{"id":989,"date":"2026-02-08T03:38:04","date_gmt":"2026-02-08T00:38:04","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=989"},"modified":"2026-02-08T03:38:04","modified_gmt":"2026-02-08T00:38:04","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-hatsn-hat-san-gemi-insaa-2025-12-bilanco-analizi-hat-sanin-karini-eriten-1-44-milyarlik-yatirim","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/989","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #HATSN | Hat-San Gemi \u0130n\u015faa 2025\/12 Bilan\u00e7o Analizi &#8211; Hat-San&#8217;\u0131n K\u00e2r\u0131n\u0131 Eriten 1.44 Milyarl\u0131k Yat\u0131r\u0131m"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/HATSN--Hat-San-Gemi-naa-202512-Bilano-Analizi---Hat-Sann-Krn-Eriten-1-44-Milyarlk-Yatrm-e3epjld\/a-acf8s0i\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Mavi Ekonomide Dev Ad\u0131mlar: Hat-San\u2019\u0131n 2025 Yolculu\u011fundan \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<h3>1. Giri\u015f: Devlerin Sessiz Y\u00fckseli\u015fi<\/h3>\n<p>Denizcilik sekt\u00f6r\u00fc; m\u00fchendislik hassasiyeti, finansal disiplin ve k\u00fcresel lojistik a\u011flar\u0131n\u0131n kesi\u015fti\u011fi, hata pay\u0131 olmayan bir ekosistemdir. T\u00fcrkiye\u2019nin bu stratejik kulvardaki en dikkat \u00e7ekici oyuncular\u0131ndan biri olan Hat-San, 2008 y\u0131l\u0131nda k\u00fc\u00e7\u00fck bir bunker tankeri olan &#8220;M\/T Kaya Bener&#8221; ile ba\u015flad\u0131\u011f\u0131 yolculu\u011funu, bug\u00fcn k\u00fcresel \u00f6l\u00e7ekte projeler \u00fcreten bir teknoloji ve \u00fcretim \u00fcss\u00fcne d\u00f6n\u00fc\u015ft\u00fcrm\u00fc\u015f durumda. Borsa \u0130stanbul\u2019un (BIST) &#8220;ilk tersanesi&#8221; olma \u00fcnvan\u0131yla sekt\u00f6rde yeni bir d\u00f6nem ba\u015flatan Hat-San\u2019\u0131n 2025 faaliyet raporu, sadece bir \u015firketin b\u00fcy\u00fcmesini de\u011fil, T\u00fcrk gemi in\u015fa sanayiinin kabuk de\u011fi\u015fimini de g\u00f6zler \u00f6n\u00fcne seriyor. Bir k\u0131demli analist g\u00f6z\u00fcyle bu raporu okudu\u011fumuzda, rakamlar\u0131n \u00f6tesinde stratejik bir vizyonla kar\u015f\u0131la\u015f\u0131yoruz.<\/p>\n<h3>2. Ders 1: Kurumsalla\u015fma, Denizcilikte Yeni D\u00f6viz Cinsidir<\/h3>\n<p>Hat-San, 22 Eyl\u00fcl 2023 tarihinde BIST\u2019te i\u015flem g\u00f6rmeye ba\u015flayarak denizcilik sekt\u00f6r\u00fcnde kurumsalla\u015fman\u0131n bayraktarl\u0131\u011f\u0131n\u0131 \u00fcstlendi. Ancak halka arz sadece bir sermaye art\u0131r\u0131m\u0131 de\u011fil, ayn\u0131 zamanda bir g\u00fcven in\u015fas\u0131yd\u0131. \u015eirket, \u00f6denmi\u015f sermayesini 221,5 milyon TL\u2019ye \u00e7\u0131kar\u0131rken e\u015f zamanl\u0131 olarak Denetimden Sorumlu Komite, Kurumsal Y\u00f6netim Komitesi ve Riskin Erken Saptanmas\u0131 Komitesi gibi yap\u0131lar\u0131 operasyonel m\u00fckemmelli\u011fin merkezine yerle\u015ftirdi.