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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Statement [LineItems]

Summary of Fair Value of Derivative Financial Instruments

The fair value of derivative financial instruments at 31 December 2023 and 2022 are attributable to the following:

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​	​	​	​	​	​	​	​	​
​	​	31 December 2023			​	31 December 2022
​		Assets		Liabilities		Assets		Liabilities
Held for trading	​	607,509	​	313,805		1,308,954		215,974
Derivatives used for hedge accounting	​	1,305,395	​	48,609		1,977,016		35,314
Total	​	1,912,904	​	362,414		3,285,970		251,288

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31 December 2023

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31 December 2022

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Change in

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Change in

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intrinsic value

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intrinsic value

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of outstanding

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of outstanding

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Notional

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Notional

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hedging

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hedging

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value

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value

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instruments

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instruments

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in original

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in original

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Hedge

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since 1 January

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since 1 January

Currency

currency

Fair value

currency

Fair value

Maturity date

ratio

2023

2022

Participating cross currency swap contracts

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​

​

​

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EUR Contracts

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167,000

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259,289

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233,600

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334,517

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October 2025

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01:01

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(4,216)

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(12,009)

EUR Contracts

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38,057

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24,514

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50,711

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88,338

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April 2026

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01:01

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(192)

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(288)

USD Contracts

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124,186

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566,902

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165,478

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924,346

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April 2026

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01:01

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(672)

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16,578

Cross currency swap contracts

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RMB Contracts

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81,162

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309,793

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108,148

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423,372

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April 2026

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01:01

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132,184

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121,601

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Interest rate swap contracts

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USD Contracts

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90,135

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96,288

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120,105

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171,129

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April 2026

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01:01

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-

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-

Derivatives used for hedge accounting

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1,256,786

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1,941,702

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31 December 2023

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31 December 2022

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Notional

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Notional

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value in

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value in

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original

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Fair

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original

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Currency

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currency

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value

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Maturity

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currency

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Fair value

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Maturity

Cross currency swap contracts

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USD Contracts

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8,000

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185,107

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November 2025

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18,858

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400,871

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March 2023 - November 2025

RMB Contracts

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19,425

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71,036

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April 2026

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25,883

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94,715

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April 2026

Currency forward contracts

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USD Contracts

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334,900

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(123,348)

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March 2024

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377,435

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12,643

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January 2022 - March 2022

EUR Contracts

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10,000

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(19,906)

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January 2024

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26,900

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47,288

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February 2023 - April 2023

FX swap contracts

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USD Contracts

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353,972

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(148,612)

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February 2024

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357,451

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(6,558)

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January 2023

RMB Contracts

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-

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-

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-

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148,422

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3,071

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January 2023

Participating cross currency swap contracts

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USD Contracts

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18,000

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72,504

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November 2025

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27,000

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123,664

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November 2025

EUR Contracts

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40,060

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251,073

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April 2026

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53,380

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418,589

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April 2026

Interest rate swap contracts

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USD Contracts

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64,655

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23,711

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April 2026

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53,380

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(1,303)

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April 2026

TL Contracts

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600,000

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(17,861)

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October 2026

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-

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-

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-

Derivatives held for trading

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293,704

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1,092,980

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Summary of Fair Value of Financial Assets and Financial Liabilities

​	​	​	​	​
​		Fair Value hierarchy		Valuation Techniques
a) Participating cross currency swap contracts	​	Level 2		Pricing models based on discounted cash present value of the estimated future cash flows based on observable 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

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In the valuation of participating cross currency swap contracts, the Group uses bid prices in the bid- ask price range that were considered the most appropriate instead of mid prices. Using bid prices instead of mid ranges, has no impact on carried values as of 31 December 2023. (31 December 2022: TL 15,892 lower)

Interest rate risk and currency risk [member]

Statement [LineItems]

Summary of Cash Flow Sensitivity Analysis for Variable Rate Instruments

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​	​	​	​	​	​	​	​	​
​	​	Profit or Loss			​	Equity, net of tax
​	​	100 bp	​	100 bp	​	100 bp	​	100 bp
31 December 2023		increase		decrease		increase		decrease
Participating cross currency swap contracts		(51,444)	​	12,874	​	555,829	​	572,421
Cross currency swap contracts		138,039	​	129,023	​	(7,670)	​	(8,685)
Cash Flow sensitivity (net)		86,595	​	141,897	​	548,159	​	563,736

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​	​	​	​	​	​	​	​	​
​	​	Profit or Loss			​	Equity, net of tax
​	​	100 bp	​	100 bp	​	100 bp	​	100 bp
31 December 2022		increase		decrease		increase		decrease
Participating cross currency swap contracts		(61,841)	​	(41,299)	​	1,245,373	​	1,297,102
Cross currency swap contracts		106,742	​	389,418	​	389,587	​	339,632
Cash Flow sensitivity (net)		44,701	​	348,119	​	1,639,960	​	1,636,734

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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 2023 and 2022 are stated below, and participating cross currency swap contracts are transferred to level 2 from Level 3 as of 31 December 2023.

​	​	​	​	​
​	​	31 December	​	31 December
​		2023		2022
Opening balance		1,889,454		2,839,699
Cash flow effect		(2,206,436)		(2,203,493)
Total gain/loss:		​		​
Gains recognized in profit or loss		2,275,339		2,362,553
Inflation adjustments	​	(784,075)	​	(1,109,305)
Transferred to Level 2	​	(1,174,282)	​	-
Closing balance		-	​	1,889,454

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- Definition

The entire disclosure for fair value measurement.

+ References

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-Name IFRS
-Number 13
-IssueDate 2023-01-01
-Section Disclosure
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS13_g91-99_TI
-URIDate 2023-03-23

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