Turkcell Iletisim Hizmetleri: Fourth Quarter and Full Year 2021 Results
Turkcell (NYSE:TKC) reported strong financial results for Q4 2021 and FY 2021, showcasing 29.5% revenue growth year-on-year, reaching TRY 10.2 billion. EBITDA increased by 29.9% to TRY 4.2 billion, with an EBITDA margin of 41.3%. The company experienced a net income rise of 6.3% in Q4, totaling TRY 1.4 billion, bolstered by operational efficiency and prudent financial management. Additionally, Turkcell added 2.7 million subscribers in 2021, marking the highest growth since 2007. For 2022, Turkcell targets a 30% revenue growth.
- Revenue growth of 29.5% year-on-year in Q4 2021.
- Full-year revenue increased by 23.4% to TRY 35.9 billion.
- EBITDA grew by 29.9% in Q4 and by 22.4% for the full year.
- Net income rose by 18.7% for FY 2021, totaling TRY 5 billion.
- Subscriber base increased by 2.7 million in 2021, highest since 2007.
- 2022 guidance indicates revenue growth target of around 30%.
- None.
“STRONG PERFORMANCE WITH A DIVERSIFIED BUSINESS MODEL”
Contents
HIGHLIGHTS
QUARTER HIGHLIGHTS, 3
COMMENTS BY CEO,
FINANCIAL AND OPERATIONAL REVIEW
FINANCIAL REVIEW OF TURKCELL GROUP, 8
OPERATIONAL REVIEW OF TURKCELL
TURKCELL INTERNATIONAL
lifecell, 14
BeST, 15
Kuzey Kıbrıs Turkcell, 15
TECHFIN
Paycell, 16
Financell, 16
TURKCELL GROUP SUBSCRIBERS, 17
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT, 17
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS, 18
Appendix A – Tables, 20
-
Please note that all financial data is consolidated and comprises that of
Turkcell Iletisim Hizmetleri A.S . (the “Company”, or “Turkcell”) (NYSE:TKC) (BIST:TCELL) and its subsidiaries and associates (together referred to as the “Group”), unless otherwise stated.
-
We have four reporting segments:
-
"Turkcell Turkey" which comprises our telecom, digital services and digital business services related businesses in
Turkey (as used in our previous releases in periods prior to Q115, this term covered only the mobile businesses). All non-financial data presented in this press release is unconsolidated and comprises Turkcell Turkey only figures, unless otherwise stated. The terms "we", "us", and "our" in this press release refer only to Turkcell Turkey, except in discussions of financial data, where such terms refer to the Group, and except where context otherwise requires. -
“Turkcell International” which comprises all of our telecom and digital services related businesses outside of
Turkey . - “Techfin” which comprises all of our financial services businesses.
- “Other” which mainly comprises our non-group call center and energy businesses, retail channel operations, smart devices management and consumer electronics sales through digital channels and intersegment eliminations.
-
"Turkcell Turkey" which comprises our telecom, digital services and digital business services related businesses in
-
In this press release, a year-on-year comparison of our key indicators is provided and figures in parentheses following the operational and financial results for
December 31, 2021 refer to the same item as atDecember 31, 2020 . For further details, please refer to our consolidated financial statements and notes as at and forDecember 31, 2021 , 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 fourth quarter and for the full year of 2020 and 2021 is based on IFRS figures in TRY terms unless otherwise stated.
- In the tables used in this press release totals may not foot due to rounding differences. The same applies to the calculations in the text.
- Year-on-year and quarter-on-quarter percentage comparisons appearing in this press release reflect mathematical calculation.
FINANCIAL HIGHLIGHTS
TRY million |
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
|
Revenue |
7,872 |
|
10,192 |
|
|
|
29,104 |
|
35,921 |
|
|
|
EBITDA1 |
3,243 |
|
4,212 |
|
|
|
12,270 |
|
15,014 |
|
|
|
EBITDA Margin (%) |
|
|
|
|
0.1pp |
|
|
|
|
|
(0.4pp) |
|
EBIT2 |
1,608 |
|
2,136 |
|
|
|
6,296 |
|
7,722 |
|
|
|
EBIT Margin (%) |
|
|
|
|
0.6pp |
|
|
|
|
|
(0.1pp) |
|
Net Income |
1,302 |
|
1,385 |
|
|
|
4,237 |
|
5,031 |
|
|
FULL YEAR HIGHLIGHTS
-
Robust financial performance:
-
Group revenues up
23.4% supported by upsell efforts, price adjustments and subscriber growth as well as the contribution of the techfin business, international operations and equipment sales. -
EBITDA up
22.4% leading to an EBITDA margin of41.8% ; EBIT up22.7% resulting in an EBIT margin of21.5% -
Net income up
18.7% mainly on the back of robust operational performance and prudent financial risk management as well as the deferred tax income impact that resulted from revaluation of assets - TRY2.6 billion dividends distributed
- Free cash flow 3 generation of TRY1.1 billion; leverage 4 at 1.1x, despite FX fluctuations
-
Short FX position of
US (in line with our FX neutral definition, which is between -$191 million US and$200 million +US )$200 million
-
-
Strong operational momentum continued:
- Turkcell Turkey subscriber base up by 2.7 million net additions; the highest performance since 2007
- 1.7 million mobile postpaid net additions; 0.5 million mobile prepaid net additions
- 258 thousand fixed subscriber net additions, highest since 2017; 223 thousand fiber net additions
- 653 thousand new fiber homepasses
-
Mobile ARPU 5 growth of
13.4% ; residential fiber ARPU growth of10.6%
-
2022 guidance6; revenue growth target of around
30% , EBITDA target of around TRY19 billion, and operational capex over sales ratio7 target of between20% -21% -
FOURTH QUARTER HIGHLIGHTS
-
Strong financial results:
-
Group revenues up
29.5% year-on-year on the back of strong performance of Turkcell Turkey, the robust contribution from international operations and boost in techfin segment revenues -
EBITDA up
29.9% year-on-year resulting in an EBITDA margin of41.3% ; EBIT up32.8% year-on-year leading to an EBIT margin of21.0% -
Group net income at TRY1.4 billion, which resulted from sustained operational performance, disciplined financial risk management in a volatile currency environment and the positive impact of deferred tax income relating to the revaluation of assets
