{"id":915,"date":"2026-01-31T05:26:35","date_gmt":"2026-01-31T02:26:35","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=915"},"modified":"2026-02-07T14:19:14","modified_gmt":"2026-02-07T11:19:14","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-cemzy-cem-zeytin-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/915","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 CEMZY | Cem Zeytin 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #CEMZY | Cem Zeytin 2025\/12 Bilan\u00e7o Analizi - Cem Zeytin&#039;in Yar\u0131m Milyarl\u0131k Zarar\u0131 Ger\u00e7ek mi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/VAL6RgO2I3E?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>Zeytin Kokulu Bilan\u00e7olar: Cem Zeytin\u2019in 2025 Faaliyet Raporundan \u00d6ne \u00c7\u0131kan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>1. Giri\u015f: Kahvalt\u0131 Sofras\u0131ndan Borsa Koridorlar\u0131na<\/h3>\n<p>Sabah kahvalt\u0131lar\u0131m\u0131z\u0131n sessiz kahraman\u0131 olan o siyah ve ye\u015fil zeytinlerin, mutfa\u011f\u0131m\u0131zdan \u00e7\u0131k\u0131p Borsa \u0130stanbul\u2019un (B\u0130ST: <b>CEMZY<\/b>) karma\u015f\u0131k koridorlar\u0131nda nas\u0131l bir finansal de\u011fer zincirine d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc hi\u00e7 d\u00fc\u015f\u00fcnd\u00fcn\u00fcz m\u00fc? Yolculu\u011funa 1994 y\u0131l\u0131nda Ankara\u2019da <b>Okullu G\u0131da Maddeleri Sanayi Limited \u015eirketi<\/b> ad\u0131yla m\u00fctevaz\u0131 bir ad\u0131m atarak ba\u015flayan Cem Zeytin, bug\u00fcn T\u00fcrkiye\u2019nin g\u0131da devlerinden biri olarak kar\u015f\u0131m\u0131zda. \u015eirketin yay\u0131mlanan 2025 y\u0131l\u0131 faaliyet raporu, sadece kuru rakamlardan ibaret bir belge de\u011fil; bir sanayi devinin b\u00fcy\u00fcme stratejilerini, finansal manevralar\u0131n\u0131 ve yat\u0131r\u0131mc\u0131y\u0131 d\u00fc\u015f\u00fcnd\u00fcren paradokslar\u0131n\u0131 i\u00e7eren stratejik bir anlat\u0131 sunuyor. \u0130\u015fte bu rapordaki verilerin arkas\u0131nda yatan ve ilk bak\u0131\u015fta fark edilmeyen 5 \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ek.<\/p>\n<h3>2. Operasyonel Ba\u015far\u0131ya Kar\u015f\u0131n &#8220;Net Zarar&#8221; Paradoksu<\/h3>\n<p>Cem Zeytin\u2019in 2025 y\u0131l\u0131 mali tablolar\u0131n\u0131 bir analist g\u00f6z\u00fcyle inceledi\u011fimizde, olduk\u00e7a nadir rastlanan bir k\u00e2rl\u0131l\u0131k paradoksuyla kar\u015f\u0131la\u015f\u0131yoruz. \u015eirket, makroekonomik zorluklara ra\u011fmen operasyonel g\u00fcc\u00fcn\u00fc koruyarak <b>2.801.265.798 TL<\/b> has\u0131lat elde etti. Daha da \u00f6nemlisi, 2024 y\u0131l\u0131nda <b>625,6 milyon TL<\/b> olan br\u00fct k\u00e2r\u0131n\u0131 2025\u2019te <b>650,7 milyon TL<\/b> seviyesine \u00e7\u0131karmay\u0131 ba\u015fard\u0131. Ancak operasyonel sahadaki bu ba\u015far\u0131ya ra\u011fmen, d\u00f6nem sonunda <b>497.123.145 TL<\/b> tutar\u0131nda bir net zarar a\u00e7\u0131kland\u0131.