{"id":736,"date":"2025-12-28T20:52:59","date_gmt":"2025-12-28T17:52:59","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=736"},"modified":"2025-12-28T20:52:59","modified_gmt":"2025-12-28T17:52:59","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-vakfa-vakif-faktoring-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/736","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #VAKFA | Vak\u0131f Faktoring 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #VAKFA | Vak\u0131f Faktoring 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/LUbx2Hrl5BE?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 Finans Raporunun Derinliklerinden: Vak\u0131f Faktoring Hakk\u0131nda 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Finansal raporlar, genellikle rakamlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen bu raporlar, bir \u015firketin stratejisini, b\u00fcy\u00fcme hikayesini ve ba\u015far\u0131s\u0131n\u0131n ard\u0131ndaki s\u0131rlar\u0131 bar\u0131nd\u0131ran birer hazineye d\u00f6n\u00fc\u015febilir. Rakamlar\u0131n so\u011fuk y\u00fcz\u00fcn\u00fcn arkas\u0131na bak\u0131ld\u0131\u011f\u0131nda, bilin\u00e7li al\u0131nm\u0131\u015f kararlar, net bir vizyon ve etkileyici bir operasyonel disiplin g\u00f6r\u00fclebilir. Bu yaz\u0131da, Vak\u0131f Faktoring&#8217;in kamuya a\u00e7\u0131k faaliyet raporlar\u0131n\u0131 inceleyerek ortaya \u00e7\u0131kan, ilk bak\u0131\u015fta dikkat \u00e7ekmeyen ancak \u015firketin DNA&#8217;s\u0131n\u0131 ortaya koyan \u015fa\u015f\u0131rt\u0131c\u0131 ve d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc noktalar\u0131 bir araya getirdik. Gelin, bir \u015firketin finansal verilerinin \u00f6tesindeki stratejik kararlar\u0131 birlikte ke\u015ffedelim.<\/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. Patlay\u0131c\u0131 B\u00fcy\u00fcme: Be\u015f Y\u0131lda %60&#8217;\u0131 A\u015fan Y\u0131ll\u0131k Bile\u015fik B\u00fcy\u00fcme Oran\u0131<\/h2>\n<p>Bir \u015firketin performans\u0131n\u0131 \u00f6l\u00e7menin en temel yollar\u0131ndan biri finansal b\u00fcy\u00fcmesidir. Vak\u0131f Faktoring&#8217;in son y\u0131llardaki performans\u0131 bu alanda &#8220;ola\u011fan\u00fcst\u00fc&#8221; olarak nitelendirilebilir. \u015eirketin faaliyet raporundaki veriler, ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc bir b\u00fcy\u00fcme tablosu \u00e7iziyor. 2016 ve 2021 y\u0131llar\u0131 aras\u0131ndaki be\u015f y\u0131ll\u0131k d\u00f6neme mercek tuttu\u011fumuzda:<\/p>\n<ul>\n<li><b>Toplam Ciro:<\/b> 2016&#8217;da 8.094 Milyon TL olan ciro, 2021&#8217;de 92.816 Milyon TL&#8217;ye ula\u015farak on kattan fazla art\u0131\u015f g\u00f6sterdi. Bu, y\u0131ll\u0131k ortalama <b>%62,9&#8217;luk bile\u015fik b\u00fcy\u00fcme oran\u0131na (CAGR)<\/b> denk gelmektedir.<\/li>\n<li><b>Vergi \u00d6ncesi K\u00e2r:<\/b> Ayn\u0131 d\u00f6nemde 122 Milyon TL&#8217;den 2.149 Milyon TL&#8217;ye y\u00fckseldi. Bu metrikteki y\u0131ll\u0131k bile\u015fik b\u00fcy\u00fcme oran\u0131 ise <b>%77,4<\/b> gibi daha da etkileyici bir seviyededir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u015eirketin \u00f6zkaynak yap\u0131s\u0131 da bu b\u00fcy\u00fcmeye paralel olarak 241 Milyon TL&#8217;den 2.673 Milyon TL&#8217;ye ula\u015ft\u0131.<\/li>\n<\/ul>\n<p>Bu rakamlar, \u015firketin sadece ciro baz\u0131nda de\u011fil, k\u00e2rl\u0131l\u0131k ve \u00f6zkaynak yap\u0131s\u0131 gibi temel finansal sa\u011fl\u0131k g\u00f6stergelerinde de ne kadar istikrarl\u0131 ve h\u0131zl\u0131 bir b\u00fcy\u00fcme kaydetti\u011fini a\u00e7\u0131k\u00e7a ortaya koyuyor.