-
Group revenues up
-
Robust operational performance maintained:
-
Quarterly mobile postpaid subscriber net additions of 330 thousand; postpaid subscriber share at
66.4% of mobile subscriber base -
Quarterly fixed subscriber net additions of 84 thousand; all-time high quarterly fiber net additions of 74 thousand
-
Year-on-year mobile ARPU5 growth accelerated to
17.8% mainly driven by upsell to higher tariffs, price adjustments and higher postpaid share -
Residential fiber ARPU growth of
12.8% year-on-year mainly on upsell efforts -
Average monthly data usage of 4.5G subscribers at 14.7 GB in Q421; smartphone penetration at
86% -
Digital channels’ share 8 in sales at
22.1%
-
(1) EBITDA is a non-GAAP financial measure. See page 18 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) Free cash flow calculation includes EBITDA and the following items as per IFRS cash flow statement; acquisition of property, plant and equipment, acquisition of intangible assets, change in operating assets/liabilities, payment of lease liabilities and income tax paid.
(4) We have revised the definition of our net debt calculation to include "financial assets at fair value through other comprehensive income” reported under current and non-current assets, and “financial assets at amortized cost”. We believe that these assets are highly liquid and can be easily converted to cash without significant change in value.
(5) Excluding M2M
(6) Please note that this paragraph contains forward looking statements based on our current estimates and expectations regarding market conditions for each of our different businesses. No assurance can be given that actual results will be consistent with such estimates and expectations. For a discussion of factors that may affect our results, see our Annual Report on Form 20-F for 2020 filed with
(7) Excluding license fee
(8) Share of all sales from digital channels (including voice, data, services & smart devices) in Turkcell Turkey consumer sales (excluding fixed business) and equipment related revenues in other segment. Beginning from this quarter, the data has been revised to include the revenues from postpaid subscriber acquisitions, switches, tariff revisions from digital channels.
For further details, please refer to our consolidated financial statements and notes as at
COMMENTS BY CEO,
With an accelerated robust performance, we again exceeded our guidance
2021 was a year of recovery for the whole world after 2020 when social and economic challenges arising from the COVID-19 pandemic prevailed. The first half of the year, overshadowed by variants of COVID-19 and the measures taken against them continued to impact social life and business activities. Thanks to widespread vaccination programs in the second half of the year, rapid normalization has begun in our country, as in most parts of the world. Those changes throughout the year have re-shaped our lives and consumer behavior alike. Meanwhile, two prevailing basic needs, which do not change but rise in importance, were namely “communication” and “digitalization”. As Turkcell, we believe that we are the leading brand that addresses these needs with our competencies and comprehensive ecosystem realizing a well-positioned strategy.
Thanks to the robust operational performance in all of our services that meet changing customer needs, we achieved strong financial results in 2021 and exceeded our guidance, which we have upgraded each quarter. Rising
Record net additions of the past 14 years
The consumer habits that changed during the pandemic period have strengthened in 2021. The first half of the year that saw pandemic restrictions, including a 3-week full lockdown, increased remote education and working practices, which highlighted the need for high speed and capacity in fixed broadband services. In the second half of the year, increased mobility and tourist activity, especially over the summer months, boosted the demand for our mobile services. The smart investments we made in our network by thinking ahead of our peers over many years have enabled us to continue delivering the fastest high-quality communication services. As part of our customer-focused approach, we have taken actions at the right time by analyzing customer behavior using AI, that has allowed us to manage churn at a reasonable level. Changing consumer habits have revealed the need for higher capacity and greater internet speed, which in turn have enabled us to upsell to higher tariffs. Thanks to these factors, we recorded 2.7 million yearly net additions, marking a record high of the past 14 years. We recorded 1.7 million postpaid and 503 thousand prepaid subscribers, making for a net of 2.2 million mobile subscribers. The share of our postpaid subscribers in the total mobile base rose to
Fiber penetration in
The mobility restrictions of 2021 once again underlined the significance of our digital channels, where a customer can top-up, purchase additional packages, subscribe to a digital service, or even purchase electronic devices from a wide product range. The digital channel’s share3 in sales reached
We continue to create value for our customers and meet their needs with our strategic focus areas
The users of our digital services, which add value to our customers’ lives with a wide product portfolio, continue to increase day by day. The total downloads of BiP, Turkey’s communication platform, exceeded 90 million in 2021. 3-month active users of BiP are 2.5 times that of the previous year, at 26 million. Having rapidly increased its worldwide recognition, BiP has continued to attract attention, especially in densely populated countries such as
TV+ has been the only TV service provider to have continued to grow its market share steadily each quarter since 2017. With its rich content, TV+'s IPTV customer base increased by
