“Resilient results under inflationary
pressures”
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 Türkiye," which comprises our telecom, digital
services, and digital business services related businesses in
Türkiye (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 Türkiye only figures, unless otherwise stated.
The terms "we," "us," and "our" in this press release refer only to
Turkcell Türkiye, 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
and digital services-related businesses outside of Türkiye (BeST
and KKTCELL).
- As of December 31, 2023, our Lifecell, UkrTower, and Global LLC
operations in Ukraine have been classified as a disposal group held
for sale and as a discontinued operation.
- “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.
- Discontinued operations in Ukraine include Lifecell LLC, LLC
Global Bilgi, and LLC UkrTower.
- This press release provides a year-on-year comparison of our
key indicators and figures in parentheses following the operational
and financial results for June 30, 2024 refer to the same item as
at and for the three months ended June 30, 2023. For further
details, please refer to our consolidated financial statements and
notes as at and for June 30, 2024, 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 2023 and 2024 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 percentage comparisons appearing in this press
release reflect mathematical calculation.
NOTICE
This press release contains the Company’s financial information
for the period ended June 30, 2024, prepared in accordance with
International Financial Reporting Standards (“IFRS”) as issued by
the International Accounting Standards Board (“IASB”). This press
release contains the Company’s financial information prepared in
accordance with International Accounting Standard 29, Financial
Reporting in Hyperinflationary Economies (“IAS29"). Therefore, the
financial statement information included in this press release for
the periods presented is expressed in terms of the purchasing power
of the Turkish Lira as of June 30, 2024. The Company restated all
non-monetary items in order to reflect the impact of the inflation
restatement reporting in terms of the measuring unit current as of
June 30, 2024. Comparative financial information has also been
restated using the general price index of the current period. This
release includes forward-looking statements within the meaning of
Section 27A of the U.S. Securities Act of 1933, Section 21E of the
U.S. Securities Exchange Act of 1934, and the Safe Harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. This includes, in particular, and without limitation, our
targets for revenue growth, EBITDA margin, and operational capex
over sales ratio for the full year 2024. In establishing such
guidance and outlooks, the Company has used a certain number of
assumptions regarding factors beyond its control, in particular in
relation to macro-economic indicators, such as expected inflation
levels, that may not be realized or achieved. More generally, all
statements other than statements of historical facts included in
this press release, including, without limitation, certain
statements regarding our operations, financial position, and
business strategy, may constitute forward-looking statements.
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.”
Forward-looking statements are not guarantees of future
performance and involve certain risks and uncertainties that are
difficult to predict. In addition, certain forward-looking
statements are based upon assumptions as to future events that may
not prove to be accurate. Many factors could cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance, or
achievements that may be expressed or implied by forward-looking
statements. Should one or more of these risks or uncertainties
materialize or underlying assumptions prove incorrect, actual
results may vary materially from those described herein as
anticipated, believed, estimated, expected, intended, planned, or
projected.
These forward-looking statements are based upon a number of
assumptions and other important factors that could cause our actual
results, performance, or achievements to differ materially from our
future results, performance, or achievements expressed or implied
by such forward-looking statements. 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 2023 filed with the U.S. Securities and Exchange
Commission, and in particular, the risk factor section therein.
These forward-looking statements should not be relied upon as
representing the Company’s views as of any date subsequent to the
date of this press release. All forward-looking statements in this
press release are based on information currently available to the
Company, and 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.
FINANCIAL HIGHLIGHTS
TRY million
Q223
Q224
y/y%
H123
H124
y/y%
Revenue
35,029
34,913
(0.3%)
64,915
68,326
5.3%
EBITDA1
14,845
14,887
0.3%
26,069
28,713
10.1%
EBITDA Margin (%)
42.4%
42.6%
0.2pp
40.2%
42.0%
1.8pp
EBIT2
4,960
4,681
(5.6%)
7,706
8,500
10.3%
EBIT Margin (%)
14.2%
13.4%
(0.8pp)
11.9%
12.4%
0.5pp
Net Income / (Loss)
(820)
2,904
n.m
(1,112)
5,760
n.m
SECOND QUARTER HIGHLIGHTS
- Resilient financial results:
- Group revenues down 0.3% year-on-year, primarily due to the
inflated base effect of large-budget projects in the digital
business services in the same period of last year
- EBITDA up 0.3% leading to an EBITDA margin of 42.6%; EBIT
declined 5.6% resulting in an EBIT margin of 13.4%
- Net income was positive at TRY 2.9 billion
- Net leverage level at 0.6x; short FX position of US$123
million
- Steady operational performance:
- Turkcell Türkiye subscriber base3 up by 346 thousand quarterly
net additions; 679 thousand net additions in the first half of the
year
- 477 thousand quarterly mobile postpaid net additions; postpaid
subscribers share at 73%
- 42 thousand quarterly fiber net additions
- 54 thousand new fiber homepasses in Q224
- Mobile ARPU4 growth of 5.3%; fixed residential fiber ARPU
growth of 6.6%
- Data usage of 4.5G users at 19.6 GB in Q224
- Due to the upward trend in monthly inflation, which has
surpassed expectations, and considering the year-end projections in
Türkiye’s Medium-Term Program, we are currently reviewing our
guidance5. We aim to provide an update, if needed, with our
third-quarter results.
(1) EBITDA is a non-GAAP financial measure. See page 15 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) Including mobile, fixed broadband, IPTV, and
wholesale (MVNO&FVNO) subscribers (4) Excluding M2M (5) The
guidance for the year 2024 includes the effects of implementing
inflation accounting in accordance with IAS 29. Our 2024 guidance
has been established using a certain number of assumptions
regarding factors beyond our control, including in relation to
macroeconomic indicators such as expected inflation levels. In
particular, our 2024 guidance is based on an assumed annual
inflation rate of 37%, applied on a monthly basis. 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 2023 filed with the
U.S. Securities and Exchange Commission, and in particular, the
risk factor section therein. For further details, please refer to
our consolidated financial statements and notes as at June 30,
2024, via our website in the Investor Relations section
(www.turkcell.com.tr).
