{"id":41413,"date":"2025-12-08T20:48:06","date_gmt":"2025-12-08T20:48:06","guid":{"rendered":"https:\/\/kamucalisanlari.net\/?p=41413"},"modified":"2025-12-08T20:48:06","modified_gmt":"2025-12-08T20:48:06","slug":"arcelik-bilancosunu-acikladi","status":"publish","type":"post","link":"https:\/\/kamucalisanlari.net\/index.php\/2025\/12\/08\/arcelik-bilancosunu-acikladi\/","title":{"rendered":"Ar\u00e7elik bilan\u00e7osunu a\u00e7\u0131klad\u0131"},"content":{"rendered":"

SEVCAN ERS\u00d6ZL\u00dc\/BLOOMBERG HT ARA\u015eTIRMA<\/p>\n

Ar\u00e7elik\u2019in 2025 1. \u00e7eyrekte 2,3 milyar TL net zarar a\u00e7\u0131klad\u0131. Piyasa beklentisi Ar\u00e7elik\u2019in ilk \u00e7eyrekte 1,6 milyar zarar a\u00e7\u0131klamas\u0131 y\u00f6n\u00fcndeydi. \u200b\u200b\u015eirketin 2025 2. \u00e7eyre\u011finde 3,4 milyar TL net parasal pozisyon kazanc\u0131 bulunmaktad\u0131r. Bu sonu\u00e7larla birlikte Ar\u00e7elik 2025 y\u0131l\u0131n\u0131n ilk yar\u0131s\u0131n\u0131 4 milyar net zarar ile kapad\u0131. \u015eirket, ge\u00e7en sene 6 ayl\u0131kta 4.09 milyon TL olarak a\u00e7\u0131klad\u0131\u011f\u0131 net zarar\u0131n\u0131, geriye d\u00f6n\u00fc 22,8 milyar TL net kar olarak d\u00fczeltti.<\/p>\n

\u015eirket\u2019in sat\u0131\u015f gelirleri y\u0131ll\u0131k bazda y\u00fczde 11,5 oran\u0131nda d\u00fc\u015f\u00fc\u015fle 121,3 milyar TL seviyesinde ger\u00e7ekle\u015fti. Piyasa beklentisi 122,2 milyar TL gelir a\u00e7\u0131klamas\u0131 y\u00f6n\u00fcndeydi. Ar\u00e7elik’in br\u00fct kar\u0131 \u00e7eyreksel bazda y\u00fczde 10,2 art\u0131\u015f, y\u0131ll\u0131k bazda y\u00fczde 9,22 art\u0131\u015fla 34,4 milyar TL seviyesinde ger\u00e7ekle\u015fti. Br\u00fct kar marj\u0131 ise ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine paralel y\u00fczde 28,40 seviyesinde ger\u00e7ekle\u015fti. Y\u0131ll\u0131k bazda d\u00fc\u015fen hammade fiyatlar\u0131 ve EUR\/USD \u00e7apraz\u0131 br\u00fct kar marj\u0131na pozitif etki ederken, yo\u011funla\u015fan rekabet ve fiyatlama bask\u0131lar\u0131yla br\u00fct kar marj\u0131n\u0131 bask\u0131lad\u0131.<\/p>\n

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Ayn\u0131 d\u00f6nemde FAV\u00d6K 7,4 milyar TL seviyesinde beklentilerin biraz \u00fczerinde ger\u00e7ekle\u015fti. FAV\u00d6K rakam\u0131 y\u0131ll\u0131k bazda y\u00fczde 12,9 art\u0131\u015f, \u00e7eyreksel bazda y\u00fczde 29 art\u0131\u015f ger\u00e7ekle\u015ftirdi. 2024 1.\u00e7eyrekte FAV\u00d6K rakam\u0131 5,8 milyar TL, ge\u00e7en senenin ayn\u0131 d\u00f6neminde ise 6,5 milyar TL seviyesindeydi. D\u00fczeltilmi\u015f FAV\u00d6K marj\u0131 artan br\u00fct karl\u0131l\u0131k ve yeniden yap\u0131land\u0131rma adamlar\u0131n\u0131n katk\u0131lar\u0131yla 1.0 puanl\u0131k bir iyile\u015fmeyle 5.9y\u00fczde seviyesinde ger\u00e7ekle\u015fti.<\/p>\n

