{"id":1205,"date":"2026-02-16T20:35:19","date_gmt":"2026-02-16T17:35:19","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1205"},"modified":"2026-02-16T20:36:18","modified_gmt":"2026-02-16T17:36:18","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-sise-sise-turkiye-sise-ve-cam-fabrikalari-2025-12-bilanco-analizi-sisecamin-rekor-kari-ve-kayip-nakit-gizemi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1205","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #SISE $SISE | T\u00fcrkiye \u015ei\u015fe ve Cam Fabrikalar\u0131 2025\/12 Bilan\u00e7o Analizi  &#8211; \u015ei\u015fecam&#8217;\u0131n Rekor K\u00e2r\u0131 ve Kay\u0131p Nakit Gizemi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/SISE-SISE--Trkiye-ie-ve-Cam-Fabrikalar-202512-Bilano-Analizi---iecamn-Rekor-Kr-ve-Kayp-Nakit-Gizemi-e3f63es\/a-acfpg0f\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><strong><em>2025 Y\u0131l\u0131 Finansal Raporlar\u0131ndan \u00d6nemli Ba\u015fl\u0131klar<\/em><\/strong><br \/>\n<em>\u2022 Has\u0131lat ve Kar Oranlar\u0131: \u015ei\u015fecam, 2025 y\u0131l\u0131nda 224,5 milyar TL tutar\u0131nda has\u0131lat elde etmi\u015ftir. \u015eirketin br\u00fct kar\u0131 61,9 milyar TL olarak ger\u00e7ekle\u015firken, ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net d\u00f6nem kar\u0131 9,8 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Varl\u0131klar ve \u00d6zkaynaklar: \u015eirketin toplam varl\u0131klar\u0131 506,9 milyar TL, toplam \u00f6zkaynaklar\u0131 ise 269,2 milyar TL olarak kaydedilmi\u015ftir.<\/em><br \/>\n<em>\u2022 FAV\u00d6K Performans\u0131: \u015ei\u015fecam\u2019\u0131n faaliyet performans\u0131n\u0131n bir g\u00f6stergesi olan faiz, amortisman ve vergi \u00f6ncesi kar\u0131 (FAV\u00d6K) 23,9 milyar TL olmu\u015ftur.<\/em><br \/>\n<em>\u2022 Co\u011frafi Sat\u0131\u015f Da\u011f\u0131l\u0131m\u0131: Sat\u0131\u015flar\u0131n co\u011frafi da\u011f\u0131l\u0131m\u0131na bak\u0131ld\u0131\u011f\u0131nda, T\u00fcrkiye&#8217;den elde edilen net has\u0131lat yakla\u015f\u0131k 132,2 milyar TL ile en b\u00fcy\u00fck pay\u0131 olu\u015ftururken, onu 43,1 milyar TL ile Avrupa ve 23,9 milyar TL ile Rusya, Ukrayna ve G\u00fcrcistan b\u00f6lgeleri takip etmi\u015ftir.<\/em><br \/>\n<em>\u2022 Yat\u0131r\u0131mlar ve Kapasite Art\u0131\u015f\u0131: \u015eirket, 2025 y\u0131l\u0131nda maddi ve maddi olmayan duran varl\u0131klar i\u00e7in toplam 35,8 milyar TL tutar\u0131nda yat\u0131r\u0131m harcamas\u0131 yapm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Raporlama Sonras\u0131 \u00d6nemli Geli\u015fmeler:<\/em><br \/>\n<em>\u25e6 Bulgaristan\u2019da 20 Milyon Euro yat\u0131r\u0131m bedeline sahip yeni bir kaplamal\u0131 cam hatt\u0131 devreye al\u0131nm\u0131\u015f ve \u015firketin k\u00fcresel kaplamal\u0131 cam kapasitesi %21 oran\u0131nda artm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u25e6 Macaristan&#8217;daki cam ambalaj \u00fcretim tesisinin ilk f\u0131r\u0131n\u0131 \u015eubat 2026&#8217;da ate\u015flenerek test \u00fcretimlerine ba\u015flanm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u25e6 \u015eirketin %100 sahibi oldu\u011fu Sisecam UK PLC \u00fczerinden 500 Milyon ABD Dolar\u0131 tutar\u0131nda yeni bir tahvil ihrac\u0131 ba\u015far\u0131yla tamamlanm\u0131\u015ft\u0131r.