“Strong Start to the Year”
Turkcell Iletisim Hizmetleri (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 in periods
prior to Q115, 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 call
center business revenues, financial services revenues, energy
business 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 March 31, 2020 refer to the
same item as at March 31, 2019. For further details, please refer
to our consolidated financial statements and notes as at and for
March 31, 2020, 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 first and fourth quarters of 2019 and the first quarter of
2020 is based on IFRS figures in TRY terms unless otherwise
stated.
- 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.
FINANCIAL HIGHLIGHTS
TRY million
Q119
Q419
Q120
y/y%
q/q%
Revenue
5,675
6,684
6,658
17.3%
(0.4%)
EBITDA1
2,281
2,754
2,809
23.1%
2.0%
EBITDA Margin (%)
40.2%
41.2%
42.2%
2.0pp
1.0pp
EBIT2
1,103
1,349
1,437
30.3%
6.5%
EBIT Margin (%)
19.4%
20.2%
21.6%
2.2pp
1.4pp
Net Income
1,224
756
873
(28.7%)
15.5%
Net Income excluding Fintur transaction
gain
452
756
873
93.1%
15.5%
FIRST QUARTER HIGHLIGHTS
- Strong start to the year on sound financial performance:
- Revenues up 17% year-on-year on the back of the solid ARPU
performance of Turkcell Turkey
- EBITDA up 23% year-on-year leading to an EBITDA margin of 42.2%
on 2.0pp improvement
- EBIT up 30% year-on-year resulting in an EBIT margin of 21.6%
on 2.2pp improvement
- Strong bottom line performance sustained on robust operations
and prudent financial risk management; net income up 93%
year-on-year excluding Fintur transaction gain of TRY772 million
registered in Q119
- Strong balance sheet: leverage down to 0.9x, despite FX
volatility; US$1.4 billion equivalent of cash on hand; long FX
position of US$114 million
- Robust operational performance:
- Turkcell Turkey subscriber base up by 614 thousand quarterly
net additions, reflecting our commitment to the target of 1 million
net subscriber additions per year over the next three years
- Strong postpaid subscriber quarterly net additions of 679
thousand, best first quarter performance of the past 20 years;
postpaid subscriber share at 63%
- Solid mobile ARPU3 growth of 21.5% year-on-year on larger
postpaid subscriber base and upsell efforts
- Double-digit residential fiber ARPU growth of 13.4%
year-on-year
- Superbox4 subscribers at 400 thousand on 76 thousand quarterly
net additions
- Limited 2-week impact of COVID-19 pandemic on Q120 performance:
- Rising demand for telco services driven by remote working and
education as well as increased communication, and entertainment
needs
- Downside risks on roaming revenues, prepaid top-ups, handset
sales, consumer finance business revenues, and enterprise segment
revenues due to limited mobility and economic slowdown
- 2020 guidance5 is revised; still targeting a double-digit
growth and stable margins. Revenue growth target of 10%-12%, EBITDA
margin target of 40%-42%, EBIT margin target of 19%-21% and
operational capex over sales ratio6 target of 17%-19% based on an
assumption of COVID-19 impact to continue in Q220 with a gradual
recovery thereafter.
(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) EBIT is a non-GAAP financial measure
and is equal to EBITDA minus depreciation and amortization
expenses.
(3) Excluding M2M
(4) Superbox subscribers are included in
mobile subscribers.
(5) 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 2019 filed with U.S. Securities and
Exchange Commission, and in particular, the risk factor section
therein.
(6) Excluding license fee
For further details, please refer to our
consolidated financial statements and notes as at and for March 31,
2020 which can be accessed via our website in the investor
relations section (www.turkcell.com.tr).
COMMENTS BY MURAT ERKAN, CEO
We have an important message: “Life’s at home!”
We concluded the first quarter of 2020, having weathered
numerous challenges. Just as we felt deep sorrow in the wake of
earthquakes and other natural disasters in Turkey, we have begun to
feel the consequences of the global COVID-19 pandemic. Right after
the first case was identified in Turkey, we witnessed a series of
economic and social preventive measures taken swiftly by related
governmental bodies, and spearheaded by the Ministry of Health.
We are going through a period in which the vital importance of
the telecom sector is being recognized through experience. As
Turkcell, we reap the fruits of having consistently invested in our
infrastructure over many years, having pioneered the digitalization
of the sector. Emboldened by confidence in our infrastructure, we
have deployed the resulting strengths to realize our current
priority of supporting our country and people as we, as a nation,
unite against the pandemic. Accordingly, we have provided
additional data packages and benefits free of charge to subscribers
who are health workers displaying amazing self-sacrifice, as well
as the elderly (aged above 65) and students. Moreover, we have
launched several campaigns with the caption #life’sathome in our
digital services such as BiP, fizy, TV+, lifebox and Dergilik to
entertain our subscribers and help them to be more productive
during their time at home. Simultaneously, we have temporarily
closed 167 exclusive stores, the majority of which are located at
shopping malls, and also taken hygiene measures at, and limited the
working hours of our remaining 1,148 exclusive stores. Meanwhile,
we have been encouraging our subscribers to use our online
platforms, confident in their operational readiness, having already
prioritized increased online sales as part of our strategy.
We have taken all necessary measures for our employees’
health
With full confidence in our ICT infrastructure, over 5,000
Turkcell employees have been working from home since March 13th. We
believe this to be the largest home office model in Turkey.
Additionally, over 10,000 call center agents at our subsidiary
Turkcell Global Bilgi are equipped with the technical tools and
infrastructure required to continue serving from home. This
transition has resulted in one of the fastest operations
worldwide.
