{"id":710,"date":"2025-12-28T15:02:38","date_gmt":"2025-12-28T12:02:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=710"},"modified":"2025-12-28T19:12:28","modified_gmt":"2025-12-28T16:12:28","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-akyho-akdeniz-yatirim-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/710","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AKYHO | Akdeniz Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AKYHO | Akdeniz Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/TsEAIIj6BJM?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: Akdeniz Yat\u0131r\u0131m Holding&#8217;in Bilan\u00e7osundan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Sinyal<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Anlatt\u0131\u011f\u0131 Hikaye<\/h3>\n<p>Finansal raporlar, ilk bak\u0131\u015fta karma\u015f\u0131k rakamlar ve anla\u015f\u0131lmaz terimlerle dolu, g\u00f6z korkutucu belgeler gibi g\u00f6r\u00fcnebilir. Ancak nereye bakaca\u011f\u0131n\u0131 bilenler i\u00e7in bu belgeler, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelece\u011fe y\u00f6nelik ad\u0131mlar\u0131 hakk\u0131nda s\u00fcr\u00fckleyici hikayeler anlat\u0131r. Bu derinlemesine analizde, Akdeniz Yat\u0131r\u0131m Holding&#8217;in 30 Eyl\u00fcl 2025 tarihli finansal raporunu mercek alt\u0131na al\u0131yor ve rakamlar\u0131n aras\u0131na gizlenmi\u015f en \u015fa\u015f\u0131rt\u0131c\u0131 sinyalleri ortaya \u00e7\u0131kar\u0131yoruz.<\/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. Neredeyse Buharla\u015fan Nakit: Bir Varl\u0131k Takas\u0131 Operasyonu mu?<\/h3>\n<p>Raporda ilk g\u00f6ze \u00e7arpan ve en dramatik de\u011fi\u015fikliklerden biri, \u015firketin nakit pozisyonunda ya\u015fan\u0131yor. Finansal Durum Tablosu&#8217;na g\u00f6re, \u015firketin &#8220;Nakit ve Nakit Benzerleri&#8221; kalemi, 2024 sonunda <b>45.258.124 TL<\/b> iken, 30 Eyl\u00fcl 2025 itibar\u0131yla sadece <b>2.434.741 TL<\/b>&#8216;ye d\u00fc\u015fm\u00fc\u015f durumda. Bu, dokuz ayl\u0131k bir s\u00fcrede yakla\u015f\u0131k %95&#8217;lik bir azalma anlam\u0131na geliyor.<\/p>\n<p>Bu denli keskin bir d\u00fc\u015f\u00fc\u015f ilk ba\u015fta endi\u015fe verici g\u00f6r\u00fcnebilir, ancak Nakit Ak\u0131\u015f Tablosu daha karma\u015f\u0131k bir hikaye anlat\u0131yor. Raporun &#8220;Yat\u0131r\u0131m Faaliyetlerinden Kaynaklanan Nakit Ak\u0131\u015flar\u0131&#8221; b\u00f6l\u00fcm\u00fc, <b>55.549.457 TL<\/b>&#8216;lik bir nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n &#8220;Maddi Duran Varl\u0131k Al\u0131m\u0131ndan Kaynaklanan Nakit \u00c7\u0131k\u0131\u015flar\u0131&#8221; i\u00e7in kullan\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Ancak hikaye burada bitmiyor. Ayn\u0131 tablo, <b>29.126.227 TL<\/b>&#8216;lik \u00f6nemli bir nakit giri\u015finin &#8220;\u0130\u015ftiraklerin ve\/veya \u0130\u015f Ortakl\u0131klar\u0131n\u0131n Pay Sat\u0131\u015f\u0131 veya Sermaye Azalt\u0131m\u0131 Sebebiyle Olu\u015fan Nakit Giri\u015fleri&#8221; kaleminden geldi\u011fini de ortaya koyuyor.