{"id":3322,"date":"2025-05-24T19:56:52","date_gmt":"2025-05-24T16:56:52","guid":{"rendered":"https:\/\/baytutumlu.com\/?p=3322"},"modified":"2025-05-24T19:56:53","modified_gmt":"2025-05-24T16:56:53","slug":"turk-tuborg-2025-1-ceyrek-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/baytutumlu.com\/index.php\/2025\/05\/24\/turk-tuborg-2025-1-ceyrek-bilanco-analizi\/","title":{"rendered":"T\u00fcrk Tuborg 2025 1. \u00c7eyrek Bilan\u00e7o Analizi"},"content":{"rendered":"\n

Herkese selamlar. 2025 1. \u00c7eyrek bilan\u00e7o analizlerine bir ba\u015fka \u015firketim olan Tuborg ile devam ediyorum. \u015eirket hakk\u0131nda 2022 y\u0131l\u0131nda bir tan\u0131t\u0131m ve inceleme yaz\u0131s\u0131 payla\u015fm\u0131\u015ft\u0131m. O zamandan beri TL baz\u0131nda yakla\u015f\u0131k 8 kat, $ baz\u0131nda ise 3.5 kat kazand\u0131rarak portf\u00f6y performans\u0131ma katk\u0131da bulundu. O zaman finansallar ba\u015fl\u0131\u011f\u0131 alt\u0131na \u015funlar\u0131 yazm\u0131\u015f\u0131m.<\/p>\n\n\n\n

\u201c\u015eirket son 5 y\u0131lda cirosunu 4.77 kat\u0131na, esas faaliyet kar\u0131n\u0131 ise 4.24 kat\u0131na \u00e7\u0131karm\u0131\u015ft\u0131r. Hisse fiyat\u0131 ise ayn\u0131 d\u00f6nem i\u00e7erisinde tl baz\u0131nda 3 kat\u0131na \u00e7\u0131kmas\u0131na ra\u011fmen usd baz\u0131nda %40 d\u00fc\u015ferek yat\u0131r\u0131mc\u0131s\u0131n\u0131 \u00fczm\u00fc\u015ft\u00fcr.\u201d<\/p>\n\n\n\n

Demek ki kaliteli ve iyi y\u00f6netilen \u015firketler eninde sonunda fiyatlamas\u0131n\u0131 ger\u00e7ekle\u015ftiriyor.<\/p>\n\n\n\n

Faaliyet Verileri<\/strong><\/h2>\n\n\n\n

\u015eirket 1969 y\u0131l\u0131ndan g\u00fcn\u00fcm\u00fcze kadar \u0130zmir P\u0131narba\u015f\u0131\u2019nda kurulan tesislerinde bira ve malt \u00fcretimi ger\u00e7ekle\u015ftirmektedir. \u00dcretimin yan\u0131 s\u0131ra yurt d\u0131\u015f\u0131ndan ithal etmekte oldu\u011fu bira markalar\u0131n\u0131n distrib\u00fct\u00f6rl\u00fck faaliyetlerini de devam ettirmektedir. D\u00fcnyan\u0131n 3. b\u00fcy\u00fck bira \u00fcreticisi olan Carlsberg ile 20 y\u0131l\u0131 a\u015fk\u0131n s\u00fcredir yak\u0131n i\u015fbirli\u011fi bulunan T\u00fcrk Tuborg, yapt\u0131\u011f\u0131 uluslararas\u0131 ortakl\u0131klar ile T\u00fcrkiye bira pazar\u0131nda en b\u00fcy\u00fck iki \u015firketten birisidir.<\/p>\n\n\n\n

\u015eirketin maltlama ve \u015fi\u015feleme i\u015flemlerini yapt\u0131\u011f\u0131 tesisleri \u0130zmir P\u0131narba\u015f\u0131nda bulunmaktad\u0131r. Y\u0131ll\u0131k \u00fcretim kapasitesi 36 bin ton malt ve 700 milyon litre haz\u0131r i\u00e7ecektir. T\u00fcrk Tuborg\u2019un kendi \u00fcretti\u011fi ve ithal ederek sat\u0131\u015f\u0131n\u0131 ger\u00e7ekle\u015ftirdi\u011fi markalar \u015fu \u015fekildedir.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Tuborg yak\u0131n zamanda yapt\u0131\u011f\u0131 KAP bildiriminde Campari Group ve Finlandia markas\u0131yla geni\u015fletilmi\u015f bir i\u015fbirli\u011fi yap\u0131ld\u0131\u011f\u0131 belirtti. \u015eirket zaten Campari, Aperol ve Cinzano \u00fcr\u00fcnlerini sat\u0131yordu. Bunun d\u0131\u015f\u0131nda distile kategorisini de i\u00e7eren yeni bir anla\u015fma yap\u0131ld\u0131\u011f\u0131n\u0131 anl\u0131yorum. Net \u00fcr\u00fcn isimleri verilmese de SKYY, Wild Turkey, Appleton, Espol\u00f2n, Grand Marnier, Bulldog, Courvoisier \u00fcr\u00fcnleri ihtimal dahilinde. Finlandia taraf\u0131 ise yeni. Burada Finlandia Classic + 4 aromal\u0131 varyant\u0131n sat\u0131lmas\u0131 muhtemel. B\u00f6ylece \u015firket y\u00fcksek alkoll\u00fc tarafta da sat\u0131\u015f kas\u0131n\u0131 art\u0131rmaya \u00e7al\u0131\u015f\u0131yor.<\/p>\n\n\n\n

