mali tablolar analizi ( umarım işinize yarar )

Upload: caglar1384

Post on 04-Apr-2018

256 views

Category:

Documents


1 download

TRANSCRIPT

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    1/127

    BMH YMCHFHMS MAMHW

    =!DJAJH CHDHJS

    Bmhe ymchfhms mamhewe mhbm|( jeyhe dszphms ymsm`aima `mskh mbmhmshm umphbmkymis!

    Cz dszphms ehjybj ehj fhma fsdmaek ehekehjseaj dsj ehjybj ee j ehjybj i jsjhjs

    ceebeaij ekehe ces musbim d|yjsbjk fhmamkhis!

    hjybj e jsjhjs

    hjybj uajyelehjse( hjybj |mnephjse

    jybj I jsjhjs

    Umysb mhma msmuma |jsbmujimshms( _fyma|eujh fsymkhms( Ksjie kzszhzhms( hjybj eh yelmse ehekeij czhzama iejs ehjybjhjs( Ijhjy

    hjybj ee jsjhjs; ehjybjaea eeaij czhzaizz jkfafbek j `eama|mh izszbz

    ijjshjaiesbjk j djheebeae kfaysfh jybjk( ehjybj i jsjhjsij umysb mhma msmuma

    |jsbmujimshms j pfyma|eujh fsymkhms( kmsh j jsebhe umysb mhma czhbmk(

    Ksjie kzszhzhms; mykhms ksjieaea djse iabj djalj|eae |mhmumcehbjk( ehjybjuhj

    yelmse ehekeij czhzama iejs ehjybjhjs e|j( yelmse umsbmimke jykeahekhjseae msyysmcehbjk j cz

    mhmaim |sjkhehek |mhmumcehbjk(

    Ijhjy e|j( ehjybjhjsea ifmh fsym izszbzaim czhzaizzaima jsde bmk|ebewm|ufazaz

    |mhmbmk eea( bmhe ymchfhms mamhewe mhbm|aim czhzabmkymishms! Bmhe ymchfhms mamhewijke

    mbm `mskhh( bmhe mamhewea jeyhe yshjsij umphbm| |fazlzaz fsymum kmsbys!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    2/127

    BMH YMCHFHMS MAMHW

    Bmhe ymchfhms mamhewe ( ces fk umwms ymsm`aima ijeek jkehhjsij ymabhmabys! Cz

    ymabhmsima cmwhmsam mmim ujs jsehbe czhzabmkymis!

    Ces ehjybjaea bjlzy kfzhhms mhyaim `eama|mh izszbzaz cjheshjbjk j djhjljkyjke

    kfzhhmsm dsj `eama|mh izszbzaz adshbjbjk eea umphma ealjhjbjuj bmhe ymchfhms mamhewe

    ijaes!

    Bmhe ymchfhms mamhewe( ces ehjybjaea `eama|mh ump|aa |jsbmuj kmuamkhms j czahmsa

    mkye` mshkhmsm imh cmkbaima ujyjshe fhbmi j `mmheujy |fazhmsaa jsebhehee ehj

    czahmsa d|yjsiekhjse jehebea ealjhjbj|eies!

    Ces iejs ymabm dsj e|j( bmhe ymchfhms mamhewe ehjybjaea e j i kmuamkhmsima

    |mhmi jum |mhmbmu iai `fahmsa kzhhmabm mhmahmsam dsj ijjshjaiesehbj|e( iejs

    ces ijuehj `eama|mh umphmsa( bjlzy kfzhhms mhyaim ealjhjbjk j djhjljkyjke kfzhhmsm dsj

    psfgjk|eufahmsim czhzabmkys!

    Bmhe mamhew( `eama|mh phmahmbm j kfaysfha a msyis! Cz `mmheujyhjsea usyhbj|e eea

    e|j ehjybjaea bmhe izszbzaza ceheabj|e wfszahzizs! Bmhe mamhew j|m| fhmsmk( bmhe ymchfhmsim

    ujs mhma jsehjsj imumahmsmk umphs! Bmhe mamhewea yjbjheae fhzyzsma bmhe ymchfhms( ehjybjaea

    `eama|mh izszbz j `mmheujy |fazhmsam ehekea ajbhe cehdehjs jseshjs! Malmk; cz cehdehjsea

    mamhewe umphbmima ehjybjaea jkfafbek j bmhe izszbzaz j |fazhmsa mahmbmk fhmamkhijehies! Cz ajijahj bmhe mamhew( ymchfhmsim ujs mhma |mu|mh jsehjsea ajbeae j mahmba

    |mpymbmk mbmluhm usyhja ces mhbm fhmsmk jhj mhamcehes!

    Bmhe mamhew; bmhe ymchfhmsim ujs mhma jeyhe kmhjbhjs msm|aim uwijhjs( fsmahms j ia

    nwhms ufhzuhm ajbhe ehekehjs kzszhbm|a( cz ehekehjsea hhbj|eae j ufszbhmabm|a

    kmp|ms! Cz ehekehjsea hhbj|eae j ufszbhmabm| e|j( ysh mamhew yjkaekhjseuhj umphs! Jhij

    jiehja |fazhms ehjybjaea djbe iajbijke zudzhmbmhmsa fsymum kfuizzaima( czahms j|m|

    mhamsmk ehjybjaea czdak izszbz |mpymas j djhjljj mey phmahms im cz |fazhmsimaumsmshmahmsmk umphs!

    Bmhe ymchfhms mamhewe( ehjybj ehdehehjseaea mbmhmsam zudza fhmsmk ces jum ceskm

    iajbj ehekea bmhe ymchfhmsa ealjhjabj|e( ufszbhmabm| j ijjshjaiesehbj|e ehjbeies!

    Bmhe ymchfhms mamhewe; ces ehjybjaea bmhe izszbzaza( `mmheujy |fazhmsaa j bmhe

    uaija djhebj|eaea ujyjshe fhzp fhbmia |mpymbmk j ehjybj ehj ehdehe djhjljj mey

    adshbjbjhjsij czhzamcehbjk eea( bmhe ymchfhmsim ujs mhma kmhjbhjs msm|aimke ehekehjsea j

    czahmsa wmbma eeaij d|yjsbe fhizkhms jehebhjsea ealjhjabj|eaija fhzzs!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    3/127

    Bmhe ymchfhms mamhewe( mamhe|yea ehde j mbmlam dsj cmw |fazhmsm zhmmcehbj|e um im

    kmsmshms jsjcehbj|e eea ces jum ceskm iajbea bmhe ymchfhmsaa ealjhjabj|eies!

    Bmhe ymchfhms mamheweae umhawlm cz ymchf wjseaij umphmlmk mhbmhms fhmsmk aeyjhjbjk

    umah fhmcehes! ak ehjybjhjsea cjhhe ces iajb eea nmwshmama ymchfhmsm imumahmsmk

    ealjhjabj|e ehjybj nmkkaim nkb jsbjuj ujyjshe fhbmumcehes! hjybjaea uajyeb kmisf|z

    j yb mhmahms( yjkaek ump|( yelmse |mudah( sjyyee bmh j newbjyhjs( jkfafbek( yjkaek

    j |f|umh jsj kfzhhmsaa im ealjhjbj kfaz|z umphbm| djsjkes! Cz ealjhjbjhjs e|j( `eama|mh

    uaija umphmlmk ijjshjaiesbjaea imnm ijeek uah mhbmhmshm ij|yjkhjabj|e ijbjkyes!

    Mua wmbmaim mamhe|y ( bmhe ymchfhmsima uajyeb ehj ehdehe jeyhe |fszahms wbjuj mhmlmkys!

    Cz izszbm dsj bmhe ymchfhms mamhewe( `eama|mh mamhewea ces chba fhzyzszs! Czazahm

    cjsmcjs mshk fk ij`m bmhe ymchfhms wjseaij ufzahmyaima( bmhe ymchfhms mamhewe

    ijaehieeaij iejs cehdehjse ij kmp|mumsmk umphmdjhja ufszbza e`mij jiehiee dwija

    kmshbmbmhis!

    BMH YMCHFHMS MAMHWA JYKHJUJA @MKYSHJS

    Bmhe ymchfhms mamhewe( cjhhe cmw yjbjh `mkyshjsea |sjkhe jyke|e mhyaimis! Cz jyke; ces

    umaima mamhew mhbm|aa |fazhmsaa ijjshjaiesehiee mmbmim( cya fhmsmk iekkmyj

    mhabmi ymkyesij( bmhe ymchfhms mamheweaija |mhkh j cmmsh |fazhms mhabmw! Cz ajijahj;wjhhekhj mamhew |fazhmsaa ijjshjaiesehiee mmbmim( cz jykeue cjhesdea nmhj djyesja

    `mkyshjsea wjahj iekkmyj mhabm| djsjkes! Cz `mkyshjse djajh fhmsmk ujie yjbjh dszpym

    yfphmumsmk ealjhjbjk fhmamkhis!

    M% JKFAFBK @MKYSHJSBmhe ymchfhms mamheweae jykehjuja jkfafbek `mkyshjse ij( Jkfafbek Kfagfakys

    Nmsjkjyhjse j _msmaa \mya Mhbm Dlaij Bjuimam Djhja Ijebjhjs ceebeaij eke mhydszpym iabjk djsjkes!

    m% Jkfafbek Kfagfakys NmsjkjyhjseBmhe ymchfhms mamheweaija cjkhjaja umsmsa |mhmamcehbj|e eea( cz mamhewea mhbm|aim

    jse j cehde kmuam fhmsmk kzhhmahma( bmhe ymchfhmsa nmade jkfafbek kfagfakys msyhmsaim

    iwjahjaieeaea ceheabj|e djsjkes! wjhhekhj cesija fk iajbj ehekea bmhe ymchfhmsa mamhew

    |fazhmsaa ijjshjaiesehbj|eaij( |w kfaz|z iajbhjsijke jkfafbek kfagfakys

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    4/127

    nmsjkjyhjseaea ealjhjabj|e j czahmsa ehjybj j ifhmu|uhm bmhe ymchfhms wjseaijke

    jykehjseaea ceheabj|e djsjkes!

    Kfagfakysa djhebj iajbhjseaij ehjybjhjsea kfhmuhkhm cuikhjse( `mmheujy

    |fazhmsaa e|j ymybeakms iwjuhjsj zhmy ceheabjkyjies! Malmk( kfagfakysa djsehjbj

    iajbhjseaij j wjhhekhj djhebj iajbeaija djsehjbj iajbeaj djeyj cubjaea

    izsizz( ehjybj pjs`fsbma|aa e|j deijsjk iy j cmm cm afkym|am umka ces iwjuij

    mhy dshbjkyjies!

    Mamhewe umpmlmk fhma mamhe|yea( mamhew mhbm|am cmhmbmima uzkmsim mkhmabmum

    mhhma kfagfakys nmsjkjyhjse ehj ehdehe yj|peyhjse umpbm| djsjkes! Cz djsjkhjyesehieeaij(

    kfagfakysa djsehjbj iajbeae kmp|muma ces mamhew mhbm| |sm|aim pjs`fsbma|

    ikhaa cjheshjabj|e( afsbmh ces fhmu fhmsmk kmczh jiehjljk j `mmheujy |fazhmsaa

    ujyjs|ewhee fhmma |muhmlmkys! Malmk( kfagfakysijke djhebjuj smbja ymybeakms fhbmuma

    `mmheujy |fazhmsaa yj|peye( ehjybjaea uajyebe ehj ehdehe umah pfheyekmhmsa msmabm|

    djsjk|eaebeae fsymum kmsmlmkys! Czam dsj bmhe ymchfhms mamheweaija |mhmama |fazhmsa

    ijjshjaiesehiee mmbmim(

    Kmshha mwmhiaa( \yfk ijse nw kmy|mu|aa iyaa( Mhmlmkhmsa ymn|eh |sj|eaea zwmiaa( Hekeieyj ujyjs|ewheeaea cmhmiaa

    Cjheshjabj|e izszbzaim uzkmsim im mkhmai wjsj kfagfakys nmsjkjyhjseaea aeyjheeaj

    dsj kmsms jsbjk djsjkes! Jjs cz yj|peyhjs( kfagfakysa djsehjbj d|yjsiee ces iajbe

    kmp|muma bmhe ymchfhms mamhewe |fazaim jhij jiehbe|j( kmsmb|mshm kmphmbmbmk djsjkes!

    Malmk; kfagfakysijke djhebjuj smbja cuhj ces ymchf fsymum kb|m( f ymkyesij( ehjybjaea

    izszbzaz iwjhyele ahjbhjsea mhabm| kmahbmwis! Cya cz fhmuhms uhhms msm|aim j nmyym

    mua uh ejse|eaij bjuimam djhjcehjlje eea( mamhe|yea umpmlm ijjshjaiesbjij cz izszbmdsj kmsms jsbj|e djsjkes!

    c% _msmaa |mya Mhbm Dlaij Bjuimam Djhja IjebjhjsDabwa ja ajbhe jkfafbek |fszahmsaima ces iejse ij pmsmaa |mya mhbm

    dlaij bjuimam djhja ijebjhjs ies! wjhhekhj pmsmaa |mya mhmb dlaij bjuimam djhja

    ibjhjs ajbhe cfuzyhmsm zhmb j ehjybjhjs cz |fszaza msha imnm ufza ces ceebij

    ne||jybjuj cmhmbhmsis!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    5/127

    @eumyhms djajh iwjueaijke uk|jhehjs( yb ehjybjhjsij bmhe ymchfhmsa fhzzbzaz

    jykehjbjkyj( fahms mahmb|whmysbmkym( iejs ces ijuehj bmhe ymchfhmsa nfbfgjahekhjseae

    ueyesbjhjseaj ajija fhbmkymis! Malmk cz jykehjbjaea cya ehjybjhjs eea mua fhzb|zw

    |fazhms fsymum kmsmlma |uhjbjk fhmamkh ijehies! hjybjhjsea mhbm kfazhmsaa(

    `ewek|jh cukhkhjseaea( zudzhmikhms sjyeb yjkafhfgehjseaea `mskhh j jkfafbek ( `eama|mh

    umphmsaa ijeekhee ehjybjhjsea cz fhmuima jykehjabj ijsjljhjseae ijeek aeyjhekhjs

    kmwmabmkymis! Malmk( kfaz ehj ehdehe ces djajhhjbj umpbmk j wjhhekhj cehmafhmsa cz

    fhmuima jykehjabj ceebeae fsymum kfubmk djsjkes|j( cehmafhmsa( ehjybjhjsea djsjk

    jkfafbek j bmhe izszbhmsa uma|ybmikhms |uhjajcehes! Muslm cz cehmafhmsim `ekye`

    kmshmsa bjuimam djhbj|e( ces umaima djsjkyja jhij jiehjbjuja kmshmsa imybam( iejs

    umaima im cz kmshmsa jsdehjaiesehbj|eaj ajija fhmlm eea ehjybj |jsbmuj|e deijsjk mwmhs!

    Cz ajijahj mamhe|yea cz izszbz im iekkmyj mhbm| j mamhew |fazhmsa czam dsj ufszbhmbm|

    djsjkes!

    C% HJYBJAA WJHHHJ HDH @MKYSHJS

    hjybjaea wjhhee ehj ehdehe `mkyshjse eke mam cmhk mhyaim yfphmbmk fhmamkhis!

    Czahmsima ehke( hjybjaea Yjkaek Ump| iejse e|j kfhzaimke Ijebjhjs j kfhzaza

    wjhhekhjseies!

    m%hjybjaea Yjkaek Ump|

    hjybjaea yjkaek ump| bjlzy yj|e|hjsea mim yjkafhfge kms|aimke izszbzaz

    uma|ys! Ujae sjyeb msmhms; djajhhekhj jsebhehee msyysl( imnm zlzwm ehk bmiij j djsj

    kzhhmaba |mhmul( cz bmiijhjsea ykjyebeae mwmhyl( kmheyjhe bmbzh sjyebeae fhmamkh khma

    ces aeyjhek yms! Czam dsj; ujae uajyeb msmhms ehj mhma ces ehjybjaea bmhe ymchfhmsaimke

    |fazhmsa mua mahmu j umkhmb ejse|eaij ijjshjaiesehbj|e djsjkes!

    l% kfhzaimke Ijebjhjs j kfhzaza wjhhekhjsehjybj mhbmhms( yjimsek( sjyeb j iejs `fak|eufahms cmkbaima ekfhzaimke

    ijebjhjsea j ekfhzaza wjhhekhjseaea cuk hij jyke|e mhyaimis!

    Yjkafhfgek djhebjhjsea fsymum kmsi ujae e msmhmsaa msh ( sjyebij kzhhmahma eynmh bmh ehk bmiijaea ujshe sjyebeaj cmhmab fhbm|(

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    6/127

    hjybjaea sjyebeae djsjkhjyesiee bmbzhhjsea ujseae mhmlmk ujae bmbzhhjseasjyehbj|e(

    Mua ekfhzaimke smkep ehjybjhjsea ceshjbjhjse um im mushmbmhs( Imyb kmamhhmsaimke ijeekhekhjs(

    hjybj m|aima fhzb|zw |fazhmaiaim;

    \my mijhjse zwms( \my `eumyhms ijs( hjybjhjsea kmuamk djsjk|eaebe msyms( Kmshhk mwmhs!Mamhew mhbm| |sm|aim( ekfhzuhm ehdehe cz ijekjahjsea ces cya fhmsmk dw aaij

    czhzaizszhbm| djsjkes!