Offering tailored services to meet the needs of the enterprises, Turkcell Digital Business Services, has contributed to the digital transformation of its customers with new generation technologies such as data center, cloud, cyber security, systems integration, managed services, artificial intelligence, IoT, big data and business applications, in addition to traditional fixed broadband services. With its various business partners and strong infrastructure, we have achieved leadership in the IT service market two years ahead of schedule. In this period, we signed over 2,700 projects with a total contract value of TRY1.7 billion. The total revenues of Digital Business Services rose
Our techfin business grew by
We are taking bold steps towards our sustainability goals
As Turkcell, we are developing our technology for a better world with our human-oriented and environmentally friendly business approach. Considering the importance of digitalization that enables us to reduce carbon emissions and use energy efficiently, we offer digital services that contribute to the environment. An important sustainability initiative of 2021 was the acquisition of the İzmir Karadağ Wind Power Plant. By acquiring this plant, which has the capacity to meet the electricity needs of 2,500 base stations with its 18 MW installed capacity, we took an important step towards becoming a company not only generating
As Turkcell, we attach great importance to making our technology accessible and thereby ensuring the equal participation of everyone in daily life. We strive for the equal participation of all segments of society through technology with our digital inclusivity projects such as Whiz Kids, Digital Spring, and No Barriers. By signing the GSMA’s Principles for Driving the Digital Inclusion of Persons with Disabilities, we have become the first company in
With a focus on being a good corporate citizen, we announced the Principles of Sustainable Governance in June, a guide to the way we undertake social and environmental work in all business processes. Our company, which has been listed on Borsa İstanbul and the NYSE since 2000, adopted the corporate governance regulations applicable to it according to the legislation of both countries within the framework of best practices. We are among the companies with the strongest corporate governance structure in
We are extending the accelerated momentum of our financial performance to 2022
2022 bears many social and economic uncertainties. Although COVID-19 variants seem to have been brought under control with widespread vaccination programs, they remain on our watch-list. Increasing raw material and labor costs, the energy and chip crisis, disruptions in the supply chain, and inflation, which has become a global threat, make it difficult for us to clearly see the path ahead. Therefore, we are required to stress that we may update our financial and operational targets throughout the year in light of prevailing macroeconomic fluctuations. At this stage, we target4 revenue growth of around
We are planning to share our strategy and 3-year targets with you at the Turkcell Investor & Analyst Day, which we will hold in
In short, we have left a challenging year behind us where, as a society, we have again seen clearly that communication and digitalization are unwavering, but transforming needs. I would like to extend my thanks to all our employees for their dedicated efforts that cement our achievements, despite the weather and burden of the pandemic. Additionally, I thank our management team for making our success permanent, and our Board of Directors for their confidence and support. I also express my gratitude towards our customers and business partners who honor us with their trust.
(1) EBITDA is a non-GAAP financial measure. See page 18 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.
(2) Excluding license fee
(3) Share of all sales from digital channels (including voice, data, services & smart devices) in Turkcell Turkey consumer sales (excluding fixed business) and equipment related revenues in other segment. Beginning from this quarter, the data has been revised to include the revenues from postpaid subscriber acquisitions, switches, tariff revisions from digital channels.
(4) 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 2020 filed with
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of
Profit & Loss Statement (million TRY) |
|
|
Quarter |
|
|
|
Year |
|||||
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Revenue |
7,872.2 |
|
10,191.5 |
|
|
|
29,103.7 |
|
35,920.5 |
|
|
|
Cost of revenue1 |
(3,938.1) |
|
(5,019.9) |
|
|
|
(14,361.3) |
|
(17,938.1) |
|
|
|
Cost of revenue1/Revenue |
( |
|
( |
|
0.7pp |
|
( |
|
( |
|
(0.6pp) |
|
Gross Margin1 |
|
|
|
|
0.7pp |
|
|
|
|
|
(0.6pp) |
|
Administrative expenses |
(210.7) |
|
(276.8) |
|
|
|
(749.6) |
|
(919.0) |
|
|
|
Administrative expenses/Revenue |
( |
|
( |
|
- |
|
( |
|
( |
|
- |
|
Selling and marketing expenses |
(400.8) |
|
(576.6) |
|
|
|
(1,373.0) |
|
(1,778.5) |
|
|
|
Selling and marketing expenses/Revenue |
( |
|
( |
|
(0.6pp) |
|
( |
|
( |
|
(0.3pp) |
|
Net impairment losses on financial and contract assets |
(79.5) |
|
(106.7) |
|
|
|
(349.6) |
|
(271.2) |
|
( |
|
EBITDA2 |
3,243.0 |
|
4,211.6 |
|
|
|
12,270.3 |
|
15,013.8 |
|
|
|
EBITDA Margin |
|
|
|
|
0.1pp |
|
|
|
|
|
(0.4pp) |
|
Depreciation and amortization |
(1,634.6) |
|
(2,075.5) |
|
|
|
(5,974.8) |
|
(7,291.9) |
|
|
|
EBIT3 |
1,608.4 |
|
2,136.1 |
|
|
|
6,295.5 |
|
7,721.9 |
|
|
|
EBIT Margin |
|
|
|
|
0.6pp |
|
|
|
|
|
(0.1pp) |
|
Net finance income / (costs) |
(381.8) |
|
(1,769.5) |
|
|
|
(1,131.7) |
|
(2,900.9) |
|
|
|
Finance income |
(316.0) |
|
2,643.6 |
|
n.m |
|
2,119.5 |
|
3,592.0 |
|
|
|
Finance costs |
(65.8) |
|
(4,413.0) |
|
n.m |
|
(3,251.2) |
|
(6,492.9) |
|
|
|
Other income / (expense) |
(366.9) |
|
(45.2) |
|
( |
|
(523.3) |
|
(370.0) |
|
( |
|
Non-controlling interests |
- |
|
(0.1) |
|
n.a |
|
(2.5) |
|
(0.2) |
|
( |
|
Share of profit of equity accounted investees |
(5.2) |
|
63.6 |
|
n.m |
|
(13.8) |
|
90.1 |
|
n.m |
|
Income tax expense |
447.6 |
|
999.7 |
|
|
|
(387.2) |
|
490.2 |
|
n.m |
|
Net Income |
1,302.0 |
|
1,384.6 |
|
|
|
4,237.1 |
|
5,031.1 |
|
|
|
(1) Excluding depreciation and amortization expenses.
