{"id":2263,"date":"2026-05-02T10:53:20","date_gmt":"2026-05-02T07:53:20","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2263"},"modified":"2026-05-02T10:54:12","modified_gmt":"2026-05-02T07:54:12","slug":"merko-2026-03-bilano-analizi-merko-gda-sanayi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2263","title":{"rendered":"\ud83d\udd34 MERKO 2026-03 Bilan\u00e7o Analizi | Merko G\u0131da Sanayi"},"content":{"rendered":"

Merko G\u0131da Sanayi ve Ticaret A.\u015e. 31 Mart 2026 Ara Hesap D\u00f6nemi Bilgilendirme Notu<\/h1>\n

Bu belge, Merko G\u0131da Sanayi ve Ticaret A.\u015e.’nin (“Merko” veya “\u015eirket”) 31 Mart 2026 tarihinde sona eren dokuz ayl\u0131k ara hesap d\u00f6nemine ait finansal tablolar\u0131 ve dipnotlar\u0131n\u0131n kapsaml\u0131 bir sentezini sunmaktad\u0131r.<\/p>\n

1. Y\u00f6netici \u00d6zeti<\/h2>\n

Merko G\u0131da, 31 Mart 2026 itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6nemde operasyonel ve finansal yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fimler sergilemi\u015ftir. \u015eirket, raporlama d\u00f6nemini 254.788.867 TL<\/b> net d\u00f6nem k\u00e2r\u0131 ile kapatm\u0131\u015ft\u0131r. Toplam varl\u0131klar 2,59 milyar TL<\/b> seviyesine ula\u015f\u0131rken, \u00f6zkaynaklar g\u00fc\u00e7l\u00fc bir art\u0131\u015fla 2 milyar TL<\/b> baraj\u0131n\u0131 a\u015fm\u0131\u015ft\u0131r.<\/p>\n

D\u00f6nemin en kritik geli\u015fmesi, y\u00fcksek enflasyon d\u00fczeltmesi (TMS 29) uygulamalar\u0131 ve raporlama sonras\u0131 ger\u00e7ekle\u015fen sermaye art\u0131r\u0131m\u0131 onay\u0131d\u0131r. \u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131 5 milyar TL’ye y\u00fckseltilmi\u015f ve \u00e7\u0131kar\u0131lm\u0131\u015f sermayenin 850 milyon TL’ye art\u0131r\u0131lmas\u0131na y\u00f6nelik ba\u015fvuru Sermaye Piyasas\u0131 Kurulu (SPK) taraf\u0131ndan 27 Nisan 2026 tarihinde onaylanm\u0131\u015ft\u0131r. Operasyonel tarafta ise domates sal\u00e7as\u0131 ve k\u00fcp domates \u00fcretimine odaklanan \u015eirket, personel say\u0131s\u0131n\u0131 ortalama 147’den 179’a \u00e7\u0131kararak kapasite ve faaliyet yo\u011funlu\u011funu art\u0131rm\u0131\u015ft\u0131r.<\/p>\n

2. Kurumsal Profil ve Faaliyet Yap\u0131s\u0131<\/h2>\n

1982 y\u0131l\u0131nda kurulan Merko G\u0131da, temel olarak domates sal\u00e7as\u0131 ve k\u00fcp domates \u00fcretimi alan\u0131nda faaliyet g\u00f6stermektedir. \u015eirket\u2019in \u00fcretim altyap\u0131s\u0131 iki ana fabrikaya dayanmaktad\u0131r:<\/p>\n

    \n
  • Fabrika 1 (Bursa\/Mustafakemalpa\u015fa):<\/b> Merko sal\u00e7a \u00fcretim tesisi.<\/li>\n
  • Fabrika 2 (Bursa\/\u0130neg\u00f6l):<\/b> Frigo-Pak \u00fcretim tesisi.<\/li>\n<\/ul>\n

    \u015eirket, operasyonlar\u0131n\u0131 tek bir faaliyet b\u00f6l\u00fcm\u00fc alt\u0131nda y\u00f6netmekte; \u00fcr\u00fcn nitelikleri, \u00fcretim s\u00fcre\u00e7leri ve m\u00fc\u015fteri risk s\u0131n\u0131fland\u0131rmas\u0131 bak\u0131m\u0131ndan entegre bir yap\u0131 sergilemektedir.<\/p>\n

    3. Finansal Durum Analizi<\/h2>\n

    31 Mart 2026 tarihi itibar\u0131yla \u015eirketin finansal pozisyonu, 30 Haziran 2025 (\u00f6nceki d\u00f6nem) verileriyle kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir:<\/p>\n

