{"id":1940,"date":"2026-03-18T01:53:13","date_gmt":"2026-03-17T22:53:13","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1940"},"modified":"2026-03-18T02:41:42","modified_gmt":"2026-03-17T23:41:42","slug":"sasa-bilano-analizi-202512-sasa-polyester-sanayi-as","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1940","title":{"rendered":"\ud83d\udd34 SASA Bilan\u00e7o Analizi 2025\/12 | SASA Polyester Sanayi AS"},"content":{"rendered":"<p><iframe title=\"Spotify Embed: \ud83d\udd34 SASA Bilan\u00e7o Analizi 2025\/12 | SASA Polyester Sanayi AS\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4bA1SzJjaFMKAsGO35kZ42?utm_source=oembed\"><\/iframe><\/p>\n<h1>SASA Polyester Sanayi A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Raporu: Bilgilendirme Notu<\/h1>\n<p>Bu belge, SASA Polyester Sanayi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla haz\u0131rlanan, ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131n\u0131n ve dipnotlar\u0131n\u0131n kapsaml\u0131 bir sentezini sunmaktad\u0131r. Belge, Grubun finansal performans\u0131n\u0131, bor\u00e7 yap\u0131s\u0131n\u0131, yat\u0131r\u0131m faaliyetlerini ve i\u015fletmenin s\u00fcreklili\u011fine dair y\u00f6netim de\u011ferlendirmelerini analiz etmektedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>2025 mali y\u0131l\u0131, SASA Polyester i\u00e7in y\u00fcksek finansman giderleri ve enflasyon muhasebesinin (TMS 29) etkisiyle \u015fekillenen zorlu bir d\u00f6nem olmu\u015ftur. Grup, 2024 y\u0131l\u0131ndaki 23,9 milyar TL tutar\u0131ndaki net k\u00e2r\u0131n ard\u0131ndan, 2025 y\u0131l\u0131n\u0131 <b>21.985.556 bin TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r. Bu zarar\u0131n temel s\u00fcr\u00fckleyicisi, 50,1 milyar TL seviyesine ula\u015fan finansman giderleridir.<\/p>\n<p>Grubun k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri, d\u00f6nen varl\u0131klar\u0131n\u0131 yakla\u015f\u0131k 37,7 milyar TL tutar\u0131nda a\u015fmaktad\u0131r. Ancak y\u00f6netim; ana hissedar Erdemo\u011flu Holding\u2019in tam finansal deste\u011fi, Ocak 2026&#8217;da tamamlanan 415 milyon Avro tutar\u0131ndaki paya d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ihrac\u0131 ve yeni yat\u0131r\u0131mlar\u0131n devreye girmesiyle artacak operasyonel k\u00e2rl\u0131l\u0131k sayesinde i\u015fletmenin s\u00fcreklili\u011fini koruyaca\u011f\u0131n\u0131 \u00f6ng\u00f6rmektedir.<\/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>Finansal Performans Analizi<\/h2>\n<p>2025 y\u0131l\u0131na ait konsolide k\u00e2r veya zarar tablosu, operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n devam etti\u011fini ancak net sonucun finansal maliyetler alt\u0131nda bask\u0131land\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>2025 Cari D\u00f6nem<\/td>\n<td>2024 \u00d6nceki D\u00f6nem<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>53.119.377<\/td>\n<td>63.590.667<\/td>\n<td>-%16,5<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(49.555.351)<\/td>\n<td>(52.298.365)<\/td>\n<td>-%5,2<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>3.564.026<\/td>\n<td>11.292.302<\/td>\n<td>-%68,4<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>1.057.482<\/td>\n<td>7.554.591<\/td>\n<td>-%86,0<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem (Zarar\u0131)\/K\u00e2r\u0131<\/b><\/td>\n<td>(21.985.556)<\/td>\n<td>23.926.150<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Has\u0131lat bir \u00f6nceki y\u0131la g\u00f6re %16,5 oran\u0131nda azalarak 53,1 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Esas Faaliyetlerden Di\u011fer Gelirler\/Giderler:<\/b> Grup, 8,5 milyar TL &#8220;di\u011fer gelir&#8221; elde ederken, 7,4 milyar TL &#8220;di\u011fer gider&#8221; kaydetmi\u015ftir.<\/li>\n<li><b>Finansman Maliyetleri:<\/b> D\u00f6nemin en belirgin kalemi olan 50.152.630 bin TL tutar\u0131ndaki finansman gideri, Grubun vergi \u00f6ncesi zarar\u0131n\u0131n ana nedenidir.