    L % HJYBJAA UAJYBHJ HDH @MKYSHJS

    Bmhe mamhew |fazhms ijjshjaieseheskja uajyelehjsea ujyjajkhjse( keehekhjse ajb

    ymbmkymis! hjybj |fazhmsaa cmms| ces cmkbm uajyebeaea cmms| fhmsmk ym

    ijjshjaiesehjcehes! hjybj i cmw kfzhhmsm `mwhm jykeij czhmambmuma uajyeb( ijebj

    d|yjsja cz kfzhhmsm zuzb |mhmumsmk j ehjybjaea sjyeb msmhmsa mhbmhmsim ja jykea ces

    ceebij kzhhmamsmk |fazhmsa cmmsh fhbm|a |mhmbmum mhs! Cz ajijahj uajyelehjsea

    kmsms j imsmahms ehj ujyjajkhjseaea bmhe ymchfhms wjseaijke |fazhmsm jyke|eaea

    czhzaizzaz kmczh jybjk djsjkbjkyjies! Cz izszb dw aaij yzyzhmsmk umphmlmk bmhe

    mamhew |fazhmsaa imnm djjshe fhmlm ces djsjkyes!

    I% BZNM\JCJ ZUDZHMBMHMSE HJ HDH @MKYSHJS

    Bmhe ymchfhmsa( mamhew eea djsjkhe aeyjhekhjsj |mnep fhmcehbj|e ehjybjij jykea cesbznm|jcj |e|yjbeaea sdyhjabj|eaj djsjk|eabj d|yjses! Yskeujij ehjybjhjs `mskh

    bznm|jcj |ymaimsyhms j nj|mp phmahms zudzhmikhmsaima( wjseaij mamhew mhbm| umphmlmk

    bmhe ymchfhms im djsjk kmp|mb j djsjk|j ceeb cmkbaima ijeekhek d|yjsbjkyjies! Czaima

    ifhmu mamhew mhbm|aima alj |w kfaz|z `mskhhkhmsa fsymima kmhishbm| ufhzaim

    mhbmhmsa umphbm| wfszahz fhbmkymis! Iejs ces e`mij ehj bmhe mamhe|y; ehjybjhjsea nj|mp

    phmaam dsj nmwshmab bmhe ymchfhms( mamhew mhbm|aim umsmshmamcehjlje j|m|hmsm

    zuizsmlmkys!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    7/127

    J% MAMH\YJ HKA @MKYSHJS

    Czsmum kmims mkhmabm|am mhhma j czaima |fasm mkhmamlmk fhma kfaz ehj ehdehe

    jeyhe `mkyshjsea bmhe ymchfhms mamheweaij dw aaij czhzaizszhbm| wfszahzhzz( mamhe|yea

    cehde( ijajueb j ujyjajkhjse ehj umkaima ehdeheies! Cz ajijahj mamhewe umpmlmk kee;

    Uk|jk sjaeb dsb j cjhhe ces iwjuij uajyeb j ehjybj khysaj |mnepfhbmhis!

    Msmysl ces aeyjheeaea czhzabm|aa uma |sm mamhew mhbm| |fazhmsa `mwhmijymum desbjija( uk|jk uajyele iwjueaij ijjshjaiesbj|eae cehbjheies!

    Smpfshmbm j wjhhekhj mim ehjybjlehek kfazhmsaim zwbmahmb fhbmhis! hkj jkfafbe|eaea ump| j yjkafhfgek iwjue( jai|yseaea djheyesehbj|e ufhzaimke

    fhmamkhms j um|mh iwjahjbjhjse( |jsbmuj cesekebe j |fszahmsa( |mamue j yelmsjy

    |jkyshjse msm|aimke ehekehjse musayhms ehj kmsmumcehbjheies!

    @% KMSEHMYESBM CSBHJSAJ HKA @MKYSHJS

    Bmhe ymchfhmsm mamhew uayjbhjseaea zudzhmabm|uhm czhzama mamhew |fazhms( cmkm

    mamhew uayjbhjseaea fsymum kfuizz |fazhmshm kmshmyshmsmk ijjshjaiesehbjhe j cuhjlj

    ces kmsmsm mshbmhis! Mamhew |fazhmsaa cmhlm isy mmbmim kmshmyshmsmk ijjshjbj|e

    umphs!

    E! kfhz \ymaimsyhmsuhm um im Fsymhmbmhmshm Kmshmysbm7Zwza mhbmhms |fazlzaim cjheshe ekfhhms eea nj|mphmab |ymaimsy |fazhms ehj mamhewe

    umphma ehjybjij jhij jiehja |fazhms kmshmyshmsmk ijjshjaiesbj ufhzam deiehes! Malmk

    Yskeujij cz kfazim umphma mhbmhms ujyjshe iwjuij ijehies!

    EE! Mua kfhzaimke Cmkm hjybj \fazhmsuhm Kmshmysbm7aljhjbj|e umphma ehjybj ehj mua ekfhzaim mhma cmkm ces ehjybjaea |fazhms

    kmshmyshs! Yskeujij ehjybjhjsj ehekea |fazhms djajhhekhj mkhmabmi eea cz uaij ces

    kmshmysbm umpbmk fhizkm wfsizs!

    EEE! _hmahmama \fazhmshm Kmshmysbm7wjhhekhj cuk ehjybjhjsij ehjybj |fazhms imnm aljija phmahmabmkymis!

    _hmahmama cz |fazhms ehj imnm |fasm djsjkhjja |fazhms msm|aim kmshmysbmhms umphmsmk

    fsymum kma |mpbmhms czhzazs!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    8/127

    EP! Djbe Iajb \fazhmsuhm Kmshmysbm7Mamhewe umphma iajbj ehekea |fazhms( imnm aljke iajb um im iajbhjshj(

    fsymhmbmhms mhamsmk kmshmysbm umphmcehes!

    Kzkz|zw uzkmsim |muhma yb cz kmshmysbmhmsa umphmcehbj|e( imnm alj cz kfaz

    ehj ehdehe mhbmhmsa msham cmhis! Czahmsa czhzabmbm| um im ujyjshe fhbmbm|

    izszbzaim umphma ijjshjbj f hij jyke|ew fhmlmkys!

    D% HJYBJ PJ IEE CHD @MKYSHJS

    Mamhe|yea mamhew mhbm| |sm|aim umhawlm bmhe ymchfhmsimke cehdehjshj ujyeajbjujlje(

    czaza uma |sm djsjk ehjybj eeaija djsjk|j ehjybj iaima cmw jk cehde kmuamkhmsam

    djsjk|eaeb izumlm ces djsjkyes!

    =% hjybj e Cehde @mkyshjse7 hjybj ee cehde `mkyshjse; ehjybjaea mam|whjbj|e( eskjy yfphmayhmsaim mhama kmsmshmsa umuahmi Yelmsjy \eleh Dmwjyjhjse( kmpm|eyj

    smpfshms( yjek cjhdjhjse( fsdmaewm|ufa jbmhms( uhhk `mmheujy smpfshms( phma j psfdsmbhms(

    bmheujy ewjhdjhjse j `eumy he|yjhjseies! Yb cz kmuamkhms njs wmbma eea mamhe|yea jheaea mhyaim

    czhzabmhis! Mamhe|y muslm uajyelehjsea wdjbehjse ehj ujyjajk j kmsmkyjshjse nmkkaim im

    cehde |mnece fhbmk izszbzaimis! Muslm ealjhjbj|e umphmlmk ehjybjue umkaima dsbj|e(mhbm ceebe( yj|e|hjse j mhmahms msmysbm| `muimh fhmlmkys! Ceheaiee dece cz ys

    cehdehjsea cmkm kmuamkhmsima |mhmabm| bbka ijehies! Malmk ehjybjija jhij jiehja

    cehdehjs djajhhekhj |zcgjkye` aeyjhek yms! Cz ajijahj |w kfaz|z cehdehjsea iejs kj|ebhjsija

    mhamlmk cehdehjshj ifszhzz kfaysfh jiehbjhe j malmk faima |fasm mamhew ehjbeaij

    kzhhmahbmhis!

    3% hjybj I Cehde @mkyshjse7 hjybj i cehde `mkyshjse; cmym Cj UhhkKmhkabm _hma j Uhhk _sfdsmbhms fhbmk wjsj I_Y umuahms( Ijhjy |ymye|yek Ja|yey|(Cmkmahkhms( Y!L! Bjskjw Cmakm|( Fimhms Ceshee umua( msmysbm j chyjahjseies! Czaza uma

    |sm uzsyi kzszhzhmsaa umuahms im umsmsh cesjs kmuamkyshms! Yb czahms( hkjaea `eama|mh

    pfheyekm|( pmsm pfheyekm|( yjkafhfgek djhebjhjse kfazhmsaim mamhe|yj cehde |mhmumlmk

    kmuamkhmsis! hjybj iaima |mhmamlmk cz cehdehjs djajhhekhj ehjybjaea djhebj |juseaea

    ijjshjaiesehbj|eaij jykehe fhbmkymis!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    9/127

    BMH MAMHW YSHJS

    Czaima aljke chbhjsij ij ijeaehiee wjsj bmhe ymchfhms mamhewe( ijeek kj|eb j

    jsjhjs ymsm`aima ueaj ijeek mbmhmshm umphbmkymis! Cz izszbim fsymum kma `mskh

    cjkhjayehjs( mamhew mhbm|a djsjk ceeb j djsjk|j w fhmsmk jeyhjaiesbjkyj j ijeek

    bmhe mamhew yshjseaea fsymum ka nmwshmbmkymis! Cz mima bmhe mamhew yshjse djajh fhmsmk

    yjbjh dszpym yfphmabmkymis!

    Mamhewe Umpma Keeuj Dsj Bmhe Mamhewhjs( Kmp|mbhmsam Dsj Bmhe Mamhewhjs( Umphbm Mbmhmsam Dsj Bmhe Mamhewhjs!

    =% MAMHW UM_MA KUJ DSJ BMH MAMHWHJSCz ys bmhe mamhewhjs eke dszpym mkhmamcehbjkyjies7

    m% Mamhewc% I Mamhew

    m% Mamhew7 mamhew( ehjybj eeaijke keehjslj umphs! Cm|h smpfshms iaim(

    ehjybjij czhzama yb ikbmahms cz ys bmhe mamhewea umphbm|aim kzhhmahmcehes!

    c% I Mamhew7 I mamhew e|j; ehjybjuj bmh |myma kzszhzhms( ksjie kzszhzhms( ne||j

    |jajie j ymneh |mnephjse ymsm`aima umphs j cz mamhewij umhawlm ehjybjuj ehekea cm|h

    smpfshms kzhhmahs! Cz ajijahj mamhe|yea( ehjybjaea jsiee cehdehjshj ujyeabj|e djsjkbjkyjies!

    Cz musb czda eea ajbeae ueyesbeyes! ak i mamhe|yhjs ehjybjuj ehekea njs ysh

    cehde j smpfshms kfhmuhkhm |mhmbmkym j kzhhmabmkymis!

    3% KM_\MBHMSEAM DSJ BMH MAMHWHJSBmhe mamhewhjs kmp|mbhmsam dsj ekeuj mushs7

    m% \ymyek Mamhewhjsc% Ieambek Mamhewhjs

    m% \ymyek Mamhew7 Cjheshe ces ymsenj jum cjheshe ces iajbj ehekea bmhe ymchfhmsimke

    kmhjbhjs msm|aim bjlzy ehekehjsea bekyms uaaija ealjhjabj|e \ymyek Mamhewies! Cjheshe ces

    iajbj ehekea bmhe izszb ehj `mmheujy |fazhmsaa mamhew jiehbj|eae ejsja |ymyek mamhewj

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    10/127

    Iekju Mamhew ij ijabjkyjies! Cz ys mamhew yjk ces iajbhj ehdehe fhmsmk umphs! hjybjaea

    bmhe izszbz j `mmheujy |fazhmsa lmse iajb eea d|yjsja |ymyek mamhew( djae ces bmhe

    mamhewea mwdjehbjw ces pmsm|is!

    \ymyek mamhew( fsma( uwijhjs j iejs mamheyek yjkaekhjshj umphs! Cz ys mamhewij

    ehjybjaea yfphmb mkye`hjseaea( iaja mshkhmsaa( umcmal kmuamkhmsaa j w kmuamkhmsaa

    ump| nmkkaim uwijhjs nmheaij cehdehjs jieaehiee dece; ajy |my nm|hmyam dsj( djhes

    ymchf|zaim ujs mhma kmhjbhjsea cukhkhjse j izszbhmsaa aj fhizz im dshs!

    \ymyek mamhewij nj|mphmama fsmahms; ehjybjaea lmse iajbijke hekeieyj( kmshhk(

    jykeahekhjsea jsebhehee j bmhe umphms nmkkaim cehde jses! Cuhjlj ehjybjaea k| mijhe

    cfshmsa kmshmbm dl( |mnep fhizz mkye`hjse kzhhmabmkymke jykehe fhbm ijsjlj|e ( kmuamk

    ump|aim cfshmsa ujse j ehjybjaea kmshh ehj ne||j |jajie cmam kmwmahms j ijiee kms

    pmuhms |mpymab fhzs!

    c% Ieambek Mamhew7 Ieambek bmhe mamhew e|j( ehjybjaea cesija `mwhm iajbj ehekea

    bmhe ymchfhmsimke ijjsea kfhmulm kmshmyshmcehes jkehij ealjhjabj|eies! Cz mamhew

    kmshmysbmh ymchfhms( uwijhjs j ysjaihjs dece mamheyek yjkaekhjshj umphs! Cz jkehij

    ehjybjaea uajyeb ymsw( `eama|mh pfheyekmhms( djbe iajbhjsijke kmshh( cfs ijbj dl

    j djbe `eama|mh izszbzaim dshja jehebhjsj ehekea umsdhmsm msbmk bbka fhbmkymis!Ieambek bmhe mamhewij( jeyhe iajbhjsj ehekea jsehjs uma umam kmshmyshi eea

    cz ys mamhewj Umymu Mamhew ij ijabjkyjies! \ymyek mamhewija |mhmama |fazhmsm ehekea

    fhzbhz um im fhzb|zw djhebjhjs ieambek mamhew ufhzuhm muslm ufszbhmas! Czaza |fazlzaim

    smkep ehjybjhjs mey jsehjshj kmshmysbmhms im umphmcehes! Ieambek mamhew( ehjybj nmkkaim

    ajbhe jehebhjse d|yjsiee eea djhjljj eheke adshbjbjhjsij fhizkm |k kzhhmahs!

    \ymyek j ieambek mamhewhjs( bfijsa mahmbim bmhe mamhewea yjbjheae fhzyzszs! Cz

    mamhewhjsea cesceshjse ujseaj kzhhmahbm fhmam ufkyzs! ak( ymb ces mamhew umphmcehbj|e eeanjs eke mamhewea cesceshjseae ymbmbhmumlmk ceebij jhj mhabm| djsjkes!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    11/127

    m% Uajyeb Mamhewe7 Uajyeb mamhewe( uajyeb mhbmhmsaa jykeaheeae |mhmbmk

    eea umphma ces bmhe mamhew ysis! Cz ys mamhewj cmhmbmima alj( mamhewj yjbjh fhzyzsmlmk

    fhma ymchfhmsa mamhe|yj |mhmabm| djsjkheies!

    Uajyeb mamheweaij njb |ymyek njb ij ieambek mamhewija umsmshmahs! Cehmaf j djhes

    ymchfhmsaa ealjhjabj|e j ufszbhmabm| mamhewe kmp|mbaimis hjybjaea jykeahekhjseaij

    cmmsh j |mhmb ces `eama|bma pfheyekm|am |mnep fhmcehbj|e eea bmhe ymchfhmsa uajyeb

    ymsm`aima cyauhj mahmhbm| djsjkheies! Cz kfazim `eama| uajyele|eaea ij sfh cukys!

    Uajyelehjs uajyeb mamhewe ehj;

    hjybjaea jykeahekhjseaea ces cya fhmsmk cmms ijsjlj|eae hbj( hjybjaea mam j uma njij`hjseaj zhmp zhmbmia cjheshjbj( Njij`hjsj zhmhbmb|m ajijahjseae msmysbm( Djhjljj ehekea phmahms umpbm( sjyehjljk bmh j newbjyhjsea sjyeb bekyms j ewhjajljk sjyeb pfheyekm| kfaz|zaim

    kmsms mhbm !

    Jykeahekhjse kfaysfh jybj j ijjshjaiesbj( Usybjaea njs mmbm|aim ifsz j iwjhyele kmsmshms mhbm mbmhmabmkymis!

    Uajyeb mamhewe ehj zhmhbmk e|yjaja |faz( |mhkh kmsmshms mhmsmk jsebhehee j

    kmsmshh msyysbmkys!

    c% Ksjie Mamhewe7 Ksjie mamhewe(ehjybjaea hekeieyj izszbz j k|m mijhe cfshmsa

    ijbj ujyjajeaea |mpymabm| ehj ehdeheies! Cz ys mamhewhjs fzahzkhm ksjie jsja kzszhz

    ymsm`aima umphs!