COMMENTS BY CEO, ALİ TAHA KOÇ, PhD
As Turkcell, the first and only Turkish company to be listed on
the Istanbul and New York stock exchanges simultaneously, we
celebrated our 30th anniversary on July 8th by ringing the closing
bell at the New York Stock Exchange. In our 30th year, we
resolutely remain on a path toward transforming our solid
foundations and innovative company vision into stakeholder
value.
In line with our strategy of creating value from our assets, we
continuously evaluate our portfolio and take strategic actions when
the right conditions are met. Accordingly, we initiated the sale
process for our assets in Ukraine at the end of 2023. Upon the
completion of official approval procedures, we successfully
executed the share sale on September 9, 2024. We expect the final
sale value to be determined by the end of the year, following the
closing adjustments of the financial statements. With this
transaction, we reaffirm our focus on Türkiye and on a
technology-driven approach.
In the second quarter of 2024, the Central Bank of Türkiye's
decision to keep the policy interest rate steady, meeting
expectations, contributed to a balanced macroeconomic trajectory,
while low foreign exchange rate volatility improved predictability
in managing our financial risks. Annual inflation, which peaked
with a 75.4% increase in May, was recorded at 71.6% in June.
Therefore, the growth performance of those companies applying
hyperinflation accounting was negatively impacted by high
inflation.
Our second quarter consolidated revenues were at TRY 34.9
billion, with EBITDA1 of TRY 14.9 billion, and an EBITDA Margin of
42.6%. We delivered a net income of TRY 2.9 billion, supported by
lower foreign exchange rate losses and effective risk management.
During the quarter, we had a net add of 346 thousand, reaching a
total of 43.2 million subscribers. The strong financial performance
of the Techfin segment, one of our strategic focus areas, continued
to support our group.
Successful operational results with the lowest mobile churn
rate of the past six years
As in 2023, we observed a rational market until May of this
year. Yet, after that, the mobile number portability (MNP) market
was triggered due to aggressive pricing actions by competitors. As
the leader in the mobile segment, we aim for sustainable growth and
keep an eye on market rationalization. Although short-term actions
leading to unsustainable performance are not among our priorities,
we closely monitor changes in market dynamics.
With our customer-focused actions, superior service quality, and
value propositions we gained net 474 thousand mobile subscribers in
the first half of the year, 245 thousand being in the second
quarter. Our postpaid subscriber base rose by a net of 477 thousand
this quarter, where the additions of the past 12 months reached 1.8
million. Thanks to our sequential price adjustments, our postpaid
subscriber base exceeding 73%, and our ability to upsell our
customers, our Mobile ARPU2 rose 5.3% year-on-year.
In line with our strategy of offering innovative and
comprehensive solutions based on our customers' needs, we continue
to stand by them at all times. Within this scope, we have continued
to offer the “Smart Control Service,” which we launched in the
first quarter, free of charge. Additionally, we shared the spirit
of our 30th anniversary with our customers through the “30th
Anniversary Double Up Campaign.” Thanks to our subscriber retention
strategy, supported by analytical models, as well as our innovative
campaigns and services, our mobile churn rate decreased to 1.5%,
the lowest level of the past six years.
In fixed broadband services, we maintained our focus on fiber
subscribers. As a result of strong demand for our high-speed,
end-to-end fiber service, we gained net 42 thousand subscribers,
bringing our fiber subscriber base to 2.4 million for the quarter.
Our high-speed fiber internet packages, designed to meet our
customers' growing speed requirements, have continued to attract
interest. The rate of fiber subscribers opting for speeds of 100
Mbps and above increased to 34% this quarter, with respect to 24%
in the same period of last year. Meanwhile, we continued to pursue
our 12-month contract strategy to mitigate the effects of
inflation. The share of 12-month contract tariffs among our
individual fiber subscribers reached 78%. Residential fiber ARPU
rose by 6.6% year-on-year in this quarter. Our total fixed
broadband subscriber base reached 3.2 million, and our fixed
subscriber churn rate, at 1.2%, marked its lowest level since
2006.
The continued strong contribution of Techfin, one of our
focus areas
Our techfin business, which we operate under the Financell3 and
Paycell brands, continued to contribute significantly to the group
growth this quarter. Financell's revenues grew by 33.9%
year-on-year to TRY 947 million, driven by an increase in average
interest rates, while its loan portfolio reached TRY 6.3 billion at
the end of the second quarter. The revenues of Paycell, which
provides secure payment solutions, increased by 15.8% year-on-year.
The transaction volume of the "Pay Later" service (excluding group
companies) grew by 34% to TRY 2.6 billion, while our POS solutions,
which have seen high demand since their launch, continued to
strengthen their place in our product portfolio with an 86%
increase in transaction volume. Our digital service portfolio,
including TV+, lifebox, fizy, BiP, and GAME+, allows us to
comprehensively impact our customers' lives. With those services,
we primarily focus on revenue and profitability. The standalone
paid user4 of digital services decreased by 3.8% year-on-year to
5.3 million in the second quarter, while thanks to our pricing
actions, revenues from digital services & solutions grew by
4.9%.
We are progressing in line with our strategic goals
In the 30 years since our founding, we have not limited our
investments to mobile and fixed infrastructures alone; we have also
contributed to a wide range of areas, from people to things, the
technology ecosystem to other industries, and from social
responsibility to environmental sustainability. That's precisely
why, in our 30th year, we say that, “Everything works with
Turkcell, and Turkcell works with everyone.”
Meanwhile, in addition to our core focus on “leadership in
telecommunications”, we also prioritize data center operations,
renewable energy, artificial intelligence technologies, and
cybersecurity to further strengthen our position as an “end-to-end
technology provider”. And so, by building on our achievements, we
will continue without pause to shape a future where technology
enriches lives and drives progress.
I extend my heartfelt thanks to all our employees for their
contributions to our success and express my gratitude to our Board
of Directors for their continued support throughout this
journey.