We have announced strong results and reviewed our
targets
We have made a strong start to the year with the results of the
first quarter, the last 15 days of which were impacted by the
pandemic. Turkcell Group’s consolidated revenues increased by 17.3%
year-on-year to TRY6.7 billion. Consolidated EBITDA1 was at TRY2.8
billion, resulting in an EBITDA margin of 42.2%. Net income was at
TRY873 million, with an annual rise of 93% excluding the Fintur
transaction gain in the first quarter of last year. Despite these
strong results, which are also in line with the guidance we
announced earlier this year, we have had to revisit our guidance
for the year 2020 given the challenging and uncertain period we are
currently in. We observe an increase in data usage with a
heightened need for communication and connection among both
individuals and the business world, as well as greater demand for
our digital services and solutions. And yet, travel restrictions
and limited mobility are expected to negatively impact several of
our revenue lines, particularly roaming, corporate and consumer
finance for smart devices. In the assumption that this challenging
period will continue throughout the second quarter with a gradual
normalization thereafter, we expect2 revenue growth of 10% - 12%,
an EBITDA margin range of 40% - 42%, an EBIT3 margin of 19% - 21%
and operational capex4 to revenue ratio of 17% - 19% in 2020. This
notwithstanding, we aim to sustain double-digit topline growth
throughout this critical period, also confident in our ability to
monetize our quality and dependable service in the upcoming
periods, not least in light of the accelerated digitalization that
circumstances have resulted in, all to the benefit of our
stakeholders.
We continued to strengthen our postpaid subscriber base with
an additional 679 thousand net additions
We have given our best first quarter performance of the past 20
years by adding 679 thousand net postpaid subscribers, the number
of which reached 21 million, rising to 63% of the total base.
Mobile blended ARPU5 rose 21.5% to TRY46.3 on a higher postpaid
subscriber base and with upsell to higher tariffs.
The demand for Superbox6, our pioneer product in Turkey that
provides fiber-like speed over the mobile network, has accelerated
amid heightened demand for fast home internet. We registered 76
thousand net Superbox subscribers, reaching 400 thousand in total.
In addition, our fixed broadband subscribers increased to 2.3
million. We registered 34 thousand net fiber subscriber additions
during this quarter. Residential fiber ARPU rose 13.4% year-on-year
to TRY71.2 in this quarter.
Having increased our total subscriber base by 614 thousand, we
have shown that we are on track with our subscriber net additions
target of 1 million per year.
Our digital services are expanding with innovative
features
Digital services revenues on a stand-alone basis grew by 29%
year-on-year on the back of increased subscription, inflationary
pricing, and corporate customers. We support our customers who
choose to stay at home during this period with our digital services
enriched with various campaigns and attractive features. Video
calls over BiP doubled in the last week of March compared to the
last week of February, while TV+ sessions have lengthened; data
usage has doubled. With Dergilik, where we have introduced AI-based
vocalization, the number of articles read rose 75% for the same
period. Also this quarter, we launched Turkcell Digital Security, a
service that secures the internet experience of those individuals
concerned about personal data theft and fraud.
Those who chose Turkcell have managed their business
remotely
The revenues of Digital Business Solutions, which offers
services for the digital transformation of both private and public
sector companies, grew yearly by 42% this quarter. Our main focus
has been to deliver seamless service to our customers with our
strong infrastructure and advanced services and solutions. While
doing so, we have also secured nearly 700 new projects during the
quarter. Around 1,600 companies already use our data center
services, and we trust that demand for our cloud and data security
solutions will accelerate with the rising popularity of
remote-working and education. Also this quarter, Ikitelli City
Hospital was inaugurated earlier than scheduled, becoming the sixth
hospital to use the Turkcell Hospital Information Management
System.
March saw a record high transaction volume for
Paycell
Our innovative techfin payment platform, Paycell, registered its
all-time-high transaction volume growth of 146% in March on a
yearly basis. The limitations on mobility and concurrent increase
in digital content consumption was instrumental in this rise. This
quarter, Istanbul Kart application users were introduced to the
top-up through Paycell option, further enriching the Paycell
service offering. Going forward, we expect the demand for Paycell
to increase as user habits change to meet the new necessities of
the time.
Our strong balance sheet and liquidity position emerged as
our key strengths
Our TRY9.2 billion cash in hand, most of which is in foreign
currency, and a manageable level of indebtedness have stood out as
our key strengths in this fragile macroeconomic environment
impacted by the pandemic. Thanks to these, and in line with our
long-term financing strategy, we prepaid the last two principal
payments of our club loan amounting to EUR148.4 million and
US$166.7 million six months in advance. By doing so, we increased
the average loan maturity at Turkcell İletişim to 5 years. Turkcell
Group has a 0.9x Net Debt/EBITDA ratio, thus below the sector
average.
Together, we will beat this pandemic that has altered the
flow of history
I consider the COVID-19 pandemic to be a turning point in
everyone’s lives, and one that has brought about different
experiences. Indeed, history, from now on, will be defined as
“before and after COVID-19”. I am confident that we will surmount
these challenging days in a spirit of unity and support for each
other. As Turkcell, we will continue to support the entire
ecosystem. Meanwhile, I would like to express my gratitude to all
those who work tirelessly while putting their lives at risk, in
particular our healthcare workers.
This hectic period has enabled us to understand that the
telecoms sector is a key component of all others. Digitalization
has become inevitable on a comprehensive scale. Once this period is
over, I believe we will enter a new era in which corporates swiftly
transform their infrastructure and consumers use mobile internet
and digital services more than ever. As Turkcell, with our robust
infrastructure and innovative services, we are ready to stand by
our customers in that new era.
We thank all our colleagues for the part they have played in our
success, along with our Board of Directors for their unyielding
trust and support. We also express gratitude to our customers and
business partners, who have remained with 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) 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 2019 filed with U.S. Securities and
Exchange Commission, and in particular, the risk factor section
therein.
(3) EBIT is a non-GAAP financial measure
and is equal to EBITDA minus depreciation and amortization
expenses.
