{"id":214,"date":"2026-02-17T14:46:38","date_gmt":"2026-02-17T14:46:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisken\/?p=214"},"modified":"2026-05-07T11:03:19","modified_gmt":"2026-05-07T11:03:19","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-orcay-orcay-ortakoy-tea-2025-12-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisken\/214","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #ORCAY | Or\u00e7ay Ortak\u00f6y Tea 2025\/12 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk\/embed\/episodes\/ORCAY--Oray-Ortaky-Tea-202512-Earnings-Analysis-e3f7bmn\/a-acfr6ek\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>Key Highlights from the 2025 Financial Reports<\/em><\/strong><br \/>\n<em>\u2022 Financial Performance and Revenue Growth: The company\u2019s revenue increased to 661,593,082 TL in 2025, up from 579,373,414 TL in 2024. The primary drivers of this revenue were bagged tea (\u00e7uvall\u0131 \u00e7ay) sales, which accounted for 570,620,460 TL, while packaged tea sales saw a decline compared to the previous year.<\/em><br \/>\n<em>\u2022 Net Loss and Operating Results: Despite the revenue growth, the company reported a net loss of 161,395,845 TL for the period. This is an increase from the 134,143,315 TL loss recorded in 2024. The operating profit also decreased from 130,431,198 TL to 105,238,100 TL year-over-year.<\/em><br \/>\n<em>\u2022 Substantial Asset Expansion: Total assets grew significantly from 1,283,875,474 TL to 2,292,860,309 TL. This was largely driven by a massive increase in tangible fixed assets, which rose from 387,313,874 TL to 1,485,177,388 TL.<\/em><br \/>\n<em>\u2022 Major Strategic Acquisition: A key factor in asset growth was the purchase of a factory building and machinery in Rize, \u0130yidere, for a total of 880,100,000 TL from Of \u00c7aysan Tar\u0131m \u00dcr\u00fcnleri. This acquisition included land valued at 586.67 million TL and structures valued at 242.65 million TL.<\/em><br \/>\n<em>\u2022 Capital Increase: Or\u00e7ay successfully completed a 200% rights issue (bedelli sermaye art\u0131r\u0131m\u0131), raising its paid-in capital from 80,000,000 TL to 240,000,000 TL. This was aimed at strengthening the company&#8217;s equity position, which stood at 712,390,143 TL at year-end.<\/em><br \/>\n<em>\u2022 Inflation Accounting (TMS 29): The financial statements were prepared in accordance with high-inflation accounting standards, with all figures expressed in the purchasing power of the Turkish Lira as of December 31, 2025.<\/em><br \/>\n<em>\u2022 Audit Opinion: The independent auditor, Deneyim Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e., issued a clean (unqualified) opinion, stating that the financial statements fairly present the company&#8217;s financial position in all material respects.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBXhcS5bIAAADVE?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<h1>Sadece \u00c7ay De\u011fil: Or\u00e7ay\u2019\u0131n 2025 Finansal Raporundan \u00c7\u0131kar\u0131lan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h2>Giri\u015f: Bir \u00c7ay Devi Kabuk mu De\u011fi\u015ftiriyor?