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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2019

Statement [LineItems]

Summary of Fair Value of Derivative Financial Instruments

The fair value of derivative financial instruments at 31 December 2019 and 2018 are attributable to the following:

		31 December 2019								31 December 2018
		Assets				Liabilities				Assets				Liabilities
Held for trading			443,880				72,539				709,617				131,097
Derivatives used for hedging			483,448				—				730,924				—
Total			927,328				72,539				1,440,541				131,097

Details of Participating Cross Currency Swap and FX Swap Contracts

The notional amount and the fair value of participating cross currency swap and cross currency swap contracts for hedging purposes at 31 December 2019 are as follows:

Sell										Buy
Currency		Notional amount								Currency				Notional amount				Fair Value				Maturity
Participating cross currency swap contracts
TL			1,820,280								EUR				433,400				148,066			23 October 2025
TL			257,478								EUR				56,004				7,675			22 April 2026
TL			85,593								USD				18,668				21,581			22 April 2026
TL			145,000								USD				50,000				97,030			16 September 2020
TL			128,833								USD				33,333				57,280			16 September 2020
TL			97,833								USD				33,333				63,358			16 September 2020
TL			64,667								USD				16,667				28,394			16 September 2020
TL			245,951								USD				46,670				9,893			22 April 2026
Cross currency swap contracts
TL			115,628								RMB				189,107				50,171			22 April 2026
Derivatives used for hedge accounting financial assets																			483,448

EUR 489,404 participating cross currency swap contracts includes TL 833,786 guarantees after the CSA agreement.

Held for trading

Cross currency swap, participating cross currency swap, FX swap and option contracts

The notional amount and the fair value of cross currency swap, participating cross currency swap, FX swap and option contracts for hedging purposes at 31 December 2019 are as follows:

Sell								Buy
Currency		Notional amount						Currency		Notional amount				Fair Value				Maturity
Cross currency swap contracts
TL			242,873					USD			70,500				178,968			16 September 2020
TL			269,451					USD			70,500				148,452			22 December 2020
TL			137,952					USD			24,000				5,625			20 March 2023
TL			138,816					USD			24,000				5,044			23 March 2023
TL			84,224					EUR			15,040				10,691			23 September 2021
TL			91,008					EUR			14,400				5,141			23 September 2021
TL			35,818					RMB			45,259				944			22 April 2026
Participating cross currency swap contracts
TL			172,772					EUR			28,002				9,904			22 April 2026
TL			171,092					EUR			28,002				21,355			22 April 2026
TL			227,750					EUR			37,336				8,705			22 April 2026
TL			77,520					EUR			12,000				1,097			16 September 2020
TL			261,912					USD			46,670				12,195			22 April 2026
TL			108,349					USD			18,668				3,930			22 April 2026
TL			135,051					USD			23,335				4,674			22 April 2026
TL			215,354					USD			37,336				7,813			22 April 2026
TL			174,000					USD			30,000				1,506			15 June 2026
TL			186,050					USD			32,669				9,936			22 April 2026
FX swap contracts (*)
USD			20,000					TL			117,860				67			27 February 2020
USD			20,000					TL			117,900				51			27 February 2020
Option contracts
EUR			25,000					USD			28,038				186			3 January 2020
USD			50,000					TL			275,000				11			3 January 2020
Held for trading derivative financial assets															436,295

(*) There will be a purchase of USD 40,000 on 27 May 2020 in exchange for TL 241,046 in terms of the FX swap contract dated 27 November 2019.

Currency forward contracts

The notional amount and the fair value of currency forward contracts for trading purposes at 31 December 2019 are as follows:

Buy
Currency		Notional amount				Fair Value				Maturity
USD			30,000				2,081				28 February 2020
USD			7,500				952				30 March 2020
USD			7,500				916				29 June 2020
USD			10,000				1,038				30 March 2020
USD			10,000				1,016				29 June 2020
USD			7,500				797				30 March 2020
USD			7,500				785				29 June 2020
Held for trading derivative financial assets							7,585

Held for trading

FX swap, interest swap and participating cross currency swap contracts

The notional amount and the fair value of FX swap, interest swap and participating cross currency swap contracts for hedging purposes at 31 December 2019 are as follows:

