{"id":291,"date":"2025-12-20T20:24:15","date_gmt":"2025-12-20T17:24:15","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=291"},"modified":"2025-12-20T20:24:15","modified_gmt":"2025-12-20T17:24:15","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-burva-burcelik-vana-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/291","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BURVA | Bur\u00e7elik Vana 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BURVA | Bur\u00e7elik Vana 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/b2DOFJnT6ek?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bur\u00e7elik Vana Raporu: Bir Sanayi Devinin \u00c7eli\u015fkilerle Dolu Hayatta Kalma M\u00fccadelesi<\/h1>\n<p>Finansal raporlar genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen bu rakamlar\u0131n ard\u0131nda, bir \u015firketin kaderini anlatan dramatik bir hik\u00e2ye gizlidir. T\u00fcrkiye&#8217;nin \u00f6nemli sanayi kurulu\u015flar\u0131ndan Bur\u00e7elik Vana&#8217;n\u0131n son dokuz ayl\u0131k finansal raporu da tam olarak b\u00f6yle bir hik\u00e2ye anlat\u0131yor: beklenmedik d\u00f6n\u00fc\u015fler, \u015fa\u015f\u0131rt\u0131c\u0131 kararlar ve gelece\u011fe dair ipu\u00e7lar\u0131.<\/p>\n<p>Bu raporda dikkat \u00e7eken say\u0131s\u0131z detay aras\u0131ndan, \u015firketin mevcut durumunu en iyi \u00f6zetleyen d\u00f6rt \u00e7arp\u0131c\u0131 ger\u00e7e\u011fi sizin i\u00e7in derledik.<\/p>\n<h2>1. \u00c7\u00f6k\u00fc\u015f m\u00fc, Durgunluk mu? Has\u0131lat Neden %85 Eridi?<\/h2>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 en net g\u00f6steren kalem, k\u00e2r\/zarar tablosudur. Bur\u00e7elik Vana&#8217;n\u0131n raporunda bu tablo, kelimenin tam anlam\u0131yla bir \u015fok etkisi yarat\u0131yor.<\/p>\n<ul>\n<li>2024 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda <b>41.820.477 TL net k\u00e2r<\/b> a\u00e7\u0131klayan \u015firket, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>(36.164.402) TL net zarar<\/b> etti.<\/li>\n<li>Bu keskin d\u00f6n\u00fc\u015f\u00fcn arkas\u0131ndaki en b\u00fcy\u00fck neden ise cirodaki (&#8220;Has\u0131lat&#8221;) devasa d\u00fc\u015f\u00fc\u015f. \u015eirketin cirosu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re <b>410.993.489 TL&#8217;den 53.942.405 TL&#8217;ye<\/b> geriledi.<\/li>\n<\/ul>\n<p>Bu rakamlar, basit bir yava\u015flaman\u0131n \u00e7ok \u00f6tesinde, \u015firket i\u00e7in b\u00fcy\u00fck bir finansal sars\u0131nt\u0131y\u0131 i\u015faret ediyor. Petrokimyadan enerji santrallerine kadar kritik sekt\u00f6rlerin ana tedarik\u00e7isi konumundaki bir firma i\u00e7in bu denli sert bir d\u00fc\u015f\u00fc\u015f, olduk\u00e7a \u00e7arp\u0131c\u0131 bir geli\u015fme.<\/p>\n<p>Bu denli b\u00fcy\u00fck bir finansal daralma ya\u015fayan bir \u015firketten beklenecek ilk hamle, maliyetleri ac\u0131mas\u0131zca k\u0131smak olurdu. Ancak Bur\u00e7elik Vana&#8217;n\u0131n bir sonraki ad\u0131m\u0131, bu beklentiyi tamamen bo\u015fa \u00e7\u0131kar\u0131yor.<\/p>\n<h2>2. Kemer S\u0131kma Yerine C\u00f6mertlik: Bu Maa\u015f Zamm\u0131 Mant\u0131kl\u0131 m\u0131?