(4) Excluding license fee
(5) Excluding M2M
(6) Superbox subscribers are included in
mobile subscribers
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement (million
TRY)
Q119
Q419
Q120
y/y%
q/q%
Revenue
5,675.4
6,683.8
6,658.2
17.3%
(0.4%)
Cost of revenue1
(2,730.2)
(3,206.3)
(3,197.4)
17.1%
(0.3%)
Cost of revenue1/Revenue
(48.1%)
(48.0%)
(48.0%)
0.1pp
-
Gross Margin1
51.9%
52.0%
52.0%
0.1pp
-
Administrative expenses
(190.6)
(217.4)
(188.3)
(1.2%)
(13.4%)
Administrative expenses/Revenue
(3.4%)
(3.3%)
(2.8%)
0.6pp
0.5pp
Selling and marketing expenses
(403.2)
(384.9)
(348.7)
(13.5%)
(9.4%)
Selling and marketing
expenses/Revenue
(7.1%)
(5.8%)
(5.2%)
1.9pp
0.6pp
Net impairment losses on financial and
contract assets
(70.3)
(121.3)
(114.8)
63.3%
(5.4%)
EBITDA2
2,281.1
2,753.8
2,809.0
23.1%
2.0%
EBITDA Margin
40.2%
41.2%
42.2%
2.0pp
1.0pp
Depreciation and amortization
(1,178.1)
(1,404.9)
(1,372.1)
16.5%
(2.3%)
EBIT3
1,103.0
1,348.9
1,437.0
30.3%
6.5%
EBIT Margin
19.4%
20.2%
21.6%
2.2pp
1.4pp
Net finance income / (costs)
(420.4)
(214.3)
(221.4)
(47.3%)
3.3%
Finance income4
535.1
44.9
621.5
16.1%
n.m
Finance costs4
(955.5)
(259.2)
(842.9)
(11.8%)
225.2%
Other income / (expense)
(51.8)
(128.2)
(94.0)
81.5%
(26.7%)
Non-controlling interests
(19.8)
2.0
(1.2)
(93.9%)
(160.0%)
Share of profit of equity accounted
investees
0.8
(19.1)
(3.2)
(500.0%)
(83.2%)
Income tax expense
(159.8)
(233.7)
(244.4)
52.9%
4.6%
Discontinued operations
772.4
-
-
n.a
n.a
Net Income
1,224.5
755.6
872.7
(28.7%)
15.5%
(1) Excluding 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.
(4) Fair value loss and interest expense
regarding derivative instruments and the respective fair value gain
and interest income regarding derivative instruments are
represented on a net basis. Starting from Q219, interest income on
financial assets and interest expenses for financial liabilities,
both measured at amortized cost, are represented on a net basis.
Historical periods were restated to reflect this change.
Revenue of the Group rose 17.3% year-on-year in Q120.
This resulted from the strong ARPU performance of Turkcell Turkey
with a growing postpaid customer base, and continued upsell efforts
supported by higher data consumption, as well as digital services
usage.
Turkcell Turkey revenues, comprising 86% of Group revenues, rose
18.7% to TRY5,738 million (TRY4,833 million).
- Consumer segment revenues grew 16.2% on the back of rising
postpaid subscriber share, increased data consumption and upsell
efforts.
- Corporate segment revenues rose 28.8% driven mainly by the
strong momentum of digital business solutions, which grew 42%
year-on-year.
- Wholesale revenues rose 19.9% to TRY279 million (TRY233
million), mainly on increased international carrier traffic and the
positive impact of currency movements.
Turkcell International revenues, comprising 8% of Group
revenues, rose 31.7% to TRY560 million (TRY425 million), mainly
with the contribution of our Ukrainian operations and the positive
impact of currency movements.
Other subsidiaries' revenues, at 5% of Group revenues, which
includes call center revenues, revenues from financial services and
energy business revenues were at TRY360 million (TRY417
million).
- Our consumer finance company’s revenues were at TRY163 million
(TRY242 million) in Q120. Revenues were impacted by contraction in
the consumer loan portfolio, which declined from TRY3.6 billion as
of Q119 to TRY2.1 billion as of Q120, due mainly to the installment
limitation on consumer loans for telecom devices.
- Our contract with Spor Toto to carry out sports betting
operations in Turkey ended as of August 28, 2019.
Excluding consumer finance business and sports betting
operations, our consolidated revenue growth was 21% year-on-year in
Q120.
Standalone digital services revenues grew 29% year-on-year in
Q120 on the back of increasing number of standalone users and price
adjustments.
Cost of revenue (excluding depreciation and amortization)
declined to 48.0% (48.1%) as a percentage of revenues in Q120. The
increase in radio expense (0.6pp) and cost of goods sold (0.4pp)
was more than offset by the decline in cost of revenue of financial
services (1.0pp) and other cost items (0.1pp) as a percentage of
revenues.
Administrative Expenses decreased to 2.8% (3.4%) as a
percentage of revenues in Q120, driven mainly by effective cost
management measures.
Selling and Marketing Expenses decreased to 5.2% (7.1%)
as a percentage of revenues in Q120. This was driven by the decline
in selling expenses (0.9pp), marketing expenses (0.6pp), and other
cost items (0.4pp) as a percentage of revenues.
Net impairment losses on financial and contract assets
was at 1.7% (1.2%) as a percentage of revenues in Q120.
EBITDA1 rose by 23.1% year-on-year in Q120 leading to an
EBITDA margin of 42.2% (40.2%), driven mainly by strong topline
growth and disciplined cost controls.
- Turkcell Turkey’s EBITDA rose 26.9% year-on-year to TRY2,424
million (TRY1,910 million) leading to an EBITDA margin of 42.2%
(39.5%) in Q120.
