{"id":1604,"date":"2026-03-05T03:02:00","date_gmt":"2026-03-05T00:02:00","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1604"},"modified":"2026-03-05T03:03:21","modified_gmt":"2026-03-05T00:03:21","slug":"ccola-bilano-analizi-202512-coca-cola-iecek-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1604","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 CCOLA Bilan\u00e7o Analizi 2025\/12 | Coca-Cola \u0130\u00e7ecek A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/0pBozmONP7oiQ2R6yXmtPX?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Gazl\u0131 \u0130\u00e7eceklerin \u00d6tesinde: Coca-Cola \u0130\u00e7ecek\u2019in 2025 Raporundan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p><b>Bir Raporun S\u00f6ylediklerinden Fazlas\u0131<\/b><\/p>\n<p>Elinizde tuttu\u011funuz so\u011fuk bir i\u00e7ece\u011fe bakt\u0131\u011f\u0131n\u0131zda sadece ferahlat\u0131c\u0131 bir s\u0131v\u0131 m\u0131 g\u00f6r\u00fcyorsunuz, yoksa <b>190,7 milyar TL\u2019lik<\/b> devasa bir finansal ekosistemi mi? \u00c7o\u011fumuz i\u00e7in bir \u015fi\u015fe i\u00e7ecek basit bir t\u00fcketim maddesidir; ancak Coca-Cola \u0130\u00e7ecek\u2019in (CC\u0130) 31 Aral\u0131k 2025 tarihli konsolide finansal raporu, bu \u015fi\u015fenin arkas\u0131nda T\u00fcrkiye\u2019den Banglade\u015f\u2019e uzanan, her bir bin T\u00fcrk Liras\u0131&#8217;n\u0131n titizlikle y\u00f6netildi\u011fi operasyonel bir zekan\u0131n yatt\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. Bu rapor, sadece rakamlardan olu\u015fan kuru bir dok\u00fcman de\u011fil; b\u00f6lgenin en b\u00fcy\u00fck i\u00e7ecek operasyonlar\u0131ndan birinin, ekonomik t\u00fcrb\u00fclanslara ra\u011fmen gelece\u011fi nas\u0131l in\u015fa etti\u011finin stratejik manifestosudur.<\/p>\n<p><b>Haritay\u0131 Yeniden \u00c7izmek: T\u00fcrkiye\u2019den Banglade\u015f\u2019e Y\u00f6netim \u0130hracat\u0131<\/b><\/p>\n<p>CC\u0130\u2019nin 2025 verileri, \u015firketin art\u0131k sadece yerel bir oyuncu de\u011fil, jeopolitik bir g\u00fc\u00e7 merkezi oldu\u011funu belgeliyor. Operasyonel b\u00fcy\u00fckl\u00fck incelendi\u011finde, T\u00fcrkiye\u2019deki 13 \u00fcretim tesisi korunurken, yurt d\u0131\u015f\u0131ndaki \u00fcretim tesisi say\u0131s\u0131n\u0131n sadece bir y\u0131l i\u00e7inde 23\u2019ten 26\u2019ya y\u00fckselmesi dikkat \u00e7ekiyor.<\/p>\n<p>\u00d6zellikle Pakistan ve Kazakistan gibi kritik pazarlardaki hakimiyetin yan\u0131na Banglade\u015f\u2019in (CCBB al\u0131m\u0131 ile) tam kapasiteyle eklenmesi, \u015firketin n\u00fcfus yo\u011funlu\u011fu y\u00fcksek ve b\u00fcy\u00fcme potansiyeli ta\u015f\u0131yan co\u011frafyalara odakland\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu b\u00fcy\u00fcme, yaln\u0131zca fiziksel bir geni\u015fleme de\u011fil; CC\u0130\u2019nin T\u00fcrkiye\u2019de rafine etti\u011fi y\u00f6netim ve operasyonel yetkinlik modelini \u00d6zbekistan ve Banglade\u015f gibi y\u00fcksek potansiyelli pazarlara ihra\u00e7 ederek \u00e7ok uluslu bir g\u00fcce d\u00f6n\u00fc\u015fme stratejisidir.<\/p>\n<p><b>34 Milyar TL\u2019lik G\u00f6r\u00fcnmez De\u011fer: &#8220;Right to Refresh&#8221; G\u00fcc\u00fc<\/b><\/p>\n<p>\u015eirketin finansal tablolar\u0131nda fabrikalar ve ara\u00e7 filolar\u0131 kadar kritik bir kalem g\u00f6ze \u00e7arp\u0131yor: &#8220;Maddi Olmayan Duran Varl\u0131klar.