{"id":953,"date":"2026-02-06T23:02:54","date_gmt":"2026-02-06T20:02:54","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=953"},"modified":"2026-02-07T14:18:30","modified_gmt":"2026-02-07T11:18:30","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tuprs-tupras-2025-12-bilanco-analizi-tupras-ciro-duserken-karini-nasil-artirdi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/953","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TUPRS | T\u00fcpra\u015f 2025\/12 Bilan\u00e7o Analizi &#8211; T\u00fcpra\u015f Ciro D\u00fc\u015ferken K\u00e2r\u0131n\u0131 Nas\u0131l Art\u0131rd\u0131"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/TUPRS--Tpra-202512-Bilano-Analizi---Tpra-Ciro-Derken-Krn-Nasl-Artrd-e3eo848\/a-acf71ti\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>T\u00fcpra\u015f\u2019\u0131n 2025 Finansal Karnesi: 591 Milyar Liral\u0131k Dev Yapbozun Sat\u0131r Aralar\u0131<\/h1>\n<p>T\u00fcrkiye\u2019nin sanayi amiral gemisi T\u00fcpra\u015f, y\u00fcksek enflasyonun ve finansal standart de\u011fi\u015fimlerinin bilan\u00e7olar\u0131 birer &#8220;hareketli hedefe&#8221; d\u00f6n\u00fc\u015ft\u00fcrd\u00fc\u011f\u00fc 2025 y\u0131l\u0131n\u0131 geride b\u0131rakt\u0131. \u015eirketin a\u00e7\u0131klad\u0131\u011f\u0131 konsolide finansal raporlar, sadece bir \u00fcretim devinin de\u011fil, ayn\u0131 zamanda de\u011fi\u015fken bir makroekonomik iklimde reel de\u011ferini korumaya \u00e7al\u0131\u015fan stratejik bir organizasyonun foto\u011fraf\u0131n\u0131 \u00e7ekiyor. 591,9 milyar liral\u0131k varl\u0131k yap\u0131s\u0131na ra\u011fmen, enflasyon d\u00fczeltmesi sonras\u0131 2024 y\u0131l\u0131ndaki 594,4 milyar liral\u0131k hacme g\u00f6re reel anlamda hafif bir daralma ya\u015fayan bu devasa yap\u0131, as\u0131l ba\u015far\u0131y\u0131 &#8220;k\u00e2rl\u0131l\u0131k kalitesinde&#8221; ve &#8220;nakit \u00fcretim g\u00fcc\u00fcnde&#8221; ar\u0131yor.<\/p>\n<h2>Enflasyon Muhasebesi: Ger\u00e7ekli\u011fin Yeni Filtresi<\/h2>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131n en belirleyici unsuru, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131n\u0131n uygulanmas\u0131d\u0131r. Bilindi\u011fi \u00fczere bu standart, finansal tablolar\u0131n 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcyle sunulmas\u0131n\u0131 zorunlu k\u0131l\u0131yor. \u015eirketin bu d\u00f6nemde %211\u2019e ula\u015fan \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon katsay\u0131s\u0131n\u0131 baz alarak yapt\u0131\u011f\u0131 d\u00fczeltmeler, &#8220;ger\u00e7ek&#8221; k\u00e2rl\u0131l\u0131\u011f\u0131n \u00f6n\u00fcndeki sis perdesini kald\u0131r\u0131yor.<\/p>\n<p>Bu s\u00fcre\u00e7te en kritik veri, &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; kaleminde gizli. T\u00fcpra\u015f, 2024 y\u0131l\u0131nda 19,08 milyar TL olan net parasal pozisyon kayb\u0131n\u0131, 2025 y\u0131l\u0131nda <b>3,47 milyar TL<\/b> seviyesine indirmeyi ba\u015fard\u0131. Bu radikal d\u00fc\u015f\u00fc\u015f, \u015firketin parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fck dengesini enflasyona kar\u015f\u0131 \u00e7ok daha etkin y\u00f6netti\u011fini kan\u0131tl\u0131yor. