{"id":965,"date":"2026-02-06T23:41:35","date_gmt":"2026-02-06T20:41:35","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=965"},"modified":"2026-02-07T14:18:13","modified_gmt":"2026-02-07T11:18:13","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-klvks-kalkinma-yatirim-varlik-kiralama-as-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/965","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KLVKS | Kalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama A\u015e 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/KLVKS--Kalknma-Yatrm-Varlk-Kiralama-A-202512-Bilano-Analizi---Sfr-alanla-936-Milyonluk-Dev-Bilano-e3eo9lr\/a-acf741m\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>S\u0131f\u0131r Personel, Milyarl\u0131k Portf\u00f6y: Kalk\u0131nma Yat\u0131r\u0131m VK\u015e\u2019nin 2025 Denetim Raporundan \u015ea\u015f\u0131rt\u0131c\u0131 Notlar<\/h1>\n<h2>1. Giri\u015f: Hayalet \u015eirketin Dev Ad\u0131mlar\u0131<\/h2>\n<p>Bir \u015firketin bordrolu tek bir personeli dahi olmadan, yakla\u015f\u0131k 1 milyar TL&#8217;lik bir varl\u0131k portf\u00f6y\u00fcn\u00fc y\u00f6netmesi kula\u011fa bir finans kurgusu gibi gelebilir. Ancak finansal m\u00fchendisli\u011fin ve &#8220;\u00d6zel Ama\u00e7l\u0131 Kurum&#8221; (Special Purpose Vehicle &#8211; SPV) modelinin bir tezah\u00fcr\u00fc olan Kalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama A.\u015e. (VK\u015e) i\u00e7in bu durum, operasyonel verimlili\u011fin en yal\u0131n halini temsil ediyor. \u015eirketin 6 \u015eubat 2026 tarihinde kamuoyuna sunulan 2025 y\u0131l\u0131 ba\u011f\u0131ms\u0131z denetim raporu, geleneksel bankac\u0131l\u0131\u011f\u0131n \u00f6tesinde, sermaye piyasalar\u0131n\u0131n ne denli efektif bir &#8220;likidite k\u00f6pr\u00fcs\u00fc&#8221; kurabilece\u011fini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h2>2. Bir Y\u0131lda 750 Kat B\u00fcy\u00fcmek: 1 Milyon TL&#8217;den 936 Milyon TL&#8217;ye<\/h2>\n<p>Kalk\u0131nma Yat\u0131r\u0131m VK\u015e\u2019nin 2025 y\u0131l\u0131 finansal tablolar\u0131, kelimenin tam anlam\u0131yla bir &#8220;agresif b\u00fcy\u00fcme&#8221; hikayesi anlat\u0131yor. \u015eirketin toplam varl\u0131klar\u0131, 2024 y\u0131l sonunda 1,2 milyon TL seviyesindeyken, 2025 sonunda 936,2 milyon TL\u2019ye ula\u015farak yakla\u015f\u0131k 750 katl\u0131k bir art\u0131\u015f kaydetti. Burada kritik olan nokta, 2024 y\u0131l\u0131 rakamlar\u0131n\u0131n da TMS 29 uyar\u0131nca 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015f olmas\u0131d\u0131r; yani kar\u015f\u0131m\u0131zdaki tablo nominal bir ill\u00fczyon de\u011fil, &#8220;reel&#8221; bir finansal s\u0131\u00e7ramad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td><b>Finansal Kalem (TL)<\/b><\/td>\n<td><b>31 Aral\u0131k 2024 (D\u00fczeltilmi\u015f)<\/b><\/td>\n<td><b>31 Aral\u0131k 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>1.238.795<\/b><\/td>\n<td><b>936.284.823<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>&#8211;<\/td>\n<td>930.066.241<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>1.131.955<\/td>\n<td>1.952.213<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>1.142.683<\/b><\/td>\n<td><b>1.671.645<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu b\u00fcy\u00fcmenin temel motoru, \u015firketin kira sertifikas\u0131 ihra\u00e7lar\u0131 yoluyla fon sa\u011flad\u0131\u011f\u0131 &#8220;Ticari Alacaklar&#8221; kalemindeki devasa geni\u015flemedir. \u015eirket, milyar TL s\u0131n\u0131r\u0131na dayanan bu portf\u00f6y\u00fc y\u00f6netirken sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131 birer &#8220;finansal kald\u0131ra\u00e7&#8221; olarak ustal\u0131kla kullanm\u0131\u015ft\u0131r.