{"id":96,"date":"2025-12-17T22:35:40","date_gmt":"2025-12-17T19:35:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=96"},"modified":"2025-12-18T21:46:35","modified_gmt":"2025-12-18T18:46:35","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-akfgy-akfen-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi-istanbulun-kalbindeki-otel-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/96","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AKFGY | Akfen Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | \u0130stanbul&#8217;un Kalbindeki Otel \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AKFGY | Akfen Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi | \u0130stanbul&#039;un Kalbinde Otel\ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/huQfm5y85aU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Finansal Raporun Perde Arkas\u0131: Akfen GYO Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h2>1.0 Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h2>\n<p>Finansal raporlar, genellikle rakamlarla dolu, karma\u015f\u0131k ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu belgelerin sat\u0131r aralar\u0131nda, \u015fehirlerimizi, seyahat al\u0131\u015fkanl\u0131klar\u0131m\u0131z\u0131 ve ya\u015fam alanlar\u0131m\u0131z\u0131 \u015fekillendiren b\u00fcy\u00fck \u015firketlerin i\u015fleyi\u015fi ve stratejileri hakk\u0131nda b\u00fcy\u00fcleyici hikayeler gizlidir. Rakamlar, asl\u0131nda dikkatle al\u0131nm\u0131\u015f kararlar\u0131n, ekonomik zorluklara kar\u015f\u0131 geli\u015ftirilen \u00e7\u00f6z\u00fcmlerin ve gelece\u011fe y\u00f6nelik vizyonun somut birer yans\u0131mas\u0131d\u0131r.<\/p>\n<p>Bu blog yaz\u0131s\u0131n\u0131n amac\u0131, bu karma\u015f\u0131k g\u00f6r\u00fcnen tablolardan birini mercek alt\u0131na alarak anla\u015f\u0131l\u0131r ve etkili i\u00e7g\u00f6r\u00fcler sunmakt\u0131r. Akfen Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;n\u0131n (GYO) 30 Eyl\u00fcl 2025&#8217;te sona eren d\u00f6neme ait son finansal raporunu inceledik ve en \u015fa\u015f\u0131rt\u0131c\u0131, en etkili 5 \u00e7\u0131kar\u0131m\u0131 sizler i\u00e7in dam\u0131tt\u0131k. Bu \u00e7\u0131kar\u0131mlar, bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131n \u00f6tesinde, i\u00e7inde bulundu\u011fu sekt\u00f6r\u00fcn dinamiklerini ve \u00fclkenin ekonomik ger\u00e7eklerini de g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h2>2.0 \u00c7\u0131kar\u0131m 1: Oyunun Kurallar\u0131 De\u011fi\u015fti: Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131klar\u0131 \u0130\u00e7in Yeni Vergi D\u00f6nemi<\/h2>\n<p>Finansal raporun 2.3.16 numaral\u0131 dipnotu, t\u00fcm gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131 (GYO) sekt\u00f6r\u00fc i\u00e7in ezber bozan bir de\u011fi\u015fikli\u011fe i\u015faret ediyor. A\u011fustos 2024&#8217;te y\u00fcr\u00fcrl\u00fc\u011fe giren yeni vergi kanunu ile Akfen GYO gibi \u015firketler i\u00e7in \u00f6nemli bir d\u00f6nem sona erdi. Daha \u00f6nce kurumlar vergisinden tamamen muaf olan GYO&#8217;lar, art\u0131k bu muafiyeti s\u00fcrd\u00fcrmek i\u00e7in yeni ve net \u015fartlara tabi tutuluyor.<\/p>\n<p>Bu de\u011fi\u015fikli\u011fin getirdi\u011fi iki temel \u015fart bulunuyor:<\/p>\n<ol>\n<li><b>Temett\u00fc Da\u011f\u0131t\u0131m Zorunlulu\u011fu:<\/b> Muafiyetin devam etmesi i\u00e7in, sahip olunan ta\u015f\u0131nmazlardan elde edilen kazan\u00e7lar\u0131n en az %50&#8217;sinin temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131 gerekiyor.<\/li>\n<li><b>Asgari Kurumlar Vergisi:<\/b> T\u00fcm GYO&#8217;lar i\u00e7in %10 oran\u0131nda yeni bir asgari kurumlar vergisi uygulamas\u0131 getirildi.<\/li>\n<\/ol>\n<p>Bu yasal d\u00fczenleme, T\u00fcrkiye&#8217;deki GYO yat\u0131r\u0131mlar\u0131n\u0131n de\u011fer \u00f6nermesini temelden de\u011fi\u015ftiriyor. \u00d6nceden vergi avantajl\u0131 b\u00fcy\u00fcme ara\u00e7lar\u0131 olarak g\u00f6r\u00fclen GYO&#8217;lar, \u015fimdi reg\u00fclasyonlarla zorunlu olarak getiri \u00fcreten varl\u0131klara d\u00f6n\u00fc\u015ft\u00fcr\u00fcl\u00fcyor. Bu durum, \u015firketleri saf sermaye kazanc\u0131 odakl\u0131 bir stratejiden, yat\u0131r\u0131mc\u0131lar i\u00e7in istikrarl\u0131 temett\u00fc da\u011f\u0131t\u0131m\u0131n\u0131 \u00f6nceliklendiren dengeli bir yakla\u015f\u0131ma stratejik bir d\u00f6n\u00fc\u015f yapmaya zorluyor.