{"id":716,"date":"2025-12-28T15:11:48","date_gmt":"2025-12-28T12:11:48","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=716"},"modified":"2025-12-30T22:58:59","modified_gmt":"2025-12-30T19:58:59","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-derhl-derluks-yatirim-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/716","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DERHL | Derl\u00fcks Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DERHL | Derl\u00fcks Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/WLHOjPb19xQ?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 Holding Raporunun Perde Arkas\u0131: Derl\u00fcks Yat\u0131r\u0131m Holding Hakk\u0131nda Sizi \u015ea\u015f\u0131rtacak 5 Ger\u00e7ek<\/h1>\n<p>\u00c7o\u011fu ki\u015fi Derl\u00fcks Yat\u0131r\u0131m Holding\u2019e bakt\u0131\u011f\u0131nda basit bir giyim \u015firketi g\u00f6r\u00fcr. Ancak son finansal raporlar\u0131, bu varsay\u0131m\u0131n ne kadar yanl\u0131\u015f oldu\u011funu ortaya koyuyor. Rakamlar\u0131n ard\u0131nda, g\u00fcne\u015f enerjisi, zekice kurgulanm\u0131\u015f uluslararas\u0131 hamleler ve hayranl\u0131k uyand\u0131ran bir finansal disiplinle bamba\u015fka bir tablo \u00e7izen bir hikaye ke\u015ffettik.<\/p>\n<p>Bu yaz\u0131da, Derl\u00fcks Yat\u0131r\u0131m Holding&#8217;in 2025 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek raporlar\u0131nda gizli kalan ve \u015firketin gelece\u011fine dair \u00f6nemli ipu\u00e7lar\u0131 veren en \u015fa\u015f\u0131rt\u0131c\u0131 ve etkili be\u015f ger\u00e7e\u011fi sizin i\u00e7in derledik.<\/p>\n<p><b>1. Sadece Deri De\u011fil, G\u00fcne\u015f de Var: \u015ea\u015f\u0131rt\u0131c\u0131 Sekt\u00f6r \u00c7e\u015fitlili\u011fi<\/b><\/p>\n<p>\u015eirketin &#8220;Derl\u00fcks&#8221; ismi, ilk bak\u0131\u015fta l\u00fcks veya deri \u00fcr\u00fcnlerine odaklanan bir yap\u0131 akla getirebilir. Ancak faaliyet raporunun detaylar\u0131na inildi\u011finde, \u00e7ok daha \u00e7e\u015fitli ve stratejik bir portf\u00f6yle kar\u015f\u0131la\u015f\u0131yoruz. Grup, birbiriyle ilgisiz g\u00f6r\u00fcnen \u00fc\u00e7 ana sekt\u00f6rde faaliyet g\u00f6steriyor: <b>Giyim<\/b>, <b>Yenilenebilir Enerji<\/b> ve <b>G\u0131da Da\u011f\u0131t\u0131m\u0131<\/b>.<\/p>\n<p>Bu \u00e7e\u015fitlili\u011fin merkezinde, holdingin en \u00f6nemli i\u015ftiraki olan &#8220;Soho Giyim ve Enerji A.\u015e.&#8221; yer al\u0131yor. Bu \u015firket, giyim sekt\u00f6r\u00fcndeki faaliyetlerinin yan\u0131 s\u0131ra <b>A\u011fr\u0131, Ad\u0131yaman, \u0130zmir ve \u015eanl\u0131urfa<\/b>&#8216;da kurulu olan G\u00fcne\u015f Enerjisi Santralleri (GES) ile \u00f6nemli bir yenilenebilir enerji portf\u00f6y\u00fcn\u00fc de b\u00fcnyesinde bar\u0131nd\u0131r\u0131yor. Geleneksel bir sekt\u00f6r olan haz\u0131r giyimden, y\u00fcksek b\u00fcy\u00fcme potansiyeline sahip yenilenebilir enerjiye yap\u0131lan bu stratejik ge\u00e7i\u015f, holdingin dinamik ve ezber bozan yakla\u015f\u0131m\u0131n\u0131n en net g\u00f6stergesi. Bu \u00e7e\u015fitlendirme, giyim end\u00fcstrisinin d\u00f6ng\u00fcsel do\u011fas\u0131na kar\u015f\u0131 kritik bir koruma sa\u011flarken, holdingi yenilenebilir kaynaklara y\u00f6nelik k\u00fcresel e\u011filimden faydalanacak \u015fekilde konumland\u0131r\u0131yor.<\/p>\n<p><b>2. Sat\u0131\u015flar Sabit, K\u00e2rl\u0131l\u0131k U\u00e7u\u015fta: %119&#8217;luk Faaliyet K\u00e2r\u0131 Art\u0131\u015f\u0131<\/b><\/p>\n<p>Bir \u015firketin ba\u015far\u0131s\u0131n\u0131 \u00f6l\u00e7erken genellikle ilk bak\u0131lan metrik sat\u0131\u015f gelirleridir. Ancak Derl\u00fcks&#8217;\u00fcn hikayesindeki en \u00e7arp\u0131c\u0131 detaylardan biri, bu metri\u011fin \u00f6tesinde gizli. Faaliyet raporuna g\u00f6re, 2025&#8217;in ilk dokuz ay\u0131nda \u015firketin net sat\u0131\u015flar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yaln\u0131zca <b>%1.73<\/b> gibi m\u00fctevaz\u0131 bir art\u0131\u015f g\u00f6sterdi.