{"id":1733,"date":"2026-03-07T15:56:18","date_gmt":"2026-03-07T12:56:18","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1733"},"modified":"2026-03-07T15:57:48","modified_gmt":"2026-03-07T12:57:48","slug":"tknsa-bilano-analizi-202512-teknosa-i-ve-d-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1733","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 TKNSA Bilan\u00e7o Analizi 2025\/12 | Teknosa \u0130\u00e7 ve D\u0131\u015f Ticaret A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4K4r1unjPzd4rVmm5FrbrF?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Teknosa\u2019n\u0131n 2025 Bilan\u00e7osu: Enflasyon, Bor\u00e7 ve Stratejik D\u00f6n\u00fc\u015f\u00fcm\u00fcn Arka Plan\u0131<\/h1>\n<h2>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h2>\n<p>Y\u00fcksek enflasyonun sat\u0131n alma g\u00fcc\u00fcn\u00fc eritti\u011fi ve t\u00fcketici al\u0131\u015fkanl\u0131klar\u0131n\u0131n h\u0131zla dijitale kayd\u0131\u011f\u0131 bir d\u00f6nemde, teknoloji perakendecili\u011finin devlerinden Teknosa\u2019n\u0131n 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, bir hesap tablosundan \u00e7ok daha fazlas\u0131n\u0131 anlat\u0131yor. IAS 29\/TMS 29 enflasyon muhasebesi standartlar\u0131 alt\u0131nda haz\u0131rlanan bu rapor, ekonomik t\u00fcrb\u00fclans\u0131n ortas\u0131nda verilen bir &#8220;hayatta kalma ve kabuk de\u011fi\u015ftirme&#8221; hikayesidir. Yat\u0131r\u0131mc\u0131lar\u0131n ve analistlerin sormas\u0131 gereken en can al\u0131c\u0131 soru \u015fudur: &#8220;Hiperenflasyonist bir ortamda elde edilen k\u00e2r, ger\u00e7ek bir ba\u015far\u0131y\u0131 m\u0131 yans\u0131t\u0131yor yoksa sadece muhasebesel bir s\u0131\u011f\u0131nak m\u0131 sunuyor?&#8221;<\/p>\n<h2>2. Enflasyonun Yaratt\u0131\u011f\u0131 \u0130ll\u00fczyon: &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221;<\/h2>\n<p>Teknosa\u2019n\u0131n 2025 y\u0131l\u0131 mali tablolar\u0131ndaki en \u00e7arp\u0131c\u0131 \u00e7eli\u015fki, yakla\u015f\u0131k 1,71 milyar TL tutar\u0131ndaki operasyonel zarara (esas faaliyet zarar\u0131) ra\u011fmen net k\u00e2r hanesini destekleyen <b>4,29 milyar TL<\/b> tutar\u0131ndaki <b>Net Parasal Pozisyon Kazanc\u0131<\/b>d\u0131r (Dipnot 25).<\/p>\n<p>Bir finansal analist g\u00f6z\u00fcyle bu durum, \u015firketin bor\u00e7lu yap\u0131s\u0131n\u0131n enflasyonist ortamda ka\u011f\u0131t \u00fczerinde nas\u0131l bir &#8220;avantaja&#8221; d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor. TMS 29 mekanizmas\u0131 gere\u011fi, parasal y\u00fck\u00fcml\u00fcl\u00fckleri parasal varl\u0131klar\u0131ndan \u00e7ok daha y\u00fcksek olan (4,61 milyar TL k\u0131sa vadeli bor\u00e7 gibi) \u015firketler, paran\u0131n de\u011fer kayb\u0131 nedeniyle bu y\u00fck\u00fcml\u00fcl\u00fcklerin reel olarak hafiflemesinden dolay\u0131 &#8220;kazan\u00e7&#8221; elde ederler. Ancak bu kazan\u00e7 kasaya giren bir nakit de\u011fil, borcun enflasyon kar\u015f\u0131s\u0131nda erimesinin matematiksel bir izd\u00fc\u015f\u00fcm\u00fcd\u00fcr. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda bu standart \u015fu \u015fekilde vurgulanmaktad\u0131r:<\/p>\n<p>&#8220;TMS 29, ge\u00e7erli para birimi y\u00fcksek enflasyonlu bir ekonominin para birimi olan bir i\u015fletmenin finansal tablolar\u0131n\u0131n raporlama d\u00f6nemi sonunda ge\u00e7erli olan \u00f6l\u00e7\u00fcm birimi cinsinden ifade edilmesini gerektirir.&#8221;<\/p>\n<h2>3. Verimlilik Operasyonu: Ma\u011faza Say\u0131s\u0131 Neden Azal\u0131yor?<\/h2>\n<p>Teknosa, 2025 y\u0131l\u0131nda &#8220;k\u00fc\u00e7\u00fclerek verimli hale gelme&#8221; stratejisini keskin bir \u015fekilde uygulamaya koydu. Bu bir gerileme de\u011fil, metrekare ba\u015f\u0131na verimlili\u011fi maksimize etme \u00e7abas\u0131d\u0131r. Fiziksel ma\u011fazac\u0131l\u0131ktaki %10&#8217;luk stratejik daralma, 4 \u015eubat 2022&#8217;de temelleri at\u0131lan &#8220;Pazaryeri&#8221; (Marketplace) modeline ge\u00e7i\u015fin ve dijital ekosistem odakl\u0131 b\u00fcy\u00fcmenin bir yans\u0131mas\u0131d\u0131r.<\/p>\n<p><b>Operasyonel D\u00f6n\u00fc\u015f\u00fcm G\u00f6stergeleri (2024 &#8211; 2025 Kar\u015f\u0131la\u015ft\u0131rmas\u0131):<\/b><\/p>\n<ul>\n<li><b>Ma\u011faza Say\u0131s\u0131:<\/b> 175\u2019ten 141\u2019e geriledi (34 verimsiz lokasyon kapat\u0131ld\u0131).<\/li>\n<li><b>Perakende Sat\u0131\u015f Alan\u0131:<\/b> 106.052 m\u00b2\u2019den 95.307 m\u00b2\u2019ye d\u00fc\u015ft\u00fc (Yakla\u015f\u0131k %10 daralma).<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 2.989\u2019dan 2.514\u2019e d\u00fc\u015f\u00fcr\u00fcld\u00fc.<\/li>\n<\/ul>\n<p>Bu operasyon, verimsiz metrekarelerin eliminasyonu ve dijitalle\u015fme h\u0131z\u0131n\u0131n art\u0131r\u0131lmas\u0131yla, \u015firketin maliyet yap\u0131s\u0131n\u0131 daha esnek hale getirmeyi hedeflemektedir.<\/p>\n<h2>4. Kilit Denetim Konusu: Has\u0131lat\u0131n G\u00f6r\u00fcnmez Kahramanlar\u0131 (Tedarik\u00e7i Primleri)<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7ilerin odak noktas\u0131na ald\u0131\u011f\u0131 &#8220;Tedarik\u00e7i Primleri&#8221;, Teknosa\u2019n\u0131n k\u00e2r marjlar\u0131n\u0131 yapay olarak koruyan kilit bir mekanizmad\u0131r. \u015eirket, sadece \u00fcr\u00fcn satarak de\u011fil, tedarik\u00e7ileriyle kurdu\u011fu karma\u015f\u0131k te\u015fvik y\u00f6netimiyle de finansal dengesini sa\u011flamaktad\u0131r.<\/p>\n<ul>\n<li><b>Ciro Primleri:<\/b> Sat\u0131n al\u0131m hacmine ba\u011fl\u0131 iadeler.<\/li>\n<li><b>Stok Koruma:<\/b> Yeni modellerin \u00e7\u0131k\u0131\u015f\u0131 s\u0131ras\u0131nda eski stoklar\u0131n de\u011fer kayb\u0131n\u0131 telafi eden destekler.<\/li>\n<li><b>Sat\u0131\u015f Destek Primleri:<\/b> Pazarlama ve kampanya fonlar\u0131.<\/li>\n<\/ul>\n<p>Dipnot 2.4\u2019te belirtildi\u011fi \u00fczere, bu primler do\u011frudan <b>&#8220;sat\u0131lan mal\u0131n maliyetinden (COGS) mahsup edilmektedir.&#8221;<\/b> Bu durum, br\u00fct k\u00e2r marj\u0131n\u0131n k\u00e2\u011f\u0131t \u00fczerinde oldu\u011fundan daha sa\u011fl\u0131kl\u0131 g\u00f6r\u00fcnmesini sa\u011flamakta, ancak operasyonel hata riskini ve muhakeme gereklili\u011fini art\u0131rd\u0131\u011f\u0131 i\u00e7in denet\u00e7iler taraf\u0131ndan &#8220;Kilit Denetim Konusu&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lmaktad\u0131r.