<\/h2>\n<p>Rize\u2019nin k\u00f6kl\u00fc \u00e7ay sanayisinin sembol isimlerinden biri olan Or\u00e7ay\u2019\u0131n 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, geleneksel bir g\u0131da \u015firketinin \u00f6tesinde, agresif bir b\u00fcy\u00fcme ve yeniden yap\u0131lanma hikayesi anlat\u0131yor. Ancak bu tabloyu do\u011fru okumak i\u00e7in, verilerin TMS 29 (Enflasyon Muhasebesi) standartlar\u0131na g\u00f6re d\u00fczenlendi\u011fini ve 2024 rakamlar\u0131n\u0131n da 31 Aral\u0131k 2025\u2019in sat\u0131n alma g\u00fcc\u00fcne g\u00f6re revize edildi\u011fini unutmamak gerekiyor. Bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda; kar\u015f\u0131m\u0131zdaki rapor kuru bir &#8220;kar-zarar&#8221; tablosu de\u011fil, y\u00fcksek enflasyon ve bor\u00e7lanma maliyetleri k\u0131skac\u0131nda bir \u015firketin hayatta kalma ve vizyoner bir b\u00fcy\u00fcme stratejisidir.<\/p>\n<p>\u0130\u015fte Or\u00e7ay\u2019\u0131n 2025 y\u0131l\u0131 finansal raporundan s\u00fcz\u00fclen 5 \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ek:<\/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. 880 Milyon TL\u2019lik Dev Hamle: Kapasitede &#8220;S\u0131\u00e7rama&#8221; D\u00f6nemi<\/h2>\n<p>Or\u00e7ay i\u00e7in 2025, operasyonel \u00f6l\u00e7e\u011fin radikal bir \u015fekilde b\u00fcy\u00fcd\u00fc\u011f\u00fc y\u0131l oldu. \u015eirket, Of \u00c7aysan Tar\u0131m \u00dcr\u00fcnleri\u2019nden Rize \u0130yidere\u2019deki devasa entegre tesisleri b\u00fcnyesine katarak \u00fcretim kaslar\u0131n\u0131 g\u00fc\u00e7lendirdi.<\/p>\n<p>Not 6 ve Not 14\u2019teki detaylar, bu 880.100.000 TL\u2019lik yat\u0131r\u0131m\u0131n anatomisini net bir \u015fekilde ortaya koyuyor:<\/p>\n<ul>\n<li><b>586,6 Milyon TL:<\/b> Stratejik \u00f6neme sahip arazi bedeli.<\/li>\n<li><b>242,6 Milyon TL:<\/b> Fabrika binalar\u0131 ve yap\u0131lar.<\/li>\n<li><b>50,7 Milyon TL:<\/b> Makine parkuru ve ekipmanlar.<\/li>\n<\/ul>\n<p>Bu sat\u0131n al\u0131m, \u015firketin toplam varl\u0131k yap\u0131s\u0131n\u0131 k\u00f6kten de\u011fi\u015ftirirken, ba\u011f\u0131ms\u0131z denet\u00e7iler de bu varl\u0131klar\u0131n &#8220;ger\u00e7e\u011fe uygun de\u011ferleri&#8221; konusundaki hassasiyeti \u015fu s\u00f6zlerle vurguluyor:<\/p>\n<p><i>&#8220;S\u00f6z konusu varl\u0131klar\u0131n ger\u00e7e\u011fe uygun de\u011ferleri, benimsenen de\u011ferleme y\u00f6ntemine ve de\u011ferleme modelindeki girdi ve varsay\u0131mlara ba\u011fl\u0131d\u0131r.&#8221;<\/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>2. Finansman K\u0131skac\u0131: Operasyonel Kar\u0131n 2,3 Kat\u0131 Gider<\/h2>\n<p>Gelir tablosundaki en \u00e7arp\u0131c\u0131 tezatl\u0131k, has\u0131lat\u0131n reel olarak 661,5 milyon TL\u2019ye y\u00fckselmesine ra\u011fmen 161,3 milyon TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klanmas\u0131d\u0131r. Analiz edildi\u011finde, \u015firketin operasyonel olarak karl\u0131 oldu\u011fu (105,2 milyon TL esas faaliyet kar\u0131) ancak bu kar\u0131n finansman maliyetleri taraf\u0131ndan adeta yutuldu\u011fu g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p><b>238,8 milyon TL<\/b> seviyesindeki finansman giderleri, operasyonel kar\u0131n tam <b>2,3 kat\u0131na<\/b> ula\u015fm\u0131\u015f durumda. Bu durum, \u015firketin mevcut bor\u00e7 y\u00fck\u00fc nedeniyle tabiricaizse &#8220;bankalar i\u00e7in \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131&#8221; g\u00f6steren bir &#8220;finansman kapan\u0131&#8221; riskine i\u015faret ediyor. Ayr\u0131ca, y\u00fcksek enflasyon ortam\u0131nda (TMS 29) genellikle bor\u00e7lu \u015firketlerin lehine i\u015flemesi beklenen parasal pozisyon s\u00fcreci, Or\u00e7ay\u2019da <b>52,3 milyon TL\u2019lik bir kay\u0131pla<\/b> sonu\u00e7lanm\u0131\u015ft\u0131r. Bunun temel nedeni, Not 27\u2019de g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere, sermaye ve stok d\u00fczeltmelerinin yaratt\u0131\u011f\u0131 negatif etkinin, bor\u00e7luluktan gelen avantaj\u0131 geride b\u0131rakmas\u0131d\u0131r.