<\/p>\n<p>Bu durum, \u015firketin sadece nakit harcamad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda aktif bir varl\u0131k takas\u0131 y\u00fcr\u00fctt\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. \u015eirket, bir yandan i\u015ftiraklerindeki paylar\u0131n\u0131 satarak nakit yarat\u0131rken, di\u011fer yandan bu nakdi ve daha fazlas\u0131n\u0131 fiziksel varl\u0131klara agresif bir \u015fekilde yat\u0131r\u0131yor. Bu, \u015firketin sermayesini yeniden tahsis etti\u011fi ve varl\u0131k taban\u0131n\u0131 aktif olarak yeniden \u015fekillendirdi\u011fi \u00f6nemli bir stratejik de\u011fi\u015fime i\u015faret ediyor.<\/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>2. Enflasyon Muhasebesi Sihri: K\u00e2\u011f\u0131t \u00dczerindeki 29 Milyon TL&#8217;lik K\u00e2r<\/h3>\n<p>K\u00e2r veya Zarar Tablosu&#8217;nda dikkat \u00e7eken bir ba\u015fka \u015fa\u015f\u0131rt\u0131c\u0131 kalem ise <b>29.467.872 TL<\/b>&#8216;lik &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Kay\u0131plar\u0131)&#8221;. Bu rakam, \u015firketin operasyonlar\u0131ndan elde etti\u011fi ger\u00e7ek bir nakit k\u00e2r\u0131 de\u011fil, T\u00fcrkiye gibi y\u00fcksek enflasyonlu ekonomilerde TMS 29 (Enflasyon Muhasebesi) standard\u0131 gere\u011fi yap\u0131lan bir muhasebe d\u00fczeltmesidir.<\/p>\n<p>Basit\u00e7e ifade etmek gerekirse, bu kazanc\u0131n arkas\u0131ndaki mant\u0131k \u015fudur: Enflasyonist bir ortamda, nakit gibi parasal varl\u0131klardan daha fazla kredi gibi parasal y\u00fck\u00fcml\u00fcl\u00fc\u011fe (borca) sahip olmak, borcun reel de\u011ferinin zamanla azalmas\u0131 nedeniyle k\u00e2\u011f\u0131t \u00fczerinde bir &#8220;kazan\u00e7&#8221; yarat\u0131r.<\/p>\n<p>Bu sezgisel olarak ters gelebilecek bir durumdur. Bu &#8220;k\u00e2r&#8221;, \u015firketin temel operasyonel performans\u0131n\u0131 maskeleyebilir ve finansal raporlaman\u0131n ekonomik ger\u00e7ekliklere nas\u0131l uyum sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6steren \u00e7arp\u0131c\u0131 bir \u00f6rnektir.<\/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>3. Vergi \u00d6ncesi K\u00e2r, Vergi Sonras\u0131 Zarar: Ertelenmi\u015f Vergi Paradoksu<\/h3>\n<p>Raporun en ilgin\u00e7 paradokslar\u0131ndan biri k\u00e2r-zarar tablosunda kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor. \u015eirket, <b>17.213.017 TL<\/b> &#8220;S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi Kar\u0131&#8221; a\u00e7\u0131klamas\u0131na ra\u011fmen, d\u00f6nemi <b>(21.646.660) TL<\/b> &#8220;S\u00fcrd\u00fcr\u00fclen Faaliyetler D\u00f6nem Zarar\u0131&#8221; ile kapat\u0131yor. K\u00e2r\u0131n nas\u0131l zarara d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fcn cevab\u0131 ise tek bir kalemde gizli: <b>(38.859.677) TL<\/b>&#8216;lik devasa &#8220;Ertelenmi\u015f Vergi Gideri&#8221;.<\/p>\n<p>Ertelenmi\u015f vergi, en basit haliyle, bir k\u00e2r\u0131n muhasebe standartlar\u0131na g\u00f6re hesaplanmas\u0131 ile vergi kanunlar\u0131na g\u00f6re hesaplanmas\u0131 aras\u0131ndaki zamanlama farkl\u0131l\u0131klar\u0131ndan kaynaklan\u0131r. Bilan\u00e7odaki &#8220;Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc&#8221; kaleminin y\u0131lba\u015f\u0131ndaki <b>10.131.773 TL<\/b>&#8216;den <b>48.994.222 TL<\/b>&#8216;ye f\u0131rlamas\u0131 da bu durumu teyit ediyor. Bu, vergi muhasebesinin bir \u015firketin net k\u00e2rl\u0131l\u0131\u011f\u0131 \u00fczerinde ne kadar b\u00fcy\u00fck bir etkiye sahip olabilece\u011fini net bir \u015fekilde ortaya koyuyor.