Financial Position A&T Finansal Kiralama A.Ş. Annual Report 2024 96 97 (Amounts expressed Turkish lira (“TL”) unless otherwise indicated.) (Amounts expressed Turkish lira (“TL”) unless otherwise indicated.) A&T FİNANSAL KİRALAMA A.Ş. A&T FİNANSAL KİRALAMA A.Ş. NOTES TO THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2024 A& FİNANSAL KİRAL MA A. Ş. NOTES TO THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2024 (Amounts expressed Turkish lira (“TL”) unless otherwise indicated.) 37 17– TAX ASSETS AND LIABILITIES (Continued) Tax effects related to transactions directly accounted for in equity are also reflected in equity. The accumulated temporary differences subject to deferred tax and the effects of deferred tax assets and liabilities are summarized below using the applicable tax rates: Total temporary differences Deferred tax assets/(liabilities) 31 December 2024 31 December 2023 31 December 2024 31 December 2023 Provision for employment termination benefits 18,163,169 5,777,556 5,448,951 1,733,267 Provision for unused vacation 5,860,810 3,003,629 1,758,243 901,089 Provision for severance pay 4,850,728 5,634,008 1,455,218 1,690,202 Other 791,119 331,705 237,336 99,511 Deferred tax assets 29,665,826 14,746,898 8,899,748 4,424,069 Base difference of tangible and intangible assets (19,589,792) (12,948,359) (3,227,499) (1,691,819) Leasing interest income accrual (10,152,449) (6,881,982) (3,045,735) (2.064.594) Other (1,102,440) (427,363) (330,732) (128.209) Deferred tax liabilities (30,844,681) (20,257,704) (6,603,966) (3,884,622) Deferred tax assets, (net) (1,178,855) (5,510,808) 2,295,782 539,447 The deferred tax asset movement table is as follows: 1 January – 31 December 2024 1 January – 31 December 2023 1 January 539,447 (1,343,889) Deferred tax effect recognized under profit or loss 5,871,711 10,289,937 Deferred tax effect recognized under equity (4,115,376) (8,406,599) 31 December 2,295,782 539,447 18 - RELATED PARTY TRANSACTIONS Balance sheet items 31 December 2024 31 December 2023 Banks Arap Türk Bankası AŞ 33,441,779 718,636 Türkiye İş Bankası AŞ 4,053,875 29,014,711 TC Ziraat Bankası AŞ 172,992 14,418,303 TC Ziraat Katılım Bankası A.Ş. 21,569 29,216,723 Total 37,690,215 73,368,373 Finance leases Arap Türk Bankası AŞ 2,692,623 3,447,253 Total 2,692,623 3,447,253 Funds borrowed Libyan Foreign Bank 661,372,200 488,608,500 Aresbank 419,427,093 371,607,930 Alubaf Bahreyn 146,971,600 133,047,540 Banque BIA-Paris 46,487,117 147,740,552 Arap Türk Bankası A.Ş 34,631,525 28,176,049 T. İş Bankası A.Ş. 21,808,435 -- UBAE Rome 7,898,254 -- TC Ziraat Katılım Bankası A.Ş -- 30,740,647 Total 1,338,596,224 1,199,921,218 A&T FİNANSAL KİRAL MA A. Ş. NOTES TO THE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2024 (Amounts expressed Turkish lira (“TL”) unless otherwise indicated.) 38 18 - RELATED PARTY TRANSACTIONS (Continued) Profit/loss 1 January – 31 December 2024 1 January – 31 December 2023 Interest expense Aresbank 25,796,817 14,283,371 Libyan Foreign Bank 25,765,812 18,001,024 Arap Türk Bankası A.Ş. 20,405,924 2,367,356 Alubaf Bahreyn 11,929,062 4,259,852 Banque BIA-Paris 9,753,897 7,951,007 Türkiye İş Bankası AŞ 1,465,219 -- TC Ziraat Bankası AŞ 1,370,652 312,110 Total 96,487,383 47,174,720 Interest income from finance lease Arap Türk Bankası AŞ 1,247,809 1,037,028 Bayek Tedavi Sağlık Hizmetleri ve İşletmeciliği AŞ -- 16 Total 1,247,809 1,037,044 Interest income from banks TC Ziraat Bankası A.Ş. 5,057,048 1,440,440 Arap Türk Bankası A.Ş. 1,709,043 1,836 Türkiye İş Bankası A.Ş. 1,066 -- Total 6,767,157 1,442,276 For the year ended 31 December 2024, the Company paid to executive members and key management personnel amounting to TL 25,602,477 (31 December 2023: TL 22,593,555) as fringe benefit. 19 - NATURE AND LEVEL OF RISKS FROM FINANCIAL INSTRUMENTS Financial instruments and financial risk management a. Credit risk The risk of a financial loss to the Company due to the failure of one of the parties to fulfill its contractual obligation is defined as credit risk. The company is exposed to credit risk due to leasing transactions. Credit risk is kept under control by allocating certain limits to the parties generating credit risk and following the collections expected from customers. Credit risk is concentrated mainly in the activities that take place in Turkiye. Credit risk is distributed by serving many customers from different sectors.
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