{"id":895,"date":"2026-01-30T22:51:34","date_gmt":"2026-01-30T19:51:34","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=895"},"modified":"2026-02-07T14:19:48","modified_gmt":"2026-02-07T11:19:48","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-borsk-bor-seker-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/895","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 BORSK | Bor \u015eeker 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BORSK | Bor \u015eeker 2025\/12 Bilan\u00e7o Analizi - Bor \u015eeker K\u00e2r Ederken Neden Zarar A\u00e7\u0131klad\u0131\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/JLnCGSEcfSY?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>Tatl\u0131 Rakamlar, Karma\u015f\u0131k Ger\u00e7ekler: Bor \u015eeker\u2019in 2025 Yolculu\u011fundan \u015ea\u015f\u0131rt\u0131c\u0131 4 \u00c7\u0131kar\u0131m<\/h1>\n<p><b>1. Giri\u015f: Bir Ba\u015far\u0131 Hikayesinin Sat\u0131r Aralar\u0131n\u0131 Okumak<\/b><\/p>\n<p>Bor \u015eeker, \u015eubat 2024\u2019teki halka arz\u0131ndan bu yana \u015feker end\u00fcstrisinde sadece bir \u00fcretici de\u011fil, stratejik bir d\u00f6n\u00fc\u015f\u00fcm \u00f6znesi olarak dikkat \u00e7ekiyor. T\u00fcrkiye\u2019nin toplam &#8220;A Kotas\u0131&#8221; \u015feker \u00fcretiminde %2,5\u2019lik paya sahip olan \u015firket (71.290 ton), 2025 y\u0131l\u0131 dokuz ayl\u0131k ara hesap d\u00f6nemine ait verileriyle piyasalara al\u0131\u015f\u0131lm\u0131\u015f\u0131n d\u0131\u015f\u0131nda bir bilan\u00e7o okumas\u0131 sunuyor. \u015eirketin mali takviminin &#8220;\u00d6zel Hesap D\u00f6nemi&#8221; (1 Nisan \u2013 31 Mart) olmas\u0131, verileri mevsimsellik ve end\u00fcstriyel d\u00f6ng\u00fc a\u00e7\u0131s\u0131ndan daha derinlemesine analiz etmeyi zorunlu k\u0131l\u0131yor.<\/p>\n<p>Cirosunu milyarlarca lira seviyesinde tutan ve operasyonel verimlili\u011fini art\u0131ran Bor \u015eeker\u2019in, bu ba\u015far\u0131ya ra\u011fmen neden 128,5 milyon TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klad\u0131\u011f\u0131 ise finansal bir paradoks gibi g\u00f6r\u00fcnebilir. Ancak bu &#8220;zarar,&#8221; operasyonel bir ba\u015far\u0131s\u0131zl\u0131ktan ziyade, y\u00fcksek enflasyonun bilan\u00e7olar \u00fczerindeki matematiksel bir izd\u00fc\u015f\u00fcm\u00fcd\u00fcr.<\/p>\n<p><b>2. Enflasyonun Bilan\u00e7odaki G\u00f6lgesi: Ciro Artarken Gelen &#8220;Ka\u011f\u0131t \u00dcst\u00fcndeki&#8221; Zarar<\/b><\/p>\n<p>Bor \u015eeker\u2019in 1 Nisan \u2013 31 Aral\u0131k 2025 d\u00f6nemine ait has\u0131lat\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 3,57 milyar TL seviyesinden 3,83 milyar TL\u2019ye y\u00fckseldi. \u015eirketin as\u0131l performans g\u00f6stergesi olan faaliyet k\u00e2r\u0131 ise 307,4 milyon TL\u2019den 419,6 milyon TL\u2019ye \u00e7\u0131karak %36\u2019n\u0131n \u00fczerinde bir operasyonel b\u00fcy\u00fcme sergiledi. Buna ra\u011fmen net tablodaki 128,5 milyon TL\u2019lik zarar, TMS 29 (Y\u00fcksek Enflasyon Muhasebesi) uygulamas\u0131n\u0131n bir sonucudur.