<\/p>\n<h2>5. Bor\u00e7 Da\u011f\u0131 ve Likidite S\u0131nav\u0131<\/h2>\n<p>Teknosa\u2019n\u0131n bilan\u00e7osundaki en riskli alan, k\u0131sa vadeli finansal y\u00fck\u00fcml\u00fcl\u00fcklerdeki dramatik s\u0131\u00e7ramad\u0131r. 2024 sonunda 511,6 milyon TL olan k\u0131sa vadeli bor\u00e7lanmalar, 2025 sonunda <b>4,61 milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r (Dipnot 6).<\/p>\n<p><b>Analist Notu: Grup Deste\u011fi ve Likidite S\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131<\/b> \u015eirketin finansal s\u00fcrd\u00fcr\u00fclebilirli\u011fi a\u00e7\u0131s\u0131ndan kritik olan detay, k\u0131sa vadeli kredilerin yakla\u015f\u0131k <b>1,73 milyar TL<\/b>&#8216;lik k\u0131sm\u0131n\u0131n Sabanc\u0131 Holding i\u015ftiraki olan <b>Akbank (\u0130li\u015fkili Taraf)<\/b> \u00fczerinden sa\u011flanm\u0131\u015f olmas\u0131d\u0131r. Bu, grubun \u015firkete verdi\u011fi likidite deste\u011finin en somut g\u00f6stergesidir. Buna ra\u011fmen, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 <b>3,47 milyar TL<\/b> a\u015fmas\u0131 (\u0130\u015fletme Sermayesi A\u00e7\u0131\u011f\u0131), \u015firketi ciddi bir likidite s\u0131nav\u0131yla kar\u015f\u0131 kar\u015f\u0131ya b\u0131rakmaktad\u0131r. Y\u00f6netim, 2,25 milyar TL&#8217;lik net d\u00f6nem zarar\u0131na ra\u011fmen maliyet optimizasyonu ve finansmana eri\u015fim g\u00fcc\u00fcyle bu s\u00fcreci a\u015facaklar\u0131na dair iyimserli\u011fini korumaktad\u0131r.<\/p>\n<h2>6. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/h2>\n<p>2025 y\u0131l\u0131, Teknosa i\u00e7in fiziksel varl\u0131\u011f\u0131n\u0131 dijital bir ekosisteme d\u00f6n\u00fc\u015ft\u00fcrmeye \u00e7al\u0131\u015ft\u0131\u011f\u0131, ancak finansal erozyonun hissedildi\u011fi bir y\u0131l olmu\u015ftur. \u015eirketin \u00f6zkaynaklar\u0131n\u0131n sadece bir y\u0131l i\u00e7inde <b>2,98 milyar TL\u2019den 721,9 milyon TL\u2019ye gerilemi\u015f olmas\u0131<\/b>, finansal s\u00fcrd\u00fcr\u00fclebilirlik a\u00e7\u0131s\u0131ndan <b>&#8220;kritik bir alarm&#8221;<\/b> seviyesidir.<\/p>\n<p>Fiziksel ma\u011fazac\u0131l\u0131ktan dijital platforma evrilen bu s\u00fcre\u00e7te Teknosa, bor\u00e7 y\u00fck\u00fc ve y\u00fcksek enflasyonun g\u00f6lgesinde bir denge ar\u0131yor. Sonu\u00e7 olarak analitik perspektif bizi \u015fu soruya g\u00f6t\u00fcr\u00fcyor: Teknosa\u2019n\u0131n 4,29 milyar TL&#8217;lik parasal pozisyon kazanc\u0131, operasyonel zay\u0131fl\u0131klar\u0131 gizleyen bir makyaj m\u0131, yoksa \u015firketin y\u00fcksek enflasyon kar\u015f\u0131s\u0131ndaki en stratejik savunma kalkan\u0131 m\u0131?<\/p>\n<h1>Teknosa 2025 Y\u0131l\u0131 Finansal ve Operasyonel Durum Analizi: Stratejik Bilgilendirme Belgesi<\/h1>\n<p>Bu belge, Teknosa \u0130\u00e7 ve D\u0131\u015f Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve finansal tablo dipnotlar\u0131ndan sentezlenen kritik i\u00e7g\u00f6r\u00fcleri sunmaktad\u0131r. T\u00fcm veriler, 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re (TMS 29 enflasyon d\u00fczeltmesi uygulanm\u0131\u015f) ifade edilmi\u015ftir.