<\/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>4. Paran\u0131n Aile \u0130\u00e7inde Kalmas\u0131: \u0130ki \u015eirkete Aktar\u0131lan On Milyonlarca Lira<\/h3>\n<p>Finansal Durum Tablosu&#8217;ndaki bir di\u011fer \u00f6nemli de\u011fi\u015fiklik, \u015firketin &#8220;ili\u015fkili taraflar&#8221; ile olan finansal ba\u011flar\u0131n\u0131n g\u00fc\u00e7lendi\u011fini g\u00f6steriyor. &#8220;\u0130li\u015fkili Taraflardan Di\u011fer Alacaklar&#8221; kalemi, dokuz ay i\u00e7inde <b>46.319.832 TL<\/b>&#8216;den <b>84.650.643 TL<\/b>&#8216;ye y\u00fckselerek neredeyse ikiye katlanm\u0131\u015f durumda.<\/p>\n<p>Finansal raporlamada &#8220;ili\u015fkili taraf&#8221;; \u015firketi kontrol etme veya \u00fczerinde \u00f6nemli etki yaratma g\u00fcc\u00fcne sahip olan kurum ve ki\u015fileri ifade eder. Bu genellikle ana \u015firket, ortak kontrol alt\u0131ndaki di\u011fer i\u015ftirakler, ana hissedarlar ve kilit y\u00f6netici personeli kapsar.<\/p>\n<p>Dipnotlar incelendi\u011finde bu sermaye ak\u0131\u015f\u0131n\u0131n adresi daha da netle\u015fiyor. Bu art\u0131\u015f\u0131n neredeyse tamam\u0131 iki \u015firkete y\u00f6nlendirilmi\u015f: &#8220;Akdeniz E\u011fitim \u00d6\u011fretim Yay\u0131nc\u0131l\u0131k Turizm Sanayi Ticaret A.\u015e.&#8221;ye olan alacaklar 30,5 milyon TL&#8217;den 62,1 milyon TL&#8217;ye, ana ortak &#8220;Akdeniz Giri\u015fim Holding A.\u015e.&#8221;ye olan alacaklar ise 4,5 milyon TL&#8217;den 19,8 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015f.<\/p>\n<p>Bu bulgu, ilk maddede ele ald\u0131\u011f\u0131m\u0131z yakla\u015f\u0131k 42,8 milyon TL&#8217;lik &#8220;buharla\u015fan nakit&#8221; konusuna da do\u011frudan \u0131\u015f\u0131k tutuyor. \u0130li\u015fkili taraflara aktar\u0131lan ek 38,3 milyon TL&#8217;lik sermaye, azalan nakit miktar\u0131n\u0131n \u00e7ok b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc a\u00e7\u0131kl\u0131yor ve sermayenin \u015firket d\u0131\u015f\u0131 yat\u0131r\u0131mlardan ziyade grup i\u00e7i \u015firketlere y\u00f6nlendirildi\u011fini g\u00f6steriyor.<\/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>Sonu\u00e7: Rakamlar\u0131n \u00d6tesindeki Strateji<\/h3>\n<p>Akdeniz Yat\u0131r\u0131m Holding&#8217;in finansal raporu, y\u00fczeydeki rakamlar\u0131n \u00f6tesinde agresif bir sermaye yeniden tahsis stratejisine i\u015faret ediyor. \u015eirket, i\u015ftirak sat\u0131\u015flar\u0131ndan elde etti\u011fi kayna\u011f\u0131 da kullanarak hem maddi duran varl\u0131k al\u0131mlar\u0131na hem de daha b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ili\u015fkili \u015firketlerine devasa bir kaynak aktar\u0131m\u0131 ger\u00e7ekle\u015ftirmi\u015f. Enflasyon muhasebesinin k\u00e2\u011f\u0131t \u00fczerinde yaratt\u0131\u011f\u0131 k\u00e2r, ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fcklerinin tetikledi\u011fi ger\u00e7ek bir zarar\u0131 gizlerken, \u015firketin nakdi b\u00fcy\u00fck \u00f6l\u00e7\u00fcde &#8220;aile