<\/li>\n<li><b>Parasal Kazan\u00e7:<\/b> TMS 29 uygulamas\u0131 kapsam\u0131nda, Grubun net parasal pozisyonundan kaynaklanan 30.249.962 bin TL tutar\u0131nda parasal kazan\u00e7 kaydedilmi\u015ftir; bu tutar net zarar\u0131n daha da derinle\u015fmesini engellemi\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<p>Grubun varl\u0131k yap\u0131s\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde maddi duran varl\u0131klara ve yat\u0131r\u0131mlara dayanmaktad\u0131r.<\/p>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 320.573.077 bin TL (2024: 304.078.627 bin TL).<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 223.265.954 bin TL seviyesine ula\u015farak toplam varl\u0131klar\u0131n yakla\u015f\u0131k %70&#8217;ini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 2024 sonundaki 2,87 milyar TL seviyesinden 1,07 milyar TL seviyesine gerilemi\u015ftir.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Bor\u00e7lanmalar:<\/b> 44,7 milyar TL tutar\u0131ndaki k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin 25,6 milyar TL&#8217;si banka kredilerinden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Uzun Vadeli Bor\u00e7lanmalar:<\/b> 78 milyar TL seviyesindedir.<\/li>\n<li><b>Kredi S\u00f6zle\u015fme \u015eartlar\u0131 (Covenant):<\/b> Belirli performans kriterleri ger\u00e7ekle\u015fmedi\u011fi i\u00e7in, orijinal vadesi 2027-2029 olan 77,2 milyon Avro (3,89 milyar TL) tutar\u0131ndaki kredi, &#8220;uzun vadeli bor\u00e7lanmalar\u0131n k\u0131sa vadeli k\u0131s\u0131mlar\u0131&#8221; alt\u0131nda s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 154.302.052 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir. Maddi duran varl\u0131k yeniden de\u011ferleme art\u0131\u015flar\u0131 (27,2 milyar TL), net d\u00f6nem zarar\u0131n\u0131n \u00f6zkaynaklar \u00fczerindeki negatif etkisini 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>\u0130\u015fletmenin S\u00fcreklili\u011fi ve Risk De\u011ferlendirmesi<\/h2>\n<p>Finansal tablolar, Grubun k\u0131sa vadeli likidite s\u0131k\u0131\u015f\u0131kl\u0131\u011f\u0131 ya\u015fad\u0131\u011f\u0131na i\u015faret etmektedir. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 37,7 milyar TL a\u015fmas\u0131 &#8220;\u0130\u015fletmenin S\u00fcreklili\u011fi&#8221; ba\u015fl\u0131\u011f\u0131 alt\u0131nda detayland\u0131r\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ol>\n<li><b>Hissedar Deste\u011fi:<\/b> Ana hissedar Erdemo\u011flu Holding, Grubun y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lamas\u0131 i\u00e7in gerekli t\u00fcm fonlar\u0131 sa\u011flama ve finansal destek verme kararl\u0131l\u0131\u011f\u0131n\u0131 yaz\u0131l\u0131 olarak beyan etmi\u015ftir.<\/li>\n<li><b>Tahvil \u0130hrac\u0131:<\/b> 4 Aral\u0131k 2025 SPK onay\u0131yla, 415.000.000 Avro tutar\u0131ndaki paya d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ihrac\u0131 7 Ocak 2026&#8217;da tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeni Krediler:<\/b> 2026 y\u0131l\u0131 ba\u015f\u0131ndan rapor yay\u0131n tarihine (9 Mart 2026) kadar 5,8 milyar TL tutar\u0131nda yeni kredi kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel Beklentiler:<\/b> Grup y\u00f6netimi, yeni yat\u0131r\u0131mlar\u0131n devreye girmesiyle \u00fcretim ve sat\u0131\u015f hacminin artaca\u011f\u0131n\u0131, bunun da FAV\u00d6K ve nakit yaratma performans\u0131n\u0131 olumlu etkileyece\u011fini \u00f6ng\u00f6rmektedir.<\/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>Organizasyonel Yap\u0131 ve Yat\u0131r\u0131mlar<\/h2>\n<p>SASA, entegre bir \u00fcretim yap\u0131s\u0131 kurmak amac\u0131yla yeni ba\u011fl\u0131 ortakl\u0131klar ve projeler hayata ge\u00e7irmektedir.<\/p>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<ul>\n<li><b>Sasa D\u0131\u015f Ticaret A.\u015e.:<\/b> %100 sahiplik, ihracat i\u015flemleri.<\/li>\n<li><b>Sasa Uluslararas\u0131 Finansal Yat\u0131r\u0131m A.\u015e.:<\/b> %100 sahiplik, finansman kaynaklar\u0131na eri\u015fim (hen\u00fcz faaliyete ge\u00e7medi).<\/li>\n<li><b>Sasa Rafineri A.