanla kar\u015f\u0131lanm\u0131\u015ft\u0131r.<\/p>\n<p>Operasyonel alanda, 31 Aral\u0131k 2024&#8217;te 364 olan personel say\u0131s\u0131n\u0131n 30 Eyl\u00fcl 2025 itibar\u0131yla 153&#8217;e d\u00fc\u015fmesi, kapsaml\u0131 bir yeniden yap\u0131lanma veya k\u00fc\u00e7\u00fclme s\u00fcrecine girildi\u011fini g\u00f6stermektedir. \u015eirket ayr\u0131ca, raporlama d\u00f6nemi sonras\u0131 600 milyon TL&#8217;ye kadar kira sertifikas\u0131 (sukuk) ihra\u00e7 etme karar\u0131 alarak gelecekteki finansman ihtiya\u00e7lar\u0131 i\u00e7in proaktif bir ad\u0131m atm\u0131\u015ft\u0131r. Devam eden hukuki davalar ve yakla\u015f\u0131k 110 milyon TL&#8217;lik net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc pozisyonu, \u015firketin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu \u00f6nemli riskler aras\u0131nda yer almaktad\u0131r.<\/p>\n<h2>Kurumsal Profil ve Y\u00f6netim<\/h2>\n<h3>\u015eirket Bilgileri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kategori<\/td>\n<td>Bilgi<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>Bayrak EBT Taban Sanayi ve Ticaret A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Kurulu\u015f Tarihi<\/b><\/td>\n<td>29 Aral\u0131k 1993<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet Konusu<\/b><\/td>\n<td>Ayakkab\u0131 ve t\u00fcrevlerinin imalat\u0131nda kullan\u0131lmak \u00fczere ayakkab\u0131 taban\u0131 ve aksesuarlar\u0131n\u0131n \u00fcretimi ve bu ama\u00e7la kal\u0131p \u00fcretimi.<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>\u0130kitelli OSB Mah. Dersan A Blok Sok. A Blok No :1\/97 Ba\u015fak\u015fehir\/\u0130STANBUL<\/td>\n<\/tr>\n<tr>\n<td><b>Fabrika Adresi<\/b><\/td>\n<td>Demirci K\u00f6y\u00fc OSB Mevkii Kadir Bozkurt Sokak Kayap\u0131 No :10 Merkez \/S\u0130NOP<\/td>\n<\/tr>\n<tr>\n<td><b>Rapor D\u00f6nemi<\/b><\/td>\n<td>01 Ocak 2025 \u2013 30 Eyl\u00fcl 2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u015eirket Tarih\u00e7esi<\/h3>\n<p>\u015eirket, 1993 y\u0131l\u0131nda &#8220;BAYRAK PLAST\u0130K SANAY\u0130 VE T\u0130CARET L\u0130M\u0130TED \u015e\u0130RKET\u0130&#8221; unvan\u0131yla kurulmu\u015f, 1997 y\u0131l\u0131nda ayakkab\u0131 taban\u0131 \u00fcretimine ba\u015flam\u0131\u015ft\u0131r. Y\u0131llar i\u00e7inde unvan ve t\u00fcr de\u011fi\u015fiklikleri ge\u00e7iren \u015firket, 14 \u015eubat 2019&#8217;da anonim \u015firkete d\u00f6n\u00fc\u015fm\u00fc\u015f ve 23 Ocak 2020&#8217;de mevcut unvan\u0131 olan &#8220;BAYRAK EBT TABAN SAN VE T\u0130C A.\u015e&#8221; ad\u0131n\u0131 alm\u0131\u015ft\u0131r.<\/p>\n<h3>Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, kay\u0131tl\u0131 sermaye sistemine tabi olup 250.000.000 TL&#8217;lik kay\u0131tl\u0131 sermaye tavan\u0131na sahiptir. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 56.465.188 TL&#8217;dir.<\/p>\n<p><b>30 Eyl\u00fcl 2025 Tarihli Ortakl\u0131k Yap\u0131s\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ad\u0131\/Unvan\u0131<\/td>\n<td>Pay Grubu<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Kurt Taban Ayakkab\u0131 Sanayi Ticaret A.\u015e.