{"id":98,"date":"2025-12-17T22:38:26","date_gmt":"2025-12-17T19:38:26","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=98"},"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-krtek-karsu-tekstil-sanayii-2025-9-bilanco-analizi-bir-vefat-notunun-dusundurdukleri-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/98","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KRTEK | Karsu Tekstil Sanayii 2025\/9 Bilan\u00e7o Analizi | Bir Vefat Notunun D\u00fc\u015f\u00fcnd\u00fcrd\u00fckleri \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KRTEK | Karsu Tekstil Sanayii 2025\/9 Bilan\u00e7o Analizi | Bir Vefat Notunun D\u00fc\u015f\u00fcnd\u00fcrd\u00fckleri \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/Z-_v1o8WKU0?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: Karsu Tekstil&#8217;in Bilan\u00e7osundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<h3><b>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikayeler<\/b><\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Sayfalarca tablo ve dipnot, konunun uzman\u0131 olmayanlar i\u00e7in bir labirenti and\u0131rabilir. Ancak bu belgelerin perdesini aralad\u0131\u011f\u0131n\u0131zda, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar, faaliyet g\u00f6sterdi\u011fi ekonomik ortam ve hatta insani y\u00f6nlerine dair \u00e7arp\u0131c\u0131 hikayelerle kar\u015f\u0131la\u015f\u0131rs\u0131n\u0131z.<\/p>\n<p>Bu yaz\u0131da, Karsu Tekstil Sanayii ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihli finansal rapor dipnotlar\u0131n\u0131 bir dedektif gibi inceleyecek ve rakamlar\u0131n aras\u0131nda gizlenmi\u015f en \u015fa\u015f\u0131rt\u0131c\u0131 ve d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc be\u015f detay\u0131 g\u00fcn y\u00fcz\u00fcne \u00e7\u0131karaca\u011f\u0131z. Bu detaylar, makroekonomik bask\u0131lardan son derece ki\u015fisel olaylara kadar, \u015firketin \u00f6nemli d\u0131\u015f zorluklarla m\u00fccadele ederken ayn\u0131 zamanda i\u00e7sel d\u00f6n\u00fcm noktalar\u0131yla y\u00fczle\u015fti\u011finin b\u00fct\u00fcnsel bir resmini \u00e7iziyor.<\/p>\n<h3><b>1. Enflasyon Muhasebesi: Say\u0131lar Nas\u0131l Zaman Yolculu\u011fu Yapar?<\/b><\/h3>\n<p>Y\u00fcksek enflasyonlu ekonomilerde finansal tablolar\u0131 okumak, bir zaman makinesine binmeye benzer. Rakamlar, g\u00f6r\u00fcnd\u00fckleri gibi de\u011fildir; ge\u00e7mi\u015fin de\u011ferini bug\u00fcne ta\u015f\u0131mak i\u00e7in s\u00fcrekli bir ayarlamadan ge\u00e7erler. Karsu Tekstil&#8217;in raporu, bu durumun en net \u00f6rneklerinden birini sunuyor.<\/p>\n<p>Raporda belirtildi\u011fi \u00fczere (NOT 2 ve NOT 45), \u015firket TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard\u0131) standard\u0131n\u0131 uygulamak zorundad\u0131r. Bu ne anlama geliyor? Basit\u00e7e, \u015firket 31 Aral\u0131k 2024 gibi ge\u00e7mi\u015f d\u00f6nemlere ait finansal verileri, raporlama d\u00f6nemi sonu olan 30 Eyl\u00fcl 2025&#8217;teki paran\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden ifade etmekle y\u00fck\u00fcml\u00fcd\u00fcr. Farkl\u0131 zamanlardaki paran\u0131n de\u011ferini e\u015fitlemek i\u00e7in yap\u0131lan bu &#8220;zaman yolculu\u011fu&#8221;, rakamlar\u0131n do\u011fru kar\u015f\u0131la\u015ft\u0131r\u0131labilmesi i\u00e7in kritiktir.<\/p>\n<p>\u00d6rne\u011fin, NOT 45&#8217;teki tabloya g\u00f6re 31 Aral\u0131k 2024 tarihli verileri bug\u00fcne ta\u015f\u0131mak i\u00e7in kullan\u0131lan <code>D\u00fczeltme Katsay\u0131s\u0131<\/code> <code>1,25429<\/code> olarak belirtilmi\u015ftir. Yani, 2024 sonunda 100 TL olan bir de\u011fer, bug\u00fcn\u00fcn paras\u0131yla 125,43 TL olarak raporlanmaktad\u0131r.<\/p>\n<p><b>Neden \u00d6nemli?<\/b> Bu durum, iki d\u00f6nemin rakamlar\u0131n\u0131 yan yana koyup y\u00fczeysel bir kar\u015f\u0131la\u015ft\u0131rma yapman\u0131n ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6sterir. Bu ayarlama olmadan, %25 enflasyon ortam\u0131nda bir \u015firketin cirosu %20 b\u00fcy\u00fcm\u00fc\u015f gibi g\u00f6r\u00fcnebilir; oysa bu durum, reel bazda %5&#8217;lik bir daralmay\u0131 maskeler. TMS 29&#8217;u g\u00f6z ard\u0131 etmek, kurumsal performans\u0131n temelden yanl\u0131\u015f okunmas\u0131na yol a\u00e7ar.