{"id":1645,"date":"2026-03-05T14:45:44","date_gmt":"2026-03-05T11:45:44","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1645"},"modified":"2026-03-05T16:47:29","modified_gmt":"2026-03-05T13:47:29","slug":"brsan-bilano-analizi-202512-borusan-birleik-boru-fabrikalar-sanayi-ve-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1645","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 BRSAN Bilan\u00e7o Analizi 2025\/12 | Borusan Birle\u015fik Boru Fabrikalar\u0131 Sanayi ve Ticaret A.\u015e."},"content":{"rendered":"<p><iframe data-testid=\"embed-iframe\" style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/0O76ESxzyqOGb6z5zD1Gce?utm_source=generator&#038;t=0\" width=\"100%\" height=\"352\" frameBorder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\"><\/iframe><\/p>\n<h1>Borusan\u2019\u0131n 2025 Finansal D\u00f6n\u00fc\u015f\u00fcm\u00fc: Rakamlar\u0131n \u00d6tesindeki 5 Kritik Geli\u015fme<\/h1>\n<h2>1. Giri\u015f: Devlerin Sessiz D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h2>\n<p>Sanayi devlerinin finansal tablolar\u0131, \u00e7o\u011fu zaman sadece rakamlardan ibaret so\u011fuk belgeler olarak alg\u0131lan\u0131r. Oysa bir k\u0131demli analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda bu tablolar, bir \u015firketin k\u00fcresel arenadaki hayatta kalma stratejisinin, operasyonel \u00e7evikli\u011finin ve b\u00fcy\u00fcme i\u015ftah\u0131n\u0131n g\u00fcn\u00fc g\u00fcn\u00fcne tutulmu\u015f profesyonel g\u00fcnl\u00fc\u011f\u00fcd\u00fcr. Borusan Birle\u015fik Boru&#8217;nun 31 Aral\u0131k 2025 tarihli konsolide finansal raporu, sadece yat\u0131r\u0131mc\u0131lar i\u00e7in bir karne de\u011fil; T\u00fcrk sanayisinin k\u00fcresel tedarik zincirindeki yerini nas\u0131l sa\u011flamla\u015ft\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6steren stratejik bir yol haritas\u0131d\u0131r. Borusan\u2019\u0131n 2025 y\u0131l\u0131ndaki bu b\u00fcy\u00fck mali d\u00f6n\u00fc\u015f\u00fcm\u00fc, operasyonel bir toparlanmadan ziyade, k\u00fcresel bir oyun kuruculu\u011fun tescilidir. Peki, bu bilan\u00e7onun derinliklerinde hangi hikayeler gizli?<\/p>\n<h2>2. Zarardan K\u00e2ra: Operasyonel Kald\u0131ra\u00e7 ve Marj Geni\u015flemesi<\/h2>\n<p>Borusan Birle\u015fik Boru i\u00e7in 2025 y\u0131l\u0131, &#8220;b\u00fcy\u00fck geri d\u00f6n\u00fc\u015f&#8221; (turnaround) y\u0131l\u0131 olarak kay\u0131tlara ge\u00e7mi\u015ftir. Ancak as\u0131l hikaye sadece net k\u00e2ra ge\u00e7i\u015f de\u011fil, bu k\u00e2r\u0131n nas\u0131l \u00fcretildi\u011fidir. Has\u0131lat yakla\u015f\u0131k %30 oran\u0131nda artarken, \u015firketin <b>Br\u00fct K\u00e2r\u0131 (Gross Profit)<\/b> 3,6 milyar TL\u2019den <b>6,0 milyar TL\u2019ye<\/b> \u00e7\u0131karak adeta katlanm\u0131\u015ft\u0131r.<\/p>\n<p>Bu durum, \u015firketin maliyet y\u00f6netimindeki ba\u015far\u0131s\u0131n\u0131 ve operasyonel kald\u0131ra\u00e7 g\u00fcc\u00fcn\u00fc g\u00f6stermektedir. 2024 y\u0131l\u0131nda %6,5 seviyesinde olan br\u00fct k\u00e2r marj\u0131, 2025 y\u0131l\u0131nda %8,4\u2019e y\u00fckselmi\u015ftir. Bu marj geni\u015flemesi, \u015firketi 226 milyon TL\u2019lik zarardan 1,27 milyar TL\u2019lik net k\u00e2ra ta\u015f\u0131yan motor g\u00fc\u00e7 olmu\u015ftur.