<\/td>\n<td>A + B Grubu<\/td>\n<td>13.606.658<\/td>\n<td>24.10%<\/td>\n<\/tr>\n<tr>\n<td>Allbatross Portf\u00f6y Atlas Serbest Fon<\/td>\n<td>B Grubu<\/td>\n<td>8.168.758<\/td>\n<td>14.47%<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>B Grubu<\/td>\n<td>34.689.772<\/td>\n<td>61.43%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><\/td>\n<td><b>56.465.188<\/b><\/td>\n<td><b>100.00%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: &#8220;Bayrak EBT_BDR_30.09.2025 Final Rapor.pdf&#8221; belgesindeki ortakl\u0131k tablosunda k\u00fc\u00e7\u00fck farkl\u0131l\u0131klar bulunmaktad\u0131r; faaliyet raporundaki tablo esas al\u0131nm\u0131\u015ft\u0131r.<\/i><\/p>\n<h4>\u0130mtiyazl\u0131 Paylar<\/h4>\n<ul>\n<li><b>Oy \u0130mtiyaz\u0131:<\/b> (A) grubu paylar\u0131n her biri genel kurulda 5 oy hakk\u0131na sahipken, (B) grubu paylar\u0131n her biri 1 oy hakk\u0131na sahiptir. Bu imtiyaz, esas s\u00f6zle\u015fme de\u011fi\u015fiklikleri ve y\u00f6netim kurulu ibras\u0131 gibi konularda kullan\u0131lamaz.<\/li>\n<li><b>Y\u00f6netim Kuruluna Aday G\u00f6sterme \u0130mtiyaz\u0131:<\/b> Y\u00f6netim kurulunun belirli say\u0131da \u00fcyesi, (A) grubu pay sahipleri veya onlar\u0131n g\u00f6sterece\u011fi adaylar aras\u0131ndan se\u00e7ilir.<\/li>\n<\/ul>\n<h3>Y\u00f6netim Kurulu ve \u00dcst Y\u00f6netim<\/h3>\n<p><b>Y\u00f6netim Kurulu<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<\/tr>\n<tr>\n<td>Serhat KURT<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Ay\u015feg\u00fcl UZUN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td>Elif AYDIN<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Emin Kaan KAYA<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Hamit G\u00d6REN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00dcst D\u00fczey Y\u00f6netim<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<td>Mesleki Tecr\u00fcbe<\/td>\n<\/tr>\n<tr>\n<td>Turgut BAYRAK<\/td>\n<td>Genel Koordinat\u00f6r<\/td>\n<td>26 Y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>P\u0131nar TANRIBUYURDU<\/td>\n<td>Arge, Sat\u0131\u015f ve Pazarlama M\u00fcd\u00fcr\u00fc<\/td>\n<td>20 Y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Ferhat \u00c7\u0130MAG\u0130L<\/td>\n<td>Mali \u0130\u015fler ve Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri M\u00fcd\u00fcr\u00fc<\/td>\n<td>14 Y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>H\u00fcseyin \u015eENEL<\/td>\n<td>Sinop Fabrika M\u00fcd\u00fcr\u00fc<\/td>\n<td>32 Y\u0131l<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Finansal Durum ve Performans Analizi<\/h2>\n<p>\u015eirketin finansal tablolar\u0131, T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak haz\u0131rlanm\u0131\u015f ve TMS 29 standard\u0131 gere\u011fince y\u00fcksek enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir. T\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h3>Temel Finansal