<\/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>3. Duran Varl\u0131klarda %280\u2019lik &#8220;Enflasyon Tamponu&#8221; Patlamas\u0131<\/h2>\n<p>2024 sonunda 387,3 milyon TL olan Maddi Duran Varl\u0131klar kaleminin 2025 sonunda <b>1,48 milyar TL<\/b>\u2019ye f\u0131rlamas\u0131, bilan\u00e7onun en agresif hareketidir. Bu devasa art\u0131\u015f sadece yeni al\u0131mlardan de\u011fil, bilin\u00e7li bir de\u011ferleme stratejisinden kaynaklan\u0131yor.<\/p>\n<p>Analizimiz, bu art\u0131\u015f\u0131n <b>191,7 milyon TL<\/b>\u2019lik k\u0131sm\u0131n\u0131n do\u011frudan &#8220;Yeniden De\u011ferleme&#8221; (Not 14) farklar\u0131ndan geldi\u011fini kan\u0131tl\u0131yor. \u015eirket, varl\u0131klar\u0131n\u0131 g\u00fcncel piyasa de\u011ferlerine ta\u015f\u0131yarak \u00f6zkaynaklar\u0131 \u00fczerinde enflasyona kar\u015f\u0131 g\u00fc\u00e7l\u00fc bir tampon olu\u015fturmu\u015f ve bilan\u00e7onun ger\u00e7ek de\u011ferini yat\u0131r\u0131mc\u0131ya yans\u0131tm\u0131\u015ft\u0131r. Bu, &#8220;\u00f6zkaynak erimesi&#8221; riskine kar\u015f\u0131 at\u0131lm\u0131\u015f profesyonel bir savunma hamlesidir.<\/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>4. Ye\u015fil Enerji Vizyonu: 71 Milyon TL\u2019lik &#8220;G\u00fcne\u015f&#8221; Teminat\u0131<\/h2>\n<p>Or\u00e7ay, sadece bir \u00e7ay \u00fcreticisi de\u011fil, ayn\u0131 zamanda bir enerji yat\u0131r\u0131mc\u0131s\u0131 kimli\u011fine b\u00fcr\u00fcn\u00fcyor. Polatl\u0131\u2019daki G\u00fcne\u015f Enerji Santrali (GES) yat\u0131r\u0131m\u0131, has\u0131lat i\u00e7erisinde hen\u00fcz 3,3 milyon TL gibi sembolik bir paya sahip olsa da, bilan\u00e7onun varl\u0131k taraf\u0131nda devasa bir s\u00fctun olu\u015fturuyor.<\/p>\n<p>Not 14 verilerine g\u00f6re GES varl\u0131klar\u0131; 5,7 milyon TL arazi ve 65,9 milyon TL makine\/tesis de\u011feriyle toplamda <b>71,6 milyon TL<\/b>\u2019lik bir b\u00fcy\u00fckl\u00fc\u011fe ula\u015fm\u0131\u015ft\u0131r. Bu &#8220;\u00e7ay kokulu enerji&#8221; vizyonu, hem operasyonel maliyetleri hedge etmek hem de g\u0131da d\u0131\u015f\u0131 gelir kalemlerini \u00e7e\u015fitlendirmek ad\u0131na at\u0131lm\u0131\u015f, modern sanayinin gereklerine uygun &#8220;ye\u015fil&#8221; bir ad\u0131md\u0131r.<\/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. %200 Bedelli Sermaye Art\u0131r\u0131m\u0131: Bilan\u00e7oda &#8220;Restorasyon&#8221;<\/h2>\n<p>Zarar a\u00e7\u0131klanan bir mali y\u0131lda, ortaklar\u0131n ve halk\u0131n nakit deste\u011fiyle sermayenin 80 milyon TL\u2019den <b>240 milyon TL<\/b>\u2019ye \u00e7\u0131kar\u0131lmas\u0131, \u015firketin gelece\u011fine duyulan g\u00fcvenin en somut kan\u0131t\u0131d\u0131r. 160 milyon TL\u2019lik bu taze nakit giri\u015fi, sadece bir kaynak art\u0131\u015f\u0131 de\u011fil, ayn\u0131 zamanda bozulmaya y\u00fcz tutan rasyolar\u0131n onar\u0131lmas\u0131d\u0131r.