<\/p>\n<p>Buna kar\u015f\u0131l\u0131k, ayn\u0131 d\u00f6nemde Esas Faaliyet K\u00e2r\u0131 <b>%119<\/b> gibi ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc bir oranda artarak 277.7 milyon TL&#8217;den <b>608.3 milyon TL<\/b>&#8216;ye y\u00fckseldi. Sat\u0131\u015flar neredeyse sabit kal\u0131rken k\u00e2rl\u0131l\u0131ktaki bu patlama, \u015firketin maliyet y\u00f6netimi, operasyonel verimlilik veya k\u00e2r marj\u0131 daha y\u00fcksek faaliyetlere odaklanma konular\u0131nda ne kadar ba\u015far\u0131l\u0131 oldu\u011funu ortaya koyuyor. Bu durum, sadece bir b\u00fcy\u00fcme de\u011fil, &#8220;ak\u0131ll\u0131 b\u00fcy\u00fcme&#8221; olarak adland\u0131r\u0131labilecek g\u00fc\u00e7l\u00fc bir finansal sa\u011fl\u0131k g\u00f6stergesidir.<\/p>\n<p><b>3. S\u0131n\u0131rlar\u0131n \u00d6tesine Ge\u00e7i\u015f: \u0130talya ve Rusya&#8217;da Yeni Ma\u011fazalar<\/b><\/p>\n<p>Derl\u00fcks Yat\u0131r\u0131m Holding, b\u00fcy\u00fcme stratejisini sadece yurt i\u00e7iyle veya ihracatla s\u0131n\u0131rl\u0131 tutmuyor. Finansal tablo dipnotlar\u0131, \u015firketin uluslararas\u0131 perakende pazarlar\u0131na y\u00f6nelik somut ve cesur ad\u0131mlar att\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Holdingin ba\u011fl\u0131 ortakl\u0131\u011f\u0131 &#8220;Soho Giyim ve Enerji A.\u015e.&#8221;, 2024&#8217;\u00fcn sonlar\u0131nda perakende operasyonlar\u0131 i\u00e7in iki yeni \u015firket kurdu: \u0130talya&#8217;n\u0131n Bologna \u015fehrinde <b>&#8220;Emiliano Zapata SRL&#8221;<\/b> ve Rusya&#8217;n\u0131n Moskova \u015fehrinde <b>&#8220;Emiliano Zapata LLC&#8221;<\/b>. Ayr\u0131ca, finansal tablolardaki &#8220;Yap\u0131lmakta olan yat\u0131r\u0131mlar&#8221; kalemi alt\u0131nda, Rusya&#8217;daki ma\u011faza i\u00e7in devam eden dekorasyon ve tadilat harcamalar\u0131ndan bahsedilmesi, bu planlar\u0131n ka\u011f\u0131t \u00fczerinde kalmad\u0131\u011f\u0131n\u0131, fiilen hayata ge\u00e7irildi\u011fini kan\u0131tl\u0131yor. Bu hamle, \u015firketin b\u00fcy\u00fck uluslararas\u0131 pazarlarda do\u011frudan varl\u0131k g\u00f6sterme y\u00f6n\u00fcndeki net stratejik vizyonunu ortaya koyuyor.<\/p>\n<p><b>4. B\u00fcy\u00fcme \u0130\u00e7in Cesur Ad\u0131m: Artan Finansal Kald\u0131ra\u00e7<\/b><\/p>\n<p>Bir \u015firketin bor\u00e7 yap\u0131s\u0131, risk i\u015ftah\u0131 ve b\u00fcy\u00fcme stratejisi hakk\u0131nda \u00f6nemli bilgiler verir. Derl\u00fcks&#8217;\u00fcn mali oranlar tablosu, bu konuda olduk\u00e7a net bir mesaj i\u00e7eriyor. \u015eirketin Bor\u00e7\/\u00d6zsermaye oran\u0131, 2024 sonunda <b>0.85<\/b> iken, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>1.51<\/b>&#8216;e y\u00fckselmi\u015f durumda.<\/p>\n<p>Bu finansal metri\u011fi basit bir dille ifade etmek gerekirse, \u015firket b\u00fcy\u00fcme ve operasyonlar\u0131n\u0131 finanse etmek i\u00e7in \u00f6zkaynaklar\u0131na k\u0131yasla \u00e7ok daha fazla bor\u00e7 kullan\u0131yor. \u0130lk bak\u0131\u015fta riskli bir strateji gibi g\u00f6r\u00fcnse de bu bor\u00e7lanma kendi ba\u015f\u0131na bir ama\u00e7 de\u011fil. Bu, \u0130talya ve Rusya&#8217;daki sermaye yo\u011fun uluslararas\u0131 perakende at\u0131l\u0131m\u0131 ve y\u00fcksek performansl\u0131 enerji portf\u00f6y\u00fcne devam eden yat\u0131r\u0131mlar gibi ba\u015fka yerlerde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz stratejik giri\u015fimlerin do\u011frudan yak\u0131t\u0131d\u0131r. Artan bu kald\u0131ra\u00e7, di\u011fer alanlarda g\u00f6r\u00fclen b\u00fcy\u00fcmenin arkas\u0131ndaki itici g\u00fc\u00e7lerden biri olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<p><b>5. Sekt\u00f6r Daral\u0131rken Gelen Ba\u015far\u0131: \u0130hracatta Piyasay\u0131 Yenmek<\/b><\/p>\n<p>Bir \u015firketin ger\u00e7ek performans\u0131n\u0131 anlaman\u0131n en iyi yollar\u0131ndan biri, onu faaliyet g\u00f6sterdi\u011fi sekt\u00f6r\u00fcn geneliyle kar\u015f\u0131la\u015ft\u0131rmakt\u0131r. Derl\u00fcks, bu kar\u015f\u0131la\u015ft\u0131rmadan aln\u0131n\u0131n ak\u0131yla \u00e7\u0131k\u0131yor. Faaliyet raporuna g\u00f6re, 2025&#8217;in ilk dokuz ay\u0131nda T\u00fcrkiye&#8217;nin haz\u0131r giyim ve konfeksiyon sekt\u00f6r\u00fcn\u00fcn Almanya (%-6.8), Hollanda (%-6.0) ve \u0130spanya (%-9.8) gibi kilit pazarlara ihracat\u0131 ciddi d\u00fc\u015f\u00fc\u015fler ya\u015fad\u0131.