<\/p>\n<h2>3.0 \u00c7\u0131kar\u0131m 2: Enflasyonun G\u00f6r\u00fcnmez Eli: Milyarlarca Liral\u0131k &#8220;D\u00fczeltme&#8221; Ne Anlama Geliyor?<\/h2>\n<p>Akfen GYO&#8217;nun bilan\u00e7osunun \u00f6zkaynaklar b\u00f6l\u00fcm\u00fcnde ilk bak\u0131\u015fta g\u00f6ze \u00e7arpan devasa bir rakam var: 10,97 milyar TL&#8217;lik &#8220;Sermaye d\u00fczeltme farklar\u0131&#8221;. Bu rakam, \u015firketin 3,9 milyar TL&#8217;lik \u00f6denmi\u015f sermayesinden neredeyse \u00fc\u00e7 kat daha b\u00fcy\u00fck. Peki, bu ne anlama geliyor?<\/p>\n<p>Raporun 2.1.b numaral\u0131 dipnotunda belirtildi\u011fi gibi, T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu bir ekonomi olarak kabul edilmesi nedeniyle \u015firket, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131n\u0131 uygulamak zorunda. Bu standard\u0131n amac\u0131, paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimin finansal tablolar \u00fczerindeki yan\u0131lt\u0131c\u0131 etkisini ortadan kald\u0131rmakt\u0131r. Basit\u00e7e ifade etmek gerekirse, y\u0131llar \u00f6nce kay\u0131tlara girmi\u015f varl\u0131klar\u0131n ve sermayenin maliyeti, bug\u00fcn\u00fcn paras\u0131yla yeniden ifade ediliyor. \u0130\u015fte o 10,97 milyar TL&#8217;lik fark, tam olarak bu &#8220;enflasyon d\u00fczeltmesinin&#8221; bir sonucudur.<\/p>\n<p>Bu d\u00fczeltme olmadan, \u015firketin varl\u0131klar\u0131 ve \u00f6zkaynaklar\u0131 bug\u00fcnk\u00fc de\u011ferinin \u00e7ok alt\u0131nda g\u00f6r\u00fcnecekti. Bu durum, enflasyonun finansal ger\u00e7ekli\u011fi ne kadar derinden etkileyebilece\u011fini ve bu muhasebe y\u00f6nteminin \u015firketin ger\u00e7ek durumunu daha net bir \u015fekilde yans\u0131tmak i\u00e7in neden hayati oldu\u011funu g\u00f6steren \u00e7arp\u0131c\u0131 bir \u00f6rnektir.<\/p>\n<h2>4.0 \u00c7\u0131kar\u0131m 3: Otellerden \u00c7ok Daha Fazlas\u0131: Terminal, Yurt ve L\u00fcks Tatil K\u00f6y\u00fc<\/h2>\n<p>Akfen GYO denince akla genellikle Novotel ve Ibis gibi \u015fehir otelleri gelir. Ancak raporun 1 numaral\u0131 dipnotu (&#8220;\u015eirket\u2019in Organizasyonu ve Faaliyet Konusu&#8221;), \u015firketin portf\u00f6y\u00fcn\u00fcn ne kadar \u00e7e\u015fitli ve \u015fa\u015f\u0131rt\u0131c\u0131 oldu\u011funu ortaya koyuyor. \u015eirket, sadece bir otel i\u015fletmecisi de\u011fil, ayn\u0131 zamanda kentsel d\u00f6n\u00fc\u015f\u00fcm, altyap\u0131 ve ya\u015fam tarz\u0131 projelerinde \u00f6nemli bir oyuncu.<\/p>\n<p>\u0130\u015fte portf\u00f6ydeki dikkat \u00e7ekici projelerden baz\u0131lar\u0131:<\/p>\n<ul>\n<li><b>Terminal Kad\u0131k\u00f6y (S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme Y\u00fcksek H\u0131zl\u0131 Tren Gar\u0131 Projesi):<\/b> Rapor d\u00f6neminde, 1 May\u0131s 2025 itibar\u0131yla faaliyete ge\u00e7en bu proje, sadece bir tren gar\u0131 de\u011fil, ayn\u0131 zamanda i\u00e7inde ticaret alanlar\u0131 ve otoparklar bar\u0131nd\u0131ran b\u00fcy\u00fck bir toplu ta\u015f\u0131ma ve ticaret merkezi.<\/li>\n<li><b>Bodrum Loft:<\/b> Mu\u011fla Bodrum&#8217;da yer alan bu yat\u0131r\u0131m, 5 y\u0131ld\u0131zl\u0131 l\u00fcks bir tatil k\u00f6y\u00fc olarak \u00f6ne \u00e7\u0131k\u0131yor ve \u015firketin \u00fcst segment turizmdeki varl\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/li>\n<li><b>Isparta ve K\u00fctahya Yurtlar\u0131:<\/b> Toplamda 7000&#8217;den fazla yatak kapasitesine sahip bu \u00f6\u011frenci yurdu yat\u0131r\u0131mlar\u0131, \u015firketin e\u011fitim ve konaklama alan\u0131ndaki farkl\u0131 segmentlere de odakland\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor.<\/li>\n<\/ul>\n<p>Bu \u00e7e\u015fitlilik, Akfen GYO&#8217;nun riskini farkl\u0131 alanlara yayarak daha dengeli bir b\u00fcy\u00fcme stratejisi izledi\u011fini g\u00f6steriyor ve onu geleneksel bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131ndan \u00e7ok daha fazlas\u0131 yap\u0131yor.