<\/p>\n<p>Peki, br\u00fct k\u00e2r\u0131 artan bir \u015firket nas\u0131l olur da &#8220;alt \u00e7izgide&#8221; bu denli b\u00fcy\u00fck bir zarar yazar? Bu durumun temel sebebi, <b>TMS 29 Enflasyon Muhasebesi<\/b> uygulamas\u0131d\u0131r. \u015eirket, bu hesaplama y\u00f6ntemi neticesinde tam <b>618.537.205 TL<\/b> tutar\u0131nda &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; kaydetmi\u015ftir. Y\u00fcksek finansman giderleri ile birle\u015fen bu ka\u011f\u0131t \u00fczerindeki kay\u0131p, operasyonel k\u00e2r\u0131 g\u00f6lgeleyerek bilan\u00e7oyu k\u0131rm\u0131z\u0131ya boyam\u0131\u015ft\u0131r.<\/p>\n<p>&#8220;\u015eirket k\u00e2r tespiti ve da\u011f\u0131t\u0131m\u0131 konusunda TTK ve sermaye piyasas\u0131 mevzuat\u0131 h\u00fck\u00fcmlerine uygun hareket eder. &#8230; TTK\u2019ya g\u00f6re ayr\u0131lmas\u0131 gereken yedek ak\u00e7eler ile k\u00e2r da\u011f\u0131t\u0131m politikas\u0131nda pay sahipleri i\u00e7in belirlenen k\u00e2r pay\u0131 ayr\u0131lmad\u0131k\u00e7a; ba\u015fka yedek ak\u00e7e ayr\u0131lmas\u0131na veya ertesi y\u0131la k\u00e2r aktar\u0131lmas\u0131na karar verilemez.&#8221; \u2014 <i>\u015eirket Esas S\u00f6zle\u015fmesi K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131<\/i><\/p>\n<h3>3. &#8220;Varl\u0131k-Hafif&#8221; \u0130\u015f Modeli: \u00dcretici mi, Stratejik Tedarik\u00e7i mi?<\/h3>\n<p>T\u00fcrkiye\u2019nin en b\u00fcy\u00fck \u00fc\u00e7 zeytin i\u015fleyicisinden biri olan Cem Zeytin hakk\u0131nda en \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7eklerden biri, \u015firketin asl\u0131nda tek bir zeytin a\u011fac\u0131na bile sahip olmamas\u0131d\u0131r. Raporda a\u00e7\u0131k\u00e7a belirtildi\u011fi \u00fczere \u015firket yeti\u015ftiricilik yapmamakta; hammadde ihtiyac\u0131n\u0131 Akhisar, Edremit ve Mut gibi T\u00fcrkiye\u2019nin en verimli b\u00f6lgelerindeki t\u00fcccarlardan kar\u015f\u0131lamaktad\u0131r.<\/p>\n<p>Bu durum, modern finans d\u00fcnyas\u0131nda &#8220;Asset-Light&#8221; (Varl\u0131k-hafif) olarak tan\u0131mlanan stratejik bir modeldir. \u015eirket, tar\u0131msal \u00fcretimin d\u00fc\u015f\u00fck marjl\u0131 ve y\u00fcksek riskli (iklim, hastal\u0131k vb.) &#8220;\u00e7ift\u00e7ilik&#8221; a\u015famas\u0131n\u0131 \u00fcstlenmek yerine; y\u00fcksek katma de\u011ferli &#8220;se\u00e7me, i\u015fleme ve paketleme&#8221; a\u015famalar\u0131na odaklanmaktad\u0131r. \u015eirketin de\u011ferlerini tan\u0131mlayan \u015fu maddeler, bu modelin pazar g\u00fcc\u00fcn\u00fc \u00f6zetlemektedir:<\/p>\n<ul>\n<li><b>M\u00fc\u015fteri Memnuniyeti:<\/b> T\u00fcm \u00fcretim s\u00fcrecindeki temel motivasyon kayna\u011f\u0131d\u0131r.