{"id":891,"date":"2026-01-30T22:20:09","date_gmt":"2026-01-30T19:20:09","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=891"},"modified":"2026-02-07T14:19:53","modified_gmt":"2026-02-07T11:19:53","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-arclk-arcelik-as-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/891","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARCLK | Ar\u00e7elik A\u015e 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ARCLK | Ar\u00e7elik A\u015e 2025\/12 Bilan\u00e7o Analizi - Ar\u00e7elik Dev Zarara Ra\u011fmen Kasas\u0131n\u0131 Nas\u0131l Doldurdu\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/aI5mk6vngow?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>Ar\u00e7elik\u2019in 2025 Finansal Karnesi: Dev Rakamlar\u0131n Ard\u0131ndaki 5 \u00c7arp\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h2>1. Bir D\u00fcnya Devinin Enflasyonla \u0130mtihan\u0131<\/h2>\n<p>Ar\u00e7elik, bug\u00fcn sadece bir beyaz e\u015fya \u00fcreticisi olman\u0131n \u00e7ok \u00f6tesinde; T\u00fcrkiye\u2019den M\u0131s\u0131r\u2019a, Romanya\u2019dan Pakistan\u2019a kadar 13 \u00fclkeye yay\u0131lm\u0131\u015f 38 fabrikas\u0131yla k\u00fcresel bir teknoloji ve \u00fcretim g\u00fcc\u00fc konumunda. \u015eirketin 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131, rakamlar\u0131n \u00f6tesinde bir hikaye anlat\u0131yor: Bir devin, y\u00fcksek enflasyonun g\u00f6lgesinde k\u00fcresel geni\u015fleme ile operasyonel verimlilik aras\u0131nda kurdu\u011fu o hassas denge. 523,9 milyar TL&#8217;lik has\u0131lata ula\u015fan bu yap\u0131n\u0131n finansal r\u00f6ntgenini \u00e7ekmek, asl\u0131nda k\u00fcresel piyasalarda ayakta kalma stratejisinin \u015fifrelerini \u00e7\u00f6zmek demektir.<\/p>\n<h2>2. Enflasyon Muhasebesi: G\u00f6r\u00fcnenden Daha Fazlas\u0131 (TMS 29)<\/h2>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131 analiz ederken kar\u015f\u0131m\u0131za \u00e7\u0131kan en kritik e\u015fik &#8220;TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131d\u0131r. Teknik terimleri bir kenara b\u0131rak\u0131rsak; bu standart, paran\u0131n de\u011ferinin h\u0131zla eridi\u011fi ortamlarda mali tablolar\u0131n &#8220;ger\u00e7ek sat\u0131n alma g\u00fcc\u00fcn\u00fc&#8221; yans\u0131tmas\u0131 i\u00e7in rakamlar\u0131n 31 Aral\u0131k 2025 tarihindeki de\u011ferine g\u00f6re d\u00fczeltilmesini sa\u011flar.<\/p>\n<p>Kaynak verilere g\u00f6re T\u00fcrkiye\u2019deki <b>3 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131n\u0131n %211<\/b> olmas\u0131, bu y\u00f6ntemi bir zorunluluk haline getirmi\u015ftir. Bu d\u00fczeltme, yat\u0131r\u0131mc\u0131ya &#8220;ge\u00e7en y\u0131l\u0131n 100 liras\u0131 ile bu y\u0131l\u0131n 100 liras\u0131 ayn\u0131 de\u011fil&#8221; diyerek en \u015feffaf resmi sunmay\u0131 ama\u00e7lar.<\/p>\n<p><b>Denet\u00e7i Notu:<\/b> &#8220;TMS 29&#8217;un Grup\u2019un raporlanan sonu\u00e7lar\u0131 ve finansal durumu \u00fczerindeki \u00f6nemli etkisi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, y\u00fcksek enflasyon muhasebesi bir kilit denetim konusu olarak de\u011ferlendirilmi\u015ftir.&#8221;<\/p>\n<h2>3. Zarar Eden Bir Dev mi, Yat\u0131r\u0131m Yapan Bir Vizyon mu?