(1) EBITDA is a non-GAAP financial measure. See page 15 for the
explanation of how we calculate Adjusted EBITDA and its
reconciliation to net income (2) Excluding M2M (3) Following the
change in organizational structure, the revenues of Turkcell
Sigorta Aracılık Hizmetleri A.Ş. (Insurance Agency), which was
previously managed under Financell, are now classified as "Other"
in the Techfin segment as of the first quarter of 2023. (4)
Including IPTV, OTT TV, fizy, lifebox and GAME+
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement (million
TRY)
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Revenue
35,028.9
34,913.5
(0.3%)
64,915.1
68,326.4
5.3%
Cost of revenue1
(17,243.0)
(16,320.9)
(5.3%)
(32,948.1)
(32,525.4)
(1.3%)
Cost of revenue1/Revenue
(49.2%)
(46.7%)
2.5pp
(50.8%)
(47.6%)
3.2pp
Gross Margin1
50.8%
53.3%
2.5pp
49.2%
52.4%
3.2pp
Administrative expenses
(901.5)
(1,197.5)
32.8%
(1,894.6)
(2,456.2)
29.6%
Administrative expenses/Revenue
(2.6%)
(3.4%)
(0.8pp)
(2.9%)
(3.6%)
(0.7pp)
Selling and marketing expenses
(1,678.0)
(2,256.8)
34.5%
(3,250.4)
(4,162.5)
28.1%
Selling and marketing
expenses/Revenue
(4.8%)
(6.5%)
(1.7pp)
(5.0%)
(6.1%)
(1.1pp)
Net impairment losses on financial and
contract assets
(361.5)
(251.4)
(30.5%)
(753.1)
(469.2)
(37.7%)
EBITDA2
14,844.8
14,886.9
0.3%
26,069.0
28,713.2
10.1%
EBITDA Margin
42.4%
42.6%
0.2pp
40.2%
42.0%
1.8pp
Depreciation and
amortization
(9,884.9)
(10,205.7)
3.2%
(18,362.7)
(20,213.5)
10.1%
EBIT3
4,959.9
4,681.2
(5.6%)
7,706.3
8,499.7
10.3%
EBIT Margin
14.2%
13.4%
(0.8pp)
11.9%
12.4%
0.5pp
Net finance income / (costs)
(5,482.4)
(1,489.4)
(72.8%)
(6,427.7)
(1,315.1)
(79.5%)
Finance income
8,369.1
1,571.4
(81.2%)
9,947.7
4,089.2
(58.9%)
Finance costs
(14,577.8)
(4,265.0)
(70.7%)
(16,621.8)
(9,478.7)
(43.0%)
Monetary gain / (loss)
726.3
1,204.2
65.8%
246.4
4,074.3
1,553.5%
Other income / (expenses)
158.0
(210.0)
(232.9%)
(94.3)
(446.8)
373.8%
Non-controlling interests
1.6
1.3
(18.8%)
1.9
7.2
278.9%
Share of profit of equity accounted
investees
(221.2)
(761.9)
244.4%
(119.3)
(822.5)
589.4%
Income tax expense
(935.1)
155.1
n.m
(3,449.2)
(1,276.3)
(63.0%)
Profit /(loss) from discontinued
operations
698.8
528.1
(24.4%)
1,269.9
1,114.1
(12.3%)
Net Income
(820.4)
2,904.3
n.m
(1,112.4)
5,760.3
n.m
(1) Excluding depreciation and amortization expenses. (2) EBITDA
is a non-GAAP financial measure. See page 15 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 decreased by 0.3% year-on-year in
Q224. This was mainly attributable to the decreasing demand for
large-budget projects in digital business services, resulting in
lower hardware revenues on a yearly basis coupled with lower
consumer equipment sales.
Turkcell Türkiye revenues, comprising 87% of Group revenues,
rose 1.5% year-on-year to TRY30,433 million (TRY29,969
million).
- Consumer segment4 revenues grew 8.0%
year-on-year on the back of an expanded subscriber base, increased
postpaid subscriber share as well as successful upselling
performance.
- Corporate segment4 revenues decreased by
19.3% year-on-year. This segment was adversely impacted by hardware
sales of digital business services, which declined 70.7%
year-on-year.
- Standalone digital services revenues across
consumer and corporate segments grew 5% year-on-year due mainly to
price adjustments despite a shrinking paid user base.
- Wholesale revenues down 12.9% year-on-year
to TRY1,722 million (TRY1,977 million) on the back of alternative
data solutions in the market.
(4) Following the change in organizational structure, the
revenues from sole proprietorship subscribers that we define as
Merchant, which were previously managed under the Corporate
segment, are being reported under the Consumer segment as of and
from the third quarter of 2023. Within this scope, past data has
been revised for comparative purposes.
Turkcell International1 revenues, comprising 3% of Group
revenues, rose 2.7% to TRY890 million (TRY867 million).
Techfin segment revenues, comprising 6% of Group revenues,
increased 23.5% year-on-year to TRY1,754 million (TRY1,421
million). Financell’s revenue rose 33.9%, and Paycell revenues grew
15.8% year-on-year. Please refer to the Techfin section for
details.
Other subsidiaries' revenues, at 6% of Group revenues, which
include mostly non-group call center and energy business revenues
and consumer electronics sales revenues, decreased 33.8%
year-on-year to TRY1,836 million (TRY2,772 million). This was
driven primarily by low demand for consumer electronics.
Cost of revenue (excluding depreciation and amortization)
decreased to 46.7% (49.2%) as a percentage of revenues in Q224.
This was mainly due to the decline in cost of goods sold (6.2pp),
interconnection cost (1.0pp), and energy expenses (0.6pp) despite
the rise in personnel expenses (3.1pp), funding cost (1.1pp), and
other cost items (1.1pp) as a percentage of revenues.
Administrative Expenses increased to 3.4% (2.6%) as a
percentage of revenues in Q224 due mainly to the rise in personnel
expenses.
Selling and Marketing Expenses increased to 6.5% (4.8%)
as a percentage of revenues in Q224, due mainly to the rise in
personnel expenses (0.7pp) and marketing expenses (0.9pp) as a
percentage of revenues.
