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Related parties

12 Months Ended

Dec. 31, 2022

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Related parties

38.  Related parties

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 2022 and 2021.

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
​	​	2022	​	2021	​	2020
Short-term benefits		184,952	​	180,688	​	207,952
Long-term benefits	​	1,848	​	2,177	​	2,591
Termination benefits		958	​	375	​	15,514
Share based payments		—	​	837	​	13,733
​	​	187,758	​	184,077	​	239,790

​

​

38.  Related parties (continued)

​

The following transactions occurred with related parties:

​

​	​	​	​	​	​	​
​	​	31 December	​	31 December	​	31 December
Revenue from related parties		2022		2021		2020
Turk Telekom Mobil Iletisim Hizmetleri A.S. (“TT Mobil”) (*)	​	673,733	​	—	​	—
Turk Hava Yollari A.S. ("THY") (*)	​	174,092	​	146,766	​	32,642
Enerji Piyasalari Isletme A.S. (“EPIAS”) (*)		170,754		407,346		53,904
Ziraat Bankasi A.S. (“Ziraat Bankasi”) (*)		71,969		96,898		23,356
Gunes Express Havacilik A.S. (“Sun Express”) (*)		65,385		33,196		6,511
TOGG	​	58,129	​	10,769	​	—
Turk Telekomunikasyon A.S. (“TT”) (*)		56,472		—		—
Turksat Uydu Haberlesme Kablo TV ve Isletme A.S.(“Turksat”) (*)		52,746		79,102		23,635
TVF IFM Gayrimenkul Insaat ve Yonetim A.S. (*)		43,818		2,624		—
Turkiye Vakiflar Bankasi TAO (“Vakifbank”)(*)	​	30,642	​	29,625	​	14,157
Turkiye Halk Bankasi A.S. (“Halkbank”) (*)	​	16,828	​	16,485	​	5,214
Turkiye Hayat ve Emeklilik A.S. (*)	​	15,020	​	21,568	​	4,057
Ziraat Katilim Bankasi A.S. (“Ziraat Katilim”) (*)	​	8,970	​	6,480	​	1,120
BIST (*)	​	5,357	​	23,742	​	7,853
Sofra	​	1,765	​	2,041	​	2,877
Other		23,126		32,952		14,755
​	​	1,468,806		909,594		190,081

​

​	​	​	​	​	​	​
​	​	31 December	​	31 December	​	31 December
Related party expenses		2022		2021		2020
EPIAS (*)		1,777,886		1,660,989		183,235
Turk Telekomunikasyon A.S (*)		745,220		—		—
TT Mobil (*)		630,606		—		—
Istanbul Takas ve Saklama Bankasi A.S. ("Takasbank") (*)		88,387		90		—
Turksat (*)		85,155		115,639		31,844
Sofra		47,732		58,444		61,037
Boru Hatlari ile Petrol Tasima A.S. (“BOTAS”) (*)		40,462		38,381		8,298
PTT (*)		25,017		28,476		3,820
Others		58,557		36,447		6,614
​	​	3,499,022		1,938,466		294,848

(*) Related parties which TVF and the entities over which TVF has control directly or joint control or significant influence.

TVF becomes the largest shareholder of Turk Telekom with 61.68% of the shares as of 31 March 2022. Therefore, companies of Turk Telekom has been reported as related party as of 31 March 2022. Transactions between the Group and Turk Telekom are related with telecommunication services.

​

38.   Related parties (continued)

​

Details of the financial assets and liabilities with related parties as of 31 December 2022 and 2021 are as follows:

​

​	​	​	​	​
​		31 December		31 December
​	​	2022	​	2021
Banks - Time deposits (*)		14,178,529		12,682,382
Banks - Demand deposits (*)		234,117		253,463
Currency protected time deposit (**)		1,359,651		—
Receivables from reverse repo (*)	​	3,704,160	​	—
Bank borrowings		(2,791,256)		(1,252,741)
Debt securities issued		(357,497)		(167,453)
Lease liabilities		(125,381)		(159,893)
Impairment loss provision	​	(20,974)	​	(8,215)
​		16,181,349		11,347,543

(*) Related balances are included in cash and cash equivalents.

(**) The Group has converted its currency deposit account in Vakifbank amounting to USD 15,000 and EUR 50,000 into currency protected TL time deposit accounts (Note 24).

