{"id":1187,"date":"2026-02-16T13:34:33","date_gmt":"2026-02-16T10:34:33","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1187"},"modified":"2026-02-16T14:38:24","modified_gmt":"2026-02-16T11:38:24","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-yksln-yukselen-celik-2025-12-bilanco-analizi-yukselen-celikin-vasifli-celik-stratejisi-ve-riskleri","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1187","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 YKSLN | Y\u00fckselen \u00c7elik 2025\/12 Bilan\u00e7o Analizi &#8211; Y\u00fckselen \u00c7elik&#8217;in Vas\u0131fl\u0131 \u00c7elik Stratejisi ve Riskleri"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/YKSLN--Ykselen-elik-202512-Bilano-Analizi---Ykselen-elikin-Vasfl-elik-Stratejisi-ve-Riskleri-e3f5i2f\/a-acfop3f\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p><em><span style=\"color: #0000ff;\">2025 Y\u0131l\u0131 Finansal ve Operasyonel \u00d6ne \u00c7\u0131kanlar<\/span><\/em><br \/>\n<em>\u2022 Sermaye Yap\u0131s\u0131nda G\u00fc\u00e7lenme: \u015eirket, 2025 y\u0131l\u0131 i\u00e7erisinde \u00f6denmi\u015f sermayesini %100 oran\u0131nda bedelli art\u0131rarak 250.000.000 TL&#8217;den 500.000.000 TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Ayr\u0131ca kay\u0131tl\u0131 sermaye tavan\u0131 2.500.000.000 TL&#8217;ye y\u00fckseltilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Has\u0131lat ve Karl\u0131l\u0131k: 2025 y\u0131l\u0131 toplam has\u0131lat\u0131 1.131.220.229 TL (2024: 2.034.461.915 TL) olarak ger\u00e7ekle\u015fmi\u015ftir. \u015eirket, y\u0131l\u0131 187.741.602 TL net d\u00f6nem zarar\u0131 ile tamamlam\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 K\u00fcresel Geni\u015fleme: Y\u00fckselen \u00c7elik, ihracat gelirlerini art\u0131rmak amac\u0131yla ABD&#8217;de Rising Steel Inc. ve Almanya&#8217;da Rising Stahl GmbH isimli iki ba\u011fl\u0131 ortakl\u0131\u011fa sahiptir.<\/em><br \/>\n<em>\u2022 Pazar ve \u00dcr\u00fcn Liderli\u011fi: Vas\u0131fl\u0131 \u00e7elik uzun mamul sekt\u00f6r\u00fcnde faaliyet g\u00f6steren \u015firket, stoklar\u0131n\u0131n %80&#8217;ini kendi tasar\u0131m\u0131 olan \u015fartnamelere uygun \u00fcr\u00fcnlerden olu\u015fturmaktad\u0131r. Ayr\u0131ca 2009&#8217;dan bu yana geli\u015ftirilen 15 tescilli \u00fcr\u00fcn\u00fc bulunmaktad\u0131r.<\/em><br \/>\n<em>\u2022 \u0130hracat Performans\u0131: 2025 y\u0131l\u0131nda yakla\u015f\u0131k 82,2 milyon TL tutar\u0131nda ihracat sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Temett\u00fc Politikas\u0131: \u015eirket, pay sahiplerine asgari %5 k\u00e2r pay\u0131 da\u011f\u0131t\u0131lmas\u0131n\u0131 i\u00e7eren dengeli bir k\u00e2r da\u011f\u0131t\u0131m politikas\u0131 izlemeye devam etmektedir.<\/em><br \/>\n<em>\u2022 \u0130stihdam: 31.12.2025 itibar\u0131yla \u015firketin \u00e7al\u0131\u015fan say\u0131s\u0131 64 ki\u015fidir.