\u0130kon Menkul, yay\u0131mlad\u0131\u011f\u0131 Otokar bilan\u00e7o analizinde \u015firketin 2026 y\u0131l\u0131 ikinci \u00e7eyre\u011finde 2,78 milyar TL net zarar a\u00e7\u0131klad\u0131\u011f\u0131n\u0131, piyasa beklentisinin ise 1,20 milyar TL net zarar y\u00f6n\u00fcnde oldu\u011funu bildirdi.<\/p>\n
Analizde, beklentiden y\u00fcksek ger\u00e7ekle\u015fen zarar\u0131n tek seferlik bir kar\u015f\u0131l\u0131ktan kaynaklanmad\u0131\u011f\u0131, temel nedenin savunma sanayii i\u015f kolundaki teslimatlar\u0131n y\u0131l\u0131n ilk yar\u0131s\u0131nda b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ger\u00e7ekle\u015fmemesi oldu\u011fu ifade edildi. \u0130lk yar\u0131da z\u0131rhl\u0131 ara\u00e7 \u00fcretiminin 130 adetten 9 adede geriledi\u011fi, askeri ara\u00e7 has\u0131lat\u0131n\u0131n y\u00fczde 76 azalarak 5,24 milyar TL’den 1,26 milyar TL’ye d\u00fc\u015ft\u00fc\u011f\u00fc, ticari ara\u00e7 has\u0131lat\u0131ndaki gerilemenin ise y\u00fczde 4 ile s\u0131n\u0131rl\u0131 kald\u0131\u011f\u0131 aktar\u0131ld\u0131.<\/p>\n
Raporda, \u00fcr\u00fcn karmas\u0131ndaki de\u011fi\u015fimin k\u00e2rl\u0131l\u0131\u011f\u0131 olumsuz etkiledi\u011fi belirtilerek, br\u00fct k\u00e2r marj\u0131n\u0131n 2025’in ikinci \u00e7eyre\u011findeki y\u00fczde 27,1 seviyesinden 2026’n\u0131n ikinci \u00e7eyre\u011finde y\u00fczde 12,5’e geriledi\u011fi, y\u0131l\u0131n ilk yar\u0131s\u0131nda faaliyet zarar\u0131n\u0131n 3,11 milyar TL olarak ger\u00e7ekle\u015fti\u011fi kaydedildi.<\/p>\n
Bilan\u00e7o taraf\u0131nda ise alt\u0131 \u00e7eyrektir devam eden zarar serisinin ana ortakl\u0131k \u00f6zkayna\u011f\u0131n\u0131 son 12 ayda y\u00fczde 38 azaltarak 5,51 milyar TL’ye indirdi\u011fi, net finansal borcun y\u00fczde 131 art\u0131\u015fla 42,9 milyar TL’ye y\u00fckseldi\u011fi ve net bor\u00e7\/\u00f6zkaynak oran\u0131n\u0131n 7,7 kata \u00e7\u0131kt\u0131\u011f\u0131 ifade edildi.<\/p>\n
\u0130kon Menkul, faaliyet nakit ak\u0131\u015f\u0131ndaki bozulmaya da dikkat \u00e7ekerek, m\u00fc\u015fteri avanslar\u0131n\u0131n \u00e7\u00f6z\u00fclmesi ve stoklar\u0131n artmas\u0131 nedeniyle faaliyet nakit ak\u0131\u015f\u0131n\u0131n ge\u00e7en y\u0131l\u0131n ilk yar\u0131s\u0131ndaki 9,98 milyar TL pozitif seviyeden bu y\u0131l\u0131n ayn\u0131 d\u00f6neminde 5,14 milyar TL negatif seviyeye d\u00f6nd\u00fc\u011f\u00fcn\u00fc aktard\u0131. \u015eirketin teslim edilmemi\u015f \u00fcretimi b\u00fcy\u00fck \u00f6l\u00e7\u00fcde kendi bilan\u00e7osuyla finanse etti\u011fi, bunun da finansman y\u00fck\u00fc ile kald\u0131ra\u00e7 oranlar\u0131n\u0131 art\u0131rd\u0131\u011f\u0131 belirtildi.<\/p>\n
Analizde olumsuz unsurlar aras\u0131nda savunma teslimatlar\u0131ndaki yava\u015flama, Romanya projesi kapsam\u0131nda yakla\u015f\u0131k 4,3 milyar TL tutar\u0131nda gecikme cezas\u0131 kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lmas\u0131, faaliyet ve serbest nakit ak\u0131\u015f\u0131n\u0131n negatife d\u00f6nmesi, \u00f6zkaynak erimesi, finansman giderlerinin y\u00fcksek seyretmesi, net a\u00e7\u0131k d\u00f6viz pozisyonu ile ertelenmi\u015f vergi varl\u0131\u011f\u0131ndaki azal\u0131\u015f s\u0131raland\u0131.<\/p>\n