Net impairment losses on financial and contract assets
decreased to 0.7% (1.0%) as a percentage of revenues in Q224.
EBITDA2 rose 0.3% year-on-year in Q224, leading to an
EBITDA margin of 42.6% (42.4%).
- Turkcell Türkiye’s EBITDA increased 6.1%
year-on-year to TRY14,248 million (TRY13,434 million) with an
EBITDA margin of 46.8% (44.8%).
- Turkcell International EBITDA declined 3.2%
year-on-year to TRY334 million (TRY345 million), leading to an
EBITDA margin of 37.6% (39.8%).
- Techfin segment EBITDA decreased 27.1%
year-on-year to TRY466 million (TRY640 million) with an EBITDA
margin of 26.6% (45.0%). The key factor behind the year-on-year
decline in EBITDA margin was the rise in funding cost for Financell
compared with the second quarter of 2023.
- The EBITDA of other subsidiaries was at
negative TRY162 million (TRY426 million).
Depreciation and amortization expenses increased 3.2%
year-on-year in Q224.
Net finance expense of TRY1,489 million (TRY5,482
million) was recorded for Q224, including a TRY1.2 billion monetary
gain and net FX losses of TRY2.0 billion.
See Appendix A for details of net foreign exchange gain and
loss.
Other expenses decreased to TRY210 million (positive
TRY158 million) in Q224.
Income tax expense was positive TRY155 million (TRY935
million) due mainly to deferred tax income and lower corporate tax
compared to the previous year.
Profit /(loss) from discontinued operations of TRY528
million (TRY699 million) was recorded in Q224.
Net income of the Group was TRY2.9 billion (negative
TRY871 million) in Q224. This resulted mainly from a strong
performance at the EBITDA levels, as well as lower FX losses due to
stabilized FX rates and the hedging strategy.
Total cash & debt: Consolidated cash as of June 30,
2024, decreased to TRY50,189 million compared to TRY62,341 million
as of December 31, 2023. Excluding FX swap transactions, 41% of our
cash is in US$, 28% in EUR, 1% in CNY, and 30% in TRY.
(1) As of December 31, 2023, our Lifecell, UkrTower, and Global
LLC operations in Ukraine have been classified as a disposal group
held for sale and as a discontinued operation. Therefore, this
segment does not include revenues from those operations. (2) EBITDA
is a non-GAAP financial measure. See page 15 for the explanation of
how we calculate adjusted EBITDA and its reconciliation to net
income.
Consolidated debt as of June 30, 2024, decreased to TRY99,191
million from TRY104,882 million as of December 31, 2023. TRY3,051
million of our consolidated debt is comprised of lease obligations.
Please note that 41% of our consolidated debt is in US$, 33% in
EUR, 3% in CNY, and 23% in TRY.
Net debt1 as of June 30, 2024, increased to TRY32,400 million
from TRY29,691 million as of December 31, 2023, with a net debt to
EBITDA ratio of 0.6x times.
Turkcell Group had a short FX position of US$123 million at the
end of the quarter (Please note that this figure takes hedging
portfolio and advance payments into account). The short FX position
of US$123 million is 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, were at TRY10,690 million in Q224.
Operational capital expenditures (excluding license fees) at the
Group level were at 22.5% of total revenues in Q224.
Capital expenditures (million
TRY)
Quarter
Half Year
Q2232
Q2243
H1232
H1243
Operational Capex
6,996.5
7,870.0
13,405.6
14,384.9
License and Related Costs
4,631.9
7.1
4,658.7
15.2
Non-operational Capex (Including IFRS15
& IFRS16)
2,715.1
2,812.5
6,492.2
3,678.7
Total Capex
14,343.5
10,689.6
24,556.6
18,078.8
(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. Required reserves held in CBRT
balances are also considered in net debt calculation. We believe
that these assets are highly liquid and can be easily converted to
cash without significant change in value. (2) Including Ukraine
operations (3) Excluding Ukraine operations
Operational Review of Turkcell Türkiye
Summary of Operational Data
Q223
Q124
Q224
y/y %
q/q %
Number of subscribers
(million)1
42.0
42.8
43.2
2.9%
0.9%
Mobile Postpaid (million)
26.3
27.6
28.1
6.8%
1.8%
Mobile M2M (million)
4.2
4.6
4.7
11.9%
2.2%
Mobile Prepaid (million)
11.3
10.6
10.4
(8.0%)
(1.9%)
Fiber (thousand)
2,199.8
2,338.6
2,380.3
8.2%
1.8%
ADSL (thousand)
754.4
762.3
767.8
1.8%
0.7%
Superbox (thousand)2
703.4
737.6
746.4
6.1%
1.2%
Cable (thousand)
40.2
39.2
38.1
(5.2%)
(2.8%)
IPTV (thousand)
1,344.2
1,450.1
1,484.4
10.4%
2.4%
Churn (%)3
Mobile Churn (%)
1.9%
1.5%
1.5%
(0.4pp)
-
Fixed Churn (%)
1.4%
1.3%
1.2%
(0.2pp)
(0.1pp)
Average mobile data usage per user
(GB/user)
16.5
17.8
18.6
12.7%
4.5%
(1) Including mobile, fixed broadband, IPTV, and wholesale
(MVNO&FVNO) subscribers (2) Superbox subscribers are included
in mobile subscribers. (3) Churn figures represent average monthly
churn figures for the respective quarters.
ARPU (Average Monthly Revenue per User)
(TRY)
Q223
Q124
Q224
y/y %
q/q %
Mobile ARPU, blended
202.1
195.4
210.0
3.9%
7.5%
Mobile ARPU, blended (excluding
M2M)
225.6
220.1
237.6
5.3%
8.0%
Postpaid
235.4
225.4
241.5
2.6%
7.1%
Postpaid (excluding M2M)
277.5
267.8
287.9
3.7%
7.5%
Prepaid
126.1
118.5
126.1
-
6.4%
Fixed Residential ARPU, blended
243.8
248.2
259.8
6.6%
4.7%
Residential Fiber ARPU
247.0
251.4
263.4
6.6%
4.8%
Turkcell Türkiye's subscriber base continued its expansion,
reaching 43.2 million with a net addition of 346 thousand during
the second quarter, largely due to additions in postpaid
subscribers. Thanks to our postpaid subscriber focus and successful
switch performance, we managed to record a total of 948 thousand
postpaid subscriber net additions in the first half of the
year.