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Kalitenin kesintisiz devam\u0131 en b\u00fcy\u00fck \u00f6nceliktir.<\/li>\n<li><b>Pazardaki G\u00fc\u00e7:<\/b> \u00dcretim kapasitesi ve \u00fcr\u00fcn \u00e7e\u015fitlili\u011fi ile T\u00fcrkiye\u2019nin en b\u00fcy\u00fck 3 \u00fcreticisinden biridir.<\/li>\n<\/ul>\n<h3>4. Mersin Mut Yat\u0131r\u0131m\u0131: B\u00f6lgesel G\u00fc\u00e7ten K\u00fcresel Ambisyona<\/h3>\n<p>Cem Zeytin, b\u00fcy\u00fcme vizyonunu Bal\u0131kesir Havran\u2019daki merkezinden Mersin Mut\u2019a ta\u015f\u0131yarak devasa bir kapasite art\u0131\u015f\u0131na imza att\u0131. 2024 y\u0131l\u0131 Haziran ay\u0131nda faaliyete ge\u00e7en Mut tesisi, \u015firketin sadece bir paketleyici de\u011fil, b\u00f6lgesel bir \u00fcretim \u00fcss\u00fc olma kararl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Buradaki yat\u0131r\u0131m\u0131n \u00f6l\u00e7e\u011fini anlamak i\u00e7in devlet te\u015fviklerine bakmak yeterli:<\/p>\n<p>\u015eirketin Edremit fabrikas\u0131 i\u00e7in ald\u0131\u011f\u0131 te\u015fvik tutar\u0131 <b>68,3 milyon TL<\/b> iken, Mersin Mut Fabrikas\u0131 i\u00e7in al\u0131nan yat\u0131r\u0131m te\u015fvik belgesi tutar\u0131 tam <b>780.882.493 TL<\/b> seviyesindedir. Bu 11 katl\u0131k fark, \u015firketin Akdeniz havzas\u0131ndaki stratejik a\u011f\u0131rl\u0131\u011f\u0131n\u0131 nas\u0131l art\u0131rd\u0131\u011f\u0131n\u0131n en somut kan\u0131t\u0131d\u0131r. Bu devasa te\u015fvik paketi; Halkbank kaynakl\u0131 10 y\u0131ll\u0131k faiz deste\u011fi, %80 oran\u0131nda kurumlar vergisi indirimi ve g\u00fcmr\u00fck vergisi muafiyeti gibi kritik avantajlar i\u00e7ermektedir.<\/p>\n<h3>5. Pay Geri Al\u0131m Program\u0131: &#8220;Hisselerimiz Ger\u00e7ek De\u011ferini Yans\u0131tm\u0131yor&#8221;<\/h3>\n<p>Borsada i\u015flem g\u00f6ren bir \u015firketin en g\u00fc\u00e7l\u00fc g\u00fcven g\u00f6stergesi, kendi paylar\u0131n\u0131 piyasadan geri almas\u0131d\u0131r. Cem Zeytin y\u00f6netimi, <b>CEMZY<\/b> paylar\u0131n\u0131n piyasa fiyat\u0131n\u0131n \u015firketin ger\u00e7ek finansal performans\u0131n\u0131 ve &#8220;itfa edilmi\u015f maliyet&#8221; de\u011ferini yans\u0131tmad\u0131\u011f\u0131na karar vererek agresif bir geri al\u0131m program\u0131 uygulad\u0131.<\/p>\n<p>9 May\u0131s \u2013 1 A\u011fustos 2025 tarihleri aras\u0131nda ger\u00e7ekle\u015ftirilen bu operasyonda, \u015firket aktiflerinden kar\u015f\u0131lanmak \u00fczere <b>7.550.000 TL nominal de\u011ferli<\/b> pay geri al\u0131nd\u0131. Bu hamleyle birlikte, \u015firketin sahip oldu\u011fu geri al\u0131nan paylar\u0131n sermaye oran\u0131 <b>%7,41<\/b> gibi olduk\u00e7a y\u00fcksek bir seviyeye ula\u015ft\u0131. \u0130lk Ola\u011fan Genel Kurul\u2019a kadar s\u00fcrmesi planlanan bu program, piyasaya verilen &#8220;\u015firketimize ve gelece\u011fimize g\u00fcveniyoruz&#8221; mesaj\u0131n\u0131n finansal m\u00fch\u00fcrd\u00fcr.