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Related parties

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Related parties

40.  Related parties

Due to the change of the ultimate parent, the Group reevaluated the related party entities and reflected the transactions on 31 December 2021 financial statements.

Transactions with key management personnel

Key management personnel comprise the Group’s members of the Board of Directors and chief officers.

There are no loans to key management personnel as of 31 December 2021 and 2020.

The Group provides additional benefits to key management personnel and contributions to retirement plans based on a pre-determined ratio of compensation.

​

​	​	​	​	​	​	​
​		31 December		31 December		31 December
​	​	2021	​	2020	​	2019
Short-term benefits		89,692		86,478		78,775
Long-term benefits	​	1,091	​	1,085	​	653
Termination benefits		182		6,548		56,720
Share based payments		—		5,760		6,247
​	​	90,965		99,871		142,395

​

40.   Related parties (continued)

​

Transactions with key management personnel (continued)

The following transactions occurred with related parties:

​

​	​	​	​	​	​	​
Revenue from related parties		2021		2020		2019
Enerji Piyasaları Isletme A.S. (“EPİAS”) (**)	​	201,611	​	23,737	​	—
Turk Hava Yollari A.S. (“THY”) (**)		73,767		14,374		—
Ziraat Bankasi (**)	​	47,944	​	10,285	​	—
Turksat Uydu Haberlesme Kablo TV ve Isletme A.S.(“Turksat”) (**)		39,732		10,408		—
Gunes Express Havacilik A.S. (“Sun Express”) (**)		16,607		2,867		—
Turkiye Vakıflar Bankasi TAO (“Vakifbank”) (**)		14,633		6,234		—
Borsa Istanbul A.S. (“BIST”) (**)		11,724		3,458		—
Turkiye Hayat ve Emeklilik A.S.		10,479		—		—
Turkiye Halk Bankasi A.S. (“Halkbank”) (**)		8,225		2,296		—
Turkiye’nin Otomobili Girisim Grubu Sanayi ve Ticaret A.S. (“TOGG”)	​	5,407	​	—	​	—
Ziraat Katilim Bankasi A.S. (“Ziraat Katilim”) (**)	​	3,238	​	—	​	—
Kredi Kayit Burosu A.S. (“KKB”) (**)	​	2,931	​	657	​	—
Turkiye Sigorta A.S.	​	2,050	​	—	​	—
Sofra Kurumsal ve Odullendirme Hizmetleri A.S. (“Sofra”)	​	1,006	​	1,221	​	—
Posta ve Telgraf Teskilati A.S. (“PTT”) (**)	​	161	​	870	​	—
Sonera Holding	​	—	​	—	​	772,436
Kyivstar GSM JSC (“Kyivstar”) (*)	​	—	​	—	​	27,050
Telia Carrier Germany GmbH (“Telia Carrier”)		—		—		12,934
Vimpelcom OJSC (“Vimpelcom”) (*)		—		—		6,191
Other		12,457		6,206		7,004
​	​	451,972		82,613		825,615

​

​	​	​	​	​	​	​
Related party expenses		2021		2020		2019
EPIAS (**)		864,464		80,689		—
Turksat (**)		57,521		14,023		—
Sofra		28,918		25,477		8,874
Boru Hatları Ile Petrol Tasıma A.S. (“BOTAS”) (**)		19,290		3,654		—
PTT (**)		14,340		1,682		—
Kyivstar (*)		—		—		40,210
Telia Carrier		—		—		7,503
Vimpelcom (*)		—		—		1,228
Wind Telecomunicazioni S.P.A. (“Wind”) (*)		—		—		274
Turkcell Vakfi		—		—		—
Other		15,653		2,071		2,000
​	​	1,000,186		127,596		60,089

(*)Transactions with Vimpelcom, Kyivstar and Wind include transactions until 18 June 2019.

(**)Transactions with related parties through TVF BTIH include transactions as of 22 October 2020 and onwards.

