{"id":1800,"date":"2026-03-11T03:31:39","date_gmt":"2026-03-11T00:31:39","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1800"},"modified":"2026-03-12T00:49:04","modified_gmt":"2026-03-11T21:49:04","slug":"bimas-bilano-analizi-202512-bim-birleik-maazalar-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1800","title":{"rendered":"BIMAS Bilan\u00e7o Analizi 2025\/12 | Bim Birle\u015fik Ma\u011fazalar A.\u015e."},"content":{"rendered":"<p><iframe data-testid=\"embed-iframe\" style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/3P7ufOXEh9I2M97J5VdPjJ?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>2025\u2019in Perakende Devi: B\u0130M\u2019in Finansal Raporundan Gelece\u011fe I\u015f\u0131k Tutan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h2>1. Giri\u015f: Her K\u00f6\u015fe Ba\u015f\u0131ndaki 721 Milyar TL&#8217;lik Makine<\/h2>\n<p>T\u00fcrkiye\u2019de her mahallede, neredeyse her k\u00f6\u015fe ba\u015f\u0131nda kar\u015f\u0131m\u0131za \u00e7\u0131kan o tan\u0131d\u0131k B\u0130M tabelalar\u0131, asl\u0131nda her g\u00fcn yakla\u015f\u0131k 2 milyar TL\u2019lik mal trafi\u011fini y\u00f6neten devasa bir ekonomik di\u015flinin g\u00f6r\u00fcnen y\u00fcz\u00fcd\u00fcr. 2025 y\u0131l\u0131 sonu itibar\u0131yla yay\u0131nlanan ba\u011f\u0131ms\u0131z denet\u00e7i raporu, B\u0130M\u2019in sadece bir &#8220;ucuzluk marketi&#8221; de\u011fil, T\u00fcrkiye\u2019nin t\u00fcketim nabz\u0131n\u0131 tutan ve enflasyonist f\u0131rt\u0131nalara kar\u015f\u0131 geli\u015ftirilen m\u00fchendislik harikas\u0131 bir finansal kale oldu\u011funu kan\u0131tl\u0131yor. Rakamlar, sadece k\u00e2r\u0131 de\u011fil, bir \u00fclkenin ekonomik dayan\u0131kl\u0131l\u0131k s\u0131n\u0131rlar\u0131n\u0131 da tarif ediyor.<\/p>\n<h2>2. Lojistik Atak: Personel Say\u0131s\u0131nda Gizli Strateji<\/h2>\n<p>B\u0130M\u2019in 2025 sonu itibar\u0131yla toplam istihdam\u0131 101.663 ki\u015fiye ula\u015farak koca bir \u015fehir n\u00fcfusunu geride b\u0131rakt\u0131. Ancak as\u0131l \u00e7arp\u0131c\u0131 olan toplam say\u0131dan ziyade, bu insan kayna\u011f\u0131n\u0131n nereye kanalize edildi\u011fi. Raporu bir analist g\u00f6z\u00fcyle okudu\u011fumuzda, &#8220;arka mutfakta&#8221; b\u00fcy\u00fck bir haz\u0131rl\u0131k yap\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz:<\/p>\n<ul>\n<li><b>Ma\u011faza Personeli:<\/b> 85.327<\/li>\n<li><b>Depo (Lojistik) Personeli:<\/b> 11.635<\/li>\n<li><b>Ofis Personeli:<\/b> 4.701<\/li>\n<\/ul>\n<p><b>Kritik Analiz:<\/b> 2024 y\u0131l\u0131nda 9.380 olan depo personeli say\u0131s\u0131n\u0131n bir y\u0131lda %24 oran\u0131nda artmas\u0131, B\u0130M\u2019in sadece yeni ma\u011faza a\u00e7mad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda tedarik zinciri ve lojistik altyap\u0131s\u0131n\u0131 agresif bir \u015fekilde g\u00fc\u00e7lendirdi\u011fini g\u00f6steriyor. Bu %24\u2019l\u00fck s\u0131\u00e7rama, ma\u011faza b\u00fcy\u00fcme h\u0131z\u0131n\u0131n \u00e7ok \u00fczerinde ve \u015firketin &#8220;operasyonel verimlilik&#8221; kaslar\u0131n\u0131 gelece\u011fe haz\u0131rlad\u0131\u011f\u0131n\u0131n en net g\u00f6stergesi.