{"id":2535,"date":"2026-06-19T20:17:47","date_gmt":"2026-06-19T17:17:47","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2535"},"modified":"2026-06-19T20:19:26","modified_gmt":"2026-06-19T17:19:26","slug":"bilano-analizi-copy-2","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2535","title":{"rendered":"\u00dclker Bisk\u00fcvi 2026 1 \u00c7eyrek Finansal Raporu ve Bilan\u00e7o \u00d6zeti"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\u00dclker Bisk\u00fcvi 2026 1 \u00c7eyrek Finansal Raporu ve Bilan\u00e7o \u00d6zeti\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/mYlwEgcErBg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>\u00dclker Bisk\u00fcvi Sanayi A.\u015e. ve Ba\u011fl\u0131 Ortakl\u0131klar\u0131: 2026 Birinci \u00c7eyrek Finansal ve Operasyonel \u0130nceleme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu rapor, \u00dclker Bisk\u00fcvi Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 1 Ocak &#8211; 31 Mart 2026 ara hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve organizasyonel yap\u0131s\u0131n\u0131 analiz etmektedir. Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak, 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re bin T\u00fcrk Liras\u0131 (TL) cinsinden sunulmu\u015ftur.<\/p>\n<p>Grup&#8217;un 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011findeki toplam has\u0131lat\u0131 33,9 milyar TL olarak ger\u00e7ekle\u015firken, net d\u00f6nem k\u00e2r\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir d\u00fc\u015f\u00fc\u015fle 1,8 milyar TL seviyesine gerilemi\u015ftir. Toplam varl\u0131klar 31 Aral\u0131k 2025&#8217;teki 139,6 milyar TL seviyesinden 134,6 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirket, bu d\u00f6nemde bor\u00e7 yap\u0131land\u0131rma ve finansal risklerden korunma stratejilerine odaklanm\u0131\u015f; EBRD ve IFC gibi uluslararas\u0131 kurulu\u015flarla kredi anla\u015fmalar\u0131n\u0131 yenileyerek bor\u00e7 vadesini optimize etmi\u015ftir.<\/p>\n<h2>1. Grup Organizasyonu ve Faaliyet Konusu<\/h2>\n<p>1944 y\u0131l\u0131nda kurulan \u00dclker Bisk\u00fcvi Sanayi A.\u015e., bisk\u00fcvi, \u00e7ikolata, gofret ve kek \u00fcretimi alan\u0131nda faaliyet g\u00f6stermektedir. \u015eirket, 1996 y\u0131l\u0131ndan beri Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmektedir.<\/p>\n<ul>\n<li><b>Sahiplik Yap\u0131s\u0131:<\/b> Grup&#8217;un ana orta\u011f\u0131 <b>pladis Foods Limited<\/b> (%47,23), nihai orta\u011f\u0131 ise \u00dclker Ailesi taraf\u0131ndan y\u00f6netilen <b>Y\u0131ld\u0131z Uluslararas\u0131 G\u0131da Yat\u0131r\u0131mlar\u0131 A.\u015e.<\/b>&#8216;dir.<\/li>\n<li><b>\u0130\u015f G\u00fcc\u00fc:<\/b> 31 Mart 2026 itibar\u0131yla toplam \u00e7al\u0131\u015fan say\u0131s\u0131 10.343&#8217;t\u00fcr (bu say\u0131n\u0131n 2.932&#8217;si ta\u015feron \u00e7al\u0131\u015fan\u0131d\u0131r).<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> Grup, konsolidasyon kapsam\u0131nda 14 ba\u011fl\u0131 ortakl\u0131ktan olu\u015fmaktad\u0131r. Bu ortakl\u0131klar T\u00fcrkiye, M\u0131s\u0131r, Suudi Arabistan, Kazakistan ve Birle\u015fik Arap Emirlikleri gibi geni\u015f bir co\u011frafyada \u00fcretim ve ticaret faaliyetleri y\u00fcr\u00fctmektedir.