{"id":1651,"date":"2026-03-05T16:57:23","date_gmt":"2026-03-05T13:57:23","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1651"},"modified":"2026-03-05T19:19:19","modified_gmt":"2026-03-05T16:19:19","slug":"despc-faaliyet-raporu-analizi-202512-despec-bilgisayar-pazarlama-ve-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1651","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 DESPC Faaliyet Raporu Analizi 2025\/12 | Despec Bilgisayar Pazarlama ve Ticaret A.\u015e."},"content":{"rendered":"<p><iframe data-testid=\"embed-iframe\" style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/2Zsk5TSsnIe3KxwV9q2l8P?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>Sat\u0131\u015f Rekorlar\u0131ndan Finansal Paradokslara: Despec Bilgisayar\u2019\u0131n 2025 Raporundan \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<p><b>1. Giri\u015f: Ka\u011f\u0131t \u00dczerindeki Devrim ve Perde Arkas\u0131<\/b><\/p>\n<p>Bir teknoloji da\u011f\u0131t\u0131c\u0131s\u0131 d\u00fc\u015f\u00fcn\u00fcn; raflar\u0131ndaki \u00fcr\u00fcnler peynir ekmek gibi sat\u0131l\u0131yor, operasyonel verimlilik rekor k\u0131r\u0131yor, ancak g\u00fcn\u00fcn sonunda kasa &#8220;zarar&#8221; yaz\u0131yor. Despec Bilgisayar\u2019\u0131n 2025 y\u0131l\u0131 faaliyet raporu, tam olarak bu finansal paradoksun anatomisini sunuyor. HP, Samsung, Canon ve Xiaomi gibi d\u00fcnya devlerinin teknoloji t\u00fcketim malzemelerini ve mobil cihazlar\u0131n\u0131 T\u00fcrkiye pazar\u0131na ula\u015ft\u0131ran Despec, 2025 y\u0131l\u0131nda operasyonel bir ba\u015far\u0131 hikayesi yazarken, makroekonomik f\u0131rt\u0131nalar\u0131n bilan\u00e7oyu nas\u0131l h\u0131rpalad\u0131\u011f\u0131n\u0131 da g\u00f6zler \u00f6n\u00fcne seriyor. Peki, bir \u015firket sat\u0131\u015flar\u0131n\u0131 ve pazar g\u00fcc\u00fcn\u00fc art\u0131r\u0131rken nas\u0131l zarar edebilir? Despec\u2019in rakamlar\u0131 aras\u0131ndaki gizli hikaye, sadece bir &#8220;zarar&#8221; tablosu de\u011fil, ayn\u0131 zamanda agresif bir diren\u00e7 ve d\u00f6n\u00fc\u015f\u00fcm stratejisidir.<\/p>\n<p><b>2. Operasyonel Ba\u015far\u0131 vs. Net Zarar: Enflasyon Muhasebesi ve Finansman K\u0131skac\u0131<\/b><\/p>\n<p>Raporun en \u00e7arp\u0131c\u0131 verisi, \u015firketin sat\u0131\u015f performans\u0131 ile net k\u00e2r aras\u0131ndaki %314,6\u2019l\u0131k sert d\u00fc\u015f\u00fc\u015ft\u00fcr. 2025 verilerine g\u00f6re Despec, net sat\u0131\u015flar\u0131n\u0131 %14 art\u0131rarak 10,9 milyar TL seviyesine ta\u015f\u0131rken, Br\u00fct K\u00e2r\u0131n\u0131 %46,7\u2019lik devasa bir s\u0131\u00e7ramayla 786,3 milyon TL\u2019ye ula\u015ft\u0131rd\u0131. Ancak bu operasyonel zafere ra\u011fmen \u015firket, 2024\u2019teki 19,8 milyon TL\u2019lik k\u00e2r\u0131n\u0131 koruyamayarak y\u0131l\u0131 42.702.330 TL net zararla kapatt\u0131.