<\/em><\/p>\n<h1>\u015ei\u015fecam\u2019\u0131n 2025 Bilan\u00e7osundan \u00c7\u0131kar\u0131lacak En \u00c7arp\u0131c\u0131 5 Ders: Devler Nas\u0131l D\u00f6n\u00fc\u015f\u00fcr?<\/h1>\n<p><b>Giri\u015f: Bir Cumhuriyet Projesinden K\u00fcresel Hegemona<\/b><\/p>\n<p>90 y\u0131l \u00f6nce gen\u00e7 T\u00fcrkiye Cumhuriyeti\u2019nin sanayile\u015fme vizyonuyla temelleri at\u0131lan \u015ei\u015fecam, bug\u00fcn sadece bir cam \u00fcreticisi de\u011fil, k\u00fcresel finansal satran\u00e7 tahtas\u0131nda hamle yapan bir hegemon haline gelmi\u015f durumda. 31 Aral\u0131k 2025 tarihli konsolide finansal raporlar, \u015firketin y\u00fcksek enflasyon d\u00f6neminin getirdi\u011fi &#8220;yeni normal&#8221; kurallar\u0131na (TMS 29) nas\u0131l adapte oldu\u011funu t\u00fcm \u00e7\u0131plakl\u0131\u011f\u0131yla g\u00f6steriyor. Bu analizde, milyarlarca liral\u0131k verinin \u00f6tesine ge\u00e7erek \u015ei\u015fecam\u2019\u0131n operasyonel \u00e7evikli\u011fini ve stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc 5 temel ba\u015fl\u0131kta inceliyoruz.<\/p>\n<p><b>Zarardan K\u00e2ra: Operasyonel Verimlili\u011fin &#8220;Sessiz&#8221; Zaferi<\/b><\/p>\n<p>2025 y\u0131l\u0131 bilan\u00e7osundaki en dramatik de\u011fi\u015fim, operasyonel k\u00e2rl\u0131l\u0131k sat\u0131r\u0131nda gizli. 2024 y\u0131l\u0131nda 2,6 milyar TL &#8220;Esas Faaliyet Zarar\u0131&#8221; ile kar\u015f\u0131 kar\u015f\u0131ya kalan \u015ei\u015fecam, 2025&#8217;te bu tabloyu 4,7 milyar TL &#8220;Esas Faaliyet Kar\u0131&#8221;na d\u00f6n\u00fc\u015ft\u00fcrmeyi ba\u015fard\u0131. \u00dcstelik bu ba\u015far\u0131, has\u0131lat\u0131n 242,9 milyar TL&#8217;den (2024) 224,5 milyar TL&#8217;ye geriledi\u011fi, talebin bask\u0131land\u0131\u011f\u0131 bir konjonkt\u00fcrde geldi.<\/p>\n<p><b>Analistin Notu:<\/b> Sat\u0131\u015flardaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen k\u00e2ra ge\u00e7ilmesinin s\u0131rr\u0131, &#8220;Sat\u0131\u015flar\u0131n Maliyeti&#8221; kalemindeki %13,5\u2019lik (187,9 milyar TL\u2019den 162,5 milyar TL\u2019ye) keskin d\u00fc\u015f\u00fc\u015ft\u00fcr. Bir uzman g\u00f6z\u00fcyle bakt\u0131\u011f\u0131m\u0131zda; bu durumun sadece enerji fiyatlar\u0131ndaki normalle\u015fme ile a\u00e7\u0131klanamayaca\u011f\u0131n\u0131, \u015firketin d\u00fc\u015f\u00fck marjl\u0131 \u00fcr\u00fcn segmentlerinden kontroll\u00fc \u00e7\u0131k\u0131\u015f yaparak tedarik zinciri optimizasyonunda &#8220;cerrahi bir operasyon&#8221; y\u00fcr\u00fctt\u00fc\u011f\u00fcn\u00fc s\u00f6yleyebiliriz.