{"id":714,"date":"2025-12-28T15:08:58","date_gmt":"2025-12-28T12:08:58","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=714"},"modified":"2025-12-30T23:22:33","modified_gmt":"2025-12-30T20:22:33","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-blume-blume-metal-kimya-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/714","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BLUME | Blume Metal Kimya 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"BLUME\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/nJzu_3oBbx8?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: Blume Metal&#8217;in Herkesi \u015ea\u015f\u0131rtan 4 Radikal D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Finansal raporlar, genellikle rakamlar, tablolar ve teknik terimlerle dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen bu raporlar, bir \u015firketin ge\u00e7irdi\u011fi inan\u0131lmaz d\u00f6n\u00fc\u015f\u00fcm\u00fcn izlerini ta\u015f\u0131yan dramatik birer hikaye anlat\u0131r. Bu belgeler, sadece bilan\u00e7o ve k\u00e2r-zarar tablolar\u0131ndan ibaret kalmaz, ayn\u0131 zamanda stratejik bir metamorfozun, cesur kararlar\u0131n ve yeniden \u015fekillenen bir kimli\u011fin kan\u0131t\u0131 haline gelir. Blume Metal Kimya A.\u015e.&#8217;nin (eski ad\u0131yla Metemtur Yat\u0131r\u0131m) son finansal raporu, tam da b\u00f6yle bir d\u00f6n\u00fc\u015f\u00fcm hikayesi bar\u0131nd\u0131r\u0131yor. Bu yaz\u0131da, \u015firketin ge\u00e7irdi\u011fi bu radikal de\u011fi\u015fimin en \u015fa\u015f\u0131rt\u0131c\u0131 d\u00f6rt noktas\u0131n\u0131 mercek alt\u0131na alaca\u011f\u0131z.<\/p>\n<h3>1. Tam Bir Metamorfoz: Gayrimenkul ve Enerjiden End\u00fcstriyel Kimyaya<\/h3>\n<p>\u015eirketin ya\u015fad\u0131\u011f\u0131 belki de en temel d\u00f6n\u00fc\u015f\u00fcm, ad\u0131nda ve faaliyet alan\u0131nda kendini g\u00f6steriyor. \u015eirketin eski unvan\u0131 &#8220;METEMTUR YATIRIM ENERJ\u0130 TUR\u0130ZM VE \u0130N\u015eAAT ANON\u0130M \u015e\u0130RKET\u0130&#8221; iken, yeni unvan\u0131 &#8220;Blume Metal Kimya Anonim \u015eirketi&#8221; olarak de\u011fi\u015fti. Ancak bu, basit bir isim de\u011fi\u015fikli\u011finden \u00e7ok daha fazlas\u0131n\u0131 ifade ediyor.<\/p>\n<p>Finansal raporun 1 numaral\u0131 dipnotuna g\u00f6re \u015firket, daha \u00f6nce Bodrum&#8217;daki &#8220;Fuga Panorama&#8221; konut projesi ve Denizli&#8217;deki g\u00fcne\u015f enerjisi santrali gibi gayrimenkul ve enerji odakl\u0131 faaliyetler y\u00fcr\u00fct\u00fcyordu. 5 Eyl\u00fcl 2025 tarihinde ise &#8220;Galvano Market Sanayi Ve D\u0131\u015f Ticaret A.\u015e.&#8221; ile birle\u015ferek kimli\u011fini tamamen de\u011fi\u015ftirdi. Bu birle\u015fmeyle birlikte \u015firket, end\u00fcstriyel kaplama ve y\u00fczey i\u015flemleri sekt\u00f6r\u00fcne (metal, kimyasal ve ekipman tedariki) tam bir ge\u00e7i\u015f yapt\u0131. \u015eirket, Bodrum&#8217;un l\u00fcks sahillerinden ve Denizli&#8217;nin g\u00fcne\u015fli tarlalar\u0131ndan end\u00fcstriyel kimyan\u0131n fabrika zeminlerine do\u011fru c\u00fcretkar bir yolculu\u011fa \u00e7\u0131kt\u0131. Bu d\u00f6n\u00fc\u015f\u00fcm, \u015firketin bir sekt\u00f6rden neredeyse tamamen \u00e7\u0131k\u0131p bamba\u015fka bir alana odakland\u0131\u011f\u0131 keskin ve stratejik bir pivotu g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>2. K\u00e2r Paradoksu: Yar\u0131ya D\u00fc\u015fen Ciroya Ra\u011fmen Korunan K\u00e2rl\u0131l\u0131k<\/h3>\n<p>Finansal tablolar\u0131n en ilgi \u00e7ekici yanlar\u0131ndan biri, ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen durumlard\u0131r. Blume Metal&#8217;in raporu da bu konuda \u00e7arp\u0131c\u0131 bir \u00f6rnek sunuyor. Konsolide K\u00e2r veya Zarar Tablosu&#8217;na g\u00f6re, \u015firketin Has\u0131lat\u0131 (gelirleri) 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 257,9 milyon TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde %55&#8217;in \u00fczerinde bir d\u00fc\u015f\u00fc\u015fle 113,6 milyon TL&#8217;ye gerilemi\u015f.