<\/p>\n<p>Ayn\u0131 d\u00f6nemde ise Derl\u00fcks&#8217;\u00fcn i\u015ftiraki Soho Giyim&#8217;in ihracat\u0131 <b>%7.5 artarak<\/b> 35.2 milyon dolardan <b>37.8 milyon dolara<\/b> y\u00fckseldi. Bu, rapordaki en g\u00fc\u00e7l\u00fc ve \u015fa\u015f\u0131rt\u0131c\u0131 verilerden biridir. Sekt\u00f6r\u00fcn genelinin zorlu bir d\u00f6nemden ge\u00e7ti\u011fi bir zamanda, Derl\u00fcks sadece ayakta kalmakla yetinmiyor, ayn\u0131 zamanda k\u00fcresel pazarda rakiplerini geride b\u0131rakarak pazar pay\u0131 kazan\u0131yor.<\/p>\n<p><b>Sonu\u00e7<\/b><\/p>\n<p>Derl\u00fcks Yat\u0131r\u0131m Holding&#8217;in finansal raporlar\u0131, y\u00fczeydeki rakamlar\u0131n \u00e7ok \u00f6tesinde, dinamik ve \u00e7ok y\u00f6nl\u00fc bir stratejiyi g\u00f6zler \u00f6n\u00fcne seriyor. \u015eirket, sadece bir giyim firmas\u0131 olman\u0131n \u00f6tesinde; verimli bir \u015fekilde b\u00fcy\u00fcyen, k\u00fcresel pazarlara a\u00e7\u0131lan, sekt\u00f6r\u00fcndeki zorluklara ra\u011fmen rakiplerinden daha iyi performans g\u00f6steren ve t\u00fcm bunlar\u0131 cesur finansal kararlarla destekleyen \u00e7e\u015fitlendirilmi\u015f bir yap\u0131ya sahip.<\/p>\n<p>Bu cesur ve \u00e7ok y\u00f6nl\u00fc stratejiler, Derl\u00fcks&#8217;\u00fc gelecekte hangi yeni zirvelere ta\u015f\u0131yacak?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Derl\u00fcks Yat\u0131r\u0131m Holding A.\u015e.: Finansal Durum ve Faaliyet Analizi (30 Eyl\u00fcl 2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Derl\u00fcks Yat\u0131r\u0131m Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla konsolide finansal durumunu ve 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k faaliyet performans\u0131n\u0131 kapsaml\u0131 bir \u015fekilde analiz etmektedir. Analizler, \u015firketin Kamuyu Ayd\u0131nlatma Platformu&#8217;nda (KAP) yay\u0131mlanan 30.09.2025 tarihli \u00f6zet konsolide finansal tablolar\u0131 ve ara d\u00f6nem faaliyet raporuna dayanmaktad\u0131r. T\u00fcm finansal veriler, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca 30 Eyl\u00fcl 2025 tarihli T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p><b>Temel Finansal Bulgular:<\/b><\/p>\n<ul>\n<li><b>Artan Karl\u0131l\u0131k:<\/b> Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda sat\u0131\u015f gelirlerini bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %1,73 art\u0131\u015fla 2,99 milyar TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Daha dikkat \u00e7ekici olan ise operasyonel verimlilikteki \u00f6nemli iyile\u015fmedir. Br\u00fct kar %61 art\u0131\u015fla 720 milyon TL&#8217;ye, Esas Faaliyet Kar\u0131 ise %119 gibi g\u00fc\u00e7l\u00fc bir art\u0131\u015fla 608 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu durum, br\u00fct kar marj\u0131n\u0131n %15,21&#8217;den %24,06&#8217;ya, faaliyet kar\u0131 marj\u0131n\u0131n ise %9,49&#8217;dan %20,33&#8217;e y\u00fckselmesini sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Bilan\u00e7o B\u00fcy\u00fcmesi:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131, 2024 y\u0131l sonuna k\u0131yasla %16,5 artarak 4,82 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu b\u00fcy\u00fcme hem d\u00f6nen hem de duran varl\u0131klardaki art\u0131\u015ftan kaynaklanmaktad\u0131r. Grubun \u00f6zkaynaklar\u0131 ise 2,32 milyar TL seviyesindedir.<\/li>\n<li><b>Segment Performans\u0131:<\/b> Faaliyet kar\u0131n\u0131n ana itici g\u00fcc\u00fc, 586 milyon TL kar \u00fcreten <b>Erkek Giyim<\/b> segmenti olmu\u015ftur. <b>Enerji<\/b> ve <b>Da\u011f\u0131t\u0131m<\/b> segmentleri de s\u0131ras\u0131yla 18 milyon TL ve 8,5 milyon TL faaliyet kar\u0131 ile pozitif katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7luluk ve Likidite:<\/b> Grubun Cari Oran\u0131 1,48 olarak ger\u00e7ekle\u015ferek k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kapasitesini s\u00fcrd\u00fcrmektedir. Bor\u00e7\/\u00d6zkaynak oran\u0131 ise 2024 y\u0131l sonundaki 0,85 seviyesinden 1,51&#8217;e y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<p><b>Stratejik ve Operasyonel Geli\u015fmeler:<\/b><\/p>\n<ul>\n<li><b>\u00c7e\u015fitlendirilmi\u015f \u0130\u015f Modeli:<\/b> Grup; Giyim (Soho Giyim ve Enerji), Enerji (Soho Giyim ve Enerji) ve G\u0131da Da\u011f\u0131t\u0131m\u0131 (Vizyon Pazarlama) olmak \u00fczere \u00fc\u00e7 ana kolda faaliyet g\u00f6stererek gelir ak\u0131\u015flar\u0131n\u0131 \u00e7e\u015fitlendirmektedir.