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Teknosa&#8217;n\u0131n 2025 mali y\u0131l\u0131, y\u00fcksek enflasyon ortam\u0131nda operasyonel verimlili\u011fe ve ma\u011faza portf\u00f6y\u00fcn\u00fcn optimizasyonuna odaklanan bir d\u00f6nem olmu\u015ftur. DRT Ba\u011f\u0131ms\u0131z Denetim (Deloitte) taraf\u0131ndan haz\u0131rlanan rapor, \u015eirket\u2019in finansal tablolar\u0131n\u0131n ger\u00e7e\u011fe uygun ve TFRS\u2019ye uygun oldu\u011funu onaylayan &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; i\u00e7ermektedir.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Finansal Kay\u0131p:<\/b> \u015eirket, 2025 y\u0131l\u0131nda 2.250.985 bin TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel K\u00fc\u00e7\u00fclme:<\/b> Ma\u011faza say\u0131s\u0131 175&#8217;ten 141&#8217;e, personel say\u0131s\u0131 ise 2.989&#8217;dan 2.514&#8217;e d\u00fc\u015f\u00fcr\u00fclerek maliyet optimizasyonu hedeflenmi\u015ftir.<\/li>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 yakla\u015f\u0131k 3,47 milyar TL a\u015fmas\u0131na ra\u011fmen, y\u00f6netim operasyonel karl\u0131l\u0131k ve finansman kaynaklar\u0131na eri\u015fim planlar\u0131 dahilinde s\u00fcreklilik varsay\u0131m\u0131n\u0131 korumaktad\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> TMS 29 uygulamas\u0131 sonucunda 4.289.928 bin TL net parasal pozisyon kazanc\u0131 kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h2>2. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, \u015eirket\u2019in finansal durumunun t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun sunuldu\u011funu belirtmi\u015ftir.<\/p>\n<h3>Kilit Denetim Konusu: Has\u0131lat\u0131n Kaydedilmesi<\/h3>\n<p>Denet\u00e7iler, has\u0131lat\u0131n do\u011fru d\u00f6nemde ve do\u011fru tutarda muhasebele\u015ftirilmesini en \u00f6nemli odak noktas\u0131 olarak belirlemi\u015ftir.<\/p>\n<ul>\n<li><b>Has\u0131lat Unsurlar\u0131:<\/b> Ma\u011fazac\u0131l\u0131k, e-ticaret, bayi a\u011f\u0131 (\u0130klimsa) \u00fczerinden yap\u0131lan sat\u0131\u015flar ve tedarik\u00e7ilerden elde edilen ciro primleri.<\/li>\n<li><b>Tedarik\u00e7i \u0130li\u015fkileri:<\/b> Sat\u0131n al\u0131m miktarlar\u0131, promosyon ve pazarlama aktivitelerine dayal\u0131 ciro primleri ve stok koruma gelirleri, denetim s\u00fcrecinde d\u0131\u015f teyit ve BT kontrolleri ile test edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Finansal Performans Analizi<\/h2>\n<p>\u015eirket\u2019in gelir tablosu, sat\u0131\u015f hacmindeki daralmay\u0131 ve y\u00fcksek finansman giderlerinin karl\u0131l\u0131k \u00fczerindeki bask\u0131s\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>2025 (Cari)<\/td>\n<td>2024 (Ge\u00e7mi\u015f)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>83.519.253<\/td>\n<td>90.886.100<\/td>\n<td>-8,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>11.241.471<\/td>\n<td>11.666.502<\/td>\n<td>-3,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Zarar\u0131<\/b><\/td>\n<td>(1.709.351)<\/td>\n<td>(2.361.028)<\/td>\n<td>-27,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri<\/b><\/td>\n<td>(5.308.772)<\/td>\n<td>(5.821.390)<\/td>\n<td>-8,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td>(2.250.985)<\/td>\n<td>(1.858.498)<\/td>\n<td>+21,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Not:<\/b> Esas