<\/p>\n<p><b>Bir \u015eirketten Daha Fazlas\u0131: 7 Koldan K\u00fcresel Ku\u015fatma<\/b><\/p>\n<p>\u015ei\u015fecam\u2019\u0131n organizasyon yap\u0131s\u0131, riskin co\u011frafi ve sekt\u00f6rel olarak nas\u0131l da\u011f\u0131t\u0131laca\u011f\u0131n\u0131n ders kitab\u0131 niteli\u011finde bir \u00f6rne\u011fidir. \u015eirket; Mimari Camlar, End\u00fcstriyel Camlar, Cam Ev E\u015fyas\u0131, Cam Ambalaj, Enerji, Kimyasallar ve Di\u011fer Hizmetler olmak \u00fczere 7 ana kolda faaliyetlerini s\u00fcrd\u00fcr\u00fcyor.<\/p>\n<ul>\n<li><b>K\u00fcresel Ayak \u0130zi:<\/b> ABD\u2019den \u00c7in\u2019e, M\u0131s\u0131r\u2019dan Rusya ve Avrupa\u2019ya uzanan devasa bir a\u011f (\u00d6rn: Pasabahce Egypt, Sisecam Chemicals Wyoming).<\/li>\n<li><b>Entegrasyon G\u00fcc\u00fc:<\/b> Bir cam devinin ABD&#8217;de liman (Stockton Soda Ash Port) i\u015fletmesi veya Cami\u015f Madencilik \u00fczerinden kendi ham maddesini \u00fcretmesi, lojistik maliyetlerin global k\u00e2rl\u0131l\u0131\u011f\u0131 tehdit etti\u011fi bu d\u00f6nemde en b\u00fcy\u00fck savunma hatt\u0131n\u0131 olu\u015fturuyor.<\/li>\n<\/ul>\n<p>Bu k\u00fcresel yay\u0131l\u0131m, devasa bir yat\u0131r\u0131m i\u015ftah\u0131n\u0131 da beraberinde getiriyor ve bizi do\u011frudan nakit ak\u0131\u015f\u0131ndaki z\u0131tl\u0131\u011fa y\u00f6nlendiriyor.<\/p>\n<p><b>Yat\u0131r\u0131m \u0130\u015ftah\u0131: Nakit Azal\u0131rken Artan Duran Varl\u0131klar<\/b><\/p>\n<p>\u015eirketin finansal durum tablosunda nakit varl\u0131klar ile duran varl\u0131klar aras\u0131nda net bir yer de\u011fi\u015ftirme g\u00f6zlemliyoruz. 2024 sonunda 70,2 milyar TL olan &#8220;Nakit ve Nakit Benzerleri&#8221;, 2025 sonunda 38,1 milyar TL\u2019ye gerilemi\u015f durumda. Ancak bu bir nakit krizi de\u011fil, bilin\u00e7li bir sermaye tahsisidir.<\/p>\n<p><b>Gelece\u011fe Yat\u0131r\u0131m\u0131n Bedeli<\/b><\/p>\n<p>Nakit Ak\u0131\u015f Tablosu&#8217;nun B b\u00f6l\u00fcm\u00fc, bu nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131n nedenini netle\u015ftiriyor: \u015ei\u015fecam, 2025 y\u0131l\u0131 boyunca &#8220;Maddi ve Maddi Olmayan Duran Varl\u0131k Al\u0131m\u0131&#8221; i\u00e7in tam <b>35,8 milyar TL<\/b> harcad\u0131.<\/p>\n<p>\u015eirket, k\u0131sa vadeli likiditeyi gelece\u011fin kapasite art\u0131\u015f\u0131na ve teknolojik modernizasyonuna feda ederek k\u00fcresel pazar pay\u0131n\u0131 koruma alt\u0131na al\u0131yor.<\/p>\n<p><b>Enflasyonun Muhasebesi: 23 Milyar TL&#8217;lik &#8220;Muhasebe Kalkan\u0131&#8221;<\/b><\/p>\n<p>2025 bilan\u00e7osunu okurken en \u00e7ok dikkat edilmesi gereken kalem &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131&#8221;d\u0131r. \u015ei\u015fecam, bu kalemden 23,4 milyar TL\u2019lik devasa bir katk\u0131 sa\u011flad\u0131.<\/p>\n<p><b>Ele\u015ftirel Bak\u0131\u015f:<\/b> Burada d\u00fcr\u00fcst bir analiz yapmam\u0131z gerekiyor; \u015firketin 9,5 milyar TL olarak ger\u00e7ekle\u015fen net d\u00f6nem k\u00e2r\u0131, bu &#8220;gayri nakdi&#8221; enflasyon d\u00fczeltmesi kazanc\u0131 olmasayd\u0131 asl\u0131nda net bir zarar olarak kar\u015f\u0131m\u0131za \u00e7\u0131kacakt\u0131. 