![]() |
First Quarter 2015 Results |
IMPORTANT NOTICE
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3
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HIGHLIGHTS
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COMMENTS FROM THE CEO, KAAN TERZIOGLU
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5
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FINANCIAL AND OPERATIONAL REVIEW OF THE FIRST QUARTER 2015
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FINANCIAL REVIEW OF TURKCELL GROUP
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7
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OPERATIONAL REVIEW IN TURKEY
|
11
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TURKCELL INTERNATIONAL
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ASTELIT
|
12
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BeST
|
13
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FINTUR
|
13
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TURKCELL GROUP SUBSCRIBERS
|
14
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OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
|
14
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RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS
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15
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Appendix A - Mapping of New Revenue Breakdown of Turkcell Turkey
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17
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Appendix B - Historical Group Revenues
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18
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·
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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”). All non-financial data is unconsolidated and comprises Turkcel Turkey only figures. 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 where context otherwise requires.
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·
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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, 2015 refer to the same item as at March 31, 2014. For further details, please refer to our consolidated financial statements and notes as at and for March 31, 2015, which can be accessed via our website in the investor relations section (www.turkcell.com.tr).
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·
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Please note that selected financial information presented in this press release for the first and fourth quarters of 2014, and first quarter of 2015, both in TRY and US$, is based on IFRS figures.
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·
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In the tables used in this press release totals may not foot due to rounding differences. The same applies for the calculations in the text.
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First Quarter 2015 Results |
![]() |
First Quarter 2015 Results |
·
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Turkcell Group registered its historically highest first quarter revenue of TRY2,978 million (TRY2,855 million) on 4.3% year-on-year growth
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·
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Turkcell Group EBITDA1 rose by 4.5% to its record high first quarter level of TRY927 million (TRY887 million) as well, while the EBITDA margin was flat at 31.1% (31.1%)
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·
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Turkcell Group EBIT2 grew by 9.2% to TRY533 million (TRY488 million)
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·
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Turkcell Group recorded net income of TRY141 million (TRY359 million). Yet while Turkcell Turkey recorded a net income of TRY779 million (TRY557 million) on 40% year-on-year growth, Group net income was negatively impacted by the TRY656 million (TRY219 million) net loss of Turkcell International due to currency devaluation
|
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-
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Excluding the impact of foreign exchange movements, monetary gain in relation to inflationary accounting in Belarus and one-off items, Group net income would have increased by 8.6% year-on-year to TRY655 million (TRY603 million)
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·
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Turkcell Turkey revenues, comprising consumer, corporate and wholesale revenues, in total increased by 10% to TRY2,711 million (TRY2,475 million) with an EBITDA margin of 30.7% (31.1 %)
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-
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Consumer segment revenues grew by 10% to TRY2,122 million (TRY1,930 million) fueled predominantly by the increase in mobile broadband revenues, but also in fixed broadband revenues
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|
-
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Corporate segment revenues rose by 9% to TRY532 million (TRY487 million), mainly due to the rise in mobile broadband revenues, as well as in fixed broadband revenues
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-
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Wholesale segment revenues increased by 2% to TRY71 million (TRY70 million)
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·
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Turkcell International revenues declined by 38% to TRY193 million (TRY311 million), mainly due to devaluation of local currencies in Ukraine and Belarus against US$
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·
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On March 25, 2015, Mr. Kaan Terzioğlu was appointed as Turkcell Chief Executive Officer, effective from April 1, 2015
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·
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The general assembly, outstanding for the past five years, was held on March 26, 2015, and accordingly a dividend of TRY1.78 per share was distributed in April, amounting to TRY3,925 million in total
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First Quarter 2015 Results |
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First Quarter 2015 Results |
![]() |
First Quarter 2015 Results |
Profit & Loss Statement (million TRY)
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Total Revenue
|
2,855.2
|
3,103.2
|
2,978.2
|
4.3%
|
(4.0%)
|
Direct cost of revenues1
|
(1,742.3)
|
(1,972.2)
|
(1,828.6)
|
5.0%
|
(7.3%)
|
Direct cost of revenues1/revenues
|
(61.0%)
|
(63.6%)
|
(61.4%)
|
(0.4pp)
|
2.2pp
|
Depreciation and amortization
|
(399.6)
|
(450.7)
|
(394.3)
|
(1.3%)
|
(12.5%)
|
Gross Margin
|
39.0%
|
36.4%
|
38.6%
|
(0.4pp)
|
2.2pp
|
Administrative expenses
|
(142.1)
|
(146.8)
|
(140.8)
|
(0.9%)
|
(4.1%)
|
Administrative expenses/revenues
|
(5.0%)
|
(4.7%)
|
(4.7%)
|
0.3pp
|
-
|
Selling and marketing expenses
|
(483.1)
|
(517.8)
|
(476.3)
|
(1.4%)
|
(8.0%)
|
Selling and marketing expenses/revenues
|
(16.9%)
|
(16.7%)
|
(16.0%)
|
0.9pp
|
0.7pp
|
EBITDA2
|
887.3
|
917.1
|
926.8
|
4.5%
|
1.1%
|
EBITDA Margin
|
31.1%
|
29.6%
|
31.1%
|
-
|
1.5pp
|
EBIT3
|
487.7
|
466.4
|
532.5
|
9.2%
|
14.2%
|
Net finance income / (expense)
|
(303.3)
|
(176.9)
|
(483.4)
|
59.4%
|
173.3%
|
Finance expense
|
(551.9)
|
(400.1)
|
(735.7)
|
33.3%
|
83.9%
|
Finance income
|
248.6
|
223.2
|
252.3
|
1.5%
|
13.0%
|
Share of profit of associates
|
73.6
|
(6.9)
|
94.8
|
28.8%
|
n.m.
