{"id":1640,"date":"2026-03-05T14:37:28","date_gmt":"2026-03-05T11:37:28","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1640"},"modified":"2026-03-05T14:38:36","modified_gmt":"2026-03-05T11:38:36","slug":"crfsa-bilano-analizi-202512-carrefoursa-carrefour-sabanc-ticaret-merkezi-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1640","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 CRFSA Bilan\u00e7o Analizi 2025\/12 | Carrefoursa Carrefour Sabanc\u0131 Ticaret Merkezi A.\u015e."},"content":{"rendered":"<p><iframe data-testid=\"embed-iframe\" style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/0nIqUJQhCMMsz0DhphshS6?utm_source=generator&#038;t=0\" width=\"100%\" height=\"352\" frameBorder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\"><\/iframe><\/p>\n<h1>Carrefoursa\u2019n\u0131n 2025 Bilan\u00e7osu: Rakamlar\u0131n \u00d6tesindeki B\u00fcy\u00fck D\u00f6n\u00fc\u015f\u00fcm ve Hayatta Kalma Stratejisi<\/h1>\n<h2>1. Giri\u015f: Devlerin Sessiz D\u00f6n\u00fc\u015f\u00fcm\u00fc<\/h2>\n<p>Her g\u00fcn \u00f6n\u00fcnden ge\u00e7ti\u011fimiz, raflar\u0131 aras\u0131nda dola\u015ft\u0131\u011f\u0131m\u0131z perakende devleri, arka planda sadece \u00fcr\u00fcn tedarikiyle de\u011fil, devasa bir finansal f\u0131rt\u0131nayla da m\u00fccadele ediyor. T\u00fcrkiye organize perakende sekt\u00f6r\u00fcn\u00fcn k\u00f6kl\u00fc oyuncular\u0131ndan Carrefoursa\u2019n\u0131n 31 Aral\u0131k 2025 tarihli ba\u011f\u0131ms\u0131z denetim raporu, \u015firketin sadece bir &#8220;zarar&#8221; rakam\u0131na s\u0131k\u0131\u015fmad\u0131\u011f\u0131n\u0131, aksine hayatta kalmak i\u00e7in radikal bir kabuk de\u011fi\u015ftirme s\u00fcrecine girdi\u011fini g\u00f6steriyor. 2025 finansal sonu\u00e7lar\u0131, milyarlarca liral\u0131k finansman y\u00fck\u00fc ve negatif \u00f6zkaynak rakamlar\u0131n\u0131n g\u00f6lgesinde, perakende devinin &#8220;varl\u0131k hafifletme&#8221; ve &#8220;sermaye optimizasyonu&#8221; odakl\u0131 yeni yol haritas\u0131n\u0131 t\u00fcm \u00e7\u0131plakl\u0131\u011f\u0131yla g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h2>2. \u00d6zkaynaklar Ekside: Teknik \u0130flas m\u0131, Muhasebe Ger\u00e7e\u011fi mi?<\/h2>\n<p>Carrefoursa\u2019n\u0131n 2025 bilan\u00e7osundaki en \u00e7arp\u0131c\u0131 veri, toplam \u00f6zkaynaklar\u0131n <b>-(986.501) bin TL<\/b> seviyesine, yani yakla\u015f\u0131k 986 milyon TL eksiye gerilemi\u015f olmas\u0131d\u0131r. TFRS (T\u00fcrkiye Finansal Raporlama Standartlar\u0131) \u00e7er\u00e7evesinde haz\u0131rlanan bu tablo ilk bak\u0131\u015fta &#8220;borca bat\u0131kl\u0131k&#8221; endi\u015fesi uyand\u0131rsa da, yasal mevzuat ile muhasebe standartlar\u0131 aras\u0131ndaki fark burada kritik bir rol oynuyor.