“Resuming the real growth path”
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 per Turkcell Group’s announcement on September 9, 2024, the
transfer of shares, along with all rights and liabilities in
Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower, was completed. As
of Q324, Turkcell Group no longer holds any shares in these
companies. These operations have been classified as assets held for
sale and as discontinued operations.
- “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.
- This press release provides a year-on-year comparison of our
key indicators and figures in parentheses following the operational
and financial results for September 30, 2024 refer to the same item
as at and for the three months ended September 30, 2023. For
further details, please refer to our consolidated financial
statements and notes as at and for September 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 third quarter and nine months 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 September 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 September 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 September 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
Q323
Q324
y/y%
9M23
9M24
y/y%
Revenue
37,590
40,171
6.9%
108,295
114,592
5.8%
EBITDA1
16,091
17,757
10.4%
44,485
49,031
10.2%
EBITDA Margin (%)
42.8%
44.2%
1.4pp
41.1%
42.8%
1.7pp
EBIT2
5,795
6,552
13.1%
14,188
15,810
11.4%
EBIT Margin (%)
15.4%
16.3%
0.9pp
13.1%
13.8%
0.7pp
Net Income / (Loss)
(4,495)
14,280
n.m
(5,707)
20,555
n.m
THIRD QUARTER HIGHLIGHTS
- As per our announcement on September 9, 2024, we completed the
transfer of shares, along with all rights and liabilities in
Lifecell LLC, LLC Global Bilgi, and LLC Ukrtower operating in
Ukraine. Turkcell Group no longer holds any shares in these
companies.
- Solid operational profitability:
- Group revenues up 6.9% year-on-year, with Turkcell Türkiye’s
strong ARPU and subscriber net add performance primarily driven by
postpaid and techfin segment contribution
- Robust performance by Techfin segment; Paycell revenues up
19.6%; Financell revenues up 38.1%
- EBITDA rose 10.4%, leading to an EBITDA margin of 44.2%; EBIT
up 13.1%, resulting in an EBIT margin of 16.3%.
- Net income was positive at TRY 14.3 billion, including the sale
of subsidiaries in Ukraine
- Net leverage level at 0.1x; long FX position of US$228
million
- Profitability-centric operational performance:
- Turkcell Türkiye subscriber base3 up by 322 thousand quarterly
net additions
- 515 thousand quarterly mobile postpaid net additions; 1.5
million net additions in the first nine months of the year
- 47 thousand quarterly fiber net additions
- 67 thousand new fiber homepasses in Q324
- Mobile ARPU4 growth of 6.9%; residential fiber ARPU growth of
15.1%
- Data usage of 4.5G users at 19.5 GB in Q324
- Since inflation exceeded expectations in the second half of the
year, we have revised our revenue growth guidance5 for 2024 to
around 7%. We maintain our EBITDA margin target of around 42%, and
operational capex over sales ratio6 guidance at around 23%.
(1) EBITDA is a non-GAAP financial measure. See page 14 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 43% (previously 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. (6) Excluding license fees For further
details, please refer to our consolidated financial statements and
notes as at September 30, 2024, via our website in the Investor
Relations section (www.turkcell.com.tr).
COMMENTS BY CEO, ALİ TAHA KOÇ, PhD
Resuming the Real Growth Path
As we celebrate our 30th anniversary at Turkcell Group, we
remain committed to creating value for our stakeholders through
strong foundations and an innovative vision. In line with our
strategic goals, we took a significant step by completing the sale
of our assets in Ukraine on September 9, 2024. The proceeds from
this transaction have been reflected in our third-quarter financial
results.
We have proudly led Türkiye's digitalization journey for over 30
years. We will now share our expertise and vision on the global
stage. With my recent election to the board of directors of GSMA,
the global GSM association, I am honored to represent not just the
Turkcell brand but also Türkiye. We will continue to make
significant contributions to the mobile communications sector and
the broader digital landscape under the GSMA umbrella.
We continue the renewable energy investments in line with our
plans. Recently, we completed the first phase of our solar energy
investments, installing 54 MW of power, with 6.4 MW already
activated in the third quarter. Following the acquisition of the
necessary permits, we will progressively bring the remaining
capacity online.
We delivered a strong quarter, driven by a robust ARPU
performance of Turkcell Türkiye, an expanding postpaid subscriber
base, and contributions from our Techfin business. In the third
quarter of 2024, our group revenues rose by 6.9% on an annual basis
to TRY 40.2 billion, while our EBITDA1 margin increased by 1.4
points to 44.2% despite the wage increase we made to protect the
purchasing power of our employees, who are our focus of value. Our
net income reached TRY 14.3 billion, with our strong operations,
which contributed TRY 3.1 billion, along with the proceeds from the
asset sale in Ukraine. In the third quarter, Turkcell Türkiye's
subscriber base increased by 322 thousand to 43.5 million.