Gelir Tablosu<\/strong><\/h2>\n\n\n\n

2025 ilk \u00e7eyrekte enflasyon muhasebesi uygulanm\u0131\u015f ciro ge\u00e7ti\u011fimiz y\u0131l ile neredeyse ayn\u0131 gelerek 4.6 milyar TL oldu. Br\u00fct kar ise %36 art\u0131\u015fla 2.6 milyar TL oldu. Br\u00fct kar marj\u0131 %56 ile g\u00f6z kama\u015ft\u0131r\u0131yor. \u015eirket bu \u00e7eyrekte sat\u0131\u015flar\u0131n maliyetini \u00e7ok iyi kontrol etmi\u015f. Ge\u00e7mi\u015f y\u0131llar\u0131 kontrol etti\u011fimde bu rakam\u0131n ilk \u00e7eyrekteki en y\u00fcksek br\u00fct kar marj\u0131 oldu\u011funu g\u00f6rd\u00fcm. <\/p>\n\n\n\n

Bira talebi t\u00fcm d\u00fcnyada g\u00fc\u00e7l\u00fc bir mevsimselli\u011fe sahiptir. \u0130lk \u00e7eyrek k\u0131\u015f aylar\u0131na denk gelir, havalar so\u011fuk, otel-restoran-kafe trafi\u011fi d\u00fc\u015f\u00fckt\u00fcr. \u00dcst\u00fcne bir de bu y\u0131l Ramazan ay\u0131n\u0131n ilk \u00e7eyre\u011fe denk gelmesiyle t\u00fcketimin iyice k\u0131s\u0131ld\u0131\u011f\u0131 muhtemel. Sekt\u00f6rde t\u00fcketimin kabaca<\/p>\n\n\n\n

    \n
  • %15-20\u2019si Q1,
    <\/li>\n\n\n\n
  • %30 civar\u0131 Q2,
    <\/li>\n\n\n\n
  • zirve niteli\u011findeki %35-40\u2019\u0131 Q3
    <\/li>\n\n\n\n
  • kalan\u0131n\u0131n da Q4\u2019te ger\u00e7ekle\u015fti\u011fi kabaca kabul edilir.<\/li>\n<\/ul>\n\n\n\n

    Buna ra\u011fmen \u015firket sat\u0131\u015flar\u0131n\u0131 ge\u00e7ti\u011fimiz y\u0131llara g\u00f6re art\u0131rmay\u0131 ba\u015farm\u0131\u015f. <\/p>\n\n\n\n

    \"\"\/<\/figure>\n\n\n\n

    Faaliyet giderleri taraf\u0131na bakt\u0131\u011f\u0131m\u0131zda ge\u00e7ti\u011fimiz y\u0131la g\u00f6re %2-3 civar\u0131nda s\u0131n\u0131rl\u0131 art\u0131\u015flar g\u00f6r\u00fcyoruz. Normalde faaliyet kar\u0131 yaz\u0131lmas\u0131 beklenmeyen ilk \u00e7eyrekte yat\u0131r\u0131m faaliyetlerinden gelen gelirlerin de etkisiyle 700 milyon TL civar\u0131nda bir finansman geliri \u00f6ncesi kar yaz\u0131lm\u0131\u015f.(2024 1.\u00c7 150 milyon TL zarar)<\/p>\n\n\n\n

    Sonu\u00e7 olarak, 1\u00c725\u2019te gelirler reel olarak sabit kal\u0131rken br\u00fct k\u00e2r ve FAV\u00d6K \u00f6nemli \u00f6l\u00e7\u00fcde y\u00fckselmi\u015f, faaliyet kayb\u0131 neredeyse s\u0131f\u0131rlanm\u0131\u015f, net zarar ise \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr. <\/p>\n\n\n\n

    Enflasyon muhasebesi uygulanmam\u0131\u015f verilere bak\u0131ld\u0131\u011f\u0131nda, net sat\u0131\u015flar 4.6 milyar TL iken br\u00fct k\u00e2r 2.9 milyar TL, net d\u00f6nem k\u00e2r\u0131 742 milyon TL olarak ger\u00e7ekle\u015fmi\u015f ve faaliyet marj\u0131 pozitif g\u00f6r\u00fcnmektedir.<\/p>\n\n\n\n