<\/p>\n<p>&#8220;\u0130\u015fletmenin S\u00fcreklili\u011fi Varsay\u0131m\u0131&#8221; (Not 2.6.4) kapsam\u0131nda yap\u0131lan analiz, \u015firketin ka\u011f\u0131t \u00fczerindeki bu negatif tablodan yasal olarak nas\u0131l ayr\u0131\u015ft\u0131\u011f\u0131n\u0131 ortaya koyuyor. T\u00fcrk Ticaret Kanunu\u2019nun (TTK) 376. maddesi kapsam\u0131nda, hen\u00fcz \u00f6denmemi\u015f sermaye ve enflasyon d\u00fczeltmesi kalemleri gibi yasal unsurlar dahil edilerek yap\u0131lan \u00f6zel hesaplamada, \u015firketin d\u00fczeltilmi\u015f \u00f6zkaynak tutar\u0131 <b>9.007.009 bin TL<\/b> (yakla\u015f\u0131k 9 milyar TL) olarak tespit edilmi\u015ftir. Bu veri, Carrefoursa\u2019n\u0131n yasal e\u015fiklerin olduk\u00e7a \u00fczerinde oldu\u011funu ve &#8220;teknik iflas&#8221; riskinden uzak durdu\u011funu kan\u0131tl\u0131yor. \u015eirket y\u00f6netimi de bu yasal ger\u00e7ekli\u011fe dayanarak bir ara bilan\u00e7o haz\u0131rlama ihtiyac\u0131 duymam\u0131\u015f ve faaliyetlerin s\u00fcreklili\u011fine dair g\u00fcvenini korumu\u015ftur.<\/p>\n<h2>3. &#8220;Varl\u0131k Hafifletme&#8221; Operasyonu: Bayilik Sisteminin Y\u00fckseli\u015fi<\/h2>\n<p>Carrefoursa, operasyonel modelinde k\u00f6kl\u00fc bir de\u011fi\u015fikli\u011fe giderek <b>&#8220;sermaye hafifletme&#8221; (asset-light)<\/b> stratejisine odaklan\u0131yor. Bu stratejinin en somut yans\u0131mas\u0131, \u00f6z mal\u0131 olan ma\u011faza say\u0131s\u0131ndaki bilin\u00e7li azalma ve bayilik (franchise) a\u011f\u0131ndaki agresif b\u00fcy\u00fcmedir. 31 Aral\u0131k 2024 ve 31 Aral\u0131k 2025 verileri kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, ma\u011faza yap\u0131s\u0131ndaki d\u00f6n\u00fc\u015f\u00fcm \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Hipermarketler:<\/b> 21&#8217;den 19&#8217;a d\u00fc\u015ft\u00fc.<\/li>\n<li><b>S\u00fcpermarketler:<\/b> 674&#8217;ten 586&#8217;ya geriledi.<\/li>\n<li><b>Franchise (Bayi) Ma\u011fazalar:<\/b> 530&#8217;dan <b>632<\/b>&#8216;ye y\u00fckseldi.<\/li>\n<\/ul>\n<p>Bu de\u011fi\u015fim, \u015firketin operasyonel riskleri ve maliyetleri bayilere devrederek daha esnek bir yap\u0131ya ge\u00e7me niyetini do\u011fruluyor. \u015eirket y\u00f6netiminin stratejik rotas\u0131n\u0131 \u00f6zetleyen \u015fu ifadesi bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn temelini olu\u015fturmaktad\u0131r:<\/p>\n<p>&#8220;\u015eirket y\u00f6netimi&#8230; hafif varl\u0131k stratejisi do\u011frultusunda bayilik a\u011f\u0131n\u0131n geni\u015fletilmesi, e-ticaret sat\u0131\u015f kanallar\u0131n\u0131n g\u00fc\u00e7lendirilmesi, yeni konsept franchise ma\u011faza operasyonlar\u0131n\u0131n hayata ge\u00e7irilmesi&#8230; planlanan aksiyonlara dayanmaktad\u0131r.&#8221;<\/p>\n<h2>4. 15 Milyar TL&#8217;lik Can Simidi: Sukuk \u0130hrac\u0131<\/h2>\n<p>Nakit ak\u0131\u015f\u0131ndaki s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131 a\u015fmak ad\u0131na Carrefoursa, 18 \u015eubat 2026 tarihinde finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirecek hayati bir karar alm\u0131\u015ft\u0131r. Bu kapsamda, <b>15.000.000 bin TL<\/b> (15 milyar TL) tutara kadar kira sertifikas\u0131 (sukuk) ihrac\u0131 planlanmaktad\u0131r. <b>D\u00fcnya