<\/h2>\n<p>\u015eirketler genellikle ciro ve k\u00e2rl\u0131l\u0131\u011f\u0131n d\u00fc\u015ft\u00fc\u011f\u00fc d\u00f6nemlerde maliyetleri k\u0131smak i\u00e7in kemer s\u0131kma politikalar\u0131 uygular. Ancak Bur\u00e7elik Vana, tam tersi bir y\u00f6nde \u015fa\u015f\u0131rt\u0131c\u0131 bir ad\u0131m att\u0131.<\/p>\n<p>\u015eirket, finansal olarak zorlu bir s\u00fcre\u00e7ten ge\u00e7erken, 6 \u015eubat 2025&#8217;te T\u00fcrk Metal Sendikas\u0131 ile yeni bir &#8220;Grup Toplu \u0130\u015f S\u00f6zle\u015fmesi&#8221; imzalad\u0131. Bu s\u00f6zle\u015fmenin en dikkat \u00e7ekici maddesi ise \u00e7al\u0131\u015fan \u00fccretleriyle ilgiliydi:<\/p>\n<ul>\n<li>1 Eyl\u00fcl 2024 tarihinden ge\u00e7erli olmak \u00fczere \u00e7al\u0131\u015fanlar\u0131n saat \u00fccretlerine <b>%72 oran\u0131nda zam<\/b> yap\u0131ld\u0131.<\/li>\n<li>Ayr\u0131ca, sonraki d\u00f6nemlerde yap\u0131lacak zamlar\u0131n da T\u00dc\u0130K T\u00fcketici Fiyat Endeksi&#8217;ne (T\u00dcFE) ba\u011flanmas\u0131 kararla\u015ft\u0131r\u0131ld\u0131.<\/li>\n<\/ul>\n<p>Gelirlerin bu denli d\u00fc\u015ft\u00fc\u011f\u00fc bir d\u00f6nemde i\u015f g\u00fcc\u00fc maliyetlerini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131ran bu hamle, ilk bak\u0131\u015fta mant\u0131ks\u0131z g\u00f6r\u00fcnebilir. Ancak bu durum, \u015firketin uzun vadeli bir vizyonla hareket etti\u011fini, zor zamanlarda \u00e7al\u0131\u015fan moralini ve ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemsedi\u011fini veya bu karar\u0131n, krizin boyutlar\u0131 netle\u015fmeden \u00f6nce al\u0131nm\u0131\u015f bir taahh\u00fct oldu\u011funu d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor.<\/p>\n<h2>3. K\u0131rm\u0131z\u0131 Rakamlar, \u0130lerici Y\u00f6netim: \u015eirketin Gizli G\u00fcc\u00fc Bu Olabilir mi?<\/h2>\n<p>Finansal tablolar\u0131n kasvetli havas\u0131ndan s\u0131yr\u0131l\u0131p faaliyet raporunun s\u00fcrd\u00fcr\u00fclebilirlik b\u00f6l\u00fcm\u00fcne bakt\u0131\u011f\u0131m\u0131zda, Bur\u00e7elik Vana&#8217;n\u0131n kurumsal y\u00f6netim alan\u0131nda ne kadar ilerici bir yap\u0131ya sahip oldu\u011funu g\u00f6r\u00fcyoruz. \u00d6zellikle bir sanayi ve \u00fcretim \u015firketi i\u00e7in ender rastlanan bir durum dikkat \u00e7ekiyor:<\/p>\n<ul>\n<li>\u015eirketin 5 ki\u015filik Y\u00f6netim Kurulu&#8217;nun 3 \u00fcyesi kad\u0131n. Bu, <b>%60&#8217;l\u0131k bir oranla kad\u0131n \u00e7o\u011funlu\u011funa<\/b> sahip bir y\u00f6netim kurulu anlam\u0131na geliyor.<\/li>\n<li>Bu ilerici yakla\u015f\u0131m sadece y\u00f6netim kuruluyla s\u0131n\u0131rl\u0131 de\u011fil. Beyaz yaka personelin %42&#8217;si ve ba\u011f\u0131ms\u0131z y\u00f6netim kurulu \u00fcyelerinin %50&#8217;si de kad\u0131nlardan olu\u015fuyor.<\/li>\n<\/ul>\n<p>Finansal performans\u0131n alarm verdi\u011fi bir d\u00f6nemde, \u015firketin kurumsal y\u00f6netimde bu denli \u00f6rnek bir yap\u0131ya sahip olmas\u0131, yat\u0131r\u0131mc\u0131lara &#8220;Operasyonel kriz ge\u00e7ici, ancak kurumsal temelimiz sa\u011flam&#8221; mesaj\u0131 veriyor olabilir mi? Bu durum, \u015firketin mali zorluklarla bo\u011fu\u015furken, sosyal ve y\u00f6netimsel anlamda ne kadar g\u00fc\u00e7l\u00fc bir duru\u015f sergiledi\u011finin en ilgin\u00e7 g\u00f6stergelerinden biridir.