<\/h2>\n<p>Ar\u00e7elik\u2019in 2025 karnesinde 9,8 milyar TL net d\u00f6nem zarar\u0131 g\u00f6r\u00fclmesi ilk bak\u0131\u015fta \u015fa\u015f\u0131rt\u0131c\u0131 olabilir. Ancak bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, bu zarar\u0131n arkas\u0131nda iki &#8220;\u00e7arp\u0131c\u0131 ger\u00e7ek&#8221; yatmaktad\u0131r:<\/p>\n<p>Birincisi, <b>TFRS 15 (M\u00fc\u015fteri S\u00f6zle\u015fmelerinden Has\u0131lat)<\/b> h\u00fck\u00fcmleri uyar\u0131nca do\u011frulanm\u0131\u015f olan 523,9 milyar TL&#8217;lik devasa has\u0131lat\u0131n operasyonel g\u00fcc\u00fcd\u00fcr. \u015eirketin <b>Esas Faaliyet Kar\u0131<\/b>, 2024 y\u0131l\u0131ndaki 9,3 milyar TL seviyesinden <b>10,4 milyar TL\u2019ye y\u00fckselmi\u015ftir.<\/b> Bu durum, Ar\u00e7elik\u2019in ana i\u015finde asl\u0131nda k\u00e2r etti\u011fini ve operasyonel olarak sa\u011fl\u0131kl\u0131 oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p>\u0130kincisi ise enflasyonun getirdi\u011fi &#8220;gizli destek&#8221;tir. \u015eirket, 47,6 milyar TL&#8217;lik a\u011f\u0131r bir finansman gideriyle (Not 30) kar\u015f\u0131 kar\u015f\u0131ya kalsa da, enflasyon muhasebesi sayesinde <b>14,9 milyar TL Net Parasal Pozisyon Kazanc\u0131<\/b> (Not 31) elde etmi\u015ftir. Bu kazan\u00e7, enflasyonist ortamda bor\u00e7 ve varl\u0131k y\u00f6netiminin do\u011fru yap\u0131ld\u0131\u011f\u0131n\u0131n bir g\u00f6stergesidir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Milyar TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat (TFRS 15)<\/b><\/td>\n<td>523,9<\/td>\n<td>560,9<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>10,4<\/td>\n<td>9,3<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri<\/b><\/td>\n<td>47,6<\/td>\n<td>61,9<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td>(9,8)<\/td>\n<td>(2,8)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Tutarlar 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir.<\/i><\/p>\n<h2>4. 38 Fabrika ve K\u00fcresel Bir Satran\u00e7 Tahtas\u0131<\/h2>\n<p>Ar\u00e7elik, \u00fcretim a\u011f\u0131n\u0131 stratejik bir satran\u00e7 tahtas\u0131 gibi y\u00f6netiyor. Not 1&#8217;deki listeye g\u00f6re; T\u00fcrkiye, Romanya, Rusya, \u00c7in, G\u00fcney Afrika, Polonya, Slovakya, \u0130talya, Hindistan, Pakistan, Banglade\u015f, Tayland ve \u00f6zellikle yeni bir b\u00fcy\u00fcme merkezi olan <b>M\u0131s\u0131r<\/b>, bu k\u00fcresel a\u011f\u0131n kalelerini olu\u015fturuyor. <b>Beko Europe<\/b> ve <b>Ar\u00e7elik Hitachi<\/b> ortakl\u0131klar\u0131 ise bu satranc\u0131n \u015fah mat hamleleridir.<\/p>\n<p>Operasyonel verimlilik cephesinde ise personel say\u0131s\u0131n\u0131n 51.443\u2019ten 48.784\u2019e d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6r\u00fcyoruz. Bir analist i\u00e7in bu yakla\u015f\u0131k 2.600 ki\u015filik de\u011fi\u015fim, bir &#8220;k\u00fc\u00e7\u00fclme&#8221; de\u011fil; denet\u00e7i raporunda da de\u011finilen <b>yeniden yap\u0131lanma maliyetleri (restructuring costs)<\/b> kapsam\u0131nda uzun vadeli verimlilik ve k\u00fcresel entegrasyon i\u00e7in at\u0131lm\u0131\u015f bir ad\u0131md\u0131r.<\/p>\n<h2>5. Marka De\u011feri: Bilan\u00e7onun G\u00f6r\u00fcnmez Kahramanlar\u0131<\/h2>\n<p>Bir \u015firketin de\u011feri sadece makinelerinden de\u011fil, t\u00fcketicinin zihnindeki yerinden gelir. Ar\u00e7elik\u2019in bilan\u00e7osunda, fabrikalar\u0131ndan \u00e7ok daha de\u011ferli &#8220;g\u00f6r\u00fcnmez kahramanlar&#8221; bulunmaktad\u0131r.