<\/p>\n<p>Normal \u015fartlarda bu denli sert bir gelir d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn k\u00e2rl\u0131l\u0131\u011f\u0131 da olumsuz etkilemesi beklenir. Ancak \u015fa\u015f\u0131rt\u0131c\u0131 bir \u015fekilde, D\u00f6nem Net K\u00e2r\u0131 neredeyse sabit kalm\u0131\u015f; 2024&#8217;te 24,8 milyon TL olan k\u00e2r, 2025&#8217;te 23,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015f. Peki, bu paradoksun arkas\u0131ndaki s\u0131r ne? Cevap, ana faaliyetlerin d\u0131\u015f\u0131nda gizli. \u015eirketin k\u00e2rl\u0131l\u0131\u011f\u0131, &#8220;Yat\u0131r\u0131m Faaliyetlerinden Gelirler&#8221; kalemindeki devasa art\u0131\u015ftan kaynaklan\u0131yor. Bu kalem, 2024&#8217;te sadece 5,2 milyon TL iken, 2025&#8217;te 69,8 milyon TL&#8217;ye f\u0131rlam\u0131\u015f. \u00d6zellikle &#8220;Finansal varl\u0131klar sat\u0131\u015f ve de\u011ferleme kar\u0131&#8221; bu art\u0131\u015fta ba\u015frol\u00fc oynam\u0131\u015f. Bu durum, \u015firketin operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131 zay\u0131flarken finansal zekas\u0131yla ayakta kald\u0131\u011f\u0131n\u0131 g\u00f6sterse de, ana faaliyetlerinden ziyade finansal varl\u0131k sat\u0131\u015flar\u0131na dayal\u0131 bir k\u00e2rl\u0131l\u0131k modelinin uzun vadeli s\u00fcrd\u00fcr\u00fclebilirli\u011fi konusunda \u00f6nemli bir soru i\u015fareti yaratmaktad\u0131r.<\/p>\n<h3>3. Nakit Tufan\u0131: Kasadaki Para 9 Ayda 40 Kattan Fazla B\u00fcy\u00fcd\u00fc<\/h3>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131n en \u00f6nemli g\u00f6stergelerinden biri nakit pozisyonudur. Blume Metal&#8217;in bu alandaki de\u011fi\u015fimi ise &#8220;patlama&#8221; kelimesiyle \u00f6zetlenebilir. Finansal Durum Tablosu&#8217;na g\u00f6re, \u015firketin &#8220;Nakit ve Nakit Benzerleri&#8221; kalemi 31 Aral\u0131k 2024&#8217;te yaln\u0131zca 1,26 milyon TL iken, 30 Eyl\u00fcl 2025&#8217;te bu rakam 40 kattan fazla artarak 54,2 milyon TL&#8217;ye ula\u015fm\u0131\u015f.<\/p>\n<p>Bu devasa art\u0131\u015f\u0131n kayna\u011f\u0131n\u0131 anlamak i\u00e7in Nakit Ak\u0131\u015f Tablosu&#8217;na bakmak gerekiyor. Tablo, &#8220;Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131&#8221;n\u0131n \u015firkete 144,6 milyon TL&#8217;lik net bir nakit giri\u015fi sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu kalemin alt\u0131ndaki en b\u00fcy\u00fck tekil giri\u015f ise 128,5 milyon TL ile &#8220;Ortak Kontrole Tabi \u0130\u015fletmelerin Birle\u015fme Etkisinden Kaynaklanan Nakit Giri\u015fleri&#8221;nden geliyor. K\u0131sacas\u0131, bu nakit tufan\u0131n\u0131n ana sebebi, Galvano Market ile ger\u00e7ekle\u015ftirilen birle\u015fme i\u015flemi. Bu nakit patlamas\u0131, \u015firketin bilan\u00e7osuna sadece yeni bir faaliyet alan\u0131 de\u011fil, ayn\u0131 zamanda 2. b\u00f6l\u00fcmde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz k\u00e2rl\u0131l\u0131\u011f\u0131n gizli kayna\u011f\u0131n\u0131, yani yat\u0131r\u0131m faaliyetlerini besleyecek devasa bir finansal g\u00fc\u00e7 de katm\u0131\u015f oldu.<\/p>\n<h3>4. Zirvedeki G\u00fc\u00e7 De\u011fi\u015fimi: Ortakl\u0131k Yap\u0131s\u0131 Yeniden \u015eekillendi<\/h3>\n<p>\u015eirketin operasyonel ve finansal d\u00f6n\u00fc\u015f\u00fcm\u00fcne paralel olarak, tepe y\u00f6netimdeki g\u00fc\u00e7 dengeleri de yeniden \u015fekillendi. Raporun 27 numaral\u0131 dipnotundaki ortakl\u0131k yap\u0131s\u0131 tablolar\u0131 bu de\u011fi\u015fimi net bir \u015fekilde ortaya koyuyor.<\/p>\n<p>31 Aral\u0131k 2024 itibar\u0131yla ortakl\u0131k yap\u0131s\u0131 \u015fu \u015fekildeydi: Erdal Bulut %15,93, BCC Yat\u0131r\u0131m ve Dan\u0131\u015fmanl\u0131k A.\u015e. %15,03 ve halka a\u00e7\u0131k k\u0131s\u0131m %69,05. 30 Eyl\u00fcl 2025&#8217;e gelindi\u011finde ise tablo tamamen de\u011fi\u015fmi\u015f durumda: BCC Yat\u0131r\u0131m listeden \u00e7\u0131karken, Erdal Bulut&#8217;un pay\u0131 %28,14&#8217;e y\u00fckselmi\u015f. Daha da \u00f6nemlisi, Vural Bulut (%9,63) ve Birol Bulut (%9,55) gibi yeni ve \u00f6nemli paylarla Bulut ailesinin di\u011fer \u00fcyeleri ortakl\u0131k yap\u0131s\u0131na dahil olmu\u015f. Bu de\u011fi\u015fimle birlikte halka a\u00e7\u0131k k\u0131sm\u0131n oran\u0131 ise %52,69&#8217;a gerilemi\u015f. Bu yap\u0131, stratejik kararlar\u0131n daha h\u0131zl\u0131 ve merkezi bir \u015fekilde al\u0131nmas\u0131n\u0131 sa\u011flayabilecekken, ayn\u0131 zamanda halka a\u00e7\u0131k pay sahiplerinin y\u00f6netim \u00fczerindeki etkisini zay\u0131flatarak kurumsal y\u00f6netim dinamiklerini de de\u011fi\u015ftiriyor.