{"id":863,"date":"2026-01-29T16:52:17","date_gmt":"2026-01-29T13:52:17","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=863"},"modified":"2026-02-07T14:20:09","modified_gmt":"2026-02-07T11:20:09","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-merko-merko-gida-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/863","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MERKO | Merko G\u0131da 2025\/12 Bilan\u00e7o Analizi."},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MERKO | Merko G\u0131da 2025\/12 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/mhFUjA4H_fU?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>Merko G\u0131da\u2019n\u0131n 2025 Bilan\u00e7osu: Rakamlar\u0131n \u00d6tesindeki Stratejik D\u00f6n\u00fc\u015f\u00fcm<\/h1>\n<h3>1. Giri\u015f: Mutfaktaki G\u00f6r\u00fcnmez Dev ve De\u011fi\u015fen Dengeler<\/h3>\n<p>T\u00fcrkiye, k\u00fcresel g\u0131da tedarik zincirinde domates sal\u00e7as\u0131 ve t\u00fcrevleri s\u00f6z konusu oldu\u011funda sadece bir \u00fcretici de\u011fil, oyun kurucu bir g\u00fc\u00e7t\u00fcr. Mutfaklar\u0131m\u0131z\u0131n bu vazge\u00e7ilmez temel ta\u015f\u0131, asl\u0131nda devasa bir end\u00fcstriyel disiplinin ve k\u00fcresel diplomasi a\u011f\u0131n\u0131n merkezinde yer al\u0131yor. Merko G\u0131da\u2019n\u0131n 31 Aral\u0131k 2025 itibar\u0131yla a\u00e7\u0131klad\u0131\u011f\u0131 finansal \u00f6zet, bizlere kritik bir soruyu yeniden sorduruyor: Bir \u015firketin ba\u015far\u0131s\u0131n\u0131 sadece d\u00f6nem k\u00e2r\u0131 m\u0131 belirler, yoksa zorlu makroekonomik iklimde in\u015fa etti\u011fi stratejik b\u00fcy\u00fcme kapasitesi mi? Rakamlar\u0131n f\u0131s\u0131ldad\u0131\u011f\u0131 hik\u00e2ye, Merko\u2019nun basit bir &#8220;konserve \u00fcreticisi&#8221; olmaktan \u00e7\u0131k\u0131p, k\u00fcresel \u00f6l\u00e7ekte bir varl\u0131k y\u00f6neticisine d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor.<\/p>\n<h3>2. %57\u2019lik Dev B\u00fcy\u00fcme: Operasyonel Kald\u0131ra\u00e7 ve Kapasite Vizyonu<\/h3>\n<p>\u015eirketlerin b\u00fcy\u00fcme i\u015ftah\u0131n\u0131 anlamak i\u00e7in bilan\u00e7onun so\u011fuk rakamlar\u0131ndan \u00f6nce, fabrikadaki vardiya seslerine kulak vermek gerekir. Merko\u2019nun personel verileri, bu a\u00e7\u0131dan olduk\u00e7a agresif bir geni\u015flemeye i\u015faret ediyor. 30 Haziran 2025\u2019te 147 olan <b>ortalama personel say\u0131s\u0131<\/b>, sadece alt\u0131 ayl\u0131k bir s\u00fcre zarf\u0131nda %57 gibi devasa bir s\u0131\u00e7rama ile 231\u2019e y\u00fckselmi\u015f durumda.<\/p>\n<p>Bu art\u0131\u015f, finansal literat\u00fcrde &#8220;operasyonel kald\u0131ra\u00e7&#8221; haz\u0131rl\u0131\u011f\u0131 olarak okunmal\u0131d\u0131r. Sanayi tipi \u00fcretimde insan kayna\u011f\u0131ndaki bu \u00f6l\u00e7ekli b\u00fcy\u00fcme, sadece bir istihdam verisi de\u011fil; \u015firketin yeni \u00fcretim hatlar\u0131n\u0131 devreye ald\u0131\u011f\u0131n\u0131n ve &#8220;kapasite kullan\u0131m vizyonunu&#8221; k\u00fcresel talebe g\u00f6re yukar\u0131 y\u00f6nl\u00fc kalibre etti\u011finin en somut \u00f6nc\u00fc g\u00f6stergesidir.