<\/p>\n<h3><b>2. Varl\u0131klar\u0131n Ger\u00e7ek De\u011feri: Bir Bilan\u00e7o Ne Kadar &#8220;Canl\u0131d\u0131r&#8221;?<\/b><\/h3>\n<p>Bir bilan\u00e7onun, yaln\u0131zca varl\u0131klar\u0131n sat\u0131n al\u0131nd\u0131\u011f\u0131 tarihteki maliyetleri g\u00f6steren statik, tozlu bir ar\u015fiv belgesi oldu\u011funu d\u00fc\u015f\u00fcnebilirsiniz. Ancak Karsu Tekstil&#8217;in raporu, bu alg\u0131y\u0131 tamamen de\u011fi\u015ftiriyor.<\/p>\n<p>\u015eirket, maddi duran varl\u0131klar\u0131n\u0131 (gayrimenkuller, makine ve tesisler) belirli aral\u0131klarla yeniden de\u011ferlemeye tabi tutuyor (NOT 14). Raporda, 31.12.2014, 31.12.2017, 31.12.2020 ve en son 31.12.2023 tarihlerinde uzmanlar taraf\u0131ndan ekspertiz raporlar\u0131 d\u00fczenlendi\u011fi ve varl\u0131klar\u0131n defter de\u011ferlerinin &#8220;rayi\u00e7 de\u011ferleri&#8221;, yani g\u00fcncel piyasa de\u011ferleri ile g\u00fcncellendi\u011fi a\u00e7\u0131k\u00e7a belirtiliyor.<\/p>\n<p><b>Neden \u00d6nemli?<\/b> Bu uygulama bilan\u00e7oyu, \u015firketin gizli kalm\u0131\u015f de\u011ferini ortaya koyan &#8220;ya\u015fayan&#8221; bir belge haline getirir. Potansiyel bor\u00e7lanmalar i\u00e7in teminat pozisyonunu g\u00fc\u00e7lendirir, Varl\u0131k K\u00e2rl\u0131l\u0131\u011f\u0131 (ROA) gibi kilit oranlar\u0131n hesaplanmas\u0131 i\u00e7in daha do\u011fru bir zemin sa\u011flar ve yat\u0131r\u0131mc\u0131lara \u015firketin tasfiye de\u011feri hakk\u0131nda, tarihi maliyetlerin \u00e7ok \u00f6tesinde, daha ger\u00e7ek\u00e7i bir resim sunar.<\/p>\n<h3><b>3. D\u00f6viz Pozisyonundaki Keskin D\u00f6n\u00fc\u015f: 9 Ayda Neler De\u011fi\u015fti?<\/b><\/h3>\n<p>Bir \u015firketin d\u00f6viz pozisyonu, onun kur dalgalanmalar\u0131na kar\u015f\u0131 ne kadar sa\u011flam durdu\u011funun en \u00f6nemli g\u00f6stergelerinden biridir. Karsu Tekstil&#8217;in raporunda bu konuda 9 ay gibi k\u0131sa bir s\u00fcrede ya\u015fanan dramatik de\u011fi\u015fim dikkat \u00e7ekiyor.<\/p>\n<p>NOT 48&#8217;deki &#8216;Yabanc\u0131 Para Pozisyonu&#8217; tablosu incelendi\u011finde \u015fu \u00e7arp\u0131c\u0131 tablo ortaya \u00e7\u0131k\u0131yor:<\/p>\n<ul>\n<li><b>31 Aral\u0131k 2024:<\/b> \u015eirketin <code>157.125.485 TL<\/code> net d\u00f6viz varl\u0131\u011f\u0131 bulunuyordu (pozitif pozisyon). Bu, \u015firketin d\u00f6viz bor\u00e7lar\u0131ndan daha fazla d\u00f6viz varl\u0131\u011f\u0131na sahip oldu\u011fu ve kur art\u0131\u015flar\u0131ndan potansiyel olarak kazan\u00e7l\u0131 \u00e7\u0131kabilece\u011fi anlam\u0131na geliyordu.<\/li>\n<li><b>30 Eyl\u00fcl 2025:<\/b> Durum tamamen tersine d\u00f6nm\u00fc\u015f. \u015eirket, <code>(48.480.820) TL<\/code> net d\u00f6viz y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcne (negatif pozisyon) ge\u00e7mi\u015f.<\/li>\n<\/ul>\n<p><b>Neden \u00d6nemli?<\/b> Dokuz ay gibi k\u0131sa bir s\u00fcrede net varl\u0131ktan net y\u00fck\u00fcml\u00fcl\u00fc\u011fe d\u00f6n\u00fc\u015fen yakla\u015f\u0131k 205 milyon TL&#8217;lik bu pozisyon, \u015firketin k\u0131r\u0131lganl\u0131\u011f\u0131n\u0131 \u00e7arp\u0131c\u0131 bir \u015fekilde art\u0131rmaktad\u0131r. T\u00fcrk Liras\u0131&#8217;ndaki herhangi bir de\u011fer kayb\u0131, art\u0131k do\u011frudan gelir tablosuna zarar olarak yans\u0131yacakt\u0131r; oysa daha \u00f6nce k\u00e2r yaratma potansiyeli ta\u015f\u0131yordu. Bu keskin d\u00f6n\u00fc\u015f, \u015firketin kur riskini y\u00f6netme stratejisinde \u00f6nemli bir de\u011fi\u015fikli\u011fe gitti\u011fini veya ithalat-ihracat dengesinde ciddi bir de\u011fi\u015fim ya\u015fad\u0131\u011f\u0131n\u0131 i\u015faret ediyor.<\/p>\n<h3><b>4. Rakamlar\u0131n Ard\u0131ndaki \u0130nsan: Bir Vefat Notunun D\u00fc\u015f\u00fcnd\u00fcrd\u00fckleri<\/b><\/h3>\n<p>Finansal raporlar\u0131n so\u011fuk ve ki\u015fisel olmayan d\u00fcnyas\u0131nda, bazen tek bir dipnot, rakamlar\u0131n ard\u0131ndaki insan hikayelerini hat\u0131rlat\u0131r. Karsu Tekstil&#8217;in ortakl\u0131k yap\u0131s\u0131n\u0131 a\u00e7\u0131klayan tabloda (NOT 1 ve NOT 30) yer alan k\u00fc\u00e7\u00fck bir ifade tam olarak bunu yap\u0131yor.