“DIGITAL SERVICES LED TO ANOTHER SET OF
RECORD RESULTS”
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL):
- Please note that all financial data is
consolidated and comprises that of Turkcell Iletisim Hizmetleri
A.S. (the “Company”, or “Turkcell”) and its subsidiaries and
associates (together referred to as the “Group”), unless otherwise
stated.
- We have three reporting segments:
- "Turkcell Turkey" which comprises all
of our telecom related businesses in Turkey (as used in our
previous releases, this term covered only the mobile businesses).
All non-financial data presented in this press release is
unconsolidated and comprises Turkcell Turkey only figures, unless
otherwise stated. The terms "we", "us", and "our" in this press
release refer only to Turkcell Turkey, except in discussions of
financial data, where such terms refer to the Group, and except
where context otherwise requires.
- “Turkcell International” which
comprises all of our telecom related businesses outside of
Turkey.
- “Other subsidiaries” which is mainly
comprised of our information and entertainment services, call
center business revenues, financial services revenues and
inter-business eliminations.
- In this press release, a year-on-year
comparison of our key indicators is provided and figures in
parentheses following the operational and financial results for
September 30, 2017 refer to the same item as at September 30, 2016.
For further details, please refer to our consolidated financial
statements and notes as at and for September 30, 2017, which can be
accessed via our website in the investor relations section
(www.turkcell.com.tr).
- Selected financial information
presented in this press release for the third quarter and nine
months 2016 and 2017 is based on IFRS figures in TRY terms unless
otherwise stated.
- In accordance with our strategic
approach and IFRS requirements, Fintur is classified as ‘held for
sale’ and reported as discontinued operations as of October 2016.
Certain operating data that we previously presented with Fintur
included has been restated without Fintur.
- In the tables used in this press
release totals may not foot due to rounding differences. The same
applies to the calculations in the text.
- Year-on-year and quarter-on-quarter
percentage comparisons appearing in this press release reflect
mathematical calculation.
THIRD QUARTER HIGHLIGHTS
- Solid operational performance
maintained
- Data usage of 4.5G users at 6.0GB in
Q317 representing 40% year-on-year growth
- Total subscriber base at 37.2 million
in Turkey expanding 7% year-on-year
- Mobile ARPU1 at TRY32.8 registering
11.2% rise year-on-year
- Mobile multiplay customer share at
50.4%2 on 22pp year-on-year growth, while multiplay with TV
customers on the fixed side at 42.3%3
- The Lifecell brand launched in Turkey,
with the goal of fully meeting our customers’ communication and
digital needs through mobile data and the digital platform
- Group revenues and EBITDA4 up 25.7% and
34.1%, respectively leading to 2.2pp improvement in EBITDA margin
to 35.5%, the highest quarterly print since 2009
- Turkcell Turkey revenues up 23.5% with
EBITDA margin of 36.1%; including consumer finance company,
Turkcell Turkey revenues up 26.1% with EBITDA margin of 36.2%
- Data and digital services revenues up
37.0%
- Turkcell International revenues up
22.7% with EBITDA margin of 26.9%
- Other subsidiaries’ revenues,
comprising information and entertainment services, call center
services and financial services revenues, up 74.9% with increased
consumer finance company contribution
- Group net income virtually quadrupled
year-on-year to TRY601 million, mainly on strong operational
performance
- Second asset-backed security issuance
completed with TRY100 million of consumer finance company
receivables securitized in August
- Full year guidance maintained; revenue
growth targeted at 21%-23%, EBITDA margin targeted at 33% - 35% and
operational capex5 to sales ratio at 19%-20%6
FINANCIAL HIGHLIGHTS
TRY million Q316 Q317
y/y % 9M16 9M17 y/y
% Revenue 3,658 4,597 25.7% 10,242
12,966 26.6% Turkcell Turkey 3,276 4,044 23.5% 9,211
11,410 23.9% EBITDA2 1,218 1,632 34.1% 3,248 4,489 38.2% Turkcell
Turkey 1,095 1,461 33.4% 2,934 4,028 37.3% EBITDA Margin 33.3%
35.5% 2.2pp 31.7% 34.6% 2.9pp Net Income 163 601
269.4% 1,141 1,763 54.5%
(1) Excluding M2M(2) Share among mobile voice users excluding
subscribers who have not used their lines in the last 3 months(3)
Multiplay customers with TV: Internet + TV users & internet +
TV + voice users(4) EBITDA is a non-GAAP financial measure. See
page 13 for the explanation of how we calculate Adjusted EBITDA and
its reconciliation to net income.(5) Excluding license fee(6)
Please note that this paragraph contains forward looking statements
based on our current estimates and expectations regarding market
conditions for each of our different businesses. No assurance can
be given that actual results will be consistent with such estimates
and expectations. For a discussion of factors that may affect our
results, see our Annual Report on Form 20-F for 2016 filed with
U.S. Securities and Exchange Commission, and in particular, the
risk factor section therein.For further details, please refer to
our consolidated financial statements and notes as at and for
September 30, 2017 which can be accessed via our web site in the
investor relations section (www.turkcell.com.tr).
COMMENTS BY KAAN TERZIOGLU, CEO
We've grown full throttle on our journey as a digital
operator
Last quarter, we announced that Turkcell is now a “digital
operator,” and communicated details of our digital services that
play an ever increasing role in our customers’ lives. In the third
quarter, Turkcell reached further milestones on its digital
journey, while reinforcing its operational and financial results.
Our digital services, which we continuously enhance with new
features, are now used by one out of every two of our subscribers.
We also launched Lifecell offers in Turkey whereby digital services
and mobile data fully meet our subscribers’ communication needs.
These offers are exclusively structured around mobile data.
Customers’ appreciation of our added value has contributed to a
subscriber base expansion for five consecutive quarters, along with
strong financial results.
Growth of over 20% for four consecutive quarters
In the third quarter, Turkcell Group recorded 25.7% revenue
growth with an EBITDA margin of 35.5%. Group net income virtually
quadrupled year-on-year to TRY601 million.
In the first nine months of the year, Turkcell Group revenues
rose 26.6% to TRY13.0 billion, while EBITDA1 increased 38.2% to
TRY4.5 billion on a 34.6% EBITDA margin. Thereby, we registered
all-time-high revenue and EBITDA in the first nine months. With
these results, which are in line with our plans, we reiterate our
2017 full year guidance; revenue growth targeted at 21%-23%, EBITDA
margin targeted at 33%-35% and an operational capex2 to sales ratio
targeted at 19%-20%3.