    \"\"\/<\/figure>\n\n\n\n

    Nakit Ak\u0131\u015f Tablosu<\/strong><\/h2>\n\n\n\n

    \u0130\u015fletme faaliyetlerinden nakit ak\u0131\u015flar\u0131 ilk \u00e7eyrekte ge\u00e7ti\u011fimiz y\u0131l ile benzer \u015fekilde negatif olarak ger\u00e7ekle\u015fmi\u015ftir. \u015eirket mevsimsellik nedeniyle zay\u0131f ge\u00e7en ilk \u00e7eyrekte yaz i\u00e7in haz\u0131rl\u0131k yaparak stoklar\u0131n\u0131 art\u0131rmakta. Ayr\u0131ca \u00d6TV art\u0131\u015flar\u0131 nedeniyle yap\u0131lan pe\u015fin \u00f6demeler, y\u0131lba\u015f\u0131nda yenilenen pazarlama anla\u015fmalar\u0131 gibi kalemler de i\u015fletme sermayesi ihtiyac\u0131n\u0131 art\u0131r\u0131yor. Bunun yan\u0131nda personel maa\u015flar\u0131na yap\u0131lan zam ve prim \u00f6demeleri de ilk \u00e7eyre\u011fi maksimum oranda etkilemi\u015ftir. 31 mart 2025 itibariyle \u015firketin \u00e7al\u0131\u015fan say\u0131s\u0131 1779\u2019dur.(bir \u00f6nceki \u00e7eyrek 1723 idi)<\/p>\n\n\n\n

    \"\"\/<\/figure>\n\n\n\n

    Sonu\u00e7 ve De\u011ferlendirme<\/strong><\/h2>\n\n\n\n

    2025 y\u0131l\u0131 ilk \u00e7eyre\u011fi itibariyle T\u00fcrk Tuborg\u2019un faaliyet performans\u0131 iyile\u015fme g\u00f6sterdi. Gelirler b\u00fcy\u00fck oranda korunurken br\u00fct k\u00e2rl\u0131l\u0131k ve faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131 \u00f6nceki y\u0131l\u0131n \u00e7ok \u00fczerinde ger\u00e7ekle\u015fti, bunun sonucunda net zarar belirgin bi\u00e7imde azald\u0131.<\/p>\n\n\n\n

    Gelece\u011fe bak\u0131\u015f (2025 y\u0131l sonu beklentisi)<\/h3>\n\n\n\n
      \n
    1. Hacim toparlanmas\u0131: Nisan il\u00e2 Eyl\u00fcl aras\u0131 sat\u0131\u015f hacmi genelde ilk \u00e7eyre\u011fin 2,5-3 kat\u0131na \u00e7\u0131k\u0131yor. Bu trendin devam etmesiyle 2025 toplam hacimde y\u00fcksek tek haneli b\u00fcy\u00fcme (\u2248 %8) bekleyebiliriz.
      <\/li>\n\n\n\n
    2. Fiyat g\u00fcc\u00fc: Ocakta litre fiyat\u0131na yap\u0131lan \u00d6TV zamm\u0131 sonras\u0131 heltoriltre ba\u015f\u0131na \u00d6TV 4997.65 TL\u2019ye y\u00fckseldi. \u0130kinci yar\u0131da ekstra fiyat art\u0131\u015f\u0131 olmazsa br\u00fct k\u00e2r marj\u0131 y\u0131l sonunda %56-57 band\u0131nda kalabilir.
      <\/li>\n\n\n\n
    3. Anla\u015fma \u0130le Beklenen Yeni Modeller: T\u00fcrk Tuborg zaten Campari, Aperol ve Cinzano\u2019yu getiriyordu. Yeni anla\u015fma ile y\u00fcksek alkoll\u00fc markalardan bir se\u00e7kiyi ve Finlandia\u2019n\u0131n t\u00fcm votka portf\u00f6y\u00fcn\u00fc T\u00fcrkiye\u2019de sat\u0131\u015f pazarlama da\u011f\u0131t\u0131m kanal\u0131na eklemesi bekleniyor. Bu da sat\u0131\u015flar\u0131 art\u0131rma potansiyeli ta\u015f\u0131yor.<\/li>\n<\/ol>\n\n\n\n
      \"\"\/<\/figure>\n","protected":false},"excerpt":{"rendered":"

      Herkese selamlar. 2025 1. \u00c7eyrek bilan\u00e7o analizlerine bir ba\u015fka \u015firketim olan Tuborg ile devam ediyorum. \u015eirket hakk\u0131nda 2022 y\u0131l\u0131nda bir tan\u0131t\u0131m ve inceleme yaz\u0131s\u0131 payla\u015fm\u0131\u015ft\u0131m.…<\/p>\n","protected":false},"author":2,"featured_media":3323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44,5,4],"tags":[45,22,26],"class_list":["post-3322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco","category-borsa","category-hisse-senedi","tag-bilanco","tag-borsa","tag-hisse-senedi","entry","double"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2025\/05\/Ekran-Resmi-2025-05-23-10.20.17.png?fit=759%2C413&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3322"}],"version-history":[{"count":1,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3322\/revisions"}],"predecessor-version":[{"id":3324,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3322\/revisions\/3324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3323"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}