Despite the aggressive competition, we achieved strong
operational results
In the third quarter, we continued to deliver a strong
operational performance. We gained a net of 515 thousand postpaid
subscribers, bringing our total net additions in the last 12 months
to 1.9 million. As a result, the share of our postpaid subscriber
base grew by 4 percentage points year-on-year, reaching 74%. Thanks
to our expanding postpaid subscriber base, price adjustments, and
successful upsell, our Mobile ARPU2 growth increased to 6.9%
year-over-year. Since May, we have observed increased activity in
the Mobile Number Portability (MNP) market due to the aggressive
pricing actions of competitors. This trend intensified further in
the third quarter as competition heightened. Increased competition,
along with seasonality, resulted in a mobile churn rate of 2.2% for
the third quarter.
In line with our customer-focused approach, we introduced our
'30th Year 1000 Mbps Speed Campaign' to our fixed broadband
customers in September. In the fixed broadband segment, we remain
focused on fiber subscribers, having gained 47 thousand net
subscribers thanks to the strong demand for our high-speed and
end-to-end fiber service, while our subscriber base exceeded 2.4
million. The share of our 12-month contract packages, implemented
to mitigate the effects of inflation, increased by 23 percentage
points year-on-year among our residential fiber subscribers,
reaching 82%. In the third quarter of 2024, our residential fiber
ARPU rose 15.1% year-on-year thanks to the increasing 12-month
contract subscriber share, upsell strategy and price adjustments in
fixed broadband services and IPTV.
Our Techfin business continues to support financial
performance
Our strategic focus area, Techfin, which includes our Financell3
and Paycell brands, continued to support group revenue strongly in
the third quarter. Financell grew by 38.1% on an annual basis,
recording a revenue of TRY 1.1 billion, supported by the increase
in average interest rates, while the net interest margin of 4.1%
continued to improve. On the other hand, Paycell revenues grew by
19.6%, reaching TRY 970 million, driven by the high demand for our
POS solutions and the increasing volume of Paycell Card. The
transaction volume of the "Pay Later" mobile payment service, which
has the largest share in Paycell revenues, increased by 24%
(non-group) to TRY 3.1 billion. Since its launch, our POS solutions
have exceeded demand expectations, maintaining a strong performance
with an 86% increase in transaction volume.
The number of standalone paid users of our digital services4
decreased by 14% year-on-year, reaching 5.0 million, in line with
our expectations as we prioritized profitability. Meanwhile, our
TV+ platform, which has consistently expanded its market share
since its launch, has now become the second-largest player in the
market, according to the ICTA's second-quarter report.
In our Digital Business Services portfolio, the revenues from
our four next-generation data centers, with a total IT capacity of
55 MW –33 MW of which is active—and cloud services offering
value-added services, grew by 43% in the third quarter, reaching
TRY 639 million. We are committed to expanding the capacity of our
data centers, which will remain a key strategic priority in the
years ahead.
We revise our guidance
Due to higher-than-expected inflation in the second half of the
year, we have revised our year-end inflation forecast upwards.
Accordingly, we are updating our revenue growth target5 for 2024 to
approximately 7%. We maintain our EBITDA margin expectation at
approximately 42% and our operational capex to sales6 ratio target
at approximately 23%.
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.
(1) EBITDA is a non-GAAP financial measure. See page 14 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+ (5) Our
expectations for 2024 incorporate the effects of inflation
accounting under IAS 29. These projections are based on assumptions
regarding factors beyond our control, including key macroeconomic
indicators such as inflation. Specifically, we are assuming an
annual inflation rate of 43%, applied on a monthly basis, (previous
estimate: 37%). This paragraph contains forward-looking statements
that reflect our current estimates and expectations regarding
market conditions across all of our businesses. However, there can
be no assurance that these forward-looking statements will occur as
anticipated. For a discussion of the various factors that could
impact the outcome of these forward-looking statements, please
refer to our 2023 annual report on Form 20-F filed with the SEC,
specifically the risk factors section. (6) Excluding license
fees
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement (million
TRY)
Quarter
Nine Months
Q323
Q324
y/y%
9M23
9M24
y/y%
Revenue
37,590.1
40,171.4
6.9%
108,295.3
114,592.2
5.8%
Cost of revenue1
(17,967.2)
(17,990.5)
0.1%
(53,854.2)
(53,417.0)
(0.8%)
Cost of revenue1/Revenue
(47.8%)
(44.8%)
3.0pp
(49.7%)
(46.6%)
3.1pp
Gross Margin1
52.2%
55.2%
3.0pp
50.3%
53.4%
3.1pp
Administrative expenses
(1,216.6)
(1,632.6)
34.2%
(3,280.1)
(4,307.9)