Buna kar\u015f\u0131n ticari ara\u00e7 i\u015f kolunun dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korudu\u011fu, enflasyon muhasebesinin net parasal pozisyon kazanc\u0131 yoluyla zarar\u0131 s\u0131n\u0131rlad\u0131\u011f\u0131, Temmuz 2026 itibar\u0131yla Romanya Savunma Bakanl\u0131\u011f\u0131’na teslimatlar\u0131n ba\u015flad\u0131\u011f\u0131 ve y\u0131l sonu i\u00e7in 216 ara\u00e7 teslimat\u0131n\u0131n hedeflendi\u011fi ifade edildi. Ayr\u0131ca Romanya’daki temyiz karar\u0131n\u0131n \u015firket lehine sonu\u00e7land\u0131\u011f\u0131, Automecanica S.A. sat\u0131n al\u0131m\u0131yla Avrupa Birli\u011fi’ndeki ilk \u00fcretim tesisinin devreye al\u0131nd\u0131\u011f\u0131, Ko\u00e7 Holding’in tahsisli sermaye art\u0131r\u0131m\u0131na kat\u0131l\u0131m\u0131n\u0131n likidite a\u00e7\u0131s\u0131ndan destekleyici oldu\u011fu ve bor\u00e7 vadesinin uzad\u0131\u011f\u0131 aktar\u0131ld\u0131.<\/p>\n
Raporda, toplam \u00fcretim ve sat\u0131\u015f adetlerinin artmas\u0131na ra\u011fmen \u00fcr\u00fcn karmas\u0131n\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fti\u011fi vurguland\u0131. Toplam \u00fcretimin ilk yar\u0131da y\u00fczde 1 art\u0131\u015fla 2 bin 735 adede, toplam sat\u0131\u015flar\u0131n ise y\u00fczde 4 art\u0131\u015fla 3 bin 583 adede y\u00fckseldi\u011fi belirtilirken, z\u0131rhl\u0131 ara\u00e7 \u00fcretiminin sert d\u00fc\u015f\u00fc\u015f\u00fcne kar\u015f\u0131l\u0131k k\u00fc\u00e7\u00fck otob\u00fcs \u00fcretimindeki art\u0131\u015f\u0131n k\u00e2rl\u0131l\u0131\u011f\u0131 olumsuz etkiledi\u011fi kaydedildi. Askeri ara\u00e7lar\u0131n toplam has\u0131lat i\u00e7indeki pay\u0131n\u0131n y\u00fczde 20’den y\u00fczde 6’ya geriledi\u011fi, ihracat gelirlerinin y\u00fczde 30 azald\u0131\u011f\u0131 ve ihracat\u0131n toplam ciro i\u00e7indeki pay\u0131n\u0131n y\u00fczde 60’tan y\u00fczde 52’ye d\u00fc\u015ft\u00fc\u011f\u00fc ifade edildi.<\/p>\n
Kapasite kullan\u0131m oran\u0131n\u0131n y\u00fczde 52’den y\u00fczde 63’e y\u00fckseldi\u011fi ancak bu art\u0131\u015f\u0131n a\u011f\u0131rl\u0131kl\u0131 olarak otob\u00fcs ve kamyon \u00fcretiminden kaynakland\u0131\u011f\u0131 belirtilen analizde, y\u00fcksek kapasite kullan\u0131m\u0131na ra\u011fmen k\u00e2rl\u0131l\u0131\u011f\u0131n gerilemesinin d\u00f6nem a\u00e7\u0131s\u0131ndan dikkat \u00e7ekici bir geli\u015fme oldu\u011fu aktar\u0131ld\u0131.<\/p>\n
Raporda, m\u00fc\u015fteri avanslar\u0131n\u0131n son bir y\u0131lda y\u00fczde 57 azalarak 5,57 milyar TL’ye geriledi\u011fi, stoklar\u0131n ise 21,4 milyar TL’ye y\u00fckseldi\u011fi belirtilerek, stoklar\u0131n ilk yar\u0131 has\u0131lat\u0131n\u0131n y\u00fczde 101’ine ula\u015ft\u0131\u011f\u0131 ifade edildi. Temmuz ay\u0131nda ba\u015flayan Romanya teslimatlar\u0131yla birlikte bu stoklar\u0131n nakde d\u00f6n\u00fc\u015f h\u0131z\u0131n\u0131n \u00f6n\u00fcm\u00fczdeki d\u00f6nem finansallar\u0131nda belirleyici olaca\u011f\u0131 de\u011ferlendirildi.<\/p>\n
