96 / 104
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”))
9. Trade payables
December 31, 2016
December 31, 2015
Trade payables to third parties
284.615
206.508
Other trade payables
192.591
180.990
Total
477.206
387.498
Trade payables to non-related parties, consist of; technical services, advertising, corporate communications vendor liabilities and
balances owed to the Central Registry Agency. Regarding 21
st
and 22
nd
Articles of Law No. 6361, “Finansal Kiralama İktisadi İşletmesi”
executes the registrations of made in domestic and cross border leasing agreements. Since 9 February 2015, as a result of cooperation
with Central Registry Agency the registration process for leasing contracts are started to be executed by “Finansal Kiralama İktisadi
İşletmesi” Trade payables’ maturities are less than 30 days.
TL 189.450 part, classified under other payables, consists of debts sourcing from contracts concluded in scope of realization of system
and infrastructure establishment which shall be used by the software developed towards aggregation, recording, inquiring and
reporting of invoice information and other information and/or documents related to receivables transferred in scope of the Law by
factoring companies and banks in scope of contracts made with Credit Recording Bureau (December 31, 2015: TL 177.000).
The average term of trade payables and other payables to related parties is less than 30 days.
10. Employee benefits
Liabilities related to employee benefits consist of social security premiums payable, income tax paid on behalf of employees and
provisions for long-term benefits provided to employees consist of reserve for employment termination benefits.
The indemnities payable amounts to one month salary for each term of service and the maximum amount is calculated on the TL
4.297,21 for December 31, 2016. (December 31, 2015 - TL 3.828,37).
December 31, 2016
December 31, 2015
Provision for employment termination benefits
82.577
56.695
Total
82.577
56.695
December 31, 2016
December 31, 2015
Vacation provision
58.446
23.396
Total
58.446
23.396
The following actuarial assumptions were used in the calculation of the total liability at the balance sheet date:
December 31, 2016
December 31, 2015
Discount rate (%)
4,50%
2,83%
Inflation rate (%)
6%
6%
94
Annual Report 2016
The Association of Financial Institutions