<\/p>\n<ul>\n<li><b>2024 Net D\u00f6nem Zarar\u0131: 226,6 Milyon TL<\/b><\/li>\n<li><b>2025 Net D\u00f6nem K\u00e2r\u0131: 1,27 Milyar TL<\/b><\/li>\n<\/ul>\n<h2>3. K\u00fcresel Bir Oyuncu: USD Fonksiyonel Para Birimi Stratejisi<\/h2>\n<p>Borusan\u2019\u0131n has\u0131lat yap\u0131s\u0131, yerel bir \u00fcreticiden k\u00fcresel bir dev haline geli\u015finin en net kan\u0131t\u0131d\u0131r. 71,4 milyar TL\u2019lik toplam has\u0131lat\u0131n %85\u2019ine tekab\u00fcl eden <b>60,7 milyar TL&#8217;si<\/b> yurt d\u0131\u015f\u0131 sat\u0131\u015flardan elde edilmi\u015ftir. Ancak bir analist i\u00e7in buradaki as\u0131l stratejik detay <b>Not 2.2<\/b>\u2019de gizlidir: \u015eirket, finansal tablolar\u0131n\u0131 TL olarak raporlasa da operasyonel ekonomisini <b>USD (Amerikan Dolar\u0131)<\/b> \u00fczerinden y\u00f6netmektedir.<\/p>\n<p>USD\u2019nin &#8220;i\u015flevsel para birimi&#8221; olarak belirlenmesi, Borusan Pipe US ve Berg Pipe gibi Kuzey Amerika enerji sekt\u00f6r\u00fcnde dominant rol oynayan i\u015ftirakler i\u00e7in do\u011fal bir hedge (koruma) sa\u011flamaktad\u0131r. Bu yap\u0131, \u015firketin ana ekonomisini yerel para birimi volatilitesinden koruyarak k\u00fcresel piyasalarda rekabet\u00e7i kalmas\u0131n\u0131 sa\u011flamaktad\u0131r. \u0130talya (Vobarno) ve Romanya\u2019daki operasyonlarla birle\u015fti\u011finde Borusan, art\u0131k geliri d\u00f6viz, stratejisi k\u00fcresel bir &#8220;\u00e7elik boru teknoloji merkezi&#8221; g\u00f6r\u00fcn\u00fcm\u00fcndedir.<\/p>\n<h2>4. Stratejik Birle\u015fme: BMB Holding ve Tam Kontrol<\/h2>\n<p>10 Ocak 2025 tarihinde tamamlanan BMB Holding A.\u015e. birle\u015fmesi, grubun organizasyonel \u015femas\u0131ndaki karma\u015f\u0131kl\u0131\u011f\u0131 gideren ve sermaye yap\u0131s\u0131n\u0131 sadele\u015ftiren kritik bir hamledir. Bu birle\u015fme, sadece mali bir konsolidasyon de\u011fil, ayn\u0131 zamanda stratejik bir kontrol operasyonudur.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda bu birle\u015fmenin \u0130talya operasyonlar\u0131 (Vobarno) \u00fczerindeki etkisi \u015fu \u015fekilde belirtilmi\u015ftir:<\/p>\n<p>&#8220;BMB Holding A.\u015e.\u2019nin devir al\u0131nmas\u0131yla sonu\u00e7lanan birle\u015fme i\u015flemi sonras\u0131nda&#8230; Borusan Vobarno Tubi SPA pay\u0131 %100\u2019e ula\u015fm\u0131\u015ft\u0131r.&#8221;<\/p>\n<p>Bu hamle ile &#8220;Kontrol G\u00fcc\u00fc Olmayan Paylar&#8221; (Non-controlling interests) bilan\u00e7odan temizlenmi\u015f ve \u0130talya&#8217;daki operasyonel s\u00fcre\u00e7lerin y\u00f6netimi tamamen grubun kontrol\u00fcne ge\u00e7mi\u015ftir.<\/p>\n<h2>5. Denetimin Oda\u011f\u0131ndaki Hassas Nokta: Has\u0131lat ve Incoterms<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan haz\u0131rlanan raporun &#8220;Kilit Denetim Konular\u0131&#8221; b\u00f6l\u00fcm\u00fcnde, has\u0131lat\u0131n kaydedilmesi en kritik ba\u015fl\u0131k olarak se\u00e7ilmi\u015ftir. \u015eirketin \u00fcretiminin %85&#8217;inden fazlas\u0131n\u0131 ihra\u00e7 etmesi, &#8220;Has\u0131lat ne zaman kaydedilmeli?&#8221; sorusunu teknik bir zorunlulu\u011fa d\u00f6n\u00fc\u015ft\u00fcrmektedir. EY, \u00f6zellikle <b>Note 25<\/b> kapsam\u0131nda has\u0131lat\u0131n do\u011frulu\u011funu teyit etmek i\u00e7in teslim \u015fekillerine (<b>Incoterms<\/b>) odaklanm\u0131\u015ft\u0131r.