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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2018

Statement [LineItems]

Summary of Fair Value of Derivative Financial Instruments

Fair value of derivative financial instruments at 31 December 2018 and 2017 are attributable to the following:

		31 December 2018								31 December 2017
		Assets				Liabilities				Assets				Liabilities
Held for trading			709,617				131,097				961,665				17,724
Derivatives used for hedging			730,924				—				—				—
Total			1,440,541				131,097				961,665				17,724

Details of Participating Cross Currency Swap and FX Swap Contracts

Participating cross currency swap and FX swap contracts

The notional amount and the fair value of participating cross currency swap and FX swap contracts for hedging purposes at 31 December 2018 are as follows:

Buy						Sell
Currency		Notional amount				Currency		Notional amount				Fair Value				Maturity
Participating cross currency swap contracts
TL			1,650,000			EUR			500,000				208,462			23 October 2025
TL			275,850			EUR			60,000				64,670			22 April 2026
TL			435,000			USD			150,000				167,116			16 September 2020
TL			293,500			USD			100,000				108,777			16 September 2020
TL			194,000			USD			50,000				39,394			16 September 2020
TL			386,500			USD			100,000				79,688			16 September 2020
TL			113,400			USD			20,000				9,234			22 April 2026
Cross currency swap contracts
TL			123,878			RMB			202,600				53,583			22 April 2026
Derivatives used for hedge accounting financial assets													730,924

EUR 500,000 participating cross currency swap contracts includes TL 690,146 guarantees after CSA agreement.

Held for trading

Currency swap, cross currency swap and participating cross currency swap contracts

The notional amount and the fair value of currency swap, participating cross currency swap and FX swap contracts for hedging purposes at 31 December 2018 are as follows:

Buy						Sell
Currency		Notional amount				Currency		Notional amount				Fair Value				Maturity
Currency Swap
TL			266,760			USD			50,000				(3,715	)		2 January 2019
TL			266,510			USD			50,000				(3,465	)		2 January 2019
TL			719,996			USD			135,000				(9,774	)		2 January 2019
TL			212,736			USD			40,000				(2,300	)		2 January 2019
TL			265,925			USD			50,000				(2,880	)		2 January 2019
TL			1,366			USD			253				(48	)		19 March 2019
TL			4,199			USD			680				(939	)		16 January 2019
TL			5,681			USD			920				(1,277	)		22 January 2019
TL			6,040			EUR			1,000				(41	)		2 January 2019
USD			68,654			EUR			60,000				(861	)		15 January 2019
USD			11,462			EUR			10,000				(4	)		8 January 2019
Cross currency swap contracts
TL			6,159			USD			1,000				(912	)		28 January 2019
TL			6,159			USD			1,000				(910	)		24 January 2019
TL			130,488			USD			24,000				(9,365	)		20 March 2023
TL			268,200			USD			50,000				(5,791	)		14 June 2019
TL			128,436			USD			24,000				(2,652	)		19 June 2019
TL			169,368			EUR			24,000				(24,895	)		8 January 2019
TL			118,800			EUR			18,000				(22,051	)		23 September 2021
TL			111,732			EUR			18,867				1,920			14 February 2019
TL			185,100			EUR			30,000				(8,296	)		22 April 2026
TL			183,300			EUR			30,000				(8,642	)		22 April 2026
Participating cross currency swap contracts
TL			193,800			EUR			30,000				(7,148	)		16 September 2020
TL			91,700			USD			20,000				(17,051	)		22 April 2026
Total Held for trading derivative financial liabilities													(131,097	)

Held for trading

Buy						Sell
Currency		Notional amount				Currency		Notional amount				Fair Value				Maturity
Cross currency swap contracts
TL			67,410			USD			18,000				27,928			28 January 2019
TL			95,550			USD			25,000				36,751			24 January 2019
TL			52,164			USD			14,620				27,870			16 July 2019
TL			69,744			USD			19,780				38,636			22 July 2019
TL			242,873			USD			70,500				160,594			16 September 2020
TL			269,451			USD			70,500				131,437			22 December 2020
TL			191,300			USD			50,000				74,095			13 February 2019
TL			98,625			EUR			25,000				57,161			13 June 2019
TL			203,600			EUR			50,000				109,610			23 July 2019
TL			97,997			EUR			21,500				37,825			19 December 2019
TL			105,280			EUR			18,800				7,710			23 September 2021
Total held for trading derivative financial assets													709,617