G\u00f6stergeler<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (TL)<\/td>\n<td>01.01-30.09.2025<\/td>\n<td>01.01-30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>173.784.245<\/td>\n<td>232.165.221<\/td>\n<td>-25,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar\/(Zarar)<\/b><\/td>\n<td>(32.841.017)<\/td>\n<td>(44.788.599)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131\/(Zarar\u0131)<\/b><\/td>\n<td>(63.748.070)<\/td>\n<td>(70.656.802)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri<\/b><\/td>\n<td>(104.120.013)<\/td>\n<td>(59.591.366)<\/td>\n<td>+74,7%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131\/(Zarar\u0131)<\/b><\/td>\n<td>(65.759.008)<\/td>\n<td>(109.513.585)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemi (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><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>753.192.488<\/td>\n<td>659.008.602<\/td>\n<td>+14,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>430.938.852<\/td>\n<td>506.967.016<\/td>\n<td>-15,0%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>322.253.636<\/td>\n<td>152.041.586<\/td>\n<td>+112,0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Performans De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>Gelir ve K\u00e2rl\u0131l\u0131k:<\/b> \u015eirketin has\u0131lat\u0131 2025&#8217;in ilk dokuz ay\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %25 oran\u0131nda azalarak 173,8 milyon TL&#8217;ye gerilemi\u015ftir. Has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen, br\u00fct zarar 44,8 milyon TL&#8217;den 32,8 milyon TL&#8217;ye gerilemi\u015ftir. Ancak artan finansman giderleri ve di\u011fer faaliyet giderleri nedeniyle \u015firket d\u00f6nemi 65,8 milyon TL net zararla kapatm\u0131\u015ft\u0131r. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re net zararda azalma olsa da operasyonel k\u00e2rl\u0131l\u0131k halen negatiftir.<\/li>\n<li><b>Bilan\u00e7o Yap\u0131s\u0131:<\/b> D\u00f6nem i\u00e7indeki tahsisli sermaye art\u0131r\u0131m\u0131, \u015firketin bilan\u00e7o yap\u0131s\u0131n\u0131 k\u00f6kten de\u011fi\u015ftirmi\u015ftir. \u00d6zkaynaklar %112&#8217;lik bir art\u0131\u015fla 322,3 milyon TL&#8217;ye ula\u015fm\u0131\u015f ve \u015firketin finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r. Toplam varl\u0131klar 753,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin net banka kredisi bakiyesi 226,5 milyon TL ve finansal kiralama bor\u00e7lar\u0131 43,8 milyon TL&#8217;dir. Sermaye art\u0131\u015f\u0131yla birlikte toplam y\u00fck\u00fcml\u00fcl\u00fcklerde %15&#8217;lik bir azalma g\u00f6zlenmi\u015ftir.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> \u015eirket, i\u015fletme faaliyetlerinden 190,9 milyon TL negatif nakit ak\u0131\u015f\u0131 yaratm\u0131\u015ft\u0131r. Bu durum, operasyonel faaliyetlerin nakit t\u00fcketmeye devam etti\u011fini g\u00f6stermektedir. Bu a\u00e7\u0131k, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde sermaye art\u0131r\u0131m\u0131 ve bor\u00e7lanmalardan elde edilen 287,6 milyon TL&#8217;lik finansman faaliyeti nakit giri\u015fi ile kapat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Operasyonel Faaliyetler ve Stratejik Geli\u015fmeler<\/h2>\n<h3>Personel Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin personel say\u0131s\u0131nda dramatik bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. 