Kat\u0131l\u0131m Bankas\u0131<\/b> arac\u0131l\u0131\u011f\u0131yla y\u00fcr\u00fct\u00fclen ve SPK ba\u015fvuru s\u00fcreci tamamlanan bu hamle, sadece bir bor\u00e7lanma de\u011fil, \u015firketin 17,8 milyar TL\u2019yi a\u015fan k\u0131sa vadeli i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131n\u0131 (k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 a\u015fan k\u0131sm\u0131) kapatmaya y\u00f6nelik stratejik bir &#8220;can simidi&#8221; niteli\u011findedir. Bu likidite enjeksiyonu, finansal piyasalardaki g\u00fcven aray\u0131\u015f\u0131n\u0131n ve operasyonel d\u00f6n\u00fc\u015f\u00fcm\u00fcn finansman\u0131n\u0131n temel ta\u015f\u0131d\u0131r.<\/p>\n<h2>5. Finansman Giderlerinin A\u011f\u0131r Y\u00fck\u00fc ve Enflasyon Muhasebesi Paradoksu<\/h2>\n<p>Finansal tablolar\u0131n derinliklerine inildi\u011finde, Carrefoursa\u2019n\u0131n as\u0131l mali bask\u0131s\u0131n\u0131n operasyonlardan ziyade finansman maliyetlerinden geldi\u011fi g\u00f6r\u00fcl\u00fcyor. Toplam finansman giderleri <b>8.254.179 bin TL<\/b> seviyesine ula\u015f\u0131rken, bu y\u00fck\u00fcn 6,8 milyar TL&#8217;sini banka kredisi faizleri, 1,1 milyar TL&#8217;sini ise kiralama faizleri olu\u015fturmaktad\u0131r. Dikkat \u00e7ekici bir nokta da k\u0131sa vadeli fonlama stratejisindeki de\u011fi\u015fimdir; tahvil ihra\u00e7lar\u0131 1,4 milyar TL\u2019den <b>9,7 milyar TL<\/b> seviyesine f\u0131rlayarak bor\u00e7 yap\u0131s\u0131nda bask\u0131n hale gelmi\u015ftir.<\/p>\n<p>Ancak y\u00fcksek enflasyon d\u00f6nemi (TMS 29), ilgin\u00e7 bir muhasebe sonucunu da beraberinde getirmi\u015ftir: \u015eirketin esas faaliyet zarar\u0131 6,9 milyar TL iken, net d\u00f6nem zarar\u0131 <b>6.539.269 bin TL<\/b> ile bu rakam\u0131n daha alt\u0131nda kalm\u0131\u015ft\u0131r. Bu durumun nedeni, \u015firketin y\u00fcksek seviyeli parasal y\u00fck\u00fcml\u00fcl\u00fckleri (bor\u00e7lar\u0131) sayesinde elde etti\u011fi <b>7.287.368 bin TL<\/b> tutar\u0131ndaki &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221;d\u0131r. Enflasyonist ortamda bor\u00e7lu kalman\u0131n getirdi\u011fi bu &#8220;sat\u0131n alma g\u00fcc\u00fc kazanc\u0131&#8221;, k\u00e2\u011f\u0131t \u00fczerindeki net zarar\u0131 bir nebze olsun yumu\u015fatm\u0131\u015ft\u0131r.<\/p>\n<h2>6. Personel Yap\u0131s\u0131ndaki Daralma ve Operasyonel Kald\u0131ra\u00e7<\/h2>\n<p>Verimlilik odakl\u0131 k\u00fc\u00e7\u00fclme ve franchise modeline ge\u00e7i\u015f, personel say\u0131lar\u0131nda da kendini g\u00f6stermektedir. 31 Aral\u0131k 2024\u2019te 10.672 olan \u00e7al\u0131\u015fan say\u0131s\u0131, bir y\u0131l i\u00e7inde <b>9.599<\/b>\u2019a d\u00fc\u015fm\u00fc\u015ft\u00fcr. Yakla\u015f\u0131k 1.000 ki\u015filik bu azalma, sadece bir istihdam kayb\u0131 de\u011fil, ayn\u0131 zamanda <b>&#8220;operasyonel kald\u0131ra\u00e7&#8221;<\/b> art\u0131rma hamlesidir. Ma\u011fazalar franchise modeline ge\u00e7tik\u00e7e, \u00e7al\u0131\u015fan y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc ve personel maliyetleri Carrefoursa\u2019n\u0131n bilan\u00e7osundan \u00e7\u0131karak bayilerin sorumlulu\u011funa ge\u00e7mekte, bu da \u015firketin do\u011frudan i\u015f\u00e7ilik riskini ve operasyonel maliyet taban\u0131n\u0131 hafifletmektedir.