i\u00e7inde&#8221; yeniden konumland\u0131r\u0131lm\u0131\u015f. Finansal raporlar\u0131n g\u00fcc\u00fc de tam olarak burada yat\u0131yor: sadece ge\u00e7mi\u015fi de\u011fil, gelece\u011fin potansiyel rotas\u0131n\u0131 da ayd\u0131nlat\u0131yorlar. Bu noktada akla \u015fu soru geliyor: Bu karma\u015f\u0131k sermaye yeniden tahsisi, gelecekteki b\u00fcy\u00fcme i\u00e7in at\u0131lan cesur ad\u0131mlar\u0131n bir yans\u0131mas\u0131 m\u0131, yoksa \u015firketin dikkatle izlenmesi gereken riskleri mi art\u0131r\u0131yor?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Akdeniz Yat\u0131r\u0131m Holding A.\u015e. 9 Ayl\u0131k Finansal Durum De\u011ferlendirmesi (30 Eyl\u00fcl 2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Akdeniz Yat\u0131r\u0131m Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak &#8211; 30 Eyl\u00fcl 2025 ara d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve temel geli\u015fmeleri \u00f6zetlemektedir. Rapor, \u015firketin finansal performans\u0131ndaki, bilan\u00e7osundaki ve nakit ak\u0131\u015f\u0131ndaki \u00f6nemli de\u011fi\u015fimleri ve kar\u015f\u0131la\u015ft\u0131\u011f\u0131 temel riskleri analiz etmektedir.<\/p>\n<p>D\u00f6nemin en kritik finansal geli\u015fmeleri, gelir ve k\u00e2rl\u0131l\u0131kta ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re g\u00f6zlemlenen belirgin d\u00fc\u015f\u00fc\u015ft\u00fcr. Grup, 2025&#8217;in ilk dokuz ay\u0131nda 103,2 milyon TL has\u0131lat elde etmi\u015f ve bu d\u00f6nemde 21,6 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu sonu\u00e7, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 32,7 milyon TL&#8217;lik net k\u00e2r ile keskin bir tezat olu\u015fturmaktad\u0131r. Operasyonel performanstaki bu gerilemeye ra\u011fmen, TMS 29 Enflasyon Muhasebesi standard\u0131 uyar\u0131nca kaydedilen 29,5 milyon TL&#8217;lik Net Parasal Pozisyon Kazanc\u0131, vergi \u00f6ncesi k\u00e2r\u0131 pozitif etkilemi\u015ftir.<\/p>\n<p>Bilan\u00e7o taraf\u0131nda en dikkat \u00e7ekici de\u011fi\u015fim, nakit ve nakit benzeri varl\u0131klar\u0131n 45,3 milyon TL&#8217;den 2,4 milyon TL&#8217;ye gerilemesidir. Bu d\u00fc\u015f\u00fc\u015f\u00fcn ana nedenleri, 55,5 milyon TL&#8217;lik maddi duran varl\u0131k al\u0131m\u0131 gibi yat\u0131r\u0131m faaliyetleri ve 10,2 milyon TL&#8217;lik bor\u00e7 geri \u00f6demeleridir. \u00d6zkaynaklar, d\u00f6nem zarar\u0131 ve di\u011fer kapsaml\u0131 giderlerin etkisiyle 735,1 milyon TL&#8217;den 682,9 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<p>Stratejik olarak, 3 Ocak 2025&#8217;te al\u0131nan kararla enerji sekt\u00f6r\u00fcndeki ba\u011fl\u0131 ortakl\u0131klar\u0131n (G\u00fcnpak Enerji ve i\u015ftirakleri) sat\u0131\u015f\u0131 tamamlanm\u0131\u015f ve bu varl\u0131klar bilan\u00e7odan \u00e7\u0131km\u0131\u015ft\u0131r. Bununla birlikte, Grup aleyhine a\u00e7\u0131lm\u0131\u015f ve toplam de\u011feri 25,3 milyon TL&#8217;yi bulan \u00e7ok say\u0131da hukuki dava \u00f6nemli bir risk unsuru olarak devam etmektedir. D\u00fc\u015f\u00fck nakit seviyesi ve y\u00fcksek de\u011ferli davalar, \u015firketin likidite ve ko\u015fullu y\u00fck\u00fcml\u00fcl\u00fckler a\u00e7\u0131s\u0131ndan dikkatle izlenmesi gerekti\u011fini g\u00f6stermektedir.