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Financial instruments | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Financial instruments | 37. Financial instruments Credit risk Exposure to credit risk: The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date is: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | 2021 |  | 2020
Trade receivables |  | 20 |  | 4,443,371 |  | 3,688,248
Contract assets |  | 22 |  | 1,247,741 |  | 1,100,166
Receivables from financial services |  | 21 |  | 2,152,185 |  | 1,962,098
Cash and cash equivalents (*) |  | 25 |  | 18,628,481 |  | 11,860,376
Derivative financial instruments |  | 36 |  | 2,131,070 |  | 917,437
Other current & non-current assets (**) |  | 24 |  | 195,050 |  | 124,822
Financial assets at amortized cost | ​ | 26 |  | 4,164 |  | 172,363
Financial assets at fair value through other comprehensive income |  | 26 |  | 1,427,811 |  | 529,610
Due from related parties |  | 40 |  | 145,095 |  | 16,476
​ | ​ | ​ | ​ | 30,374,968 |  | 20,371,596
​
| (*) | Cash in hand is excluded from cash and cash equivalents.
(**) Prepaid expenses, VAT receivable, receivable from the Ministry of Transport and Infrastructure of Turkey and advances given are excluded from other current assets and other non-current assets. Credit quality: The maximum exposure to credit risk for trade and subscriber receivables, other assets and cash and cash equivalent arising from sales transactions, including those classified as due from related parties at the reporting date by type of customer is: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Less | ​ | Less | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than | ​ | Than 60 | ​ | Than 90 | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | ​
Other assets at | ​ | ​ | ​ | 30 Days Past | ​ | Days Past | ​ | Days Past | ​ | 120 Days | ​ | 150 Days | ​ | 3 years Past | ​ | 4 years | ​ | 5 years | ​ | ​
31 December 2021 (*) |  | Not Due |  | Due |  | Due |  | Due |  | Past Due |  | Past Due |  | Due |  | Past Due |  | Past Due |  | Total
Gross Carrying Amount |  | 25,748,284 |  | 324,138 |  | 123,488 |  | 56,496 |  | 38,589 |  | 43,037 |  | 741,625 |  | 380,437 |  | 156,598 |  | 27,612,692
Loss Allowance |  | 75,924 |  | 8,572 |  | 5,917 |  | 5,401 |  | 4,848 |  | 5,979 |  | 239,104 |  | 223,341 |  | 68,564 |  | 637,650
(*) Other Assets includes trade receivables, subscriber receivables, derivative financial instruments, financial assets, other assets, cash and cash equivalent and due from related parties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Less | ​ | Less | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than | ​ | Than 60 | ​ | Than 90 | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | ​
Contract assets at | ​ | ​ | ​ | 30 Days Past | ​ | Days Past | ​ | Days Past | ​ | 120 Days | ​ | 150 Days | ​ | 3 years Past | ​ | 4 years | ​ | 5 years | ​ | ​
31 December 2021 |  | Not Due |  | Due |  | Due |  | Due |  | Past Due |  | Past Due |  | Due |  | Past Due |  | Past Due |  | Total
Gross Carrying Amount |  | 1,253,982 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,253,982
Loss Allowance |  | 6,241 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 6,241
​ ​ 37. Financial instruments (continued) ​ Credit quality: (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Less | ​ | Less | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other assets from financial | ​ | ​ | ​ | Less Than | ​ | Than 60 | ​ | Than 90 | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | ​
services at 31 December 2021 | ​ | ​ | ​ | 30 Days Past | ​ | Days Past | ​ | Days Past | ​ | 120 Days | ​ | 150 Days | ​ | 3 years Past | ​ | 4 years | ​ | 5 years | ​ | ​
(**) |  | Not Due |  | Due |  | Due |  | Due |  | Past Due |  | Past Due |  | Due |  | Past Due |  | Past Due |  | Total
Gross Carrying Amount |  | 1,878,048 |  | 232,589 |  | 20,374 |  | 9,861 |  | 11,571 |  | 5,819 |  | 75,940 |  | 5,963 |  | 4,114 |  | 2,244,279
Loss Allowance |  | 12,294 |  | 2,163 |  | 296 |  | 156 |  | 5,511 |  | 3,142 |  | 58,471 |  | 5,947 |  | 4,114 |  | 92,094
(**) Other Assets includes trade receivables and subscriber receivables from financial services. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Less | ​ | Less | ​ | ​ | ​ | ​ | ​ | Less Than | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than | ​ | Than 60 | ​ | Than 90 | ​ | Less Than | ​ | Less Than | ​ | 150 Days - | ​ | Less Than | ​ | Less Than | ​ | ​
