“Guidance Upgrade on Accelerating
Performance”
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 four reporting segments:
- "Turkcell Turkey," which comprises our telecom, digital
services and digital business services 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 the context otherwise
requires.
- “Turkcell International” which comprises all of our telecom and
digital services related businesses outside of Turkey.
- “Techfin” which comprises all of our financial services
businesses.
- “Other” which mainly comprises our non-group call center and
energy businesses, retail channel operations, smart devices
management and consumer electronics sales through digital channels
and intersegment 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 June 30, 2022, refer to the
same item as at June 30, 2021. For further details, please refer to
our consolidated financial statements and notes as at and for June
30, 2022, 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 second quarter and half year of 2021 and 2022 is based on
Turkish Accounting Standards (TAS) / Turkish Financial Reporting
Standards (TFRS) 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.
NOTICE
We are publishing financial statements as of June 30, 2022
prepared in accordance with Turkish Accounting Standards/Turkish
Financial Reporting Standards (“TAS”/“TFRS”) only. These standards
are issued by the Public Oversight Accounting and Auditing
Standards Authority (“POA”) and are in full compliance with
IAS/IFRS Standards. In an announcement published by the POA on
January 20, 2022, it is stated that TAS 29 “Financial Reporting in
Hyperinflationary Economies” does not apply to TFRS financial
statements as of December 31, 2021. Since then and as of the
preparation date of our latest consolidated financial statements,
no new statement has been made by the POA about TAS 29 application.
Consequently, no TAS 29 adjustment was made to our consolidated
financial statements.
Financial statements prepared in accordance with IFRS should
apply IAS 29 “Financial Reporting in Hyperinflationary Economies”
as of June 30, 2022. In this context, financial statements prepared
in accordance with IFRS and TFRS would have significant differences
and would not be comparable as of June 30, 2022. We intend to
publish IFRS financial statements, compliant with IAS 29 to the
extent that it remains applicable, as of the year ending December
31, 2022.
Although we have not prepared a detailed comparison of
differences between IFRS (unadjusted according to IAS 29) and TFRS,
we have noted in our past financial statements that the most
significant differences have appeared in the lines Other Operating
Income/Expense, Finance Income/Expense, and Investment Activity
Income/ Expense. In the past, revenue, net income and EBITDA have
generally not differed. While no assurance can be given that this
will be the case for Q2 2022, we are not at present aware of
changes that would cause other significant differences, other than
those resulting from the application of IAS 29.
FINANCIAL HIGHLIGHTS
TRY million
Q221
Q222
y/y%
H121
H122
y/y%
Revenue
8,548
12,477
46.0%
16,375
23,172
41.5%
EBITDA1
3,466
5,030
45.1%
6,772
9,332
37.8%
EBITDA Margin (%)
40.5%
40.3%
(0.2pp)
41.4%
40.3%
(1.1pp)
EBIT2
1,723
2,550
48.0%
3,374
4,767
41.3%
EBIT Margin (%)
20.2%
20.4%
0.2pp
20.6%
20.6%
-
Net Income
1,113
1,858
67.0%
2,217
2,661
20.0%
SECOND QUARTER HIGHLIGHTS
- Strong financial performance maintained:
- Group revenues up 46.0% mainly on the accelerated ARPU and
strong subscriber net add performance of Turkcell Turkey, as well
as the contribution of international operations and techfin
business
- EBITDA up 45.1% year-on-year leading to an EBITDA margin of
40.3%; EBIT up 48.0% year-on-year driving an EBIT margin of
20.4%
- Net income up 67.0% year-on-year
- Net leverage3 level at 1.2x; short FX position of US$149
million
- Robust operational momentum:
- Turkcell Turkey subscriber base up by 579 thousand quarterly
net additions; 1.2 million net additions in the first half of
2022
- 437 thousand quarterly mobile postpaid net additions; postpaid
subscribers share at 67.0%
- 45 thousand quarterly prepaid subscriber net additions
- 38 thousand quarterly fixed subscriber net additions; 55
thousand quarterly fiber net additions
- 284 thousand new fiber homepasses in Q222
- Robust mobile ARPU4 growth of 32.9%; fixed residential fiber
ARPU growth of 23.4%
- Data usage of 4.5G users at 15.4 GB in Q222; smartphone
penetration at 87%
- Digital channels’ share5 in sales at 22%
- We revise our 2022 guidance6. Accordingly, we now target
revenue growth above 40% and EBITDA of ~TRY20 billion. We maintain
our operational capex over sales ratio7 guidance at 20%-21%.
(1) EBITDA is a non-GAAP financial measure. See page 17 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) Starting from Q421, we have revised the definition of
our net debt calculation to include "financial assets” reported
under current and non-current assets. We believe that these assets
are highly liquid and can be easily converted to cash without
significant change in value. (4) Excluding M2M (5) Share of all
sales from digital channels (including voice, data, services &
smart devices) in Turkcell Turkey consumer sales (excluding fixed
business) and equipment related revenues in other segment. (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 2021 filed with
U.S. Securities and Exchange Commission, and in particular, the
risk factor section therein. (6) 2022 guidance figures are based on
TFRS, and do not include the effects of a likely adoption of
inflationary accounting in accordance with IAS 29. (7) Excluding
license fee For further details, please refer to our consolidated
financial statements and notes as at June 30, 2022 via our website
in the investor relations section (www.turkcell.com.tr).
COMMENTS BY CEO, MURAT ERKAN
Accelerating growth thanks to subscriber base expansion and
price adjustments
In the second quarter of the year, while inflation remained at
the forefront of the global conjuncture, the tightening policies of
the central banks and the increasing risk of recession stood out.
Additionally, the markets closely followed the global effects of
the Russia-Ukraine war, the grain crisis, and oil, energy and
commodity prices. Reaching 80% level in Turkey, inflation triggered
the second increase in the minimum wage in a year, whereby a rise
in general personnel costs has been observed. Being directly
related to foreign exchange rates, energy prices have also risen.
Duly, companies have had to reflect the rise in their cost base to
their prices.