31.3%
Administrative expenses/Revenue
(3.2%)
(4.1%)
(0.9pp)
(3.0%)
(3.8%)
(0.8pp)
Selling and marketing expenses
(2,026.2)
(2,539.3)
25.3%
(5,566.5)
(7,073.1)
27.1%
Selling and marketing
expenses/Revenue
(5.4%)
(6.3%)
(0.9pp)
(5.1%)
(6.2%)
(1.1pp)
Net impairment losses on financial and
contract assets
(289.5)
(252.1)
(12.9%)
(1,109.7)
(763.1)
(31.2%)
EBITDA2
16,090.5
17,756.9
10.4%
44,484.8
49,031.1
10.2%
EBITDA Margin
42.8%
44.2%
1.4pp
41.1%
42.8%
1.7pp
Depreciation and
amortization
(10,295.9)
(11,205.1)
8.8%
(30,296.4)
(33,221.5)
9.7%
EBIT3
5,794.6
6,551.8
13.1%
14,188.4
15,809.6
11.4%
EBIT Margin
15.4%
16.3%
0.9pp
13.1%
13.8%
0.7pp
Net finance income / (costs)
2,187.2
(345.2)
(115.8%)
(4,813.8)
(1,777.6)
(63.1%)
Finance income
3,885.3
2,783.6
(28.4%)
14,720.3
7,237.5
(50.8%)
Finance costs
(4,405.9)
(4,654.8)
5.6%
(22,510.3)
(14,978.9)
(33.5%)
Monetary gain / (loss)
2,707.8
1,525.9
(43.6%)
2,976.1
5,963.7
100.4%
Other income / (expenses)
(2,916.1)
(179.3)
(93.9%)
(3,018.8)
(665.9)
(77.9%)
Non-controlling interests
2.3
0.7
(69.6%)
4.3
8.6
100.0%
Share of profit of equity accounted
investees
(65.5)
(672.3)
926.4%
(195.4)
(1,568.2)
702.6%
Income tax expense
(9,763.5)
(2,289.7)
(76.5%)
(13,520.4)
(3,679.9)
(72.8%)
Profit /(loss) from discontinued
operations
265.8
11,214.4
4,119.1%
1,648.9
12,428.0
653.7%
Net Income
(4,495.1)
14,280.4
n.m
(5,706.7)
20,554.5
n.m
(1) Excluding depreciation and amortization expenses. (2) EBITDA
is a non-GAAP financial measure. See page 14 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 6.9% year-on-year in Q324. This
was mainly driven by Turkcell Türkiye’s strong performance
supported by a larger postpaid subscriber base that generates more
ARPU than prepaid subscribers, upsell efforts and a solid increase
in fixed segment ARPU. The Techfin segment’s solid revenue growth
of 30.9% also supported the Group revenue increase.
Turkcell Türkiye revenues, comprising 87% of Group revenues,
rose 7.1% year-on-year to TRY34,854 million (TRY32,550
million).
- Consumer segment4 revenues grew 10.8%
year-on-year on the back of rising postpaid subscriber share, price
adjustments, and upsell efforts.
- Corporate segment4 revenues declined by
1.4% year-on-year. Constrained demand in the tightening economic
environment negatively impacted the hardware revenues of digital
business services, which declined by 44.1% year-on-year. Recurring
service revenues rose 18% year on year.
(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.
- Standalone digital services revenues across
consumer and corporate segments rose 4% year-on-year, primarily
attributed to price adjustments, despite the continued shrinkage of
the paid user base in consequence of our profitability-focused
strategy.
- Wholesale revenues were down 9.9%
year-on-year to TRY2,378 million (TRY2,639 million), resulting from
alternative data solutions in the market.
Turkcell International1 revenues, comprising 2% of Group
revenues, rose 20.6% to TRY935 million (TRY775 million).
Techfin segment revenues, comprising 5% of Group revenues, were
up 30.9% year-on-year to TRY2,132 million (TRY1,629 million).
Financell’s revenue grew 38.1%, and Paycell’s revenues increased
19.6% year-on-year. Please refer to the Techfin section for
details.
Other segment revenues, at 6% of Group revenues, which mostly
include non-group call center and energy business revenues and
consumer electronics sales revenues, declined 14.6% year-on-year to
TRY2,251 million (TRY2,636 million). This was primarily caused by
weak demand for consumer electronics.
Cost of revenue (excluding depreciation and amortization)
decreased to 44.8% (47.8%) as a percentage of revenues in Q324. The
decline in the cost of goods sold (2.2pp), interconnection cost
(1.1pp), and other cost items (1.2pp) outweighed the rise in
personnel expenses (0.9pp) and funding cost (0.6pp) as a percentage
of revenues.
Administrative Expenses increased to 4.1% (3.2%) as a
percentage of revenues in Q324. This was mainly led by higher
employee expenses (0.7pp) as a percentage of revenues.
Selling and Marketing Expenses increased to 6.3% (5.4%)
as a percentage of revenues in Q324, due mainly to the rise in
personnel expenses (0.6pp) as a percentage of revenues.
Net impairment losses on financial and contract assets
decreased to 0.6% (0.8%) as a percentage of revenues in Q324.
EBITDA2 grew 10.4% year-on-year in Q324, leading to an
EBITDA margin of 44.2% (42.8%).
- Turkcell Türkiye’s EBITDA rose 12.6%
year-on-year to TRY16,739 million (TRY14,865 million) with an
EBITDA margin of 48.0% (45.7%). The primary contributors to margin
improvement were lower interconnection costs and a reduction in
cost of goods sold as a percentage of revenues.
- Turkcell International EBITDA declined 1.2%
year-on-year to TRY365 million (TRY369 million), leading to an
EBITDA margin of 39.1% (47.6%). The increase in personnel expenses
led to a margin dilution.
- Techfin segment EBITDA decreased 4.1%
year-on-year to TRY595 million (TRY620 million) with an EBITDA
margin of 27.9% (38.1%). This was driven by increases in funding
costs for Financell and administrative expenses as a percentage of
revenues.