<\/p>\n<p>Bu &#8220;B\u00fcy\u00fck Paradoks&#8221;un iki ana sorumlusu var: Birincisi, %56,9 oran\u0131nda artarak 871,5 milyon TL\u2019ye ula\u015fan net finansal giderler. \u0130kincisi ise teknoloji yazarlar\u0131n\u0131n ve finans analistlerinin bu y\u0131l s\u0131k\u00e7a konu\u015ftu\u011fu &#8220;enflasyon muhasebesi&#8221; etkisi. \u015eirketin &#8220;Net Parasal Pozisyonu&#8221; 2024\u2019te 611 bin TL art\u0131dayken, 2025\u2019te 42,8 milyon TL\u2019lik bir zarara d\u00f6n\u00fc\u015ft\u00fc. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunun tam set finansal tablolarla uyumlu buldu\u011fu bu rakamlar, operasyonel olarak \u00e7ok verimli \u00e7al\u0131\u015fan bir makinenin, y\u00fcksek faiz ve parasal pozisyon kay\u0131plar\u0131 alt\u0131nda nas\u0131l bask\u0131land\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p><b>3. Kay\u0131tl\u0131 Sermaye Tavan\u0131nda 10 Katl\u0131k Dev S\u0131\u00e7rama: Bir &#8220;Geri D\u00f6n\u00fc\u015f&#8221; \u0130ddias\u0131<\/b><\/p>\n<p>Despec Y\u00f6netim Kurulu, 2025-2029 d\u00f6nemini kapsayacak \u015fekilde kay\u0131tl\u0131 sermaye tavan\u0131n\u0131 75 milyon TL\u2019den 750 milyon TL\u2019ye \u00e7\u0131karma karar\u0131 ald\u0131 ve bu hamle SPK taraf\u0131ndan onayland\u0131. Bu 10 katl\u0131k art\u0131\u015f, basit bir teknik prosed\u00fcr\u00fcn \u00f6tesinde, stratejik bir &#8220;meydan okuma&#8221; beyan\u0131d\u0131r.<\/p>\n<p>Bir finansal analist g\u00f6z\u00fcyle bu hamleyi okumak gerekirse; sermaye tavan\u0131ndaki bu devasa art\u0131\u015f, \u015firketin gelecekte \u00f6zsermayesini g\u00fc\u00e7lendirmek i\u00e7in yapaca\u011f\u0131 hamlelerin (\u00f6rne\u011fin bedelli sermaye art\u0131r\u0131m\u0131) habercisi olabilir. Mevcut net zarar\u0131n ve y\u00fcksek finansman maliyetlerinin yaratt\u0131\u011f\u0131 &#8220;kan kayb\u0131n\u0131&#8221; durdurmak i\u00e7in taze nakit giri\u015fi sa\u011flamak, Despec\u2019in 2026 vizyonunun en kritik par\u00e7as\u0131 olacakt\u0131r. Bu durum, y\u00f6netimin 2025\u2019teki daralmaya ra\u011fmen b\u00fcy\u00fcme iddias\u0131ndan vazge\u00e7medi\u011finin en net kan\u0131t\u0131d\u0131r.<\/p>\n<p><b>4. Bilan\u00e7onun %50 K\u00fc\u00e7\u00fclmesi: Bor\u00e7lardan Ar\u0131nma ve Likidite Savunmas\u0131<\/b><\/p>\n<p>Despec\u2019in \u00f6zet bilan\u00e7osu, 2025 y\u0131l\u0131nda tam anlam\u0131yla bir &#8220;zay\u0131flama kamp\u0131na&#8221; girdi\u011fini g\u00f6steriyor. Toplam varl\u0131klar 3,54 milyar TL\u2019den 1,76 milyar TL\u2019ye (yakla\u015f\u0131k %50,3 d\u00fc\u015f\u00fc\u015f) geriledi. Bu sert daralman\u0131n en \u00f6nemli aya\u011f\u0131, ticari alacaklar\u0131n %65,2 oran\u0131nda azalmas\u0131d\u0131r. \u015eirket, 82 g\u00fcnl\u00fck ortalama tahsilat s\u00fcresini koruyarak piyasadan paras\u0131n\u0131 \u00e7ekmeyi ba\u015farm\u0131\u015ft\u0131r.<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fc daha stratejiktir: Varl\u0131klar k\u00fc\u00e7\u00fcl\u00fcrken, Despec &#8220;Ticari Bor\u00e7lar\u0131n\u0131&#8221; da %55,2 oran\u0131nda azaltarak 2,97 milyar TL\u2019den 1,33 milyar TL\u2019ye indirmi\u015ftir. Bu tablo bize \u015funu s\u00f6yl\u00fcyor: \u015eirket, y\u00fcksek faiz ortam\u0131nda &#8220;finansman gideri canavar\u0131na&#8221; daha fazla yem olmamak i\u00e7in bilan\u00e7osunu bilin\u00e7li bir \u015fekilde daraltm\u0131\u015f, alacaklar\u0131n\u0131 toplay\u0131p bor\u00e7lar\u0131n\u0131 \u00f6deyerek finansal yap\u0131s\u0131n\u0131 daha kompakt ve y\u00f6netilebilir bir hale getirmi\u015ftir.