faaliyet zarar\u0131 bir \u00f6nceki y\u0131la g\u00f6re iyile\u015fme g\u00f6sterse de, y\u00fcksek finansman giderleri net zarar\u0131n artmas\u0131na neden olmu\u015ftur. Net parasal pozisyon kazanc\u0131, vergi \u00f6ncesi zarar\u0131n daha da derinle\u015fmesini engellemi\u015ftir.<\/p>\n<h2>4. Operasyonel De\u011fi\u015fim ve Stratejik Yap\u0131lanma<\/h2>\n<p>\u015eirket, verimlilik oda\u011f\u0131nda ciddi bir yap\u0131sal de\u011fi\u015fikli\u011fe gitmi\u015ftir:<\/p>\n<ul>\n<li><b>Ma\u011faza ve Alan Optimizasyonu:<\/b> Ma\u011faza say\u0131s\u0131 175&#8217;ten 141&#8217;e d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015f, toplam sat\u0131\u015f alan\u0131 106.052 m\u00b2&#8217;den 95.307 m\u00b2&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> Personel say\u0131s\u0131nda yakla\u015f\u0131k %16&#8217;l\u0131k bir azalma (475 ki\u015fi) ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Pazaryeri Modeli:<\/b> 4 \u015eubat 2022&#8217;de ba\u015flayan &#8220;Pazaryeri&#8221; d\u00f6n\u00fc\u015f\u00fcm\u00fc devam etmekte olup, \u00fc\u00e7\u00fcnc\u00fc taraf yetkili sat\u0131c\u0131lar\u0131n \u00fcr\u00fcnleri \u00fczerinden komisyon geliri elde edilmektedir.<\/li>\n<\/ul>\n<h2>5. Finansal Durum ve Risk Y\u00f6netimi<\/h2>\n<h3>Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla \u015eirket&#8217;in toplam varl\u0131klar\u0131 22.280.325 bin TL&#8217;dir.<\/p>\n<ul>\n<li><b>Stok Y\u00f6netimi:<\/b> Stoklar 13,9 milyar TL&#8217;den 12,5 milyar TL&#8217;ye \u00e7ekilmi\u015ftir. 156.663 bin TL tutar\u0131nda stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynak Kayb\u0131:<\/b> Birikmi\u015f zararlar\u0131n etkisiyle toplam \u00f6zkaynaklar 2.977.177 bin TL&#8217;den 721.924 bin TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> K\u0131sa vadeli bor\u00e7lanmalar 511.604 bin TL&#8217;den 4.611.036 bin TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta ihra\u00e7 edilen finansman bonolar\u0131 ve banka kredileri etkili olmu\u015ftur.<\/li>\n<\/ul>\n<h3>\u0130\u015fletmenin S\u00fcreklili\u011fi \u00dczerine De\u011ferlendirme<\/h3>\n<p>\u015eirket&#8217;in net bor\u00e7 pozisyonu ve birikmi\u015f zararlar\u0131 (4.321.109 bin TL), i\u015fletmenin s\u00fcreklili\u011fi \u00fczerinde dikkatle izlenmesi gereken bir tablo olu\u015fturmaktad\u0131r. Y\u00f6netim, bu duruma kar\u015f\u0131 \u015fu aksiyonlar\u0131 alm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>Kar performans\u0131 d\u00fc\u015f\u00fck ma\u011fazalar\u0131n kapat\u0131lmas\u0131.<\/li>\n<li>Merkez ofis giderlerinin azalt\u0131lmas\u0131.<\/li>\n<li>Maliyet optimizasyonu ve finansman kaynaklar\u0131na eri\u015fim planlar\u0131n\u0131n g\u00fcncellenmesi.<\/li>\n<\/ul>\n<h2>6. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>Teknosa, ana orta\u011f\u0131 Sabanc\u0131 Holding ve ba\u011fl\u0131 \u015firketleri ile yo\u011fun bir ticari ili\u015fki i\u00e7erisindedir:<\/p>\n<ul>\n<li><b>Finansal Hizmetler:<\/b> Akbank T.A.