|
Other income / (expense)
|
(3.5)
|
1.4
|
(53.0)
|
n.m.
|
n.m.
|
Monetary gains / (losses)
|
64.5
|
32.3
|
-
|
n.m.
|
n.m.
|
Non-controlling interests
|
200.7
|
128.9
|
284.4
|
41.7%
|
120.6%
|
Income tax expense
|
(160.2)
|
(187.3)
|
(234.2)
|
46.2%
|
25.0%
|
Net Income
|
359.5
|
257.9
|
141.1
|
(60.8%)
|
(45.3%)
|
|
·
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Consumer and Corporate revenues in total grew by 9.8% to TRY2,654 million (TRY2,417 million)
|
|
-
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Voice revenues declined by 3.5% to TRY1,432 million (TRY1,484 million)
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![]() |
First Quarter 2015 Results |
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-
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Data revenues grew by 46.2% to TRY826 million (TRY565 million) driven by the increased smartphone penetration, higher user number and rise in data consumption
|
|
-
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Services and solutions revenues declined by 1.2% to TRY278 million (TRY281 million) mainly due to the decrease in messaging revenues
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-
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Other revenues mainly comprising our retail and call center revenues grew by 36.3% to TRY118 million (TRY87 million)
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|
·
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Wholesale revenues climbed 1.7% to TRY71 million (TRY70 million)
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Million TRY
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Interconnect revenues
|
253.7
|
281.3
|
278.4
|
9.7%
|
(1.0%)
|
as a % of revenues
|
10.3%
|
10.2%
|
10.3%
|
-
|
0.1pp
|
Interconnect costs
|
(241.4)
|
(267.1)
|
(261.8)
|
8.5%
|
(2.0%)
|
as a % of revenues
|
(9.8%)
|
(9.6%)
|
(9.7%)
|
0.1pp
|
(0.1pp)
|
Million TRY
|
Q114
|
Q414
|
Q115
|
Turkcell Turkey
|
9.2
|
64.3
|
308.2
|
Turkcell International
|
(517.7)
|
(447.6)
|
(1,008.2)
|
Other Subsidiaries
|
(0.1)
|
0.3
|
1.7
|
Turkcell Group
|
(508.6)
|
(383.0)
|
(698.3)
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![]() |
First Quarter 2015 Results |
Million TRY
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Current Tax expense
|
(174.0)
|
(170.3)
|
(251.9)
|
44.8%
|
47.9%
|
Deferred Tax Income/expense
|
13.8
|
(17.0)
|
17.7
|
28.3%
|
(204.1%)
|
Income Tax expense
|
(160.2)
|
(187.3)
|
(234.2)
|
46.2%
|
25.0%
|
Net income impacts (million TRY)
|
Q114
|
Net income impacts (million TRY)
|
Q115
|
|
Net income excluding one-offs*
|
603
|
Net income excluding one-offs*
|
655
|
|
Translation loss
|
(509)
|
Translation loss
|
(698)
|
|
Minority share
|
209
|
Minority share
|
293
|
|
Income tax impact
|
(1)
|
Income tax impact
|
(62)
|
|
Monetary gain
|
64
|
Monetary gain
|
-
|
|
One off impacts
|
(7)
|
One off impacts
|
(47)
|
|
Net income reported
|
359
|
Net income reported
|
141
|
![]() |
First Quarter 2015 Results |
Consolidated Cash Flow (million TRY)
|
Q114
|
Q414
|
Q115
|
EBITDA1
|
887.3