<\/p>\n<p>\u015eirket, bu d\u00f6nemde 308,7 milyon TL tutar\u0131nda &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; kaydetmi\u015ftir. Bir finansal analist g\u00f6z\u00fcyle bu durum; \u015firketin elinde bulundurdu\u011fu nakit ve ticari alacak gibi &#8220;parasal varl\u0131klar\u0131n&#8221; y\u00fcksek enflasyon kar\u015f\u0131s\u0131nda sat\u0131n alma g\u00fcc\u00fcn\u00fc kaybetmesidir. Yani Bor \u015eeker, fabrikada \u00fcretim yap\u0131p k\u00e2r ederken, muhasebesel olarak parasal pozisyonu nedeniyle &#8220;ka\u011f\u0131t \u00fczerinde&#8221; bir kayba u\u011fram\u0131\u015ft\u0131r.<\/p>\n<p>&#8220;Net parasal pozisyon \u00fczerinden genel enflasyon neticesinde olu\u015fan kazan\u00e7 veya kay\u0131p; parasal olmayan aktif ve pasiflere, \u00f6zkaynak kalemlerine ve kar veya zarar ve di\u011fer kapsaml\u0131 gelir tablosu hesaplar\u0131na yap\u0131lan d\u00fczeltmelerin fark\u0131d\u0131r. Net parasal pozisyon \u00fczerinden hesaplanan bu kazan\u00e7 veya kay\u0131p kar veya zarara dahil edilmi\u015ftir.&#8221;<\/p>\n<p><b>3. \u015eekerin \u00d6tesinde Bir Devrim: Etil Alkol ve Stratejik Geni\u015fleme<\/b><\/p>\n<p>Bor \u015eeker, \u015feker \u00fcretiminin bir yan \u00fcr\u00fcn\u00fc olan ve &#8220;at\u0131k&#8221; g\u00f6z\u00fcyle bak\u0131labilecek &#8220;Melas&#8221;\u0131 (Molasses), y\u00fcksek katma de\u011ferli bir end\u00fcstriyel hammaddeye d\u00f6n\u00fc\u015ft\u00fcrme yolunda dev bir ad\u0131m att\u0131. Redoks Analitik Cihazlar A.\u015e. ile imzalanan 7,2 milyon USD + KDV bedelli etil alkol tesisi ekipman anla\u015fmas\u0131, \u015firketi t\u0131bbi, kozmetik ve temizlik sekt\u00f6rlerinin hammadde tedarik\u00e7isi konumuna ta\u015f\u0131yor. Bu, &#8220;d\u00f6ng\u00fcsel ekonomi&#8221; mant\u0131\u011f\u0131yla \u00e7al\u0131\u015fan bir end\u00fcstriyel d\u00f6n\u00fc\u015f\u00fcmd\u00fcr.<\/p>\n<p>Buna ek olarak, Amasya \u015eeker ile yap\u0131lan 150.000 tonluk \u015feker pancar\u0131 fason \u00fcretim s\u00f6zle\u015fmesi, Bor \u015eeker\u2019in operasyonel esnekli\u011fini kan\u0131tl\u0131yor. Hammadde m\u00fclkiyetinin kar\u015f\u0131 tarafta oldu\u011fu bu &#8220;Varl\u0131k-Hafif&#8221; (Asset-Light) i\u015f modeli, \u015firketin kendi kapasitesini kullanarak risk almadan gelir elde etmesini ve ihracat potansiyelini art\u0131rmas\u0131n\u0131 sa\u011fl\u0131yor.<\/p>\n<p><b>4. Sessiz Devrim: \u0130stihdamda %60&#8217;l\u0131k Muazzam B\u00fcy\u00fcme<\/b><\/p>\n<p>Bor \u015eeker\u2019in personel verileri, ilk bak\u0131\u015fta sadece bir b\u00fcy\u00fcme rakam\u0131 gibi g\u00f6r\u00fcnse de asl\u0131nda \u015feker end\u00fcstrisinin &#8220;kampanya d\u00f6nemi&#8221; ger\u00e7ekli\u011fini yans\u0131t\u0131yor. 31 Mart 2025\u2019te (sezon d\u0131\u015f\u0131 d\u00f6nem) 408 olan \u00e7al\u0131\u015fan say\u0131s\u0131, hasat ve i\u015flemenin zirve yapt\u0131\u011f\u0131 31 Aral\u0131k 2025 itibar\u0131yla 652\u2019ye y\u00fckselmi\u015ftir.