\u015e. nezdinde 266.668 bin TL mevduat bulunmakta, ayr\u0131ca 1,73 milyar TL k\u0131sa vadeli kredi kullan\u0131lmaktad\u0131r.<\/li>\n<li><b>Ticari \u0130\u015flemler:<\/b> Aksigorta ile yap\u0131lan i\u015f birli\u011fi kapsam\u0131nda sigorta poli\u00e7esi sat\u0131\u015f\u0131na arac\u0131l\u0131k edilmekte (1.373.346 bin TL mal\/hizmet sat\u0131\u015f\u0131), Sabanc\u0131 Dijital Teknoloji Hizmetleri&#8217;nden 310.025 bin TL tutar\u0131nda hizmet al\u0131nmaktad\u0131r.<\/li>\n<\/ul>\n<h2>7. \u00d6nemli Muhasebe Tahminleri ve Varsay\u0131mlar<\/h2>\n<ul>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> %24,00 enflasyon ve %29,00 faiz oran\u0131 varsay\u0131mlar\u0131yla %4,03 reel iskonto oran\u0131 kullan\u0131larak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Duran Varl\u0131k De\u011ferlemesi:<\/b> \u015eirket m\u00fclkiyetindeki binalar i\u00e7in ba\u011f\u0131ms\u0131z de\u011ferleme kurulu\u015funca (TSKB) yap\u0131lan \u00e7al\u0131\u015fma neticesinde 1.006 bin TL de\u011fer art\u0131\u015f\u0131 \u00f6zkaynaklara yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Hediye \u00c7ekleri:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla 125.345 bin TL tutar\u0131nda hediye kart\u0131 y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc (ertelenmi\u015f gelir) bulunmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1733\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Teknosa 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Verimlilik ve Dijital D\u00f6n\u00fc\u015f\u00fcm Odakta!<br \/>\nTeknosa, 2025 y\u0131l\u0131na ait finansal raporlar\u0131n\u0131 yay\u0131mlad\u0131. Enflasyon muhasebesine g\u00f6re d\u00fczenlenen verilere g\u00f6re \u015firket, 83,5 milyar TL has\u0131lat ve 4,2 milyar TL d\u00fczeltilmi\u015f FAV\u00d6K performans\u0131 sergiledi. Verimlilik stratejisi kapsam\u0131nda ma\u011faza a\u011f\u0131n\u0131 optimize eden ve dijital kanallarda &#8220;Pazaryeri&#8221; modeliyle b\u00fcy\u00fcmesini s\u00fcrd\u00fcren Teknosa, maliyet y\u00f6netimi ve operasyonel k\u00e2rl\u0131l\u0131\u011fa odaklanmaya devam ediyor. \u015eirketin ma\u011faza say\u0131s\u0131n\u0131 141&#8217;e d\u00fc\u015f\u00fcrerek daha verimli bir yap\u0131ya ge\u00e7mesi ve e-ticaretteki g\u00fc\u00e7l\u00fc seyri, 2025 raporunun en dikkat \u00e7ekici ba\u015fl\u0131klar\u0131 aras\u0131nda yer ald\u0131.<\/p>\n","protected":false},"author":10,"featured_media":1724,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[291],"class_list":["post-1733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tknsa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1733","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1733"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1733\/revisions"}],"predecessor-version":[{"id":1735,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1733\/revisions\/1735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1724"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}