<\/p>\n<h2>5.0 \u00c7\u0131kar\u0131m 4: Stratejik Bir Hamle: \u0130stanbul&#8217;un Kalbindeki Oteli B\u00fcnyesine Katmas\u0131<\/h2>\n<p>Raporun 2.6 ve 9 numaral\u0131 dipnotlar\u0131, \u00f6nemli bir kurumsal yap\u0131lanma hamlesini detayland\u0131r\u0131yor. Akfen GYO, daha \u00f6nce %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Akfen Karak\u00f6y Gayrimenkul Yat\u0131r\u0131mlar\u0131 ve \u0130n\u015faat A.\u015e. ile birle\u015fme karar\u0131 ald\u0131 ve bu i\u015flem 28 Mart 2025&#8217;te tamamland\u0131.<\/p>\n<p>Bu birle\u015fmenin en somut sonucu, Akfen GYO&#8217;nun &#8220;Novotel \u0130stanbul Bosphorus, Karak\u00f6y&#8221; otelini do\u011frudan kendi b\u00fcnyesine katmas\u0131 oldu. Akfen Karak\u00f6y&#8217;\u00fcn t\u00fcm varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri, bir b\u00fct\u00fcn halinde Akfen GYO&#8217;ya devredildi. Bu i\u015flemin finansal etkisi de olduk\u00e7a b\u00fcy\u00fck: raporun <b>Bireysel \u00d6zkaynaklar De\u011fi\u015fim Tablosu&#8217;nda<\/b> da g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere, birle\u015fme \u015firketin \u00f6zkaynaklar\u0131 \u00fczerinde 2.617.245.113 TL&#8217;lik bir &#8220;Toplam birle\u015fme etkisi&#8221; yaratt\u0131.<\/p>\n<p>Bu, basit bir idari i\u015flemden \u00e7ok daha fazlas\u0131d\u0131r. Bu hamle, portf\u00f6y\u00fc \u0130stanbul&#8217;un en stratejik ve turistik noktalar\u0131ndan birinde yer alan birinci s\u0131n\u0131f bir varl\u0131kla g\u00fc\u00e7lendiren stratejik bir konsolidasyondur. Operasyonlar\u0131 basitle\u015ftirmek, verimlili\u011fi art\u0131rmak ve de\u011ferli bir varl\u0131\u011f\u0131 do\u011frudan kontrol alt\u0131na almak, bu t\u00fcr kurumsal yap\u0131lanmalar\u0131n en temel hedeflerindendir.<\/p>\n<h2>6.0 \u00c7\u0131kar\u0131m 5: \u015eirket Kendine Yat\u0131r\u0131m Yap\u0131yor: Hisse Geri Al\u0131m Program\u0131n\u0131n Anlam\u0131<\/h2>\n<p>Bir \u015firketin kendi hisselerini piyasadan geri toplamas\u0131, genellikle yat\u0131r\u0131mc\u0131lar i\u00e7in g\u00fc\u00e7l\u00fc bir mesaj i\u00e7erir. Raporun 20.4 numaral\u0131 dipnotu, Akfen GYO&#8217;nun tam olarak bunu yapt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. 25 Mart 2025&#8217;te ba\u015flat\u0131lan hisse geri al\u0131m program\u0131 kapsam\u0131nda \u015firket, \u00f6nemli bir ad\u0131m att\u0131.<\/p>\n<p>Program\u0131n detaylar\u0131 \u015fu \u015fekilde:<\/p>\n<ul>\n<li><b>Geri Al\u0131nan Hisse:<\/b> \u015eirket, 77.037.210 TL kar\u015f\u0131l\u0131\u011f\u0131nda toplam 31.204.495 adet hissesini geri ald\u0131.<\/li>\n<li><b>Ayr\u0131lan Fon:<\/b> Bu program i\u00e7in ayr\u0131lan azami fon tutar\u0131 200.000.000 TL olarak belirlendi.<\/li>\n<\/ul>\n<p>Peki, bir \u015firket neden kendi hisselerini sat\u0131n al\u0131r? Bunun en yayg\u0131n yorumu, y\u00f6netimin \u015firket hisselerinin piyasada olmas\u0131 gerekenden daha d\u00fc\u015f\u00fck bir fiyattan i\u015flem g\u00f6rd\u00fc\u011f\u00fcne inand\u0131\u011f\u0131n\u0131n bir sinyali olmas\u0131d\u0131r. Bu, &#8220;kendimize yat\u0131r\u0131m yap\u0131yoruz&#8221; demenin bir yoludur. Hisse geri al\u0131m\u0131, dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azaltarak kalan hisselerin de\u011ferini potansiyel olarak art\u0131r\u0131r ve mevcut hissedarlara de\u011fer katma amac\u0131 ta\u015f\u0131r. Bu, y\u00f6netimin \u015firketin gelece\u011fine olan g\u00fcveninin somut bir g\u00f6stergesidir.<\/p>\n<h2>7.0 Sonu\u00e7: Rakamlar\u0131n Ard\u0131ndaki Vizyon<\/h2>\n<p>G\u00f6r\u00fcld\u00fc\u011f\u00fc gibi, ilk bak\u0131\u015fta sadece say\u0131lardan ibaret g\u00f6r\u00fcnen yo\u011fun bir finansal rapor, asl\u0131nda stratejik de\u011fi\u015fimlerin, ekonomik ko\u015fullara uyumun ve kurumsal b\u00fcy\u00fcmenin dinamik hikayelerini bar\u0131nd\u0131r\u0131yor. Akfen GYO&#8217;nun raporu, vergi reformlar\u0131ndan enflasyonun etkilerine, portf\u00f6y \u00e7e\u015fitlili\u011finden stratejik birle\u015fmelere ve kendine yat\u0131r\u0131m yapma g\u00fcvenine kadar bir\u00e7ok \u00f6nemli detay\u0131 ortaya koyuyor.