<\/p>\n<h3>Sonu\u00e7: Gelece\u011fe Y\u00f6nelik D\u00fc\u015f\u00fcnceler<\/h3>\n<p>Blume Metal Kimya&#8217;n\u0131n finansal raporu, bir \u015firketin dokuz ay gibi k\u0131sa bir s\u00fcrede ne kadar k\u00f6kl\u00fc bir d\u00f6n\u00fc\u015f\u00fcm ge\u00e7irebilece\u011finin canl\u0131 bir kan\u0131t\u0131. \u015eirket, bir yandan end\u00fcstriyel kimya alan\u0131nda yeni bir kimli\u011fe b\u00fcr\u00fcn\u00fcrken, di\u011fer yandan g\u00fc\u00e7l\u00fc yat\u0131r\u0131m faaliyetleriyle finansal bir g\u00fc\u00e7 olarak kendini yeniden konumland\u0131r\u0131yor. Bu radikal de\u011fi\u015fim, rakamlar\u0131n ard\u0131ndaki stratejik vizyonu ve cesur ad\u0131mlar\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>Bu noktada akla \u015fu soru geliyor: Peki, Blume Metal&#8217;in bu yeni hibrit yap\u0131s\u0131 (bir yanda end\u00fcstriyel \u00fcretim, di\u011fer yanda g\u00fc\u00e7l\u00fc yat\u0131r\u0131m faaliyetleri) uzun vadede s\u00fcrd\u00fcr\u00fclebilir bir ba\u015far\u0131 modeli olabilecek mi? Bu radikal d\u00f6n\u00fc\u015f\u00fcm\u00fcn meyvelerini nas\u0131l toplayaca\u011f\u0131n\u0131 zaman g\u00f6sterecek.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Blume Metal Kimya A.\u015e. Finansal Durum ve Faaliyet Raporu \u00d6zeti (01.01.2025 &#8211; 30.09.2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Blume Metal Kimya Anonim \u015eirketi (eski unvan\u0131yla Metemtur Yat\u0131r\u0131m Enerji Turizm ve \u0130n\u015faat A.\u015e.) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve faaliyetlerini analiz etmektedir. Rapor, \u015firketin stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc, finansal performans\u0131n\u0131 ve bilan\u00e7osundaki temel de\u011fi\u015fimleri \u00f6zetlemektedir.<\/p>\n<ul>\n<li><b>Kurumsal D\u00f6n\u00fc\u015f\u00fcm ve Stratejik B\u00fcy\u00fcme:<\/b> \u015eirket, 5 Eyl\u00fcl 2025 tarihinde Galvano Market Sanayi ve D\u0131\u015f Ticaret A.\u015e. ile birle\u015fme i\u015flemini tamamlam\u0131\u015ft\u0131r. Bu birle\u015fme sonucunda unvan\u0131 &#8220;Blume Metal Kimya A.\u015e.&#8221; olarak de\u011fi\u015fmi\u015f ve faaliyet alanlar\u0131na end\u00fcstriyel kaplama ile y\u00fczey i\u015flemleri i\u00e7in metal, kimyasal ve ekipman tedariki eklenmi\u015ftir. Birle\u015fme kapsam\u0131nda \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 108.000.000 TL&#8217;den 174.710.256 TL&#8217;ye y\u00fckseltilmi\u015ftir. Bu i\u015flem, &#8220;ortak kontrol alt\u0131ndaki i\u015fletme birle\u015fmesi&#8221; olarak muhasebele\u015ftirilmi\u015f ve \u00f6zkaynaklara 61,8 milyon TL&#8217;lik pozitif etki yapm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansal Performans:<\/b> 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, \u015firketin has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir d\u00fc\u015f\u00fc\u015fle 257,9 milyon TL&#8217;den 113,6 milyon TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fe ra\u011fmen, esas faaliyet k\u00e2r\u0131 674 bin TL seviyesinde ger\u00e7ekle\u015firken, yat\u0131r\u0131m faaliyetlerinden elde edilen 69,8 milyon TL&#8217;lik ola\u011fan\u00fcst\u00fc gelir (\u00f6nceki y\u0131l 5,2 milyon TL) sayesinde d\u00f6nem k\u00e2rl\u0131l\u0131\u011f\u0131 korunmu\u015ftur. Sonu\u00e7 olarak, \u015firket 23,5 milyon TL net d\u00f6nem k\u00e2r\u0131 elde etmi\u015ftir (\u00d6nceki Y\u0131l: 24,8 milyon TL).