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda bu durumun neden bir &#8220;Kilit Denetim Konusu&#8221; oldu\u011fu \u015fu s\u00f6zlerle vurgulan\u0131yor:<\/p>\n<p>&#8220;TMS 29&#8217;un Grup\u2019un raporlanan sonu\u00e7lar\u0131 ve finansal durumu \u00fczerindeki \u00f6nemli etkisi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, y\u00fcksek enflasyon muhasebesi bir kilit denetim konusu olarak de\u011ferlendirilmi\u015ftir.&#8221;<\/p>\n<h2>Gayrimenkul Paradoksu: De\u011ferleme Art\u0131\u015f\u0131 Beklerken Ya\u015fanan Azal\u0131\u015f<\/h2>\n<p>Raporun en \u015fa\u015f\u0131rt\u0131c\u0131 detaylar\u0131ndan biri, maddi duran varl\u0131klar kaleminde, \u00f6zellikle arsa ve arazilerde kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor. 31 Mart 2019\u2019dan bu yana yeniden de\u011ferleme modelini uygulayan T\u00fcpra\u015f\u2019\u0131n toplam 86,2 milyar TL de\u011ferindeki arazilerinde, 2025 y\u0131l\u0131nda <b>2.815.179 bin TL<\/b> tutar\u0131nda bir de\u011fer azal\u0131\u015f\u0131 kaydedildi.<\/p>\n<p>Enflasyonist bir ortamda varl\u0131k de\u011ferinin d\u00fc\u015fmesi ilk bak\u0131\u015fta bir paradoks gibi g\u00f6r\u00fcnse de, rasyonel finansal analiz bize \u015funu s\u00f6yl\u00fcyor: &#8220;Emsal Kar\u015f\u0131la\u015ft\u0131rma Y\u00f6ntemi&#8221; ile yap\u0131lan piyasa de\u011ferlemeleri, muhasebe standartlar\u0131 gere\u011fi uygulanan T\u00dcFE bazl\u0131 endeksleme oran\u0131n\u0131n alt\u0131nda kalm\u0131\u015ft\u0131r. Yani, k\u00e2\u011f\u0131t \u00fczerindeki enflasyon d\u00fczeltmesi, piyasadaki reel emsal art\u0131\u015f h\u0131z\u0131n\u0131 ge\u00e7ti\u011fi i\u00e7in teknik olarak bir de\u011fer azal\u0131\u015f\u0131 muhasebele\u015ftirilmi\u015ftir.<\/p>\n<h2>12 Milyar Liral\u0131k Stratejik G\u00fcvence: Yat\u0131r\u0131m Te\u015fvikleri<\/h2>\n<p>Bilan\u00e7onun &#8220;Ertelenmi\u015f Vergi Varl\u0131klar\u0131&#8221; ba\u015fl\u0131\u011f\u0131 alt\u0131nda yer alan <b>11,9 milyar TL<\/b> tutar\u0131ndaki yat\u0131r\u0131m te\u015fvikleri, sadece bir muhasebe rakam\u0131 de\u011fil, y\u00f6netimin gelece\u011fe dair projeksiyonlar\u0131n\u0131n bir yans\u0131mas\u0131d\u0131r. Bu tutar, \u015firketin gelecekte elde etmeyi planlad\u0131\u011f\u0131 vergilendirilebilir k\u00e2rlar \u00fczerinden kullanaca\u011f\u0131 bir vergi kalkan\u0131n\u0131 temsil ediyor. Denet\u00e7i raporunun bu kalemi &#8220;kilit konu&#8221; olarak se\u00e7mesi, bu 11,9 milyar liral\u0131k varl\u0131\u011f\u0131n geri kazan\u0131m\u0131n\u0131n tamamen y\u00f6netimin gelecekteki operasyonel ba\u015far\u0131s\u0131na ve k\u00e2r varsay\u0131mlar\u0131na endeksli olmas\u0131ndan kaynaklan\u0131yor.<\/p>\n<h2>Sermaye Tahsisi Esnekli\u011fi: 107 Milyar Liral\u0131k Nakit Rezervi<\/h2>\n<p>T\u00fcpra\u015f, 2025 y\u0131l\u0131nda likidite y\u00f6netiminde kasas\u0131n\u0131 daha da g\u00fc\u00e7lendirdi. 2024 sonunda 96,2 milyar TL olan &#8220;Nakit ve Nakit Benzerleri&#8221;, 2025 y\u0131l\u0131 sonunda <b>107,2 milyar TL<\/b> seviyesine ula\u015ft\u0131. Toplam varl\u0131klar\u0131n yakla\u015f\u0131k %18\u2019ine tekab\u00fcl eden bu likidite seviyesi, \u015firketin &#8220;sermaye tahsisi esnekli\u011fini&#8221; maksimize ediyor.