- The EBITDA of other subsidiaries was at
TRY58 million (TRY236 million).
Depreciation and amortization expenses increased 8.8%
year-on-year in Q324.
Net finance expense of TRY345 million (positive TRY2,187
million) was recorded for Q324, including a TRY1.5 billion monetary
gain and net FX losses of TRY1.8 billion.
See Appendix A for details of net foreign exchange gain and
loss.
Other expenses decreased to TRY179 million (TRY2,916
million) in Q324.
Income tax expense was TRY2,290 million (TRY9,764
million) in this quarter. Higher corporate tax was more than offset
by lower deferred tax expenses.
(1) As per our Company’s announcement on September 9, 2024, we
no longer hold any shares in companies operating in Ukraine as of
Q324. (2) EBITDA is a non-GAAP financial measure. See page 14 for
the explanation of how we calculate adjusted EBITDA and its
reconciliation to net income.
Profit /(loss) from discontinued operations of TRY11,214
million (TRY266 million) was recorded in Q324. This figure includes
Ukrainian assets sales.
Net income of the Group was TRY14.3 billion (negative
TRY4,495 million) in Q324, thanks to our solid operations and the
proceeds from the sale of our Ukrainian assets.
Total cash & debt: Thanks to the proceeds from the
sale of our companies operating in Ukraine, consolidated cash as of
September 30, 2024, increased to TRY81,009 million compared to
TRY67,901 million as of December 31, 2023. Excluding FX swap
transactions, 57% of our cash is in US$, 21% in EUR, 1% in CNY, and
22% in TRY.
Consolidated debt as of September 30, 2024, decreased to
TRY106,728 million from TRY114,237 million as of December 31, 2023.
TRY3,894 million of our consolidated debt is comprised of lease
obligations. Please note that 40% of our consolidated debt is in
US$, 35% in EUR, 3% in CNY, and 21% in TRY.
Net debt1 as of September 30, 2024, decreased to TRY9,360
million from TRY32,339 million as of December 31, 2023, with a net
debt to EBITDA ratio of 0.1x times.
Turkcell Group had a long FX position of US$228 million at the
end of the quarter (Please note that this figure takes hedging
portfolio and advance payments into account). The long FX position
of US$228 million is almost 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 TRY9,562 million in Q324.
Operational capital expenditures (excluding license fees) at the
Group level were at 18.1% of total revenues in Q324.
Capital expenditures (million
TRY)
Quarter
Nine Months
Q3232
Q3243
9M232
9M243
Operational Capex
6,045.2
7,251.9
20,366.3
22,461.2
License and Related Costs
14.7
6.9
5,069.2
22.7
Non-operational Capex (Including IFRS15
& IFRS16)
6,452.8
2,303.6
13,335.5
9,003.5
Total Capex
12,512.7
9,562.4
38,770.9
31,487.4
(1) The net debt calculation includes "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
Q323
Q224
Q324
y/y %
q/q %
Number of subscribers
(million)1
42.7
43.2
43.5
1.9%
0.7%
Mobile Postpaid (million)
26.7
28.1
28.6
7.1%
1.8%
Mobile M2M (million)
4.3
4.7
4.9
14.0%
4.3%
Mobile Prepaid (million)
11.5
10.4
10.1
(12.2%)
(2.9%)
Fiber (thousand)
2,247.8
2,380.3
2,427.6
8.0%
2.0%
ADSL (thousand)
765.1
767.8
765.0
(0.0%)
(0.4%)
Superbox (thousand)2
720.7
746.4
715.2
(0.8%)
(4.2%)
Cable (thousand)
39.0
38.1
37.3
(4.4%)
(2.1%)
IPTV (thousand)
1,375.0
1,484.4
1,483.8
7.9%
(0.0%)
Churn (%)3
Mobile Churn (%)
2.0%
1.5%
2.2%
0.2pp
0.7pp
Fixed Churn (%)
1.6%
1.2%
1.6%
-
0.4pp
Average mobile data usage per user
(GB/user)
18.0
18.6
18.6
3.3%
-
(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)
Q323
Q224
Q324
y/y %
q/q %
Mobile ARPU, blended
226.6
228.8
239.0
5.5%
4.5%
Mobile ARPU, blended (excluding
M2M)
253.3
258.8
270.9
6.9%
4.7%
Postpaid
262.8
263.0
269.7
2.6%
2.5%
Postpaid (excluding M2M)
310.2
313.5
321.8
3.7%
2.6%
Prepaid
143.4
137.3
154.1
7.5%
12.2%
Fixed Residential ARPU, blended
254.1
283.0
294.4
15.9%
4.0%
Residential Fiber ARPU
259.8
286.9
299.1
15.1%
4.3%
In Q324, Turkcell Türkiye experienced a net increase of 322
thousand subscribers, resulting in a total subscriber base of 43.5
million. The mobile subscriber base totaled 38.7 million, with a
net add of 250 thousand in this quarter. Our commitment to
expanding our postpaid subscriber base, coupled with successful
switch performance, led to a quarterly net add of 515 thousand
postpaid subscribers. Over the first nine months of the year, we
recorded net adds of 1.5 million postpaid subscribers. Accordingly,
postpaid subscribers account for 73.9% (69.8%) of our mobile
segment as of the end of Q324. Despite the high tourist activity
during the summer months, our prepaid customer base contracted by
266 thousand during the quarter. This reduction can be primarily
attributed to the widespread usage of alternative data solutions
(eSIM technology).