&#8221; CC\u0130\u2019nin toplam varl\u0131klar\u0131n\u0131n tam %18\u2019i (34,2 milyar TL), asl\u0131nda elle tutulamayan ancak \u015firketin \u00f6z\u00fcn\u00fc olu\u015fturan &#8220;\u015eerefiye&#8221; ve marka haklar\u0131ndan olu\u015fuyor. Bu devasa de\u011ferin arkas\u0131ndaki mant\u0131\u011f\u0131 anlamak i\u00e7in Banglade\u015f (CCBB) sat\u0131n al\u0131m\u0131na bakmak yeterli. \u015eirket bu birle\u015fmelerde sadece kamyonlar\u0131 veya \u015fi\u015feleme hatlar\u0131n\u0131 sat\u0131n alm\u0131yor; bir ulusu &#8220;ferahlatma hakk\u0131n\u0131&#8221; (Right to Refresh) bilan\u00e7osuna ekliyor.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda (PwC), bu g\u00f6r\u00fcnmez varl\u0131klar\u0131n de\u011ferinin korunmas\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak \u015fu s\u00f6zlerle vurgulan\u0131yor:<\/p>\n<p>&#8220;\u015eerefiye ve s\u0131n\u0131rs\u0131z \u00f6m\u00fcrl\u00fc maddi olmayan duran varl\u0131klar\u0131n geri kazan\u0131labilir de\u011feri, y\u00f6netimin FAV\u00d6K, a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti ve uzun vadeli b\u00fcy\u00fcme oran\u0131 gibi \u00f6nemli tahminleri kullan\u0131larak, ileriye d\u00f6n\u00fck nakit ak\u0131\u015f tahminlerinin bug\u00fcne indirilmesi yoluyla hesaplanmaktad\u0131r.&#8221;<\/p>\n<p>Finansal bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, PwC\u2019nin FAV\u00d6K (EBITDA) ve iskonto oranlar\u0131na bu kadar odaklanmas\u0131n\u0131n nedeni, markan\u0131n gelecekteki nakit ak\u0131\u015flar\u0131n\u0131n bug\u00fcnk\u00fc milyarlarca liral\u0131k de\u011ferini hakl\u0131 \u00e7\u0131kar\u0131p \u00e7\u0131karmad\u0131\u011f\u0131n\u0131 do\u011frulamakt\u0131r. CC\u0130 i\u00e7in marka ismi, \u00e7o\u011fu zaman \u00e7elik ve betondan \u00e7ok daha b\u00fcy\u00fck bir finansal teminatt\u0131r.<\/p>\n<p><b>Enflasyonun Matematiksel Filtresi: TMS 29 ve Sat\u0131n Alma G\u00fcc\u00fc<\/b><\/p>\n<p>T\u00fcrkiye gibi y\u00fcksek enflasyonlu ekonomilerde finansal raporlama, paran\u0131n zaman i\u00e7indeki a\u015f\u0131nmas\u0131n\u0131 hesaba katmak zorundad\u0131r. CC\u0130\u2019nin 2025 raporu, son \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131n\u0131n <b>%211<\/b> gibi sars\u0131c\u0131 bir seviyede oldu\u011fu bir ortamda &#8220;TMS 29&#8221; standard\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. Bu durum, rakamlar\u0131 okurken &#8220;nominal art\u0131\u015f&#8221; ill\u00fczyonundan kurtulup &#8220;ger\u00e7ek de\u011ferlere&#8221; bakmay\u0131 gerektirir.<\/p>\n<p>\u015eirketin t\u00fcm rakamlar\u0131, raporlama standard\u0131 gere\u011fi &#8220;bin TL&#8221; baz\u0131nda ancak 31 Aral\u0131k 2025\u2019in sat\u0131n alma g\u00fcc\u00fcne g\u00f6re ifade edilmi\u015ftir. Buna g\u00f6re has\u0131lat, 2024 y\u0131l\u0131ndaki 180,2 milyar TL seviyesinden 2025 sonunda <b>187,1 milyar TL<\/b> seviyesine \u00e7\u0131km\u0131\u015ft\u0131r. \u0130lk bak\u0131\u015fta m\u00fctevaz\u0131 g\u00f6r\u00fcnen bu art\u0131\u015f, asl\u0131nda %211\u2019lik \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon filtresinden ge\u00e7irilmi\u015f, paran\u0131n erimesine kar\u015f\u0131 korunmu\u015f bir b\u00fcy\u00fcmedir. Bu &#8220;muhasebe m\u00fchendisli\u011fi&#8221;, yat\u0131r\u0131mc\u0131ya paran\u0131n ger\u00e7ek sat\u0131n alma g\u00fcc\u00fc kar\u015f\u0131s\u0131ndaki performans\u0131n\u0131 net bir \u015fekilde sunmaktad\u0131r.