<\/p>\n<h2>4. G\u00f6zden Ka\u00e7an D\u00fc\u015fman: Enflasyonun Milyonlarca Liral\u0131k &#8216;G\u00f6r\u00fcnmez&#8217; Maliyeti<\/h2>\n<p>Raporlar\u0131n dipnotlar\u0131nda ve karma\u015f\u0131k g\u00f6r\u00fcnen sat\u0131rlar\u0131nda bazen b\u00fcy\u00fck resme dair \u00f6nemli ipu\u00e7lar\u0131 gizlidir. Bur\u00e7elik Vana&#8217;n\u0131n k\u00e2r\/zarar tablosunda yer alan &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 (Kay\u0131plar\u0131)&#8221; kalemi de bunlardan biri. \u015eirket, y\u00fcksek enflasyon nedeniyle finansallar\u0131n\u0131 TMS 29 standard\u0131na g\u00f6re d\u00fczenliyor ve bu sat\u0131r, enflasyonun &#8220;gizli&#8221; maliyetini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<ul>\n<li>\u015eirket, bu kalemden 2025&#8217;in ilk dokuz ay\u0131nda <b>(3.302.702) TL zarar<\/b> yazd\u0131.<\/li>\n<\/ul>\n<p>Peki, bu ne anlama geliyor? Basit\u00e7e ifade etmek gerekirse, bu rakam \u015firketin y\u00fcksek enflasyon ortam\u0131nda elinde T\u00fcrk Liras\u0131 cinsinden nakit ve benzeri varl\u0131klar\u0131 tutmas\u0131 nedeniyle sat\u0131n alma g\u00fcc\u00fcnde ya\u015fad\u0131\u011f\u0131 kayb\u0131 ifade ediyor. Bu, operasyonel bir zarar de\u011fil, tamamen ekonomik konjonkt\u00fcrden kaynaklanan ve pek \u00e7ok \u015firketin y\u00fczle\u015fti\u011fi, bilan\u00e7oya yans\u0131yan sessiz bir maliyet.<\/p>\n<h3>Sonu\u00e7<\/h3>\n<p>Bur\u00e7elik Vana&#8217;n\u0131n son raporlar\u0131, bir yol ayr\u0131m\u0131ndaki bir \u015firketin portresini \u00e7iziyor. Bir yanda ciddi finansal zorluklar ve ciroda ya\u015fanan sert d\u00fc\u015f\u00fc\u015f, di\u011fer yanda ise \u00e7al\u0131\u015fan haklar\u0131na ve kurumsal \u00e7e\u015fitlili\u011fe g\u00f6sterilen \u015fa\u015f\u0131rt\u0131c\u0131 derecede g\u00fc\u00e7l\u00fc bir ba\u011fl\u0131l\u0131k.<\/p>\n<p>Peki, Bur\u00e7elik Vana&#8217;n\u0131n kalite, uluslararas\u0131 tecr\u00fcbe ve ilerici y\u00f6netim anlay\u0131\u015f\u0131 gibi g\u00fc\u00e7l\u00fc yanlar\u0131, bu zorlu finansal f\u0131rt\u0131nay\u0131 atlatmas\u0131na yetecek mi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Bur\u00e7elik Vana Sanayi ve Ticaret A.\u015e. 2025 Dokuz Ayl\u0131k Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Bur\u00e7elik Vana Sanayi ve Ticaret A.\u015e.&#8217;nin 1 Ocak &#8211; 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait finansal sonu\u00e7lar\u0131n\u0131, operasyonel faaliyetlerini ve kurumsal y\u00f6netim uygulamalar\u0131n\u0131 kapsaml\u0131 bir \u015fekilde analiz etmektedir. Finansal tablolar, Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard\u0131 (TMS 29) uyar\u0131nca 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p>D\u00f6nemin en dikkat \u00e7ekici finansal geli\u015fmesi, \u015firketin ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 41,8 milyon TL&#8217;lik net k\u00e2ra k\u0131yasla, bu d\u00f6nemde <b>36,2 milyon TL net zarar<\/b> a\u00e7\u0131klamas\u0131d\u0131r. Bu sonu\u00e7, has\u0131lat\u0131n bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 411,0 milyon TL&#8217;den 53,9 milyon TL&#8217;ye gerilemesinden kaynaklanmaktad\u0131r. Bu d\u00fc\u015f\u00fc\u015f, \u015firketin nakit pozisyonunu da \u00f6nemli \u00f6l\u00e7\u00fcde etkilemi\u015f; nakit ve nakit benzerleri 