{"id":1822,"date":"2026-03-12T00:33:38","date_gmt":"2026-03-11T21:33:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1822"},"modified":"2026-03-12T00:43:56","modified_gmt":"2026-03-11T21:43:56","slug":"sarky-bilano-analizi-202512-sarkuysan-elektrolitik-bakr-sanayi-as","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1822","title":{"rendered":"\ud83d\udd34 SARKY Bilan\u00e7o Analizi 2025\/12 | Sarkuysan Elektrolitik Bak\u0131r Sanayi AS"},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/6XVepOZvZJbZLA9U1LahU1?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Sarkuysan\u2019\u0131n 2025 Y\u0131l\u0131 Finansal Yolculu\u011fu: Dev Rakamlar, Enflasyon Muhasebesi ve K\u00fcresel B\u00fcy\u00fcme Hakk\u0131nda Bilmeniz Gereken 5 \u015eey<\/h1>\n<p>Bak\u0131r, modern d\u00fcnya ekonomisinin damarlar\u0131nda akan kan gibidir; yenilenebilir enerjiden elektrikli ara\u00e7lara, in\u015faattan y\u00fcksek teknolojiye kadar her stratejik sekt\u00f6r\u00fcn merkezinde yer al\u0131r. T\u00fcrkiye\u2019nin sanayi devlerinden biri olan Sarkuysan\u2019\u0131n 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131, sadece bir \u015firketin performans\u0131n\u0131 de\u011fil, ayn\u0131 zamanda T\u00fcrk sanayisinin enflasyonist f\u0131rt\u0131nalarda nas\u0131l bir diren\u00e7 g\u00f6sterdi\u011fini anlamak i\u00e7in &#8220;zorunlu okuma&#8221; niteli\u011fi ta\u015f\u0131yor. Bir finansal analist g\u00f6z\u00fcyle, bu bilan\u00e7o bize rakamlar\u0131n \u00f6tesinde bir adaptasyon hikayesi anlat\u0131yor.<\/p>\n<p>\u0130\u015fte Sarkuysan&#8217;\u0131n 2025 finansal haritas\u0131n\u0131 okurken bilmeniz gereken 5 kritik nokta:<\/p>\n<h3>1. Enflasyon Muhasebesinin (TMS 29) G\u00f6r\u00fcnmez Etkisi: Borcun &#8220;Erimesi&#8221;<\/h3>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131n en belirleyici unsuru, TMS 29 kapsam\u0131nda uygulanan enflasyon muhasebesidir. Bu uygulama, rakamlar\u0131 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne \u00e7ekerek &#8220;ger\u00e7ek\u00e7i&#8221; bir zemin sunuyor.<\/p>\n<p>Analizimizde en \u00e7ok dikkat \u00e7eken kalem, Dipnot 41&#8217;de yer alan <b>&#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131&#8221;<\/b> oldu. 2024 y\u0131l\u0131nda 114,5 milyon TL tutar\u0131nda bir &#8220;kay\u0131p&#8221; varken, 2025 y\u0131l\u0131nda <b>969.883.965 TL<\/b> tutar\u0131nda devasa bir kazan\u00e7 kaydedilmi\u015ftir. Bir k\u0131demli analist olarak \u015fu \u015ferhi d\u00fc\u015fmeliyim: Bu kazan\u00e7, operasyonel bir ba\u015far\u0131dan ziyade \u015firketin y\u00fck\u00fcml\u00fcl\u00fck yap\u0131s\u0131ndan kaynaklanmaktad\u0131r. Sarkuysan&#8217;\u0131n 11 milyar TL&#8217;yi a\u015fan finansal bor\u00e7lar\u0131 (Dipnot 8), y\u00fcksek enflasyon ortam\u0131nda \u015firketin lehine bir &#8220;parasal kazan\u00e7&#8221; yaratm\u0131\u015ft\u0131r. Yani \u015firket, enflasyonun bor\u00e7lar\u0131n\u0131 reel olarak eritmesinden muhasebesel bir fayda sa\u011flam\u0131\u015ft\u0131r. Ayr\u0131ca, toplam varl\u0131klar\u0131n 26,1 milyar TL\u2019den 31,3 milyar TL\u2019ye y\u00fckselmesi, \u015firketin enflasyona kar\u015f\u0131 \u00f6l\u00e7e\u011fini korudu\u011funu teyit etmektedir.