<\/p>\n<p><code>(*) Metin MOLU 25.08.2025 tarihinde vefat etmi\u015f olup, hen\u00fcz veraset ilam\u0131 \u00e7\u0131kmam\u0131\u015ft\u0131r.<\/code><\/p>\n<p>Bu not, \u015firketin %9,42 gibi \u00f6nemli bir paya sahip orta\u011f\u0131 olan Metin Molu&#8217;nun raporlama d\u00f6nemi i\u00e7erisinde hayat\u0131n\u0131 kaybetti\u011fini belirtiyor.<\/p>\n<p><b>Neden \u00d6nemli?<\/b> Bu detay, finansal tablolar\u0131n sadece soyut rakamlardan ibaret olmad\u0131\u011f\u0131n\u0131; arkas\u0131nda ger\u00e7ek insanlar, aileler ve ya\u015fam\u0131n ka\u00e7\u0131n\u0131lmaz olaylar\u0131 oldu\u011funu bize hat\u0131rlat\u0131r. Bu tek dipnot, &#8220;kilit ki\u015fi riski&#8221; kavram\u0131n\u0131n somut bir hat\u0131rlat\u0131c\u0131s\u0131d\u0131r ve do\u011fal olarak veraset planlamas\u0131 ile \u00f6nemli bir ortakl\u0131k pay\u0131n\u0131n gelecekteki ak\u0131beti hakk\u0131nda sorular\u0131 g\u00fcndeme getirir. Bu durum, ilerleyen d\u00f6nemlerde \u015firketin ortakl\u0131k yap\u0131s\u0131nda de\u011fi\u015fikliklere yol a\u00e7ma potansiyeli ta\u015f\u0131maktad\u0131r.<\/p>\n<h3><b>5. Unutulmu\u015f Paralar: 10 Y\u0131l\u0131 A\u015fk\u0131n S\u00fcredir Al\u0131nmayan K\u00e2r Paylar\u0131<\/b><\/h3>\n<p>Finansal raporlarda bazen en \u015fa\u015f\u0131rt\u0131c\u0131 detaylar, en k\u00fc\u00e7\u00fck rakamlar\u0131n i\u00e7inde gizlidir. NOT 6&#8217;da, &#8220;\u0130li\u015fkili Taraflara Di\u011fer Bor\u00e7lar&#8221; ba\u015fl\u0131\u011f\u0131 alt\u0131nda yer alan &#8220;\u00d6denecek Temett\u00fcler&#8221; kalemi, b\u00f6yle ilgin\u00e7 bir hikaye bar\u0131nd\u0131r\u0131yor.<\/p>\n<p>Rapora g\u00f6re, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla ortaklara \u00f6denmesi gereken toplam <code>8.646 TL<\/code>&#8216;lik bir temett\u00fc borcu bulunuyor. \u0130\u015fin ilgin\u00e7 yan\u0131 ise bu borcun bir k\u0131sm\u0131n\u0131n \u00e7ok eski tarihlerden kalmas\u0131: Bu tutar\u0131n <code>3.997 TL<\/code>&#8216;si <code>31 May\u0131s 2012<\/code>&#8216;de yap\u0131lan k\u00e2r da\u011f\u0131t\u0131m\u0131ndan, geri kalan <code>4.649 TL<\/code>&#8216;si ise daha da \u00f6nceki y\u0131llardan bug\u00fcne ula\u015fm\u0131\u015f.<\/p>\n<p><b>Neden \u00d6nemli?<\/b> Bu k\u00fc\u00e7\u00fck ama \u00e7arp\u0131c\u0131 detay, sadece ilgin\u00e7 bir not olman\u0131n \u00f6tesinde, \u015firketin perakende hissedar taban\u0131yla potansiyel bir kopuklu\u011fun mikro d\u00fczeyde bir g\u00f6stergesi olabilir. Kurumsal y\u00f6netim ve hissedar ili\u015fkileri alan\u0131nda k\u00fc\u00e7\u00fck ama dikkat \u00e7ekici bir p\u00fcr\u00fcz\u00fc g\u00f6zler \u00f6n\u00fcne sermektedir. Bu durum, t\u00fcm yat\u0131r\u0131mc\u0131lar i\u00e7in finansal okuryazarl\u0131\u011f\u0131n ve kendi yat\u0131r\u0131mlar\u0131n\u0131n takibini yapman\u0131n ne kadar \u00f6nemli oldu\u011funu bir kez daha hat\u0131rlatan beklenmedik bir ders niteli\u011finde.<\/p>\n<h3><b>Sonu\u00e7: Bir Sonraki Raporda Neye Bakacaks\u0131n\u0131z?<\/b><\/h3>\n<p>Karsu Tekstil&#8217;in finansal raporundan \u00e7\u0131kard\u0131\u011f\u0131m\u0131z bu be\u015f nokta, rakam y\u0131\u011f\u0131nlar\u0131 olarak g\u00f6r\u00fclen bu belgelerin dikkatli okundu\u011funda ne kadar zengin bilgi, stratejik ipucu ve insani hikaye bar\u0131nd\u0131rabilece\u011finin a\u00e7\u0131k bir kan\u0131t\u0131d\u0131r. Enflasyonun zaman\u0131 b\u00fcken etkisinden, d\u00f6viz riskindeki keskin bir d\u00f6n\u00fc\u015fe, bir vefat notunun d\u00fc\u015f\u00fcnd\u00fcrd\u00fcklerinden unutulmu\u015f temett\u00fclere kadar her detay, bir \u015firketin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131 ve i\u00e7inden ge\u00e7ti\u011fi d\u00f6n\u00fc\u015f\u00fcm\u00fc anlamak i\u00e7in de\u011ferlidir.<\/p>\n<p>Bir dahaki sefere bir \u015firketin bilan\u00e7osuna bakt\u0131\u011f\u0131n\u0131zda, sat\u0131r aralar\u0131nda hangi gizli hikayeleri arayacaks\u0131n\u0131z?