32,2 milyon TL&#8217;den 7,1 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<p>Operasyonel tarafta ise \u015firket, stratejik yat\u0131r\u0131mlar\u0131na ve pazar geli\u015ftirme faaliyetlerine devam etmi\u015ftir. Tasar\u0131m ve test yeteneklerini art\u0131rmaya y\u00f6nelik CNC makineleri ve modern test cihazlar\u0131na yat\u0131r\u0131m yap\u0131lm\u0131\u015ft\u0131r. Avrupa&#8217;daki sekt\u00f6r fuarlar\u0131na kat\u0131l\u0131m sa\u011flanarak ve yurt i\u00e7i pazarda yeni m\u00fc\u015fteriler kazan\u0131larak pazarlama faaliyetleri s\u00fcrd\u00fcr\u00fclm\u00fc\u015ft\u00fcr. \u0130dari alanda, 01 Eyl\u00fcl 2024 &#8211; 31 A\u011fustos 2026 d\u00f6nemini kapsayan yeni bir Grup Toplu \u0130\u015f S\u00f6zle\u015fmesi, T\u00fcrk Metal Sendikas\u0131 ile imzalanm\u0131\u015ft\u0131r.<\/p>\n<p>Kurumsal y\u00f6netim ve s\u00fcrd\u00fcr\u00fclebilirlik alanlar\u0131nda \u015firket, Sermaye Piyasas\u0131 Kurulu ilkelerine uyumunu s\u00fcrd\u00fcrmekte ve \u00f6zellikle y\u00f6netim kurulundaki %60&#8217;l\u0131k kad\u0131n \u00fcye oran\u0131 gibi konularla \u00e7e\u015fitlili\u011fe verdi\u011fi \u00f6nemi g\u00f6stermektedir. \u015eirketin ana hissedar\u0131 %40,22 pay ile Bur\u00e7elik Bursa \u00c7elik D\u00f6k\u00fcm Sanayi A.\u015e. olup, hisseleri 2004 y\u0131l\u0131ndan beri Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir.<\/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. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k finansal performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda \u00f6nemli bir daralma g\u00f6stermektedir. T\u00fcm finansal veriler, TMS 29 standard\u0131 gere\u011fi 30 Eyl\u00fcl 2025&#8217;teki para biriminin sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<h3>Gelir Tablosu De\u011ferlendirmesi<\/h3>\n<p>\u015eirketin has\u0131lat\u0131nda ya\u015fanan sert d\u00fc\u015f\u00fc\u015f, k\u00e2rl\u0131l\u0131\u011f\u0131 do\u011frudan olumsuz etkilemi\u015f ve \u015firketi zarara y\u00f6neltmi\u015ftir.<\/p>\n<p><b>Kar\u015f\u0131la\u015ft\u0131rmal\u0131 Gelir Tablosu \u00d6zeti<\/b> <i>(Tutarlar, TL&#8217;nin 30 Eyl\u00fcl 2025&#8217;teki sat\u0131n alma g\u00fcc\u00fc cinsindendir.)<\/i><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>53.942.405<\/td>\n<td>410.993.489<\/td>\n<td>\u25bc %86,9<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(48.263.794)<\/td>\n<td>(269.496.735)<\/td>\n<td>\u25bc %82,1<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r (Zarar)<\/b><\/td>\n<td><b>5.678.611<\/b><\/td>\n<td><b>141.496.754<\/b><\/td>\n<td>\u25bc %96,0<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131 (Zarar\u0131)<\/td>\n<td>(36.847.817)<\/td>\n<td>91.818.268<\/td>\n<td>K\u00e2rdan Zarara<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 (Zarar\u0131)<\/b><\/td>\n<td><b>(36.164.402)<\/b><\/td>\n<td><b>41.820.477<\/b><\/td>\n<td>K\u00e2rdan Zarara<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (Zarar) (TL)<\/b><\/td>\n<td><b>(4,922)<\/b><\/td>\n<td><b>5,692<\/b><\/td>\n<td>K\u00e2rdan Zarara<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat:<\/b> Yurt i\u00e7i sat\u0131\u015flar 32,8 milyon TL ve yurt d\u0131\u015f\u0131 sat\u0131\u015flar 21,4 