    Ksjie kzszhzhms umpb fhizz ksjie mamhewhjse ehj( ehjybjija mhmlmkh fhma |mylhmsa

    umpb fhizz mamhewhjs msm|aim cuk cjawjshek czhzazs! Malmk; ksjie kzszhzhmsaa cz ys

    mamhewijke mbml( ksjie e|yjbeaij czhzama ehjybjaea bmhe izszbz j `mmheujyhjse kfaz|zaim cesumsdum zhmmcehbjkyes! Ksjiehe bmh |myma ces ehjybjaea mbml e|j( bmhhms eea |sb fhmam

    |mhmumcehbjkyes! Ksjie kzszhzhms ehj ksjiehe bmh |myma |mylhms msm|aimke mbm `mskh fhbmkhm

    ceshekyj( njs eke|e ij mhmlmkh fhizkhms ehjybjaea cfs ijbj dl ehj ehdeheies!

    Ksjie mamhewe umphskja cehmaf j djhes ymchfhmsaa uma |sm( ehjybjuj ehekea djhebj

    ysjaihjse ehj( ehjybj uajyelehjseaea wjhhekhjse j ujyjajkhjseaija ij umsmshmahs!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    12/127

    l% Umysb Mamhewe7 Umysb mamhewe( ces ehjybjaea bjlzy j pfyma|eujh ne||jimshms

    ehj( ehjybjuj zwza mijhe kmuamk |mhmuma um im czahms |mhmbmu iaja cesjuhjslj umphs!

    Cz mamhewea yjbjh mbml; ehjybjaea djhjljk iajbhjsj ehekea kmwmabm dla

    |mpymbmkys! Ces ehjybjaea bjlzy j pfyma|eujh fsymkhms( ehjybjaea |sjkhehee( umysb

    djalj|e( ehjybjaea kmshh( djhjljk iajbhjsj ehekea kmwmabm dl( imyhmlmk yjbjyy

    bekyms( ne||j |jajyhjseaea ijjs msy j czahmsa ewhjiee jehebhj ehdeheies! Cz kfazhmsim

    |jsbmuj |mnephjseaj k yzymlmk cmhlm msm( bmhe ymchfhms j czahmsa mamheweies! Muslm

    ehjybjaea fsymkhms eea nmwshmi smpfshmsima im umsmshmahs!

    Bfijsa ehjybjhjsij ne||j |jajie um im ymnehhjseae kfszbm( |mybm jum ujaehjseae |mya

    mhbm kfazhmsaim kmsms jsbj mbmlam uajhekyes! Umysb mamhewhjseaija jhij jiehja |fazhms(

    kmsms jsbj ehjbeaij kzhhmahs!

    Umysb mamhewe umpmlmk keeaea ceseale ijsjljijke ehje( ehdehe umysb; |mhmumlm djhes(

    |mnep fhizz djalj j se|k `mkyshjse ehj peum|mimke |sb fhmamkhms cmkbaima

    ijjshjaiesbjkyes!

    Ne||j |jajie ehj ehdehe umysb mamheweaea mbml( ces ne||j |jajieaea djhjljk iajbijke

    ijjseae cjheshjbjkyes! aljhekhj ne||j |jajie cmam kmwma j yjbjyyhjsj ehekea ysjaihjs

    ealjhjaes! Cz ealjhjbjhjsij sm|ufhmsima im umsmshmahs!

    Ymnehhjsj uajhek mamhewij e|j( ehjybjaea kmwmabm dl( ehjybj |jsbmuj|e j`eama|bma kmhismlaa izszbz ealjhjaes! Ymneh mamheweaea mbml( ehjybjaea `mew j cfs

    ymk|eyhjseae mij|eaij ijbj dlaj |mnep fhzp fhbmia |mpymbmkys!

    Umysb kmsmshmsaa ifszhzz( umysb mamhewhjseaea cmms|am cmhis!

    \faz fhmsmk( bfijsa ehjybj uayjbeaij( bmhe mamhew mhbm| ajbhe ces ujs

    yzybmkymis! Bmhe mamhe|yea cjhhe cmh dsjhjse( kmshmysbm j ifhmu|uhm adshbjbj

    umpbmkys! Bmhe mamhe|y cz dsjhjse ujseaj djyeseskja ysh cehde kmuamkhmsaima umsmshmabmk

    izszbzaimis! Cz cehde kmuamkhms djajh fhmsmk( bznm|jcj cehde j jsehjseaea wjyeizszbzaimke bmhe ymchfhms j smpfshmsis!

    3! BMH MAMHW YJKAKHJS

    Czaima aljke chbhjsij ij mkhmai wjsj( bmhe mamhew mhbm|( ces ehjybjaea

    bmhe izszbzaza( `mmheujy |fazhmsaa j `eama|mh uaija djhebj|eaea ujyjshe fhzp

    fhbmia cjheshjbj j cz kfazhmsimke adsbhjbjhjse djsjkhjyesbjk mbmluhm

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    13/127

    umphbmkymis! Cz izszbm dsj mamhew mhbm|aim eke mmbmaa mshaima |w jiehjcehes!

    Cz mmbmhmsa ehkeaij djbeea cjheshjabj|e ( iejseaij e|j djhjljea adsbhjabj|e

    jdjbjaies! Malmk cz mmbmhmsa njs eke|e ij cesceseae ymbmbhmumlmk wjhhek j aeyjhekhjs

    ymbmkymis!

    Bmhe mamhew mhbm|( bznm|jcj jse j cehdehjseaea wjye izszbzaimke bmhe ymchfhmsima

    umsmshmahmsmk j cjhhe mamhew yjkaekhjse msmlh ehj djsjkhjyesehes! Kfaz ehj ehdehe heyjsmysij

    bmhe mamhew yjkaekhjseaea isy dszpym yfphmai dshbjkyjies! Czahms7

    Kmshmysbmh ymchfhms mamhewe( Uwij uajyebe ehj mamhew yjkaee( Jeyeb uwijhjse yjkaee ehj mamhew( Fsma yjkaee ehj mamhewies!

    Cz mamhew yjkaekhjse( ehjhjse eyecmseuhj cesceseaija `mskh aeyjhek j wjhhekhjs ymbmkym

    j mamhew mhbm|aa cyah eeaij cesceseae ymbmbhmumlmk ceebij kzhhmahbmkymishms!

    Ces cmkm mahmyb ceebeuhj cz yjkaekhjs( bmhe mamhew |sjleaij `mskh ehjhjse ujseaj

    djyesbjkhj ceshekyj( wmbma wmbma mamhew |fazhmsaa kfaysfh cmkbaima jayjdsj jiehjsjk

    kzhhmahshms!

    M! KMSEHMYESBMHE YMCHFHMS MAMHW=% YJKAA KZHHMAEB MBMLE

    Ces iajbj ehekea bmhe ymchfhms ehjybjaea mey fhizz iajbea bmhe izszbzaz j

    `mmheujy |fazhmsa d|yjses! Djsjkyj yjbjh fhma ehjybjaea |sjkhehee cmhmbaim(

    ehjybjaea bmhe izszbzaz j `mmheujy |fazhmsa kmshmysmsmk djhebjhjsea ceheabj|eies! Cz

    ajija ehj( ces ehjybjaea cesceseae ewhjuja `mmheujy iajbhjseaj ehekea bmhe ymchfhmsa kjaie

    msmhmsaim kmshmyshmsmk kmhjbhjsijke ijebjhjsea cjheshjabj|e djsjkes! Ifhmu| ehjehjybjaea djbeyjke j ebieke izszbz |mpymamsmk djhjljkyjke izszbz adshbjuj

    mhhs! Ces cmkm mahmyb ceebeuhj( kmshmysbmh mamhew yjkaee( ces ehjybj cehmaf|zaza(

    kmuamk j kzhhmab ump|aim ujs mhma ijjshjsij bjuimam djhja msy j mwmhhmsima fk (

    czahmsa wmbma ejse|eaij d|yjsbe fhizkhms ijebj j djhebj jehebhjse cjheshjabjuj

    mhhs! Czaza umphmcehbj|e( ehjybjhjsea ijeek iajbhjseaj ehekea bmhe ymchfhmsaa ces

    msmum djyesehjsjk( mshk j kmuamk umphmsaa iajbhjs eyecmseuhj kmshmysbm|a djsjkyeses!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    14/127

    J|m|ja yjkaej mia jsja ij cz kmshmysbm ehjbeies! Kmshmysbmh mamhewea djajh

    mbml( ehjybjuj ehekea djhebj ysjaihjseaea jhij jiehbj|eies!

    Kmshmysbmh mamhew yjkaeeaea ja cuk mmaymg( bmhe mamhew mhbm|am kfaz

    ehjybjaea djhebj ua nmkkaim ujyjshe cehdehjse |mhmbm|is! Ceheaiee dece bmhe ymchfhmsim

    j wjhhekhj( cehmafaza kmuamk j kzhhmab ump|aim ujs mhma nj|mphmsimke ijebjhjsea

    ealjhjabj|e ( ehjybjaea bmhe uaija nmade ifszhyzim djhebjkyj fhizzaza cjheshjabj|e

    cmkbaima ajb yms! Czaza umaaim( kmshmysbmh mamhew ehjybjaea bznyjbjh djhebj

    ua ehj ehdehe adsbhjbjhjsij czhzabmk m|aima im umsmshis! Jkfafbek kfzhhmsim

    ajbhe ijeekhekhjs fhbmi ymkiesij( ehjybjaea djbeyjke djhebj jehebeaj zudza ija

    ces cubj iwjueaj zhmmlm adsbhjajcehes! Malmk cz mamhew yjkaeeaea zudzhmabm|

    |sm|aim mamhe|yea( bmhe ymchfhmsa `fak|eufa |ashms ejse|eaij umphb czhzama

    uahjaiesele mkhmbmhms dw aaij czhzaizsbm| djsjkes!

    3% KMSEHMYESBMHE YMCHFHMSEA IWJAHJABJ\

    hjybjaea ymchfhmsaa kmshmysbmh mamhewe |sm|aim( ijeek nj|mp iajbhjseaj

    ehekea bmhe ymchfhmsimke ijjshjsij bjuimam djhja msy j mwmhhmsa bzyhmk smkmb fhmsmk

    e`mij jiehbj|e j aenmujy ymchfhmsimke ijeekhekhjsea uwij fhmsmk cjhesyehbj|e djsjkes!

    Mamhewe umphmlmk lmse iajb bmhe ymchf|z( ces aljke iajb jum iajbhjsea ymchfhmsaejsjljk jkehij iwjahjajcehes!

    Bmhe ymchfhms eke iajbe ejsjljk jkehij iwjahjabj|eaij lmse iajbea( djbe

    iajbhj kmshmyshbm| umphs! Kmshmyshbmh `eama|mh ymchfhms( eke iajbija `mwhm

    iajbe ejsjljk jkehij iwjahjabj|e nmheaij;

    Ceseale uh yjbjh mhamsmk( kmshmysbmhms cz uhm dsj umphs! Pjum ces uh kjaie|eaija alj djhja uhhm kmshmyshs!Mamhew yjkaeeaea ja ajbhe chba fhzyzsma msy j mwmh uwijhjsea nj|mphma(kmshmysbm| umphma eke uha bzyhmk ijjs fhmsmk fsymum kfuizz msy j mwmh

    smkmbaa ces aljke uha bmhe ymchf|zaim dshja ijjsj chabj|e ufhzuhm

    djsjkhjyesehes! @fsbhj jijsjk sajk jsbjk djsjkes|j( mmimke dece ces mhbm

    umpmcehesew!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    15/127

    Msy jum Mwmh

    @msk *

    NJ\M_HMS =55: =550 =554 5:"50 50"54 5:"54 50"54

    Nmws ijjshjs :??!?? 4:?!??? 3:?!??? +3:?!??? ":??!?? +:? "00(00

    Bjakzh kubjyhjs " 3:?!??? " +3:?!??? "3:?!??? " "=??

    Yelmse Mhmlmkhms " "

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    16/127

    Yelmse mhmlmkhms 2 +

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    17/127

    ^UW MAFAB SKJYAA KMSEHMYESBMHE CHMAFHMSE

    Msy jum Mwmh

    MKY@ :!:?? +=94!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    18/127

    EP!ZWZA PMIJH UMCMALE KMUAMKHMS

    Yelmse Cfshms .Ajy% 9?4!??? 93?!??? +=

    Iejs Cfshms =!3?? "=!3?? "=??!??

    Cfs j Deijs Kmsh 3?!???!??? 93!3??!??? +!>??!??? +300!?4

    w Kmuamkhms Yfphmb :0!0??!??? =?5!???!??? +:3!9??!??? +53!:4

    _M\@ YF_HMBE =54!4:3!:?? 9=5!4?:!:?? +33=!5:

    ^UW MAFAB SKJYAA KMSEHMYESBMHE DJHS YMCHF\Z

    Msy j Mwmh

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    19/127

    Fhmma Kms =!>??!??? :?!0??!??? =03!=4

    Fhmma I Djhes

    Pj Kmshms =!3??!??? +=!3??!???

    Fhmma I Deijs

    j Wmsmshms

    Iajb Kms ??!??? =00!?3

    Iajb Kms Pjsde j Iejs

    Um|mh Ukbhhkhjs .3?!???!???% .93!???!???% +33!???!???

    ==?!??

    Iajb Ajy Kms ==!3??!??? 9=!???!??? +35!>??!???

    300!?4

    Cehmaf j djhes ymchf|zaim |mpymama bzyhmk ijjs `msk ehj msy .mwmh% uwijhjseae |sm

    ehj ufszbhmumhb7

    =!Nmws Ijjs 7 hjybjaea pmsm( cmakm !c! kmhjbhjseae ejsja nmws ijjshjse =554

    uhaim( =550 uham dsj ==!???!??? YH j * =:! fsmaaim d|yjsbeyes! Cz msya

    ajijae pjea |myhmsa msyaima fhmcehjlje dece umcmal kmuamk . k|m mijhe% msyhms im

    fhmcehes!

    3!Yelmse Mhmlmkhms7 Yelmse mhmlmkhms =554 uhaim =550 uham dsj =0!:??!??? YH !j * 40!5? fsmaaim msy d|yjsbeyes! Cz kmhjbijke msya ajijaeae cehmafim dsbjbew

    fhmamkh ijehies! Yelmse mhmlmkhhmsa msy ksjiehe |myhmsa msy ajija fhmcehes|j ij

    sajebewij csy |myhmsa * =??!=< ( |yfkhmsa msyaa im * =

    *=

    zsdzhmamcehes!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    20/127

    :! Iaja Pmshk Yfphmb7 Iaja mshk yfphmbaa =554 uhaim =550 uham dsj

    =44!0

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    21/127

    mahmyb ceebe ehj w kmuamk msy fyf`eama|bma uah fhzp( ehjybjaea ehjseij |jsbmuj

    msysbam deiehbj|eae emsjy jijs!

    =9!Csy \my Kms 7 Csy |my kms =554 uhaim =550 uham dsj =

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    22/127

    Uwij uayjbe ehj mamhew yjkaee cehmaf j djhes ymchf|zam mus mus kzhhmamsmk iekju

    uwijhjsija fhzma ymchfhms jhij jiehes!

    m% CHMAFAZA UWIJ UAYBAJ DSJ IWJAHJABJ\Ceheaiee dece cehmafuz fhzyzsma nj|mphms aljhekhj mkye`ea jum pm|e`ea ces kmhjbe(

    |fasmim mkye` jum pm|e`yj ujs mhma dszphmsima ceseaea kmhjbe izszbzaimis! Cz mima ces

    cehmafaza uwijhjshj d|yjsehbj|e yjbjhe( mkye` j pm|e` yfphmbhmsaa =?? kmczh jiehjsjk; njs

    mkye` kmhjbea mkye` yfphmbam( njs pm|e` kmhjbea pm|e` yfphmbam fhma fsma nj|mphmas! Mua

    jkehij dszp yfphmbhmsam dsj ij uwijhjse |mpymas! Czaza eea njs dszp yfphmb mus mus =??

    kmczh jiehjsjk( dszcz fhzyzsma kmhjbhjsea kjaie dszp yfphmbhmsam fsma |mpymas!

    Cehmafim ujs mhma cehmaf kmhjbhjseae uwij ijjshjseaea |mpymabm|a z jkehij

    `fsbhj jijcehesew!

    Cehmaf KmhjbeaeaCehmaf Yfphmbam Bzyhmk Ijjse

    Dsj Uwij 2 ~ =??Mkye` ._m|e`% Yfphmb

    Dszp eaijke KmhjbeaeaDszp Yfphmbam Bzyhmk Ijjse

    Dsj Uwij 2 ~ =??

    Dszp Yfphmb

    aiesebhjse fhma cehmaf kmhjbhjse djsjk dszp djsjk|j mkye` jum pm|e`

    yfphmbhmsam ajy ijjshjse ehj iekkmyj mhashms! Ces cmkm mahmyb ceebeuhj iekju uwijhjse

    ajy ijjs wjseaija nj|mphmabm|a djsjkyeses! Malmk w kmuamkhms dszczaza eaieseb kmhjbe

    fhma iajb ajy wmsms dszp j pm|e` yfphmbhmsam fsmahms |mpymas `mkmy uwij|e pmsmayjw

    eeaij d|yjsehes!