<\/em><\/p>\n<hr \/>\n<h1>Per\u015fembe Pazar\u0131\u2019ndan Chicago\u2019ya: Y\u00fckselen \u00c7elik\u2019in 2025 Yolculu\u011fundan 5 Kritik \u00c7\u0131kar\u0131m<\/h1>\n<h3>1. Giri\u015f: Bir Yerel Ba\u015far\u0131 Hikayesinin K\u00fcresel Vizyonu<\/h3>\n<p>1976 y\u0131l\u0131n\u0131n \u0130stanbul\u2019unda, Per\u015fembe Pazar\u0131\u2019n\u0131n o kendine has demir ve pas kokulu atmosferinde &#8220;Y\u00fcksel Ticaret&#8221; olarak ba\u015flayan yolculuk, bug\u00fcn okyanus \u00f6tesine uzanan bir teknoloji hikayesine d\u00f6n\u00fc\u015ft\u00fc. 1980\u2019lerde vas\u0131fl\u0131 \u00e7eli\u011fe odaklanma karar\u0131 alan \u015firket, yar\u0131m asra yakla\u015fan bu s\u00fcre\u00e7te sadece bir emtia sat\u0131c\u0131s\u0131 de\u011fil; tasar\u0131m, patent ve m\u00fchendislik disiplinlerini harmanlayan bir end\u00fcstriyel \u00e7\u00f6z\u00fcm merkezi haline geldi.<\/p>\n<p>Bug\u00fcn Chicago\u2019dan D\u00fcsseldorf\u2019a kadar uzanan k\u00fcresel a\u011f, Y\u00fckselen \u00c7elik\u2019in 2019\u2019daki halka arz\u0131ndan sonra vites art\u0131rd\u0131\u011f\u0131n\u0131n en somut kan\u0131t\u0131. Ancak 2025 y\u0131l\u0131 verileri, \u015firketin sadece fiziksel olarak de\u011fil, finansal z\u0131rh ve operasyonel verimlilik anlam\u0131nda da kabuk de\u011fi\u015ftirdi\u011fini g\u00f6steriyor.<\/p>\n<p>Gelin, daralan k\u00fcresel pazara ra\u011fmen stratejik derinli\u011fini art\u0131ran Y\u00fckselen \u00c7elik\u2019in 2025 faaliyet raporundan s\u00fcz\u00fclen en kritik ba\u015fl\u0131klar\u0131 bir analist g\u00f6z\u00fcyle inceleyelim.<\/p>\n<h3>2. K\u00fcresel Ayak \u0130zi: Chicago ve D\u00fcsseldorf Art\u0131k &#8220;Ev&#8221; Say\u0131l\u0131yor<\/h3>\n<p>Y\u00fckselen \u00c7elik, ihracat\u0131n\u0131 sadece \u00fcr\u00fcn g\u00f6ndermek olarak g\u00f6rmeyip, pazarda bizzat &#8220;bayrak dikerek&#8221; b\u00fcy\u00fcmeyi tercih etti. 2022 y\u0131l\u0131nda ABD\u2019nin sanayi kalbi Chicago\u2019da kurulan <b>Rising Steel Inc.<\/b> ve 2023 y\u0131l\u0131nda Almanya\u2019n\u0131n D\u00fcsseldorf \u015fehrinde faaliyete ge\u00e7en <b>Rising Stahl GmbH<\/b>, T\u00fcrk \u00e7eli\u011finin k\u00fcresel rekabet g\u00fcc\u00fcn\u00fc temsil ediyor.<\/p>\n<p>Bu ba\u011fl\u0131 ortakl\u0131klar, d\u00f6viz bazl\u0131 gelir yap\u0131s\u0131n\u0131 tahkim ederken \u015firketin uluslararas\u0131 bilinirli\u011fini de en \u00fcst seviyeye ta\u015f\u0131yor.<\/p>\n<p>&#8220;\u015eirket, faaliyet alan\u0131n\u0131 geni\u015fletmek, ihracat gelirini art\u0131rmak ve uluslararas\u0131 pazarda rekabet g\u00fcc\u00fc ile bilinirli\u011fini peki\u015ftirmek ad\u0131na yurt d\u0131\u015f\u0131nda %100 ba\u011fl\u0131 ortakl\u0131klar edinmi\u015ftir.