Other assets at | ​ | ​ | ​ | 30 Days Past | ​ | Days Past | ​ | Days Past | ​ | 120 Days | ​ | 150 Days | ​ | 3 years Past | ​ | 3 - 4 years | ​ | 4 - 5 years | ​ | ​
1 January 2021 (*) |  | Not Due |  | Due |  | Due |  | Due |  | Past Due |  | Past Due |  | Due |  | Past Due |  | Past Due |  | Total
Gross Carrying Amount |  | 16,188,078 |  | 296,758 |  | 62,726 |  | 45,682 |  | 36,112 |  | 31,368 |  | 727,462 |  | 290,736 |  | 257,790 |  | 17,936,712
Loss Allowance |  | 71,273 |  | 5,042 |  | 3,148 |  | 3,726 |  | 5,334 |  | 5,947 |  | 250,393 |  | 163,799 |  | 118,718 |  | 627,380
(*) Other Assets includes trade receivables, subscriber receivables, derivative financial instruments, financial assets, other assets, cash and cash equivalent and due from related parties.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Less | ​ | Less | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than | ​ | Than 60 | ​ | Than 90 | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | ​
Contract assets at | ​ | ​ | ​ | 30 Days Past | ​ | Days Past | ​ | Days Past | ​ | 120 Days | ​ | 150 Days | ​ | 3 years Past | ​ | 4 years Past | ​ | 5 years Past | ​ | ​
1 January 2021 |  | Not Due |  | Due |  | Due |  | Due |  | Past Due |  | Past Due |  | Due |  | Past Due |  | Past Due |  | Total
Gross Carrying Amount |  | 1,105,409 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,105,409
Loss Allowance |  | 5,243 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,243
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Less | ​ | Less | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Less Than | ​ | Than 60 | ​ | Than 90 | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | Less Than | ​ | ​
Other assets from financial | ​ | ​ | ​ | 30 Days Past | ​ | Days Past | ​ | Days Past | ​ | 120 Days | ​ | 150 Days | ​ | 3 years Past | ​ | 4 years Past | ​ | 5 years Past | ​ | ​
services at 1 January 2021 (**) |  | Not Due |  | Due |  | Due |  | Due |  | Past Due |  | Past Due |  | Due |  | Past Due |  | Past Due |  | Total
Gross Carrying Amount |  | 1,798,720 |  | 109,724 |  | 22,023 |  | 8,714 |  | 7,021 |  | 6,044 |  | 157,821 |  | 5,479 |  | 1,100 |  | 2,116,646
Loss Allowance |  | 11,483 |  | 1,192 |  | 407 |  | 204 |  | 3,483 |  | 3,146 |  | 128,084 |  | 5,449 |  | 1,100 |  | 154,548
(**) Other Assets includes trade receivables and subscriber receivables from financial services. Impairment losses Movements in the provision for impairment of trade receivables, contract assets, other assets and due from related parties are as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 31 December
​ | ​ | 2021 | ​ | 2021
​ |  | Contract Asset |  | Other Asset
Opening balance |  | 5,243 |  | 627,380
Provision for impairment recognized during the year |  | 998 |  | 459,711
Amounts collected |  | — |  | (200,225)
Receivables written off during the year as uncollectible |  | — |  | (300,405)
Disposal of subsidiaries |  | — |  | —
Exchange differences |  | — |  | 51,189
Closing balance |  | 6,241 |  | 637,650
​ 37. Financial instruments (continued) ​ Impairment losses (continued)
​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 31 December
​ | ​ | 2020 | ​ | 2020
​ |  | Contract Asset |  | Other Asset
Opening balance |  | 4,690 |  | 627,578
Provision for impairment recognized during the year |  | 553 |  | 452,506
Amounts collected |  | — |  | (153,674)
Receivables written off during the year as uncollectible |  | — |  | (300,119)
Disposal of subsidiaries | ​ | — | ​ | (49)
Exchange differences |  | — |  | 1,138
Closing balance |  | 5,243 |  | 627,380
​ Movements in the provision for impairment of trade receivables, subscriber receivables, other assets and cash and cash equivalents from financial services are as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 31 December
​ |  | 2021 |  | 2020
Opening balance |  | 154,548 |  | 163,500
Provision for impairment recognized during the year |  | 66,678 |  | 126,246
Amounts collected |  | (56,000) |  | (76,036)
Exchange differences |  | — |  | (96)
Unused amount reversed (*) |  | (73,132) |  | (59,066)
Closing balance |  | 92,094 |  | 154,548
| (*) | Turkcell Finansman signed a transfer of claim agreement with a debt management company to transfer some of its doubtful receivables stemming from the years 2016 and 2020. Transferred doubtful receivables comprise of balances that Turkcell Finansman started legal proceedings for.
