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Related parties | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
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 2023 and 2022. 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
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Short-term benefits |  | 366,645 | ​ | 304,752 | ​ | 297,725
Long-term benefits | ​ | 2,444 | ​ | 3,044 | ​ | 3,587
Termination benefits |  | 683 | ​ | 1,579 | ​ | 618
Share based payments |  | 29,157 | ​ | - | ​ | 1,380
​ | ​ | 398,929 | ​ | 309,375 | ​ | 303,310
​ 38.Related parties (continued) ​ Transactions with key management personnel (continued) The following transactions occurred with related parties: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 31 December | ​ | 31 December
Revenue from related parties |  | 2023 |  | 2022 |  | 2021
Türk Telekom Mobil Iletisim Hizmetleri A.S. (“TT Mobil”) (*) | ​ | 1,080,225 | ​ | 1,110,129 | ​ | -
Enerji Piyasaları İşletme A.S. (“EPIAS”)(*) |  | 262,000 | ​ | 281,356 | ​ | 671,196
Türk Hava Yolları A.S. (“THY”) (*) | ​ | 300,165 | ​ | 286,856 | ​ | 241,830
Ziraat Bankası A.S. (“Ziraat Bankası”) (*) |  | 739,025 | ​ | 118,586 | ​ | 159,661
“Türkiye Sigorta A.Ş. (“Türkiye Sigorta”)(*)” | ​ | 353,563 | ​ | 2,012 | ​ | -
Gunes Express Havacilik A.S. (“Sun Express”) (*) |  | 155,838 | ​ | 107,737 | ​ | 54,698
Turk Telekomunikasyon A.S. (“TT”)(*) | ​ | 118,851 | ​ | 93,051 | ​ | -
Turksat Uydu Haberlesme Kablo TV ve Isletme A.S.(“Turksat”)(*) |  | 78,572 | ​ | 86,912 | ​ | 130,338
TOGG |  | 15,601 | ​ | 95,780 | ​ | 17,744
TVF IFM Gayrimenkul Insaat ve Yonetim A.S. (*) |  | 81,712 | ​ | 72,200 | ​ | 4,323
Turkiye Vakiflar Bankası TAO (“Vakifbank”)(*) | ​ | 73,304 | ​ | 50,489 | ​ | 48,814
Turkiye Halk Bankası A.S. (“Halkbank”) (*) | ​ | 25,854 | ​ | 27,727 | ​ | 27,164
Turkiye Hayat ve Emeklilik A.S.(*) | ​ | 30,753 | ​ | 24,749 | ​ | 35,538
Ziraat Katilim Bankasi A.S. (“Ziraat Katilim”)(*) | ​ | 74,207 | ​ | 14,780 | ​ | 10,678
BIST (*) | ​ | 16,810 | ​ | 8,827 | ​ | 39,120
Sofra | ​ | 3,686 | ​ | 2,909 | ​ | 3,362
Other |  | 29,646 | ​ | 36,094 | ​ | 54,296
​ | ​ | 3,439,842 | ​ | 2,420,194 | ​ | 1,498,762
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 31 December | ​ | 31 December
Related party expenses |  | 2023 |  | 2022 |  | 2021
EPIAS (*) |  | 793,195 |  | 2,929,475 |  | 2,736,860
Turk Telekomunikasyon A.S (*) |  | 1,403,490 |  | 1,227,920 |  | -
TT Mobil (*) |  | 1,151,042 |  | 1,039,068 |  | -
Istanbul Takas ve Saklama Bankasi A.S. (“Takasbank”) (*) |  | 380,642 |  | 145,639 |  | 149
Turksat (*) |  | 71,543 |  | 140,313 |  | 190,541
Sofra |  | 132,510 |  | 78,650 |  | 96,300
Boru Hatlari ile Petrol Tasima A.S. (“BOTAS”) (*) |  | 58,145 |  | 66,671 |  | 63,241
PTT (*) |  | 71,978 |  | 41,221 |  | 46,921
Others |  | 262,140 |  | 96,487 |  | 60,054
​ | ​ | 4,324,685 |  | 5,765,444 |  | 3,194,066
(*) | Related parties, which TVF directly and / or indirectly has control 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 have 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) ​ Transactions with key management personnel (continued) Details of the financial assets and liabilities with related parties as of 31 December 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 31 December |  | 31 December
​ | ​ | 2023 | ​ | 2022
Banks - Time deposits (*) |  | 31,369,567 |  | 23,362,376
Banks - Demand deposits (*) |  | 720,613 |  | 385,761
Currency protected time deposit (**) |  | 6,173,875 |  | 2,240,337
Receivables from reverse repo (*) | ​ | - | ​ | 6,103,453
Bank borrowings |  | (7,064,169) |  | (6,789,667)
Debt securities issued |  | (956,914) |  | (589,058)
Lease liabilities |  | (146,028) |  | (206,594)
Impairment loss provision | ​ | (31,883) | ​ | (34,559)
​ |  | 30,065,061 |  | 24,472,049
(*) | Related balances are included in cash and cash equivalents.