    Umphma mkhmbmhms mmimke jkehij sajkhjaiesjheb

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    23/127

    ^ HJYBJ\AA

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    24/127

    Dszp * |eaea Cehmaf * |eaea

    Cehmaf Kmhjbhjse Nj|mphma Nj|mphma

    Nmws Ijjshjs =?!???!??? ~ =?? 2 5!? =?!???!??? ~ =?? 2

    Yelmse Mhmlmkhms :5!???!??? ~ =?? 2 :

    \yfkhms 9=!???!??? ~ =?? 2 ijabe \jsbmuj 3??!???!??? ~ =?? 2 5:!3 3??!???!??? ~ =?? 2 43!43=?!???!??? 34:!???!???

    Kms Ujijkhjse 3:!???!??? ~ =?? 2 ==!5 3:!???!??? ~ =?? 2 5!=3=?!???!??? 34:!???!???

    Iajb Ajy Wmsms =:!???!??? ~ =?? 2 4!= =:!???!??? ~ =?? 2 :!93=?!???!??? 34:!???!???

    w Kmuamk Yfphmb 3=?!???!??? ~ =?? 2 40!934:!???!???

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    25/127

    ^ HJYBJ\AA

    3=!:=9!5

    Iaja Pms! Yfp!EE! Izsma Pmshkhms

    ==?!???!???

    =??

    9?

    Umcmal Kmu!Yfp!P!w kmuamkhms\jsbmujijabjbe |js!ijabe |js!Kms ujijkhjseIajb Ajy Wmsms

    0:!???!???

    3:?!???!???.:?!???!???%=:?!???!???

    3:!???!???.=:!???!???%

    =??

    5:!3

    ==!5

    .4!=

    %

    3

    43!45!=.:!9%

    Izsma Pmshk Yfphmb =0:!???!??? =?? 0? w Kmuamk Yfphmb 3=?!???!??? =?? 40!9

    Mkye` Yfphmb 34:!???!??? =?? _m|e` Yfphmb 34:!???!??? =??

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    26/127

    Bzyhmk IjjseAjy \myhmsm Dsj Uwij 2 ~ =??

    Ajy \myhmsMkhmbmhmsbw mmimke sajk umsib ehj d|yjsjheb!

    W HJYBJ\AA

    FHMMA KMS 93!???!??? =4!0

    Fhmma I Djhes j Kmshms

    Fhmma I Deijs j Wmsmshms .=!:??!???% .?!0%

    IAJB KMSE 9!!:

    EEE! UWIJ UAYJBAJ DSJ IWJAHJAB YMCHFHMSEA UFSZBZCzsmum kmims umphma mkhmbmhmsbw sjyeb ehjybj|e fhma L Mafaeb eskjyeaea =554

    uham ehekea mmim jsehja cehmaf j djhes ymchf|zaz( uwij uayjbeae zudzhmumsmk

    ufszbhmumhb!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    27/127

    L MAFAB SKJYAA

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    28/127

    L MAFAB SKJYAA

    :!9??!???

    \myhmsa Bmheujye .=3:!???!???%

    Csy \my Kms 0?!9??!???

    @mmheujy Deijshjse .=0!???!???%

    @MMHUJY KMSE 99!9??!???

    Iejs @mmh! Fhmma Djhes j Kmshms =!3??!???

    Iejs @mmh! Fhmma Deijs j Wmsmshms .3!???!???%

    @eama|bma Deijshjse .3

    FHMMA KMS =5!4??!???

    Fhmma I Djhes j Kmshms =??!???

    Fhmma I Deijs j WmsmshmsIAJB KMSE =5!>??!???

    Iajb Kms Pjsde j Iejs Um|mh .>!0??!???%

    Ukbhhk kmshkhms

    IAJB AJY KMSE ==!3??!???

    L MAFAB SKJYAA

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    29/127

    E! IAJA PMSHEKHMS

    Nmws Ijjshjs 3!=:?!???" 3! =!4?

    Yelmse Mhmlmkhms .ajy% :5!4:?!???" 00!3? 94!?!??? ?!?4 ?!?4

    \yfkhms 3>!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    30/127

    _M\@ YF_HMBE =30!3??!???" =??!??

    L MAFAB SKJYAA

    \myaiesebhjse .9!0??!???% .3!9>%

    Ajy \myhms =>:!???!??? =??!?

    \myhmsa Bmheujye .=3:!???!???% .04!93%

    Csy \my Kms 0?!9??!??? @mmheujy Deijshjse .=0!???!???% .>!0Iejs @mmh! Fhmma Djhes j Kmshms =!3??!??? ?!%

    @eama|bma Deijshjse .35%

    Fhmma kms =5!4??!??? =?!0??!??? .=?!0>%

    Iajb Kms Pjsde j Iejs Um|mh Uk! .>!0??!???% .9!09%

    Iajb Ajy Kms ==!3??!??? 9!?9

    L Mafaeb eskjyeaea uwij ehj d|yjsehbe fhma cehmaf j djhes ymchf|zaz mus

    mus ufszbhmumhb!

    M% Cehmafaza Ufszbz7

    =! Pmshkhmsa Imhb7 hjybjaea mshk ump|aa * 4=!::e iaja mshkhmsima( *

    3>!9:e e|j izsma mshkhmsima fhzbmkymis! L ehjybj|eaea sjyeb ehjybj|e fhbm| ajijae ehj

    mshkhmsa cz imhb ujyjs|ewies!

    Iaja mshkhmsa * 00!3?|e Yelmse Mhmlmkhms( *

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    31/127

    Iaja mshkhmsa imhbaima im mahmhmcehjlje dece( yelmse mhmlmkhmsa uwij pmu fhizkm

    `mwhmis! \yfkhms j nmws ijjshjsea uwij pmuhms sjyeb ehjybj|e eea ikys!

    Izsma mshkhmsa * 54!95zaz bmiie izsma mshkhms fhzyzsbmkym fhzp( iejs mhmlmkhms

    j bmhe izsma mshkhmsa pmu fk ajb|ew kmhbmkymis! Cz izszb ehjybjaea j|m|

    `mmheujyhjsj ajb jsieeae bmiie izsma mshk umysbhmsaa im ujyjs|ew fhizzaz

    d|yjsbjkyjies!

    3! Kmuamkhmsa Imhb7 Kmuamkhmsa * :0!3:eae k|m mijhe umcmal kmuamkhms( *

    ==!=? zaz zwza mijhe umcmal kmuamkhms j * mijhe umcmal kmuamkhmsima cuk fhbm|( ehjybjaea ajy ehjybj |jsbmuj|eaj |mnep

    fhizzaz( ces cmkm mahmyb ceebeuhj cfs ijbj dlaa czhzaizzaz d|yjses! Muslmiaja mshkhmsa( k|m mijhe umcmal kmuamkhms mma k|b( wkmuamkhmsima kmshmabys!

    ak iaja mshkhms mma k|b * =:!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    32/127

    =! Csy |myhmsa( ajy |myhmsm fsma dshi dece * =?3!9>ies! cz fsmaa ajy|myhmsm umka fhbm| ( ehjybjaea |myhmsima ifhmu kmuc fhbmia .|my eaiesebe( |my

    emijhjse dece% d|yjses! Ces cmkm mahmyb ceebeuhj( |my pfheyekm|aa eue fhizzaz( bmbzh

    |myhmsaima ymew jsbjiee d|yjses!

    3! \myhmsa bmheujyeaea =554 uhaim ajy |myhmsm fsmaaa * 04!93ies! cz fsmauk|jk fhbmkhm ceshekyj ehjybjue csy |my kmsam zhmysmcehes!

    fhzp( ujyjshe dshjcehes! ak `mmheujydeijshjse fsmaaa fk |yaijies!

    9! @mmheujy deijshjseaea ajy |myhmsm fsma * >!0< fhbm| mswzhmama izszbizs!:! @mmheujy kmsaa ajy |myhmsm fsma *3

    kmshmumcehjljk izszbimis!

    0! Iejs `mmheujyhjsija fhmma djhes j kmshmsa fsma * ?! fhbm| .ajy

    |myhmsm fsma kk fhbmkhm ceshekyj% iaislis!

    4! @eama|bma deijshjseaea ajy |myhmsm fsma *=3!>5izs! cz izszbim `mmheujy kmsaaumsima `mwhm|( ehjybjaea kzhhmai umcmal kmuamk `mewe ehj kmucjyyee dshs! Cz izszb

    fhmma kms fsmaaa ik ces iwjuij djsjkhjbj|eaj ajija fhzs!

    >! hjybjaea =554 uhaim ajy |myhmsa * =?!0> fsmaaim iajb kms jhij jyyeedshbjkyjies! \w kfaz|z kms ehjybjaea j|m| `mmheujyhjsija jhij jiehbeyes! Malmk cz

    fsmaa ujyjshe fhzp fhbmi( ehjybjaea djbe uhhms j mua |jkysij `mmheujy d|yjsja iejs

    ehjybjhjshj kmshmyshmsmk kmsms jsehbj|e djsjkes!

    5! hjybjaea =554 uh iajb ajy kmsaa ajy |myhmsm dsj fsma .jsde j um|mhkmshkhms eaiesehiekyja |fasm% * 0!?9 fhzp( djsjk imyhmlmk kms djsjk|j fyf`eama|bma msml

    fhmsmk ij|yjkhjuele fhizz |uhjajbjw!

    L! JHB .YSJAI% UWIJHJS UAYJBHJ MAMHW

    E! YJKAA KZHHMAEB MBMLECeheaiee dece ces ehjybjaea ceskm uhhk `mmheujy |fazhmsaimke ijebjhjse |mpymbmk

    djsjeaij kmshmysbmh ymchfhms mamhewe yjkaee kzhhmahbmkymis! Malmk ces ehjybjaea mua

    mbmhms ifszhyz|zaim imnm zwza iajbhjsea ealjhjabj|eaj djsjk izuzhizzaim jum

    |mijlj cmw ehekehjse fsymum kfumlmk kmhjbhjsea ealjhjabj|e e|yjaieeaij jeheb .ysjai%

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    33/127

    uwijhjs uajyebeaj cmzsbmk djsjkes! Cz uayjb msmlh ehj ces ehjybjaea `mmheujy

    |fazhmsa ieambek ealjhjbj|eae umpbmk fhmamkhis! Ces cmkm mahmyb ceebeuhj ( jeheb

    .ysjai% uwijhjse ehj mamhew yjkaeeaij( bmhe ymchfhmsa mshk j kmuamk umphmsaim ujs mhma

    kmhjbhjsea wmbma eeaij d|yjsbe fhizkhms jehebhjs ealjhjabjkyjies! Malmk cz mamhew

    yjkaeeaea zudzhmabm|aim wjseaij ahjbhj izszhbm| djsjkja afkymhms dszpym

    yfphmabmkymis!

    Mamhew eea njs uauhj afsbmh |muhmcehjljk ces uh cmw fhmsmk mhabmhis! Jeheb uwijhjseaj imumahmsmk sjyehja |fazhmsa mkhmbm|aim( kmuamk j

    kzhhmab kmhjbhjseaj ehekea bzyhmk smkmbhms czhzabmhis!

    @eumyhms djajh iwjueaijke ijeekhekhjs wjahj ewhjabjheies!Jeheb .ysjai% uwijhjse ehj mamhew yjkaeeaea mbml cesceshjse ehj ehekehe fhma

    kmhjbhjsijke jehebhjsea zwza iajbij jykehjebeae ealjhjbjkyes! Cuhjlj ehjybjaea(

    kjaie eeaij ieambek ces mamhewe umphmsmk( bmhe izszbzaza j `mmheujy |fazhmsaa

    cya nmkkaim cehde |mnece fhbmk fhmamkhis!

    EE! JHB .YSJAI% UWIJHJS UAYJBAJ DSJYMCHFHMSEA IWJAHJABJ\

    Jeheb .ysjai% uwijhjse ehj mamhew yjkaee ces ehjybjaea bmhe ymchfhmsimke cyakmhjbhjsj zudzhmamcehjlje dece( |mijlj msmhmsaim mahmbh ehekehjs kzsmcehjljk |jehbe cmw

    kmhjbhjsj ij zudzhmamcehes! Nmade|e umphmlmk fhzs|m fh|za( njs kmhjbea mus mus

    jeheb.ysjai% uwijhjse nj|mphmamlmaima yjkaeea zudzhma ceebeaea ijebjujlje

    ymceies!

    Jeheb .ysjai% uwijhjse yjkaee( cjhhe iajbhjsj ehekea( bmhe ymchfhmsa kmuamk j

    kzhhmab kmhjbhjseaea msy j mwmhhms j cz ijeebhjsea cmw uham fsmahm uwij|jh

    ahjbhjseae fsymum kfuizz eea( ymb mahmbuhm ieambek mamhew mhbm| umphbm|a|mhmbmkymis! Malmk cz yjkaeea zudzhmabm|aima cjkhjaja umsmsa jhij jiehjcehbj|e eea

    ealjhjbjuj kfaz iajb |mu|aa `mwhm fhbm| djsjkes! Jeheb uwijhjse yjkaee mmimke

    ehjb |sm|am dsj zudzhmas!

    aljhekhj cmw fhmsmk |jehja uha cehmaf kmhjbhjse =?? fhmsmk e`mij jiehes! Jeheb uwijhjse( njs kmhjbea cmw uhaimke yzymsm chabj|e ehj czhzazs! Jeheb uwijhjse nj|mphmaskja ( ?(:yja kk kj|eshjs myhs ?(:yja cuk kj|eshjs

    ymb |muum kmsyhs!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    34/127

    Jeheb .ysjai% uwijhjseaea nj|mphma z jkehij `fsbhj jijcehesew7

    Jeheb Uwij|e Nj|mphmamlmk

    Uha Bzyhmk IjjseJeheb Ysjaie Uwij|e 2 ~ =??

    Cmw Mhama UhaBzyhmk Ijjse

    zsm| zazyzhbmbmhis ke; jeheb uwijhjsea nj|mphma |sm|aim cmw mhama uhim

    bzyhmk ijjse fhbmuma ces kmhjbea iejs uhhms eea jeheb uwij|e ij fhbmw!

    Jehebhjsea kmshmyshbm|aim( njs kmhjbea d|yjsiee jehebea cjheshjabj|e j

    jehebhjs msm|aimke `mskhha fsymum kfazhbm| djsjkes! Jeheb uwijhjse jaijk| jkheaijke

    pfweye` ijjshjs fhzp( =??a wjseaijkehjs msy =??a mhyaimkehjs mwmh d|yjses!

    Jeheb uwijhjse yjkaeeae mmimke sajk cehmaf j djhes ymchf|zaza cmw kmhjbhjse

    wjseaij d|yjsjheb!

    ^ HJYBJ\AA CHMAFHMSE .???%

    MKY@

    =5>> =5>5 =55? =55= =553 =55< =559

    E! Iaja Pmshkhms

    Nmws Ijjshjs :?? 9??

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    35/127

    MKY@ YF_HMB :? 9?9? 99?? 94:? :

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    36/127

    3>45!> ~ =??Csy \myhms .=559% 2 2

    3Jeheb ysjaie uwijhjse nj|mphmab cehmaf j djhes ymchfhms mmim d|yjsehbeyes!

    ^ HJYBJ\AA JHB .YSJAI% UWIJHJSAJ

    DSJ CHMAFHMSE .???%

    MKY@

    =5>> =5>5 =55? =55= =553 =55< =559

    E! Iaja PmshkhmsNmws Ijjshjs =?? >? 0? 94 < 54

    \yfkhms =?? =3? =9? =9: =93 =5

    MKY@ YF_HMBE =?? =?: ==9 =3< = =94 =:=

    ^ HJYBJ\AA JHB .YSJAI% UWIJHJSAJ

    DSJ DJHS YMCHFHMSE .???%

    =5>> =5>5 =55? =55= =553 =55< =559

    Csy \myhms =?? =0

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    37/127

    EEE! JHB .YSJAI% UWIJHJSAJ DSJ

    IWJAHJAB YMCHFHMSEA UFSZBZ

    Jeheb .ysjai% uwijhjse yjkaeeaj dsj iwjahjabe ymchfhms cesceshjse ehj ehekehe

    kmhjbhjsea jeheb uwijhjseaj dsj ufszbhmas! Ces kmhjbij fsymum kma izszb kms|aim

    ehekehe fhma iejs kmhjbijke izszbz( jehebhjsea jykehjse ehj djhebjaea ehjybjaea bmhe

    izszbz m|aima fhzbhz fhzp fhbmi ealjhjaes! Ces cmkm mahmyb ceebeuhj( cz yjkaeea

    yjbjhe msmhmsaim z||mh eheke czhzama nj|mphms msm|aim kmshmysbm umphbm|is! Msmhmsaim

    eheke czhzama |w kfaz|z kmhjbhjse uhj |smhmumcehesew!

    Yelmse mhmlmkhmsa jehebe ehj ajy |myhmsa jehebeae kmshmysbm( \yfkhmsa jehebe ehj ajy |myhmsa jehebeae kmshmysbm( Iaja mshkhmsa jehebe ehj k|m mijhe cfshmsa jehebeae kmshmysbm( Bmiie izsma mshkhmsa jehebe ehj ajy |myhmsa jehebeae kmshmysbm( Bmiie izsma mshkhmsa jehebe ehj w kmuamkhmsa jehebeae kmshmysbm( Umcmal kmuamkhmsa jehebe ehj w kmuamkhmsa jehebeae kmshmysbm( Csy |myhmsa jehebe ehj ajy |myhmsa jehebeae kmshmysbm( Ajy |myhmsa jehebe ehj |myhmsa bmheujyeaea jehebeae kmshmysbm( Csy |my kmsaa jehebe ehj `mmheujy deijshjseaea jehebeae kmshmysbm!