<\/li>\n<li><b>G\u00fc\u00e7l\u00fc Finansal Durum:<\/b> \u015eirketin toplam varl\u0131klar\u0131, 31 Aral\u0131k 2024&#8217;teki 518,7 milyon TL&#8217;den 30 Eyl\u00fcl 2025 itibar\u0131yla 718,5 milyon TL&#8217;ye y\u00fckselerek \u00f6nemli bir b\u00fcy\u00fcme kaydetmi\u015ftir. Bu art\u0131\u015fta \u00f6zellikle nakit ve nakit benzerlerinin 1,2 milyon TL&#8217;den 54,2 milyon TL&#8217;ye, finansal yat\u0131r\u0131mlar\u0131n 9,3 milyon TL&#8217;den 51,1 milyon TL&#8217;ye ve ticari alacaklar\u0131n 21,1 milyon TL&#8217;den 101,1 milyon TL&#8217;ye \u00e7\u0131kmas\u0131 etkili olmu\u015ftur. Toplam \u00f6zkaynaklar ise birle\u015fme ve d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle 433,8 milyon TL&#8217;den 587,7 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131 Dinamikleri:<\/b> D\u00f6nem i\u00e7inde i\u015fletme faaliyetlerinden 26,5 milyon TL&#8217;lik negatif nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r. Bu durum, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde artan ticari alacaklar ve finansal yat\u0131r\u0131mlardan kaynaklanmaktad\u0131r. Yat\u0131r\u0131m faaliyetleri kapsam\u0131nda 64,9 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fan\u0131rken, finansman faaliyetlerinden (\u00f6zellikle birle\u015fme ve yeni bor\u00e7lanmalar kaynakl\u0131) 144,6 milyon TL&#8217;lik rekor bir nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bu dinamikler sonucunda \u015firketin d\u00f6nem sonu nakit pozisyonu 54,2 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Faaliyetler<\/h2>\n<h3>\u015eirket Profili ve Unvan De\u011fi\u015fikli\u011fi<\/h3>\n<p>1985 y\u0131l\u0131nda kurulan \u015firket, ba\u015flang\u0131\u00e7ta Metemtur Yat\u0131r\u0131m Enerji Turizm ve \u0130n\u015faat A.\u015e. unvan\u0131yla yat\u0131r\u0131m, turizm, in\u015faat ve enerji sekt\u00f6rlerinde faaliyet g\u00f6stermi\u015ftir. 28 A\u011fustos 2025 tarihli genel kurul karar\u0131 ve 5 Eyl\u00fcl 2025&#8217;te tescil edilen Galvano Market Sanayi ve D\u0131\u015f Ticaret A.\u015e. ile birle\u015fme i\u015flemi sonras\u0131nda \u015firketin unvan\u0131 <b>Blume Metal Kimya Anonim \u015eirketi<\/b> olarak de\u011fi\u015ftirilmi\u015ftir. \u015eirketin merkez ofisi \u0130stanbul&#8217;da bulunmaktad\u0131r.<\/p>\n<h3>Faaliyet Alanlar\u0131<\/h3>\n<p>\u015eirketin konsolide faaliyetleri, birle\u015fme sonras\u0131 \u00e7e\u015fitlenerek a\u015fa\u011f\u0131daki ana kollarda yo\u011funla\u015fm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Gayrimenkul:<\/b> Mu\u011fla, Bodrum&#8217;daki Fuga Panorama konut projesinin sat\u0131\u015f faaliyetleri devam etmektedir.<\/li>\n<li><b>Enerji:<\/b> Denizli, \u00c7al&#8217;da bulunan 1,04 MW g\u00fcc\u00fcndeki G\u00fcne\u015f Enerjisi Santrali (GES) arac\u0131l\u0131\u011f\u0131yla Aydem Elektrik Perakende Sat\u0131\u015f A.\u015e.&#8217;ye elektrik sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirmektedir.<\/li>\n<li><b>End\u00fcstriyel Kaplama ve Kimya:<\/b> Galvano Market ile birle\u015fme sonras\u0131 end\u00fcstriyel kaplama ve y\u00fczey i\u015flemleri sekt\u00f6r\u00fcne metal, kimyasal ve ekipman tedarikinin yan\u0131 s\u0131ra m\u00fchendislik hizmetleri ve di\u011fer kimyasal \u00fcr\u00fcnlerin imalat\u0131 faaliyetlerine ba\u015flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun ortalama personel say\u0131s\u0131 12&#8217;dir (30 Eyl\u00fcl 2024: 14 ki\u015fi).<\/p>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Sermaye<\/h3>\n<p>\u015eirketin 270.000.000 TL kay\u0131tl\u0131 sermaye tavan\u0131 bulunmaktad\u0131r. Birle\u015fme sonras\u0131 \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 174.710.256 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. D\u00f6nem sonlar\u0131 itibar\u0131yla ortakl\u0131k yap\u0131s\u0131ndaki de\u011fi\u015fim a\u015fa\u011f\u0131daki tabloda sunulmu\u015ftur:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131\/Kurum<\/td>\n<td>30 Eyl\u00fcl 2025 Pay Oran\u0131 (%)<\/td>\n<td>30 Eyl\u00fcl 2025 Pay Tutar\u0131 (TL)<\/td>\n<td>31 Aral\u0131k 2024 Pay Oran\u0131 (%)<\/td>\n<td>31 Aral\u0131k 2024 Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Erdal Bulut<\/td>\n<td>28,14%<\/td>\n<td>49.155.128<\/td>\n<td>15,93%<\/td>\n<td>17.200.000<\/td>\n<\/tr>\n<tr>\n<td>Vural Bulut<\/td>\n<td>9,63%<\/td>\n<td>16.827.564<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Birol Bulut<\/td>\n<td>9,55%<\/td>\n<td>16.677.564<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>BCC Yat\u0131r\u0131m ve Dan\u0131\u015fmanl\u0131k A.\u015e.