{"id":2522,"date":"2026-06-09T22:37:05","date_gmt":"2026-06-09T19:37:05","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2522"},"modified":"2026-06-09T22:37:54","modified_gmt":"2026-06-09T19:37:54","slug":"sasa-2026-03-bilano-analizi-sasa-polyester-sanayi-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2522","title":{"rendered":"\ud83d\udd34 SASA 2026-03 Bilan\u00e7o Analizi | Sasa Polyester Sanayi A.\u015e."},"content":{"rendered":"<h1>Bilgilendirme Notu: SASA Polyester Sanayi A.\u015e. 31 Mart 2026 Konsolide Finansal Rapor Analizi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>SASA Polyester Sanayi A.\u015e. (Grup) taraf\u0131ndan sunulan 31 Mart 2026 tarihli konsolide finansal tablolar, \u015firketin y\u00fcksek enflasyon d\u00fczeltmesi (TMS 29) alt\u0131ndaki performans\u0131n\u0131 ve stratejik finansal hamlelerini ortaya koymaktad\u0131r. 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde Grup, 16,1 milyar TL has\u0131lat elde ederek operasyonel b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015f ve 1,72 milyar TL net d\u00f6nem kar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu d\u00f6nemdeki en kritik geli\u015fme, Ocak 2026&#8217;da tamamlanan 415 milyon Avro nominal de\u011ferli paya d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ihrac\u0131d\u0131r. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 yakla\u015f\u0131k 25 milyar TL tutar\u0131nda a\u015fmas\u0131 nedeniyle likidite y\u00f6netimi ve ana ortak Erdemo\u011flu Holding&#8217;in deste\u011fi, \u015firketin finansal s\u00fcreklili\u011fi i\u00e7in temel dayanak noktalar\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Stratejik Yat\u0131r\u0131mlar<\/h2>\n<p>SASA, polyester elyaf, iplik ve cips \u00fcretimi alan\u0131ndaki liderli\u011fini, yeni kurulan ba\u011fl\u0131 ortakl\u0131klar \u00fczerinden \u00e7e\u015fitlendirmeyi hedeflemektedir.<\/p>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b>\n<ul>\n<li><b>Sasa D\u0131\u015f Ticaret A.\u015e.:<\/b> \u0130hracat i\u015flemlerinin etkinli\u011fi i\u00e7in kurulmu\u015ftur (%100 hisse).<\/li>\n<li><b>Sasa Uluslararas\u0131 Finansal Yat\u0131r\u0131m A.\u015e.:<\/b> Finansman kaynaklar\u0131na eri\u015fim amac\u0131yla kurulmu\u015f olup hen\u00fcz faaliyete ge\u00e7memi\u015ftir (%100 hisse).<\/li>\n<li><b>Sasa Rafineri A.\u015e.:<\/b> Yumurtal\u0131k\/Adana&#8217;daki Rafineri ve Petrokimya Tesisi yat\u0131r\u0131m\u0131 i\u00e7in A\u011fustos 2025&#8217;te kurulmu\u015f olup hen\u00fcz faaliyete ge\u00e7memi\u015ftir (%100 hisse).<\/li>\n<\/ul>\n<\/li>\n<li><b>\u0130stihdam:<\/b> 31 Mart 2026 itibar\u0131yla personel say\u0131s\u0131 3.608 ki\u015fidir (2025 sonuna g\u00f6re hafif bir azalma kaydedilmi\u015ftir).<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi (1 Ocak &#8211; 31 Mart 2026)<\/h2>\n<p>Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re has\u0131lat\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal 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><b>Has\u0131lat<\/b><\/td>\n<td>16.137.532<\/td>\n<td>11.846.647<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(14.348.117)<\/td>\n<td>(10.909.300)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>1.789.415<\/td>\n<td>937.347<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>977.152<\/td>\n<td>451.697<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td>1.724.507<\/td>\n<td>1.859.838<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li><b>Br\u00fct Kar Marj\u0131:<\/b> Br\u00fct kar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k %90 oran\u0131nda artarak operasyonel karl\u0131l\u0131\u011f\u0131n g\u00fc\u00e7lendi\u011fini g\u00f6stermi\u015ftir.