<\/p>\n<h2>3. 14 Bin Ma\u011faza ve Has\u0131lat\u0131n Devli\u011fi: &#8220;Kilit&#8221; Konu<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla B\u0130M, a\u011f\u0131n\u0131 14.473 ma\u011fazaya (2024: 13.583) \u00e7\u0131kar\u0131rken, y\u0131ll\u0131k has\u0131lat\u0131n\u0131 721,1 Milyar TL seviyesine ta\u015f\u0131d\u0131. 2024\u2019teki 680,1 Milyar TL\u2019lik (sabit fiyatlarla) has\u0131latla k\u0131yasland\u0131\u011f\u0131nda, reel bir b\u00fcy\u00fcme ivmesinin korundu\u011fu g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7ilerin bu devasa hacmi neden &#8220;Kilit Denetim Konusu&#8221; olarak belirledi\u011fi raporun \u015fu sat\u0131rlar\u0131nda gizli:<\/p>\n<p>&#8220;Has\u0131lat, perakende sekt\u00f6r\u00fcnde do\u011fal olarak en \u00f6nemli finansal tablo kalemi olmas\u0131n\u0131n yan\u0131 s\u0131ra, ma\u011faza say\u0131s\u0131 ile birlikte y\u0131l i\u00e7erisinde uygulanan stratejilerin sonu\u00e7lar\u0131n\u0131n y\u00f6netim taraf\u0131ndan de\u011ferlendirilmesi ve performans \u00f6l\u00e7\u00fcm\u00fc a\u00e7\u0131lar\u0131ndan en \u00f6nemli kriterdir.&#8221;<\/p>\n<h2>4. Enflasyon Muhasebesi Paradoksu: K\u00e2r Nereden Geliyor?<\/h2>\n<p>2025 finansal sonu\u00e7lar\u0131nda en \u00e7ok dikkat edilmesi gereken nokta, TMS 29 (Enflasyon Muhasebesi) uygulamas\u0131d\u0131r. B\u0130M\u2019in raporlad\u0131\u011f\u0131 18,7 Milyar TL\u2019lik net d\u00f6nem k\u00e2r\u0131n\u0131n (ana ortakl\u0131k pay\u0131 18,6 Milyar TL) arkas\u0131nda sars\u0131c\u0131 bir ger\u00e7ek yat\u0131yor: <b>Net Parasal Pozisyon Kazanc\u0131 18,2 Milyar TL.<\/b><\/p>\n<p><b>Analist Notu:<\/b> Basit bir ifadeyle; B\u0130M\u2019in 2025 y\u0131l\u0131 k\u00e2r\u0131n\u0131n neredeyse tamam\u0131, nakit ak\u0131\u015f\u0131ndan ziyade enflasyon d\u00fczeltmesinden kaynaklanan muhasebesel kazan\u00e7lardan olu\u015fuyor. \u015eirketin bor\u00e7 ve alacak dengesinin enflasyonist ortamda sa\u011flad\u0131\u011f\u0131 &#8220;sat\u0131n alma g\u00fcc\u00fc korumas\u0131&#8221;, k\u00e2\u011f\u0131t \u00fczerindeki k\u00e2r\u0131n ana motoru olmu\u015f durumda. Bu, 2025\u2019in y\u00fcksek enflasyon ortam\u0131nda finansal tablolar\u0131n nas\u0131l birer &#8220;ill\u00fczyon \u00e7\u00f6z\u00fcc\u00fcye&#8221; d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fcn en somut \u00f6rne\u011fi.<\/p>\n<h2>5. M\u00fclkiyet De\u011fil Esneklik: 88 Milyar TL\u2019lik Kiralama G\u00fcc\u00fc<\/h2>\n<p>B\u0130M, b\u00fcy\u00fcmesini TFRS 16 standard\u0131 \u00e7er\u00e7evesinde kiralama modeli \u00fczerine in\u015fa etmeye devam ediyor. \u015eirketin bilan\u00e7osunda <b>88,0 Milyar TL<\/b> tutar\u0131nda &#8220;Kullan\u0131m Hakk\u0131 Varl\u0131\u011f\u0131&#8221; bulunurken, buna kar\u015f\u0131l\u0131k <b>51,9 Milyar TL<\/b> kiralama y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc (borcu) yer al\u0131yor.