<\/p>\n<p>\u015eirket 2012 y\u0131l\u0131ndan itibaren aktif kalitesinden \u00f6d\u00fcn vermeden s\u00fcrekli bir b\u00fcy\u00fcme kaydetmi\u015f olup istikrarl\u0131 bir \u015fekilde karl\u0131l\u0131\u011f\u0131n\u0131 artt\u0131rarak faktoring sekt\u00f6r\u00fcnde \u00f6nc\u00fc ve lider \u015eirketlerden biri konumuna gelmi\u015ftir. Dolay\u0131s\u0131yla \u00f6ng\u00f6r\u00fclen hedeflere ula\u015f\u0131lm\u0131\u015f olup b\u00fcy\u00fcmenin ve karl\u0131l\u0131\u011f\u0131n istikrarl\u0131 bir \u015fekilde s\u00fcrd\u00fcr\u00fclmesine \u00e7al\u0131\u015f\u0131lmaktad\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>2. \u015ea\u015f\u0131rt\u0131c\u0131 Verimlilik: Sadece 63 \u00c7al\u0131\u015fanla Gelen Milyarlarca Liral\u0131k K\u00e2r<\/h2>\n<p>B\u00fcy\u00fck finansal ba\u015far\u0131lar genellikle b\u00fcy\u00fck ekipler ve geni\u015f operasyonlarla ili\u015fkilendirilir. Ancak Vak\u0131f Faktoring, bu alg\u0131y\u0131 tamamen y\u0131kan, \u015fa\u015f\u0131rt\u0131c\u0131 bir operasyonel kald\u0131ra\u00e7 seviyesi sergiliyor. Faaliyet raporundaki iki basit veri bir araya getirildi\u011finde \u00e7arp\u0131c\u0131 bir tablo ortaya \u00e7\u0131k\u0131yor:<\/p>\n<ul>\n<li><b>Personel Say\u0131s\u0131 (30 Eyl\u00fcl 2023):<\/b> 63<\/li>\n<li><b>9 Ayl\u0131k Net K\u00e2r (01.01.2023 &#8211; 30.09.2023):<\/b> 1.414.753.284,95 TL<\/li>\n<\/ul>\n<p>Bu iki rakam\u0131 birle\u015ftirdi\u011fimizde, \u015firketin bu d\u00f6nemde <b>\u00e7al\u0131\u015fan ba\u015f\u0131na yakla\u015f\u0131k 22,4 milyon TL net k\u00e2r<\/b> \u00fcretti\u011fi g\u00f6r\u00fcl\u00fcyor. Bu durumu bir perspektife oturtmak gerekirse, bu ki\u015fi ba\u015f\u0131 k\u00e2rl\u0131l\u0131k seviyesi, genellikle geleneksel finans hizmeti \u015firketlerinden ziyade, teknoloji devlerinde veya \u00f6zel yat\u0131r\u0131m fonlar\u0131nda g\u00f6r\u00fclen bir verimlili\u011fe i\u015faret eder. Milyarlarca liral\u0131k k\u00e2r\u0131n bu kadar k\u00fc\u00e7\u00fck bir ekiple \u00fcretilmesi, \u015firketin ne kadar yal\u0131n, verimli ve muhtemelen teknoloji odakl\u0131 bir operasyonel yap\u0131ya sahip oldu\u011funun en somut kan\u0131t\u0131d\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>3. Asimetrik G\u00fc\u00e7: \u0130mtiyazl\u0131 Hisselerle Sa\u011flanan Mutlak Kontrol<\/h2>\n<p>Bir \u015firketin ortakl\u0131k yap\u0131s\u0131, stratejik kararlar\u0131n nas\u0131l al\u0131nd\u0131\u011f\u0131n\u0131 anlamak i\u00e7in kritik bir \u00f6neme sahiptir. Vak\u0131f Faktoring&#8217;in yap\u0131s\u0131, bu alanda olduk\u00e7a dikkat \u00e7ekici ve g\u00fc\u00e7l\u00fc bir kontrol mekanizmas\u0131 bar\u0131nd\u0131r\u0131yor. \u015eirket sermayesi A Grubu ve B Grubu paylardan olu\u015fuyor ve bu paylar aras\u0131nda ciddi imtiyaz farklar\u0131 bulunuyor:<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b> A Grubu paylar, 8 ki\u015filik y\u00f6netim kuruluna 4 \u00fcye aday g\u00f6sterme imtiyaz\u0131na sahip.<\/li>\n<li><b>Oy Hakk\u0131:<\/b> Genel Kurul&#8217;da her bir A Grubu pay 5 oy hakk\u0131 verirken, B Grubu paylar sadece 1 oy hakk\u0131 veriyor.<\/li>\n<\/ul>\n<p>Bu asimetrik yap\u0131 sayesinde, \u015firketin ana orta\u011f\u0131 olan T. Vak\u0131flar Bankas\u0131 T.A.O., \u015firketteki toplam pay oran\u0131 %92,10 olmas\u0131na ra\u011fmen, imtiyazl\u0131 paylar sayesinde oy hakk\u0131 oran\u0131 %95,61&#8217;e ula\u015f\u0131yor ve y\u00f6netimde mutlak kontrole sahip oluyor. Basit bir ifadeyle, T. Vak\u0131flar Bankas\u0131&#8217;n\u0131n \u015firketin %92&#8217;sine sahip olmas\u0131 finansal m\u00fclkiyetini g\u00f6sterirken, A Grubu hisselerin tan\u0131d\u0131\u011f\u0131 \u00f6zel haklar sayesinde <i>karar alma g\u00fcc\u00fcn\u00fcn<\/i> %96&#8217;s\u0131na yak\u0131n bir orana ula\u015fmas\u0131, stratejinin p\u00fcr\u00fczs\u00fczce uygulanmas\u0131n\u0131 garanti alt\u0131na almaktad\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>4. Lazer Odakl\u0131 Strateji: Ac\u0131mas\u0131zca Verimli, Fazlal\u0131klardan Ar\u0131nd\u0131r\u0131lm\u0131\u015f Bir Felsefe<\/h2>\n<p>Milyarlarca lira k\u00e2r eden b\u00fcy\u00fck finansal kurulu\u015flar\u0131n ara\u015ft\u0131rma-geli\u015ftirme faaliyetlerine yat\u0131r\u0131m yapmas\u0131 veya sosyal sorumluluk projeleri kapsam\u0131nda ba\u011f\u0131\u015flarda bulunmas\u0131 beklenir. Ancak Vak\u0131f Faktoring, bu konuda radikal bir yakla\u015f\u0131m sergiledi\u011fini g\u00f6steriyor. Faaliyet raporunun ilgili b\u00f6l\u00fcmlerinde net ifadeler yer al\u0131yor:<\/p>\n<ul>\n<li><b>&#8220;\u015e\u0130RKET\u0130N ARA\u015eTIRMA VE GEL\u0130\u015eT\u0130RME \u00c7ALI\u015eMALARI&#8221;:<\/b> Bulunmamaktad\u0131r.