Annual Report 2014

Transcription

Annual Report 2014

Annual Report 2014
Table of Contents
Section I :
Independent Audit Report on the Annual Report
2
General Information
4
Yapı Kredi Faktoring in Brief
5
Chairman’s Letter
6
Board of Directors, Senior Management and Company Organization
7
Provided Financial Rights and R&D
8
Company Activities and Important Developments Regarding Activities
9-11
Future Outlook
11
Audit Information, Lawsuits, Subsidiaries and Affiliates, General Assembly Meetings
12
Yapı Kredi Bank
13
Financial Highlights
14
Dividend Distribution Policy, Risks and Risk Assessment Report of the Board of Directors, Miscellaneous
15
Affiliated Company Report
16
Section II :
Financial tables as of 31 December 2014 and independent audit report
1
17-70
2
Section I
Introduction
3
General Information
Company Title
Annual Report Period
Trade Registry Number
Mersis Number
Capital
Address
Phone / Fax Number
Website
Number of Employees
Branches
: Yapı Kredi Faktoring A.Ş.
: 01/01/2014 – 31/12/2014
: 417822
: 8638636782157842
: 31,916,695 TL
: Büyükdere Caddesi Yapı Kredi Plaza A Blok Kat:14 Levent, İstanbul /
Türkiye
: 212 371 99 99 / 212 371 99 00
: www.yapikredifaktoring.com.tr
: 114
: There are 10 branches: Adana, Ankara, Antalya, Beyoğlu, Bursa, Eminönü,
Güneşli, İzmir, Kadıköy, Kartal.
Adana Branch
Reşatbey Mahallesi Atatürk Caddesi A Blok No:18/1 Kat:7
Semih Rüstem İş Merkezi Seyhan / Adana
Phone : (0322) 459 04 91
Beyoğlu Branch
İnönü Mah. Cumhuriyet Cad. No:67A Kat:2 Şişli / İstanbul
Phone: (0212) 232 77 94
Ankara Branch
Atatürk Bulvarı No: 93 Kat: 5 Kızılay - Ankara
Phone: (0312) 435 93 36
Eminönü Branch
Aşirefendi Cad.No:31 Sultanhamam / Eminönü İstanbul
Phone: (0212) 514 36 73
Antalya Branch
Kızıltoprak Mahallesi Aspendos Bulvarı YKB Şubesi No:35
Antalya
Phone: (0242) 312 75 40
Güneşli Branch
Osmaniye Mah. Marmara Forum Alışveriş Merkezi B Blok
(Marmara Forum Garden Office) 3.Kat No:OF-40 Bakırköy
İstanbul
Phone: (0212) 422 02 42
Bursa Branch
Ulubatlı Hasan Bulvarı No: 59 Osmangazi - Bursa
Phone: (0224) 271 41 15
Kadıköy Branch
Kozyatağı Mah.Ş.Mehmet Fatih Öngül Sok.No:1 Kat:4 Kadıköy
İstanbul
Phone: (0216) 362 37 30
İzmir Branch
Gazi Bulvarı No: 3 Egehan Kat: 4 Pasaport - İzmir
Phone: (0232) 441 20 71
Kartal Branch
Mustafa Kemal Caddesi Şehit Gazi Sok.Adalet Sarayı arkası
Hukukçular Towers - A BLok Kat : 17 Kartal İstanbul
Phone: (0216) 510 60 46
Shareholder Structure
Shareholders
Share Ratio
Yapı ve Kredi Bankası A.Ş.
Temel Ticaret ve Yatırım A.Ş.
Yapı Kredi Finansal Kiralama A.O.
Koç Yapı Malzemeleri A.Ş.
Zer Madencilik ve Dayanıklı Mallar
Yatırım Pazarlama A.Ş.
4
% 99,95
% 0,04
% 0,01
% 0,00
Amount
(TL)
31.901.499
11.393
3.799
2
% 0,00
2
%100,0
31.916.695
Yapı Kredi Faktoring in Brief
Yapı Kredi Faktoring, has been the leader in the sector for the past 14 years based on the total turnover criterion.
As Turkey’s leading and innovative factoring company, Yapı Kredi Faktoring boasts a solid position in the market through its
strong performance, well-established structure and high quality service mentality.
As the leader of the Turkish factoring market, Yapı Kredi Faktoring has 16.86% market share in total transaction volume and
14.76% in export factoring. Yapı Kredi Faktoring provides nation-wide factoring services through its Istanbul Head Office
and branches located Adana, Ankara, Antalya, Beyoğlu, Bursa, Eminönü, Güneşli, İzmir, Kadıköy and Kartal.
Yapı Kredi Bank and notably the synergy created by the close relationship with the bank’s nation-wide sales and services
organization constitutes one of the most important service and competition advantages of Yapı Kredi Faktoring.
The service points of Yapı Kredi Bank with its more than 1000 branches provide a comprehensive reach.
Yapı Kredi Faktoring is a member of Factors Chain International (FCI), whose headquarters is located in Amsterdam, and
also a member of the Association of Financial Institutions.
Yapı Kredi Faktoring has been among the leading companies in the Best Export Factoring Companies ranking prepared
globally by the FCI since 2002. In 2014, the Company service quality was considered to be ‘‘perfect’’ and the company was
2. in the ranking.
Relying on its strong position in both the domestic and international markets, Yapı Kredi Faktoring displays superior activity
performance through its correctly defined strategies, provides sustainable quality in factoring services via its competent
and experiences team and produces strategic solutions that are specific to its customer portfolio.
Thanks to its strong capital structure, extensive experience, proven service quality and expert human resources, Yapı Kredi
Faktoring has been the number 1 company in the sector based on its total factoring turnover for the past 14 years.
5
Chairman’s Letter
As the uninterrupted leader of the sector with its total volume of transaction since 2001, Yapı Kredi Faktoring also
maintained its leadership in 2014.
Esteemed Shareholders,
2014 has been a year that confirmed the downward trend in global growth. Developed nations other than the United States
faced a significant growth problem. On the other hand, the opinion that it would also be difficult for emerging markets to
catch up with the growth rates of previous years became more widespread.
This perception was further confirmed with the sharp fall in oil prices towards the end of the year and it is unlikely that it
will change any time soon. This led to a sharp differentiation between oil importing and oil exporting countries among
developing markets and brought along significant potential in favour of the first group, of which Turkey is a part.
After failing to reach its desired results in 2014, Turkey started 2015 with fresh hope with the effect of the sharp fall in oil
prices. Positioned as the country to derive the most benefit from the fall in oil prices, Turkey has not yet been able to reflect
this positive situation on to asset prices and its real economy.
Despite the tough competition conditions prevailing in financial markets, Yapı Kredi Faktoring has not compromised its
superior customer-oriented service mentality and continued to successfully implement its healthy growth strategy in 2014
as well.
Yapı Kredi Faktoring realized 15 per cent of the transaction volume in total export factoring of the sector in 2014 and
maintained its uninterrupted leadership since 2001 with 16.86% market share.
Of the total transaction volume, which reached 19.6 billion liras with 26 per cent increase, 85 per cent came from domestic
factoring transactions and 15 per cent from international factoring transactions. With revenues attaining 161 million TL in
2014, Yapı Kredi Faktoring continued to benefit from the nationwide branch network of Yapı Kredi as it pursued its
activities.
Producing customer and market-oriented functional solutions and designing products that are customized according to
needs in a quick fashion and at high quality standards lie at the heart of Yapı Kredi Faktoring’s service approach.
While representing Yapı Kredi Faktoring’s corporate culture in the best manner, this approach also supports its growth and
progress in all business processes.
Moreover, included among the ‘‘Best Export Factoring Companies’’ in the world by Factors Chain International (FCI) since
2002, Yapı Kredi Faktoring took the 2. place in this ranking in 2014. Yapı Kredi Faktoring has also been awarded the global
distinction of having ‘‘perfect service quality’’ by the FCI.
Having assumed such an important mission as expanding the market by means of encouraging the dissemination of
factoring transactions across the country and in all segments, Yapı Kredi Faktoring continues to make significant progress in
terms of grassroots dissemination through its strong capital structure, its reputation in the sector and its comprehensive
funding capabilities.
At Yapı Kredi Faktoring, our prime responsibility for 2015 is to maintain our leadership by delivering an exemplary activity
performance and to set the example for the sector as the first choice of customers via the comprehensive financial services
that we offer.
As we move forward with our healthy growth strategy, I would like to extend my gratitude to our customers for their
unyielding confidence in us, to our shareholders for their continuous support and to our employees, who have a great share
in this success, for their diligent efforts.
Faik Açıkalın
Chairman of the Board
6
Board of Directors, Senior Management and Company
Organization
Board of Directors
Senior Management
Faik Açıkalın
Chairman
M.Coşkun Bulak
General Manager
Carlo Vivaldi
Vice - Chairman
Atilla Kurban
Assistant General Manager - Credit Underwriting and
Risk Monitoring
Feza Tan
Member
Işıl Eskici
Assistant General Manager - Sales
Marco Iannaccone
Member
Rengin Altınok
Assistant General Manager - Operations, IT and
Administrative Affairs
Nurgün Eyüboğlu
Member
Can Özyurt
Vice President - Product Development and Monitoring
M. Coşkun Bulak
Member (General Manager)
S. Suhan Kaptan
Vice President - Treasury and Foreign Relations
Zeynep Emecen Kandemir
Vice President - Financial Planning and Administration
Internal Control
Nilay Özbir
Board of Directors
Internal Audit
Pınar Adıyaman Demirtaş
General Manager
M. Coşkun Bulak
Credit Underwriting and Risk
Monitoring
Atilla Kurban
Sales
Işıl Eskici
Operations, IT and
Administrative Affairs
Rengin Altınok
Product Development and Monitoring
Can Özyurt
Financial Planning and
Financial Affairs
Zeynep Emecen Kandemir
Treasury and Foreign Relations
S. Suhan Kaptan
7
Financial Rights Provided to Members of the
Board and Senior Executives
The total amount of benefits such as per diems, fees, premiums, bonuses and dividends offered to Members of the Board
and Senior Executives is 2,148,527 TL.
The total amount of allowances, travel, accommodation and representation expenses as well as in-kind and in-cash means,
insurance and similar indemnities paid to Members of the Board and Senior Executives is 268,878 TL.
Company Research and Development Activities
The Company conducts research and marketing activities in order to widen its customer base and to develop its existing
customer portfolio.
8
Company Activities and Important Developments
Regarding Activities
Sales
At Yapı Kredi Faktoring, our aim is to sustain the strong and reliable presence of our company with an increasing volume by
means of establishing a sustainable and growing relationship with our customers.
The Sales Department of Yapı Kredi Faktoring actively serves both domestic and international markets with the diversified
range of products it offers to its customers.
Yapı Kredi Faktoring achieved a total factoring turnover of 19,6 billion TL in 2014, 15% of which came from international
transactions with the remaining 85% consisting of domestic transactions. As the leader of the sector based on the criterion
of total turnover generated within the total sector for 14 consecutive years, Yapı Kredi Faktoring achieved a market share of
16,86% in 2014.
Moreover, while Yapı Kredi Faktoring has been among the ‘‘Best Export Factoring Companies’’ selected by Factors Chain
International (FCI) since 2002, in 2014 it ranked the second among FCI members world wide and its service quality was
deemed to be perfect.
Yapı Kredi Faktoring closely follows the developments in the market and the sector. The company added 1.556 new
customers to its portfolio in 2014. Yapı Kredi Faktoring offers its services under four segments, namely Corporate,
Commercial, SME and Supplier Group (suppliers and key industries), and through 10 branches. While the company achieved
progress in 2014 in terms of the number of transactions and active customers through the services it offers in all segments
and sectors, the increasing trend is expected to continue in 2015.
Efficiency is expected to increase through new system investments to be made in 2015. More than 1000 Yapı Kredi Bank
branches across the country constitute the most important distribution channel of the company in addition to its own sales
organization.
The company aims to continue serving and focusing on its potential and current customers in all segments and products
through its ever-growing synergy with Yapı Kredi.
Credit Underwriting and Risk Monitoring
Yapı Kredi Faktoring manages its credit risk with an emphasis on ‘effective risk management’ within the framework of its
principal field of activity and supports sales activities with a view to fulfilling the company’s common goals. Special care is
paid to avoiding high risk transactions that can tarnish the company’s reputation.
Credit limits are determined by taking into account the financial structure and activity cycle of the customer and based on a
payment schedule that is structured in advance in compliance with the customer’s commercial need. Risk policies that are
in compliance with Yapı Kredi group are followed in monitoring and managing credit risk.
In 2014, the number of employees working in credit underwriting, risk monitoring and intelligence units was increased, all
relevant procedures were updated, the scope of audit processes and reporting activities was expanded and significant
improvements were achieved in order to manage credit risk more effectively. Risk related reports are produced at regular
intervals and the information is shared with the senior management as well as the Board of Directors.
A total of 5,284 ‘credit underwriting proposals’ were evaluated and credit underwriting opinions were provided in 2014.
While the non-performing credit ratio was 2.8% as of the end of 2014, it continued to be lower than the factoring sector
average of 4.3% (according to BRSA data).
9
Product Development and Monitoring
The Product Development and Monitoring Department assists the formulation of marketing strategies to gain new
customers and to build long-term customer relations and ensures effective communication with Yapı Kredi Bank, which is
the main shareholder. In addition, cooperation opportunities are developed in order for Yapı Kredi Faktoring to reach much
wider customer masses by relying on the synergy created with Yapı Kredi Bank.
Contributing to sustainable growth by means of developing solutions that are suitable for customer needs and closely
monitoring and reporting on the progress in customer performance is also among the principal fields of work of this
department.
The department is also in charge of the Company’s Corporate Communication activities such as media, advertisementpromotion, meeting and seminar organization.
Treasury and Foreign Relations
Funding activities are carried out by the Treasury and Foreign Relations Department. The objective of the Treasury
Department is to meet the needs of customers without exposing them to the risks in the market.
The general strategy of the Treasury Department is to effectively manage the Company’s asset and liability structure by
protecting it from interest rate, liquidity and foreign exchange risks.
Yapı Kredi Faktoring’s reputation vis-à-vis credit institutions and foreign factoring companies has always been at a very high
level. Therefore, the Company boasts a wide portfolio of banks and credit opportunities.
Financial Planning and Administration
The Financial Planning and Administration Department measures the Company’s performance on the basis of revenue,
profitability and turnover in order to ensure that the Company reaches the corporate performance targets and to monitor
these targets by taking into account the interest rate risk, market risk and operational risks.
The Department secures compliance with BRSA regulations and the principles, policies and procedures of UFRS and the
group and ensures that the accounting systems are also structured in harmony with these regulations.
Moreover, it supports the Company’s strategic targets by means of carrying out assessments pertaining to the Company’s
financial situation and providing relevant data in order to facilitate the decision-making process within the Company.
10
Operations, IT and Administrative Affairs
The administration, which previously functioned under the Financial Affairs Administration, was restructured in 2014 in the
form of Operation, Information Technologies and Administrative Affairs administration to serve under a separate Deputy
General Manager from an organizational point of view.
In order to support the Company’s strategic growth and sales activities, minimize operational risk and to structure the
appropriate services and the accompanying projects within the diverse product portfolio to work with the 10 branches and
the growing number of active customers, it fulfils the following functions and organized its 2014 activities within this
framework.