    3.1. Varl\u0131k Yap\u0131s\u0131<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n
    Varl\u0131k Kalemi<\/td>\n31 Mart 2026 (TL)<\/td>\n30 Haziran 2025 (TL)<\/td>\n<\/tr>\n
    D\u00f6nen Varl\u0131klar<\/b><\/td>\n887.556.650<\/b><\/td>\n565.429.624<\/b><\/td>\n<\/tr>\n
    Nakit ve Nakit Benzerleri<\/td>\n141.014.501<\/td>\n22.058.763<\/td>\n<\/tr>\n
    Stoklar<\/td>\n248.538.870<\/td>\n125.825.767<\/td>\n<\/tr>\n
    Ticari Alacaklar<\/td>\n109.615.897<\/td>\n42.307.989<\/td>\n<\/tr>\n
    Duran Varl\u0131klar<\/b><\/td>\n1.701.919.411<\/b><\/td>\n1.946.435.455<\/b><\/td>\n<\/tr>\n
    Maddi Duran Varl\u0131klar<\/td>\n1.281.855.469<\/td>\n1.271.508.410<\/td>\n<\/tr>\n
    Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/td>\n248.161.179<\/td>\n234.099.475<\/td>\n<\/tr>\n
    TOPLAM VARLIKLAR<\/b><\/td>\n2.589.476.061<\/b><\/td>\n2.511.865.079<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00d6nemli Notlar:<\/b><\/p>\n

      \n
    • Nakit varl\u0131klardaki keskin art\u0131\u015f, finansman faaliyetlerinden nakit giri\u015fleri ve banka kredilerindeki de\u011fi\u015fimden kaynaklanm\u0131\u015ft\u0131r.<\/li>\n
    • Stok seviyelerindeki art\u0131\u015f (yakla\u015f\u0131k %97), mamul stoklar\u0131ndaki y\u00fckseli\u015fle paralellik g\u00f6stermektedir.<\/li>\n<\/ul>\n

      3.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n

      \u015eirket, uzun vadeli bor\u00e7lanmalar\u0131n\u0131 azalt\u0131rken k\u0131sa vadeli finansman kaynaklar\u0131na y\u00f6nelmi\u015ftir.<\/p>\n

        \n
      • K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 487.186.054 TL (\u00d6nceki d\u00f6nem: 476.314.167 TL). Bu kalemin b\u00fcy\u00fck k\u0131sm\u0131n\u0131 340,8 milyon TL ile banka kredileri olu\u015fturmaktad\u0131r.<\/li>\n
      • Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 95.047.704 TL seviyesine gerilemi\u015ftir (\u00d6nceki d\u00f6nem: 216.010.963 TL).<\/li>\n
      • Toplam \u00d6zkaynaklar:<\/b> 2.007.242.303 TL. \u00d6zkaynaklar i\u00e7indeki en b\u00fcy\u00fck kalem 1,03 milyar TL ile “Sermaye D\u00fczeltme Farklar\u0131”d\u0131r.<\/li>\n<\/ul>\n

        4. Operasyonel Performans ve K\u00e2rl\u0131l\u0131k<\/h2>\n

        9 ayl\u0131k d\u00f6nemde (1 Temmuz 2025 \u2013 31 Mart 2026) elde edilen gelir tablosu verileri, \u015eirketin k\u00e2rl\u0131l\u0131k dinamiklerini ortaya koymaktad\u0131r:<\/p>\n

          \n
        • Has\u0131lat:<\/b> 473.596.949 TL (Bunun 267,4 milyon TL’si yurtd\u0131\u015f\u0131 sat\u0131\u015flardan elde edilmi\u015ftir).<\/li>\n
        • Sat\u0131\u015flar\u0131n Maliyeti:<\/b> (376.757.479) TL.<\/li>\n
        • Br\u00fct K\u00e2r:<\/b> 96.839.470 TL.<\/li>\n
        • Esas Faaliyet K\u00e2r\u0131:<\/b> 46.519.489 TL.<\/li>\n
        • Net Parasal Pozisyon Kazanc\u0131:<\/b> 277.783.331 TL. (Enflasyon muhasebesi uygulamas\u0131 sonucu olu\u015fan bu kazan\u00e7, d\u00f6nem k\u00e2r\u0131n\u0131n ana itici g\u00fcc\u00fc olmu\u015ftur).<\/li>\n
        • D\u00f6nem Net K\u00e2r\u0131:<\/b> 254.788.867 TL.<\/li>\n<\/ul>\n

          5. Sermaye Yap\u0131s\u0131 ve \u0130\u015ftirakler<\/h2>\n

          31 Mart 2026 itibar\u0131yla \u015eirketin ortakl\u0131k yap\u0131s\u0131 \u015fu \u015fekildedir:<\/p>\n

            \n
          • AG Giri\u015fim Holding A.\u015e.:<\/b> %17,35 (19.975.175 TL)<\/li>\n
          • Merko Holding A.\u015e.:<\/b> %5,02 (5.773.759 TL)<\/li>\n
          • Di\u011fer (Halka A\u00e7\u0131k ve K\u00fc\u00e7\u00fck Ortaklar):<\/b> %77,63 (89.374.460 TL)<\/li>\n<\/ul>\n