<\/li>\n<li><b>&#8220;\u015eirketin y\u0131l i\u00e7inde yapm\u0131\u015f oldu\u011fu ba\u011f\u0131\u015f ve yard\u0131mlar&#8221;:<\/b> Bulunmamaktad\u0131r.<\/li>\n<\/ul>\n<p>Bu durum ilk bak\u0131\u015fta bir eksiklik gibi g\u00f6r\u00fclebilir. Ancak daha derin bir analiz, bunun bilin\u00e7li, ac\u0131mas\u0131zca verimli ve fazlal\u0131klardan ar\u0131nd\u0131r\u0131lm\u0131\u015f bir operasyonel felsefenin yans\u0131mas\u0131 oldu\u011funu d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. \u015eirket, t\u00fcm kaynaklar\u0131n\u0131 ve dikkatini, uzman\u0131 oldu\u011fu tek bir alana, yani faktoring faaliyetlerine ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 maksimize etmeye y\u00f6nlendirmi\u015f g\u00f6r\u00fcn\u00fcyor. Bu &#8220;s\u0131f\u0131r sapma&#8221; politikas\u0131, \u015firketin operasyonel verimlili\u011fini ve finansal ba\u015far\u0131s\u0131n\u0131 a\u00e7\u0131klayan temel unsurlardan biridir.<\/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>5. B\u00fcy\u00fcmenin Yak\u0131t\u0131: K\u00e2r\u0131n Tamam\u0131 Sermayeye Aktar\u0131l\u0131yor<\/h2>\n<p>Peki, ilk maddede inceledi\u011fimiz o ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc ciro art\u0131\u015f\u0131n\u0131n ard\u0131ndaki gizli yak\u0131t nedir? Cevap, \u015firketin basit oldu\u011fu kadar g\u00fc\u00e7l\u00fc k\u00e2r da\u011f\u0131t\u0131m politikas\u0131nda yat\u0131yor: k\u00e2r\u0131n tamam\u0131 sermayeye ekleniyor. Bu, sermayeyi \u015firket i\u00e7inde biriktirmenin ders kitab\u0131 niteli\u011findeki bir \u00f6rne\u011fidir. Faaliyet raporunda bu stratejinin amac\u0131 net bir \u015fekilde a\u00e7\u0131klan\u0131yor:<\/p>\n<p>&#8220;D\u00f6nem kar\u0131n\u0131n da\u011f\u0131t\u0131lmayarak sermayeye ilave edilmesi ve \u00f6z sermaye bak\u0131m\u0131ndan \u015firketin daha g\u00fc\u00e7l\u00fc bir yap\u0131ya ula\u015ft\u0131r\u0131lmas\u0131 ve sekt\u00f6rde daha rekabet\u00e7i bir politika izlenmesi planlanmaktad\u0131r.&#8221;<\/p>\n<p>Bu agresif yeniden yat\u0131r\u0131m stratejisi, \u00fc\u00e7\u00fcnc\u00fc maddede ele ald\u0131\u011f\u0131m\u0131z asimetrik y\u00f6netim g\u00fcc\u00fc sayesinde m\u00fcmk\u00fcn olmaktad\u0131r. Da\u011f\u0131n\u0131k bir ortakl\u0131k yap\u0131s\u0131nda az\u0131nl\u0131k hissedarlar temett\u00fc talep edebilirken, ana orta\u011f\u0131n mutlak kontrol\u00fc, k\u00e2r\u0131n istisnas\u0131z bir \u015fekilde b\u00fcy\u00fcmeye y\u00f6nlendirilmesine olanak tan\u0131maktad\u0131r. Bu politika, \u015firketin kazand\u0131\u011f\u0131 her kuru\u015fu, daha da b\u00fcy\u00fcmek i\u00e7in yeniden yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. B\u00fcy\u00fcme stratejisinin bir sonraki ad\u0131m\u0131 olarak ise \u015firket, 20 Kas\u0131m 2023&#8217;te <code>14,20 TL<\/code> baz fiyattan &#8220;VAKFA.E&#8221; koduyla Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmeye ba\u015flayarak halka arz olmu\u015ftur.<\/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: Odaklanman\u0131n ve Kontrol\u00fcn G\u00fcc\u00fc<\/h3>\n<p>Vak\u0131f Faktoring&#8217;in finansal raporlar\u0131ndan derlenen bu be\u015f ger\u00e7ek, bize al\u0131\u015f\u0131lm\u0131\u015f\u0131n d\u0131\u015f\u0131nda, birbirini destekleyen ve g\u00fc\u00e7lendiren stratejik s\u00fctunlar \u00fczerine kurulu bir ba\u015far\u0131 hikayesi anlat\u0131yor. Merkezi kontrol (Madde 3), k\u00e2r\u0131n tamamen yeniden yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesini (Madde 5) m\u00fcmk\u00fcn k\u0131l\u0131yor. Bu sermaye birikimi, patlay\u0131c\u0131 b\u00fcy\u00fcmeyi (Madde 1) finanse ediyor. &#8220;S\u0131f\u0131r sapma&#8221; prensibiyle ana i\u015fe odaklanma (Madde 4) ve sermaye yo\u011fun b\u00fcy\u00fcme modeli ise, \u015firketin neden bu kadar az bir ekiple (Madde 2) devasa k\u00e2rlar \u00fcretebildi\u011fini, yani operasyonel kald\u0131rac\u0131n\u0131n s\u0131rr\u0131n\u0131 a\u00e7\u0131kl\u0131yor.<\/p>\n<p>Peki, finans d\u00fcnyas\u0131nda s\u0131k\u00e7a rastlanmayan bu yal\u0131n ve odakl\u0131 model, gelecekte de ayn\u0131 ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc ba\u015far\u0131y\u0131 s\u00fcrd\u00fcr\u00fclebilir k\u0131lacak m\u0131?