<\/p>\n<p>Denetim s\u00fcrecinde uygulanan prosed\u00fcrler yat\u0131r\u0131mc\u0131lar i\u00e7in g\u00fcven in\u015fa etmektedir:<\/p>\n<ul>\n<li>M\u00fc\u015fteri s\u00f6zle\u015fmeleri incelenerek has\u0131lat\u0131n finansal tablolara al\u0131nma zamanlamas\u0131 (risk ve getirinin devri) de\u011ferlendirilmi\u015ftir.<\/li>\n<li>Fatura do\u011frulu\u011fu test edilmi\u015f; sevk irsaliyeleri ve tahsilat makbuzlar\u0131 ile e\u015fle\u015ftirmeler yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li>\u00d6zellikle ihracat operasyonlar\u0131nda, teslimat \u015fartlar\u0131n\u0131n (Incoterms) do\u011fru muhasebele\u015ftirilip muhasebele\u015ftirilmedi\u011fi titizlikle incelenmi\u015ftir.<\/li>\n<li>Ticari alacaklar i\u00e7in do\u011frudan \u00fc\u00e7\u00fcnc\u00fc taraflardan konfirmasyon (do\u011frulama) al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. Varl\u0131k Y\u00f6netimi: &#8220;Yoldaki Mallar&#8221;daki 8 Katl\u0131k Patlama<\/h2>\n<p>Borusan\u2019\u0131n bilan\u00e7osu 55,4 milyar TL\u2019den <b>76,1 milyar TL\u2019ye<\/b> y\u00fckselerek ciddi bir b\u00fcy\u00fcme sergilemi\u015ftir. Bilan\u00e7onun en \u00e7arp\u0131c\u0131 geli\u015fmesi ise stok kaleminde ya\u015fanm\u0131\u015ft\u0131r. Toplam stoklar 19,3 milyar TL\u2019ye ula\u015f\u0131rken, <b>Not 11<\/b> alt\u0131ndaki &#8220;Yoldaki Mallar&#8221; (Goods in transit) kalemi 488 milyon TL\u2019den <b>3,9 milyar TL\u2019ye<\/b> f\u0131rlam\u0131\u015ft\u0131r.<\/p>\n<p>Bu yakla\u015f\u0131k 8 katl\u0131k art\u0131\u015f, rastgele bir stok \u015fi\u015fmesi de\u011fildir. Bu veri, 2025 sonu itibar\u0131yla devasa bir k\u00fcresel sevkiyat pipeline&#8217;\u0131n\u0131n (boru hatt\u0131n\u0131n) yolda oldu\u011funu ve 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde bu mallar\u0131n sat\u0131\u015fa (ve nakde) d\u00f6nece\u011fini m\u00fcjdeleyen bir \u00f6nc\u00fc g\u00f6stergedir. Ayr\u0131ca, 5,4 milyar TL seviyesindeki g\u00fc\u00e7l\u00fc likidite pozisyonu, grubun bu b\u00fcy\u00fcme ivmesini finanse edecek nakit g\u00fcc\u00fcne sahip oldu\u011funu g\u00f6stermektedir.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe G\u00fcvenle Bakmak<\/h2>\n<p>2025 y\u0131l\u0131 verileri b\u00fct\u00fcnsel olarak de\u011ferlendirildi\u011finde, Borusan Birle\u015fik Boru\u2019nun mali yap\u0131s\u0131n\u0131 &#8220;operasyonel m\u00fckemmellik&#8221; ve &#8220;k\u00fcresel geni\u015fleme&#8221; ekseninde yeniden kurgulad\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Ba\u011f\u0131ms\u0131z denet\u00e7i kurulu\u015f EY\u2019nin sundu\u011fu &#8220;makul g\u00fcvence&#8221; (reasonable assurance), kurumsal ve bireysel yat\u0131r\u0131mc\u0131lar i\u00e7in bir &#8220;ye\u015fil \u0131\u015f\u0131k&#8221; niteli\u011findedir. Br\u00fct k\u00e2r marj\u0131ndaki iyile\u015fme, USD bazl\u0131 fonksiyonel para birimi y\u00f6netimi ve yoldaki mallardaki devasa art\u0131\u015f, Borusan\u2019\u0131n sadece 2025\u2019i kurtarmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda 2026\u2019n\u0131n b\u00fcy\u00fcme zeminini de haz\u0131rlad\u0131\u011f\u0131n\u0131 kan\u0131tlamaktad\u0131r.<\/p>\n<p>K\u00fcresel ekonomik dalgalanmalar\u0131n ve jeopolitik risklerin ortas\u0131nda, \u00fcretimin %85&#8217;inden fazlas\u0131n\u0131 d\u00fcnya pazarlar\u0131na satan bir sanayi devi i\u00e7in 2026 y\u0131l\u0131 hangi yeni f\u0131rsatlar\u0131 getirecek? Cevap, Borusan&#8217;\u0131n k\u00fcresel enerji projelerindeki stratejik i\u015ftah\u0131nda gizli.