On the other hand, although the COVID-19 cases, still on agenda,
were low at the beginning of the quarter, they started to rise
again with the new variants and increased mobility at the beginning
of the summer. Nevertheless, we see that the mobility in the
tourism sector in Turkey is quite strong compared to the pandemic
period, in the absence of international travel restrictions.
It has been a tough and uncertain period in which challenging
macroeconomic conditions shaped global and local markets, global
trade slowed down and the Turkish Lira depreciated against foreign
currencies. And yet we have managed our operations effectively and
growth accelerated thanks to our diversified business strategy and
proactive risk management. While our consolidated revenues
increased by 46.0% year-on-year to TRY12.5 billion, EBITDA1 reached
TRY5.0 billion with an increase of 45.1% thanks to timely price
adjustments and focused cost management. In addition to operational
profitability, with the contribution of our successful risk
management, net profit increased by 67.0% year-on-year to TRY1.9
billion. Despite the depreciation in the exchange rate, thanks to
the investments that we made at the right time and with the right
plan, we managed to keep capital expenditures under control. The
operational capex (excluding license fees) to sales ratio over the
past 12 months was 18.6%.
Thanks to our customer-centricity, strong brand perception that
surpasses our competitors, superior service quality and the value
propositions that we offer, we have gained 579 thousand subscribers
in this quarter, totaling to a net of 1.2 million in the first half
of the year. With increasing mobility and tourist visits in the
post-pandemic period, we have recorded 482 thousand net mobile
additions, with 437 thousand being postpaid, whereby total mobile
subscribers reached 36.6 million. While the decline in the MNP
market also continued with the prevailing rationalization in the
market, we managed to keep our subscriber churn rate at a healthy
level of 1.8% on a monthly basis, thanks to the value propositions
that we offer to meet our customers' needs and our effective
analytical approach. Thanks to our expanding postpaid subscriber
base and sustained price adjustments, mobile blended ARPU
(excluding M2M) continued to accelerate, increasing by 16.2%
quarterly and 32.9% yearly.
Even though customer demand on the fixed side eased in the
post-pandemic period, we continued to expand our real fiber product
at full speed with a focus on superior customer experience and
speed. Accordingly, we delivered our fiber service to 284 thousand
new fiber homepasses in the second quarter of the year, and
improving quarterly, had 55 thousand net fiber subscriber
additions. The subscriber base of IPTV, which offers our customers
great entertainment with its rich content, playing an active role
in customer retention, reached 1.2 million with an increase of 60
thousand in this quarter. Again, in this period, while leading the
sector by offering fiber internet packages with 1000 Mbps speed
with an increasing focus, we have also taken a big step in the
widespread use and experience of high-speed fiber internet.
We continue to grow with our strategic focus areas
The stand-alone revenues of our digital services, the first of
the three main strategic focus areas, increased by 23% year-on-year
in this quarter, and its stand-alone paid subscribers increased by
1.1 million to 4.5 million. BiP, which has 23.4 million users2,
signed a new cooperation with Trendyol, Turkey's leading e-commerce
platform, in July. Accordingly, Trendyol started to communicate
with its business partners through the Closed Group Communication
Channels of BiP. TV+, which increased its OTT TV subscriber base by
24%, stood out from its competitors with its rich content and
effective price positioning, while Lifebox, over which we provide
cloud-based storage service, continued its strong performance and
increased the stand-alone paid user base by 51% year-on-year. Our
digital business services, developed by Turkish engineers, are also
appreciated by our corporate customers. In July we launched the
"İşte Suit" package, which includes Lifebox Business, BiP Meet and
YaaniMail services, for corporate users keen to keep their data in
Turkey and in accordance with the personal data protection law.
The revenues of Turkcell Digital Business Services, which is the
pioneer in digital transformation, increased by 85% year-on-year to
TRY1.1 billion. While we signed 840 new projects this quarter, we
have a TRY1.7 billion backlog, which will turn into revenue beyond
the second quarter of 2022.
In order to meet the high demand for data center and cloud
storage services, we increased the capacity of the Gebze data
center and opened a new area of 1,000 square meters. Data center,
cloud, cyber security and business applications verticals, which
serve the digital transformation of our corporate customers,
doubled their revenues in this quarter.
We diversify our portfolio by making new initiatives in techfin,
which we serve with our Financell and Paycell brands, and we
continue to provide innovative solutions with our technology that
meet the needs of our customers. This quarter, by leveraging our
experience in the insurance agency business, we established the
Turkcell Digital Insurance company, where we aim to serve our
customers with data-driven products and a focus on the digital
experience. Moreover, we have applied to the regulator to
incorporate a digital banking company, which will complement our
existing services.
In the second quarter, financial payments platform Paycell’s
revenues increased by 77.5% year-on-year to TRY199 million, where
EBITDA rose 79.6% to TRY89 million. Paycell users2 reached 7
million as of the end of the quarter, and its transaction volume
through all services nearly tripled year-on-year to TRY8 billion.
The users2 of 'Pay Later', which allows customers to reflect their
spending on their Turkcell invoices, increased by 1.2 million
year-on-year to 4.5 million. We continued to see great traction of
our virtual and Android POS products that are offered for the needs
of SMEs, even exceeding our expectations. The transaction volume of
total POS solutions reached TRY2.9 billion with a quarterly
increase of 39% thanks to Android POS devices reaching almost 12
thousand and the use of virtual POS with the new cooperation with
e-commerce companies. Paycell, strengthens its position in the
market day-by-day by offering new services. Through the platform,
Paycell enables customers to trade in precious metals such as gold,
silver and platinum, and through cooperation arrangements, offers
consumer loans with Financell and personal loans of up to TRY50
thousand from Fibabanka.
We clarify our sustainability goals
As Turkcell, we took important steps in environmental, social
and governance issues in the first half of the year in line with
our goal of creating sustainable value. Reducing our Company's
resource consumption and greenhouse gas emissions are our key
environmental focus areas.