(**) | The Group has converted its currency deposit account in Vakifbank amounting to USD 102,941 and EUR 85,000 into currency protected TL time deposit accounts (Note 24).
As of 31 December 2023, the amounts of letters of guarantee given to the related parties is TL 333,604 (31 December 2022:TL 226,195). Details of the time deposits at related parties as of 31 December 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 31 December |  | 31 December
​ | ​ | 2023 | ​ | 2022
Halkbank |  | 11,341,528 | ​ | 8,470,287
Vakifbank |  | 8,674,948 | ​ | 9,471,793
Ziraat Bankasi |  | 8,080,071 | ​ | 3,301,326
Ziraat Katilim Bankasi A.S. |  | 3,273,020 | ​ | 2,118,970
​ |  | 31,369,567 | ​ | 23,362,376
​ Details of the time deposits at related parties ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount in |  | ​ |  | ​ |  | ​ |  | ​
Original | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 31 December
Currency | ​ | Currency | ​ | Effective Interest Rate | ​ | Maturity | ​ | 2023
342,372 |  | USD |  | 4.4% | ​ | January - February 2024 |  | 10,090,875
455,757 | ​ | EUR | ​ | 3.7% | ​ | January - February 2024 | ​ | 14,879,110
6,376,563 | ​ | TL | ​ | 40.7% | ​ | January 2024 | ​ | 6,399,582
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 31,369,567
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount in |  | ​ |  | ​ |  | ​ |  | ​
Original | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 31 December
Currency | ​ | Currency | ​ | Effective Interest Rate | ​ | Maturity | ​ | 2022
187,624 |  | USD |  | 3.0% | ​ | January 2023 |  | 5,783,661
395,430 | ​ | EUR | ​ | 2.7% | ​ | January 2023 | ​ | 12,997,715
2,774,821 | ​ | TL | ​ | 23.9% | ​ | January 2023 | ​ | 4,578,950
55 |  | GBP |  | 0.1% | ​ | January 2023 |  | 2,050
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 23,362,376
​ 38.Related parties (continued) ​ Transactions with key management personnel (continued) Details of the bank borrowings at related parties ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |  |  | ​ |  | 31 December
Principle Amount | ​ | Currency | ​ | Effective Interest Rate | ​ | Maturity | ​ | 2023
4,673,500 | ​ | TL | ​ | 12.2% - 54.4% | ​ | February - October 2024 | ​ | 4,964,669
1,349,880 |  | TL |  | 41.7% - 42.3% |  | January 2024 |  | 1,356,571
553,450 |  | TL |  | 18.8% - 55.2% |  | January - September 2024 |  | 555,411
104,860 |  | TL |  | 34.8% |  | February 2024 |  | 110,239
72,206 |  | TL |  | 28.8% - 49.8% |  | August 2024 – April 2025 |  | 77,279
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 7,064,169
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | 31 December
Principle Amount | ​ | Currency | ​ | Effective Interest Rate | ​ | Maturity | ​ | 2022 (*)
1,822,550 | ​ | TL | ​ | 13.5% - 19.0% | ​ | January - October 2023 | ​ | 3,221,200
971,074 |  | TL |  | 12.4% - 17.2% |  | February 2023 |  | 1,608,999
815,386 |  | TL |  | 13.4% - 24.0% |  | February - December 2023 |  | 1,351,622
241,247 |  | CNY |  | 3.8% |  | February 2023 |  | 397,510
89,900 |  | TL |  | 13.9% - 16.4% |  | May - June 2023 |  | 149,670
35,000 | ​ | TL | ​ | 14.8% | ​ | August 2023 |  | 60,666
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6,789,667
(*) | Bank borrowings from related parties reported in 2022 have been revised to correct undisclosed related party bank balances amounting to TL 2,190,434, which is considered immaterial for the financial statements. The revision had no impact on the consolidated statement of financial position, consolidated statements of profit or loss, consolidated statements of other comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity.