<\/p>\n<h3>3. Enflasyon Muhasebesi (TMS 29): Ger\u00e7ek De\u011ferin Pe\u015finde<\/h3>\n<p>Y\u00fcksek enflasyonlu ekonomilerde nominal rakamlar, yat\u0131r\u0131mc\u0131y\u0131 yan\u0131ltabilecek birer ill\u00fczyona d\u00f6n\u00fc\u015febilir. Merko G\u0131da, bu karma\u015fay\u0131 a\u015fmak ve \u015feffafl\u0131\u011f\u0131 sa\u011flamak ad\u0131na raporlar\u0131n\u0131 TMS 29 uyar\u0131nca d\u00fczenledi. 31 Aral\u0131k 2025 itibar\u0131yla 3513,87 endeks de\u011feri \u00fczerinden yap\u0131lan bu d\u00fczeltme, bilan\u00e7onun &#8220;sat\u0131n alma g\u00fcc\u00fc&#8221; esas\u0131na g\u00f6re, yani ekonominin ger\u00e7ekleriyle uyumlu hale getirilmesini sa\u011flad\u0131.<\/p>\n<p>&#8220;Parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckler, bilan\u00e7o tarihindeki cari sat\u0131n alma g\u00fcc\u00fc ile ifade edildi\u011finden d\u00fczeltilmemektedir. Parasal olmayan kalemlerin enflasyona g\u00f6re d\u00fczeltilmi\u015f de\u011ferlerinin, geri kazan\u0131labilir tutar\u0131 ya da net ger\u00e7ekle\u015febilir de\u011feri a\u015ft\u0131\u011f\u0131 durumda, s\u0131ras\u0131yla TMS 36 ve TMS 2 h\u00fck\u00fcmleri uygulanm\u0131\u015ft\u0131r.&#8221; (Not 2.1.1)<\/p>\n<p>Bu \u015feffafl\u0131k aray\u0131\u015f\u0131, \u015firketin \u00f6zkaynak yap\u0131s\u0131ndaki direnci de ortaya koyuyor. \u00d6zellikle bilan\u00e7oda yer alan 297,1 Milyon TL\u2019lik negatif &#8220;Ge\u00e7mi\u015f Y\u0131llar Karlar\u0131\/Zararlar\u0131&#8221; kalemi, enflasyonun sat\u0131n alma g\u00fcc\u00fc \u00fczerindeki a\u015f\u0131nd\u0131r\u0131c\u0131 etkisini yans\u0131t\u0131rken; bu iklimde 53,1 Milyon TL net d\u00f6nem k\u00e2r\u0131 elde edebilmek, operasyonel verimlili\u011fin ne denli y\u00fcksek oldu\u011funun ispat\u0131d\u0131r.<\/p>\n<h3>4. Gayrimenkul G\u00fcc\u00fc ve Stratejik Hammadde Havzas\u0131<\/h3>\n<p>Merko\u2019nun bilan\u00e7osuna daha derinlemesine bak\u0131ld\u0131\u011f\u0131nda, 1,18 Milyar TL\u2019lik <b>Net Defter De\u011feri<\/b> ile maddi duran varl\u0131klar g\u00f6ze \u00e7arp\u0131yor. Burada kritik olan sadece rakam\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc de\u011fil, bu varl\u0131klar\u0131n konumudur. Bursa Karacabey\u2019deki (\u00c7akaroz ve Tepecik) yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller ve fabrikalar, Merko i\u00e7in sadece birer \u00fcretim tesisi de\u011fil; ayn\u0131 zamanda &#8220;stratejik hammadde havzas\u0131&#8221; \u00fczerinde kurulan birer rekabet kalesidir.<\/p>\n<p>Bu varl\u0131klar\u0131n amortisman sonras\u0131 net de\u011ferle yans\u0131t\u0131lmas\u0131, \u015firketin fiziksel yenileme maliyetinin piyasa ko\u015fullar\u0131nda \u00e7ok daha y\u00fcksek bir potansiyel ta\u015f\u0131d\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn tam olarak <b>2.699.071.269 TL<\/b> seviyesine ula\u015fmas\u0131, \u015firketin sadece bir g\u0131da \u00fcreticisi de\u011fil, ayn\u0131 zamanda ciddi bir gayrimenkul ve varl\u0131k y\u00f6neticisi kimli\u011fini peki\u015ftiriyor.