31 Aral\u0131k 2024 tarihinde 364 olan toplam \u00e7al\u0131\u015fan say\u0131s\u0131, 30 Eyl\u00fcl 2025 itibar\u0131yla 153&#8217;e gerilemi\u015ftir. Bu durum, y\u0131l i\u00e7inde \u00f6nemli bir operasyonel yeniden yap\u0131lanma, k\u00fc\u00e7\u00fclme veya verimlilik art\u0131\u015f\u0131 program\u0131n\u0131n uyguland\u0131\u011f\u0131na i\u015faret etmektedir.<\/p>\n<h3>D\u00f6nem \u0130\u00e7indeki ve Sonras\u0131ndaki \u00d6nemli Geli\u015fmeler<\/h3>\n<h4>Tahsisli Sermaye Art\u0131r\u0131m\u0131<\/h4>\n<ul>\n<li><b>Karar:<\/b> Y\u00f6netim Kurulu, 13 Haziran 2025&#8217;te, \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesinin 47.125.000 TL&#8217;den, mevcut ortaklar\u0131n r\u00fc\u00e7han haklar\u0131 k\u0131s\u0131tlanarak, ana ortak Kurt Taban Ayakkab\u0131 Sanayi Ticaret A.\u015e.&#8217;ye tahsisli olarak art\u0131r\u0131lmas\u0131na karar vermi\u015ftir.<\/li>\n<li><b>Uygulama:<\/b> Sermaye Piyasas\u0131 Kurulu&#8217;nun (SPK) onay\u0131 sonras\u0131, 23,34 TL baz fiyat \u00fczerinden ger\u00e7ekle\u015ftirilen i\u015flemle sermaye art\u0131r\u0131m\u0131 tamamlanm\u0131\u015f ve 14 A\u011fustos 2025&#8217;te tescil edilmi\u015ftir. Bu i\u015flem \u015firketin \u00f6zkaynaklar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015ftir.<\/li>\n<\/ul>\n<h4>Kira Sertifikas\u0131 \u0130hrac\u0131 Plan\u0131<\/h4>\n<ul>\n<li><b>Karar:<\/b> Raporlama d\u00f6nemi sonras\u0131, 3 Ekim 2025&#8217;te Y\u00f6netim Kurulu, Ata Varl\u0131k Kiralama A.\u015e. arac\u0131l\u0131\u011f\u0131yla yurt i\u00e7inde 600.000.000 TL&#8217;ye kadar kira sertifikas\u0131 (sukuk) ihra\u00e7 etme karar\u0131 alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ama\u00e7:<\/b> \u0130hra\u00e7, halka arz edilmeksizin tahsisli olarak veya nitelikli yat\u0131r\u0131mc\u0131lara sat\u0131lmak suretiyle ger\u00e7ekle\u015ftirilecek olup, \u015firketin gelecekteki finansman kaynaklar\u0131n\u0131 \u00e7e\u015fitlendirme stratejisinin bir par\u00e7as\u0131d\u0131r.<\/li>\n<\/ul>\n<h2>Hukuki S\u00fcre\u00e7ler ve Risk Y\u00f6netimi<\/h2>\n<h3>\u015eirket Aleyhine A\u00e7\u0131lan Davalar<\/h3>\n<p>\u015eirketin taraf oldu\u011fu ve devam eden \u00f6nemli hukuki s\u00fcre\u00e7ler a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Mahkeme ve Dosya No<\/td>\n<td>Konu ve Mevcut Durum<\/td>\n<\/tr>\n<tr>\n<td>Sinop 1. Asliye Hukuk Mah. 2025\/227<\/td>\n<td>05.01.2025 tarihinde pres makinesine elini s\u0131k\u0131\u015ft\u0131ran bir \u00e7al\u0131\u015fan\u0131n a\u00e7t\u0131\u011f\u0131 100.000 TL maddi ve 500.000 TL manevi tazminat davas\u0131. \u00d6n inceleme duru\u015fmas\u0131 09.12.2025&#8217;te g\u00f6r\u00fclecektir.<\/td>\n<\/tr>\n<tr>\n<td>K\u00fc\u00e7\u00fck\u00e7ekmece 6. \u0130\u015f Mah. 2025\/252<\/td>\n<td>2021-2024 y\u0131llar\u0131 aras\u0131nda \u00e7al\u0131\u015fan bir i\u015f\u00e7inin haks\u0131z fesih iddias\u0131yla a\u00e7t\u0131\u011f\u0131 k\u0131dem, ihbar, fazla mesai ve y\u0131ll\u0131k izin alaca\u011f\u0131 davas\u0131. \u00d6n inceleme duru\u015fmas\u0131 16.10.2025&#8217;te g\u00f6r\u00fclm\u00fc\u015ft\u00fcr.