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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2021

Statement [LineItems]

Summary of Fair Value of Derivative Financial Instruments

The fair value of derivative financial instruments at 31 December 2021 and 2020 are attributable to the following:


		31 December 2021				31 December 2020
		Assets		Liabilities		Assets		Liabilities
Held for trading		1,181,740		—		360,047		41,132
Derivatives used for hedge accounting		999,577		60,518		642,623		66,851
Total		2,181,317		60,518		1,002,670		107,983

The notional amount and the fair value of derivatives used for hedging contracts at 31 December 2021 and 2020 are as follows:

31 December 2021

31 December 2020

Change in

Change in

intrinsic value

intrinsic value

of outstanding

of outstanding

Notional

Notional

hedging

hedging

value

value

instruments

instruments

in original

in original

Hedge

since 1

since 1

Currency

currency

Fair Value

currency

Fair Value

Maturity date

ratio

January 2021

January 2020

Participating cross currency swap contracts

EUR Contracts

300,200

174,747

366,800

221,937

October 2025

01:01

963,374

962,903

EUR Contracts

63,365

48,443

65,158

53,142

April 2026

01:01

78,593

161,325

USD Contracts

206,770

523,571

216,054

270,315

April 2026

01:01

533,782

342,123

Cross currency swap contracts

RMB Contracts

135,134

235,617

162,121

97,229

April 2026

01:01

136,770

46,858

Interest rate swap contracts

USD Contracts

150,075

(43,319)

180,045

(66,851)

April 2026

01:01

—

—

Derivatives used for hedge accounting

939,059

575,772

EUR 340,220 (2020: EUR 414,812) participating cross currency swap contracts includes TL 1,170,728 (2020: TL 1,121,303) guarantees after the CSA agreement.

36. Derivative financial instruments (continued)

Held for trading

The notional amount and the fair value of derivatives used held for trading contracts at 31 December 2021 and 2020 are as follows:


		31 December 2021						31 December 2020
		Notional value						Notional value
Currency		in original currency		Fair value		Maturity		in original currency		Fair value		Maturity
Participating cross currency swap contracts
EUR Contracts		66,700		243,478		April 2026		90,881		230,033		April 2026
USD Contracts		36,000		58,890		November 2025		32,008		31,334		April 2026

Cross currency swap contracts
EUR Contracts		24,000		168,900		December 2022		7,200		20,853		September 2021
USD Contracts		36,572		284,868		March 2023-November 2025		34,286		62,715		March 2023
RMB Contracts		32,342		50,842		April 2026		38,801		14,535		April 2026

Interest rate swap contracts
EUR Contracts		35,000		11,780		September 2028		—		—		—
USD Contracts		—		—		—		17,778		258		September 2028

FX swap contracts
USD Contracts		200,000		193,504		January 2022		10,000		319		January 2021

Currency forward contracts
USD Contracts		175,000		169,478		January 2022-March 2022		—		—		—

Held for trading financial assets				1,181,740						360,047

36. Derivative financial instruments (continued)

Held for trading (continued)

The notional amount and the fair value of derivatives used held for trading contracts at 31 December 2021 and 2020 are as follows:


		31 December 2021						31 December 2020
		Notional value						Notional value
Currency		in original currency		Fair value		Maturity		in original currency		Fair value		Maturity
Participating cross currency swap contracts
USD Contracts		—		—		—		45,000		(9,701)		November 2025

Cross currency swap contracts
EUR Contracts		—		—		—		43,900		(13,684)		December 2021-2022
USD Contracts		—		—		—		20,000		(6,747)		November 2025

Interest rate swap contracts
USD Contracts		—		—		—		22,222		(1,141)		September 2028

FX swap contracts
USD Contracts		—		—		—		82,735		(7,046)		January 2021

Currency forward contracts
USD Contracts		—		—		—		6,000		(2,813)		January-December 2021

Held for trading financial liabilities				—						(41,132)

Summary of Fair Value of Financial Assets and Financial Liabilities


		Fair Value hierarchy		Valuation Techniques
a) Participating cross currency swap contracts (*)		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
b) FX swap, currency, interest swap and option contracts		Level 2		Present value of the estimated future cash flows based on observable yield curves and end period FX rates
c) Currency forward contracts		Level 2		Forward exchange rates at the balance sheet date

(*)

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 253,788 lower as at 31 December 2021 (31 December 2020: TL 168,882).

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		100 bp		100 bp		100 bp
		increase		decrease		increase		decrease
31 December 2021
Participating cross currency swap contracts		1,199,942		2,230,500		(620,462)		(1,445,257)
Cross currency swap contracts		159,719		(33,859)		(220,694)		(186,611)
Cash Flow sensitivity (net)		1,359,661		2,196,641		(841,156)		(1,631,868)


		Profit or Loss				Equity, net of tax
		100 bp		100 bp		100 bp		100 bp
		increase		decrease		increase		decrease
31 December 2020
Participating cross currency swap contracts		1,158,627		849,915		(516,772)		(247,934)
Cross currency swap contracts		49,843		45,528		11,132		12,642
Cash Flow sensitivity (net)		1,208,470		895,443		(505,640)		(235,292)

Participating cross currency swap contracts [member]

Statement [LineItems]

Summary of Fair Value of Derivative Financial Instruments

Movements in the participating cross currency swap contracts for the years ended 31 December 2021 and 31 December 2020 are stated below:


		31 December		31 December
		2021		2020
Opening balance		797,060		495,436
Cash flow effect		45,951		(695,892)
Total gain/loss:
Gains recognized in profit or loss		206,118		997,516
Closing balance		1,049,129		797,060