|
917.1
|
926.8
|
LESS:
|
|||
Capex and License
|
(340.4)
|
(935.3)
|
(755.5)
|
Turkcell Turkey
|
(315.7)
|
(867.5)
|
(343.9)
|
Turkcell International2
|
(23.0)
|
(67.2)
|
(408.4)
|
Other Subsidiaries3
|
(1.7)
|
(0.6)
|
(3.2)
|
Net interest Income/ (expense)
|
205.4
|
206.1
|
214.9
|
Other
|
(995.9)
|
57.8
|
(1,290.6)
|
Net Change in Debt
|
103.8
|
94.2
|
46.3
|
Cash generated
|
(139.8)
|
339.9
|
(858.0)
|
Cash balance
|
7,989.1
|
9,031.9
|
8,173.8
|
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First Quarter 2015 Results |
Summary of Operational data
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Number of mobile subscribers (million)
|
34.8
|
34.6
|
34.3
|
(1.4%)
|
(0.9%)
|
Postpaid
|
14.1
|
15.2
|
15.5
|
9.9%
|
2.0%
|
Prepaid
|
20.7
|
19.4
|
18.7
|
(9.7%)
|
(3.6%)
|
Mobile ARPU (Average Monthly Revenue per User), blended (TRY)
|
21.0
|
23.0
|
22.7
|
8.1%
|
(1.3%)
|
Postpaid
|
36.3
|
38.0
|
36.9
|
1.7%
|
(2.9%)
|
Prepaid
|
10.8
|
11.6
|
11.3
|
4.6%
|
(2.6%)
|
Mobile ARPU (Average Monthly Revenue per User), blended (US$)
|
9.5
|
10.3
|
9.2
|
(3.2%)
|
(10.7%)
|
Postpaid
|
16.3
|
17.0
|
15.0
|
(8.0%)
|
(11.8%)
|
Prepaid
|
4.8
|
5.2
|
4.6
|
(4.2%)
|
(11.5%)
|
Mobile Churn (%)
|
7.8%
|
7.7%
|
7.7%
|
(0.1pp)
|
-
|
Mobile MOU (Average Monthly Minutes of usage per subs)blended
|
254.6
|
279.3
|
275.7
|
8.3%
|
(1.3%)
|
Number of Fixed subscriber (thousand)
|
942.1
|
1,191.3
|
1,271.6
|
35.0%
|
6.7%
|
Fiber
|
614.0
|
735.1
|
776.1
|
26.4%
|
5.6%
|
ADSL
|
328.1
|
456.2
|
495.5
|
51.0%
|
8.6%
|
Fixed Residential ARPU, blended (TRY)
|
47.2
|
48.1
|
47.1
|
(0.2%)
|
(2.1%)
|
![]() |
First Quarter 2015 Results |
Astelit*
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Number of subscribers (million)1
|
12.5
|
13.9
|
13.7
|
9.6%
|
(1.4%)
|
Active (3 months)2
|
9.3
|
10.3
|
10.3
|
10.8%
|
-
|
MoU (minutes) (12 months)
|
167.1
|
162.8
|
155.9
|
(6.7%)
|
(4.2%)
|
ARPU (Average Monthly Revenue per User), blended (US$)
|
2.6
|
1.8
|
1.2
|
(53.8%)
|
(33.3%)
|
Active (3 months) (US$)
|
3.6
|
2.4
|
1.7
|
(52.8%)
|
(29.2%)
|
Active (3 months) (UAH)
|
32.4
|
33.3
|
34.3
|
5.9%
|
3.0%
|
Revenue (million UAH)
|
899.5
|
1,046.7
|
1,059.0
|
17.7%
|
1.2%
|
Revenue (million TRY)
|
220.3
|
167.1
|
126.1
|
(42.8%)
|
(24.5%)
|
Revenue (million US$)
|
99.0
|
74.5
|
51.4
|
(48.1%)
|
(31.0%)
|
EBITDA (million UAH)
|
287.7
|
310.4
|
327.5
|
13.8%
|
5.5%
|
EBITDA (million TRY)
|
70.1
|
49.7
|
39.0
|
(44.4%)
|
(21.5%)
|
EBITDA (million US$)3
|
31.5
|
22.2
|
15.9
|
(49.5%)
|
(28.4%)
|
EBITDA margin (UAH)
|
32.0%
|
29.7%
|
30.9%
|
(1.1pp)
|
1.2pp
|
EBITA margin (TRY)
|
31.8%
|
29.7%
|
31.0%
|
(0.8pp)
|
1.3pp
|
EBITDA margin (US$)
|
31.9%
|
29.7%
|
31.0%
|
(0.9pp)
|
1.3pp
|
Net loss (million UAH)
|
(2,004.9)
|
(2,078.7)
|
(5,630.0)
|
180.8%
|
170.8%
|
Net loss (million TRY)
|
(478.1)
|
(323.2)
|
(675.2)
|
41.2%
|
108.9%
|
Net loss (million US$)
|
(213.1)
|
(145.0)
|
(279.0)
|
30.9%
|
92.4%
|
Capex (million UAH)
|
75.2
|
327.2
|
3,621.6
|
n.m.
|
n.m.
|
Capex (million TRY)
|
15.0
|
37.7
|
403.2
|
n.m.
|
969.5%
|
Capex (million US$)
|
6.9
|
15.8
|
154.5
|
n.m.