<\/p>\n<p>Analiz edildi\u011finde; 2024 sonunda <b>%87,45<\/b> seviyesinde olan Net Finansal Bor\u00e7\/\u00d6zkaynak rasyosu, sermaye art\u0131r\u0131m\u0131 ve varl\u0131k de\u011ferlemeleri sayesinde <b>%70,78<\/b>\u2019e gerilemi\u015ftir (Not 31). Bu iyile\u015fme, Or\u00e7ay\u2019\u0131n finansal kald\u0131ra\u00e7 \u00fczerindeki bask\u0131y\u0131 hafifletti\u011fini ve yat\u0131r\u0131mc\u0131s\u0131na &#8220;g\u00fcven tazeleme&#8221; mesaj\u0131 verdi\u011fini g\u00f6stermektedir. Halka a\u00e7\u0131kl\u0131k oran\u0131n\u0131n %62,23\u2019e y\u00fckselmesi ise \u015firketin sermaye piyasalar\u0131yla olan ba\u011f\u0131n\u0131 daha da derinle\u015ftirmi\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>Sonu\u00e7: \u00c7ay Barda\u011f\u0131n\u0131n Gelece\u011fi<\/h2>\n<p>Or\u00e7ay i\u00e7in 2025, a\u011f\u0131r finansman y\u00fck\u00fc ve enflasyon muhasebesinin getirdi\u011fi ka\u011f\u0131t \u00fczerindeki zararlara ra\u011fmen, devasa bir &#8220;fiziksel b\u00fcy\u00fcme&#8221; y\u0131l\u0131 olmu\u015ftur. \u015eirket, \u0130yidere yat\u0131r\u0131m\u0131yla kapasitesini, GES yat\u0131r\u0131m\u0131yla vizyonunu ve sermaye art\u0131r\u0131m\u0131yla dayanakl\u0131l\u0131\u011f\u0131n\u0131 test etmi\u015ftir. Bilan\u00e7odaki varl\u0131k taraf\u0131n\u0131n 1,5 milyar TL seviyelerine yerle\u015fmesi, 2026 y\u0131l\u0131 i\u00e7in operasyonel kald\u0131ra\u00e7 potansiyelini art\u0131rmaktad\u0131r.<\/p>\n<p>Peki, bu kadar b\u00fcy\u00fck bir kapasite ve varl\u0131k art\u0131\u015f\u0131n\u0131n ard\u0131ndan, 2026 y\u0131l\u0131 Or\u00e7ay i\u00e7in zarar\u0131n kara d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc bir hasat mevsimi olacak m\u0131? Bu sorunun cevab\u0131, yeni tesislerin operasyonel verimlili\u011fe ne kadar h\u0131zl\u0131 yans\u0131yaca\u011f\u0131nda sakl\u0131.<\/p>\n<h1>Or\u00e7ay Ortak\u00f6y \u00c7ay Sanayi ve Ticaret A.\u015e. 2025 Hesap D\u00f6nemi Bilgi Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Or\u00e7ay Ortak\u00f6y \u00c7ay Sanayi ve Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131, ba\u011f\u0131ms\u0131z denet\u00e7i raporunu ve \u00f6nemli operasyonel geli\u015fmelerini sentezlemektedir.<\/p>\n<p>2025 y\u0131l\u0131, \u015eirket i\u00e7in hem operasyonel b\u00fcy\u00fcme hem de finansal yap\u0131land\u0131rma a\u00e7\u0131s\u0131ndan kritik bir y\u0131l olmu\u015ftur. Ba\u011f\u0131ms\u0131z denetim sonucunda \u015eirket&#8217;in finansal tablolar\u0131 hakk\u0131nda <b>olumlu (unqualified) g\u00f6r\u00fc\u015f<\/b> bildirilmi\u015ftir. D\u00f6nemin en belirgin geli\u015fmeleri aras\u0131nda, \u00f6denmi\u015f sermayenin %200 oran\u0131nda art\u0131r\u0131larak 240 milyon TL\u2019ye \u00e7\u0131kar\u0131lmas\u0131 ve Rize \u0130yidere&#8217;de bulunan devasa bir \u00fcretim tesisinin 880,1 milyon TL bedelle sat\u0131n al\u0131nmas\u0131 yer almaktad\u0131r.<\/p>\n<p>Finansal a\u00e7\u0131dan \u015eirket, 661,6 milyon TL has\u0131lat elde etmesine ra\u011fmen, y\u00fcksek finansman giderleri ve enflasyon muhasebesi (TMS 29) etkileri sonucunda y\u0131l\u0131 161,4 milyon TL net zarar ile kapatm\u0131\u015ft\u0131r. Toplam varl\u0131klar, yeni tesis al\u0131m\u0131 ve yeniden de\u011ferleme art\u0131\u015flar\u0131n\u0131n etkisiyle 2,3 milyar TL seviyesine ula\u015farak \u00f6nceki y\u0131la g\u00f6re %78,6 oran\u0131nda bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<h2>1. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>Deneyim Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. (Nexia International \u00fcyesi) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, finansal tablolar\u0131n \u015eirket&#8217;in finansal durumunu t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu teyit edilmi\u015ftir.<\/p>\n<h3>1.1. Kilit Denetim Konular\u0131 (KDK)<\/h3>\n<p>Denet\u00e7iler, 2025 d\u00f6nemi i\u00e7in iki ana konuyu kilit denetim konusu olarak belirlemi\u015ftir:<\/p>\n<ul>\n<li><b>Ger\u00e7e\u011fe Uygun De\u011feri ile Raporlanan Maddi Duran Varl\u0131klar:<\/b> \u015eirket&#8217;in arsa, bina ve makineleri ger\u00e7e\u011fe uygun de\u011fer y\u00f6ntemiyle muhasebele\u015ftirilmektedir. Bu varl\u0131klar\u0131n toplam varl\u0131klar i\u00e7indeki pay\u0131n\u0131n y\u00fcksekli\u011fi ve de\u011ferleme s\u00fcre\u00e7lerindeki \u00f6znel varsay\u0131mlar (piyasa verileri, kar\u015f\u0131la\u015ft\u0131r\u0131labilir pazar bilgileri) nedeniyle bu konu &#8220;kilit&#8221; olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Has\u0131lat:<\/b> \u00dcr\u00fcn teslimi, risk transferi ve ekonomik fayda \u00f6l\u00e7\u00fcm\u00fc s\u00fcre\u00e7lerindeki yap\u0131sal riskler nedeniyle has\u0131lat (\u00f6zellikle \u00e7uvall\u0131, paketli ve ya\u015f \u00e7ay sat\u0131\u015flar\u0131) denetim oda\u011f\u0131nda yer alm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi<\/h2>\n<p>\u015eirket&#8217;in 2025 y\u0131l\u0131 gelir tablosu, operasyonel k\u00e2rl\u0131l\u0131\u011fa ra\u011fmen finansman maliyetlerinin bask\u0131s\u0131 alt\u0131ndad\u0131r.<\/p>\n<h3>2.1. Gelir ve K\u00e2rl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL &#8211; 31.12.2025 Sat\u0131n Alma G\u00fcc\u00fc)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>661.593.082<\/td>\n<td>579.373.414<\/td>\n<td>+14,2<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(516.328.278)<\/td>\n<td>(446.258.649)<\/td>\n<td>+15,7<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>145.264.804<\/b><\/td>\n<td><b>133.114.765<\/b><\/td>\n<td><b>+9,1<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>105.238.100<\/td>\n<td>130.431.198<\/td>\n<td>-19,3<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(238.829.055)<\/td>\n<td>(243.701.523)<\/td>\n<td>-2,0<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Zarar\u0131<\/b><\/td>\n<td><b>(161.395.845)<\/b><\/td>\n<td><b>(134.143.315)<\/b><\/td>\n<td><b>+20,3<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Sat\u0131\u015flar\u0131n K\u0131r\u0131l\u0131m\u0131<\/h3>\n<p>Has\u0131lat\u0131n en b\u00fcy\u00fck kalemi 570,6 milyon TL ile <b>\u00e7uvall\u0131 \u00e7ay sat\u0131\u015flar\u0131d\u0131r<\/b>. Bunu 92,2 milyon TL ile paketli \u00e7ay sat\u0131\u015flar\u0131 takip etmektedir. 2024 y\u0131l\u0131na g\u00f6re ya\u015f \u00e7ay sat\u0131\u015flar\u0131nda (24 milyon TL&#8217;den 3,5 milyon TL&#8217;ye) keskin bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir.<\/p>\n<h2>3. Operasyonel ve Stratejik Geli\u015fmeler<\/h2>\n<h3>3.1. B\u00fcy\u00fck Varl\u0131k Al\u0131m\u0131 (\u0130yidere Tesisi)<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131 sonunda kapasite art\u0131r\u0131m\u0131 hedefi do\u011frultusunda Rize \u0130yidere&#8217;de bulunan fabrika binas\u0131 ve makine parkurunu Of \u00c7aysan Tar\u0131m \u00dcr\u00fcnleri A.