{"id":64368,"date":"2026-04-09T13:32:26","date_gmt":"2026-04-09T13:32:26","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/09\/anadolu-efes-aefes-bilanco-yorumu\/"},"modified":"2026-04-09T13:32:26","modified_gmt":"2026-04-09T13:32:26","slug":"anadolu-efes-aefes-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/09\/anadolu-efes-aefes-bilanco-yorumu\/","title":{"rendered":"Anadolu Efes (AEFES) bilan\u00e7o yorumu"},"content":{"rendered":"<p>Anadolu Efes Birac\u0131l\u0131k ve Malt Sanayii A.\u015e. (AEFES) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. <a href=\"https:\/\/rotaborsa.com\/haberler\/bilanco-haberleri\/\">Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2024\/09\/aefes.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-207240\" title=\"2 kurum Ford Otomotiv (FROTO) i\u00e7in hedef fiyatlar\u0131n\u0131 a\u00e7\u0131klad\u0131 6 HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\"><\/figure>\n<h2 class=\"wp-block-heading\">Anadolu Efes Birac\u0131l\u0131k ve Malt Sanayii A.\u015e. hisse haberleri \u2013 AEFES hisse yorumu<\/h2>\n<p>\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<strong>Ger\u00e7ekle\u015fenler ve Tahminler:<\/strong>\u00a0Anadolu Efes, UMS-29 kapsam\u0131nda proforma bazda 4\u00c724\u2019teki 2,1 milyar TL net zarara k\u0131yasla 4\u00c725\u2019te 3,1 milyar TL net zarar a\u00e7\u0131klad\u0131 (\u0130\u015f Yat\u0131r\u0131m: 775mn TL, net kar piyasa: 603mn TL net kar). \u00d6nceden a\u00e7\u0131klanan CCOLA sonu\u00e7lar\u0131nda g\u00f6r\u00fclen parasal kazan\u00e7taki d\u00fc\u015f\u00fc\u015f ve ertelenmi\u015f vergi gideri ve CCI\u2019\u0131n \u00d6zbekistan operasyonlar\u0131nda ay\u0131rd\u0131\u011f\u0131 1 milyar TL\u2019lik kar\u015f\u0131l\u0131k da AEFES konsolide net zarar\u0131 olumsuz etkilerken bira grubunda kaydedilen ertelenmi\u015f vergi giderleri de net zarara etki etti. Bilindi\u011fi \u00fczere, Rusya operasyonlar\u0131 ilk \u00e7eyrekten itibaren Finansal Yat\u0131r\u0131mlar alt\u0131nda muhasebele\u015ftirilmeye ba\u015flanm\u0131\u015ft\u0131. Konsolide net sat\u0131\u015flar ise proforma bazda  art\u0131\u015fla 47 milyar TL\u2019ye ula\u015ft\u0131. (\u0130\u015f Yat\u0131r\u0131m: 45,8 milyar TL, piyasa: 45,2 milyar TL). Konsolide cironun tahminlerden sapmas\u0131n\u0131n sebebi ge\u00e7ti\u011fimiz g\u00fcn a\u00e7\u0131klanan me\u015frubat grubu sonu\u00e7lar\u0131. Konsolide FAV\u00d6K ise 6 milyar TL olarak kaydedildi. (\u0130\u015f Yat\u0131r\u0131m: 6,3 milyar TL, piyasa: 6,3 milyar TL). Operasyonel sonu\u00e7lar beklentilere yak\u0131n olsa da kaydedilen net zarar rakam\u0131na hafif olumsuz bir tepki g\u00f6rebiliriz<br \/><strong>Bira grubu proforma bazda sonu\u00e7lar:<\/strong>\u00a0T\u00fcrkiye ve uluslararas\u0131 bira sat\u0131\u015f hacimleri s\u0131ras\u0131yla %0,4 ve %0,6 b\u00fcy\u00fcme kaydetti. Kazakistan ve Moldova hacimlerinde hafif b\u00fcy\u00fcme kaydedilirken G\u00fcrcistan operasyonlar\u0131nda y\u0131ll\u0131k bazda d\u00fc\u015f\u00fc\u015f g\u00f6zlendi. Uluslararas\u0131 bira grubu gelirleri proforma bazda   art\u0131\u015fla 4 milyar TL\u2019ye y\u00fckselirken, T\u00fcrkiye gelirleri ise %6 b\u00fcy\u00fcme kaydetti. B\u00f6ylelikle 4\u00c725\u2019te bira grubu gelirleri proforma bazda  art\u0131\u015fla 11,1 milyar TL\u2019ye y\u00fckseldi. Bira grubu br\u00fct kar marj\u0131, T\u00fcrkiye operasyonlar\u0131ndaki maliyet art\u0131\u015flar\u0131 sebebiyle 680bps daralma kaydederken faaliyet giderlerindeki y\u00f6netimle birlikte FAV\u00d6K marj\u0131ndaki daralma 537bps olarak g\u00f6zlendi.<br \/><strong>Kald\u0131ra\u00e7:<\/strong>\u00a0Bira grubunun serbest nakit ak\u0131\u015f\u0131 (\u015firket tan\u0131m\u0131) proforma bazda 4\u00c724\u2019teki 81mn TL\u2019den 833 milyar TL\u2019ye y\u00fckselmesiyle birlikte bira grubu net borcu 29,2 milyar TL ile ge\u00e7ti\u011fimiz \u00e7eyre\u011fe yak\u0131n bir seviyede. Rusya operasyonlar\u0131 dahil edildi\u011finde 4\u00c724\u2019te serbest nakit ak\u0131\u015f\u0131 -2,6 milyar TL\u2019ye yak\u0131nd\u0131.