<\/p>\n<p><b>5. Bir Marka \u0130mparatorlu\u011fu: &#8220;Lifestyle Tech&#8221; ile Gelen Verimlilik<\/b><\/p>\n<p>Despec art\u0131k sadece toner ve kartu\u015f da\u011f\u0131tan bir depo de\u011fil; teknolojik bir ekosistemin k\u00fcrat\u00f6r\u00fcd\u00fcr. Portf\u00f6y\u00fcn a\u011f\u0131r toplar\u0131 olan HP, Samsung ve Canon\u2019un yan\u0131na Steelseries (gaming), Roborock (robot s\u00fcp\u00fcrge), Nanoleaf ve Xiaomi (ak\u0131ll\u0131 ya\u015fam) gibi markalar\u0131n eklenmesi, \u015firketin operasyonel k\u00e2r marj\u0131n\u0131 %6,49&#8217;dan %8,40&#8217;a ta\u015f\u0131yan en b\u00fcy\u00fck etkendir.<\/p>\n<p>Klasik BT malzemelerine g\u00f6re \u00e7ok daha y\u00fcksek k\u00e2r marj\u0131na sahip olan gaming aksesuarlar\u0131, ak\u0131ll\u0131 ev sistemleri ve g\u00fcvenlik kameralar\u0131 gibi kategoriler, Despec\u2019i &#8220;Lifestyle Tech&#8221; pazar\u0131n\u0131n merkezine yerle\u015ftiriyor. \u015eirketin sat\u0131\u015flar\u0131n\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturan bu markalar, pazar\u0131n nabz\u0131n\u0131 tutan bir teknoloji yazar\u0131 i\u00e7in Despec&#8217;in klasik bir toptanc\u0131dan bir teknoloji ya\u015fam tarz\u0131 sa\u011flay\u0131c\u0131s\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc tescilliyor.<\/p>\n<p><b>6. Y\u00f6netimdeki G\u00fc\u00e7: Kurumsal Bir Maratonun Finansal Disiplini<\/b><\/p>\n<p>\u015eirketin y\u00f6netim kademesi, bu &#8220;kontroll\u00fc daralma&#8221; ve &#8220;operasyonel verimlilik&#8221; s\u00fcrecini bir sporcu disipliniyle y\u00f6netiyor. Y\u00f6netim Kurulu Ba\u015fkan\u0131 Nevres Erol Bilecik\u2019in (\u0130T\u00dc Bilgisayar, T\u00dcS\u0130AD Eski Ba\u015fkan\u0131, Fenerbah\u00e7e Ba\u015fkan Vekili) kurumsal tecr\u00fcbesi, Genel M\u00fcd\u00fcr Emrah K\u00fc\u00e7\u00fckgirgin\u2019in triatlon ve maraton sporcusu kimli\u011fiyle birle\u015fince, ortaya &#8220;finansal dayan\u0131kl\u0131l\u0131k&#8221; odakl\u0131 bir y\u00f6netim k\u00fclt\u00fcr\u00fc \u00e7\u0131k\u0131yor. Bilan\u00e7onun %50 k\u00fc\u00e7\u00fcld\u00fc\u011f\u00fc bir y\u0131l\u0131 y\u00f6netmek, t\u0131pk\u0131 bir maratonun son 10 kilometresi gibi y\u00fcksek disiplin ve hedefe odaklanma gerektirir.<\/p>\n<p>Y\u00f6netimin bu stratejik sabr\u0131, k\u00e2r da\u011f\u0131t\u0131m politikas\u0131ndaki \u015fu ifadede v\u00fccut buluyor:<\/p>\n<p>&#8220;Uzun vadeli b\u00fcy\u00fcme ve stratejiler, yat\u0131r\u0131m ve fon gereksinimleri, karl\u0131l\u0131k durumu ve ortaklar\u0131n beklentisi do\u011frultusunda&#8230; nakit veya bedelsiz pay vermek.&#8221;<\/p>\n<p>Bu yakla\u015f\u0131m, Despec\u2019in k\u0131sa vadeli dalgalanmalar yerine, kurumsal dayan\u0131kl\u0131l\u0131\u011f\u0131 oda\u011f\u0131na alan bir &#8220;ironman&#8221; stratejisi izledi\u011fini kan\u0131tl\u0131yor.