2024 y\u0131l\u0131ndaki 20,7 milyar TL&#8217;lik kazan\u00e7la k\u0131yasland\u0131\u011f\u0131nda, enflasyon muhasebesinin \u015ei\u015fecam&#8217;\u0131n \u00f6zkaynaklar\u0131n\u0131 koruyan ve net k\u00e2r\u0131n\u0131 &#8220;pozitif b\u00f6lgede&#8221; tutan temel bir kalkan g\u00f6revi g\u00f6rd\u00fc\u011f\u00fc a\u00e7\u0131k\u00e7a g\u00f6r\u00fclmektedir. Bu, varl\u0131klar\u0131 enflasyona kar\u015f\u0131 y\u00f6netme sanat\u0131n\u0131n bir sonucudur.<\/p>\n<p><b>Kimyasallar ve Do\u011fal Soda: Konsolidasyonun Teknik Derinli\u011fi<\/b><\/p>\n<p>\u015ei\u015fecam\u2019\u0131n kimyasallar grubundaki b\u00fcy\u00fcme stratejisi, \u00f6zellikle ABD pazar\u0131nda yeni bir evreye ge\u00e7ti. \u00d6zkaynak de\u011fi\u015fim tablosu notlar\u0131nda yer alan detay, stratejik bir hamleyi ortaya koyuyor: Sisecam Chemicals Resources LLC\u2019deki pay\u0131n %60&#8217;tan %100&#8217;e \u00e7\u0131kar\u0131lmas\u0131.<\/p>\n<p>Bu hamle, sadece bir hisse art\u0131\u015f\u0131 de\u011fil; ABD\u2019deki dev operasyon olan <i>Sisecam Chemicals Wyoming LLC<\/i> \u00fczerindeki <b>%20,4 oran\u0131ndaki dolayl\u0131 paylar\u0131n da tamam\u0131na<\/b> sahip olunmas\u0131 anlam\u0131na geliyor.<\/p>\n<p><b>Analistin Hipotezi:<\/b> Bu tam konsolidasyon, \u015ei\u015fecam\u2019\u0131n do\u011fal soda ash (sodyum karbonat) pazar\u0131nda maliyet liderli\u011fini ele ge\u00e7irme arzusunun bir yans\u0131mas\u0131d\u0131r. Sentetik \u00fcretime g\u00f6re \u00e7ok daha d\u00fc\u015f\u00fck maliyetli olan do\u011fal soday\u0131 kontrol etmek, k\u00fcresel cam fiyatlar\u0131ndaki dalgalanmalarda \u015ei\u015fecam\u2019a rakiplerinin sahip olamad\u0131\u011f\u0131 bir &#8220;marj korumas\u0131&#8221; sa\u011flayacakt\u0131r.<\/p>\n<p><b>Sonu\u00e7: Yar\u0131n\u0131n \u015ei\u015fecam\u2019\u0131 Hangi Cam\u0131 \u015eekillendirecek?<\/b><\/p>\n<p>2025 y\u0131l\u0131 bilan\u00e7osu, \u015ei\u015fecam i\u00e7in has\u0131lat\u0131n bask\u0131land\u0131\u011f\u0131 ancak operasyonel verimlilik ve stratejik yat\u0131r\u0131mlarla gelece\u011fin in\u015fa edildi\u011fi bir &#8220;k\u00f6pr\u00fc y\u0131l&#8221; oldu. Enflasyon muhasebesinin finansallar \u00fczerindeki kurtar\u0131c\u0131 etkisi yads\u0131namaz olsa da, \u015firketin 35,8 milyar TL\u2019lik yat\u0131r\u0131m harcamas\u0131 gelece\u011fe olan g\u00fcvenin en net imzas\u0131d\u0131r.<\/p>\n<p>Peki, 22.995 \u00e7al\u0131\u015fan\u0131 ve k\u0131talara yay\u0131lan \u00fcretim hatt\u0131yla \u015ei\u015fecam, \u00f6n\u00fcm\u00fczdeki k\u00fcresel ekonomik belirsizliklerde bu yat\u0131r\u0131m i\u015ftah\u0131n\u0131 s\u00fcrd\u00fcr\u00fclebilir bir b\u00fcy\u00fcme hik\u00e2yesine d\u00f6n\u00fc\u015ft\u00fcrebilecek mi? Finansal mimari haz\u0131r, \u015fimdi s\u0131ra bu kapasiteyi pazar g\u00fcc\u00fcne d\u00f6n\u00fc\u015ft\u00fcrmekte.<\/p>\n<p>&#8212;<\/p>\n<h1>Bilgilendirme Belgesi: T\u00fcrkiye \u015ei\u015fe ve Cam Fabrikalar\u0131 A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Analizi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, T\u00fcrkiye \u015ei\u015fe ve Cam Fabrikalar\u0131 A.