&#8221;<\/p>\n<h3>3. Resesyona Kar\u015f\u0131 Operasyonel Verimlilik: 2025 Finansal Karnesi<\/h3>\n<p>2025 y\u0131l\u0131, enflasyon d\u00fczeltmesi (TMS 29) sonras\u0131 haz\u0131rlanan finansal tablolarda ilk bak\u0131\u015fta has\u0131lat daralmas\u0131yla dikkat \u00e7ekiyor. Ancak bir finansal analist i\u00e7in as\u0131l hikaye sat\u0131r aralar\u0131nda gizli. Has\u0131lat %44 oran\u0131nda gerilemesine ra\u011fmen, \u015firketin net zarar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re %61 oran\u0131nda azaltarak yakla\u015f\u0131k 485,5 milyon TRY\u2019den 187,7 milyon TRY seviyesine \u00e7ekmesi, ciddi bir &#8220;maliyet ve kriz y\u00f6netimi&#8221; ba\u015far\u0131s\u0131na i\u015faret ediyor.<\/p>\n<p>Bu d\u00f6nemde uygulanan <b>&#8220;Hareketli A\u011f\u0131rl\u0131kl\u0131 Ortalama&#8221; (Moving Weighted Average)<\/b> stok de\u011ferleme y\u00f6ntemi, y\u00fcksek enflasyon ortam\u0131nda sat\u0131\u015flar\u0131n maliyetini (831,2 milyon TRY) daha do\u011fru bir zemine oturtarak br\u00fct k\u00e2r marj\u0131n\u0131n korunmas\u0131na yard\u0131mc\u0131 oldu. Daha da \u00f6nemlisi, operasyonel \u00e7evikli\u011fin en net g\u00f6stergesi olan <b>ortalama tahsilat s\u00fcresi 165 g\u00fcnden 101 g\u00fcne indirilerek<\/b> nakit ak\u0131\u015f\u0131nda muazzam bir iyile\u015fme sa\u011fland\u0131.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TMS 29 Uyumlu)<\/td>\n<td>2024 Performans\u0131 (TRY)<\/td>\n<td>2025 Performans\u0131 (TRY)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.034.461.915<\/td>\n<td>1.131.220.229<\/td>\n<\/tr>\n<tr>\n<td><b>Net K\u00e2r \/ Zarar<\/b><\/td>\n<td>(485.582.909)<\/td>\n<td>(187.741.602)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: T\u00fcm veriler 31.12.2025 sat\u0131n alma g\u00fcc\u00fc baz al\u0131narak enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur.<\/i><\/p>\n<h3>4. 500 Milyon TRY\u2019lik Hamle: \u00d6zsermaye G\u00fc\u00e7lendirme Operasyonu<\/h3>\n<p>\u015eirket, finansal yap\u0131s\u0131n\u0131 bor\u00e7tan ar\u0131nd\u0131r\u0131p \u00f6zsermaye ile b\u00fcy\u00fctmek ad\u0131na kritik bir bedelli sermaye art\u0131r\u0131m\u0131n\u0131 ba\u015far\u0131yla y\u00f6netti. 250 milyon TRY olan \u00f6denmi\u015f sermaye, %100 nakit giri\u015fiyle <b>8 Ocak 2026<\/b> itibar\u0131yla 500 milyon TRY\u2019ye y\u00fckseltildi. Bu operasyon sadece bir nakit giri\u015fi de\u011fil, bir &#8220;bilan\u00e7o temizli\u011fi&#8221; hamlesidir:<\/p>\n<ul>\n<li><b>Bor\u00e7 Tasfiyesi:<\/b> Elde edilen fonun %70\u2019i do\u011frudan banka bor\u00e7lar\u0131n\u0131n kapat\u0131lmas\u0131na y\u00f6nlendirilerek finansal kald\u0131ra\u00e7 kontrol alt\u0131na al\u0131nd\u0131.<\/li>\n<li><b>Finansman Giderlerinde D\u00fc\u015f\u00fc\u015f:<\/b> 2024 y\u0131l\u0131nda 413,9 milyon TRY olan faiz giderleri, 2025 sonunda 184,4 milyon TRY seviyesine kadar gerileyerek \u015firketin \u00fczerindeki faiz y\u00fck\u00fcn\u00fc hafifletti.<\/li>\n<li><b>\u0130\u015fletme Sermayesi:<\/b> Fonun %30\u2019u \u00e7al\u0131\u015fma sermayesine eklenerek operasyonel s\u00fcreklilik g\u00fcvence alt\u0131na al\u0131nd\u0131.