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PART III: FINANCIAL HIGHLIGHTS AND RISK MANAGEMENT
CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED UNCONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE NOTE I. OF SECTION THREE
TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI
UNCONSOLIDATED FINANCIAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
(Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.)
Maturity information of funds borrowed
Current period
Prior period
TL
FC
TL
FC
Short-term
(*)
101,813
2,020,325
867,372
7,312,287
Medium and Long term
(*)
230,970
16,202,889
20,566
6,726,823
Total
332,783
18,223,214
887,938
14,039,110
(*)
Maturity profile of funds borrowed is prepared in accordance to their original maturities.
Funds borrowed comprise syndication and securitization loans bearing various interest rates and maturities and account for 11.17% (31 December
2014: 10.41%) of the Bank’s liabilities. There is no risk concentration on funding sources of the Bank.
On 16 April 2014, Bank has obtained syndicated loan at the amount of US Dollar 270.5 million and Euro 525 million with the interest rate of US Libor
+0.90% and Euribor +0.90% at a maturity of one year, with participation of 35 banks with the coordination of Wells Fargo Bank N.A., London Branch
and Sumitomo Mitsui Banking Corporation, Brussels Branch acting as agent. On 17 April 2015, the loan has been renewed with a new syndicated loan
amounting to US Dollar 204 million and Euro 763 million with the interest rate of US Libor + 0.80% and Euribor + 0.80% at a maturity of 367 days with
participation of 35 banks, Wells Fargo Bank, N.A., London Branch acting as coordinator and agent bank.
On 22 September 2014, Vakıfbank has obtained syndicated loan amounting to US Dollar 168.5 million and Euro 528.75 million with interest rates of
US Libor + 0.90% and Euribor + 0.90% at a maturity of one year, with the participation of 26 banks, ING Bank, London Branch acting as coordinator
and agent bank. On 14 September 2015, the loan has been renewed with a new syndicated loan amounting to US Dollar 168,5 million and Euro 679.5
million with the interest rate of US Libor + 0.75% and Euribor + 0.75% at a maturity of one year with participation of 30 banks, ING Bank, London
Branch acting as coordinator and agent bank.
On 19 December 2014, the Bank has obtained securitization loan at the amount of US Dollar 928.6 million related to foreign transfers and treasury
transactions in Euro and US Dollar. Loan amounting to US Dollar 500 million has been obtained related to foreign transfers at a maturity of five years
and loan at the amount of US Dollar 428.6 million has been obtained related to treasury transactions at a maturity of seven years in seven different
segments in total.
The loan obtained from European Bank for Reconstruction and Development (EBRD) amounting to US Dollar 125 million in 2014-A segment in order to
finance medium term loans including to meet the needs of agricultural enterprises and support woman entrepreneurs.
2014-B segment of the loan has been obtained from Wells Fargo Bank, N.A., 2014-C segment of the loan has been obtained from Raiffeisen Bank
International AG, 2014-D segment of the loan has been obtained from Standard Chartered Bank, 2014-E segment of the loan has been obtained from
Societe Generale, 2014-G segment of the loan has been obtained from Bank of America, N.A. and 2014-F segment of the loan related to treasury
transactions has been obtained from JP Morgan Securities plc. in the scope of programme.
As at 31 December 2015, total securitization loan amounts to US Dollar 936 million and Euro 260 million.
At January 2015, Vakıfbank; issued secondary subordinated bond that contains subordinated debt provision (Tier-II) which was the first that meets the
criteria of Basel III in Turkey. In this context, secondary subordinated bond that contains subordinated debt provision (Tier-II) that had nominal value of
500 million USD, the redemption date of 3 February 2025, early redemption options on 3 February 2020, fixed-rate, 10 years and 1 day maturity and
two interest coupon payment rate of 6.875%, the yield of the exportation 6.95% was issued.
Information on securities issued
Within the context of Global Medium Term Notes (GMTN), the Bank has issued Turkey’s first Eurobond apart from Republic of Turkey Undersecretariat of
Treasury. The bond has been issued in GMTN programme on 17 June 2014 has a nominal value of Euro 500 million, maturity date on 17 June 2019 with
fixed rate, 5 years maturity and annually coupon paid with 3.65% return and coupon rate 3.50%.
Within the context of Global Medium Term Notes (GMTN), 190 private placements have been realized with 16 separate banks since June 2013. These
placements have been realized in different currencies (US Dollar, Euro and CHF) at the maturities of 3 months, 6 months, 1 year and 2 years and in
total amount to US Dollar 4,265 million equivalents. As at 31 December 2015 total private placement transactions amount to US Dollar 390 million
equivalents.