Managing and realizing the operational functioning of the organization (customer services, operational risk,
administrative activities within and outside the organization),
Formulating changes in practical rules and controls to ensure efficiency in the workings of Headquarters
Departments and Branches,
Minimizing Operational Risk related losses and taking action with regard to preventive measures,
Managing both system-related and infrastructure requirements through Information Technologies Management
and determining IT development requirements to the Company’s risk, service and sales related activities,
Creating project plans for 2015 in conjunction with relevant departments in line with the Company’s growth
targets and structuring projects.
The number of employees was increased in order to be able to fulfil these activities. As of 2014, the department serves with
21 staff members on the Operation side and 3 on the Information Technologies Management side.
The department conducts all of its activities by means of carrying the ‘Customer-oriented operational service’ mentality
onto operations.
The investments to be made in the system in 2015 have been determined and work is on-going in line with the priorities
that reflect the company’s growth strategy.
Internal Control and Internal Audit
The Internal Control and Internal Audit departments strive to ensure the efficiency of the Internal Control System within the
company by carrying out continuous controls on the company’s activities and operations with a view to determine and
assess risks. Their independence within the organization has been ensured by rendering them answerable to the Board of
Directors. The Internal Control and Internal Audit departments notify the Board of Directors of the findings they obtain as a
result of their activities and matters of significance four times a year via the Audit Committee. The Audit Committee is
assigned to responsible for monitoring the efficiency and adequacy of internal systems on behalf of the Board of Directors
and ensuring that audit activities are sustained in a consolidated fashion. Moreover, the Internal Audit staff members have
the responsibility of assessing the compliance of the activities conducted by the company within the framework of
compliance controls with the legal responsibilities stipulated in the regulations published by the Banking Regulation and
Supervision Agency and the Financial Crimes Investigation Board.
Future Outlook “Maintaining Leadership”
Yapı Kredi Faktoring successfully fulfilled one of its most important objectives in 2014 by becoming the sector leader. With
its strong financial structure, high level of reliability and vast financing opportunities, Yapı Kredi Faktoring aims to sustain its
leader position in the market with its long tradition of customer-oriented service approach.
Yapı Kredi Faktoring's objective is to maintain sustainable development by means of widening its customer base as much as
possible through the growing cooperation opportunities stemming from Yapı Kredi Bank and UniCredit network.
11
Audits by Regulatory Bodies and Independent Auditor
Yapı Kredi Faktoring is audited by an independent audit firm on a quarterly basis. In 2014, no public audit was made in the
Company.
Lawsuits Filed against the Company
There is no lawsuit filed against the Company that may affect its financial status or operations.
Affiliates and Subsidiaries
The Company maintained its shares in Yapı Kredi Emeklilik in 2014.
Yapı Kredi Emeklilik A.Ş.
Shares
0.04%
Amount (TL)
26,593
26,593
In 2014, Yapı Kredi Faktoring donated TL 200,000 to Vehbi Koç Foundation, and TL 1,860 to Turkish Education Foundation,
amounting to TL 201,860 in donations.
Extraordinary Assembly of Shareholders within the Period
Pursuant to Article 8 of the Articles of Association and Article 505 of Turkish Commercial Code, on 4 December 2014, the
Extraordinary General Assembly has granted, with majority vote, to the Board of Directors the authority to issue debt
instruments up to the maximum limit allowed in relevant regulations in accordance with the provisions of TCC and other
regulations, and to determine the terms and conditions for such issuances, for a 15-month period.
12
Yapı Kredi Bank
As the fourth largest private bank in Turkey and one of the most well-established and robust players in its sector, Yapı Kredi
has been sustainably strengthening its positioning since its establishment in 1944 through a customer-centric banking
approach and focus on innovation.
Yapı Kredi serves 10.6 million customers through a widespread and multi-channel service network. The Bank operates from
more than 1,000 branches across Turkey with over 18.500 employees. Yapı Kredi offers its products and services via its
state-of-the-art alternative distribution channels (ADCs), including 3,606 ATMs (5th largest, with 7.1% market share),
innovative online banking (market leader with 13.1%), pioneering mobile banking (market leader with 11.6%), 3 awardwinning call centers, and 500,000 POS terminals. These ADCs handle 83% of total banking transactions.
Yapı Kredi is a fully integrated financial services group supported by domestic and international subsidiaries. Yapı Kredi Bank
renders banking services such as retail banking (including individual banking, SME banking, and card-payment systems),
corporate and commercial banking, and private banking and asset management. The Bank’s operations are supported by
domestic subsidiaries specializing on portfolio management, investment, financial leasing and factoring; and by foreign
banking subsidiaries in Netherlands, Russia and Azerbaijan.
For Yapı Kredi, 2014 was of particular and special importance as it marked the Bank’s 70th anniversary. Over the past 70
years, Yapı Kredi has always broken new ground in line with its “Dedication to Deliver” philosophy and customer-centric
approach.
In 2014, Yapı Kredi total assets increased by 22% annually to TL 195 billion. Yapı Kredi further accelerated its contribution
to the financing of the Turkish economy. Accordingly, total cash and non-cash loan volume increased by 27% reaching TL
174.3 billion, increasing its ranking among private banks in Turkey by 1 notch to 3rd place.
In 2014, total loan book reached TL 125.5 billion with 26% annual growth compared to sector growth of 18%. Accordingly,
the Bank increased its market share in total loans by 70 bps to 10.2%. Remixing of loan book continued towards more
profitable segments including TL company loans (+50% annually), general-purpose loans (+46% annually) and SME loans
(+49% annually). In 2014, Yapı Kredi maintained its leader position in credit cards. During the same period, total deposit
book reached TL 107.6 billion with 22% annual growth, more than twice the sector growth of 10%. This resulted in a gain of
90 bps in total deposit market share to 10.0%.
Yapı Kredi’s successful performance is supported by various subsidiaries, each among the leading companies in their
sectors. Yapı Kredi Leasing maintains its sector leadership with 18.3% market share. Yapı Kredi Asset Management (18.0%
market share in mutual funds) and Yapı Kredi Invest (7.4% market share in equity transaction volume) are the second
largest players in their respective sectors. The Bank maintained its 26-year leadership in credit cards with a market share of
20.8% in outstanding volume, 18.6% in issuing volume, 20.0% in POS volume, and 17.9% in number of cards.
81.80% of Yapı Kredi’s shares are owned by Koç Financial Services, a 50%-50% joint venture between UniCredit Group and
Koç Group. The remaining 18.20% is publicly traded on Borsa Istanbul, and Global Depositary Receipts that represent the
Bank’s shares are quoted on the London Stock Exchange.
Koç Group, founded in 1926, is the largest conglomerate in Turkey with its turnover, exports and 81 thousand employees.
Koç Group’s turnover comprises 8% of Turkey’s total GDP, and it exports comprise 10% of Turkey’s total exports.
UniCredit Group, with roots dating back to 1473, is a systematically important European financial institution based in Italy.
The Group has a widespread network of 9,000 branches and 148 thousand employees in 22 countries.
13
Financial Highlights
Turnover (million USD)
2014
2013
2012
Domestic
7,184
5,443
4,149
International
1,273
2,049
2,001
Export
1,269
2,044
1,994
Import
Total
4
5
7
8,457
7,492
6,150
Balance Sheet & Income Statement Major Accounts (thousand TL)
2014
2013
2012
Factoring receivables (net)
2,774,764
2,149,220
1,650,735
Total assets
2,813,932
2,196,454
1,791,190
5,155
6,843
10,675
232,986
263,545
219,654
44,837
149,335
53,342
Factoring revenue
160,868
119,426
156,492
Interest income
145,046
104,996
137,461
15,822
14,430
19,031
Factoring payables
Shareholders' equity
Net profit
Commission income
Total Assets (thousand TL)
Shareholder's Equity (thousand TL)
2014
2013
2012
2014
2013
2012
2,813,932
2,196,454
1,791,190
232,986
263,545
219,654
Factoring Receivables, net (thousand TL)
Factoring Revenue (thousand TL)
2014
2013
2012
2,774,764
2,149,220
1,650,735
2014
2013
2012
Total Turnover (million USD)
2014
2013
2012
8.457
7,492
6,150
14
160,868
119,426
156,492
Profit Distribution Policy
The Company distributes profits in accordance with the provisions of Turkish Commercial Code, current tax legislation, and
other relevant regulations as well as the provisions of its Articles of Incorporation regarding profit distribution.
Article 18 of the Articles of Association provides detailed information about the Company's profit distribution policy. In this
respect, the General Assembly is authorized to pass resolutions
on whether the dividend distribution shall be in cash or in the form of capital increase, whereupon bonus shares will be
issued to shareholders or if part of the distribution shall be in cash and part in the form of capital increase, taking into
consideration the Company’s growth targets as well as its financing requirements.
After setting aside first dividend and first legal reserves from net profits as mandated by Article 18 of the Articles of
Association; the General Assembly may make the decision to distribute a portion or the entire remaining amount as
secondary dividends or reserve it as extraordinary reserves.
Profit distribution policy must comply with the medium and long-term growth targets of the Company. The Board of
Directors may review said policy, if necessary, depending on national and international economic conditions.
Risks and Risk Assessment Report of the Board of Directors
As no significant risk was identified during 2014, the Board of Directors has not drawn up a risk assessment report. On the
other hand, credit risk, market risk, interest rate risk, liquidity risk, foreign exchange risk and other risk-related matters are
discussed in detail in Article 22 under the Notes to the Independent Auditor’s Report.
Miscellaneous
As of 16 February 2015, Carlo Vivaldi has resigned as Board Member and Deputy CEO, and was succeeded by Niccoló
Ubertalli, effective from the same date. As of 1 February 2015, Ekin Arca Kırelli was appointed as Assistant General
Manager, replacing Zeynep Emecan Kandemir who has resigned as Director of Financial Planning & Financial Affairs as of 31
January 2015.
As of 1 February 2015, Pınar Adıyaman Demirtaş has resigned as Director of Internal Audit, and was succeeded by Aba
Kantarcı, effective from the same date.
15
Affiliated Company Report, Prepared in Accordance with
Article 199 of the Turkish Commercial Code
According to Article 199 of the Turkish Commercial Code No. 6102, which came into effect on July 2012, Yapı Kredi
Faktoring A.Ş. Board of Directors is obligated to prepare a report regarding relations with the controlling company and its
affiliated companies, within the first three months of the relevant operating year and to indicate the conclusion part of
mentioned report in its annual report. Necessary explanations regarding transactions made by Yapı Kredi Faktoring A.Ş.
with related parties can be found in Note 21 of the financial report.
The report issued by Yapı Kredi Faktoring A.Ş. Board of Directors on 20 February 2015 states that: “It is concluded that, in all
transactions made by Yapı Kredi Faktoring A.Ş. with the controlling company and the companies affiliated to the controlling
company in 2014, according to situations and conditions known to us and prevailing at the time, the related transaction was
made or related measure were taken or refrained from being taken, an appropriate consideration for each transaction has
been provided and there is no measure taken or refrained from being taken, which may cause the company to suffer losses
and that in this context, there is no transaction or measure which may require balancing."
16
Section II
Financial Statements as of
31 December 2014
and
Independent Auditor's Report
17
18
19
Table of Contents
Page
Balance Sheet ................................................................................................................................................................... 21-22
Off-Balance Sheet Items ..................................................................................................................................................
23
Income Statement
....................................................................................................................................................
24
Shareholders’ Equity Profit and Loss Account Statement ................................................................................................
25
Changes in Shareholders’ Equity .....................................................................................................................................
26
Cash Flow Statement
....................................................................................................................................................
27
Profit Distribution Statement............................................................................................................................................
28
Explanatory Notes Regarding Financial Statements......................................................................................................... 29-70
20
Yapı Kredi Faktoring A.Ş.
Financial Statements as of 31 December 2014
(Figures expressed in thousand Turkish Lira (TL) unless otherwise stated)
31 December 2014
ASSETS
I.
II.
2.1
2.2
2.3
III.
IV.
V.
VI.
6.1
6.1.1
6.1.2
6.1.3
6.2
6.2.1
6.2.2
VII.
7.1
7.2
7.3
VIII.
8.1
8.1.1
8.1.2
8.1.3
8.2
8.3
IX.
X.
10.1
10.2
10.3
10.4
XI.
11.1
11.2
11.3
XII.
XIII.
XIV.
XV.
XVI.
XVII.
17.1
17.2
XVIII.
IXX.
XX.
XXI.
XXII.
22.1
22.2
Cash, cash equivalents and Central Bank
Fin. Assets at fair value through profit or loss (net)
Financial assets held for trading
Fin. Assets designated at fair value through profit/(loss)
Derivative financial assets held for trading
Banks
Reverse repurchase receivables
Available-for-sale financial assets (net)
Factoring receivables
Discounted factoring receivables
Domestic
International
Unearned income (-)
Other factoring receivables
Domestic
International
Financing expenses
Consumer loans
Credit cards
Commercial installment loans
Leasing
Leasing receivables
Financial leasing receivables
Business leasing receivables
Unearned income (-)
Investments leasing
Advance payments for leasing transactions
Other receivables
Nonperforming loans
Nonperforming factoring receivables
Nonperforming financial loans
Nonperforming leasing receivables
Specific provisions (-)
Derivative financial assets for hedging purposes
Fair value hedge
Cash flow hedge
Net international investment hedge
Marketable securities held to maturity (net)
Subsidiaries (net)
Affiliates (net)
Joint ventures (net)
Tangible assets (net)
Non-tangible assets (net)
Goodwill
Other
Prepaid expenses
Current period tax assets
Deferred tax assets
Other assets
Sub total
Assets held for sale and relating to discontinued operations
Held for sale
Relating to discounted operations
31 December 2013
Note
TL
FC
Total
TL
FC
Total
3
6
569
569
3,209
27
2,114,563
609,950
623,642
(13,692)
1,504,613
1,504,613
10,804
78,294
(67,490)
522
74
74
861
1,147
10,695
257
2,142,728
-
21,802
649,397
218
229
(11)
649,179
649,179
5
671,204
-
569
569
25,011
27
2,763,960
610,168
623,642
229
(13,703)
2,153,792
1,504,613
649,179
10,804
78,294
(67,490)
522
74
74
861
1,147
10,695
262
2,813,932
-
15,861
15,861
604
27
1,618,212
598,953
607,701
(8,748)
1,019,259
1,019,259
7,410
80,419
(73,009)
585
64
64
324
2,433
1,645,520
-
7,168
7,168
20,168
523,598
1,921
1,950
(29)
521,677
521,677
550,934
-
23,029
23,029
20,772
27
2,141,810
600,874
607,701
1,950
(8,777)
1,540,936
1,019,259
521,677
7,410
80,419
(73,009)
585
64
64
324
2,433
2,196,454
-
2,142,728
671,204
2,813,932
1,645,520
550,934
2,196,454
3
7
4
4
11
12
14
18
13
14
21
Financial Statements as of 31 December 2014
TL
FC
31 December
2014
Total
TL
FC
Derivative financial liabilities held for trading
21,262
9
Loans received
980,719
5
Factoring payables
4,040
Leasing payables
Financial leasing payables
Business leasing payables
Other
Deferred financial leasing expenses ( - )
Marketable securities issued (net)
293,280
Bills
5
293,280
Asset-backed securities
Bonds
Other liabilities
1,292
8
Other liabilities
Derivative financial liabilities for hedging purposes
Fair value hedge
Cash flow hedge
Taxes and liabilities due
1,311
18
Provision for liabilities and expenses
13,015
Provision for reorganization
Provision for employee benefits
10
1,238
Other provisions
10
11,777
Deferred income
Current period tax liabilities
18
Deferred tax liability
13
Subordinated loans
Sub total
1,314,919
Liabilities for property and equipment held for sale and related to discontinued operations
(net)
Held for sale
Related to discounted operations
Shareholders’ equity
232,986
15
31,917
Paid-in capital
97,223
Capital reserve
Share premium
Share cancellation profits
Other capital reserves
97,223
Other comprehensive accumulated income or expenses not to be re-classified in
(10)
case of profit / loss
Other comprehensive accumulated income or expenses to be re-classified in case
of profit / loss
29,642
Profit reserves
Legal reserves
25,220
Statutory reserves
Extraordinary reserves
4,422
Other profit reserves
74,214
Profit / loss
Profit / loss carried forward
29,377
Current period net profit / loss
44,837
1,264,669
1,115
243
1,266,027
21,262
2,245,388
5,155
293,280
293,280
1,535
1,311
13,015
1,238
11,777
2,580,946
1,336
473,597
3,346
589
998
12,429
913
11,516
640
492,935
6
1,436,187
3,497
284
1,439,974
1,342
1,909,784
6,843
873
998
12,429
-
232,986
31,917
97,223
97,223
263,545
31,917
-
-
263,545
31,917
-
-
(10)
12
-
12
-
29,642
25,220
4,422
74,214
29,377
44,837
51,921
17,780
34,141
179,695
30,360
149,335
-
51,921
17,780
34,141
179,695
30,360
149,335
Total Liabilities
1,266,027
2,813,932
756,480
1,439,974
2,196,454
Liabilities
I.