\u00a0 Bira Grubu Net Bor\u00e7\/FAV\u00d6K 4x seviyesindeyken Konsolide Net Bor\u00e7\/FAV\u00d6K oran\u0131 ise 1,4x seviyesine geriledi.<br \/><strong>UMS-29 etkisi hari\u00e7 bira grubu:<\/strong>\u00a0Enflasyon muhasebesi hari\u00e7 tutuldu\u011funda, bira grubunun net sat\u0131\u015flar\u0131 4\u00c725\u2019te y\u0131ll\u0131k proforma bazda 9 art\u0131\u015fla 12,1 milyar TL\u2019ye ula\u015f\u0131rken, FAV\u00d6K ise 647 baz puanl\u0131k marj daralmas\u0131 ile 1,5 milyar TL olarak ger\u00e7ekle\u015fti. Net zarar ise 1,5 milyar TL seviyesinde. 2025 y\u0131l\u0131nda ise bira grubu cirosunda nominal bazda 0 b\u00fcy\u00fcme kaydedilirken FAV\u00d6K marj\u0131 239 bps darald\u0131.<br \/><strong>Temett\u00fc: <\/strong>\u015eirket, genel kurul toplant\u0131s\u0131nda \u00f6deme tarihi 13 May\u0131s ve 5 Ekim olacak bi\u00e7imde iki taksit halinde toplam 2 milyar TL (hisse ba\u015f\u0131na 0,17 TLx2) br\u00fct temett\u00fc \u00f6demesi teklifinde bulunaca\u011f\u0131n\u0131 duyurdu. A\u00e7\u0131klanan toplam tutar %1,8 temett\u00fc verimine i\u015faret ediyor.<br \/><strong>2026 Beklentileri:<\/strong> \u015eirket hacim beklentilerini Ocak ay\u0131nda payla\u015fm\u0131\u015ft\u0131. Konsolide sat\u0131\u015f hacminin orta-tek haneli seviyelerde art\u0131\u015f g\u00f6stermesi, Bira Grubu sat\u0131\u015f hacminin d\u00fc\u015f\u00fck-tek haneli seviyelerde art\u0131\u015f g\u00f6stermesi, T\u00fcrkiye bira operasyonlar\u0131n\u0131n hacimlerinin d\u00fc\u015f\u00fck-tek haneli seviyelerde art\u0131\u015f g\u00f6stermesi, Uluslararas\u0131 bira operasyonlar\u0131m\u0131z\u0131n hacimlerinin ge\u00e7en y\u0131la k\u0131yasla yatay kalmas\u0131 bekleniyor.<br \/><strong>Enflasyon muhasebesi uygulanm\u0131\u015f rakamlara g\u00f6re<\/strong>: Konsolide Net Sat\u0131\u015f Gelirleri\/hl\u2019nin d\u00fc\u015f\u00fck-tek haneli y\u00fczdelerde artmas\u0131, Bira Grubu Net Sat\u0131\u015f Gelirleri\/hl\u2019nin d\u00fc\u015f\u00fck-orta-tek haneli y\u00fczdelerde artmas\u0131, Konsolide ve Bira Grubu FAV\u00d6K marj\u0131n\u0131n ge\u00e7en y\u0131la k\u0131yasla yatay performans g\u00f6stermesi,<br \/><strong>Enflasyon muhasebesi uygulanmam\u0131\u015f rakamlara g\u00f6re<\/strong>: Konsolide Net Sat\u0131\u015f Gelirleri\/hl\u2019nin kur \u00e7evrim fark\u0131n\u0131n etkisinden ar\u0131nd\u0131r\u0131lm\u0131\u015f orta-onlu y\u00fczdelerde artmas\u0131, Bira Grubu Net Sat\u0131\u015f Gelirleri\/hl\u2019nin kur \u00e7evrim fark\u0131n\u0131n etkisinden ar\u0131nd\u0131r\u0131lm\u0131\u015f y\u00fcksek-onlu y\u00fczdelerde artmas\u0131, Konsolide ve Bira Grubu FAV\u00d6K marj\u0131n\u0131n ge\u00e7en y\u0131la k\u0131yasla yatay performans g\u00f6stermesi,<br \/><strong>Yat\u0131r\u0131m Harcamalar\u0131n\u0131n<\/strong>\u00a0sat\u0131\u015f gelirlerine oran\u0131n\u0131n konsolide bazda y\u00fcksek-tek haneli y\u00fczdelerde olmas\u0131 beklenmektedir.<br \/><strong>De\u011ferleme <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anadolu Efes Birac\u0131l\u0131k ve Malt Sanayii A.\u015e. (AEFES) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Anadolu Efes Birac\u0131l\u0131k ve Malt Sanayii A.\u015e. hisse haberleri \u2013 AEFES hisse yorumu \u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cGer\u00e7ekle\u015fenler ve Tahminler:\u00a0Anadolu Efes, UMS-29 kapsam\u0131nda proforma bazda [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":64369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-64368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco-haberleri"],"_links":{"self":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/64368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/comments?post=64368"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/64368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/64369"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=64368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=64368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=64368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}