​ 37. Financial instruments (continued) Liquidity risk The table below analyses the Group’s financial liabilities by considering relevant maturity groupings based on their contractual maturities for:
| ● | all non-derivative financial liabilities, and
| ● | gross settled derivative financial instruments for which contractual maturities are essential for an understanding of the timing of the cash flows,
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 December 2021 |  | 31 December 2020
​ | ​ | Carrying | ​ | Contractual | ​ | 6 months | ​ | 6-12 | ​ | 1-2 | ​ | 2-5 | ​ | More than 5 | ​ | Carrying | ​ | Contractual | ​ | 6 months | ​ | 6-12 | ​ | 1-2 | ​ | 2-5 | ​ | More than 5
​ |  | Amount |  | cash flows |  | or less |  | Months |  | years |  | years |  | Years |  | Amount |  | cash flows |  | or less |  | months |  | years |  | years |  | Years
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | ​ |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans |  | 512,879 |  | (529,928) |  | (122,908) |  | (121,959) |  | (145,849) |  | (139,212) |  | — |  | 295,804 |  | (306,496) |  | (91,265) |  | (54,792) |  | (107,483) |  | (52,956) |  | —
Unsecured bank loans |  | 19,950,956 |  | (21,636,278) |  | (5,169,649) |  | (1,850,068) |  | (3,428,360) |  | (9,688,566) |  | (1,499,635) |  | 11,829,178 |  | (12,828,540) |  | (3,040,325) |  | (1,136,973) |  | (2,197,659) |  | (5,426,921) |  | (1,026,662)
Debt securities issued |  | 13,408,433 |  | (17,479,087) |  | (489,609) |  | (384,875) |  | (769,750) |  | (8,590,541) |  | (7,244,312) |  | 7,362,554 |  | (10,044,816) |  | (264,517) |  | (211,957) |  | (423,914) |  | (4,941,992) |  | (4,202,436)
Lease liabilities |  | 2,905,865 |  | (4,593,322) |  | (693,003) |  | (569,289) |  | (725,070) |  | (1,273,652) |  | (1,332,308) |  | 2,098,886 |  | (3,210,148) |  | (480,282) |  | (360,908) |  | (540,721) |  | (987,430) |  | (840,807)
Trade and other payables* |  | 4,615,606 |  | (4,812,238) |  | (4,808,900) |  | (3,338) |  | — |  | — |  | — |  | 3,467,338 |  | (3,611,158) |  | (3,609,779) |  | (430) |  | (949) |  | — |  | —
Due to related parties |  | 65,156 |  | (87,294) |  | (87,294) |  | — |  | — |  | — |  | — |  | 40,355 |  | (40,355) |  | (40,355) |  | — |  | — |  | — |  | —
Consideration payable in relation to acquisition of BeST and Boyut Enerji (Note 29) |  | 761,536 |  | (1,339,566) |  | — |  | — |  | (6,665) |  | (73,310) |  | (1,259,591) |  | 475,879 |  | (734,050) |  | — |  | — |  | — |  | (24,382) |  | (709,668)
Derivative financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Participating Cross Currency Swap and FX swap contracts |  | 71,325 |  | 159,206 |  | 20,366 |  | 19,747 |  | 20,922 |  | 98,171 |  | — |  | 119,111 |  | (265,863) |  | (44,853) |  | (46,645) |  | (70,212) |  | (101,591) |  | (2,562)
Buy |  | — |  | 2,633,924 |  | 286,409 |  | 287,361 |  | 539,356 |  | 1,520,798 |  | — |  | — |  | 3,077,236 |  | 792,428 |  | 363,174 |  | 579,502 |  | 1,055,551 |  | 286,581
Sell |  | — |  | (2,474,718) |  | (266,043) |  | (267,614) |  | (518,434) |  | (1,422,627) |  | — |  | — |  | (3,343,099) |  | (837,281) |  | (409,819) |  | (649,714) |  | (1,157,142) |  | (289,143)
TOTAL |  | 42,291,756 |  | (50,318,507) |  | (11,350,997) |  | (2,909,782) |  | (5,054,772) |  | (19,667,110) |  | (11,335,846) |  | 25,785,685 |  | (31,143,819) |  | (7,673,769) |  | (1,811,705) |  | (3,340,938) |  | (11,535,272) |  | (6,782,135)
| * | Advances received, license fee accruals, taxes and withholding taxes payable are excluded from trade and other payables.