Sell										Buy
Currency		Notional amount								Currency				Notional amount				Fair Value				Maturity
FX swap contracts
EUR			50,000								USD				55,488				(3,005	)		07 January 2020
EUR			75,000								USD				83,232				(4,512	)		07 January 2020
EUR			175,000								USD				194,560				(8,508	)		08 January 2020
EUR			50,000								USD				55,588				(2,432	)		08 January 2020
EUR			50,000								USD				55,588				(2,434	)		08 January 2020
EUR			85,000								USD				94,397				(4,748	)		08 January 2020
EUR			90,000								USD				100,492				(2,301	)		21 January 2020
EUR			20,000								USD				22,332				(510	)		21 January 2020
EUR			175,000								USD				195,346				(4,875	)		22 January 2020
EUR			50,000								USD				55,825				(1,448	)		28 January 2020
EUR			70,000								USD				78,154				(2,036	)		28 January 2020
EUR			90,000								USD				100,484				(2,612	)		28 January 2020
EUR			50,000								USD				55,825				(1,448	)		28 January 2020
TL			11,211								USD				1,860				(3	)		28 February 2020
Interest swap contracts
USD			93,340								USD				93,340				(7,802	)		22 April 2026
USD			46,670								USD				46,670				(3,101	)		22 April 2026
USD			37,336								USD				37,336				(959	)		22 April 2026
USD			32,669								USD				32,669				(849	)		22 April 2026
Participating cross currency swap contracts
TL			105,848								USD				18,668				(14,265	)		22 April 2026
TL			162,552								USD				28,002				(4,691	)		22 April 2026
Total held for trading derivative financial liabilities																			(72,539	)

Derivatives used for hedging

Participating cross currency swap and cross currency swap contracts

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

Sell										Buy
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			91,700								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

FX swap, cross currency swap and participating cross currency swap contracts

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

Sell								Buy
Currency		Notional amount						Currency		Notional amount				Fair Value				Maturity
FX swap contracts
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			113,400					USD			20,000				(17,051	)		22 April 2026
Total Held for trading derivative financial liabilities															(131,097	)

Held for trading

Cross currency swap contracts

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

Sell										Buy
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

Fair value of derivative instruments and risk management

Summary of Fair Value of Financial Assets and Financial Liabilities

This section explains the judgments 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 2019				31 December 2018				Fair Value hierarchy				Valuation Techniques
a) Participating cross currency swap contracts (*)			495,436				653,142				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			62,159				(24,199	)
-Derivatives used for hedging			433,277				677,341
b) FX swap, currency, interest swap and option contracts			351,768				656,302				Level 2			Present value of the estimated future cash flows based on observable yield curves and end period FX rates
-Held for trading			301,597				602,719
-Derivatives used for hedging			50,171				53,583
c) Currency forward contracts			7,585				—				Level 2			Forward exchange rates at the balance sheet date
-Held for trading			7,585				—

(*) Since the bid-ask spread is unobservable input; in the valuation of participating cross currency swap contracts, prices in the bid-ask price range that 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 116,684 lower as at 31 December 2019 (31 December 2018: TL 123,995).

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

The following tables present the Group’s financial assets and financial liabilities measured and recognized at fair value at 31 December 2019 and 2018 on a hedge accounting basis:

Fair values
Currency		Nominal Value				Maturity Date				31 December 2019				31 December 2018				Fair Value hierarchy				Hedge Ratio				Change in intrinsic value of outstanding hedging instruments since 1 January				Change in value of hedging item used to determine hedge effectiveness
Participating cross currency swap contracts
EUR Contracts			433,400				23 October 2025				148,066				208,462				Level 3				1:1				293,774				(293,774	)
EUR Contracts			56,004				22 April 2026				7,675				64,670				Level 3				1:1				36,344				(36,344	)
USD Contracts			133,333				16 September 2020				246,062				394,975				Level 3				1:1				61,424				(61,424	)
USD Contracts			46,670				22 April 2026				9,893				—				Level 3				1:1				15,215				(15,215	)
USD Contracts			18,668				22 April 2026				21,581				9,234				Level 3				1:1				13,436				(13,436	)
Cross currency swap contracts
CNY Contracts			189,107				22 April 2026				50,171				53,583				Level 2				1:1				19,172				(19,172	)

Fair values
Currency		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
Participating cross currency swap contracts
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	)
Cross currency swap contracts
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 2019 and 2018:

		Profit or loss								Equity
		100 bps increase				100 bps decrease				100 bps increase				100 bps decrease
31 December 2019
Variable rate instruments (financial liability)			(225,528	)			225,528				—				—
Cash flow sensitivity (net)			(225,528	)			225,528				—				—
31 December 2018
Variable rate instruments (financial liability)			(234,196	)			234,196				—				—
Cash flow sensitivity (net)			(234,196	)			234,196				—				—

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 2019
Participating cross currency swap contracts			376,920				519,967				(102,693	)			(180,974	)
Cross currency swap contracts			17,631				16,516				(16,644	)			(18,114	)
Cash Flow sensitivity (net)			394,551				536,483				(119,337	)			(199,088	)

		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 2019 and 31 December 2018 are stated below:

		31 December 2019				31 December 2018
Opening balance			653,142				950,862
Cash flow effect			(582,580	)			(612,466	)
Total gain/loss:
Gains recognized in profit or loss			424,874				314,746
Closing balance			495,436				653,142

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