<\/p>\n<p><b>7. Sonu\u00e7: 2026&#8217;ya Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc Bir Soru<\/b><\/p>\n<p>Despec Bilgisayar\u2019\u0131n 2025 raporu, operasyonel verimlili\u011fin finansal maliyetlerle s\u0131nav\u0131 niteli\u011findedir. %8,40\u2019l\u0131k operasyonel k\u00e2r marj\u0131, \u015firketin i\u015f modelinin ne kadar sa\u011fl\u0131kl\u0131 oldu\u011funu g\u00f6sterse de; enflasyon muhasebesi ve y\u00fcksek faizlerin k\u00e2r\u0131n tamam\u0131n\u0131 silip s\u00fcp\u00fcrmesi 2025&#8217;in ac\u0131 ger\u00e7e\u011fidir.<\/p>\n<p>Peki, 2026 y\u0131l\u0131nda sermaye tavan\u0131n\u0131n 10 kat art\u0131r\u0131lmas\u0131yla gelecek muhtemel kaynaklar ve operasyonel verimlilik, finansman maliyetlerinin canavar\u0131yla ba\u015fa \u00e7\u0131kmaya yetecek mi? Despec bilan\u00e7osunu &#8220;hafifletip&#8221; vitesini art\u0131r\u0131rken, piyasa ko\u015fullar\u0131 bu \u00e7evikli\u011fe nas\u0131l bir \u00f6d\u00fcl bi\u00e7ecek? Hep birlikte izleyece\u011fiz.<\/p>\n<h1>DESPEC Bilgisayar 2025 Y\u0131l\u0131 Faaliyet Raporu Bilgilendirme Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Despec Bilgisayar Pazarlama ve Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 1 Ocak 2025 \u2013 31 Aral\u0131k 2025 d\u00f6nemine ait faaliyetlerini, finansal performans\u0131n\u0131 ve kurumsal yap\u0131s\u0131n\u0131 analiz etmektedir. 2025 y\u0131l\u0131, \u015eirket i\u00e7in operasyonel k\u00e2rl\u0131l\u0131kta ciddi bir art\u0131\u015f\u0131n ya\u015fand\u0131\u011f\u0131 ancak y\u00fcksek finansal giderler nedeniyle net d\u00f6nem zarar\u0131yla sonu\u00e7lanan bir y\u0131l olmu\u015ftur.<\/p>\n<p><b>\u00d6ne \u00c7\u0131kan Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> \u015eirketin 2025 y\u0131l\u0131 finansal tablolar\u0131 ve faaliyet raporu, G\u00fcreli Yeminli Mali M\u00fc\u015favirlik taraf\u0131ndan denetlenmi\u015f ve &#8220;olumlu&#8221; (her y\u00f6n\u00fcyle ger\u00e7e\u011fi yans\u0131tan) g\u00f6r\u00fc\u015f alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel B\u00fcy\u00fcme:<\/b> Net sat\u0131\u015flar bir \u00f6nceki y\u0131la g\u00f6re %14 artarak 10,9 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Esas faaliyet k\u00e2r\u0131 ise %47,7 art\u0131\u015fla 918,8 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansal Sonu\u00e7:<\/b> Y\u00fcksek operasyonel performansa ra\u011fmen, 871,5 milyon TL&#8217;lik net finansal giderler ve parasal pozisyon kay\u0131plar\u0131 sonucunda 42,7 milyon TL net d\u00f6nem zarar\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131 75 milyon TL&#8217;den 750 milyon TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015f, bu durum 2025-2029 y\u0131llar\u0131 i\u00e7in ge\u00e7erli k\u0131l\u0131nm\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>1. \u015eirket Profili ve Faaliyet Alan\u0131<\/h2>\n<p>1995 y\u0131l\u0131nda kurulan Despec Bilgisayar, bili\u015fim teknolojileri (&#8220;BT&#8221;) sekt\u00f6r\u00fcnde \u00f6zellikle t\u00fcketim malzemeleri ve mobil cihaz da\u011f\u0131t\u0131m\u0131 alan\u0131nda uzmanla\u015fm\u0131\u015f bir kurulu\u015ftur.