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Karsu Tekstil Sanayii ve Ticaret A.\u015e. Finansal Durum Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, Karsu Tekstil Sanayii ve Ticaret A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihli finansal tablolar\u0131na ait dipnotlara dayanarak \u015firketin organizasyonel yap\u0131s\u0131n\u0131, finansal performans\u0131n\u0131, risk profilini ve temel muhasebe politikalar\u0131n\u0131 kapsaml\u0131 bir \u015fekilde analiz etmektedir. Finansal veriler, TMS 29 standard\u0131 uyar\u0131nca y\u00fcksek enflasyon ortam\u0131na g\u00f6re d\u00fczeltilmi\u015f ve 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcyle ifade edilmi\u015ftir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Finansal Performans:<\/b> \u015eirketin 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6nemdeki has\u0131lat\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Br\u00fct k\u00e2rl\u0131l\u0131k azalm\u0131\u015f, bu da operasyonel zorluklara i\u015faret etmektedir. Bununla birlikte, \u015firket 2024 y\u0131l\u0131ndaki zarara k\u0131yasla 2025&#8217;in ilk dokuz ay\u0131nda net k\u00e2r elde etmi\u015ftir.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> \u015eirket, 31 Aral\u0131k 2023 itibar\u0131yla TMS 29 standard\u0131n\u0131 uygulamaya ba\u015flam\u0131\u015ft\u0131r. Bu durum, finansal tablolar\u0131n tamam\u0131n\u0131n enflasyonun etkilerinden ar\u0131nd\u0131r\u0131larak sunulmas\u0131n\u0131 sa\u011flamakta ve \u00f6zellikle \u00f6zkaynak kalemlerinde (\u00f6rne\u011fin 1,1 milyar TL&#8217;lik Sermaye Enflasyon D\u00fczeltme Fark\u0131) \u00f6nemli d\u00fczeltmelere yol a\u00e7maktad\u0131r.<\/li>\n<li><b>Bilan\u00e7o Dinamikleri:<\/b> 31 Aral\u0131k 2024&#8217;ten 30 Eyl\u00fcl 2025&#8217;e kadar olan d\u00f6nemde, \u015firketin bilan\u00e7osunda \u00f6nemli de\u011fi\u015fiklikler g\u00f6zlemlenmi\u015ftir. Toplam stoklar (\u00f6zellikle hammadde) ve toplam finansal bor\u00e7lar azal\u0131rken, ticari bor\u00e7larda ve k\u0131sa vadeli finansal yat\u0131r\u0131mlarda (fon ve alt\u0131n hesaplar\u0131) art\u0131\u015f ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kur Riski Profilindeki De\u011fi\u015fim:<\/b> \u015eirketin en dikkat \u00e7ekici finansal risk de\u011fi\u015fikli\u011fi, yabanc\u0131 para pozisyonunda ya\u015fanm\u0131\u015ft\u0131r. 31 Aral\u0131k 2024&#8217;te 157,1 milyon TL&#8217;lik net yabanc\u0131 para varl\u0131k pozisyonuna sahip olan \u015firket, 30 Eyl\u00fcl 2025 itibar\u0131yla 48,5 milyon TL&#8217;lik net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc pozisyonuna ge\u00e7mi\u015ftir. Bu d\u00f6n\u00fc\u015f\u00fcm, \u015firketi d\u00f6viz kurlar\u0131ndaki art\u0131\u015flara kar\u015f\u0131 daha hassas hale getirmi\u015ftir.<\/li>\n<li><b>Operasyonel Yap\u0131:<\/b> \u015eirket, ana faaliyet alan\u0131 olan iplik ve kuma\u015f \u00fcretimine odaklanm\u0131\u015ft\u0131r. Personel say\u0131s\u0131nda bir \u00f6nceki y\u0131la g\u00f6re azalma kaydedilmi\u015ftir. Y\u00f6netim ve ortakl\u0131k yap\u0131s\u0131nda istikrar devam etmektedir.<\/li>\n<\/ul>\n<h2>1. \u015eirket Profili ve Organizasyonel Yap\u0131<\/h2>\n<p>Karsu Tekstil Sanayii ve Ticaret A.\u015e., 17 Mart 1973&#8217;te kurulmu\u015f, merkezi Kayseri&#8217;de bulunan k\u00f6kl\u00fc bir tekstil \u00fcreticisidir.<\/p>\n<p><b>Faaliyet Alanlar\u0131:<\/b><\/p>\n<ul>\n<li><b>Ana Faaliyet:<\/b> Yurt i\u00e7i ve yurt d\u0131\u015f\u0131ndan temin edilen pamuk, suni ve sentetik elyaf\u0131n i\u015flenerek pamuk ipli\u011fi, kar\u0131\u015f\u0131ml\u0131 iplik, ham ve mamul \u00f6rg\u00fc kuma\u015f ile boyal\u0131 kuma\u015f \u00fcretimi ve pazarlamas\u0131.