<\/p>\n<p>Bu %60\u2019l\u0131k art\u0131\u015f, sadece bir istihdam geni\u015flemesi de\u011fil; yeni yat\u0131r\u0131mlar\u0131n hayata ge\u00e7irilmesi ve 71 bin tonu a\u015fan kotan\u0131n i\u015flenmesi i\u00e7in gereken &#8220;end\u00fcstriyel seferberli\u011fin&#8221; somut kan\u0131t\u0131d\u0131r. \u015eirket, kurumsal yap\u0131s\u0131n\u0131 bu operasyonel surge (dalgalanma) d\u00f6nemlerini y\u00f6netecek \u015fekilde ba\u015far\u0131yla mobilize etmi\u015ftir.<\/p>\n<p><b>5. S\u00f6z Verildi ve Yap\u0131ld\u0131: Halka Arz Gelirlerinin Tam D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/b><\/p>\n<p>Halka arz \u015feffafl\u0131\u011f\u0131 a\u00e7\u0131s\u0131ndan Bor \u015eeker, yat\u0131r\u0131mc\u0131s\u0131na verdi\u011fi s\u00f6zleri %100 oran\u0131nda ger\u00e7ekle\u015ftirmi\u015f nadir \u015firketlerden biri olarak \u00f6ne \u00e7\u0131k\u0131yor. Halka arz gelirlerinin %50\u2019sinin ayr\u0131ld\u0131\u011f\u0131 stratejik yat\u0131r\u0131mlar, 31 Aral\u0131k 2025 itibar\u0131yla tam kapasiteyle tamamlanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>GES (G\u00fcne\u015f Enerji Santrali):<\/b> Sadece \u00e7evresel bir yat\u0131r\u0131m de\u011fil, y\u00fckselen end\u00fcstriyel enerji maliyetlerine kar\u015f\u0131 stratejik bir finansal kalkand\u0131r.<\/li>\n<li><b>Modernizasyon ve G\u00fcbre Tesisi:<\/b> Fabrikan\u0131n \u00fcretim verimlili\u011fini art\u0131r\u0131rken, yan \u00fcr\u00fcnlerin (k\u00fcspe ve melas) de\u011ferlemesini maksimize etmektedir.<\/li>\n<li><b>Tamamlanma:<\/b> Kaynaklarda belirtilen 640,8 milyon TL\u2019lik toplam yat\u0131r\u0131m harcamas\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131, halka arz gelirlerinin bu s\u00f6z verilen projelere %100 d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc temsil etmektedir.<\/li>\n<\/ul>\n<p><b>6. Sonu\u00e7: Kristalize Olan Gelecek<\/b><\/p>\n<p>Bor \u015eeker\u2019in 2025 sonu itibar\u0131yla ortaya koydu\u011fu tablo, enflasyon muhasebesinin teknik zarar\u0131na ra\u011fmen operasyonel olarak k\u00e2rl\u0131, enerji maliyetlerini GES ile bask\u0131layan ve etil alkol hamlesiyle sa\u011fl\u0131k\/kozmetik sekt\u00f6rlerine g\u00f6z k\u0131rpan bir yap\u0131y\u0131 i\u015faret ediyor. Bir \u015feker fabrikas\u0131, yar\u0131n\u0131n enerji ve sa\u011fl\u0131k hammadde devine d\u00f6n\u00fc\u015febilir mi? Bor \u015eeker i\u00e7in bu sorunun cevab\u0131, kristalize bir gelecek vaadiyle &#8220;evet&#8221;e d\u00f6n\u00fc\u015f\u00fcyor.