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u00d6nceki y\u0131la k\u0131yasla hem yurt i\u00e7i (292 milyon TL) hem de yurt d\u0131\u015f\u0131 (145,4 milyon TL) sat\u0131\u015flarda ciddi bir gerileme ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Has\u0131lataki d\u00fc\u015f\u00fc\u015fe paralel olarak br\u00fct k\u00e2r marj\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde daralm\u0131\u015ft\u0131r. Artan genel y\u00f6netim ve pazarlama giderleriyle birlikte esas faaliyetler zarara d\u00f6nm\u00fc\u015ft\u00fcr. Net sonu\u00e7, 36,2 milyon TL&#8217;lik bir d\u00f6nem zarar\u0131 olmu\u015ftur.<\/li>\n<\/ul>\n<h3>Finansal Durum Tablosu (Bilan\u00e7o) Analizi<\/h3>\n<p>\u015eirketin bilan\u00e7o yap\u0131s\u0131, d\u00f6nem zarar\u0131 ve nakit pozisyonundaki azalman\u0131n etkisiyle zay\u0131flam\u0131\u015ft\u0131r.<\/p>\n<p><b>Kar\u015f\u0131la\u015ft\u0131rmal\u0131 Finansal Durum Tablosu \u00d6zeti<\/b> <i>(Tutarlar, TL&#8217;nin 30 Eyl\u00fcl 2025&#8217;teki sat\u0131n alma g\u00fcc\u00fc cinsindendir.)<\/i><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>75.143.057<\/td>\n<td>101.896.859<\/td>\n<td>\u25bc %26,3<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>51.991.407<\/td>\n<td>54.440.273<\/td>\n<td>\u25bc %4,5<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>127.134.464<\/b><\/td>\n<td><b>156.337.132<\/b><\/td>\n<td>\u25bc %18,7<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>26.704.462<\/td>\n<td>17.775.433<\/td>\n<td>\u25b2 %50,2<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>13.197.087<\/td>\n<td>15.446.313<\/td>\n<td>\u25bc %14,6<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>39.901.549<\/b><\/td>\n<td><b>33.221.746<\/b><\/td>\n<td>\u25b2 %20,1<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>87.232.915<\/b><\/td>\n<td><b>123.115.386<\/b><\/td>\n<td>\u25bc %29,1<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>127.134.464<\/b><\/td>\n<td><b>156.337.132<\/b><\/td>\n<td>\u25bc %18,7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Varl\u0131klardaki d\u00fc\u015f\u00fc\u015f\u00fcn ana kayna\u011f\u0131, Nakit ve Nakit Benzerleri kaleminin 32,2 milyon TL&#8217;den 7,1 milyon TL&#8217;ye gerilemesidir. Stoklar ise 51,2 milyon TL&#8217;den 55,2 milyon TL&#8217;ye hafif bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Kaynak Yap\u0131s\u0131:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Al\u0131nan Sipari\u015f Avanslar\u0131&#8217;n\u0131n (Ertelenmi\u015f Gelirler) 1,5 milyon TL&#8217;den 14,8 milyon TL&#8217;ye y\u00fckselmesinden kaynaklanmaktad\u0131r. \u00d6zkaynaklardaki d\u00fc\u015f\u00fc\u015f ise do\u011frudan raporlanan d\u00f6nem zarar\u0131ndan etkilenmi\u015ftir.<\/li>\n<\/ul>\n<h3>Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>\u015eirketin nakit ak\u0131\u015flar\u0131, 2025&#8217;in ilk dokuz ay\u0131nda t\u00fcm ana faaliyet kategorilerinde negatif olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> (16.400.576) TL negatif nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r. Bu durum, d\u00f6nem zarar\u0131ndan ve i\u015fletme sermayesindeki de\u011fi\u015fimlerden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 nedeniyle (2.536.975) TL nakit \u00e7\u0131k\u0131\u015f\u0131 olmu\u015ftur.