<\/li>\n<li><b>Likidite Kapasitesi:<\/b> Bor\u00e7luluk yap\u0131s\u0131n\u0131n sadele\u015fmesi, 2026 y\u0131l\u0131ndaki yeni yat\u0131r\u0131m d\u00f6ng\u00fcs\u00fc i\u00e7in \u015firkete geni\u015f bir hareket alan\u0131 kazand\u0131rd\u0131.<\/li>\n<\/ul>\n<h3>5. T\u00fcrkiye\u2019nin &#8220;Kal\u0131p \u00c7eli\u011fi Patentli&#8221; \u0130lk \u015eirketi Olmak<\/h3>\n<p>Y\u00fckselen \u00c7elik\u2019i s\u0131radan bir \u00e7elik t\u00fcccar\u0131ndan ay\u0131ran, 2009 y\u0131l\u0131nda ald\u0131\u011f\u0131 &#8220;T\u00fcrkiye\u2019nin kal\u0131p \u00e7eli\u011fi patentli ilk \u015firketi&#8221; \u00fcnvan\u0131d\u0131r. Bug\u00fcn 20\u2019ye yak\u0131n \u00f6zg\u00fcn \u00fcr\u00fcn tasar\u0131m\u0131yla \u015firket, otomotivden makineye kadar y\u00fcksek hassasiyet gerektiren sekt\u00f6rlere m\u00fchendislik \u00e7\u00f6z\u00fcmleri sunuyor.<\/p>\n<p>Portf\u00f6ydeki ala\u015f\u0131ml\u0131, ala\u015f\u0131ms\u0131z, paslanmaz ve tak\u0131m \u00e7elikleri sadece end\u00fcstriyel terimler de\u011fil; ayn\u0131 zamanda emtia fiyatlar\u0131ndaki dalgalanmalara kar\u015f\u0131 \u015firketi koruyan y\u00fcksek katma de\u011ferli \u00fcr\u00fcnlerdir. Bu &#8220;vas\u0131fl\u0131 \u00e7elik&#8221; odakl\u0131 yap\u0131, d\u00fc\u015f\u00fck marjl\u0131 standart \u00fcr\u00fcn piyasas\u0131na kar\u015f\u0131 Y\u00fckselen \u00c7elik i\u00e7in stratejik bir koruma kalkan\u0131 i\u015flevi g\u00f6r\u00fcyor.<\/p>\n<h3>6. Risk Y\u00f6netiminde G\u00f6r\u00fcnmez Z\u0131rh: Euler Hermes ve DBS<\/h3>\n<p>Finansal s\u00fcrd\u00fcr\u00fclebilirlik, sadece sat\u0131\u015f yapmakla de\u011fil, o sat\u0131\u015f\u0131n bedelini tahsil edebilmekle \u00f6l\u00e7\u00fcl\u00fcr. Y\u00fckselen \u00c7elik, alacak riskini y\u00f6netmek i\u00e7in sekt\u00f6r standartlar\u0131n\u0131n \u00fczerinde bir g\u00fcvenlik a\u011f\u0131 kurmu\u015f durumda:<\/p>\n<ul>\n<li><b>K\u00fcresel Sigorta \u015eemsiyesi:<\/b> Euler Hermes \u00fczerinden tam <b>486 USD bazl\u0131 m\u00fc\u015fteri i\u00e7in 7,8 milyon USD<\/b> ve <b>214 EUR bazl\u0131 m\u00fc\u015fteri i\u00e7in 2 milyon EUR<\/b> \u00fczerinde sigorta limiti tahsis edildi.<\/li>\n<li><b>Bankac\u0131l\u0131k Garantisi (DBS):<\/b> 13 farkl\u0131 bankadan al\u0131nan <b>159 milyon TRY \u00fczerindeki Do\u011frudan Bor\u00e7land\u0131rma Sistemi (DBS)<\/b> garantisiyle, yurt i\u00e7i 170 m\u00fc\u015fteriden gelecek \u00f6demeler banka g\u00fcvencesine al\u0131nd\u0131.<\/li>\n<\/ul>\n<h3>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Bir Soru<\/h3>\n<p>2025 y\u0131l\u0131 Y\u00fckselen \u00c7elik i\u00e7in bir &#8220;konsolidasyon ve z\u0131rh ku\u015fanma&#8221; y\u0131l\u0131 oldu. Has\u0131lat\u0131n darald\u0131\u011f\u0131 bir d\u00f6nemde nakit tahsilat s\u00fcresini 64 g\u00fcn k\u0131saltmak, net zarar\u0131 %60 oran\u0131nda azaltmak ve 2026 ba\u015f\u0131nda sermayeyi nakit giri\u015fiyle ikiye katlamak, y\u00f6netimin defansif ama ak\u0131lc\u0131 stratejisinin bir yans\u0131mas\u0131d\u0131r. Chicago ve D\u00fcsseldorf yap\u0131lanmas\u0131yla k\u00fcresel bir oyuncuya evrilen \u015firket, patentli \u00fcr\u00fcn gam\u0131yla sadece demir-\u00e7elik de\u011fil, bir m\u00fchendislik markas\u0131 olma yolunda ilerliyor.