<\/p>\n<p><b>Dikey Entegrasyon ve Gelecek: Marj Koruma Stratejisi<\/b><\/p>\n<p>2025 y\u0131l\u0131 sonu\u00e7lar\u0131, 2024\u2019te at\u0131lan stratejik ad\u0131mlar\u0131n meyvelerini toplama d\u00f6nemidir. Coca-Cola Bangladesh Beverages (CCBB) al\u0131m\u0131n\u0131n konsolidasyonu pazar pay\u0131n\u0131 art\u0131r\u0131rken, Anadolu Etap Penkon G\u0131da\u2019daki pay\u0131n %100\u2019e \u00e7\u0131kar\u0131lmas\u0131 \u00e7ok daha kritik bir analitik ger\u00e7e\u011fe i\u015faret ediyor: <b>Dikey Entegrasyon.<\/b><\/p>\n<p>Bu hamle ile CC\u0130, meyve suyu konsantresi hammadde tedarik zincirini tamamen kendi kontrol\u00fc alt\u0131na alm\u0131\u015ft\u0131r. Bir finansal analist i\u00e7in bu, sadece &#8220;bir meyve \u015firketi almak&#8221; de\u011fil, k\u00fcresel emtia dalgalanmalar\u0131na kar\u015f\u0131 marj korumas\u0131 (margin protection) sa\u011flamakt\u0131r. \u015eirket, hammaddesini kendisi \u00fcreterek maliyetlerini optimize etmekte ve k\u0131sa vadeli k\u00e2r dalgalanmalar\u0131 yerine uzun vadeli pazar hakimiyetini per\u00e7inlemektedir.<\/p>\n<p><b>Sonu\u00e7: Bir \u015ei\u015fenin Gelece\u011fi<\/b><\/p>\n<p>Coca-Cola \u0130\u00e7ecek\u2019in 2025 raporu, bir i\u00e7ecek devinin nas\u0131l bir stratejik satran\u00e7 oyuncusuna d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. Anadolu Grubu\u2019nun yerel end\u00fcstriyel g\u00fcc\u00fc ile The Coca-Cola Company\u2019nin (TCCC) k\u00fcresel marka miras\u0131n\u0131n bu dengeli evlili\u011fi, raporun her sat\u0131r\u0131nda hissedilen bir istikrar sa\u011fl\u0131yor. Arkas\u0131ndaki karma\u015f\u0131k enflasyon muhasebesi, devasa \u015ferefiye de\u011ferleri ve dikey entegrasyon hamleleriyle her bir \u015fi\u015fe, asl\u0131nda binlerce sayfal\u0131k bir y\u00f6netim stratejisinin ve titiz bir denetim s\u00fcrecinin son halkas\u0131d\u0131r.<\/p>\n<p><b>Bir \u015firketin de\u011feri sadece satt\u0131\u011f\u0131 \u00fcr\u00fcn\u00fcn hacmiyle mi \u00f6l\u00e7\u00fcl\u00fcr, yoksa y\u00f6netti\u011fi risklerin b\u00fcy\u00fckl\u00fc\u011f\u00fc ve payda\u015flar\u0131na sundu\u011fu g\u00fcvenin derinli\u011fiyle mi?<\/b><\/p>\n<p>&nbsp;<\/p>\n<h1>B\u0130LG\u0130LEND\u0130RME DOK\u00dcMANI: COCA-COLA \u0130\u00c7ECEK A.\u015e. 2025 YILI F\u0130NANSAL PERFORMANS VE DENET\u0130M ANAL\u0130Z\u0130<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Coca-Cola \u0130\u00e7ecek A.\u015e.&#8217;nin (CC\u0130) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve PwC taraf\u0131ndan haz\u0131rlanan ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir.<\/p>\n<p>CC\u0130, 2025 y\u0131l\u0131nda y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131nda (TMS 29) faaliyetlerini s\u00fcrd\u00fcrm\u00fc\u015f ve finansal tablolar\u0131n\u0131 bu do\u011frultuda d\u00fczeltmi\u015ftir. PwC, \u015firketin finansal durumunun TFRS standartlar\u0131na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir.<\/p>\n<p>Finansal a\u00e7\u0131dan bak\u0131ld\u0131\u011f\u0131nda, grup has\u0131lat\u0131n\u0131 187,2 milyar TL&#8217;ye \u00e7\u0131karm\u0131\u015f ancak net d\u00f6nem k\u00e2r\u0131nda bir \u00f6nceki y\u0131la g\u00f6re (enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f bazda) bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. \u015eerefiye ve s\u0131n\u0131rs\u0131z \u00f6m\u00fcrl\u00fc maddi olmayan duran varl\u0131klar (34,2 milyar TL), toplam varl\u0131klar\u0131n %18&#8217;ini olu\u015fturarak en kritik denetim konusu olmaya devam etmektedir. Grup; Banglade\u015f (CCBB) ve T\u00fcrkiye&#8217;deki i\u015ftiraki Etap&#8217;taki pay art\u0131\u015flar\u0131 ile inorganik b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr.<\/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. Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu ve G\u00f6r\u00fc\u015f\u00fc<\/h2>\n<p>PwC Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim s\u00fcreci sonucunda ula\u015f\u0131lan temel sonu\u00e7lar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> Konsolide finansal tablolar, grubun finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak ger\u00e7e\u011fe uygun bir \u015fekilde yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Kilit Denetim Konusu:<\/b> \u015eerefiye ve s\u0131n\u0131rs\u0131z \u00f6m\u00fcrl\u00fc maddi olmayan duran varl\u0131klar\u0131n de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testleri, denetimin en kritik oda\u011f\u0131 olarak belirlenmi\u015ftir.\n<ul>\n<li><b>\u00d6nem Derecesi:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla bu varl\u0131klar\u0131n de\u011feri <b>34,2 milyar TL<\/b> olup toplam varl\u0131klar\u0131n %18\u2019ine tekab\u00fcl etmektedir.<\/li>\n<li><b>Metodoloji:<\/b> De\u011ferleme uzmanlar\u0131 e\u015fli\u011finde; FAV\u00d6K, a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti ve uzun vadeli b\u00fcy\u00fcme oranlar\u0131 gibi tahminler kullan\u0131larak nakit ak\u0131\u015f tahminleri analiz edilmi\u015ftir. Yap\u0131lan duyarl\u0131l\u0131k analizlerinde, varsay\u0131mlar %1 daha olumsuz olsa dahi geri kazan\u0131labilir de\u011ferin defter de\u011ferinin \u00fczerinde kald\u0131\u011f\u0131 saptanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/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>2. Finansal Performans Analizi<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, grubun 2025 ve 2024 y\u0131llar\u0131na ait temel finansal verilerini (31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re bin TL cinsinden) kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak sunmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge (Bin TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat (Net)<\/b><\/td>\n<td>187.184.514<\/td>\n<td>180.216.217<\/td>\n<td>+%3,87<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(120.616.481)<\/td>\n<td>(116.616.090)<\/td>\n<td>+%3,43<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>66.568.033<\/td>\n<td>63.600.127<\/td>\n<td>+%4,67<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>25.155.601<\/td>\n<td>24.719.475<\/td>\n<td>+%1,76<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td>14.072.351<\/td>\n<td>19.389.524<\/td>\n<td>-%27,42<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>190.775.353<\/td>\n<td>194.148.143<\/td>\n<td>-%1,74<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar Toplam\u0131<\/b><\/td>\n<td>86.627.151<\/td>\n<td>80.698.951<\/td>\n<td>+%7,35<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Nakit Ak\u0131\u015f\u0131 ve Likidite Durumu<\/h3>\n<ul>\n<li><b>D\u00f6nem Sonu Nakit Mevcudu:<\/b> 26,3 milyar TL (2024: 30,4 milyar TL).