<\/li>\n<li><b>Yan Faaliyet:<\/b> Elektrik enerjisi \u00fcretimi. \u00dcretilen elektrik b\u00fcy\u00fck \u00f6l\u00e7\u00fcde \u015firket i\u00e7inde t\u00fcketilmekte, sadece resmi tatillerde k\u00fc\u00e7\u00fck \u00e7apl\u0131 sat\u0131\u015flar yap\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<p><b>Kurumsal Bilgiler:<\/b><\/p>\n<ul>\n<li><b>Merkez:<\/b> S\u00fcks\u00fcn Zafer Mahallesi Sedef Bulvar\u0131 No: 146 \u0130ncesu-KAYSER\u0130<\/li>\n<li><b>\u0130rtibat B\u00fcrosu:<\/b> \u0130stanbul, Esentepe<\/li>\n<li><b>\u015eube:<\/b> Kayseri Serbest B\u00f6lgesi&#8217;nde hen\u00fcz faaliyete ge\u00e7memi\u015f bir \u015fubesi bulunmaktad\u0131r.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket hisseleri 1994 y\u0131l\u0131ndan beri halka arz edilmi\u015f olup, 30 Eyl\u00fcl 2025 itibar\u0131yla halka a\u00e7\u0131kl\u0131k oran\u0131 yakla\u015f\u0131k %49&#8217;dur.<\/li>\n<\/ul>\n<h3>1.1. Ortakl\u0131k Yap\u0131s\u0131 ve Y\u00f6netim Kurulu<\/h3>\n<p>\u015eirketin %5&#8217;ten fazla paya sahip ortaklar\u0131 ve y\u00f6netim kurulu yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir.<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (%5&#8217;ten Fazla Pay Sahipleri)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>Pay Oran\u0131 (30 Eyl\u00fcl 2025) %<\/td>\n<td>Pay Oran\u0131 (31 Aral\u0131k 2024) %<\/td>\n<td>Notlar<\/td>\n<\/tr>\n<tr>\n<td>Metin MOLU*<\/td>\n<td>9,42<\/td>\n<td>9,42<\/td>\n<td>25.08.2025 tarihinde vefat etmi\u015ftir, veraset ilam\u0131 beklenmektedir.<\/td>\n<\/tr>\n<tr>\n<td>Meral MOLU<\/td>\n<td>8,72<\/td>\n<td>8,72<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>S\u0131la Azra SEYOK<\/td>\n<td>8,33<\/td>\n<td>8,33<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Arif MOLU<\/td>\n<td>7,39<\/td>\n<td>7,39<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td>T\u00fcrkay AYDIN<\/td>\n<td>5,34<\/td>\n<td>5,70<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>60,80<\/td>\n<td>60,44<\/td>\n<td>Halka a\u00e7\u0131k k\u0131s\u0131m dahil<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<\/tr>\n<tr>\n<td>S\u0131la Azra SEYOK<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Arif MOLU<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td>Nevzat SEYOK<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi \/ Genel M\u00fcd\u00fcr<\/td>\n<\/tr>\n<tr>\n<td>Mustafa Saruhan HAT\u0130PO\u011eLU<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>T\u00fcrkay AYDIN<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>H\u00fcseyin Sami \u00c7EL\u0130K<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>H\u00fcseyin Faik A\u00c7IKALIN<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Fatih ARABACIO\u011eLU<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi (Ba\u011f\u0131ms\u0131z)<\/td>\n<\/tr>\n<tr>\n<td>Erc\u00fcment \u00d6ZKARACA<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi (Ba\u011f\u0131ms\u0131z)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Personel Durumu<\/h3>\n<p>\u015eirketin personel say\u0131s\u0131nda 2024 y\u0131l sonuna g\u00f6re bir azalma ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kategori<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Kapsam \u0130\u00e7i (Sendikal\u0131)<\/td>\n<td>304<\/td>\n<td>377<\/td>\n<\/tr>\n<tr>\n<td>Kapsam D\u0131\u015f\u0131 (Sendikas\u0131z)<\/td>\n<td>73<\/td>\n<td>77<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>377<\/b><\/td>\n<td><b>454<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Raporlama Esaslar\u0131 ve Enflasyon Muhasebesi<\/h2>\n<p>\u015eirketin finansal tablolar\u0131, Sermaye Piyasas\u0131 Kurulu (SPK) ve Kamu G\u00f6zetimi Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) d\u00fczenlemelerine uygun olarak T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) baz al\u0131narak haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Y\u00fcksek Enflasyonlu Ekonomilerde Raporlama (TMS 29)<\/h3>\n<p>Bu raporlaman\u0131n en temel unsuru, TMS 29 standard\u0131n\u0131n uygulanmas\u0131d\u0131r. KGK&#8217;n\u0131n karar\u0131 uyar\u0131nca \u015firket, 31 Aral\u0131k 2023&#8217;ten itibaren enflasyon muhasebesi uygulamas\u0131na ge\u00e7mi\u015ftir.