In this sense, we made our application to the Science Based
Target Initiative (SBTi) by determining our Science Based Targets
in order to undertake our role in complying with the terms of the
Paris Agreement, which was also ratified by Turkey. In line with
Science Based Targets; in Scope 1, we aim to reduce our fossil fuel
consumption by 51.5% by 2030, while in Scope 2, we aim to provide
100% of our electricity consumption from renewable sources by 2030.
And in Scope 3, we aim to reduce the emissions of products we buy
and sell by 25% by 2030. With our ‘Recycle into Education’ project,
we have collected 4 tons of e-waste since the beginning of the year
and ensured the efficient use of resources by recycling. We have
also made 55.72 GWh of savings with several energy-efficiency
projects as of the first half of 2022.
On the social sustainability side, aside from our responsibility
to the wider society, we are now in a period where we prioritize
our employees. We launched the 'T.Life' application to support the
employee experience with entertaining and comprehensive content.
For every 30,000 steps they take with the 'Step into the Future',
our employees donate a sapling to the Turkcell Forest, which we
intend to plant on August 30, the national Victory Day. We are
taking important steps to support women-led initiatives in order to
empower women in business life and to increase the employment of
‘women engineers' in Turkey. Accordingly, we supported 5 innovative
ideas that emerged at the Women Developers of the Future Climathon
in February. In addition, we are making progress in line with the
targets we have set to increase the number of women employees and
women managers in our Company.
On the governance side, we implemented the Board Diversity
Policy in the first half of 2022. In addition, the sustainability
transformation in the supply chain was initiated in the second half
of the year, and our sustainability training was also assigned to
Turkcell store employees and to our suppliers.
In March, we maintained our stance on sustainability issues by
publishing our second integrated report, which we prepared in order
to present the environmental, social and governance information
requested by all of our stakeholders in a more holistic and
transparent manner. Artificial intelligence was used in the
preparation of the report, and the summary of the report was also
voiced using artificial intelligence. As a result, we prepared the
world's first audio integrated annual report.
We are revising our guidance upwards
Considering our strong half-year performance and our
expectations for the remainder of the year, we revise our full year
guidance3 upwards. Accordingly, we expect our consolidated revenue
growth to be above 40% and EBITDA of around TRY20 billion. In line
with the previous quarter, we continue to expect an operational
capex (excluding license fees) to sales ratio of 20-21%.
I extend my thanks to our entire team for its contribution to
our successes, and to our Board of Directors for their support in
realizing our strategy, which is the key to our achievements. We
also express our gratitude to our customers and business partners
for remaining with us on our journey.
(1) EBITDA is a non-GAAP financial measure. See page 17 for the
explanation of how we calculate Adjusted EBITDA and its
reconciliation to net income. (2) 3-month active (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 2021 filed with
U.S. Securities and Exchange Commission, and in particular, the
risk factor section therein. (3) 2022 guidance figures are based on
TFRS, and do not include the effects of a likely adoption of
inflationary accounting in accordance with IAS 29.
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement (million
TRY)
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Revenue
8,548.3
12,477.1
46.0%
16,374.8
23,172.1
41.5%
Cost of revenue1
(4,394.1)
(6,427.4)
46.3%
(8,307.1)
(11,920.9)
43.5%
Cost of revenue1/Revenue
(51.4%)
(51.5%)
(0.1pp)
(50.7%)
(51.4%)
(0.7pp)
Gross Margin1
48.6%
48.5%
(0.1pp)
49.3%
48.6%
(0.7pp)
Administrative expenses
(223.6)
(348.1)
55.7%
(423.0)
(651.8)
54.1%
Administrative expenses/Revenue
(2.6%)
(2.8%)
(0.2pp)
(2.6%)
(2.8%)
(0.2pp)
Selling and marketing expenses
(413.8)
(575.9)
39.2%
(772.0)
(1,116.6)
44.6%
Selling and marketing
expenses/Revenue
(4.8%)
(4.6%)
0.2pp
(4.7%)
(4.8%)
(0.1pp)
Net impairment losses on financial and
contract assets
(50.8)
(95.5)
88.0%
(100.4)
(150.6)
50.0%
EBITDA2
3,465.9
5,030.1
45.1%
6,772.4
9,332.1
37.8%
EBITDA Margin
40.5%
40.3%
(0.2pp)
41.4%
40.3%
(1.1pp)
Depreciation and amortization
(1,742.9)
(2,480.1)
42.3%
(3,398.8)
(4,564.7)
34.3%
EBIT3
1,723.0
2,550.0
48.0%
3,373.5
4,767.4
41.3%
EBIT Margin
20.2%
20.4%
0.2pp
20.6%
20.6%
-
Net finance income / (expense)
(1,936.8)
(3,376.7)
74.3%
(2,857.8)
(6,415.1)
124.5%
Finance income
(721.3)
776.7
n.m
651.8
848.9
30.2%
Finance expense
(1,215.5)
(4,153.4)
241.7%
(3,509.6)
(7,264.1)
107.0%
Other operating income / (expense)
1,115.0
1,863.1
67.1%
1,813.7
3,357.2
85.1%
Investment activity Income / (expense)
(35.8)
797.0
n.m
(32.7)
1,096.2
n.m
Non-controlling interests
0.0
0.0
-
0.0
0.0
-
Share of profit of equity accounted
investees
10.9
(51.1)
(568.8%)
28.6
(74.5)
(360.5%)
Income tax expense
236.2
75.9
(67.9%)
(107.9)
(70.1)
(35.0%)
Net Income
1,112.5
1,858.2
67.0%
2,217.4
2,661.1
20.0%
(1) Excluding depreciation and amortization expenses. (2) EBITDA
is a non-GAAP financial measure. See page 17 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 46.0% year-on-year in Q222.
Turkcell Turkey was the main driver of this performance with a
solid ARPU growth positively impacted by price adjustments to
reflect inflationary impacts and upsell efforts, and a growing
customer base. Turkcell International and techfin business also
supported topline growth.
Turkcell Turkey revenues, comprising 75% of Group revenues, rose
44.1% year-on-year to TRY9,377 million (TRY6,505 million).