<\/p>\n<h3>5. K\u00fcresel Liderlik: Alistair Baran Blake ve AMITOM Sinerjisi<\/h3>\n<p>Bir \u015firketin en de\u011ferli &#8220;gizli varl\u0131\u011f\u0131&#8221; y\u00f6netim kalitesidir. Y\u00f6netim Kurulu Ba\u015fkan\u0131 Alistair Baran Blake\u2019in Akdeniz Uluslararas\u0131 Domates \u0130\u015fleyicileri Derne\u011fi (AMITOM) ba\u015fkanl\u0131\u011f\u0131 g\u00f6revini y\u00fcr\u00fctmesi, Merko\u2019yu k\u00fcresel domates piyasas\u0131n\u0131n karar verici masas\u0131na oturtuyor. Bu prestijli liderlik profili, finansal tablolarda do\u011frudan bir kalem olarak g\u00f6r\u00fcnmese de, \u015firketin uluslararas\u0131 pazarlara eri\u015fim g\u00fcc\u00fcn\u00fc ve prestijini do\u011frudan art\u0131ran stratejik bir kald\u0131ra\u00e7t\u0131r.<\/p>\n<h3>6. Frigo-Pak ile B\u00fct\u00fcnle\u015fik G\u00fc\u00e7: \u00c7apraz Y\u00f6netim Vizyonu<\/h3>\n<p>Merko ve Frigo-Pak aras\u0131ndaki ili\u015fki, basit bir i\u015ftirak ba\u011f\u0131n\u0131n (%3,93 pay) \u00e7ok \u00f6tesine ge\u00e7mi\u015f durumda. Alistair Baran Blake\u2019in her iki \u015firkette de hem Y\u00f6netim Kurulu Ba\u015fkan\u0131 hem de Genel M\u00fcd\u00fcr s\u0131fat\u0131yla bulunmas\u0131, operasyonel bir &#8220;tek yumruk&#8221; stratejisini do\u011furuyor.<\/p>\n<p>\u0130smail Aksa\u00e7 ve H\u00fcsn\u00fc Hakan G\u00fcner gibi isimlerin her iki y\u00f6netim kademesinde de yer almas\u0131 (cross-management), Merko\u2019nun Mustafakemalpa\u015fa\u2019daki (Fabrika 1) ve Frigo-Pak\u2019\u0131n \u0130neg\u00f6l\u2019deki (Fabrika 2) tesislerini tek bir devasa \u00fcretim ekosistemi gibi y\u00f6netmesini sa\u011fl\u0131yor. Bu sinerji, hammadde al\u0131m\u0131ndan global sat\u0131\u015f a\u011f\u0131n\u0131n optimizasyonuna kadar her alanda maliyet avantaj\u0131 ve know-how payla\u015f\u0131m\u0131 yarat\u0131yor.<\/p>\n<h3>7. Sonu\u00e7: Domatesin Gelece\u011fi ve Bir Soru<\/h3>\n<p>2025 sonu itibar\u0131yla yakla\u015f\u0131k 2,7 Milyar TL (2.699.071.269 TL) toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015fan Merko G\u0131da, enflasyon muhasebesinin getirdi\u011fi t\u00fcm zorluklara ve ge\u00e7mi\u015f y\u0131llardan gelen sat\u0131n alma g\u00fcc\u00fc kay\u0131plar\u0131na ra\u011fmen 53,1 Milyon TL net d\u00f6nem k\u00e2r\u0131 ile y\u0131l\u0131 kapatarak r\u00fc\u015ft\u00fcn\u00fc ispatlad\u0131. Personel kapasitesini bir y\u0131lda %50\u2019den fazla art\u0131ran, fabrikalar\u0131n\u0131 stratejik hammadde b\u00f6lgelerinde konumland\u0131ran ve k\u00fcresel sekt\u00f6r liderli\u011fini y\u00f6netim kademesine ta\u015f\u0131yan bir yap\u0131 var kar\u015f\u0131m\u0131zda.<\/p>\n<p><b>\u015eu soruyu sorman\u0131n vaktidir:<\/b> K\u00fcresel g\u0131da arz g\u00fcvenli\u011finin her ge\u00e7en g\u00fcn daha stratejik bir silaha d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc bir d\u00fcnyada; hem hammaddeye sahip olan, hem \u00fcretim kapasitesini h\u0131zla art\u0131ran, hem de k\u00fcresel masada s\u00f6z sahibi olan yerel devler mi yar\u0131n\u0131n as\u0131l kazanan\u0131 olacak?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Merko G\u0131da Sanayi ve Ticaret A.\u015e. 31 Aral\u0131k 2025 Ara Hesap D\u00f6nemi Bilgilendirme Belgesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Merko G\u0131da Sanayi ve Ticaret A.\u015e.