<\/p>\n<h2>3. Verimlilikte Son Nokta: &#8220;Personel Say\u0131s\u0131: 0&#8221;<\/h2>\n<p>Denetim raporunun en \u00e7arp\u0131c\u0131 detaylar\u0131ndan biri, bu \u00f6l\u00e7ekteki bir operasyonun &#8220;s\u0131f\u0131r personel&#8221; ile y\u00fcr\u00fct\u00fclmesidir. \u015eirket, t\u00fcm operasyonel ve idari g\u00fcc\u00fcn\u00fc ana orta\u011f\u0131 olan T\u00fcrkiye Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 A.\u015e.\u2019den (TKYB) almaktad\u0131r. Bu yap\u0131, VK\u015e\u2019nin maliyet y\u00f6netiminde neden bu kadar yal\u0131n kalabildi\u011fini de a\u00e7\u0131klamaktad\u0131r.<\/p>\n<p>Ba\u011f\u0131ms\u0131z Denetim Raporu, Not 1&#8217;de bu durum \u015f\u00f6yle tescillenmi\u015ftir:<\/p>\n<p>&#8220;31 Aral\u0131k 2025 tarihi itibar\u0131yla, \u015eirket\u2019in personeli bulunmamaktad\u0131r&#8230; \u015eirketin operasyonel ve genel y\u00f6netim faaliyetleri T\u00fcrkiye Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclmektedir.&#8221;<\/p>\n<p>VK\u015e, bu haliyle tam bir &#8220;Special Purpose Vehicle&#8221; (SPV) olarak \u00e7al\u0131\u015fmakta; personel ve genel m\u00fcd\u00fcrl\u00fck maliyetleri gibi y\u00fckleri ta\u015f\u0131madan, sadece ihra\u00e7lara odaklanan profesyonel bir finansman arac\u0131 olarak i\u015flev g\u00f6rmektedir.<\/p>\n<h2>4. Portf\u00f6y\u00fcn Perde Arkas\u0131: Tarfin ve Vak\u0131f Finansal Kiralama<\/h2>\n<p>\u015eirketin y\u00f6netti\u011fi 930 milyon TL\u2019lik ticari alacak havuzu, T\u00fcrkiye&#8217;nin reel sekt\u00f6r ve finansman ekosistemi i\u00e7in kritik \u00f6neme sahip iki ana grup \u00fczerine in\u015fa edilmi\u015ftir. Not 4&#8217;teki detaylar, VK\u015e&#8217;nin hangi tarihlerde ve hangi vadelerle fon ak\u0131\u015f\u0131 sa\u011flad\u0131\u011f\u0131n\u0131 net bir \u015fekilde ortaya koymaktad\u0131r:<\/p>\n<p><b>Tarfin Tar\u0131m A.\u015e. \u0130hra\u00e7lar\u0131 (Tar\u0131m Sekt\u00f6r\u00fc Finansman\u0131):<\/b><\/p>\n<ul>\n<li><b>40.000.000 TL:<\/b> 10 Nisan 2025 ihra\u00e7 tarihli, 279 g\u00fcn vadeli (Vade: 14 Ocak 2026, ISIN: TRDKLVK12619).<\/li>\n<li><b>122.000.000 TL:<\/b> 26 Haziran 2025 ihra\u00e7 tarihli, 270 g\u00fcn vadeli (Vade: 23 Mart 2026, ISIN: TRDKLVK32617).<\/li>\n<li><b>400.000.000 TL:<\/b> 24 Aral\u0131k 2025 ihra\u00e7 tarihli, 175 g\u00fcn vadeli (Vade: 17 Haziran 2026, ISIN: TRDKLVK62614).<\/li>\n<\/ul>\n<p><b>Vak\u0131f Finansal Kiralama A.\u015e. \u0130hrac\u0131:<\/b><\/p>\n<ul>\n<li><b>330.000.000 TL:<\/b> 29 Aral\u0131k 2025 tarihinde ihra\u00e7 edilen, 91 g\u00fcn vadeli k\u0131sa d\u00f6nemli likidite arac\u0131 (Vade: 30 Mart 2026, ISIN: TRDKLVK32625).<\/li>\n<\/ul>\n<p>Bu tablo, VK\u015e&#8217;nin \u00f6zellikle tar\u0131msal tedarik zinciri ve leasing sekt\u00f6r\u00fc i\u00e7in nas\u0131l stratejik bir likidite k\u00f6pr\u00fcs\u00fc kurdu\u011funu kan\u0131tlamaktad\u0131r.<\/p>\n<h2>5. Enflasyon Muhasebesi (TMS 29) ve Parasal Kay\u0131p Analizi<\/h2>\n<p>2025 y\u0131l\u0131 raporu, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131n tam etkisiyle haz\u0131rlanm\u0131\u015ft\u0131r. Bu durum, sadece rakamlar\u0131n d\u00fczeltilmesini de\u011fil, ayn\u0131 zamanda \u015firketin enflasyon kar\u015f\u0131s\u0131ndaki konumunu da analiz etmeyi gerektiriyor.