<\/p>\n<h3>2. Dev Has\u0131lat ve Br\u00fct K\u00e2r Paradoksu: Marj S\u0131k\u0131\u015fmas\u0131<\/h3>\n<p>Sarkuysan&#8217;\u0131n gelir tablosunda ilk bak\u0131\u015fta bir \u00e7eli\u015fki g\u00f6ze \u00e7arp\u0131yor. Has\u0131lat devasa boyutlara ula\u015f\u0131rken, br\u00fct k\u00e2r\u0131n ayn\u0131 yolu izlemedi\u011fini g\u00f6r\u00fcyoruz.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2024&#8217;teki 77,5 milyar TL&#8217;den 2025&#8217;te 79,1 milyar TL&#8217;ye \u00e7\u0131karak yakla\u015f\u0131k %2 b\u00fcy\u00fcme kaydetmi\u015ftir.<\/li>\n<li><b>Maliyet Bask\u0131s\u0131:<\/b> Ancak &#8220;Sat\u0131\u015flar\u0131n Maliyeti&#8221; (Dipnot 28), has\u0131lattaki art\u0131\u015f\u0131 g\u00f6lgede b\u0131rakarak %4 oran\u0131nda y\u00fckselmi\u015f (73,4 milyar TL&#8217;den 76,4 milyar TL&#8217;ye) ve k\u00e2rl\u0131l\u0131k \u00fczerinde ciddi bir bask\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> Bu durum, 2024\u2019te 4,1 milyar TL olan br\u00fct k\u00e2r\u0131n 2025\u2019te 2,7 milyar TL\u2019ye gerilemesine neden olmu\u015ftur.<\/li>\n<\/ul>\n<p>Bu &#8220;marj s\u0131k\u0131\u015fmas\u0131&#8221;, ham madde ve operasyonel maliyetlerin sat\u0131\u015f fiyatlar\u0131na tam yans\u0131t\u0131lamad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Unutulmamal\u0131d\u0131r ki bu rakamlar enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f ger\u00e7ekli\u011fi temsil etmektedir:<\/p>\n<p>&#8220;Tutarlar aksi belirtilmedik\u00e7e T\u00fcrk Liras\u0131 (\u201cTL\u201d) olarak enflasyonun etkilerini yans\u0131tacak \u015fekilde 31 Aral\u0131k 2025 tarihindeki sat\u0131nalma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.&#8221;<\/p>\n<h3>3. Kocaeli\u2019den ABD ve Avrupa\u2019ya Uzanan K\u00fcresel Ayak \u0130zi<\/h3>\n<p>Sarkuysan, Kocaeli\/Dar\u0131ca merkezli bir yerel \u00fcreticiden ziyade, operasyonlar\u0131n\u0131 \u00fc\u00e7 k\u0131taya yaym\u0131\u015f k\u00fcresel bir organizasyondur. Dipnot 1\u2019de detayland\u0131r\u0131lan bu yap\u0131, \u015firketin risklerini co\u011frafi olarak da\u011f\u0131tt\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor:<\/p>\n<ul>\n<li><b>ABD (Sark Wire Corp):<\/b> Bak\u0131r tel \u00fcretimi ve pazarlamas\u0131.<\/li>\n<li><b>Bulgaristan (Sark Bulgaria A.D.):<\/b> Elektrolitik bak\u0131r ve iletken \u00fcretimi.<\/li>\n<li><b>Almanya (Bemka Kupferlackdraht GMBH):<\/b> Avrupa pazar\u0131 i\u00e7in pazarlama ve da\u011f\u0131t\u0131m.<\/li>\n<li><b>T\u00fcrkiye \u0130\u015ftirakleri:<\/b> Sarmakina (makine imalat\u0131), Demisa\u015f (d\u00f6k\u00fcm yedek par\u00e7a), Sarda (pazarlama) ve CRW Metal gibi dev bir i\u015ftirak a\u011f\u0131.<\/li>\n<\/ul>\n<h3>4. \u00d6zkaynak Yap\u0131s\u0131 ve &#8220;Geri Al\u0131nm\u0131\u015f Paylar&#8221; Stratejisi<\/h3>\n<p>\u00d6zkaynak de\u011fi\u015fim tablosunu (Dipnot 27) inceledi\u011fimizde, \u015firketin sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirme ve hisse de\u011ferini koruma motivasyonunu net bir \u015fekilde g\u00f6r\u00fcyoruz. \u00d6denmi\u015f sermayenin 600 milyon TL&#8217;den <b>1 milyar TL&#8217;ye<\/b> \u00e7\u0131kar\u0131lmas\u0131, \u00f6zkaynaklar\u0131 tahkim eden bir hamledir.