II.
III.
IV.
4.1
4.2
4.3
4.4
V.
5.1
5.2
5.3
VI.
VII.
VIII.
8.1
8.2
8.3
IX.
X.
10.1
10.2
10.3
XI.
XII.
XIII.
XIV.
XV.
15.1
15.2
XVI.
16.1
16.2
16.2.1
16.2.2
16.2.3
16.3
16.4
16.5
16.5.1
16.5.2
16.5.3
16.5.4
16.6
16.6.1
16.6.2
Note
1,547,905
22
31 December
2013
Total
913
11,516
640
1,932,909
Off-balance sheet items for the accounting period between 1 January and 31 December 2014
Independently
Audited
31 December 2014
TOTAL
TL
FC
Independently
Audited
31 December
2013
TOTAL
784,039
784,039
984,008
1,250,656
344,995
2,890,855
7,512
1,121,028
1,121,028
1,121,028
2,085,873
202,318
222,461
1,506,431
7,044
418,458
418,458
418,458
952,130
178,573
71,038
537,257
978,901
978,901
978,901
909,526
380,891
293,499
2,043,688
7,044
1,397,359
1,397,359
1,397,359
1,861,656
2,714,607
7,700,919
3,308,842
2,675,295
5,984,137
OFF BALANCE SHEET ITEMS
I
II
III
IV
V
5.1
5.2
5.2.1
5.2.1.1
5.2.1.2
5.2.2
VI
6.1
6.1.1
6.1.2
6.1.3
6.2
6.2.1
6.2.2
6.2.3
6.2.4
6.5.5
VII
Irrevocable factoring contracts
Revocable factoring contracts
Guarantees received
Guarantees given
Commitments
Irrevocable commitments
Revocable commitments
Lease commitments
Financial lease commitments
Business lease commitments
Other revocable commitments
Derivative financial instruments
Derivative financial instruments for hedging purposes
Fair value hedge
Cash flow hedge
Derivative financial instruments held for trading
Forward trading transactions
Swap transactions
Options transactions
Futures transactions
Other
Items held in custody
TOTAL OFF-BALANCE SHEET ACCOUNT
Note
TL
FC
4
1,039,778
263,393
2,236,775
7,512
336,989
336,989
336,989
1,101,865
210,878
81,602
654,080
784,039
4,986,312
23
23
The following notes from a part of these financial statements.
23
Income Statement for the accounting period between 1 January and 31 December 2014
INCOME AND EXPENSE ITEMS
Note
I.
1.1
1.1.1
1.1.2
1.2
1.2.1
1.2.2
1.3
1.4
1.5
1.6
1.7
II.
2.1
2.2
2.3
2.4
2.5
2.6
III.
IV.
4.1
4.2
4.3
4.4
4.5
V.
VI.
6.1
6.2
6.3
6.3.1
6.3.2
6.3.3
6.3.4
6.4
6.5
6.5.1
6.5.2
6.6
6.7
VII.
VIII.
8.1
8.1.1
8.1.2
8.1.3
8.2
8.2.1
8.2.2
8.2.3
8.2.4
8.2.5
8.3
8.4
8.5
IX.
X.
XI.
XII.
XIII.
13.1
13.2
13.3
XIV.
XV.
15.1
15.2
15.3
XVI.
16.1
16.2
16.3
XVII.
XVIII.
18.1
18.2
18.3
XIX.
XX.
INCOME FROM OPERATING ACTIVITIES
FACTORING INCOME
Interest Received From Factoring Receivables
Discounts
Other
Factoring Fees and Commissions
Discounts
Other
INCOME FROM FINANCIAL LOANS
Interest earned on financial loans
Financial loan fees and commissions
LEASING INCOME
Financial leasing income
Business leasing income
Leasing fees and commissions
FINANCIAL EXPENSES (-)
Interest on Funds Borrowed
Interest on Factoring Payables
Financial leasing expenses
Interest on Securities Issued
Other Interest Expenses
Fees and commissions paid
GROSS P/L (I+II)
OPERATING EXPENSES (-)
Personnel expenses
Provision for termination benefits
Research & development expenses
General administrative expenses
Other
GROSS OPERATING P/L (III+IV)
INCOME FROM OTHER OPERATING ACTIVITIES
Interest received from banks
Interest earned on reverse repurchase transactions
Interest earned on marketable securities
Interest earned on financial assets held for trading
Financial assets designated at fair value through profit/(loss)
Income from available-for-sale financial assets
Income from investments held to maturity
Dividends
Profit from capital market transactions
Profit from derivative financial transactions
Other
Foreign exchange gains
Other
SPECIFIC PROVISIONS FOR NON-PERFORMING LOANS (-)
OTHER OPERATING EXPENSES (-)
Impaired marketable securities
Impaired financial assets designated at fair value through profit/(loss)
Loss from available-for-sale financial assets
Loss from investments held to maturity
Impaired non-current assets
Impaired non-current tangible assets
Impaired non-current assets held for sale and discontinued operations
Impaired goodwill
Other impaired non-current assets
Impaired investments in affiliates, subsidiaries and joint-ventures
Loss from derivative financial transactions
Foreign exchange loss
Other
NET OPERATING PROFIT/LOSS (V+…+VIII)
SURPLUS AMOUNT RECOGNIZED AS INCOME AFTER MERGER
NET MONETARY POSITION PROFIT/LOSS
BEFORE-TAX PROFIT/LOSS FROM CONTINUING OPERATIONS (IX+X+XI)
PROVISION FOR TAX ON CONTINUING OPERATIONS (±)
Provision for current taxes
Expense effect of deferred taxes (+)
Income effect of deferred taxes (-)
NET ANNUAL PROFIT/LOSS FROM CONTINUING OPERATIONS (XII±XIII)
INCOME FROM DISCONTINUED OPERATIONS
Income from available-for-sale financial assets
Profit on affiliates, subsidiaries and joint-ventures sold
Other income from discontinued operations
LOSSES FROM DISCONTINUED OPERATIONS (-)
Expenses for available-for-sale financial assets
Loss on affiliates, subsidiaries and joint-ventures sold
Expenses for other discontinued operations
BEFORE-TAX PROFIT/LOSS FROM DISCONTINUED OPERATIONS (XV-XVI)
PROVISION FOR TAX ON DISCONTINUED OPERATIONS (±)
Provision for current taxes
Expense effect of deferred taxes (+)
Income effect of deferred taxes (-)
NET ANNUAL PROFIT/LOSS FROM DISCONTINUED OPERATIONS (XVII±XVIII)
NET ANNUAL PROFIT/LOSS (XIV+XIX)
EARNİNGS PER SHARE
Earnings per share from continuing operations
Earnings per share from discontinued operations
EARNINGS PER DILUTED SHARE
Earnings per share from continuing operations
Earnings per share from discontinued operations
16
17
21
19
4
19
18
20
Independently Audited
31 December 2014
31 December 2013
160,868
160,868
145,046
56,362
88,684
15,822
5,088
10,734
57,502
48,378
6,810
2,314
103,366
20,098
13,891
36
5,909
262
83,268
273,795
5,556
29
264,931
3,279
18,068
284,345
42,381
241,439
525
54,650
54,650
9,813
18,075
(8,262)
44,837
44,837
1.40
1.40
-
119,426
119,426
104,996
32,934
72,062
14,430
4,058
10,372
37,134
34,148
2
2,984
82,292
16,393
12,151
4,044
198
65,899
296,472
5,053
127,883
20,253
20,253
141,695
1,588
23,089
178,293
928
176,775
590
160,989
160,989
11,654
10,759
895
149,335
149,335
4.68
4.68
-
The following notes constitute a part of the accompanying financial statements.
24
Statement of income and expenses recognized in shareholders’ equity for the accounting period
between 1 January and 31 December 2014
I.
II.
2.1
2.1.1
2.1.2
2.1.3
2.1.4
2.1.5
2.1.5.1
2.1.5.2
2.2
2.2.1
2.2.2
2.2.3
2.2.4
2.2.5
2.2.6
2.2.6.1
2.2.6.2
III.
31 December
2014
31 December 2013
44,837
(10)
(10)
(10)
149,335
12
12
12
-
-
-
-
44,827
149,347
PROFIT/LOSS OF THE PERIOD
OTHER COMPREHENSIVE INCOME
Not to be re-classified on Profit/Loss
Tangible assets revaluation adjustments
Intangible assets revaluation adjustments
Defined Benefit Plans Reevaluation Gains / Losses
Other Comprehensive Income Components that will not be Reclassified As Other
Profit Or Loss
Taxes regarding other comprehensive income that will not be reclassified in profit or
loss
Current Tax Expense / Income
Deferred Tax Expense / Income
To be reclassified on profit or loss
Foreign exchange conversion differences
Revaluation and/or reclassification income/expenses of Available-for-sale financial
assets
Cash flow risk protection income/expenses
Investment risk protection income/expenses regarding foreign businesses
Other Comprehensive Income Items that would be reclassified in profit or loss
Taxes regarding other comprehensive income that will be reclassified in profit or loss
Current Tax Expense / Income
Deferred Tax Expense / Income
TOTAL COMPREHENSIVE INCOME (I+II)
25
Changes in equity for the accounting period between 1 January and 31 December 2014
Other
comprehensive
accumulated income
or expenses
To be reclassified on
profit or loss
Other comprehensive
accumulated income or
expenses
Not to be re-classified on
Profit/Loss
CHANGES IN EQUITY
Paid-in
Capital
Capital
Reserves
Share
premium
Profit
from
shares
cancelled
Other
capital
reserve
1
2
3
16,802
12,576
-
-
-
-
-
-
16,802
12,576
4
Current
Period
Income/
(Loss)
Previous
Period
Income/
(Loss)
Current Period
Net Income/
(Loss)
Total
Shareholders’
Equity
11,945
53,342
219,654
11,945
53,342
219,654
5
6
Profit
Reserves
Legal
Reserves
Statutory
Reserves
Extraordinary
Reserves
107,209
-
-
17,780
-
Other Profit
Reserves
PREVIOUS PERIOD
(31/12/2013)
I.
Opening Balance
II.
Revisions according to TAS 8
2.1
Effect of corrections
2.2
Effect of changes in the Accounting Policy
III.
New balance (I+II)
IV.
Total comprehensive income
V.
Capital increase with cash
VI.
Capital increase with internal resources
VII.
Capital reserves due to inflation accounting
VIII.
Convertible bonds
IX.
Subordinated loans
X.
Increase/decrease due to other changes
XI.
Current net profit / loss
XII.
Profit distribution
12.1
Dividend
12.2
Amount transferred to reserves
12.3
Other
107,209
17,780
12
15,115
12
(12,576)
(2,539)
(107,209)
(107,209)
149,335
24,735
(24,735)
53,342
Previous year adjustment effect (*)
Closing Balance (III+IV+…...+XI+XII)
149,335
24,735
(53,342)
1,753
31,917
-
12
-
17,780
34,141
31,917
-
-
-
-
-
12
-
-
-
-
-
17,780
-
34,141
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31,917
-
-
-
-
-
12
-
-
-
-
-
17,780
-
34,141
-
1,753
30,360
149,335
263,545
-
30,360
149,335
263,545
-
-
-
-
-
30,360
149,335
263,545
CURRENT PERIOD
(31/12/2014)
I.
Previous Closing Balance
II.
Revisions according to TAS 8
2.1
Effect of corrections
2.2
Effect of changes in the accounting policy
III.
New balance (i+ii)
IV.
Total comprehensive income
V.
Capital increase with cash
-
VI.
Capital increase with internal resources
-
VII.
Capital reserves due to inflation accounting
-
VIII.
Convertible bonds
IX.
Subordinated loans
X.
Increase/decrease due to other changes
XI.
Current net profit / loss
XII.
Profit distribution
12.1
Dividend
12.2
Amount transferred to reserves
12.3
Other
Closing Balance (III+IV+…...+XI+XII)
(22)
(22)
626
-
97,223
-
-
-
-
-
-
-
-
-
-
7,440
-
(29,719)
-
-
(35,000)
97,223
31,917
97,223
7,440
-
-
-
-
(10)
-
-
-
-
-
25,220
5,281
-
(*) Differences in the previous periods’ balance, arising from the readjusted factoring receivables, have been carried back to profits from previous periods.
(1) Accumulated revaluation profit/loss from tangible assets,
(2) Accumulated revaluation profit/loss from defined benefit plans,
(3) Other (Other comprehensive income and expenses from equity method investments not to be reclassified on profit/loss, and other accumulated comprehensive income and expenses not to be reclassified on profit/loss),
(4) Foreign exchange conversion differences
(5) Revaluation and/or reclassification differences of available-for-sale financial assets,
(6) Other (Profit/loss from cash flow hedges, other comprehensive income and expenses from equity method investments to be reclassified on profit/loss, and other accumulated comprehensive income and expenses to be reclassified on profit/loss).
26
4,422
-
-
-
626
44,837
44,837
(1,609)
(149,335)
(76,000)
(41,000)
-
(76,000)
(109,944)
-
-
149,335
(149,335)
-
29,377
44,837
232,986
Cash Flow Statement for the accounting period between 1 January and 31 December 2014
Note
A.
1.1
1.1.1
1.1.2
1.1.3
1.1.4
1.1.5
1.1.6
1.1.7
1.1.8
1.1.9
1.1.10
1.2
1.2.1
1.2.1
1.2.1
1.2.2
1.2.3
1.2.3
1.2.4
1.2.5
1.2.6
I.
B.
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
II.
C.
3.1
3.2
3.3
3.4
3.5
3.6
III.
IV.