New digital brand exclusively delivered through mobile
data
As the pioneer operator in digital services, we marked another
first in Turkey in the quarter. We launched our Lifecell brand and
accompanying plans in Turkey in September, having originally
introduced it in the Turkish Republic of Northern Cyprus.
Accordingly, we have begun to offer plans that fully meet our
customers’ communication needs, including calls and messaging,
entirely through mobile internet and the digital platform. Lifecell
plan subscribers can conduct voice and video calls and send instant
messages through BiP, listen to music on fizy, watch movies on TV+,
keep their memories safe in lifebox and get 7/24 customer service
via BiP.
Our subscribers now enjoy digital services with new
features
Beyond Lifecell, Turkcell digital services continue to enrich
all users’ lives, including non-Turkcell customers. BiP, our
innovative messaging, voice and video call application has reached
4.2 million active users, and now enables group video calls with up
to six people. In addition, with the integration of payment systems
in BiP, we have begun to offer paid-for services such as unknown
number search. Our aim going forward is to increase such value
added services.
In this quarter, another 10 million songs were added on fizy,
Turkey’s most widely known and used local digital music platform.
With 12.4 million downloads to date, the average daily number of
songs listened to on fizy was 8 million.
On Dergilik, the most popular digital publishing platform, more
than 120 thousand magazines and newspapers were read daily this
quarter. Dergilik, with an increasing number of publications,
features 335 magazines and 16 newspapers.
All of these digital services benefit from our superior 4.5G
network where the population coverage has reached 84.12%. The data
used by our 4.5G subscribers increased by 40% year-on-year to 6GB,
while total traffic carried over our 4.5G network was at 42% of the
total.
The Turkcell Turkey family has expanded by 2.4 million over
the past twelve months.
During the quarter, we recorded 473 thousand net mobile
subscriber additions, 201 thousand of which were post-paid. Total
mobile subscribers reached 34.6 million. Over 50%4 of our customers
in the mobile segment have preferred multi-play and actively used
our voice, data and at least one digital service. In the fixed
segment, total fiber subscribers reached 1.2 million on a 39
thousand increase, while multiplay with TV users rose to
42.3%5.
Our customers’ growing appreciation continued to reflect in our
ARPU figures in the third quarter as well. Mobile ARPU6 rose 11.2%
to TRY32.8 thanks to the rising share of postpaid customers and
higher data and digital services usage on our 4.5G network,
enabling a superior user experience. Fixed consumer ARPU was at
TRY53.5 on 3.7% growth.
Digital transformation of the economy: Our new e-commerce
platform is live
As digital services occupy an increasing space in our lives, a
new need has emerged in the market. Our subscribers require secure
authentication and payment systems for products and services
consumed online. We have developed an e-commerce model to address
this need in the fast-developing e-commerce market for both our own
digital services and our corporate customers. Users can log-in to
digital services securely through Mobile Connect, a GSMA supported
ID verification technology that relies on GSM, that is easy-to-use.
They can complete their online purchases easily and securely
through Paycell and Turkcell Consumer Finance Company’s
services.
Having launched this model in Piri (travel companion app) and
the Turkcell Academy mobile app, we are now expanding it to the
Fulltrip travel platform and the BluTV digital TV platform as of
October. We aim to replicate this model with more of our corporate
customers to foster growth of the e-commerce market in Turkey.
Additionally, we are confident that the native search engine we
have launched today, Yaani, will make a difference for consumers
and corporates with its ability to display results reflecting the
usage habits of Turkey and to respond better to the Turkish
language than its counterparts. With this, Turkey now has its own
search engine, developed locally, and as Turkcell, we took a firm
step towards the exponentially growing digital advertising
market.
Investment in technologies that will shape the future
We reached a landmark in the internet of things, which we expect
to be a building block of Industry 4.0 in the upcoming 5G world. We
became the first operator in Turkey to support NB IoT
(NarrowBand-Internet of Things) required for innovative
new-generation applications. We rolled-out this technology
throughout our nationwide 4.5G footprint. We believe that NB IoT
technology, which enables real-time measuring, will positively
impact a wide range of fields, from smart cities to healthcare,
making a valuable contribution to our lives. Going forward, we will
support the development of an ecosystem that produces innovative
solutions using this technology, benefiting from Turkcell's
infrastructure and know-how in the digital world.
Another area in which we continue to champion the development of
our local ecosystem as a producer of technology is our primary
support for locally-manufactured base stations. In this context, we
marked another first with a live test of the locally-manufactured
antenna of a 4.5G base station on our existing network.
This quarter, we also signed a protocol with Siemens to offer
digital service solutions in the field of energy efficiency. This
strategic partnership aims to develop digital service solutions for
consumer and corporate segments alike for remote monitoring and
control, to regulate energy consumption and increase efficiency,
thereby decreasing energy costs.
Our humanitarian commitment is recognized on United Nations
platforms
Turkcell’s support for sustainable and humanitarian development
with its core business of telecommunication services was recognized
on international platforms during the United Nations week, which
gathered the leaders of all member nations.
United Nations Global Compact, the largest private sector
sustainability platform, applauded Turkcell’s solution for one of
the most urgent humanitarian tragedies of recent years, the Syrian
refugee crisis. With our mobile application Hello Hope, which has
been downloaded 550 thousand times since its launch a year ago, we
were recognized as a Sustainable Development Goals Pioneer along
with nine others.
During the UN week, we had the opportunity to present our
services aimed at Syrian guests in our country, our work on
universal coverage and expansion of fast broadband internet in
Turkey, and our commitment to ensuring continuity of communications
in times of disaster.
We reiterate our commitment to further ease the lives of the
disabled by leveraging the power of mobile technologies. Our My
Sign Language app addresses the communication barriers faced by the
hearing impaired. We are proud to be among the pioneers in such
efforts, and to have the opportunity to discuss them on
international platforms.
We take this opportunity to once again thank our Board of
Directors and the Turkcell team for their outstanding performance,
dedication and compassion, which fully embodies the Turkcell
spirit. We would also like to express our gratitude to our
customers, who have continued to show their trust in us throughout
our success story.