<\/p>\n<h1>Borusan Birle\u015fik Boru Fabrikalar\u0131 Sanayi ve Ticaret A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Bilgilendirme Raporu<\/h1>\n<p>Bu belge, Borusan Birle\u015fik Boru Fabrikalar\u0131 Sanayi ve Ticaret A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren mali y\u0131la ait konsolide finansal tablolar\u0131n\u0131, ba\u011f\u0131ms\u0131z denet\u00e7i raporunu ve \u00f6nemli operasyonel geli\u015fmeleri sentezleyen kapsaml\u0131 bir bilgilendirme d\u00f6k\u00fcman\u0131d\u0131r.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemi, Grup i\u00e7in operasyonel b\u00fcy\u00fcme ve finansal toparlanma y\u0131l\u0131 olmu\u015ftur. Bir \u00f6nceki y\u0131l kaydedilen net d\u00f6nem zarar\u0131ndan g\u00fc\u00e7l\u00fc bir net kara ge\u00e7i\u015f yap\u0131lm\u0131\u015f; has\u0131lat ve toplam varl\u0131klarda belirgin art\u0131\u015flar kaydedilmi\u015ftir.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (EY), finansal tablolar\u0131n TFRS\u2019ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir.<\/li>\n<li><b>Finansal Performans:<\/b> 2024 y\u0131l\u0131ndaki 226,6 milyon TL ana ortakl\u0131k pay\u0131 zarar\u0131ndan, 2025 y\u0131l\u0131nda 1,27 milyar TL net kara ula\u015f\u0131lm\u0131\u015ft\u0131r. Toplam has\u0131lat %29,7 art\u0131\u015fla 71,45 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Stratejik Birle\u015fme:<\/b> 10 Ocak 2025 tarihinde BMB Holding A.\u015e.&#8217;nin t\u00fcm aktif ve pasifiyle devral\u0131nmas\u0131 s\u00fcreci tamamlanm\u0131\u015f, bu durum ortakl\u0131k yap\u0131s\u0131nda ve kontrol oranlar\u0131nda de\u011fi\u015fikliklere yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u00fcresel Yap\u0131:<\/b> Grup, T\u00fcrkiye&#8217;nin yan\u0131 s\u0131ra ABD, \u0130talya, Romanya, Almanya ve Hollanda&#8217;daki i\u015ftirakleri \u00fczerinden k\u00fcresel bir operasyon y\u00fcr\u00fctmektedir. Sat\u0131\u015flar\u0131n yakla\u015f\u0131k %85&#8217;i yurt d\u0131\u015f\u0131 piyasalara y\u00f6neliktir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Ba\u011f\u0131ms\u0131z Denetim Analizi ve Kilit Konular<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcreci, KGK taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Denetim Standartlar\u0131 (BDS) \u00e7er\u00e7evesinde y\u00fcr\u00fct\u00fclm\u00fc\u015f ve 26 \u015eubat 2026 tarihinde raporlanm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Kilit Denetim Konular\u0131<\/h3>\n<p>Denet\u00e7i, finansal tablolar\u0131n denetiminde en \u00e7ok \u00f6nem arz eden iki temel alan\u0131 belirlemi\u015ftir:<\/p>\n<ul>\n<li><b>Has\u0131lat\u0131n Finansal Tablolara Kaydedilmesi:<\/b> Grup has\u0131lat\u0131n\u0131n tamam\u0131 boru sat\u0131\u015flar\u0131ndan kaynaklanmaktad\u0131r. Has\u0131lat\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc ve do\u011fru d\u00f6nemde muhasebele\u015ftirilmesi (kesili\u015f testleri, teslim \u015fekilleri ve fatura do\u011frulamalar\u0131) denetimin odak noktas\u0131 olmu\u015ftur.