<\/p>\n<p>Bu \u015feffafl\u0131k hamlesi, ekonomik dalgalanmalar\u0131n ya\u015fand\u0131\u011f\u0131 bir d\u00f6nemde yat\u0131r\u0131mc\u0131ya &#8220;g\u00fcvenli liman&#8221; sinyali vermektedir. \u015eirket y\u00f6netiminin \u015fu yakla\u015f\u0131m\u0131, bu stratejik duru\u015fun temelidir:<\/p>\n<p>&#8220;\u015eirketimiz, Kurumsal Y\u00f6netim \u0130lkeleri\u2019ne uyumun sa\u011flanmas\u0131n\u0131 ve mevcut uygulamalar\u0131n geli\u015ftirilmesini s\u00fcrekli bir s\u00fcre\u00e7 olarak de\u011ferlendirmekte olup, bu kapsamda gerekli iyile\u015ftirme \u00e7al\u0131\u015fmalar\u0131n\u0131 s\u00fcrd\u00fcrmektedir.&#8221;<\/p>\n<p>\u00d6nemli bir analiz noktas\u0131 olarak; JCR Eurasia Rating taraf\u0131ndan k\u0131sa vadeli ulusal notun J1\u2019den J2\u2019ye revize edilmesi, ekonomik volatilite d\u00f6nemlerinde d\u0131\u015f alg\u0131 y\u00f6netiminin ne kadar kritik oldu\u011funu hat\u0131rlatan bir &#8220;stratejik ders&#8221; niteli\u011findedir. \u015eirketin bu d\u00f6nemde \u015feffafl\u0131ktan \u00f6d\u00fcn vermemesi, kurumsal piyasa de\u011ferini korumas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<h3>3. Ders 2: Enflasyon Muhasebesi Paradoksunu A\u015fmak \u2013 K\u00e2r Ka\u011f\u0131tta, G\u00fc\u00e7 \u00d6zkaynakta<\/h3>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131, ilk bak\u0131\u015fta &#8220;analiz edilmesi gereken&#8221; bir paradoks sunuyor. \u015eirket 4,7 milyar TL gibi devasa bir has\u0131lat elde etmesine ra\u011fmen y\u0131l\u0131 191 milyon TL net zarar ile kapatt\u0131. Bir sanayi analisti olarak burada vurgulanmas\u0131 gereken ger\u00e7ek \u015fudur: <b>Net zarar, nakit zarar\u0131 de\u011fildir.<\/b><\/p>\n<p>Bu sonu\u00e7, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uygulamas\u0131n\u0131n bir sonucudur. Sat\u0131n alma g\u00fcc\u00fc d\u00fczeltmeleri ka\u011f\u0131t \u00fczerinde bir zarar olu\u015ftursa da \u015firketin \u00f6zkaynak yap\u0131s\u0131 5,8 milyar TL ile tarihinin en g\u00fc\u00e7l\u00fc seviyesindedir.<\/p>\n<p><b>Kar\u015f\u0131la\u015ft\u0131rmal\u0131 Finansal G\u00f6stergeler (Enflasyona G\u00f6re D\u00fczeltilmi\u015f\/Restated):<\/b><\/p>\n<ul>\n<li><b>2024 Has\u0131lat\u0131:<\/b> 4,96 Milyar TL | <b>Net K\u00e2r:<\/b> 832 Milyon TL<\/li>\n<li><b>2025 Has\u0131lat\u0131:<\/b> 4,73 Milyar TL | <b>Net Zarar:<\/b> 191 Milyon TL (TMS 29 Etkisi)<\/li>\n<li><b>2025 \u00d6zkaynak G\u00fcc\u00fc:<\/b> 5,8 Milyar TL (G\u00fc\u00e7l\u00fc sermaye yap\u0131s\u0131)<\/li>\n<\/ul>\n<p>\u015eirket, operasyonel olarak %5\u2019lik bir FAV\u00d6K marj\u0131n\u0131 koruyarak ve %75\u2019lik \u00f6zkaynak\/pasif oran\u0131yla finansal disiplinini kan\u0131tlam\u0131\u015ft\u0131r. Analist yorumuyla; Hat-San &#8220;ka\u011f\u0131t \u00fczerindeki k\u00e2r\u0131n&#8221; pe\u015finden ko\u015fmak yerine, varl\u0131k de\u011ferini ve reel b\u00fcy\u00fcmesini maksimize etmeye odaklanm\u0131\u015ft\u0131r.