(1) EBITDA is a non-GAAP financial measure. See page 13 for the
explanation of how we calculate Adjusted EBITDA and its
reconciliation to net income.(2) Excluding license fee(3) Please
note that this paragraph contains forward looking statements based
on our current estimates and expectations regarding market
conditions for each of our different businesses. No assurance can
be given that actual results will be consistent with such estimates
and expectations. For a discussion of factors that may affect our
results, see our Annual Report on Form 20-F for 2016 filed with
U.S. Securities and Exchange Commission, and in particular, the
risk factor section therein.(4) Share among mobile voice users
excluding subscribers who have not used their lines in the last 3
months(5) Multiplay customers with TV: Internet + TV users &
internet + TV + voice users(6)Excluding M2M
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement
(million TRY)
Quarter Nine Months Q316
Q317 y/y % 9M16
9M17 y/y % Revenue 3,658.5
4,597.4 25.7% 10,242.0 12,966.0
26.6% Cost of revenue1 (2,372.6) (2,933.4) 23.6% (6,628.3)
(8,334.0) 25.7%
Cost of revenue1/Revenue
(64.9%) (63.8%) 1.1pp (64.7%)
(64.3%) 0.4pp Depreciation and amortization (577.0)
(651.0) 12.8% (1,598.9) (1,896.4) 18.6%
Gross Margin
35.1% 36.2% 1.1pp 35.3% 35.7%
0.4pp Administrative expenses (177.3) (194.3) 9.6% (531.8)
(577.9) 8.7%
Administrative expenses/Revenue (4.8%)
(4.2%) 0.6pp (5.2%) (4.5%) 0.7pp
Selling and marketing expenses (468.0) (488.4) 4.4% (1,432.4)
(1,461.3) 2.0%
Selling and marketing expenses/Revenue
(12.8%) (10.6%) 2.2pp (14.0%)
(11.3%) 2.7pp EBITDA2 1,217.6
1,632.4 34.1% 3,248.4 4,489.3
38.2% EBITDA Margin 33.3% 35.5%
2.2pp 31.7% 34.6% 2.9pp
EBIT3 640.6 981.4 53.2%
1,649.5 2,592.9 57.2% Net finance income /
(costs) (162.5) (165.4) 1.8% 25.5 (216.2) (947.8%) Finance costs
(349.7) (341.1) (2.5%) (545.4) (835.3) 53.2% Finance income 187.2
175.7 (6.1%) 570.9 619.1 8.4% Other income / (expense) (192.6)
(39.9) (79.3%) (189.9) (73.0) (61.6%) Non-controlling interests
(11.5) (14.4) 25.2% (34.0) (38.2) 12.4% Income tax expense (106.3)
(161.1) 51.6% (311.9) (502.2) 61.0% Discontinued operations (5.1) -
n.m 2.2 - n.m
Net Income 162.6
600.6 269.4% 1,141.4
1,763.2 54.5%
(1) Including depreciation and amortization expenses.(2) EBITDA
is a non-GAAP financial measure. See page 13 for the explanation of
how we calculate Adjusted EBITDA and its reconciliation to net
income.(3) EBIT is a non-GAAP financial measure and is equal to
EBITDA minus depreciation and amortization expenses.
Revenue of the Group rose by 25.7% year-on-year in Q317.
This was mainly driven by the solid ARPU performance of Turkcell
Turkey on the back of strong data and digital services growth, and
customer base expansion.
Turkcell Turkey revenues, at 88% of Group revenues, grew by
23.5% to TRY4,044 million (TRY3,276 million).
- Mobile data revenues grew by 12.7% to
TRY1,611 million (TRY1,430 million) due to rising smartphone
penetration, larger number of data users and higher data
consumption per user.
- Fixed data revenues rose by 26.6% to
TRY341 million (TRY269 million) with the expanding customer base,
increased share of multiplay customers with TV and upward price
adjustments.
- Digital services revenues grew by
174.9% to TRY750 million (TRY273 million). This growth comes mainly
from TV+, our digital publishing service Dergilik, music platform
fizy, personal cloud service lifebox and other mobile
services.
- Overall data and digital services
revenues, comprising 67% of Turkcell Turkey revenues, rose by 37.0%
to TRY2,702 million (TRY1,972 million).
- Wholesale revenues grew by 36.6% to
TRY182 million (TRY133 million) due to increased carrier traffic
and positive impact of TRY depreciation on FX based revenues.
- We reported revenues of TRY57 million
originating from our Universal Service Project, which is aimed at
building and operating infrastructure in unserved rural areas.
Contractually, this project is financed by the Universal Service
fund on a net cost basis.
Turkcell International revenues, constituting 6% of Group
revenues, rose by 22.7% to TRY273 million (TRY222 million) mainly
with the increase in lifecell and BeST revenues.
Other subsidiaries' revenues, at 6% of Group revenues, which
includes information and entertainment services, call center
revenues and revenues from financial services grew by 74.9% to
TRY280 million (TRY160 million). This was mainly driven by the
increase in consumer finance company’s revenues to TRY166 million
(TRY62 million) in Q317.
Cost of revenue decreased to 63.8% (64.9%) as a
percentage of revenues in Q317. This was driven mainly by the
decline in depreciation and amortization expenses (1.6pp) and other
cost items (0.4pp), despite the increase in consumer finance
company funding costs (0.9pp).
Administrative expenses declined to 4.2% (4.8%) as a
percentage of revenues in Q317.
Selling and marketing expenses dropped to 10.6% (12.8%)
as a percentage of revenues in Q317, due to the decline in
marketing expenses (0.6pp), prepaid subscriber frequency usage fees
(1.1pp) and other cost items (0.5pp).
EBITDA1 rose by 34.1% year-on-year in Q317 leading
to a 2.2pp improvement in EBITDA margin to 35.5% (33.3%). This was
mainly due to a solid rise in revenues, and an effective cost
transformation program. Cost of revenue (excluding depreciation and
amortization) increased by 0.6pp, while administrative expenses and
selling and marketing expenses declined by 0.6pp and 2.2pp,
respectively.
- Turkcell Turkey’s EBITDA grew by 33.4%
to TRY1,461 million (TRY1,095 million) with an EBITDA margin of
36.1% (33.4%) on 2.7pp improvement.
- Turkcell International EBITDA rose by
21.7% to TRY74 million (TRY60 million), which resulted in an EBITDA
margin of 26.9% (27.2%).
- The EBITDA of other subsidiaries rose
by 58.1% to TRY98 million (TRY62 million) with the increasing
contribution of our consumer finance company.