On the mobile front, our subscriber base reached 38.5 million on
245 thousand quarterly net additions in Q224, driven mainly by 477
thousand net quarterly additions to our postpaid subscriber base.
Accordingly, our postpaid subscribers reached 73.1% (69.9%) of our
mobile subscriber base as of the end of Q224. Meanwhile, our
prepaid subscriber base decreased by 232 thousand in Q224. Although
the market was less aggressive compared to previous quarters
generally, the competitors launched aggressive campaigns at the end
of the second quarter. Our mobile ARPU (excluding M2M) rose by 5.3%
year-over-year thanks to price adjustments, a larger postpaid base,
and effective upselling performance in Q224. The average monthly
mobile churn rate was at 1.5% in Q224, the lowest since 2018,
driven by effective churn management supported by analytical models
as well as innovative campaigns, primarily “Smart Control Service”
and “30th Anniversary Double-Up.”
In the fixed business, our subscriber base expanded to 3.2
million, with a net addition of 46 thousand during the quarter due
to our focus on the fiber side, rising demand for pure fiber
service, and high-speed packages. Our fiber subscriber base grew by
42 thousand in this quarter. Our residential fiber ARPU growth was
6.6% year-on-year in Q224, driven by rising 12-month contracted
subscriber share, price adjustments, and efforts to encourage
higher tariff plans as well as higher IPTV pricing. Meanwhile, IPTV
subscribers reached 1.5 million, with 34 thousand additions in the
quarter. The average monthly fixed churn rate decreased to 1.2% in
Q224, marking the lowest since Q4 2006, as a result of a
rationalized fixed market and our content-rich IPTV service,
TV+.
TURKCELL INTERNATIONAL
BeST1
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Number of subscribers (million)
1.5
1.5
-
1.5
1.5
-
Active (3 months)
1.2
1.2
-
1.2
1.2
-
Revenue (million BYN)
42.6
52.1
22.3%
81.9
100.9
23.2%
EBITDA (million BYN)
19.8
25.0
26.3%
38.0
49.1
29.2%
EBITDA margin (%)
46.4%
47.9%
1.5pp
46.3%
48.7%
2.4pp
Net income / (loss) (million BYN)
(8.9)
2.6
n.m
(18.1)
(2.3)
(87.3%)
Capex (million BYN)
13.7
26.4
92.7%
32.5
51.8
59.4%
Revenue (million TRY)
487.5
484.4
(0.6%)
979.6
991.3
1.2%
EBITDA (million TRY)
225.8
231.4
2.5%
453.5
482.6
6.4%
EBITDA margin (%)
46.3%
47.8%
1.5pp
46.3%
48.7%
2.4pp
Net income / (loss) (million
TRY)
(104.6)
30.5
n.m
(219.3)
(20.5)
(90.7%)
(1) BeST, in which we hold a 100% stake, has operated in Belarus
since July 2008.
BeST revenues increased 22.3% year-on-year in local
currency terms, mainly due to rise in data and outgoing voice
revenues in Q224. BeST registered an EBITDA of BYN25.0 million in
the second quarter, which led to an EBITDA margin increase to
47.9%. BeST’s revenues in TRY terms decreased 0.6% year-on-year in
Q224.
BeST continued to offer LTE services to all six regions,
encompassing 4.3 thousand sites in Q224. Enhanced LTE coverage has
enabled BeST to expand its 4G subscriber base. Accordingly, 4G
users reached 84% of the 3-month active subscriber base, which
continued to support mobile data consumption and digital services
usage. Additionally, the average monthly data usage among 4G
subscribers increased 4% year-on-year, reaching 19.8 GB in
Q224.
Kuzey Kıbrıs Turkcell2 (million
TRY)
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Number of subscribers (million)
0.6
0.6
-
0.6
0.6
-
Revenue
326.6
367.3
12.5%
631.8
693.2
9.7%
EBITDA
122.9
121.2
(1.4%)
222.3
209.6
(5.7%)
EBITDA margin (%)
37.6%
33.0%
(4.6pp)
35.2%
30.2%
(5.0pp)
Net income
(602.4)
(328.4)
(45.5%)
(210.6)
184.6
n.m
(2) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has
operated in Northern Cyprus since 1999.
Kuzey Kıbrıs Turkcell revenues rose 12.5% year-on-year in
Q224 on the back of the rise in ARPU. The EBITDA of Kuzey Kıbrıs
Turkcell decreased by 1.4%, yielding a 33.0% EBITDA margin.
Personnel expenses adversely impacted the margin.
TECHFIN
Paycell Financial Data (million
TRY)
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Revenue
694.4
804.1
15.8%
1,248.4
1,542.3
23.5%
EBITDA
340.6
389.4
14.3%
574.7
734.3
27.8%
EBITDA margin (%)
49.1%
48.4%
(0.7pp)
46.0%
47.6%
1.6pp
Net income
147.7
175.0
18.5%
70.0
255.3
264.7%
Paycell’s revenue rose by 15.8% year-on-year for the second
quarter of 2024. Pay Later and POS solutions supported topline
growth thanks to an increase in transaction volume and commission
fees. Accordingly, Paycell’s EBITDA increased 14.3% year-on-year,
leading to an EBITDA margin of 48.4% in Q224.
Pay Later service transaction volume (non-group) increased by
34% year-on-year to TRY2.6 billion in Q224. 3-month active Pay
Later users were up 10% to 6.1 million in Q224. Additionally, the
Paycell card transaction volume rose 85% year-on-year to TRY6.3
billion. The overall transaction volume for POS solutions also
increased to TRY8.7 billion, with a yearly increase of 86%.
Meanwhile, the total transaction volume across all services
increased 48% to TRY22.0 billion year-on-year in Q224.