<\/p>\n<h3>6. S\u00fcrd\u00fcr\u00fclebilirlik ve Kurumsal Yap\u0131daki \u0130lgin\u00e7 Tezat<\/h3>\n<p>Raporda kurumsal y\u00f6neti\u015fim a\u00e7\u0131s\u0131ndan hayli sofistike bir yap\u0131 g\u00f6ze \u00e7arp\u0131yor. \u015eirket b\u00fcnyesinde; <i>Denetimden Sorumlu Komite<\/i>, <i>Kurumsal Y\u00f6netim Komitesi<\/i>, <i>Riskin Erken Saptanmas\u0131 Komitesi<\/i> ve <i>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi<\/i> olmak \u00fczere d\u00f6rt kritik yap\u0131 bulunuyor. Bu komiteler, 2025 y\u0131l\u0131 boyunca titizlikle \u00e7al\u0131\u015farak toplam <b>14 rapor<\/b> haz\u0131rlam\u0131\u015f ve y\u00f6netim kurulunu s\u00fcrekli bilgilendirmi\u015ftir.<\/p>\n<p>Ancak bu devasa kurumsal mekanizma ile toplumsal katk\u0131 aras\u0131ndaki &#8220;sembolik mesafe&#8221; dikkat \u00e7ekicidir. Milyarlarca lira has\u0131lat yapan ve 267 ki\u015filik bir istihdam ordusunu y\u00f6neten bu dev yap\u0131n\u0131n, 2025 y\u0131l\u0131 boyunca yapt\u0131\u011f\u0131 toplam ba\u011f\u0131\u015f ve yard\u0131m tutar\u0131 yaln\u0131zca <b>2.750 TL<\/b>&#8216;dir. Bu durum, kurumsal y\u00f6neti\u015fim yap\u0131lar\u0131 ile toplumsal yat\u0131r\u0131m aras\u0131ndaki odak fark\u0131n\u0131 g\u00f6steren ilgin\u00e7 bir detay olarak kay\u0131tlara ge\u00e7mi\u015ftir.<\/p>\n<h3>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Bir Soru<\/h3>\n<p>Net zarara ra\u011fmen Cem Zeytin, finansal dayan\u0131kl\u0131l\u0131k a\u00e7\u0131s\u0131ndan olduk\u00e7a &#8220;likit&#8221; bir pozisyondad\u0131r. \u015eirketin <b>3,78<\/b> seviyesindeki g\u00fc\u00e7l\u00fc <b>Cari Oran\u0131 (Current Ratio)<\/b>, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama konusunda hi\u00e7bir sorun ya\u015famad\u0131\u011f\u0131n\u0131 ve finansal krizlere kar\u015f\u0131 ba\u011f\u0131\u015f\u0131k oldu\u011funu g\u00f6stermektedir.<\/p>\n<p>Sonu\u00e7 olarak kar\u015f\u0131m\u0131zda, enflasyon muhasebesinin teknik zararlar\u0131na ra\u011fmen operasyonel k\u00e2r\u0131n\u0131 art\u0131ran, devasa yat\u0131r\u0131m te\u015fvikleriyle kapasite b\u00fcy\u00fcten ve kendi hissesine sahip \u00e7\u0131kan bir g\u0131da devi var. Peki, bu net zarar tablosu bir &#8220;f\u0131rt\u0131na \u00f6ncesi sessizlik&#8221; mi, yoksa k\u00fcresel bir marka olma yolunda \u00f6denen zorunlu bir yat\u0131r\u0131m maliyeti mi? Karar\u0131, bilan\u00e7onun zeytin kokulu derinliklerini analiz eden yat\u0131r\u0131mc\u0131lar verecek.<\/p>\n<p>&nbsp;<\/p>\n<h1>Cem Zeytin A.\u015e. 2025 Y\u0131l\u0131 Faaliyet ve Finansal De\u011ferlendirme Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu dok\u00fcman, Cem Zeytin Anonim \u015eirketi\u2019nin (\u015eirket) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait faaliyet raporu ve ba\u011f\u0131ms\u0131z denetim sonu\u00e7lar\u0131n\u0131n kapsaml\u0131 bir sentezidir. 