\u015e. (&#8220;\u015ei\u015fecam&#8221; veya &#8220;Grup&#8221;) \u015firketinin 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve faaliyet sonu\u00e7lar\u0131n\u0131 sentezlemektedir. Finansal veriler, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) uyar\u0131nca 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilerek sunulmu\u015ftur.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Net Kar Art\u0131\u015f\u0131:<\/b> Grup, 2025 y\u0131l\u0131nda net d\u00f6nem kar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re (enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f bazda) art\u0131rarak 9,54 Milyar TL seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel D\u00f6n\u00fc\u015f\u00fcm:<\/b> 2024 y\u0131l\u0131nda esas faaliyetlerinden zarar a\u00e7\u0131klayan Grup, 2025 y\u0131l\u0131nda 4,74 Milyar TL tutar\u0131nda esas faaliyet kar\u0131 elde ederek operasyonel bir iyile\u015fme sergilemi\u015ftir.<\/li>\n<li><b>Has\u0131latta Reel Daralma:<\/b> Has\u0131lat rakam\u0131, enflasyon d\u00fczeltmesi sonras\u0131 bir \u00f6nceki y\u0131la g\u00f6re nominal olarak %7,5 oran\u0131nda bir azalma ile 224,5 Milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Net Parasal Pozisyon:<\/b> Y\u00fcksek enflasyon ortam\u0131nda parasal y\u00fck\u00fcml\u00fcl\u00fcklerin parasal varl\u0131klardan fazla olmas\u0131 neticesinde 23,4 Milyar TL tutar\u0131nda net parasal pozisyon kazanc\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Odakl\u0131l\u0131k:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 35,8 Milyar TL tutar\u0131nda \u00f6nemli bir nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015f, bu durum Grubun b\u00fcy\u00fcme ve modernizasyon odakl\u0131 stratejisinin devam etti\u011fini g\u00f6stermi\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>1. Kurumsal Yap\u0131 ve Operasyonel Kapsam<\/h2>\n<p>\u015ei\u015fecam, T\u00fcrkiye \u0130\u015f Bankas\u0131 A.\u015e. taraf\u0131ndan 1936 y\u0131l\u0131nda kurulmu\u015f, T\u00fcrkiye&#8217;nin en k\u00f6kl\u00fc sanayi kurulu\u015flar\u0131ndan biridir. 31 Aral\u0131k 2025 itibar\u0131yla \u0130\u015f Bankas\u0131, \u015eirket\u2019te %52,58 oran\u0131nda do\u011frudan paya sahiptir.<\/p>\n<h3>Faaliyet Gruplar\u0131<\/h3>\n<p>Grup, y\u00f6netim raporlamas\u0131 ve operasyonel verimlilik a\u00e7\u0131s\u0131ndan yedi ana segmentte yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>Mimari Camlar:<\/b> D\u00fczcam, ayna, lamine ve kaplamal\u0131 camlar.<\/li>\n<li><b>End\u00fcstriyel Camlar:<\/b> Otomotiv, beyaz e\u015fya camlar\u0131 ve cam elyaf\u0131.<\/li>\n<li><b>Cam Ev E\u015fyas\u0131:<\/b> Otomatik ve el imalat\u0131 cam \u00fcr\u00fcnleri ile perakende ma\u011fazac\u0131l\u0131k (Pa\u015fabah\u00e7e).<\/li>\n<li><b>Cam Ambalaj:<\/b> G\u0131da ve i\u00e7ecek sekt\u00f6r\u00fc i\u00e7in cam \u015fi\u015fe ve kavanoz \u00fcretimi.