<\/p>\n<p>\u015eirket, 2025 y\u0131l\u0131nda 416.814 TL tutar\u0131nda bir &#8220;Net Parasal Pozisyon Zarar\u0131&#8221; (Not 19) raporlam\u0131\u015ft\u0131r. K\u0131demli bir analist g\u00f6z\u00fcyle bu durumun sebebi olduk\u00e7a a\u00e7\u0131kt\u0131r: \u015eirket, enflasyonist bir ortamda y\u00fcksek miktarda &#8220;parasal varl\u0131k&#8221; (ticari alacaklar ve nakit) tutmaktad\u0131r. Parasal varl\u0131klar\u0131n sat\u0131n alma g\u00fcc\u00fc enflasyon kar\u015f\u0131s\u0131nda eridi\u011fi i\u00e7in, y\u00fck\u00fcml\u00fcl\u00fckler bu erimeyi tam olarak kompanse edemedi\u011finde &#8220;parasal pozisyon zarar\u0131&#8221; ka\u00e7\u0131n\u0131lmaz hale gelmektedir. Ancak bu zarar, VK\u015e\u2019nin operasyonel ba\u015far\u0131s\u0131ndan ziyade, ekonominin makro ko\u015fullar\u0131n\u0131n finansal tablolardaki teknik bir yans\u0131mas\u0131d\u0131r.<\/p>\n<h2>6. Sonu\u00e7: Yeni Nesil Finansman\u0131n G\u00fcc\u00fc<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan denetlenen ve Sorumlu Denet\u00e7i <b>Aykut \u00dc\u015fenti<\/b> taraf\u0131ndan imzalanan rapor, \u015firketin finansal tablolar\u0131n\u0131n t\u00fcm \u00f6nemli y\u00f6nleriyle &#8220;ger\u00e7e\u011fe uygun ve do\u011fru&#8221; oldu\u011funu belirten <b>&#8220;Olumlu G\u00f6r\u00fc\u015f&#8221;<\/b> ile sunulmu\u015ftur.<\/p>\n<p>Operasyonel ba\u015far\u0131n\u0131n en somut kan\u0131t\u0131 ise karl\u0131l\u0131k verilerinde gizlidir: 2024 y\u0131l\u0131nda 148.656 TL olan net d\u00f6nem k\u00e2r\u0131, 2025 sonunda 304.589 TL\u2019ye y\u00fckselerek %100&#8217;\u00fcn \u00fczerinde bir art\u0131\u015f g\u00f6stermi\u015ftir. S\u0131f\u0131r personelli bir yap\u0131 i\u00e7in bu k\u00e2rl\u0131l\u0131k, y\u00fcksek verimlili\u011fin tescilidir.<\/p>\n<p>Kalk\u0131nma Yat\u0131r\u0131m VK\u015e\u2019nin bu tablosu ak\u0131llara \u015fu soruyu getiriyor: <b>Geleneksel bankac\u0131l\u0131\u011f\u0131n hantal yap\u0131lar\u0131na kar\u015f\u0131n, bu t\u00fcr &#8220;hayalet&#8221; ama devasa i\u015flem hacimli \u00d6zel Ama\u00e7l\u0131 Kurumlar, T\u00fcrkiye\u2019nin kalk\u0131nma ve reel sekt\u00f6r finansman\u0131nda gelecekte ne kadar daha bask\u0131n bir rol oynayacak?<\/b> Raporun g\u00f6sterdi\u011fi ivme, bu rol\u00fcn \u00e7ok yak\u0131n zamanda &#8220;milyarl\u0131k&#8221; s\u0131n\u0131rlar\u0131 da a\u015faca\u011f\u0131n\u0131 m\u00fcjdeliyor.<\/p>\n<p><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2025 Finansal Raporlar\u0131ndan \u00d6nemli Noktalar<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Finansal B\u00fcy\u00fcme ve Varl\u0131klar:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Kalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama A.\u015e.&#8217;nin toplam varl\u0131klar\u0131, 2024 y\u0131l\u0131 sonundaki 1.238.795 TL seviyesinden 31 Aral\u0131k 2025 itibar\u0131yla <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>936.284.823 TL&#8217;ye y\u00fckselerek<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> b\u00fcy\u00fck bir art\u0131\u015f g\u00f6stermi\u015ftir. Bu varl\u0131klar\u0131n tamam\u0131 d\u00f6nen varl\u0131klardan olu\u015fmaktad\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Sermaye Art\u0131r\u0131m\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket sermayesi, faaliyet d\u00f6nemi i\u00e7erisinde T\u00fcrk Ticaret Kanunu&#8217;ndaki de\u011fi\u015fikliklere uyum sa\u011flamak amac\u0131yla nakden kar\u015f\u0131lanmak suretiyle <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>50.000 TL\u2019den 250.000 TL\u2019ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>K\u00e2rl\u0131l\u0131k Durumu:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket, 2025 y\u0131l\u0131nda <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>129.520.768 TL