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve B\u00fcy\u00fck Soru<\/h2>\n<p>Carrefoursa, 2026-2030 d\u00f6nemini kapsayan uzun vadeli planlar\u0131nda <b>%14,6<\/b>\u2019l\u0131k bir b\u00fcy\u00fcme oran\u0131 \u00f6ng\u00f6r\u00fcyor. \u015eirketin gelece\u011fi; 15 milyar TL&#8217;lik sukuk ihrac\u0131yla sa\u011flanacak likiditeye, franchise modelinin getirece\u011fi sermaye verimlili\u011fine ve dijital kanallar\u0131n g\u00fcc\u00fcne endekslenmi\u015f durumda. Ancak y\u0131ll\u0131k 8,2 milyar TL\u2019yi bulan finansman giderleri, bu radikal d\u00f6n\u00fc\u015f\u00fcm\u00fcn \u00f6n\u00fcndeki en sert bariyer olarak durmaya devam ediyor.<\/p>\n<p>Peki, Carrefoursa&#8217;n\u0131n &#8220;hafif varl\u0131k&#8221; ve &#8220;franchise&#8221; odakl\u0131 bu radikal d\u00f6n\u00fc\u015f\u00fcm\u00fc, perakende devini finansal darbo\u011fazdan kal\u0131c\u0131 olarak \u00e7\u0131karabilecek mi?<\/p>\n<h1>CarrefourSA 2025 Y\u0131l\u0131 Finansal ve Operasyonel Bilgilendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>CarrefourSA Carrefour Sabanc\u0131 Ticaret Merkezi A.\u015e.\u2019nin 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait finansal tablolar\u0131, \u015firketin y\u00fcksek enflasyonist ortamda (TMS 29 uyar\u0131nca d\u00fczeltilmi\u015f) operasyonel bir b\u00fcy\u00fcme stratejisi izledi\u011fini ancak \u00f6nemli finansal zorluklarla kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu g\u00f6stermektedir. 2025 y\u0131l\u0131 net d\u00f6nem zarar\u0131 6,54 milyar TL olarak ger\u00e7ekle\u015fmi\u015f ve toplam \u00f6zkaynaklar negatif 986,5 milyon TL seviyesine gerilemi\u015ftir.<\/p>\n<p>\u015eirket, sermaye kayb\u0131 ve borca bat\u0131kl\u0131k riskine kar\u015f\u0131 T\u00fcrk Ticaret Kanunu (TTK) 376. maddesi kapsam\u0131nda de\u011ferlendirmeler yapm\u0131\u015f ve d\u00fczeltilmi\u015f \u00f6zkaynak tutar\u0131n\u0131n yasal e\u015fiklerin \u00fczerinde oldu\u011funu tespit etmi\u015ftir. Gelecek d\u00f6nemde finansal s\u00fcrd\u00fcr\u00fclebilirli\u011fi sa\u011flamak amac\u0131yla 15 milyar TL\u2019ye kadar kira sertifikas\u0131 (sukuk) ihrac\u0131 karar\u0131 al\u0131nm\u0131\u015f ve &#8220;hafif varl\u0131k&#8221; (asset-light) stratejisi do\u011frultusunda bayilik (franchise) a\u011f\u0131n\u0131n geni\u015fletilmesine odaklan\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h2>1. Finansal Performans Analizi<\/h2>\n<p>\u015eirketin finansal sonu\u00e7lar\u0131, sat\u0131\u015f hacmindeki de\u011fi\u015fimler ve artan finansman giderlerinin bask\u0131s\u0131 alt\u0131ndad\u0131r.