<\/li>\n<\/ul>\n<h2>2. Finansal Durum Analizi (\u00d6zet)<\/h2>\n<p>Grup&#8217;un finansal durum tablosu, varl\u0131k ve kaynak yap\u0131s\u0131ndaki de\u011fi\u015fimleri ortaya koymaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>134.600.918<\/b><\/td>\n<td><b>139.606.983<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>90.089.780<\/td>\n<td>93.432.527<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>44.511.138<\/td>\n<td>46.174.456<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>134.600.918<\/b><\/td>\n<td><b>139.606.983<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>35.265.258<\/td>\n<td>38.833.638<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>47.520.949<\/td>\n<td>50.290.732<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>51.814.711<\/b><\/td>\n<td><b>50.482.613<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u00d6nemli Varl\u0131k ve Bor\u00e7 Kalemleri<\/h3>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 2025 y\u0131l sonundaki 25,6 milyar TL seviyesinden 17,1 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Stoklar:<\/b> Hammadde ve malzeme maliyetlerindeki art\u0131\u015fla birlikte 28,4 milyar TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Finansal Bor\u00e7lar:<\/b> Toplam bor\u00e7lanma 58,2 milyar TL seviyesindedir. Bor\u00e7lar\u0131n b\u00fcy\u00fck k\u0131sm\u0131 (40,8 milyar TL) uzun vadelidir.<\/li>\n<\/ul>\n<h2>3. Kar veya Zarar Analizi<\/h2>\n<p>Grup&#8217;un operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131, maliyet art\u0131\u015flar\u0131 ve finansman giderlerinden etkilenmi\u015ftir:<\/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<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>33.906.421<\/td>\n<td>35.285.011<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(24.454.617)<\/td>\n<td>(23.486.668)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>9.451.804<\/b><\/td>\n<td><b>11.798.343<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>4.597.297<\/td>\n<td>7.033.631<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>1.835.127<\/b><\/td>\n<td><b>3.375.142<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/td>\n<td>4,29<\/td>\n<td>8,55<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Operasyonel Giderler<\/h3>\n<ul>\n<li><b>Pazarlama Giderleri:<\/b> 4,1 milyar TL ile en b\u00fcy\u00fck gider kalemini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 928,8 milyon TL seviyesindedir.<\/li>\n<li><b>Finansman Giderleri:<\/b> Faiz ve kambiyo zararlar\u0131 nedeniyle 3,9 milyar TL olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. B\u00f6l\u00fcmlere G\u00f6re Raporlama<\/h2>\n<p>Grup, faaliyetlerini &#8220;Yurti\u00e7i&#8221; (T\u00fcrkiye i\u00e7i operasyonlar) ve &#8220;Uluslararas\u0131&#8221; olarak iki ana b\u00f6l\u00fcme ay\u0131rmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>B\u00f6l\u00fcm (Q1 2026)<\/td>\n<td>Has\u0131lat (Bin TL)<\/td>\n<td>Br\u00fct K\u00e2r (Bin TL)<\/td>\n<td>FAV\u00d6K Marj\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Yurti\u00e7i<\/td>\n<td>24.479.925<\/td>\n<td>6.331.114<\/td>\n<td>%15,3<\/td>\n<\/tr>\n<tr>\n<td>Uluslararas\u0131<\/td>\n<td>9.426.496<\/td>\n<td>3.120.690<\/td>\n<td>%14,6<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>33.906.421<\/b><\/td>\n<td><b>9.451.804<\/b><\/td>\n<td><b>%15,1<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Finansal Bor\u00e7lar ve Risk Y\u00f6netimi<\/h2>\n<p>Grup, bor\u00e7 yap\u0131s\u0131n\u0131 optimize etmek ve kur riskini y\u00f6netmek i\u00e7in stratejik ad\u0131mlar atm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Tahvil \u0130hrac\u0131:<\/b> 8 Temmuz 2024 tarihinde ihra\u00e7 edilen 550 milyon ABD Dolar\u0131 nominal de\u011ferli, %7,88 sabit faizli tahvilin vadesi 7 y\u0131ld\u0131r.<\/li>\n<li><b>Yeni Kredi Anla\u015fmalar\u0131:<\/b>\n<ul>\n<li>Ekim 2025&#8217;te 11 bankan\u0131n kat\u0131l\u0131m\u0131yla 217,5 milyon ABD Dolar\u0131 ve 27,6 milyon Avro tutar\u0131nda 5 y\u0131l vadeli s\u00fcrd\u00fcr\u00fclebilirlik ba\u011flant\u0131l\u0131 kredi imzalanm\u0131\u015ft\u0131r.