<\/p>\n<p>Bu model, B\u0130M\u2019e sermayesini beton ve m\u00fclkiyete g\u00f6mmek yerine, h\u0131zl\u0131 ma\u011faza a\u00e7ma ve de\u011fi\u015fen lokasyon verimliliklerine g\u00f6re \u00e7evik hareket etme imk\u00e2n\u0131 veriyor. Ancak 52 milyar TL\u2019ye yakla\u015fan kira borcu, faiz ve enflasyon tahminlerinin do\u011frulu\u011funu \u015firket i\u00e7in hayati bir risk-getiri dengesi haline getiriyor.<\/p>\n<h2>6. \u00dcretimden At\u0131\u011fa: F\u0130LE ve Dikey Entegrasyon<\/h2>\n<p>B\u0130M, art\u0131k sadece bir &#8220;arac\u0131&#8221; de\u011fil, dikey entegrasyonu tamamlam\u0131\u015f dev bir ekosistem. Rapor, bu yap\u0131n\u0131n nas\u0131l katmanla\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steriyor:<\/p>\n<ul>\n<li><b>\u00dcretim G\u00fcc\u00fc:<\/b> GDP G\u0131da (paketleme), Es Global (bisk\u00fcvi\/\u015fekerleme), Bircan Fide (tar\u0131m s\u00fcrd\u00fcr\u00fclebilirli\u011fi) ve 2012&#8217;de devral\u0131nan \u0130deal Standart (di\u015f f\u0131r\u00e7as\u0131).<\/li>\n<li><b>Stratejik D\u00f6n\u00fc\u015f\u00fcm (F\u0130LE):<\/b> 2025\u2019in en kritik hamlelerinden biri, F\u0130LE Market\u2019in k\u0131smi b\u00f6l\u00fcnme yoluyla ayr\u0131 bir t\u00fczel ki\u015fili\u011fe d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi oldu. 1 Temmuz 2025\u2019te tescil edilen bu hamle, B\u0130M\u2019in farkl\u0131 formatlardaki operasyonlar\u0131n\u0131 daha odakl\u0131 y\u00f6netme niyetini g\u00f6steriyor.<\/li>\n<li><b>Gelecek Vizyonu:<\/b> 2024\u2019te kurulan <b>Desto At\u0131k Y\u00f6netimi<\/b> ile \u015firket, s\u00fcrd\u00fcr\u00fclebilirlik ve operasyonel geri d\u00f6n\u00fc\u015f\u00fcm\u00fc kendi b\u00fcnyesinde bir k\u00e2r merkezine d\u00f6n\u00fc\u015ft\u00fcrmeyi hedefliyor.<\/li>\n<\/ul>\n<h2>7. Sonu\u00e7: Yat\u0131r\u0131mc\u0131ya 8,1 Milyar TL\u2019lik G\u00fcven Mesaj\u0131<\/h2>\n<p>Finansal tablolardaki enflasyonist karma\u015faya ra\u011fmen B\u0130M, yat\u0131r\u0131mc\u0131s\u0131na olan temett\u00fc s\u00f6z\u00fcn\u00fc tutmaya devam ediyor. \u015eirket, 2025 y\u0131l\u0131 k\u00e2r\u0131ndan toplam <b>8,1 Milyar TL<\/b> nakit k\u00e2r pay\u0131 da\u011f\u0131t\u0131lmas\u0131na karar verdi. Bu, hisse ba\u015f\u0131na br\u00fct <b>13 TL<\/b> gibi ciddi bir \u00f6deme anlam\u0131na geliyor.<\/p>\n<p>Hisse ba\u015f\u0131 kazanc\u0131n 31,1 TL (2024: 40,8 TL) seviyesine gerilemi\u015f olmas\u0131, ekonomik so\u011fuman\u0131n ve enflasyon muhasebesinin etkilerini hissettirse de, B\u0130M\u2019in nakit yaratma kabiliyeti h\u00e2l\u00e2 sekt\u00f6r\u00fcn referans noktas\u0131.