<\/p>\n<p>As\u0131l dikkat \u00e7ekici sinyal ise <b>&#8220;Geri Al\u0131nm\u0131\u015f Paylar&#8221;<\/b> kalemindeki art\u0131\u015ft\u0131r. 2024 sonunda 144,7 milyon TL olan geri al\u0131nm\u0131\u015f paylar\u0131n de\u011feri, 2025 sonunda <b>191,8 milyon TL<\/b>&#8216;ye y\u00fckselmi\u015ftir. Net d\u00f6nemin k\u00e2r\u0131n\u0131n d\u00fc\u015ft\u00fc\u011f\u00fc bir y\u0131lda y\u00f6netimin bu buyback (geri al\u0131m) hamlesini art\u0131rmas\u0131, piyasaya verilen &#8220;Hisselerimiz ger\u00e7ek de\u011ferinin alt\u0131nda, biz \u015firketimize g\u00fcveniyoruz&#8221; mesaj\u0131d\u0131r. Bu, yat\u0131r\u0131mc\u0131 g\u00fcvenini diri tutmak ad\u0131na at\u0131lm\u0131\u015f savunmac\u0131 ama stratejik bir ad\u0131md\u0131r.<\/p>\n<h3>5. \u0130stihdamda &#8220;Memur&#8221; Verimlili\u011fi ve Personel \u0130stikrar\u0131<\/h3>\n<p>Sarkuysan\u2019\u0131n insan kayna\u011f\u0131 yap\u0131s\u0131, operasyonel verimlilik ad\u0131na \u00f6nemli bir de\u011fi\u015fime i\u015faret ediyor. Grup\u2019un ortalama personel say\u0131s\u0131 1.306&#8217;dan <b>1.353 ki\u015fiye<\/b> y\u00fckselmi\u015ftir. Ancak bu art\u0131\u015f\u0131n detaylar\u0131 stratejik bir de\u011fi\u015fimi g\u00f6steriyor:<\/p>\n<ul>\n<li><b>Sendikal\u0131 \u0130\u015f\u00e7i:<\/b> 635 ki\u015fi ile istikrar\u0131n\u0131 korumu\u015ftur.<\/li>\n<li><b>Sendikas\u0131z \u0130\u015f\u00e7i:<\/b> 163 ki\u015fiden 265 ki\u015fiye \u00e7\u0131karak belirgin bir art\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>\u0130dari Verimlilik (Memur):<\/b> Kritik bir veri olarak; &#8220;Memur&#8221; kadrosu 508 ki\u015fiden <b>453 ki\u015fiye<\/b> d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr. Bu %10&#8217;u a\u015fan azal\u0131\u015f, idari kadroda sa\u011flanan bir verimlilik art\u0131\u015f\u0131n\u0131 veya dijitalle\u015fen y\u00f6netim s\u00fcre\u00e7lerini simgelemektedir.<\/li>\n<\/ul>\n<h3>Sonu\u00e7 ve Gelece\u011fe Bak\u0131\u015f<\/h3>\n<p>Sarkuysan\u2019\u0131n 2025 y\u0131l\u0131 finansal portresi, y\u00fcksek has\u0131lata ra\u011fmen maliyet k\u0131skac\u0131nda ge\u00e7en zorlu bir y\u0131l\u0131n anatomisidir. \u015eirket, bor\u00e7lu bilan\u00e7osunu enflasyon muhasebesiyle bir avantaja d\u00f6n\u00fc\u015ft\u00fcrmeyi ba\u015farm\u0131\u015f, k\u00fcresel a\u011f\u0131 ve stratejik hisse geri al\u0131mlar\u0131yla defansif g\u00fcc\u00fcn\u00fc korumu\u015ftur. Operasyonel giderlerin (pazarlama, genel y\u00f6netim) reel olarak azalmas\u0131, y\u00f6netimin maliyet disiplini konusundaki kararl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p>\u015eimdi ak\u0131llardaki o d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc soruyla bitirelim: <b>K\u00fcresel bir bak\u0131r tedarik\u00e7isi, operasyonel maliyet bask\u0131lar\u0131n\u0131 y\u00fcksek has\u0131latla dengelerken, 2026&#8217;da k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 yeniden nas\u0131l yukar\u0131 ta\u015f\u0131yabilir?<\/b><\/p>\n<h1>Sarkuysan Elektrolitik Bak\u0131r Sanayi ve Ticaret A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Bilgilendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Sarkuysan Elektrolitik Bak\u0131r Sanayi ve Ticaret A.