&#8217;nin (\u015eirket) 1 Temmuz 2025 \u2013 31 Aral\u0131k 2025 tarihlerini kapsayan \u00f6zel ara hesap d\u00f6nemine ait finansal performans\u0131n\u0131, kurumsal yap\u0131s\u0131n\u0131 ve operasyonel durumunu analiz etmektedir. \u015eirket, raporlama d\u00f6nemini 53.128.904 TL net d\u00f6nem k\u00e2r\u0131 ile kapatm\u0131\u015ft\u0131r. Toplam varl\u0131klar, 30 Haziran 2025 tarihindeki 2,28 milyar TL seviyesinden 2,69 milyar TL seviyesine y\u00fckselmi\u015ftir. Finansal tablolar, y\u00fcksek enflasyonlu ekonomilerde finansal raporlamaya ili\u015fkin TMS 29 standartlar\u0131 uyar\u0131nca d\u00fczeltilerek sunulmu\u015ftur. Ba\u011f\u0131ms\u0131z denet\u00e7i, ara d\u00f6nem \u00f6zet finansal bilgilerin TMS 34&#8217;e uygun olarak haz\u0131rlanmad\u0131\u011f\u0131na dair herhangi bir olumsuz hususa rastlanmad\u0131\u011f\u0131n\u0131 bildiren s\u0131n\u0131rl\u0131 denetim raporu sunmu\u015ftur.<\/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>1. Kurumsal Profil ve Operasyonel Yap\u0131<\/h2>\n<p>Merko G\u0131da, T\u00fcrkiye&#8217;nin g\u0131da sanayisinde k\u00f6kl\u00fc bir ge\u00e7mi\u015fe sahip olup temel faaliyetlerini domates t\u00fcrevleri \u00fczerine yo\u011funla\u015ft\u0131rm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Kurulu\u015f ve Faaliyet Konusu:<\/b> 1982 y\u0131l\u0131nda kurulan \u015eirket, domates sal\u00e7as\u0131 ve k\u00fcp domates \u00fcretimi ger\u00e7ekle\u015ftirmektedir.<\/li>\n<li><b>\u00dcretim Tesisleri:<\/b>\n<ul>\n<li><b>Fabrika 1:<\/b> Tepecik Mah. Bak\u0131rk\u00f6y (Yeni) Cad. No:22 Mustafakemalpa\u015fa\/Bursa (Sal\u00e7a \u00fcretim tesisi).<\/li>\n<li><b>Fabrika 2:<\/b> Organize Sanayi B\u00f6lgesi 1. Cadde No:25 \u0130neg\u00f6l\/Bursa (Frigo-Pak \u00fcretim tesisi).<\/li>\n<\/ul>\n<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla ortalama personel say\u0131s\u0131 231&#8217;dir (30 Haziran 2025: 147).<\/li>\n<li><b>\u0130\u015ftirak Yap\u0131s\u0131:<\/b> \u015eirket, Frigo-Pak G\u0131da Maddeleri San. ve Tic. A.\u015e.&#8217;de %3,93 oran\u0131nda i\u015ftirak pay\u0131na sahiptir.<\/li>\n<\/ul>\n<h3>Sermaye ve Ortakl\u0131k Yap\u0131s\u0131 (31 Aral\u0131k 2025)<\/h3>\n<p>\u015eirket&#8217;in kay\u0131tl\u0131 sermaye tavan\u0131 1.000.000.000 TL olup, \u00f6denmi\u015f sermayesi 115.123.372 TL&#8217;dir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedar<\/td>\n<td>Hisse Tutar\u0131 (TL)<\/td>\n<td>Hisse Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>AG Giri\u015fim Holding A.\u015e.<\/td>\n<td>27.225.175<\/td>\n<td>23,65<\/td>\n<\/tr>\n<tr>\n<td>Merko Holding A.\u015e.<\/td>\n<td>5.773.737<\/td>\n<td>5,02<\/td>\n<\/tr>\n<tr>\n<td>Pay Geri Al\u0131m<\/td>\n<td>2.097.716<\/td>\n<td>1,82<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k)<\/td>\n<td>80.026.744<\/td>\n<td>69,51<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>115.123.372<\/b><\/td>\n<td><b>100,00<\/b><\/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>31 Aral\u0131k 2025 tarihinde sona eren alt\u0131 ayl\u0131k d\u00f6nem, \u015eirket i\u00e7in b\u00fcy\u00fcme ve k\u00e2rl\u0131l\u0131\u011f\u0131n korundu\u011fu bir d\u00f6nem olmu\u015ftur.