<\/p>\n<p>Peki, bu kadar b\u00fcy\u00fck bir operasyonel a\u011f\u0131n, 100 bini a\u015fk\u0131n \u00e7al\u0131\u015fan\u0131n ve 14 binden fazla ma\u011fazan\u0131n, de\u011fi\u015fen faiz ve enflasyon ortam\u0131nda bu denli y\u00fcksek bir \u00e7eviklik sergilemesi, T\u00fcrkiye perakende sekt\u00f6r\u00fcn\u00fcn gelece\u011fi hakk\u0131nda bize ne s\u00f6yl\u00fcyor? B\u0130M\u2019in 2025 raporu, devlerin sadece b\u00fcy\u00fcyerek de\u011fil, ayn\u0131 zamanda verimlilik ve muhasebe disipliniyle hayatta kald\u0131\u011f\u0131n\u0131 g\u00f6steren bir ders niteli\u011finde.<\/p>\n<h1>B\u0130M Birle\u015fik Ma\u011fazalar A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Durum ve Ba\u011f\u0131ms\u0131z Denetim Brifingi<\/h1>\n<p>Bu belge, B\u0130M Birle\u015fik Ma\u011fazalar A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131, ba\u011f\u0131ms\u0131z denet\u00e7i raporunu ve operasyonel \u00e7\u0131kt\u0131lar\u0131n\u0131 sentezleyen kapsaml\u0131 bir \u00f6zet sunmaktad\u0131r.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>2025 y\u0131l\u0131 finansal raporlar\u0131, B\u0130M&#8217;in y\u00fcksek enflasyonlu bir ekonomik ortamda operasyonel geni\u015flemesini s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc ve finansal raporlama standartlar\u0131na tam uyum sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (Ernst &amp; Young) taraf\u0131ndan ger\u00e7ekle\u015ftirilen denetim sonucunda, Grubun finansal tablolar\u0131n\u0131n TFRS\u2019ye uygun olarak ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu teyit edilmi\u015ftir (Olumlu G\u00f6r\u00fc\u015f).<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat ve B\u00fcy\u00fcme:<\/b> Grup, 2025 y\u0131l\u0131nda 721 milyar TL\u2019nin \u00fczerinde has\u0131lat elde ederek \u00f6nceki y\u0131la (680 milyar TL) g\u00f6re reel bir art\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Ma\u011faza ve \u0130stihdam Art\u0131\u015f\u0131:<\/b> Ma\u011faza say\u0131s\u0131 14.473\u2019e, toplam personel say\u0131s\u0131 ise 101.663\u2019e ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> &#8220;TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uygulanm\u0131\u015f, t\u00fcm finansal veriler 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/li>\n<li><b>Kilit Denetim Konular\u0131:<\/b> Denet\u00e7iler; has\u0131lat\u0131n muhasebele\u015ftirilmesi, TFRS 16 kiralamalar standard\u0131 ve enflasyon muhasebesi uygulamalar\u0131n\u0131 en y\u00fcksek risk ve \u00f6nem arz eden konular olarak belirlemi\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>1. Organizasyonel Yap\u0131 ve Faaliyet Kapsam\u0131<\/h2>\n<p>B\u0130M, T\u00fcrkiye merkezli y\u00fcksek indirimli perakendecilik modelini uluslararas\u0131 \u00f6l\u00e7ekte ve dikey entegrasyonla geni\u015fletmeye devam etmektedir.