{"id":2518,"date":"2026-06-09T22:26:55","date_gmt":"2026-06-09T19:26:55","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2518"},"modified":"2026-06-09T22:27:32","modified_gmt":"2026-06-09T19:27:32","slug":"froto-2026-03-bilano-analizi-ford-otomotiv-sanayi-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2518","title":{"rendered":"\ud83d\udd34 FROTO 2026-03 Bilan\u00e7o Analizi | Ford Otomotiv Sanayi A.\u015e."},"content":{"rendered":"<h1>Ford Otomotiv Sanayi A.\u015e. 2026 Birinci \u00c7eyrek Finansal Brifing Belgesi<\/h1>\n<p>Bu belge, Ford Otomotiv Sanayi A.\u015e.&#8217;nin (Grup) 1 Ocak &#8211; 31 Mart 2026 ara hesap d\u00f6nemine ait \u00f6zet konsolide finansal tablolar\u0131 ve ilgili a\u00e7\u0131klay\u0131c\u0131 notlar\u0131n\u0131n derinlemesine bir analizini sunmaktad\u0131r. T\u00fcm tutarlar, aksi belirtilmedik\u00e7e, 31 Mart 2026 tarihindeki al\u0131m g\u00fcc\u00fcyle ifade edilmi\u015f bin T\u00fcrk Liras\u0131 (TL) cinsindendir.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi itibar\u0131yla Ford Otomotiv, y\u00fcksek enflasyonlu ekonomi raporlama standartlar\u0131n\u0131 (TMS 29) uygulad\u0131\u011f\u0131 bir d\u00f6nemde finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Grubun toplam varl\u0131klar\u0131 2025 y\u0131l sonuna g\u00f6re yakla\u015f\u0131k %7,5 oran\u0131nda azalarak 458,58 milyar TL&#8217;ye gerilemi\u015ftir. D\u00f6nem has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %8,6&#8217;l\u0131k bir d\u00fc\u015f\u00fc\u015fle 192,44 milyar TL olarak ger\u00e7ekle\u015firken, net d\u00f6nem kar\u0131 5,5 milyar TL seviyesinde kalm\u0131\u015ft\u0131r. Bu rakam, 2025&#8217;in ilk \u00e7eyre\u011findeki 8,49 milyar TL&#8217;lik kara k\u0131yasla belirgin bir d\u00fc\u015f\u00fc\u015f\u00fc temsil etmektedir. Buna ra\u011fmen, &#8220;Net Finansal Bor\u00e7 \/ FAV\u00d6K&#8221; oran\u0131n\u0131n 1,55 seviyesinde tutulmas\u0131, sermaye yap\u0131s\u0131n\u0131n y\u00f6netimi a\u00e7\u0131s\u0131ndan hedeflenen s\u0131n\u0131rlar (3,5 alt\u0131) dahilinde kal\u0131nd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<h2>2. Kurumsal Yap\u0131 ve Faaliyet Kapsam\u0131<\/h2>\n<p>1959 y\u0131l\u0131nda kurulan \u015eirket, Ford Grubu ve Ko\u00e7 Grubu ortakl\u0131\u011f\u0131yla faaliyetlerini s\u00fcrd\u00fcrmektedir. Paylar\u0131n\u0131n %17,89&#8217;u Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6ren kurulu\u015f, otomotiv sekt\u00f6r\u00fcnde geni\u015f bir co\u011frafyada \u00fcretim ve sat\u0131\u015f yapmaktad\u0131r.<\/p>\n<h3>\u00dcretim Tesisleri ve Operasyonel Merkezler<\/h3>\n<ul>\n<li><b>Kocaeli Yerle\u015fkesi:<\/b> G\u00f6lc\u00fck (2 ton ticari ara\u00e7) ve Yenik\u00f6y (1 ton ticari ara\u00e7) fabrikalar\u0131.<\/li>\n<li><b>Eski\u015fehir Yerle\u015fkesi:<\/b> Ford Trucks Kamyon Fabrikas\u0131 ile Motor ve Aktarma Organlar\u0131 Fabrikas\u0131.<\/li>\n<li><b>Romanya (Craiova) Yerle\u015fkesi:<\/b> Puma ara\u00e7, yeni nesil Transit Courier ve Ecoboost motor \u00fcretimi.<\/li>\n<li><b>Uluslararas\u0131 Yap\u0131lanma:<\/b> Hollanda merkezli Ford Otosan Netherlands BV \u00fczerinden y\u00fcr\u00fct\u00fclen holding faaliyetleri.<\/li>\n<li><b>Ar-Ge ve Da\u011f\u0131t\u0131m:<\/b> \u0130stanbul Sancaktepe&#8217;de bulunan Ar-Ge Merkezi ve yedek par\u00e7a da\u011f\u0131t\u0131m merkezi.<\/li>\n<\/ul>\n<h3>\u0130\u015f G\u00fcc\u00fc Verileri<\/h3>\n<p>2026 Mart sonu itibar\u0131yla Grup b\u00fcnyesinde ortalama <b>24.867<\/b> ki\u015fi istihdam edilmektedir. Bu \u00e7al\u0131\u015fanlar\u0131n 2.203&#8217;\u00fc hizmet ihracat\u0131na da konu olan ara\u015ft\u0131rma ve geli\u015ftirme faaliyetlerinde g\u00f6rev almaktad\u0131r.