​ Details of the debt securities issued at related parties ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principle |  | ​ |  | ​ |  | ​ |  | 31 December
Amount | ​ | Currency | ​ | Effective Interest Rate | ​ | Maturity | ​ | 2023
900,000 | ​ | TL | ​ | 39.0% - 44.5% | ​ | January – March 2024 | ​ | 956,914
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 956,914
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principle |  | ​ |  | ​ |  | ​ |  | 31 December
Amount | ​ | Currency | ​ | Effective Interest Rate | ​ | Maturity | ​ | 2022
200,000 | ​ | TL | ​ | 20.8% | ​ | March 2023 | ​ | 332,850
150,000 | ​ | TL | ​ | 20.3% | ​ | February 2023 | ​ | 256,208
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 589,058
​ ​ 38.Related parties (continued) ​ Details of the lease liabilities at related parties ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | 31 December
Currency | ​ | Effective Interest Rate | ​ | Payment Period | ​ | 2023
EUR | ​ | 0.3% - 3.7% | ​ | 2023 - 2025 | ​ | 61,252
TL | ​ | 12.5% - 55.25% | ​ | 2023 - 2036 | ​ | 84,776
​ | ​ | ​ | ​ | ​ | ​ | 146,028
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | 31 December
Currency | ​ | Effective Interest Rate | ​ | Payment Period | ​ | 2022
EUR | ​ | 0.2% - 5.1% | ​ | 2022 - 2024 | ​ | 121,952
TL | ​ | 11.7% - 44.5% | ​ | 2022 - 2036 | ​ | 84,642
​ | ​ | ​ | ​ | ​ | ​ | 206,594
​ Interest income from related parties: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 December |  | 31 December |  | 31 December
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Vakifbank |  | 2,133,828 | ​ | 826,154 | ​ | 329,828
Ziraat Bankasi |  | 336,470 | ​ | 350,073 | ​ | 304,760
Halkbank | ​ | 490,640 | ​ | 310,027 | ​ | 521,864
Ziraat Katilim |  | 141,612 | ​ | 59,725 | ​ | 1,112
Other |  | 290 | ​ | 82 | ​ | 6,909
​ |  | 3,102,840 | ​ | 1,546,061 | ​ | 1,164,473
​ Interest expense to related parties: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 31 December | ​ | 31 December
​ |  | 2023 |  | 2022 |  | 2021
Vakifbank |  | 644,316 | ​ | 513,716 | ​ | 55,342
Ziraat Bankasi |  | 160,954 | ​ | 111,093 | ​ | 16,439
Halk Varlık Kiralama A.S. (“Halk Varlık Kiralama”) | ​ | 266,383 | ​ | 99,502 | ​ | 12,408
Halkbank |  | 14,390 | ​ | 3,835 | ​ | -
Ziraat Katilim |  | 5,699 | ​ | 885 | ​ | 102
Other | ​ | 3,264 | ​ | 959 | ​ | 358
​ |  | 1,095,006 | ​ | 729,990 | ​ | 84,649
​ Revenue from related parties is 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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