\u015eirket, 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 121,3 milyar TL net sat\u0131\u015f geliri a\u00e7\u0131klarken, bu rakam y\u0131ll\u0131k bazda y\u00fczde 11,5\u2019lik bir d\u00fc\u015f\u00fc\u015fe i\u015faret etti. Cirodaki daralman\u0131n temel nedeni olarak, \u00f6zellikle uluslararas\u0131 pazarlarda ya\u015fanan hacim kay\u0131plar\u0131 ve fiyatlama taraf\u0131ndaki zorluklar \u00f6ne \u00e7\u0131kmaktad\u0131r. Yurti\u00e7i talep g\u00f6rece istikrarl\u0131 seyretmesine ra\u011fmen, Afrika, Orta Do\u011fu ve Pakistan d\u0131\u015f\u0131ndaki b\u00f6lgelerde talep zay\u0131f kalmaya devam etti. Ayr\u0131ca, yurti\u00e7inde g\u00f6rece d\u00fc\u015f\u00fck marjl\u0131 \u00fcr\u00fcnlerin \u00f6n planda olmas\u0131 ve Avrupa pazar\u0131ndaki zay\u0131f operasyonel performans, konsolide gelirlerin a\u015fa\u011f\u0131 y\u00f6nl\u00fc seyretmesinde etkili oldu.<\/p>\n

Faaliyet giderlerinin sat\u0131\u015flara oran\u0131 y\u00fczde 27 seviyesi ile \u00f6nceki \u00e7eyrekle ayn\u0131 seviyede ger\u00e7ekle\u015fmi\u015ftir. ger\u00e7ekle\u015fmi\u015ftir. Avrupa ve MENA i\u015flemleri sonras\u0131nda artan personel, pazarlama ve sat\u0131\u015f giderlerinin yan\u0131 s\u0131ra y\u0131ll\u0131k bazda azalan sat\u0131\u015flar etkili olmu\u015ftur. Toplam faaliyet k\u00e2r\u0131 y\u0131ll\u0131k bazda y\u00fczde 56 \u00e7eyreksel bazda y\u00fczde 61 art\u0131\u015fla 1,7 milyar TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<\/div>\n

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\u015eirketin net borcu, bir \u00f6nceki y\u0131l sonuna g\u00f6re artarak 145 milyar TL seviyesine y\u00fckselmi\u015ftir. Kald\u0131ra\u00e7 oran\u0131 (net bor\u00e7 \/ d\u00fczeltilmi\u015f FAV\u00d6K) 5,86x seviyesine \u00e7\u0131km\u0131\u015ft\u0131r. (1\u00c725 4,06x)TL deki de\u011fer kayb\u0131 ve FAV\u00d6K sonras\u0131 kald\u0131ra\u00e7 y\u00fckselmi\u015ftir. Bor\u00e7 yap\u0131s\u0131 y\u00fczde 47 EUR, y\u00fczde 16 USD ve y\u00fczde 26 TL a\u011f\u0131rl\u0131kl\u0131d\u0131r.<\/p>\n

Finansman giderleri 7 TL seviyesinde ger\u00e7ekle\u015fmi\u015f, net parasal pozisyon kazan\u00e7lar\u0131 (3,4 milyar TL) ile s\u0131n\u0131rl\u0131 \u015fekilde dengelenebilmi\u015ftir. Serbest nakit ak\u0131m\u0131 ise ilk 6 ayda negatif tarafta kalm\u0131\u015f ve -28,9 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n

Ar\u00e7elik 2025 y\u0131l\u0131 beklentilerinde de\u011fi\u015fikli\u011fe gitmemi\u015ftir. Buna g\u00f6re 2025 y\u0131l\u0131nda yurti\u00e7i cironun yatay kalmas\u0131 beklenmektedir. Uluslararas\u0131 cironun ise y\u00fczde 15 civar\u0131nda (YP) artmas\u0131 \u00f6ng\u00f6r\u00fclmektedir. FAV\u00d6K marj\u0131n\u0131n y\u00fczde 6,5\u2019ten seviyesinde ger\u00e7ekle\u015fmesi tahmin edilirken net i\u015fletme sermayesi\/ciro oran\u0131n\u0131n y\u00fczde 20\u2019den k\u00fc\u00e7\u00fck olmas\u0131 \u00f6ng\u00f6r\u00fclmektedir. Yat\u0131r\u0131m harcamalar\u0131 beklentisi ise yakla\u015f\u0131k 300milyon EUR\u2019dur.<\/p>\n<\/div>\n<\/p>\n

<\/p>\n

Kaynak :\u00a0https:\/\/www.bloomberght.com\/arcelik-bilancosunu-acikladi-3753462<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Ar\u00e7elik’in 2025 1. \u00e7eyrekte 2,3 milyar TL net zarar a\u00e7\u0131klad\u0131.<\/p>\n","protected":false},"author":1,"featured_media":41414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[720,668,3127,234,1034],"manset":[],"class_list":["post-41413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","tag-720","tag-favok","tag-milyar-tl","tag-net","tag-seviyesi"],"_links":{"self":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts\/41413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/comments?post=41413"}],"version-history":[{"count":1,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts\/41413\/revisions"}],"predecessor-version":[{"id":41415,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/posts\/41413\/revisions\/41415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/media\/41414"}],"wp:attachment":[{"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/media?parent=41413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/categories?post=41413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/tags?post=41413"},{"taxonomy":"manset","embeddable":true,"href":"https:\/\/kamucalisanlari.net\/index.php\/wp-json\/wp\/v2\/manset?post=41413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}