TLDR:
Sermaye Harcaması (Capital Expenditure, CAPEX), uzun vadeli varlıklara (mülk, ekipman, teknoloji) yapılan büyük yatırımlardır. OPEX’ten farklı olarak hemen giderleştirilmez, depreciated edilir.
CAPEX Nedir?
CAPEX şu özelliklere sahip: Useful life >1 year, Capitalized on balance sheet (asset olarak), Depreciated over useful life (örneğin makine 10 yıl), Reduces taxable income gradually (vs immediately), ve Cash flow impact in year of purchase. Örnekler: Bina, makine, vehicles, computers, software (perpetual license), patents, land. Cloud computing CAPEX’i OPEX’e dönüştürdü — şirketler sunucu satın alma yerine cloud subscription alıyor.
CAPEX vs OPEX:
Key distinctions: CAPEX — long-term asset, depreciated, capitalized; OPEX — short-term expense, immediately expensed. Tax implications farklı: OPEX tax-deductible aynı yıl, CAPEX zaman içinde. Cash flow farklı: CAPEX büyük one-time outlay, OPEX continuous. Financial reporting: CAPEX balance sheet asset, OPEX income statement expense. Şirketler CAPEX ve OPEX dengesini stratejik olarak yönetir.
CAPEX’in Önemi:
CAPEX kararları kritiktir: Future growth capacity, Long-term strategic positioning, Capital intensity (industry by industry), Free cash flow impact (FCF = Operating CF – CAPEX), Maintenance vs Growth CAPEX ayrımı, ve Return on Capital Employed (ROCE) hesabı. Capital-intensive industries (manufacturing, telecom, energy) yüksek CAPEX taşır; software/services şirketler düşük CAPEX.
CAPEX Planlama:
Effective CAPEX management: ROI analysis (each investment justification), Payback period calculation, NPV (Net Present Value) analysis, IRR (Internal Rate of Return), Strategic alignment, Maintenance vs growth balance, Budget allocation across departments, Multi-year plans (typically 3-5 years), Capital efficiency metrics, ve Capex/Revenue ratio tracking. Boards CAPEX’i closely monitor — büyük yatırımlar genellikle board approval gerektirir.