As the market leader in the mobile segment, we prioritize market
rationalization. Nevertheless, we have faced aggressive pricing
actions from competitors since May 2024, leading to high volatility
in the MNP (Mobile Number Portability) market which increased by
47% compared to the previous quarter. Accordingly, the average
monthly mobile churn rate slightly increased to 2.2% in Q324.
Please recall that the innovative campaigns, primarily the “30th
Anniversary Double-Up,” as well as Ramadan and Eid holidays,
contributed to the previous quarter’s churn rate. Our mobile ARPU
(excluding M2M) rose 6.9% year-on-year, driven mainly by a rising
postpaid subscriber base, price adjustments, and upsell
efforts.
In the fixed business, our subscriber base exceeded 3.2 million
on 44 thousand quarterly net additions. Thanks to our fiber focus,
the fiber subscriber base grew by 47 thousand in this quarter.
Residential fiber ARPU growth was 15.1% year-on-year in Q324 due to
an increase in the share of 12-month contract subscribers and
expanding high-speed tariffs’ share, price adjustments, and premium
pricing in IPTV. The average monthly fixed churn rate remained
steady at 1.6% in Q324 on a yearly basis.
TURKCELL INTERNATIONAL
BeST1
Quarter
Nine Months
Q323
Q324
y/y%
9M23
9M24
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)
45.0
56.5
25.6%
126.9
157.4
24.0%
EBITDA (million BYN)
20.5
25.4
23.9%
58.4
74.5
27.6%
EBITDA margin (%)
45.5%
45.0%
(0.5pp)
46.1%
47.4%
1.3pp
Net income / (loss) (million BYN)
(12.3)
(0.6)
(95.1%)
(30.4)
(3.0)
(90.1%)
Capex (million BYN)
21.6
29.7
37.5%
54.1
81.5
50.6%
Revenue (million TRY)
358.8
508.1
41.6%
1,425.7
1,587.8
11.4%
EBITDA (million TRY)
161.8
225.4
39.3%
655.7
751.0
14.5%
EBITDA margin (%)
45.1%
44.4%
(0.7pp)
46.0%
47.3%
1.3pp
Net income / (loss) (million
TRY)
(108.4)
(4.9)
(95.5%)
(347.2)
(27.2)
(92.2%)
(1) BeST, in which we hold a 100% stake, has operated in Belarus
since July 2008.
BeST revenues grew 25.6% year-on-year in Q324 in local
currency terms, driven by a rise in data, voice revenues, and
bulk-SMS in Q324. BeST’s EBITDA grew 23.9% year-on-year, resulting
in an EBITDA margin of 45.0%. BeST’s revenues in TRY terms rose
41.6% year-on-year in Q324.
BeST continued to offer LTE services to all six regions,
encompassing 4.4 thousand sites in Q324. Enhanced LTE coverage has
enabled BeST to expand its 4G subscriber base. Accordingly, 4G
users reached 85% 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 7% year-on-year, reaching 20.4 GB in
Q324.
Kuzey Kıbrıs Turkcell2 (million
TRY)
Quarter
Nine Months
Q323
Q324
y/y%
9M23
9M24
y/y%
Number of subscribers (million)
0.6
0.6
-
0.6
0.6
-
Revenue
389.5
401.5
3.1%
1,077.7
1,156.6
7.3%
EBITDA
162.3
158.0
(2.6%)
404.4
386.3
(4.5%)
EBITDA margin (%)
41.7%
39.4%
(2.3pp)
37.5%
33.4%
(4.1pp)
Net income
(247.2)
16.8
n.m
(332.8)
(165.0)
(50.4%)
(2) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has
operated in Northern Cyprus since 1999.
Kuzey Kıbrıs Turkcell revenues increased by 3.1%
year-on-year in the third quarter of 2024 due to price adjustments.
The EBITDA of Kuzey Kıbrıs Turkcell declined by 2.6%, resulting in
a 39.4% EBITDA margin. This margin decrease was primarily
attributed to increased personnel expenses.
TECHFIN
Paycell Financial Data (million
TRY)
Quarter
Nine Months
Q323
Q324
y/y%
9M23
9M24
y/y%
Revenue
811.3
970.1
19.6%
2,171.0
2,650.0
22.1%
EBITDA
399.2
436.1
9.2%
1,025.1
1,235.9
20.6%
EBITDA margin (%)
49.2%
45.0%
(4.2pp)
47.2%
46.6%
(0.6pp)
Net income
(14.7)
190.2
n.m
61.6
468.3
660.2%
Paycell has seen another quarter of robust financial results.
Revenues grew by 19.6% year-on-year in the quarter. The main
drivers of this performance were POS solutions and prepaid card
& money transactions, thanks to increasing volume and
commission. Paycell’s EBITDA rose 9.2% year-on-year, resulting in
an EBITDA margin of 45.0% in Q324.