    Dshi dece kmshmysbm ekehe nj|mp j nj|mp dszcz ehj chbhjs nmheaij(

    cesceshjseae .iesjky jum jaiesjky% jykehjujljk ceebij |jehes! Jykehjbj |fazhmsam dsj( ces

    nj|mca jehebeaea iejs nj|mp jehebeaj fhma jyke |jcjce j ua iekkmyj mhap; ehjybjaea

    czdak bmhe izszbz |mpymamsmk .kfzhhmsa muaja ijmb jijlje ms|muhbmk |zsjye ehj%

    djhjljk eea adsbhjbjij czhzazs! \mpymama |jcjp |faz eheke|e .ehjybjaea hjneaj

    fhbmk kfzhz ehj% fhzbhz ufszbhmabmhis! Muslm jeheb uwijhjseaea ufszbzaim( bzyhmk

    ijjshjsijke ijebjhjse ij iekkmyj mhbmk umsmsh fhzs! ak umhawlm jeheb uwijhjseaijke

    ijebjuj cmkbmk cmwja umahyl fhmcehes!

    Czsmum kmims umphma mkhmbmhmsbwa MCL Mafaeb eskjyeaea mmim jsehja

    cehmaf j djhes ymchfhmsa Jeheb .ysjai% uwijhjse uayjbeae zudzhmumsmk d|yjsjheb!

    MCL MAFAB SKJYAA CHMAFHMSE .BHUFA HMPJ\UHJ%

    MKY@

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    38/127

    =55? =55= =553 =55< =559 =55:

    E! Iaja Pmshkhms

    Nmws Ijjshjs :?? ::? 0?? 5?? =!?:? =!???

    Bjakzh Kubjyhjs 40? 0?? :?? 9?? >?? =!???

    Yelmse Mhmlmkhms .AJY% 4?? :>? 0?? =!??? =!? =!?9? =!? 3!=>?

    K|m Pmijhe Umc!Kmu!Yfp =!?>? =!?9? =!? 3!=>?

    EP!Zwza Pmijhe Umc! Kmu!

    Bmhe Cfshms 3!??? 3!??? =!??? 9?? 3!3?? 3!???

    Zwza Pmijhe Umc!Kmu! Yfp 3!??? 3!??? =!??? 9?? 3!3?? 3!???P!wkmuamkhms

    ijabe \jsbmuj 3!??? 3!??? 3!??? 3!??? 3!??? 3!???

    Kms Ujijkhjse =3? 3?? 3?? 0?? =!=?? =!>??

    Iajb Ajy Kms.wmsms% 0?? .

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    39/127

    MCL MAFAB SKJYHJSAA DJHS YMCHFHMSE .BHUFA

    HMPJ\UHJ%

    =55? =55= =553 =55??% .0??% .=!=??% .9??% .3:?%

    Ajy \myhms 9!>??!" !???!" =?!???!" =3!???!"

    \myhmsa Bmheujye .=!>??% .=!:??% .??% .0!>5?%Csy \my Kms ??!" 9!???!" 9!3??!" :!==?!"

    @mmheujy Deijshjse .=!0??% .=!4??% .=!>??% .3!???% .3!:??% .3!:0?%

    @mmheujy Kms =!9?? 3?? =!???!" 3!???!" =!4??!" 3!::?!"

    Iejs @mmheujyhjsija

    Fhmma djhes j Kmshms =??

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    40/127

    Iajb Kms.Wmsms% =!??? .

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    41/127

    Izsma Pmshkhms Yfphmb =??!" >4!" >>!" 5=!" =>9!" =>0!"

    VVVVV VVVVV VVVVV VVVVV VVVVV

    VVVV

    MKY@ YF_HMB =??!" >:!" 5

    _M\@

    VVVVVVVVVVVVVVVVVVVV

    EEE! K|m Pmijhe Umc!Kmu!

    Yelmse Mhmlmkhms =??!" 50!" =3>!" 3?3!" !" 3?3!" :!" 5

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    42/127

    MCL MAFAB SKJYAA

    JHB.YSJAI% UWIJHJSAJ DSJ DJHS YMCHFHMSE

    =55? =55= =553 =559 =3> =>? 3?> 39:

    \myaiesebhjse =?? 9??

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    43/127

    Iajb Kms.Wmsms% =?? "

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    44/127

    \yfkhms msy jehebe d|yjseskja ajy |myhmsa mwmh jehebe d|yjsbj|e

    ehjybjaea mhjuneajies!ak |yfkhmsa |myaim psfchjb fhizz jum jhij `mwhm |yfk

    czhzaizz mahmhs!

    \yfkhms mwmh jehebe d|yjseskja ajy |myhmsa msy jehebe d|yjsbj|e e|j

    ehjybjaea hjneajies! \yfkhmsa |myaim psfchjb fhbmi mahmhs! Malmk jeheb

    mwmh( |yfk czhzaizsbmbmkyma kmuamkhmaufs|m cz izszb ehjybj mhjuneajies!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj

    cmkybwim( |yfkhmshm( ajy |myhmsa jeheb uwijhjse msm|aim zuzb fhizz dshs

    |myhmsa msyam cmh fhmsmk |yfkhmsim im msy msis! Cz izszb ehjybjaea

    djhebj|eaea fhzbhz fhizzaz d|yjses!

    iaja mshkhmsimke msy jehebeaj kmshk k|m mijhe umcmal kmuamkhms mwmhbm

    jehebe fhbm| ehjybjaea hjneajies! ak ehjybjaea ajy ehjybj |jsbmuj|e czhzaizz(

    ces cmkm mahmyb ceebeuhj cfs ijbj dlaa ujyjshe fhizz mahmhs! Malmk bzyhmkijjshjseuhj ceshekyj jhj mhabm| djsjkyee zazyzhbmbmhis!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj

    cmkybwim( k|m mijhe umcmal kmuamkhmsimke msya( iaja mshkhmsimke msyyma

    imnm `mwhm fhizz dshbjkyjies! hk cmkym fhzb|zw fhizz dsaj mshbmkhm

    ceshekyj bzyhmk ijjshjsea kmshmyshbm| nmheaij izszbza ne ij uhj fhbmi

    dshs! Czaza ajijae cmw uhaimke k|m mijhe umcmal kmuamkhmsa bzyhmk ijjseiaja mshkhms yfphmbam dsj kk fhbm|aima kmuamkhmabmkymis! Cmw uhaim

    bzyhmk ijjse kk fhma kmhjbij imnm |fasm fsymum kmlmk fhma msyhmsa jeheb

    uwijhjseaea cuk fhmlm umi|ambmw!

    9! Iaja Pmshkhms j Ajy \myhms Kmshmysbm

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    45/127

    iaja mshkhms ehj ajy |myhmsim msy jehebe jum ajy |myhmsa msy jehebeaea

    iaja mshkhms msy jehebeaea wjseaij fhbm| ehjybjaea hjneajies! ak ehjybjaea

    iaja mshkhmsa jykea kzhhmai ces cmkm mahmyb ceebeuhj |sjkhe ujaehjiee

    mahmhs!

    Iaja mshkhms mwmhbm jehebe d|yjseskja ajy |myhmsim mwmhbm .jum imnm

    umm ces msy% jehebe d|yjsbj|e ehjybjaea mhjuneaj fhzp( iaja mshkhmsa jykea

    kzhhmahbmia ehjseij ehjybj |jsbmuj|e imscfmwam desjcehjljeae d|yjses!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj cmkybwim

    ajy |myhmsa msy jehebeaea iaja mshkhmsa msy jehebeaea wjseaij fhizzaz

    dssw!

    :! \yfkhms j Yelmse Cfshms Kmshmysbm 7

    \yfkhmsimke msy jehebeaj kmshk yelmse cfshms jehebeaea mwmhbm| .jum imnm

    mw ces msy% izszbz ehjybjaea hjneajies! ak ehjybjaea cfshmsa wmbmaaim

    ijujcehieeae .jum pjea mhbim czhzaizzaz% d|yjses!

    Yjs|eaj |yfkhms mwmh jehebe d|yjseskja yelmse cfshms msy jehebe d|yjsbj|e(

    ehjybjaea cfs ijbj dlaa ujyjshe fhbmi d|yjses! Cz izszbim ehjybj .cjkheij

    imnm mw `mew ukuhj% ujae ksjie msmuam deijcehes!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj cmkybwim

    |yfkhmsa msy jehebe( yelmse cfshmsa msy jehebeaea mhyaim kmhi dshs!

    0! Bmiie Izsma Pmshk j Ajy \myhms Kmshmysbm 7

    bmiie izsma mshkymke msy .jum imnm umm ces mwmhbm% jehebe d|yjsbj|eaj

    kmshk( ajy |my jehebe msyufs|m ehjybjaea hjneajies! ak bmiie izsma mshkhmsima

    ymb kmpm|eyjij umsmshmahi( ces cmkm mahmyb ceebeuhj bmiie izsma mshk

    umysbaa djse iaia d|yjses!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    46/127

    Bmiie izsma mshkymke msy jehebeaj kmshk ajy |myhms mwmhbm .jum imnm mw

    ces msy% jehebe d|yjseufs|m ehjybjaea mhjuneajies! ak bmiie izsma mshkhmsima

    ujyjsealj umsmshmahbmia jum bmiie izsma mshk umysbaa `mwhm fhizz mahmhs!

    Malmk bmiie izsma mshk mwmhhmsaa ajijahjseaea ij ceheabj|e djsjkes!

    sajea mwmh mbfsye|bma deijshjseaija be( ufk|m cmw bmiie izsma mshkhmsa

    |myaima b kmuamkhmabys!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj cmkybwim

    bmiie izsma mshkhmsimke msy jehebe aj |myhmsimke msy jehebeaea mhyaim kmhi

    dshs!

    4! Bmiie Izsma Pmshk j wkmuamkhms Kmshmysbm 7

    Bmiie izsma mshkhmsimke msy jehebe kms|aim wkmuamkhmsa im msy jehebe

    d|yjsbj|e ehjybjaea hjneajies! ak bmiie izsma mshk umysbaa

    djsjkhjyesehbj|eaij wkmuamkhmsima umsmhmahi mahmhs! Yjs|eaj( bmiie izsmamshk jehebeaea msyam kmshk( wkmuamkhmsa jehebeaij mwmh czhzazufs|m

    ehjybjaea bmiie izsma mshkhms umysba umcmal kmuamkhmshm djsjkhjyesehiee

    mahmhs!

    Muslm bmiie izsma mshkhmsa jehebe mwmhskja( wkmuamkhmsa jehebe msy

    d|yjses jum |mcey kmhs|m cz izszbim ehjybjaea hjneajies!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj cmkybwim

    cmw uhhms .=55="=55:% wkmuamkhmsa jehebhjse bmiie izsma mshk jehebhjseaea

    mhyaim kmhi dshs!

    >! Umcmal Kmuamkhms j wkmuamkhms Kmshmysbm 7

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    47/127

    Yfphmb umcmal kmuamkhmsimke mwmh jehebeaj kmshk wkmuamkhmsim msy

    jehebe dshs|j ehjybjaea hjneajies! ak ehjybj mshkhmsaa `eama|bmaaim

    wkmuamkhms imnm `mwhm kzhhmahi mahmhs! Ces cmkm mayhb ceebeuhj( ehjybjaea

    ijbj dlaa ujyjshe fhizz mahmhs!

    Yfphmb umcmal kmuamkhmsimke msy jehebeaj kmshk( wkmuamkhmsimke jeheb

    mwmh .jum imnm umm msy% dshs|j( ehjybjaea mhjuneajies! ak ehjybj

    mshkhmsaa eama|bmaaim umcmal kmuamkhmsima imnm mwhm umsmshmahi mahmhs!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj cmkybwim

    wkmuamkhmsaa |sjkhe fhmsmk .=55= nmse% msy jehebe d|yjsiee j wkmuamkhmsimke

    msya ijabe |jsbmujij ijeekhek fhbmbm| ajijae fyf`eama|bma ufhz ehj

    kmshmai dshs!

    5! Csy \myhms j Ajy \myhms Kmshmysbm 7

    Csy |myhms j ajy |myhms pmsmhjh jeheb msy d|yjsbj|e ehjybjaea hjneajies!

    ak ehjybjaea csy |my nm|hmyaima .|my eaiesebe j |my emijhjse dece% ihjs

    fhbmi mahmhs

    csy |myhms msy jehebe d|yjseskja( ajy |myhmsa jehebeaij mwmhbm .jum imnm

    mw ces mwmhbm% dshs|j ehjybjaea mhjuneajies! ak |myhmsa uk|jk fsmaim

    eaiesebhjshj umphi jum |my emijhjseaea `mwhm fhizz mahmhs! Malmk cz izszbim

    jeheb mwmhhmsa uma |sm bzyhmk ijjshjsea ij ceshekyj ealjhjabj|e djsjkes!

    Cz mkhmbmbw aim sajk MCL Mafaeb eskjyeaea jsehjseaj cmkybwimajy |my jeheb msyhmsaa .=55= nmse% csy |my nm|hmy jeheb msyhmsam pmsmhjh

    fhizz dshs! \my eaiesebhjseaea jeheb msyhms imnm uk|jk fhbmkhm ceshekyj(

    bzyhmk ijjs fhmsmk pjk ajbhe fhbmi dshs! \my eaiesebhjse jehebeaea uk|jk

    fhbm| cmw uhaa |my eaieseb bzyhmk ijjseaea kk fhbm|aima kmuamkhmai

    mkys!

    =?! Ajy \myhms j \myhmsa Bmheujyeae Kmshmysbm 7

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    48/127

    Ajy |myhmsa j |myhmsa bmheujyeaea jehebhjse .njsnmade ces fhzbhz `msk

    fhbmk|wa% ceshekyj msy & mwmh d|yjsbj|e ehjybjaea mhjuneajies! ak hjybj

    |myhmsima kms |mhmumbmbys!

    Ajy |myhms( |myhmsa bmheujyeaija imnm nwh msy jehebeaij jum ajy |myhms

    msymskja |myhmsa bmheujy jehebe mwmh d|yjseufs|m hjybjaea hjneajies!

    Cz mkhmbmhmsbw aim sajk MCL Mafaeb eskjye$aea jsehjseaj

    cmkybwim |myhmsa bmheujyeaea jehebe ajy |myhmsa msy jehebeaija `mwhm fhizz

    dshs! Cz izszb csy |my kms fsmaa fhzb|zw jykehjieeaija; bmheujyhjsea uk|jk(

    |my `eumyaa ik jum njs eke ajijaija ij jykehjaiee |uhjajcehes!

    ==! Csy \my Kms j @mmheujy Deijshjseae Kmshmysbm 7

    Csy |my kms jehebeaea `mmheujy deijshjse jehebija imnm uk|jk ces msy

    d|yjsbj|e ehjybjaea hjneajies! ak ehjybjaea j|m| `mmheujyeaea kmsh fhizz

    |uhjajcehes! Yjs|eaj ces izszbim `mmheujy wmsms |w kfaz|z fhmlmkys ke cz mswzhmama ces

    mbm ijehies!

    Cz mkhmbmhmsbw aim sajk MCL Mafaeb eskjye$aea jsehjseaj cmkybwim(csy |my kms jehebeaea djajhij `mmheujy deijshjse msy jehebeaija `mwhm fhizz

    dshs!

    3!9! FSMA .SM\UF% UAYJBHJ MAMHW

    Czaima alj mkhmama mamhew yjkaekhjse bmhe ymchfhmsim ujs mhma kmhjbhjsea njs

    ceseaea wmbma eeaijke ijebjhjseae |mpymbmk mbml ehj kzhhmahia ceheufszw! Czam

    kmsa fsmahms( bmhe ymchfhmsa eeaij ujs mhma kmhjbhjs msm| njs ysh ehekeaea fsymum

    kbm|a j bmhe ymchfhmsa imnm kfhmu mahmhbm|a |mhms! Nmyym dabwij

    fsmahmsa( bznm|jcj ijajyebeaij kmay yfphmbm yjkaee fhmsmk ym kzhhmahi dshs!

    3!9!=! YJKAA KZHHMAEB MBMLE

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    49/127

    Fsmahms hjybjaea( jeyhe bmhe ymchfhmsaim ujs mhma mshk j kmuamk ump ehj

    ehdehe fkhzkhms msm|aimke kmsmkyjse|yek ehekeue d|yjseshjs! Cz ajijahj bmhe ymchfhms

    mamhewe ehj ehdehe mhbmhms |sm|aim kzhhmahma fsmahms( hjybjaea uajyebe cmkbaima

    njs cese ces mahmb ymuma( ijjshjs msm|aimke fsma|mh cmhmayhms d|yjses! Cz umkhmb

    ejse|eaij jhj mhaiaim( fsmahmsa ehjybj mhbmhmsaa mk j nwh ces ceebij

    mamheweaj fhmamk |mhmuma mamnymshms fhizz |uhjajcehes! Fsmahms mamhewe yjkaeeaea ja

    cuk wjhhee( ealjhjabjk e|yjaja yjk ces kfazim cehj zudzhmamcehes fhbm|is! Cz

    ajijahj ehjybjaea bmhe izszbzaz j `mmheujy |fazhmsa kjaie eeaij jum mua

    |jkysijke iejs ehjybjhjsea |fazhmsuhm kmshmysbmk mbmluhm kzhhmahs! Ces cmkm

    mahmyb ceebeuhj; fsma yjkaeeaea mbml( kmhjbhjs msm| mahmbh ehekehjs kzszhmsmk

    ehjybjaea cfs ijbj dla( mkye`hjseaea jsebheheeae( umcmal kmuamk kzhhmaba j

    kmshha hbjkyes! Ifhmu|uhm ehjybjaea mamhewe umphmsmk( hjybjaea cmms|a imnm

    djsjke ces jkehij ijjshjaiesehbj|e fhmamkh fhzs!