- Turkcell International EBITDA2 rose 29.0% year-on-year to
TRY250 million (TRY194 million) with an EBITDA margin of 44.6%
(45.6%) in Q120.
- The EBITDA of other subsidiaries stood at TRY135 million
(TRY178 million) in Q120.
Depreciation and amortization expenses increased 16.5%
year-on-year in Q120.
Net finance expense decreased to TRY221 million (TRY420
million) in Q120. This was due mainly to improving net FX impact
registered after hedging in Q120, and lower interest expense on
financial assets and liabilities, despite the lower interest income
on time deposits. Excluding the impact of swap interest expense, we
registered a TRY21 million FX gain in Q120.
Please note that the Group started to apply hedge accounting as
of July 1, 2018 for existing participating cross currency swap and
cross currency swap transactions, in accordance with the IFRS 9
hedge accounting requirement. Please see the IFRS report for
details.
See Appendix A for the details of net foreign exchange gain and
loss.
Income tax expense increased to TRY244 million (TRY160
million) in Q120, due mainly to a deferred tax expense incurred in
Q120.
Net income of the Group was at TRY873 million (TRY1,224
million) in Q120. Excluding the Fintur transaction gain of TRY772
million recorded in Q119, net income rose 93% year-on-year in Q120.
This was driven mainly by strong operating performance on the back
of strong topline growth and effective cost management, as well as
prudent financial risk management. Please also note that our net
income was impacted by the TRY46 million payment we performed in
relation to administrative fine imposed by the Competition Board.
You may refer to our IFRS report for the details of the dispute
with the Competition Board.
Total cash & debt: Consolidated cash as of March 31,
2020 had declined to TRY9,212 million from TRY10,239 million as of
December 31, 2019, due mainly to debt repayments. Excluding FX swap
transactions for TRY borrowing, 88% of our cash is in US$, 5% in
EUR, and 7% in TRY.
Consolidated debt as of March 31, 2020 decreased to TRY19,500
million from TRY20,306 million as of December 31, 2019 on the back
of debt repayments, despite the negative impact of currency
movements. Please note that TRY1,482 million of our consolidated
debt is comprised of lease obligations.
(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) We started to capitalize the frequency
usage fees of BeST in Q219 in accordance with IFRS16. This change
positively impacted Turkcell International EBITDA.
Consolidated debt breakdown excluding lease obligations:
- Turkcell Turkey’s debt was at TRY15,593 million, of which
TRY8,946 million (US$1,373 million) was denominated in US$,
TRY5,201 million (EUR721 million) in EUR, TRY220 million (CNY241
million) in CNY, and the remaining TRY1,226 million in TRY.
- Our consumer finance company had a debt balance of TRY1,494
million, of which TRY1,254 million (US$192 million) was denominated
in US$, and TRY87 million (EUR12 million) in EUR with the remaining
TRY154 million in TRY.
- The debt balance of lifecell was TRY929 million, fully
denominated in UAH.
TRY766 million of lease obligations is denominated in TRY, TRY16
million (US$2 million) in US$, TRY152 million (EUR21 million) in
EUR, and the remaining balance in other local currencies (please
note that the figures in parentheses refer to US$ or EUR
equivalents).
Net debt as of March 31, 2020 was at TRY10,288 million with a
net debt to EBITDA ratio of 0.94 times. Excluding consumer finance
company consumer loans, our telco only net debt was at TRY8,213
million with a leverage of 0.79 times.
Turkcell Group has a long FX position of US$114 million as per
IFRS financial statements as of March 31, 2020.
Capital expenditures: Capital expenditures, including
non-operational items, amounted to TRY1,560 million in Q120. In the
same period operational capital expenditures (excluding license
fees) at the Group level were at 12.6% of total revenues.
Capital expenditures (million
TRY)
Q119
Q419
Q120
Operational Capex
883.6
1,696.0
836.7
License and Related Costs
0.7
0.1
28.1
Non-operational Capex (Including IFRS15
& IFRS16)
468.4
749.2
695.2
Total Capex
1,352.6
2,445.4
1,560.0
Operational Review of Turkcell Turkey
Summary of Operational Data
Q119
Q419
Q120
y/y %
q/q %
Number of subscribers (million)
36.6
35.7
36.3
(0.8%)
1.7%
Mobile Postpaid (million)
18.7
20.4
21.0
12.3%
2.9%
Mobile M2M (million)
2.4
2.6
2.7
12.5%
3.8%
Mobile Prepaid (million)
15.0
12.4
12.2
(18.7%)
(1.6%)
Fiber (thousand)
1,411.1
1,484.7
1,518.4
7.6%
2.3%
ADSL (thousand)
861.7
719.1
695.6
(19.3%)
(3.3%)
Superbox (thousand)1
56.4
323.2
399.5
608.3%
23.6%
Cable(thousand)
9.7
49.2
58.7
505.2%
19.3%
IPTV (thousand)
632.0
719.7
747.3
18.2%
3.8%
Churn (%)2
Mobile Churn (%)3
1.9%
4.5%
2.0%
0.1pp
(2.5pp)
Fixed Churn (%)
2.0%
2.3%
2.1%
0.1pp
(0.2pp)
ARPU (Average Monthly Revenue per User)
(TRY)
Mobile ARPU, blended
35.7
42.8
43.0
20.4%
0.5%
Mobile ARPU, blended (excluding M2M)
38.1
45.9
46.3
21.5%
0.9%
Postpaid
50.6
59.6
56.6
11.9%
(5.0%)
Postpaid (excluding M2M)
57.4
67.7
64.2
11.8%
(5.2%)
Prepaid
17.2
18.8
19.9
15.7%
5.9%
Fixed Residential ARPU, blended
59.8
68.0
68.5
14.5%
0.7%
Residential Fiber ARPU
62.8
70.4
71.2
13.4%
1.1%
Average mobile data usage per user
(GB/user)
5.9
9.0
9.8
66.1%
8.9%
Mobile MoU (Avg. Monthly Minutes of
usage per subs) blended
393.1
431.4
458.2
16.6%
6.2%
(1) Superbox subscribers are included in
mobile subscribers.