Financell1 Financial Data (million
TRY)
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Revenue
707.3
947.3
33.9%
1,301.8
1,859.7
42.9%
EBITDA
331.6
133.4
(59.8%)
581.5
235.0
(59.6%)
EBITDA margin (%)
46.9%
14.1%
(32.8pp)
44.7%
12.6%
(32.1pp)
Net income
126.8
(38.2)
(130.1%)
(25.4)
(140.4)
453.6%
(1) Following the change in the organizational structure, the
revenues of Turkcell Sigorta Aracılık Hizmetleri A.Ş. (Insurance
Agency), which was previously managed under Financell, have been
classified from Financell to "Other" in the Techfin segment as of
the first quarter of 2023.
Financell’s revenues rose by 33.9% in Q224. The main factor
contributing to this growth was the higher average interest rate on
the portfolio as compared to the same period of last year. EBITDA
decreased 59.8%, pointing to an EBITDA margin of 14.1%. The
increase in funding costs has led to a decline in the EBITDA margin
on a yearly basis.
Financell’s loan portfolio was at TRY6.3 billion in Q224, with
loans provided to approximately 31 thousand corporate customers.
Financell’s cost of risk was at 2.2% at the end of the quarter. In
this quarter, Financell began offering loans at varying rates based
on customers’ individual risk profiles. It has continued to provide
innovative solutions, including green loans for solar projects, car
loans, and shopping loans for individual and corporate
customers.
Turkcell Group Subscribers
Turkcell Group registered subscribers amounted to approximately
56.6 million as of June 30, 2024. This figure is calculated by
taking the number of subscribers of Turkcell Türkiye, and of each
of our subsidiaries. It includes the total number of mobile, fiber,
ADSL, cable, and IPTV subscribers of Turkcell Türkiye and the
mobile subscribers of lifecell*, BeST, and Kuzey Kıbrıs
Turkcell.
Turkcell Group Subscribers
Q223
Q124
Q224
y/y%
q/q%
Turkcell Türkiye subscribers1
(million)
42.0
42.8
43.2
2.9%
0.9%
BeST (Belarus)
1.5
1.5
1.5
-
-
Kuzey Kıbrıs Turkcell
0.6
0.6
0.6
-
-
Discontinued operations – lifecell
(Ukraine)
11.1
11.3
11.3
1.8%
-
Turkcell Group Subscribers
(million)
55.2
56.2
56.6
2.5%
0.7%
(1) Subscribers to more than one service are counted separately
for each service. Including mobile, fixed broadband, IPTV, and
wholesale (MVNO&FVNO) subscribers *Discontinued operations
DISCONTINUED OPERATIONS – lifecell (Ukraine)
Standalone
lifecell1 Financial Data
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Revenue (million UAH)
2,903.2
3,215.3
10.8%
5,590.6
6,335.8
13.3%
EBITDA (million UAH)
1,715.1
1,776.2
3.6%
3,320.1
3,473.0
4.6%
EBITDA margin (%)
59.1%
55.2%
(3.9pp)
59.4%
54.8%
(4.6pp)
Net income / (loss) (million UAH)
611.5
630.2
3.1%
1,127.2
1,212.9
7.6%
Capex (million UAH)
1,445.6
1,127.4
(22.0%)
2,083.6
2,135.6
2.5%
Revenue (million TRY)
2,672.0
2,390.6
(10.5%)
5,204.0
5,112.2
(1.8%)
EBITDA (million TRY)
1,577.7
1,321.8
(16.2%)
3,089.9
2,801.6
(9.3%)
EBITDA margin (%)
59.0%
55.3%
(3.7pp)
59.4%
54.8%
(4.6pp)
Net income / (loss) (million
TRY)
565.4
469.8
(16.9%)
1,051.7
978.0
(7.0%)
(1) Since July 10, 2015, we hold a 100% stake in lifecell. A
share transfer agreement was signed on December 29, 2023, for the
transfer of all shares, along with all rights and debts of Lifecell
LLC. Discontinued operations in Ukraine include Lifecell LLC, LLC
Global Bilgi, and LLC UkrTower. The closing of the share sale
transaction of subsidiaries operating in Ukraine was on September
9, 2024. The table presents the financial figures of Lifecell LLC
only.
lifecell (Ukraine) revenues in local currency terms
increased 10.8%, while its EBITDA rose 3.6%, resulting in an EBITDA
margin of 55.2% in Q224.
In TRY terms, lifecell’s revenue decreased by 10.5% in the
second quarter of the year. EBITDA declined 16.2% year-on-year,
leading to an EBITDA margin of 55.3%.
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
Q223
Q124
Q224
y/y%
q/q%
H123
H124
y/y%
GDP Growth (Türkiye)
4.6%
5.3%
2.5%
(2.1pp)
(2.8pp)
4.6%
3.8%
(0.8pp)
Consumer Price Index
(Türkiye)(yoy)
38.2%
68.5%
71.6%
33.4pp
3.1pp
38.2%
71.6%
33.4pp
US$ / TRY rate
Closing Rate
25.8231
32.2854
32.8262
27.1%
1.7%
25.8231
32.8262
27.1%
Average Rate
20.7406
30.7624
32.3812
56.1%
5.3%
19.7991
31.5718
59.5%
EUR / TRY rate
Closing Rate
28.1540
34.8023
35.1284
24.8%
0.9%
28.1540
35.1284
24.8%
Average Rate
22.5331
33.3856
34.8265
54.6%
4.3%
21.3877
34.1060
59.5%
US$ / UAH rate
Closing Rate
36.5686
39.2214
40.5374
10.9%
3.4%
36.5686
40.5374
10.9%
Average Rate
36.5686
38.2281
40.0161
9.4%
4.7%
36.5686
39.1221
7.0%
US$ / BYN rate
Closing Rate
3.0315
3.2498
3.1624
4.3%
(2.7%)
3.0315
3.1624
4.3%
Average Rate
2.9308
3.2100
3.2221
9.9%
0.4%
2.8407
3.2160
13.2%
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 and intangible assets
(affecting relative depreciation expense and amortization 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 IFRS. The following table provides a reconciliation of
Adjusted EBITDA, as calculated using financial data prepared in
accordance with IFRS to net profit, which we believe is the most
directly comparable financial measure calculated and presented in
accordance with IFRS.