<\/p>\n<p>&nbsp;<\/p>\n<h1>Bor \u015eeker Anonim \u015eirketi Bilgilendirme Notu: 31 Aral\u0131k 2025 Finansal ve Faaliyet De\u011ferlendirmesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Bor \u015eeker Anonim \u015eirketi&#8217;nin (&#8220;\u015eirket&#8221;) 1 Nisan \u2013 31 Aral\u0131k 2025 ara hesap d\u00f6nemine ait finansal tablolar\u0131 ve y\u00f6netim kurulu faaliyet raporundan sentezlenen temel bulgular\u0131 i\u00e7ermektedir. \u015eirket, raporlama d\u00f6nemini <b>128.548.594 TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015f olmas\u0131na ra\u011fmen, operasyonel verimlili\u011fini korumu\u015f ve <b>419.627.830 TL faaliyet kar\u0131<\/b> elde etmi\u015ftir.<\/p>\n<p>D\u00f6nem i\u00e7erisindeki en kritik geli\u015fmelerden biri, \u015eirket sermayesinin %300 oran\u0131nda bedelsiz art\u0131r\u0131larak <b>960.000.000 TL<\/b>&#8216;ye \u00e7\u0131kar\u0131lmas\u0131 ve halka arz gelirlerinin stratejik yat\u0131r\u0131mlarda (GES, modernizasyon, g\u00fcbre tesisi) %100 oran\u0131nda kullan\u0131lm\u0131\u015f olmas\u0131d\u0131r. \u015eirket&#8217;in toplam varl\u0131klar\u0131 9,77 milyar TL&#8217;ye ula\u015f\u0131rken, \u00f6zkaynaklar\u0131 7,05 milyar TL seviyesinde g\u00fc\u00e7l\u00fc kalmaya devam etmektedir.<\/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 Organizasyonel Yap\u0131<\/h2>\n<h3>1.1 Genel Bilgiler ve Tarih\u00e7e<\/h3>\n<ul>\n<li><b>Kurulu\u015f ve \u00d6zelle\u015ftirme:<\/b> 2016 y\u0131l\u0131nda kurulan \u015eirket, 2018 y\u0131l\u0131nda Ni\u011fde&#8217;de bulunan Bor \u015eeker Fabrikas\u0131n\u0131 \u00d6zelle\u015ftirme \u0130daresi Ba\u015fkanl\u0131\u011f\u0131&#8217;ndan sat\u0131n alarak devralm\u0131\u015ft\u0131r.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket hisseleri 15 \u015eubat 2024 tarihinden itibaren Borsa \u0130stanbul&#8217;da (B\u0130ST) i\u015flem g\u00f6rmektedir. Fiili dola\u015f\u0131mdaki pay oran\u0131 %29,16&#8217;d\u0131r.<\/li>\n<li><b>Personel:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u00e7al\u0131\u015fan say\u0131s\u0131 652&#8217;dir (31 Mart 2025&#8217;te bu say\u0131 408&#8217;dir).<\/li>\n<\/ul>\n<h3>1.2 Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131 i\u00e7erisinde i\u00e7 kaynaklardan (pay ihra\u00e7 primlerinden) kar\u015f\u0131lanmak \u00fczere 720 milyon TL bedelsiz sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Arz Portf\u00f6y \u0130kinci Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu<\/td>\n<td>35,42<\/td>\n<td>340.000.000<\/td>\n<\/tr>\n<tr>\n<td>Sad\u0131k Enes Di\u015fli<\/td>\n<td>10,83<\/td>\n<td>104.000.000<\/td>\n<\/tr>\n<tr>\n<td>Eren Ali Di\u015fli<\/td>\n<td>10,83<\/td>\n<td>104.000.000<\/td>\n<\/tr>\n<tr>\n<td>Handan Di\u015fli<\/td>\n<td>9,17<\/td>\n<td>88.000.000<\/td>\n<\/tr>\n<tr>\n<td>Emir Haktan Di\u015fli<\/td>\n<td>4,58<\/td>\n<td>44.000.000<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka Arz &#8211; C Grubu)<\/td>\n<td>29,17<\/td>\n<td>280.000.000<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>960.