Net finance expense of TRY165 million (TRY163 million)
was reported in Q317. Lower translation losses in Q317 were offset
by the decline interest income from contracted receivables and
increased interest expense of loans.
Income tax expense increased 51.6% year-on-year in Q317.
Please see Appendix A for details.
Net income of the Group rose to TRY601 million (TRY163
million) year-on-year in Q317, 3.7 times that of last year. This
resulted from solid operational performance, effective currency
risk management and cost control measures. Please also note that
Q316 net income was negatively impacted by a TRY138 million
provision booked to benefit from the tax amnesty.
Turkcell Turkey’s net income increased to TRY580 million (TRY145
million) in Q317 mainly due to the factors explained above with
respect to the rise in Group net income.
Total cash & debt: Consolidated cash as of September
30, 2017 declined to TRY4,906 million from TRY4,995 million as of
June 30, 2017. TRY2,773 million (US$781 million) of consolidated
cash was denominated in US$, TRY979 million (EUR234 million) in EUR
and TRY1,155 million in TRY and other local currencies.
Consolidated debt as of September 30, 2017 rose to TRY11,867
million from TRY11,197 million as of June 30, 2017. This was mainly
due to the increased debt portfolio of our consumer finance company
and the translation increase in the FX denominated debt portfolio
of Turkcell Turkey, due to TRY depreciation against the US$ and
EUR.
- Turkcell Turkey’s debt was TRY8,200
million, of which TRY3,567 million (US$1,004 million) was
denominated in US$, TRY4,273 million (EUR1,019 million) in EUR and
the remaining TRY359 million in TRY.
- The debt balance of lifecell was TRY528
million, denominated in UAH.
(1) EBITDA is a non-GAAP financial measure. See page 13 for the
explanation of how we calculate Adjusted EBITDA and its
reconciliation to net income.
- Our consumer finance company had a debt
balance of TRY3,135 million, of which TRY837 million (US$236
million) was denominated in US$, and TRY421 million (EUR100
million) in EUR (Please note that the figures in parentheses refer
to US$ or EUR equivalents).
TRY7,260 million of our consolidated debt is set at a floating
rate, while TRY4,087 million will mature within less than a
year.
Net debt as of September 30, 2017 was at TRY6,961 million with a
net debt to EBITDA ratio of 1.2 times. Excluding consumer finance
company consumer loans, our telco only net debt was at TRY3,160
million with a leverage of 0.6 times.
Turkcell Group’s short position was at US$330 million as at the
end of Q317, thus within our comfort zone, which is below US$500
million as advised by our Board considering the size of our
operations and balance sheet. (Please note that this figure takes
into account advance payments and the impact of hedging).
Cash flow analysis: Capital expenditures, including
non-operational items amounted to TRY938.1 million in Q317. The
cash flow item noted as “other” in Q317 included mainly the
negative impact of the change in working capital. The cash flow
item noted as “other” in Q316 included the positive impact of
decrease in advances given for fixed asset purchases (TRY210
million), prepaid expenses (TRY168 million) and other working
capital (TRY431 million).
In Q317 and 9M17, operational capital expenditures (excluding
license fees) at the Group level were at 16.9% and 15.7% of total
revenues, respectively.
Consolidated Cash Flow (million TRY) Quarter
Nine Months Q316 Q317
9M16 9M17 EBITDA1 1,217.6
1,632.4 3,248.4 4,489.3 LESS: Capex and
License (743.2) (938.1) (2,361.2) (2,282.8) Turkcell Turkey (686.8)
(873.1) (2,163.7) (2,104.6) Turkcell International2 (54.2) (60.5)
(187.0) (163.1) Other Subsidiaries2 (2.2) (4.5) (10.5) (15.1) Net
interest Income/ (expense) 75.4 (4.4) 292.8 145.6 Other 808.6
(188.1) (2,117.3) (2,908.5) Net Change in Debt 518.4 410.2 3,664.7
1,410.6
Cash generated / (used) 1,876.8 912.0
2,727.4 854.2 Cash balance before dividend
payment 5,646.2 5,906.5 5,646.2
6,906.5 Dividend paid - (1,000.0)
- (2,000.0) Cash balance after dividend
payment 5,646.2 4,906.5
5,646.2 4,906.5
(1) EBITDA is a non-GAAP financial measure. See page 13 for the
explanation of how we calculate adjusted EBITDA and its
reconciliation to net income.(2) The impact from the movement of
reporting currency (TRY) against local currencies of subsidiaries
in other countries is included in these lines.
Operational Review of Turkcell Turkey
Summary of Operational data Q316
Q217 Q317 y/y % q/q
% Number of subscribers (million) 34.8
36.6 37.2 6.9%
1.6% Mobile Postpaid (million) 17.0 18.2 18.4 8.2% 1.1%
Mobile M2M (million) 2.0 2.2 2.3 15.0% 4.5% Mobile Prepaid
(million) 15.7 16.0 16.3 3.8% 1.9% Fiber (thousand) 991.6 1,117.5
1,156.5 16.6% 3.5% ADSL (thousand) 723.2 907.1 917.4 26.9% 1.1%
IPTV (thousand) 323.3 436.0 466.6 44.3% 7.0%
Churn (%)
Mobile Churn (%)1 6.3% 4.2% 5.6% (0.7pp) 1.4pp Fixed churn (%) 5.3%
4.8% 5.2% (0.1pp) 0.4pp
ARPU (Average Monthly Revenue per User)
(TRY) Mobile ARPU, blended 27.9 29.1 30.9 10.8% 6.2% Mobile
ARPU, blended (excluding M2M) 29.5 30.8 32.8 11.2% 6.5% Postpaid
40.1 42.0 44.3 10.5% 5.5% Postpaid (excluding M2M) 45.1 47.3 50.0
10.9% 5.7% Prepaid 14.7 14.6 15.7 6.8% 7.5% Fixed Residential ARPU,
blended (TRY) 51.6 52.7 53.5 3.7% 1.5%
Average mobile data usage
per user (GB/user) 2.6 3.9 4.2
61.5% 7.7% Mobile MOU (Avg. Monthly Minutes of
usage per subs) blended 342.7 345.0
366.2 6.9% 6.1%
(1) In Q117, our churn policy was revised to extend from 9
months to 12 months (the period at the end of which we disconnect
prepaid subscribers who have not topped up above TRY10.)