<\/p>\n<ul>\n<li><b>Uygulama:<\/b> T\u00fcm finansal tablo kalemleri (parasal olmayan varl\u0131klar, y\u00fck\u00fcml\u00fcl\u00fckler ve \u00f6zkaynaklar), raporlama tarihi olan 30 Eyl\u00fcl 2025&#8217;teki para biriminin sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Kar\u015f\u0131la\u015ft\u0131rmal\u0131 Veriler:<\/b> 2024 y\u0131l\u0131na ait kar\u015f\u0131la\u015ft\u0131rmal\u0131 veriler de ayn\u0131 \u015fekilde 30 Eyl\u00fcl 2025&#8217;teki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden ifade edilmi\u015ftir.<\/li>\n<li><b>D\u00fczeltme Esas\u0131:<\/b> D\u00fczeltmeler, T\u00fcrkiye \u0130statistik Kurumu (T\u00dc\u0130K) taraf\u0131ndan yay\u0131mlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131larak yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p><b>Kullan\u0131lan D\u00fczeltme Katsay\u0131lar\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>Endeks<\/td>\n<td>D\u00fczeltme Katsay\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>3.367,22<\/td>\n<td>1,00000<\/td>\n<\/tr>\n<tr>\n<td>31 Aral\u0131k 2024<\/td>\n<td>2.684,55<\/td>\n<td>1,25429<\/td>\n<\/tr>\n<tr>\n<td>30 Eyl\u00fcl 2024<\/td>\n<td>2.526,16<\/td>\n<td>1,33294<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Net Parasal Pozisyon Kazan\u00e7\/Kay\u0131plar\u0131:<\/b> \u015eirketin net parasal pozisyonunun enflasyon kar\u015f\u0131s\u0131ndaki etkileri, gelir tablosunda &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131\/(Kay\u0131plar\u0131)&#8221; kalemi alt\u0131nda raporlanm\u0131\u015ft\u0131r. 2025&#8217;in ilk dokuz ay\u0131nda bu kalemden <b>37,7 milyon TL kazan\u00e7<\/b> elde edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Di\u011fer \u00d6nemli Muhasebe Politikalar\u0131<\/h3>\n<ul>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> Varl\u0131klar, en son 31 Aral\u0131k 2023 tarihinde yap\u0131lan ekspertiz raporuyla rayi\u00e7 de\u011ferlerine g\u00fcncellenmi\u015f ve bu de\u011ferler \u00fczerinden amortismana tabi tutulmu\u015ftur.<\/li>\n<li><b>Has\u0131lat Muhasebesi:<\/b> Has\u0131lat, TFRS 15 standard\u0131 kapsam\u0131nda, mallar\u0131n kontrol\u00fcn\u00fcn m\u00fc\u015fteriye devredildi\u011fi anda be\u015f a\u015famal\u0131 model kullan\u0131larak muhasebele\u015ftirilmektedir.<\/li>\n<li><b>Finansal Ara\u00e7lar:<\/b> Ticari alacaklar ve bor\u00e7lar etkin faiz y\u00f6ntemiyle iskonto edilmi\u015f de\u011ferleriyle, finansal yat\u0131r\u0131mlar ise niteliklerine g\u00f6re (vadeye kadar elde tutulacak, al\u0131m-sat\u0131m ama\u00e7l\u0131 vb.) s\u0131n\u0131fland\u0131r\u0131larak izlenmektedir.<\/li>\n<\/ul>\n<h2>3. Operasyonel ve Finansal Performans (30 Eyl\u00fcl 2025 D\u00f6nemi)<\/h2>\n<h3>3.1. Has\u0131lat ve K\u00e2rl\u0131l\u0131k<\/h3>\n<p>\u015eirketin sat\u0131\u015f gelirleri ve k\u00e2rl\u0131l\u0131\u011f\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/p>\n<p><b>Has\u0131lat ve Br\u00fct K\u00e2r (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td>Yurt \u0130\u00e7i Sat\u0131\u015flar<\/td>\n<td>869.562.173<\/td>\n<td>1.347.770.245<\/td>\n<\/tr>\n<tr>\n<td>Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar<\/td>\n<td>553.950.639<\/td>\n<td>578.492.126<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td><b>1.412.457.444<\/b><\/td>\n<td><b>1.900.926.122<\/b><\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.309.480.679)<\/td>\n<td>(1.767.536.768)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>102.976.765<\/b><\/td>\n<td><b>133.389.354<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>2024 y\u0131l\u0131n\u0131 453,8 milyon TL zararla kapatan \u015firket, 2025&#8217;in ilk dokuz ay\u0131nda <b>68,0 milyon TL net k\u00e2r<\/b> elde etmi\u015ftir. Bu k\u00e2rl\u0131l\u0131kta ertelenmi\u015f vergi geliri (66,0 milyon TL) ve net parasal pozisyon kazan\u00e7lar\u0131 (37,7 milyon TL) \u00f6nemli rol oynam\u0131\u015ft\u0131r.