<\/p>\n<h3>1.1. Gelir ve Karl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<p>2025 y\u0131l\u0131 has\u0131lat\u0131, bir \u00f6nceki y\u0131la g\u00f6re hafif bir d\u00fc\u015f\u00fc\u015fle 83,6 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Br\u00fct kar marj\u0131 korunmaya \u00e7al\u0131\u015f\u0131lsa da esas faaliyet zarar\u0131 ve y\u00fcksek finansman giderleri net zarar\u0131n artmas\u0131na neden olmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>83.611.594<\/td>\n<td>85.949.430<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(64.043.777)<\/td>\n<td>(65.938.867)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>19.567.817<\/b><\/td>\n<td><b>20.010.563<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Zarar\u0131<\/td>\n<td>(6.907.326)<\/td>\n<td>(6.771.450)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (Net)<\/td>\n<td>(8.207.725)<\/td>\n<td>(5.296.400)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td><b>(6.539.269)<\/b><\/td>\n<td><b>(3.731.697)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Varl\u0131k ve Y\u00fck\u00fcml\u00fcl\u00fck Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin toplam varl\u0131klar\u0131 37,4 milyar TL seviyesindedir. Ancak k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler (34,3 milyar TL), d\u00f6nen varl\u0131klar\u0131n (16,4 milyar TL) olduk\u00e7a \u00fczerindedir. Bu durum 17,87 milyar TL tutar\u0131nda bir net i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131na i\u015faret etmektedir.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 16.456.700 Bin TL<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 20.979.900 Bin TL<\/li>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 34.324.523 Bin TL<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> (986.501) Bin TL<\/li>\n<\/ul>\n<h2>2. Operasyonel Yap\u0131 ve Stratejik D\u00f6n\u00fc\u015f\u00fcm<\/h2>\n<p>\u015eirket, ma\u011faza a\u011f\u0131n\u0131 daha verimli ve d\u00fc\u015f\u00fck maliyetli bir modele d\u00f6n\u00fc\u015ft\u00fcrmek amac\u0131yla franchise sistemine a\u011f\u0131rl\u0131k vermektedir.<\/p>\n<h3>2.1. Ma\u011faza Say\u0131lar\u0131 ve \u00c7e\u015fitlili\u011fi<\/h3>\n<p>2025 y\u0131l\u0131 sonu itibar\u0131yla toplam personel say\u0131s\u0131 9.599\u2019dur (2024: 10.672). Ma\u011faza yap\u0131s\u0131ndaki de\u011fi\u015fim \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ma\u011faza Tipi<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Hipermarket<\/td>\n<td>19<\/td>\n<td>21<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcpermarket<\/td>\n<td>586<\/td>\n<td>674<\/td>\n<\/tr>\n<tr>\n<td><b>Franchise (Bayi)<\/b><\/td>\n<td><b>632<\/b><\/td>\n<td><b>530<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>1.237<\/b><\/td>\n<td><b>1.225<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Sat\u0131\u015f Kanallar\u0131 Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Has\u0131lat\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu halen ma\u011fazac\u0131l\u0131k