Cash Flow from Operating Activities
Operating Profit before Changes in Operating Assets and Liabilities
Received Interests/Leasing Income
Paid Interests/Leasing Expenses
Leasing Expenses
Dividends Received
Fees and Commissions Received
Other Income
Collections from Written-off Non-Performing Receivables
Cash Payments to Staff and Service Providers
Taxes Paid
Other
Change in Operating Assets and Liabilities
Net Decrease (Increase) in Factoring Receivables
Net Decrease (Increase) in Financial Loans
Net Decrease (Increase) in Leasing Receivables
Net Decrease (Increase) in Other Assets
Net Decrease (Increase) in Factoring Payables
Net Decrease (Increase) in Leasing Payables
Net Decrease (Increase) in Loans Received
Net Decrease (Increase) in Payables Due
Net Decrease (Increase) in Other Payables
Net Cash Flow from Operating Activities
Cash Flow from Investing Activities
Acquisition of Affiliates, Subsidiaries and Joint Ventures
Proceeds from sale of affiliates, subsidiaries and joint-ventures
Purchase of tangible and intangible assets
Proceeds from sale of tangible and intangible assets
Purchase of available-for-sale financial assets
Proceeds from sale of available-for-sale financial assets
Purchase of held-to-maturity investments
Proceeds from sale of held-to-maturity investments
Other
Net cash flow from investing activities
Cash flow from financing activities
Cash obtained from funds borrowed and securities issued
Funds repaid and stocks and bonds repurchased
Capital market instruments issued
Dividend payments
Financial leasing payments
Other
Net cash flow from financing activities
Effects of exchange rate changes on cash and cash equivalents
V.
VI.
Net decrease (increase) in cash and cash equivalents
Cash and cash equivalents at beginning of year
VII.
Cash and cash equivalents at end of year
16
4
18
Independently
audited
31 December
2014
72,486
150,602
(55,188)
29
15,822
1,103
(13,927)
(19,222)
(6,733)
(291,452)
(625,544)
(799)
(1,688)
335,604
975
(218,966)
11.12
11.12
3
27
Independently
audited
31 December 2013
(208)
(208)
224,000
300,000
(76,000)
224,000
(587)
49,615
110,049
(34,150)
14,430
1,140
(12,151)
(10,119)
(19,584)
(138,606)
(498,485)
144
(3,832)
362,721
846
(88,991)
(265)
165
107,552
107,452
(185)
4,239
20,772
18,276
2,496
25,011
20,772
Profit Distribution Statement for the accounting period between 1 January and 31 December 2014
ONE THOUSAND TL
Current period
Previous period
(31/12/2014) (*)
(31/12/2013)
I.
1.1
1.2
1.2.1
1.2.2
1.2.3
Distribution of annual profit
Profit
Taxes and statutory liabilities payable (-)
Corporate income tax (income tax)
Income tax withheld
Other taxes and statutory liabilities (***)
A.
1.3
1.4
1.5
54,650
(9,813)
(18,075)
8,262
160,989
(11,654)
(10,759)
(895)
Net profit (1.1 - 1.2)
Accumulated loss (-)
First legal reserve (-)
Other statutory reserves (-)(**)
44,837
-
149,335
(97,223)
B
1.6
1.6.1
1.6.2
1.6.3
1.6.4
1.6.5
1.7
1.8
1.9
1.9.1
1.9.2
1.9.3
1.9.4
1.9.5
1.10
1.11
1.12
1.13
1.14
Distributable Net Profit of the Period [(a-(1.3+1.4+1.5)]
First dividend to shareholders (-)
To owners of ordinary shares
To owners of privileged shares
To profit sharing bonds
To holders of profit and loss sharing certificates
Dividend to employees (-)
Dividends to board of directors (-)
Second dividend to shareholders (-)
Second legal reserve (-)
Statutory reserves (-)
Extraordinary reserves
Other reserves
Special funds
44,837
-
52,112
(1,596)
(39,404)
(3,940)
7,172
-
II.
Distribution of reserves
2.1
2.2
2.3
2.3.1
2.3.2
2.3.3
2.3.4
2.3.5
2.4
2.5
Appropriated reserves
Second legal reserves (-)
Dividends to shareholders (-)
Dividends to employees (-)
Dividends to board of directors (-)
-
(3,500)
(35,000)
-
III.
Profit per Share
3.1
3.2
3.3
3.4
To owners of ordinary shares (TL)
To owners of ordinary shares (%)
To owners of privileged shares (TL)
To owners of privileged shares (%)
-
4.68
-
IV.
Dividend per share
4.1
4.2
4.3
4.4
To owners of ordinary shares (TL)
To owners of ordinary shares (%)
To owners of privileged shares (TL)
To owners of privileged shares (%)
-
-
(*) Since the profit distribution proposal had not been prepared by the Board of Directors, only the amount of profit
available for distribution is recognized in 2014 profit distribution statements.
(**) As per the General Assembly resolution, the tax-exempt amount (75%) of the gains from the sale of Allianz Sigorta A.Ş. shares on 12 July 2013, amounting to TL 97,223 according the profit distribution
statement for 2013, was classified under capital reserves account for 2014.
(***) The BRSA has expressed its opinion that, income generated from deferred tax assets may not be qualified
as cash or internal resource, and as such, the income generated in this manner should not be classified as
part of the current term income subject to dividend distribution and capital increase. As of 31 December 2014, the Company
has deferred tax income amounting to TL 8,262 (31 December 2013: None).
28
31 Aralık 2014 tarihi itibariyle
finansal tablolara ilişkin açıklayıcı dipnotlar
1.
Company Organization and the Field of Activity
Yapı Kredi Faktoring A.Ş. (“the Company”) was established in Istanbul on 25 March 1999 under the title of Koç
Faktoring Hizmetleri A.Ş. The Company is a member of Koç Finansal Hizmetler A.Ş. (“KFH”), which was
established on 16 March 2006. KFH signed a strategic partnership agreement with UniCredito Italiano S.p.A.
(“UCI”) under a resolution adopted by the Koç Group on 12 October 2002. On 31 October 2007, KFH transferred
its shares in the Company over to Yapı ve Kredi Bankası A.Ş., who became the major shareholder of the
Company with 99.95% share. The Company offers factoring services in Turkey and abroad.
A member of Factors Chain International (“FCI”), the Company also operates in both domestic and international
markets (exports and imports) under Law No. 6361 on Financial Leasing, Factoring and Financing Companies,
enacted on 13 December 2013.
Koç Faktoring Hizmetleri A.Ş. merged with Yapı Kredi Faktoring A.Ş. on 29 December 2006 by taking over the
Company’s entire assets and liabilities without liquidation, and changed its name to Yapı Kredi Faktoring A.Ş.
The Company’s main office is located at Büyükdere Caddesi Yapı Kredi Plaza A Blok Kat: 14 Levent, Istanbul Turkey. The company employs 114 personnel as of 31 December 2014 (2013: 91).
The Company is engaged primarily in factoring services in a single geographic area: Turkey.
On 30 January 2015, the Board of Directors approved the disclosure of the Company’s financial statements,
which may be amended by General Assembly.
2.
Basis of presentation of financial statements
2.1
Basis of presentation
2.1.1 Accounting standards
The Company financial statements are prepared in thousand Turkish Lira (TL), within the framework of the
"Communiqué on Uniform Chart of Accounts to be Implemented by Financial Leasing, Factoring and Financing
Companies and Its Explanation as well as the Form and Scope of Financial Statements to Be Announced to
Public" ("Communiqué on Financial Statements") issued by the Banking Regulation and Supervision Agency
("BRSA") and published on the Official Gazette No. 28861 of 24 December 2013, and in accordance with Turkish
Accounting/Financial Reporting Standards (“TAS/TFRS”) issued by the Public Oversight Accounting and Auditing
Standards Authority (“POA”). Financial statements of Financial Leasing, Factoring and Financial Companies are
prepared and publicly disclosed in accordance with BRSA guidelines.
The financial statements have been prepared on the historical cost basis except for derivative financial
instruments presented at their fair values.
29
Notes to Financial Statements as of 31 December 2014 (continued)
2.
Basis of presentation of financial statements (continued)
2.1.2 Functional currency
The accompanying financial statements are prepared in thousand TL, in accordance with the historical cost basis,
reflecting the changes in general purchasing power of TL until 31 December 2004), except for financial assets
and liabilities at fair value.
The accompanying financial statements are presented in the functional currency circulated in the economic
environment where the Company carries on business. The Company’s financial position and business results are
presented in Turkish Lira, the currency designated by the Company for its financial statements.
2.1.3 Offsetting
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when the Company
has a legally enforceable right to offset the recognized amounts and there is an intention to collect/pay related
financial assets and liabilities on a net basis, or to realize the asset and settle the liability simultaneously.
2.1.4 Going concern
The Company has prepared the accompanying financial statements on a going concern basis.
2.2.
Changes in accounting policies
2.2.1 Changes in accounting policies
Significant changes in accounting policies are applied retrospectively or prospectively, depending on the newly
applied accounting standard. No significant changes occurred in the Company’s accounting policy during the
fiscal year.
2.2.2 Changes and errors in accounting estimates
Changes in accounting estimates that relate to only one period are applied in the current period, whereas
changes that relate to future periods are applied both in the current and following periods prospectively No
significant changes occurred in the Company’s accounting estimates during the fiscal year. Significant errors in
accounting are corrected retrospectively and financial statements for the relevant periods are restated.
2.2.3 Comparative information and adjustments in financial statements for the previous accounting
period
The Company’s financial statements are prepared comparatively with the previous fiscal period, in order to
determine the financial situation and performance trends. As the presentation or classification of the financial
statement items change, financial statements for the previous year are reclassified accordingly to explain the
changes and ensure comparability.
2.2.4 Amendments and interpretations
Accounting policies serving as a basis for the financial statements for the fiscal year ending on 31 December
2014 are consistent with those used in the previous year, with the exception of new and amended TAS/TFRS
standards and interpretations effective as of 01 January 2014, which are listed below. The effects of these
standards and interpretations on the Company’s financial position and performance are discussed in their relevant
sections.
30
2.
New standards, amendments and interpretations effective as of 01 January 2014:
TAS 32 Financial Instruments: Presentation – Offsetting the Financial Assets and Liabilities (amendment)
The amendment clarifies the meaning of the connotation; “having a current legal right regarding the offsetting of
the accounted amounts” and application area of TAS 32 offsetting principles regarding no concurring and gross
settlement of the account systems (such as clearing offices). The standard did not have any significant impact on
the Company’s financial position or performance.
TFRS Interpretation 21, Levies
The interpretation clarifies that an entity recognizes a liability for a levy when the activity that triggers payment, as
identified by the relevant legislation, occurs. It also clarifies that a levy liability can only be accrued progressively if
the activity that triggers payment occurs over a period of time, in accordance with the relevant legislation. For a
levy that is triggered upon reaching a minimum threshold, no liability is recognized before the specified minimum
threshold is reached. The interpretation is not applicable for the Company and did not have any impact on its
financial position or performance.
TAS 36 Impairment of Assets - Recoverable amount disclosures for non-financial assets (Amended)
As a consequential amendment to TFRS 13 Fair Value Measurement, some of the disclosure requirements in
TAS 36 Impairment of Assets regarding measurement of the recoverable amount of impaired assets has been
modified. The amendments required additional disclosures about the measurement of impaired assets (or a group
of assets) with a recoverable amount based on fair value minus their costs of disposal. The standard did not have
any significant impact on the Company’s financial position or performance.
TAS 39 Financial Instruments: Accounting and Measurement – Novation of derivatives and continuation
of hedge accounting (Amendment)
The amendment provides an exception to the requirement for the discontinuation of hedge accounting in
circumstances when a hedging instrument is required to be novated to a central counterparty as a result of laws
or regulations. The standard did not have any impact on the Company’s financial position or performance.
TFRS 10 Consolidated Financial Statements (amendment)
The TFRS 10 standard is amended to bring an exception regarding keeping the companies that fits into the
definition of an investment company exempted from consolidation provisions. With this exception for the
consolidation provisions, the investment companies are required to account their joint ventures by the fair value
within the framework of TFRS 9 Financial Instruments standards. The amendment did not have any impact on the
Company’s financial position or performance.
31
2.
ii) Standards issued but not in effect or early adopted
New standards, interpretations and amendments that have been declared as of the approval date of the financial
statements, but not implemented or adopted early by the Company for the current reporting period are as follows.
Unless otherwise indicated, the Company will make necessary amendments in its financial statements and
disclosures after new standards and interpretations take effect.
TFRS 9 Financial Instruments – Classification and Measurement
As amended in December 2012, the new standard is effective for accounting periods beginning 1 January 2015
onwards. The first phase of TFRS 9 introduces new provisions for classifying and measuring financial
instruments. The amendments made to TFRS 9 will mainly affect the classification and measurement of financial
assets and measurement of fair value option liabilities and requires that the change in fair value of a fair value
option financial liability attributable to credit risk is presented under other comprehensive income. The Company
will evaluate the impact of the standard on its financial position and performance as the other stages of the
standard are approved by the POA.
TAS 19 Defined Benefit Plans: Employee Contributions (Amendment)
TAS 19 mandates that an entity has to consider contributions from employees or third parties when accounting for
defined benefit plans. The amendments clarifies that, if the amount of the contributions is independent of the
number of years of service, contributions may be recognized as a reduction in the service cost in the period in
which the related service is rendered, instead of attributing the contributions to the periods of service. The
amendments will be applied retrospectively to accounting periods beginning 1 July 2014 onwards. The
amendments will not have any impact on the Company’s financial position and performance.
TFRS 11 – Accounting for Acquisitions of Interests in Joint Operations (Amendments)
TFRS 11 has been amended to provide guidance on the accounting for acquisitions of interests in joint operations
in which the activity constitutes a business. The amendment requires that the acquirer of an interest in a joint
operation in which the activity constitutes a business, as defined in TFRS 3, is required to apply all of the
principles on business combinations accounting in TFRS 3 and other TFRSs with the exception of those
principles that conflict with the guidance in TFRS 11. Additionally, the acquirer has to disclose information as
required by TFRS 3 and other TFRSs regarding business combinations. The amendments will be applied
prospectively to accounting periods beginning 1 January 2016 onwards. Early adoption is permitted. The
amendments will not have any impact on the Company’s financial position and performance.
32
2.
TAS 16 and TAS 38 - Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments
to IAS 16 and IAS 38)
The amendments to TAS 16 and TAS 38 have prohibited the use of revenue-based depreciation for tangible
assets, and significantly limited the use of revenue-based amortisation for intangible assets The amendments will
be applied prospectively to accounting periods beginning 1 January 2016 onwards. Early adoption is permitted.
The mentioned amendment will not have any impact on the Company’s financial position and performance.
TAS 16 Tangible Assets and IAS 41 Agriculture: Bearer Plants (Amendments)
TAS 16 has been amended regarding the accounting of "bearer plants". The amendments provide the definition
for bearer plant as a living plant that is used in the production or supply of agricultural produce after maturation, is
expected to bear produce for more than one period, and is kept by the enterprise throughout its productive life.
However, as mature bearer plants no longer undergo significant biological transformation and are used solely to
grow produce, the amendments bring bearer plants from the scope of TAS 41 into the scope of TAS 16, and
therefore enable entities to measure them at cost subsequent to initial recognition or at revaluation. The
amendments also clarify that produce growing on bearer plants will be measured using the fair value less costs to
sell approach prescribed by TAS 41. The amendments will be applied prospectively to accounting periods
beginning 1 January 2016 onwards. Early adoption is permitted. The amendments are not applicable for the
Company and will not have any impact on its financial position or performance.
Annual Improvements to TAS/TFRS
In September 2014, POA issued the following amendments to the standards in relation to “Annual Improvements 2010–2012 Period” and “Annual Improvements - 2011–2013 Period". The amendments are effective for
accounting periods beginning 1 July 2014 onwards.
Annual improvements - 2010–2012 Period
TFRS 2 Share-based Payment
Definitions relating to vesting conditions have changed and performance condition and service condition are
defined in order to clarify various issues. The change will be applied prospectively.