<\/p>\n<p>Bu analiz, rakamlar\u0131n ard\u0131ndaki vizyonu anlamak i\u00e7in sadece bir ba\u015flang\u0131\u00e7. Peki, bir \u015firketin finansal raporundaki bu t\u00fcr stratejik hamleler, T\u00fcrkiye&#8217;nin gayrimenkul ve turizm sekt\u00f6r\u00fcn\u00fcn gelece\u011fi hakk\u0131nda bize hangi ipu\u00e7lar\u0131n\u0131 veriyor?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Akfen GYO Finansal Durum ve Faaliyetler Brifingi (30 Eyl\u00fcl 2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Akfen Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (Akfen GYO) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait bireysel finansal tablolar\u0131n\u0131 ve faaliyetlerini analiz etmektedir. Rapor, \u015firketin finansal performans\u0131n\u0131, bilan\u00e7o yap\u0131s\u0131n\u0131, nakit ak\u0131\u015f\u0131n\u0131 ve bu d\u00f6nemdeki \u00f6nemli kurumsal geli\u015fmeleri \u00f6zetlemektedir. Finansal veriler, TMS 29 standard\u0131 uyar\u0131nca enflasyonun etkileri yans\u0131t\u0131larak sunulmu\u015ftur.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal ve operasyonel geli\u015fmeleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Bilan\u00e7o B\u00fcy\u00fcmesi:<\/b> \u015eirketin toplam varl\u0131klar\u0131, 31 Aral\u0131k 2024&#8217;teki 28,6 milyar TL&#8217;den %13,3 artarak 30 Eyl\u00fcl 2025&#8217;te 32,4 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcmede, yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerdeki art\u0131\u015f ve Akfen Karak\u00f6y ile birle\u015fme i\u015flemi etkili olmu\u015ftur.<\/li>\n<li><b>\u00d6zkaynak Art\u0131\u015f\u0131:<\/b> \u00d6zkaynaklar, ayn\u0131 d\u00f6nemde 24 milyar TL&#8217;den 27 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta 2,62 milyar TL&#8217;lik birle\u015fme etkisi ve 455,6 milyon TL&#8217;lik net d\u00f6nem kar\u0131 belirleyici olmu\u015ftur.<\/li>\n<li><b>Karl\u0131l\u0131k Performans\u0131:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda 715,9 milyon TL has\u0131lat ve 455,6 milyon TL net d\u00f6nem kar\u0131 elde etmi\u015ftir. Bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde ise 685,4 milyon TL has\u0131lat ve 1,59 milyar TL net d\u00f6nem kar\u0131 raporlanm\u0131\u015ft\u0131r. 2024&#8217;teki y\u00fcksek kar, 682,3 milyon TL tutar\u0131ndaki ba\u011fl\u0131 ortakl\u0131k sat\u0131\u015f kar\u0131ndan (Akfen GT devri) kaynaklanmaktad\u0131r.<\/li>\n<li><b>\u00d6nemli Kurumsal Geli\u015fmeler:<\/b>\n<ul>\n<li><b>Akfen Karak\u00f6y Birle\u015fmesi:<\/b> \u015eirketin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Akfen Karak\u00f6y Gayrimenkul Yat\u0131r\u0131mlar\u0131 ve \u0130n\u015faat A.\u015e., 28 Mart 2025 tarihinde Akfen GYO b\u00fcnyesinde birle\u015fmi\u015ftir. Bu birle\u015fme, \u015firketin \u00f6zkaynaklar\u0131na 2,62 milyar TL&#8217;lik pozitif etki yapm\u0131\u015ft\u0131r.<\/li>\n<li><b>Hisse Geri Al\u0131m Program\u0131:<\/b> 25 Mart 2025&#8217;te ba\u015flat\u0131lan program kapsam\u0131nda 77 milyon TL kar\u015f\u0131l\u0131\u011f\u0131nda 31,2 milyon adet hisse geri al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Terminal Kad\u0131k\u00f6y Projesi:<\/b> Ba\u011fl\u0131 ortakl\u0131k F\u0131ratcan \u0130n\u015faat taraf\u0131ndan y\u00fcr\u00fct\u00fclen S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme Y\u00fcksek H\u0131zl\u0131 Tren Gar\u0131 Projesi (Terminal Kad\u0131k\u00f6y), 1 May\u0131s 2025 itibar\u0131yla faaliyete ge\u00e7mi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Nakit Pozisyonu:<\/b> \u015eirketin nakit ve nakit benzerleri, d\u00f6nem ba\u015f\u0131ndaki 1,96 milyar TL&#8217;den 1,09 milyar TL&#8217;ye gerilemi\u015ftir. Bu azal\u0131\u015fta yat\u0131r\u0131m faaliyetlerinden kaynaklanan nakit \u00e7\u0131k\u0131\u015flar\u0131 ve finansman faaliyetleri (bor\u00e7 \u00f6demeleri ve hisse geri al\u0131m\u0131) etkili olmu\u015ftur.