Additionally, under our revised policy, prepaid customers who last
topped up before March will be disconnected at the latest by
year-end. Please note that figures for prior periods have not been
restated to reflect this change in churn policy. The net mobile
subscriber addition figures and mobile churn rate for Q117 and Q217
disclosed in this document have been positively impacted by this
change.
Our mobile customer base expanded by 473 thousand quarterly net
additions in Q317, reaching 34.6 million in total. We recorded 201
thousand quarterly net additions to our postpaid customers, which
comprised 53.0% (52.0%) of our total mobile customer base.
Meanwhile, our prepaid customers grew by 271 thousand quarterly net
additions. On a year-on-year basis our mobile customer base
expanded by 1.9 million net additions.
Our fixed customer base reached 2.1 million on 49 thousand
quarterly net additions, of which 39 thousand were fiber and 10
thousand were ADSL customers. Fixed customer base grew by 359
thousand net additions year-on-year. IPTV customers reached 467
thousand on 31 thousand quarterly and 143 thousand annual net
additions. Total TV users, including OTT TV only customers, reached
1.8 million. The Turkcell TV+ mobile application has been
downloaded 5.1 million times as of October 2017.
Mobile churn declined 0.7pp year-on-year with our value focused
customer strategy, service quality, the attractiveness of our
unique digital services portfolio and targeted retention campaigns.
Fixed churn rate was at 5.2% (5.3%) in Q317.
Mobile ARPU (excluding M2M) rose by 11.2% year-on-year driven
mainly by increased data and digital services usage, our upsell
efforts, price adjustment and larger postpaid customer base. ARPU
growth was also supported by the increased share of triple play
customers, who use voice, data and digital services combined, to
50.4%1.
Fixed residential ARPU rose by 3.7% year-on-year with the
increase in multiplay customers with TV2 to 42.3% of total
residential fiber customers, along with upsell efforts and price
adjustments.
Average mobile data usage per user rose by 61.5% year-on-year
driven by increased usage of data and digital services offerings.
Average mobile data usage of 4.5G users was at 6.0GB in Q317.
Smartphones on our network reached 22.1 million with 627
thousand quarterly net additions supported by the loans granted by
our consumer finance company. This resulted in a penetration of
71%. 4.5G enabled smartphones reached 64% of total smartphones.
(1) Share among mobile voice users excluding subscribers who
have not used their lines in the last 3 months(2) Multiplay
customers with TV: Internet + TV users & internet + TV + voice
users
TURKCELL INTERNATIONAL
lifecell* Financial Data Quarter
Nine Months Q316 Q317
y/y% 9M16 9M17
y/y% Revenue (million UAH) 1,239.0
1,253.3 1.2% 3,523.8 3,606.8
2.4% EBITDA (million UAH) 333.4 371.9 11.5% 993.6 995.2 0.2%
EBITDA margin 26.9% 29.7% 2.8pp
28.2% 27.6% (0.6pp) Net income / (loss)
(million UAH) (120.0) (92.1) (23.3%) 990.8 (324.1) (132.7%)
Capex (million UAH) 389.4 234.2
(39.9%) 1,408.8 915.8
(35.0%) Revenue (million TRY) 145.6 169.1 16.1% 405.1
486.7 20.1%
EBITDA (million TRY) 39.2
50.2 28.1% 114.1 134.3 17.7%
EBITDA margin 26.9% 29.7% 2.8pp 28.2% 27.6% (0.6pp)
Net income /
(loss) (million TRY) (14.0) (12.4)
(11.4%) 106.2 (43.7)
(141.1%)
(*) Since July 10, 2015, we hold a 100% stake in lifecell.
Lifecell (Ukraine) recorded 1.2% year-on-year growth in
revenues in Q317 in local currency terms, driven mainly by mobile
data revenue growth based chiefly on increased 3G data users and
higher data consumption. Overall revenue growth was impacted by the
MTR cut from UAH0.23/min to UAH0.15/min, effective as of January 1,
2017. lifecell’s EBITDA in local currency terms rose 11.5%
year-on-year leading to an EBITDA margin of 29.7% with a 2.8pp
improvement due mostly to effective cost management efforts.
lifecell’s revenues in TRY terms rose by 16.1%, while EBITDA
increased by 28.1% year-on-year in Q317.
Lifecell Operational Data* Q316
Q217 Q317 y/y% q/q
% Number of subscribers (million)1
12.5 12.3 11.7
(6.4%) (4.9%) Active (3 months)2 9.7 8.4 8.2
(15.5%) (2.4%)
MOU (minutes) (12 months) 140.5
126.7 128.2 (8.8%) 1.2% ARPU
(Average Monthly Revenue per User), blended (UAH) 32.6
31.7 34.6 6.1% 9.1% Active (3 months)
(UAH) 42.7 45.5 50.4 18.0% 10.8%
(1) We may occasionally offer campaigns and tariff schemes that
have an active subscriber life differing from the one that we
normally use to deactivate subscribers and calculate churn.(2)
Active subscribers are those who in the past three months made a
revenue generating activity.(*) Since July 10, 2015, we hold a 100%
stake in lifecell.
lifecell maintained its leadership in Ukraine in terms of 3G+
network geographical coverage. lifecell continued to grow
three-month active 3G data users, which reached 3.8 million as at
the end of the quarter. Meanwhile, data usage per 3G user posted
71% growth in Q317 on a year-on-year basis. lifecell continued to
lead the market in terms of smartphone penetration, which reached
66% as at the end of Q317. Moreover, in July lifecell added the
“lifebox” cloud service to its existing digital services portfolio
including BiP and fizy.
lifecell’s three-month active subscriber base declined to 8.2
million, mainly due to the declining multiple SIM card usage trend
in the country. Blended ARPU (3-month active) rose by 18.0%
year-on-year in Q317 mainly on rising mobile data consumption and a
greater number of customers with higher ARPU tariffs.