<\/li>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 27,4 milyar TL nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 13,9 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\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>3. Organizasyonel Yap\u0131 ve Stratejik Geli\u015fmeler<\/h2>\n<h3>Faaliyet Alan\u0131 ve Co\u011frafi Kapsam<\/h3>\n<p>CC\u0130; T\u00fcrkiye, Pakistan, Banglade\u015f, Orta Asya ve Orta Do\u011fu&#8217;da alkols\u00fcz i\u00e7ecek \u00fcretimi, sat\u0131\u015f\u0131 ve da\u011f\u0131t\u0131m\u0131 yapmaktad\u0131r.<\/p>\n<ul>\n<li><b>\u00dcretim Tesisleri:<\/b> T\u00fcrkiye\u2019de 13, yurt d\u0131\u015f\u0131nda 26 olmak \u00fczere toplam 39 adet \u00fcretim tesisi bulunmaktad\u0131r (2024 y\u0131l\u0131nda toplam 36 adet).<\/li>\n<li><b>Marka Portf\u00f6y\u00fc:<\/b> The Coca-Cola Company (TCCC) markalar\u0131n\u0131n (Coca-Cola, Fanta, Sprite, Cappy vb.) yan\u0131 s\u0131ra Monster Energy ve Schweppes markalar\u0131n\u0131n \u00fcretim\/da\u011f\u0131t\u0131m yetkisine sahiptir.<\/li>\n<\/ul>\n<h3>\u0130\u015ftirak Yap\u0131s\u0131ndaki De\u011fi\u015fimler<\/h3>\n<ul>\n<li><b>Banglade\u015f Operasyonu:<\/b> 20 \u015eubat 2024 itibar\u0131yla Coca-Cola Bangladesh Beverages Limited (CCBB) sermayesinin tamam\u0131 devral\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Etap G\u0131da:<\/b> 26 Eyl\u00fcl 2024 tarihinde Anadolu Etap Penkon G\u0131da (Etap) \u015firketinin kalan %20\u2019lik pay\u0131 28 milyon USD bedelle sat\u0131n al\u0131narak sahiplik %100&#8217;e \u00e7\u0131kar\u0131lm\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>4. Risk Y\u00f6netimi ve Ekonomik Fakt\u00f6rler<\/h2>\n<p>Grup, faaliyet g\u00f6sterdi\u011fi b\u00f6lgelerdeki politik ve ekonomik belirsizliklere kar\u015f\u0131 &#8220;Riskin Erken Saptanmas\u0131 Komitesi&#8221; arac\u0131l\u0131\u011f\u0131yla strateji geli\u015ftirmektedir.<\/p>\n<ul>\n<li><b>\u00d6ncelikli Riskler:<\/b> Politik istikrars\u0131zl\u0131k, kur riski, siber g\u00fcvenlik, su y\u00f6netimi, iklim de\u011fi\u015fikli\u011fi ve de\u011fi\u015fen t\u00fcketici tercihleri.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle finansal tablolar T\u00dc\u0130K T\u00fcketici Fiyat Endeksi kullan\u0131larak d\u00fczeltilmi\u015ftir.\n<ul>\n<li>31 Aral\u0131k 2025 itibar\u0131yla 3 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 <b>%211<\/b> olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li>Net parasal pozisyon kazanc\u0131 2025 y\u0131l\u0131nda 6,78 milyar TL olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>D\u00f6viz Kuru Etkisi:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u00e7evrimlerde kullan\u0131lan kur 1 USD = 42,8457 TL&#8217;dir (2024: 35,2803 TL).