TFRS 3 Business Combinations
Contingent consideration in a business acquisition that is not classified as equity is subsequently measured at fair
value through profit or loss, regardless of whether it falls under the scope of TFRS 9 Financial Instruments or not.
The change will be applied prospectively for the business mergers.
TFRS 8 Operational Segments
The amendments are; i) Operating segments may be combined/aggregated if they are consistent
with the core principles of the standard. ii) The reconciliation of segment assets to total assets is only required to
be disclosed if the reconciliation is reported to the chief operating decision maker. The amendments will be
applied retrospectively.
33
2.
TAS 16 Tangible Assets and TAS 38 Intangible Assets
The amendments to TAS 16.35(a) and TAS 38.80(a) clarify that revaluation can be performed as follows: i) Adjust
the gross carrying amount of the asset to market value or ii) determine the market value of the carrying amount
and adjust the gross carrying amount proportionately so that the resulting carrying amount equals the market
value. The amendment will be applied retrospectively.
TAS 24 Related Party Disclosures
The amendment clarifies that a management entity – an entity that provides key management personnel services
– is a related party subject to the related party disclosures. The amendment will be applied retrospectively.
Annual Improvements - 2011-2013 Period
TFRS 3 Business Combinations
The amendment clarifies that; i) Joint arrangements, as well as joint ventures, are outside the scope of TFRS 3 ii)
The scope exception applies only to the accounting in the financial statements of the joint arrangement itself. The
amendment will be applied prospectively.
TFRS 13 Basis for Conclusions on Fair Value Measurement
The amendment clarifies that portfolio exception in TFRS 13 is applicable not only to financial assets and financial
liabilities but to all other contracts under the scope of TAS 39. The amendment will be applied prospectively.
TAS 40 Investment Property
The amendment clarifies the interrelationship of TFRS 3 and TAS 40 when classifying property as investment
property or owner-occupied property. The amendment will be applied prospectively.
The amendments are not expected to have any material impact on the Company’s financial position or
performance.
New standards, amendments and interpretations that are issued by the International Accounting
Standards Board (IASB), but not issued by POA
The following standards, interpretations and amendments to existing IFRS standards are issued by the IASB but
not yet effective up to the date of issuance of the consolidated financial statements. However, these standards,
interpretations and amendments to existing IFRS standards are not yet adopted/issued by the POA, thus they do
not constitute part of TFRS. The Company will make the necessary changes to its financial statements after the
new standards and interpretations are issued and become effective under TFRS.
34
2.
Annual Improvements - 2010–2012 Cycle
TFRS 13 Fair Value Measurement
As it is explained in the Justifications of the Decision, short term commercial amounts receivable and payables,
that the amount of interest had not been indicated; may be denoted over its invoice amount, in situations where
the discount effect is unimportant. The amendments will be applied immediately.
Annual Improvements - 2011-2013 Cycle
IFRS 15 - Revenue from Contracts with Customers
In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers. The new five-step model in the
standard provides the recognition and measurement requirements of revenue. The standard applies to revenue
from contracts with customers and provides a model for the sale of some non-financial assets that are not an
output of the entity’s ordinary activities (e.g., the sale of tangible assets). IFRS 15 is effective for accounting
periods beginning 1 January 2017 onwards. Early adoption is permitted. Entities will transition to the new
standard following either a full retrospective approach or a modified retrospective approach. The modified
retrospective approach would allow the standard to be applied beginning with the current period, with no
restatement of the comparative periods, but additional disclosures are required. The impact of the amendment on
the financial position or performance of the Company is under evaluation.
IFRS 9 Financial Instruments - Final Standard (2014)
In July 2014 the IASB published the final version of IFRS 9 Financial Instruments. The final version of IFRS 9
brings together the classification and measurement, impairment and hedge accounting phases of the IASB’s
project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 is built on a logical,
single classification and measurement approach for financial assets that reflects the business model in which they
are managed and their cash flow characteristics. Built upon this is a forward-looking expected credit loss model
that will result in more timely recognition of loan losses and is a single model that is applicable to all financial
instruments subject to impairment accounting. In addition, IFRS 9 addresses the so-called ‘own credit’ issue,
whereby banks and others book gains through profit or loss as a result of the value of their own debt falling due to
a decrease in credit worthiness when they have elected to measure that debt at fair value. The standard also
includes an improved hedge accounting model to better link the economics of risk management with its
accounting treatment. IFRS 9 is effective for accounting periods beginning 1 January 2018 onwards; however,
early adoption is permitted. In addition, the own credit changes can be early applied in isolation without otherwise
changing the accounting for financial instruments. The impact of the standard on the financial position or
performance of the Company is under evaluation.
IAS 27 - Equity Method in Separate Financial Statements (Amendments to IAS 27(
In August 2014, IASB issued an amendment to lAS 27 to restore the option to use the equity method to account
for investments in subsidiaries and associates in an entity’s separate financial statements. Therefore, an entity
must account for these investments either:
• At cost,
• In accordance with IFRS 9 (or lAS 39),
or
• Using the equity method
35
2.
The entity must apply the same accounting for each category of investments. The amendment is effective for
accounting periods beginning 1 January 2016 onwards, and must be applied retrospectively. Early application is
permitted and must be disclosed. The impact of the amendment on the financial position and performance of the
Company is under evaluation.
IFRS Annual Improvements, 2012-2014 Cycle
In September 2014, IASB issued their annual cycle of improvements to IFRSs, Annual Improvements to IFRSs
2012-2014 Cycle. The document sets out five amendments to four standards, excluding those
standards that are consequentially amended, and the related Basis for Conclusions. The standards affected and
the subjects of the amendments are:
-
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations – changes in methods of disposal
-
IFRS 7 Financial Instruments: Disclosures – servicing contracts; applicability of the amendments to IFRS 7 to
condensed interim financial statements
-
lAS 19 Employee Benefits – regional market issue regarding discount rate
-
lAS 34 Interim Financial Reporting – disclosure of information "elsewhere in the interim financial report"
The amendment is effective for accounting periods beginning 1 January 2016 onwards, with earlier adoption
permitted.
The impact of the amendments on the financial position or performance of the Company is under evaluation.
IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or
Joint Venture (Amendments)
In September 2014, IASB issued amendments to IFRS 10 and IAS 28, to address the acknowledged
inconsistency between the requirements in IFRS 10 and lAS 28 in dealing with the loss of control of a subsidiary
that is contributed to an associate or a joint venture, to clarify that an investor recognizes a
full gain or loss on the sale or contribution of assets that constitute a business, as defined in IFRS 3, between an
investor and its associate or joint venture. The gain or loss resulting from the re-measurement at fair value of an
investment retained in a former subsidiary should be recognized only to the extent of unrelated investors’ interests
in that former subsidiary. The amendment is effective for accounting periods beginning 1 January 2016 onwards,
and must be applied prospectively. Early adoption is permitted. The amendments are not applicable for the
Company and will not have any impact on its financial position or performance.
IFRS 10, IFRS 12 and IAS 28: Investment Entities: Applying the Consolidation Exception (Amendments to
IFRS 10 and lAS 28)
In December 2014, IASB issued amendments to IFRS 10, IFRS 12 and lAS 28, to address several issues that
have arisen in applying the investment entities exception under IFRS 10 Consolidated Financial Statements. The
amendments are effective for accounting periods beginning 1 January 2016 onwards. Early adoption is permitted.
The amendments are not applicable for the Company and will not have any impact on its financial position or
performance.
36
2.
IAS 1: Disclosure Initiative (Amendments to lAS 1)
In December 2014, IASB issued amendments to lAS 1. Those amendments include narrow-focus improvements
in the following five areas: Materiality, disaggregation and subtotals, notes structure, disclosure of accounting
policies, presentation of items of other comprehensive income arising from equity accounted investments The
amendments are effective for accounting periods beginning 1 January 2016 onwards. Early adoption is permitted.
The amendments are not expected to have any significant impact on the Company’s financial position or
performance.
2.3
Summary of significant accounting policies.
The significant accounting policies applied in the preparation of the financial statements are summarized below.
Cash and cash equivalents
Cash and cash equivalents are reflected with their cost values in the balance sheet. Cash and cash equivalents
comprise cash in hand, cash deposits with banks, short- term highly liquid investments readily convertible to cash,
highly liquid investments with a low risk of value change, and having maturities of up to 3 months (Footnote 3)
Related parties
For the purposes of the financial statements, the Company’s shareholders, Koç Holding A.Ş. and UniCredit
(“UCI”) group companies with indirect financial interest in the Company, and their respective board members and
executive managers are defined as “related parties” (Note 21).
A related party is a person or entity that is related to the entity that is preparing its financial statements (referred to
as the 'reporting entity')
(a) A person or a close member of that person's family is related to a reporting entity if that person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity; or
(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
(b) An entity is related to a reporting entity if any of the following conditions applies:
(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and
fellow subsidiary is related to the others).
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a
group of which the other entity is a member).
(iii) Both entities are joint ventures of the same third party.
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) The entity is a post-employment defined benefit plan for the benefit of employees of either the reporting entity or
an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers
are also related to the reporting entity.
(vi) The entity is controlled or jointly controlled by a person identified in (a).
(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management
personnel of the entity (or of a parent of the entity).
2.
A related party transaction is a transfer of resources, services or obligations between a reporting entity and a
related party, regardless of whether a price is charged.
Factoring receivables and impairment
Factoring receivables represent financial assets created through financing of debtors. Factoring receivables are
first recognized at their acquisition cost and then valued at their costs discounted using the effective interest rate
method.
The factoring receivables provision for the impairment of investments in factoring is established based on a credit
review of the receivables portfolio. The Company has set this provision in accordance with the BRSA's
"Communiqué on the Procedures Regarding the Provisions to Be Provided for the Loans of Leasing, Factoring
and Financing Companies” (“Provisions Communiqué”) which was published in the Official Gazette No. 28851 of
24 December 2013. According to the Communiqué, specific provisions are set in following proportions: minimum
37
20% for collateralized factoring receivables overdue for 90 to 180 days, minimum 50% for collateralized factoring
receivables overdue for 180 to 360 days, and 100% for collateralized factoring receivables overdue for more than
1 year.
By taking into account all data concerning the credibility level of debtors and the principles of reliability and
prudence provided under the Communiqué on the Conceptual Framework Regarding the Preparation and
Presentation of Financial Statements, promulgated by the Turkish Accounting Standards Board in Official Gazette
No. 25702 on 16 January 2005, the Company also creates specific provisions for receivables without including
collaterals, even if they are collected when due or are not overdue beyond the time limits given above.
The Communiqué on Provisions states, but not requires, that a general provision, not directly related to any
specific transaction, may be created for potential, unmeasured losses associated with any principal or interest or
both that are not overdue or are overdue for less than ninety days. The Company creates general provisions for
its factoring receivables that have not yet become doubtful.
Receivables that cannot be collected, whether in whole or in part, are written off only after the relevant debtor is
ruled insolvent by a court of competent jurisdiction. Once a receivable is written off, the provision created for the
receivable is reversed and the receivable is removed from assets. Any account receivable written off in any
previous year but later collected is recognized as income.
Available-for-sale financial assets
Financial assets held for an indefinite period for investment purposes and disposed of to meet the need for cash
or depending on changes in interest rates, exchange rates or stock prices are classified as available-for-sale
financial assets. The Company’s management classifies these assets at the date of their acquisition.
38
2.
All financial assets are initially recognized at fair value plus transaction costs that are directly attributable to their
acquisition. Financial assets, classified as available-for-sale financial assets after being reflected in the financial
statements, are measured at fair value as long as it is possible to do so reliably. The publicly traded financial
assets in which the Company holds a share of less than 20% are measured at their bid prices quoted in the
Istanbul Stock Exchange on the date of the balance sheet, while those not publicly traded are measured at their
acquisition costs in cases where their reasonable value or fair value cannot be measured reliably due to the fact
that the other methods normally used to measure their fair value are inapplicable.
The effect of all changes in fair values is accounted for in shareholders’ equity. In cases where permanent
impairment of the market value of any such assets is determined, the effect of such impairment is reflected on the
statement of income. After the disposal of these assets, all accumulated fair value adjustments are posted to the
statement of income.
Impairment of non-financial assets
At each balance sheet date, the Company reviews all of its non-financial assets to identify any indication that a
non-financial asset may be impaired. The Company calculates that asset’s recoverable amount if such indication
is identified.
The recoverable amount of an asset or a cash-generating unit is the higher of that asset’s or unit’s fair value less
costs to sell and its value in use. When calculating the value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time
value of money and the risks specific to the asset.
Impairment losses are assessed at each balance sheet date whether there is an indication that an impairment
loss has decreased or no longer exists. Impairment loss is reversed in the event of a change in the estimations
used to measure the recoverable amount.
Interest income and expenses
Interest income and expenses are recognized on an accrual basis, using the effective interest rate method.
Foreign currency transactions
Foreign currency transactions are translated into TL with the exchange rates prevailing at the date of the
transactions. Gains and losses resulting from the settlement of such transactions and from the translation of cash
assets and liabilities denominated in foreign currencies are recognized in the income statement. These amounts
are adjusted to the exchange rates applicable at the balance sheet date.
39
2.
Intangible assets
All tangible assets items are recognized at cost, which is calculated by deducting their accumulated depreciation
from their inflation-adjusted acquisition costs up until 31 December 2004. The depreciable amount is calculated
over these assets’ estimated useful life by using the straight-line method. The estimated useful life of these assets
is as follows:
Furniture and fixture
Office equipment and motor vehicles
Leasehold improvements
5 years
5 years
shorter of lease period or useful life
Tangible assets with book values greater than their estimated recoverable amounts are represented in the
financial statements with their recoverable amounts. Any profit or loss on the disposal of a tangible asset is
measured by comparing its book value and sales price and taken into account in operating profit calculation.
Expenses arising on a future date in respect of an asset may be capitalized if they improve the future economic
benefit of the asset. All other items of expense are accounted for in the income statement on an accrual basis.
Intangible assets
Intangible assets mainly comprise of software costs and are amortized at their inflation-adjusted costs over a
period of five years up until 31 December 2004. Software maintenance costs and similar expenses are
represented as expense in financial statements. However, the Company capitalizes the expenses it incurred to
improve the useful life and economic benefits of the existing software by including these expenses into their
acquisition costs..
Financial liabilities
Financial liabilities (borrowings and marketable securities issued) are represented at cost, net of transaction costs
incurred. Borrowings are subsequently stated at amortized cost using the effective yield method; any difference
between proceeds, net of transaction costs, and the redemption value is recognized in the statement of profit or
loss over the period.
Employee benefits
Obligations related to employee termination and vacation rights are accounted for in accordance with “Turkish
Accounting Standard for Employee Benefits” (“TAS 19”) and are classified under “Provision for Employee
Benefits” account in the balance sheet.
Under the Turkish Labour Law, the Company is required to pay a specific amount to the employees who have
retired or whose employment is terminated other than for the reasons specified in the Turkish Labour Law
Provision for termination benefits is calculated over the current amounts of potential legal liabilities by using
certain actuarial estimates and then recognized in the financial statements (Note 10). The actuarial losses and
gains after January 1, 2013 had been accounted under the shareholders’ equity according to the revised TAS 19
standard.
The Company pays obligatory social security contributions to the Social Security Authority. The Company has no
other obligations towards the Social Security Authority, as long as these contributions are paid. These social
contributions are recognized as personnel expenses in the year they are paid
40
2.