<\/li>\n<li><b>\u0130hracat ve Enerjide B\u00fcy\u00fcme:<\/b> Giyim segmenti, 2025&#8217;in ilk dokuz ay\u0131nda ihracat\u0131n\u0131 %7,5 art\u0131rarak 37,9 milyon dolara \u00e7\u0131karm\u0131\u015ft\u0131r. Enerji segmenti, G\u00fcne\u015f Enerji Santralleri (GES) arac\u0131l\u0131\u011f\u0131yla istikrarl\u0131 ve d\u00f6viz bazl\u0131 gelir \u00fcretmeye devam etmektedir.<\/li>\n<li><b>Risk Y\u00f6netimi:<\/b> Grup, d\u00f6viz kurlar\u0131ndaki dalgalanmalara kar\u015f\u0131 ihracat ve enerji gelirleri sayesinde do\u011fal bir koruma mekanizmas\u0131na sahiptir. Likidite ve faiz riskleri, \u00e7e\u015fitli finansman kaynaklar\u0131 ve bor\u00e7lanma vadesi y\u00f6netimi ile kontrol alt\u0131nda tutulmaktad\u0131r.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, Derl\u00fcks Yat\u0131r\u0131m Holding, 2025&#8217;in ilk \u00fc\u00e7 \u00e7eyre\u011finde operasyonel karl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015f ve bilan\u00e7o yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir. \u00c7e\u015fitlendirilmi\u015f faaliyet alanlar\u0131 ve etkin risk y\u00f6netimi politikalar\u0131, Grubun finansal dayan\u0131kl\u0131l\u0131\u011f\u0131na katk\u0131 sa\u011flamaktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Grup Yap\u0131s\u0131 ve Faaliyet Alanlar\u0131<\/h2>\n<p>Derl\u00fcks Yat\u0131r\u0131m Holding A.\u015e., farkl\u0131 sekt\u00f6rlerde faaliyet g\u00f6steren ba\u011fl\u0131 ortakl\u0131klar\u0131 arac\u0131l\u0131\u011f\u0131yla yat\u0131r\u0131m yapan bir ana \u015firkettir. Grubun faaliyetleri \u00fc\u00e7 ana segmentte yo\u011funla\u015fmaktad\u0131r: Giyim, Enerji ve G\u0131da Da\u011f\u0131t\u0131m\u0131.<\/p>\n<h3>1.1. Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k Unvan\u0131<\/td>\n<td>Sermayesi (TL)<\/td>\n<td>Derl\u00fcks Ortakl\u0131k Oran\u0131 (%)<\/td>\n<td>Faaliyet Alan\u0131<\/td>\n<td>Konsolidasyon Y\u00f6ntemi<\/td>\n<\/tr>\n<tr>\n<td>Soho Giyim ve Enerji A.\u015e.<\/td>\n<td>206.760.337<\/td>\n<td>%68,69<\/td>\n<td>Erkek giyim \u00fcretimi ve yenilenebilir enerji<\/td>\n<td>Tam Konsolidasyon<\/td>\n<\/tr>\n<tr>\n<td>Vizyon Global T\u00fcketim Malzemeleri Pazarlama Sanayi Ticaret A.\u015e.<\/td>\n<td>15.000.000<\/td>\n<td>%100,00<\/td>\n<td>H\u0131zl\u0131 t\u00fcketim \u00fcr\u00fcnleri (g\u0131da, i\u00e7ecek) da\u011f\u0131t\u0131m\u0131<\/td>\n<td>Tam Konsolidasyon<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Faaliyet Segmentleri<\/h3>\n<h4>A. Giyim (Soho Giyim ve Enerji A.\u015e.)<\/h4>\n<ul>\n<li><b>Faaliyet Konusu:<\/b> Ba\u015fta erkek giyim olmak \u00fczere deri ve tekstil \u00fcr\u00fcnlerinin \u00fcretimi ve ticareti.<\/li>\n<li><b>Tesis:<\/b> \u00dcretim faaliyetleri \u0130stanbul Zeytinburnu&#8217;nda 4.300 m\u00b2 kapal\u0131 alanda y\u00fcr\u00fct\u00fclmektedir.<\/li>\n<li><b>Kalite Belgeleri:<\/b> ISO9001, ISO18001, ISO10002 ve ISO14001 sertifikalar\u0131na sahiptir.<\/li>\n<li><b>Sekt\u00f6rdeki Yeri:<\/b> T\u00fcrkiye, %3,5 pay ile d\u00fcnyan\u0131n 6. b\u00fcy\u00fck haz\u0131r giyim ihracat\u00e7\u0131s\u0131d\u0131r. Soho Giyim, bu sekt\u00f6rde \u00f6nemli bir oyuncu olup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda <b>37.853.391 USD<\/b> ihracat ger\u00e7ekle\u015ftirmi\u015ftir. Bu rakam, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 35.215.227 USD&#8217;lik ihracata g\u00f6re <b>%7,5&#8217;lik bir art\u0131\u015fa<\/b> i\u015faret etmektedir.<\/li>\n<\/ul>\n<h4>B. Enerji (Soho Giyim ve Enerji A.\u015e.)<\/h4>\n<ul>\n<li><b>Faaliyet Konusu:<\/b> Yenilenebilir enerji kaynaklar\u0131ndan elektrik \u00fcretimi.