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Vak\u0131f Faktoring A.\u015e. 30 Eyl\u00fcl 2025 Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Vak\u0131f Faktoring A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 d\u00f6nemi itibar\u0131yla finansal durumunu, operasyonel faaliyetlerini ve stratejik geli\u015fmelerini, \u015firketin Faaliyet Raporu ve S\u0131n\u0131rl\u0131 Denetim Raporu&#8217;ndan elde edilen verilerle kapsaml\u0131 bir \u015fekilde analiz etmektedir.<\/p>\n<p>\u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131n\u0131 g\u00fc\u00e7l\u00fc bir finansal performansla tamamlam\u0131\u015ft\u0131r. D\u00f6nemi 1.414,8 milyon TL net k\u00e2r ile kapatarak, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re (1.254,3 milyon TL) k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r. Toplam aktifleri 30,1 milyar TL&#8217;ye ula\u015f\u0131rken, \u00f6zkaynaklar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lenerek 5,8 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu b\u00fcy\u00fcme, \u015firketin 2014&#8217;ten bu yana s\u00fcrd\u00fcrd\u00fc\u011f\u00fc istikrarl\u0131 k\u00e2rl\u0131l\u0131k ve aktif kalitesini koruma stratejisinin bir yans\u0131mas\u0131d\u0131r.<\/p>\n<p>D\u00f6nemin en \u00f6nemli stratejik ad\u0131m\u0131, \u015firketin halka arz s\u00fcrecini ba\u015far\u0131yla tamamlamas\u0131d\u0131r. Sermaye Piyasas\u0131 Kurulu&#8217;nun onay\u0131yla, 12-14 Kas\u0131m 2025 tarihlerinde talep toplanm\u0131\u015f ve \u015firket paylar\u0131 20 Kas\u0131m 2025&#8217;te &#8220;VAKFA.E&#8221; koduyla Borsa \u0130stanbul Y\u0131ld\u0131z Pazar&#8217;da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r. Bu s\u00fcre\u00e7te \u00e7\u0131kar\u0131lm\u0131\u015f sermaye 850 milyon TL&#8217;den 900 milyon TL&#8217;ye y\u00fckseltilmi\u015ftir. \u015eirket, ayr\u0131ca kay\u0131tl\u0131 sermaye sistemine ge\u00e7erek tavan\u0131 7 milyar TL olarak belirlemi\u015f ve gelecekteki b\u00fcy\u00fcme i\u00e7in esneklik kazanm\u0131\u015ft\u0131r.<\/p>\n<p>Ana hissedar T\u00fcrkiye Vak\u0131flar Bankas\u0131 T.A.O., %92,10 pay oran\u0131 ve %95,61 oy hakk\u0131 ile \u015firket \u00fczerinde tam kontrol ve y\u00f6netim hakimiyetine sahiptir. \u015eirket, d\u00f6nem k\u00e2r\u0131n\u0131 da\u011f\u0131tmayarak \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirme ve sekt\u00f6rdeki rekabet g\u00fcc\u00fcn\u00fc art\u0131rma politikas\u0131n\u0131 s\u00fcrd\u00fcrmektedir.<\/p>\n<p>Finansal yap\u0131, g\u00fc\u00e7l\u00fc \u00f6zkaynaklar\u0131n yan\u0131 s\u0131ra yakla\u015f\u0131k 2,6 milyar ABD Dolar\u0131 tutar\u0131ndaki kredi limitleri ve bono ihra\u00e7lar\u0131 gibi alternatif finansman kaynaklar\u0131yla desteklenmektedir. Risk y\u00f6netimi, piyasa ko\u015fullar\u0131na uyum sa\u011flayarak faiz, vade ve kur riskini almadan faaliyet g\u00f6sterme prensibine dayanmaktad\u0131r. \u015eirket, makroekonomik dalgalanmalar ve d\u00fczenleyici de\u011fi\u015fiklikler gibi potansiyel risklere kar\u015f\u0131 tedbirli bir duru\u015f sergilemektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h3>\n<h4>a) Genel Bilgiler<\/h4>\n<ul>\n<li><b>Ticaret Unvan\u0131:<\/b> Vak\u0131f Faktoring Anonim \u015eirketi<\/li>\n<li><b>Rapor D\u00f6nemi:<\/b> 01.01.2025 &#8211; 30.09.2025<\/li>\n<li><b>Merkez Adres:<\/b> \u0130nk\u0131lap Mah. Dr. Adnan B\u00fcy\u00fckdeniz Cad. Akyaka Park No: 7A \u0130\u00e7 Kap\u0131 No: 29 \u00dcmraniye \/ \u0130stanbul<\/li>\n<li><b>\u015eubeler:<\/b> Ankara ve \u0130zmir&#8217;de iki \u015fubesi bulunmaktad\u0131r.<\/li>\n<li><b>Faaliyet Konusu:<\/b> Yurt i\u00e7i ve yurt d\u0131\u015f\u0131 faktoring hizmetleri ve her t\u00fcrl\u00fc finansman i\u015flemleri.<\/li>\n<\/ul>\n<h4>b) Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h4>\n<p>\u015eirket, 28 A\u011fustos 2024 tarihinde yap\u0131lan Ola\u011fan\u00fcst\u00fc Genel Kurul toplant\u0131s\u0131nda kay\u0131tl\u0131 sermaye sistemine ge\u00e7mi\u015f ve tavan\u0131 <b>7.000.000.000 TL<\/b> olarak belirlemi\u015ftir. 30 Eyl\u00fcl 2025 itibar\u0131yla \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi <b>850.000.000 TL<\/b>&#8216;dir.