Provisions, contingent assets and liabilities
In order to recognize provisions in its financial statements, the Company must have a legal or promissory
obligation arising from a past event, where it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation, and that the amount of the obligation can be reliably estimated. If
these criteria are not met, the Company discloses these matters in the notes to its financial statements. Where
the effect of the time value of money is material, provisions are determined at the best estimate of the present
value of the cash outflows required to settle an obligation. When determining the discount rate to be used to
calculate the present amount of the provisions, the interest rate prevailing in the relevant market and the risk
specific to the obligation are taken into account.
Contingent assets are accounted for when the realization of income is virtually certain. Otherwise, they are only
disclosed in the notes to the financial statements
Recognition of revenues and expenses
(i)
Fees and commissions
Fees and commissions collected for factoring services are recognized in the income statement, depending
on the period of the transaction involved.
(ii)
Dividends
Dividends received by the Company are recognized as income on the date the Company becomes entitled
to them.
(iii)
Other income and expenses
Other income and expenses are accounted for on an accrual basis.
(iv)
Financial revenues/(expenses)
Financial revenues comprise interest income and foreign exchange gains. Financial expenses represent
loan interest expenses, exchange rate expenses and other financial expenses.
Taxes on corporate income
Corporate income tax
Corporate income tax is calculated in accordance with the relevant provisions of the Tax Procedure Code and tax
expenses other than the corporate income tax are accounted for as part of operating expenses.
Corporate income tax is offset only if the Company currently has a legally enforceable right to set off current tax
assets against current tax liabilities or if these tax assets and tax liabilities are associated with income tax
collected by the same tax authority.
41
2.
Deferred taxes
Deferred taxes are calculated, using the liability method, on all temporary differences at the balance sheet date
between the carrying amount and tax base of assets and liabilities for financial reporting purposes and then
recognized as income or expense, as the case may be, in the income statement. If the tax relates to items that
are credited or charged directly to equity, the effects of the tax should also be charged or credited directly to
equity. Currently enacted tax rates are used to determine deferred taxes at the balance sheet.
Deferred tax liabilities are calculated for all taxable temporary differences, while deferred tax assets, consisting of
deductible temporary differences, are measured to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences can be utilized.
If the Company currently has a legally enforceable right to set off its current tax assets and current tax liabilities, it
should set off its deferred tax assets against its deferred tax liabilities (Note 13).
Deferred tax assets are measured at the tax rates applicable to the period when the asset is realized or the
liability is settled.
Earnings per share
Earnings per share recognized in the income statement are calculated by dividing the annual net profit by the
weighted average number of ordinary shares outstanding during the period involved (Note 20).
In Turkey, companies are allowed to increase their capital by issuing shares (“bonus issue”) to their existing
shareholders pro-rata the shares held by them out of retained earnings and equity revaluation fund. When
calculating the earnings per share, this bonus issue is treated as issued shares. Accordingly, the weighted
average number of outstanding shares used to calculate the earnings per share is measured by adjusting the
bonus issue retrospectively.
Derivative financial instruments are initially classified in the balance sheet at their fair value on the date a
derivative contract is entered into and are subsequently re-measured at their fair value. Derivative financial
instruments, although used within the framework of the Company’s risk management policy, are recognized as
derivatives held for trading as they do not qualify for hedge accounting. Gains and losses originating from
changes in the fair value of these instruments are recognized in the line item “other operating income/expenses”
in the income statement.
Forward foreign exchange contracts are valued on the basis of discounted cash flows.
Financial lease
A finance lease, which transfer substantially all the risks and rewards incidental to ownership of the leased asset,
is classified in “tangible assets” at the inception of the lease at the lower of the fair value of the leased asset and
the present value of the minimum lease payments, while liabilities arising from the lease are classified in “financial
leasing liabilities”.
42
2.
Interest paid under a lease agreement is recognized as expense in the income statement throughout the term of
the lease agreement. Tangible assets held under the lease agreement are depreciated over the estimated useful
life of the assets.
Share capital and dividends
Ordinary shares are classified as share capital. Dividends on ordinary shares are recognized in the period they
are disclosed. Indispensable and unavoidable expenses incurred directly in relation to a capital increase are
classified in the total paid-in share capital.
Events after the reporting period
Adjusting events occurred after the reporting period and providing further evidence (that require correction) of the
Company’s financial position at the end of the reporting period are recognized in the accompanying financial
statements. Nonadjusting events are disclosed in the notes to the accompanying financial statements if and to the
extent they would have significant importance.
2.4
Critical accounting assessments, estimates and assumptions
The preparation of unconsolidated financial statements requires the use of certain critical accounting estimates
and assumptions affecting the assets and liabilities disclosed in the balance sheet, or the contingent assets and
liabilities, and the income and expenses reported to have been incurred during the period involved. Although
based on the best estimates and knowledge of the Company’s Management, the actual results may differ from
these estimates.
Critical assessments, estimates and assumptions that would significantly affect both the accompanying financial
statements and the carrying amounts of recognized assets and liabilities in the next period include:
Recognition of deferred tax assets; Deferred income tax assets are classified to the extent that the related tax
benefit is probable. The amount of profits that may be taxed in the future and the amount of prospective tax
benefits are based on the medium term business plan prepared by the Company’s Management and the
extrapolated estimates made thereafter. The business plan is based on Management expectations regarded as
reasonable under the circumstances. As of 31 December 2014, the Company’s total deferred tax assets is TL
10,695. (Deferred tax assets on 31 December 2013: TL 2,433)
Impairment of factoring receivables; The assumptions and methods used to estimate the timing and volume of
prospective cash flows from factoring receivables are frequently reviewed in order to resolve any differences
between estimated impairment of factoring receivables and actual losses incurred. The Company created a
general provision of TL 67,490 (31 December 2013: TL 73,009) for impaired factoring receivables (Note 4).
Pending tax penalties; As stated in Note 10, as a result of the industry-wide tax audit about unearned revenues
and principal amounts of doubtful receivables from factoring transactions undergoing litigation or execution not
classified as revenue, the Fiscal Administration investigated the tax calculations of the Company for the years
2007 and 2008 and levied on the Company a total penalty of TL 5,965. The Company’s Management first chose
the way to negotiate, then after the negotiation did not result in any way, took legal action against the penalty.
The Company created a provision of TL 1,325 in the financial statements of 31 December 2013, based on the
examination of sectoral precedents. As the lawsuit was concluded in the Company's favor during the 2014 fiscal
year, this provision was canceled.
43
3.
Cash assets and banks
Cash
Banks
-demand deposits
-time deposits
2014
2013
25,011
2,018
22,993
20,772
1,814
18,958
25,011
20,772
There is no lien or restriction on the Company’s bank deposits.
As of 31 December 2014, the amount of cash and cash equivalents used in the cash flow statement is TL 25,011
(2013: TL 20,772).
4.
2014
2013
Domestic factoring receivables, net
Export & Import factoring receivables, net
Doubtful factoring receivables, net
2,128,255
649,408
78,294
1,626,960
523,627
80,419
Gross factoring receivables
2,855,957
2,231,006
(67,490)
(13,666)
(37)
(73,009)
(8,204)
(573)
2,774,764
2,149,220
Provision for impairment of doubtful factoring receivables
Unearned interest income
Unearned commission income
Factoring receivables, net
Unearned interest income represents revenues collected in advance, calculated on the basis of the maturities of
factoring receivables.
As of 31 December 2014, the total amount of postdate cheques and bills received by the Company against its
factoring receivables is TL 352,285 (2013: TL 211,693). These cheques and bills are classified in off-balance
sheet accounts.
As of 31 December 2014, the Company’s domestic factoring receivables of TL 1,401,725 (2014: TL 1,182,787)
and export factoring receivables of TL 573,536 (2013: 286,199) both represent irrevocable transactions (at the
Company’s risk). In addition, as of 31 December 2014, irrevocable transactions amounting to TL 1,250,656 (2013:
TL 380,891) are classified in off-balance sheet accounts.
2014
2013
2,363,837
492,120
1,786,330
444,676
2,855,957
2,231,006
Gross factoring receivables:
Fixed rate
Variable rate
44
4.
Factoring receivables (continued)
Analysis of factoring receivables:
2014
2013
Neither overdue nor impaired
Overdue, but not impaired
Impaired
2,763,960
78,294
2,141,810
80,419
Gross
2,842,254
2,222,229
(67,490)
(73,009)
2,774,764
2,149,220
(Less): Provision for impairment
Net factoring receivables
As of 1 January 2008, the Company calculates and classifies all incurred and probable losses associated with
factoring receivables in accordance with the BRSA communiqué and relevant regulations.
Breakdown of factoring receivables by maturity:
0 - 1 month
1 - 3 month
3 - 12 month
1 year and over
2014
2013
1,918,296
460,499
377,948
18,021
1,435,085
436,127
251,414
26,594
2,774,764
2,149,220
2014
2013
73,009
51,060
18,068
(22,484)
(1,103)
-
23,089
(1,140)
-
67,490
73,009
Changes in provisions for impairment of doubtful factoring receivables:
1 January
Provision created during the period
Receivables disposed during the period(*)
Collections from provisions
Transferred from general provisions
Foreign exchange difference, other expenses
31 December
(*) On 26 July 2014, the Company sold non-performing cash receivables amounting to TL 22,484 to Vera Varlık
Yönetim A.Ş. for TL 70.
Additionally, the Company created a general provision of TL 10,127 (2013: TL 9,023) for unimpaired factoring
receivables (Note 10). The expense associated with this provision in 2014 was TL 1,104 (2013: 1,140). As of 31
December 2014, total restructured factoring receivables is TL 9,438 (2013: TL 1,812).
45
4.
Factoring receivables (continued)
Breakdown of gross factoring receivables by industry, 31 December 2014 and 2013:
Pharmaceuticals, Chemicals and Dyes
Metal Working
Automotive
Other
Textiles
Manufacturing
Electronics and Optics
Construction
Food and Beverage
5.
2014
%
2013
%
785,512
607,349
410,920
335,006
168,265
166,380
143,961
113,291
44,080
28
22
15
12
6
6
5
4
2
489,910
543,834
461,680
221,689
108,439
110,144
102,840
76,700
33,984
23
25
21
10
5
5
5
4
2
2,774,764
100
2,149,220
100
Borrowings and marketable securities issued
Borrowings as of 31 December 2013 and 2014:
2014
Domestic Banks
TL
USD
EUR
Foreign Banks
EUR
TL
USD
GBP
2013
Effective
interest %
Currency
TL
Effective
interest %
Value in
foreign
currency
TL
10.97
2.57
2.75
980,719
35,304
15,215
980,719
81,866
42,918
8.96
-
457,062
-
457,062
-
1.51
1.90
4.60
322,971
96,512
1,343
911,004
223,801
5,080
1.31
9.35
1.31
3.43
398,266
16,535
121,787
1,922
1,169,508
16,535
259,929
6,750
2,245,388
Marketable Securities Issued (Bonds)
1,909,784
31 December 2014
31 December 2013
293,280
-
293,280
-
In 2014, the Company performed the following security issuances: TL 75.000 in nominal value (Annual
Compound Interest Rate: 9.39%), maturity date 15 January 2015; TL 150.000 in nominal value (Annual
Compound Interest Rate: 9.93%), maturity date 16 April 2015; TL 75.000 in nominal value (Annual Compound
Interest Rate: 9.11%), maturity date 21 May 2015.
46
6.
Adjustment to derivative financial
Instruments measured at fair value (Note 22)
7.
TL
2014
FC
TL
2013
FC
569
-
15,861
7,168
2014
2013
27
27
Breakdown of available-for-sale financial assets, 31 December 2014 and 2013:
Allianz Yaşam ve Emeklilik A.Ş.
(recognized at cost)
%
2014
TL
%
2013
TL
0.04
27
0.04
27
27
8.
Other payables
Commissions payable
Various expense accruals
Other
9.
2014
2013
195
101
1,239
283
223
367
1,535
873
Adjustment to derivative financial
Instruments measured at fair value (Note 22)
10.
27
TL
2014
FC
TL
2013
FC
21,262
-
1,336
6
Provisions for liabilities and expenses
Provision for employee benefits, 31 December 2014 and 2013:
Provision for accrued but unused paid leave
47
2014
2013
954
284
687
226
1,238
913
10.
Provision for liabilities and expenses (continued)
The Company creates provision for termination benefits as follows:
Pursuant to the applicable labour legislation in Turkey, the Company is required to pay lump-sum termination
benefits to each employee who has completed over one year of service with the Company and whose
employment is terminated due to retirement or for reasons other than resignation or misconduct. The amount
payable consists of one month’s salary limited to a maximum of TL 3,438 as of 31 December 2014 (31 December
2013: TL 3.254) for each period of service. Figures are expressed in whole TL.
There is no legal requirement to fund the provision for employee termination benefits.
Provision for termination benefits is calculated over the estimated current value of the potential liability to pay
employees who may be entitled to pension benefits.
TFRS requires entities to develop actuarial valuation methods to estimate the provision required for termination
benefits. Accordingly, the following actuarial assumptions were used to calculate the total liability:
Discount rate (%)
Turnover ratio used to estimate the probability of retirement (%)
2014
2013
3.50
8
4.78
20
The basic actuarial assumption is that the maximum liability for each year of service will be increased in line with
the inflation rate. Thus, the discount rate applied represents the expected real rate for the effects of future
inflation. As the ceiling of statutory termination pay is revised semi-annually, provision for the Company’s
maximum liability will be calculated over TL 3,541, which shall be effective as of 1 January 2015 (1 January 2014:
TL 3,438). Figures are expressed in whole TL.
Changes in the provision for termination benefits for 2012 are as follows:
2014
2013
1 January
226
298
Termination benefits paid
Cost of services
Interest expense
Actuarial gain / (loss)
(54)
126
8
(22)
(106)
8
14
12
31 December
284
226
Details of provisions for other liabilities and expenses, 31 December 2013 and 2014:
General provision for factoring receivables (Note 4)
Accrual for staff bonus
Provision for tax penalties (*)
48
2014
2013
10,127
1,650
-
9,023
1,168
1,325
11,777
11,516
10.
Provisions for liabilities and expenses (continued)
Acting in line with the principles of prudence, the Company provides general provisions for potential, unmeasured
losses associated with any principal or interest, or both, on factoring receivables that are not overdue or overdue
for less than ninety days.
(*) As a result of the industry-wide investigation of unearned revenues and principal amounts of doubtful
receivables from factoring transactions undergoing litigation or execution not classified as revenue, the
Revenue Administration audited the tax calculations of the Company for the years 2007 and 2008 and
levied on the Company a total penalty of TL 5,965. The Company first sought to negotiate with the
Revenue Administration, and then to challenge the levy at court as no agreement could be reached. The
Company created a provision of TL 1,325 in the financial statements of 31 December 2013, based on the
examination of sectoral precedents. As the lawsuit was concluded in the Company's favor during the 2014
fiscal year, this provision was canceled.
Changes in general provisions:
2014
2013
1 January
9,023
7,883
Provision created during the period
Transfers to specific provisions
1,104
1,140
-
10,127
9,023
31 December
11.
Tangible assets
Cost:
Motor Vehicles
Accumulated depreciation:
Motor Vehicles
Net book value
1 January
2014
Additions
Disposals
31 December
2014
2,276
733
133
7
-
2,409
740
3,009
140
-
3,149
(1,956)
(468)
(2,424)
(117)
(86)
(203)
-
(2,073)
(554)
(2,627)
585
(63)
-
522
49
11.