faaliyetlerinden gelse de, bayilik ve alternatif kanal sat\u0131\u015flar\u0131nda art\u0131\u015f g\u00f6zlenmektedir:<\/p>\n<ul>\n<li><b>Ma\u011fazac\u0131l\u0131k Sat\u0131\u015flar\u0131:<\/b> 64,75 milyar TL<\/li>\n<li><b>Bayilik Sat\u0131\u015flar\u0131:<\/b> 9,35 milyar TL<\/li>\n<li><b>Alternatif Kanallar:<\/b> 10,58 milyar TL<\/li>\n<\/ul>\n<h2>3. \u0130\u015fletmenin S\u00fcreklili\u011fi ve TTK 376 De\u011ferlendirmesi<\/h2>\n<p>\u015eirketin negatif \u00f6zkaynak pozisyonu, i\u015fletmenin s\u00fcreklili\u011fi konusunda y\u00f6netim taraf\u0131ndan detayl\u0131 bir analiz yap\u0131lmas\u0131n\u0131 zorunlu k\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Sermaye Kayb\u0131 Analizi:<\/b> TFRS tablolar\u0131nda \u00f6zkaynaklar negatif g\u00f6r\u00fcnse de, TTK 376 kapsam\u0131nda yap\u0131lan yasal d\u00fczenlemeler ve d\u00fczeltmeler neticesinde \u015firketin &#8220;d\u00fczeltilmi\u015f \u00f6zkaynak&#8221; tutar\u0131 <b>9.007.009 Bin TL<\/b> olarak hesaplanm\u0131\u015ft\u0131r. Bu tutar, \u00f6denmi\u015f sermaye ve kanuni yedek ak\u00e7eler toplam\u0131n\u0131n \u00fczerindedir; dolay\u0131s\u0131yla \u015firket yasal olarak borca bat\u0131k durumda kabul edilmemektedir.<\/li>\n<li><b>Finansman Stratejisi:<\/b> Y\u00f6netim Kurulu, 15 milyar TL\u2019ye kadar kira sertifikas\u0131 (sukuk) ihrac\u0131 i\u00e7in karar alm\u0131\u015f ve Sermaye Piyasas\u0131 Kurulu\u2019na ba\u015fvuru s\u00fcrecini tamamlam\u0131\u015ft\u0131r. Bu hamle, nakit ak\u0131\u015f\u0131n\u0131 g\u00fc\u00e7lendirmeyi ve i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131n\u0131 kapatmay\u0131 hedeflemektedir.<\/li>\n<\/ul>\n<h2>4. Bor\u00e7lanma ve Risk Y\u00f6netimi<\/h2>\n<p>\u015eirketin finansal bor\u00e7 y\u00fck\u00fc, y\u00fcksek faiz oranlar\u0131 ve enflasyonun etkisiyle art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<ul>\n<li><b>Banka Kredileri ve Tahviller:<\/b> K\u0131sa vadeli banka kredileri ve ihra\u00e7 edilen tahvillerin toplam\u0131 15,8 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131nda ihra\u00e7 edilen tahvillerin a\u011f\u0131rl\u0131kl\u0131 ortalama faiz oranlar\u0131 %41,50 ile %46,59 aras\u0131nda de\u011fi\u015fmektedir.<\/li>\n<li><b>Kiralama Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> TFRS 16 kapsam\u0131nda muhasebele\u015ftirilen kiralama bor\u00e7lar\u0131 toplam\u0131 4,2 milyar TL&#8217;dir.<\/li>\n<li><b>Kur Riski:<\/b> \u015eirketin 31 Aral\u0131k 2025 itibar\u0131yla Avro ve ABD Dolar\u0131 cinsinden y\u00fck\u00fcml\u00fcl\u00fckleri bulunmaktad\u0131r. Avro\/TL kuru 50,2859; ABD Dolar\u0131\/TL kuru 42,8457 olarak kay\u0131tlara ge\u00e7mi\u015ftir.<\/li>\n<\/ul>\n<h2>5. Vergi Durumu ve Ertelenmi\u015f Vergi Varl\u0131klar\u0131<\/h2>\n<p>\u015eirket, gelecekte elde etmeyi bekledi\u011fi karlar \u00fczerinden ertelenmi\u015f vergi varl\u0131\u011f\u0131 muhasebele\u015ftirmi\u015ftir.