- Consumer segment revenues grew 39.0%
year-on-year based on price adjustments to reflect inflationary
impacts, upsell efforts, and a larger subscriber base.
- Corporate segment revenues rose 49.9%
year-on-year supported by the strong momentum of digital business
services, which grew 84.7% year-on-year.
- Standalone digital services revenues
registered across consumer and corporate segments grew 22.6%
year-on-year. Similar to Q122, the growth of digital services
revenues was impacted negatively due to a regulatory decision that
amended the usage conditions of our voicemail service, the revenues
of which are reported under digital services, as of December 1st,
2021. Excluding this impact, growth would have been 45%.
- Wholesale revenues grew 95.9% year-on year
to TRY743 million (TRY379 million), positively impacted by currency
movements, customers’ data capacity upgrades, and increased
international carrier traffic.
Turkcell International revenues, comprising 12% of Group
revenues, rose 76.1% to TRY1,480 million (TRY840 million)
positively impacted by currency movements.
Techfin segment revenues, comprising 3% of Group revenues,
increased 71.2% year-on-year to TRY414 million (TRY242 million).
Paycell revenues grew 77.5%, while those of our financing business,
Financell, rose 64.7% year-on-year. Please refer to the Techfin
section for details.
Other subsidiaries' revenues, at 10% of Group revenues, which
include mainly non-group call center and energy business revenues,
and consumer electronics sales revenues, rose 25.5% year-on-year to
TRY1,206 million (TRY961 million). This was driven mainly by
increased equipment revenues.
Cost of revenue (excluding depreciation and amortization)
rose to 51.5% (51.4%) as a percentage of revenues in Q222. The
decline in cost of goods sold (1.4pp) and interconnection expenses
(0.9pp) was offset by the rise in radio expenses (1.8pp), impacted
by rising energy prices and other cost items (0.6pp) as a
percentage of revenues.
Administrative Expenses rose to 2.8% (2.6%) as a
percentage of revenues in Q222.
Selling and Marketing Expenses declined to 4.6% (4.8%) as
a percentage of revenues in Q222, mainly due to the decrease in
marketing expenses (0.2pp) and selling expenses (0.2pp) despite the
rise in other cost items (0.2pp) as a percentage of revenues.
Net impairment losses on financial and contract assets
increased to 0.8% (0.6%) as a percentage of revenues in Q222.
EBITDA1 rose 45.1% year-on-year in Q222 leading to an
EBITDA margin of 40.3% (40.5%).
- Turkcell Turkey’s EBITDA grew 37.5%
year-on-year to TRY3,944 million (TRY2,869 million) with an EBITDA
margin of 42.1% (44.1%).
- Turkcell International EBITDA rose 85.4%
year-on-year to TRY750 million (TRY405 million) leading to an
EBITDA margin of 50.7% (48.2%).
- Techfin segment EBITDA increased 59.3%
year-on-year to TRY216 million (TRY135 million) with an EBITDA
margin of 52.1% (56.0%).
- The EBITDA of other subsidiaries rose to
TRY121 million (TRY57 million).
Depreciation and amortization expenses increased 42.3%
year-on-year in Q222.
Net finance expense rose to TRY3,377 million (TRY1,937
million) in Q222 due mainly to higher FX losses registered in
relation to bank loans and bonds, and borrowing costs despite the
positive impact of the fair value gains on derivative
instruments.
See Appendix A for details of net foreign exchange gain and
loss.
Net other operating income rose to TRY1,863 million
(TRY1,115 million) in Q222 due mainly to higher FX gains registered
on foreign currency cash, as well as lower litigation and penalty
expenses.
See Appendix A for details of net foreign exchange gain and
loss.
Net investment activity income was TRY797 million in Q222
compared to a net investment activity expense of TRY36 million.
This was driven mainly by the fair value gains registered on
currency-protected time deposits.
Income tax expense: The current tax expense of TRY82
million was more than offset by TRY157 million deferred tax income
reported in Q222.
Please note that in Q222, we made use of the right introduced by
Law No. 7338, which allows the revaluation of properties and
depreciable economic assets under certain conditions. This resulted
in a positive impact on the deferred tax asset reported in Q222.
Please refer to our consolidated financial statements and notes as
at June 30, 2022 for details.
Net income of the Group rose 67.0% to TRY1,858 million
(TRY1,113 million) in Q222, driven mainly by strong operational
profitability, higher net operating and net investment activity
income, and the positive impact of deferred tax income relating to
the revaluation of assets despite a higher net finance expense
registered.
(1) EBITDA is a non-GAAP financial measure. See page 17 for the
explanation of how we calculate adjusted EBITDA and its
reconciliation to net income.
Please note that in Q222, we reported TRY204 million impairment
in relation to our assets, which are located in territories under
control of Ukraine but not operating for more than 92 days, and
also for assets located in territories invaded by Russia.
Total cash & debt: Consolidated cash as of June 30,
2022 increased to TRY21,972 million from TRY18,804 million as of
March 31, 2022. Our cash position was positively impacted by the
currency movements. Excluding FX swap transactions, 72% of our cash
is in US$, 18% in EUR, and 9% in TRY.
Consolidated debt as of June 30, 2022 rose to TRY48,235 million
from TRY40,855 million as of March 31, 2022, due mainly to the
impact of currency movements and new borrowings. TRY3,197 million
of our consolidated debt is comprised of lease obligations. Please
note that 47% of our consolidated debt is in US$, 28% in EUR, 2% in
CNY, 7% in UAH, and 16% in TRY.
Net debt1 as of June 30, 2022, was at TRY21,564 million with a
net debt to EBITDA ratio of 1.2 times. Excluding finance company
customer loans, our telco only net debt was at TRY19,068 million
with a leverage of 1.1 times.
Turkcell Group had a short FX position of US$149 million as at
the end of the second quarter (Please note that this figure takes
hedging portfolio and advance payments into account). The short FX
position of US$149 million is broadly in line with our FX neutral
definition, which is between -US$200 million and +US$200
million.