<\/td>\n<\/tr>\n<tr>\n<td>\u0130stanbul 1. \u0130cra Hukuk Mah. 2025\/234<\/td>\n<td>Bir icra takibinde \u00f6deme emrinin usuls\u00fcz tebli\u011f edildi\u011fi iddias\u0131yla a\u00e7\u0131lan tespit davas\u0131. Dilek\u00e7eler teatisi a\u015famas\u0131 tamamlanm\u0131\u015ft\u0131r.<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Davalar<\/td>\n<td>Ayr\u0131ca, konusuz kald\u0131\u011f\u0131 i\u00e7in karara ba\u011flanan bir i\u015f mahkemesi davas\u0131 ve i\u015flemden kald\u0131r\u0131lan bir iflas davas\u0131 bulunmaktad\u0131r.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Risk Y\u00f6netimi<\/h3>\n<p>\u015eirket, risklerin erken tespiti ve y\u00f6netimi amac\u0131yla Y\u00f6netim Kurulu b\u00fcnyesinde bir &#8220;Riskin Erken Saptanmas\u0131 Komitesi&#8221; kurmu\u015ftur. Tan\u0131mlanan ba\u015fl\u0131ca riskler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Finansal Risk (Kur Riski):<\/b> \u015eirketin 30 Eyl\u00fcl 2025 itibar\u0131yla <b>109,8 milyon TL<\/b> tutar\u0131nda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc pozisyonu bulunmaktad\u0131r. Bu pozisyonun b\u00fcy\u00fck bir k\u0131sm\u0131 Avro cinsindendir. D\u00f6viz kurlar\u0131ndaki %10&#8217;luk bir art\u0131\u015f, \u015firketin k\u00e2r\/zarar tablosunu yakla\u015f\u0131k <b>11 milyon TL<\/b> olumsuz etkileme potansiyeline sahiptir.<\/li>\n<li><b>Operasyonel Risk:<\/b> \u0130\u015fletme faaliyetlerinden kaynaklanan negatif nakit ak\u0131\u015f\u0131, \u015firketin temel operasyonlar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi konusunda bir risk te\u015fkil etmektedir. Personel say\u0131s\u0131ndaki b\u00fcy\u00fck d\u00fc\u015f\u00fc\u015f de operasyonel devaml\u0131l\u0131k a\u00e7\u0131s\u0131ndan dikkatle izlenmelidir.<\/li>\n<li><b>Hukuki Risk:<\/b> Devam eden i\u015f ve tazminat davalar\u0131, \u015firket i\u00e7in potansiyel finansal y\u00fck\u00fcml\u00fcl\u00fckler ve itibar riski olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"71\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bayrak EBT Taban&#8217;\u0131n Ak\u0131l Almaz Finansallar\u0131: 65 Milyon TL Zarara Ra\u011fmen Servetini Nas\u0131l \u0130kiye Katlad\u0131? Kurumsal finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, anla\u015f\u0131lmas\u0131 zor ve kuru belgeler gibi g\u00f6r\u00fcn\u00fcr. Ancak dikkatli bir g\u00f6zle incelendi\u011finde, bu raporlar asl\u0131nda bir \u015firketin ya\u015fad\u0131\u011f\u0131&#8230; <\/p>\n","protected":false},"author":1,"featured_media":72,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,11],"class_list":["post-71","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-bayrk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/71","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=71"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/71\/revisions"}],"predecessor-version":[{"id":74,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/71\/revisions\/74"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/72"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=71"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=71"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=71"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}