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> K\u00fcresel pazarda kal\u0131c\u0131 bir varl\u0131k g\u00f6stermek i\u00e7in sadece g\u00fc\u00e7l\u00fc bir nakit pozisyonu yeterli midir, yoksa patentli inovasyon ve operasyonel verimlilik mi as\u0131l oyun de\u011fi\u015ftiricidir?<\/p>\n<h1><span style=\"color: #0000ff;\">Y\u00fckselen \u00c7elik A.\u015e. 2025 Y\u0131l\u0131 Faaliyet ve Finansal Durum De\u011ferlendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Y\u00fckselen \u00c7elik A.\u015e., 2025 mali y\u0131l\u0131n\u0131 k\u00fcresel geni\u015fleme stratejisinin devam etti\u011fi ve sermaye yap\u0131s\u0131n\u0131n g\u00fc\u00e7lendirildi\u011fi bir d\u00f6nem olarak tamamlam\u0131\u015ft\u0131r. \u015eirket, 2025 y\u0131l\u0131 sonunda \u00f6denmi\u015f sermayesini %100 oran\u0131nda art\u0131rarak 500.000.000 TL&#8217;ye \u00e7\u0131karma s\u00fcrecini ba\u015flatm\u0131\u015f ve bu s\u00fcre\u00e7 Ocak 2026 itibar\u0131yla tamamlanm\u0131\u015ft\u0131r. Finansal performans a\u00e7\u0131s\u0131ndan, 2025 y\u0131l\u0131 gelirleri enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f bazda bir \u00f6nceki y\u0131la g\u00f6re %44,4 oran\u0131nda azalarak 1,13 milyar TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir. \u015eirket y\u0131l\u0131 187,7 milyon TL net d\u00f6nem zarar\u0131 ile kapatm\u0131\u015f olsa da, bu rakam 2024 y\u0131l\u0131ndaki 485,6 milyon TL&#8217;lik zarara oranla \u00f6nemli bir iyile\u015fmeyi temsil etmektedir. ABD ve Almanya&#8217;daki ba\u011fl\u0131 ortakl\u0131klar arac\u0131l\u0131\u011f\u0131yla uluslararas\u0131 pazarlardaki varl\u0131k korunurken, risk y\u00f6netimi kapsam\u0131nda alacak sigortas\u0131 ve nakit ak\u0131\u015f\u0131 optimizasyonuna odaklan\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h2>1. Kurumsal Profil ve Stratejik Yap\u0131<\/h2>\n<h3>1.1. \u015eirketin Tarih\u00e7esi ve Faaliyet Alan\u0131<\/h3>\n<p>1976 y\u0131l\u0131nda kurulan Y\u00fckselen \u00c7elik, vas\u0131fl\u0131 \u00e7elik sekt\u00f6r\u00fcnde uzmanla\u015fm\u0131\u015f olup, 2013 y\u0131l\u0131nda A.\u015e. unvan\u0131n\u0131 alm\u0131\u015f ve 2019 y\u0131l\u0131nda halka a\u00e7\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Ana Faaliyet:<\/b> Makine, otomotiv, kal\u0131p, gemi in\u015fa ve savunma sanayii gibi sekt\u00f6rler i\u00e7in karbon, ala\u015f\u0131ml\u0131, paslanmaz ve tak\u0131m \u00e7eliklerinin \u00fcretimi, ithalat\u0131, ihracat\u0131 ve sat\u0131\u015f\u0131.<\/li>\n<li><b>Kilometre Ta\u015flar\u0131:<\/b>\n<ul>\n<li>2009&#8217;da kal\u0131p \u00e7eli\u011fi patentli ilk T\u00fcrk \u015firketi \u00fcnvan\u0131.<\/li>\n<li>2013&#8217;te Ramateks Metal&#8217;in sat\u0131n al\u0131nmas\u0131.