\u015e.:<\/b> A\u011fustos 2025&#8217;te 100 milyon TL sermaye ile Yumurtal\u0131k&#8217;taki Rafineri ve Petrokimya Tesisi yat\u0131r\u0131m\u0131 i\u00e7in kurulmu\u015ftur (hen\u00fcz faaliyete ge\u00e7medi).<\/li>\n<\/ul>\n<h3>\u00d6nemli Yat\u0131r\u0131m Te\u015fvikleri<\/h3>\n<p>Grup, Polimer, PTA, Elyaf ve G\u00fcne\u015f Enerji Santrali (GES) yat\u0131r\u0131mlar\u0131 i\u00e7in &#8220;Proje Bazl\u0131 Devlet Yard\u0131m\u0131&#8221; ve yat\u0131r\u0131m te\u015fvik belgelerine sahiptir. \u00d6zellikle 2023 y\u0131l\u0131nda Elyaf ve GES yat\u0131r\u0131mlar\u0131 i\u00e7in yeni te\u015fvik belgeleri al\u0131nm\u0131\u015ft\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>Muhasebe Politikalar\u0131: TMS 29 Uygulamas\u0131<\/h2>\n<p>T\u00fcrkiye&#8217;nin y\u00fcksek enflasyonlu ekonomi kategorisinde yer almas\u0131 nedeniyle, finansal tablolar TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak d\u00fczenlenmi\u015ftir.<\/p>\n<ul>\n<li><b>D\u00fczeltme Katsay\u0131s\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla k\u00fcm\u00fclatif \u00fc\u00e7 y\u0131ll\u0131k enflasyon %211 olarak esas al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Uygulama Esas\u0131:<\/b> T\u00fcm parasal olmayan kalemler (stoklar, duran varl\u0131klar, \u00f6zkaynaklar), finansal durum tablosu tarihindeki sat\u0131n alma g\u00fcc\u00fcyle ifade edilmek \u00fczere d\u00fczeltilmi\u015ftir. 2024 y\u0131l\u0131 kar\u015f\u0131la\u015ft\u0131rmal\u0131 rakamlar\u0131 da 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcne getirilmi\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>\u00d6nemli Notlar ve Veriler<\/h2>\n<ul>\n<li><b>Personel Say\u0131s\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla 3.681 ki\u015fi (2024: 3.804).<\/li>\n<li><b>M\u00fc\u015fteri Konsantrasyonu:<\/b> 2025 has\u0131lat\u0131n\u0131n %12&#8217;si tek bir ili\u015fkisiz m\u00fc\u015fteriden elde edilmi\u015ftir (2024: %16).<\/li>\n<li><b>Pay Geri Al\u0131m\u0131:<\/b> Grup, 2025 y\u0131l\u0131nda 289.250.000 lot hisse geri al\u0131m\u0131 ger\u00e7ekle\u015ftirmi\u015ftir.<\/li>\n<li><b>Ertelenmi\u015f Vergi Varl\u0131\u011f\u0131:<\/b> Gelecekteki k\u00e2rlardan indirilmek \u00fczere 63.250.784 bin TL tutar\u0131nda ertelenmi\u015f vergi varl\u0131\u011f\u0131 bulunmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1940\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>SASA 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Dev Yat\u0131r\u0131mlar ve Finansman K\u0131skac\u0131nda Bir Y\u0131l<br \/>\nSASA Polyester, 2025 y\u0131l\u0131na ait konsolide finansal tablolar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Y\u0131l\u0131 22 milyar TL\u2019ye yak\u0131n bir net zararla kapatan \u015firkette, y\u00fcksek finansman giderleri mali tablolar \u00fczerinde bask\u0131 kurmaya devam ediyor. Ancak bu tablonun arkas\u0131nda, 320 milyar TL\u2019yi a\u015fan devasa bir varl\u0131k yap\u0131s\u0131 ve Yumurtal\u0131k rafineri projesi gibi gelece\u011fi \u015fekillendirecek stratejik ad\u0131mlar yer al\u0131yor. Enflasyon muhasebesinin getirdi\u011fi 30 milyar TL\u2019lik parasal kazan\u00e7 ve 2026 ba\u015f\u0131nda tamamlanan 415 milyon Avroluk tahvil ihrac\u0131, \u015firketin \u00f6n\u00fcm\u00fczdeki d\u00f6nemdeki likidite ve yat\u0131r\u0131m rotas\u0131 i\u00e7in kritik ipu\u00e7lar\u0131 veriyor. SASA&#8217;n\u0131n 2025 y\u0131l\u0131 performans\u0131n\u0131, \u00fcretim hacmindeki de\u011fi\u015fimleri ve yeni yat\u0131r\u0131m planlar\u0131n\u0131 detaylar\u0131yla inceledik.<\/p>\n","protected":false},"author":7,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[308],"class_list":["post-1940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-sasa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1940","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1940"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1940\/revisions"}],"predecessor-version":[{"id":1960,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1940\/revisions\/1960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}