<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30.09.2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedar Ad\u0131\/Soyad\u0131<\/td>\n<td>Grup<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>T\u00dcRK\u0130YE VAKIFLAR BANKASI T.A.O.<\/td>\n<td>A\/B<\/td>\n<td>782,834,821<\/td>\n<td>92,10<\/td>\n<\/tr>\n<tr>\n<td>VAKIF F\u0130NANSAL K\u0130RALAMA A.\u015e.<\/td>\n<td>B<\/td>\n<td>32,254,464<\/td>\n<td>3,79<\/td>\n<\/tr>\n<tr>\n<td>VAKIFBANK PERSONEL\u0130 \u00d6ZEL SOS. G\u00dcV. H\u0130Z. VAKFI<\/td>\n<td>B<\/td>\n<td>21,629,465<\/td>\n<td>2,55<\/td>\n<\/tr>\n<tr>\n<td>VAKIF PAZARLAMA SAN. VE T\u0130C. A.\u015e.<\/td>\n<td>B<\/td>\n<td>13,281,250<\/td>\n<td>1,56<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td>&nbsp;<\/td>\n<td><b>850,000,000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Hakim Ortak:<\/b> T\u00fcrkiye Vak\u0131flar Bankas\u0131 T.A.O., \u015firket sermayesinin %92,10&#8217;una ve oy haklar\u0131n\u0131n <b>%95,61<\/b>&#8216;ine sahip olarak oy hakk\u0131 ve y\u00f6netim kontrol\u00fcn\u00fc elinde bulundurmaktad\u0131r.<\/li>\n<\/ul>\n<h4>c) \u0130mtiyazl\u0131 Paylar<\/h4>\n<ul>\n<li><b>A Grubu Paylar:<\/b> Toplam 170.000.000 adet olan A Grubu paylar\u0131n tamam\u0131 T\u00fcrkiye Vak\u0131flar Bankas\u0131 T.A.O.&#8217;ya aittir. Bu paylar, 8 ki\u015filik y\u00f6netim kuruluna <b>4 \u00fcye aday\u0131 g\u00f6sterme imtiyaz\u0131<\/b> ve Genel Kurul&#8217;da <b>her pay i\u00e7in 5 oy hakk\u0131<\/b> verir.<\/li>\n<li><b>B Grubu Paylar:<\/b> Toplam 680.000.000 adettir ve herhangi bir imtiyaz\u0131 bulunmamaktad\u0131r. Her pay 1 oy hakk\u0131 verir.<\/li>\n<\/ul>\n<h4>d) Y\u00f6netim Organ\u0131 ve \u00dcst D\u00fczey Y\u00f6neticiler<\/h4>\n<ul>\n<li><b>Y\u00f6netim Kurulu:<\/b> 8 \u00fcyeden olu\u015fmaktad\u0131r. T\u00fcm \u00fcyelerin g\u00f6rev s\u00fcresi 30.04.2026 tarihine kadard\u0131r.\n<ul>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan\u0131:<\/b> Muhammet L\u00fctf\u00fc \u00c7elebi<\/li>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan Vekili:<\/b> \u0130lhan Alpda\u011f<\/li>\n<li><b>Genel M\u00fcd\u00fcr:<\/b> B\u00fclent At\u0131lgan<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6neticiler:<\/b>\n<ul>\n<li>B\u00fclent At\u0131lgan (Genel M\u00fcd\u00fcr)<\/li>\n<li>Habil Ko\u00e7 (Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131)<\/li>\n<\/ul>\n<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla 63 ki\u015fidir (31 Aral\u0131k 2024: 64).<\/li>\n<li><b>Sa\u011flanan Mali Haklar:<\/b> Y\u00f6netim organ\u0131 \u00fcyeleri ve \u00fcst d\u00fczey y\u00f6neticilere 01.01.2025 &#8211; 30.09.2025 d\u00f6neminde sa\u011flanan huzur hakk\u0131, \u00fccret, prim, ikramiye gibi mali menfaatlerin toplam tutar\u0131 <b>13.187.882,22 TL<\/b>&#8216;dir. Temsil harcamalar\u0131 toplam\u0131 ise <b>364.342,50 TL<\/b>&#8216;dir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>2. Faaliyetler ve \u00d6nemli Geli\u015fmeler (30.09.2025 D\u00f6nemi)<\/h3>\n<h4>a) Finansal Performans ve B\u00fcy\u00fcme<\/h4>\n<p>\u015eirket, 2014 y\u0131l\u0131ndan bu yana aktif kalitesinden \u00f6d\u00fcn vermeden s\u00fcrekli bir b\u00fcy\u00fcme trendi yakalam\u0131\u015f ve sekt\u00f6r\u00fcn lider kurulu\u015flar\u0131ndan biri konumuna gelmi\u015ftir. Son y\u0131llardaki temel finansal veriler a\u015fa\u011f\u0131daki gibidir:<\/p>\n<p><b>\u00d6zet Finansal Veriler (Milyon TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2022<\/td>\n<td>2023<\/td>\n<td>2024<\/td>\n<td>09\/2024<\/td>\n<td>09\/2025<\/td>\n<\/tr>\n<tr>\n<td>Toplam Ciro<\/td>\n<td>46.546<\/td>\n<td>92.816<\/td>\n<td>105.239<\/td>\n<td>77.050<\/td>\n<td>71.332<\/td>\n<\/tr>\n<tr>\n<td>Faktoring Alacaklar\u0131<\/td>\n<td>22.611<\/td>\n<td>37.455<\/td>\n<td>32.424<\/td>\n<td>26.959<\/td>\n<td>29.833<\/td>\n<\/tr>\n<tr>\n<td>Toplam