Participating cross currency swap and FX swap contracts at 31 December 2017
Buy						Sell
Currency		Notional amount				Currency		Notional amount				Fair value				Maturity
USD			47,304			EUR			39,835				1,005			02 January 2018
TL			69,680			USD			20,000				6,554			27 August 2018
TL			81,480			EUR			20,000				9,965			14 December 2018
TL			95,550			USD			25,000				72			24 January 2019
TL			67,410			USD			18,000				1,498			28 January 2019
TL			98,625			EUR			25,000				17,354			13 June 2019
TL			52,164			USD			14,620				4,465			16 July 2019
TL			69,744			USD			19,780				6,996			22 July 2019
TL			203,600			EUR			50,000				27,198			23 July 2019
TL			435,000			USD			150,000				142,085			16 September 2020
TL			386,500			USD			100,000				(4,645	)		16 September 2020
TL			293,500			USD			100,000				90,071			16 September 2020
TL			242,873			USD			70,500				33,535			16 September 2020
TL			194,000			USD			50,000				(2,951	)		16 September 2020
TL			1,650,000			EUR			500,000				627,385			25 October 2025
TL			275,850			EUR			60,000				1,078			22 April 2026
Total derivative financial assets													961,665

Held for trading

At 31 December 2017, total derivative financial assets of TL 981,396 also include net accrued interest income of TL 19,731.

Participating cross currency swap and FX swap contracts at 31 December 2017
Buy						Sell
Currency		Notional amount				Currency		Notional amount				Fair value				Maturity
TL			470,232			USD			122,680				(2,465	)		2 January 2018
TL			180,023			USD			47,250				(545	)		2 January 2018
TL			141,001			USD			36,786				(726	)		3 January 2018
TL			219,162			USD			57,245				(1,043	)		4 January 2018
TL			115,022			USD			30,150				(435	)		5 January 2018
TL			17,204			USD			4,500				(284	)		10 January 2018
TL			15,916			EUR			3,500				(157	)		10 January 2018
TL			91,556			EUR			20,140				(620	)		22 January 2018
TL			137,834			EUR			30,400				(601	)		05 February 2018
TL			82,013			EUR			17,860				(1,413	)		19 February 2018
TL			1,143			EUR			250				(25	)		5 Mart 2018
TL			97,997			EUR			21,500				(2,154	)		19 December 2019
TL			269,451			USD			70,500				(5,010	)		22 December 2020
Total derivative financial liabilities													(15,478	)

Details of Currency Forward Contracts

Currency forward contracts at 31 December 2017

Buy

Currency

Notional amount

Fair value

Maturity

USD

50,000

(2,246

)

30 January 2018

Total derivative financial liabilities

(2,246

)

Summary of Fair Value of Financial Assets and Financial Liabilities

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial statements. An explanation of each level is as follows:

		Fair values
		31 December 2018				31 December 2017				Fair Value hierarchy				Valuation Techniques
a)Participating cross currency swap contracts (*)			653,142				950,862				Level 3			Pricing models based on discounted cash Present value of the estimated future cash flows based on unobservable yield curves and end period FX rates
-Held for trading			(24,199	)			950,862
-Derivatives used for hedging			677,341				—
b)FX swap contracts			656,302				(4,675	)			Level 2			Present value of the estimated future cash flows based on observable yield curves and end period FX rates
-Held for trading			602,719				(4,675	)
-Derivatives used for hedging			53,583				—
c)Currency forward contracts			—				(2,246	)			Level 2			Forward exchange rates at the balance sheet date
-Held for trading			—				(2,246	)

(*) TL 118,647 accrual of net interest expense has been reflected to consolidated financial statements as at 31 December 2018 (31 December 2017: TL 72,653). Since bid-ask spread is unobservable input; in valuation of participating cross currency swap contracts, prices in bid- ask price range which were considered the most appropriate were used instead of mid prices. If mid prices were used in the valuation the fair value of participating cross currency swap contracts would have been TL 123,995 lower as at 31 December 2018 (31 December 2017: TL 129,870).

