{"id":2375,"date":"2026-05-02T14:38:28","date_gmt":"2026-05-02T11:38:28","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2375"},"modified":"2026-05-02T14:38:52","modified_gmt":"2026-05-02T11:38:52","slug":"tknsa-2026-03-bilano-analizi-teknosa-i-ve-d-ticaret","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2375","title":{"rendered":"\ud83d\udd34 TKNSA 2026-03 Bilan\u00e7o Analizi | Teknosa \u0130\u00e7 ve D\u0131\u015f Ticaret"},"content":{"rendered":"<h1>Teknosa \u0130\u00e7 ve D\u0131\u015f Ticaret A.\u015e. 1 Ocak \u2013 31 Mart 2026 Ara Hesap D\u00f6nemi Brifing Belgesi<\/h1>\n<h2>\u00d6zet Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Teknosa \u0130\u00e7 ve D\u0131\u015f Ticaret Anonim \u015eirketi\u2019nin (&#8220;Teknosa&#8221;) 31 Mart 2026 tarihi itibar\u0131yla sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal ve operasyonel performans\u0131n\u0131 analiz etmektedir. \u015eirket, y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131 nedeniyle TMS 29 (&#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221;) standard\u0131n\u0131 uygulam\u0131\u015f ve t\u00fcm rakamlar\u0131 31 Mart 2026 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re sunmu\u015ftur.<\/p>\n<p>Temel bulgular \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Has\u0131lat ve Karl\u0131l\u0131k:<\/b> \u015eirket&#8217;in has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re artarak 22,2 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r. Ancak, operasyonel maliyetler ve finansman giderleri nedeniyle d\u00f6nem 476,5 milyon TL net zarar ile kapat\u0131lm\u0131\u015ft\u0131r. Bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki zarar 541,8 milyon TL seviyesindeydi.<\/li>\n<li><b>Enflasyon Muhasebesi Etkisi:<\/b> TMS 29 uygulamas\u0131 sonucunda 1,73 milyar TL tutar\u0131nda &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; elde edilmi\u015ftir. Bu kazan\u00e7 olmasayd\u0131, vergi \u00f6ncesi zarar \u00e7ok daha y\u00fcksek seviyelerde ger\u00e7ekle\u015fecekti.<\/li>\n<li><b>Finansal Durum:<\/b> Toplam varl\u0131klar 2025 y\u0131l sonuna g\u00f6re azalarak 22,6 milyar TL\u2019ye gerilemi\u015ftir. \u00d6zkaynaklar, ge\u00e7mi\u015f y\u0131l zararlar\u0131n\u0131n etkisiyle 324,3 milyon TL seviyesine d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Operasyonel \u00d6l\u00e7ek:<\/b> 31 Mart 2026 itibar\u0131yla T\u00fcrkiye genelinde 138 ma\u011faza ve 94.009 metrekare sat\u0131\u015f alan\u0131 ile faaliyet g\u00f6sterilmektedir. Personel say\u0131s\u0131 2.459 olarak kaydedilmi\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>Finansal Performans Analizi<\/h2>\n<h3>Gelir Tablosu \u00d6zeti<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, 1 Ocak &#8211; 31 Mart d\u00f6nemleri aras\u0131ndaki temel performans g\u00f6stergelerini kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak sunmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>1 Ocak &#8211; 31 Mart 2026<\/td>\n<td>1 Ocak &#8211; 31 Mart 2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>22.239.732<\/td>\n<td>21.599.602<\/td>\n<td>%2,96<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>2.567.004<\/td>\n<td>2.738.967<\/td>\n<td>-%6,28<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Zarar\u0131<\/td>\n<td>(783.507)<\/td>\n<td>(1.047.008)<\/td>\n<td>-%25,17<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (Net)<\/td>\n<td>(1.425.600)<\/td>\n<td>(1.206.268)<\/td>\n<td>%18,18<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazanc\u0131<\/td>\n<td>1.733.716<\/td>\n<td>1.554.971<\/td>\n<td>%11,50<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Zarar\u0131<\/b><\/td>\n<td><b>(476.535)<\/b><\/td>\n<td><b>(541.830)<\/b><\/td>\n<td><b>-%12,05<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>B\u00f6l\u00fcmlere