<\/p>\n<p>Buradaki as\u0131l \u00e7arp\u0131c\u0131 nokta, bu nakit birikiminin y\u0131l i\u00e7inde yap\u0131lan tam <b>34,8 milyar TL tutar\u0131ndaki devasa temett\u00fc \u00f6demesine<\/b> ra\u011fmen ba\u015far\u0131lm\u0131\u015f olmas\u0131d\u0131r. Bu durum, T\u00fcpra\u015f\u2019\u0131n operasyonel nakit ak\u0131\u015f\u0131n\u0131n ne kadar y\u00fcksek bir &#8220;ate\u015f g\u00fcc\u00fcne&#8221; sahip oldu\u011funu ve hissedar getirisini s\u00fcrd\u00fcr\u00fcrken bile yat\u0131r\u0131m kapasitesini koruyabildi\u011fini g\u00f6steriyor.<\/p>\n<h2>Bir Rafineriden Fazlas\u0131: Entegre Enerji Ekosistemi<\/h2>\n<p>T\u00fcpra\u015f, 6.269 \u00e7al\u0131\u015fan\u0131yla sadece bir akaryak\u0131t \u00fcreticisi de\u011fil, lojistikten perakendeye uzanan dev bir ekosistemi y\u00f6netiyor. Kaynaklarda detayland\u0131r\u0131lan grup organizasyonu, riskin nas\u0131l da\u011f\u0131t\u0131ld\u0131\u011f\u0131n\u0131 ve de\u011fer zincirinin nas\u0131l kontrol edildi\u011fini \u00f6zetliyor:<\/p>\n<ul>\n<li><b>Deniz Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131:<\/b> Dita\u015f ve ba\u011fl\u0131 tanker filosu.<\/li>\n<li><b>K\u00fcresel Ticaret:<\/b> Londra merkezli <b>Tupras Trading Ltd.<\/b> ile uluslararas\u0131 pazarlarda aktif rol.<\/li>\n<li><b>Perakende:<\/b> Opet ile T\u00fcrkiye\u2019nin en g\u00fc\u00e7l\u00fc da\u011f\u0131t\u0131m a\u011flar\u0131ndan biri.<\/li>\n<li><b>Demiryolu:<\/b> K\u00f6rfez Ula\u015ft\u0131rma ile T\u00fcrkiye\u2019nin ilk \u00f6zel demiryolu i\u015fletmecili\u011fi.<\/li>\n<li><b>Ye\u015fil Enerji:<\/b> Entek ve T\u00fcpra\u015f Ventures ile s\u00fcrd\u00fcr\u00fclebilir enerji d\u00f6n\u00fc\u015f\u00fcm\u00fc.<\/li>\n<\/ul>\n<h2>K\u00e2rl\u0131l\u0131k Analizi ve Pay Ba\u015f\u0131na Kazan\u00e7<\/h2>\n<p>\u015eirketin sat\u0131\u015f has\u0131lat\u0131, enflasyon d\u00fczeltmesinin baz etkisiyle nominal olarak 2024\u2019teki 1,06 trilyon TL seviyesinden 830,3 milyar TL\u2019ye gerilemi\u015f g\u00f6r\u00fcnse de, net d\u00f6nem k\u00e2r\u0131 23,9 milyar TL\u2019den <b>29,5 milyar TL<\/b> seviyesine y\u00fckselmi\u015ftir.<\/p>\n<p>Bu performans, pay ba\u015f\u0131na kazanc\u0131n (EPS) 2024 y\u0131l\u0131ndaki 12,44 Kr. seviyesinden <b>15,32 Kr.<\/b> seviyesine \u00e7\u0131kmas\u0131n\u0131 sa\u011flad\u0131. Has\u0131lat d\u00fc\u015ferken k\u00e2r\u0131n artmas\u0131n\u0131n ana motoru, operasyonel verimlili\u011fin yan\u0131 s\u0131ra, net parasal pozisyon kayb\u0131n\u0131n 15 milyar TL&#8217;den fazla azalmas\u0131d\u0131r. Bu, finansal m\u00fchendisli\u011fin operasyonel ba\u015far\u0131yla birle\u015fti\u011fi bir tabloyu temsil ediyor.<\/p>\n<h2>Sonu\u00e7: Enerji D\u00f6n\u00fc\u015f\u00fcm\u00fcnde Yeni Sayfa<\/h2>\n<p>T\u00fcpra\u015f\u2019\u0131n 2025 finansal karnesi, \u015firketin sadece mevcut durumunu korumakla kalmay\u0131p, enerji d\u00f6n\u00fc\u015f\u00fcm\u00fc i\u00e7in gereken finansal kaslar\u0131 geli\u015ftirdi\u011fini g\u00f6steriyor. \u00d6zellikle Romanya\u2019da sat\u0131n al\u0131nan <b>Eco Sun ve Euromec<\/b> gibi ye\u015fil enerji yat\u0131r\u0131mlar\u0131, \u015firketin co\u011frafi s\u0131n\u0131rlar\u0131 a\u015fan ve karbon d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc hedefleyen yeni stratejisinin somut kan\u0131tlar\u0131d\u0131r.