Strong momentum on the POS solution has continued in this
quarter, resulting in an 86% volume increase on a yearly basis. The
Pay Later service, the revenues of which account for 56% of the
Paycell topline, reached a TRY3.1 billion transaction volume
(non-group) in Q324, up 24% year-on-year. 3-month active Pay Later
users grew by 5% to 6.2 million. Moreover, the Paycell card
transaction volume experienced robust growth, rising 87%
year-on-year to TRY7.4 billion. Meanwhile, the total transaction
volume across all services expanded by 46% to TRY26.7 billion
year-on-year in Q324.
Financell1 Financial Data (million
TRY)
Quarter
Nine Months
Q323
Q324
y/y%
9M23
9M24
y/y%
Revenue
816.7
1,128.1
38.1%
2,234.7
3,153.7
41.1%
EBITDA
279.8
209.1
(25.3%)
913.2
465.1
(49.1%)
EBITDA margin (%)
34.3%
18.5%
(15.8pp)
40.9%
14.7%
(26.2pp)
Net income
(1,016.4)
1.8
n.m
(1,044.0)
(151.2)
(85.5%)
(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
reclassified from Financell to "Other" in the Techfin segment as of
the first quarter of 2023.
Financell’s revenues rose 38.1% year-on-year in Q324, driven
mainly by the expanding loan portfolio, as well as the higher
average interest rate on the loan portfolio when compared to the
same period of the last year. EBITDA margin realized at 18.5%.
Financell’s loan portfolio was at TRY6.3 billion in Q324.
Financell’s cost of risk was at 2.8% at the end of the quarter. As
we emphasized in the previous quarter, Financell began offering
loans at varying rates based on customers’ individual risk
profiles. This approach not only improves customer access and
financial inclusion, but also mitigates the negative impact of
installment limitations on consumer loans for smartphones above
TRY12,000 threshold.
Turkcell Group Subscribers
Turkcell Group registered subscribers amounted to approximately
45.6 million as of September 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 BeST and Kuzey Kıbrıs Turkcell.
Turkcell Group Subscribers
Q323
Q224
Q324
y/y%
q/q%
Turkcell Türkiye subscribers1
(million)
42.7
43.2
43.5
1.9%
0.7%
BeST (Belarus)
1.5
1.5
1.5
-
-
Kuzey Kıbrıs Turkcell
0.6
0.6
0.6
-
-
Turkcell Group Subscribers
(million)
44.8
45.3
45.6
1.8%
0.7%
lifecell (Ukraine)2
11.4
11.3
-
-
-
(1) Subscribers to more than one service are counted separately
for each service. Including mobile, fixed broadband, IPTV, and
wholesale (MVNO&FVNO) subscribers (2) As per our Company’s
announcement on September 9, 2024, we no longer hold any shares in
companies operating in Ukraine
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting,
along with certain macroeconomic indicators, are set out below.
Quarter
Nine Months
Q323
Q224
Q324
y/y%
q/q%
9M23
9M24
y/y%
GDP Growth (Türkiye)
6.5%
2.5%
n.a
n.a
n.a
5.3%
n.a
n.a
Consumer Price Index
(Türkiye)(yoy)
61.5%
71.6%
49.4%
(12.1pp)
(22.2pp)
61.5%
49.4%
(12.1pp)
US$ / TRY rate
Closing Rate
27.3767
32.8262
34.0900
24.5%
3.8%
27.3767
34.0900
24.5%
Average Rate
26.7052
32.3812
33.4706
25.3%
3.4%
22.1011
32.2047
45.7%
EUR / TRY rate
Closing Rate
29.0305
35.1284
38.0180
31.0%
8.2%
29.0305
38.0180
31.0%
Average Rate
28.9644
34.8265
36.6689
26.6%
5.3%
23.9133
34.9603
46.2%
US$ / UAH rate
Closing Rate
36.5686
40.5374
41.1664
12.6%
1.6%
36.5686
41.1664
12.6%
Average Rate
36.5686
40.0161
41.0237
12.2%
2.5%
36.5686
39.7560
8.7%
US$ / BYN rate
Closing Rate
3.2870
3.1624
3.2113
(2.3%)
1.5%
3.2870
3.2113
(2.3%)
Average Rate
3.1329
3.2221
3.1684
1.1%
(1.7%)
2.9381
3.2001
8.9%
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
Nine Months
Q323
Q324
y/y%
9M23
9M24
y/y%
Consolidated profit before minority
interest
(4,497.4)
14,279.7
n.m
(5,711.0)
20,546.0
n.m
Profit /(loss) from discontinued
operations
265.8
11,214.4
4,119.1%
1,648.9
12,428.0
653.7%
Income tax expense
(9,763.5)
(2,289.7)
(76.5%)
(13,520.4)
(3,679.9)
(72.8%)
Consolidated profit before income tax
& minority interest
5,000.3
5,355.0
7.1%
6,160.4
11,797.9
91.5%
Share of profit of equity accounted
investees
(65.5)
(672.3)
926.4%
(195.4)
(1,568.2)
702.6%
Finance income
3,885.3
2,783.6
(28.4%)
14,720.3
7,237.5
(50.8%)
Finance costs
(4,405.9)
(4,654.8)
5.6%
(22,510.3)
(14,978.9)
(33.5%)
Monetary gain / (loss)
2,707.8
1,525.9
(43.6%)
2,976.1
5,963.7
100.4%
Other income / (expenses)
(2,916.1)
(179.3)
(93.9%)
(3,018.8)
(665.9)
(77.9%)
EBIT
5,794.6
6,551.8
13.1%
14,188.4
15,809.6
11.4%
Depreciation and amortization
(10,295.9)
(11,205.1)
8.8%
(30,296.4)
(33,221.5)
9.7%
Adjusted EBITDA
16,090.5
17,756.9
10.4%
44,484.8
49,031.1
10.2%
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 Q3 2023 and Q3 2024.
