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Finansal Kiralama, Faktoring ve Finansman Şirketleri Birliği ve Bağlı Ortaklıkları
Notes to the consolidated financial statements
as of December 31, 2016
(All amounts expressed in Turkish Lira (“TL”))
(k) Provisions and contingent assets and liabilities
Provisions are booked when there is a present legal or constructive obligation as a result of past events, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the
obligation can be made. When the amount of the obligation cannot be estimated and an outflow of resources is not probable, it is
considered that a “contingent” liability exists and it is disclosed in the related notes to the financial statements. As of December 31,
2016 and 2015 the Group has no provision, contingent liabilities and assets.
(l) Related parties
a) A person or that person’s immediate family are considered as related party to the Association if the following conditions have been met:
Certain party,
(i) If it has control or joint control over the Group,
(ii) If it has significant influence over the Group
(iii) In the case of a member of the Group or the parent Association’s key management personnel
b) If any of the following conditions are present, the entity is considered as related party of the Group:
(i) Entity and Group are members of the same Group
(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 benefit plan for the benefit of employees of either the Group or an entity related to the
Group. If the Group is itself such a plan, the sponsoring employers are also related to the Group.
(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)
3. Cash and cash equivalents
December 31, 2016
December 31, 2015
Cash
6.865
3.134
Bank
- Demand deposits
77.523
28.303
- Time deposits
11.028.149
10.125.310
Total
11.112.537
10.156.747
As of December 31, 2016, the yearly weighted average interest rates of the TL deposits in the banks range between 6.75% and 12.75%
(December 31, 2015: 3% - 12.65%) and the accrued interest amount is TL 61.685. (December 31, 2015: 69.418 TL) The maturity dates
of the TL deposits in the banks vary between January 2, 2016 and January 10, 2016. (December 31, 2015: 4 January 2016 – 18 January
2016).
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Annual Report 2016
The Association of Financial Institutions