2025 y\u0131l\u0131, \u015eirket i\u00e7in operasyonel b\u00fcy\u00fcme ve kurumsal yap\u0131lanma a\u00e7\u0131s\u0131ndan kritik bir d\u00f6nem olmu\u015ftur. Deneyim Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, \u015eirket\u2019in finansal tablolar\u0131n\u0131n ger\u00e7e\u011fi d\u00fcr\u00fcst bir \u015fekilde yans\u0131tt\u0131\u011f\u0131na dair <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirilmi\u015ftir.<\/p>\n<p>\u00d6ne \u00e7\u0131kan temel hususlar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Operasyonel Geni\u015fleme:<\/b> 2024 Haziran ay\u0131nda faaliyete ge\u00e7en Mersin Mut tesisinin tam kapasiteye yak\u0131n kullan\u0131m\u0131 ve Edremit tesisindeki yat\u0131r\u0131mlar, \u00fcretim kapasitesini desteklemi\u015ftir.<\/li>\n<li><b>Finansal Durum:<\/b> \u015eirket 2025 y\u0131l\u0131nda yakla\u015f\u0131k 2,8 milyar TL has\u0131lat elde etmi\u015ftir. Ancak, enflasyon muhasebesi (TMS 29) ve parasal pozisyon kay\u0131plar\u0131n\u0131n etkisiyle d\u00f6nem 497,1 milyon TL net zarar ile kapat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye ve Ortakl\u0131k:<\/b> \u015eirket paylar\u0131n\u0131n halka arz\u0131 sonras\u0131 Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015f ve 2025 y\u0131l\u0131 i\u00e7erisinde aktif bir pay geri al\u0131m program\u0131 y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Yat\u0131r\u0131m Te\u015fvikleri:<\/b> Edremit ve Mersin Mut tesisleri i\u00e7in toplamda yakla\u015f\u0131k 850 milyon TL&#8217;yi a\u015fan yat\u0131r\u0131m te\u015fvik belgeleri kapsam\u0131nda vergi indirimi, KDV istisnas\u0131 ve faiz deste\u011fi gibi avantajlardan yararlan\u0131lmaktad\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<h2>1. Kurumsal Profil ve Operasyonel Faaliyetler<\/h2>\n<h3>1.1. \u015eirket Ge\u00e7mi\u015fi ve Faaliyet Konusu<\/h3>\n<p>1994 y\u0131l\u0131nda Ankara\u2019da kurulan \u015eirket, 2021 y\u0131l\u0131nda Cem Zeytin A.\u015e. unvan\u0131n\u0131 alm\u0131\u015ft\u0131r. Temel faaliyet alan\u0131; sofral\u0131k siyah ve ye\u015fil zeytinlerin hasad\u0131, i\u015flenmesi, fermantasyonu ve paketlenmesidir. \u015eirket, \u00fcr\u00fcnlerini hem &#8220;Cem&#8221; ve &#8220;Cem Zeytin&#8221; markalar\u0131 alt\u0131nda hem de fason (private label) \u00fcretim yoluyla pazara sunmaktad\u0131r.<\/p>\n<h3>1.2. \u00dcretim Tesisleri ve Tedarik Zinciri<\/h3>\n<p>\u015eirket, \u00fcretim faaliyetlerini iki ana merkez \u00fczerinden y\u00fcr\u00fctmektedir:<\/p>\n<ul>\n<li><b>Edremit Tesisi (Bal\u0131kesir):<\/b> 18.000 m\u00b2 kapal\u0131, toplam 53.000 m\u00b2 alan \u00fczerine kuruludur.<\/li>\n<li><b>Mut Tesisi (Mersin):<\/b> 2024 y\u0131l\u0131 Haziran ay\u0131nda faaliyete ge\u00e7mi\u015ftir.