\u015e. (&#8220;Grup&#8221;), 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131n\u0131, y\u00fcksek enflasyonun etkilerini yans\u0131tacak \u015fekilde (TMS 29 uyar\u0131nca) raporlam\u0131\u015ft\u0131r. Grubun toplam varl\u0131klar\u0131 bir \u00f6nceki y\u0131la g\u00f6re %19,8 artarak 31,38 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131nda has\u0131lat 79,1 milyar TL seviyesinde ger\u00e7ekle\u015firken, d\u00f6nem net k\u00e2r\u0131 344,86 milyon TL olarak kaydedilmi\u015ftir. Grubun operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131 ve br\u00fct k\u00e2r\u0131 bir \u00f6nceki y\u0131la g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015f; ancak net parasal pozisyon kazan\u00e7lar\u0131 ve finansal giderlerdeki de\u011fi\u015fimler k\u00e2r-zarar yap\u0131s\u0131 \u00fczerinde belirleyici olmu\u015ftur. Grup, T\u00fcrkiye&#8217;nin yan\u0131 s\u0131ra ABD, Bulgaristan ve Almanya&#8217;daki i\u015ftirakleri ile uluslararas\u0131 faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/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>1. Kurumsal Profil ve Operasyonel Yap\u0131<\/h2>\n<p>Sarkuysan, elektrolitik bak\u0131r tel, bak\u0131r boru, bak\u0131rlama ve bak\u0131r ala\u015f\u0131mlar\u0131 imalat\u0131 ve ticareti alan\u0131nda faaliyet g\u00f6stermektedir. \u015eirket paylar\u0131n\u0131n tamam\u0131 Borsa \u0130stanbul (B\u0130ST) Y\u0131ld\u0131z Pazar&#8217;da i\u015flem g\u00f6rmektedir.<\/p>\n<h3>1.1 \u0130stihdam Verileri<\/h3>\n<p>Grup b\u00fcnyesindeki ortalama personel say\u0131s\u0131 2024 y\u0131l\u0131ndaki 1.306 ki\u015fiden, 2025 y\u0131l\u0131 sonunda 1.353 ki\u015fiye y\u00fckselmi\u015ftir. \u00c7al\u0131\u015fan profili a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Personel Kategorisi<\/td>\n<td>31.12.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Sendikal\u0131 \u0130\u015f\u00e7i<\/td>\n<td>635<\/td>\n<td>635<\/td>\n<\/tr>\n<tr>\n<td>Sendikas\u0131z \u0130\u015f\u00e7i<\/td>\n<td>265<\/td>\n<td>163<\/td>\n<\/tr>\n<tr>\n<td>Memur<\/td>\n<td>453<\/td>\n<td>508<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>1.353<\/b><\/td>\n<td><b>1.306<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2 K\u00fcresel Faaliyet A\u011f\u0131<\/h3>\n<p>Grup, \u00fcretim ve pazarlama faaliyetlerini T\u00fcrkiye d\u0131\u015f\u0131ndaki stratejik pazarlarda da y\u00fcr\u00fctmektedir:<\/p>\n<ul>\n<li><b>ABD:<\/b> Sark Wire Corp. (Bak\u0131r tel \u00fcretimi ve pazarlamas\u0131).<\/li>\n<li><b>Bulgaristan:<\/b> Sark Bulgaria A.D. (Elektrolitik bak\u0131r ve iletken \u00fcretimi) ve Sar Makina Bulgaria EAD.<\/li>\n<li><b>Almanya:<\/b> Bemka Kupferlackdraht GMBH (Pazarlama ve da\u011f\u0131t\u0131m).<\/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. Finansal Performans Analizi<\/h2>\n<p>Grubun k\u00e2r veya zarar tablosu, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h3>2.1 K\u00e2rl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<p>2025 y\u0131l\u0131 sonu\u00e7lar\u0131, has\u0131lat\u0131n art\u0131\u015f\u0131na ra\u011fmen br\u00fct k\u00e2r ve esas faaliyet k\u00e2r\u0131nda bir \u00f6nceki y\u0131la k\u0131yasla daralma ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>79.114.454.022<\/td>\n<td>77.529.376.196<\/td>\n<td>%2,0<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(76.406.190.691)<\/td>\n<td>(73.414.094.620)<\/td>\n<td>%4,1<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>2.708.263.331<\/b><\/td>\n<td><b>4.115.281.576<\/b><\/td>\n<td><b>-%34,2<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>2.196.764.662<\/td>\n<td>3.374.814.817<\/td>\n<td>-%34,9<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi K\u00e2r<\/td>\n<td>1.097.990.522<\/td>\n<td>886.061.814<\/td>\n<td>%23,9<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n<td><b>344.857.105<\/b><\/td>\n<td><b>455.205.781<\/b><\/td>\n<td><b>-%24,2<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2 Finansal Gelir ve Giderler<\/h3>\n<p>Finansal giderler 2025 y\u0131l\u0131nda 2,76 milyar TL olarak ger\u00e7ekle\u015ferek 2024 y\u0131l\u0131ndaki 3,46 milyar TL&#8217;ye g\u00f6re azalm\u0131\u015ft\u0131r. Ayr\u0131ca, enflasyon d\u00fczeltmesi sonucu olu\u015fan <b>969,88 milyon TL tutar\u0131ndaki net parasal pozisyon kazanc\u0131<\/b>, d\u00f6nem k\u00e2r\u0131n\u0131 destekleyen \u00f6nemli bir kalem olmu\u015ftur (2024&#8217;te 114,5 milyon TL zarar yaz\u0131lm\u0131\u015ft\u0131r).<\/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 Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>Grup, 2025 y\u0131l\u0131nda varl\u0131k taban\u0131n\u0131 geni\u015fletmeye devam etmi\u015ftir.<\/p>\n<h3>3.1 Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 22,67 milyar TL seviyesindedir. En b\u00fcy\u00fck kalemleri 8,9 milyar TL ile ticari alacaklar ve 8,76 milyar TL ile stoklar olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 8,71 milyar TL de\u011ferindedir. Maddi duran varl\u0131klar 6,42 milyar TL ile bu grubun en b\u00fcy\u00fck bile\u015fenidir.<\/li>\n<li><b>Stoklar:<\/b> Stok seviyesi 2024 y\u0131l\u0131na g\u00f6re yakla\u015f\u0131k 1,73 milyar TL art\u0131\u015f g\u00f6stererek 8,76 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2 Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 15,62 milyar TL&#8217;dir. Bu bor\u00e7lar\u0131n 6,2 milyar TL&#8217;si finansal bor\u00e7lanmalardan, 6,84 milyar TL&#8217;si ise ticari bor\u00e7lardan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 4,1 milyar TL seviyesindedir (2024: 1,83 milyar TL). Uzun vadeli bor\u00e7lanmalardaki art\u0131\u015f dikkat \u00e7ekicidir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam \u00f6zkaynaklar 11,66 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u00d6denmi\u015f sermaye d\u00f6nem i\u00e7inde 600 milyon TL&#8217;den 1 milyar TL&#8217;ye \u00e7\u0131kar\u0131lm\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. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Grubun nakit pozisyonundaki de\u011fi\u015fimler i\u015fletme ve yat\u0131r\u0131m faaliyetleri baz\u0131nda farkl\u0131l\u0131klar g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015flar\u0131, \u00f6zellikle ticari alacaklar ve stoklardaki art\u0131\u015f\u0131n etkisiyle 285,2 milyon TL negatif olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 1,95 milyar TL pozitif).<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131ndan kaynaklanan 1,68 milyar TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Bor\u00e7lanmalardan sa\u011flanan giri\u015flerin etkisiyle finansman faaliyetlerinden 2,52 milyar TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit Mevcudu:<\/b> D\u00f6nem sonu nakit ve nakit benzerleri 1,70 milyar TL olarak kaydedilmi\u015ftir.