<\/li>\n<li>2017&#8217;de \u00c7elik Servis Merkezi&#8217;nin faaliyete ge\u00e7mesi.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla \u015firketin sermaye yap\u0131s\u0131 \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Bar\u0131\u015f G\u00f6kt\u00fcrk<\/td>\n<td>24,81<\/td>\n<td>124.033.816<\/td>\n<\/tr>\n<tr>\n<td>Y\u00fcksel G\u00f6kt\u00fcrk<\/td>\n<td>22,88<\/td>\n<td>114.394.765<\/td>\n<\/tr>\n<tr>\n<td>Burak G\u00f6kt\u00fcrk<\/td>\n<td>12,38<\/td>\n<td>61.922.533<\/td>\n<\/tr>\n<tr>\n<td>Ferhan G\u00f6kt\u00fcrk<\/td>\n<td>0,70<\/td>\n<td>3.521.127<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>39,23<\/td>\n<td>196.127.758<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>500.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130mtiyazl\u0131 Paylar:<\/b> A Grubu paylar\u0131n Genel Kurul&#8217;da 1 pay i\u00e7in 15 oy hakk\u0131 ve tasfiye memurlar\u0131n\u0131n se\u00e7iminde imtiyaz\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> 250 milyon TL olan sermayenin 500 milyon TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131na ili\u015fkin s\u00fcre\u00e7 04.12.2025&#8217;te onaylanm\u0131\u015f ve 08.01.2026&#8217;da tamamlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>1.3. K\u00fcresel Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<p>\u015eirket, ihracat gelirlerini art\u0131rmak amac\u0131yla iki stratejik b\u00f6lgede %100 ba\u011fl\u0131 ortakl\u0131\u011fa sahiptir:<\/p>\n<ul>\n<li><b>Rising Steel Inc. (ABD):<\/b> 2022&#8217;de \u015eikago\/\u0130llinois yak\u0131nlar\u0131nda kurulmu\u015ftur.<\/li>\n<li><b>Rising Stahl GmbH (Almanya):<\/b> 2023&#8217;te D\u00fcsseldorf&#8217;ta faaliyete ge\u00e7mi\u015ftir.<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi<\/h2>\n<p>2025 y\u0131l\u0131 finansal verileri, TMS 29 kapsam\u0131nda 31.12.2025 tarihli sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<h3>2.1. Gelir Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge (TL)<\/td>\n<td>2025 (Cari D\u00f6nem)<\/td>\n<td>2024 (\u00d6nceki D\u00f6nem)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>1.131.220.229<\/td>\n<td>2.034.461.915<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(831.208.660)<\/td>\n<td>(1.638.068.115)<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>300.011.569<\/td>\n<td>396.393.800<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>73.307.770<\/td>\n<td>162.423.425<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(215.805.226)<\/td>\n<td>(431.060.854)<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kayb\u0131<\/td>\n<td>(99.337.127)<\/td>\n<td>(258.739.146)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Zarar\u0131<\/b><\/td>\n<td><b>(187.741.602)<\/b><\/td>\n<td><b>(485.582.909)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Temel Analiz Bulgular\u0131:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Toplam sat\u0131\u015flar reel bazda azalm\u0131\u015ft\u0131r. Yurti\u00e7i sat\u0131\u015flar 1,06 milyar TL, ihracat ise 82,2 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Giderleri:<\/b> Faiz ve kur fark\u0131 giderlerinden olu\u015fan finansman y\u00fck\u00fc, zarar\u0131n temel nedenlerinden biri olmaya devam etmi\u015ftir; ancak 2024&#8217;e g\u00f6re %50&#8217;ye yak\u0131n bir d\u00fc\u015f\u00fc\u015f kaydedilmi\u015ftir.