<\/li>\n<\/ul>\n<p><b>Tedarik Politikas\u0131:<\/b> \u015eirket zeytin yeti\u015ftiricili\u011fi yapmamakta; hammaddesini tamamen yurt i\u00e7indeki (Bal\u0131kesir, Manisa, Mersin) t\u00fcccarlardan tedarik etmektedir. Bu model, yerel ekonomi ile g\u00fc\u00e7l\u00fc bir ba\u011f kurulmas\u0131n\u0131 sa\u011flamaktad\u0131r.<\/p>\n<h3>1.3. \u00dcretim ve Sat\u0131\u015f Miktarlar\u0131 (2025)<\/h3>\n<p>2025 y\u0131l\u0131 sonu itibar\u0131yla \u00fcretim ve sat\u0131\u015f rakamlar\u0131 \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcr\u00fcn Grubu (Kg)<\/td>\n<td>\u00dcretim (2025)<\/td>\n<td>Sat\u0131\u015f (2025)<\/td>\n<\/tr>\n<tr>\n<td>Sofral\u0131k Ye\u015fil Zeytin (T\u00fcm \u00c7e\u015fitler)<\/td>\n<td>8.171.194<\/td>\n<td>8.312.499<\/td>\n<\/tr>\n<tr>\n<td>Sofral\u0131k Siyah Zeytin (T\u00fcm \u00c7e\u015fitler)<\/td>\n<td>9.732.547<\/td>\n<td>10.072.359<\/td>\n<\/tr>\n<tr>\n<td><b>Genel Toplam<\/b><\/td>\n<td><b>17.903.741<\/b><\/td>\n<td><b>20.299.940<\/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>2. Finansal Performans Analizi<\/h2>\n<h3>2.1. Gelir ve Karl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<p>\u015eirket&#8217;in 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, y\u00fcksek enflasyonlu ekonomilerde finansal raporlama standartlar\u0131na (TMS 29) uygun olarak sunulmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (TL)<\/td>\n<td>31.12.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>2.801.265.798<\/td>\n<td>2.975.480.982<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>650.726.986<\/td>\n<td>625.642.086<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>594.828.814<\/td>\n<td>505.073.354<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Net Kar\u0131 \/ (Zarar\u0131)<\/td>\n<td>(497.123.145)<\/td>\n<td>119.224.130<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Analiz:<\/b> Has\u0131lat\u0131n \u00f6nceki y\u0131la g\u00f6re nominal olarak yatay seyretti\u011fi g\u00f6r\u00fclmektedir. Esas faaliyet kar\u0131ndaki art\u0131\u015fa ra\u011fmen, 618,5 milyon TL tutar\u0131ndaki &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; d\u00f6nem net zarar\u0131n\u0131n temel sebebi olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<h3>2.2. Bilan\u00e7o Yap\u0131s\u0131 ve Likidite<\/h3>\n<p>\u015eirket&#8217;in finansal yap\u0131s\u0131 g\u00fc\u00e7l\u00fc bir \u00f6zkaynak taban\u0131na ve y\u00fcksek likidite oranlar\u0131na dayanmaktad\u0131r.<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 5,45 milyar TL<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 3,93 milyar TL<\/li>\n<li><b>Cari Oran:<\/b> 3,78 (K\u0131sa vadeli bor\u00e7 \u00f6deme kabiliyetinin \u00e7ok y\u00fcksek oldu\u011funu g\u00f6stermektedir).<\/li>\n<li><b>Net Bor\u00e7 \/ Toplam Sermaye Oran\u0131:<\/b> %21 (Makul bir bor\u00e7lanma seviyesi).