<\/li>\n<li><b>Santraller:<\/b> \u015eirket, A\u011fr\u0131, Ad\u0131yaman, \u0130zmir ve \u015eanl\u0131urfa illerinde kurulu G\u00fcne\u015f Enerjisi Santralleri (GES) portf\u00f6y\u00fcne sahiptir.<\/li>\n<li><b>Kurulu G\u00fc\u00e7:<\/b> Santrallerin toplam kurulu g\u00fcc\u00fc, AC (alternatif ak\u0131m) olarak <b>15.328 kWe<\/b> ve DC (do\u011fru ak\u0131m) olarak <b>16.328 kWp<\/b> seviyesindedir.<\/li>\n<li><b>Gelir Yap\u0131s\u0131:<\/b> GES&#8217;lerden elde edilen gelirler, d\u00f6viz bazl\u0131 olup Grup i\u00e7in kur riskine kar\u015f\u0131 do\u011fal bir koruma sa\u011flamaktad\u0131r.<\/li>\n<\/ul>\n<p><b>G\u00fcne\u015f Enerjisi Santralleri (GES) \u00dcretim ve Gelir Performans\u0131 (Ocak-Eyl\u00fcl D\u00f6nemi)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bulundu\u011fu \u0130l<\/td>\n<td>Kurulu G\u00fc\u00e7 (MWp)<\/td>\n<td>2024\/9 Geliri ($)<\/td>\n<td>2025\/9 Geliri ($)<\/td>\n<\/tr>\n<tr>\n<td>A\u011fr\u0131<\/td>\n<td>7,02<\/td>\n<td>1.165.159<\/td>\n<td>1.183.432<\/td>\n<\/tr>\n<tr>\n<td>Ad\u0131yaman<\/td>\n<td>3,70<\/td>\n<td>628.884<\/td>\n<td>668.044<\/td>\n<\/tr>\n<tr>\n<td>\u0130zmir<\/td>\n<td>2,38<\/td>\n<td>438.983<\/td>\n<td>432.549<\/td>\n<\/tr>\n<tr>\n<td>\u015eanl\u0131urfa<\/td>\n<td>2,23<\/td>\n<td>410.047<\/td>\n<td>419.169<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>15,33<\/b><\/td>\n<td><b>2.643.073<\/b><\/td>\n<td><b>2.703.194<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>C. G\u0131da Da\u011f\u0131t\u0131m\u0131 (Vizyon Global T\u00fcketim Malzemeleri Pazarlama Sanayi Ticaret A.\u015e.)<\/h4>\n<ul>\n<li><b>Faaliyet Konusu:<\/b> Su, me\u015frubat, alkoll\u00fc ve alkols\u00fcz i\u00e7ecekler ile g\u0131da \u00fcr\u00fcnlerinin toptan sat\u0131\u015f\u0131, pazarlamas\u0131 ve da\u011f\u0131t\u0131m\u0131.<\/li>\n<li><b>Operasyon Alan\u0131:<\/b> \u0130stanbul&#8217;un Ba\u011fc\u0131lar, Bah\u00e7elievler, G\u00fcng\u00f6ren, Esenler ve Bayrampa\u015fa il\u00e7elerinde ayl\u0131k ortalama 3.150 noktaya hizmet vermektedir.<\/li>\n<li><b>Markalar ve \u0130\u015f Ortaklar\u0131:<\/b> Koska Helva&#8217;n\u0131n T\u00fcrkiye genel da\u011f\u0131t\u0131c\u0131s\u0131d\u0131r. Ayr\u0131ca Fre\u015fa, Redbull, Beypazar\u0131, Capri Sun gibi markalar\u0131n da\u011f\u0131t\u0131m\u0131n\u0131 yapmaktad\u0131r. Kendi markalar\u0131 olan <b>Frozen Kitchen<\/b> (donuk unlu mamuller) ve <b>Pafity<\/b> (kedi\/k\u00f6pek mamas\u0131) ile T\u00fcrkiye genelinde b\u00fcy\u00fcmektedir.<\/li>\n<li><b>Performans:<\/b> 2025 y\u0131l\u0131 ilk dokuz ay\u0131nda <b>1.030.450.886 TL<\/b> has\u0131lat elde etmi\u015ftir (2024\/9: 1.086.904.633 TL).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Performans Analizi (01.01.2025 &#8211; 30.09.2025)<\/h2>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda sat\u0131\u015f gelirlerini korurken, maliyet y\u00f6netimi ve operasyonel verimlilik sayesinde karl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Konsolide Gelir Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015f Gelirleri<\/td>\n<td>2.991.404.352<\/td>\n<td>2.940.453.437<\/td>\n<td>%1,7<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>719.984.243<\/b><\/td>\n<td><b>447.195.985<\/b><\/td>\n<td><b>%61,0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td><b>608.382.976<\/b><\/td>\n<td><b>279.047.382<\/b><\/td>\n<td><b>%118,0<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(456.510.867)<\/td>\n<td>(302.191.100)<\/td>\n<td>%51,1<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler D\u00f6nem Kar\u0131<\/td>\n<td>54.380.434<\/td>\n<td>96.927.110<\/td>\n<td>-%43,9<\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td><b>34.078.934<\/b><\/td>\n<td><b>61.572.519<\/b><\/td>\n<td><b>-%44,7<\/b><\/td>\n<\/tr>\n<tr>\n<td>Hisse Ba\u015f\u0131na Kazan\u00e7<\/td>\n<td>0,173<\/td>\n<td>0,312<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Karl\u0131l\u0131k Analizi<\/h3>\n<ul>\n<li><b>Br\u00fct ve Faaliyet Karl\u0131l\u0131\u011f\u0131:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki kontrol sayesinde br\u00fct kar %61 oran\u0131nda artm\u0131\u015ft\u0131r. Pazarlama ve genel y\u00f6netim giderlerindeki art\u0131\u015f\u0131n s\u0131n\u0131rl\u0131 kalmas\u0131, Esas Faaliyet Kar\u0131&#8217;n\u0131n %118 gibi \u00e7arp\u0131c\u0131 bir oranda b\u00fcy\u00fcmesini sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Kar:<\/b> Faaliyet kar\u0131ndaki g\u00fc\u00e7l\u00fc art\u0131\u015fa ra\u011fmen, net kar\u0131n d\u00fc\u015fmesindeki temel fakt\u00f6rler artan finansman giderleri ve bir \u00f6nceki d\u00f6nemde kaydedilen 80,8 milyon TL&#8217;lik parasal kazanc\u0131n bu d\u00f6nemde 1,9 milyon TL parasal kayba d\u00f6n\u00fc\u015fmesidir.<\/li>\n<li><b>Karl\u0131l\u0131k Oranlar\u0131:<\/b> Operasyonel performanstaki iyile\u015fme, karl\u0131l\u0131k marjlar\u0131na do\u011frudan yans\u0131m\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Karl\u0131l\u0131k Oranlar\u0131 (%)<\/td>\n<td>30.09.2025<\/td>\n<td>30.09.2024<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar Marj\u0131<\/td>\n<td>24,06%<\/td>\n<td>15,21%<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Kar\u0131 Marj\u0131<\/td>\n<td>20,33%<\/td>\n<td>9,49%<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K Marj\u0131<\/td>\n<td>22,99%<\/td>\n<td>12,39%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.3. Segmentlere G\u00f6re Performans (01.01 &#8211; 30.09.2025)<\/h3>\n<p>Grup&#8217;un karl\u0131l\u0131\u011f\u0131n\u0131n lokomotifi Giyim segmenti olmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(TL)<\/td>\n<td>Erkek Giyim<\/td>\n<td>Da\u011f\u0131t\u0131m<\/td>\n<td>Enerji<\/td>\n<td>Holding<\/td>\n<td>Eliminasyon<\/td>\n<td>Toplam<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015f Gelirleri<\/b><\/td>\n<td>1.851.338.791<\/td>\n<td>1.030.450.886<\/td>\n<td>111.614.056<\/td>\n<td>56.692.856<\/td>\n<td>(58.692.237)<\/td>\n<td><b>2.991.404.352<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>559.693.783<\/td>\n<td>123.655.006<\/td>\n<td>38.634.835<\/td>\n<td>56.692.856<\/td>\n<td>(58.692.237)<\/td>\n<td><b>719.984.243<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>586.031.243<\/td>\n<td>8.513.949<\/td>\n<td>18.119.371<\/td>\n<td>(2.955.262)<\/td>\n<td>(1.326.325)<\/td>\n<td><b>608.382.976<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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<h2>3. Finansal Durum Analizi (30.09.2025)<\/h2>\n<p>Grubun bilan\u00e7osu, 2024 y\u0131l sonuna g\u00f6re varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerde b\u00fcy\u00fcme g\u00f6stermi\u015ftir.<\/p>\n<h3>3.1. Konsolide Bilan\u00e7o \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>(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>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>2.617.524.830<\/b><\/td>\n<td><b>2.320.457.734<\/b><\/td>\n<td><b>%12,8<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>146.895.311<\/td>\n<td>119.847.452<\/td>\n<td>%22,6<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>1.218.805.612<\/td>\n<td>1.019.707.832<\/td>\n<td>%19,5<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>1.027.166.451<\/td>\n<td>1.026.378.635<\/td>\n<td>%0,1<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>2.200.906.562<\/b><\/td>\n<td><b>1.815.472.894<\/b><\/td>\n<td><b>%21,2<\/b><\/td>\n<\/tr>\n<tr>\n<td>Maddi Duran Varl\u0131klar<\/td>\n<td>1.690.139.891<\/td>\n<td>1.656.547.975<\/td>\n<td>%2,0<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>4.818.431.392<\/b><\/td>\n<td><b>4.135.930.628<\/b><\/td>\n<td><b>%16,5<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>1.768.605.380<\/b><\/td>\n<td><b>1.376.948.721<\/b><\/td>\n<td><b>%28,4<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Bor\u00e7lanmalar<\/td>\n<td>1.237.133.374<\/td>\n<td>927.411.771<\/td>\n<td>%33,4<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>733.829.136<\/b><\/td>\n<td><b>526.206.149<\/b><\/td>\n<td><b>%39,5<\/b><\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Bor\u00e7lanmalar<\/td>\n<td>497.958.427<\/td>\n<td>323.842.286<\/td>\n<td>%53,8<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>2.502.434.516<\/b><\/td>\n<td><b>1.903.154.870<\/b><\/td>\n<td><b>%31,5<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>2.315.996.876<\/b><\/td>\n<td><b>2.232.775.758<\/b><\/td>\n<td><b>%3,7<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>4.818.431.392<\/b><\/td>\n<td><b>4.135.930.628<\/b><\/td>\n<td><b>%16,5<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Bilan\u00e7o