Capital expenditures: Capital expenditures, including
non-operational items, amounted to TRY3,110.8 million in Q222. In
Q222 and H122, operational capital expenditures (excluding license
fees) at the Group level were at 16.4% and 16.8% of total revenues,
respectively.
Capital expenditures (million
TRY)
Quarter
Half Year
Q221
Q222
H121
H122
Operational Capex
2,097.6
2,047.7
3,565.5
3,894.0
License and Related Costs
-
-
-
-
Non-operational Capex (Including IFRS15
& IFRS16)
615.5
1,063.1
1,404.8
2,135.8
Total Capex
2,713.1
3,110.8
4,970.3
6,029.8
(1) Starting from Q421, we have revised the definition of our
net debt calculation to include "financial assets” reported under
current and non-current assets. We believe that these assets are
highly liquid and can be easily converted to cash without
significant change in value.
Summary of Operational Data
Q221
Q122
Q222
y/y %
q/q %
Number of subscribers (million)
38.1
40.0
40.6
6.6%
1.5%
Mobile Postpaid (million)
22.9
24.1
24.5
7.0%
1.7%
Mobile M2M (million)
3.0
3.5
3.6
20.0%
2.9%
Mobile Prepaid (million)
11.7
12.0
12.1
3.4%
0.8%
Fiber (thousand)
1,754.1
1,941.0
1,996.1
13.8%
2.8%
ADSL (thousand)
725.5
755.7
740.6
2.1%
(2.0%)
Superbox (thousand)1
625.7
612.4
640.3
2.3%
4.6%
Cable (thousand)
62.2
51.1
48.6
(21.9%)
(4.9%)
IPTV (thousand)
961.0
1,126.4
1,185.9
23.4%
5.3%
Churn (%)2
Mobile Churn (%)
1.7%
1.6%
1.8%
0.1pp
0.2pp
Fixed Churn (%)
1.3%
1.4%
1.4%
0.1pp
-
ARPU (Average Monthly Revenue per User)
(TRY)
Mobile ARPU, blended
48.2
54.6
63.2
31.1%
15.8%
Mobile ARPU, blended (excluding M2M)
52.3
59.8
69.5
32.9%
16.2%
Postpaid
59.9
67.0
76.5
27.7%
14.2%
Postpaid (excluding M2M)
68.1
77.3
88.6
30.1%
14.6%
Prepaid
25.5
29.8
36.4
42.7%
22.1%
Fixed Residential ARPU, blended
76.4
88.9
93.8
22.8%
5.5%
Residential Fiber ARPU
76.6
89.9
94.5
23.4%
5.1%
Average mobile data usage per user
(GB/user)
13.4
13.4
14.1
5.2%
5.2%
Mobile MoU (Avg. Monthly Minutes of
usage per subs) blended
564.8
531.1
560.3
(0.8%)
5.5%
(1) Superbox subscribers are included in mobile subscribers. (2)
Churn figures represent average monthly churn figures for the
respective quarters.
In Q222, we sustained our robust operational performance on the
back of our rich and differentiated value proposition offered to
our customers and our customer-centric strategy. Turkcell Turkey’s
subscriber base expanded by 579 thousand net quarterly additions,
reaching 40.6 million. This strong performance led us to achieve a
total of 1.2 million net additions in the first half of the
year.
On the mobile front, our subscriber base reached 36.6 million on
482 thousand quarterly net additions in Q222, driven mainly by 437
thousand net quarterly additions to our postpaid subscriber base.
Accordingly, our postpaid subscribers reached 67.0% (66.2%) of our
mobile subscriber base as of the end of Q222. Meanwhile, our
prepaid subscriber base increased by 45 thousand net additions in
Q222.
On the fixed front, our fiber subscriber base continued to
expand with 55 thousand quarterly net additions, on the back of
rising demand for high-speed and quality broadband connection.
Total fixed subscribers reached 2.8 million on 38 thousand
quarterly net additions in Q222. Meanwhile, IPTV subscribers
reached 1.2 million on 60 thousand quarterly net additions.
The average monthly mobile churn rate slightly increased to 1.8%
in Q222 due mainly to the disconnections of tourist lines under our
churn policy following the improvement in tourism activity last
year. The average monthly fixed churn rate stood at 1.4%.
Our mobile ARPU (excluding M2M) rose 32.9% year-on-year in Q222,
on the back of our successful upsell efforts, larger postpaid
subscriber base, and price adjustments to reflect inflationary
impacts.
Our residential fiber ARPU growth was 23.4% year-on-year in
Q222, driven mainly by price adjustments to reflect inflationary
impacts and increased IPTV penetration at 67% in Q222, as well as
upsell efforts to higher tariffs.
Average monthly mobile data usage per user rose 5.2%
year-on-year to 14.1 GB in Q222. The average mobile data usage of
4.5G users reached 15.4 GB in Q222.
Total smartphone penetration on our network reached 87% in Q222
on a 2.5pp year-on-year increase. 93% of those smartphones are 4.5G
compatible smartphones.
TURKCELL INTERNATIONAL
lifecell1 Financial Data
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Revenue (million UAH)
2,017.8
2,127.3
5.4%
3,917.1
4,434.1
13.2%
EBITDA (million UAH)
1,131.3
1,230.9
8.8%
2,208.1
2,523.3
14.3%
EBITDA margin (%)
56.1%
57.9%
1.8pp
56.4%
56.9%
0.5pp
Net income / (loss) (million UAH)
116.0
(27.4)
(123.6%)
199.2
181.9
(8.7%)
Capex (million UAH)
988.1
659.0
(33.3%)
1,560.6
1,370.6
(12.2%)
Revenue (million TRY)
615.6
1,134.9
84.4%
1,124.4
2,247.5
99.9%
EBITDA (million TRY)
345.3
656.5
90.1%
633.9
1,280.2
102.0%
EBITDA margin (%)
56.1%
57.9%
1.8pp
56.4%
57.0%
0.6pp
Net income / (loss) (million
TRY)
35.4
(18.2)
(151.4%)
57.8
82.8
43.3%
(1) Since July 10, 2015, we hold a 100% stake in lifecell.
lifecell (Ukraine) revenues grew 5.4% year-on-year in
local currency terms, driven mainly by the increase in
international incoming and data revenues. lifecell registered an
EBITDA margin of 57.9% on 1.8pp improvement year-on-year. This was
due mainly to the cost control measures implemented by lifecell.