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: A ve B grubu pay sahiplerinin y\u00f6netim kuruluna aday g\u00f6sterme ve her pay i\u00e7in 5 oy kullanma imtiyaz\u0131 bulunmaktad\u0131r.<\/i><\/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>2. Finansal Durum Analizi<\/h2>\n<h3>2.1 Bilan\u00e7o Geli\u015fimi<\/h3>\n<p>\u015eirket&#8217;in aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc, 31 Mart 2025 d\u00f6nemine g\u00f6re belirgin bir art\u0131\u015f g\u00f6stererek <b>9.775.370.306 TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 4,06 milyar TL (Stoklar 2,73 milyar TL ile en b\u00fcy\u00fck kalemi olu\u015fturmaktad\u0131r).<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 5,72 milyar TL (Maddi duran varl\u0131klar 4,68 milyar TL, kota haklar\u0131 995 milyon TL).<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler 2,37 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta ili\u015fkili olmayan taraflara ticari bor\u00e7lardaki (1,84 milyar TL) y\u00fckseli\u015f etkilidir.<\/li>\n<\/ul>\n<h3>2.2 Gelir Tablosu ve Karl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<p>1 Nisan \u2013 31 Aral\u0131k 2025 d\u00f6nemine ait operasyonel sonu\u00e7lar:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>3.831.327.576<\/td>\n<td>3.571.319.345<\/td>\n<td>+7,28<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>579.414.097<\/td>\n<td>447.451.705<\/td>\n<td>+29,49<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Kar\u0131<\/td>\n<td>419.627.830<\/td>\n<td>307.357.401<\/td>\n<td>+36,53<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td><b>(128.548.594)<\/b><\/td>\n<td><b>466.025.847<\/b><\/td>\n<td><b>-127,58<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Zarar\u0131n Temel Nedenleri:<\/b><\/p>\n<ul>\n<li><b>Net Parasal Pozisyon Kay\u0131plar\u0131:<\/b> Enflasyon d\u00fczeltmesi sonucu 308,7 milyon TL tutar\u0131nda bir kay\u0131p kaydedilmi\u015ftir.<\/li>\n<li><b>Vergi Giderleri:<\/b> 257,1 milyon TL tutar\u0131ndaki vergi gideri (\u00f6zellikle 226,6 milyon TL&#8217;lik ertelenmi\u015f vergi gideri) net kar\u0131 bask\u0131lam\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>3. Operasyonel Faaliyetler ve Pazar Konumu<\/h2>\n<h3>3.1 \u00dcr\u00fcn Grubu ve Sat\u0131\u015f Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>\u015eirket&#8217;in ana gelir kayna\u011f\u0131 \u015feker sat\u0131\u015flar\u0131d\u0131r, ancak yan \u00fcr\u00fcnlerin (melas ve k\u00fcspe) katk\u0131s\u0131 artmaktad\u0131r.<\/p>\n<ul>\n<li><b>\u015eeker Sat\u0131\u015flar\u0131:<\/b> 2,96 milyar TL.<\/li>\n<li><b>Melas Sat\u0131\u015flar\u0131:<\/b> 387,5 milyon TL (\u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re \u00fc\u00e7 kat\u0131ndan fazla art\u0131\u015f).