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Derivative financial instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Statement  
Summary of Fair Value of Derivative Financial Instruments

The fair value of derivative financial instruments at 31 December 2024 and 2023 are attributable to the following:

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31 December 2024

​

31 December 2023

​

    

Assets

    

Liabilities

    

Assets

    

Liabilities

Held for trading

​

1,964,325

​

501,322

 

877,115

 

453,068

Derivatives used for hedge accounting

​

-

​

-

 

1,884,713

 

70,181

​

​

1,964,325

​

501,322

 

2,761,828

 

523,249

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31 December 2024

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31 December 2023

​

​

​

​

​

​

​

​

​

​

​

​

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​

​

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​

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Change in

​

Change in

​

​

​

​

​

​

​

​

​

​

​

​

​

​

intrinsic value

​

intrinsic value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

of outstanding

​

of outstanding

​

​

Notional

​

​

​

Notional

​

​

​

​

​

​

​

hedging

​

hedging

​

​

value

​

​

​

value

​

​

​

​

​

​

​

instruments

​

instruments

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​

in original

​

​

​

in original

​

​

​

​

​

Hedge

​

since 1 January

​

since 1 January

Currency

    

currency

    

Fair value

    

currency

    

Fair value

    

Maturity date

    

ratio

    

2024

    

2023

Participating cross currency swap contracts

 

​

 

​

 

​

 

​

 

​

​

​

​

​

​

​

EUR Contracts

​

-

​

-

​

167,000

​

374,358

​

October 2025

​

01:01

​

-

​

(6,087)

EUR Contracts

​

-

​

-

​

38,057

​

35,393

​

April 2026

​

01:01

​

-

​

(277)

USD Contracts

​

-

​

-

​

124,186

​

818,486

​

April 2026

​

01:01

​

-

​

(970)

Cross currency swap contracts

 

​

​

​

​

​

​

​

 

​

​

​

​

​

​

​

RMB Contracts

​

-

​

-

​

81,162

​

447,275

​

April 2026

​

01:01

​

-

​

190,846

Interest rate swap contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

USD Contracts

​

-

​

-

​

90,135

​

139,020

​

April 2026

​

01:01

​

-

​

-

Derivatives used for hedge accounting

 

​

​

-

​

​

​

1,814,532

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31 December 2024

​

31 December 2023

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Notional

    

​

    

​

    

Notional

    

​

    

​

​

​

 value in

​

​

​

​

​

value in

​

​

​

​

​

​

original

​

Fair

​

​

​

original

​

​

​

​

Currency

​

currency

​

value

​

Maturity

​

currency

​

Fair value

​

Maturity

Cross currency swap contracts

​

​

​

​

​

​

​

​

​

​

​

​

USD Contracts

​

4,000

​

113,643

​

November 2025

​

8,000

​

267,255

​

November 2025

RMB Contracts

​

67,141

​

273,946

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April 2026

​

19,425

​

102,561

​

April 2026

Currency forward contracts

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​

​

​

​

​

​

​

​

​

​

​

USD Contracts

​

405,000

​

(61,287)

​

January-December
2025

​

334,900

​

(178,088)

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March 2024

EUR Contracts

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20,000

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(796)

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November 2025

​

10,000

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(28,740)

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January 2024

FX swap contracts

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​

​

​

​

​

​

​

​

​

​

​

RMB Contracts

​

290,949

​

26,277

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February 2025

​

-

​

-

​

-

EUR Contracts

​

10,103

​

(9,598)

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January 2025

​

-

​

-

​

-

USD Contracts

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-

​

-

​

-

​

353,972

​

(214,564)

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February 2024

Participating cross currency swap contracts

​

​

​

​

​

​

​

​

​

​

​

​

USD Contracts

​

91,894

​

484,368

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November 2025 -April 2026

​

18,000

​

104,680

​

November 2025

EUR Contracts

​

156,539

​

563,282

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October 2025 -
April 2026

​

40,060

​

362,496

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April 2026

Interest rate swap contracts

 

​

 

​

​

​

 

​

​

​

 

​

USD Contracts

​

108,911

​

73,168

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April 2026- April
2033

​

64,655

​

34,234

​

April 2026

TL Contracts

​

-

​

-

​

-

​

600,000

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(25,787)

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Octomber 2026

Derivatives held for trading

​

​

​

1,463,003

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​

​

​

​

424,047

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​

​
Summary of Fair Value of Financial Assets and Financial Liabilities

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Fair Value hierarchy

    

Valuation Techniques

a) Participating cross currency swap contracts

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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
Interest rate risk and currency risk [member]  
Statement  
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 2024

    

increase

    

decrease

    

increase

    

decrease

Participating cross currency swap contracts

 

-

​

-

​

-

​

-

Cross currency swap contracts

 

-

​

-

​

-

​

-

Cash Flow sensitivity (net)

 

-

​

-

​

-

​

-

​

​

​

​

​

​

​

​

​

​

​

​

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

 

(74,274)

​

18,587

​

802,499

​

826,454

Cross currency swap contracts

 

199,299

​

186,282

​

(11,074)

​

(12,539)

Cash Flow sensitivity (net)

 

125,025

​

204,869

​

791,425

​

813,915

​
Participating cross currency swap contracts [member]  
Statement  
Summary of Fair Value of Derivative Financial Instruments

Movements in the participating cross currency swap contracts for the years ended 31 December 2024 and 2023 are stated below, and participating cross currency swap contracts are transferred to Level 2 from Level 3 as of 31 December 2023.

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31 December

​

31 December

​

    

2024

    

2023

Opening balance

 

-

 

2,727,971

Cash flow effect

 

-

 

(3,185,616)

Total gain/loss:

 

-

 

-

Gains recognized in profit or loss

 

-

 

3,285,098

Inflation adjustments

​

-

​

(1,132,040)

Transfer to Level 2

​

-

​

(1,695,413)

Closing balance

 

-

​

-