Meanwhile, lifecell registered a net loss in Q222 due to impairment
charges recognized on assets in territories under control of
Ukraine but not operating for more than 92 days and those in
territories invaded by Russia.
lifecell revenues in TRY terms rose 84.4% year-on-year in Q222,
mainly with the positive impact of currency movements. lifecell’s
EBITDA in TRY terms grew 90.1%, leading to an EBITDA margin of
57.9%.
lifecell Operational Data
Q221
Q122
Q222
y/y%
q/q%
Number of subscribers
(million)2
9.5
10.2
10.2
7.4%
-
Active (3 months)3
8.4
8.9
8.4
-
(5.6%)
MOU (minutes) (12 months)
186.8
170.0
160.7
(14.0%)
(5.5%)
ARPU (Average Monthly Revenue per
User), blended (UAH)
71.9
75.6
69.2
(3.8%)
(8.5%)
Active (3 months) (UAH)
81.9
84.3
82.8
1.1%
(1.8%)
(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.
lifecell’s three-month active subscribers declined to 8.4
million in Q222 as people fled abroad due to the ongoing war in the
country. The situation also negatively impacted the consumption of
subscribers leading to a limited 3-month active ARPU growth
year-on-year and a decline on a quarter-on-quarter basis.
Meanwhile, 3-month active 4.5G users rose 7% year-on-year in Q222
to 76% of total mobile data users. lifecell continued its
leadership of the Ukrainian market in smartphone penetration, which
reached 84.6% as at the end of Q222.
lifecell kept its focus on ensuring the safety of its employees
and continued to provide critical telecom services in this
environment. lifecell’s network has been largely operational.
Around 9% of nearly 9 thousand sites are temporarily down on
average. The national roaming among the three operators continues
and helps continuity of communication in the country.
On a daily average around 82% of the stores were open nationwide
as of the end of June. There has been no interruption to the ICT
systems, such as billing and CRM.
The banking system in the country continues to operate and
day-to-day operations, including payments and collections are
exercised normally. lifecell’s cash position is conducive to
sustain the operations.
We closely monitor the developments in Ukraine. We oversee our
action plans to ensure the safety of our employees and maintain our
operations.
BeST1
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Number of subscribers (million)
1.4
1.5
7.1%
1.4
1.5
7.1%
Active (3 months)
1.0
1.1
10.0%
1.0
1.1
10.0%
Revenue (million BYN)
37.1
34.8
(6.2%)
75.0
69.1
(7.9%)
EBITDA (million BYN)
9.5
9.2
(3.2%)
18.6
19.9
7.0%
EBITDA margin (%)
25.5%
26.6%
1.1pp
24.8%
28.8%
4.0pp
Net loss (million BYN)
(7.8)
(8.0)
2.6%
(15.9)
(16.6)
4.4%
Capex (million BYN)
10.1
11.7
15.8%
28.1
33.2
18.1%
Revenue (million TRY)
121.9
204.9
68.1%
231.3
380.7
64.6%
EBITDA (million TRY)
31.2
54.7
75.3%
57.7
109.3
89.4%
EBITDA margin (%)
25.6%
26.7%
1.1pp
24.9%
28.7%
3.8pp
Net loss (million TRY)
(25.7)
(46.4)
80.5%
(49.0)
(90.1)
83.9%
(1) BeST, in which we hold an 80% stake, has operated in Belarus
since July 2008.
BeST revenues declined 6.2% year-on-year in local
currency terms in Q222 due mainly to a contraction in handset sales
despite the continued rise in data revenues. BeST registered an
EBITDA margin of 26.6% on 1.1pp improvement driven mainly by the
decline in lower margin handset sales. BeST’s revenues in TRY terms
grew 68.1% year-on-year in Q222, while its EBITDA margin was at
26.7%.
BeST continued to expand its 4G network in Q222, reaching 3.8
thousand sites in 6 regions. BeST also continued to grow its rural
coverage, expanding its LTE-800 sites to over 1.5 thousand. All
these efforts helped BeST to lead the market in terms of 4G
geographical coverage and increase the penetration of its 4G
subscribers. Accordingly, the 4G users of BeST reached 75% of the
3-month active subscriber base, which continued to support mobile
data consumption and digital services usage. In Q222, the average
monthly data consumption of subscribers rose 21% year-over-year to
16.0GB.
The sanctions against Belarusian persons, entities and export
controls on Belarus may affect the economic climate in Belarus and
our access to imported equipment and software. These factors may
impact the financial condition and operating performance of our
operations in Belarus.
Kuzey Kıbrıs Turkcell2 (million
TRY)
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Number of subscribers (million)
0.5
0.6
20.0%
0.5
0.6
20.0%
Revenue
72.9
103.1
41.4%
134.8
199.9
48.3%
EBITDA
26.7
43.4
62.5%
51.2
81.7
59.6%
EBITDA margin (%)
36.6%
42.1%
5.5pp
38.0%
40.9%
2.9pp
Net income
12.2
21.1
73.0%
22.1
42.8
93.7%
Capex
12.7
30.1
137.0%
28.5
65.0
128.1%
(2) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has
operated in Northern Cyprus since 1999.
Kuzey Kıbrıs Turkcell revenues grew 41.4% year-on-year in
Q222, mainly due to increased mobility leading to higher mobile
voice and roaming revenues. Fixed broadband and handset sales
revenues also contributed to growth. The EBITDA of Kuzey Kıbrıs
Turkcell rose 62.5% year-on-year, leading to an EBITDA margin of
42.1% on the back of robust revenue growth.