\u015e.&#8217;den sat\u0131n alm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Toplam Sat\u0131n Alma Bedeli:<\/b> 880.100.000 TL (KDV hari\u00e7).<\/li>\n<li><b>Varl\u0131k Da\u011f\u0131l\u0131m\u0131:<\/b> 586,7 milyon TL arsa, 242,7 milyon TL yap\u0131lar ve 50,8 milyon TL makine\/ekipman.<\/li>\n<li><b>\u00d6deme Yap\u0131s\u0131:<\/b> Borcun 278,2 milyon TL\u2019lik k\u0131sm\u0131 k\u0131sa vadeli, 612,1 milyon TL\u2019lik k\u0131sm\u0131 ise uzun vadeli olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Maddi Duran Varl\u0131k Yeniden De\u011ferlemeleri<\/h3>\n<p>\u015eirket, aktifindeki t\u00fcm ana \u00fcretim tesislerini (\u0130kizdere, G\u00fcneysu Ortak\u00f6y ve Polatl\u0131 GES) ger\u00e7e\u011fe uygun de\u011ferleri \u00fczerinden raporlam\u0131\u015ft\u0131r. Bu yeniden de\u011ferlemeler sonucunda \u00f6zkaynaklar alt\u0131nda <b>257,7 milyon TL<\/b> tutar\u0131nda (ertelenmi\u015f vergi sonras\u0131) birikmi\u015f de\u011fer art\u0131\u015f\u0131 kaydedilmi\u015ftir.<\/p>\n<h2>4. Sermaye Yap\u0131s\u0131 ve \u00d6zkaynaklar<\/h2>\n<p>2025 y\u0131l\u0131 i\u00e7erisinde \u015eirket&#8217;in sermaye yap\u0131s\u0131nda k\u00f6kl\u00fc bir de\u011fi\u015fiklik yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> 80.000.000 TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermaye, %200 bedelli art\u0131\u015fla <b>240.000.000 TL<\/b>&#8216;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Halka Arz:<\/b> R\u00fc\u00e7han haklar\u0131n\u0131n kullan\u0131m\u0131ndan sonra kalan paylar Borsa \u0130stanbul Birincil Piyasa&#8217;da halka arz edilmi\u015ftir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b>\n<ul>\n<li>Halka A\u00e7\u0131k K\u0131s\u0131m: %62,23<\/li>\n<li>Mehmet Erdo\u011fan: %14,43<\/li>\n<li>Fatih Erdo\u011fan: %14,43<\/li>\n<li>Di\u011fer Ger\u00e7ek Ki\u015filer: %8,91<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>5. Risk Y\u00f6netimi ve Finansal Durum<\/h2>\n<h3>5.1. Bor\u00e7luluk ve Likidite<\/h3>\n<p>\u015eirket&#8217;in toplam y\u00fck\u00fcml\u00fcl\u00fckleri, tesis al\u0131m\u0131ndan kaynaklanan bor\u00e7lar nedeniyle 1,58 milyar TL\u2019ye y\u00fckselmi\u015ftir.<\/p>\n<ul>\n<li><b>Net Finansal Bor\u00e7:<\/b> 504.221.202 TL.<\/li>\n<li><b>Net Finansal Bor\u00e7 \/ \u00d6zkaynak Oran\u0131:<\/b> %70,78 (2024&#8217;te %87,45). Sermaye art\u0131\u015f\u0131, bor\u00e7luluk oran\u0131n\u0131 oransal olarak iyile\u015ftirmi\u015ftir.<\/li>\n<\/ul>\n<h3>5.2. Verilen Teminat, Rehin ve \u0130potekler (TR\u0130)<\/h3>\n<p>\u015eirket&#8217;in kendi t\u00fczel ki\u015fili\u011fi ad\u0131na verdi\u011fi TR\u0130 toplam\u0131 239,6 milyon TL&#8217;dir. Ancak &#8220;Di\u011fer&#8221; kategorisinde verilen TR\u0130&#8217;ler, yeni al\u0131nan fabrika binas\u0131 \u00fczerindeki eski sahibi lehine tesis edilmi\u015f ipotekler nedeniyle <b>7,5 milyar TL<\/b>&#8216;lik (60 milyon Avro dahil) y\u00fcksek bir tutara ula\u015fm\u0131\u015ft\u0131r. Bu ipoteklerin kald\u0131r\u0131lmas\u0131 s\u00fcreci rapor tarihi itibar\u0131yla devam etmektedir.<\/p>\n<h2>6. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>\u015eirket, \u00f6zellikle Pasifik Holding b\u00fcnyesindeki \u015firketler ve Aden Pellet ile yo\u011fun ticari ili\u015fki i\u00e7erisindedir.