Tangible Assets (continued)
Cost:
Motor Vehicles
Accumulated depreciation:
Motor Vehicles
Net book value
1 January
2013
Additions
Disposals
31 December
2013
2,183
726
190
75
(97)
(68)
2,276
733
2,909
265
(165)
3,009
(1,962)
(464)
(86)
(72)
92
68
(1,956)
(468)
(2,426)
(158)
160
(2,424)
483
107
(5)
585
As of 31 December 2014, there is no lien or restriction on tangible assets (2013: None)
12.
Intangible assets
Software cost
Accumulated redemption
1 January
2014
Additions
Disposals
31 December
2014
2,228
(2,164)
69
(59)
-
2,297
(2,223)
64
10
-
74
1 January
2013
Additions
Disposals
31 December
2013
2,264
(2,231)
71
(40)
(107)
107
2,228
(2,164)
33
31
-
64
Net book value
Software cost
Accumulated redemption
Net book value
50
13.
Deferred tax assets/liabilities
The cumulative temporary differences subject to deferred tax has been calculated, and the deferred income tax
assets and liabilities as of 31 December 2014 and 2013 are shown in the following table, which was prepared
using the applicable tax rates:
Provision for impaired doubtful factoring receivables
Provision for annual paid leave
Expense accrual on derivatives contracts
Provision for premiums
Other
Cumulative temporary differences
2014
2013
15,079
31,194
284
226
954
687
44,291
1,341
1,650
1,168
1,131
808
Deferred income tax Assets/
(liabilities)
2014
2013
3,016
6,239
57
45
191
137
8,858
268
330
234
226
162
Deferred tax assets
63,389
35,424
12,678
7,085
Provision for impaired doubtful factoring receivables(**)
Cancellation of the provision for tax settlement lawsuit
Net difference between carrying value and tax base of tangible
assets
Income accrual on derivatives contracts
Other
Deferred tax liabilities
(5,888)
(1,325)
-
(1,178)
(265)
-
(569)
(2,131)
(9,913)
(233)
(23,029)
(23,262)
(114)
(426)
(1,983)
(47)
(4,605)
(4,652)
Deferred income tax assets/(liabilities), net
53,476
12,162
10,695
2,433
Deferred tax assets action statement is as follows:
2014
Net
2013
2,433
(2,223)
Recognized in income statement (Note 18)
Recognized in equity statement
(8,262)
-
(895)
5,551
31 December
10,695
2,433
1 January
14.
Prepaid expenses and other Assets
Prepaid expenses
Other assets
51
2014
2013
861
324
861
324
2014
2013
262
-
262
-
15.
Shareholders' Equity
Within the framework of the permission of the Ministry of Customs and Trade; and under the scope of adaptation
to the Turkish Commercial Code No: 6102 and Financial Leasing, Factoring and Financing Companies Law No:
6361; the Company’s paid-in capital had been raised to TRY 31.917 (2013: 31.917), divided into 31.916.695
(2013: 16.802.326) share certificates each with a nominal value of TRY 1.
The book values of the share capital issued and paid in as of 31 December 2014 and 2013 are as follows:
2014
Share (%)
Other
TL
2013
Share (%)
TL
99.95
0.05
31,902
15
99.95
0.05
31,902
15
100.00
31,917
100.00
31,917
As per the General Assembly resolution, the tax-exempt amount (75%) of the gains from the sale of Allianz
Sigorta A.Ş. shares on 12 July 2013, amounting to TL 97,223 according the profit distribution statement for 2013,
was classified under capital reserves account for 2014.
In statutory financial statements, accumulated profits may be distributed except for legal reserves and subject to
following requirements for legal reserves.
The TCC stipulates that the first legal reserve is appropriated out of taxable profits at the rate of 5 % per annum,
until the total reserve reaches 20 % of the Company’s paid-in share capital. After the dividend payment of 5%,
10% of the total amount to be distributed to entitled shareholders is set aside and included to first legal reserve.
Under the TCC, the legal reserves may only be used to offset losses unless they exceed 50 % of paid-in share
capital, and may not be used for any other purpose.
According to Law No. 5228 on Amendments to Certain Tax Laws published in Official Gazette No. 25539 ıf 31
July 2004, inflation adjustments to shareholders’ equity line items arising from inflation adjusted financial
statements and recognized in “Accumulated Profit/Loss” may be offset against inflation-adjusted accumulated
losses or included in share capital by corporate taxpayers, and this transaction is treated as a dividend
distribution.
The BRSA has expressed its opinion that, income generated from deferred tax assets may not be qualified as
cash or internal resource, and as such, the income generated in this manner should not be classified as part of
the current term income subject to dividend distribution and capital increase. As of 31 December 2014, the
Company has deferred tax income amounting to TL 8,262 (31 December 2013: None).
All “inflation-adjustments to shareholders’ equity” may only be used to increase capital through bonus issues or to
offset losses, while the carrying amount of extraordinary reserves are permitted to be used to increase capital
through bonus issues, payment of cash dividends or to offset losses.
In 2014, the Company paid dividends amounting to TL 76,000.
52
16.
Income from operating activities
Interest income on factoring operations
Factoring fees and commissions
17.
2014
2013
145,046
15,822
104,996
14,430
160,868
119,426
2014
2013
10,860
1,265
740
1,026
9,621
950
574
1,006
13,891
12,151
36
-
1,045
985
937
715
682
421
224
202
200
166
127
118
87
491
716
429
235
531
553
102
152
398
154
103
129
51
5,909
4,044
262
198
20,098
16,393
Operating expenses
Personnel expenses:
Salaries
Social security contributions
Staff insurance costs
Other
General administrative expenses:
IT expenses
Rents
Travel expenses
Audit and consultancy expenses
Contribution to expenses
Tax, duty and charge expenses
Marketing and advertising expenses
Donations
Other
Membership dues
Communication expenses
Non-allowable expenses
Stationary expenses
Depreciation expenses (Note 11, 12)
Operating Expenses – total
53
18.
Provision for taxes on continuing operations
Provision for current period corporate income tax
Less: prepaid taxes
Current period tax liability/(asset) (net)
Banking and Insurance Transactions Tax due
Staff income tax due
Social security contributions due
Other taxes
Taxes and liabilities
2014
2013
18,075
(19,222)
10,759
(10,119)
(1,147)
640
857
219
206
29
664
167
152
15
1,311
998
Corporate Tax Law No. 5422 has been superseded by Law No. 5520 on 13 June 2006. Many of the provisions of the
new Corporate Tax Law No. 5520 came into effect on 1 January 2006. Accordingly, the corporate income tax rate
applicable under the new law is 20% (2013: 20%). This rate is applied to the tax base of corporate income, which is
calculated by the inclusion of non-deductible expenses and the deduction of exemptions (such as for returns from
associates, investment incentives, etc.) and incentives (such as R&D incentives). If no dividend is paid, no other tax
is applicable (except for withholding at the rate of 19.8%, which is calculated over investments incentives benefited
under Temporary Article 61 of the Corporate Tax Law).
No tax is withheld from dividends paid to non-resident taxpayers generating income through an entity or a permanent
representative in Turkey or to resident taxpayers. However, dividends paid to all other individuals and entities are
subject to a withholding tax of 10%. Injection of profit into capital is not treated as dividend.
Corporations are required to calculate advance corporate tax based on their quarterly profits at a rate of 20%.
Advance corporate tax returns are submitted by the 14th day of the second month of the following quarter, and is
payable by the end of the 17th day of the same month. Advance corporate income tax payments made during the
year are offset against the final corporate tax liability of the company In the event of any interim tax remaining after
the deduction, the entity is entitled to claim it in cash or offset it against any other tax liability.
The tax laws in Turkey do not allow the tax authority to accept offers in compromise from taxpayers to settle tax
liabilities. Corporate income tax returns must be filed with the relevant tax office no later than the close of
business on the 25th day of the fourth month following the end of each financial year.
Authorized tax inspectors are given the power to audit all accounting records of entities covering the past five
years and, if they discover any irregularity or error in the records, they may impose a tax penalty, changing the tax
otherwise due.
54
18.
Provision for taxes on continuing operations (continued)
The tax laws in Turkey allow entities to deduct only those financial losses disclosed in their tax returns for the last
5 years from their current year profit. However, such losses may not be offset against accumulated profits.
Tax expenses recognized in the Company’s income statements for the fiscal years ending on 31 December 2014
and 2013 are summarized below:
Corporate income tax (expense)
Deferred income tax income/(expense) (Note 13)
Total tax (expense)
2014
2013
(18,075)
8,262
(10,759)
(895)
(9,813)
(11,654)
Reconciliation of the current year tax expense and the theoretical tax expense calculated over the statutory tax
rate applicable to the Company:
2014
2013
Pre-tax profit
54,650
160,989
Theoretical tax expense at the applicable rate of 20 %
Non-allowable expenses and other expenses, net
Income exempt from tax, net
Loss from previous year to be set-off
10,930
3,170
(4,287)
-
32,198
6,598
(25,253)
(1,889)
9,813
11,654
2014
1,852
1,325
102
2013
1,535
53
3,279
1,588
2014
45
480
2013
50
540
525
590
Current year tax expense
19.
Other operating income/expenses
Other operating income
Provision expenses charged to customers
Income from canceled provisions (Note 10)
Other
Other operation expenses
Taxes, duties and charges
Other
55
20.
Earnings per share
Earnings for per share have been given below;
Net profit attributable to shareholders
Weighted average number of ordinary shares issued (each with nominal
value of TL)
Earnings per share (shown in TL)
21.
2014
2013
44,837
149,335
31,916,695
31,916,695
1.40
4.68
2014
2013
22,993
1,754
636
18,957
24,747
19,593
655,000
132,392
32,683
25,086
20,024
4,697
390,000
49,259
23,237
106,799
4,267
869,882
573,562
-
4
206
150
Related party explanations
Balance sheet items
Banks
Shareholders
Time deposit
Demand deposit
Other related parties
Türkiye Petrol Rafinerileri A.Ş.
Tofaş Türk Otomobil Fabrikası A.Ş.
Otokoç Otomotiv Tic. ve San. A.Ş.
Otokar Otomotiv ve Savunma Sanayi A.Ş.
Ford Otomotiv San. A.Ş.
Koç Sistem Bilgi ve İletişim Hizmetleri A.Ş.
Other receivables
YKS Tesis Yönetim Hizmetleri A.Ş.
Shareholders
Yapı Kredi Bankası A.Ş.
56
21.
Related party explanations (continued)
Unicredito Austria S.p.A
Yapı Kredi Nederland N.V.
2014
2013
690,694
6,764
1,070,399
11,477
697,458
1,081,876
33
29
4
3
1
56
28
23
4
1
1
70
113
9,707
4,397
1,269
325
214
16,269
2,801
317
2,981
202
15,912
22,570
Other liabilities
Koç Holding A.Ş.
Otokoç Otomotiv Tic. Ve San. A.Ş.
Zer Merkezi Hizmetler ve Ticaret A.Ş.
Opet Petrolcülük A.Ş.
Setur Servis Turistik A.Ş.
Income statement items
Interest income on factoring operations
Türkiye Petrol Rafinerileri A.Ş.
Ford Otomotiv Sanayi A.Ş.
Otokoç Otomotiv Ticaret ve Sanayi A.Ş.
Tofaş Türk Otomobil Fabrikası A.Ş.
57
21.
2014
2013
5,553
5,015
5,553
5,015
Interest income on non-factoring operations
Shareholders
Commission income on factoring operations
Ford Otomotiv Sanayi A.Ş.
Otokoç Otomotiv Tic.ve San A.Ş.
Aygaz A.Ş
53
17
3
77
5
4
73
86
-
2
-
2
1,236
879
565
363
320
159
122
80
74
7
2
384
259
246
152
92
109
60
86
2
2,929
2,269
Income on non-factoring operations
Aygaz A.Ş.
General administrative expenses
Shareholders
Zer Merkezi Hizmetler ve Ticaret A.Ş.
Otokoç Otomotiv Ticaret ve Sanayi A.Ş.
YKS Tesis Yönetim Hizmetleri A.Ş.
Opet Petrolcülük A.Ş.
Setur Servis Turistik A.Ş.
Koç Holding A.Ş.
Akpa Dayanıklı Tüketim LPG ve Akaryakıt Ürünleri Paz. A.Ş.
58
21.
2014
2013
1,043
2,473
10,444
392
-
11,326
771
-
11,878
14,570
29
-
29
-
2,149
2,282
Interest expenses
Shareholders
Unicredito Austria S.p.A
Yapı Kredi Nederland N.V.
Unicredito Italiano S.p.A
Dividend income
Wages and other financial benefits provided
to board members and executive officers
Wages and other financial benefits provided
to board members and executive officers
Off-balance sheet transactions
Derivative contracts with Yapı ve Kredi Bankası A.Ş.
2014
Value in
foreign
currency
TL
Value in foreign
currency
246,275
99,897
235,300
1,100
-
2013
TL
Forward contract purchases
EUR
USD
TL
87,310
99,897
346,172
59
690,958
2,348
693,306
21.
2014
Value in
Foreign
currency
70,039
126,598
1,000
715
2013
TL
Value in
Foreign
currency
TL
70,039
293,568
2,821
2,571
403,091
126,878
33
403,091
270,795
117
Forward contract sales
TL
USD
EUR
GBP
369,000
674,003
Letters of Guarantee
2014
2013
7,154
6,692
22.
Nature and extent of exposure to risks arising from financial instruments
Financial instruments and financial risk management
Credit Risk
Credit risk is defined as the risk that one party to a financial instrument will cause a financial loss for the other
party by failing to discharge its obligation. The Company is exposed to credit risk as it is engaged primarily in
factoring transactions. The Company manages its exposure to credit risk by assigning certain limits to customers
that are likely to give rise to credit risk, monitoring expected repayments closely, and by receiving adequate
security from customers with low credit quality. The Company’s exposure to credit risk is concentrated in Turkey
where it carries on a majority of its operations. To avoid undue concentration of credit risk, the Company provides
a high number of customers from different industries.
Geographical breakdown of the Company’s assets and liabilities, 31 December 2013 and 2014:
2014
Turkey
European countries
2013
Turkey
European countries
Assets
%
Liabilities
%
2,813,932
-
100
-
1,441,061
1,139,885
55
45
2,813,932
100
2,580,946
100
Assets
%
Liabilities
%
2,196,454
-
100
-
496,722
1,436,187
26
74
2,196,454
100
1,932,909
100
60
22.
Nature and extent of exposure to risks arising from financial instruments (continued)
The Company’s maximum credit risk exposure:
2014
Factoring
receivables
Maximum credit risk exposure at reporting date (*)
A. Net book value of financial assets not overdue or impaired
- Not overdue or impaired (gross book value)
- General provision for credits (-) (**)
B. Book value of financial assets whose terms have been renegotiated and that would otherwise be
overdue or impaired
C. Net book value of assets due, but not impaired
D. Net book value of assets impaired
- Overdue (gross book value)
- Impaired (-)
E. Off-balance sheet items exposed to credit risk
2013
Banks
Derivative
instruments
Factoring
receivables
Banks
Derivative
instruments
2,774,764
25,011
569
2,149,220
20,772
-
2,753,833
2,763,960
(10,127)
25,011
25,011
-
569
569
-
2,132,787
2,141,810
(9,023)
20,772
20,772
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,804
78,294
(67,490)
-
-
7,410
80,419
(73,009)
-
-
-
-
-
-
-
-
(*) Credit enhancement instruments, such as collaterals, have not been taken into account in the calculation of this amount.
(**) Pursuant to the Communiqué on Provisions, the Company creates specific provisions for these receivables, though not past due under the Communiqué, at the rates it sets in accordance with its
principles of reliability and prudence. The aging assets table in Note 4 shows factoring receivables that are overdue but not impaired.