<\/li>\n<\/ul>\n<h2>Detayl\u0131 Finansal Analiz<\/h2>\n<h3>Finansal Durum Tablosu (Bilan\u00e7o) Analizi<\/h3>\n<p>Akfen GYO&#8217;nun 30 Eyl\u00fcl 2025 tarihli bilan\u00e7osu, varl\u0131k ve kaynak yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fimleri g\u00f6stermektedir. Toplam varl\u0131klar 32,4 milyar TL&#8217;ye, toplam kaynaklar ise buna paralel olarak ayn\u0131 tutara ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p><b>Varl\u0131klar\u0131n Da\u011f\u0131l\u0131m\u0131 (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemleri<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>5.098.000.533<\/b><\/td>\n<td><b>5.999.466.520<\/b><\/td>\n<td><b>-15,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>1.094.668.898<\/td>\n<td>1.956.278.629<\/td>\n<td>-44,0%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>333.793.347<\/td>\n<td>1.189.268.378<\/td>\n<td>-71,9%<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>2.881.652.994<\/td>\n<td>2.571.321.656<\/td>\n<td>+12,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>27.294.593.658<\/b><\/td>\n<td><b>22.596.231.764<\/b><\/td>\n<td><b>+20,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Finansal Yat\u0131r\u0131mlar<\/td>\n<td>5.437.303.604<\/td>\n<td>5.839.213.589<\/td>\n<td>-6,9%<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n<td>21.674.664.120<\/td>\n<td>15.982.570.920<\/td>\n<td>+35,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>32.392.594.191<\/b><\/td>\n<td><b>28.595.698.284<\/b><\/td>\n<td><b>+13,3%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Duran Varl\u0131klar:<\/b> Toplam varl\u0131klar\u0131n %84&#8217;\u00fcn\u00fc olu\u015fturan duran varl\u0131klardaki art\u0131\u015f\u0131n ana kayna\u011f\u0131, <b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/b> kalemindeki 5,7 milyar TL&#8217;lik art\u0131\u015ft\u0131r. Bu art\u0131\u015f, Akfen Karak\u00f6y birle\u015fmesiyle portf\u00f6ye eklenen Novotel \u0130stanbul Bosphorus gibi varl\u0131klardan ve mevcut varl\u0131klara yap\u0131lan harcamalardan kaynaklanmaktad\u0131r.<\/li>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> D\u00f6nen varl\u0131klardaki d\u00fc\u015f\u00fc\u015f, <b>Nakit ve Nakit Benzerleri<\/b> kalemindeki 861,6 milyon TL&#8217;lik ve <b>Ticari Alacaklar<\/b> kalemindeki 855,5 milyon TL&#8217;lik azal\u0131\u015ftan kaynaklanmaktad\u0131r. Ticari alacaklardaki d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ili\u015fkili taraflardan olan alacaklar\u0131n azalmas\u0131yla ilgilidir.<\/li>\n<li><b>Stoklar:<\/b> Stoklar, Bodrum Yal\u0131kavak&#8217;taki villa projesine yap\u0131lan harcamalar\u0131 yans\u0131tmakta olup, projeye devam eden yat\u0131r\u0131mlarla birlikte art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<\/ul>\n<p><b>Kaynaklar\u0131n Da\u011f\u0131l\u0131m\u0131 (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemleri<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>1.341.656.145<\/b><\/td>\n<td><b>1.310.534.261<\/b><\/td>\n<td><b>+2,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansal Bor\u00e7lar\u0131n K.V. K\u0131sm\u0131<\/td>\n<td>562.581.794<\/td>\n<td>521.054.137<\/td>\n<td>+8,0%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>224.183.082<\/td>\n<td>350.011.787<\/td>\n<td>-36,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>4.019.104.842<\/b><\/td>\n<td><b>3.249.131.515<\/b><\/td>\n<td><b>+23,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Finansal Bor\u00e7lar<\/td>\n<td>1.688.578.181<\/td>\n<td>1.836.735.574<\/td>\n<td>-8,1%<\/td>\n<\/tr>\n<tr>\n<td>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/td>\n<td>2.328.133.212<\/td>\n<td>1.410.590.529<\/td>\n<td>+65,0%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>27.031.833.204<\/b><\/td>\n<td><b>24.036.032.508<\/b><\/td>\n<td><b>+12,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>\u00d6denmi\u015f Sermaye<\/td>\n<td>3.900.000.000<\/td>\n<td>3.900.000.000<\/td>\n<td>0,0%<\/td>\n<\/tr>\n<tr>\n<td>Ge\u00e7mi\u015f Y\u0131llar Karlar\u0131<\/td>\n<td>9.512.434.156<\/td>\n<td>5.447.881.992<\/td>\n<td>+74,6%<\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem Kar\u0131<\/td>\n<td>455.592.793<\/td>\n<td>1.524.344.261<\/td>\n<td>-70,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>32.392.594.191<\/b><\/td>\n<td><b>28.595.698.284<\/b><\/td>\n<td><b>+13,3%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f, \u00f6zellikle <b>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/b> kalemindeki 917,5 milyon TL&#8217;lik y\u00fckseli\u015ften kaynaklanmaktad\u0131r. Toplam finansal bor\u00e7lar ise 2,36 milyar TL&#8217;den 2,25 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki 3 milyar TL&#8217;lik art\u0131\u015f\u0131n en \u00f6nemli bile\u015feni, Akfen Karak\u00f6y birle\u015fmesinin etkisiyle <b>Ge\u00e7mi\u015f Y\u0131llar Karlar\u0131<\/b> kalemine yans\u0131yan 2,62 milyar TL&#8217;lik tutard\u0131r. Ayr\u0131ca, 77 milyon TL&#8217;lik hisse geri al\u0131m\u0131 \u00f6zkaynaklarda d\u00fc\u015f\u00fc\u015fe neden olmu\u015ftur.<\/li>\n<\/ul>\n<h3>Kar veya Zarar Tablosu Analizi<\/h3>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda, \u015firketin has\u0131lat\u0131 bir \u00f6nceki y\u0131la paralel seyrederken, net kar bir \u00f6nceki y\u0131ldaki tek seferlik y\u00fcksek gelirin etkisiyle daha d\u00fc\u015f\u00fck ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p><b>Gelir Tablosu \u00d6zeti (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td><b>715.884.936<\/b><\/td>\n<td><b>685.350.937<\/b><\/td>\n<td><b>+4,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>675.833.783<\/b><\/td>\n<td><b>662.427.485<\/b><\/td>\n<td><b>+2,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td><b>603.633.601<\/b><\/td>\n<td><b>738.254.180<\/b><\/td>\n<td><b>-18,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/td>\n<td>14.980.115<\/td>\n<td>695.261.091<\/td>\n<td>-97,8%<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(580.581.876)<\/td>\n<td>(337.516.264)<\/td>\n<td>+72,0%<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar<\/td>\n<td>378.567.570<\/td>\n<td>1.588.634.325<\/td>\n<td>-76,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td><b>455.592.793<\/b><\/td>\n<td><b>1.588.634.325<\/b><\/td>\n<td><b>-71,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Hisse Ba\u015f\u0131na Kazan\u00e7 (Tam TL)<\/td>\n<td>0,12<\/td>\n<td>0,41<\/td>\n<td>-70,7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> Has\u0131lat, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde otel ve yurt kira gelirlerinden olu\u015fmaktad\u0131r ve ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %4,5 art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Giderler:<\/b> Finansman giderlerindeki art\u0131\u015f dikkat \u00e7ekicidir. Bu durum, kur farklar\u0131 ve faiz oranlar\u0131ndaki de\u011fi\u015fimlerden etkilenmi\u015f olabilir.<\/li>\n<li><b>Net Kar:<\/b> 2025 net kar\u0131 455,6 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. 2024&#8217;teki 1,59 milyar TL&#8217;lik y\u00fcksek net kar, Akfen GT&#8217;nin sat\u0131\u015f\u0131ndan elde edilen 682,3 milyon TL&#8217;lik tek seferlik geliri ve 122,9 milyon TL&#8217;lik yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul de\u011fer art\u0131\u015f\u0131n\u0131 i\u00e7ermekteydi. Bu kalemler hari\u00e7 tutuldu\u011funda, 2025 y\u0131l\u0131 operasyonel karl\u0131l\u0131\u011f\u0131 daha anlaml\u0131 bir zeminde de\u011ferlendirilebilir.<\/li>\n<\/ul>\n<h3>Nakit Ak\u0131\u015f Tablosu Analizi<\/h3>\n<p>Nakit ak\u0131\u015f tablosu, \u015firketin yat\u0131r\u0131m ve finansman faaliyetlerindeki yo\u011funlu\u011funu ortaya koymaktad\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Faaliyetlerden 13,1 milyon TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bir \u00f6nceki y\u0131l ayn\u0131 d\u00f6nemde 2,75 milyar TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131. Bu olumlu de\u011fi\u015fim, i\u015fletme sermayesindeki (\u00f6zellikle ticari alacaklardaki azal\u0131\u015f) de\u011fi\u015fimlerden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bu faaliyetlerden 401,6 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu \u00e7\u0131k\u0131\u015f\u0131n ana kalemleri 311,2 milyon TL&#8217;lik i\u015ftiraklere sermaye art\u0131r\u0131m\u0131 ve 105,2 milyon TL&#8217;lik yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul al\u0131m\u0131d\u0131r. 2024&#8217;te ise Akfen GT sat\u0131\u015f\u0131ndan dolay\u0131 1,9 milyar TL&#8217;lik rekor bir nakit giri\u015fi olmu\u015ftu.