Aktifler<\/td>\n<td>23.001<\/td>\n<td>38.236<\/td>\n<td>32.889<\/td>\n<td>27.898<\/td>\n<td>30.147<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>1.154<\/td>\n<td>2.673<\/td>\n<td>4.391<\/td>\n<td>3.930<\/td>\n<td>5.806<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar<\/td>\n<td>722<\/td>\n<td>2.149<\/td>\n<td>2.441<\/td>\n<td>1.793<\/td>\n<td>2.019<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>b) Halka Arz S\u00fcreci<\/h4>\n<p>\u015eirket, d\u00f6nemin en \u00f6nemli stratejik ad\u0131mlar\u0131ndan biri olan halka arz s\u00fcrecini ba\u015far\u0131yla y\u00f6netmi\u015ftir:<\/p>\n<ul>\n<li><b>Ba\u015fvuru:<\/b> 16 Eyl\u00fcl 2024 tarihinde SPK&#8217;ya halka a\u00e7\u0131lma ba\u015fvurusu yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Onay:<\/b> Ba\u015fvuru, SPK&#8217;n\u0131n 7 Kas\u0131m 2025 tarihli b\u00fclteni ile onaylanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> Bu s\u00fcre\u00e7te, \u015firketin 850.000.000 TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi, 50.000.000 TL art\u0131r\u0131larak <b>900.000.000 TL<\/b>&#8216;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Talep Toplama:<\/b> 12-13-14 Kas\u0131m 2025 tarihlerinde talepler toplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Borsada \u0130\u015flem:<\/b> \u015eirket paylar\u0131 <b>20 Kas\u0131m 2025<\/b> tarihinde, <b>14,20 TL<\/b> baz fiyat ve <b>&#8220;VAKFA.E&#8221;<\/b> i\u015flem kodu ile Borsa \u0130stanbul Y\u0131ld\u0131z Pazar\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>c) Yat\u0131r\u0131mlar ve \u0130\u015ftirakler<\/h4>\n<ul>\n<li><b>Maddi Varl\u0131k Yat\u0131r\u0131mlar\u0131:<\/b> 09\/2025 hesap d\u00f6neminde <b>22.331,20 TL<\/b> maddi duran varl\u0131k ve <b>156.076,79 TL<\/b> maddi olmayan duran varl\u0131k al\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015ftirak Sat\u0131\u015f\u0131:<\/b> \u015eirket, tek faaliyet alan\u0131n\u0131n faktoring olmas\u0131 nedeniyle, i\u015ftiraki Vak\u0131f Enerji ve Madencilik A.\u015e.&#8217;deki %18,58&#8217;lik pay\u0131n\u0131n tamam\u0131n\u0131 22 Eyl\u00fcl 2025 tarihinde <b>56.802.971 TL<\/b> bedelle Vak\u0131f Pazarlama ve San. Tic. A.\u015e.&#8217;ye satm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>d) \u0130\u00e7 Kontrol ve Denetim<\/h4>\n<ul>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim:<\/b> Finansal tablolar, <b>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim SMMM A.\u015e.<\/b> taraf\u0131ndan denetlenmi\u015ftir.<\/li>\n<li><b>Vergi Denetimi:<\/b> Kurumlar vergisi tam tasdik denetimi <b>Erfa Yeminli Mali M\u00fc\u015favirlik A.\u015e.<\/b> taraf\u0131ndan ger\u00e7ekle\u015ftirilmektedir.<\/li>\n<li><b>Kamu Denetimi:<\/b> \u015eirket hesaplar\u0131, 6085 say\u0131l\u0131 Say\u0131\u015ftay Kanunu uyar\u0131nca T.C. Say\u0131\u015ftay Ba\u015fkanl\u0131\u011f\u0131 taraf\u0131ndan y\u0131ll\u0131k olarak denetlenmektedir.<\/li>\n<\/ul>\n<h4>e) Yasal Takip ve Davalar<\/h4>\n<ul>\n<li>30 Eyl\u00fcl 2025 itibar\u0131yla, yasal takip s\u00fcreci devam eden toplam <b>97.460.672,46 TL<\/b> alacak bulunmaktad\u0131r.<\/li>\n<li>Bu tutar\u0131n tamam\u0131 i\u00e7in BDDK mevzuat\u0131 \u00e7er\u00e7evesinde <b>97.460.672,46 TL<\/b> kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>Bunun d\u0131\u015f\u0131nda \u015firketin mali durumunu etkileyebilecek \u00f6nemli bir dava bulunmamaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>3. Finansal Durum Analizi<\/h3>\n<h4>a) Bilan\u00e7o \u00d6zeti (30.09.2025 vs. 31.12.2024)<\/h4>\n<p>(Tutarlar Bin TL olarak ifade edilmi\u015ftir.)