BeST* Quarter Nine Months
Q316 Q317 y/y% 9M16
9M17 y/y% Number of subscribers
(million) 1.6 1.6 - 1.6 1.6
- Active (3 months) 1.2 1.3 8.3%
1.2 1.3 8.3%
Revenue (million BYN) 25.2
29.9 18.7% 72.1 81.4 12.9%
EBITDA (million BYN) 1.2 1.9 58.3% 2.3 2.5 8.7%
EBITDA
margin 4.6% 6.5% 1.9pp 3.2%
3.0% (0.2pp) Net loss (million BYN) (11.1) (9.9)
(10.8%) (33.6) (32.6) (3.0%)
Capex (million BYN)
2.7 3.0 11.1% 7.8
8.2 5.1% Revenue (million TRY) 38.0
53.9 41.8% 105.5 152.2 44.3%
EBITDA (million TRY) 1.7
3.5 105.9% 3.4 4.5 32.4% EBITDA
margin 4.6% 6.5% 1.9pp 3.2% 3.0% (0.2pp)
Net loss (million
TRY) (16.8) (17.9) 6.5% (49.1)
(61.2) 24.6% Capex (million TRY) 4.8
5.5 14.6% 12.2 14.8 21.3%
(*)BeST, in which we hold an 80% stake, has operated in Belarus
since July 2008.
BeST revenues rose by 18.7% year-on-year in Q317 in local
currency terms, driven mainly by growth in voice, mobile data and
device sales revenues. BeST registered a 1.9pp EBITDA margin
improvement to 6.5% (4.6%), mainly driven by top-line growth and
better operational expense management. BeST’s revenues in TRY terms
rose by 41.8% year-on-year in Q317.
BeST continued to expand its 4G services covering all regions as
of September 2017. Increased coverage supported the growth of 4G
users, which consequently led to higher data consumption and
increased data revenues. Meanwhile, BeST continued to increase the
penetration of its digital services within its customer base in
accordance with Turkcell’s global digital services strategy.
Kuzey Kıbrıs Turkcell (million TRY)* Quarter
Nine Months Q316 Q317
y/y% 9M16 9M17
y/y% Number of subscribers (million) 0.5
0.5 - 0.5 0.5 - Revenue 34.2
40.7 19.0% 100.3 117.0 16.7%
EBITDA 13.7 14.2
3.6% 37.8 42.4 12.2% EBITDA margin
40.1% 34.8% (5.3pp) 37.7% 36.3% (1.4pp)
Net income
8.1 8.9 9.9% 25.0 26.3
5.2% Capex 5.7 19.8 247.4% 12.9
27.6 114.0%
(*) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has
operated in Northern Cyprus since 1999.
Kuzey Kıbrıs Turkcell revenues grew by 19.0% year-on-year
in Q317 on the back of growing mobile data revenues. EBITDA rose by
3.6% leading to an EBITDA margin of 34.8% (40.1%).
Fintur has operations in Azerbaijan, Kazakhstan, Moldova
and Georgia, and we hold a 41.45% stake in the company. In
accordance with our strategic approach and IFRS requirements,
Fintur is classified as ‘held for sale’ and reported as
discontinued operations as of October 2016*.
(*)For further details, please refer to our consolidated
financial statements and notes as at and for September 30, 2017,
which can be accessed via our web site in the investor relations
section (www.turkcell.com.tr).
Turkcell Group Subscribers
Turkcell Group subscribers amounted to approximately 51.3
million as of September 30, 2017. This figure is calculated by
taking the number of subscribers of Turkcell Turkey and each of our
subsidiaries. It includes the total number of mobile, fiber, ADSL
and IPTV subscribers of Turkcell Turkey, and the mobile subscribers
of lifecell and BeST, as well as those of Kuzey Kıbrıs Turkcell and
Turkcell Europe.
Turkcell Group Subscribers Q316
Q217 Q317 y/y % q/q
% Mobile Postpaid (million) 17.0 18.2 18.4
8.2% 1.1% Mobile Prepaid (million) 15.7 16.0 16.3
3.8% 1.9% Fiber (thousand) 991.6 1,117.5 1,156.5 16.6% 3.5% ADSL
(thousand) 723.2 907.1 917.4 26.9% 1.1% IPTV (thousand) 323.3 436.0
466.6 44.3% 7.0%
Turkcell Turkey subscribers
(million)1 34.8 36.6 37.2
6.9% 1.6% Ukraine 12.5 12.3 11.7 (6.4%) (4.9%)
Belarus 1.6 1.6 1.6 - - Kuzey Kıbrıs Turkcell 0.5 0.5 0.5 - -
Turkcell Europe2 0.3 0.4 0.3 - (25.0%)
Turkcell Group
Subscribers (million) 49.7 51.4
51.3 3.2% (0.2%)
(1) Subscribers to more than one service are counted separately
for each service.(2) The “wholesale traffic purchase” agreement,
signed between Turkcell Europe GmbH operating in Germany and
Deutsche Telekom for five years in 2010, had been modified to
reflect the shift in business model to a “marketing partnership”.
The new agreement between Turkcell and a subsidiary of Deutsche
Telekom was signed on August 27, 2014. The transfer of Turkcell
Europe operations to Deutsche Telekom’s subsidiary was completed on
January 15, 2015. Subscribers are still included in the Turkcell
Group Subscriber figure.
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting,
along with certain macroeconomic indicators, are set out below.
Quarter Nine Months Q316
Q217 Q317 y/y%
q/q% 9M16 9M17
y/y% GDP Growth (Turkey) (0.8%) 5.1%
n.a n.a n.a 2.8% n.a n.a
Consumer Price Index (Turkey) 1.1% 1.5%
1.3% 0.2pp (0.2pp) 4.7% 7.3%
2.6pp US$ / TRY rate Closing Rate 2.9959 3.5071
3.5521 18.6% 1.3% 2.9959 3.5521 18.6% Average Rate 2.9706 3.5625
3.4999 17.8% (1.8%) 2.9215 3.5763 22.4%
EUR / TRY rate
Closing Rate 3.3608 4.0030 4.1924 24.7% 4.7% 3.3608 4.1924 24.7%
Average Rate 3.3104 3.9348 4.1241 24.6% 4.8% 3.2523 3.9867 22.6%
US$ / UAH rate Closing Rate 25.91 26.10 26.52 2.4% 1.6%
25.91 26.52 2.4% Average Rate 25.28 26.48 25.94 2.6% (2.0%) 25.45
26.50 4.1%
US$ / BYR rate Closing Rate 1.9264 1.9336 1.9623
1.9% 1.5% 1.9264 1.9623 1.9% Average Rate 1.9732
1.8787 1.9404 (1.7%) 3.3% 1.9994
1.9100 (4.5%)
* The official currency of the Republic of Belarus has been
redenominated on July 1, 2016. As a result, BYR10,000 has become
BYN1 starting from 1 July 2016. Prior periods have been adjusted
accordingly for presentation purposes.
