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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”))
17. Financial income
Financial income consists of interest income from deposits amounting to TL 1.268.037 and foreign exchange gains amounting to
TL 937. Interest income includes interest accrual income amounting to TL 61.685 (December 31, 2015: TL 1.015.866 interest income,
foreign exchange gain amounting to TL 666, interest accrual income amounting to TL 69.418).
18. Financial loss
Financial expenses consist of commission expenses amounting to TL 3.421 and foreign exchange difference expenses amounting to TL
3.778 (December 31, 2015: commission expenses amounting to TL 6.762 and foreign exchange loss expenses amounting to TL 1.983).
19. Related party transactions
As of December 31, 2016 the Group has no related party transactions and balances. (December 31, 2015: None).
There is no compensations to key management personnel as of December 31, 2016. (December 31, 2015: None).
20. Subsequent events
None.
21. Financial instruments and financial risk management
Risk management objectives and principles
The Group’s activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign
currency exchange rates and interest rates. The Group’s overall risk management programme focuses on the unpredictability of
financial markets and seeks to minimize potential adverse effects on the financial performance of the Group.
Credit risk
Financial instruments contain an element of risk that the counterparties may be unable to meet the terms of the agreements. This risk is
monitored in reference to credit ratings and managed by limiting the aggregate risk to any individual counterparty. Exposure to credit risk
is also managed by obtaining collaterals in the form of listed equity securities. Group ‘s credit risk arises mainly from receivables from
members.
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Annual Report 2016
The Association of Financial Institutions