<\/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. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h3>\n<h4>1.1. Gelir ve K\u00e2rl\u0131l\u0131k<\/h4>\n<p>Grup&#8217;un 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki finansal performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda \u00f6nemli \u00f6l\u00e7\u00fcde zay\u0131flam\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>103.168.545<\/td>\n<td>144.801.735<\/td>\n<td>-28,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r \/ (Zarar)<\/b><\/td>\n<td>11.859.500<\/td>\n<td>25.796.340<\/td>\n<td>-54,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 (Zarar\u0131)<\/b><\/td>\n<td>(17.074.788)<\/td>\n<td>(10.443.511)<\/td>\n<td>Zarar Artt\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>S\u00fcrd\u00fcr\u00fclen Faaliyetler D\u00f6nem K\u00e2r\u0131 (Zarar\u0131)<\/b><\/td>\n<td>(21.646.660)<\/td>\n<td>32.658.922<\/td>\n<td>K\u00e2rdan Zarara<\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131 Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(20.316.345)<\/td>\n<td>35.252.644<\/td>\n<td>K\u00e2rdan Zarara<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> Grubun konsolide has\u0131lat\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %28,7&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 103,2 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015f\u00fcn has\u0131lattaki d\u00fc\u015f\u00fc\u015f\u00fc telafi edememesi sonucunda br\u00fct k\u00e2r %54 azalarak 11,9 milyon TL olmu\u015ftur.<\/li>\n<li><b>Faaliyet Zarar\u0131:<\/b> Pazarlama ve \u00f6zellikle Genel Y\u00f6netim Giderleri&#8217;ndeki art\u0131\u015f, Esas Faaliyet Zarar\u0131n\u0131 17,1 milyon TL&#8217;ye y\u00fckseltmi\u015ftir.<\/li>\n<li><b>Net Zarar:<\/b> D\u00f6nem, vergi giderinin de etkisiyle 21,6 milyon TL net zararla kapat\u0131lm\u0131\u015ft\u0131r. Bu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde elde edilen 32,7 milyon TL&#8217;lik net k\u00e2ra k\u0131yasla \u00f6nemli bir gerilemedir.<\/li>\n<\/ul>\n<h4>1.2. Enflasyon Muhasebesi Etkisi (TMS 29)<\/h4>\n<p>Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re d\u00fczeltilmi\u015ftir. Bu standard\u0131n en \u00f6nemli etkilerinden biri, k\u00e2r veya zarar tablosuna yans\u0131t\u0131lan &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Kay\u0131plar\u0131)&#8221; kalemidir.<\/p>\n<ul>\n<li>Grup, 2025&#8217;in ilk dokuz ay\u0131nda <b>29.467.872 TL<\/b> net parasal pozisyon kazanc\u0131 kaydetmi\u015ftir.<\/li>\n<li>Bu kazan\u00e7, operasyonel zarara ra\u011fmen S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131&#8217;n\u0131n <b>17.213.017 TL<\/b> olarak ger\u00e7ekle\u015fmesini sa\u011flam\u0131\u015ft\u0131r. Ancak, <b>38.859.677 TL<\/b> tutar\u0131ndaki y\u00fcksek vergi gideri (b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ertelenmi\u015f vergi) sonucu net zarara d\u00f6nm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>2. Finansal Durum Tablosu (Bilan\u00e7o) De\u011ferlendirmesi (30 Eyl\u00fcl 2025)<\/h3>\n<p>Grup&#8217;un finansal durum tablosu, varl\u0131k ve kaynak yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fimleri ortaya koymaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>181.135.677<\/td>\n<td>260.380.996<\/td>\n<td>-30,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>629.958.948<\/td>\n<td>582.080.797<\/td>\n<td>+8,2%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>811.094.625<\/b><\/td>\n<td><b>842.461.793<\/b><\/td>\n<td><b>-3,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>77.488.589<\/td>\n<td>92.258.640<\/td>\n<td>-16,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>50.754.121<\/td>\n<td>15.098.131<\/td>\n<td>+236,2%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>682.851.915<\/b><\/td>\n<td><b>735.105.022<\/b><\/td>\n<td><b>-7,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>811.094.625<\/b><\/td>\n<td><b>842.461.793<\/b><\/td>\n<td><b>-3,7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>2.1. Varl\u0131k Yap\u0131s\u0131<\/h4>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> Grubun likidite pozisyonunda en dikkat \u00e7ekici d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. Nakit varl\u0131klar <b>45,3 milyon TL&#8217;den 2,4 milyon TL&#8217;ye<\/b> gerilemi\u015ftir.<\/li>\n<li><b>Sat\u0131\u015f Ama\u00e7l\u0131 S\u0131n\u0131fland\u0131r\u0131lan Duran Varl\u0131klar:<\/b> 31 Aral\u0131k 2024&#8217;te 49 milyon TL olan bu kalem, G\u00fcnpak Enerji ve i\u015ftiraklerinin sat\u0131lmas\u0131yla s\u0131f\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> Yeni yat\u0131r\u0131mlar\u0131n etkisiyle 333,5 milyon TL&#8217;den 390,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Di\u011fer Alacaklar:<\/b> \u00d6zellikle ili\u015fkili taraflardan olan di\u011fer alacaklar, k\u0131sa vadeli d\u00f6nen varl\u0131klar i\u00e7inde <b>84,7 milyon TL<\/b> ile \u00f6nemli bir yer tutmaktad\u0131r.<\/li>\n<\/ul>\n<h4>2.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h4>\n<ul>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Bu kalemde g\u00f6r\u00fclen %236&#8217;l\u0131k art\u0131\u015f\u0131n temel nedeni, <b>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/b>&#8216;n\u00fcn 10,1 milyon TL&#8217;den <b>49 milyon TL&#8217;ye<\/b> y\u00fckselmesidir. Bu durum, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde maddi duran varl\u0131klar\u0131n TFRS ve vergi de\u011ferleri aras\u0131ndaki farklardan kaynaklanmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam kapsaml\u0131 zarar\u0131n etkisiyle \u00f6zkaynaklar %7,1 azalarak 682,9 milyon TL&#8217;ye gerilemi\u015ftir. Ana ortakl\u0131\u011fa ait \u00f6zkaynaklar ise 652,1 milyon TL&#8217;den 621,4 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>3. Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>D\u00f6nem sonundaki d\u00fc\u015f\u00fck nakit seviyesinin nedenleri nakit ak\u0131\u015f tablosunda a\u00e7\u0131k\u00e7a g\u00f6r\u00fclmektedir:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Grup, operasyonlar\u0131ndan <b>10,3 milyon TL<\/b> nakit yaratm\u0131\u015ft\u0131r. Bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 43,5 milyon TL&#8217;ye g\u00f6re \u00f6nemli bir d\u00fc\u015f\u00fc\u015f\u00fc ifade etmektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bu