<\/p>\n<p>107 milyar liral\u0131k nakit g\u00fcc\u00fc ve 12 milyar liral\u0131k vergi avantaj\u0131 ile T\u00fcpra\u015f, \u00f6n\u00fcm\u00fczdeki d\u00f6nemin belirsizliklerine kar\u015f\u0131 en donan\u0131ml\u0131 akt\u00f6rlerden biri olmaya devam ediyor. Ancak bu noktada \u015fu stratejik soruyu sormak gerekiyor: <b>Bir devin ba\u015far\u0131s\u0131, sadece k\u00e2\u011f\u0131t \u00fczerindeki k\u00e2r rakamlar\u0131yla m\u0131, yoksa enflasyon ve de\u011ferleme f\u0131rt\u0131nalar\u0131 aras\u0131nda reel varl\u0131\u011f\u0131n\u0131 koruyup yeni enerji d\u00fcnyas\u0131na ne kadar h\u0131zl\u0131 adapte olabildi\u011fiyle mi \u00f6l\u00e7\u00fclmelidir?<\/b><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Bilgilendirme Belgesi: T\u00dcPRA\u015e 2025 Y\u0131l\u0131 Konsolide Finansal ve Denetim Analizi<\/span><\/h1>\n<p>Bu belge, T\u00fcrkiye Petrol Rafinerileri A.\u015e. (T\u00fcpra\u015f) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve konsolide finansal tablolar\u0131ndan elde edilen verilerin kapsaml\u0131 bir sentezidir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>T\u00fcpra\u015f&#8217;\u0131n 2025 y\u0131l\u0131 finansal tablolar\u0131, G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (bir Ernst &amp; Young Global Limited \u00fcyesi) taraf\u0131ndan denetlenmi\u015f ve <b>olumlu (\u015farts\u0131z) g\u00f6r\u00fc\u015f<\/b> alm\u0131\u015ft\u0131r. Grup, 2025 y\u0131l\u0131nda y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131 nedeniyle TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131n\u0131 uygulamaya devam etmi\u015ftir.<\/p>\n<p>Finansal sonu\u00e7lar, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edildi\u011finde; Grup&#8217;un toplam varl\u0131klar\u0131 <b>591,97 milyar TL<\/b>, toplam \u00f6zkaynaklar\u0131 ise <b>369,83 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. 2025 y\u0131l\u0131 toplam has\u0131lat\u0131 <b>830,36 milyar TL<\/b> olurken, net d\u00f6nem k\u00e2r\u0131 bir \u00f6nceki y\u0131la g\u00f6re art\u0131\u015f g\u00f6stererek <b>29,87 milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r. Denetim s\u00fcrecinde \u00f6ne \u00e7\u0131kan kilit konular; arsa ve arazilerin yeniden de\u011ferlemesi, yat\u0131r\u0131m te\u015fviklerinden kaynaklanan ertelenmi\u015f vergi varl\u0131klar\u0131 ve enflasyon muhasebesi uygulamalar\u0131d\u0131r.<\/p>\n<h2>1. Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Se\u00e7kin \u00d6zdemir taraf\u0131ndan imzalanan 6 \u015eubat 2026 tarihli raporda, finansal tablolar\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu belirtilmi\u015ftir.