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bor\u00e7 ve kira \u00f6demeleri sonucunda (3.984.238) TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Sonu\u00e7:<\/b> D\u00f6nem ba\u015f\u0131nda 32.190.202 TL olan nakit ve nakit benzerleri, d\u00f6nem sonunda <b>7.144.519 TL<\/b>&#8216;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/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. Kurumsal ve Operasyonel Geli\u015fmeler<\/h2>\n<h3>\u015eirket Profili ve Pazar Konumu<\/h3>\n<p>Bur\u00e7elik Vana, 1998 y\u0131l\u0131nda kurulmu\u015f olup s\u0131nai vana \u00fcretimi, imalat\u0131, ithalat\u0131, sat\u0131\u015f\u0131 ve pazarlamas\u0131 alan\u0131nda faaliyet g\u00f6stermektedir. \u015eirket, T\u00fcrkiye&#8217;de kendi tasar\u0131m\u0131yla teknolojik vana \u00fcretip Bat\u0131 Avrupa pazarlar\u0131na ihra\u00e7 edebilen az say\u0131daki kurulu\u015ftan biridir.<\/p>\n<ul>\n<li><b>Faaliyet Alanlar\u0131:<\/b> End\u00fcstriyel tesisler, enerji ve jeotermal santralleri, maden, demir-\u00e7elik, petrokimya, petrol ve do\u011falgaz hatlar\u0131 ile denizcilik sekt\u00f6rlerine hizmet vermektedir.<\/li>\n<li><b>Sermaye ve Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirketin \u00f6denmi\u015f sermayesi 7.347.672 TL&#8217;dir. Ana ortak, %40,22 pay ile Bur\u00e7elik Bursa \u00c7elik D\u00f6k\u00fcm Sanayi A.\u015e.&#8217;dir. Kalan %59,78&#8217;lik pay halka a\u00e7\u0131kt\u0131r ve hisseler Borsa \u0130stanbul&#8217;da (B\u0130ST) i\u015flem g\u00f6rmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla piyasa de\u011feri <b>901.559.354 TL<\/b>&#8216;dir.<\/li>\n<li><b>Kalite Sertifikalar\u0131:<\/b> \u015eirket, API, ISO 9001-2015, ISO 14001-2015, ISO 45001, TSE, CE, EAC ve BUREAU Veritas gibi \u00e7ok say\u0131da uluslararas\u0131 kalite belgesine sahiptir.<\/li>\n<\/ul>\n<h3>2025 Y\u0131l\u0131 Faaliyetleri ve Yat\u0131r\u0131mlar\u0131<\/h3>\n<ul>\n<li><b>Yat\u0131r\u0131mlar:<\/b> 2025 y\u0131l\u0131 yat\u0131r\u0131mlar\u0131, tasar\u0131m ve test olanaklar\u0131n\u0131 geli\u015ftirmeye odaklanm\u0131\u015ft\u0131r. Bu kapsamda CNC makineleri ve modern test cihazlar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00dcretim:<\/b> Yeni tasar\u0131mlar, \u00fcr\u00fcn geli\u015ftirme ve iyile\u015ftirme \u00e7al\u0131\u015fmalar\u0131 yap\u0131lm\u0131\u015f; yeni ihracat pazarlar\u0131na y\u00f6nelik kalite standartlar\u0131 i\u00e7in haz\u0131rl\u0131klara ba\u015flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sat\u0131\u015f ve Pazarlama:<\/b> Avrupa&#8217;daki sekt\u00f6r fuarlar\u0131na kat\u0131l\u0131m sa\u011flanm\u0131\u015f, yurt i\u00e7i pazarda yeni m\u00fc\u015fteri kazan\u0131m\u0131 elde edilmi\u015f ve T\u00fcrk in\u015faat firmalar\u0131n\u0131n yurt d\u0131\u015f\u0131 projeleri yak\u0131ndan takip edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>\u0130nsan Kaynaklar\u0131 ve \u0130dari Faaliyetler<\/h3>\n<ul>\n<li><b>Toplu \u0130\u015f S\u00f6zle\u015fmesi:<\/b> \u015eirket ile T\u00fcrk Metal Sendikas\u0131 aras\u0131nda 01.09.2024 &#8211; 31.08.2026 d\u00f6nemini kapsayan Grup Toplu \u0130\u015f S\u00f6zle\u015fmesi 06.02.2025 tarihinde imzalanm\u0131\u015ft\u0131r. S\u00f6zle\u015fme, d\u00f6rt a\u015famal\u0131 bir \u00fccret zamm\u0131 yap\u0131s\u0131 i\u00e7ermekte olup, bu art\u0131\u015flar taban \u00fccret d\u00fczenlemesi, y\u00fczdesel zamlar, k\u0131dem zamm\u0131 ve T\u00dc\u0130K T\u00fcketici Fiyat Endeksi&#8217;ne dayal\u0131 periyodik art\u0131\u015flar\u0131 kapsamaktad\u0131r.