(2) Presentation of churn figures has been
changed to demonstrate average monthly churn figures for the
respective quarters.
(3) 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. As a regulatory requirement, we started to
disconnect prepaid lines in accordance with new ICTA regulation,
which requires deactivation of prepaid lines which lack residency
documents by the 6th month of subscription.
We made a strong start to the year registering 614 thousand
quarterly net additions to our subscriber base in Turkey. This
robust performance confirms commitment to our 1 million subscriber
additions target per year over the next three years.
Our mobile customer base rose to 33.3 million on 566 thousand
quarterly net additions thanks to our micro segmented approach and
regional focus, allowing us to provide customized offers. Our focus
on growing postpaid subscriber base resulted in 679 thousand
quarterly net additions. Accordingly, postpaid subscribers reached
63.2% (55.4%) of mobile subscriber base. In the meantime, our
prepaid customers declined by 113 thousand during the quarter. We
disconnected 289 thousand prepaid customers in accordance with the
ICTA regulation requiring deactivation of prepaid lines lacking
residency documents by the 6th month of subscription in Q120.
On the fixed front, we exceeded 1.5 million fiber subscribers on
34 thousand quarterly net additions. Superbox, our alternative
offering to fiber in Turkey, reached 400 thousand subscribers on 76
thousand quarterly additions. The demand for Superbox ramped up
particularly in the second half of March as people started to spend
more time at home due to the COVID-19 pandemic. Our cable
subscribers reached 59 thousand in Q120. And meanwhile, our IPTV
customers rose to 747 thousand on 28 thousand quarterly net
additions.
The average monthly mobile churn rate was at 2.0% in Q120.
Excluding the impact of regulatory disconnections, the average
monthly churn rate was 1.7% in Q120. The average monthly fixed
churn rate stood at 2.1%.
We registered strong mobile ARPU (excluding M2M) growth of 21.5%
year-on-year in Q120. This was driven by a rising postpaid
subscriber base, as well as upsell efforts supported by increased
data consumption.
We reported double-digit residential fiber ARPU growth of 13.4%,
year-on-year in Q120, mainly on upsell efforts and the acquisition
of higher revenue generating subscribers.
Average monthly mobile data usage per user reached 9.8 GB on a
66.1% year-on-year rise with increasing number and consumption of
4.5G users. Accordingly, average mobile data usage of 4.5G users
reached 12.9 GB in March.
The number of 4.5G compatible smartphones on our network
increased to 20.4 million on 1.2 million quarterly additions in
Q120, comprising 89% of smartphones on our network. Total
smartphone penetration reached 78%.
TURKCELL INTERNATIONAL
lifecell1 Financial
Data
Q119
Q419
Q120
y/y%
q/q%
Revenue (million UAH)
1,415.5
1,557.9
1,580.1
11.6%
1.4%
EBITDA (million UAH)
815.5
818.6
798.2
(2.1%)
(2.5%)
EBITDA margin (%)
57.6%
52.5%
50.5%
(7.1pp)
(2.0pp)
Net income / (loss) (million UAH)
(267.2)
(215.0)
(150.9)
(43.5%)
(29.8%)
Capex (million UAH)
357.8
639.9
635.3
77.6%
(0.7%)
Revenue (million TRY)
275.8
369.4
386.4
40.1%
4.6%
EBITDA (million TRY)
159.0
194.2
195.2
22.8%
0.5%
EBITDA margin (%)
57.7%
52.6%
50.5%
(7.2pp)
(2.1pp)
Net income / (loss) (million
TRY)
(52.1)
(50.8)
(37.0)
(29.0%)
(27.2%)
(1) Since July 10, 2015, we hold a 100%
stake in lifecell.
lifecell (Ukraine) revenues rose 11.6% year-on-year in
Q120 in local currency terms mainly on the back of increasing data
consumption. EBITDA in local currency terms was UAH798.2 million,
leading to an EBITDA margin of 50.5%.
lifecell revenues in TRY terms grew 40.1% year-on-year in Q120
positively impacted by currency movements, while EBITDA grew by
22.8% leading to an EBITDA margin of 50.5%.
lifecell Operational Data
Q119
Q419
Q120
y/y%
q/q%
Number of subscribers
(million)2
9.4
8.9
8.9
(5.3%)
-
Active (3 months)3
6.9
7.4
7.5
8.7%
1.4%
MOU (minutes) (12 months)
141.4
157.0
162.8
15.1%
3.7%
ARPU (Average Monthly Revenue per
User), blended (UAH)
49.0
58.3
59.2
20.8%
1.5%
Active (3 months) (UAH)
66.7
73.3
69.5
4.2%
(5.2%)
(2) 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.
(3) Active subscribers are those who in
the past three months made a revenue generating activity.
The three-month active subscriber base of lifecell reached 7.5
million on the back of attractive value propositions and customer
retention focus. lifecell registered 3-month active ARPU of
UAH69.5, driven mainly by increased data consumption.
lifecell continued to increase the penetration of 4.5G users
within its customer base. 4.5G users reached 54% of total mobile
data users by the end of Q120, driving increased data and digital
services usage, as well as higher ARPU generation. Accordingly,
average data consumption per user rose 64% year-on-year.
Furthermore, lifecell acquired a new license, increasing its 900
MHz frequency band from 3.8 MHz to 5.6 MHz for UAH121 million. The
new frequencies will be used to provide LTE services to rural
regions, national and international highways. The respective
license will be effective for five years as of July 1, 2020.
lifecell continued its focus on increasing digital services
penetration within its customer base and enriching its digital
product portfolio. As part these efforts, lifecell introduced its
new lifestyle portal targeting its female subscribers in Q120.