<\/p>\n<h3>Kilit Denetim Konular\u0131 ve Ele Al\u0131n\u0131\u015f Bi\u00e7imi<\/h3>\n<p>Denetim s\u00fcrecinde mesleki muhakemeye g\u00f6re en \u00e7ok \u00f6nem arz eden \u00fc\u00e7 konu belirlenmi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kilit Denetim Konusu<\/td>\n<td>Finansal Etki ve \u00d6nem<\/td>\n<td>Denetim Yakla\u015f\u0131m\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>Arsa ve Arazilerin Ger\u00e7e\u011fe Uygun De\u011feri<\/b><\/td>\n<td>31 Aral\u0131k 2025 itibar\u0131yla toplam de\u011fer <b>86.264.015 bin TL<\/b>. 2025 y\u0131l\u0131nda <b>2.815.179 bin TL<\/b> de\u011fer azal\u0131\u015f\u0131 kaydedilmi\u015ftir.<\/td>\n<td>De\u011ferleme uzmanlar\u0131n\u0131n yetkinli\u011fi de\u011ferlendirilmi\u015f, emsal kar\u015f\u0131la\u015ft\u0131rma y\u00f6ntemi ve kullan\u0131lan varsay\u0131mlar test edilmi\u015ftir.<\/td>\n<\/tr>\n<tr>\n<td><b>Ertelenmi\u015f Vergi Varl\u0131klar\u0131n\u0131n Geri Kazan\u0131labilirli\u011fi<\/b><\/td>\n<td>Yat\u0131r\u0131m te\u015fviklerinden kaynaklanan ertelenmi\u015f vergi varl\u0131\u011f\u0131 tutar\u0131 <b>11.946.193 bin TL<\/b>&#8216;dir.<\/td>\n<td>Gelecek d\u00f6nem vergilendirilebilir k\u00e2r tahminleri, i\u015f planlar\u0131 ve b\u00fct\u00e7eler vergi uzmanlar\u0131 e\u015fli\u011finde analiz edilmi\u015ftir.<\/td>\n<\/tr>\n<tr>\n<td><b>Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/b><\/td>\n<td>Y\u00fcksek enflasyonun finansal durum \u00fczerindeki \u00f6nemli etkisi nedeniyle kritik bir konudur.<\/td>\n<td>TMS 29 modelleri, kullan\u0131lan endekslerin do\u011frulu\u011fu ve parasal olmayan kalemlerin d\u00fczeltilmesi test edilmi\u015ftir.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>Grup&#8217;un finansal durumu, enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f kar\u015f\u0131la\u015ft\u0131rmal\u0131 verilerle a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir:<\/p>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 2025 sonunda 591.973.843 bin TL (2024: 594.416.601 bin TL).<\/li>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 236.931.136 bin TL. Bu kalemin en b\u00fcy\u00fck bile\u015fenleri Nakit ve Nakit Benzerleri (107,24 milyar TL) ile Ticari Alacaklard\u0131r (52,75 milyar TL).<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 355.042.707 bin TL. Maddi Duran Varl\u0131klar (296,25 milyar TL) toplam duran varl\u0131klar\u0131n %83&#8217;\u00fcnden fazlas\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Kaynak Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 222.145.849 bin TL.\n<ul>\n<li><i>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/i> 169.748.201 bin TL (Ticari bor\u00e7lar 105,51 milyar TL ile en b\u00fcy\u00fck kalemdir).<\/li>\n<li><i>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/i> 52.397.648 bin TL (Ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc 20,46 milyar TL).