<\/p>\n<h3>4. Ders 3: Altyap\u0131 Yat\u0131r\u0131m\u0131, Pazar Pay\u0131n\u0131n En B\u00fcy\u00fck G\u00fcvencesidir<\/h3>\n<p>Hat-San, 2025 y\u0131l\u0131nda fiziksel altyap\u0131s\u0131n\u0131 devasa bir boyuta ta\u015f\u0131d\u0131. 13 Kas\u0131m 2025\u2019te suya indirilen ve <b>27 Ocak 2026<\/b> itibar\u0131yla i\u015fletme izni al\u0131nan 19.000 tonluk (TLC) yeni y\u00fczer havuz yat\u0131r\u0131m\u0131, \u015firketin kapasite art\u0131r\u0131m stratejisinin kalbidir.<\/p>\n<p><b>Stratejik &#8220;Panamax&#8221; Hamlesi:<\/b> 230 metre uzunlu\u011funda ve 46,4 metre geni\u015fli\u011findeki bu yeni dev, Hat-San\u2019\u0131n sadece &#8220;yeni gemi in\u015fa&#8221; de\u011fil, ayn\u0131 zamanda y\u00fcksek marjl\u0131 &#8220;bak\u0131m-onar\u0131m&#8221; pazar\u0131ndaki derinli\u011fini art\u0131racakt\u0131r. Mevcut 25.000 TLC\u2019lik &#8220;HULK&#8221; havuzuna eklenen bu yeni kapasite, tersanenin Panamax tipi dev gemilere hizmet verme kabiliyetini peki\u015ftirerek Akdeniz ve Karadeniz havzas\u0131ndaki Toplam Adreslenebilir Pazar\u0131n\u0131 (TAM) ciddi oranda geni\u015fletmi\u015ftir. Bu, bir tersanenin sadece gemi in\u015fa etmedi\u011finin, kendi teknolojik ve operasyonel altyap\u0131s\u0131n\u0131 kuran bir &#8220;m\u00fchendislik \u00fcss\u00fc&#8221; oldu\u011funun kan\u0131t\u0131d\u0131r.<\/p>\n<h3>5. Ders 4: K\u00fcresel Ni\u015f Pazarlarda Uzmanla\u015fmak, D\u00f6viz Getirisini Garantiler<\/h3>\n<p>Hat-San\u2019\u0131n 2025 yolculu\u011fu, standart gemi in\u015fas\u0131n\u0131n \u00f6tesinde ni\u015f ve teknolojik projelere odaklanman\u0131n meyvelerini vermi\u015ftir. 8 Ekim 2025 tarihinde ger\u00e7ekle\u015ftirilen <b>39,9 milyon dolarl\u0131k (yakla\u015f\u0131k 1,66 milyar TL)<\/b> devasa teslimat, \u015firketin uluslararas\u0131 arenadaki g\u00fcc\u00fcn\u00fc per\u00e7inlemi\u015ftir.<\/p>\n<ul>\n<li><b>Enerji ve D\u00f6n\u00fc\u015f\u00fcm:<\/b> D\u00fcnyan\u0131n en b\u00fcy\u00fck enerji gemisi &#8220;Karadeniz Powership Osman Khan&#8221; gibi projelerdeki tecr\u00fcbe, Hat-San\u2019\u0131 k\u00fcresel d\u00f6n\u00fc\u015f\u00fcm projelerinde ilk tercih haline getiriyor.<\/li>\n<li><b>K\u00fcresel \u0130\u015f Birlikleri:<\/b> Ukrayna i\u00e7in \u00fcretilen buzk\u0131ranlar ve Norve\u00e7 i\u00e7in in\u015fa edilen 4.000 m\u00b3\u2019l\u00fck canl\u0131 bal\u0131k ta\u015f\u0131ma gemileri, \u015firketin y\u00fcksek teknolojili segmentlerdeki hakimiyetini g\u00f6steriyor.<\/li>\n<li><b>Kalite Tescili:<\/b> ISO 9001, 14001 ve OHSAS 45001 sertifikalar\u0131, bu k\u00fcresel operasyonlar\u0131n &#8220;vizesi&#8221; niteli\u011findedir.