<\/p>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n<p>Grup, a\u015fa\u011f\u0131daki stratejik birimler \u00fczerinden faaliyetlerini y\u00fcr\u00fctmektedir:<\/p>\n<ul>\n<li><b>Uluslararas\u0131 Operasyonlar:<\/b> Bim Fas (BIM Maroc SA &#8211; %65 kontrol) ve Bim M\u0131s\u0131r (BIM Stores LLC &#8211; %100).<\/li>\n<li><b>\u00dcretim ve Tedarik:<\/b> GDP G\u0131da (paketleme), Es Global (bisk\u00fcvi ve \u015fekerleme \u00fcretimi), \u0130deal Standart (di\u015f f\u0131r\u00e7as\u0131 \u00fcretimi), Bircan Fide (tar\u0131msal tedarik).<\/li>\n<li><b>Hizmet ve Lojistik:<\/b> Dost Global (dan\u0131\u015fmanl\u0131k), Desto (at\u0131k y\u00f6netimi).<\/li>\n<li><b>Yeni Geli\u015fmeler:<\/b> F\u0130LE Market Ma\u011fazac\u0131l\u0131k A.\u015e. (&#8220;File&#8221;) 1 Temmuz 2025 tarihinde k\u0131smi b\u00f6l\u00fcnme ile tescil edilmi\u015f olup, B\u0130M&#8217;in %99 pay sahipli\u011fi ile tam kontrol\u00fc alt\u0131ndad\u0131r.<\/li>\n<\/ul>\n<h3>Operasyonel \u00d6l\u00e7ek<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Parametre<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Ma\u011faza Say\u0131s\u0131<\/b><\/td>\n<td>14.473<\/td>\n<td>13.583<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Personel<\/b><\/td>\n<td>101.663<\/td>\n<td>95.630<\/td>\n<\/tr>\n<tr>\n<td><b>Ma\u011faza Personeli<\/b><\/td>\n<td>85.327<\/td>\n<td>81.598<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>T\u00fcm tutarlar, TMS 29 uyar\u0131nca 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015f &#8220;Bin TL&#8221; cinsindendir.<\/p>\n<h3>Temel Finansal G\u00f6stergeler<\/h3>\n<ul>\n<li><b>Has\u0131lat:<\/b> 721.062.506 TL (2024: 680.072.863 TL).<\/li>\n<li><b>Br\u00fct Kar:<\/b> 139.446.710 TL.<\/li>\n<li><b>Esas Faaliyet Kar\u0131:<\/b> 15.946.069 TL.<\/li>\n<li><b>D\u00f6nem Kar\u0131:<\/b> 18.735.256 TL (Ana Ortakl\u0131k Pay\u0131: 18.632.108 TL).<\/li>\n<li><b>Net Parasal Pozisyon Kazanc\u0131:<\/b> 18.203.467 TL. Bu kalem, y\u00fcksek enflasyon ortam\u0131nda parasal y\u00fck\u00fcml\u00fcl\u00fck ta\u015f\u0131man\u0131n sat\u0131n alma g\u00fcc\u00fc \u00fczerindeki olumlu etkisini yans\u0131tmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>338.093.384 TL<\/td>\n<td>308.708.004 TL<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>167.094.567 TL<\/td>\n<td>155.158.062 TL<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>108.356.980 TL<\/td>\n<td>97.741.409 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Maddi Duran Varl\u0131klar<\/b><\/td>\n<td>131.607.587 TL<\/td>\n<td>117.906.143 TL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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. Ba\u011f\u0131ms\u0131z Denetim ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z Denet\u00e7i Kaan Birdal (EY) liderli\u011finde y\u00fcr\u00fct\u00fclen denetimde \u00f6ne \u00e7\u0131kan kilit konular \u015funlard\u0131r:<\/p>\n<h3>A. Has\u0131lat\u0131n Muhasebele\u015ftirilmesi<\/h3>\n<ul>\n<li><b>Risk:<\/b> 14.473 ma\u011fazada ger\u00e7ekle\u015fen \u00e7ok y\u00fcksek i\u015flem hacmi, has\u0131lat\u0131n do\u011frulu\u011fu ve taml\u0131\u011f\u0131 konusunda g\u00fcvence sa\u011flanmas\u0131n\u0131 zorla\u015ft\u0131rmaktad\u0131r.