<\/li>\n<\/ul>\n<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 369.827.994 bin TL. Ge\u00e7mi\u015f y\u0131llar k\u00e2rlar\u0131 235,31 milyar TL ile \u00f6zkaynaklar\u0131n temel ta\u015f\u0131d\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Performans Analizi (Gelir Tablosu)<\/h2>\n<p>2025 y\u0131l\u0131 operasyonel sonu\u00e7lar\u0131, \u00f6nceki y\u0131lla (31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcne getirilmi\u015f rakamlarla) k\u0131yasland\u0131\u011f\u0131nda \u015fu tablo ortaya \u00e7\u0131kmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>830.356.131<\/td>\n<td>1.060.729.904<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(749.123.853)<\/td>\n<td>(971.683.678)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>81.232.278<\/td>\n<td>89.046.226<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>41.646.897<\/td>\n<td>46.741.489<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kayb\u0131<\/b><\/td>\n<td>(3.476.147)<\/td>\n<td>(19.087.666)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n<td><b>29.872.672<\/b><\/td>\n<td><b>24.913.512<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li>Has\u0131latta reel bir azalma g\u00f6r\u00fclmesine ra\u011fmen, net k\u00e2r 2024 y\u0131l\u0131na g\u00f6re artm\u0131\u015ft\u0131r.<\/li>\n<li>Net parasal pozisyon kay\u0131plar\u0131n\u0131n 19 milyar TL&#8217;den 3,47 milyar TL&#8217;ye d\u00fc\u015fmesi, net k\u00e2r art\u0131\u015f\u0131ndaki en \u00f6nemli etkenlerden biridir.<\/li>\n<li>Pay ba\u015f\u0131na kazan\u00e7 (1 kr. nominal de\u011fer i\u00e7in) 12,44 kuru\u015ftan 15,32 kuru\u015fa y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. Nakit Ak\u0131\u015flar\u0131 ve Likidite<\/h2>\n<p>2025 y\u0131l\u0131nda nakit y\u00f6netiminde \u015fu geli\u015fmeler izlenmi\u015ftir:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 49.464.734 bin TL net nakit giri\u015fi.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> (19.416.379) bin TL net nakit \u00e7\u0131k\u0131\u015f\u0131. Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 19,12 milyar TL harcanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 144.024 bin TL net nakit giri\u015fi. Bu d\u00f6nemde <b>34,84 milyar TL<\/b> temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>D\u00f6nem Sonu Nakit Mevcudu:<\/b> 90.632.841 bin TL (Tahakkuklar ve blokeler sonras\u0131 net nakit ve benzerleri).<\/li>\n<\/ul>\n<h2>5. Organizasyonel Yap\u0131 ve Faaliyet Kapsam\u0131<\/h2>\n<p>T\u00fcpra\u015f, T\u00fcrkiye&#8217;nin rafinaj sekt\u00f6r\u00fcndeki liderli\u011fini s\u00fcrd\u00fcr\u00fcrken, enerji d\u00f6n\u00fc\u015f\u00fcm\u00fc ve lojistik alanlar\u0131nda geni\u015f bir ba\u011fl\u0131 ortakl\u0131k a\u011f\u0131 ile faaliyet g\u00f6stermektedir.<\/p>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 (31 Aral\u0131k 2025)<\/h3>\n<ul>\n<li><b>Enerji Yat\u0131r\u0131mlar\u0131 A.\u015e.:<\/b> %46,40<\/li>\n<li><b>Ko\u00e7 Holding A.\u015e.:<\/b> %6,35<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %46,77<\/li>\n<li><b>Ko\u00e7 Ailesi ve \u0130lgili \u015eirketler:<\/b> %0,48<\/li>\n<\/ul>\n<h3>\u00d6nemli Geli\u015fmeler ve \u0130\u015ftirakler<\/h3>\n<ul>\n<li><b>Yeni \u015eirket Kurulu\u015flar\u0131:<\/b> Adalar Tankercilik A.\u015e. (\u015eubat 2024), Kilyos Tankercilik A.\u015e. (Mart 2025).<\/li>\n<li><b>Sat\u0131n Almalar:<\/b> Romanya&#8217;da elektrik \u00fcretimi alan\u0131nda faaliyet g\u00f6steren Eco Sun Niculesti S.R.L. ve Euromec-Ciocanari S.R.L. Ocak 2025&#8217;te sat\u0131n al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Birle\u015fmeler:<\/b> Enkar Do\u011fal Enerji Sanayi ve Ticaret A.