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We
believe Adjusted EBITDA, among other measures, facilitates
performance comparisons from period to period and management
decision making. It also facilitates performance comparisons from
company to company. Adjusted EBITDA as a performance measure
eliminates potential differences caused by variations in capital
structures (affecting interest expense), tax positions (such as the
impact of changes in effective tax rates on periods or companies)
and the age and book depreciation of tangible assets (affecting
relative depreciation expense). We also present Adjusted EBITDA
because we believe it is frequently used by securities analysts,
investors and other interested parties in evaluating the
performance of other mobile operators in the telecommunications
industry in Europe, many of which present Adjusted EBITDA when
reporting their results.
Our Adjusted EBITDA definition includes Revenue, Cost of Revenue
excluding depreciation and amortization, Selling and Marketing
expenses and Administrative expenses, but excludes translation
gain/(loss), finance income, finance expense, share of profit of
equity accounted investees, gain on sale of investments, minority
interest and other income/(expense).
Nevertheless, Adjusted EBITDA has limitations as an analytical
tool, and you should not consider it in isolation from, or as a
substitute for analysis of, our results of operations, as reported
under IFRS. The following table provides a reconciliation of
Adjusted EBITDA, as calculated using financial data prepared in
accordance with IFRS as issued by the IASB, to net profit, which we
believe is the most directly comparable financial measure
calculated and presented in accordance with IFRS as issued by the
IASB.
Turkcell Group (million TRY) Quarter
Nine Months Q316 Q317
y/y% 9M16 9M17
y/y% Adjusted EBITDA 1,217.6 1,632.4
34.1% 3,248.4 4,489.3 38.2%
Depreciation and amortization (577.0) (651.0) 12.8% (1,598.9)
(1,896.4) 18.6% Finance income 187.2 175.7 (6.1%) 570.9 619.1 8.4%
Finance costs (349.7) (341.1) (2.5%) (545.4) (835.3) 53.2% Other
income / (expense) (192.6) (39.9) (79.3%) (189.9) (73.0) (61.6%)
Consolidated profit from continued
operationsbefore income tax & minority interest
285.5 776.1 171.8% 1,485.1
2,303.7 55.1% Income tax expense (106.3) (161.1)
51.6% (311.9) (502.2) 61.0%
Consolidated profit from continued
operationsbefore minority interest
179.2 615.0 243.2% 1,173.2
1,801.4 53.5% Discontinued operations (5.1) - n.m 2.2 - n.m
Consolidated profit before minority interest
174.1 615.0 253.2%
1,175.4 1,801.4 53.3%
NOTICE: This release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and the Safe
Harbor provisions of the US Private Securities Litigation Reform
Act of 1995. This includes, in particular, our targets for revenue,
EBITDA and capex in 2017 and for the medium term 2017 to 2019. More
generally, all statements other than statements of historical facts
included in this press release, including, without limitation,
certain statements regarding the launch and goals of our payment
card business, our operations, financial position and business
strategy may constitute forward-looking statements. In addition,
forward-looking statements generally can be identified by the use
of forward-looking terminology such as, among others, "will,"
"expect," "intend," "estimate," "believe", "continue" and
“guidance”.
Although Turkcell believes that the expectations reflected in
such forward-looking statements are reasonable at this time, it can
give no assurance that such expectations will prove to be correct.
All subsequent written and oral forward-looking statements
attributable to us are expressly qualified in their entirety by
reference to these cautionary statements. For a discussion of
certain factors that may affect the outcome of such forward looking
statements, see our Annual Report on Form 20-F for 2016 filed with
the U.S. Securities and Exchange Commission, and in particular the
risk factor section therein. We undertake no duty to update or
revise any forward looking statements, whether as a result of new
information, future events or otherwise.
The Company makes no representation as to the accuracy or
completeness of the information contained in this press release,
which remains subject to verification, completion and change. No
responsibility or liability is or will be accepted by the Company
or any of its subsidiaries, board members, officers, employees or
agents as to or in relation to the accuracy or completeness of the
information contained in this press release or any other written or
oral information made available to any interested party or its
advisers.
ABOUT TURKCELL: Turkcell is a digital operator
headquartered in Turkey, serving its customers with its unique
portfolio of digital services along with voice, messaging, data and
IPTV services on its mobile and fixed networks. Turkcell Group
companies operate in 9 countries – Turkey, Ukraine, Belarus,
Northern Cyprus, Germany, Azerbaijan, Kazakhstan, Georgia, Moldova.
Having launched LTE services on April 1st, 2016 in Turkey, Turkcell
reached 84.12% population coverage as of September 30, 2017
employing LTE-Advanced and 3 carrier aggregation technologies in 81
cities. In 2G and 3G, Turkcell’s population coverage in Turkey is
at 99.59% and 96.98%, respectively, as of September 30, 2017.
Turkcell offers up to 1 Gbps fiber internet speed with its FTTH
services. Turkcell Group reported TRY4.6 billion revenue in Q317
with total assets of TRY32.3 billion as of September 30, 2017. It
has been listed on the NYSE and the BIST since July 2000, and is
the only NYSE-listed company in Turkey. Read more at
www.turkcell.com.tr
This press release can also be viewed using the Turkcell
Investor Relation app, which can be downloaded
here for iOS,
and here for Android mobile
devices.
Appendix A – Tables
Table: Translation gain and loss details
Million TRY Quarter Nine months
Q316 Q317 y/y %
9M16 9M17 y/y % Turkcell Turkey
(233.3) (140.4) (39.8%) (260.4) (340.3) 30.7% Turkcell
International (7.0) (1.3) (81.4%) (7.8) 1.1 (114.1%) Other
Subsidiaries 2.4 (19.3) (904.2%) 0.9 (22.6) n.m
Turkcell
Group (237.9) (161.0)
(32.3%)
(267.3) (361.8) 35.4%
Table: Income tax expense details
Million TRY Quarter Nine months
Q316 Q317 y/y %
9M16 9M17 y/y % Current Tax
expense (37.7) (120.7) 220.2% (188.3) (353.7) 87.8% Deferred Tax
Income/expense (68.6) (40.4) (41.1%) (123.6) (148.5) 20.1%
Income Tax expense (106.3)
(161.1) 51.6%
(311.9)
(502.2) 61.0%
TURKCELL ILETISIM HIZMETLERI
A.S.