has\u0131lat<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> elde etmi\u015f ve y\u0131l\u0131 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>304.589 TL net d\u00f6nem k\u00e2r\u0131<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> ile kapatm\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Kira Sertifikas\u0131 \u0130hra\u00e7lar\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket, m\u00fcnhas\u0131ran kira sertifikas\u0131 ihra\u00e7 etmek amac\u0131yla kurulmu\u015f olup 2025 y\u0131l\u0131 sonu itibar\u0131yla ihra\u00e7 edilen menkul k\u0131ymetlerin toplam tutar\u0131 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>930.066.241 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olarak kaydedilmi\u015ftir. D\u00f6nem i\u00e7inde \u00f6zellikle Tarfin Tar\u0131m A.\u015e. ve Vak\u0131f Finansal Kiralama A.\u015e. gibi kurulu\u015flar i\u00e7in \u00e7e\u015fitli ihra\u00e7lar ger\u00e7ekle\u015ftirilmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan yap\u0131lan denetim sonucunda, \u015firketin finansal tablolar\u0131n\u0131n TFRS\u2019ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>ger\u00e7e\u011fi d\u00fcr\u00fcst bir \u015fekilde yans\u0131tmakta oldu\u011fu<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> (olumlu g\u00f6r\u00fc\u015f) bildirilmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Operasyonel Yap\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirketin 31 Aral\u0131k 2025 itibar\u0131yla <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>\u00e7al\u0131\u015fan personeli bulunmamakta<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olup operasyonel ve genel y\u00f6netim faaliyetleri ana orta\u011f\u0131 olan T\u00fcrkiye Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclmektedir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Enflasyon Muhasebesi:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden<\/strong><\/span><\/span><span data-slate-node=\"text\" data-slate-fragment=\"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\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> d\u00fczeltilerek sunulmu\u015ftur.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Kalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama A.\u015e. 2025 Y\u0131l\u0131 Ba\u011f\u0131ms\u0131z Denetim ve Finansal De\u011ferlendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Kalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama Anonim \u015eirketi\u2019nin (&#8220;\u015eirket&#8221;) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve finansal tablolar\u0131n\u0131n kapsaml\u0131 bir sentezini sunmaktad\u0131r. G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (Ernst &amp; Young Global Limited \u00fcyesi) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda \u015eirket\u2019in finansal tablolar\u0131 hakk\u0131nda <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirilmi\u015ftir.<\/p>\n<p>2025 y\u0131l\u0131 itibar\u0131yla \u015eirket, kira sertifikas\u0131 (sukuk) ihra\u00e7lar\u0131 yoluyla operasyonel hacmini bir \u00f6nceki y\u0131la oranla devasa boyutta art\u0131rm\u0131\u015ft\u0131r. 2024 sonunda 1,24 milyon TL seviyesinde olan toplam varl\u0131klar, 2025 sonunda yakla\u015f\u0131k <b>936,28 milyon TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fcme, \u015eirket\u2019in temel kurulu\u015f amac\u0131 olan kira sertifikas\u0131 ihrac\u0131 faaliyetlerinin yo\u011funla\u015ft\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. \u015eirket\u2019in t\u00fcm operasyonel s\u00fcre\u00e7leri ana orta\u011f\u0131 olan T\u00fcrkiye Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclmekte olup, \u015eirket\u2019in kendisine ait personeli bulunmamaktad\u0131r.