|
877.8%
|
![]() |
First Quarter 2015 Results |
BeST*
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Revenue (billion BYR)
|
175.6
|
198.3
|
176.6
|
0.6%
|
(10.9%)
|
Revenue (million TRY)
|
40.3
|
40.7
|
30.0
|
(25.6%)
|
(26.3%)
|
Revenue (million US$)
|
18.1
|
18.2
|
12.2
|
(32.6%)
|
(33.0%)
|
EBITDA (billion BYR)
|
4.1
|
(6.3)
|
0.4
|
(90.2%)
|
(106.3%)
|
EBITDA (million TRY)
|
0.9
|
(1.2)
|
0.1
|
(88.9%)
|
(108.3%)
|
EBITDA (million US$)3
|
0.4
|
(0.5)
|
0.0
|
(100.0%)
|
(100.0%)
|
EBITDA margin (BYR)
|
2.3%
|
(3.2%)
|
0.2%
|
(2.1pp)
|
3.4pp
|
EBITDA margin (TRY)
|
2.3%
|
(3.0%)
|
0.3%
|
(2.0pp)
|
3.3pp
|
EBITDA margin (US$)
|
2.4%
|
(3.0%)
|
0.0%
|
(2.4pp)
|
3.0pp
|
Net loss (billion BYR)
|
(348.3)
|
(941.3)
|
(2,163.5)
|
521.2%
|
129.8%
|
Net loss (million TRY)
|
(78.2)
|
(172.2)
|
(378.5)
|
384.0%
|
119.8%
|
Net loss (million US$)
|
(35.5)
|
(73.5)
|
(160.5)
|
352.1%
|
118.4%
|
Capex (billion BYR)
|
29.2
|
85.9
|
20.2
|
(30.8%)
|
(76.5%)
|
Capex (million TRY)
|
6.5
|
15.1
|
3.6
|
(44.6%)
|
(76.2%)
|
Capex (million US$)
|
3.0
|
6.4
|
1.4
|
(53.3%)
|
(78.1%)
|
![]() |
First Quarter 2015 Results |
Fintur*
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Subscribers (million) 1
|
17.9
|
18.2
|
17.8
|
(0.6%)
|
(2.2%)
|
Kazakhstan
|
11.2
|
11.2
|
10.8
|
(3.6%)
|
(3.6%)
|
Azerbaijan
|
4.0
|
4.2
|
4.2
|
5.0%
|
-
|
Moldova
|
0.9
|
0.9
|
0.9
|
-
|
-
|
Georgia
|
1.9
|
1.9
|
1.9
|
-
|
-
|
Revenue (million US$)
|
432
|
423
|
387
|
(10.4%)
|
(8.5%)
|
Kazakhstan
|
259
|
248
|
233
|
(10.0%)
|
(6.0%)
|
Azerbaijan
|
124
|
127
|
113
|
(8.9%)
|
(11.0%)
|
Moldova
|
17
|
17
|
15
|
(11.8%)
|
(11.8%)
|
Georgia
|
31
|
31
|
25
|
(19.4%)
|
(19.4%)
|
Fintur’s contribution to Group’s net income
|
33
|
(3)
|
38
|
15.2%
|
n.m.
|
Turkcell Group Mobile Subscribers* (million)
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
Turkcell
|
34.8
|
34.6
|
34.3
|
(1.4%)
|
(0.9%)
|
Ukraine
|
12.5
|
13.9
|
13.7
|
9.6%
|
(1.4%)
|
Fintur1
|
17.9
|
18.2
|
17.8
|
(0.6%)
|
(2.2%)
|
Northern Cyprus
|
0.4
|
0.4
|
0.4
|
-
|
-
|
Belarus
|
1.3
|
1.4
|
1.4
|
7.7%
|
-
|
Turkcell Europe2
|
0.4
|
0.4
|
0.3
|
(25.0%)
|
(25.0%)
|
TURKCELL GROUP
|
67.3
|
68.9
|
67.9
|
0.9%
|
(1.5%)
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
|
US$ / TRY rate
|
|||||
Closing Rate
|
2.1898
|
2.3189
|
2.6102
|
19.2%
|
12.6%
|
Average Rate
|
2.2253
|
2.2421
|
2.4633
|
10.7%
|
9.9%
|
Consumer Price Index (Turkey)
|
3.6%
|
1.6%
|
3.0%
|
(0.6pp)
|
1.4pp
|
GDP Growth (Turkey)
|
4.8%
|
2.4%
|
n.a.
|
n.a.
|
n.a.
|
US$ / UAH rate
|
|||||
Closing Rate
|
10.95
|
15.77
|
23.44
|
114.1%
|
48.6%
|
Average Rate
|
9.15
|
14.09
|
21.18
|
131.5%
|
50.3%
|
US$ / BYR rate
|
|||||
Closing Rate
|
9,870
|
11,850
|
14,740
|
49.3%
|
24.4%
|
Average Rate
|
9,697
|
10,912
|
14,528
|
49.8%
|
33.1%
|
![]() |
First Quarter 2015 Results |
Turkcell Group (million US$)
|
Q114
|
Q414
|
Q115
|
y/y %
|
q/q %
|
EBITDA
|
399.2
|
409.1
|
376.6
|
(5.7%)
|
(7.9%)
|
Income tax expense
|
(72.1)
|
(83.5)
|
(95.2)
|
32.0%
|
14.0%
|
Other operating income / (expense)
|
(2.1)
|
(1.3)
|
(3.4)
|
61.9%
|
161.5%
|
Financial income / (expense)
|
(16.2)
|
3.9
|
3.7
|
(122.8%)
|
(5.1%)
|
Net increase / (decrease) in assets and liabilities
|
(386.7)
|
14.9
|
(571.5)
|
47.8%
|
n.m.