<\/li>\n<li><b>K\u00fcspe Sat\u0131\u015flar\u0131:<\/b> 162,9 milyon TL.<\/li>\n<li><b>Zirai \u00dcr\u00fcn Sat\u0131\u015flar\u0131:<\/b> 354,3 milyon TL.<\/li>\n<\/ul>\n<h3>3.2 \u015eeker Kotalar\u0131 ve Pazar Pay\u0131<\/h3>\n<p>Bor \u015eeker, T\u00fcrkiye&#8217;deki toplam A kotas\u0131 \u015feker tahsisat\u0131n\u0131n ortalama <b>%2,4 &#8211; %2,5<\/b>&#8216;ine sahiptir.<\/p>\n<ul>\n<li><b>2025\/2026 Pazarlama Y\u0131l\u0131 Kotas\u0131:<\/b> 71.290 ton A Kotas\u0131 ve 3.564 ton B Kotas\u0131 tahsis edilmi\u015ftir.<\/li>\n<li><b>Fason \u00dcretim:<\/b> Amasya \u015eeker Fabrikas\u0131 A.\u015e. ile 17 Aral\u0131k 2025 tarihinde imzalanan s\u00f6zle\u015fme kapsam\u0131nda 150.000 ton \u015feker pancar\u0131n\u0131n fason i\u015flenmesi ger\u00e7ekle\u015ftirilmi\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>4. Yat\u0131r\u0131mlar ve Stratejik Geli\u015fmeler<\/h2>\n<h3>4.1 Tamamlanan ve Planlanan Yat\u0131r\u0131mlar<\/h3>\n<ul>\n<li><b>Halka Arz Gelirleri:<\/b> Gelirlerin %50&#8217;si ile planlanan GES (G\u00fcne\u015f Enerji Santrali), modernizasyon ve g\u00fcbre tesisi yat\u0131r\u0131mlar\u0131n\u0131n <b>%100&#8217;\u00fc tamamlanm\u0131\u015ft\u0131r.<\/b><\/li>\n<li><b>Etil Alkol Tesisi:<\/b> Redoks Analitik Cihazlar A.\u015e.&#8217;den 7,2 milyon USD + KDV bedelle etil alkol \u00fcretim tesisi makine ve ekipman al\u0131m\u0131 i\u00e7in anla\u015fma sa\u011flanm\u0131\u015f, Rekabet Kurulu onay\u0131 Ocak 2026&#8217;da al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>AR-GE:<\/b> Halka arz gelirlerinin %5&#8217;inin AR-GE&#8217;ye ayr\u0131lmas\u0131 planlanmaktad\u0131r. Odak projeler aras\u0131nda &#8220;S\u00f6nmemi\u015f Kire\u00e7 ve CO2 Gaz\u0131 Projesi&#8221; ile &#8220;Melastan Asetik Asit \u00dcretimi&#8221; bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2 Finansal Yat\u0131r\u0131mlar<\/h3>\n<p>\u015eirket&#8217;in 31 Aral\u0131k 2025 itibar\u0131yla yat\u0131r\u0131m fonlar\u0131nda de\u011ferlendirilen <b>255.224.349 TL<\/b> tutar\u0131nda finansal yat\u0131r\u0131m\u0131 bulunmaktad\u0131r. Bu yat\u0131r\u0131mlardan d\u00f6nem i\u00e7inde 43,8 milyon TL ger\u00e7e\u011fe uygun de\u011fer art\u0131\u015f kazanc\u0131 elde edilmi\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>5. Risk Y\u00f6netimi ve Gelecek Projeksiyonu<\/h2>\n<p>\u015eirket y\u00f6netimi, faaliyetlerini etkileyebilecek temel riskleri a\u015fa\u011f\u0131daki kategorilerde takip etmektedir:<\/p>\n<ul>\n<li><b>Hammadde Ba\u011f\u0131ml\u0131l\u0131\u011f\u0131:<\/b> \u015eeker pancar\u0131 tedarikinin \u00fc\u00e7\u00fcnc\u00fc taraf \u00e7ift\u00e7ilere dayal\u0131 olmas\u0131 ve iklim ko\u015fullar\u0131na (kurakl\u0131k, don vb.) ba\u011fl\u0131 riskler.<\/li>\n<li><b>\u0130\u015fletme Sermayesi \u0130htiyac\u0131:<\/b> \u00dcretim maliyetlerinin ve hammadde \u00f6demelerinin belirli d\u00f6nemlerde yo\u011funla\u015fmas\u0131 nedeniyle olu\u015fan nakit ak\u0131\u015f bask\u0131s\u0131.