    3!9!3! YJKAAZUDZHMAEE

    Fsmahms msmlhuhm umphma mamhew mhbmhmsaim( djajhhekhj hjybj uajyebeae

    jeyhe mhmahmsim uahjaiesjcehjljk aeyjhekyj kmshmysbmhms umphbmkymis! Cz

    kmshmysbm ehjbhjse cesceseae ewhjuja j ymbmbhmuma mmbmim umphs!

    Czahmsa ehkeaij( mua ehjybjuj ehekea djbej iak j djhjljj uajhek fsmahms

    kmshmyshs Cz hjbea mbml hjybjaea wmbma ejse|eaijke bmhe izszbz( hekeieyj|e(

    kmshh j pjs`fsbma| kfaz|zaim djsjk|eaeb izuzhma cehdehjsea sjyehbj|eies!

    ekeale mmbmimke kmshmysbm ehjbe( cjawjs ehjybjhjsea jum ehjybjaea

    mhbmhmsa |sisi |jkysa yepek fsmahms jum |ymaimsy fsmahms ehj umphs! Malmk

    cz ehjbea umphmcehbj|e eea; |jkysjh |ymaimsy fsmahmsa cjheshjabe fhbm| djsjkes!

    \fa mmbmim e|j( mamhewj kfaz jiehja ehjybjaea fsmahms( djajh kmczh

    dsb ijjshjshj kmshmyshmsmk ufszbhmbm ehjbeaj cmh yzyzhzs! Malmk cz

    ufszbhms( mamhew mhbm| ehj ehdehe( ehk umkhmbhms fhmsmk cjaeb|jabjheies!

    ak hjybjhjs msm|aimke jeyhe mhmahmsimke `mskhhkhms( fsma |fazhmsaa

    kmy ces mahmu ejse|eaij ufszbhmabm|a jadjhhjbjkyjies!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    50/127

    Bmhe ymchfhmsim ujs mhma j msmhmsaim eheke kzszhmlmk fhma kmhjbhjs mua

    jum `mskh ymchfhmsim czhzamcehes! Kmhjbhjsea mus ymchfhmsim czhzabm| ajbhe

    ijehies(ajbhe fhma mahmbh ehekehjs kzszhmcehjljk kmhjbhjse jhj mhbmkys! Cz

    mima mus mus fsmahmsa ! kzhhmahbm| fhmamkh e|j ij yjbjh fhma( cya fhma

    dszphmsima umsmshmabmkys!

    3!9!

    Fsmahmsima cjkhjaja umsmshmsa |mhmamcehbj|e eea msmhmsaim eue ces

    kffsieam|ufa kzszhbz czhzama fsmahms yfphzhzzaza |jehbj|e djsjkes! Cz ehjb

    |sm|aim( ehjybjaea mhbm kfaz|z( uajyeb pfheyekm|( kzhhmahma ijajyeb j kfaysfh

    uayjbhjse dw aaij yzyzhbmhis!

    Fsmahms msmluhm umphmlmk fhma bmhe ymchfhms mamheweaija( kmshmlmk fhma

    |fazhmsa djsjj zudzahzzaza |mhmamcehbj|e eea fsmahmsa cjhhe ces iajb

    ejse|eaijke ijebjhjseaea ij kmshmysbmh fhmsmk ealjhjabj|e djsjkes! Cz afkymima

    nmsjkjyhj( fsmahmsa mahmbhmaishbm| |sm|aim( bj|eb ijeekhekhjse( djajh jkfafbek

    izszbim fhzma ijebj j djhebjhjs ehj ehjybjaea ump|mh wjhhekhjse ces cya

    nmheaij dw aaij czhzaizszhbmhis! Ijeek ces ceebij e`mij jybjk djsjkes|j(fsmahmsa ms ces bmyjbmyek|jh kj|eahekhj ufszbhmambmumlm |uhjajcehes! Cz

    ajijahj fsmahmsa jsiekhjse |fazhms m|aima( malmk cjhhe ces jehebe fsymum kfuizkhms

    zazyzhbmbmhis! Fsmahms msmlhuhm cjhhe ces jeheb |mpymaikyma |fasm( cz jehebhjsea

    ajijahjseaea msmyshbm| ufhzam deiehbjheies!

    Djajhij ehm cj uhhk bmhe ymchf jsehjseaj dsj |mpymama fsma |fazhms

    |ymaimsy ces h izszbzam djhes! Uzkmsim im ijeaieebew dece |ymaimsy fsmahms( njbmua ehjybjaea `mskh iajbhjse msm|aim njb ij mua |jkysijke cjawjs ehjybjhjs

    msm|aim kmshmysbmh ealjhjbjhjs umphbm|am fhmamk jseshjs! Ifmh fhmsmk(

    umphmlmk fhma cz kmshmysbmhmsim djele fhmuhmsa j ms `eumy nmsjkjyhjseaea( fsma

    |fazhms wjseaijke fhzb|zw jykehjseaea dw aaij yzyzhbm| djsjkes! Cz ajijahj ij(

    |ymaimsy fsmahmsa cjhhe iajbhjsij dwija djesehbjhjse j iwjhyehbjhjse wfszahzizs!

    Muslm( |ymaimsy fsmahmsa njs wmbma eijmh izszbz d|yjsbjiekhjse j djajh fhmsmk

    yjb|ehe ces aeyjhej |mnep fhizkhms dwija zwmk yzyzhbmbmhis! ak cmw izszbhmsim(

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    51/127

    fk cmmsh ces hjybjaea cehj |ymaimsy fsmahmsaim |mpbmhms dshjcehes! ajbhe fhma

    cz |mpbmhmsa ajijahjseaea msmyshbm|is!

    Fsmahms( uzkmsimke mkhmbmhms ifszhyz|zaim zudzhmai ymkiesij;

    hjybj uajyebe j bmhe ump mamhewe m|aima( kmshmysbmum zudza `mkyshjs

    msm|aim( `mskh iajbhjs eyecmseuhj kmshmysbmhms umpbm j fsymum kma |fazhmsa

    jehebhjseae cjheshjbj fhmam |mhms!

    Fsmahms mua wmbmaim cesjs nj|mphmbm msmlishms! Cz ajijahj ceheaja ijjshjsj

    imumamsmk ceheabjujahjsea |mpymabm|am j ehjseuj iak adsbhjbj mhbmhmsaa

    umphbm|am umsibl fhzshms!

    3!9!9! FSMAHMSEA DSZ_HMAIESEHBM\E

    Fsmahms fk ijeek ceebhjsij dszphmaishbm|am kmsa cew mhbmbwim ehjybj

    `mmheujyhjseaea ijjshjaiesehbj|eaijke kzhhma ceebeaj dsj ealjhjujljew! Cz mima

    bmhe mamhewij kzhhmahma fsmahms isy mam dszpym yfphmamcehes!

    =! Hekeieyj izszbzaza mamheweaij kzhhmahma fsmahms!

    3! Bmhe umpaa mamheweaij kzhhmahma fsmahms!

    9! Kmshhk izszbzaza mamheweaij kzhhmahma fsmahms!

    \w jiehja dszphmsa njs ceseae mmim mus mus jhj mhmsmk kma |fazhmsa aj

    mahmbm djhieeae cjhesyjheb!

    3!9!9!=! HKIYJ IZSZBZAZA MAMHWAIJ KZHHMAEHMA

    FSMAHMS .HKIYJ FSMAHMSE%

    Hekeieyj fsmahms( ces ehjybjaea(k|m mijhe cfs ijbj dla hbjuj( ehjybj

    |jsbmuj|eaea ujyjshe fhzp fhbmia |mpymbmum umsib jijs! Ces cmkm mahmyb

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    52/127

    ceebeuhj( hjybjaea ijbj dlaa |mpymabm|aim( iaja mshkhms ehj k|m mijhe

    umcmal kmuamkhms msm|aimke hekehjs mamhew jiehes!

    Fsmahmsa mmimke jkehij dszphmai dshs!

    m! Pjse kmuamam dsj dszphmaisbm7

    =! Cehmaf fsmahms

    3! Djhes ymchf|z fsmahms

    c! Uajyeb fak|eufahmsam dsj dszphmaisbm7

    =! \my uajyebe eea fsmahms

    3! Yjimsek uajyebe eea fsmahms

    9! _js|fajh uajyebe eea fsmahms

    :" @eama|bma uajyebe eea fsmahms

    0" |y uajyeb ea fsmahms

    Iaja mshk za|zshms ehj k|m mijhe umcmal kmuamkhms msm|aimke fsma|mh ehekehjs

    mmimke fsmahms fsymum kmss!

    =! Lmse fsma

    3! Hekeieyj fsma !

    9! \yfkhmsa ajy ehjybj |jsbmuj|eaj fsma

    =! LMS FSMA 7

    Lmse fsma( iaja mshkhms ehj k|m mijhe umcmal kmuamkhms msm|aimke ehekeue

    d|yjses! Czaza eea( iaja mshkhms yfphmbaa k|m mijhe umcmal kmuamkhms

    yfphmbam fsmahmabm| djsjkes!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    53/127

    Iaja Pmshkhms

    Hekeieyj Fsma 2

    K|m Pmijhe Umcmal Kmuamkhms

    Cz `fsbha |fazlz( njs ces hesmhk k|m mijhe umcmal kmuamk cfslzam kmshk

    km hesmhk iaja msha fhizzaz e`mij jijs! @eumy uk|jhbjhjse j iaja mshkhmsa

    ijjs kmucam zsmbm| enyebmhhjse iekkmyj mhamsmk lmse fsmaa 3&= fhbm| djajh kmczh

    dsbys!

    Lmse fsmaa cuk fhbm| ehjybjaea enyeumlaima `mwhm iaja mshm |mnep fhizzaz(

    fsmaa kk fhbm| ajy hjybj! |jsbmuj|eaea ujyjs|ew fhizzaz d|yjses! Lmse fsmaa

    =$ea mhyaim fhbm| umae = hesmhk k|m mijhe umcmal kmuamk cfslzam kmshk = hesmima mw

    iaja msha czhzabm|( hjybjaea k|m mijhe cfs ijbj dlaa wmu`h ehj ajy

    ehjybj |jsbmuj|e afk|maam emsjy jijs! Umhaw lmse fsmaa ujyjshe fhzp fhbmbm|(

    ehjybjaea `mmheujy kfaz|zam j iejs mkye`hjs ehj k|m mijhe umcmal kmuamkhmsa

    cehjebeaj cmh fhmlm im zazyzhbmbmhis!

    HKIYJ .M\Y "YJ\Y% FSMAE

    hjybj |myhmsaa ces ma eea ymbmbja izsbm| jum ajbhe ijsjljijummhmbm| nmheaij ehjybjaea k|m mijhe cfshmsa ijbj dlaa aj fhmlm

    ialj|e hekeieyj fsmaaa fsymum kbm|am ajija fhbzyzs! M|ey"yj|y fsma fhmsmk im

    mihmaishma hekeieyj fsma( iaja mshkhmsima |yfkhms ihikyja |fasm kmhma

    yzymsaa k|m mijhe umcmal kmuamkhms yfphmbam fsmahmabm|uhm czhzazs! Fsma uhj

    `fsbhj jiehes!

    Iaja Pmshk Yfphmb " \yfkhmsHekeieyj Fsma 2

    K|m Pmijhe Umcmal Kmuamkhms

    Ijjshjbj kmsh fhmsmk |yfk ijjs i kmsh ms|m!

    `fsbha pmuaim |yfkhmsa cz kmshk ihikyja |fasmke ajy ijjseaea ujs mhbm|

    djsjkes!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    54/127

    Ceheaiee dece( hekeieyj fsma im k|m mijhe cfs ijbj dlaa hhbj|eaj umsms! Cz

    fsma( lmse fsmam dsj |yfkhmsa imneh jiehbjbj|e ajijae ehj |yahk kmwmas! Hekeieyj

    fsmaaa =&= fhbm| djajh kmczh dsbys! Cz( = hesmhk k|m mijhe cfslm kmshk(

    .|yfkhms nmse(% = hesmhk iaja msha fhizzaz d|yjses!

    Hekeieyj fsmaaa ufszbhmabm| |sm|aim |yfk ijes nwaa( mhmlmkhmsa ymn|eh

    kmceheujyeaea( hekey ijjshjsea cehjebeaea( k|m mijhe cfshmsa mijhjseaea j za|zshms

    eyecmseuhj k|m mijhe cfs ijbjhjseaij nmade iaja msha djsjkyesieeaea imebm dw

    aaij czhzaizszhbm| djsjkes! \smhmama cz kfazhmsa ue j hekeieyj fsmaa im uk|jk

    fhbm| izszbzaim ehjybj k|m mijhe cfs ijbj dlaj |mnep ijbjkyes; czaza mk|e ces

    izszb k|m mijhe cfs ijbj dlaa wmu` fhizzaz d|yjses! Iejs ymsm`yma hekeieyj

    fsma uk|jk fhma ces hjybjaea 3&= $ea mhyam ibjbjk kfzhz ehj ik ces lmse fsmahm

    mhbm| bbkais!

    Iaja mshk za|zshmsaima km|m( cmakmhms j djele umysbhms fhzyzsma ne||j

    |jajyhjse j ymnehhjs ces msmim ehjybjaea nmws ijjshjseae bjuimam djyeses! Amkey fsma

    mi im jsehja nmws ijjshjs fsma( cz ajijahj nmws ijjshjsea k|m mijhe umcmal

    kmuamk yfphmbam fsmahmabm|uhm czhzazs! Cz fsma uhj d|yjsehes7

    Nmws Ijjshjs Fsma 2 Nmws Ijjshjs

    K|m Pmijhe Umcmal Kmuamkhms

    Nmws ijjshjs fsma( ces hjybjaea |yfk |myaa ces |sj ymbmbja izsbm| jum

    ummhmbm| ehj |jajyhe j |jajy|ew mhmlmkhmsaa ymn|ehhjseaea ces |sj izsbm| jum

    wmu`hmbm| izszbzaim f ehjybjaea k|m mijhe cfs ijbj dlaa aj fhmlmahbjuj umsms! Fsma fhmsmk |fazlza =&= kbm| e|yjaes!Cz im( = hesmhk k|m mijhe cfslm

    kmshk( = hesmhk nmws ijjsea bjlzy fhizz mahmbam djhes!

    Nmws ijjshjs fsmaaa =&= fhbm| k|m mijhe cfshmsa ymbmbaa ehjybjaea amkey j

    amkey cjawjse ijjshjseuhj smnmyhkhm kmshmamcehjlje jkheaij ufszbhmas! Malmk imnm

    ik ces fsmaa njbja fhzb|zw uaij ufszbhmabmbm| im djsjkes! ak |myhmsa j

    mhmlmkhmsa ymn|eh kmceheujyeaea eue fhizz izszbhms ehj uk|jk ces hekeieyj j lmse fsmam

    |mnep fhzaizzaim ik ces nmws ijjshjs fsmauhm mhbmaa neces |mkalm| ufkyzs!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    55/127

    Ymcee ke( cz fsmaa ma ijsjljij ij ik fhbmbm| djsjkes! Ufk|m( ehjybj amkey |kay|

    eeaij czhzazufs ijbjkyes; czaza im jeyhe |mkalmhms fhzs!

    9! \YFKHMSEA AJY HJYBJ \JSBMUJ\AJ FSMAE

    Ces ehjybjaea iaja mshkhms yfphmbaima k|m mijhe umcmal kmuamkhms yfphmb

    kmshiaim fsymum kma iaja mshkhms `mwhm|am ajy ehjybj |jsbmuj|e ijaes! Cz

    ajijahj cz fsma malmk ajy ehjybj |jsbmuj|eaea bjlzy fhbm| nmheaij nj|mphmas! Cz

    fsma( |yfkhmsa ajy ehjybj |jsbmuj|eaj fsmahmabm|uhm czhzazs! Cz fsma uhj d|yjsehes!

    \yfkhms\yfkhmsa Ajy mhbm \jsbmuj|eaj Fsma 2

    Ajy ehjybj \jsbmuj|e

    @fsbhij ms|m |yfkhmsa |yfk ijjs i kmsh ihikyja |fasm ajy ijjsehj ujs

    mhbm djsjkes!

    Cz fsma( ajy ehjybj |jsbmuj|eaea aj kmimsaa |yfkhmsm cmhmaia d|yjses! Cz

    mua wmbmaim |yfkhmsa aj kmimsa lmse fhbmuma `fahmshm kmshmaia fsymum kfums!