<\/p>\n<p>Not 13 ve 15 verilerine g\u00f6re:<\/p>\n<ul>\n<li><b>Marka De\u011feri:<\/b> 15,2 Milyar TL<\/li>\n<li><b>\u015eerefiye (Goodwill):<\/b> 10,6 Milyar TL<\/li>\n<li><b>Toplam Maddi Olmayan G\u00fc\u00e7:<\/b> <b>25,8 Milyar TL<\/b><\/li>\n<\/ul>\n<p>Bu 25,8 milyar TL\u2019lik devasa tutar, Beko, Grundig ve Arctic gibi markalar\u0131n k\u00fcresel &#8220;g\u00fcven&#8221; sermayesidir. Fiziksel varl\u0131klar zamanla eskise de, bilan\u00e7odaki bu &#8220;isim hakk\u0131&#8221; ve &#8220;\u015ferefiye&#8221; bedelleri, \u015firketin gelecekteki pazar pay\u0131n\u0131n en b\u00fcy\u00fck garantisidir.<\/p>\n<h2>6. Sonu\u00e7: Gelece\u011fe G\u00fcvenle Bakmak M\u00fcmk\u00fcn m\u00fc?<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim raporunun kapa\u011f\u0131nda yer alan <b>&#8220;Shape the future with confidence&#8221;<\/b> (Gelece\u011fi g\u00fcvenle \u015fekillendirin) slogan\u0131, Ar\u00e7elik\u2019in 2025 y\u0131l\u0131ndaki konumunu \u00f6zetliyor. Evet, y\u00fcksek bor\u00e7lanma maliyetleri ve enflasyonun bask\u0131s\u0131 net k\u00e2r\u0131 g\u00f6lgelemi\u015f olabilir; ancak 10,4 milyar TL\u2019ye \u00e7\u0131kan operasyonel k\u00e2r ve 25 milyar TL&#8217;yi a\u015fan marka g\u00fcc\u00fc, motorun hala \u00e7ok g\u00fc\u00e7l\u00fc \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Kapan\u0131\u015fta sormam\u0131z gereken soru \u015fu: <b>Bir \u015firketin ger\u00e7ek ba\u015far\u0131s\u0131, enflasyonun g\u00f6lgesindeki bug\u00fcnk\u00fc net zarar\u0131yla m\u0131, yoksa 13 \u00fclkeye yay\u0131lm\u0131\u015f \u00fcretim g\u00fcc\u00fc ve 523 milyar TL has\u0131lat \u00fcretebilen operasyonel kapasitesiyle mi \u00f6l\u00e7\u00fclmelidir?<\/b> Ar\u00e7elik, bu sorunun yan\u0131t\u0131n\u0131 stratejik bir k\u00fcresel dev haline gelerek \u00e7oktan vermi\u015f g\u00f6r\u00fcn\u00fcyor.<\/p>\n<p>&nbsp;<\/p>\n<h1>Ar\u00e7elik A.\u015e. 2025 Hesap D\u00f6nemi Konsolide Finansal Bilgilendirme Raporu<\/h1>\n<p>Bu belge, Ar\u00e7elik Anonim \u015eirketi&#8217;nin 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu temel alan kapsaml\u0131 bir \u00f6zet sunmaktad\u0131r. T\u00fcm tutarlar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Ar\u00e7elik A.\u015e. 2025 mali y\u0131l\u0131n\u0131 y\u00fcksek enflasyon muhasebesi uygulamalar\u0131n\u0131n ve k\u00fcresel operasyonel geni\u015flemenin damga vurdu\u011fu bir tabloda tamamlam\u0131\u015ft\u0131r. G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan haz\u0131rlanan raporda, \u015firketin finansal tablolar\u0131n\u0131n TFRS standartlar\u0131na tam uyumlu ve ger\u00e7e\u011fe uygun oldu\u011fu teyit edilmi\u015ftir.<\/p>\n<p><b>Kritik Veriler:<\/b><\/p>\n<ul>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> \u015eirket, 2025 y\u0131l\u0131nda toplam 9.799.313 bin TL net d\u00f6nem zarar\u0131 kaydetmi\u015ftir (Ana ortakl\u0131k pay\u0131na d\u00fc\u015fen zarar: 8.355.688 bin TL).<\/li>\n<li><b>Has\u0131lat:<\/b> Toplam has\u0131lat 523.933.321 bin TL olarak ger\u00e7ekle\u015fmi\u015f; bu rakam 2024 y\u0131l\u0131ndaki 560.936.754 bin TL seviyesine g\u00f6re bir daralma g\u00f6stermi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam \u00f6zkaynaklar, bir \u00f6nceki y\u0131lki 98.252.467 bin TL seviyesinden 75.905.153 bin TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> K\u0131sa vadeli bor\u00e7lanmalarda belirgin bir art\u0131\u015f g\u00f6zlemlenmi\u015f; toplam k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler 340,6 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>1. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (Ernst &amp; Young Global Limited \u00fcyesi), Ar\u00e7elik A.\u015e.&#8217;nin finansal durumunu &#8220;G\u00f6r\u00fc\u015f&#8221; b\u00f6l\u00fcm\u00fcnde \u015fu \u015fekilde tan\u0131mlamaktad\u0131r:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re ili\u015fikteki konsolide finansal tablolar, Grup\u2019un 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal durumunu ve&#8230; konsolide finansal performans\u0131n\u0131 ve konsolide nakit ak\u0131\u015flar\u0131n\u0131, T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h3>Kilit Denetim Konular\u0131 (KDK)<\/h3>\n<p>Denet\u00e7iler, cari d\u00f6nemde en \u00e7ok \u00f6nem arz eden \u00fc\u00e7 temel konuyu &#8220;Kilit Denetim Konusu&#8221; olarak belirlemi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kilit Denetim Konusu<\/td>\n<td>Neden \u00d6nemli?<\/td>\n<\/tr>\n<tr>\n<td><b>Enflasyon Muhasebesi (TMS 29)<\/b><\/td>\n<td>\u015eirket fonksiyonel para biriminin y\u00fcksek enflasyonlu olmas\u0131 nedeniyle finansal tablolar\u0131n yeniden d\u00fczeltilmesi raporlanan sonu\u00e7lar \u00fczerinde kritik bir etkiye sahiptir.<\/td>\n<\/tr>\n<tr>\n<td><b>M\u00fc\u015fteri S\u00f6zle\u015fmelerinden Has\u0131lat<\/b><\/td>\n<td>Has\u0131lat, stratejilerin ba\u015far\u0131s\u0131n\u0131 \u00f6l\u00e7en en \u00f6nemli performans g\u00f6stergesidir ve TFRS 15 uyar\u0131nca muhasebele\u015ftirilmesi karma\u015f\u0131k denetim prosed\u00fcrleri gerektirir.<\/td>\n<\/tr>\n<tr>\n<td><b>Marka ve \u015eerefiye De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/b><\/td>\n<td>Konsolide tablolarda 15,2 milyar TL marka ve 10,6 milyar TL \u015ferefiye bulunmaktad\u0131r. Bu de\u011ferlerin \u00f6l\u00e7\u00fcm\u00fc piyasa ko\u015fullar\u0131na duyarl\u0131, gelece\u011fe y\u00f6nelik \u00f6nemli tahminler i\u00e7ermektedir.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>\u015eirketin varl\u0131k ve kaynak yap\u0131s\u0131nda enflasyon etkisinden ar\u0131nd\u0131r\u0131lm\u0131\u015f kar\u015f\u0131la\u015ft\u0131rmal\u0131 veriler a\u015fa\u011f\u0131daki gibidir:<\/p>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 543.531.612 bin TL (2024: 520.592.827 bin TL).<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 2025 sonu itibar\u0131yla 97,8 milyar TL&#8217;ye y\u00fckselerek likidite art\u0131\u015f\u0131na i\u015faret etmi\u015ftir.<\/li>\n<li><b>Stoklar:<\/b> 89.980.222 bin TL seviyesinde olup, bir \u00f6nceki y\u0131la g\u00f6re (93,8 milyar TL) hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 112.152.154 bin TL de\u011ferindedir.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 467.626.459 bin TL&#8217;ye y\u00fckselmi\u015ftir (2024: 422,3 milyar TL).<\/li>\n<li><b>K\u0131sa Vadeli Bor\u00e7lanmalar:<\/b> 67,2 milyar TL&#8217;den 115 milyar TL seviyesine \u00e7\u0131karak \u00f6nemli bir k\u0131sa vadeli finansman ihtiyac\u0131n\u0131 ortaya koymu\u015ftur.