<\/li>\n<li>EBRD ve IFC ile toplamda 150 milyon Avro tutar\u0131nda 5 y\u0131l vadeli krediler erken refinansman amac\u0131yla kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Finansal Kovenantlar:<\/b> Grup, &#8220;Konsolide Net Bor\u00e7 \/ FAV\u00d6K&#8221; oran\u0131n\u0131 <b>3:1<\/b> ve &#8220;Faiz Kar\u015f\u0131lama&#8221; oran\u0131n\u0131 <b>2:1<\/b> seviyelerinin \u00fczerinde tutma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc yerine getirmektedir.<\/li>\n<li><b>T\u00fcrev Ara\u00e7lar:<\/b> Kur riskinden korunmak amac\u0131yla 160 milyon ABD Dolar\u0131 ve 95 milyon Avro tutar\u0131nda \u00c7apraz Kur Sabit Faiz Swap i\u015flemleri yap\u0131lm\u0131\u015ft\u0131r. 31 Mart 2026 itibar\u0131yla t\u00fcrev ara\u00e7lar\u0131n net rayi\u00e7 de\u011feri 3,4 milyar TL varl\u0131k olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h2>6. Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h2>\n<p>Finansal tablolar\u0131n haz\u0131rlanmas\u0131nda T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>31 Mart 2026 Endeksi:<\/b> 3.866,74<\/li>\n<li><b>Net Parasal Pozisyon Kazanc\u0131:<\/b> Grup, parasal olmayan kalemlerin endekslenmesi sonucunda 1,09 milyar TL net parasal pozisyon kazanc\u0131 elde etmi\u015ftir.<\/li>\n<\/ul>\n<h2>7. \u00d6nemli Dipnotlar ve Di\u011fer Hususlar<\/h2>\n<ul>\n<li><b>\u015eerefiye:<\/b> Grup b\u00fcnyesindeki UI Mena B.V. ve pladis Arabia International Manufacturing Company kaynakl\u0131 toplam 2,9 milyar TL tutar\u0131nda \u015ferefiye bulunmaktad\u0131r.<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> Arsa ve binalar yeniden de\u011ferleme modeli ile izlenmektedir. 31 Mart 2026 itibar\u0131yla net defter de\u011feri 33,5 milyar TL&#8217;dir.<\/li>\n<li><b>Vergi:<\/b> T\u00fcrkiye&#8217;deki kurumlar vergisi oran\u0131 %25&#8217;tir. Grup&#8217;un d\u00f6nem vergi gideri 1,1 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>\u0130li\u015fkili Taraflar:<\/b> \u0130li\u015fkili taraflardan ticari alacaklar 23 milyar TL seviyesindedir. Bu tutar\u0131n b\u00fcy\u00fck k\u0131sm\u0131 operasyonel sat\u0131\u015f s\u00fcre\u00e7lerinden kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2535\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>\u00dclker Bisk\u00fcvi\u2019nin 2026 y\u0131l\u0131 birinci \u00e7eyrek finansal sonu\u00e7lar\u0131 yay\u0131mland\u0131 ve \u015firketin hem yerel hem de k\u00fcresel pazardaki g\u00fcc\u00fc bir kez daha teyit edildi 33,9 milyar TL has\u0131lat\u0131n a\u00e7\u0131kland\u0131\u011f\u0131 bu d\u00f6nemde enflasyon muhasebesi uygulamalar\u0131 ve stratejik bor\u00e7 yap\u0131land\u0131rma ad\u0131mlar\u0131 \u00f6n plana \u00e7\u0131k\u0131yor \u015eirketin yurt i\u00e7i ve uluslararas\u0131 operasyonlar\u0131ndan gelen karl\u0131l\u0131k verilerini bilan\u00e7o detaylar\u0131n\u0131 ve gelecek vizyonunu i\u00e7eren analizimizi blog yaz\u0131m\u0131zda bulabilirsiniz G\u0131da sekt\u00f6r\u00fcn\u00fcn dev isminin finansal performans\u0131ndaki son geli\u015fmeleri ke\u015ffedin<\/p>\n","protected":false},"author":9,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[185],"class_list":["post-2535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ulker"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2535","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2535"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2535\/revisions"}],"predecessor-version":[{"id":2537,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2535\/revisions\/2537"}],"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=2535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}