<\/p>\n<h3>3.2. Bilan\u00e7o Yap\u0131s\u0131<\/h3>\n<p><b>Varl\u0131klar:<\/b><\/p>\n<ul>\n<li><b>Stoklar:<\/b> Toplam stoklar, 31 Aral\u0131k 2024&#8217;teki 826,2 milyon TL&#8217;den 30 Eyl\u00fcl 2025&#8217;te 551,7 milyon TL&#8217;ye gerilemi\u015ftir. En b\u00fcy\u00fck d\u00fc\u015f\u00fc\u015f 572,8 milyon TL&#8217;den 276,0 milyon TL&#8217;ye inen &#8220;\u0130lk Madde ve Malzeme&#8221; kaleminde ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar (K\u0131sa Vadeli):<\/b> \u015eirket, nakit pozisyonunu aktif olarak de\u011ferlendirmektedir. K\u0131sa vadeli finansal yat\u0131r\u0131mlar, 180,0 milyon TL&#8217;den 297,9 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f a\u011f\u0131rl\u0131kl\u0131 olarak Ziraat Bankas\u0131, Anadolu Bank ve Yap\u0131 Kredi Bankas\u0131&#8217;ndaki yeni fon hesaplar\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Maddi Duran Varl\u0131klar (Net):<\/b> Duran varl\u0131klar\u0131n net defter de\u011feri, 1,86 milyar TL&#8217;den 1,75 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu, d\u00f6nem i\u00e7i amortisman giderlerinin yeni yat\u0131r\u0131mlar\u0131 a\u015fmas\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<p><b>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar:<\/b><\/p>\n<ul>\n<li><b>Finansal Bor\u00e7lar:<\/b> Toplam finansal bor\u00e7lar, 1,53 milyar TL&#8217;den 1,14 milyar TL&#8217;ye gerileyerek \u00f6nemli bir d\u00fc\u015f\u00fc\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Ticari Bor\u00e7lar:<\/b> K\u0131sa vadeli ticari bor\u00e7lar, 123,1 milyon TL&#8217;den 225,6 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu durum, hammadde al\u0131m vadelerinin uzamas\u0131na veya \u00f6deme d\u00f6ng\u00fcs\u00fcndeki bir de\u011fi\u015fime i\u015faret edebilir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklar, 1,62 milyar TL&#8217;den 1,69 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta d\u00f6nem k\u00e2r\u0131 etkili olmu\u015ftur. Sermaye kalemi, 35,1 milyon TL \u00f6denmi\u015f sermaye ve 1,1 milyar TL&#8217;lik enflasyon d\u00fczeltme fark\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<h2>4. Finansal Risk Y\u00f6netimi<\/h2>\n<p>\u015eirket; piyasa riski (kur ve faiz), kredi riski ve likidite riskine maruz kalmaktad\u0131r.<\/p>\n<h3>4.1. Kur Riski ve Yabanc\u0131 Para Pozisyonu<\/h3>\n<p>\u015eirketin kur riski profili, 2024 y\u0131l sonuna g\u00f6re k\u00f6kl\u00fc bir de\u011fi\u015fim g\u00f6stermi\u015ftir.<\/p>\n<p><b>Net Yabanc\u0131 Para Pozisyonu (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Tarih<\/td>\n<td>Net YP Pozisyonu<\/td>\n<td>Yorum<\/td>\n<\/tr>\n<tr>\n<td>31 Aral\u0131k 2024<\/td>\n<td>157.125.485<\/td>\n<td>Varl\u0131k Fazlas\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>(48.480.820)<\/b><\/td>\n<td><b>Y\u00fck\u00fcml\u00fcl\u00fck Fazlas\u0131 (A\u00e7\u0131k Pozisyon)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu de\u011fi\u015fim, \u015firketin art\u0131k d\u00f6viz kurlar\u0131ndaki y\u00fckseli\u015flere kar\u015f\u0131 finansal olarak daha hassas oldu\u011fu anlam\u0131na gelmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla, d\u00f6viz kurlar\u0131n\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda, \u015firketin yakla\u015f\u0131k <b>4,8 milyon TL zarar<\/b> edece\u011fi \u00f6ng\u00f6r\u00fclmektedir.<\/p>\n<h3>4.2. Likidite ve Kredi Riski<\/h3>\n<ul>\n<li><b>Likidite Riski:<\/b> \u015eirket, tahmini ve fiili nakit ak\u0131mlar\u0131n\u0131 d\u00fczenli olarak takip ederek ve varl\u0131k\/y\u00fck\u00fcml\u00fcl\u00fck vade uyumunu y\u00f6neterek likidite riskini y\u00f6netmektedir.<\/li>\n<li><b>Kredi Riski:<\/b> Ticari alacaklar, Do\u011frudan Bor\u00e7land\u0131rma Sistemi (DBS) ve alacak sigortas\u0131 ile b\u00fcy\u00fck \u00f6l\u00e7\u00fcde g\u00fcvence alt\u0131na al\u0131nm\u0131\u015ft\u0131r. \u015eirket, sadece kredi g\u00fcvenilirli\u011fi y\u00fcksek taraflarla \u00e7al\u0131\u015farak bu riski minimize etmektedir.