Turkcell Group (million TRY)
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Consolidated profit before minority
interest
(821.9)
2,903.0
n.m
(1,114.3)
5,753.1
n.m
Profit /(loss) from discontinued
operations
698.8
528.1
(24.4%)
1,269.9
1,114.1
(12.3%)
Income tax expense
(935.1)
155.1
n.m
(3,449.2)
(1,276.3)
(63.0%)
Consolidated profit before income tax
& minority interest
(585.6)
2,219.9
n.m
1,065.0
5,915.3
455.4%
Share of profit of equity accounted
investees
(221.2)
(761.9)
244.4%
(119.3)
(822.5)
589.4%
Finance income
8,369.1
(1,848.4)
(122.1%)
9,947.7
4,089.2
(58.9%)
Finance costs
(14,577.8)
(845.2)
(94.2%)
(16,621.8)
(9,478.7)
(43.0%)
Monetary gain / (loss)
726.3
1,204.2
65.8%
246.4
4,074.3
1,553.5%
Other income / (expenses)
158.0
(210.0)
(232.9%)
(94.3)
(446.8)
373.8%
EBIT
4,959.9
4,681.2
(5.6%)
7,706.3
8,499.7
10.3%
Depreciation and amortization
(9,884.9)
(10,205.7)
3.2%
(18,362.7)
(20,213.5)
10.1%
Adjusted EBITDA
14,844.8
14,886.9
0.3%
26,069.0
28,713.2
10.1%
RECONCILIATION OF ARPU: ARPU is an operational
measurement tool and the methodology for calculating performance
measures such as ARPU varies substantially among operators and is
not standardized across the telecommunications industry, and
reported performance measures thus vary from those that may result
from the use of a single methodology. Management believes this
measure is helpful in assessing the development of our services
over time. The following table shows the reconciliation of Turkcell
Türkiye revenues to such revenues included in the ARPU calculations
for Q2 2023 and Q2 2024.
Reconciliation of ARPU
Q223
Q224
Turkcell Türkiye Revenue (million
TRY)
29,969.0
30,433.4
Telecommunication services revenue
27,564.4
29,288.7
Equipment revenue
2,223.6
809.1
Other*
181.0
335.6
Revenues which are not
attributed to ARPU calculation1
(5,121.9)
(3,679.7)
Turkcell Türkiye revenues included in
ARPU calculation2
24,666.1
26,418.2
Mobile blended ARPU (TRY)
202.1
210.0
Average number of mobile subscribers
during the year (million)
37.5
38.4
Fixed residential ARPU (TRY)
243.8
259.8
Average number of fixed residential
subscribers during the year (million)
2.6
2.9
(1) Revenue from fixed corporate and wholesale business; digital
business sales; tower business, and other non-subscriber-based
revenues (2) Revenues from Turkcell Türkiye included in ARPU
calculation comprise telecommunication services revenue, equipment
revenue and revenues which are not attributed to ARPU calculation.
*Including call center revenues
ABOUT TURKCELL: Turkcell is a digital operator
headquartered in Türkiye, 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 – Türkiye, Belarus, Northern
Cyprus, and Ukraine (discontinued operations). 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 TRY34.9 billion revenue in Q224
with total assets of TRY299.7 billion as of June 30, 2024. It has
been listed on the NYSE and the BIST since July 2000, and is the
only dual-listed company in Türkiye. Read more at
www.turkcell.com.tr.
Appendix A – Tables
Table: Net foreign exchange gain and loss details
Million TRY
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Net FX loss before hedging
(12,639.4)
(745.2)
(94.1%)
(13,093.0)
(3,656.0)
(72.1%)
Swap interest income/(expense)
204.8
110.8
(45.9%)
302.2
310.9
2.9%
Fair value gain on derivative financial
instruments
4,363.1
(1,372.3)
(131.5%)
4,142.1
(1,162.1)
(128.1%)
Net FX gain / (loss) after
hedging
(8,071.4)
(2,006.7)
(75.1%)
(8,648.7)
(4,507.2)
(47.9%)
Table: Income tax expense details
Million TRY
Quarter
Half Year
Q223
Q224
y/y%
H123
H124
y/y%
Current tax expense
(324.6)
(112.0)
(65.5%)
(877.8)
(160.4)
(81.7%)
Deferred tax income / (expense)
(610.5)
267.0
n.m
(2,571.4)
(1,115.9)
(56.6%)
Income Tax expense
(935.1)
155.1
n.m
(3,449.2)
(1,276.3)
(63.0%)
TURKCELL ILETISIM HIZMETLERI
A.S. IFRS SELECTED FINANCIALS (TRY Million)
Quarter Ended
Quarter Ended
Half Ended
Half Ended
June 30,
June 30,
June 30,
June 30,
2023
2024
2023
2024
Consolidated Statement of Operations Data
Turkcell Turkey
29,969.0
30,433.4
55,395.5
59,177.9
Turkcell International
866.6
889.7
1,731.1
1,773.3
Fintech
1,421.0
1,754.5
2,562.6
3,394.5
Other
2,772.3
1,835.8
5,225.9
3,980.7
Total revenue
35,028.9
34,913.5
64,915.1
68,326.4
Total cost of revenue
(27,128.0)
(26,526.5)
(51,310.8)
(52,738.8)
Total gross profit
7,900.9
8,386.9
13,604.4
15,587.5
Administrative expenses
(901.4)
(1,197.5)
(1,894.6)
(2,456.2)
Selling & marketing expenses
(1,678.0)
(2,256.8)
(3,250.4)
(4,162.5)
Other Income / (Expense)
158.0
(210.0)
(94.3)
(446.8)
Net impairment loses on financial and contract assets
(361.5)
(251.4)
(753.1)
(469.2)
Operating profit
5,118.0
4,471.2
7,612.0
8,052.9
Finance costs
(14,577.8)
(4,265.0)
(16,621.8)
(9,478.7)
Finance income
8,369.1
1,571.4