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde ortalama \u00e7al\u0131\u015fan say\u0131s\u0131 28&#8217;dir (\u00d6nceki y\u0131l ayn\u0131 d\u00f6nem: 26).<\/li>\n<li><b>Sa\u011flanan Haklar:<\/b> \u00c7al\u0131\u015fanlara ikramiye, bayram har\u00e7l\u0131\u011f\u0131, yakacak yard\u0131m\u0131 gibi parasal desteklerin yan\u0131 s\u0131ra yemek, servis, i\u015f g\u00fcvenli\u011fi malzemeleri gibi ayni yard\u0131mlar sa\u011flanmaktad\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>3. Kurumsal Y\u00f6netim ve S\u00fcrd\u00fcr\u00fclebilirlik<\/h2>\n<h3>Y\u00f6netim Yap\u0131s\u0131 ve Uyum<\/h3>\n<p>\u015eirket, Sermaye Piyasas\u0131 Kurulu&#8217;nun (SPK) Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne uyum sa\u011flamaktad\u0131r. Bu \u00e7er\u00e7evede, Y\u00f6netim Kurulu b\u00fcnyesinde Denetim Komitesi, Riskin Erken Saptanmas\u0131 Komitesi ve Kurumsal Y\u00f6netim Komitesi faaliyet g\u00f6stermektedir.<\/p>\n<p><b>Y\u00f6netim Kurulu \u00dcyeleri:<\/b><\/p>\n<ul>\n<li>Erg\u00fcn Oktay Okur (Ba\u015fkan)<\/li>\n<li>Renan K\u00f6m\u00fcrc\u00fco\u011flu (Murahhas \u00dcye)<\/li>\n<li>Canan Zihnio\u011flu (Ba\u015fkan Vekili)<\/li>\n<li>Mehmet Fuat Beyaz\u0131t (Ba\u011f\u0131ms\u0131z \u00dcye)<\/li>\n<li>Nil\u00fcfer Coch (Ba\u011f\u0131ms\u0131z \u00dcye)<\/li>\n<\/ul>\n<p>Pay Sahipleri ile \u0130li\u015fkiler Birimi, Mali \u0130\u015fler Departman\u0131 b\u00fcnyesinde faaliyet g\u00f6stermekte ve yat\u0131r\u0131mc\u0131 sorular\u0131n\u0131 yan\u0131tlamaktad\u0131r.<\/p>\n<h3>Kar Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n<ul>\n<li>2024 y\u0131l\u0131na ait ola\u011fan genel kurul toplant\u0131s\u0131 15 Nisan 2025&#8217;te yap\u0131lm\u0131\u015f ve toplant\u0131da 2024 y\u0131l\u0131 k\u00e2r\u0131ndan da\u011f\u0131t\u0131m yap\u0131lmamas\u0131na, yasal yedekler ayr\u0131ld\u0131ktan sonra kalan tutar\u0131n ola\u011fan\u00fcst\u00fc yedeklere aktar\u0131lmas\u0131na karar verilmi\u015ftir.<\/li>\n<li>\u015eirket, 30 Eyl\u00fcl 2025 itibar\u0131yla 36.164.402 TL zarar etti\u011finden, mevcut durumda k\u00e2r da\u011f\u0131t\u0131m\u0131 s\u00f6z konusu de\u011fildir.<\/li>\n<\/ul>\n<h3>S\u00fcrd\u00fcr\u00fclebilirlik (\u00c7SY) \u00c7al\u0131\u015fmalar\u0131<\/h3>\n<p>Bur\u00e7elik, \u00c7evre, Sosyal ve Kurumsal Y\u00f6netim (\u00c7SY) alanlar\u0131ndaki \u00e7al\u0131\u015fmalar\u0131n\u0131 Y\u00f6netim Kurulu \u00f6nceli\u011fi olarak g\u00f6rmektedir.<\/p>\n<ul>\n<li><b>\u00c7evre:<\/b> At\u0131k denetimi, su kullan\u0131m\u0131 ve ar\u0131t\u0131m\u0131 gibi alanlarda s\u00fcrekli iyile\u015ftirmeler hedeflenmekte ve yasal d\u00fczenlemelere tam uyum sa\u011flanmaktad\u0131r.<\/li>\n<li><b>Sosyal Sorumluluk:<\/b> \u0130htiya\u00e7 sahibi \u00f6\u011frencilere y\u00f6nelik bir burs program\u0131 y\u00fcr\u00fct\u00fclmektedir.