<\/li>\n<\/ul>\n<h3>4.3. Sermaye Riski Y\u00f6netimi<\/h3>\n<p>\u015eirket, bor\u00e7 ve \u00f6zkaynak dengesini optimize ederek k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rmay\u0131 hedeflemektedir. Net bor\u00e7luluk oran\u0131nda iyile\u015fme kaydedilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oran<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7 \/ Toplam Sermaye<\/b><\/td>\n<td><b>0,46<\/b><\/td>\n<td><b>0,54<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Teminat, Rehin ve \u0130potekler (TR\u0130)<\/h2>\n<p>\u015eirket, ticari faaliyetleri ve finansman temini kapsam\u0131nda \u00f6nemli miktarda teminat vermi\u015ftir. Verilen t\u00fcm teminatlar kendi t\u00fczel ki\u015fili\u011fi ad\u0131nad\u0131r.<\/p>\n<p><b>Verilen TR\u0130 Toplamlar\u0131 (TL Kar\u015f\u0131l\u0131\u011f\u0131)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Tarih<\/td>\n<td>Teminat Mektuplar\u0131<\/td>\n<td>Teminat Senetleri<\/td>\n<td>Toplam TR\u0130<\/td>\n<\/tr>\n<tr>\n<td>31 Aral\u0131k 2024<\/td>\n<td>270.558.159<\/td>\n<td>1.184.030.200<\/td>\n<td>1.454.588.359<\/td>\n<\/tr>\n<tr>\n<td><b>30 Eyl\u00fcl 2025<\/b><\/td>\n<td><b>505.750.529<\/b><\/td>\n<td><b>690.551.457<\/b><\/td>\n<td><b>1.196.301.986<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Teminat mektuplar\u0131ndaki art\u0131\u015f dikkat \u00e7ekerken, bankalara ve sat\u0131c\u0131lara verilen teminat senetlerinde \u00f6nemli bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. En b\u00fcy\u00fck teminat mektubu tutar\u0131 T\u00fcrkiye \u0130hracat Kredi Bankas\u0131 A.\u015e.&#8217;ye verilmi\u015ftir.<\/p>\n<h2>6. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>\u015eirketin ili\u015fkili taraflarla olan i\u015flemleri s\u0131n\u0131rl\u0131d\u0131r ve ola\u011fan ticari faaliyetler kapsam\u0131ndad\u0131r.<\/p>\n<ul>\n<li><b>Molu Enerji \u00dcretim A.\u015e.:<\/b> \u015eirket, bu ili\u015fkili taraftan elektrik santrali kiralamakta olup, 30 Eyl\u00fcl 2025 d\u00f6neminde bu i\u015flem i\u00e7in KDV hari\u00e7 <b>23,8 milyon TL<\/b> kira bedeli \u00f6demi\u015ftir.<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6neticilere Sa\u011flanan Faydalar:<\/b> D\u00f6nem i\u00e7inde \u00fcst d\u00fczey y\u00f6neticilere br\u00fct <b>13,9 milyon TL<\/b> \u00fccret ve fayda sa\u011flanm\u0131\u015f, ayr\u0131ca <b>1,85 milyon TL<\/b> yolluk, konaklama ve temsil gideri olu\u015fmu\u015ftur.<\/li>\n<\/ul>\n<h2>7. Devlet Te\u015fvikleri ve Destekler<\/h2>\n<p>\u015eirket, ihracat\u0131 te\u015fvik etmek amac\u0131yla Ticaret Bakanl\u0131\u011f\u0131 taraf\u0131ndan verilen &#8220;Dahilde \u0130\u015fleme \u0130zin Belgeleri&#8221;ni aktif olarak kullanmaktad\u0131r. Bu belgeler, ihracat taahh\u00fcd\u00fc kar\u015f\u0131l\u0131\u011f\u0131nda ithalatta KDV ve g\u00fcmr\u00fck vergisi avantaj\u0131 sa\u011flamaktad\u0131r. Ayr\u0131ca, \u015firket \u00e7e\u015fitli kanunlar kapsam\u0131nda (5510, 4857, 6111 vb.) SGK prim te\u015fviklerinden yararlanmaktad\u0131r. 30 Eyl\u00fcl 2025 d\u00f6neminde bu te\u015fviklerin toplam tutar\u0131 <b>7,7 milyon TL<\/b>&#8216;yi a\u015fm\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"98\" 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: Karsu Tekstil&#8217;in Bilan\u00e7osundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikayeler Finansal raporlar, \u00e7o\u011fu zaman rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Sayfalarca tablo ve dipnot, konunun uzman\u0131 olmayanlar i\u00e7in bir labirenti and\u0131rabilir. Ancak&#8230; <\/p>\n","protected":false},"author":1,"featured_media":106,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,14],"class_list":["post-98","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-krtek"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/98","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=98"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/98\/revisions"}],"predecessor-version":[{"id":107,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/98\/revisions\/107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/106"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=98"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=98"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=98"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}