<\/li>\n<li><b>Topluluk Denetimi:<\/b> Grup varl\u0131klar\u0131n\u0131n ve has\u0131lat\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 olu\u015fturan yurt d\u0131\u015f\u0131 ba\u011fl\u0131 ortakl\u0131klar\u0131n denetimi ba\u015fka denetim firmalar\u0131 taraf\u0131ndan ger\u00e7ekle\u015ftirilmi\u015ftir. Bu durum, ana denet\u00e7inin (EY) di\u011fer denet\u00e7ilerle koordinasyonunu, saha ziyaretlerini ve \u00e7al\u0131\u015fma ka\u011f\u0131tlar\u0131n\u0131n incelenmesini kritik bir s\u00fcre\u00e7 haline getirmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Y\u00f6netimin Sorumluluklar\u0131<\/h3>\n<p>Grup y\u00f6netimi, tablolar\u0131n hata veya hile i\u00e7ermeyecek \u015fekilde TFRS\u2019ye uygun haz\u0131rlanmas\u0131ndan ve i\u015fletmenin s\u00fcreklili\u011fi esas\u0131n\u0131n uygulanmas\u0131ndan sorumludur. \u00dcst y\u00f6netim ise finansal raporlama s\u00fcrecinin g\u00f6zetimi ile g\u00f6revlendirilmi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Finansal Performans ve Kar\/Zarar Analizi<\/h2>\n<p>Grup, 2025 y\u0131l\u0131nda br\u00fct karl\u0131l\u0131k ve esas faaliyet kar\u0131 kalemlerinde ciddi bir ivme yakalam\u0131\u015ft\u0131r.<\/p>\n<h3>\u00d6nemli Gelir Tablosu Verileri (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>71.453.576<\/td>\n<td>55.065.658<\/td>\n<td>+29,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(65.442.494)<\/td>\n<td>(51.458.673)<\/td>\n<td>+27,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>6.011.082<\/td>\n<td>3.606.985<\/td>\n<td>+66,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>3.066.266<\/td>\n<td>1.709.296<\/td>\n<td>+79,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (Net)<\/b><\/td>\n<td>(1.120.295)<\/td>\n<td>(1.915.493)<\/td>\n<td>-41,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>1.271.661<\/td>\n<td>(227.688)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Performans Detaylar\u0131:<\/b><\/p>\n<ul>\n<li><b>Sat\u0131\u015f Da\u011f\u0131l\u0131m\u0131:<\/b> Toplam 71,45 milyar TL&#8217;lik sat\u0131\u015f\u0131n 60,75 milyar TL&#8217;si (%85) yurt d\u0131\u015f\u0131, 10,7 milyar TL&#8217;si (%15) yurt i\u00e7i sat\u0131\u015flardan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Gider Yap\u0131s\u0131:<\/b> Personel giderleri 8,58 milyar TL ile en b\u00fcy\u00fck operasyonel gider kalemini olu\u015ftururken, bunu amortisman ve itfa paylar\u0131 (1,97 milyar TL) takip etmektedir.<\/li>\n<li><b>Finansman Etkisi:<\/b> Finansman giderlerindeki azalma, karl\u0131l\u0131\u011f\u0131n toparlanmas\u0131nda \u00f6nemli bir rol oynam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>Grup&#8217;un varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc 2025 y\u0131l\u0131nda %37,4 oran\u0131nda artarak 76,2 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<h3>\u00d6nemli Bilan\u00e7o Verileri (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar ve Kaynaklar<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>37.468.163<\/td>\n<td>24.612.142<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>38.718.806<\/td>\n<td>30.826.913<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>76.186.969<\/b><\/td>\n<td><b>55.439.055<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>31.758.219<\/td>\n<td>19.012.272<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>6.693.874<\/td>\n<td>6.324.675<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>37.734.876<\/b><\/td>\n<td><b>30.102.108<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Varl\u0131k