<\/li>\n<li><b>Kimyasallar:<\/b> Soda k\u00fclleri (do\u011fal ve sentetik), krom kimyasallar\u0131 ve vitamin K-3.<\/li>\n<li><b>Enerji:<\/b> Elektrik ve buhar \u00fcretimi, do\u011falgaz ticareti.<\/li>\n<li><b>Di\u011fer:<\/b> Geri d\u00f6n\u00fc\u015f\u00fcm, maden i\u015fletmecili\u011fi, sigorta arac\u0131l\u0131k ve d\u0131\u015f ticaret faaliyetleri.<\/li>\n<\/ol>\n<h3>Personel Yap\u0131s\u0131<\/h3>\n<p>Grup&#8217;un toplam personel say\u0131s\u0131 2025 y\u0131l\u0131 sonunda 22.995 olarak kaydedilmi\u015ftir (2024: 23.805). Bu personelin %60&#8217;\u0131 saat \u00fccretli, %40&#8217;\u0131 ise ayl\u0131k \u00fccretli \u00e7al\u0131\u015fanlardan olu\u015fmaktad\u0131r.<\/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>2. Finansal Performans Analizi<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun temel finansal performans g\u00f6stergelerinin 2024 ve 2025 y\u0131llar\u0131 kar\u015f\u0131la\u015ft\u0131rmas\u0131n\u0131 sunmaktad\u0131r (T\u00fcm tutarlar 31.12.2025 sat\u0131n alma g\u00fcc\u00fcne g\u00f6re bin TL\u2019dir):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>224.527.039<\/td>\n<td>242.921.447<\/td>\n<td>-7,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(162.543.120)<\/td>\n<td>(187.914.246)<\/td>\n<td>-13,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>61.983.919<\/td>\n<td>55.007.201<\/td>\n<td>+12,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>4.741.396<\/td>\n<td>(2.631.329)<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Gideri \u00d6ncesi Kar<\/b><\/td>\n<td>6.591.701<\/td>\n<td>(1.550.563)<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td>9.544.305<\/td>\n<td>6.862.493<\/td>\n<td>+39,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131k Paylar\u0131 Kar\u0131<\/b><\/td>\n<td>9.877.537<\/td>\n<td>6.573.967<\/td>\n<td>+50,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (TL)<\/b><\/td>\n<td>3,5350<\/td>\n<td>2,2941<\/td>\n<td>+54,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Performans \u00dczerine Temel Analizler:<\/h3>\n<ul>\n<li><b>Maliyet Y\u00f6netimi:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki d\u00fc\u015f\u00fc\u015f\u00fcn (%13,5), has\u0131lattaki d\u00fc\u015f\u00fc\u015ften (%7,5) daha fazla olmas\u0131, br\u00fct kar marj\u0131n\u0131n iyile\u015fmesini sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Faaliyet Giderleri:<\/b> Pazarlama giderleri (37,7 Milyar TL) ve Genel Y\u00f6netim giderleri (21,2 Milyar TL) Grubun en b\u00fcy\u00fck gider kalemlerini olu\u015fturmaya devam etmektedir.<\/li>\n<li><b>Net Parasal Pozisyonun Etkisi:<\/b> 23,4 Milyar TL tutar\u0131ndaki net parasal pozisyon kazanc\u0131, finansman giderlerinin (44,9 Milyar TL) yaratt\u0131\u011f\u0131 negatif etkiyi b\u00fcy\u00fck \u00f6l\u00e7\u00fcde dengelemi\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. Konsolide Finansal Durum (Bilan\u00e7o) \u00d6zeti<\/h2>\n<p>Grubun varl\u0131k ve kaynak yap\u0131s\u0131, 31 Aral\u0131k 2025 itibar\u0131yla a\u015fa\u011f\u0131daki \u015fekilde \u015fekillenmi\u015ftir:<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 506,9 Milyar TL (2024 y\u0131l\u0131na g\u00f6re %2,9 daralma).