IFRS SELECTED FINANCIALS (TRY
Million)
Quarter Ended Quarter
Ended Quarter Ended Nine Months Ended Nine
Months Ended Sep 30, Jun 30, Sep 30,
Sep 30, Sep 30, 2016
2017 2017
2016 2017
Consolidated Statement of Operations Data Turkcell Turkey 3
275,7 3 802,9 4 044,0 9 211,4 11 409,5 Turkcell International 222,4
257,8 272,9 623,1 778,8 Other 160,4 255,3 280,5 407,5 777,7 Total
revenues 3 658,5 4 316,0 4 597,4 10 242,0 12 966,0 Direct cost of
revenues -2 372,6 (2 783,9) (2 933,4) -6 628,3
(8 333,9) Gross profit 1 285,9 1 532,1 1 664,0 3 613,7 4
632,1 Administrative expenses -177,3 (183,8) (194,3) -531,8 (577,9)
Selling & marketing expenses -468,0 (508,3) (488,4) -1 432,4 (1
461,3) Other Operating Income / (Expense) -192,6 (36,8)
(39,9) -189,9 (73,0) Operating profit before
financing costs 448,0 803,2 941,5 1 459,6 2 519,9 Finance costs
-349,7 (146,1) (341,1) -545,4 (835,4) Finance income 187,2 241,9
175,7 570,9 619,1
Income before tax and non-controlling interest 285,5
899,0 776,1 1 485,1 2 303,6 Income tax expense -106,3
(183,9) (161,1) -311,9 (502,2) Income from
continuing operations before non-controlling interest 179,2 715,1
615,0 1 173,2 1 801,4 Discontinued operations -5,1 - - 2,2 -
Non-controlling interests -11,5 (11,0) (14,4)
-34,0 (38,2) Net income 162,6 704,1 600,6
1 141,4 1 763,2 Net income per share 0,07 0,32
0,27 0,52 0,80
Other Financial Data Gross
margin 35.1% 35,5% 36,2% 35,3% 35,7% EBITDA(*) 1,217.6 1 457,0 1
632,4 3 248,4 4 489,3 Capital expenditures 743,2 773,3 938,1 2
361,2 2 282,8
Consolidated Balance Sheet Data (at period
end) Cash and cash equivalents 5 646,2 4 994,5 4 906,5 5 646,2
4 906,5 Total assets 30 230,3 31 914,3 32 321,9 30 230,3 32 321,9
Long term debt 6 445,2 7 155,6 7 780,0 6 445,2 7 780,0 Total debt 8
131,5 11 197,4 11 867,0 8 131,5 11 867,0 Total liabilities 14 785,1
17 713,1 17 505,1 14 785,1 17 505,1 Total shareholders’ equity /
Net Assets 15 445,3 14 201,2 14 816,8 15 445,3 14 816,8
(*) Please refer to the notes on reconciliation of Non-GAAP
Financial measures on page 13 (**) For further details, please
refer to our consolidated financial statements and notes as at 30
September 2017 on our web site
TURKCELL ILETISIM
HIZMETLERI A.S.
TURKISH ACCOUNTING STANDARDS SELECTED
FINANCIALS (TRY Million)
Quarter Ended Quarter
Ended Quarter Ended Nine Months Ended Nine
Months Ended Sep 30, Jun 30, Sep 30,
Sep 30, Sep 30, 2016
2017 2017
2016 2017
Consolidated Statement of Operations Data Turkcell Turkey 3
275,7 3 802,9 4 044,0 9 211,4 11 409,5 Turkcell International 222,4
257,8 272,9 623,1 778,8 Other 160,4 255,3 280,5
407,5 777,7 Total revenues 3 658,5 4 316,0 4 597,4 10
242,0 12 966,0 Direct cost of revenues -2 356,3 (2 783,9)
(2 933,4) -6 610,7 (8 333,9) Gross profit 1
302,2 1 532,1 1 664,0 3 631,3 4 632,1 Administrative expenses
-177,3 (183,8) (194,3) -531,8 (577,9) Selling & marketing
expenses -468,0 (508,3) (488,4) -1 432,4 (1 461,3) Other Operating
Income / (Expense) 105,9 14,4 189,1 471,5
462,6 Operating profit before financing and investing costs
762,8 854,4 1 170,4 2 138,6 3 055,5 Income from investing
activities 7,6 (0,3) 6,9 16,3 17,4 Expense from investing
activities -6,5 4,6 (8,6) -19,6 (24,5)
Income before financing costs
763,9 858,7 1 168,7 2 135,3 3 048,4 Finance income 141,1 54,3 256,7
Finance expense -456,1 (100,8) (446,9) -627,1
(1 001,5) Income from continuing operations before tax and
non-controlling interest 307,8 899,0 776,1 1 508,2 2 303,6 Income
tax expense from continuing operations -109,4 (183,9)
(161,1) -315,3 (502,2) Income from continuing
operations before non-controlling interest 198,4 715,1 615,0 1
192,9 1 801,4 Discontinued operations -5,1 - -
2,2 - Income before non-controlling interest 193,3 715,1
615,0 1 195,1 1 801,4 Non-controlling interest -11,5 (11,0)
(14,4) -34,0 (38,2) Net income 181,8 704,1
600,6 1 161,1 1 763,2 Net income per share 0,08 0,32 0,27
0,53 0,80
Other Financial Data Gross margin
35,6% 35,5% 36,2% 35,5% 35,7% EBITDA(*) 1 217,6 1 457,0 1 632,4 3
248,4 4 489,3 Capital expenditures 743,2 773,3 938,1 2 361,2 2
282,8
Consolidated Balance Sheet Data (at period end)
Cash and cash equivalents 5 646,2 4 994,5 4 906,5 5 646,2 4 906,5
Total assets 30 230,3 31 914,3 32 321,9 30 230,3 32 321,9 Long term
debt 6 445,2 7 155,6 7 780,0 6 445,2 7 780,0 Total debt 8 131,5 11
197,4 11 867,0 8 131,5 11 867,0 Total liabilities 14 785,1 17 713,1
17 505,1 14 785,1 17 505,1 Total shareholders’ equity / Net Assets
15 445,3 14 201,2 14 816,8 15 445,3 14 816,8
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TurkcellInvestor RelationsTel: + 90 212 313
1888investor.relations@turkcell.com.trorCorporate
Communications:Tel: + 90 212 313
2321Turkcell-Kurumsal-Iletisim@turkcell.com.tr
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