As of 31 December 2022, the amount of letters of guarantee given to the related parties is TL 133,277 (31 December 2021: TL 159,563).

Details of the time deposits at related parties as of 31 December 2022 and 2021 are as follows:

​

​	​	​	​	​
​		31 December		31 December
​	​	2022	​	2021
Ziraat Bankasi		2,003,561		4,405,389
Vakifbank		5,748,392		3,623,180
Halkbank		5,140,582		3,996,354
Ziraat Katilim Bankasi A.S.		1,285,994		657,354
Other	​	—	​	105
​		14,178,529		12,682,382

​

Details of the time deposits at related parties

​

​	​	​	​	​	​	​	​	​
Amount in		​		​	​	​		​
Original	​	​	​	​	​	​	​	31 December
Currency	​	Currency	​	Effective Interest Rate		Maturity	​	2022
187,624		USD		3.0%	​	January 2023		3,510,080
395,430	​	EUR	​	2.7%	​	January 2023	​	7,888,259
2,774,821	​	TL	​	23.9%	​	January 2023	​	2,778,946
55		GBP		0.1%	​	January 2023		1,244
​	​	​	​	​	​	​		14,178,529

​

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38.   Related parties (continued)

​

Receivables from reverse repo

​

​	​	​	​	​	​	​	​
Amount in		​		​	​		31 December
Original Currency	​	Currency	​	Effective Interest Rate	Maturity	​	2022
120,025	​	EUR	​	2.8%	January 2023	​	2,394,311
70,000	​	USD	​	3.0%	January 2023	​	1,309,849
​	​	​	​	​	​	​	3,704,160

​

Details of the bank borrowings at related parties

​

​	​	​	​	​	​	​	​	​
​		​	​	​	​	​	​	31 December
Principle Amount	​	Currency	​	Effective Interest Rate	​	Maturity	​	2022
1,802,550	​	TL	​	13.5% - 19.0%	​	January 2023 - October 2023	​	1,934,918
536,714		TL		13.4% - 24.0%		February 2023 - December 2023		537,478
89,997		RMB		3.7%		February 2023		241,247
35,000		TL		14.8%		August 2023		36,818
39,900		TL		16.4%		May 2023		40,795
​	​	​	​	​	​	​		2,791,256

​

Details of the debt securities issued at related parties

​

​	​	​	​	​	​	​	​	​
Principle		​		​		​		31 December
Amount	​	Currency	​	Effective Interest Rate	​	Maturity	​	2022
200,000	​	TL	​	20.8%	​	March 2023	​	202,005
150,000	​	TL	​	20.3%	​	February 2023	​	155,492
​	​	​	​	​	​	​	​	357,497

​

Details of the lease liabilities at related parties

​

​	​	​	​	​	​	​
​		​		​		31 December
Currency	​	Effective Interest Rate	​	Payment Period	​	2022
EUR	​	0.2% - 5.1%	​	2022 - 2024	​	74,012
TL	​	11.7% - 44.5%	​	2022 - 2036	​	51,369
​	​	​	​	​	​	125,381

​

​

38.   Related parties (continued)

​

Interest income from related parties:

​

​	​	​	​	​	​	​
​		31 December		31 December		31 December
​	​	2022	​	2021	​	2020
Vakifbank		501,390		200,171		62,469
Ziraat Bankasi		212,458		184,958		76,842
Halkbank	​	188,154	​	316,717	​	74,398
Ziraat Katilim		36,247		675		—
Other		50		4,193		3,658
​		938,299		706,714	​	217,367

​

Interest expense to related parties:

​

​	​	​	​	​	​	​
​	​	31 December	​	31 December	​	31 December
​		2022		2021		2020
Vakifbank		311,772		33,587		104
Ziraat Bankasi		67,422		9,977		3,942
Halk Varlık Kiralama A.S. ("Halk Varlık Kiralama")	​	60,387	​	7,530	​	—
Halkbank		2,328		—		4,469
Ziraat Katilim		537		62		—
Other	​	582	​	217	​	1,192
​		443,028		51,373		9,707

​

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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- Definition

The entire disclosure for related parties.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 24
-IssueDate 2022-03-24
-Section Disclosures
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=24&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IAS24_g13-24__IAS24_g13-24_TI
-URIDate 2022-03-24

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