<\/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>3. Kurumsal Y\u00f6netim ve Stratejik Yap\u0131lanma<\/h2>\n<h3>3.1. Y\u00f6netim Kurulu Yap\u0131s\u0131<\/h3>\n<p>Y\u00f6netim Kurulu 5 \u00fcyeden olu\u015fmakta olup, kurumsal y\u00f6netim ilkeleri gere\u011fi 2 ba\u011f\u0131ms\u0131z \u00fcye g\u00f6rev yapmaktad\u0131r.<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan\u0131:<\/b> Cem OKULLU<\/li>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan Vekili:<\/b> Cengiz OKULLU<\/li>\n<li><b>\u00dcye ve Genel M\u00fcd\u00fcr:<\/b> Volkan OKULLU (Atama tarihi: 23.12.2025)<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z \u00dcyeler:<\/b> Serdar Muharrem Bayraktutan ve G\u00fcl Sa\u011f\u0131r Ayd\u0131n.<\/li>\n<\/ul>\n<h3>3.2. Komiteler ve Risk Y\u00f6netimi<\/h3>\n<p>Y\u00f6netim Kurulu&#8217;nun g\u00f6revlerini etkin yerine getirmesi amac\u0131yla d\u00f6rt temel komite olu\u015fturulmu\u015ftur:<\/p>\n<ol>\n<li><b>Denetimden Sorumlu Komite:<\/b> Finansal raporlama ve denetim s\u00fcre\u00e7lerini g\u00f6zetir.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> \u015eeffafl\u0131k ve hissedar haklar\u0131n\u0131 izler.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Olas\u0131 finansal ve operasyonel riskleri analiz eder.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi:<\/b> \u00c7evreci yakla\u015f\u0131m ve sosyal sorumluluk projelerini y\u00f6netir.<\/li>\n<\/ol>\n<h3>3.3. Sermaye Yap\u0131s\u0131 ve Pay Geri Al\u0131m Program\u0131<\/h3>\n<p>\u015eirket&#8217;in \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 402 milyon TL&#8217;dir. 2025 y\u0131l\u0131 i\u00e7erisinde hisse fiyatlar\u0131ndaki tutars\u0131zl\u0131klar\u0131 gidermek amac\u0131yla bir geri al\u0131m program\u0131 uygulanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>9 May\u0131s &#8211; 1 A\u011fustos 2025 tarihleri aras\u0131nda 7,55 milyon TL nominal de\u011ferli hisse geri al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li>D\u00f6nem sonu itibar\u0131yla \u015eirket&#8217;in sahip oldu\u011fu kendi paylar\u0131n\u0131n sermayeye oran\u0131 %7,41&#8217;e ula\u015fm\u0131\u015ft\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<h2>4. Yat\u0131r\u0131mlar ve Devlet Te\u015fvikleri<\/h2>\n<p>\u015eirket, kapasite art\u0131\u015f\u0131 ve teknolojik yenilenme i\u00e7in kapsaml\u0131 devlet te\u015fviklerinden yararlanmaktad\u0131r:<\/p>\n<ul>\n<li><b>Edremit Yat\u0131r\u0131m\u0131:<\/b> 68,3 milyon TL tutar\u0131ndaki te\u015fvik belgesi; KDV istisnas\u0131, faiz deste\u011fi ve 5 y\u0131l s\u00fcreli sigorta primi i\u015fveren hissesi deste\u011fi i\u00e7ermektedir.<\/li>\n<li><b>Mersin Mut Yat\u0131r\u0131m\u0131:<\/b> 780,8 milyon TL tutar\u0131ndaki devasa yat\u0131r\u0131m te\u015fvi\u011fi; %80 kurumlar vergisi indirimi, 7 y\u0131l sigorta primi deste\u011fi ve g\u00fcmr\u00fck vergisi muafiyeti sa\u011flamaktad\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<h2>5. Ba\u011f\u0131ms\u0131z Denetim ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Harun Akta\u015f (Deneyim Ba\u011f\u0131ms\u0131z Denetim A.