​ 37. Financial instruments (continued) Foreign exchange risk The Group’s exposure to foreign exchange risk at the end of the reporting period, based on notional amounts, was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 31 December 2021
​ |  | USD |  | EUR |  | RMB
Foreign currency denominated assets |  | ​ | ​ | ​ | ​ | ​
Other non-current assets |  | 188 | ​ | 11 | ​ | —
Financial asset at fair value through other comprehensive income |  | 85,029 | ​ | 16,453 | ​ | —
Due from related parties - current |  | — | ​ | 13 | ​ | —
Trade receivables and contract assets |  | 14,729 | ​ | 20,135 | ​ | —
Other current assets |  | 10,297 | ​ | 5,931 | ​ | 14,079
Cash and cash equivalents |  | 814,899 | ​ | 141,110 | ​ | 71,600
​ | ​ | 925,142 | ​ | 183,653 | ​ | 85,679
Foreign currency denominated liabilities |  | ​ | ​ | ​ | ​ | ​
Loans and borrowings - non-current |  | (302,607) | ​ | (504,992) | ​ | (344,052)
Debt securities issued - non-current |  | (942,374) | ​ | — | ​ | —
Lease obligations - non-current |  | (3,460) | ​ | (16,829) | ​ | —
Other non-current liabilities |  | (56,888) | ​ | — | ​ | —
Loans and borrowings - current |  | (89,379) | ​ | (205,687) | ​ | (102,395)
Debt securities issued - current |  | (55,938) | ​ | — | ​ | —
Lease obligations - current |  | (2,589) | ​ | (3,274) | ​ | —
Other current liabilities | ​ | (953) | ​ | (8,752) | ​ | —
Trade and other payables - current |  | (96,236) | ​ | (17,010) | ​ | (363,670)
Due to related parties |  | — | ​ | (305) | ​ | —
​ | ​ | (1,550,424) | ​ | (756,849) | ​ | (810,117)
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities defined as hedging instruments |  | 16,987 | ​ | 261,680 | ​ | —
Exposure related to derivative instruments |  | ​ | ​ | ​ | ​ | ​
Participating cross currency swap and FX swap contracts |  | 244,583 | ​ | 32,022 | ​ | 167,476
Currency forward contracts | ​ | 517,242 | ​ | — | ​ | —
Net exposure |  | 153,530 | ​ | (279,494) | ​ | (556,962)
​ 37. Financial instruments (continued) Foreign exchange risk (continued)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 31 December 2020
​ |  | USD |  | EUR |  | RMB
Foreign currency denominated assets |  |  |  |  |  |
Other non-current assets |  | 69 |  | 11 |  | —
Financial asset at fair value through other comprehensive income |  | 8,848 |  | 64,956 |  | —
Due from related parties - current |  | — |  | — |  | —
Trade receivables and contract assets |  | 13,234 |  | 15,239 |  | —
Other current assets |  | 11,769 |  | 3,737 |  | —
Cash and cash equivalents |  | 1,061,644 |  | 85,856 |  | 4,801
​ |  | 1,095,564 |  | 169,799 |  | 4,801
Foreign currency denominated liabilities |  | ​ |  |  |  |
Loans and borrowings - non-current |  | (342,930) |  | (543,680) |  | (160,398)
Debt securities issued - non-current |  | (940,137) |  | — |  | —
Lease obligations - non-current |  | (6,822) |  | (17,000) |  | —
Other non-current liabilities |  | (64,829) |  | — |  | —
Loans and borrowings - current |  | (85,526) |  | (244,057) |  | (92,931)
Debt securities issued - current |  | (55,938) |  | — |  | —
Lease obligations - current |  | (721) |  | (3,598) |  | —
Trade and other payables - current |  | (174,039) |  | (23,944) |  | (487,738)
Due to related parties |  | — |  | (11) |  | —
​ |  | (1,670,942) |  | (832,290) |  | (741,067)
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities defined as hedging instruments |  | — |  | 164,634 |  | —
Exposure related to derivative instruments |  | ​ |  | ​ |  | ​
Participating cross currency swap and FX swap contracts |  | 440,036 |  | 535,939 |  | 190,421
Currency forward contracts | ​ | 256,118 |  | — |  | —
Net exposure |  | 120,776 |  | 38,082 |  | (545,845)