    Ajy hjybj |jsbmuj|e iaja mshkhmsa k|m mijhe cfshms mma k|b fhbmkhm ces

    ehjybjaea k|m mijhe cfshmsa ijbj dlaa ces d|yjsdj|e izszbzaimis! Fsmaa

    uk|jk kbm| ajy ehjybj |jsbmuj|eaea cuk k|baa |yfkhmsm cmh fhizzaz(

    ik kbm| ajy ehjybj |jsbmuj|e eeaij cmkm iaja mshk kmhjbhjseaea mshkym

    fhizzaz e`mij jijs! Ajy ehjybj |jsbmuj|eaea ms ijsjljij |yfkhmsm cmhmab fhbm|(

    ehjybjaea pjea mhhms umpbm|a j eehek lsjyhjseae ijbj|eae dhjyesjlje dece(

    |myhmsa ummhmbm| izszbzaim iaja mshkhmsa hekey ump|a wmu`hmymlm j cz

    ajijahj hekeieyj fsma ehj nmws ijjshjs fsmaa im isjlje mkys! Iejs ymsm`yma cz

    fsmaa fk ik kbm| im |mkalmh fhmcehes( ak |yfk yjimsekea d fhizz

    izszbhmsim sjyebea ummhmbm| |my nmlbeae isjsjk kms mwmhys j ifhmu|uhm cz

    ufhhm iaja mshkhmsm imnm mw ijjsea desbj|e |fazlz iaja mshkhmsa k|m mijhe

    cfshms kms|aim njs djja da wmu`hmbm|am ufh mmcehes! Malmk( ueaj!ij fsmaa

    uk|jk jum ik kbm|a njbja eueuj jum kyuj ufszbhmbmbmk djsjkes( sajea

    |yfk ijes nw uk|jk j mhmlmkhmsa ymn|eh kmceheujye kzjyhe fhma jum kmsh mhp

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    56/127

    fyf`eama|bma ufhzuhm kmshms ehjybjij mhkfuma ces ehjybjij fsmaa uk|jk kbm|aa

    neces |mkalm| ufkyzs!

    3!9!9!3! BMHE UM_EAEA MAMHWAIJ KZHHMAEHMA FSMAHMS

    .BMH FSMAHMS%

    ehjybjaea kmuamk ump|aa j zwza mijhe cfs ijbj dlaa hhbj|eaij

    kzhhmahma fsmahms cz dszpym yfphmabmkymis!

    Bmhe fsmahms ces ehjybjaea `eama|bmaaim umcmal kmuamkhmsima umsmshmabm

    ijsjlj|eae hbjuj umsms! Ces cmkm mahmyb ceebeuhj( bmhe fsmahms ehj ehjybjcfshmsaa bmhe ump eeaijke ujshjse j cz umpaa |fazhms msmyshs!

    Czsmim umcmal kmuamkhmsa wkmuamkhms kms|aimke izszbz ehj izsma

    mshkhmsa `eama|bmaaim kzhhmahhms j `mewhjseaea ajy kmshm kmshmahms cmkbaima

    jhj mhas! Cz ajijahj bmhe fsmahms isy dszpym ealjhjaes! Czahms7

    =! Cfshmsa wkmuamkhmsm fsma

    3! K|m mijhe umcmal kmuamkhmsa wkmuamkhmsm fsma

    9! @eama|bma deijshjseae kmshmbm fsma

    =! CFSHMSEA W KMUAMKHMSM FSMAE

    Ceheaiee dece( kmuamkhms w j umcmal kmuamkhms fhbmk wjsj ekeuj mushbmkym

    j pm|e` czahmsa yfphmbaima fhzbmkymis! Umcmal kmuamkhmsa w kmuamkhmskms|aimke izszbzaz sjabjk e|yjieebewij k|m mijhe umcmal kmuamkhms ehj zwza

    mijhe umcmal kmuamkhms yfphmba w kmuamkhmsm chbjk djsjkes!

    K!Pmi!Umc!Kmu! + Zw!Pmi!Umc!Kmu!

    Cfshmsa w Kmuamkhmsm Fsma 2

    w Kmuamkhms

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    57/127

    Cfshmsa w kmuamkhmsm fsma( ehjybjaea w kmuamkhmsa uwij km kmims

    umcmal kmuamkyma umsmshmaia j w kmuamkhms umcmal kmuamk eea ces dja pmu

    fhzyzszp fhzyzsbmia d|yjses! Fsmaa |fazlz * =?? jum czaza mhyaim jum

    |yaij kmcehes! kmlmk |faz( umcmal kmuamkhmsa wkmuamkhmsa uwij km

    fsmaaim fhizzaz umae =?? hesmhk w kmuamkhmsm kmshk km hesmhk yfphmb k|m j

    zwza mijhe cfs czhzaizzaz e`mij jijs!

    Cz fsmaa( mhmlmkhhms uaaija * =?? jum czaza mhyaim kbm| e|yjaes! ak

    fsma cz iwjuij fhizz |sjlj wkmuamk mhmlmkhhms eea ces djalj fhzyzszs! Cz

    hjybjaea ym|euj|e nmheaij w kmuamkhmsa yfphmb cfshms kmshmumlmk cukhkyj

    fhizzaz d|yjses! Nmyym *=??$a mhyaimke ces fsma( ehjybjuj ujae ksjie jsjljkhjsea

    ij dja pmua e`mij jijs!

    Cfshmsa w kmuamkhmsm fsma *=??$a wjseaij fhizzaim( mhmlmkhhmsa eskjy

    mkye`e wjseaij |mnep jum |mnephjsija imnm `mwhm nmk |mnece fhizz |w kfaz|zizs! Cz

    izszbim( cfshmabmaa ajija fhizz `mew deijshjse fsymkhms eea ijmbh j |mcey ces

    uk fhbmum cmhmumcehes! Uajyele j fsymkhms m|aima ajbhe fhma umcmal

    kmuamkhmsima umsmshmabmaa ehjybj kms msyysl fhbm|is! Cz cmkbima fsma( ia

    mhama `fahmsa kmwma fsmaaa `mew fsmaaima cuk fhmlm j ifhmu|uhm ehjybjkmsaa msysl afkymim yzybmum mhbmk djsjkes! Fsmaa * =??$a wjseaij fhbm|(

    mhmlmkhhmsa dja |as ejs|eaij fhbmikhmsa d|yjsiee dece( ehjybjuj ujae ksjie

    jsjljkhjsea ij dja |as ejs|eaij fhbmikhmsa d|yjses! Muslm ehjybjuj ujae

    ksjie jsjljkhjsea ij djalj fhmsmk epfyjk e|yjbjhjseaj j cfshmabmaa imnm pmnmh

    fhbm|am ajija fhzs!

    3! KE\M PMIJH UMCMALE KMUAMKHMSEA W KMUAMKHMSM FSMAE

    Cfshmsa yfphmb fhmsmk w |jsbmuj kms|aimke izszbzaza( ealjhjabj|e umaaim

    w kmuamkhms hj kmshkh fhmsmk ealjhjabj|e ij djsjkes! ak k|m j zwza mijhe

    ehjybjaea bmhe ump| wjseaij `mskh jykehjse |w kfaz|z fhmcehbjkyjies! Fsma( k|m

    mijhe umcmal kmuamkhmsa w kmuamkhms yfphmbam chabj|e ehj czhzazs!

    K|m Pmi!Umc!Kmu! K|m Pmijhe Umcmal Kmuamkhms

    w Kmuamkhmsm Fsma 2

    w Kmuamkhms

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    58/127

    Fsma( ehjybjaea w kmuamkhmsa uwij km kmims k|m mijhe umcmal kmuamk fhizzaz

    e`mij jijs! Cz fsmaa wjhhekhj |mamue ehjybjhjse eea djajh kmczh dsb uwij|e *

    wkmuamkhms ehj bmiie izsma mshkhms msm|aim ces heke kzszhmsmk umcmal

    kmuamkyma umsmshmabm ijsjlj|e hhjcehes! ak wkmuamkhmsa bmiie izsma

    mshkhmsa `eama|bmaam ujybjbj|e izszbzaim umcmal kmuamm cmzsbmk msy fhzs!

    Cz cmkbima( bmiie izsma mshkhmsa wkmuamkhmsm fsma( cesekbe mbfsye|bmahmsa

    bmiie izsma mshk bmheujyhjseaija ihia e`mij jija ajy bmiie izsma mshkhmsa

    w kmuamkhmsm chabj|euhj czhzazs7

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    59/127

    BmiieVizsmaVKmuamkhms

    K|m Pi!Uc!Ku! wkmuamkhmsm fsma 2

    wkmuamkhms

    Bmiie izsma mshkhmsa wkmuamkhmsm fsma uwij jkheaij e`mij jiehes! Cz

    izszb bmiie izsma mshkhmsa wkmuamkhmsa uwij km fsmaaim fhizzaz d|yjses!

    Fsma( wkmuamkhmsa bmiie izsma mshk `eama|bmaam ujyep "ujybjieeae j ifhmu|uhm

    bmiie izsma mshk `eama|bmaaim umsmshmahp umsmshmahbmia mahmbmum umsms! Cz

    cmkbima( fsmaa *=??$a mhyaim fhbm|( wkmuamkhmsa bmiie izsma mshkhmsa

    `eama|bmaam ujyeyee dece( iejs mkye`hjsea `eama|bmaaim im kzhhmahia e`mij jijs!

    Fsmaa * =??$a wjseaij fhbm|( izsma mshkhmsa `eama|bmaam ujyebjiee( czaza

    ea umcmal kmuamk kzhhmahbmk wfszaim kmhaia d|yjses! F nmhij ieujcehesew ke;

    bmiie izsma mshkhmsa `eama|bmaaim aljhekhj wkmuamk( |fasm im zwza mijhe cfs

    kzhhmahbm| zudzaizs!

    9! @AMA\BMA DIJSHJSA KMSEHMBM FSMAE

    Ceheaiee dece( `eama|bma deijse k|m j zwza mijhe cfshms eea ymnmkkzk

    jyyesehja `mewhjsija djhes! Cz deijshjs ehj iajb kms msm|aim ces eheke kzszhmsmk

    mmimke jkehij `eama|bma deijshjseae kmshmbm fsma nj|mphmas!

    Iajb Kms +@eama|bma Deijshjse

    @eama|bmaDeijshjse Kmshmbm Fsma

    @eama|bma Deijshjse

    @fsbha |fazlzaim ehjybjaea `eama|bma deijshjseaea km kmy iajb kms jhij

    jyyee czhzabz fhzs! Cz jsdehjaiesehbjbe kmsa eeaij `eama|bma deijshjse ij ujs

    mhbmkymis! Ifhmu|uhm `eama|bma deijshjseaea km ij`m kmwmahi czhzazs!

    Cz fsma( ces ehjybjaea `eama|bma deijshjseae kmshmsuhm aj ijsjljij

    Kmshmumcehieeae d|yjses!@eama|bma deijshjseaea kmy fhmsmk fsma aj kmims cuk

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    60/127

    kms|m( cz ehjybjaea mhmlmkhmsaa `mew dmsmaye|eaea j ehjybjaea `eama|mh dlaa f

    hij eue fhizzaz d|yjses!Mk|e izszb ehjybj m|aima mkye`hjseae ueyesbj pmnm|am

    `mew ijbjkyes! Mbm czam aj kmims |sj ehj ijmb jijcehes( `mewhjsea ijabjbj|e ujae

    ksjiehjsea yjbeaeaij ij cuk dhkhjs kmss!Cuhj ces izszb e|j( hjybjaea

    djhjlje cmkbaima ne ij mswzhmama ces izszb ijehies! !

    3!9!9!

    .@MMHUJY FSMAHMSE%

    hjybjaea mhbm izszbzaza mamheweaij( ehjybj `mmheujyhjseaij kzhhmahma

    mshkhmsa jykehe ces ceebij kzhhmahp kzhhmahbmi hhbjkyjies! Ces cmkm mahmyb

    ceebeuhj( ehjybj mkye`hjseaea `mmheujyhjsij aj ijsjlj jykehe kzhhmahia `mmheujy

    fsmahms im ijaehja jsebhehek fsmahmsuhm hhs!

    Cz dszpym ujs mhma fsmahms uhj |smhmumcehesew7

    =! Fsymhmbm ymn|ehmy |sj|e fsma

    3! Mhmlmkhmsa ijes nw fsma

    9! Bmiie izsma mshkhmsa ijes nw fsma

    :! Iaja mshkhmsa ijes nw fsma

    0! Amkey ijes nw fsma

    4! Mkye` ijes nw fsma

    Cz fsmahms ces hjybjaea kjaie eeaij mamheweaj fhmamk jsiee dece( mua |jkysijke

    iejs ehjybjhjshj kmshmysbmhms umphbm|am im `s|my jses!

    =! FSYMHMBM YMN\HMY \SJ\ FSMAE

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    61/127

    Fsymhmbm ymn|ehmy |sj|e fsma yelmse mhmlmkhms ehj |myhms msm|aimke hekeija ifms! Cz

    mbmhm yelmse mhmlmkhms yfphmb iajbea dahk |myhmsam chas7

    Yelmse Mhmlmkhms

    Fsymhmbm Ymn|ehmy \sj|e Fsma 2

    Dahk \myhms

    @fsbhijke dahk |myhms im z jkehij nj|mphmas7

    Ksjiehe \myhms

    Dahk \myhms 2

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    62/127

    nwhm |mya mhbm dla kmucjybj|e byjsehjsj ymaama mijaea imnm im kk fhbm|a

    djsjkyeses!

    3! MLMKHMSEA IJPS NEWE FSMAE

    Yelmse mhmlmkhms ehj ajy |myhms msm|aim kzszhmlmk ces ekehe(

    mhmlmkhms ijes nw fsmaa jses! Czaza eeaij ces iajbea ajy

    |myhmsaa f iajbea fsymhmbm mhmlmkhmsam chabj|e djsjkes!

    ajy |myhms

    Mhmlmkhmsa Ijes Nw Fsma 2

    Fsymhmbm mhmlmkhms

    @fsbhijke fsymhmbm mhmlmkhms z jkehij nj|mphmas7

    Fsymhmbm Mhmlmkhms 2 Iajbcm Yel! Mhmlmk + Iajb|faz Yel! Mhmlmk

    3

    Fsymhmbm mhmlmkhmsa nj|mcaim yelmse mhmlmkhmsa pnjhe mhmlmkhms kmshaa

    ihbjija aljke csy ijjshjseuhj mhabm( |fazlz djsjj imnm fk

    umkhmysmlmkys!

    Mhmlmkhmsa ijes nw fsmaaa |fazlz #ij`m$ fhmsmk kms! Cz im( yelmse mhmlmkhmsa ces

    nj|mp iajbeaij km ij`m ymn|eh jiehieeae e`mij jijs!

    Mhmlmkhms aj kmims |k ymn|eh jiehes|j f kmims eueies! ak cz( yelmse mhmlmkhmsamijhjseaij kfhmuhkhm ymn|eh jiehjcehiee `fahmsa yjksms yjksms |mym kfaz fhzp( e

    nmlbeaea j ifhmu|uhm kmshha msymlm mahmbam djhes! \faz eyecmseuhj cz im( iaja

    mshkhmsa cehjebe j hekey ump cmkbaima dhjabj|eaj umsms! Uk|jk ces ijes

    nwaim fsymhmbm ymn|ehmy iajbe k|m j mhmlmkhmsa ymn|eh kmceheujye eue fhzs! Iejs

    ymsm`yma uk|jk ces ijes nwaim imnm ik ces lmse fsma j hekeieyj fsma ehj mhbmk

    fhmamkhis! Mhmlmkhmsa ijes nw iyaij( mhmlmkhmsa imnm zwza |sjij ymn|eh

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    63/127

    jiehjcehiee( pnjhe mhmlmk wmsmshmsaa cuujcehjlje( ksjie j ymn|eh deijshjseaea

    msymlm j imnm uk|jk ces lmse fsmam enyeum fhmlm iahs!

    Ces iajbea |yfkhms ehj ajy |myhms msm|aim kzszhmlmk eheke |yfk ijes nwa

    czhbmum umsms! Czaza eea ij( ajy |myhmsa fsymhmbm |yfkhmsm chabj|e djsjkes

    Ajy \myhms

    \yfk Ijes Nw Fsma2

    Fsymhmbm \yfkhms

    @fsbhijke fsymhmbm |yfkhms z jkehij czhzazs 7

    Iajbcm \yfkhms + Fajb|faz \yfkhms

    Fsymhmbm \yfkhms 2

    3

    \yfk ijes nw fsma( |yfkhmsa ces uhim km ij`m |mym kfaz fhizzaz d|yjses!

    Yelmse ehjybjhjs cmkbaima |yfkhms |mijlj yelmse bmhhms `mij jijskja( sjyeb

    ehjybjhjseaij bmbzhhjs( ums bmbzhhjs( ehk bmiij j bmhwjbjhjs |yfk kmhjbeae

    fhzyzszs! Cz cmkbima `fsbhij yelmse ehjybjhjs eea fsymhmbm yelmse bmhhmsa# sjyebehjybjhjseaij fsymhmbm #bmbzhhjsea jhj mhabm| djsjkes!