<\/li>\n<li><b>Denetim Yakla\u015f\u0131m\u0131:<\/b> Bilgi Teknolojileri (BT) uzmanlar\u0131 arac\u0131l\u0131\u011f\u0131yla kasa sistemleri, fiyatland\u0131rma ve muhasebe entegrasyonu test edilmi\u015ftir. Sat\u0131\u015flar\u0131n muhasebe sistemine otomatik aktar\u0131m\u0131 ve g\u00fcnl\u00fck kontroller do\u011frulanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>B. TFRS 16 &#8211; Kiralamalar<\/h3>\n<ul>\n<li><b>Durum:<\/b> Grubun 87,9 milyar TL kullan\u0131m hakk\u0131 varl\u0131\u011f\u0131 ve 51,8 milyar TL kiralama y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc bulunmaktad\u0131r.<\/li>\n<li><b>Risk:<\/b> Hesaplamalar; iskonto oranlar\u0131, kiralama s\u00fcreleri ve uzatma opsiyonlar\u0131 gibi y\u00f6netimin \u00f6nemli tahmin ve varsay\u0131mlar\u0131n\u0131 i\u00e7ermektedir.<\/li>\n<li><b>Bulgu:<\/b> Denet\u00e7iler, kira kontratlar\u0131n\u0131 \u00f6rneklem y\u00f6ntemiyle se\u00e7erek faiz oranlar\u0131n\u0131 ve \u00f6m\u00fcr tahminlerini yeniden hesaplam\u0131\u015f ve tutarl\u0131l\u0131\u011f\u0131n\u0131 onaylam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>C. Enflasyon Muhasebesi (TMS 29)<\/h3>\n<ul>\n<li><b>Durum:<\/b> T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi nedeniyle finansal tablolar d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Uygulama:<\/b> 31 Aral\u0131k 2025 endeksi olarak 3.513,87 kullan\u0131lm\u0131\u015ft\u0131r. Parasal olmayan kalemler (stoklar, duran varl\u0131klar, \u00f6zkaynaklar) ilgili katsay\u0131larla d\u00fczeltilmi\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>4. Sermaye, Temett\u00fc ve Geri Al\u0131nan Paylar<\/h2>\n<h3>Sermaye Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 600.000.000 TL&#8217;dir. 2025 y\u0131l\u0131 i\u00e7inde 7.200.000 TL nominal de\u011ferli geri al\u0131nm\u0131\u015f pay\u0131n iptali (itfas\u0131) yoluyla sermaye azalt\u0131m\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<h3>Temett\u00fc Da\u011f\u0131t\u0131m\u0131<\/h3>\n<p>29 Nisan 2025 tarihli Genel Kurul karar\u0131yla:<\/p>\n<ul>\n<li><b>Toplam Da\u011f\u0131t\u0131lan Nakit Kar Pay\u0131:<\/b> 8.122.942.000 TL.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Br\u00fct Temett\u00fc:<\/b> 13 TL.<\/li>\n<li><b>\u00d6deme Takvimi:<\/b> \u00dc\u00e7 taksit halinde (18 Haziran, 17 Eyl\u00fcl, 17 Aral\u0131k 2025).<\/li>\n<\/ul>\n<h3>Pay Geri Al\u0131mlar\u0131<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun elinde tuttu\u011fu geri al\u0131nan paylar\u0131n toplam bedeli 6.224.656.000 TL&#8217;dir. Bu paylar\u0131n \u015firket sermayesi i\u00e7indeki oran\u0131 %1,1850&#8217;dir.