\u015e., Haziran 2025&#8217;te Entek Elektrik \u00dcretimi A.\u015e. ile birle\u015fmi\u015ftir.<\/li>\n<li><b>\u0130stihdam:<\/b> Grup b\u00fcnyesinde \u00e7al\u0131\u015fan ortalama personel say\u0131s\u0131 6.269&#8217;dur (2024: 6.236).<\/li>\n<\/ul>\n<h2>6. \u00d6nemli Muhasebe Politikalar\u0131 ve Notlar<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131larak 31 Aral\u0131k 2025&#8217;teki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir. 2025 y\u0131l\u0131 sonu itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %211 olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> Arsa ve araziler 31 Mart 2019&#8217;dan bu yana &#8220;Yeniden De\u011ferleme Modeli&#8221; ile takip edilmektedir. Di\u011fer varl\u0131klar maliyet bedelinden amortisman d\u00fc\u015f\u00fclerek izlenmektedir.<\/li>\n<li><b>Stok De\u011ferleme:<\/b> Stoklar, a\u011f\u0131rl\u0131kl\u0131 ortalama maliyet y\u00f6ntemi ile de\u011ferlenmekte; \u00fcretim maliyetleri \u00fcr\u00fcnler aras\u0131nda nispi sat\u0131\u015f de\u011ferleri esas al\u0131narak da\u011f\u0131t\u0131lmaktad\u0131r.<\/li>\n<li><b>Bor\u00e7lanma Maliyetleri:<\/b> \u00d6zellikli varl\u0131klarla (uzun s\u00fcreli in\u015fa\/\u00fcretim gerektiren) do\u011frudan ili\u015fkili bor\u00e7lanma maliyetleri, varl\u0131k tamamlanana kadar maliyete eklenmektedir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>T\u00fcpra\u015f 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 ve Stratejik At\u0131l\u0131mlar\u0131n\u0131 DuyurduT\u00fcpra\u015f, 2025 y\u0131l\u0131 hesap d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. \u015eirket, y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131 gere\u011fi TMS 29 standard\u0131na uygun olarak haz\u0131rlanan raporunda, 31 Aral\u0131k 2025 itibar\u0131yla 830,4 milyar TL net sat\u0131\u015f has\u0131lat\u0131 ve 29,5 milyar TL ana ortakl\u0131\u011fa ait net d\u00f6nem k\u00e2r\u0131 a\u00e7\u0131klad\u0131. Stratejik D\u00f6n\u00fc\u015f\u00fcm Plan\u0131 do\u011frultusunda Romanya&#8217;daki Eco Sun ve Euromec \u015firketlerinin sat\u0131n al\u0131nmas\u0131yla s\u0131f\u0131r karbonlu enerji yat\u0131r\u0131mlar\u0131na ivme kazand\u0131r\u0131ld\u0131\u011f\u0131 belirtildi. Ba\u011f\u0131ms\u0131z denetimden ge\u00e7en rapor, grubun finansal durumunun TFRS standartlar\u0131na uygun ve ger\u00e7e\u011fe uygun bir \u015fekilde sunuldu\u011funu teyit etmektedir.<\/p>\n","protected":false},"author":1,"featured_media":973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[210],"class_list":["post-953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tuprs"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/953","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=953"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/953\/revisions"}],"predecessor-version":[{"id":954,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/953\/revisions\/954"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/973"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}