Yap\u0131s\u0131 ve Finansal Oranlar<\/h3>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar\u0131n %54&#8217;\u00fc d\u00f6nen, %46&#8217;s\u0131 duran varl\u0131klardan olu\u015fmaktad\u0131r. D\u00f6nen varl\u0131klar i\u00e7indeki en b\u00fcy\u00fck kalemler ticari alacaklar ve stoklard\u0131r. Duran varl\u0131klar\u0131n temelini ise enerji santralleri olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Bor\u00e7lanma:<\/b> Finansal bor\u00e7lar, k\u0131sa ve uzun vadeli olarak art\u0131\u015f g\u00f6stermi\u015ftir. 30 Eyl\u00fcl 2025 itibar\u0131yla kredilerin ortalama maliyetleri: TL krediler i\u00e7in <b>%52,5<\/b>, ABD Dolar\u0131 krediler i\u00e7in <b>%9,84<\/b> ve Avro krediler i\u00e7in <b>%9,08<\/b>&#8216;dir.<\/li>\n<li><b>Finansal Oranlar:<\/b> \u015eirketin likidite ve bor\u00e7luluk oranlar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Mali Oranlar<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>1,48<\/td>\n<td>1,69<\/td>\n<\/tr>\n<tr>\n<td>Likidite Oran\u0131<\/td>\n<td>0,89<\/td>\n<td>0,94<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7 \/ \u00d6zkaynak<\/td>\n<td>1,08<\/td>\n<td>0,85<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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<h2>4. Risk Y\u00f6netimi ve Kurumsal Yap\u0131<\/h2>\n<h3>4.1. Risk Y\u00f6netimi Politikas\u0131<\/h3>\n<p>Grup, faaliyetlerinden kaynaklanan riskleri Riskin Erken Saptanmas\u0131 Komitesi arac\u0131l\u0131\u011f\u0131yla y\u00f6netmektedir.<\/p>\n<ul>\n<li><b>Kur Riski:<\/b> Grup, d\u00f6viz varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerini g\u00fcnl\u00fck olarak takip etmektedir. \u00d6zellikle Soho Giyim ve Enerji&#8217;nin d\u00f6viz bazl\u0131 ihracat ve enerji sat\u0131\u015f gelirleri, d\u00f6vizli bor\u00e7lanmalardan kaynaklanan riske kar\u015f\u0131 &#8220;do\u011fal hedge&#8221; (do\u011fal koruma) sa\u011flamaktad\u0131r.<\/li>\n<li><b>Likidite Riski:<\/b> Fon kaynaklar\u0131 \u00e7e\u015fitlendirilmekte ve ani nakit ihtiya\u00e7lar\u0131na kar\u015f\u0131 yeterli d\u00fczeyde nakde d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir varl\u0131k bulundurulmaktad\u0131r.<\/li>\n<li><b>Faiz Riski:<\/b> De\u011fi\u015fken faizli y\u00fck\u00fcml\u00fcl\u00fcklerin oran\u0131 minimumda tutularak faiz oranlar\u0131ndaki dalgalanmalar\u0131n etkisi s\u0131n\u0131rland\u0131r\u0131lmaya \u00e7al\u0131\u015f\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Teminat, Rehin, \u0130potek ve Kefaletler (TR\u0130K)<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla, Grubun kendi t\u00fczel ki\u015fili\u011fi ad\u0131na vermi\u015f oldu\u011fu TR\u0130K&#8217;lerin toplam tutar\u0131 <b>2.076.067.401 TL<\/b>&#8216;dir. Bu teminatlar a\u011f\u0131rl\u0131kl\u0131 olarak GES projeleri i\u00e7in kullan\u0131lan proje finansman kredileri kar\u015f\u0131l\u0131\u011f\u0131nda verilmi\u015ftir ve \u015funlar\u0131 i\u00e7ermektedir:<\/p>\n<ul>\n<li>Ba\u011fl\u0131 ortakl\u0131klar\u0131n pay senetleri \u00fczerinde bankalar lehine rehinler,<\/li>\n<li>Temlik edilen elektrik gelirleri,<\/li>\n<li>Verilen ipotekler ve makine\/te\u00e7hizat rehinleri. Ayr\u0131ca, Grubun kullanm\u0131\u015f oldu\u011fu krediler i\u00e7in hakim ortak Cemal G\u00fczelci&#8217;nin \u015fahsi kefaleti bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.3. Ortakl\u0131k ve Y\u00f6netim Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131 (30.09.2025):<\/b><\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedar<\/td>\n<td>Sermaye \u0130\u00e7indeki Pay\u0131 (%)<\/td>\n<td>Hisse Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Cemal G\u00fczelci<\/td>\n<td>40,05%<\/td>\n<td>79.014.778<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>59,95%<\/td>\n<td>118.266.545<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<td><b>197.281.323<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b>\n<ul>\n<li>Cemal G\u00fczelci (Y\u00f6netim Kurulu Ba\u015fkan\u0131, Genel M\u00fcd\u00fcr)<\/li>\n<li>Volkan Taneri (Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131)<\/li>\n<li>Erhan Aslaner (Y\u00f6netim Kurulu \u00dcyesi)<\/li>\n<li>Osman Y\u0131lmaz (Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi)<\/li>\n<li>\u00d6zg\u00fcr \u00c7\u0131nar (Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>5. Di\u011fer \u00d6nemli Hususlar<\/h2>\n<ul>\n<li><b>Kar Da\u011f\u0131t\u0131m Politikas\u0131:<\/b> \u015eirket y\u00f6netimi, 2024 y\u0131l\u0131 kar\u0131n\u0131n, \u015firketin finansman ihtiyac\u0131n\u0131 asgari d\u00fczeyde tutmak amac\u0131yla da\u011f\u0131t\u0131lmayarak ola\u011fan\u00fcst\u00fc yedek olarak ayr\u0131lmas\u0131na karar vermi\u015ftir. Bu karar genel kurulda onaylanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Tavan\u0131:<\/b> \u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131, 2024-2029 y\u0131llar\u0131 i\u00e7in ge\u00e7erli olmak \u00fczere 300 milyon TL&#8217;den <b>5 milyar TL<\/b>&#8216;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansal Tablo D\u00fczeltmeleri:<\/b> Kar\u015f\u0131la\u015ft\u0131rmal\u0131 finansal tablolar, Soho Giyim ve Enerji A.\u015e.&#8217;nin g\u00fcne\u015f enerjisi santrallerinin yeniden de\u011ferlemesi sonucu olu\u015fan de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fc yans\u0131tacak \u015fekilde geriye d\u00f6n\u00fck olarak d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim:<\/b> \u015eirketin 2025 y\u0131l\u0131 finansal raporlar\u0131n\u0131n denetimi i\u00e7in Varl\u0131k Global Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. g\u00f6revlendirilmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"716\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sunulan belgeler, **Derl\u00fcks Yat\u0131r\u0131m Holding A.\u015e.**&#8217;nin 2025 y\u0131l\u0131 ilk dokuz ayl\u0131k d\u00f6nemine ait **finansal tablolar\u0131n\u0131** ve **ara d\u00f6nem faaliyet raporunu** kapsamaktad\u0131r. Holdingin **giyim**, **yenilenebilir enerji** ve **g\u0131da da\u011f\u0131t\u0131m\u0131** sekt\u00f6rlerindeki operasyonel performans\u0131, ba\u011fl\u0131 ortakl\u0131klar\u0131 olan **Soho Giyim** ve **Vizyon Pazarlama** \u00fczerinden detayland\u0131r\u0131lmaktad\u0131r. Kaynaklarda grubun **konsolide mali sonu\u00e7lar\u0131**, sermaye yap\u0131s\u0131, **yat\u0131r\u0131m projeleri** ve uygulanan muhasebe politikalar\u0131 kapsaml\u0131 bir \u015fekilde analiz edilmektedir. \u015eirketin **faaliyet k\u00e2r\u0131ndaki art\u0131\u015f**, d\u00f6viz pozisyonu y\u00f6netimi ve **gelecek d\u00f6nem riskleri** de raporlanan temel unsurlar aras\u0131nda yer almaktad\u0131r. Ayr\u0131ca, **y\u00f6netim kurulu yap\u0131s\u0131**, personel bilgileri ve **sosyal sorumluluk projeleri** gibi kurumsal y\u00f6netim verileri de payla\u015f\u0131lmaktad\u0131r. Sonu\u00e7 olarak metinler, \u015firketin stratejik hedeflerine uyumunu ve **mali sa\u011fl\u0131\u011f\u0131n\u0131** payda\u015flara duyurma amac\u0131n\u0131 ta\u015f\u0131maktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":750,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[178],"class_list":["post-716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-derhl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/716","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=716"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/716\/revisions"}],"predecessor-version":[{"id":751,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/716\/revisions\/751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/750"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}