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Related parties (Tables)
12 Months Ended
Dec. 31, 2024
Text blocks [abstract]  
Summary of Total Compensation Provided to Key Management Personnel

    

31 December

    

31 December

2024

2023

Short-term benefits

 

338,944

529,358

Long-term benefits

371

3,529

Termination benefits

 

664

986

Share based payments

 

365,860

42,097

705,839

575,970

Schedule of Transactions with Related Parties

The following transactions occurred with related parties:

31 December

31 December

Revenue from related parties

    

2024

    

2023

Türk Telekom Mobil Iletisim Hizmetleri A.S. (“TT Mobil”) (*)

1,116,059

1,559,659

Türk Hava Yolları A.S. (“THY”) (*)

429,967

433,375

Enerji Piyasaları İşletme A.S. (“EPIAS”)(*)

 

371,836

378,272

Gunes Express Havacilik A.S. (“Sun Express”) (*)

251,654

224,997

Ziraat Bankası A.S. (“Ziraat Bankası”) (*)

 

199,168

1,066,995

Turksat Uydu Haberlesme Kablo TV ve Isletme A.S.(“Turksat”)(*)

169,652

113,441

Turk Telekomunikasyon A.S. (“TT”)(*)

 

135,516

171,596

Türkiye Sigorta A.Ş. (“Türkiye Sigorta”)(*)

81,041

510,470

TOGG

 

77,976

22,525

Turkiye Hayat ve Emeklilik A.S.(*)

 

77,122

44,401

Turkiye Halk Bankası A.S. (“Halkbank”) (*)

43,518

37,328

Turkiye Vakiflar Bankası TAO (“Vakifbank”)(*)

39,454

105,835

TVF IFM Gayrimenkul Insaat ve Yonetim A.S. (*)

23,509

117,975

Ziraat Katilim Bankasi A.S. (“Ziraat Katilim”)(*)

10,996

107,139

BIST (*)

7,277

24,270

Other

 

76,627

48,124

3,111,372

4,966,402

31 December

31 December

Related party expenses

    

2024

    

2023

Türk Telekomünikasyon A.S (*)

 

2,083,003

 

2,026,342

TT Mobil (*)

 

1,079,552

 

1,661,860

EPIAS (*)

 

756,455

 

1,145,205

Istanbul Takas ve Saklama Bankasi A.S. (“Takasbank”) (*)

 

551,925

 

549,566

PTT (*)

 

132,375

 

103,921

Boru Hatları ile Petrol Tasıma A.S. (“BOTAS”) (*)

 

87,634

 

83,949

Turksat (*)

 

66,682

 

103,293

Others

 

1,288,981

 

569,791

6,046,607

 

6,243,927

(*)

Related parties, which TVF directly and / or indirectly has control or joint control or significant influence.

Details of the financial assets and liabilities with related parties as of 31 December 2024 and 2023 are as follows:

    

31 December

    

31 December

2024

2023

Banks - Time deposits

 

25,646,258

 

45,290,997

Banks - Demand deposits

 

811,532

 

1,040,412

Currency protected time deposit

 

3,132,293

 

8,913,765

Receivables from reverse repo

1,695,149

-

Bank borrowings

 

(9,652,466)

 

(10,199,160)

Debt securities issued

 

(925,603)

 

(1,381,581)

Lease liabilities

 

(111,972)

 

(210,834)

Impairment loss provision

(3,721)

(46,032)

 

20,591,470

 

43,407,567

Details of the time deposits at related parties as of 31 December 2024 and 2023 are as follows:

    

31 December

    

31 December

2024

2023

Ziraat Bankasi

 

6,312,053

11,665,907

Halkbank

 

6,367,808

16,374,759

Vakifbank

 

8,757,588

12,524,783

Ziraat Katilim Bankasi A.S.

 

4,208,809

4,725,548

 

25,646,258

45,290,997

Details of the time deposits at related parties

Amount in

    

    

    

    

Original

31 December

Currency

Currency

Effective Interest Rate

Maturity

2024

233,940

 

USD

 

2.1%

January 2025

 

8,241,594

196,070

EUR

2.3%

January 2025

7,210,579

9,828,355

TL

47.4%

January - May 2025

10,194,085

 

25,646,258

Amount in

    

    

    

    

Original

31 December

Currency

Currency

Effective Interest Rate

Maturity

2023

342,372

 

USD

 

4.4%

January - February 2024

 

14,569,081

455,757

EUR

3.7%

January - February 2024

21,482,276

6,376,563

TL

40.7%

January 2024

9,239,640

 

45,290,997

Details of the bank borrowings at related parties

    

    

    

    

    

31 December

Principle Amount

Currency

Effective Interest Rate

Maturity

2024

7,297,000

TL

44.0% - 56.0%

January - June 2025

8,663,215

680,000

 

TL

 

47.1% - 47.6%

 

January 2025

 

682,648

285,000

 

TL

 

53.1% - 58.0%

 

January 2025 - August 2027

 

294,044

11,981

 

TL

 

28.8% - 29.3%

 

April 2025

 

12,559

 

9,652,466

    

    

    

    

31 December

Principle Amount

Currency

Effective Interest Rate

Maturity

2023

4,673,500

TL

12.2% - 54.4%

February - October 2024

7,167,928

553,450

 

TL

 

19.8% - 55.2%

 

January - September 2024

 

801,896

1,349,880

 

TL

 

41.7% - 42.3%

 

January 2024

 

1,958,601

72,206

 

TL

 

28.8% - 49.8%

 

August 2024 - April 2025

 

111,574

104,860

 

TL

 

34.8%

 

February 2024

 

159,161

10,199,160

Details of the debt securities issued at related parties

Principle

    

    

    

    

31 December

Amount

Currency

Effective Interest Rate

Maturity

2024

900,000

TL

42.0% - 44.5%

March - May 2025

925,603

925,603

Principle

    

    

    

    

31 December

Amount

Currency

Effective Interest Rate

Maturity

2023

900,000

TL

39.0% - 44.5%

January 2024 - March 2024

1,381,581

1,381,581

Details of the lease liabilities at related parties

    

    

    

31 December

Currency

Effective Interest Rate

Payment Period

2024

TL

12.5% - 62.0%

2024 - 2033

111,972

111,972

    

    

    

31 December

Currency

Effective Interest Rate

Payment Period

2023

EUR

0.3% -% 3.7%

2023 - 2025

88,435

TL

12.5% - 55.25%

2023 - 2036

122,399

210,834

Interest income from related parties:

      

31 December

    

31 December

    

31 December

2024

2023

2022

Vakifbank

 

3,703,418

3,080,795

1,192,791

Ziraat Bankasi

 

1,094,589

485,791

505,431

Halkbank

884,857

708,380

447,613

Ziraat Katilim

 

135,267

204,458

86,230

Other

 

32,824

419

118

 

5,850,955

4,479,843

2,232,183

Interest expense to related parties:

31 December

31 December

31 December

      

2024

    

2023

    

2022

Vakifbank

 

1,843,714

930,256

741,697

Ziraat Bankasi

 

92,767

232,383

160,395

Halk Varlık Kiralama A.S. (“Halk Varlık Kiralama”)

327,904

384,601

143,660

Halkbank

 

17,586

20,776

5,537

Other

4,929

12,941

2,663

 

2,286,900

1,580,957

1,053,952