(61)
22.
Market risk
Market risk is the risk that the Company’s earnings or capital, or its ability to meet business objectives
will be adversely affected by fluctuations in interest rates, foreign exchange rates, inflation rate or
market prices. The Company manages market risk with a focus on currency risk and interest rate risk.
The Company’s Risk Management Policies are determined by the Company’s Board of directors. The
Company is responsible for implementing these Risk Management Policies.
As a factoring services provider, the Company is exposed to currency risk, interest rate risk and liquidity
risk as a result of meeting the financial needs of its customers. The Company’s Fund Management
Department focuses on the structure of the Company’s assets and liabilities to manage exposure to
these risks. The Fund Management Department is responsible for creating necessary funds for the
Company, balancing the Company’s short position and exposure to interest rate risk, and managing
liquidity surplus, if any.
The Company’s primary guidelines for managing exposure to market risk are as follows:




Yapı ve Kredi Bankası A.Ş. (“YKB”) Market Risk Management Department and the Board of
Directors are regularly updated on the Company’s changing exposure to risks, and important
decisions regarding market risk are taken by the Board of Directors.
All market risks are managed by the Company’s Fund Management Department;
The Financial Control Department exercises its functions independently of the Fund
Management Department and reports directly to the General Manager;
Interest rate risk and currency risk are managed by the Fund Management Department within
the framework of the powers granted to it.
Interest rate risk
Changes in market interest rates, causing fluctuations in the prices of financial instruments, require the
Company to manage its exposure to interest rate risk. The Company’s Fund Management Department
closely monitors the Company’s interest rate-sensitive assets, liabilities and off-balance sheet accounts
on a daily basis. Besides, the Company’s Financial Control Department reports the Company’s
exposure to interest rate risks by showing them on monthly time bands according to their respective
maturities. Interest rate risk sensitivity (Basis Point Value) analyses are performed monthly by YKB’
Market Risk Management Department on currency and maturity basis. This Department also performs
Value at Risk analyses and reports its findings, in comparison with the risk limits set under the Risk
management Policies, on a monthly basis. According to the analysis of 31 December 2014, the
Company’s sensitivity to interest rate fluctuations increased 1 base point up to TL 58.9.
(62)
22.
Average interest rates on financial instruments:
USD$ (%)
2014
EUR (%)
TL (%)
USD$ (%)
2013
EUR (%)
TL (%)
Assets
Banks
- time deposits
Factoring receivables, net
1.80%
4.16%
1.60%
4.16%
7.5 %
11.98%
1%
4.79%
2.46%
4.79%
4.68%
11.67%
Liabilities
2.08%
1.57%
10.97%
1.49%
1.50%
8.60%
The following tables provide an analysis of the Company’s assets and liabilities at the reporting date on
the basis of the length of time remaining before the next change in interest rate in the contract and
according to related maturity dates:
Up to 3 months
22,993
3 to 12
Months
-
Over
1 year
-
Unclassified
2,018
Total
25,011
Tangible Assets
Intangible assets
Prepaid expenses
Deferred tax assets
Other assets
Current year tax assets
Total assets
1,399,399
1,422,392
377,948
377,948
18,021
18,021
569
27
979,396
522
74
861
10,695
262
1,147
995,571
569
27
2,774,764
522
74
861
10,695
262
1,147
2,813,932
Derivative financial liabilities
held for trading
Borrowings
Factoring payables
Other marketable securities issued
Miscellaneous payables
1,683,759
5,155
74,735
-
561,424
218,545
-
-
21,262
205
1,535
1,311
13,015
-
21,262
2,245,388
5,155
293,280
1,535
1,311
13,015
-
Total liabilities
1,763,649
779,969
-
37,328
2,580,946
(341,257)
(402,021)
-
958,243
232,986
2014
Bank deposits and cash assets
Derivative financial instruments held for
trading
Net re-pricing gap
(63)
22.
2013
Up to 3 months
3 - 12
months
Over
1 year Unclassified
Total
Bank deposits and cash in hand
Derivative financial assets
held for trading
Tangible Assets
Intangible assets
Prepaid expenses
Deferred tax assets
Other assets
-
-
-
20,772
20,772
1,193,084
-
251,414
-
26,594
-
23,029
27
678,128
585
64
324
2,433
-
23,029
27
2,149,220
585
64
324
2,433
-
Total Assets
1,193,084
251,414
26,594
725,362
2,196,454
held for trading
Borrowings
Factoring payables
Miscellaneous payables
Current period tax liability
1,909,784
6,843
-
-
-
1,342
873
998
12,429
640
1,342
1,909,784
6,843
873
998
12,429
640
Total liabilities
1,916,627
-
-
16,282
1,932,900
(723,543)
251,414
26,594
709,080
263,545
Net re-pricing gap
(64)
22.
Liquidity risk
Liquidity risk Liquidity risk is the risk that the Company will have difficulty in meeting its net funding
needs. Liquidity risk can be caused by market disruptions or credit downgrades that would result in the
depletion of certain sources of funding in the short run. The Company’s management manages this risk
by diversifying its financial resources and prioritizing liquidity in a manner to ensure appropriate balance
between cash and cash-equivalent assets. Additionally, the Management maintains an adequate level
of funding by shareholders and high quality investors in an effort to meet its existing and future funding
needs and to survive the effects of potential changes in demand.
The table below shows a breakdown of the assets and liabilities according to their maturities as of 31
December 2014 and 2013, respectively. The amounts disclosed in the table represent contractual,
undiscounted cash flows. The table also includes the interest amounts to be collected and paid on the
Company’s assets and liabilities
2014
Total
contractual
cash inflow/
outflow
Book
1 to 3
months
3 to 12
months
Over 1 year
Unclassified
Value
held for trading
Tangible Assets
Intangible assets
Prepaid expenses
Deferred tax assets
Other assets
Current tax assets
25,011
22,993
-
-
2,018
25,011
569
27
2,788,225
522
74
861
10,695
262
1,147
1,399,399
-
377,948
-
18,021
-
569
27
979,396
522
74
861
10,695
262
1,147
569
27
2,774,764
522
74
861
10,695
262
1,147
Total Assets
2,827,393
1,422,392
377,948
18,021
995,571
2,813,932
held for trading
Borrowings
Factoring payables
Marketable securities issued
Other liabilities
21,262
2,280,566
5,155
293,280
1,535
1,311
13,015
-
1,482,909
5,155
74,735
-
561,424
218,545
-
201,055
-
21,262
1,535
1,311
13,015
-
21,262
2,245,388
5,155
293,280
1,535
1,311
13,015
-
Total liabilities
2,616,124
1,562,799
779,969
201,055
37,123
2,580,946
211,269
(140,407)
(402,021)
(183,036)
958,448
232,986
Net
(65)
22.
2013
Total
contractual
cash inflow/
outflow
Book
1 to 3
months
3 to 12
months
Over 1
year
Unclassified
Value
held for trading
Tangible assets
Intangible assets
Prepaid expenses
Deferred tax assets
Other assets
20,772
18,957
-
-
1,815
20,772
23,029
27
2,157,997
585
64
324
2,433
-
1,193,084
-
251,414
-
26,594
-
23,029
27
678,128
585
64
324
2,433
-
23,029
27
2,149,220
585
64
324
2,433
-
Total assets
2,205,231
1,212,041
251,414
26,594
706,405
2,196,454
1,342
1,911,671
6,843
873
998
995,553
6,843
-
766,410
-
147,821
-
1,342
873
998
1,342
1,909,784
6,843
873
998
12,429
-
-
-
12,429
12,429
640
-
-
-
640
640
1,934,796
1,002,396
766,410
147,821
16,282
1,932,909
270,435
209,645
(514,996)
(121,227)
692,028
263,545
565,421.61
550,742.35
142,567.08
138,628.58
-
Held for trading
Borrowings
Factoring payables
Other payables
Provisions for liabilities and
expenses
Current period tax liability
Total liabilities
Net
Cash inflow
Cash outflow
707,989
689,371
Currency risk
The value of assets and liabilities denominated in foreign currencies creates the currency risk. The
Company carries a certain foreign currency position as a result of its operations. The Company’s foreign
currency position is monitored by the Fund Management Department on a daily basis and is also
reported by the Financial Planning and Control Department on a monthly basis by preparing tables
based on maturities and currency types. The Company aims to maintain its foreign currency position at
a level that does not exceed EUR 2,500,000 (+/-). The Company also engages in forward foreign
exchange transactions to match its foreign currency-denominated assets and liabilities.
The table below shows the Company’s sensitivity to a 10% change in the exchange rates of USD and
EUR. The amounts shown in the table represent the effect of a 10% increase in the exchange rates of
USD and EUR against TL on the income statement The analysis assumes that all variables, particularly
interest rates, remain constant.
USD
EUR
Profit/(Loss)
2014
Profit/(Loss)
2013
201
(154)
374
(29)
In case of a 10% decrease in TL against USD and EUR, the amounts stated above will be reflected as
negatives in the income statement.
(66)
22.
The Company’s foreign currency position as of 31 December 2014 and 2013 is presented below:
2014
Banks
Factoring receivables (*)
Tangible assets
Intangible assets
Prepaid expenses
Other assets
Deferred tax assets
Current tax assets
USD
7,810
642,978
5
-
EUR
13,810
515,829
-
Other
182
14,789
-
TL
3,209
569
27
1,601,168
522
74
861
257
10,695
1,147
Total
25,011
569
27
2,774,764
522
74
861
262
10,695
1,147
Total Assets
650,793
529,639
14,971
1,618,529
2,813,932
Borrowings
Factoring payables
Other marketable securities issued
Other payables
Taxes and liabilities and current period tax payable
305,668
411
23
-
953,922
401
156
-
5,079
303
64
-
21,262
980,719
4,040
293,280
1,292
1,311
13,015
21,262
2,245,388
5,155
293,280
1,535
1,311
13,015
Total Liabilities
306,102
954,479
5,446
1,314,919
2,580,946
Net Position
344,691
(424,840)
9,525
303,610
232,986
(342,676)
426,376
(9,345)
(98,415)
(24,060)
Derivative Financial Instruments
2013
USD
EUR
Other
TL
Total
Banks
Factoring receivables (*)
Tangible assets
Intangible assets
Prepaid expenses
Other assets
Deferred tax assets
1,587
16
522,895
-
18,479
23,013
456,691
-
102
9,699
-
604
27
1,159,935
585
64
324
2,433
20,772
23,029
27
2,149,220
585
64
324
2,433
Total Assets
524,498
498,183
9,801
1,163,972
2,196,454
Borrowings
Factoring payables
Other payables
Taxes and liabilities and current period tax payable
6
259,929
577
4
-
1,169,508
2,568
241
-
6,750
352
39
-
1,336
473,597
3,346
589
1,638
12,429
-
1,342
1,909,784
6,843
873
1,638
12,429
-
Total liabilities
260,516
1,172,317
7,141
492,935
1,932,909
Net position
263,982
(674,134)
2,660
671,037
263,545
(268,447)
705,641
(117)
(418,458)
18,619
(*) This includes the foreign currency-denominated factoring receivable of TL 524,199 (2013: TL
456,663) stated on the “TL” column on the balance sheet
(67)
22.
The foreign exchange rates used by the Company as of 31 December 2014 and 2013 in the translation
of its foreign currency- denominated assets and liabilities in to TL are as follows.
EUR
USD
GBP
2014
2013
2.8207
2.3189
3.5961
2.9365
2.1343
3.5114
Fair value measurement of financial instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction (other than in a forced sale) between market participants at the measurement date. The best
indication of fair value is a quoted price, if any, in an active market.
The Company has estimated the fair values of its financial instruments, using relevant market
information and adequate fair valuation techniques. However, using market information to measure fair
values of financial instruments requires interpretation and judgment skills. Accordingly, the estimates
presented in the accompanying financial statements are not necessarily indicative of the fair values that
the Company could achieve in a current market transaction.
Fair values of financial instruments are measured on the basis of reliable information from the capital
markets in Turkey. Fair values of other financial instruments are measured with reference to the current
price of a similar instrument or by using assumption techniques, such as discounting futures cash flows
using current market interest rates.
Fair values of short-term assets and liabilities are expected to be close to their carrying values due to
the negligible effect of discount.
Carrying values of factoring accounts, along with the provisions for doubtful accounts, are assumed to
have been measured at fair value due to their short-term nature.
Fair values of the loans received by 31 December 2014 are calculated as TL 2,258,362 (2013: TL
1,928.882), by discounting future cash flows using current market interest rates.
Fair value hierarchy
Categorization of financial assets and liabilities, which are reflected in financial statements at fair value,
into the following different levels based on observable inputs used to measure their fair values in
accordance with TFRS 7:
Level 1: Financial assets and liabilities are measured on the basis of the stock exchange prices quoted
for identical assets and or liabilities in active markets.
Level 2: Financial assets and liabilities are measured on the basis of inputs, other quoted market prices
included in Level 1, that are observable for the asset or liability, either directly or indirectly.
Level 3: Financial assets and liabilities are measured on the basis of inputs that are unobservable in
active markets and cannot be used to measure the fair value of an identical asset or liability.
(68)
22.
Fair value levels of financial instruments:
2014
Level 1
Level 2
Level 3
Financial assets at fair value
through profit or loss
27
569
-
Total assets
27
569
-
-
21,262
21,262
-
Level 1
Level 2
Level 3
Financial assets at fair value
through profit or loss
27
23,029
-
-
Total assets
27
23,029
-
-
1,342
-
Total liabilities
-
1,342
-
Total liabilities
2013
Since Allianz Yaşam ve Emeklilik A.Ş. shares are categorized as available-for-sale financial assets, and
thus not listed on the stock exchange, their values are recognized at cost and not included in the table
above.
Capital management
In accordance with Article 12 of the Regulation on the Formation and Operations of Financial Leasing,
Factoring and Financial Companies”, published in Official Gazette of 24 December 2013, it is mandatory
to achieve and maintain a minimum shareholders’ equity to total assets ratio of 3%.
(69)
22.
As of 31 December 2014, it is mandatory to achieve and maintain a minimum shareholders’ equity to
total assets ratio of 3%.
Total Assets (A)
Total Shareholders’ Equity (B)
Total Shareholders’ Equity / Total Assets (B/A)
23.
2014
2013
2,813,932
2,196,454
232,986
263,545
8%
12%
Provisions, contingent assets and liabilities
2014
Indefinite
Letters of guarantee given
TL 7,512
2013
Indefinite
Letters of guarantee given
TL 7,044
The Company issued letters of guarantee, amounting to TL 7,512, to courts and customs houses (2013:
TL 7,044).
The Company measures its derivative instruments at fair value, and all positive changes in fair value are
reflected in "derivative financial assets held for trading”, while negative differences are reflected in
“derivative financial liabilities held for trading”. The following table shows the derivative instruments held
for trading that represent the Company’s forward buy-sell contracts as of 31 December 2014 and 2013:
Forward Transactions
Value in
Foreign
Currency
2014
TL
Value in
Foreign
Currency
2013
TL
Forward contract
purchases
EUR
USD
TL
152,160
119,286
429,197
119,287
240,300
1,100
-
548,484
705,641
2,348
707,989
Forward contract sales
TL
USD
EUR
GBP
217,702
147,775
1,000
2,599
Total
24.
Events after the reporting period
None
(70)
217,702
342,676
2,821
9,345
418,458
126,878
33
418,458
270,795
117
572,544
689,370
1,121,028
1,397,359

Annual Report 2014

Transcription

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