<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td><b>30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>31 Aral\u0131k 2024<\/b><\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>30.146.682<\/b><\/td>\n<td><b>32.888.810<\/b><\/td>\n<td>\u25bc %8,3<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>197.394<\/td>\n<td>306.833<\/td>\n<td>\u25bc %35,7<\/td>\n<\/tr>\n<tr>\n<td>Faktoring Alacaklar\u0131 (Net)<\/td>\n<td>29.833.081<\/td>\n<td>32.424.129<\/td>\n<td>\u25bc %8,0<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>24.340.834<\/b><\/td>\n<td><b>28.497.715<\/b><\/td>\n<td>\u25bc %14,6<\/td>\n<\/tr>\n<tr>\n<td>Al\u0131nan Krediler<\/td>\n<td>23.578.599<\/td>\n<td>28.141.846<\/td>\n<td>\u25bc %16,2<\/td>\n<\/tr>\n<tr>\n<td>\u0130hra\u00e7 Edilen Menkul K\u0131ymetler<\/td>\n<td>402.867<\/td>\n<td>&#8211;<\/td>\n<td>\u25b2<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>5.805.848<\/b><\/td>\n<td><b>4.391.095<\/b><\/td>\n<td>\u25b2 %32,2<\/td>\n<\/tr>\n<tr>\n<td>\u00d6denmi\u015f Sermaye<\/td>\n<td>850.000<\/td>\n<td>850.000<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Kar Yedekleri<\/td>\n<td>3.496.807<\/td>\n<td>1.786.535<\/td>\n<td>\u25b2 %95,7<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Net Kar\u0131<\/td>\n<td>1.414.753<\/td>\n<td>1.707.179<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>b) Gelir Tablosu \u00d6zeti (01.01-30.09.2025 vs. 01.01-30.09.2024)<\/h4>\n<p>(Tutarlar Bin TL olarak ifade edilmi\u015ftir.)<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td><b>30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>30 Eyl\u00fcl 2024<\/b><\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Gelirleri<\/td>\n<td>7.255.446<\/td>\n<td>10.280.627<\/td>\n<td>\u25bc %29,4<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(5.115.079)<\/td>\n<td>(8.594.106)<\/td>\n<td>\u25bc %40,5<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>2.140.367<\/b><\/td>\n<td><b>1.686.521<\/b><\/td>\n<td>\u25b2 %26,9<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar<\/td>\n<td>2.019.041<\/td>\n<td>1.793.286<\/td>\n<td>\u25b2 %12,6<\/td>\n<\/tr>\n<tr>\n<td>Vergi Kar\u015f\u0131l\u0131\u011f\u0131<\/td>\n<td>(604.288)<\/td>\n<td>(538.939)<\/td>\n<td>\u25b2 %12,1<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131<\/b><\/td>\n<td><b>1.414.753<\/b><\/td>\n<td><b>1.254.347<\/b><\/td>\n<td>\u25b2 %12,8<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td><b>1,6644<\/b><\/td>\n<td><b>1,4757<\/b><\/td>\n<td>\u25b2 %12,8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>c) Finansal Strateji ve Beklentiler<\/h4>\n<ul>\n<li><b>G\u00fc\u00e7l\u00fc Finansal Yap\u0131:<\/b> \u015eirket, g\u00fc\u00e7l\u00fc bir \u00f6zkaynak yap\u0131s\u0131na sahip olup borca bat\u0131k de\u011fildir.<\/li>\n<li><b>Kredi Limitleri:<\/b> Banka ve finans kurumlar\u0131nda \u015firket lehine tesis edilmi\u015f yakla\u015f\u0131k <b>2,6 Milyar ABD Dolar\u0131<\/b> tutar\u0131nda kredi limiti bulunmaktad\u0131r.<\/li>\n<li><b>Alternatif Finansman:<\/b> Banka kredileri d\u0131\u015f\u0131nda, SPK limitleri dahilinde nitelikli yat\u0131r\u0131mc\u0131lara bono ihra\u00e7 ederek alternatif finansman kaynaklar\u0131n\u0131 etkin bir \u015fekilde kullanmaktad\u0131r. 3 Haziran 2025&#8217;te 432.000.000 TL nominal de\u011ferli bono ihra\u00e7 edilmi\u015ftir.<\/li>\n<li><b>K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m Politikas\u0131:<\/b> D\u00f6nem k\u00e2r\u0131n\u0131n da\u011f\u0131t\u0131lmayarak sermayeye ilave edilmesi ve \u00f6zkaynaklar\u0131n g\u00fc\u00e7lendirilmesi hedeflenmektedir. Bu strateji ile sekt\u00f6rde daha rekabet\u00e7i bir politika izlenmesi planlanmaktad\u0131r. 30 Nisan 2025 tarihli Genel Kurul&#8217;da, 2024 y\u0131l\u0131 net k\u00e2r\u0131 olan 1.707,2 milyon TL&#8217;den yasal kesintiler sonras\u0131 kalan 1.650,4 milyon TL&#8217;nin sermayeye eklenmek \u00fczere yedeklere aktar\u0131lmas\u0131na karar verilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>4. Risk Y\u00f6netimi<\/h3>\n<h4>a) Genel Risk Politikas\u0131<\/h4>\n<p>\u015eirket, genel ekonomik ve de\u011fi\u015fen piyasa ko\u015fullar\u0131na ba\u011fl\u0131 risklere kar\u015f\u0131 tedbirler almaktad\u0131r. Faaliyetlerini faiz, vade ve kur riski almadan s\u00fcrd\u00fcrme prensibini benimsemi\u015ftir.<\/p>\n<h4>b) Risk Komiteleri<\/h4>\n<p>Y\u00f6netim kurulu b\u00fcnyesinde, risklerin etkin bir \u015fekilde y\u00f6netilmesi amac\u0131yla komiteler olu\u015fturulmu\u015ftur:<\/p>\n<ul>\n<li><b>Kurulu\u015f:<\/b> 3 Eyl\u00fcl 2024 tarihinde Kurumsal Y\u00f6netim Komitesi, Riskin Erken Saptanmas\u0131 Komitesi ve Denetim Komitesi olu\u015fturulmu\u015ftur.