<\/p>\n<h2>3. Finansal Durum Analizi<\/h2>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<p>Grubun toplam varl\u0131klar\u0131 458.578.236 TL olarak kaydedilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>219.730.029<\/td>\n<td>245.891.706<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Nakit ve Nakit Benzerleri<\/td>\n<td>56.687.663<\/td>\n<td>70.396.950<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Ticari Alacaklar (Toplam)<\/td>\n<td>74.465.759<\/td>\n<td>97.774.058<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Stoklar<\/td>\n<td>67.902.718<\/td>\n<td>54.283.876<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>238.848.207<\/td>\n<td>250.147.101<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Maddi Duran Varl\u0131klar<\/td>\n<td>146.754.974<\/td>\n<td>150.933.883<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Maddi Olmayan Duran Varl\u0131klar<\/td>\n<td>32.508.095<\/td>\n<td>33.480.253<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>458.578.236<\/b><\/td>\n<td><b>496.038.807<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Not:<\/b> Stoklar kalemindeki %25&#8217;lik art\u0131\u015f dikkat \u00e7ekicidir. Bu art\u0131\u015fta \u00f6zellikle mamul stoklar\u0131n\u0131n 6,4 milyar TL&#8217;den 16,4 milyar TL&#8217;ye y\u00fckselmesi etkili olmu\u015ftur.<\/p>\n<h3>Kaynak Yap\u0131s\u0131 ve \u00d6zkaynaklar<\/h3>\n<p>Grubun toplam \u00f6zkaynaklar\u0131 164,44 milyar TL seviyesindedir. 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde 12,77 milyar TL tutar\u0131nda temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynaklar<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>174.687.973<\/td>\n<td>198.758.132<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>119.454.620<\/td>\n<td>125.595.509<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>164.435.643<\/td>\n<td>171.685.166<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>4. Kar veya Zarar Analizi<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131, maliyet bask\u0131lar\u0131n\u0131n ve has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn hissedildi\u011fi bir d\u00f6nem olmu\u015ftur.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 192.442.597 TL (2025: 210.563.327 TL)<\/li>\n<li><b>Sat\u0131\u015flar\u0131n Maliyeti:<\/b> (179.145.287) TL<\/li>\n<li><b>Br\u00fct Kar:<\/b> 13.297.310 TL<\/li>\n<li><b>Esas Faaliyet Kar\u0131:<\/b> 4.938.527 TL<\/li>\n<li><b>Net Parasal Pozisyon Kazan\u00e7lar\u0131:<\/b> 7.968.652 TL (Enflasyon muhasebesi uygulamas\u0131 sonucu)<\/li>\n<li><b>D\u00f6nem Kar\u0131:<\/b> 5.498.818 TL<\/li>\n<\/ul>\n<h3>D\u00fczeltilmi\u015f FAV\u00d6K (EBITDA) Mutabakat\u0131<\/h3>\n<p>Grup y\u00f6netimi, operasyonel performans\u0131 izlemek i\u00e7in d\u00fczeltilmi\u015f FAV\u00d6K rakam\u0131n\u0131 kullanmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Mart 2026<\/td>\n<td>1 Ocak &#8211; 31 Mart 2025<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>13.297.310<\/td>\n<td>18.197.654<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Giderleri (-)<\/td>\n<td>(8.828.830)<\/td>\n<td>(9.627.631)<\/td>\n<\/tr>\n<tr>\n<td>Amortisman ve \u0130tfa (+)<\/td>\n<td>5.125.519<\/td>\n<td>4.588.518<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Esas Faaliyet Gelir\/Gider (Net)<\/td>\n<td>470.047<\/td>\n<td>1.598.064<\/td>\n<\/tr>\n<tr>\n<td>TFRS 16 D\u00fczeltmeleri<\/td>\n<td>1.664.895<\/td>\n<td>1.579.305<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00fczeltilmi\u015f FAV\u00d6K<\/b><\/td>\n<td><b>11.728.941<\/b><\/td>\n<td><b>16.335.910<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Finansal Bor\u00e7lar ve Nakit Y\u00f6netimi<\/h2>\n<p>Grubun toplam finansal bor\u00e7lar\u0131 31 Mart 2026 itibar\u0131yla yakla\u015f\u0131k 163,13 milyar TL&#8217;dir.<\/p>\n<h3>Bor\u00e7 Profili ve Geri \u00d6deme Plan\u0131<\/h3>\n<ul>\n<li><b>Banka Kredileri:<\/b> K\u0131sa vadeli 18,07 milyar TL, uzun vadeli 78,23 milyar TL (A\u011f\u0131rl\u0131kl\u0131 olarak Avro cinsinden).