|
Net cash from operating activities
|
(77.9)
|
343.1
|
(289.8)
|
272.0%
|
(184.5%)
|
![]() |
First Quarter 2015 Results |
Investor Relations
Tel: + 90 212 313 1888
investor.relations@turkcell.com.tr
|
Corporate Communications:
Tel: + 90 212 313 2321
Turkcell-Kurumsal-Iletisim@turkcell.com.tr
|
![]() |
First Quarter 2015 Results |
TRY Million |
REVENUE BREAKDOWN – OLD REPORTING
|
|||||||
SUPERONLINE
|
TURKCELL TURKEY
|
OTHER | ||||||
Q115
|
Fixed
Broadband |
Voice
|
Mobile
Broadband |
Messaging
|
Mobile
Services |
SUBS
|
REPORTED
|
|
REVENUE |
CONSUMER &
CORPORATE |
2,654
|
||||||
BREAKDOWN |
Voice
|
0
|
1,432
|
-
|
-
|
-
|
-
|
1,432
|
- NEW |
Data
|
220
|
-
|
606
|
-
|
-
|
-
|
826
|
REPORTING |
Services & Solutions
|
13
|
-
|
-
|
136
|
124
|
5
|
278
|
Other
|
11
|
26
|
-
|
-
|
-
|
82
|
118
|
|
WHOLESALE
|
38
|
26
|
-
|
-
|
-
|
7
|
71
|
|
OTHER
|
68
|
1
|
-
|
-
|
-
|
(83)
|
(14)
|
|
349
|
1,485
|
606
|
136
|
124
|
12
|
2,711
|
|
·
|
The revenue breakdown of “consumer and corporate” mainly comprise of the following:
|
|
o
|
Voice: Outgoing, incoming and roaming revenues of our mobile subscribers.
|
|
o
|
Data: mobile broadband, fixed broadband and fixed voice over IP services revenues, datacenter, cloud, hosting and satellite revenues.
|
|
o
|
Services: mobile services, fixed services, and SMS revenues
|
|
o
|
Other: call center revenues, sales through flagship retail stores and equipment, support and installations, simcard revenues and monthly fees.
|
|
·
|
Wholesale revenues include mainly our carrier business, visitor roaming, mobile international incoming revenues.
|
|
·
|
Other include consolidation eliminations.
|
![]() |
First Quarter 2015 Results |
TRY MILLION
|
|||
Q1 2013
|
Q1 2014
|
Q1 2015
|
|
TURKCELL GROUP
|
2,688
|
2,855
|
2,978
|
TURKCELL TURKEY1
|
2,394
|
2,475
|
2,711
|
CONSUMER
|
1,915
|
1,930
|
2,122
|
CORPORATE
|
439
|
487
|
532
|
WHOLESALE
|
50
|
70
|
71
|
TURKCELL INTERNATIONAL
|
245
|
311
|
193
|
OTHER SUBSIDIARIES2
|
50
|
70
|
75
|
TURKCELL ILETISIM HIZMETLERI A.S.
TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY Million)
|
||||||||||||||||
Quarter Ended
|
Quarter Ended
|
Year Ended
|
Quarter Ended
|
|||||||||||||
March 31,
|
December 31,
|
December 31,
|
March 31,
|
|||||||||||||
2014
|
2014
|
2014
|
2015
|
|||||||||||||
Consolidated Statement of Operations Data
|
||||||||||||||||
Revenues
|
||||||||||||||||
Turkcell Turkey
|
2,474.6 | 2,770.5 | 10,636.9 | 2,710.5 | ||||||||||||
Consumer
|
1,930.3 | 2,170.2 | 8,298.5 | 2,122.1 | ||||||||||||
Corporate
|
486.6 | 551.9 | 2,073.3 | 531.7 | ||||||||||||
Other
|
57.7 | 48.4 | 265.1 | 56.7 | ||||||||||||
Turkcell International
|
311.0 | 254.3 | 1,137.9 | 192.9 | ||||||||||||
Other
|
69.6 | 78.4 | 268.8 | 74.8 | ||||||||||||
Total revenues
|
2,855.2 | 3,103.2 | 12,043.6 | 2,978.2 | ||||||||||||
Direct cost of revenues
|
(1,740.9 | ) | (1,972.2 | ) | (7,380.8 | ) | (1,828.0 | ) | ||||||||
Gross profit
|
1,114.3 | 1,131.0 | 4,662.8 | 1,150.2 | ||||||||||||
Administrative expenses
|
(142.1 | ) | (146.8 | ) | (562.7 | ) | (140.8 | ) | ||||||||
Selling & marketing expenses
|
(483.1 | ) | (517.8 | ) | (1,974.6 | ) | (476.3 | ) | ||||||||
Other Operating Income / (Expense)
|
255.9 | 269.4 | 1,053.6 | 569.9 | ||||||||||||
Operating profit before financing and investing costs
|
745.0 | 735.8 | 3,179.1 | 1,103.0 | ||||||||||||
Income from investing activities
|
4.9 | 5.4 | 20.0 | 3.6 | ||||||||||||
Expense from investing activities
|
(10.8 | ) | 9.3 | (16.8 | ) | (22.4 | ) | |||||||||
Share of profit of equity accounted investees
|
73.6 | (6.9 | ) | 207.3 | 94.8 | |||||||||||
Income before financing costs
|
812.7 | 743.6 | 3,389.6 | 1,179.0 | ||||||||||||
Finance expense
|
(556.7 | ) | (459.8 | ) | (1,424.9 | ) | (1,087.5 | ) | ||||||||
Monetary gain/(loss)
|
64.5 | 32.3 | 205.1 | - | ||||||||||||
Income before tax and non-controlling interest
|
320.5 | 316.1 | 2,169.8 | 91.5 | ||||||||||||
Income tax expense
|
(160.6 | ) | (187.1 | ) | (731.1 | ) | (234.3 | ) | ||||||||
Income before non-controlling interest
|
159.9 | 129.0 | 1,438.7 | (142.8 | ) | |||||||||||
Non-controlling interest
|
200.7 | 128.9 | 428.2 | 284.4 | ||||||||||||
Net income
|
360.6 | 257.9 | 1,866.9 | 141.6 | ||||||||||||
Net income per share
|
0.16 | 0.12 | 0.85 | 0.06 | ||||||||||||
Other Financial Data
|
||||||||||||||||
Gross margin
|
39.0 | % | 36.4 | % | 38.7 | % | 38.6 | % | ||||||||
EBITDA(*)
|
887.3 | 917.1 | 3,761.8 | 926.8 | ||||||||||||
Capital expenditures
|
340.4 | 935.3 | 2,144.8 | 755.5 | ||||||||||||
Consolidated Balance Sheet Data (at period end)
|
||||||||||||||||
Cash and cash equivalents
|
7,989.1 | 9,031.9 | 9,031.9 | 8,173.8 | ||||||||||||
Total assets
|
21,480.5 | 23,668.3 | 23,668.3 | 23,952.5 | ||||||||||||
Long term debt
|
1,363.5 | 1,247.9 | 1,247.9 | 549.7 | ||||||||||||
Total debt
|
3,515.5 | 3,697.7 | 3,697.7 | 4,127.3 | ||||||||||||
Total liabilities
|
6,478.1 | 6,979.5 | 6,979.5 | 11,046.5 | ||||||||||||
Total shareholders’ equity / Net Assets
|
15,002.4 | 16,688.8 | 16,688.8 | 12,906.0 |
TURKCELL ILETISIM HIZMETLERI A.S.