<\/li>\n<li><b>Net Parasal Pozisyon:<\/b> Enflasyon d\u00fczeltmesi kaynakl\u0131 99,3 milyon TL&#8217;lik net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Bilan\u00e7o Durumu<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 1.558.555.316 TL (2024: 2.013.492.503 TL). Varl\u0131klardaki d\u00fc\u015f\u00fc\u015f temel olarak stok ve ticari alacaklardaki azalmadan kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stoklar:<\/b> 624,7 milyon TL (2024: 866,7 milyon TL). \u015eirket stok seviyelerini optimize etmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 768,5 milyon TL. Sermaye art\u0131r\u0131m\u0131 sonras\u0131 \u00f6zkaynak yap\u0131s\u0131 korunmu\u015ftur.<\/li>\n<\/ul>\n<h2>3. Risk Y\u00f6netimi ve Ticari G\u00fcvenceler<\/h2>\n<p>\u015eirket, operasyonel ve finansal riskleri minimize etmek i\u00e7in \u00e7e\u015fitli mekanizmalar kullanmaktad\u0131r:<\/p>\n<ul>\n<li><b>Alacak Riski:<\/b> Ticari alacaklar Euler Hermes Sigorta A.\u015e. arac\u0131l\u0131\u011f\u0131yla sigortalanmaktad\u0131r. 31.12.2025 itibar\u0131yla 7,89 milyon USD ve 2,08 milyon EUR tutar\u0131nda sigorta teminat\u0131 bulunmaktad\u0131r. Ayr\u0131ca 13 banka taraf\u0131ndan tahsis edilmi\u015f 159,2 milyon TL tutar\u0131nda DBS (Do\u011frudan Bor\u00e7land\u0131rma Sistemi) limiti mevcuttur.<\/li>\n<li><b>Kur Riski:<\/b> \u015eirket, USD ve EUR bazl\u0131 y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle kur dalgalanmalar\u0131na a\u00e7\u0131kt\u0131r. Net yabanc\u0131 para pozisyonu 122,3 milyon TL (negatif) seviyesindedir.<\/li>\n<li><b>Likitide Riski:<\/b> Toplam 342,4 milyon TL tutar\u0131ndaki finansal bor\u00e7lar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu 1 y\u0131l i\u00e7inde \u00f6denecek k\u0131sa vadeli kredilerden olu\u015fmaktad\u0131r. Ortaklardan sa\u011flanan 237,3 milyon TL tutar\u0131ndaki borcun %70&#8217;i banka bor\u00e7lar\u0131n\u0131n geri \u00f6denmesinde kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>4. Ba\u011f\u0131ms\u0131z Denetim ve \u00d6nemli Denetim Konular\u0131<\/h2>\n<p>HSY Dan\u0131\u015fmanl\u0131k (Crowe Global) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda mali tablolar hakk\u0131nda <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirilmi\u015ftir.<\/p>\n<h3>4.1. Kilit Denetim Konular\u0131<\/h3>\n<ol>\n<li><b>Stoklar\u0131n Muhasebele\u015ftirilmesi:<\/b> Stoklar maliyet ve net ger\u00e7ekle\u015febilir de\u011ferin d\u00fc\u015f\u00fck olan\u0131 ile de\u011ferlenmektedir. Hareketli a\u011f\u0131rl\u0131kl\u0131 ortalama maliyet y\u00f6ntemi kullan\u0131lmaktad\u0131r. Stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131klar\u0131 tahminlere dayand\u0131\u011f\u0131 i\u00e7in kilit denetim konusu olarak belirlenmi\u015ftir.