​ 37. Financial instruments (continued) Exposure to currency risk Sensitivity analysis The basis for the sensitivity analysis to measure foreign exchange risk is an aggregate corporate-level currency exposure. The aggregate foreign exchange exposure is composed of all assets and liabilities denominated in foreign currencies, the analysis excludes net foreign currency investments. A 10% strengthening/weakening of the TL, UAH, BYN, EUR against the following currencies as at 31 December 2021 and 31 December 2020 would have increased/(decreased) profit or loss before by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sensitivity analysis
31 December 2021
​ | ​ | Profit/(Loss) | ​ | Equity
​ |  | Appreciation of |  | Depreciation of |  | Appreciation of |  | Depreciation of
​ | ​ | foreign currency | ​ | foreign currency | ​ | foreign currency | ​ | foreign currency
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1- USD net asset/liability |  | 191,136 |  | (191,136) |  | — |  | —
2- Hedged portion of USD risk (-) |  | — |  | — |  | 17,218 |  | (20,995)
3- USD net effect (1+2) |  | 191,136 |  | (191,136) |  | 17,218 |  | (20,995)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
4- EUR net asset/liability |  | (421,664) |  | 421,664 |  | — |  | —
5- Hedged portion of EUR risk (-) |  | — |  | — |  | 24,020 |  | (24,020)
6- EUR net effect (4+5) |  | (421,664) |  | 421,664 |  | 24,020 |  | (24,020)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
7- Other foreign currency net asset/liability (RMB) |  | (116,071) |  | 116,071 |  | — |  | —
8- Hedged portion of other foreign currency risk (-) (RMB) |  | — |  | — |  | (1,960) |  | 1,960
9- Other foreign currency net effect (7+8) |  | (116,071) |  | 116,071 |  | (1,960) |  | 1,960
Total (3+6+9) |  | (346,599) |  | 346,599 |  | 39,278 |  | (43,055)
​ ​ 37. Financial instruments (continued) Exposure to currency risk (continued) Sensitivity analysis (continued)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sensitivity analysis
31 December 2020
​ | ​ | Profit/(Loss) | ​ | Equity
​ |  | Appreciation of |  | Depreciation of |  | Appreciation of |  | Depreciation of
​ | ​ | foreign currency | ​ | foreign currency | ​ | foreign currency | ​ | foreign currency
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1- USD net asset/liability |  | 88,656 |  | (88,656) |  | — |  | —
2- Hedged portion of USD risk (-) |  | — |  | — |  | (14,984) |  | 14,984
3- USD net effect (1+2) |  | 88,656 |  | (88,656) |  | (14,984) |  | 14,984
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
4- EUR net asset/liability |  | 34,304 |  | (34,304) |  | — |  | —
5- Hedged portion of EUR risk (-) |  | — |  | — |  | (79,669) |  | 79,669
6- EUR net effect (4+5) |  | 34,304 |  | (34,304) |  | (79,669) |  | 79,669
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
7- Other foreign currency net asset/liability (RMB) |  | (61,036) |  | 61,036 |  | — |  | —
8- Hedged portion of other foreign currency risk (-) (RMB) |  | — |  | — |  | (192) |  | 192
9- Other foreign currency net effect (7+8) |  | (61,036) |  | 61,036 |  | (192) |  | 192
Total (3+6+9) |  | 61,924 |  | (61,924) |  | (94,845) |  | 94,845
​ Interest rate risk As at 31 December 2021 and 2020 the interest rate profile of the Group’s variable rate interest-bearing financial instruments was: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 31 December 2021 | ​ | 31 December 2020
​ |  | ​ |  | Effective |  | ​ |  | Effective |  |
​ | ​ | ​ | ​ | Interest | ​ | Carrying | ​ | interest | ​ | Carrying
​ | ​ | Note | ​ | Rate | ​ | Amount | ​ | rate | ​ | Amount
Variable rate instruments |  |  |  |  |  |  |  |  |  |