(2) EBITDA is a non-GAAP financial measure. See page 18 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 grew by
Turkcell Turkey revenues, comprising
- Consumer segment revenues grew
- Corporate segment revenues rose
- Standalone digital services revenues registered as part of the consumer and corporate businesses grew
- Wholesale revenues rose
Techfin segment revenues, comprising
Other subsidiaries' revenues, at
For the full year,
Turkcell Turkey revenues grew
- Consumer business rose
- Corporate revenues rose
- Standalone digital services revenues from consumer and corporate segments grew
- Wholesale revenues grew
Techfin segment revenues rose
Other subsidiaries’ revenues were at TRY3,871 million (TRY2,893 million) indicating to a
Cost of revenue (excluding depreciation and amortization) decreased to
For the full year, cost of revenue (excluding depreciation and amortization) rose to
Administrative Expenses were at
For the full year, administrative expenses were at
Selling and Marketing Expenses increased to
For the full year, selling and marketing expenses increased to
Net impairment losses on financial and contract assets was at
For the full year, net impairment losses on financial and contract assets was at
EBITDA1 rose by
- Turkcell Turkey’s EBITDA rose
(1) EBITDA is a non-GAAP financial measure. See page 18 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income
- Turkcell International EBITDA increased
- Techfin segment EBITDA rose
- The EBITDA of other subsidiaries was at TRY140 million (TRY140 million).
For the full year, EBITDA grew by
- Turkcell Turkey’s EBITDA rose
- Turkcell International EBITDA increased
- Techfin segment EBITDA rose
- The EBITDA of other subsidiaries was at TRY379 million (TRY310 million).
Depreciation and amortization expenses increased
Net finance expense increased to TRY1,769 million (TRY382 million) in Q421. The higher net finance expense was due mainly to higher net FX loss after hedging led by quarterly Turkish Lira depreciation.
For the full year net finance expense increased to TRY2,901 million (TRY1,132 million) for the same reason.
See Appendix A for details of net foreign exchange gain and loss.
Income tax expense: The current tax expense of TRY107 million was more than offset by TRY1,106 million deferred tax income in Q421.
For the full year, deferred tax income of TRY1,172 million and current tax expense of TRY682 million was reported, leading to an income tax gain of TRY490 million.
Please note that in Q221 and Q421, we made use of the right introduced by Article 11 of the Law No. 7326, that allows the revaluation of properties and depreciable economic assets under certain conditions. As per the law, the respective assets can be revalued according to PPI until the year-end and a
Net income of the Group increased by
For the full year, group net income rose
Total cash & debt: Consolidated cash as of
Consolidated debt as of
Consolidated debt breakdown excluding lease obligations:
- Turkcell Turkey’s debt was at TRY30,609 million, of which TRY18,018 million (
- The finance company had a debt balance of TRY1,321 million, of which TRY284 million (
- The debt balance of lifecell was TRY1,713 million, fully denominated in UAH.
- Under the Other segment we had a debt balance of TRY229 million (
TRY1,262 million of lease obligations is denominated in TRY, TRY81 million (
Net debt1 as of
Capital expenditures: Capital expenditures, including non-operational items, amounted to TRY4,297 million in
Q421. For the full year, capital expenditures including non-operational items were at TRY11,479 million.
For Q421 and the full year, operational capital expenditures (excluding license fees) at the Group level were at
Capital expenditures (million TRY) |
Quarter |
|
Year |
|||
Q420 |
Q421 |
|
FY20 |
FY21 |
||
Operational Capex |
1,904.2 |
2,686.3 |
|
5,391.6 |
7,629.8 |
|
License and Related Costs |
9.3 |
- |
|
42.8 |
- |
|
Non-operational Capex (Including IFRS15 & IFRS16) |
971.2 |
1,611.1 |
|
3,644.6 |
3,849.6 |
|
Total Capex |
2,884.7 |
4,297.4 |
|
9,078.9 |
11,479.4 |
|
(1) We have revised the definition of our net debt calculation to include "financial assets at fair value through other comprehensive income” reported under current and non-current assets, and “financial assets at amortized cost”. We believe that these assets are highly liquid and can be easily converted to cash without significant change in value.