            \u0130\u015ftirak \u0130li\u015fkisi:<\/b> Merko, Frigo-Pak G\u0131da Maddeleri San. ve Tic. A.\u015e.<\/b> \u00fczerinde %3,93 oran\u0131nda paya sahiptir. Bu paylar B\u0130ST’te i\u015flem g\u00f6rd\u00fc\u011f\u00fc i\u00e7in “Finansal Yat\u0131r\u0131mlar” kaleminde izlenmektedir.<\/p>\n

            6. Risk Y\u00f6netimi ve Hukuki S\u00fcre\u00e7ler<\/h2>\n

            \u015eirket, d\u00f6viz kuru, likidite, kredi ve fiyat risklerine kar\u015f\u0131 \u00e7e\u015fitli y\u00f6netim politikalar\u0131 uygulamaktad\u0131r.<\/p>\n

            6.1. Yabanc\u0131 Para Pozisyonu<\/h3>\n

            \u015eirket, y\u00fcksek tutarl\u0131 d\u00f6viz varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerine sahiptir:<\/p>\n

              \n
            • Net Yabanc\u0131 Para Varl\u0131k Pozisyonu:<\/b> 738.390.222 TL (TL kar\u015f\u0131l\u0131\u011f\u0131).<\/li>\n
            • \u015eirketin \u00f6zellikle Avro (13,7 milyon EUR) ve ABD Dolar\u0131 (838 bin USD) baz\u0131nda net varl\u0131k pozisyonu bulunmaktad\u0131r.<\/li>\n<\/ul>\n

              6.2. Kar\u015f\u0131l\u0131klar ve Davalar<\/h3>\n
                \n
              • Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> \u015eirket aleyhine a\u00e7\u0131lan davalar i\u00e7in 24.044.454 TL uzun vadeli kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n
              • \u00d6nemli Dava:<\/b> Unilever San. ve Tic. A.\u015e. taraf\u0131ndan 2013 y\u0131l\u0131ndaki yang\u0131n hasar\u0131 nedeniyle a\u00e7\u0131lan 500.000 EUR tutarl\u0131 davada yarg\u0131 s\u00fcreci devam etmektedir. Bilirki\u015fi raporuna itiraz edilmi\u015f olup, mahkeme k\u0131smi tutarlar \u00fczerinden karar a\u015famas\u0131ndad\u0131r.<\/li>\n<\/ul>\n

                7. Raporlama Sonras\u0131 \u00d6nemli Geli\u015fmeler<\/h2>\n

                Finansal tablo tarihinden sonra (31 Mart 2026 sonras\u0131) \u015eirketin sermaye yap\u0131s\u0131n\u0131 k\u00f6kten de\u011fi\u015ftirecek bir onay al\u0131nm\u0131\u015ft\u0131r:<\/p>\n

                  \n
                • Sermaye Art\u0131r\u0131m\u0131:<\/b> \u00c7\u0131kar\u0131lm\u0131\u015f sermayenin 115.123.372 TL’den, sermaye d\u00fczeltmesi olumlu farklar\u0131 kullan\u0131larak 850.000.000 TL<\/b>‘ye y\u00fckseltilmesi s\u00fcreci SPK taraf\u0131ndan 27 Nisan 2026 tarihinde onaylanm\u0131\u015ft\u0131r.<\/li>\n
                • Sermaye Tavan\u0131:<\/b> Kay\u0131tl\u0131 sermaye tavan\u0131 5.000.000.000 TL olarak g\u00fcncellenmi\u015ftir.<\/li>\n<\/ul>\n

                  8. Finansal Dipnotlardan \u00d6nemli Detaylar<\/h2>\n
                    \n
                  • Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 uyar\u0131nca 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir. D\u00fczeltme katsay\u0131s\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 1,30867 olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n
                  • Rehin ve \u0130potekler:<\/b> \u015eirket lehine verilen toplam Teminat, Rehin ve \u0130potek (TR\u0130) tutar\u0131 1.296.654.255 TL’dir. Bunun 1,04 milyar TL’si Bursa\/Tepecik fabrikas\u0131 \u00fczerindeki Vak\u0131fbank lehine tesis edilen 1. derece ipotektir.<\/li>\n
                  • Stok Sigortas\u0131:<\/b> \u015eirketin stoklar\u0131 355.168.800 TL tutar\u0131nda sigorta korumas\u0131 alt\u0131ndad\u0131r.<\/li>\n
                  • Personel Giderleri:<\/b> 9 ayl\u0131k d\u00f6nemde toplam 8,5 milyon TL genel y\u00f6netim alt\u0131nda, 5,9 milyon TL ise pazarlama giderleri alt\u0131nda personel maliyeti kaydedilmi\u015ftir.<\/li>\n<\/ul>\n