IFRS SELECTED FINANCIALS (TRY Million)
|
||||||||||||||||
Quarter Ended
|
Quarter Ended
|
Year Ended
|
Quarter Ended
|
|||||||||||||
March 31,
|
December 31,
|
December 31,
|
March 31,
|
|||||||||||||
2014
|
2014
|
2014
|
2015
|
|||||||||||||
Consolidated Statement of Operations Data
|
||||||||||||||||
Revenues
|
||||||||||||||||
Turkcell Turkey
|
2,474.6 | 2,770.5 | 10,636.9 | 2,710.5 | ||||||||||||
Consumer
|
1,930.3 | 2,170.2 | 8,298.5 | 2,122.1 | ||||||||||||
Corporate
|
486.6 | 551.9 | 2,073.3 | 531.7 | ||||||||||||
Other
|
57.7 | 48.4 | 265.1 | 56.7 | ||||||||||||
Turkcell International
|
311.0 | 254.3 | 1,137.9 | 192.9 | ||||||||||||
Other
|
69.6 | 78.4 | 268.8 | 74.8 | ||||||||||||
Total revenues
|
2,855.2 | 3,103.2 | 12,043.6 | 2,978.2 | ||||||||||||
Direct cost of revenues
|
(1,742.3 | ) | (1,972.2 | ) | (7,383.9 | ) | (1,828.6 | ) | ||||||||
Gross profit
|
1,112.9 | 1,131.0 | 4,659.7 | 1,149.6 | ||||||||||||
Administrative expenses
|
(142.1 | ) | (146.8 | ) | (562.7 | ) | (140.8 | ) | ||||||||
Selling & marketing expenses
|
(483.1 | ) | (517.8 | ) | (1,974.6 | ) | (476.3 | ) | ||||||||
Other Operating Income / (Expense)
|
(3.5 | ) | 1.4 | (76.3 | ) | (53.0 | ) | |||||||||
Operating profit before financing costs
|
484.2 | 467.8 | 2,046.1 | 479.5 | ||||||||||||
Finance costs
|
(551.9 | ) | (400.1 | ) | (1,247.0 | ) | (735.7 | ) | ||||||||
Finance income
|
248.6 | 223.2 | 955.4 | 252.3 | ||||||||||||
Monetary gain/(loss)
|
64.5 | 32.3 | 205.1 | - | ||||||||||||
Share of profit of equity accounted investees
|
73.6 | (6.9 | ) | 207.3 | 94.8 | |||||||||||
Income before taxes and minority interest
|
319.0 | 316.3 | 2,166.9 | 90.9 | ||||||||||||
Income tax expense
|
(160.2 | ) | (187.3 | ) | (730.4 | ) | (234.2 | ) | ||||||||
Income before minority interest
|
158.8 | 129.0 | 1,436.5 | (143.3 | ) | |||||||||||
Non-controlling interests
|
200.7 | 128.9 | 428.2 | 284.4 | ||||||||||||
Net income
|
359.5 | 257.9 | 1,864.7 | 141.1 | ||||||||||||
Net income per share
|
0.16 | 0.12 | 0.85 | 0.06 | ||||||||||||
Other Financial Data
|
||||||||||||||||
Gross margin
|
39.0 | % | 36.4 | % | 38.7 | % | 38.6 | % | ||||||||
EBITDA(*)
|
887.3 | 917.1 | 3,761.8 | 926.8 | ||||||||||||
Capital expenditures
|
340.4 | 935.3 | 2,144.8 | 755.5 | ||||||||||||
Consolidated Balance Sheet Data (at period end)
|
||||||||||||||||
Cash and cash equivalents
|
7,989.1 | 9,031.9 | 9,031.9 | 8,173.8 | ||||||||||||
Total assets
|
21,508.1 | 23,694.2 | 23,694.2 | 23,977.7 | ||||||||||||
Long term debt
|
1,363.5 | 1,247.9 | 1,247.9 | 549.7 | ||||||||||||
Total debt
|
3,515.5 | 3,697.7 | 3,697.7 | 4,127.3 | ||||||||||||
Total liabilities
|
6,482.4 | 6,983.6 | 6,983.6 | 11,050.4 | ||||||||||||
Total shareholders’ equity / Net Assets
|
15,025.6 | 16,710.6 | 16,710.6 | 12,927.3 |
TURKCELL ILETISIM HIZMETLERI A.S.