<\/p>\n<ul>\n<li><b>Mali Zararlar:<\/b> \u015eirketin 13,4 milyar TL tutar\u0131nda ge\u00e7mi\u015f y\u0131l mali zarar\u0131 bulunmaktad\u0131r. Bu zararlar\u0131n 2029 ve 2030 y\u0131llar\u0131na kadar mahsup edilme imkan\u0131 vard\u0131r.<\/li>\n<li><b>Ertelenmi\u015f Vergi Varl\u0131\u011f\u0131:<\/b> Gelecekteki vergilendirilebilir kar beklentileri do\u011frultusunda 2,85 milyar TL tutar\u0131nda ertelenmi\u015f vergi varl\u0131\u011f\u0131 finansal tablolara yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kurumlar Vergisi Oran\u0131:<\/b> 2025 y\u0131l\u0131 i\u00e7in uygulanan kurumlar vergisi oran\u0131 %25\u2019tir.<\/li>\n<\/ul>\n<h2>6. \u00d6nemli \u0130statistikler ve Dipnotlar<\/h2>\n<ul>\n<li><b>\u015eerefiye:<\/b> \u015eirket kay\u0131tlar\u0131nda Gima, Kiler Al\u0131\u015fveri\u015f ve Alpark sat\u0131n almalar\u0131ndan kaynaklanan 5,69 milyar TL tutar\u0131nda sabit \u015ferefiye bulunmaktad\u0131r. Yap\u0131lan testlerde de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcne rastlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Kar\u015f\u0131l\u0131klar:<\/b> \u015eirket aleyhine a\u00e7\u0131lm\u0131\u015f 730 adet dava bulunmakta olup, bu riskler i\u00e7in 484,6 milyon TL kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Amortisman:<\/b> 2025 y\u0131l\u0131 toplam amortisman ve itfa giderleri 4,51 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1640\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>CarrefourSA, 2025 y\u0131l\u0131na ait finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Y\u0131l\u0131 83,6 milyar TL has\u0131lat ile kapatan \u015firket, \u00f6zellikle franchise a\u011f\u0131ndaki g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme ve e-ticaret kanallar\u0131ndaki performans\u0131yla dikkat \u00e7ekiyor. Net d\u00f6nem zarar\u0131 6,5 milyar TL olarak ger\u00e7ekle\u015fse de, y\u00f6netim kurulu 15 milyar TL&#8217;lik kira sertifikas\u0131 ihrac\u0131 ve operasyonel verimlilik stratejileriyle orta vadede iyile\u015fme \u00f6ng\u00f6r\u00fcyor. TTK 376 kapsam\u0131ndaki d\u00fczeltilmi\u015f \u00f6zkaynak analizine g\u00f6re finansal s\u00fcrd\u00fcr\u00fclebilirli\u011fini koruyan CarrefourSA, &#8220;hafif varl\u0131k&#8221; stratejisiyle bayi a\u011f\u0131n\u0131 geni\u015fletmeye devam etmeyi hedefliyor. Finansal tablolar\u0131n detaylar\u0131 ve gelecek projeksiyonlar\u0131 haberimizde.<\/p>\n","protected":false},"author":8,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[285],"class_list":["post-1640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-crfsa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1640","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1640"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1640\/revisions"}],"predecessor-version":[{"id":1642,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1640\/revisions\/1642"}],"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=1640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}