<\/p>\n<p>Finansal tablolar, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standartlar\u0131na uygun olarak, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/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. \u015eirket Profili ve Operasyonel Yap\u0131<\/h2>\n<ul>\n<li><b>Kurulu\u015f ve Ama\u00e7:<\/b> 28 May\u0131s 2020 tarihinde tescil edilen \u015eirket, 6362 Say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu \u00e7er\u00e7evesinde kira sertifikas\u0131 ihra\u00e7 etmek amac\u0131yla kurulmu\u015ftur.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirket\u2019in sermayesinin %100\u2019\u00fc <b>T\u00fcrkiye Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 A.\u015e.<\/b>\u2019ye aittir. 3 Haziran 2025 tarihinde \u00f6denmi\u015f sermaye 50.000 TL&#8217;den 250.000 TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Y\u00f6netim ve Personel:<\/b> \u015eirket\u2019in 31 Aral\u0131k 2025 itibar\u0131yla personeli bulunmamaktad\u0131r. Operasyonel ve genel y\u00f6netim faaliyetleri tamamen ana ortak olan Banka taraf\u0131ndan icra edilmektedir.<\/li>\n<li><b>Merkez:<\/b> \u0130nk\u0131lap Mahallesi, Dr. Adnan B\u00fcy\u00fckdeniz Caddesi, \u00dcmraniye\/\u0130stanbul.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Ba\u011f\u0131ms\u0131z Denetim Bulgular\u0131 ve G\u00f6r\u00fc\u015f\u00fc<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. taraf\u0131ndan ger\u00e7ekle\u015ftirilen denetim s\u00fcreci a\u015fa\u011f\u0131daki temel sonu\u00e7lar\u0131 ortaya koymu\u015ftur:<\/p>\n<ul>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> Finansal tablolar, \u015eirket\u2019in finansal durumunu, performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS)\u2019na uygun olarak, t\u00fcm \u00f6nemli y\u00f6nleriyle <b>ger\u00e7e\u011fe uygun bir bi\u00e7imde<\/b> sunmaktad\u0131r.<\/li>\n<li><b>Kilit Denetim Konular\u0131:<\/b> Denet\u00e7i, raporunda bildirilecek herhangi bir kilit denetim konusunun bulunmad\u0131\u011f\u0131na karar vermi\u015ftir.<\/li>\n<li><b>Mevzuata Uygunluk:<\/b> T\u00fcrk Ticaret Kanunu\u2019nun (TTK) 402\u2019nci maddesi uyar\u0131nca, defter tutma d\u00fczeninin ve finansal tablolar\u0131n kanun ile esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine ayk\u0131r\u0131 bir durumuna rastlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Denet\u00e7i Sorumlulu\u011fu:<\/b> Denetim, makul g\u00fcvence elde etmek amac\u0131yla BDS (T\u00fcrkiye Denetim Standartlar\u0131) \u00e7er\u00e7evesinde y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr.<\/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. Finansal Durum Analizi (31 Aral\u0131k 2025)<\/h2>\n<p>\u015eirket\u2019in bilan\u00e7osu, ihra\u00e7 edilen kira sertifikalar\u0131na ba\u011fl\u0131 olarak simetrik bir b\u00fcy\u00fcme sergilemektedir.<\/p>\n<h3>Varl\u0131klar ve Y\u00fck\u00fcml\u00fcl\u00fckler \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>936.284.823<\/b><\/td>\n<td><b>1.238.795<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Nakit ve Nakit Benzerleri<\/td>\n<td>1.952.213<\/td>\n<td>1.131.955<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Ticari Alacaklar (\u0130li\u015fkili olmayan)<\/td>\n<td>930.066.241<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>934.613.178<\/b><\/td>\n<td><b>96.112<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; \u0130hra\u00e7 Edilen Menkul K\u0131ymetler<\/td>\n<td>930.066.241<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Ticari Bor\u00e7lar<\/td>\n<td>4.477.810<\/td>\n<td>77.891<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>1.671.645<\/b><\/td>\n<td><b>1.142.683<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Performans (K\u00e2r veya Zarar)<\/h3>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2025 y\u0131l\u0131nda kar pay\u0131 gelirlerinden olu\u015fan has\u0131lat 129,52 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 605,67 milyon TL).