USD floating rate loans |  | 30 |  | 3.1 | % | (3,999,264) |  | 3.2 | % | (2,644,049)
EUR floating rate loans |  | 30 |  | 2.3 | % | (9,188,487) |  | 2.2 | % | (5,660,654)
​ 37. Financial instruments (continued) 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 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Profit or loss | ​ | Equity
​ |  | 100 bps |  | 100 bps |  | 100 bps |  | 100 bps
​ | ​ | increase | ​ | decrease | ​ | increase | ​ | decrease
31 December 2021 | ​ |  |  |  |  |  |  |
Variable rate instruments (financial liability) | ​ | (103,782) |  | 103,782 |  | — |  | —
Cash flow sensitivity (net) | ​ | (103,782) |  | 103,782 |  | — |  | —
31 December 2020 | ​ |  |  |  |  |  |  |
Variable rate instruments (financial liability) | ​ | (23,510) |  | 23,510 |  | — |  | —
Cash flow sensitivity (net) | ​ | (23,510) |  | 23,510 |  | — |  | —
​ ​ 37. Financial instruments (continued) Fair values Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis 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. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level is as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. Valuation inputs and relationships to fair value The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurement of contingent consideration. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value at |  |  |  | Inputs |  |
​ | ​ | 31 | ​ | 31 | ​ | ​ | ​ | 31 | ​ | 31 | ​ | ​
​ |  | December |  | December |  | Unobservable |  | December |  | December |  | Relationship of unobservable inputs to
​ | ​ | 2021 | ​ | 2020 | ​ | Inputs | ​ | 2021 | ​ | 2020 | ​ | fair value
Contingent consideration | ​ | 758,261 |  | 475,879 |  | Risk-adjusted discount rate | ​ | 6.8%-8.0% | ​ | 4.3%- 5.6% | ​ | An increase/decrease in the discount rate by 100 bps would change FV by TL (51,092) and TL 55,485, respectively.
​ | ​ | ​ | ​ | ​ |  | Expected settlement date | ​ | in instalments between 2026-2031 |  | in instalments between 2025-2030 |  | If expected settlement date extended/shortened by 1-year, FV would change by TL (53,167) and TL 57,145, respectively.
​ Changes in the consideration payable in relation to acquisition of BeST for the years ended 31 December 2021 and 31 December 2020 are stated below: ​
​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Opening balance |  | 475,879 |  | 359,554
Losses recognized in profit or loss | ​ | 282,382 |  | 116,325
Closing balance | ​ | 758,261 |  | 475,879
​ ​ 37. Financial instruments (continued) ​ Financial assets: Carrying values of a significant portion of financial assets do not differ significantly from their fair values due to their short-term nature. Fair values of financial assets are presented in Note 26. Financial liabilities: As at 31 December 2021 and 31 December 2020; for the majority of the borrowings, the fair values are not materially different to their carrying amounts since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. ​ The carrying amounts and fair values of non-current borrowings and current portion of non-current borrowings are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Carrying |  | Fair
As at 31 December 2021: | ​ | amount | ​ | value
Bank loans | ​ | 16,696,250 | ​ | 16,622,479
Debt securities | ​ | 13,306,495 | ​ | 13,233,743
​
​ | ​ | ​ | ​ | ​
​ |  | Carrying |  | Fair
As at 31 December 2020: | ​ | amount | ​ | value
Bank loans |  | 4,615,559 |  | 4,646,152
Debt securities | ​ | 7,311,688 | ​ | 7,949,084
​ Fair value of cash and cash equivalents and debt securities issued are classified as level 1 and fair value of other financial assets and liabilities are classified as level 2.

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