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Toplamda 453,5 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. Bu kalemin alt\u0131ndaki en \u00f6nemli hareketler 258 milyon TL&#8217;lik bor\u00e7 geri \u00f6demesi ve 77 milyon TL&#8217;lik hisse geri al\u0131m\u0131d\u0131r.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, nakit ve nakit benzerleri d\u00f6nem sonunda 1,09 milyar TL&#8217;ye gerilemi\u015ftir.<\/p>\n<h2>Kurumsal Yap\u0131 ve Operasyonel Faaliyetler<\/h2>\n<h3>\u015eirket Profili ve Faaliyet Konusu<\/h3>\n<p>1997 y\u0131l\u0131nda Aksel Turizm Yat\u0131r\u0131mlar\u0131 olarak kurulan \u015firket, 2006 y\u0131l\u0131nda Akfen Holding i\u015ftiraki haline gelerek bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131na d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirketin ana faaliyet konusu, gayrimenkul portf\u00f6y\u00fc olu\u015fturmak ve geli\u015ftirmektir. Akfen GYO, \u00f6zellikle ACCOR S.A. ile yapt\u0131\u011f\u0131 \u00e7er\u00e7eve s\u00f6zle\u015fme kapsam\u0131nda T\u00fcrkiye&#8217;de Novotel ve Ibis markal\u0131 otel projeleri geli\u015ftirmekte ve kiralamaktad\u0131r. \u015eirket hisseleri 11 May\u0131s 2011&#8217;den beri Borsa \u0130stanbul&#8217;da (BIST) i\u015flem g\u00f6rmektedir.<\/p>\n<h3>\u00d6nemli Kurumsal Geli\u015fmeler ve Projeler<\/h3>\n<ul>\n<li><b>Akfen Karak\u00f6y Birle\u015fmesi (Mart 2025):<\/b> \u015eirketin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan ve Novotel \u0130stanbul Bosphorus otelini portf\u00f6y\u00fcnde bulunduran Akfen Karak\u00f6y, kolayla\u015ft\u0131r\u0131lm\u0131\u015f usulde birle\u015fme ile Akfen GYO b\u00fcnyesine kat\u0131lm\u0131\u015ft\u0131r. Bu i\u015flem portf\u00f6y\u00fc g\u00fc\u00e7lendirmi\u015f ve \u00f6zkaynaklara 2,62 milyar TL katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Terminal Kad\u0131k\u00f6y (S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme) Projesi:<\/b> \u015eirketin %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 F\u0131ratcan \u0130n\u015faat arac\u0131l\u0131\u011f\u0131yla y\u00fcr\u00fct\u00fclen proje, viyad\u00fck, terminal binas\u0131, ticaret alan\u0131 ve otopark in\u015faat\u0131n\u0131 kapsamaktad\u0131r. Proje 1 May\u0131s 2025&#8217;te faaliyete ge\u00e7mi\u015f olup, i\u015fletme hakk\u0131 2051 y\u0131l\u0131na kadar uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bodrum Yal\u0131kavak Villa Projesi:<\/b> Eyl\u00fcl 2022&#8217;de sat\u0131n al\u0131nan 22.197 metrekarelik arsa \u00fczerinde sat\u0131\u015f\u0131 planlanan villa projesinin in\u015faat\u0131na devam edilmektedir. Bu proje, \u015firketin stoklar\u0131nda 2,88 milyar TL olarak izlenmektedir.<\/li>\n<li><b>Akfen GT Sat\u0131\u015f\u0131 (Ocak 2024):<\/b> KKTC&#8217;de Merit Park Hotel &amp; Casino&#8217;yu i\u015fleten ba\u011fl\u0131 ortakl\u0131k Akfen GT&#8217;nin hisselerinin tamam\u0131 17 Ocak 2024&#8217;te devredilmi\u015ftir. Bu i\u015flemden 682,3 milyon TL kar elde edilmi\u015ftir.<\/li>\n<li><b>Di\u011fer Sat\u0131n Almalar:<\/b> \u015eirket, portf\u00f6y\u00fcn\u00fc \u00e7e\u015fitlendirmek amac\u0131yla G\u00f6kliman (Aral\u0131k 2022), F\u0131ratcan \u0130n\u015faat (%49 hissesi Temmuz 2023), Masanda Turizm (Bodrum Loft) ve Isparta Yurt (\u015eubat 2021) gibi \u00f6nemli sat\u0131n almalar ger\u00e7ekle\u015ftirmi\u015ftir.<\/li>\n<\/ul>\n<h3>Ba\u011fl\u0131 Ortakl\u0131k Yap\u0131s\u0131 (30 Eyl\u00fcl 2025)<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, Akfen GYO&#8217;nun bireysel finansal tablolar\u0131nda maliyet bedeliyle izlenen do\u011frudan ve dolayl\u0131 ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131 g\u00f6stermektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k Ad\u0131<\/td>\n<td>Sahiplik Oran\u0131 (%)<\/td>\n<td>Faaliyet Alan\u0131\/Varl\u0131k<\/td>\n<\/tr>\n<tr>\n<td>Severnyi<\/td>\n<td>100,00<\/td>\n<td>Rusya&#8217;da otel yat\u0131r\u0131m\u0131<\/td>\n<\/tr>\n<tr>\n<td>G\u00f6kliman<\/td>\n<td>100,00<\/td>\n<td>Mu\u011fla Milas&#8217;ta arsa (turizm yat\u0131r\u0131m\u0131)<\/td>\n<\/tr>\n<tr>\n<td>F\u0131ratcan \u0130n\u015faat<\/td>\n<td>100,00<\/td>\n<td>S\u00f6\u011f\u00fctl\u00fc\u00e7e\u015fme Projesi (Terminal Kad\u0131k\u00f6y)<\/td>\n<\/tr>\n<tr>\n<td>Akfen Kuzey<\/td>\n<td>100,00<\/td>\n<td>Rusya otel ve ofis projeleri<\/td>\n<\/tr>\n<tr>\n<td>Akfen Bafra<\/td>\n<td>100,00<\/td>\n<td>Gayrimenkul geli\u015ftirme<\/td>\n<\/tr>\n<tr>\n<td>Yaroslavl Invest, vb.