<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>15,03%<\/td>\n<td>16.231.000<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>52,69%<\/td>\n<td>92.050.000<\/td>\n<td>69,05%<\/td>\n<td>74.569.000<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Sermaye<\/b><\/td>\n<td><b>100%<\/b><\/td>\n<td><b>174.710.256<\/b><\/td>\n<td><b>100%<\/b><\/td>\n<td><b>108.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<p>Grup, tam konsolidasyon y\u00f6ntemiyle a\u015fa\u011f\u0131daki ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131 finansal tablolar\u0131na dahil etmektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k Unvan\u0131<\/td>\n<td>Faaliyet \u00dclkesi<\/td>\n<td>\u0130\u015ftirak Oran\u0131<\/td>\n<td>Temel Faaliyet Konusu<\/td>\n<\/tr>\n<tr>\n<td>Kare1 G\u00fcne\u015f Enerjisi \u00dcretim San. Ve Tic. A.\u015e.<\/td>\n<td>T\u00fcrkiye<\/td>\n<td>100%<\/td>\n<td>Adana&#8217;da 5 adet 1 MW&#8217;lik lisanss\u0131z GES projesi ger\u00e7ekle\u015ftirmektedir.<\/td>\n<\/tr>\n<tr>\n<td>G\u00fcndemir \u0130n\u015faat Taahh\u00fct Yap\u0131 Malz. Tic. ve San. LTD.\u015eT\u0130.<\/td>\n<td>T\u00fcrkiye<\/td>\n<td>100%<\/td>\n<td>\u0130kamet ama\u00e7l\u0131 binalar\u0131n in\u015faat\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>01 Ocak &#8211; 30 Eyl\u00fcl 2025 D\u00f6nemi Finansal Performans Analizi<\/h2>\n<h3>Konsolide K\u00e2r veya Zarar Tablosu<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, 2025 ve 2024 y\u0131llar\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemlerine ait temel performans g\u00f6stergelerini kar\u015f\u0131la\u015ft\u0131rmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01 &#8211; 30.09.2025 (TL)<\/td>\n<td>01.01 &#8211; 30.09.2024 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>113.650.804<\/td>\n<td>257.926.846<\/td>\n<td>-55,9%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(91.150.637)<\/td>\n<td>(185.567.685)<\/td>\n<td>-50,9%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>22.500.167<\/b><\/td>\n<td><b>72.359.161<\/b><\/td>\n<td><b>-68,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(35.781.847)<\/td>\n<td>(46.121.294)<\/td>\n<td>-22,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>674.219<\/b><\/td>\n<td><b>27.843.392<\/b><\/td>\n<td><b>-97,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/td>\n<td>69.872.926<\/td>\n<td>5.239.022<\/td>\n<td>+1233,6%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(10.098.738)<\/td>\n<td>(28.014.000)<\/td>\n<td>-64,0%<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon (Kayb\u0131)\/Kazanc\u0131<\/td>\n<td>(17.681.812)<\/td>\n<td>34.866.197<\/td>\n<td>-150,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r<\/b><\/td>\n<td><b>43.718.203<\/b><\/td>\n<td><b>41.837.954<\/b><\/td>\n<td><b>+4,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Vergi Gideri<\/td>\n<td>(20.208.400)<\/td>\n<td>(17.020.198)<\/td>\n<td>+18,7%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n<td><b>23.509.803<\/b><\/td>\n<td><b>24.817.756<\/b><\/td>\n<td><b>-5,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td><b>0,23 TL<\/b><\/td>\n<td><b>0,39 TL<\/b><\/td>\n<td><b>-41,0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>Has\u0131lat ve Br\u00fct K\u00e2r:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde gayrimenkul sat\u0131\u015f gelirlerindeki azalmaya ba\u011fl\u0131 olarak %55,9 oran\u0131nda d\u00fc\u015fm\u00fc\u015ft\u00fcr. Gayrimenkul sat\u0131\u015f geliri 203,7 milyon TL&#8217;den 57,6 milyon TL&#8217;ye gerilemi\u015ftir. Bu durum br\u00fct k\u00e2r\u0131n da 72,3 milyon TL&#8217;den 22,5 milyon TL&#8217;ye d\u00fc\u015fmesine neden olmu\u015ftur.<\/li>\n<li><b>Faaliyet K\u00e2rl\u0131l\u0131\u011f\u0131:<\/b> Has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fc ve devam eden genel y\u00f6netim giderleri, esas faaliyet k\u00e2r\u0131n\u0131 ciddi \u015fekilde etkilemi\u015f ve k\u00e2r 27,8 milyon TL&#8217;den 674 bin TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Gelirleri:<\/b> D\u00f6nem k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 destekleyen ana unsur, yat\u0131r\u0131m faaliyetlerinden elde edilen 69,8 milyon TL&#8217;lik gelir olmu\u015ftur. Bu gelirin 59,6 milyon TL&#8217;si finansal varl\u0131klar\u0131n sat\u0131\u015f ve de\u011ferleme k\u00e2rlar\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Net K\u00e2r:<\/b> G\u00fc\u00e7l\u00fc yat\u0131r\u0131m gelirleri sayesinde vergi \u00f6ncesi k\u00e2r 43,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015f ve 20,2 milyon TL&#8217;lik vergi gideri sonras\u0131 23,5 milyon TL net d\u00f6nem k\u00e2r\u0131 elde edilmi\u015ftir. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine olduk\u00e7a yak\u0131nd\u0131r.<\/li>\n<\/ul>\n<h2>30 Eyl\u00fcl 2025 \u0130tibar\u0131yla Finansal Durum Analizi<\/h2>\n<h3>Konsolide Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\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><b>473.747.082<\/b><\/td>\n<td><b>311.068.587<\/b><\/td>\n<td><b>+52,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>54.201.780<\/td>\n<td>1.265.389<\/td>\n<td>+4183,4%<\/td>\n<\/tr>\n<tr>\n<td>Finansal Yat\u0131r\u0131mlar<\/td>\n<td>51.160.367<\/td>\n<td>9.356.671<\/td>\n<td>+446,8%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>101.117.282<\/td>\n<td>21.146.918<\/td>\n<td>+378,2%<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>216.507.161<\/td>\n<td>234.937.127<\/td>\n<td>-7,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>244.752.056<\/b><\/td>\n<td><b>207.669.895<\/b><\/td>\n<td><b>+17,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>179.644.251<\/td>\n<td>183.716.913<\/td>\n<td>-2,2%<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n<td>48.388.595<\/td>\n<td>10.458.688<\/td>\n<td>+362,7%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>718.499.138<\/b><\/td>\n<td><b>518.738.482<\/b><\/td>\n<td><b>+38,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>69.851.393<\/b><\/td>\n<td><b>28.504.212<\/b><\/td>\n<td><b>+145,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansal Bor\u00e7lanmalar (KV)<\/td>\n<td>44.001.375<\/td>\n<td>18.986.514<\/td>\n<td>+131,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>60.897.804<\/b><\/td>\n<td><b>56.365.958<\/b><\/td>\n<td><b>+8,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>130.749.197<\/b><\/td>\n<td><b>84.870.170<\/b><\/td>\n<td><b>+54,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>587.749.941<\/b><\/td>\n<td><b>433.868.312<\/b><\/td>\n<td><b>+35,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>718.499.138<\/b><\/td>\n<td><b>518.738.482<\/b><\/td>\n<td><b>+38,5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Genel B\u00fcy\u00fcme:<\/b> \u015eirketin toplam varl\u0131klar\u0131, 2025&#8217;in ilk dokuz ay\u0131nda %38,5 artarak 718,5 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcme hem d\u00f6nen hem de duran varl\u0131klardaki art\u0131\u015ftan kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Likidite Art\u0131\u015f\u0131:<\/b> Nakit ve nakit benzerleri ile finansal yat\u0131r\u0131mlardaki ola\u011fan\u00fcst\u00fc art\u0131\u015f, \u015firketin likidite pozisyonunu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmi\u015ftir. Bu art\u0131\u015f\u0131n ana kayna\u011f\u0131 finansman faaliyetlerinden sa\u011flanan nakit giri\u015fleridir.<\/li>\n<li><b>Ticari Alacaklar:<\/b> \u0130li\u015fkili taraflardan ve ili\u015fkili olmayan taraflardan ticari alacaklar toplamda 101,1 milyon TL&#8217;ye y\u00fckselerek faaliyet hacmindeki de\u011fi\u015fimi yans\u0131tm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stoklar:<\/b> Stoklar, Fuga Panorama projesinde sat\u0131lan bir adet villa nedeniyle hafif bir d\u00fc\u015f\u00fc\u015fle 216,5 milyon TL olarak kaydedilmi\u015ftir.