<\/li>\n<li><b>Yeni Atamalar:<\/b> 18 Haziran 2025 tarihinde komitelere yeni atamalar yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h4>c) Sekt\u00f6rel ve Makroekonomik Riskler<\/h4>\n<ul>\n<li><b>Mevzuat Riski:<\/b> Faktoring sekt\u00f6r\u00fc s\u00fcrekli b\u00fcy\u00fcmekle birlikte, mevcut yasal mevzuat\u0131n sekt\u00f6r\u00fcn ihtiya\u00e7lar\u0131n\u0131 tam olarak kar\u015f\u0131layamad\u0131\u011f\u0131 belirtilmektedir.<\/li>\n<li><b>D\u0131\u015fsal Riskler:<\/b> \u015eirket ve sekt\u00f6r; do\u011fal afet, sava\u015f, politik riskler, makroekonomik dalgalanmalar ve reg\u00fclasyon de\u011fi\u015fikliklerinden etkilenebilmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>5. Muhasebe Politikalar\u0131 ve Standartlar<\/h3>\n<ul>\n<li><b>Raporlama \u00c7er\u00e7evesi:<\/b> Finansal tablolar, BDDK taraf\u0131ndan yay\u0131mlanan y\u00f6netmelik ve tebli\u011flere ve bu d\u00fczenlemelerin olmad\u0131\u011f\u0131 konularda KGK taraf\u0131ndan y\u00fcr\u00fcrl\u00fc\u011fe konulan T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> BDDK&#8217;n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca, bankalar ve finansal kurulu\u015flar\u0131n 2025 y\u0131l\u0131nda enflasyon muhasebesi uygulamamas\u0131na karar verilmi\u015ftir. Bu nedenle, 30 Eyl\u00fcl 2025 tarihli finansal tablolarda TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uygulanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc Kar\u015f\u0131l\u0131klar\u0131:<\/b> \u015eirket, faktoring alacaklar\u0131 i\u00e7in TFRS 9 kapsam\u0131nda beklenen kredi zarar kar\u015f\u0131l\u0131\u011f\u0131 modelini uygulamay\u0131 tercih etmemi\u015f; bunun yerine BDDK&#8217;n\u0131n ilgili y\u00f6netmeli\u011fine uygun olarak \u00f6zel ve genel kar\u015f\u0131l\u0131k ay\u0131rmaya devam etmi\u015ftir. \u015eirket politikas\u0131, belirli riskli durumlarda (konkordato, teknik iflas vb.) teminatlar\u0131 dikkate almadan %100 oran\u0131nda \u00f6zel kar\u015f\u0131l\u0131k ay\u0131rmay\u0131 i\u00e7ermektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"736\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p> thought<br \/>\nSunulan kaynaklar, **Vak\u0131f Faktoring A.\u015e.**\u2019nin 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ait **finansal performans\u0131n\u0131** ve kurumsal yap\u0131s\u0131n\u0131 detayland\u0131ran faaliyet ve denetim raporlar\u0131d\u0131r. Belgeler, \u015firketin **ortakl\u0131k yap\u0131s\u0131n\u0131**, y\u00f6netim kadrosunu ve 850 milyon TL tutar\u0131ndaki sermaye bilgilerini kapsaml\u0131 bir \u015fekilde ortaya koymaktad\u0131r. Finansal veriler incelendi\u011finde, kurumun yakla\u015f\u0131k 1,4 milyar TL **net k\u00e2r** elde etti\u011fi ve 30,1 milyar TL seviyesinde bir **aktif b\u00fcy\u00fckl\u00fc\u011fe** ula\u015ft\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Raporda ayr\u0131ca, \u015firketin 2025 y\u0131l\u0131 sonunda ger\u00e7ekle\u015fen **halka arz s\u00fcreci** ve hisselerinin Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmeye ba\u015flamas\u0131na dair kritik bilgiler payla\u015f\u0131lm\u0131\u015ft\u0131r. Denetim raporu ise finansal tablolar\u0131n y\u00fcr\u00fcrl\u00fckteki **BDDK ve TFRS** mevzuat\u0131na uygun olarak haz\u0131rland\u0131\u011f\u0131n\u0131 teyit etmektedir. Sonu\u00e7 olarak bu kaynaklar, i\u015fletmenin operasyonel verimlili\u011fini, **risk y\u00f6netimi stratejilerini** ve sekt\u00f6rdeki stratejik konumunu belgelemektedir.<\/p>\n","protected":false},"author":1,"featured_media":737,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[179],"class_list":["post-736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-vakfa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/736","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=736"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/736\/revisions"}],"predecessor-version":[{"id":738,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/736\/revisions\/738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/737"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}