<\/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. Raporlama Esaslar\u0131 ve \u00d6nemli Notlar<\/h2>\n<h3>5.1 Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>T\u00fcrkiye ekonomisinin y\u00fcksek enflasyonlu olmas\u0131 nedeniyle, 31 Aral\u0131k 2025 tarihli finansal tablolar TMS 29 uyar\u0131nca d\u00fczeltilmi\u015ftir. D\u00fczeltme katsay\u0131s\u0131 olarak T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksleri baz al\u0131nm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>31 Aral\u0131k 2025 Endeksi: <b>3.513,87<\/b><\/li>\n<li>31 Aral\u0131k 2024 Endeksi: <b>2.684,55<\/b> (D\u00fczeltme katsay\u0131s\u0131: 1,30892)<\/li>\n<\/ul>\n<h3>5.2 Konsolidasyon ve \u0130\u015ftirakler<\/h3>\n<p>Grubun ana ortakl\u0131k pay\u0131 %100 olan bir\u00e7ok ba\u011fl\u0131 ortakl\u0131\u011f\u0131 bulunmaktad\u0131r. \u00d6zellikle <b>Demisa\u015f D\u00f6k\u00fcm Emaye Mam. San. A.\u015e.<\/b> \u00fczerindeki %44,44&#8217;l\u00fck pay, \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen yat\u0131r\u0131mlar alt\u0131nda s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>5.3 Risk Y\u00f6netimi ve De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h3>\n<ul>\n<li><b>Alacaklar:<\/b> Ticari alacaklar i\u00e7in TFRS 9 uyar\u0131nca &#8220;beklenen kredi zararlar\u0131&#8221; modeli uygulanmaktad\u0131r.<\/li>\n<li><b>Stoklar:<\/b> Stoklar, maliyet veya net ger\u00e7ekle\u015febilir de\u011ferden d\u00fc\u015f\u00fck olan\u0131 ile de\u011ferlenmektedir. De\u011ferlemede Londra Metal Borsas\u0131 (LME) bak\u0131r fiyatlar\u0131 esas al\u0131nmaktad\u0131r.<\/li>\n<li><b>Gayrimenkuller:<\/b> Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller i\u00e7in yeniden de\u011ferleme modeli kullan\u0131lmakta olup, bu varl\u0131klar amortismana tabi tutulmamaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1822\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Sarkuysan 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: \u0130hracat Odakl\u0131 G\u00fc\u00e7l\u00fc B\u00fcy\u00fcme!<br \/>\nT\u00fcrkiye\u2019nin sanayi devlerinden Sarkuysan, 2025 y\u0131l\u0131na ait konsolide finansal tablolar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Y\u0131l\u0131 79,1 milyar TL has\u0131lat ile kapatan \u015firket, \u00f6zellikle 45,2 milyar TL\u2019lik ihracat hacmiyle k\u00fcresel pazardaki g\u00fcc\u00fcn\u00fc bir kez daha kan\u0131tlad\u0131. Toplam varl\u0131klar\u0131n\u0131 31,3 milyar TL seviyesine ta\u015f\u0131yan ve \u00f6denmi\u015f sermayesini 1 milyar TL\u2019ye y\u00fckselten Sarkuysan&#8217;\u0131n net d\u00f6nem kar\u0131 ise 344,8 milyon TL olarak ger\u00e7ekle\u015fti. Enflasyon muhasebesinin etkileri, yat\u0131r\u0131m hamleleri ve sekt\u00f6rdeki pazar pay\u0131 analizlerinin yer ald\u0131\u011f\u0131 raporun t\u00fcm detaylar\u0131n\u0131 yeni blog yaz\u0131m\u0131zda inceleyebilirsiniz.<br \/>\nDaha fazla bilgi i\u00e7in finansal raporlar sayfam\u0131z\u0131 ziyaret edin.<\/p>\n","protected":false},"author":8,"featured_media":1726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[298],"class_list":["post-1822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-sarky"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1822","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1822"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1822\/revisions"}],"predecessor-version":[{"id":1833,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1822\/revisions\/1833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1726"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}