Summary of Operational Data |
Quarter |
|
Year |
|||||
Q420 |
Q421 |
y/y % |
|
FY20 |
FY21 |
y/y % |
||
Number of subscribers (million) |
36.7 |
39.4 |
|
|
36.7 |
39.4 |
|
|
Mobile Postpaid (million) |
22.0 |
23.7 |
|
|
22.0 |
23.7 |
|
|
Mobile M2M (million) |
2.8 |
3.3 |
|
|
2.8 |
3.3 |
|
|
Mobile Prepaid (million) |
11.5 |
12.0 |
|
|
11.5 |
12.0 |
|
|
Fiber (thousand) |
1,664.3 |
1,887.8 |
|
|
1,664.3 |
1,887.8 |
|
|
ADSL (thousand) |
707.6 |
754.9 |
|
|
707.6 |
754.9 |
|
|
Superbox (thousand)1 |
591.2 |
603.6 |
|
|
591.2 |
603.6 |
|
|
Cable (thousand) |
67.7 |
54.6 |
( |
|
67.7 |
54.6 |
( |
|
IPTV (thousand) |
871.3 |
1,082.2 |
|
|
871.3 |
1,082.2 |
|
|
Churn (%)2 |
|
|
|
|
|
|
|
|
Mobile Churn (%)3 |
|
|
(0.5pp) |
|
|
|
(0.3pp) |
|
Fixed Churn (%) |
|
|
(0.3pp) |
|
|
|
(0.4pp) |
|
ARPU (Average Monthly Revenue per User) (TRY)4 |
|
|
|
|
|
|
|
|
Mobile ARPU, blended |
46.8 |
54.6 |
|
|
44.9 |
50.5 |
|
|
Mobile ARPU, blended (excluding M2M) |
50.5 |
59.5 |
|
|
48.4 |
54.9 |
|
|
Postpaid |
59.8 |
68.2 |
|
|
58.2 |
62.8 |
|
|
Postpaid (excluding M2M) |
67.8 |
78.3 |
|
|
65.9 |
71.7 |
|
|
Prepaid |
23.4 |
28.6 |
|
|
21.8 |
26.9 |
|
|
Fixed Residential ARPU, blended |
72.6 |
82.2 |
|
|
69.6 |
77.9 |
|
|
Residential Fiber ARPU |
73.6 |
83.0 |
|
|
70.9 |
78.4 |
|
|
Average mobile data usage per user (GB/user) |
13.0 |
13.3 |
|
|
11.7 |
13.3 |
|
|
Mobile MoU (Avg. Monthly Minutes of usage per subs) blended |
548.6 |
548.7 |
|
|
518.7 |
551.2 |
|
|
(1) Superbox subscribers are included in mobile subscribers.
(2) Churn figures represent average monthly churn figures for the respective quarters.
(3) In Q117, our churn policy was revised to extend from 9 months to 12 months (the period at the end of which we disconnect prepaid subscribers who have not topped up above TRY10). Additionally, under our revised policy, prepaid customers who last topped up before March is disconnected at the latest by year-end. As a regulatory requirement, we started to disconnect prepaid lines in accordance with the new ICTA regulation, which requires deactivation of prepaid lines which lack residency documents by the 6th month of subscription starting from 2019. Furthermore, as required by the ICTA, the line of a deceased customer should either be transferred to a successor/another user or terminated. Lines, which are not transferred or terminated, are to be disconnected at the end of seven months.
(4) Starting from Q121, as a consequence of the change in reportable segments, commission revenues resulting from devices and accessories sales have been excluded from the mobile ARPU of Turkcell Turkey since these commissions are now reported under the Other segment.
Turkcell Turkey subscriber base grew by 2.7 million net additions in FY21 to 39.4 million, thanks to our customer-centric approach, and retention focus supported by our data analytics capabilities. Also, we believe that our broad range of offerings serving the needs of customers through a strong omnichannel structure, and our superior network quality contributed to our robust net additions performance in FY21. This net addition performance was the highest since 2007.
On the mobile front, our subscriber base reached 35.6 million on 2.2 million net additions in FY21. This was mainly driven by 1.7 million net additions to the postpaid subscriber base, which reached
On the fixed front, our fiber subscriber base grew by all-time high quarterly net additions of 74 thousand supported by our accelerated fiber infrastructure investments and the continued demand for high speed household broadband connections. We had 223 thousand net additions to our fiber subscriber base for the full year. Total fixed subscribers reached 2.7 million on 84 thousand quarterly and 258 thousand annual net additions. Meanwhile, IPTV customers reached 1.1 million on 70 thousand quarterly and 211 thousand annual net additions.