TECHFIN
Paycell Financial Data (million
TRY)
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Revenue
112.0
198.8
77.5%
210.1
362.7
72.6%
EBITDA
49.6
89.1
79.6%
102.9
162.0
57.4%
EBITDA margin (%)
44.3%
44.8%
0.5pp
49.0%
44.7%
(4.3pp)
Net income
29.9
66.1
121.1%
70.1
115.2
64.3%
Paycell saw another quarter with strong growth performance,
leveraging the demand for digital payments with a diverse product
portfolio encompassing mobile payment services, Paycell Card, and
payment facilitation solutions. Accordingly, the revenues of
Paycell rose 77.5% year-on-year in Q222. Paycell’s EBITDA rose
79.6% year-on-year, leading to an EBITDA margin of 44.8% on 0.5pp
improvement in Q222.
The Pay Later service transaction volume (non-group) more than
doubled year-on-year to TRY878 million. This was driven by a 34%
increase in the 3-month active users of the Pay Later service to
4.5 million and their increased usage. Meanwhile, the penetration
of payment facilitation services continued to increase during the
quarter. Accordingly, the transaction volume over physical and
virtual POS services reached TRY2.9 billion in Q222, 39% higher
when compared to the previous quarter. The Paycell Card transaction
volume rose to TRY1.9 billion in Q222, to six-fold the transaction
volume of Q221. Paycell started to act as a market-place for
platinum trading in Q222 in addition to gold and silver. Paycell
also started to offer consumer and personal loans to its customers
over its marketplace. Overall, Paycell's total transaction volume
across all services tripled to TRY8 billion year-on-year, driven
mainly by 26% year-on-year rise in Paycell’s total 3-month active
users to 7.0 million and their increased usage.
Financell Financial Data (million
TRY)
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Revenue
131.5
216.6
64.7%
261.5
411.6
57.4%
EBITDA
86.6
128.9
48.8%
171.9
239.0
39.0%
EBITDA margin (%)
65.9%
59.5%
(6.4pp)
65.7%
58.1%
(7.6pp)
Net income
68.3
78.8
15.4%
163.3
144.5
(11.5%)
Financell’s revenues rose 64.7% year-on-year in Q222, driven
mainly by the expanding loan portfolio, as well as the higher
average interest rate on the loan portfolio, compared to the same
period of the last year. Financell reported 48.8% year-on-year
EBITDA growth. Higher funding cost compared to Q221 was the main
factor behind the year-on-year decline in EBITDA margin.
Financell’s net income rose 15.4% year-on-year. Q221 net income was
positively impacted by a TRY50 million dividend income.
Financell’s loan portfolio rose to TRY2.5 billion in Q222, from
TRY1.8 billion in Q221, on the back of increased mobility and
higher lending to the corporate segment. Moreover, Financell’s cost
of risk has increased to 1.0% in Q222, driven mainly by a larger
loan portfolio and lower receivable sales.
Turkcell Group Subscribers
Turkcell Group registered subscribers amounted to approximately
52.8 million as of June 30, 2022. 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.
Turkcell Group Subscribers
Q221
Q122
Q222
y/y%
q/q%
Turkcell Turkey subscribers
(million)1
38.1
40.0
40.6
6.6%
1.5%
lifecell (Ukraine)
9.5
10.2
10.2
7.4%
-
BeST (Belarus)
1.4
1.5
1.5
7.1%
-
Kuzey Kıbrıs Turkcell
0.5
0.6
0.6
20.0%
-
Turkcell Group Subscribers
(million)
49.6
52.3
52.8
6.5%
1.0%
(1) Subscribers to more than one service are counted separately
for each service.
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting,
along with certain macroeconomic indicators, are set out below.
Quarter
Half Year
Q221
Q122
Q222
y/y%
q/q%
H121
H122
y/y%
GDP Growth (Turkey)
21.9%
7.3%
n.a
n.a
n.a
14.4%
n.a
n.a
Consumer Price Index
(Turkey)(yoy)
17.5%
61.1%
78.6%
61.1pp
17.5pp
17.5%
78.6%
61.1pp
US$ / TRY rate
Closing Rate
8.7052
14.6458
16.6690
91.5%
13.8%
8.7052
16.6690
91.5%
Average Rate
8.4135
13.8778
15.5996
85.4%
12.4%
7.9610
14.7387
85.1%
EUR / TRY rate
Closing Rate
10.3645
16.3086
17.5221
69.1%
7.4%
10.3645
17.5221
69.1%
Average Rate
10.1310
15.5203
16.7104
64.9%
7.7%
9.5996
16.1154
67.9%
US$ / UAH rate
Closing Rate
27.18
29.2549
29.2549
7.6%
-
27.18
29.2549
7.6%
Average Rate
27.59
28.7685
29.2549
6.0%
1.7%
27.83
29.0117
4.2%
US$ / BYN rate
Closing Rate
2.5312
2.9732
2.5235
(0.3%)
(15.1%)
2.5312
2.5235
(0.3%)
Average Rate
2.5574
2.7118
2.6634
4.1%
(1.8%)
2.5843
2.6876
4.0%
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 finance income and
expense, other operating income and expense, investment activity
income and expense, share of profit of equity accounted investees
and minority interest.
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 TFRS. The following table provides a reconciliation of
Adjusted EBITDA, as calculated using financial data prepared in
accordance with TFRS to net profit, which we believe is the most
directly comparable financial measure calculated and presented in
accordance with TFRS.