<\/li>\n<\/ul>\n<h3>6. Ders 5: ESG ve Bilgi G\u00fcvenli\u011fi Art\u0131k Bir Se\u00e7enek De\u011fil, \u015eartt\u0131r<\/h3>\n<p>2025 sonu itibar\u0131yla kurulan S\u00fcrd\u00fcr\u00fclebilirlik Komitesi (29 Aral\u0131k 2025) ve kabul edilen Bilgi G\u00fcvenli\u011fi Politikas\u0131, Hat-San\u2019\u0131n &#8220;Yar\u0131n i\u00e7in Denizcilik&#8221; vizyonunun bir par\u00e7as\u0131d\u0131r. Bir tersane i\u00e7in bilgi g\u00fcvenli\u011fi neden bu kadar kritiktir?<\/p>\n<p>Analizimiz g\u00f6steriyor ki; uluslararas\u0131 savunma ve y\u00fcksek teknoloji projelerinde yer alan bir \u015firket i\u00e7in Bilgi G\u00fcvenli\u011fi, fikri m\u00fclkiyetin (IP) ve savunma teknolojilerinin korunmas\u0131 demektir. Bu hamle, Hat-San\u2019\u0131n sadece \u00e7evreci bir \u00fcretim (ESG) yapmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda k\u00fcresel g\u00fcvenlik standartlar\u0131n\u0131 da i\u00e7selle\u015ftirdi\u011fini g\u00f6stermektedir. Bu, kurumsal yat\u0131r\u0131mc\u0131lar\u0131n &#8220;Y\u00f6neti\u015fim&#8221; (Governance) ba\u015fl\u0131\u011f\u0131 alt\u0131nda arad\u0131\u011f\u0131 en \u00f6nemli parametrelerden biridir.<\/p>\n<h3>7. Sonu\u00e7: Gelece\u011fe Yelken A\u00e7mak<\/h3>\n<p>2025 y\u0131l\u0131 sonu itibar\u0131yla 100.000 m\u00b2\u2019lik bir alanda, 5,8 milyar TL\u2019lik sars\u0131lmaz bir \u00f6zkaynak yap\u0131s\u0131yla Hat-San, T\u00fcrk denizcili\u011finin lokomotifi olmay\u0131 s\u00fcrd\u00fcr\u00fcyor. 191 milyon TL\u2019lik muhasebesel zarar, \u015firketin b\u00fcy\u00fcyen varl\u0131k taban\u0131 ve stratejik yat\u0131r\u0131mlar\u0131 (yeni Panamax havuzu, dev teslimatlar) g\u00f6lgesinde kalmaktad\u0131r.<\/p>\n<p>\u015eu soruyu sorman\u0131n vaktidir: <b>Finansal disiplini, devasa m\u00fchendislik projeleriyle birle\u015ftiren T\u00fcrk gemicili\u011fi, ka\u011f\u0131t \u00fczerindeki rakamlar\u0131n \u00f6tesine ge\u00e7erek k\u00fcresel pazar\u0131n oyun kurallar\u0131n\u0131 yeniden mi yaz\u0131yor?<\/b> Hat-San\u2019\u0131n 2025 yolculu\u011fu, bu sorunun cevab\u0131n\u0131n &#8220;Evet&#8221; oldu\u011funu g\u00fc\u00e7l\u00fc bir \u015fekilde f\u0131s\u0131ld\u0131yor.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Hat-San A.\u015e. 2025 Y\u0131l\u0131 Faaliyet ve Finansal Strateji De\u011ferlendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Hat-San Gemi \u0130n\u015faa Bak\u0131m Onar\u0131m Deniz Nakliyat Sanayi ve Ticaret A.