<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> Duran varl\u0131klardaki art\u0131\u015f, birle\u015fme i\u015flemiyle portf\u00f6ye eklenen 37,9 milyon TL&#8217;lik yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkulden kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler %54,1 artarak 130,7 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. \u00d6zellikle k\u0131sa vadeli bor\u00e7lanmalardaki art\u0131\u015f dikkat \u00e7ekicidir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam \u00f6zkaynaklar, birle\u015fme i\u015flemiyle yap\u0131lan 66,7 milyon TL&#8217;lik sermaye art\u0131r\u0131m\u0131, birle\u015fmenin ortak kontrol y\u00f6ntemiyle muhasebele\u015ftirilmesinden do\u011fan 61,8 milyon TL&#8217;lik olumlu etki ve 23,5 milyon TL&#8217;lik d\u00f6nem k\u00e2r\u0131 sayesinde %35,5 artarak 587,7 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h2>Nakit Ak\u0131\u015f Analizi<\/h2>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f Kalemi<\/td>\n<td>01.01 &#8211; 30.09.2025 (TL)<\/td>\n<td>01.01 &#8211; 30.09.2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131<\/td>\n<td>(26.482.524)<\/td>\n<td>29.919.380<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131<\/td>\n<td>(64.886.302)<\/td>\n<td>(1.796.721)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Net Nakit Ak\u0131\u015f\u0131<\/td>\n<td>144.653.935<\/td>\n<td>(28.116.731)<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f<\/b><\/td>\n<td><b>53.285.109<\/b><\/td>\n<td><b>5.928<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/td>\n<td>1.265.389<\/td>\n<td>376.126<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>54.201.780<\/b><\/td>\n<td><b>282.775<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u00c7al\u0131\u015fma sermayesindeki de\u011fi\u015fimler (\u00f6zellikle ticari alacaklar ve finansal yat\u0131r\u0131mlardaki art\u0131\u015f) nedeniyle i\u015fletme faaliyetleri 26,5 milyon TL negatif nakit ak\u0131\u015f\u0131 yaratm\u0131\u015ft\u0131r. Bu, ge\u00e7en y\u0131lki 29,9 milyon TL&#8217;lik pozitif ak\u0131\u015fa g\u00f6re \u00f6nemli bir tersine d\u00f6n\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131klar ile yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul al\u0131mlar\u0131ndan kaynaklanan 64,9 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131, b\u00fcy\u00fcme ve birle\u015fme stratejisinin bir yans\u0131mas\u0131d\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> D\u00f6nemin en dikkat \u00e7ekici nakit hareketi, finansman faaliyetlerinden elde edilen 144,6 milyon TL&#8217;lik giri\u015ftir. Bu tutar\u0131n 128,5 milyon TL&#8217;si ortak kontrol alt\u0131ndaki i\u015fletme birle\u015fmesinin etkisinden, 30,4 milyon TL&#8217;si ise yeni bor\u00e7lanmalardan kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>\u00d6nemli Kurumsal Geli\u015fmeler ve Muhasebe Esaslar\u0131<\/h2>\n<h3>Galvano Market ile Birle\u015fme<\/h3>\n<p>Ana Ortakl\u0131k, Galvano Market Sanayi ve D\u0131\u015f Ticaret A.\u015e.&#8217;nin t\u00fcm aktif ve pasifini bir b\u00fct\u00fcn halinde devralm\u0131\u015ft\u0131r. Bu i\u015flem 5 Eyl\u00fcl 2025&#8217;te tescil edilmi\u015ftir. Birle\u015fme kapsam\u0131nda \u015eirket sermayesi 66.710.255,57 TL art\u0131r\u0131larak 174.710.255,57 TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Bu i\u015flem, &#8220;Ortak kontrol alt\u0131ndaki i\u015fletme birle\u015fmesi&#8221; olarak de\u011ferlendirilmi\u015f ve birle\u015fme tarihindeki 61.832.140 TL&#8217;lik \u00f6zkaynak tutar\u0131 &#8220;Ortak kontrole tabi te\u015febb\u00fcs veya i\u015fletmeleri i\u00e7eren birle\u015fmelerin etkisi&#8221; kalemi alt\u0131nda \u00f6zkaynaklara eklenmi\u015ftir.<\/p>\n<h3>Geri Al\u0131nm\u0131\u015f Paylar<\/h3>\n<p>\u015eirket, geri al\u0131m program\u0131 kapsam\u0131nda kendi paylar\u0131n\u0131 (METUR\/BLUME) sat\u0131n almaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirketin elinde maliyeti 16.362.499 TL olan 250.000 lot BLUME hissesi bulunmaktad\u0131r (31 Aral\u0131k 2024: maliyeti 18.138.699 TL olan 880.000 lot METUR).<\/p>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>Finansal tablolar, Kamu G\u00f6zetimi Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) kararlar\u0131 uyar\u0131nca TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir. Kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nem verileri de 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden ifade edilmi\u015ftir. D\u00fczeltmede kullan\u0131lan T\u00dcFE endeksleri ve katsay\u0131lar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Tarih<\/td>\n<td>Endeks<\/td>\n<td>D\u00fczeltme Katsay\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>30.09.2025<\/td>\n<td>3.367,22<\/td>\n<td>1,00000<\/td>\n<\/tr>\n<tr>\n<td>31.12.2024<\/td>\n<td>2.684,55<\/td>\n<td>1,25429<\/td>\n<\/tr>\n<tr>\n<td>30.09.2024<\/td>\n<td>2.526,16<\/td>\n<td>1,33294<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Risk Y\u00f6netimi<\/h2>\n<h3>Sermaye Riski Y\u00f6netimi<\/h3>\n<p>Grup, sermaye yap\u0131s\u0131n\u0131 bor\u00e7 ve \u00f6zkaynak dengesini en verimli \u015fekilde kullanarak y\u00f6netmektedir. Bu ama\u00e7la net bor\u00e7 \/ kullan\u0131lan sermaye oran\u0131 takip edilmektedir. Oran, d\u00f6nem i\u00e7inde \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015fmi\u015ftir.