<\/li>\n<li><b>Has\u0131lat:<\/b> Gelirin tahakkuk esas\u0131na g\u00f6re ve risklerin devredildi\u011fi anda do\u011fru d\u00f6nemde kaydedilmesi denetimin odak noktalar\u0131ndan biri olmu\u015ftur.<\/li>\n<\/ol>\n<h2>5. Gelecek Beklentileri ve \u00d6nemli Geli\u015fmeler<\/h2>\n<ul>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> Ocak 2026&#8217;da tamamlanan sermaye art\u0131r\u0131m\u0131, \u015firketin likidite yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirecek ve finansman giderlerinin y\u00f6netimine katk\u0131 sa\u011flayacakt\u0131r.<\/li>\n<li><b>\u0130hracat Oda\u011f\u0131:<\/b> ABD ve Almanya \u015fubeleri \u00fczerinden Avrupa ve Kuzey Amerika pazarlar\u0131nda pazar pay\u0131n\u0131n art\u0131r\u0131lmas\u0131 hedeflenmektedir.<\/li>\n<li><b>Operasyonel Verimlilik:<\/b> Stok devir h\u0131z\u0131n\u0131n y\u00f6netimi (2025&#8217;te alacak tahsil s\u00fcresi 101 g\u00fcn, bor\u00e7 \u00f6deme s\u00fcresi 20 g\u00fcn olarak ger\u00e7ekle\u015fmi\u015ftir) ve nakit y\u00f6netiminin s\u0131k\u0131la\u015ft\u0131r\u0131lmas\u0131 \u00f6ncelikli g\u00fcndem maddeleridir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: Y\u00fckselen \u00c7elik 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Sermaye Art\u0131r\u0131m\u0131 ve K\u00fcresel Ad\u0131mlar \u00d6ne \u00c7\u0131k\u0131yor<br \/>\n&#8220;Y\u00fckselen \u00c7elik&#8217;in 2025 y\u0131l\u0131 faaliyet raporu, \u015firketin finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirme ve k\u00fcresel pazarlarda derinle\u015fme stratejisini g\u00f6zler \u00f6n\u00fcne seriyor. \u00d6denmi\u015f sermayesini 500 milyon TL&#8217;ye \u00e7\u0131karan ve ABD ile Almanya&#8217;daki i\u015ftirakleriyle ihracat a\u011f\u0131n\u0131 geni\u015fleten \u015firket, zorlu piyasa ko\u015fullar\u0131na ra\u011fmen net zarar kaleminde ge\u00e7en y\u0131la oranla belirgin bir iyile\u015fme kaydetti. Ar-Ge odakl\u0131 \u00fcretim modeli ve s\u00fcrd\u00fcr\u00fclebilirlik raporuyla dikkat \u00e7eken Y\u00fckselen \u00c7elik\u2019in 2025 y\u0131l\u0131ndaki t\u00fcm stratejik hamlelerini ve finansal tablolar\u0131n\u0131n detaylar\u0131n\u0131 inceledi\u011fimiz yaz\u0131m\u0131z yay\u0131nda!&#8221;<\/p>\n","protected":false},"author":2,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[253],"class_list":["post-1187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-yksln"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1187"}],"version-history":[{"count":6,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1187\/revisions"}],"predecessor-version":[{"id":1195,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1187\/revisions\/1195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}