The average monthly mobile churn rate was at
Our mobile ARPU (excluding M2M) rose
Our residential fiber ARPU growth was
Average monthly mobile data usage per user rose
Total smartphone penetration on our network reached
TURKCELL INTERNATIONAL
lifecell1 Financial Data |
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Revenue (million UAH) |
1,913.8 |
|
2,406.4 |
|
|
|
6,835.8 |
|
8,482.7 |
|
|
|
EBITDA (million UAH) |
1,042.9 |
|
1,319.1 |
|
|
|
3,630.9 |
|
4,751.2 |
|
|
|
EBITDA margin (%) |
|
|
|
|
0.3pp |
|
|
|
|
|
2.9pp |
|
Net income (million UAH) |
2,736.7 |
|
237.9 |
|
( |
|
2,588.7 |
|
610.9 |
|
( |
|
Capex (million UAH) |
1,545.7 |
|
1,319.3 |
|
( |
|
3,482.4 |
|
3,593.6 |
|
|
|
Revenue (million TRY) |
531.4 |
|
996.6 |
|
|
|
1,775.6 |
|
2,805.7 |
|
|
|
EBITDA (million TRY) |
289.6 |
|
544.5 |
|
|
|
944.0 |
|
1,566.4 |
|
|
|
EBITDA margin (%) |
|
|
|
|
0.1pp |
|
|
|
|
|
2.6pp |
|
Net income (million TRY) |
731.9 |
|
98.1 |
|
( |
|
696.1 |
|
210.8 |
|
( |
(1) Since
lifecell (
lifecell revenues in TRY terms grew
For the full year, lifecell revenues in local currency terms rose
lifecell Operational Data |
Quarter |
|
Year |
|||||
Q420 |
Q421 |
y/y% |
|
FY20 |
FY21 |
y/y% |
||
Number of subscribers (million)2 |
9.3 |
10.1 |
|
|
9.3 |
10.1 |
|
|
Active (3 months)3 |
8.1 |
9.2 |
|
|
8.1 |
9.2 |
|
|
MOU (minutes) (12 months) |
185.5 |
179.0 |
( |
|
176.2 |
180.9 |
|
|
ARPU (Average Monthly Revenue per User), blended (UAH) |
69.6 |
80.2 |
|
|
63.3 |
73.7 |
|
|
Active (3 months) (UAH) |
79.9 |
88.5 |
|
|
74.1 |
83.2 |
|
|
(2) We may occasionally offer campaigns and tariff schemes that have an active subscriber life differing from the one that we normally use to deactivate subscribers and calculate churn.
(3) Active subscribers are those who in the past three months made a revenue generating activity.
Three-month active subscriber base of lifecell rose to 9.2 million in Q421 thanks to its innovative and regional offers. Meanwhile, lifecell’s 3-month active ARPU rose
The penetration of 4.5G users in lifecell’s customer base continued to increase. Accordingly, 3-month active 4.5G users rose
lifecell continued to expand its digital services users in Q421. Thanks to continuous efforts to enrich its customer experience, lifecell’s digital services 3-month active users grew
BeST1 |
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Number of subscribers (million) |
1.4 |
|
1.5 |
|
|
|
1.4 |
|
1.5 |
|
|
|
Active (3 months) |
1.1 |
|
1.1 |
|
- |
|
1.1 |
|
1.1 |
|
- |
|
Revenue (million BYN) |
37.8 |
|
35.6 |
|
( |
|
138.7 |
|
145.7 |
|
|
|
EBITDA (million BYN) |
10.3 |
|
10.1 |
|
( |
|
34.5 |
|
38.1 |
|
|
|
EBITDA margin (%) |
|
|
|
|
1.1pp |
|
|
|
|
|
1.3pp |
|
Net loss (million BYN) |
(7.1) |
|
(7.5) |
|
|
|
(31.2) |
|
(31.6) |
|
|
|
Capex (million BYN) |
11.0 |
|
16.7 |
|
|
|
46.5 |
|
63.5 |
|
|
|
Revenue (million TRY) |
114.1 |
|
157.3 |
|
|
|
395.4 |
|
507.8 |
|
|
|
EBITDA (million TRY) |
31.1 |
|
44.7 |
|
|
|
98.3 |
|
133.9 |
|
|
|
EBITDA margin (%) |
|
|
|
|
1.1pp |
|
|
|
|
|
1.5pp |
|
Net loss (million TRY) |
(21.7) |
|
(32.9) |
|
|
|
(88.9) |
|
(109.9) |
|
|
(1) BeST, in which we hold an
BeST revenues decreased by
For the full year, BeST revenues in local currency terms grew by
BeST continued to lead the market in terms of 4G geographical coverage. At the end of Q421, BeST provides LTE service to customers in 6 regions through over 3.4 thousand sites, which grew by over 100 additions during the quarter. The expanding LTE coverage allows BeST to increase the penetration of its 4G subscribers. Accordingly, 4G users comprised
BeST sustained its efforts to increase the penetration of its digital services, which supports ARPU growth and customer retention. Accordingly,
Kuzey Kıbrıs Turkcell2 (million TRY) |
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Number of subscribers (million) |
0.5 |
|
0.6 |
|
|
|
0.5 |
|
0.6 |
|
|
|
Revenue |
65.6 |
|
90.1 |
|
|
|
239.4 |
|
306.6 |
|
|
|
EBITDA |
21.8 |
|
35.3 |
|
|
|
86.3 |
|
121.1 |
|
|
|
EBITDA margin (%) |
|
|
|
|
6.0pp |
|
|
|
|
|
3.5pp |
|
Net income |
9.3 |
|
25.5 |
|
|
|
34.9 |
|
68.3 |
|
|
|
Capex |
23.0 |
|
26.6 |
|
|
|
68.1 |
|
74.2 |
|
|
(2) Kuzey Kıbrıs Turkcell, in which we hold a
Kuzey Kıbrıs Turkcell revenues increased by
For the full year, Kuzey Kıbrıs Turkcell revenues rose by