\u015e. (&#8220;Hat-San&#8221;) i\u00e7in 2025 y\u0131l\u0131, y\u00fcksek hacimli yat\u0131r\u0131mlar\u0131n tamamland\u0131\u011f\u0131 ve operasyonel kapasitenin geni\u015fledi\u011fi bir ge\u00e7i\u015f d\u00f6nemi olarak kaydedilmi\u015ftir. \u015eirket, 2025 hesap d\u00f6neminde <b>4,7 milyar TL<\/b> seviyesinde net sat\u0131\u015f has\u0131lat\u0131 elde etmesine ra\u011fmen, k\u00fcresel maliyet bask\u0131lar\u0131, finansman giderleri ve TMS 29 (enflasyon muhasebesi) uygulamalar\u0131n\u0131n etkisiyle <b>191,3 milyon TL<\/b> net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p>D\u00f6nemin en kritik stratejik geli\u015fmesi, 19.000 ton kald\u0131rma kapasiteli yeni y\u00fczer havuz yat\u0131r\u0131m\u0131n\u0131n tamamlanarak suya indirilmesidir. 2026 y\u0131l\u0131 ba\u015f\u0131nda tam operasyonel hale gelen bu tesisin, \u015firketin gelecekteki k\u00e2rl\u0131l\u0131\u011f\u0131na ve pazar pay\u0131na \u00f6nemli katk\u0131 sunmas\u0131 beklenmektedir. Ba\u011f\u0131ms\u0131z denetim raporu, \u015firketin finansal tablolar\u0131n\u0131n ger\u00e7e\u011fi d\u00fcr\u00fcst bir \u015fekilde yans\u0131tt\u0131\u011f\u0131na dair olumlu g\u00f6r\u00fc\u015f bildirmi\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. Kurumsal Profil ve Operasyonel Yap\u0131<\/h2>\n<p>2008 y\u0131l\u0131nda kurulan Hat-San, Pekar Grup b\u00fcnyesinde faaliyet g\u00f6steren ve T\u00fcrkiye&#8217;nin borsaya kote ilk tersanesi olma \u00f6zelli\u011fini ta\u015f\u0131yan bir kurulu\u015ftur.<\/p>\n<ul>\n<li><b>Ana Faaliyet Alanlar\u0131:<\/b> Yeni gemi in\u015fas\u0131, tamir-bak\u0131m hizmetleri ve gemi d\u00f6n\u00fc\u015f\u00fcm projeleri.<\/li>\n<li><b>Tesis Kapasitesi:<\/b> Yalova\/Alt\u0131nova&#8217;da yer alan tersane, 2021 y\u0131l\u0131ndaki geni\u015fleme ile toplam 100.000 m\u00b2 faaliyet alan\u0131na ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b>\n<ul>\n<li><b>Pekar Grup \u0130n\u015faat A.\u015e.:<\/b> %79,80<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %20,00<\/li>\n<li><b>Di\u011fer (Bireysel Paylar):<\/b> %0,20 civar\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 2025 y\u0131l sonu itibar\u0131yla \u00e7al\u0131\u015fan say\u0131s\u0131 333 ki\u015fidir. \u015eirket b\u00fcnyesinde toplu i\u015f s\u00f6zle\u015fmesi uygulamalar\u0131 mevcuttur.<\/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. Finansal Performans Analizi<\/h2>\n<p>2025 y\u0131l\u0131 finansal verileri, \u015firketin y\u00fcksek yat\u0131r\u0131m harcamalar\u0131 ve de\u011fi\u015fen ekonomik konjonkt\u00fcr alt\u0131ndaki performans\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<h3>Temel Finansal G\u00f6stergeler (Kar\u015f\u0131la\u015ft\u0131rmal\u0131)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01.01.2025 &#8211; 31.12.2025<\/td>\n<td>01.01.2024 &#8211; 31.12.2024<\/td>\n<\/tr>\n<tr>\n<td><b>Net Sat\u0131\u015flar<\/b><\/td>\n<td>4.728.937.463<\/td>\n<td>4.963.055.358<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(4.711.570.918)<\/td>\n<td>(4.209.949.890)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>17.366.545<\/td>\n<td>753.105.468<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K (EBITDA)<\/b><\/td>\n<td>234.540.479<\/td>\n<td>826.130.448<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(191.349.427)<\/b><\/td>\n<td>832.426.282<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>5.802.876.844<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Aktifler<\/b><\/td>\n<td>7.730.048.915<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal Durum De\u011ferlendirmesi<\/h3>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k Daralmas\u0131:<\/b> Br\u00fct k\u00e2r marj\u0131 %15,2&#8217;den %0,4&#8217;e gerilemi\u015ftir. Bu sert d\u00fc\u015f\u00fc\u015fte sat\u0131\u015f maliyetlerindeki art\u0131\u015f ve k\u00fcresel fiyat bask\u0131lar\u0131 etkili olmu\u015ftur.<\/li>\n<li><b>Yat\u0131r\u0131m Odakl\u0131 B\u00fcy\u00fcme:<\/b> 2025 y\u0131l\u0131nda yakla\u015f\u0131k <b>1,44 milyar TL<\/b> tutar\u0131nda maddi duran varl\u0131k yat\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir. Toplam sabit k\u0131ymetlerin net defter de\u011feri 5,96 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Yeterlili\u011fi:<\/b> Y\u00f6netim kurulu, TTK 376 kapsam\u0131nda sermayenin kar\u015f\u0131l\u0131ks\u0131z kalmad\u0131\u011f\u0131n\u0131 ve borca bat\u0131kl\u0131k durumunun bulunmad\u0131\u011f\u0131n\u0131 teyit etmi\u015ftir. \u00d6zkaynaklar\u0131n toplam pasifler i\u00e7indeki pay\u0131 %75,07 ile olduk\u00e7a g\u00fc\u00e7l\u00fcd\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. Stratejik Yat\u0131r\u0131mlar ve \u00d6nemli Geli\u015fmeler<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131ndaki en b\u00fcy\u00fck ba\u015far\u0131s\u0131, teknik kapasitesini art\u0131racak olan devasa altyap\u0131 projesini tamamlamas\u0131d\u0131r.<\/p>\n<ul>\n<li><b>Y\u00fczer Havuz Yat\u0131r\u0131m\u0131:<\/b> 13 Kas\u0131m 2025 itibar\u0131yla in\u015fas\u0131 tamamlanan 19.000 TLC (kald\u0131rma kapasiteli) Panamax y\u00fczer iskele suya indirilmi\u015ftir. 230 metre uzunlu\u011fa ve 46,4 metre geni\u015fli\u011fe sahip bu havuz, 27 Ocak 2026 tarihinde i\u015fletme izni alarak faaliyete ge\u00e7mi\u015ftir.<\/li>\n<li><b>Uluslararas\u0131 Projeler:<\/b> 2025 y\u0131l\u0131 i\u00e7inde yurt d\u0131\u015f\u0131 yerle\u015fik firmalara y\u00f6nelik toplamda milyonlarca dolar de\u011ferinde gemi tamir, bak\u0131m ve onar\u0131m projeleri ba\u015far\u0131yla teslim edilmi\u015ftir. \u00d6zellikle Ekim ay\u0131nda teslim edilen bir projenin bedeli yakla\u015f\u0131k 39,9 milyon USD olarak kaydedilmi\u015ftir.