<\/li>\n<li><b>Finansman Giderleri:<\/b> Finansman giderleri 8,1 milyar TL seviyesinde y\u00fcksek kalmaya devam etse de, 6,8 milyar TL tutar\u0131ndaki &#8220;Parasal Kazan\u00e7&#8221; etkisi net karl\u0131l\u0131\u011f\u0131 desteklemi\u015ftir.<\/li>\n<li><b>Ertelenmi\u015f Vergi Geliri:<\/b> D\u00f6nem kar\u0131n\u0131n olu\u015fmas\u0131nda 450,9 milyon TL tutar\u0131ndaki ertelenmi\u015f vergi gelirinin katk\u0131s\u0131 bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Durum ve Bor\u00e7 Yap\u0131s\u0131<\/h2>\n<p>\u015eirketin bilan\u00e7o yap\u0131s\u0131, y\u00fcksek yat\u0131r\u0131m harcamalar\u0131 ve d\u0131\u015f bor\u00e7lanmaya dayal\u0131 bir b\u00fcy\u00fcme modelini yans\u0131tmaktad\u0131r.<\/p>\n<h3>3.1. Bor\u00e7lanma ve Likidite Durumu<\/h3>\n<p>Grup\u2019un toplam finansal bor\u00e7lanmalar\u0131 31 Mart 2026 itibar\u0131yla 143,7 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Paya D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Tahvil \u0130hrac\u0131:<\/b> Ocak 2026&#8217;da 415 milyon Avro tutar\u0131nda, 5 y\u0131l vadeli ve %4,75 kupon faizli tahvil ihra\u00e7 edilmi\u015ftir. Borsa \u0130stanbul&#8217;daki a\u00e7\u0131\u011fa sat\u0131\u015f yasa\u011f\u0131 nedeniyle d\u00f6n\u00fc\u015ft\u00fcrme fiyat\u0131 0,000475 Avro olarak revize edilmi\u015ftir.<\/li>\n<li><b>Vade Yap\u0131s\u0131:<\/b> Banka kredilerinin yakla\u015f\u0131k 35,2 milyar TL&#8217;si bir y\u0131l i\u00e7inde \u00f6denecek k\u0131s\u0131mlardan olu\u015fmaktad\u0131r.<\/li>\n<li><b>S\u00f6zle\u015fme \u0130hlalleri:<\/b> Baz\u0131 kredilerdeki performans kriterleri ger\u00e7ekle\u015fmedi\u011fi i\u00e7in, asl\u0131nda vadesi 2027-2029 olan 78,1 milyon Avro (yakla\u015f\u0131k 3,98 milyar TL) tutar\u0131ndaki kredi, &#8220;K\u0131sa Vadeli Bor\u00e7lanmalar&#8221; alt\u0131nda s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 243,4 milyar TL de\u011ferindeki maddi duran varl\u0131klar portf\u00f6y\u00fc, \u015firketin \u00fcretim g\u00fcc\u00fcn\u00fcn temelini olu\u015fturmaktad\u0131r. Arsa ve binalar &#8220;Seviye 2&#8221; piyasa kar\u015f\u0131la\u015ft\u0131rmal\u0131 yakla\u015f\u0131ma g\u00f6re yeniden de\u011ferlenmektedir.<\/li>\n<li><b>Stoklar:<\/b> Stok seviyesi 17,8 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu tutar\u0131n 2,7 milyar TL&#8217;lik k\u0131sm\u0131 yoldaki hammadde al\u0131mlar\u0131n\u0131 kapsamaktad\u0131r.<\/li>\n<\/ul>\n<h2>4. \u0130\u015fletmenin S\u00fcreklili\u011fi ve Risk Y\u00f6netimi<\/h2>\n<p>Finansal tablolardaki en dikkat \u00e7ekici husus, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klardan 24,9 milyar TL daha fazla olmas\u0131d\u0131r.<\/p>\n<ul>\n<li><b>Y\u00f6netim Stratejisi:<\/b> Grup y\u00f6netimi, yeni yat\u0131r\u0131mlar\u0131n devreye girmesiyle artacak olan \u00fcretim hacmi ve sat\u0131\u015flar\u0131n, nakit yaratma performans\u0131n\u0131 (FAV\u00d6K) g\u00fc\u00e7lendirece\u011fini \u00f6ng\u00f6rmektedir.<\/li>\n<li><b>Ana Ortak Deste\u011fi:<\/b> Erdemo\u011flu Holding A.\u015e., 31 Mart 2026 tarihli beyan\u0131yla Grup&#8217;u finansal olarak destekleme ve faaliyetlerini s\u00fcrd\u00fcrmesi i\u00e7in gerekli fonlar\u0131 temin etme konusundaki kararl\u0131l\u0131\u011f\u0131n\u0131 teyit etmi\u015ftir.