<\/p>\n<h3>Faaliyet Konusu ve \u00dcr\u00fcn Portf\u00f6y\u00fc<\/h3>\n<p>\u015eirket, d\u00fcnyan\u0131n \u00f6nde gelen teknoloji markalar\u0131n\u0131n T\u00fcrkiye distrib\u00fct\u00f6rl\u00fc\u011f\u00fcn\u00fc y\u00fcr\u00fctmektedir. Sat\u0131\u015flar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011funu <b>Steelseries, HP, Samsung, Baseus ve Canon<\/b> markalar\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<p><b>Temel \u00dcr\u00fcn Gruplar\u0131:<\/b><\/p>\n<ul>\n<li><b>BT T\u00fcketim Malzemeleri:<\/b> Laser toner, m\u00fcrekkep kartu\u015f, yaz\u0131c\u0131 \u015feridi, ka\u011f\u0131t \u00fcr\u00fcnleri ve magnetic media.<\/li>\n<li><b>Donan\u0131m ve Aksesuar:<\/b> Ak\u0131ll\u0131 telefonlar, aksesuarlar, yedekleme \u00fcr\u00fcnleri.<\/li>\n<li><b>Yeni Nesil Teknolojiler:<\/b> G\u00fcvenlik kameralar\u0131, ak\u0131ll\u0131 ev sistemleri.<\/li>\n<\/ul>\n<h3>Da\u011f\u0131t\u0131m A\u011f\u0131 ve Merkez<\/h3>\n<p>\u015eirket merkezi \u0130stanbul Sar\u0131yer&#8217;de (Seba Office Boulevard) bulunmakta olup, Gebze ve Ankara&#8217;da \u015fubeleri ile geni\u015f bir operasyon a\u011f\u0131na sahiptir.<\/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>2. Finansal Performans Analizi (2025 &#8211; 2024 Kar\u015f\u0131la\u015ft\u0131rmal\u0131)<\/h2>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131, \u015eirket hacminin operasyonel anlamda geni\u015fledi\u011fini ancak bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn darald\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<h3>Gelir Tablosu \u00d6zet Verileri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Sat\u0131\u015flar<\/b><\/td>\n<td>10.932.543.220<\/td>\n<td>9.592.180.864<\/td>\n<td>+%14,0<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>786.382.497<\/td>\n<td>535.969.658<\/td>\n<td>+%46,7<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>918.812.749<\/td>\n<td>622.072.308<\/td>\n<td>+%47,7<\/td>\n<\/tr>\n<tr>\n<td><b>Finansal Gelir\/(Gider), Net<\/b><\/td>\n<td>(871.558.406)<\/td>\n<td>(555.594.840)<\/td>\n<td>+%56,9<\/td>\n<\/tr>\n<tr>\n<td><b>Net K\u00e2r \/ (Zarar)<\/b><\/td>\n<td>(42.702.330)<\/td>\n<td>19.895.444<\/td>\n<td>-%314,6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Bilan\u00e7o Analizi<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 2024 sonundaki 3,55 milyar TL seviyesinden %50,3 azalarak 1,76 milyar TL&#8217;ye gerilemi\u015ftir. Bu azal\u0131\u015fta ticari alacaklardaki %65,2&#8217;lik d\u00fc\u015f\u00fc\u015f etkili olmu\u015ftur.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 404,6 milyon TL olarak ger\u00e7ekle\u015fmi\u015f, toplam kaynaklar i\u00e7indeki pay\u0131 %12,6&#8217;dan %22,9&#8217;a y\u00fckselmi\u015ftir.<\/li>\n<li><b>Bor\u00e7 Yap\u0131s\u0131:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler %56,4 oran\u0131nda azalm\u0131\u015ft\u0131r. Ticari bor\u00e7lar, toplam pasiflerin %75,6&#8217;s\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Kritik Finansal Oranlar<\/h3>\n<ul>\n<li><b>Cari Oran:<\/b> 1,28 (2024: 1,13) &#8211; Likidite durumunda iyile\u015fme g\u00f6zlenmektedir.