ve Y\u00fck\u00fcml\u00fcl\u00fck Notlar\u0131:<\/b><\/p>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> Nakit ve nakit benzerleri 2,36 milyar TL&#8217;den 5,46 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Stok Y\u00f6netimi:<\/b> Stok seviyesi 12,4 milyar TL&#8217;den 19,3 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. Bu art\u0131\u015fta hammadde ve malzeme stoklar\u0131 ile mamul stoklar\u0131ndaki art\u0131\u015f etkilidir.<\/li>\n<li><b>Bor\u00e7lanma Durumu:<\/b> Toplam banka kredileri (k\u0131sa ve uzun vadeli toplam) yakla\u015f\u0131k 12,3 milyar TL seviyesindedir. ABD&#8217;deki ba\u011fl\u0131 ortakl\u0131k Borusan Pipe\u2019\u0131n kredileri, \u015firketin sabit k\u0131ymet, alacak ve stoklar\u0131 ile teminat alt\u0131na al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynak G\u00fcc\u00fc:<\/b> Birikmi\u015f yabanc\u0131 para \u00e7evrim farklar\u0131n\u0131n \u00f6zkaynaklar \u00fczerindeki etkisi toplamda yakla\u015f\u0131k 28,48 milyar TL pozitif katk\u0131 sa\u011flamaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Kurumsal Geli\u015fmeler ve Organizasyonel Yap\u0131<\/h2>\n<h3>5.1. BMB Holding Birle\u015fmesi ve Ortakl\u0131k De\u011fi\u015fimi<\/h3>\n<p>10 Ocak 2025&#8217;te tamamlanan birle\u015fme neticesinde BMB Holding A.\u015e. tasfiye olmu\u015f ve Borusan Birle\u015fik Boru b\u00fcnyesine kat\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li>3 Aral\u0131k 2025 itibar\u0131yla Borusan Holding A.\u015e., \u015fahsi hissedarlardan (N\u00fckhet \u00d6zmen, Nurhan Kocab\u0131y\u0131k, Zeynep Hamedi) pay devralarak \u015eirket sermayesindeki pay\u0131n\u0131 %64,40&#8217;tan %72,04&#8217;e \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<li>BMB Holding&#8217;in elindeki %1&#8217;lik Borusan Vobarno Tubi SPA hissesi \u015eirket&#8217;e ge\u00e7mi\u015f, b\u00f6ylece bu ba\u011fl\u0131 ortakl\u0131ktaki pay %100&#8217;e ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>5.2. K\u00fcresel Operasyonel \u0130\u015ftirakler<\/h3>\n<p>Grup, boru \u00fcretimi ve lojisti\u011fi alan\u0131nda d\u00fcnya genelinde geni\u015f bir a\u011fa sahiptir:<\/p>\n<ul>\n<li><b>ABD:<\/b> Borusan Pipe US, Berg Pipe grubu ve 2025&#8217;te kurulan Borusan Berg Pipe Logistics Corp.<\/li>\n<li><b>Avrupa:<\/b> Borusan Vobarno (\u0130talya), Borusan Tube Romania (Romanya), Borusan Tube Germany (Almanya) ve Borusan Pipe Espana (\u0130spanya).<\/li>\n<li><b>Personel:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla toplam \u00e7al\u0131\u015fan say\u0131s\u0131 2.292&#8217;dir (1.772 mavi yaka, 520 beyaz yaka).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Kritik Muhasebe Politikalar\u0131 ve Tahminler<\/h2>\n<ul>\n<li><b>\u0130\u015flevsel Para Birimi:<\/b> Grup, operasyonel ortam\u0131n\u0131 de\u011ferlendirerek fonksiyonel para birimini <b>ABD Dolar\u0131 (USD)<\/b> olarak belirlemi\u015ftir. Raporlama ise T\u00fcrk Liras\u0131 (TL) \u00fczerinden yap\u0131lmaktad\u0131r.