G\u00f6re Raporlama<\/h3>\n<p>\u015eirket faaliyetlerini &#8220;Ma\u011fazac\u0131l\u0131k ve E-ticaret&#8221; ve &#8220;Bayi Grubu (\u0130klimsa)&#8221; olmak \u00fczere iki ana segmentte takip etmektedir:<\/p>\n<ul>\n<li><b>Ma\u011fazac\u0131l\u0131k ve E-ticaret:<\/b> 21,37 milyar TL gelir elde etmi\u015f ve 728,5 milyon TL d\u00fczeltilmi\u015f FAV\u00d6K (Faiz, Amortisman ve Vergi \u00d6ncesi Kar) yaratm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bayi Grubu:<\/b> 863,9 milyon TL gelir elde etmi\u015f ancak 85 milyon TL negatif d\u00fczeltilmi\u015f FAV\u00d6K kaydetmi\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>Finansal Durum ve Bor\u00e7 Yap\u0131s\u0131<\/h2>\n<h3>Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>\u015eirket&#8217;in toplam varl\u0131klar\u0131 22.635.364 bin TL olup, bu varl\u0131klar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011funu d\u00f6nen varl\u0131klar olu\u015fturmaktad\u0131r:<\/p>\n<ul>\n<li><b>Stoklar:<\/b> 14,23 milyar TL ile d\u00f6nen varl\u0131klar\u0131n en b\u00fcy\u00fck kalemidir.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 615,3 milyon TL seviyesindedir (2025 y\u0131l sonu: 2,72 milyar TL). Bu keskin d\u00fc\u015f\u00fc\u015f, kredi geri \u00f6demeleri ve i\u015fletme sermayesi ihtiya\u00e7lar\u0131ndan kaynaklanmaktad\u0131r.<\/li>\n<li><b>Maddi ve Maddi Olmayan Duran Varl\u0131klar:<\/b> Toplamda yakla\u015f\u0131k 2,51 milyar TL de\u011ferindedir.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve Bor\u00e7lanma<\/h3>\n<p>Toplam y\u00fck\u00fcml\u00fcl\u00fckler 22,31 milyar TL seviyesinde olup, bor\u00e7 yap\u0131s\u0131 k\u0131sa vadeye yo\u011funla\u015fm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Finansal Bor\u00e7lanmalar:<\/b> K\u0131sa vadeli bor\u00e7lanmalar 6,34 milyar TL\u2019ye y\u00fckselmi\u015ftir. Bu bor\u00e7lanman\u0131n 3,76 milyar TL&#8217;si ili\u015fkili taraflardan (Sabanc\u0131 grubu i\u015ftirakleri) ihra\u00e7 edilen finansman bonolar\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Ticari Bor\u00e7lar:<\/b> 12,74 milyar TL seviyesindedir. \u015eirket&#8217;in ticari bor\u00e7lar\u0131n\u0131n ortalama vade s\u00fcresi 68 g\u00fcnd\u00fcr.<\/li>\n<li><b>Kiralama Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> TFRS 16 kapsam\u0131nda kaydedilen toplam kiralama bor\u00e7lar\u0131 1,57 milyar TL&#8217;dir.<\/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 Muhasebe Tahminleri ve Risk Y\u00f6netimi<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>T\u00fcrkiye&#8217;deki \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyonun %100&#8217;\u00fc a\u015fmas\u0131 nedeniyle, finansal tablolar TMS 29 uyar\u0131nca d\u00fczeltilmi\u015ftir. Bu d\u00fczeltme sonucunda \u00f6zkaynaklar i\u00e7erisinde &#8220;Sermaye D\u00fczeltmesi Farklar\u0131&#8221; olarak 4,05 milyar TL tutar\u0131nda bir bakiye yer almaktad\u0131r.<\/p>\n<h3>Risk Fakt\u00f6rleri<\/h3>\n<ol>\n<li><b>D\u00f6viz Kuru Riski:<\/b> \u015eirket net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonuna sahiptir. 31 Mart 2026 itibar\u0131yla net yabanc\u0131 para pozisyonu -1,67 milyar TL&#8217;dir. ABD dolar\u0131ndaki %10&#8217;luk bir art\u0131\u015f\u0131n net d\u00f6nem zarar\u0131 \u00fczerindeki olumsuz etkisi 168,8 milyon TL olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stok De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc:<\/b> \u015eirket, 180 g\u00fcn ve \u00fczeri hareketsiz \u00fcr\u00fcnler i\u00e7in de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rmaktad\u0131r. Bu d\u00f6nem itibar\u0131yla toplam stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 160 milyon TL&#8217;dir.