<\/li>\n<li><b>Alacak Tahsil S\u00fcresi:<\/b> 82 g\u00fcn (2024: 83 g\u00fcn) &#8211; Tahsilat verimlili\u011fi korunmu\u015ftur.<\/li>\n<li><b>Stok Bekleme S\u00fcresi:<\/b> 13 g\u00fcn &#8211; Operasyonel h\u0131z\u0131n y\u00fcksek oldu\u011funu g\u00f6stermektedir.<\/li>\n<li><b>Net K\u00e2r Marj\u0131:<\/b> -%0,39 (2024: %0,21) &#8211; Zarar nedeniyle negatife d\u00f6nm\u00fc\u015ft\u00fcr.<\/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. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31.12.2025 tarihi itibar\u0131yla \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi <b>23.000.000 TL<\/b>&#8216;dir.<\/p>\n<h3>Ortakl\u0131k Tablosu<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Datagate Bilgisayar Malz. Tic. A.\u015e.<\/b><\/td>\n<td>11.300.994<\/td>\n<td>%49,13<\/td>\n<\/tr>\n<tr>\n<td><b>Halka A\u00e7\u0131k K\u0131s\u0131m<\/b><\/td>\n<td>11.699.006<\/td>\n<td>%50,87<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>23.000.000<\/b><\/td>\n<td><b>%100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u0130mtiyazl\u0131 Paylar:<\/b> A grubu paylar (Datagate Bilgisayar&#8217;a ait) y\u00f6netim kurulu \u00fcyelerini belirleme imtiyaz\u0131na sahiptir. Y\u00f6netim kurulunun \u00fcye say\u0131s\u0131na ba\u011fl\u0131 olarak \u00e7o\u011funluk aday g\u00f6sterme yetkisi A grubu paylardad\u0131r.<\/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>4. Kurumsal Y\u00f6netim ve Organizasyon<\/h2>\n<p>\u015eirket, 8 \u00fcyeden olu\u015fan bir Y\u00f6netim Kurulu taraf\u0131ndan y\u00f6netilmektedir. \u00dcyelerin g\u00f6rev s\u00fcresi 3 y\u0131l olarak belirlenmi\u015ftir.<\/p>\n<h3>Y\u00f6netim Kurulu Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Ba\u015fkan:<\/b> Nevres Erol Bilecik (\u0130crada G\u00f6revli)<\/li>\n<li><b>\u00dcyeler:<\/b> Salih Ba\u015f, Attila Kayal\u0131o\u011flu, Kaan Bilecik, Halil Duman (\u0130crada G\u00f6revli), Emrah K\u00fc\u00e7\u00fckgirgin (\u0130crada G\u00f6revli).<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z \u00dcyeler:<\/b> Ufuk Esin, K\u00fcbra Erman Karaca.<\/li>\n<\/ul>\n<h3>Komiteler<\/h3>\n<p>Y\u00f6netim Kurulu b\u00fcnyesinde etkin denetim ve risk y\u00f6netimi i\u00e7in d\u00f6rt ana komite yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>Denetimden Sorumlu Komite:<\/b> Muhasebe sistemi ve finansal bilgilerin denetiminden sorumludur.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> \u015eirketin kurumsal y\u00f6netim ilkelerine uyumunu g\u00f6zetir.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> \u015eirketin varl\u0131\u011f\u0131n\u0131 tehlikeye atabilecek riskleri te\u015fhis eder ve y\u00f6netir.<\/li>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Komitesi:<\/b> 24.09.2025 tarihinde kurulmu\u015f olup \u00c7evresel, Sosyal ve Y\u00f6neti\u015fim (\u00c7SY) konular\u0131ndaki performans\u0131 denetler.