<\/li>\n<li><b>Yeniden De\u011ferleme Modeli:<\/b> Grup; arazi, bina, makine ve te\u00e7hizatlar\u0131 i\u00e7in maliyet y\u00f6ntemi yerine yeniden de\u011ferleme modelini uygulamaktad\u0131r. 31 Aral\u0131k 2025 itibar\u0131yla bu varl\u0131klar ba\u011f\u0131ms\u0131z ekspertiz raporlar\u0131na dayanarak ger\u00e7e\u011fe uygun de\u011ferleriyle tablolanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7elik Yat\u0131r\u0131m\u0131:<\/b> Grup, Bor\u00e7elik \u00c7elik Sanayi ve Ticaret A.\u015e.\u2019nin %11,78 hissesine sahiptir. Bu yat\u0131r\u0131m &#8220;Ger\u00e7e\u011fe uygun de\u011feri di\u011fer kapsaml\u0131 gelire yans\u0131t\u0131lan finansal varl\u0131k&#8221; olarak 4,12 milyar TL de\u011ferle izlenmektedir.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> 31 Aral\u0131k 2025 tarihli yasal mali tablolar, ilgili kanun de\u011fi\u015fikli\u011fi uyar\u0131nca enflasyon d\u00fczeltmesine tabi tutulmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>7. Gelece\u011fe Y\u00f6nelik Taahh\u00fctler ve Riskler<\/h2>\n<ul>\n<li><b>\u0130hracat Taahh\u00fctleri:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla 216,1 milyon USD tutar\u0131nda ihracat taahh\u00fcd\u00fc bulunmaktad\u0131r.<\/li>\n<li><b>D\u00f6viz Riski Y\u00f6netimi:<\/b> Grup, kur de\u011fi\u015fimlerinden korunmak amac\u0131yla GBP\/USD, EUR\/USD ve TL\/USD paritelerinde vadeli d\u00f6viz (forward) i\u015flemleri ger\u00e7ekle\u015ftirmektedir.<\/li>\n<li><b>Finansal Garantiler:<\/b> Grup&#8217;un kendi t\u00fczel ki\u015fili\u011fi ve konsolidasyona dahil ortakl\u0131klar lehine verdi\u011fi toplam teminat, rehin ve ipotek (TR\u0130) tutar\u0131 yakla\u015f\u0131k 6,8 milyar TL kar\u015f\u0131l\u0131\u011f\u0131ndad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1645\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Borusan Pipe 2025 Y\u0131l\u0131nda K\u00fcresel Sat\u0131\u015flar\u0131yla Rekor K\u00e2rl\u0131l\u0131\u011fa Ula\u015ft\u0131!<br \/>\nBorusan Birle\u015fik Boru Fabrikalar\u0131, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Yurt d\u0131\u015f\u0131 pazarlardaki etkinli\u011fini art\u0131ran \u015firket, has\u0131lat\u0131n\u0131 71,4 milyar TL seviyesine ta\u015f\u0131yarak ge\u00e7ti\u011fimiz y\u0131l\u0131n zarar tablosunu 1,27 milyar TL\u2019lik net k\u00e2rla geride b\u0131rakt\u0131. Stratejik birle\u015fmeler ve operasyonel verimlilikle \u00f6zkaynaklar\u0131n\u0131 37,7 milyar TL&#8217;ye \u00e7\u0131karan Borusan Pipe, 2025 y\u0131l\u0131n\u0131 hem finansal hem de yap\u0131sal a\u00e7\u0131dan b\u00fcy\u00fck bir de\u011fi\u015fimle kapatt\u0131. \u015eirketin ihracat odakl\u0131 b\u00fcy\u00fcme stratejisi ve gelecek vizyonuna dair t\u00fcm finansal detaylar analizimizde.<br \/>\nDaha fazla detay ve finansal tablolar\u0131n tam analizi i\u00e7in yaz\u0131n\u0131n devam\u0131n\u0131 okuyun.<\/p>\n","protected":false},"author":6,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[286],"class_list":["post-1645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-brsan"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1645","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1645"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1645\/revisions"}],"predecessor-version":[{"id":1648,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1645\/revisions\/1648"}],"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=1645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}