<\/li>\n<li><b>Y\u00f6netim ve \u00c7e\u015fitlilik:<\/b> \u015eirket, kurumsal y\u00f6netimde \u00e7e\u015fitlili\u011fe \u00f6nem vermektedir. Beyaz yaka personelin %42&#8217;si, y\u00f6neticilerin %17&#8217;si kad\u0131nd\u0131r. Y\u00f6netim Kurulu&#8217;ndaki 5 \u00fcyenin 3&#8217;\u00fc (%60) ve 2 ba\u011f\u0131ms\u0131z \u00fcyenin 1&#8217;i (%50) kad\u0131nd\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. Risk Y\u00f6netimi<\/h2>\n<h3>Sermaye Riski Y\u00f6netimi<\/h3>\n<p>\u015eirket, sermayeyi bor\u00e7 ve \u00f6zkaynak dengesini optimize ederek y\u00f6netmektedir. Sermaye yap\u0131s\u0131, &#8220;Net Bor\u00e7 \/ \u00d6zkaynak Oran\u0131&#8221; kullan\u0131larak izlenmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Finansal Bor\u00e7lar<\/td>\n<td>836.088<\/td>\n<td>5.053.477<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri (-)<\/td>\n<td>(7.144.519)<\/td>\n<td>(32.190.202)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7<\/b><\/td>\n<td><b>(6.308.431)<\/b><\/td>\n<td><b>(27.136.725)<\/b><\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>87.232.915<\/td>\n<td>123.115.386<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7 \/ \u00d6zkaynak Oran\u0131<\/b><\/td>\n<td><b>(0,07)<\/b><\/td>\n<td><b>(0,22)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Her iki d\u00f6nemde de \u015firketin nakit pozisyonu, finansal bor\u00e7lar\u0131ndan daha y\u00fcksek oldu\u011fu i\u00e7in &#8220;net nakit&#8221; pozisyonundad\u0131r. Bu durum, \u015firketin d\u00fc\u015f\u00fck bir finansal kald\u0131ra\u00e7la \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<h3>Di\u011fer Finansal Riskler<\/h3>\n<p>\u015eirket, faaliyetleri nedeniyle piyasa riski (kur, faiz, fiyat), kredi riski ve likidite riski gibi finansal risklere maruz kalmaktad\u0131r. Bu riskler, finans b\u00f6l\u00fcm\u00fc taraf\u0131ndan d\u00fczenli olarak izlenmekte ve y\u00f6netilmektedir. \u0130\u00e7 kontrol mekanizmas\u0131 ise ISO 9001-2015 prosed\u00fcrleri \u00e7er\u00e7evesinde y\u00fcr\u00fct\u00fclmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"291\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bur\u00e7elik Vana Raporu: Bir Sanayi Devinin \u00c7eli\u015fkilerle Dolu Hayatta Kalma M\u00fccadelesi Finansal raporlar genellikle rakamlarla dolu, s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmas\u0131 zor belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen bu rakamlar\u0131n ard\u0131nda, bir \u015firketin kaderini anlatan dramatik bir hik\u00e2ye gizlidir. T\u00fcrkiye&#8217;nin \u00f6nemli sanayi kurulu\u015flar\u0131ndan&#8230; <\/p>\n","protected":false},"author":1,"featured_media":292,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[56],"class_list":["post-291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-burva"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/291","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=291"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/291\/revisions"}],"predecessor-version":[{"id":293,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/291\/revisions\/293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/292"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}