<\/p>\n<ul>\n<li><b>Aden Pellet Yenilenebilir Enerji:<\/b> 84,5 milyon TL ticari olmayan alacak ve 35,3 milyon TL finansman geliri (faiz\/adat) ile en b\u00fcy\u00fck ili\u015fkili taraf kalemini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Y\u00f6netim Kurulu \u00d6demeleri:<\/b> D\u00f6nem i\u00e7inde kilit y\u00f6netici personele sa\u011flanan faydalar toplam\u0131 6,4 milyon TL&#8217;dir.<\/li>\n<\/ul>\n<h2>7. \u00d6nemli Muhasebe Notu: Enflasyon Muhasebesi (TMS 29)<\/h2>\n<p>Finansal tablolar, Kamu G\u00f6zetimi Kurumu&#8217;nun karar\u0131 uyar\u0131nca ilk kez y\u00fcksek enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur. T\u00fcm kar\u015f\u0131la\u015ft\u0131rmal\u0131 rakamlar 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne getirilmi\u015ftir. Bu uygulama kapsam\u0131nda 2025 y\u0131l\u0131 i\u00e7in <b>52,3 milyon TL<\/b> tutar\u0131nda net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Or\u00e7ay Announces 2025 Financial Results: Strategic Expansion Amidst Inflationary Headwinds<br \/>\nOr\u00e7ay Ortak\u00f6y \u00c7ay Sanayi ve Ticaret A.\u015e. has released its comprehensive financial report for the 2025 fiscal year, highlighting a year of significant structural growth and strategic investment. Despite a challenging economic environment requiring the application of inflation accounting (TMS 29), the company demonstrated resilience in its core operations.<br \/>\nA Landmark Year for Infrastructure The defining highlight of 2025 was Or\u00e7ay\u2019s massive expansion of its production capacity. Through the acquisition of a new factory complex in Rize\/\u0130yidere for 880.1 million TL, the company\u2019s total assets surged to over 2.29 billion TL. This move, coupled with a successful 200% capital increase that raised paid-in capital to 240 million TL, signals a long-term commitment to scaling operations in the tea industry.<br \/>\nNavigating the Numbers While revenue climbed to 661.6 million TL, primarily driven by strong bulk tea sales, the bottom line reflected the pressures of high financing costs and inflationary adjustments, resulting in a net loss of 161.4 million TL. However, with a strengthened equity base and a clean bill of health from independent auditors, Or\u00e7ay is positioning itself to turn these major investments into future profitability.<br \/>\nWant to dive deeper into the data? You can view the full 2025 Financial Report and Auditor&#8217;s disclosures on our Investor Relations page.<\/p>\n","protected":false},"author":1,"featured_media":150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[47],"class_list":["post-214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-orcay"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/comments?post=214"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/214\/revisions"}],"predecessor-version":[{"id":221,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/214\/revisions\/221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media\/150"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media?parent=214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/categories?post=214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/tags?post=214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}