Reconciliation of ARPU
Q323
Q324
Turkcell Türkiye Revenue (million
TRY)
32,550.2
34,853.5
Telecommunication services revenue
30,975.5
33,552.8
Equipment revenue
1,249.2
933.1
Other*
325.5
367.6
Revenues which are not
attributed to ARPU calculation1
(4,329.3)
(4,208.2)
Turkcell Türkiye revenues included in
ARPU calculation2
27,895.5
30,277.7
Mobile blended ARPU (TRY)
226.6
239.0
Average number of mobile subscribers
during the year (million)
38.0
38.6
Fixed residential ARPU (TRY)
254.1
294.4
Average number of fixed residential
subscribers during the year (million)
2.7
3.0
(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 3 countries – Türkiye, 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
TRY40.2 billion revenue in Q324 with total assets of TRY326.7
billion as of September 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
Nine Months
Q323
Q324
y/y%
9M23
9M24
y/y%
Net FX loss before hedging
(2,343.3)
(1,582.5)
(32.5%)
(16,604.2)
(5,564.6)
(66.5%)
Swap interest income/(expense)
234.6
123.8
(47.2%)
563.8
462.4
(18.0%)
Fair value gain on derivative financial
instruments
1,011.2
(302.6)
(129.9%)
5,522.7
(1,568.4)
(128.4%)
Net FX gain / (loss) after
hedging
(1,097.5)
(1,761.4)
60.5%
(10,517.7)
(6,670.6)
(36.6%)
Table: Income tax expense details
Million TRY
Quarter
Nine Months
Q323
Q324
y/y%
9M23
9M24
y/y%
Current tax expense
143.3
(1,481.6)
(1,133.9%)
(812.8)
(1,656.3)
103.8%
Deferred tax income / (expense)
(9,906.9)
(808.1)
(91.8%)
(12,707.6)
(2,023.6)
(84.1%)
Income Tax expense
(9,763.5)
(2,289.7)
(76.5%)
(13,520.4)
(3,679.9)
(72.8%)
TURKCELL ILETISIM HIZMETLERI
A.S. IFRS SELECTED FINANCIALS (TRY Million)
Nine Months
Nine Months
Quarter Ended
Quarter Ended
Sep 30,
Sep 30,
Sep 30,
Sep 30,
2023
2024
2023
2024
Consolidated Statement of Operations Data Turkcell
Turkey
92,886.7
99,309.8
32,550.2
34,853.6
Turkcell International
2,660.7
2,866.4
775.2
934.9
Fintech
4,420.2
5,829.0
1,629.1
2,131.7
Other
8,327.6
6,587.0
2,635.6
2,251.2
Total revenue
108,295.3
114,592.2
37,590.1
40,171.4
Total cost of revenue
(84,150.6)
(86,638.4)
(28,263.1)
(29,195.5)
Total gross profit
24,144.7
27,953.7
9,326.9
10,975.8
Administrative expenses
(3,280.1)
(4,307.9)
(1,216.6)
(1,632.6)
Selling & marketing expenses
(5,566.5)
(7,073.1)
(2,026.2)
(2,539.3)
Other Income / (Expense)
(3,018.8)
(665.9)
(2,916.1)
(179.3)
Net impairment loses on financial and
contract assets
(1,109.7)
(763.1)
(289.5)
(252.1)
Operating profit
11,169.6
15,143.8
2,878.6
6,372.6
Finance costs
(22,510.3)
(14,978.9)
(4,405.9)
(4,654.8)
Finance income
14,720.3
7,237.5
3,885.3
2,783.6
Monetary gain (loss)
2,976.1
5,963.7
2,707.8
1,525.9
Share of profit of an associate and a joint venture
(195.4)
(1,568.2)
(65.5)
(672.3)
Profit before income tax from continuing operations
6,160.4
11,797.9
5,000.3
5,355.0
Income tax income/ (expense)
(13,520.4)
(3,679.9)
(9,763.5)
(2,289.7)
Profit for the year from continuing operations
(7,360.0)
8,118.0
(4,763.2)
3,065.3
Profit /(loss) from discontinued operations
1,648.9
12,428.0
265.8
11,214.4
Profit for the year
(5,711.0)
20,546.0
(4,497.4)
14,279.7
Non-controlling interests
4.3
8.6
2.3
0.7
Owners of the Company
(5,706.7)
20,554.5
(4,495.1)
14,280.4
Basic and diluted earnings per share for profit
attributable to owners of the Company (in full TL)
(2.6)
9.4
(2.1)
6.5
Basic and diluted earnings per share for profit from continuing
operations attributable to owners of the Company (in full TL)
(3.4)
3.7
(2.2)
1.4
Other Financial Data Gross margin
22.3%
24.4%
24.8%
27.3%
EBITDA(*)
44,484.8
49,031.1
16,090.5
17,756.9
Total Capex
38,770.9
31,487.4
12,512.7
9,562.4
Operational capex
20,366.3
22,461.2
6,045
7,252
Licence and related costs