As to the Covid-19 pandemic, quarantine rules are being applied
in the country, which limits traffic to physical channels. While
increased demand for data and voice services is observed, the
market is prepaid subscriber dominated, and more vulnerable to
limited mobility. Accordingly, lifecell is promoting its online
sales channel to mitigate any potential risks to sales.
BeST1
Q119
Q419
Q120
y/y%
q/q%
Number of subscribers (million)
1.6
1.5
1.5
(6.3%)
-
Active (3 months)
1.2
1.1
1.0
(16.7%)
(9.1%)
Revenue (million BYN)
31.9
33.9
32.5
1.9%
(4.1%)
EBITDA (million BYN)
7.4
7.4
8.4
13.5%
13.5%
EBITDA margin (%)
23.1%
21.7%
26.0%
2.9pp
4.3pp
Net loss (million BYN)
(8.8)
(8.0)
(8.1)
(8.0%)
1.3%
Capex (million BYN)
10.8
7.2
11.1
2.8%
54.2%
Revenue (million TRY)
79.5
93.8
89.1
12.1%
(5.0%)
EBITDA (million TRY)
18.4
20.3
23.1
25.5%
13.8%
EBITDA margin (%)
23.2%
21.7%
26.0%
2.8pp
4.3pp
Net loss (million TRY)
(21.9)
(22.1)
(22.2)
1.4%
0.5%
(1) BeST, in which we hold an 80% stake,
has operated in Belarus since July 2008.
BeST revenues grew 1.9% year-on-year in Q120 in local
currency terms mainly on the back of rising data consumption and
digital services usage. BeST’s EBITDA was at BYN8.4 million in Q120
with an EBITDA margin of 26.0%. BeST’s revenues in TRY terms rose
12.1% year-on-year in Q120, while the EBITDA margin stood at
26.0%.
BeST continued to increase the penetration of 4G users within
its customer base. Accordingly, 4G users reached 58% of 3-month
active users, driving further data and digital services usage. In
Q120 the average monthly data consumption of subscribers rose 49%
on the higher data consumption of 4G users. BeST continued its
efforts to promote its digital services in Q120, as digital
services usage leads to higher loyalty and increased ARPU
generation. Music, Games, and TV+ were the main drivers of digital
service revenues growth in Q120.
With regards to COVID-19, while there is no official quarantine
in Belarus, the public is refraining from mobility, leading to
lower traffic to stores. As the market is dominantly prepaid and
more vulnerable to limited mobility, BeST encourages its online
channels via several campaigns to mitigate the potential impact on
sales.
Kuzey Kıbrıs Turkcell2
(million TRY)
Q119
Q419
Q120
y/y%
q/q%
Number of subscribers (million)
0.6
0.5
0.5
(16.7%)
-
Revenue
47.9
67.1
54.5
13.8%
(18.8%)
EBITDA
16.7
21.2
20.3
21.6%
(4.2%)
EBITDA margin (%)
34.9%
31.6%
37.3%
2.4pp
5.7pp
Net income
7.6
12.4
6.9
(9.2%)
(44.4%)
Capex
10.6
23.9
16.3
53.8%
(31.8%)
(2) Kuzey Kıbrıs Turkcell, in which we
hold a 100% stake, has operated in Northern Cyprus since 1999
Kuzey Kıbrıs Turkcell revenues grew 13.8% year-on-year in
Q120, driven mainly by increased data consumption. The EBITDA of
Kuzey Kıbrıs Turkcell rose 21.6% year-on-year on the back of more
profitable service revenues leading to an EBITDA margin of
37.3%.
The potential impact of COVID-19 on Kuzey Kıbrıs Turkcell
operations mainly relates to declining student offerings, handset
sales and roaming revenues.
Fintur: 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.
On December 12, 2018, Turkcell signed a binding agreement, and
on April 2, 2019 completed the transfer of its shares in Fintur to
Sonera Holding B.V., the majority shareholder of Fintur. The final
value of the transaction was EUR352.9 million. As the conditions
precedent required for the share transfer were completed within
Q119, TRY772 million profit generated from the transaction was
reflected in the Q119 financial statements.
We booked a provision of TRY60 million in Q219 for the
recognition of liability in relation to the Kcell Share Purchase
Agreement regarding the past Kcell transaction, and made the
respective payment in Q319.
Turkcell Group Subscribers
Turkcell Group subscribers amounted to approximately 47.3
million as of March 31, 2020. This figure is calculated by taking
the number of subscribers of Turkcell Turkey, and of each of our
subsidiaries. It includes the total number of mobile, fiber, ADSL,
cable and IPTV subscribers of Turkcell Turkey, and the mobile
subscribers of lifecell and BeST, as well as those of Kuzey Kıbrıs
Turkcell, and lifecell Europe.
Turkcell Group Subscribers
Q119
Q419
Q120
y/y%
q/q%
Mobile Postpaid (million)
18.7
20.4
21.0
12.3%
2.9%
Mobile Prepaid (million)
15.0
12.4
12.2
(18.7%)
(1.6%)
Fiber (thousand)
1,411.1
1,484.7
1,518.4
7.6%
2.3%
ADSL (thousand)
861.7
719.1
695.6
(19.3%)
(3.3%)
Superbox (thousand)1
56.4
323.2
399.5
608.3%
23.6%
Cable (thousand)
9.7
49.2
58.7
505.2%
19.3%
IPTV (thousand)
632.0
719.7
747.3
18.2%
3.8%
Turkcell Turkey subscribers
(million)2
36.6
35.7
36.3
(0.8%)
1.7%
lifecell (Ukraine)
9.4
8.9
8.9
(5.3%)
-
BeST (Belarus)
1.6
1.5
1.5
(6.3%)
-
Kuzey Kıbrıs Turkcell
0.6
0.5
0.5
(16.7%)
-
lifecell Europe3
0.2
0.2
0.2
-
-
Turkcell Group Subscribers
(million)
48.4
46.7
47.3
(2.3%)
1.3%
(1) Superbox subscribers are included in
mobile subscribers.