TECHFIN
Paycell Financial Data (million TRY) |
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Revenue |
79.8 |
|
139.6 |
|
|
|
285.0 |
|
468.4 |
|
|
|
EBITDA |
37.0 |
|
64.3 |
|
|
|
147.4 |
|
222.4 |
|
|
|
EBITDA Margin (%) |
|
|
|
|
(0.3pp) |
|
|
|
|
|
(4.2pp) |
|
Net Income |
26.1 |
|
48.7 |
|
|
|
111.7 |
|
155.1 |
|
|
Paycell saw another quarter of remarkable performance. Accordingly, its revenues grew
The transaction volume of the Pay Later service grew
For the full year, Paycell registered
Financell Financial Data (million TRY) |
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Revenue |
144.7 |
|
190.4 |
|
|
|
566.6 |
|
614.9 |
|
|
|
EBITDA |
96.0 |
|
128.9 |
|
|
|
367.0 |
|
420.4 |
|
|
|
EBITDA Margin (%) |
|
|
|
|
1.4pp |
|
|
|
|
|
3.6pp |
|
Net Income |
61.3 |
|
109.5 |
|
|
|
240.7 |
|
334.6 |
|
|
Financell’s revenues grew by
Financell’s revenues rose by
Financell’s loan portfolio increased to TRY2.1 billion in Q421, from TRY1.9 billion in Q420, driven by higher lending to the corporate segment and higher mobility. Moreover, due to a strong collection performance and customer portfolio improvement, Financell’s cost of risk has remained healthy throughout the year. Accordingly, average cost of risk declined to
Turkcell Group Subscribers
Turkcell Group Subscribers |
Q420 |
|
Q321 |
|
Q421 |
|
y/y% |
|
q/q% |
|
Mobile Postpaid (million) |
22.0 |
|
23.3 |
|
23.7 |
|
|
|
|
|
Mobile Prepaid (million) |
11.5 |
|
12.3 |
|
12.0 |
|
|
|
( |
|
Fiber (thousand) |
1,664.3 |
|
1,813.6 |
|
1,887.8 |
|
|
|
|
|
ADSL (thousand) |
707.6 |
|
739.7 |
|
754.9 |
|
|
|
|
|
Superbox (thousand)1 |
591.2 |
|
613.6 |
|
603.6 |
|
|
|
( |
|
Cable (thousand) |
67.7 |
|
59.8 |
|
54.6 |
|
( |
|
( |
|
IPTV (thousand) |
871.3 |
|
1,011.9 |
|
1,082.2 |
|
|
|
|
|
Turkcell Turkey subscribers (million)2 |
36.7 |
|
39.3 |
|
39.4 |
|
|
|
|
|
lifecell ( |
9.3 |
|
9.9 |
|
10.1 |
|
|
|
|
|
BeST ( |
1.4 |
|
1.5 |
|
1.5 |
|
|
|
- |
|
Kuzey Kıbrıs Turkcell |
0.5 |
|
0.5 |
|
0.6 |
|
|
|
|
|
Turkcell Group Subscribers (million) |
47.9 |
|
51.2 |
|
51.6 |
|
|
|
|
(1) Superbox subscribers are included in mobile subscribers.
(2) Subscribers to more than one service are counted separately for each service.
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are set out below.
|
|
|
|
Quarter |
|
|
|
|
|
Year |
||||
|
Q420 |
|
Q321 |
|
Q421 |
|
y/y% |
|
q/q% |
|
FY20 |
FY21 |
y/y% |
|
GDP Growth ( |
|
|
|
|
n.a |
|
n.a |
|
n.a |
|
|
n.a |
n.a |
|
Consumer Price Index ( |
|
|
|
|
|
|
21.5pp |
|
16.5pp |
|
|
|
21.5pp |
|
US$ / TRY rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate |
7.3405 |
|
8.8433 |
|
13.3290 |
|
|
|
|
|
7.3405 |
13.3290 |
|
|
Average Rate |
7.8933 |
|
8.5212 |
|
11.0757 |
|
|
|
|
|
7.0120 |
8.8797 |
|
|
EUR / TRY rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate |
9.0079 |
|
10.3135 |
|
15.0867 |
|
|
|
|
|
9.0079 |
15.0867 |
|
|
Average Rate |
9.3551 |
|
10.0656 |
|
12.6591 |
|
|
|
|
|
8.0255 |
10.4810 |
|
|
US$ / UAH rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate |
28.27 |
|
26.58 |
|
27.28 |
|
( |
|
|
|
28.27 |
27.28 |
( |
|
Average Rate |
28.40 |
|
26.87 |
|
26.81 |
|
( |
|
( |
|
27.04 |
27.34 |
|
|
US$ / BYN rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate |
2.5789 |
|
2.5083 |
|
2.5481 |
|
( |
|
|
|
2.5789 |
2.5481 |
( |
|
Average Rate |
2.6088 |
|
2.5088 |
|
2.5019 |
|
( |
|
( |
|
2.4605 |
2.5448 |
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We believe Adjusted EBITDA, among other measures, facilitates performance comparisons from period to period and management decision making. It also facilitates performance comparisons from company to company. Adjusted EBITDA as a performance measure eliminates potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies) and the age and book depreciation of tangible assets (affecting relative depreciation expense). We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance of other mobile operators in the telecommunications industry in
Our Adjusted EBITDA definition includes Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net impairment losses on financial and contract assets, but excludes translation gain/(loss), finance income, finance expense, share of profit of equity accounted investees, gain on sale of investments, minority interest and other income/(expense).