<\/li>\n<li><b>Teminatlar:<\/b> Grup&#8217;un verdi\u011fi toplam Teminat, Rehin ve \u0130potek (TR\u0130) tutar\u0131 137,9 milyar TL&#8217;dir. Bunun 127 milyar TL&#8217;lik k\u0131sm\u0131 kredilere istinaden verilen makine rehinlerinden olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<h2>5. Enflasyon Muhasebesi (TMS 29) Etkisi<\/h2>\n<p>Finansal tablolar, T\u00fcrkiye \u0130statistik Kurumu (T\u00dc\u0130K) taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131larak d\u00fczeltilmi\u015ftir.<\/p>\n<ul>\n<li><b>D\u00fczeltme Katsay\u0131lar\u0131:<\/b> 31 Mart 2026 itibar\u0131yla 3 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131 %205 olarak dikkate al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Parasal Pozisyon:<\/b> Enflasyonun net parasal varl\u0131k pozisyonu \u00fczerindeki etkisi &#8220;Parasal Kay\u0131p\/Kazan\u00e7&#8221; kalemi alt\u0131nda gelir tablosuna yans\u0131t\u0131larak, y\u00fcksek bor\u00e7luluk yap\u0131s\u0131n\u0131n enflasyon kar\u015f\u0131s\u0131ndaki g\u00f6rece kazanc\u0131 muhasebele\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<h2>6. \u00d6nemli Taahh\u00fctler ve Alacaklar<\/h2>\n<ul>\n<li><b>\u0130hracat Taahh\u00fctleri:<\/b> Dahilde i\u015fleme izin belgeleri kapsam\u0131nda 37,4 milyar TL tutar\u0131nda a\u00e7\u0131k ihracat taahh\u00fcd\u00fc bulunmaktad\u0131r.<\/li>\n<li><b>Vergi Alacaklar\u0131:<\/b> 31 Mart 2026 itibar\u0131yla 1,33 milyar TL tutar\u0131nda KDV iade alaca\u011f\u0131 bulunmaktad\u0131r. Bu tutar\u0131n 341,3 milyon TL&#8217;lik k\u0131sm\u0131 rapor yay\u0131n tarihine kadar tahsil edilmi\u015ftir.<\/li>\n<li><b>Ticari Alacaklar:<\/b> \u0130li\u015fkili olmayan taraflardan olan ticari alacaklar 13,2 milyar TL seviyesindedir. Grup, 6 ay ve \u00fczeri vadesi ge\u00e7mi\u015f teminats\u0131z alacaklar i\u00e7in %100 kar\u015f\u0131l\u0131k ay\u0131rma politikas\u0131n\u0131 s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2522\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>SASA Polyester 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fine ait konsolide finansal sonu\u00e7lar\u0131n\u0131 yay\u0131nlad\u0131 Enflasyon muhasebesi standartlar\u0131na g\u00f6re haz\u0131rlanan rapor has\u0131lat rekorlar\u0131 ve stratejik yat\u0131r\u0131m hamleleriyle dikkat \u00e7ekiyor \u00d6zellikle 415 milyon Avroluk paya d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ihrac\u0131n\u0131n finansal yap\u0131 \u00fczerindeki etkilerinin analiz edildi\u011fi bu yaz\u0131m\u0131zda \u015firketin operasyonel karl\u0131l\u0131\u011f\u0131n\u0131 ve gelecek projeksiyonlar\u0131n\u0131 detayland\u0131r\u0131yoruz Yat\u0131r\u0131mc\u0131lar ve sekt\u00f6r takip\u00e7ileri i\u00e7in haz\u0131rlad\u0131\u011f\u0131m\u0131z bu analiz SASA&#8217;n\u0131n 2026 y\u0131l\u0131 yol haritas\u0131na dair kritik veriler sunuyor<\/p>\n","protected":false},"author":10,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[308],"class_list":["post-2522","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\/2522","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2522"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2522\/revisions"}],"predecessor-version":[{"id":2524,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2522\/revisions\/2524"}],"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=2522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}