Summary of Financial Assets and Financial Liabilities Measured and Recognised at Fair Value

The following table presents the Group’s financial assets and financial liabilities measured and recognised at fair value at 31 December 2018 and 2017 on a hedge accounting basis:

Fair values
Participating cross currency swap contracts		Nominal Value				Maturity Date				31 December 2018				31 December 2017				Fair Value hierarchy				Hedge Ratio				Change in intrinsic value of outstanding hedging instruments since 1 July				Change in value of hedging item used to determine hedge effectiveness
EUR Contracts			500,000				23 October 2025				208,462				627,385				Level 3				1:1				359,400				(359,400	)
EUR Contracts			60,000				22 April 2026				64,670				1,078				Level 3				1:1				43,128				(43,128	)
																														—
USD Contracts			400,000				16 September 2020				394,975				224,560				Level 3				1:1				179,388				(179,388	)
USD Contracts			20,000				10 April 2026				9,234				—				Level 3				1:1				13,519				(13,519	)
CNY Contracts			202,600				22 April 2026				53,583				—				Level 2				1:1				15,600				(15,600	)

Summary of Cash Flow Sensitivity Analysis for Variable Rate Instruments

An increase/decrease of interest rates by 100 basis points would have (decreased)/increased equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign exchange rates, remain constant. The analysis is performed on the same basis at 31 December 2018 and 2017:

		Profit or loss								Equity
		100 bps increase				100 bps decrease				100 bps increase				100 bps decrease
31 December 2018
Variable rate instruments (financial liability)			(234,196	)			234,196				—				—
Cash flow sensitivity (net)			(234,196	)			234,196				—				—
31 December 2017
Variable rate instruments (financial liability)			(83,922	)			83,922				—				—
Cash flow sensitivity (net)			(83,922	)			83,922				—				—

Summary of Reconciliation by Risk Category of Components of Equity and Analysis of OCI Items, Net of Tax

The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting.

		2018
		Hedging Reserve				Cost of Hedging Reserve
Balance at 1 January 2018			—				—
Cash Flow Hedges
Changes in fair value:			683,706				(448,833	)
Foreign currency risk			612,733				(448,833	)
Interest rate risk			70,973				—
Amount reclassified into profit or loss:			(664,550	)			101,231
Foreign currency risk			(611,035	)			101,231
Interest rate risk			(53,515	)			—
Tax on movements during the year:			(4,214	)			76,472
Balance at 31 December 2018			14,942				(271,130	)

Interest rate risk and currency risk [member]

Statement [LineItems]

Summary of Cash Flow Sensitivity Analysis for Variable Rate Instruments

		Profit or Loss								Equity, net of tax
		100 bp increase				100 bp decrease				100 bp increase				100 bp decrease
31 December 2018
Participating cross currency swap contracts			937,845				9,455				(360,596	)			(259,066	)
Cross currency swap contracts			31,584				320				1,452				4,765
Cash Flow sensitivity (net)			969,429				9,775				(359,144	)			(254,301	)

Participating cross currency swap contracts [member]

Statement [LineItems]

Summary of Fair Value of Financial Assets and Financial Liabilities

Movements in the participating cross currency swap contracts for the years ended 31 December 2018 and 31 December 2017 are stated below:

		31 December 2018				31 December 2017
Opening balance			950,862				382,054
Cash flow effect			(612,466	)			—
Total gain/loss:
Gains recognized in profit or loss			314,746				568,808
Closing balance			653,142				950,862

Consideration payable in relation to acquisition of Belarusian telecom [member]

Statement [LineItems]

Summary of Fair Value of Financial Assets and Financial Liabilities

Changes in the consideration payable in relation to acquisition of Belarusian Telecom for the years ended 31 December 2018 and 31 December 2017 are stated below:

		2018				2017
Opening balance			323,691				295,062
Gains recognized in profit or loss			34,613				28,629
Closing balance			358,304				323,691

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