faaliyetler <b>34,8 milyon TL<\/b> net nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur. D\u00f6nem i\u00e7inde <b>55,5 milyon TL<\/b> maddi duran varl\u0131k al\u0131m\u0131 yap\u0131lm\u0131\u015f, bu \u00e7\u0131k\u0131\u015f i\u015ftirak sat\u0131\u015f\u0131ndan elde edilen <b>29,1 milyon TL<\/b> nakit giri\u015fi ile k\u0131smen dengelenmi\u015ftir. Ayr\u0131ca <b>10,4 milyon TL<\/b> temett\u00fc \u00f6demesi de bu kategoride nakit \u00e7\u0131k\u0131\u015f\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> A\u011f\u0131rl\u0131kl\u0131 olarak bor\u00e7 \u00f6demeleri nedeniyle <b>11,8 milyon TL<\/b> net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> Bu nakit ak\u0131\u015flar\u0131 sonucunda d\u00f6nem ba\u015f\u0131nda 45,3 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda <b>2,4 milyon TL&#8217;ye<\/b> d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>4. Operasyonel ve Stratejik Geli\u015fmeler<\/h3>\n<ul>\n<li><b>Grup Yap\u0131s\u0131:<\/b> Holding, kau\u00e7uk-plastik (Milya End\u00fcstri), kimya (Tarsan G\u0131da, Nanox Kimyasal) ve d\u0131\u015f ticaret (Verdala Dan\u0131\u015fmanl\u0131k) gibi \u00e7e\u015fitli sekt\u00f6rlerde faaliyet g\u00f6steren ba\u011fl\u0131 ortakl\u0131klara sahiptir. ATG \u00c7evre Geri D\u00f6n\u00fc\u015f\u00fcm \u015firketi hen\u00fcz faaliyete ba\u015flamam\u0131\u015ft\u0131r.<\/li>\n<li><b>Varl\u0131k Sat\u0131\u015f\u0131:<\/b> 3 Ocak 2025 tarihli Y\u00f6netim Kurulu karar\u0131 ile G\u00fcnpak Enerji ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Energen, Gesun, Solargen) paylar\u0131n\u0131n tamam\u0131 39.077.154 TL bedelle Neon Yenilenebilir Enerji \u00dcretim A.\u015e.&#8217;ye sat\u0131lm\u0131\u015ft\u0131r. Bu sat\u0131\u015f i\u015flemi \u00f6ncesinde, ilgili varl\u0131klar\u0131n ger\u00e7e\u011fe uygun de\u011ferini yans\u0131tmak amac\u0131yla 31 Aral\u0131k 2024 bilan\u00e7osunda <b>118,9 milyon TL<\/b> de\u011fer d\u00fc\u015f\u00fc\u015f kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> Grup, ili\u015fkili taraflarla yo\u011fun ticari ve finansal ili\u015fkilere sahiptir. 30 Eyl\u00fcl 2025 itibar\u0131yla;\n<ul>\n<li>\u0130li\u015fkili taraflardan k\u0131sa vadeli ticari alacaklar <b>4,8 milyon TL<\/b>&#8216;dir.<\/li>\n<li>\u0130li\u015fkili taraflardan k\u0131sa vadeli di\u011fer alacaklar <b>84,7 milyon TL<\/b> gibi \u00e7ok y\u00fcksek bir seviyededir.<\/li>\n<li>\u0130li\u015fkili taraflara k\u0131sa vadeli ticari bor\u00e7lar <b>3,2 milyon TL<\/b>, di\u011fer bor\u00e7lar ise <b>36,7 milyon TL<\/b>&#8216;dir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>5. Temel Riskler ve Belirsizlikler<\/h3>\n<ul>\n<li><b>Hukuki Riskler:<\/b> Grup, \u00f6nemli hukuki risklerle kar\u015f\u0131 kar\u015f\u0131yad\u0131r. Rapor tarihi itibar\u0131yla;\n<ul>\n<li>Grup aleyhine a\u00e7\u0131lm\u0131\u015f ve devam eden <b>1.008 adet dava<\/b> bulunmaktad\u0131r ve bu davalar\u0131n toplam tutar\u0131 <b>21.067.751 TL<\/b>&#8216;dir.<\/li>\n<li>Grup aleyhine y\u00fcr\u00fct\u00fclen <b>359 adet icra takibi<\/b> olup, toplam tutar\u0131 <b>7.957.625 TL<\/b>&#8216;dir.