<\/li>\n<li><b>\u00d6zkaynak Kayb\u0131:<\/b> \u015eirketin ana ortakl\u0131\u011fa ait \u00f6zkaynaklar\u0131 87,9 milyar TL&#8217;den 70,3 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu d\u00fc\u015f\u00fc\u015fte net d\u00f6nem zarar\u0131 ve riskten korunma (hedging) kay\u0131plar\u0131 etkili olmu\u015ftur.<\/li>\n<\/ul>\n<h2>3. Operasyonel Performans ve Gelir Tablosu<\/h2>\n<p>2025 y\u0131l\u0131 faaliyet sonu\u00e7lar\u0131, \u015firketin br\u00fct k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 korumas\u0131na ra\u011fmen net bazda zarar yazd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (Bin TL)<\/td>\n<td>2024 (Bin TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>523.933.321<\/td>\n<td>560.936.754<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(373.140.054)<\/td>\n<td>(406.350.247)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>150.793.267<\/td>\n<td>154.586.507<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>10.494.106<\/td>\n<td>9.322.710<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Gideri (Net)<\/b><\/td>\n<td>(30.018.855)*<\/td>\n<td>(33.048.125)*<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td>(9.799.313)<\/td>\n<td>(2.889.171)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>*Net finansman gideri, finansman gelirleri ve giderlerinin mahsubu ile hesaplanm\u0131\u015ft\u0131r.<\/i><\/p>\n<h3>B\u00f6l\u00fcmlere G\u00f6re Performans<\/h3>\n<p>\u015eirket faaliyetlerini \u00fc\u00e7 ana segmentte raporlamaktad\u0131r:<\/p>\n<ol>\n<li><b>Beyaz E\u015fya:<\/b> 401 milyar TL net sat\u0131\u015f ve 112,5 milyar TL br\u00fct k\u00e2r ile en b\u00fcy\u00fck operasyonel alan\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<li><b>T\u00fcketici Elektroni\u011fi:<\/b> 25,2 milyar TL net sat\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Di\u011fer:<\/b> Klima ve ev aletlerini i\u00e7eren bu b\u00f6l\u00fcm 97,6 milyar TL sat\u0131\u015f hacmine ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<h2>4. Bor\u00e7 Yap\u0131s\u0131 ve Finansman Detaylar\u0131<\/h2>\n<p>Ar\u00e7elik&#8217;in toplam finansal bor\u00e7lar\u0131 (bor\u00e7lanmalar ve ihra\u00e7 edilen tahviller) 2025 y\u0131l\u0131 sonunda 235.898.407 bin TL olarak kaydedilmi\u015ftir.<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Krediler:<\/b> En y\u00fcksek pay Avro (50,3 milyar TL kar\u015f\u0131l\u0131\u011f\u0131) ve T\u00fcrk Liras\u0131 (30,9 milyar TL) cinsinden kredilerdedir.<\/li>\n<li><b>Tahvil \u0130hra\u00e7lar\u0131:<\/b> 2025 y\u0131l\u0131nda 2,5 milyar TL nominal de\u011ferli TLREF endeksli tahvil ihra\u00e7 edilmi\u015ftir. Ayr\u0131ca, 500 milyon ABD Dolar\u0131 tutar\u0131nda (vade 2028) ve 350 milyon Avro tutar\u0131nda ye\u015fil tahvil (vade 2026) bulunmaktad\u0131r.<\/li>\n<li><b>Bor\u00e7 Vade Yap\u0131s\u0131:<\/b> Uzun vadeli banka kredilerinin ve tahvillerin 40,2 milyar TL&#8217;lik k\u0131sm\u0131n\u0131n vadesi 2028 ve sonras\u0131na yay\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h2>5. Grup Organizasyonu ve K\u00fcresel Ayak \u0130zi<\/h2>\n<p>Ar\u00e7elik A.\u015e., Ko\u00e7 Holding b\u00fcnyesinde faaliyet g\u00f6steren k\u00fcresel bir g\u00fc\u00e7t\u00fcr:<\/p>\n<ul>\n<li><b>\u00dcretim:<\/b> T\u00fcrkiye dahil 13 \u00fclkede (Romanya, G\u00fcney Afrika, Polonya, \u0130talya, Hindistan, Pakistan vb.) toplam <b>38 fabrikada<\/b> \u00fcretim yap\u0131lmaktad\u0131r.