    \yfk ijes nw fsmaaa uk|jk kbm| ehjybjaea yelmse bmhhmsaa |yfkym `mwhm

    cjkhjbjija njbja |myhia j cz ajijahj ij bmhhmsa |sbaa eue fhizzaz;

    ik ces ijes nw e|j( |yfkhmbm |sj|eaea zwza j |sba umm fhizzaz d|yjses!

    Uk|jk ijes nw ehjybjaea `eumy( bfim j ymhjp ijebjhjseaija `mwhm jykehjabjiee(

    hekeieyj|eaea .k|m mijhe cfs ijbj dlaa% uk|jk j mkye`hjsea jykehe kzhhmahbmkym

    fhizz mahmbam djhes! Ijes nw msyykm kmwmabm dl ij msyms j amkey enyeuml

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    64/127

    mwmhmcehes! Malmk |yfk jk|ekhekhjseaea |yfk ijes nwaa uk|jk kbm|am ajija

    fhmcehjlje ij ne zazyzhbmbmhis! Ijes nwaimke ikhk |yfkhmbm j `eumy( bfim(

    ymhjp ijebjhjseaija ifma wmsms msysskja( ehjybjaea kmwma j `eama|mh dla

    mwmhys!

    9! BMII IZSMA PMSHEKHMSEA IJPS NEWE FSMAE

    Bmiie izsma mshkhmshm |myhms msm|aim kzszhmlmk eheke bmiie izsma mshkhmsa

    ijes nwa czhbmum umsms! Cz mbmhm ajy |myhms( bmiie izsma mshkhmsa bmheujyeaija

    cesekbe mbfsye|bmahms ihikyja |fasm ajy ijjseaj chas!

    Ajy \myhms

    Bmiie Izsma Pmshk Ijes Nw Fsma 2

    Bmiie Izsma Pmshk.Ajy%

    Cz fsma ajy |myhmsa ajy bmiie izsma mshkhmsa km kmy fhizzaz d|yjses! Ces cmkm

    mahmyb ceebeuhj( bmiie izsma mshkhmsa kjaiehjseaea km kmy |my umsmyy cz

    `fsbhhj czhzazs! \fazlza =ea mhyaim fhbm|( ajy |myhms yzymsaa bmiie izsma

    mshkhmsa ajy ijjseaija kk fhizzaz( umae bmiie izsma

    mshkhmsa kjaie|e kmims cehj |mym kmykim czhzambmia e`mij jijs!

    Bmiie izsma mshkhmsa ijes nw fsma bmiie izsma mshkhmsa aj ijsjlj jsebhe

    .jykehe% kzhhmahia hbjuj umsms! Cz fsmaa uk|jk fhbm|( bmiie izsma mshkhmsa

    kmpm|eyjhjse wjseaij kzhhmahmcehieeae; ik ijes nw e|j bmiie izsma mshkhmsa

    kmpm|eyjhjseaea mhyaim kzhhmahia d|yjses! Cuhjlj ehjybjaea bmiie izsma

    mshkhmsa ms umysb umpp umpbmi( ehjybjij myh kmpm|eyj fhzp fhbmi im

    fsymum kmshmcehes!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    65/127

    :! IAJA PMSHEKHMSEA IJPS NEWE FSMAE

    Iaja mshkhmsa ijes nw fsma( ajy |myhmsa iaja mshkhmsm chabj|euhjczhzazs7

    Ajy \myhms

    Izsma Pmshkhmsa Ijes Nw Fsma 2

    Fsymhmbm Iaja Pmshkhms

    Iaja mshkhmsa ijes nw fsma( iaja mshkhmsa km kmy ajy |my nm|hmy

    |mhmaib d|yjses! Iaja mshkhmsa ijes nw fsmaaa ( cukh iaja

    mshkhmsa jsebhe ces jkehij kzhhmahiam emsjy jijs! Uk|jk ces ijes nw iaja

    mshkhmsa cehjebeae j yfphmba hjnyj jykehjujcehes! Czaza eea ehjybjaea mmheujy

    uha kmshm kmpmyb fhbm| djsjkes! Ik ces ijes nw( iaja mshkhmsa um

    djsjeaija `mwhm fhizzaz( um im kjaie|eaija ujyjsealj umsmshmahbmia d|yjses!

    0! AMKY IJPS NEWE FSMAE

    ehjybjaea ajy |myhmsa nmws ijjshjs yfphmbam fsmahmabm|( cewj amkey ijes

    nw fsmaa jsjljkyes!

    Ajy \myhms

    Amkey Ijes Nw Fsma 2

    Nmws Ijjshjs

    Cz fsma( ces nj|mp iajbe |sj|eaij nmws ijjshjsea km kmy ajy |my

    umphia d|yjses! Fsmaa |fazlz( nmws ijjshjsea ms bekymsim czhzaizszhbm|aima

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    66/127

    ifhmu ik( afsbmh bekymsim nmws ijjsj kmshk ajy |myhmsa cukhaija ifhmu

    im uk|jk kmcehes!

    Amkey ijes nw fsma( ehjybjijke amkey j amkey cjawjse ijjshjsea aj ijsjljijjsebhe kzhhmahikhmsa hbjuj umsms! Cz cmkbima; ik ces ijes nw( jjs |myhms

    yzyms mw ijeh|j( jhij djsjeaija `mwhm pmsm yzyzhizzaz j czahmsa im djhes djyesele ces

    jkehij kzhhmahmbmia d|yjseskja; uk|jk ces ijes nw( nmws ijjshjsea ehjybjij

    afsbmh iwjuij fhizzaz j czahmsa jsebhe fhmsmk kzhhmahia d|yjses! Cz jkehij

    ces ehjybj eea `mmheujyhjsea djsjkyesiee jhij czhzaizszhmlmk nmws ijjshjs bekymsa

    cjheshjbj fhmam im czhzabz fhzs!

    4! MKY@ IJPS NEWE FSMAE

    Ces ehjybjaea ajy |myhmsaa mkye` yfphmbam fsmahmabm| mkye` ijes nw

    fsmab jses! uhj ke;

    Ajy \myhms

    Mkye` Ijes Nw Fsma 2

    Mkye`Yfphmb

    @fsbh |zazlzaza 3 ehj 9 msm|aim kbm| wjhhekhj sjyeb ehjybjhjse eea

    djajh kmczh dss! Yelmsjy ehjybjhjse cmkbaima |fazlza czahmsa wjseaij kbm|

    cjkhjaes! Czaima im mahmhmlm dece( mkye` ijes nw fsma( mkye`ea kjaie|eaea km kmy

    |mym ajija fhizz jum( iejs ces ijuehj( ajy |myhmsa mkye`e km ij`m ujaehjujcehiee

    mahmbam djhes!

    Uk|jk ces mkye` ijes nw fsma( mkye`ea ymb kmpm|eyj ehj jsebhe ces jkehij

    kzhhmahiam emsjy jijs! Ik ces fsma( mkye`ea ymb kmpm|eyj ehj kzhhmahbmia j

    mkye`ea jsebheheeaea ik fhizzaz d|yjses! Cz |fa izszbim djsjeaija `mwhm mkye`

    czhzaizszhzp czhzaizszhbmi ehj mkye`yj dszp imhbaa nmymh fhzp fhbmiam im

    cmkbmk djsjkes!

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    67/127

    3!9!9!9! KMSHEHEK IZSZBZAZB MAMHWAIJ KZHHMAEHMA FSMAHMS

    .KMSHEHEK FSMAHMSE%

    ehjybjaea jbseaj jsehbe w j umcmal kmuamkhmsa jsebheheeae hbjij

    kzhhmahma fsmahms cz dszpym yfphmas! Ces cmkm mahmyb ceebeuhj kmshhk fsmahms( ces

    ehjybjaea `mmheujyhjse |fazlzaim hh j ujyjshe kms |mhmup |mhmbmia hbjuj

    umsms! Cz kfaz ehjybj |mnephjse j uajyelehjs m|aima fk ajbhe fhbmkymis! ak

    kms( uajyebea cmms| fhzskja( fsymkhmsa k|m mijijke djheseaea j zwza mijij ij

    umysbhmsaa ijjs kmwmabm|aa ces kmuam fhbmkymis! Kms ehj kmuamkhms j kms ehj

    |myhms msm|aim eheke kzszhmsmk ces ehjybjaea kmshh hhs! Cz cmkbima kmshhk

    fsmahmsa z mam dszpym yfphmumcehesew7

    ' Kmuamkhmsa Kmshhk Fsmahma

    ' \myhmsa Kmshhk Fsmahms

    ' Kms _mu Fsmahms

    M% KMUAMKHMSEA KMSHEHEK FSMAHMSE

    Kms ehj kmuamkhms msm|aim eheke kzszhmsmk w kmuamkhmsa j zwza mijhe umcmal

    kmuamkhmsa jsebhe kzhhmahp kzhhmahbmi cjheshjabjuj mhhs! Ceheaiee dece

    kmuamkhms mkye`yj umphma umysbhmsa `eama|bmaaim kzhhmahbmkymis! Cz

    cmkbima umysbhmsima |mhmama kms( kmuamkhmsa kmshh fhbmkymis! Cz mima cz

    fsmahmsm umysbhmsm dsj kmshhk fsmahms jum mshkhmsa kmshhk fsmahms im ijaehes!

    Cz dszpym ujs mhma fsmahms z jkehij |smhmumcehesew7

    =! \jsbmujaea mbfsye|bma fsma

    3! w kmuamkhmsa mbfsye|bma fsma

    =! \JSBMUJAA MBFSY\BMAE FSMAE

    Ces ehjybjaea w j umcmal kmuamkhms yfphmb ehj kms msm|aim kzszhmlmk eheke

    |jsbmujaea mbfsye|bma fsmaa jses! Fsmaa nj|mphmabm|7

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    68/127

    \jsbmujaea Iajb Kma + Zwza Pmijhe Cfs! Deijse

    Mbfsye|bma Fsma 2 q

    wkmuamkhms + Zwza Pmijhe

    Umc! Kmuamk("+ki!uc!ku

    Uwij jkheaij czhzamlmk fhma |jsbmujaea mbfsye|bma fsma( ces hjybjaea

    kmuamkhms yfphmbaa uwij km fsmaaim kms jhij jyyeeae d|yjses!

    Cz fsma( ces ehjybjaea w kmuamkhmsa aj hij kmsh kzhhmamcehieeae d|yjses!

    Czaza eea cz fsmaa iejs ces mi im jkfafbek smaymceheyj fhbmkymis! Fsma aj kmims

    cuk kms|m kmuamkhmsa kmshh f kmims eue ijbjkyes! Fsmaa cukh( zlzw ksjie

    kzhhmahbm|aim jum w kmuamkhmsm imnm `mwhm ujs jsehbj|euhj `eama|bma

    deijshjseaija |mhmamlmk ym|mssz`m im cmh fhmlmkys!

    3! WKMUAMKHMSEA MBFSY\BMAE FSMAE

    wkmuamkhmaa mbfsye|bma fsma( iajb ajy kmsa wkmuamkhmsm

    fsmahmabm|uhm czhzazs;

    Iajb Ajy Kms

    wkmuamkhmaa Mbfsye|bma Fsma 2

    w Kmuamkhms

    wkmuamkhmsa mbfsye|bma fsma( iajb ajy kmsa wkmuamkhmsa uwij

    km fsmaaim djsjkhjyeeae d|yjses! sjyeb ehjybjhjseaij cz fsmaa * =< hj * =:

    msm|aim fhbm| djajh kmczh dsbjkyjies!

    wkmuamkhmsa mbfsye|bma fsma( njs juija alj( ehjybjaea j ifhmu|uhm

    uajyebea cmms|aa ces d|yjsdj|e fhbmkymis! Iejs ymsm`yma `mewhjs j jsdehjs

    kmshmaikyma |fasm ehjybj |mnep j |mnephjseaj kmsima aj kmhi ueaj cz fsma ehj

    hhb fhzs! Uhhms eyecmseuhj hjybj kmshmsaimke ijebjhjs cz fsma kzhhmahmsmk

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    69/127

    ewhjajcehes! Cz jkehij |jsbmujimsa kmwma dlaa msybm jum mwmhbm jehebeae

    dsbjk fhmamkhis! ak ehjybjaea fsymkhmsam kms imybm| j cz msmim

    fyf`eama|bma ufhzuhm kmsa ces k|ba hjybjij csmkbm| malmk fsmaa uk|jk

    kbm| izszbhmsaim ijmbhhk j msy d|yjsjljkyes! Fsmaa ik kbm| j iejs

    uhhmsim im msybmbm| uajyebea ujyjs|ewhee j ifhmu|uhm ehjybjaea cmms|wh

    uaaij ufszbhmas!

    C%\MYEHMSEAKMSHEHEK FSMAHMSE

    Ceheaiee dece( ces ehjybjaea djhes ymchf|z( `mmheujy |fazhmsa yzyms fhmsmk jses! Cz

    `mmheujy |fazhms csy |my kms `mmheujy kms( fhmma kms( iajb kms j iajb ajy kms

    fhmsmk fsymum kms! Ces iajbea |myhmsaa cya cz kmshms |mhmumlmk cukhkyjfhbm| mswzhmama ces izszbizs! Cz mima cz kmshms ehj |myhms msm|aim ehekehjs

    kzszhmsmk |myhmsa kmshhk fsmahms czhzazs! Mia cz ehekeija mhma j djhes ymchf|z

    uwijhjse fhmsmk im mihmaishma |myhmsa kmshhk uwijhjse zahmsis7

    =! Csy kms fsma

    3! @mmheujy kms fsma

    =! CSY KMS FSMAE

    Cz fsma( csy |my kmsaa ajy |myhmsm fsmahmabm|uhm czhzazs!

    Csy \my Kms

    Csy Kms Fsma 2

    Ajy \myhms

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    70/127

    Csy kms fsma( uwij jkheaij nj|mphmas j mam `mmheujy kfaz|zaim ajy |myhmsa uwij

    km fsmaaim csy kms jhij jiehieeae d|yjses! Ces cmkm mahmyb ceebeuhj( cz fsma

    |myhma bmhhmsa bmheujye ihikyja |fasm kmhma csy `mmheujy kma uwij|eae d|yjses!

    Csy kms fsmaaa uk|jk ces uwij jkheaij kbm| imebm eueies! Cuhj ces |faz( csy

    |my kmsaa `mmheujy deijshjseae kmshmikyma |fasm hjybjue ujyjshe ces `mmheujy kmsam

    zhmysmlm jkheaij ufszbhmas!

    3! @MMHUJY KMSE FSMAE

    Cz fsma( `mmheujy kmsaa ajy |myhmsm fsmahmabm|uhm czhzazs!

    @mmheujy Kma

    @mmheujy Kms Fsma 2

    Ajy \myhms

    @mmheujy kms fsma( uwij jkheaij nj|mphmas j `mmheujy kmsaa ajy |myhmsa

    uwij km fsmaaim djsjkhjyeeae mahmys! Ces cmkm mahmyb ceebeuhj( fsma csy |my

    kmsaima `mmheujy deijshjse ihikyja |fasm kmhma ajy `mmheujy kma uwij|eae d|yjses!

    Uk|jk ces `mmheujy kms fsma ehjybjaea mam `mmheujy kfaz|zaim cmmsh fhizzaz

    e`mij jijs! Malmk fsmaa( `mmheujy i deijs j wmsmshms ehj jsdeue kmshmikyma |fasm

    ujyjshe ces hij iajb ajy kms csmkmlmk cukhkyj fhbm| fk ajbheies!

    Iajb ajy kmsaa ajy |myhmsm chabj|e ajy kms bmsg fsmaa jses!

    Iajb Ajy Kms

    Iajb Ajy Kms Fsma 2

    Ajy \myhms

  • 7/31/2019 Mali Tablolar Analizi ( umarm iinize yarar )

    71/127

    Iajb ajy kms fsma( `mmheujy kms jhij jybeyes ehjybjij ajy |myhmsa uwij

    kmhk ces iajb ajy kms jsieeae d|yjses! @mkmy iajb ajy kmsaa ymbmbaa jum

    cuk ces k|beaea `mmheujy i djhes j kmshmsima fhzbm| nmheaij czaz |uhjbjk pjk

    bbka ijehies!

    Cz fsma( `mew j jsdehjs ij imneh fhbmk wjsj cya deijshjskmshmaikyma

    |fasmke ajy |myhmsa kmshhk uwij|eae jses! Iajb ajy kmsaa ces ehjybjaea iajb

    `mmheujyeae kmsh kmpmyyaa ces emsjye fhmsmk fsmam djsjkhe ajbe kmwmaisi

    |uhjajcehes! Umhaw( imnm alj ij cjhesyehiee dece( ajbhe fhma iajb ajy kmsaa

    `mmheujy kmsaima cuk pmu mhbm|is! Malmk cz izszbimke ces kmsa ijmbhhaima

    |w jiehjcehes! Cuhj ces kmsima fsymkhmsa pmuam ijljk k|b ehj ehjybjij

    mhkfazhmlmk k|ba ces mahmb fhmcehes! Iajb ajy kmsfsma aj kmims uk|jk kms|m f

    kmims eueies! @mkmy kj|ea ces ju |uhjujcehbjk eea mua |jkysa iejs |hjybj

    |fazhmsuhm kmshmysbmhms umpbmk djsjkes!

    L % KMS _MUE FSMAHMSE

    hjybj fsymkhmsam ujyjsh