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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2022

Statement [LineItems]

Summary of Fair Value of Derivative Financial Instruments

The fair value of derivative financial instruments at 31 December 2022 and 2021 are attributable to the following:


		31 December 2022				31 December 2021
		Assets		Liabilities		Assets		Liabilities
Held for trading		794,399		131,074		1,941,240		—
Derivatives used for hedge accounting		1,199,843		21,432		1,642,001		99,413
Total		1,994,242		152,506		3,583,241		99,413

31 December 2022

31 December 2021

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 January

since 1 January

Currency

currency

Fair value

currency

Fair value

Maturity date

ratio

2022

2021

Participating cross currency swap contracts

EUR Contracts

233,600

203,017

300,200

287,056

October 2025

01:01

(7,288)

1,582,531

EUR Contracts

50,711

53,612

63,365

79,577

April 2026

01:01

(175)

129,104

USD Contracts

165,478

560,982

206,770

860,068

April 2026

01:01

10,061

876,842

Cross currency swap contracts

RMB Contracts

108,148

256,943

135,134

387,047

April 2026

01:01

73,799

224,672

Interest rate swap contracts

USD Contracts

120,105

103,857

150,075

(71,160)

April 2026

01:01

—

—

Derivatives used for hedge accounting

1,178,411

1,542,588


		31 December 2022						31 December 2021
		Notional value in						Notional value in
Currency		original currency		Fair value		Maturity		original currency		Fair value		Maturity
Cross currency swap contracts
USD Contracts		18,858		243,287		March 2023 - November 2025		36,572		467,952		March 2023 - November 2025
RMB Contracts		25,883		57,482		April 2026		32,342		83,518		April 2026
EUR Contracts		—		—		—		24,000		277,451		December 2022
Currency forward contracts
USD Contracts		377,435		7,673		January 2023 - June 2023		175,000		278,401		January 2022 - March 2022
EUR Contracts		26,900		28,699		February 2023 - April 2023		—		—		—
FX swap contracts
USD Contracts		357,451		(3,980)		January 2023		200,000		317,868		January 2022
RMB Contracts		148,422		1,864		January 2023		—		—		—
Participating cross currency swap contracts
USD Contracts		27,000		75,051		November 2025		36,000		96,738		November 2025
EUR Contracts		53,380		254,040		April 2026		66,700		399,960		April 2026

Interest rate swap contracts
USD Contracts		53,380		(791)		April 2026		—		—		—
EUR Contracts		—		—		—		35,000		19,352		September 2028

Derivatives held for trading		—		663,325				—		1,941,240		—

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 15,892 lower as at 31 December 2022 (31 December 2021: TL 416,897).

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 2022
Participating cross currency swap contracts		(37,531)		(25,064)		755,812		787,206
Cross currency swap contracts		64,781		236,336		236,439		206,121
Cash Flow sensitivity (net)		27,250		211,272		992,251		993,327

34. Derivative financial instruments (continued)

Cash flow sensitivity analysis for variable-rate instruments (continued)


		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		1,971,140		3,664,033		(1,019,230)		(2,374,118)
Cross currency swap contracts		262,370		(55,620)		(362,533)		(306,545)
Cash Flow sensitivity (net)		2,233,510		3,608,413		(1,381,763)		(2,680,663)

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 2022 and 2021 are stated below:


		31 December		31 December
		2022		2021
Opening balance		1,723,399		1,781,744
Cash flow effect		(1,124,026)		92,328
Total gain/loss:
Gains recognized in profit or loss		1,221,599		414,157
Inflation adjustments		(674,270)		(564,830)
Closing balance		1,146,702		1,723,399