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Ad\u0131m\u0131:<\/b> 2025 sonunda S\u00fcrd\u00fcr\u00fclebilirlik Komitesi kurulmu\u015f ve ilgili politikalar kabul edilmi\u015ftir. Ayr\u0131ca, s\u00fcrd\u00fcr\u00fclebilirlik raporlamas\u0131 i\u00e7in ba\u011f\u0131ms\u0131z denet\u00e7i se\u00e7imi yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Kurumsal Y\u00f6netim ve Risk Analizi<\/h2>\n<p>Hat-San, SPK Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne uyum konusunda azami \u00f6zen g\u00f6stermekte, ancak baz\u0131 alanlarda (kad\u0131n \u00fcye oran\u0131, azl\u0131k haklar\u0131 vb.) hen\u00fcz tam uyum sa\u011flanamad\u0131\u011f\u0131n\u0131 belirtmektedir.<\/p>\n<h3>Risk Fakt\u00f6rleri ve Y\u00f6netimi<\/h3>\n<ul>\n<li><b>Rekabet Kurulu Soru\u015fturmas\u0131:<\/b> Tersanecilik sekt\u00f6r\u00fcndeki 33 te\u015febb\u00fcs ile birlikte Hat-San hakk\u0131nda da Rekabetin Korunmas\u0131 Hakk\u0131nda Kanun&#8217;un ihlal edildi\u011fi iddias\u0131yla soru\u015fturma a\u00e7\u0131lm\u0131\u015ft\u0131r. S\u00fcre\u00e7 devam etmektedir.<\/li>\n<li><b>Kredi Derecelendirmesi:<\/b> JCR Eurasia Rating, \u015firketin K\u0131sa Vadeli Ulusal Notu&#8217;nu &#8216;J1 (tr)&#8217;den <b>&#8216;J2 (tr)&#8217;<\/b> seviyesine revize etmi\u015ftir. Uzun Vadeli Ulusal Notu ise &#8216;A- (tr) \/ Stabil&#8217; olarak belirlenmi\u015ftir.<\/li>\n<li><b>Finansal Riskler:<\/b> D\u00f6viz kuru dalgalanmalar\u0131 ve hammadde maliyet art\u0131\u015flar\u0131 temel riskler olarak tan\u0131mlanm\u0131\u015ft\u0131r. \u015eirket, bu riskleri i\u00e7 kontrol mekanizmalar\u0131 ve proje bazl\u0131 b\u00fct\u00e7e y\u00f6netimi ile izlemektedir.<\/li>\n<\/ul>\n<h3>Y\u00f6netim ve Komiteler<\/h3>\n<p>Y\u00f6netim Kurulu, 2025 y\u0131l\u0131nda 27 karar alm\u0131\u015ft\u0131r. Mevcut yap\u0131da \u00fc\u00e7 ana komite aktif olarak \u00e7al\u0131\u015fmaktad\u0131r:<\/p>\n<ol>\n<li><b>Denetimden Sorumlu Komite:<\/b> Finansal raporlama ve ba\u011f\u0131ms\u0131z denetim s\u00fcre\u00e7lerini g\u00f6zetir.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> \u0130lkelerle uyum ve yat\u0131r\u0131mc\u0131 ili\u015fkilerini y\u00f6netir.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Olas\u0131 finansal ve operasyonel riskleri analiz eder.<\/li>\n<\/ol>\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. Gelecek Beklentileri ve Strateji<\/h2>\n<p>\u015eirket y\u00f6netimi, 2025 y\u0131l\u0131nda ger\u00e7ekle\u015fen y\u00fcksek montanl\u0131 yat\u0131r\u0131mlar\u0131n meyvelerini 2026 y\u0131l\u0131ndan itibaren toplamay\u0131 hedeflemektedir.<\/p>\n<ul>\n<li><b>Kapasite Art\u0131\u015f\u0131:<\/b> Yeni y\u00fczer havuzun devreye girmesiyle birlikte tamir-bak\u0131m gelirlerinde ve operasyonel verimlilikte art\u0131\u015f \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Maliyet Optimizasyonu:<\/b> Yeni d\u00f6nemde finansal disiplin, bor\u00e7 yap\u0131s\u0131n\u0131n vadelendirilmesi ve operasyonel maliyet kontrol\u00fc \u00f6ncelikli stratejilerdir.