<\/li>\n<li><b>Tahvil \u0130hrac\u0131:<\/b> 25 Nisan 2024&#8217;te ger\u00e7ekle\u015ftirilen 500 milyon ABD dolar\u0131 tutar\u0131ndaki tahvil ihrac\u0131, uzun vadeli bor\u00e7lanmalar\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 (21,3 milyar TL) olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Ertelenmi\u015f Sat\u0131n Alma Bedeli:<\/b> Ford Otosan Romania SRL al\u0131m\u0131yla ilgili 2028 vadeli 7,3 milyar TL tutar\u0131nda ko\u015fullu bor\u00e7 bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Nakit Ak\u0131\u015flar\u0131<\/h3>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 18,05 milyar TL nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 nedeniyle 2,09 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 olmu\u015ftur.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Temett\u00fc \u00f6demeleri ve bor\u00e7 geri \u00f6demeleri neticesinde 17,8 milyar TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. Kritik Muhasebe Tahminleri ve Risk Y\u00f6netimi<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle finansal tablolar TMS 29 uyar\u0131nca d\u00fczeltilmi\u015ftir. 31 Mart 2026 itibar\u0131yla son \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131 %205 olarak baz al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<h3>Kar\u015f\u0131l\u0131klar<\/h3>\n<ul>\n<li><b>Garanti Kar\u015f\u0131l\u0131klar\u0131:<\/b> Grup, ara\u00e7 sat\u0131\u015flar\u0131 i\u00e7in 2 ila 4 y\u0131l s\u00fcreli garanti taahh\u00fctleri kapsam\u0131nda toplam 4,97 milyar TL kar\u015f\u0131l\u0131k ay\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> Olas\u0131 kay\u0131plar i\u00e7in 654,6 milyon TL kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Kredi Riski<\/h3>\n<p>Ticari alacaklar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 ili\u015fkili taraf olan Ford Motor Company&#8217;den (54,6 milyar TL) kaynaklanmaktad\u0131r. \u0130li\u015fkili olmayan taraflardan olan alacaklar\u0131n 19,5 milyar TL&#8217;lik k\u0131sm\u0131 teminat alt\u0131na al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<h2>7. Gelecek D\u00f6nem Olaylar\u0131 ve \u00d6nemli A\u00e7\u0131klamalar<\/h2>\n<p>Grubun finansal tablolar\u0131nda belirtilen duran varl\u0131klar \u00fczerinde herhangi bir rehin veya ipotek bulunmamaktad\u0131r. Gelecek y\u0131llara ili\u015fkin vergi avantajlar\u0131 ve yat\u0131r\u0131m te\u015fvikleri kapsam\u0131nda 24,95 milyar TL tutar\u0131nda ertelenmi\u015f vergi varl\u0131\u011f\u0131 kaydedilmi\u015ftir. \u015eirket y\u00f6netimi, bor\u00e7luluk oranlar\u0131n\u0131 VAF\u00d6K&#8217;\u00fcn 3,5 kat\u0131 alt\u0131nda tutma stratejisini s\u00fcrd\u00fcrmeyi hedeflemektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2518\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Ford Otosan 2026 y\u0131l\u0131na ait ilk \u00e7eyrek konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131 Enflasyon muhasebesi standartlar\u0131na g\u00f6re haz\u0131rlanan rapora g\u00f6re \u015firket 192,4 milyar TL has\u0131lat ve 5,5 milyar TL net kar ile operasyonel g\u00fcc\u00fcn\u00fc kan\u0131tlad\u0131 \u00d6zellikle ihracat pazarlar\u0131ndaki etkinli\u011fini 140 bin adeti a\u015fan sat\u0131\u015f rakam\u0131yla peki\u015ftiren Ford Otosan ayn\u0131 zamanda Ko\u00e7 Finansman A.\u015e.&#8217;yi b\u00fcnyesine katmak \u00fczere att\u0131\u011f\u0131 dev ad\u0131mla dikkatleri \u00fczerine \u00e7ekti Otomotiv d\u00fcnyas\u0131ndaki lider konumunu peki\u015ftiren bu mali veriler ve stratejik sat\u0131n alma s\u00fcre\u00e7lerine dair t\u00fcm teknik analizleri yaz\u0131m\u0131z\u0131n devam\u0131nda bulabilirsiniz<\/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":[233],"class_list":["post-2518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-froto"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2518","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=2518"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2518\/revisions"}],"predecessor-version":[{"id":2519,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2518\/revisions\/2519"}],"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=2518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}