Analizde, Automecanica S.A. sat\u0131n al\u0131m\u0131 nedeniyle \u015ferefiye kaleminin 24 milyon TL’den 3,316 milyar TL’ye y\u00fckseldi\u011fi, ertelenmi\u015f vergi varl\u0131\u011f\u0131n\u0131n ise 2,514 milyar TL’den 2,068 milyar TL’ye geriledi\u011fi bilgisine de yer verildi.<\/p>\n
\u0130kon Menkul, Romanya’daki COBRA II projesinin yakla\u015f\u0131k 857 milyon avro b\u00fcy\u00fckl\u00fc\u011f\u00fcnde oldu\u011funu, yerli \u00fcretim taahh\u00fcd\u00fcndeki gecikme nedeniyle 2026 y\u0131l\u0131nda yakla\u015f\u0131k 4,3 milyar TL ceza kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131ld\u0131\u011f\u0131n\u0131 aktard\u0131. Bununla birlikte Automecanica tesisinin devral\u0131nmas\u0131, ilk Romanya \u00fcretimi COBRA II arac\u0131n\u0131n tan\u0131t\u0131lmas\u0131 ve Temmuz ay\u0131nda teslimatlar\u0131n ba\u015flamas\u0131n\u0131n projenin ilerleyi\u015fi a\u00e7\u0131s\u0131ndan olumlu geli\u015fmeler oldu\u011fu ifade edildi.<\/p>\n
Analizde gelecek d\u00f6nem i\u00e7in takip edilecek ba\u015fl\u0131klar aras\u0131nda Romanya’da ilave gecikme cezalar\u0131, \u00f6zkaynaklardaki erime, d\u00f6viz pozisyonunun etkisi, ertelenmi\u015f vergi varl\u0131\u011f\u0131ndaki olas\u0131 de\u011fi\u015fiklikler ve sermaye art\u0131r\u0131m\u0131n\u0131n etkileri say\u0131ld\u0131. Olumlu senaryolar aras\u0131nda ise Romanya cezalar\u0131na ili\u015fkin kar\u015f\u0131l\u0131klar\u0131n iptali, teslimatlar\u0131n h\u0131zlanarak stoklar\u0131n nakde d\u00f6n\u00fc\u015fmesi, Avrupa’n\u0131n yeniden silahlanma s\u00fcreci kapsam\u0131nda yeni s\u00f6zle\u015fmeler kazan\u0131lmas\u0131 ve faiz indirimlerinin finansman giderlerini azaltmas\u0131 g\u00f6sterildi.<\/p>\n
<\/strong> \u0130stanbul, 4 A\u011fustos (Hibya) – \u0130kon Menkul, Otokar’\u0131n 2026 y\u0131l\u0131 ikinci \u00e7eyrek finansal sonu\u00e7lar\u0131na ili\u015fkin analizinde, beklentilerin \u00fczerinde ger\u00e7ekle\u015fen net zarar\u0131n temel nedeninin savunma sanayii teslimatlar\u0131ndaki yava\u015flama oldu\u011funu belirtirken, Romanya teslimatlar\u0131n\u0131n ba\u015flamas\u0131 ve sipari\u015flerin korunmas\u0131n\u0131n orta vadede olumlu unsurlar aras\u0131nda yer ald\u0131\u011f\u0131n\u0131 aktard\u0131.<\/p>\n","protected":false},"author":1,"featured_media":126607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[4,1,9],"tags":[],"class_list":["post-126606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dunya","category-ekonomi","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/126606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=126606"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/126606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/126607"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=126606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=126606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=126606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"