\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 141,5 Milyar TL. Nakit ve nakit benzerleri 70,2 Milyar TL&#8217;den 38,1 Milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 365,4 Milyar TL. Maddi duran varl\u0131klar (244 Milyar TL) toplam duran varl\u0131klar\u0131n %66,8&#8217;ini olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 237,7 Milyar TL.\n<ul>\n<li><b>Bor\u00e7lanmalar:<\/b> Uzun vadeli bor\u00e7lanmalar 98,7 Milyar TL, k\u0131sa vadeli bor\u00e7lanmalar (uzun vadeli bor\u00e7lar\u0131n k\u0131sa vadeli k\u0131s\u0131mlar\u0131 dahil) 63,1 Milyar TL&#8217;dir.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 269,3 Milyar TL. Ana ortakl\u0131\u011fa ait \u00f6zkaynaklar 242,6 Milyar TL seviyesindedir.<\/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. Nakit Ak\u0131\u015f Analizi ve Yat\u0131r\u0131m Faaliyetleri<\/h2>\n<p>Grup, 2025 y\u0131l\u0131 boyunca nakit kaynaklar\u0131n\u0131 stratejik alanlara kanalize etmi\u015ftir:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden 39,7 Milyar TL tutar\u0131nda g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m \u00c7\u0131k\u0131\u015flar\u0131:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in yap\u0131lan 35,8 Milyar TL&#8217;lik harcaman\u0131n yan\u0131 s\u0131ra, ba\u011fl\u0131 ortakl\u0131k hisse al\u0131mlar\u0131 i\u00e7in toplam 13,2 Milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Temett\u00fc ve Finansman:<\/b> 2,6 Milyar TL temett\u00fc \u00f6demesi yap\u0131lm\u0131\u015f, 22,4 Milyar TL faiz \u00f6denmi\u015ftir. Bor\u00e7lanmalardan sa\u011flanan nakit giri\u015fleri (69,3 Milyar TL), bor\u00e7 \u00f6demeleriyle (65,3 Milyar TL) b\u00fcy\u00fck oranda dengelenmi\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>5. \u00d6nemli Muhasebe Tahminleri ve De\u011fi\u015fiklikler<\/h2>\n<h3>Faydal\u0131 \u00d6m\u00fcr Revizyonu<\/h3>\n<p>Grup y\u00f6netimi, teknolojik geli\u015fmeler do\u011frultusunda maddi duran varl\u0131klar i\u00e7erisinde bulunan tesis, makine ve cihazlar\u0131n faydal\u0131 \u00f6m\u00fcrlerini <b>1 Nisan 2025<\/b> tarihinden itibaren ge\u00e7erli olmak \u00fczere revize etmi\u015ftir. Bu de\u011fi\u015fiklik, amortisman giderleri \u00fczerinden finansal tablolara yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>Stratejik Sat\u0131n Almalar<\/h3>\n<p>26 Aral\u0131k 2024 tarihinde Sisecam Chemicals Resources LLC\u2019deki ortakl\u0131k oran\u0131n\u0131n %60\u2019tan %100\u2019e \u00e7\u0131kar\u0131lmas\u0131, 2025 y\u0131l\u0131 mali tablolar\u0131nda tam kontrol etkilerini g\u00f6stermi\u015ftir. Ayr\u0131ca, Rusya&#8217;daki OOO Energosystems ve OOO Ruscam Management Company \u015firketleri 8 Eyl\u00fcl 2025 tarihinde birle\u015fmi\u015ftir.