<\/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<\/tr>\n<tr>\n<td>Toplam Bor\u00e7lar<\/td>\n<td>130.749.197<\/td>\n<td>84.870.170<\/td>\n<\/tr>\n<tr>\n<td>Eksi: Nakit ve Nakit Benzeri<\/td>\n<td>(54.201.780)<\/td>\n<td>(1.265.389)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7<\/b><\/td>\n<td><b>76.547.417<\/b><\/td>\n<td><b>83.604.781<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>587.749.941<\/td>\n<td>433.868.312<\/td>\n<\/tr>\n<tr>\n<td><b>Kullan\u0131lan Sermaye<\/b><\/td>\n<td><b>664.297.358<\/b><\/td>\n<td><b>517.473.093<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7\/Kullan\u0131lan Sermaye<\/b><\/td>\n<td><b>11,52%<\/b><\/td>\n<td><b>16,16%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Kur Riski<\/h3>\n<p>Grup, yabanc\u0131 para cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle kur riskine maruz kalmaktad\u0131r. 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re:<\/p>\n<ul>\n<li>ABD Dolar\u0131&#8217;n\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda, k\u00e2r\/zarar <b>2.520.264 TL<\/b> olumlu etkilenecektir.<\/li>\n<li>Euro&#8217;nun TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda, k\u00e2r\/zarar <b>298.303 TL<\/b> olumlu etkilenecektir.<\/li>\n<li>Yabanc\u0131 paralar\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kaybetmesi durumunda ise bu etkiler negatif y\u00f6nde olacakt\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"714\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Blume Metal Kimya Anonim \u015eirketi** ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n **1 Ocak &#8211; 30 Eyl\u00fcl 2025** d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve detayl\u0131 dipnotlar\u0131n\u0131 i\u00e7ermektedir. \u015eirketin yat\u0131r\u0131m, enerji, in\u015faat ve kimya gibi \u00e7e\u015fitli sekt\u00f6rlerdeki faaliyetlerini \u00f6zetleyen metin, **Galvano Market** birle\u015fmesinin etkilerini ve **enflasyon muhasebesi** uygulamalar\u0131n\u0131 kapsaml\u0131 bir \u015fekilde ele almaktad\u0131r. Finansal raporlarda grubun k\u00e2rl\u0131l\u0131k oranlar\u0131, **nakit ak\u0131\u015flar\u0131**, \u00f6zkaynak yap\u0131s\u0131 ve mevcut bor\u00e7lanma durumlar\u0131 g\u00fcncel verilerle sunulmaktad\u0131r. Ayr\u0131ca, **Bodrum Fuga Panorama** konut projesi ve g\u00fcne\u015f enerjisi santralleri gibi stratejik yat\u0131r\u0131mlar ile devam eden hukuki s\u00fcre\u00e7ler hakk\u0131nda \u00f6nemli bilgiler payla\u015f\u0131lmaktad\u0131r. Metin boyunca, **T\u00fcrkiye Finansal Raporlama Standartlar\u0131** \u00e7er\u00e7evesinde haz\u0131rlanan veriler ve \u00fcst y\u00f6netimin gelece\u011fe d\u00f6n\u00fck finansal risk y\u00f6netimi stratejileri bold olarak vurgulanm\u0131\u015ft\u0131r. Sonu\u00e7 olarak bu kaynaklar, i\u015fletmenin dokuz ayl\u0131k performans\u0131n\u0131 ve **kurumsal y\u00f6netim** ilkeleri do\u011frultusundaki mali pozisyonunu belgelemektedir.<\/p>\n","protected":false},"author":1,"featured_media":759,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[177],"class_list":["post-714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-blume"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/714","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=714"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/714\/revisions"}],"predecessor-version":[{"id":760,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/714\/revisions\/760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/759"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}