<\/li>\n<li><b>Sat\u0131\u015flar\u0131n Maliyeti:<\/b> Kar pay\u0131 giderlerinden olu\u015fan maliyet 127,77 milyon TL&#8217;dir.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 1,75 milyon TL.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131:<\/b> 304.589 TL (2024: 148.656 TL).<\/li>\n<li><b>Net Parasal Pozisyon Zarar\u0131:<\/b> Enflasyon d\u00fczeltmesi kaynakl\u0131 olarak 416.814 TL net parasal pozisyon kayb\u0131 kaydedilmi\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<h2>4. Kira Sertifikas\u0131 \u0130hra\u00e7lar\u0131 ve Ticari Alacaklar<\/h2>\n<p>\u015eirket\u2019in 2025 y\u0131l\u0131 sonundaki ticari alacak bakiyesi, y\u00f6netim s\u00f6zle\u015fmesine dayal\u0131 olarak ihra\u00e7 edilen kira sertifikalar\u0131ndan kaynaklanmaktad\u0131r.<\/p>\n<p><b>\u0130hra\u00e7 Edilen Menkul K\u0131ymet Detaylar\u0131 (31 Aral\u0131k 2025 itibar\u0131yla):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>ISIN Kodu<\/td>\n<td>\u0130hra\u00e7 Tarihi<\/td>\n<td>\u0130hra\u00e7 Tutar\u0131 (TL)<\/td>\n<td>Vadesi<\/td>\n<td>Dayanak Varl\u0131k Sahibi<\/td>\n<\/tr>\n<tr>\n<td>TRDKLVK12619<\/td>\n<td>10.04.2025<\/td>\n<td>40.000.000<\/td>\n<td>14.01.2026<\/td>\n<td>Tarfin Tar\u0131m A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td>TRDKLVK32617<\/td>\n<td>26.06.2025<\/td>\n<td>122.000.000<\/td>\n<td>23.03.2026<\/td>\n<td>Tarfin Tar\u0131m A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td>TRDKLVK62614<\/td>\n<td>24.12.2025<\/td>\n<td>400.000.000<\/td>\n<td>17.06.2026<\/td>\n<td>Tarfin Tar\u0131m A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td>TRDKLVK32625<\/td>\n<td>29.12.2025<\/td>\n<td>330.000.000<\/td>\n<td>30.03.2026<\/td>\n<td>Vak\u0131f Finansal Kiralama A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><\/td>\n<td><b>892.000.000<\/b><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Finansal tablolarda bu tutarlar enflasyon d\u00fczeltmesine tabi tutularak 930.066.241 TL olarak raporlanm\u0131\u015ft\u0131r.<\/i><\/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. \u00d6nemli Muhasebe Politikalar\u0131 ve Vergi Mevzuat\u0131<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>\u015eirket, KGK ve SPK kararlar\u0131 do\u011frultusunda finansal tablolar\u0131n\u0131 TMS 29 uyar\u0131nca enflasyon etkisinden ar\u0131nd\u0131rarak sunmu\u015ftur. Bu kapsamda 31 Aral\u0131k 2024 tarihli kar\u015f\u0131la\u015ft\u0131rmal\u0131 rakamlar da 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcne y\u00fckseltilmi\u015ftir. Kullan\u0131lan endeks (T\u00dcFE) de\u011ferleri:<\/p>\n<ul>\n<li>31.12.2025: 3.513,87 (Katsay\u0131: 1,0000)<\/li>\n<li>31.12.2024: 2.684,55 (Katsay\u0131: 1,3089)<\/li>\n<\/ul>\n<h3>Vergi D\u00fczenlemeleri<\/h3>\n<ul>\n<li><b>Kurumlar Vergisi Oran\u0131:<\/b> Finansal kurulu\u015flar i\u00e7in vergi oran\u0131 <b>%30<\/b> olarak uygulanmaktad\u0131r.<\/li>\n<li><b>Yurt \u0130\u00e7i Asgari Kurumlar Vergisi:<\/b> 2025 y\u0131l\u0131ndan itibaren elde edilen kazan\u00e7larda hesaplanan vergi, indirim ve istisnalar \u00f6ncesi kazanc\u0131n %10\u2019undan az olamaz.