<\/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>5. \u00d6nemli Y\u00fck\u00fcml\u00fcl\u00fckler ve Kar\u015f\u0131l\u0131klar<\/h2>\n<ul>\n<li><b>\u00c7al\u0131\u015fanlara Sa\u011flanan Faydalar:<\/b> K\u0131dem tazminat\u0131 kar\u015f\u0131l\u0131\u011f\u0131 2.871.112 TL&#8217;ye y\u00fckselmi\u015ftir. Hesaplamada %5 reel iskonto oran\u0131 kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> Grup aleyhine a\u00e7\u0131lan davalar\u0131n toplam tutar\u0131 1.806.774 TL (tarihsel de\u011fer) olup, finansal tablolara 742.217 TL tutar\u0131nda kar\u015f\u0131l\u0131k yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ticari Bor\u00e7lar:<\/b> Ortalama 52 g\u00fcn vadeye sahip olan ticari bor\u00e7lar 86,5 milyar TL seviyesindedir.<\/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>\u00d6nemli Not<\/h2>\n<p>Bu brifing belgesi, 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait denetlenmi\u015f finansal raporlardan t\u00fcretilmi\u015ftir. Finansal tablolar 10 Mart 2026 tarihinde Y\u00f6netim Kurulu taraf\u0131ndan onaylanm\u0131\u015f ve ayn\u0131 tarihte ba\u011f\u0131ms\u0131z denet\u00e7i raporu imzalanm\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1800\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>B\u0130M 2025 Y\u0131l\u0131nda B\u00fcy\u00fcmesini S\u00fcrd\u00fcrd\u00fc: 721 Milyar TL Has\u0131lat ve %100 Bedelsiz M\u00fcjdesi!<br \/>\n&#8220;Perakende sekt\u00f6r\u00fcn\u00fcn \u00f6nc\u00fc ismi B\u0130M, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Y\u0131l\u0131 721 milyar TL&#8217;yi a\u015fan bir has\u0131lat ve 18,6 milyar TL net kar ile kapatan \u015firket, ma\u011faza say\u0131s\u0131n\u0131 14.473&#8217;e \u00e7\u0131kararak operasyonel a\u011f\u0131n\u0131 geni\u015fletmeye devam etti. Yat\u0131r\u0131mc\u0131lar\u0131n\u0131 sevindiren hisse ba\u015f\u0131na 13 TL temett\u00fc \u00f6demesinin ard\u0131ndan B\u0130M, \u015fimdi de sermayesini i\u00e7 kaynaklardan %100 art\u0131rarak 1,2 milyar TL\u2019ye \u00e7\u0131karma karar\u0131 ald\u0131. Enflasyon muhasebesi etkilerinin de yer ald\u0131\u011f\u0131 raporun detaylar\u0131, \u015firketin s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme stratejisindeki kararl\u0131l\u0131\u011f\u0131n\u0131 bir kez daha ortaya koyuyor.&#8221;<\/p>\n","protected":false},"author":11,"featured_media":1726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[26],"class_list":["post-1800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-bimas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1800","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1800"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1800\/revisions"}],"predecessor-version":[{"id":1841,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1800\/revisions\/1841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1726"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}