<\/li>\n<li><b>Sekt\u00f6rel D\u00fczenlemeler:<\/b> \u015eeker Kanunu kapsam\u0131ndaki kota k\u0131s\u0131tlamalar\u0131 ve ithalat rejimindeki g\u00fcmr\u00fck vergisi de\u011fi\u015fiklikleri.<\/li>\n<li><b>T\u00fcketici Tercihleri:<\/b> Toplumdaki sa\u011fl\u0131k bilincinin artmas\u0131yla \u015feker t\u00fcketiminin orta ve uzun vadede azalma potansiyeli.<\/li>\n<\/ul>\n<h3>Sonu\u00e7<\/h3>\n<p>Bor \u015eeker, 2025 y\u0131l\u0131n\u0131n son dokuz ayl\u0131k d\u00f6neminde operasyonel karl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015f ve sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir. Enflasyon muhasebesi ve vergi kalemleri nedeniyle net zarar kaydedilse de, \u00f6zellikle etil alkol \u00fcretimi ve modernizasyon yat\u0131r\u0131mlar\u0131 ile gelir \u00e7e\u015fitlendirmesi ve verimlilik art\u0131\u015f\u0131 hedeflenmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"895\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>**Bor \u015eeker 2025 Y\u0131l\u0131 Dokuz Ayl\u0131k Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: G\u00fc\u00e7l\u00fc B\u00fcy\u00fcme ve Stratejik Yat\u0131r\u0131mlar Devam Ediyor!**<\/p>\n<p>Bor \u015eeker A.\u015e., 2025 y\u0131l\u0131n\u0131n son \u00e7eyre\u011fine damga vuran finansal sonu\u00e7lar\u0131n\u0131 ve gelecek vizyonunu payla\u015ft\u0131. \u015eirket, has\u0131lat\u0131n\u0131 **3,8 milyar TL\u2019nin \u00fczerine** \u00e7\u0131kar\u0131rken, operasyonel verimlili\u011fini simgeleyen **FAV\u00d6K marj\u0131n\u0131 %16,30\u2019a** y\u00fckseltti. D\u00f6nem i\u00e7inde ger\u00e7ekle\u015ftirilen **%300 oran\u0131ndaki bedelsiz sermaye art\u0131r\u0131m\u0131** ile \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendiren Bor \u015eeker, ayn\u0131 zamanda **etil alkol tesisi yat\u0131r\u0131m\u0131** ve Amasya \u015eeker ile yap\u0131lan fason \u00fcretim anla\u015fmas\u0131yla \u00fcretim kapasitesini \u00e7e\u015fitlendiriyor. \u0130stihdam\u0131n\u0131 da %60\u2019a yak\u0131n art\u0131ran \u015firket, \u015feker sekt\u00f6r\u00fcndeki \u00f6nc\u00fc konumunu sa\u011flamla\u015ft\u0131rmaya devam ediyor.<\/p>\n","protected":false},"author":1,"featured_media":896,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[199],"class_list":["post-895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-borsk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/895","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=895"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/895\/revisions"}],"predecessor-version":[{"id":897,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/895\/revisions\/897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/896"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}