9,947.7
4,089.2
Monetary gain (loss)
726.3
1,204.2
246.4
4,074.3
Share of profit of an associate and a joint venture
(221.2)
(761.9)
(119.3)
(822.5)
Profit before income tax from continuing operations
(585.6)
2,219.9
1,065.1
5,915.3
Income tax income/ (expense)
(935.1)
155.1
(3,449.2)
(1,276.3)
Profit for the year from continuing operations
(1,520.7)
2,375.0
(2,384.2)
4,639.0
Profit /(loss) from discontinued operations
698.8
528.1
1,269.9
1,114.1
Profit for the year
(821.9)
2,903.0
(1,114.3)
5,753.1
Non-controlling interests
1.6
1.3
1.9
7.2
Owners of the Company
(820.4)
2,904.3
(1,112.4)
5,760.3
Basic and diluted earnings per share for profit
attributable to owners of the Company (in full TRY)
(0.4)
1.3
(0.5)
2.6
Basic and diluted earnings per share for profit from continuing
operations attributable to owners of the Company (in full TRY)
(0.7)
1.1
(1.1)
2.1
Other Financial Data Gross margin
22.6%
24.0%
21.0%
22.8%
EBITDA(*)
14,844.8
14,886.9
26,069.0
28,713.2
Total capex
14,343.5
10,689.6
24,556.6
20,899.1
Operational capex
6,996.5
7,870.0
13,405.6
14,384.9
Licence and related costs
4,631.9
7.1
4,658.7
15.2
Non-operational capex
2,715.1
2,812.5
6,492.2
6,499.0
Consolidated Balance Sheet Data (at period
end) December 31, 2023 June 30, 2024 Cash and
cash equivalents
62,340.7
50,189.4
Total assets
308,198.4
299,714.0
Long term debt
72,279.5
64,033.2
Total debt
104,882.1
99,190.7
Total liabilities
155,729.2
147,423.4
Total shareholders’ equity / Net Assets
152,469.2
152,290.6
(*) Please refer to the notes on reconciliation of
Non-GAAP Financial measures on page 15For further details, please
refer to our consolidated financial statements and notes as at June
30, 2024, on our website
TURKCELL ILETISIM HIZMETLERI
A.S. TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY
Million)
Quarter Ended
Quarter Ended
Half Ended
Half Ended
June 30,
June 30,
June 30,
June 30,
2023
2024
2023
2024
Consolidated Statement of Operations
Data Turkcell Turkey
29,969.0
30,433.4
55,395.5
59,177.9
Turkcell International
866.6
889.7
1,731.1
1,773.3
Fintech
1,421.0
1,754.5
2,562.6
3,394.5
Other
2,772.3
1,835.8
5,225.9
3,980.7
Total revenues
35,028.9
34,913.5
64,915.1
68,326.4
Direct cost of revenues
(27,128.0)
(26,526.5)
(51,310.8)
(52,738.8)
Gross profit
7,900.9
8,386.9
13,604.4
15,587.5
Administrative expenses
(901.4)
(1,197.5)
(1,894.6)
(2,456.2)
Selling & marketing expenses
(1,678.0)
(2,256.8)
(3,250.4)
(4,162.5)
Other operating income
9,782.0
2,171.6
12,022.0
6,089.7
Other operating expense
(440.1)
(383.9)
(735.7)
(914.4)
Operating profit
14,663.3
6,720.3
19,745.6
14,144.2
Impairment losses determined in accordance with TFRS 9
(361.5)
(251.4)
(753.1)
(469.2)
Income from investing activities
5,006.0
476.8
5,934.1
1,695.2
Expense from investing activities
2.0
(46.6)
(112.7)
(87.8)
Share on profit of investments valued by equity method
(221.2)
(761.9)
(119.3)
(822.5)
Income before financing costs
19,088.7
6,137.2
24,694.8
14,459.9
Finance income
4,458.4
(255.9)
4,467.1
359.4
Finance expense
(24,859.0)
(4,865.6)
(28,343.2)
(12,978.4)
Monetary gain (loss)
726.3
1,204.2
246.4
4,074.3
Income from continuing operations before tax and non-controlling
interest
(585.6)
2,219.9
1,065.1
5,915.3
Tax income (expense) from continuing operations
(935.1)
155.1
(3,449.2)
(1,276.3)
Profit from continuing operations
(1,520.7)
2,375.0
(2,384.2)
4,639.0
Profit /(loss) from discontinued operations
698.8
528.1
1,269.9
1,114.1
Profit for the period
(821.9)
2,903.0
(1,114.3)
5,753.1
Non-controlling interest
1.6
1.3
1.9
7.2
Owners of the Parent
(820.4)
2,904.3
(1,112.4)
5,760.3
Earnings per share
(0.4)
1.3
(0.5)
2.6
Earnings per share from discontinued operations
(0.7)
1.1
(1.1)
2.1
Earnings per share from continuing operation
0.3
0.2
0.6
0.5
Other Financial Data Gross margin
22.6%
24.0%
21.0%
22.8%
EBITDA(*)
14,844.8
14,886.9
26,069.0
28,713.2
Total capex
14,343.5
10,689.6
24,556.6
20,899.1
Operational capex
6,996.5
7,870.0
13,405.6
14,384.9
Licence and related costs
4,631.9
7.1
4,658.7
15.2
Non-operational capex
2,715.1
2,812.5
6,492.2
6,499.0
Consolidated Balance Sheet Data (at period
end) December 31, 2023 June 30, 2024 Cash and
cash equivalents
62,340.7
50,189.4
Total assets
308,198.4
299,714.0
Long term debt
72,279.5
64,033.2
Total debt
104,882.1
99,190.7
Total liabilities
155,729.2
147,423.4
Total shareholders’ equity / Net Assets
152,469.2
152,290.6
(*) Please refer to the notes on reconciliation of Non-GAAP
Financial measures on page 15For further details, please refer to
our consolidated financial statements and notes as at June 30,
2024, on our website
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240912944122/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
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