<\/p>\n<h3>Temel Bilan\u00e7o G\u00f6stergeleri (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>30 Haziran 2025<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>1.137.117.008<\/td>\n<td>513.829.784<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.561.954.261<\/td>\n<td>1.768.808.135<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>2.699.071.269<\/b><\/td>\n<td><b>2.282.637.919<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>603.454.436<\/td>\n<td>432.846.808<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>152.153.283<\/td>\n<td>197.389.940<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>1.943.463.550<\/td>\n<td>1.652.401.171<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>K\u00e2r veya Zarar Analizi<\/h3>\n<ul>\n<li><b>Has\u0131lat:<\/b> Alt\u0131 ayl\u0131k d\u00f6nemde toplam 1.081.331.458 TL has\u0131lat elde edilmi\u015ftir.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> Sat\u0131\u015flar\u0131n maliyeti (949.447.453 TL) d\u00fc\u015f\u00fcld\u00fckten sonra 131.884.005 TL br\u00fct k\u00e2r olu\u015fmu\u015ftur.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 69.839.631 TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131:<\/b> Vergi \u00f6ncesi 111.051.711 TL olan k\u00e2r, 57.922.807 TL ertelenmi\u015f vergi gideri sonras\u0131 <b>53.128.904 TL<\/b> net k\u00e2r ile tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Parasal Pozisyon Kazan\u00e7lar\u0131:<\/b> Enflasyon d\u00fczeltmesi kaynakl\u0131 olarak 73.562.764 TL kazan\u00e7 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>3. Finansal Bor\u00e7lar ve Nakit Ak\u0131\u015f\u0131<\/h2>\n<p>\u015eirket&#8217;in finansal y\u00fck\u00fcml\u00fcl\u00fckleri ve likidite y\u00f6netimi stratejik \u00f6neme sahiptir.<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Bor\u00e7lanmalar:<\/b> 303.013.045 TL seviyesindedir. Bunun b\u00fcy\u00fck \u00e7o\u011funlu\u011fu (302.589.885 TL) banka kredilerinden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> D\u00f6nem sonunda 72.809.574 TL nakit varl\u0131\u011f\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Nakit Ak\u0131\u015f Analizi:<\/b>\n<ul>\n<li>\u0130\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015flar\u0131 negatif 166.340.412 TL&#8217;dir.<\/li>\n<li>Finansman faaliyetlerinden 278.922.425 TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li>D\u00f6nem net nakit art\u0131\u015f\u0131 54.941.345 TL&#8217;dir.<\/li>\n<\/ul>\n<\/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. Risk Y\u00f6netimi ve Gelece\u011fe Y\u00f6nelik Hususlar<\/h2>\n<p>\u015eirket, operasyonlar\u0131n\u0131 etkileyebilecek \u00e7e\u015fitli finansal ve operasyonel risklerle kar\u015f\u0131 kar\u015f\u0131yad\u0131r.<\/p>\n<ul>\n<li><b>D\u00f6viz Kuru Riski:<\/b> \u015eirket&#8217;in d\u00f6viz pozisyonu analiz edildi\u011finde, toplam yabanc\u0131 para varl\u0131klar\u0131 177.156.593 TL kar\u015f\u0131l\u0131\u011f\u0131 iken, y\u00fck\u00fcml\u00fcl\u00fckleri 237.725.808 TL kar\u015f\u0131l\u0131\u011f\u0131d\u0131r. Bu durum net 60.569.215 TL tutar\u0131nda bir d\u00f6viz a\u00e7\u0131\u011f\u0131na (y\u00fck\u00fcml\u00fcl\u00fck fazlas\u0131) i\u015faret etmektedir.