<\/li>\n<li><b>K\u00e2r Da\u011f\u0131t\u0131m\u0131:<\/b> 2024 y\u0131l\u0131 k\u00e2r\u0131n\u0131n, mali b\u00fcnyenin g\u00fc\u00e7lendirilmesi ve yeni finansman ihtiyac\u0131 yarat\u0131lmamas\u0131 amac\u0131yla da\u011f\u0131t\u0131lmamas\u0131na ve ge\u00e7mi\u015f y\u0131l k\u00e2rlar\u0131na aktar\u0131lmas\u0131na karar verilmi\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>\u00d6nemli Al\u0131nt\u0131lar<\/h2>\n<p>&#8220;Y\u00fczer havuz yat\u0131r\u0131m projesi in\u015faas\u0131 13.11.2025 tarihi itibariyle tamamlanm\u0131\u015f ve suya indirilmi\u015ftir. S\u00f6z konusu y\u00fczer havuz 230 metre uzunlu\u011funda, 46,4 metre geni\u015fli\u011finde ve 19.000 Ton kald\u0131rma kapasitesindedir.&#8221;<\/p>\n<p>&#8220;\u015eirketimiz 2025 y\u0131l\u0131nda 191.349.427 milyon TL zarar etmi\u015ftir. Ancak&#8230; devam eden yat\u0131r\u0131mlar\u0131n devreye al\u0131nmas\u0131 ile k\u00e2rl\u0131l\u0131\u011f\u0131n yeniden g\u00fc\u00e7lendirilmesi hedeflenmektedir.&#8221;<\/p>\n<p>&#8220;Hat-San, Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015f ve T\u00fcrkiye\u2019nin borsaya kote olan ilk tersanesi olmu\u015ftur.&#8221;<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"989\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: Hat-San Gemi 2025 Y\u0131l\u0131nda Yat\u0131r\u0131mlar\u0131yla Gelece\u011fe Haz\u0131rlan\u0131yor<br \/>\nHat-San Gemi \u0130n\u015faa, 2025 y\u0131l\u0131 finansal raporlar\u0131n\u0131 a\u00e7\u0131klad\u0131. \u015eirket, k\u00fcresel ekonomik dalgalanmalara ra\u011fmen 1,44 milyar TL\u2019lik devasa yat\u0131r\u0131m\u0131yla kapasite art\u0131\u015f\u0131na odakland\u0131. \u00d6zellikle 19.000 tonluk yeni y\u00fczer havuzun tamamlanmas\u0131, Hat-San&#8217;\u0131n tamir ve bak\u0131m kapasitesini bir \u00fcst seviyeye ta\u015f\u0131yor. 4,7 milyar TL&#8217;yi a\u015fan cirosu ve 5,8 milyar TL&#8217;lik g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131yla \u015firket, denizcilik sekt\u00f6r\u00fcndeki \u00f6nc\u00fc konumunu peki\u015ftirmeye devam ediyor. 2025, Hat-San i\u00e7in sadece bir faaliyet y\u0131l\u0131 de\u011fil, ayn\u0131 zamanda operasyonel verimlili\u011fin ve s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcmenin temellerinin at\u0131ld\u0131\u011f\u0131 stratejik bir d\u00f6nem oldu.<\/p>\n","protected":false},"author":1,"featured_media":973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[218],"class_list":["post-989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-hatsn"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/989","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=989"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/989\/revisions"}],"predecessor-version":[{"id":996,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/989\/revisions\/996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/973"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}