<\/li>\n<\/ol>\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. Stratejik Politikalar<\/h2>\n<h3>K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n<p>\u015eirket, uzun vadeli b\u00fcy\u00fcme stratejileri ve yat\u0131r\u0131m gereksinimlerini g\u00f6zeterek k\u00e2r da\u011f\u0131t\u0131m\u0131 yapmaktad\u0131r. Nakit, bedelsiz pay veya her ikisinin kar\u0131\u015f\u0131m\u0131 \u015feklinde da\u011f\u0131t\u0131m \u00f6ng\u00f6r\u00fclmektedir. \u015eirket esas s\u00f6zle\u015fmesinde yer almad\u0131\u011f\u0131 i\u00e7in <b>K\u00e2r Pay\u0131 Avans\u0131<\/b> da\u011f\u0131t\u0131m\u0131 yap\u0131lmamaktad\u0131r.<\/p>\n<h3>S\u00fcrd\u00fcr\u00fclebilirlik ve Gelecek Projeksiyonu<\/h3>\n<p>Yeni kurulan S\u00fcrd\u00fcr\u00fclebilirlik Komitesi ile \u015eirket, de\u011fer zinciri ve payda\u015flar\u0131n\u0131 etkileyebilecek yasal ve d\u00fczenleyici \u00c7SY konular\u0131n\u0131 g\u00f6zetim alt\u0131na alm\u0131\u015ft\u0131r. Bu hamle, \u015eirketin uzun vadeli devaml\u0131l\u0131\u011f\u0131 ve kurumsal itibar y\u00f6netimi a\u00e7\u0131s\u0131ndan kritik bir ad\u0131m olarak de\u011ferlendirilmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1651\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Despec Bilgisayar 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Operasyonel G\u00fc\u00e7 ve Finansal Zorluklar<br \/>\nBili\u015fim teknolojileri t\u00fcketim malzemeleri da\u011f\u0131t\u0131m\u0131nda T\u00fcrkiye\u2019nin lider oyuncular\u0131ndan biri olan Despec Bilgisayar (DESPC), 2025 y\u0131l\u0131na ait finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. \u015eirket, net sat\u0131\u015flar\u0131n\u0131 10,9 milyar TL\u2019ye ula\u015ft\u0131rarak operasyonel anlamda g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergilese de, artan finansman maliyetlerinin bask\u0131s\u0131yla y\u0131l\u0131 net zarar ile tamamlad\u0131.<br \/>\nBu yaz\u0131m\u0131zda, Despec&#8217;in %47,7 artan esas faaliyet k\u00e2r\u0131n\u0131, 750 milyon TL&#8217;ye y\u00fckselen sermaye tavan\u0131n\u0131 ve JCR Eurasia taraf\u0131ndan onaylanan &#8216;A (tr)&#8217; kredi notunun yat\u0131r\u0131mc\u0131lar i\u00e7in ne anlama geldi\u011fini derinlemesine inceliyoruz. Sekt\u00f6rel risk y\u00f6netimi ve stratejik b\u00fcy\u00fcme ad\u0131mlar\u0131n\u0131n detaylar\u0131 blog yaz\u0131m\u0131zda.<br \/>\n[Hemen Okuyun: 2025 Finansal Analizi ve Gelecek Projeksiyonlar\u0131]<\/p>\n","protected":false},"author":3,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[287],"class_list":["post-1651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-despc"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1651","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1651"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1651\/revisions"}],"predecessor-version":[{"id":1660,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1651\/revisions\/1660"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1297"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}