Turkcell Group (million TRY)
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Adjusted EBITDA
3,465.9
5,030.1
45.1%
6,772.4
9,332.1
37.8%
Depreciation and amortization
(1,742.9)
(2,480.1)
42.3%
(3,398.8)
(4,564.7)
34.3%
EBIT
1,723.0
2,550.0
48.0%
3,373.5
4,767.4
41.3%
Finance income
(721.3)
776.7
n.m
651.8
848.9
30.2%
Finance expense
(1,215.5)
(4,153.4)
241.7%
(3,509.6)
(7,264.1)
107.0%
Other operating income / (expense)
1,115.0
1,863.1
67.1%
1,813.7
3,357.2
85.1%
Investment activity Income / (expense)
(35.8)
797.0
n.m
(32.7)
1,096.2
n.m
Share of profit of equity accounted
investees
10.9
(51.1)
(568.8%)
28.6
(74.5)
(360.5%)
Consolidated profit before income tax
& minority interest
876.3
1,782.3
103.4%
2,325.4
2,731.2
17.5%
Income tax expense
236.2
75.9
(67.9%)
(107.9)
(70.1)
(35.0%)
Consolidated profit before minority
interest
1,112.5
1,858.2
67.0%
2,217.5
2,661.1
20.0%
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 and capex for 2022. 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 2021 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 4 countries – Turkey, Ukraine, Belarus, and
Northern Cyprus. 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 TRY12.5 billion revenue in Q222 with total assets of
TRY84.5 billion as of June 30, 2022. 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
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Net FX loss before hedging
242.4
(1,651.2)
(781.2%)
(1,375.7)
(2,728.8)
98.4%
Swap interest income/(expense)
(109.4)
(49.4)
(54.8%)
(224.0)
(120.2)
(46.3%)
Fair value gain on derivative financial
instruments
(651.3)
765.8
n.m
804.8
824.6
2.5%
Net FX gain / (loss) after
hedging
(518.4)
(934.9)
80.3%
(794.9)
(2,024.4)
154.7%
Table: Income tax expense details
Million TRY
Quarter
Half Year
Q221
Q222
y/y%
H121
H122
y/y%
Current tax expense
(224.1)
(81.5)
(63.6%)
(387.3)
(238.8)
(38.3%)
Deferred tax income / (expense)
460.4
157.4
(65.8%)
279.4
168.6
(39.7%)
Income Tax expense
236.2
75.9
(67.9%)
(107.9)
(70.1)
(35.0%)
TURKCELL ILETISIM HIZMETLERI
A.S. TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY
Million)
Quarter Ended
Quarter Ended
Quarter Ended
Half Ended
Half Ended
Jun 30,
Mar 31,
Jun 30,
Jun 30,
Jun 30,
2021
2022
2022
2021
2022
Consolidated Statement of Operations Data
Turkcell Turkey
6,505.3
7,949.7
9,376.9
12,483.9
17,326.6
Turkcell International
840.2
1,426.6
1,479.7
1,548.4
2,906.4
Fintech
241.8
352.9
414.0
464.4
766.8
Other
961.0
965.9
1,206.4
1,878.2
2,172.3
Total revenues
8,548.3
10,695.0
12,477.1
16,374.8
23,172.1
Direct cost of revenues
(6,137.0)
(7,578.0)
(8,907.5)
(11,705.9)
(16,485.6)
Gross profit
2,411.3
3,117.0
3,569.5
4,668.9
6,686.5
Administrative expenses
(223.6)
(303.7)
(348.1)
(423.0)
(651.8)
Selling & marketing expenses
(413.8)
(540.7)
(575.9)
(772.0)
(1,116.6)
Other Operating Income / (Expense)
1,115.0
1,494.1
1,863.1
1,813.7
3,357.2
Operating profit
2,888.8
3,766.7
4,508.6
5,287.6
8,275.3
Impairment losses determined in accordance with TFRS 9
(50.8)
(55.1)
(95.5)
(100.4)
(150.6)
Income from investing activities
(13.2)
299.2
797.0
37.5
1,096.2
Expense from investing activities
(22.7)
0.0
-
(70.3)
0.0
Share on profit of investments valued by equity method
10.9
(23.4)
(51.1)
28.6
(74.5)
Income before financing costs
2,813.1
3,987.3
5,159.0
5,183.2
9,146.4
Finance income
(721.3)
72.3
776.7
651.8
848.9
Finance expense
(1,215.5)
(3,110.7)
(4,153.4)
(3,509.6)
(7,264.1)
Income from continuing operations before tax and non-controlling
interest
876.3
948.9
1,782.3
2,325.4
2,731.2
Income tax expense from continuing operations
236.2
(146.0)
75.9
(107.9)
(70.1)
Income from continuing operations before non-controlling interest
1,112.5
802.9
1,858.2
2,217.5
2,661.1
Discontinued operations
0.0
0.0
0.0
0.0
0.0
Income before non-controlling interest
1,112.5
802.9
1,858.2
2,217.5
2,661.1
Non-controlling interest
(0.0)
(0.0)
0.0
(0.0)
0.0
Net income
1,112.5
802.9
1,858.2
2,217.4
2,661.1
Net income per share from continuing operations
0.5
0.4
0.9
1.0
1.2
Other Financial Data
Gross margin
28.2%
29.1%
28.6%
28.5%
28.9%
EBITDA(*)
3,465.9
4,302.0
5,030.1
6,772.4
9,332.1
Total Capex
2,713.1
2,918.3
3,110.8
4,970.3
6,029.8
Operational capex
2,097.6
1,845.3
2,047.7
3,565.5
3,894.0
Licence and related costs
0.0
0.0
0.0
0.0
0.0
Non-operational Capex
615.5
1,073.1
1,063.1
1,404.8
2,135.8
Consolidated Balance Sheet Data (at period end)
Cash and cash equivalents
12,442.7
18,804.0
21,972.3
12,442.7
21,972.3
Total assets
55,860.8
75,324.6
84,545.2
55,860.8
84,545.2
Long term debt
18,616.5
30,105.2
35,010.4
18,616.5
35,010.4
Total debt
24,077.4
40,855.4
48,234.6
24,077.4
48,234.6
Total liabilities
35,607.4
51,944.9
60,711.1
35,607.4
60,711.1
Total shareholders’ equity / Net Assets
20,253.5
23,379.7
23,834.0
20,253.5
23,834.0
(*) Please refer to the notes on
reconciliation of Non-GAAP Financial measures on page 17
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220818005420/en/
For further information please contact Turkcell
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
Turkcell lletism Hizmetl... (NYSE:TKC)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Turkcell lletism Hizmetl... (NYSE:TKC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024