<\/li>\n<li><b>Enflasyon D\u00fczeltmesi \u0130stisnas\u0131:<\/b> 7491 say\u0131l\u0131 kanun uyar\u0131nca sermaye piyasas\u0131 kurumlar\u0131 i\u00e7in 2024 ve 2025 hesap d\u00f6nemlerinde enflasyon d\u00fczeltmesinden kaynaklanan k\u00e2r\/zarar farklar\u0131 vergi matrah\u0131n\u0131n tespitinde dikkate al\u0131nmayacakt\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>6. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>\u015eirket\u2019in t\u00fcm i\u015flemleri ana orta\u011f\u0131 olan T\u00fcrkiye Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 A.\u015e. ile yo\u011funla\u015fmaktad\u0131r:<\/p>\n<ul>\n<li><b>Nakit Varl\u0131klar:<\/b> \u015eirket\u2019in nakit ve nakit benzeri varl\u0131klar\u0131n\u0131n 1,39 milyon TL&#8217;lik k\u0131sm\u0131 ana banka nezdindeki hesaplarda tutulmaktad\u0131r.<\/li>\n<li><b>Ticari Bor\u00e7lar:<\/b> Ana bankaya olan k\u0131sa vadeli ticari bor\u00e7lar 2,19 milyon TL seviyesindedir.<\/li>\n<li><b>Hizmet Gelirleri:<\/b> Genel y\u00f6netim giderlerinin ana bankaya yans\u0131t\u0131lmas\u0131ndan kaynaklanan 970.105 TL tutar\u0131nda esas faaliyetlerden di\u011fer gelir elde edilmi\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<h2>Sonu\u00e7<\/h2>\n<p>Kalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama A.\u015e., 2025 y\u0131l\u0131nda kira sertifikas\u0131 ihra\u00e7 hacmini ciddi oranda geni\u015fleterek operasyonel etkinli\u011fini art\u0131rm\u0131\u015ft\u0131r. Finansal tablolar\u0131n denetimden tam not almas\u0131 ve sermaye art\u0131r\u0131m\u0131 yoluyla \u00f6zkaynak yap\u0131s\u0131n\u0131n g\u00fc\u00e7lendirilmesi, \u015eirket\u2019in kurumsal s\u00fcrd\u00fcr\u00fclebilirli\u011fini desteklemektedir. \u0130hra\u00e7lar\u0131n %100 ana banka garant\u00f6rl\u00fc\u011f\u00fc ve operasyonel deste\u011fi alt\u0131nda y\u00fcr\u00fct\u00fclmesi, d\u00fc\u015f\u00fck risk profilini korumas\u0131n\u0131 sa\u011flamaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"965\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Kalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama A.\u015e. 2025 Y\u0131l\u0131nda Finansal G\u00fcc\u00fcn\u00fc Art\u0131rd\u0131!<br \/>\nKalk\u0131nma Yat\u0131r\u0131m Varl\u0131k Kiralama A.\u015e., 2025 y\u0131l\u0131 faaliyet raporunu ve ba\u011f\u0131ms\u0131z denetim sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Sermayesini 250.000 TL&#8217;ye \u00e7\u0131karan ve toplam varl\u0131klar\u0131n\u0131 936 milyon TL&#8217;nin \u00fczerine ta\u015f\u0131yan \u015firket, kira sertifikas\u0131 ihra\u00e7lar\u0131 ile sermaye piyasalar\u0131na katk\u0131 sa\u011flamaya devam ediyor. Ba\u011f\u0131ms\u0131z denetimden &#8220;olumlu&#8221; g\u00f6r\u00fc\u015f alan ve y\u0131l\u0131 k\u00e2rla kapatan \u015firketin enflasyona g\u00f6re d\u00fczeltilmi\u015f finansal performans\u0131na ve 2025 y\u0131l\u0131ndaki stratejik hamlelerine dair t\u00fcm detaylar blog yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":1,"featured_media":974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[215],"class_list":["post-965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-klvks"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/965","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=965"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/965\/revisions"}],"predecessor-version":[{"id":966,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/965\/revisions\/966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/974"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}