<\/li>\n<li>Toplamda <b>25,3 milyon TL<\/b>&#8216;yi a\u015fan bu davalar ve takipler i\u00e7in, sonucun \u00f6ng\u00f6r\u00fclememesi nedeniyle finansal tablolarda herhangi bir kar\u015f\u0131l\u0131k ayr\u0131lmam\u0131\u015ft\u0131r. Bu durum, gelecekte finansal sonu\u00e7lar \u00fczerinde olumsuz bir etki yaratma potansiyeli ta\u015f\u0131maktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Likidite Riski:<\/b> D\u00f6nem sonunda nakit ve nakit benzerlerinin 2,4 milyon TL gibi d\u00fc\u015f\u00fck bir seviyeye inmesi, potansiyel bir likidite riski olu\u015fturmaktad\u0131r. Grubun operasyonel ihtiya\u00e7lar\u0131n\u0131 ve bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kapasitesi yak\u0131ndan izlenmelidir.<\/li>\n<li><b>Kur Riski:<\/b> Grubun 30 Eyl\u00fcl 2025 itibar\u0131yla <b>6,7 milyon TL<\/b> kar\u015f\u0131l\u0131\u011f\u0131 net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu bulunmaktad\u0131r. Bu pozisyon, d\u00f6viz kurlar\u0131ndaki dalgalanmalara kar\u015f\u0131 \u015firketi finansal olarak hassas k\u0131lmaktad\u0131r. ABD Dolar\u0131 kurundaki %10&#8217;luk bir art\u0131\u015f\u0131n k\u00e2r\/zarar \u00fczerinde yakla\u015f\u0131k <b>671 bin TL<\/b>&#8216;lik negatif bir etki yarataca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"710\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>**Akdeniz Yat\u0131r\u0131m Holding\u2019in** 2025 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fine ait faaliyetlerini ve mali yap\u0131s\u0131n\u0131 detayland\u0131ran bu belgeler, kurumun g\u00fcvenlik sekt\u00f6r\u00fcnden **yat\u0131r\u0131m holdingi** yap\u0131s\u0131na ge\u00e7i\u015f s\u00fcrecini \u00f6zetlemektedir. Holding b\u00fcnyesinde yer alan **Nanox Kimya, Milya Plastik ve Tarsan G\u0131da** gibi i\u015ftiraklerin plastik enjeksiyon, tar\u0131msal hijyen ve temizlik kimyasallar\u0131 alanlar\u0131ndaki \u00fcretim kapasiteleri ile ihracat hedefleri payla\u015f\u0131lmaktad\u0131r. Kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n art\u0131r\u0131lmas\u0131 ve enerji yat\u0131r\u0131mlar\u0131 gibi **stratejik b\u00fcy\u00fcme hamlelerinin** yan\u0131 s\u0131ra, \u015firketin finansal tablolar\u0131 ve bor\u00e7luluk oranlar\u0131 verilerle sunulmaktad\u0131r. Ayr\u0131ca, grubun **AR-GE faaliyetleri**, personel politikalar\u0131 ve operasyonel verimlili\u011fi art\u0131rmaya y\u00f6nelik fabrika ta\u015f\u0131ma s\u00fcre\u00e7leri hakk\u0131nda kapsaml\u0131 bilgiler verilmektedir. \u015eirketin **Borsa \u0130stanbul** \u00fczerindeki i\u015flem durumu ve y\u00f6netim kurulu yap\u0131s\u0131 da raporun temel ta\u015flar\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":722,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[175],"class_list":["post-710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-akyho"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/710","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=710"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/710\/revisions"}],"predecessor-version":[{"id":723,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/710\/revisions\/723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/722"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}