<\/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>6. Gelecek D\u00f6nem Standart De\u011fi\u015fiklikleri<\/h2>\n<p>Grubun finansal raporlamas\u0131n\u0131 etkilemesi beklenen ancak hen\u00fcz y\u00fcr\u00fcrl\u00fc\u011fe girmemi\u015f \u00f6nemli standartlar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>TFRS 18 (Finansal Tablolarda Sunum ve A\u00e7\u0131klama):<\/b> 1 Ocak 2027&#8217;den itibaren ge\u00e7erli olacak bu standart, \u00f6zellikle kar veya zarar tablosunun yap\u0131s\u0131n\u0131 ve y\u00f6netim taraf\u0131ndan tan\u0131mlanan performans \u00f6l\u00e7\u00fctlerini (MPM) etkileyecektir.<\/li>\n<li><b>TFRS 9 ve TFRS 7 De\u011fi\u015fiklikleri:<\/b> Finansal ara\u00e7lar\u0131n s\u0131n\u0131fland\u0131r\u0131lmas\u0131 ve ESG (\u00c7evresel, Sosyal, Y\u00f6neti\u015fim) ba\u011flant\u0131l\u0131 \u00f6zelliklere sahip ara\u00e7lar i\u00e7in yeni a\u00e7\u0131klama y\u00fck\u00fcml\u00fcl\u00fckleri getirecektir (1 Ocak 2026).<\/li>\n<li><b>TMS 21 (De\u011fi\u015ftirilebilirli\u011fin Eksikli\u011fi):<\/b> 1 Ocak 2025&#8217;ten itibaren ge\u00e7erli olan bu de\u011fi\u015fikli\u011fin Grup \u00fczerinde \u00f6nemli bir etkisi \u00f6ng\u00f6r\u00fclmemektedir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: \u015ei\u015fecam 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: K\u00fcresel G\u00fc\u00e7 ve Stratejik Yat\u0131r\u0131mlarla B\u00fcy\u00fcme Devam Ediyor<br \/>\n&#8220;Cam ve kimyasallar sekt\u00f6r\u00fcn\u00fcn k\u00fcresel oyuncusu \u015ei\u015fecam, 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. 224,5 milyar TL has\u0131lat ve 9,8 milyar TL ana ortakl\u0131k net kar\u0131 ile tamamlanan y\u0131l, \u015firketin operasyonel dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 ve k\u00fcresel yay\u0131l\u0131m\u0131n\u0131 bir kez daha kan\u0131tlad\u0131. Toplam varl\u0131klar\u0131n\u0131 506 milyar TL\u2019nin \u00fczerine \u00e7\u0131karan \u015ei\u015fecam, \u00f6zellikle Bulgaristan\u2019daki kapasite art\u0131\u015flar\u0131 ve Macaristan\u2019daki yeni tesis yat\u0131r\u0131mlar\u0131yla dikkat \u00e7ekiyor. S\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme hedefi do\u011frultusunda teknoloji ve verimlilik odakl\u0131 yat\u0131r\u0131mlar\u0131na devam eden \u015firketin, 2025 performans\u0131 ve gelecek projeksiyonlar\u0131na dair t\u00fcm detaylar blog yaz\u0131m\u0131zda!&#8221;.<\/p>\n","protected":false},"author":11,"featured_media":972,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[255],"class_list":["post-1205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-sise"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1205","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1205"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1205\/revisions"}],"predecessor-version":[{"id":1207,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1205\/revisions\/1207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/972"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}