(2) Subscribers to more than one service
are counted separately for each service.
(3) The marketing partnership between
Turkcell Europe and Telekom Deutschland Multibrand GmbH, the
subsidiary of Deutsche Telekom, will end on April 30, 2020 pursuant
to the respective agreement. Turkcell Europe was rebranded as
lifecell Europe on January 15, 2018.
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting,
along with certain macroeconomic indicators, are set out below.
Q119
Q419
Q120
y/y%
q/q%
GDP Growth (Turkey)
(2.3%)
6.0%
n.a
n.a
n.a
Consumer Price Index (Turkey)
(yoy)
19.7%
11.8%
11.9%
(7.8pp)
0.1pp
US$ / TRY rate
Closing Rate
5.6284
5.9402
6.5160
15.8%
9.7%
Average Rate
5.3378
5.7588
6.1419
15.1%
6.7%
EUR / TRY rate
Closing Rate
6.3188
6.6506
7.2150
14.2%
8.5%
Average Rate
6.0777
6.3706
6.7901
11.7%
6.6%
US$ / UAH rate
Closing Rate
27.25
23.69
28.06
3.0%
18.4%
Average Rate
27.41
24.31
25.12
(8.4%)
3.3%
US$ / BYN rate
Closing Rate
2.1285
2.1036
2.6023
22.3%
23.7%
Average Rate
2.1470
2.0840
2.2433
4.5%
7.6%
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, Administrative expenses and Net impairment losses on
financial and contract assets, 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)
Q119
Q419
Q120
y/y%
q/q%
Adjusted EBITDA
2,281.1
2,753.8
2,809.0
23.1%
2.0%
Depreciation and amortization
(1,178.1)
(1,404.9)
(1,372.1)
16.5%
(2.3%)
EBIT
1,103.0
1,348.9
1,437.0
30.3%
6.5%
Finance income
535.1
44.9
621.5
16.1%
n.m
Finance costs
(955.5)
(259.2)
(842.9)
(11.8%)
225.2%
Other income / (expense)
(51.8)
(128.2)
(94.0)
81.5%
(26.7%)
Share of profit of equity accounted
investees
0.8
(19.1)
(3.2)
(500.0%)
(83.2%)
Consolidated profit from continued
operations before income tax & minority interest
631.6
987.3
1,118.3
77.1%
13.3%
Income tax expense
(159.8)
(233.7)
(244.4)
52.9%
4.6%
Consolidated profit from continued
operations before minority interest
471.8
753.6
873.9
85.2%
16.0%
Discontinued operations
772.4
-
-
n.a
n.a
Consolidated profit before minority
interest
1,244.3
753.6
873.9
(29.8%)
16.0%
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, EBIT and capex for 2020. More generally, all statements
other than statements of historical facts included in this press
release, including, without limitation, certain statements
regarding the launch of new businesses, 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 2019 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 5 countries – Turkey, Ukraine, Belarus,
Northern Cyprus, Germany. Turkcell launched LTE services in its
home country on April 1st, 2016, employing LTE-Advanced and 3
carrier aggregation technologies in 81 cities. Turkcell offers up
to 10 Gbps fiber internet speed with its FTTH services. Turkcell
Group reported TRY6.7 billion revenue in Q120 with total assets of
TRY45.3 billion as of March 31, 2020. 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.
Appendix A – Tables
Table: Net foreign exchange gain and loss details
Million TRY
Q119
Q419
Q120
y/y%
q/q%
Turkcell Turkey
(558.5)
(338.5)
(538.9)
(3.5%)
59.2%
Turkcell International
(25.8)
(15.3)
(31.3)
21.3%
104.6%
Other Subsidiaries
(128.1)
(78.6)
(118.1)
(7.8%)
50.3%
Net FX loss before hedging
(712.5)
(432.4)
(688.3)
(3.4%)
59.2%
Swap interest income/(expense)1
(166.3)
(144.7)
(121.9)
(26.7%)
(15.8%)
Fair value gain on derivative financial
instruments1
618.6
450.1
709.1
14.6%
57.5%
Net FX gain / (loss) after
hedging
(260.2)
(127.0)
(101.1)
(61.1%)
(20.4%)
(1) Swap interest income / (expense) which
was included in fair value gain on derivative financial instruments
line in previous quarters has been presented separately.