​

40.   Related parties (continued)

​

Transactions with key management personnel (continued)

Details of the financial assets and liabilities with related parties as of 31 December 2021 and 2020 are as follows:

​

​	​	​	​	​
​		31 December		31 December
​	​	2021	​	2020
Banks - Time deposits		7,720,468		6,713,484
Banks - Demand deposits		154,291		106,799
Other cash and cash equivalents		—		8,354
Bank borrowings		(762,613)		(55,902)
Debt securities issued		(101,938)		(50,866)
Lease liabilities		(97,336)		(65,577)
​		6,912,872		6,656,292

​

As of 31 December 2021, the amount of letters of guarantee given to the related parties is TL 97,135 (31 December 2020: 67,455).

Details of the time deposits at related parties as of 31 December 2021 are as follows:

​

​	​	​	​	​
​		31 December		31 December
​	​	2021	​	2020
Ziraat Bankasi		2,681,804		2,338,812
Halkbank		2,432,802		1,904,505
Vakifbank		2,205,630		2,307,202
Ziraat Katilim		400,168		162,965
Other	​	64	​	—
​		7,720,468		6,713,484

​

​

40.  Related parties (continued)

​

Transactions with key management personnel (continued)

​

​	​	​	​	​	​	​	​	​
Amount in		​		​		​		​
Original	​	​	​	​	​	​	​	31 December
Currency	​	Currency	​	Effective Interest Rate	​	Maturity	​	2021
450,526		USD		1.3%	​	January 2022		6,005,059
67,510	​	EUR	​	0.3%	​	January 2022	​	1,018,502
695,808	​	TL	​	26.2%	​	January 2022	​	695,808
58		GBP		0.2%	​	January 2022		1,042
11		BYR		2.6%	​	January 2022		57
​	​	​	​	​	​	​		7,720,468

​

Details of the bank borrowings at related parties as of 31 December 2021 are as follows:

​

​	​	​	​	​	​	​	​	​
Principle		​		​		​		31 December
Amount	​	Currency	​	Effective Interest Rate	​	Maturity	​	2021
533,837	​	TL	​	14.8%-15.8%	​	January-February 2022	​	537,564
119,460	​	TL	​	19.2%-20.1%	​	January 2022	​	120,853
49,998		RMB	​	4.9%	​	February 2022	​	104,196
​	​	​	​	​	​	​	​	762,613

​

Details of the debt securities issued at related parties as of 31 December 2021 are as follows:

​

​	​	​	​	​	​	​	​	​
Principle		​		​		​		31 December
Amount	​	Currency	​	Effective Interest Rate	​	Maturity	​	2021
100,000	​	TL	​	16.3%	​	March 2022	​	101,938
​	​	​	​	​	​	​	​	101,938

​

Details of the lease liabilities at related parties as of 31 December 2021 are as follows:

​

​	​	​	​	​	​	​
​		​		​		31 December
Currency	​	Effective Interest Rate	​	Payment Period	​	2021
EUR	​	0.1% - 3.7%	​	2022-2024	​	82,952
TL	​	11.7% - 32.0%	​	2022-2026	​	14,384
​	​	​	​	​	​	97,336

​

Interest income from related parties:

​

​	​	​	​	​	​	​
​		2021		2020		2019
Halkbank		150,389		32,762		—
Vakifbank		97,296		27,509		—
Ziraat Bankasi		88,334		33,838		—
Other		2,255		1,611		—
​		338,274		95,720	​	—

​

​

40.  Related parties (continued)

​

Interest expense to related parties: (continued)

​

​	​	​	​	​	​	​
​		2021		2020		2019
Vakifbank		17,889		—		—
Ziraat Bankasi		4,831		1,736		—
Halk Varlik Kiralama A.S.	​	3,644	​	1,968	​	—
Ziraat Yatırım Menkul Degerler A.S.		33		506		—
Other		95		65		—
​		26,492		4,275		—

​

Revenue from related parties are generally related to telecommunication, call center and other miscellaneous services. Transactions between the Group and EPIAS are related to the energy services; transactions between the Group and Sofra are related to meal coupon services; transactions between the Group and BOTAS are related to infrastructure services; transactions between the Group and Halkbank, Ziraat Bankasi and Vakifbank are related to banking services; transactions between the Group and PTT are related to cargo transportation; transactions between the Group and Turksat are related to telecommunication services and transactions between the Group and BIST are related to stock market services. Receivables from related parties are not collateralized.

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The entire disclosure for related parties.

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-Name IAS
-Number 24
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