<\/li>\n<li><b>\u0130stihdam:<\/b> 2025 y\u0131l\u0131 itibar\u0131yla ortalama <b>48.784 personel<\/b> istihdam edilmektedir.<\/li>\n<li><b>Halka A\u00e7\u0131kl\u0131k:<\/b> \u015eirketin halka a\u00e7\u0131kl\u0131k oran\u0131 %17,86&#8217;d\u0131r.<\/li>\n<\/ul>\n<h2>6. \u00d6nemli Riskler ve Muhasebe Tahminleri<\/h2>\n<p>\u015eirket y\u00f6netimi, finansal tablolar\u0131 haz\u0131rlarken \u00f6zellikle a\u015fa\u011f\u0131daki alanlarda ciddi muhasebe tahminleri yapm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>K\u0131dem Tazminat\u0131 ve Emeklilik Kar\u015f\u0131l\u0131klar\u0131:<\/b> Akt\u00fceryal varsay\u0131mlar (iskonto ve enflasyon oranlar\u0131) kullan\u0131larak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Garanti Gider Kar\u015f\u0131l\u0131klar\u0131:<\/b> Ge\u00e7mi\u015f veriler ve sat\u0131\u015f hacmi baz al\u0131narak gelecekteki olas\u0131 tamir\/bak\u0131m maliyetleri i\u00e7in kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeniden Yap\u0131land\u0131rma:<\/b> \u00d6zellikle Avrupa operasyonlar\u0131nda ger\u00e7ekle\u015ftirilen yeniden yap\u0131land\u0131rma s\u00fcre\u00e7lerine ili\u015fkin kar\u015f\u0131l\u0131klar d\u00fczenli olarak g\u00fcncellenmektedir.<\/li>\n<\/ul>\n<p><b>Sonu\u00e7:<\/b> Ar\u00e7elik A.\u015e., 2025 y\u0131l\u0131nda enflasyonun ve finansman maliyetlerinin bask\u0131s\u0131 alt\u0131nda net zarar a\u00e7\u0131klam\u0131\u015f olsa da, 150 milyar TL&#8217;nin \u00fczerindeki br\u00fct k\u00e2r marj\u0131 ve 38 fabrikaya yay\u0131lan \u00fcretim g\u00fcc\u00fcyle operasyonel kapasitesini korumaktad\u0131r. Finansal tablolar, ba\u011f\u0131ms\u0131z denet\u00e7iler taraf\u0131ndan t\u00fcm \u00f6nemli y\u00f6nleriyle \u015feffaf ve ger\u00e7e\u011fe uygun bulunmu\u015ftur.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"891\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>**Ar\u00e7elik 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Enflasyon Muhasebesi ve Stratejik D\u00f6n\u00fc\u015f\u00fcm\u00fcn Etkileri**<\/p>\n<p>Ar\u00e7elik\u2019in 2025 y\u0131l\u0131 konsolide finansal raporu, **523,9 milyar TL has\u0131lat** ve **9,8 milyar TL net zarar** ile stratejik bir ge\u00e7i\u015f d\u00f6nemini i\u015faret ediyor. TMS 29 enflasyon muhasebesi alt\u0131nda haz\u0131rlanan rapor; **Tayland ve Polonya\u2019daki fabrika kapatmalar\u0131** gibi operasyonel optimizasyon ad\u0131mlar\u0131n\u0131 ve beyaz e\u015fya segmentindeki pazar liderli\u011fini \u00f6n plana \u00e7\u0131kar\u0131yor. \u015eirketin finansal yap\u0131s\u0131ndaki de\u011fi\u015fimleri ve gelecek projeksiyonlar\u0131n\u0131 i\u00e7eren detayl\u0131 analizimiz yay\u0131nda.<\/p>\n","protected":false},"author":1,"featured_media":892,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[198],"class_list":["post-891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-arclk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/891","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=891"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/891\/revisions"}],"predecessor-version":[{"id":894,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/891\/revisions\/894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/892"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}