\u015e.), denetim s\u00fcrecinde iki konuyu <b>&#8220;Kilit Denetim Konusu&#8221;<\/b> olarak belirlemi\u015ftir:<\/p>\n<ol>\n<li><b>Has\u0131lat Tan\u0131nmas\u0131:<\/b> Sat\u0131\u015flar\u0131n do\u011frulu\u011fu ve d\u00f6nemsellik ilkesine uygunlu\u011fu, \u00f6rnekleme metodu ve kontrol testleri ile do\u011frulanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Maddi Duran Varl\u0131klar\u0131n De\u011ferlemesi:<\/b> \u015eirket&#8217;in arsa ve binalar\u0131 yeniden de\u011ferleme modeli ile takip edilmektedir. Invest Gayrimenkul De\u011ferleme A.\u015e. taraf\u0131ndan yap\u0131lan de\u011ferlemelerin piyasa verileriyle uyumu ve TFRS standartlar\u0131na uygunlu\u011fu test edilmi\u015ftir.<\/li>\n<\/ol>\n<h3>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc Notu<\/h3>\n<p>\u015eirket&#8217;in defter tutma d\u00fczeninin ve finansal tablolar\u0131n\u0131n, T\u00fcrk Ticaret Kanunu (TTK) ve \u015eirket esas s\u00f6zle\u015fmesine uygun oldu\u011fu onaylanm\u0131\u015ft\u0131r. Riskin Erken Saptanmas\u0131 Sistemi&#8217;ne dair rapor 30 Ocak 2026 tarihinde Y\u00f6netim Kurulu&#8217;na sunulmu\u015ftur.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"915\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Cem Zeytin A.\u015e.\u2019nin 2025 y\u0131l\u0131 faaliyet raporu, \u015firketin finansal tablolar\u0131ndan stratejik yat\u0131r\u0131mlar\u0131na kadar geni\u015f bir perspektif sunuyor. **2,8 milyar TL has\u0131lat** ve **Mersin Mut tesisinin faaliyete ge\u00e7mesi** gibi \u00f6nemli d\u00f6n\u00fcm noktalar\u0131n\u0131n yan\u0131 s\u0131ra, **pay geri al\u0131m program\u0131n\u0131n tamamlanmas\u0131** ve **yeni genel m\u00fcd\u00fcr atamas\u0131** gibi kurumsal geli\u015fmeler \u00f6ne \u00e7\u0131k\u0131yor. S\u00fcrd\u00fcr\u00fclebilir tar\u0131m politikalar\u0131yla b\u00fcy\u00fcmeye devam eden \u015firketin 2025 y\u0131l\u0131 performans analizini ve ba\u011f\u0131ms\u0131z denet\u00e7i raporu detaylar\u0131n\u0131 blog yaz\u0131m\u0131zda bulabilirsiniz.<\/p>\n","protected":false},"author":1,"featured_media":917,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[19],"class_list":["post-915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-cemzy"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/915","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=915"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/915\/revisions"}],"predecessor-version":[{"id":918,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/915\/revisions\/918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/917"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}