<\/li>\n<li><b>Likidite Riski:<\/b> \u015eirket, nakit ak\u0131\u015flar\u0131n\u0131 d\u00fczenli takip ederek y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama stratejisi g\u00fctmektedir. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f dikkat \u00e7ekicidir.<\/li>\n<li><b>\u0130klim ve Hammadde Riski:<\/b> Domates fiyatlar\u0131ndaki dalgalanmalar ve iklim ko\u015fullar\u0131 \u00fcretim maliyetleri \u00fczerinde bask\u0131 olu\u015fturabilmektedir.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar, 31 Aral\u0131k 2025 tarihli sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir. 31 Aral\u0131k 2025 endeksi 3513,87 olarak baz al\u0131nm\u0131\u015ft\u0131r (D\u00fczeltme katsay\u0131s\u0131: 1,00).<\/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>5. \u00d6nemli Notlar ve Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h2>\n<ul>\n<li><b>S\u0131n\u0131rl\u0131 Denetim Sonucu:<\/b> \u00c7\u00f6z\u00fcm \u00dcnl\u00fcer Ba\u011f\u0131ms\u0131z Denetim ve YMM A.\u015e. taraf\u0131ndan yap\u0131lan inceleme sonucunda, finansal tablolar\u0131n \u00f6nemli t\u00fcm y\u00f6nleriyle TMS 34&#8217;e uygun olarak haz\u0131rlanmad\u0131\u011f\u0131na dair bir bulguya rastlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> Bursa Karacabey&#8217;de bulunan arazilerin toplam de\u011feri 212.736.084 TL olarak finansal tablolarda yer almaktad\u0131r.<\/li>\n<li><b>Stoklar:<\/b> D\u00f6nem sonu stok mevcudu 364.724.023 TL&#8217;dir.<\/li>\n<li><b>Raporlama Sonras\u0131 Olaylar:<\/b> \u015eirketin esas s\u00f6zle\u015fmesinde imtiyazl\u0131 pay ihrac\u0131na imkan tan\u0131yan de\u011fi\u015fiklik ba\u015fvurusu, raporlama d\u00f6neminden sonra 09.01.2026 tarihinde SPK taraf\u0131ndan olumlu sonu\u00e7lanm\u0131\u015ft\u0131r.<\/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<p><i>Bu belge, sa\u011flanan kaynak dok\u00fcmanlardaki verilerin sentezlenmesiyle olu\u015fturulmu\u015ftur ve sadece bilgilendirme ama\u00e7l\u0131d\u0131r.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"863\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Merko G\u0131da\u2019n\u0131n 2025 Bilan\u00e7osu: Rakamlar\u0131n \u00d6tesindeki Stratejik D\u00f6n\u00fc\u015f\u00fcm 1. Giri\u015f: Mutfaktaki G\u00f6r\u00fcnmez Dev ve De\u011fi\u015fen Dengeler T\u00fcrkiye, k\u00fcresel g\u0131da tedarik zincirinde domates sal\u00e7as\u0131 ve t\u00fcrevleri s\u00f6z konusu oldu\u011funda sadece bir \u00fcretici de\u011fil, oyun kurucu bir g\u00fc\u00e7t\u00fcr. Mutfaklar\u0131m\u0131z\u0131n bu vazge\u00e7ilmez temel&#8230; <\/p>\n","protected":false},"author":1,"featured_media":864,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[74],"class_list":["post-863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-merko"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/863","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=863"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/863\/revisions"}],"predecessor-version":[{"id":983,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/863\/revisions\/983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/864"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}