<\/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>5. \u00d6nemli Muhasebe Tahminleri ve \u0130lkeleri<\/h2>\n<ul>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> Akt\u00fceryal varsay\u0131mlar (iskonto oran\u0131 ve maa\u015f art\u0131\u015f beklentileri) ile hesaplanmaktad\u0131r.<\/li>\n<li><b>Amortisman:<\/b> Maddi duran varl\u0131klar i\u00e7in 5 ile 49 y\u0131l aras\u0131nda de\u011fi\u015fen ekonomik \u00f6m\u00fcrler \u00fczerinden do\u011frusal y\u00f6ntem uygulanmaktad\u0131r.<\/li>\n<li><b>Vergi:<\/b> Ertelenmi\u015f vergi varl\u0131klar\u0131, gelecekte vergilendirilebilir k\u00e2r olu\u015fma ihtimaline g\u00f6re kay\u0131tlara al\u0131nmaktad\u0131r. 2025 y\u0131l\u0131 toplam vergi gideri 7,07 milyar TL&#8217;dir.<\/li>\n<li><b>Personel:<\/b> Grup b\u00fcnyesinde 2025 y\u0131l\u0131 i\u00e7inde ortalama <b>10.624<\/b> \u00e7al\u0131\u015fan (4.876 mavi yakal\u0131, 5.748 beyaz yakal\u0131) istihdam edilmi\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>6. Mevzuattan Kaynaklanan Di\u011fer Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<p>6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca yap\u0131lan de\u011ferlendirmeler:<\/p>\n<ol>\n<li><b>Defter Tutma D\u00fczeni:<\/b> \u015eirketin 2025 hesap d\u00f6nemindeki defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fmeye uygun oldu\u011fu teyit edilmi\u015ftir.<\/li>\n<li><b>Y\u00f6netim Kurulu Beyanlar\u0131:<\/b> Denetim kapsam\u0131nda istenen t\u00fcm belge ve a\u00e7\u0131klamalar y\u00f6netim kurulu taraf\u0131ndan sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131:<\/b> Bu sisteme ili\u015fkin denet\u00e7i raporu 3 Mart 2026 tarihinde y\u00f6netim kuruluna sunulmu\u015ftur.<\/li>\n<\/ol>\n<button class=\"simplefavorite-button\" data-postid=\"1604\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Coca-Cola \u0130\u00e7ecek (CC\u0130), 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu kamuoyuyla payla\u015ft\u0131. 31 Aral\u0131k 2025 itibar\u0131yla y\u0131ll\u0131k has\u0131lat\u0131n\u0131 187,18 milyar TL&#8217;ye ula\u015ft\u0131ran \u015firket, operasyonel g\u00fcc\u00fcn\u00fc bir kez daha kan\u0131tlad\u0131. T\u00fcrkiye, Pakistan, Kazakistan ve \u00d6zbekistan gibi geni\u015f bir co\u011frafyada faaliyetlerini s\u00fcrd\u00fcren CC\u0130, y\u0131l\u0131 14,26 milyar TL net d\u00f6nem k\u00e2r\u0131 ile kapatt\u0131. Yat\u0131r\u0131mc\u0131lar\u0131n\u0131 da sevindiren bir haber veren Y\u00f6netim Kurulu, hisse ba\u015f\u0131na 1,43 TL br\u00fct nakit temett\u00fc da\u011f\u0131t\u0131lmas\u0131n\u0131 Genel Kurul onay\u0131na sunma karar\u0131 ald\u0131. T\u00fcrkiye\u2019den Orta Asya\u2019ya uzanan bu ba\u015far\u0131 hikayesinin finansal detaylar\u0131n\u0131, pazar performans\u0131n\u0131 ve 2026 beklentilerini i\u00e7eren analizimizi blog yaz\u0131m\u0131zda ke\u015ffedin.<\/p>\n","protected":false},"author":5,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[280],"class_list":["post-1604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ccola"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1604","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1604"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1604\/revisions"}],"predecessor-version":[{"id":1606,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1604\/revisions\/1606"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}