<\/li>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> \u015eirket aleyhine a\u00e7\u0131lan t\u00fcketici, i\u015fe iade ve kira davalar\u0131 i\u00e7in toplam 147 milyon TL kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/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>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>Teknosa, ana orta\u011f\u0131 Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e. ve ba\u011fl\u0131 i\u015ftirakleri ile yo\u011fun ticari ili\u015fki i\u00e7erisindedir:<\/p>\n<ul>\n<li><b>Nakit Varl\u0131klar\u0131:<\/b> Akbank T.A.\u015e. nezdinde 88,3 milyon TL vadesiz mevduat ve 54,6 milyon TL kredi kart\u0131 slip alaca\u011f\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Finansman:<\/b> Akyat\u0131r\u0131m Menkul De\u011ferler A.\u015e. arac\u0131l\u0131\u011f\u0131yla ihra\u00e7 edilen 3,76 milyar TL tutar\u0131nda bono borcu bulunmaktad\u0131r.<\/li>\n<li><b>Ticari \u0130\u015flemler:<\/b> D\u00f6nem i\u00e7inde Aksigorta A.\u015e. arac\u0131l\u0131\u011f\u0131yla yap\u0131lan sigorta poli\u00e7esi arac\u0131l\u0131k faaliyetlerinden 515,3 milyon TL mal sat\u0131\u015f\u0131\/geliri kaydedilmi\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>Operasyonel Veriler ve Ma\u011faza A\u011f\u0131<\/h2>\n<p>\u015eirket&#8217;in ma\u011faza say\u0131s\u0131nda ve sat\u0131\u015f alan\u0131nda hafif bir daralma g\u00f6zlemlenmi\u015ftir:<\/p>\n<ul>\n<li><b>Ma\u011faza Say\u0131s\u0131:<\/b> 138 (2025 y\u0131l sonu: 141)<\/li>\n<li><b>Toplam Sat\u0131\u015f Alan\u0131:<\/b> 94.009 m\u00b2 (2025 y\u0131l sonu: 95.307 m\u00b2)<\/li>\n<li><b>E-ticaret:<\/b> Toplam has\u0131lat i\u00e7inde e-ticaret sat\u0131\u015flar\u0131 2,13 milyar TL ile \u00f6nemli bir yer tutmaktad\u0131r. \u0130nternet sitesi 4 \u015eubat 2022&#8217;den bu yana &#8220;Pazaryeri&#8221; modeliyle hizmet vermektedir.<\/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>Sonu\u00e7<\/h2>\n<p>Teknosa, Q1 2026 d\u00f6neminde zorlu makroekonomik ko\u015fullar ve y\u00fcksek finansman giderleri alt\u0131nda faaliyetlerini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Her ne kadar has\u0131lat b\u00fcy\u00fcmesi devam etse de, \u015firketin karl\u0131l\u0131\u011f\u0131 \u00fczerindeki bask\u0131 s\u00fcrmektedir. Finansman maliyetlerinin (1,44 milyar TL) br\u00fct kar\u0131n yar\u0131s\u0131ndan fazlas\u0131n\u0131 t\u00fcketmesi ve d\u00f6viz a\u00e7\u0131k pozisyonu, \u00f6n\u00fcm\u00fczdeki d\u00f6nemler i\u00e7in yak\u0131ndan takip edilmesi gereken kritik alanlar olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2375\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Teknosa, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fine dair finansal sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. Enflasyon muhasebesi (TMS 29) uygulanm\u0131\u015f verilere g\u00f6re \u015firket, has\u0131lat\u0131n\u0131 22,2 milyar TL seviyesine \u00e7\u0131kar\u0131rken, net d\u00f6nem zarar\u0131nda ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine oranla bir iyile\u015fme kaydetti. \u00d6zellikle e-ticaret kanal\u0131ndaki b\u00fcy\u00fcme ve dijitalle\u015fme stratejileri dikkat \u00e7ekiyor. Sabanc\u0131 Holding i\u015ftiraki Teknosa&#8217;n\u0131n ilk \u00e7eyrek bilan\u00e7osuna dair t\u00fcm kritik veriler ve yat\u0131r\u0131mc\u0131 notlar\u0131 bu analizimizde.<\/p>\n","protected":false},"author":5,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[291],"class_list":["post-2375","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\/2375","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2375"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2375\/revisions"}],"predecessor-version":[{"id":2376,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2375\/revisions\/2376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}