<\/td>\n<td>97,80<\/td>\n<td>Rusya&#8217;da otel projeleri<\/td>\n<\/tr>\n<tr>\n<td>Volgastroykom<\/td>\n<td>96,17<\/td>\n<td>Rusya&#8217;da ofis yat\u0131r\u0131m\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Finansal Raporlama Esaslar\u0131 ve Politikalar<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h3>\n<p>SPK ve KGK kararlar\u0131 uyar\u0131nca, 31 Aral\u0131k 2023&#8217;ten itibaren finansal tablolar TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re enflasyona g\u00f6re d\u00fczeltilerek sunulmaktad\u0131r. Bu brifingdeki 30 Eyl\u00fcl 2025, 31 Aral\u0131k 2024 ve 30 Eyl\u00fcl 2024 d\u00f6nemlerine ait t\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<h3>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/h3>\n<p>\u015eirketin en b\u00fcy\u00fck varl\u0131k kalemi olan yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller, ger\u00e7e\u011fe uygun de\u011ferleri ile muhasebele\u015ftirilmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla bu kalemin toplam de\u011feri 21,7 milyar TL&#8217;dir. De\u011ferleme, SPK&#8217;ya kay\u0131tl\u0131 bir gayrimenkul de\u011ferleme \u015firketi taraf\u0131ndan gelir indirgeme ve emsal kar\u015f\u0131la\u015ft\u0131rma y\u00f6ntemleri kullan\u0131larak yap\u0131lmaktad\u0131r. Portf\u00f6ydeki en de\u011ferli varl\u0131klar aras\u0131nda Novotel \u0130stanbul Bosphorus (5,4 milyar TL), Ibis &amp; Novotel Zeytinburnu (3,8 milyar TL) ve Bodrum Loft (2,3 milyar TL) bulunmaktad\u0131r.<\/p>\n<h3>Vergilendirme Politikas\u0131<\/h3>\n<p>Akfen GYO, Kurumlar Vergisi Kanunu uyar\u0131nca kurumlar vergisinden muaft\u0131r. Ancak A\u011fustos 2024&#8217;te yap\u0131lan yasal de\u011fi\u015fiklikle, GYO ve GYF&#8217;lerin ta\u015f\u0131nmazlardan elde ettikleri kazan\u00e7lara ili\u015fkin istisnan\u0131n devam\u0131, bu kazan\u00e7lar\u0131n en az %50&#8217;sinin kar pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131 \u015fart\u0131na ba\u011flanm\u0131\u015ft\u0131r. Ayr\u0131ca %10&#8217;luk asgari kurumlar vergisi uygulamas\u0131 getirilmi\u015ftir. Bu nedenle, 30 Eyl\u00fcl 2025 finansallar\u0131nda ertelenmi\u015f vergi hesaplamalar\u0131 da\u011f\u0131t\u0131lmam\u0131\u015f karlar i\u00e7in %30&#8217;luk vergi oran\u0131 kullan\u0131larak yap\u0131lm\u0131\u015ft\u0131r. Bu de\u011fi\u015fiklik, ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnde \u00f6nemli bir art\u0131\u015fa neden olmu\u015ftur.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"96\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Finansal Raporun Perde Arkas\u0131: Akfen GYO Hakk\u0131nda Muhtemelen Bilmedi\u011finiz 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek 1.0 Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye Finansal raporlar, genellikle rakamlarla dolu, karma\u015f\u0131k ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu belgelerin sat\u0131r aralar\u0131nda, \u015fehirlerimizi, seyahat al\u0131\u015fkanl\u0131klar\u0131m\u0131z\u0131 ve ya\u015fam&#8230; <\/p>\n","protected":false},"author":1,"featured_media":104,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,13],"class_list":["post-96","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-akfgy"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/96","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=96"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/96\/revisions"}],"predecessor-version":[{"id":105,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/96\/revisions\/105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/104"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=96"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=96"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=96"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}