5,069.2
22.7
15
7
Non-operational Capex
13,335.5
9,003.5
6,453
2,304
Consolidated Balance Sheet Data (at period
end) December 31, 2023 September 30, 2024 Cash
and cash equivalents
67,901.3
81,008.7
Total assets
335,688.2
326,664.6
Long term debt
78,726.5
71,038.0
Total debt
114,237.1
106,728.4
Total liabilities
169,619.5
152,185.7
Total shareholders’ equity
166,068.7
174,478.9
(*) Please refer to the notes on reconciliation of Non-GAAP
Financial measures on page 14For further details, please refer to
our consolidated financial statements and notes as at September 30,
2024, on our website
TURKCELL ILETISIM HIZMETLERI
A.S. TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY
Million)
Nine Months
Nine Months
Quarter Ended
Quarter Ended
Sep 30,
Sep 30,
Sep 30,
Sep 30,
2023
2024
2023
2024
Consolidated Statement of Operations Data Turkcell
Turkey
92,886.7
99,309.8
32,550.2
34,853.6
Turkcell International
2,660.7
2,866.4
775.2
934.9
Fintech
4,420.2
5,829.0
1,629.1
2,131.7
Other
8,327.6
6,587.0
2,635.6
2,251.2
Total revenues
108,295.3
114,592.2
37,590.1
40,171.4
Direct cost of revenues
(84,150.6)
(86,638.4)
(28,263.1)
(29,195.5)
Gross profit
24,144.7
27,953.7
9,326.9
10,975.8
Administrative expenses
(3,280.1)
(4,307.9)
(1,216.6)
(1,632.6)
Selling & marketing expenses
(5,566.5)
(7,073.1)
(2,026.2)
(2,539.3)
Other operating income
16,121.0
10,828.0
3,026.7
4,195.1
Other operating expense
(3,948.3)
(1,485.8)
(3,146.9)
(489.9)
Operating profit
27,470.8
25,914.9
5,963.9
10,509.1
Impairment losses determined in accordance with TFRS 9
(1,109.7)
(763.1)
(289.5)
(252.1)
Income from investing activities
8,285.8
3,169.5
1,822.4
1,323.0
Expense from investing activities
(140.1)
(137.7)
(17.4)
(42.1)
Share on profit of investments valued by
equity method
(195.4)
(1,568.2)
(65.5)
(672.3)
Income before financing costs
34,311.4
26,615.4
7,414.0
10,865.7
Finance income
6,190.5
444.3
1,325.0
52.8
Finance expense
(37,317.7)
(21,225.4)
(6,446.4)
(7,089.4)
Monetary gain (loss)
2,976.1
5,963.7
2,707.8
1,525.9
Income from continuing operations before tax and non-controlling
interest
6,160.4
11,797.9
5,000.3
5,355.0
Tax income (expense) from continuing
operations
(13,520.4)
(3,679.9)
(9,763.5)
(2,289.7)
Profit from continuing operations
(7,360.0)
8,118.0
(4,763.2)
3,065.3
Profit /(loss) from discontinued operations
1,648.9
12,428.0
265.8
11,214.4
Profit for the period
(5,711.0)
20,546.0
(4,497.4)
14,279.7
Non-controlling interest
4.3
8.6
2.3
0.7
Owners of the Parent
(5,706.7)
20,554.5
(4,495.1)
14,280.4
Earnings per share
(2.6)
9.4
(2.1)
6.5
Earnings per share from discontinued operations
(3.4)
3.7
(2.2)
1.4
Earnings per share from continuing operation
0.8
5.7
0.1
5.1
Other Financial Data Gross margin
22.3%
24.4%
24.8%
27.3%
EBITDA(*)
44,484.8
49,031.1
16,090.5
17,756.9
Total Capex
38,770.9
31,487.4
12,512.7
9,562.4
Operational capex
20,366.3
22,461.2
6,045.2
7,251.9
Licence and related costs
5,069.2
22.7
14.7
6.9
Non-operational Capex
13,335.5
9,003.5
6,452.8
2,303.6
Consolidated Balance Sheet Data (at period
end) December 31, 2023 September 30, 2024 Cash
and cash equivalents
67,901.3
81,008.7
Total assets
335,688.2
326,664.6
Long term debt
78,726.5
71,038.0
Total debt
114,237.1
106,728.4
Total liabilities
169,619.5
152,185.7
Total equity
166,068.7
174,478.9
(*) Please refer to the notes on reconciliation of Non-GAAP
Financial measures on page 14 For further details, please refer to
our consolidated financial statements and notes as at September 30,
2024, on our website
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107322272/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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