Table: Income tax expense details
Million TRY
Q119
Q419
Q120
y/y%
q/q%
Current tax expense
(153.8)
(62.5)
(161.5)
5.0%
158.4%
Deferred tax income / (expense)
(6.0)
(171.2)
(82.8)
n.m
(51.6%)
Income Tax expense
(159.8)
(233.7)
(244.4)
52.9%
4.6%
TURKCELL ILETISIM HIZMETLERI A.S.IFRS SELECTED FINANCIALS (TRY
Million)
Quarter Ended
Quarter Ended
Year Ended
Quarter Ended
Mar 31,
Dec 31,
Dec 31,
Mar 31,
2019
2019
2019
2020
Consolidated Statement of Operations Data
Turkcell Turkey
4,833.3
5,740.7
21,487.2
5,738.5
Turkcell International
424.8
561.0
2,002.8
559.6
Other
417.3
382.1
1,647.2
360.2
Total revenues
5,675.4
6,683.8
25,137.1
6,658.2
Direct cost of revenues
(3,908.3
)
(4,611.2
)
(17,083.5
)
(4,569.5
)
Gross profit
1,767.1
2,072.5
8,053.7
2,088.7
Administrative expenses
(190.6
)
(217.4
)
(779.8
)
(188.3
)
Selling & marketing expenses
(403.2
)
(384.9
)
(1,555.2
)
(348.7
)
Other Operating Income / (Expense)
(51.8
)
(128.2
)
(346.6
)
(94.0
)
Net impairment loses on financial and contract assets
(70.3
)
(121.3
)
(338.9
)
(114.8
)
Operating profit before financing costs
1,051.2
1,220.8
5,033.3
1,343.0
Finance costs
(955.5
)
(259.2
)
(2,025.1
)
(842.9
)
Finance income
535.1
44.9
297.5
621.5
Share of profit of equity accounted investees
0.8
(19.1
)
(15.7
)
(3.2
)
Income before tax and non-controlling interest
631.6
987.3
3,289.9
1,118.3
Income tax expense
(159.8
)
(233.7
)
(785.6
)
(244.4
)
Income from continuing operations before non-controlling interest
471.8
753.6
2,504.3
873.9
Discontinued operations
772.4
-
772.4
-
Non-controlling interests
(19.8
)
2.0
(30.2
)
(1.2
)
Net income
1,224.4
755.6
3,246.5
872.7
Net income per share
0.56
0.34
1.49
0.40
Other Financial Data Gross margin
31.1
%
31.0
%
32.0
%
31.4
%
EBITDA(*)
2,281.1
2,753.8
10,426.4
2,809.0
Total Capex
1,352.6
2,445.4
7,224.7
1,560.0
Operational capex
883.6
1,696.0
4,525.1
836.7
Licence and related costs
0.7
0.1
1.8
28.1
Non-operational Capex
468.4
749.2
2,697.8
695.2
Consolidated Balance Sheet Data (at period
end) Cash and cash equivalents
8,888.3
10,238.7
10,238.7
9,212.2
Total assets
46,078.6
45,715.0
45,715.0
45,328.7
Long term debt
15,407.7
12,677.4
12,677.4
13,964.6
Total debt
22,866.9
20,305.7
20,305.7
19,499.9
Total liabilities
28,976.3
27,632.0
27,632.0
26,651.1
Total shareholders’ equity / Net Assets
17,102.3
18,082.9
18,082.9
18,677.6
(*) 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 31
March 2020 on our web site
TURKCELL ILETISIM HIZMETLERI
A.S.TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY
Million) Quarter Ended Quarter Ended Year
Ended Quarter Ended Mar 31, Dec 31, Dec
31, Mar 31,
2019
2019
2019
2020
Consolidated Statement of Operations Data
Turkcell Turkey
4,833.3
5,740.7
21,487.2
5,738.5
Turkcell International
424.8
561.0
2,002.8
559.6
Other
417.3
382.1
1,647.2
360.2
Total revenues
5,675.4
6,683.8
25,137.1
6,658.2
Direct cost of revenues
(3,908.3
)
(4,611.2
)
(17,083.5
)
(4,569.5
)
Gross profit
1,767.1
2,072.5
8,053.7
2,088.7
Administrative expenses
(190.6
)
(217.4
)
(779.8
)
(188.3
)
Selling & marketing expenses
(403.2
)
(384.9
)
(1,555.2
)
(348.7
)
Other Operating Income / (Expense)
248.7
465.9
877.7
686.2
Operating profit before financing and investing costs
1,422.0
1,936.1
6,596.4
2,237.9
Net impairment loses on financial and contract assets
(70.3
)
(121.3
)
(338.9
)
(114.8
)
Income from investing activities
12.7
54.2
102.8
59.2
Expense from investing activities
(50.1
)
42.2
(44.1
)
(32.5
)
Share of profit of equity accounted investees
0.8
(19.1
)
(15.7
)
(3.2
)
Income before financing costs
1,315.1
1,892.1
6,300.6
2,146.6
Finance income
461.5
1.0
106.6
605.3
Finance expense
(1,145.0
)
(905.8
)
(3,117.3
)
(1,633.6
)
Income from continuing operations before tax and non-controlling
interest
631.6
987.3
3,289.9
1,118.3
Income tax expense from continuing operations
(159.8
)
(233.7
)
(785.6
)
(244.4
)
Income from continuing operations before non-controlling interest
471.8
753.6
2,504.3
873.9
Discontinued operations
772.4
-
772.4
-
Income before non-controlling interest
1,244.2
753.6
3,276.7
873.9
Non-controlling interest
(19.8
)
2.0
(30.2
)
(1.2
)
Net income
1,224.4
755.6
3,246.5
872.7
Net income per share
0.56
0.34
1.49
0.40
Other Financial Data Gross margin
31.1
%
31.0
%
32.0
%
31.4
%
EBITDA(*)
2,281.1
2,753.8
10,426.4
2,809.0
Total Capex
1,352.6
2,445.4
7,224.7
1,560.0
Operational capex
883.6
1,696.0
4,525.1
836.7
Licence and related costs
0.7
0.1
1.8
28.1
Non-operational Capex
468.4
749.2
2,697.8
695.2
Consolidated Balance Sheet Data (at period
end) Cash and cash equivalents
8,888.3
10,238.7
10,238.7
9,212.2
Total assets
46,078.6
45,715.0
45,715.0
45,328.7
Long term debt
15,407.7
12,677.4
12,677.4
13,964.6
Total debt
22,866.9
20,305.7
20,305.7
19,499.9
Total liabilities
28,976.3
27,632.0
27,632.0
26,651.1
Total shareholders’ equity / Net Assets
17,102.3
18,082.9
18,082.9
18,677.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200428005922/en/
Investor Relations: Korhan Bilek, Tel: + 90 212 313 1888
investor.relations@turkcell.com.tr or Corporate Communications:
Tel: + 90 212 313 2321
Turkcell-Kurumsal-Iletisim@turkcell.com.tr
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