IFRS SELECTED FINANCIALS (US$ MILLION)
|
||||||||||||||||
Quarter Ended
|
Quarter Ended
|
Year Ended
|
Quarter Ended
|
|||||||||||||
March 31,
|
December 31,
|
December 31,
|
March 31,
|
|||||||||||||
2014
|
2014
|
2014
|
2015
|
|||||||||||||
Consolidated Statement of Operations Data
|
||||||||||||||||
Revenues
|
||||||||||||||||
Turkcell Turkey
|
1,112.6 | 1,235.6 | 4,872.9 | 1,101.2 | ||||||||||||
Consumer
|
867.9 | 967.8 | 3,801.5 | 862.1 | ||||||||||||
Corporate
|
218.8 | 246.2 | 949.5 | 216.0 | ||||||||||||
Other
|
25.9 | 21.6 | 121.9 | 23.1 | ||||||||||||
Turkcell International
|
140.1 | 113.0 | 519.9 | 78.4 | ||||||||||||
Other
|
31.3 | 34.0 | 120.1 | 30.3 | ||||||||||||
Total revenues
|
1,284.0 | 1,382.6 | 5,512.9 | 1,209.9 | ||||||||||||
Direct cost of revenues
|
(783.6 | ) | (877.6 | ) | (3,375.5 | ) | (743.0 | ) | ||||||||
Gross profit
|
500.4 | 505.0 | 2,137.4 | 466.9 | ||||||||||||
Administrative expenses
|
(63.9 | ) | (65.2 | ) | (256.8 | ) | (57.2 | ) | ||||||||
Selling & marketing expenses
|
(217.1 | ) | (230.7 | ) | (903.1 | ) | (193.3 | ) | ||||||||
Other Operating Income / (Expense)
|
(1.5 | ) | 0.6 | (35.5 | ) | (21.1 | ) | |||||||||
Operating profit before financing costs
|
217.9 | 209.7 | 942.0 | 195.3 | ||||||||||||
Finance expense
|
(246.6 | ) | (175.4 | ) | (559.3 | ) | (310.4 | ) | ||||||||
Finance income
|
111.7 | 98.9 | 437.5 | 102.6 | ||||||||||||
Monetary gain/(loss)
|
29.5 | 12.6 | 88.4 | - | ||||||||||||
Share of profit of equity accounted investees
|
33.1 | (2.7 | ) | 96.6 | 38.2 | |||||||||||
Income before taxes and minority interest
|
145.6 | 143.1 | 1,005.2 | 25.7 | ||||||||||||
Income tax expense
|
(72.1 | ) | (83.5 | ) | (334.6 | ) | (95.2 | ) | ||||||||
Income before minority interest
|
73.5 | 59.6 | 670.6 | (69.5 | ) | |||||||||||
Minority interest
|
89.4 | 57.9 | 194.3 | 117.6 | ||||||||||||
Net income
|
162.9 | 117.5 | 864.9 | 48.1 | ||||||||||||
Net income per share
|
0.07 | 0.05 | 0.39 | 0.02 | ||||||||||||
Other Financial Data
|
||||||||||||||||
Gross margin
|
39.0 | % | 36.5 | % | 38.8 | % | 38.6 | % | ||||||||
EBITDA(*)
|
399.2 | 409.1 | 1,725.2 | 376.6 | ||||||||||||
Capital expenditures
|
155.4 | 394.2 | 924.9 | 289.4 | ||||||||||||
Consolidated Balance Sheet Data (at period end)
|
||||||||||||||||
Cash and cash equivalents
|
3,648.3 | 3,894.9 | 3,894.9 | 3,131.5 | ||||||||||||
Total assets
|
9,821.9 | 10,217.9 | 10,217.9 | 9,186.2 | ||||||||||||
Long term debt
|
622.7 | 538.1 | 538.1 | 210.6 | ||||||||||||
Total debt
|
1,605.4 | 1,594.6 | 1,594.6 | 1,581.2 | ||||||||||||
Total liabilities
|
2,960.3 | 3,011.6 | 3,011.6 | 4,233.5 | ||||||||||||
Total equity
|
6,861.6 | 7,206.3 | 7,206.3 | 4,952.6 |
* Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 11
|
** For further details, please refer to our consolidated financial statements and notes as at 31 March 2015 on our web site.
|
TURKCELL ILETISIM HIZMETLERI AS AND ITS SUBSIDIARIES |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
As at 31 March 2015 |
(Amounts expressed in thousands of US Dollars unless otherwise indicated except share amounts) |
Note
|
31 March
2015 |
31 December
2014 |
||||||||||
Assets
|
||||||||||||
Property, plant and equipment
|
9 | 2,219,558 | 2,541,547 | |||||||||
Intangible assets
|
10 | 1,056,145 | 1,055,411 | |||||||||
GSM and other telecommunication operating licenses
|
512,352 | 432,140 | ||||||||||
Computer software
|
504,270 | 576,482 | ||||||||||
Other intangible assets
|
39,523 | 46,789 | ||||||||||
Investment property
|
5,082 | 5,778 | ||||||||||
Investments in equity accounted investees
|
11 | 231,736 | 287,869 | |||||||||
Other non-current assets
|
219,431 | 226,651 | ||||||||||
Trade receivables
|
311,237 | 336,334 | ||||||||||
Deferred tax assets
|
23,464 | 25,475 | ||||||||||
Total non-current assets
|
4,066,653 | 4,479,065 | ||||||||||
Inventories
|
27,078 | 30,757 | ||||||||||
Other investments
|
2,578 | 8,344 | ||||||||||
Due from related parties
|
21 | 11,321 | 5,579 | |||||||||
Trade receivables and accrued income
|
12 | 1,470,766 | 1,510,421 | |||||||||
Other current assets
|
13 | 476,273 | 288,803 | |||||||||
Cash and cash equivalents
|
14 | 3,131,497 | 3,894,898 | |||||||||
Total current assets
|
5,119,513 | 5,738,802 | ||||||||||
Total assets
|
9,186,166 | 10,217,867 | ||||||||||
Equity
|
||||||||||||
Share capital
|
1,636,204 | 1,636,204 | ||||||||||
Share premium
|
434 | 434 | ||||||||||
Capital contributions
|
22,772 | 22,772 | ||||||||||
Reserves
|
(4,181,606 | ) | (3,586,074 | ) | ||||||||
Retained earnings
|
7,677,803 | 9,298,013 | ||||||||||
Total equity attributable to equity holders of
Turkcell Iletisim Hizmetleri AS
|
5,155,607 | 7,371,349 | ||||||||||
Non-controlling interests
|
(202,982 | ) | (165,068 | ) | ||||||||
Total equity
|
4,952,625 | 7,206,281 | ||||||||||
Liabilities
|
||||||||||||
Loans and borrowings
|
17 | 210,606 | 538,128 | |||||||||
Employee benefits
|
39,413 | 41,519 | ||||||||||
Provisions
|
106,431 | 120,051 | ||||||||||
Other non-current liabilities
|
132,310 | 133,490 | ||||||||||
Deferred tax liabilities
|
12,449 | 26,009 | ||||||||||
Total non-current liabilities
|
501,209 | 859,197 | ||||||||||
Loans and borrowings
|
17 | 1,370,729 | 1,056,808 | |||||||||
Income taxes payable
|
91,547 | 66,749 | ||||||||||
Trade and other payables
|
767,930 | 891,424 | ||||||||||
Due to related parties
|
21 | 1,407,432 | 10,624 | |||||||||
Deferred income
|
58,892 | 70,906 | ||||||||||
Provisions
|
35,802 | 55,878 | ||||||||||
Total current liabilities
|
3,732,332 | 2,152,389 | ||||||||||
Total liabilities
|
4,233,541 | 3,011,586 | ||||||||||
Total equity and liabilities
|
9,186,166 | 10,217,867 |
TURKCELL ILETISIM HIZMETLERI AS AND ITS SUBSIDIARIES |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS
|
For the three months ended 31 March 2015
|
(Amounts expressed in thousands of US Dollars unless otherwise indicated except share amounts)
|
Three months ended 31 March | ||||||||||||
Note
|
2015
|
2014
|
||||||||||
Revenue
|
1,209,909 | 1,284,021 | ||||||||||
Direct costs of revenue
|
(743,035 | ) | (783,556 | ) | ||||||||
Gross profit
|
466,874 | 500,465 | ||||||||||
Other income
|
6,952 | 3,891 | ||||||||||
Selling and marketing expenses
|
(193,293 | ) | (217,083 | ) | ||||||||
Administrative expenses
|
(57,232 | ) | (63,910 | ) | ||||||||
Other expenses
|
(27,983 | ) | (5,491 | ) | ||||||||
Results from operating activities
|
195,318 | 217,872 | ||||||||||
Finance income
|
7 | 102,563 | 111,714 | |||||||||
Finance expense
|
7 | (310,446 | ) | (246,551 | ) | |||||||
Net finance income / (expense)
|
(207,883 | ) | (134,837 | ) | ||||||||
Monetary gain
|
- | 29,447 | ||||||||||
Share of profit of equity accounted investees
|
38,254 | 33,119 | ||||||||||
Profit before income tax
|
25,689 | 145,601 | ||||||||||
Income tax expense
|
8 | (95,230 | ) | (72,156 | ) | |||||||
(Loss) / Profit for the period
|
(69,541 | ) | 73,445 | |||||||||
Profit / (loss) attributable to:
|
||||||||||||
Owners of Turkcell Iletisim Hizmetleri AS
|
48,081 | 162,853 | ||||||||||
Non-controlling interest
|
(117,622 | ) | (89,408 | ) | ||||||||
(Loss) / Profit for the period
|
(69,541 | ) | 73,445 | |||||||||
Basic and diluted earnings per share
|
16 | 0.02 | 0.07 | |||||||||
(in full USD)
|