Nevertheless, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of our results of operations, as reported under IFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared in accordance with IFRS as issued by the IASB, to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS as issued by the IASB.
|
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Adjusted EBITDA |
3,243.0 |
|
4,211.6 |
|
|
|
12,270.3 |
|
15,013.8 |
|
|
|
Depreciation and amortization |
(1,634.6) |
|
(2,075.5) |
|
|
|
(5,974.8) |
|
(7,291.9) |
|
|
|
EBIT |
1,608.4 |
|
2,136.1 |
|
|
|
6,295.5 |
|
7,721.9 |
|
|
|
Finance income |
(316.0) |
|
2,643.6 |
|
n.m |
|
2,119.5 |
|
3,592.0 |
|
|
|
Finance costs |
(65.8) |
|
(4,413.0) |
|
n.m |
|
(3,251.2) |
|
(6,492.9) |
|
|
|
Other income / (expense) |
(366.9) |
|
(45.2) |
|
( |
|
(523.3) |
|
(370.0) |
|
( |
|
Share of profit of equity accounted investees |
(5.2) |
|
63.6 |
|
n.m. |
|
(13.8) |
|
90.1 |
|
n.m. |
|
Consolidated profit before income tax & minority interest |
854.5 |
|
385.0 |
|
( |
|
4,626.8 |
|
4,541.1 |
|
( |
|
Income tax expense |
447.6 |
|
999.7 |
|
|
|
(387.2) |
|
490.2 |
|
n.m. |
|
Consolidated profit before minority interest |
1,302.0 |
|
1,384.7 |
|
|
|
4,239.6 |
|
5,031.3 |
|
|
NOTICE: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. This includes, in particular, our targets for revenue, EBITDA and capex for 2022. More generally, all statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding the launch of new businesses, our operations, financial position and business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as, among others, "will," "expect," "intend," "estimate," "believe", "continue" and “guidance”.
Although Turkcell believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to be correct. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward looking statements, see our Annual Report on Form 20-F for 2020 filed with the
The Company makes no representation as to the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers, employees or agents as to or in relation to the accuracy or completeness of the information contained in this press release or any other written or oral information made available to any interested party or its advisers.
ABOUT TURKCELL: Turkcell is a digital operator headquartered in
Appendix A – Tables
Table: Net foreign exchange gain and loss details
Million TRY |
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Net FX loss before hedging |
254.7 |
|
(4,137.2) |
|
n.m. |
|
(2,409.6) |
|
(5,538.5) |
|
|
|
Swap interest income/(expense) |
(97.8) |
|
(89.2) |
|
( |
|
(404.6) |
|
(422.4) |
|
|
|
Fair value gain on derivative financial instruments |
(400.3) |
|
2,613.3 |
|
n.m |
|
2,133.4 |
|
3,312.8 |
|
|
|
Net FX gain / (loss) after hedging |
(243.4) |
|
(1,613.1) |
|
|
|
(680.7) |
|
(2,648.1) |
|
|
Table: Income tax expense details
Million TRY |
|
|
Quarter |
|
|
|
|
|
Year |
|
|
|
Q420 |
|
Q421 |
|
y/y% |
|
FY20 |
|
FY21 |
|
y/y% |
||
Current tax expense |
(136.2) |
|
(106.6) |
|
( |
|
(724.7) |
|
(681.5) |
|
( |
|
Deferred tax income / (expense) |
583.7 |
|
1,106.3 |
|
|
|
337.5 |
|
1,171.7 |
|
|
|
Income Tax expense |
447.6 |
|
999.7 |
|
|
|
(387.2) |
|
490.2 |
|
n.m |
|
||||||
|
|
|||||
|
|
Quarter Ended |
Year Ended |
Quarter Ended |
Quarter Ended |
Year Ended |
|
|
|
|
|
|
|
|
|
2020 |
2020 |
2021 |
2021 |
2021 |
| Consolidated Statement of Operations Data | ||||||
| Turkcell Turkey | 6,058.7 |
22,822.9 |
7,050.3 |
7,689.4 |
27,223.5 |
|
747.3 |
2,542.4 |
915.3 |
1,286.4 |
3,750.1 |
||
| Fintech | 225.3 |
845.2 |
281.5 |
329.9 |
1,075.7 |
|
| Other | 840.9 |
2,893.3 |
1,107.1 |
885.9 |
3,871.2 |
|
| Total revenues | 7,872.2 |
29,103.7 |
9,354.2 |
10,191.5 |
35,920.5 |
|
| Direct cost of revenues | (5,572.8) |
(20,336.1) |
(6,428.7) |
(7,095.4) |
(25,230.0) |
|
| Gross profit | 2,299.4 |
8,767.7 |
2,925.6 |
3,096.2 |
10,690.6 |
|
| Administrative expenses | (210.7) |
(749.6) |
(219.3) |
(276.8) |
(919.0) |
|
| Selling & marketing expenses | (400.8) |
(1,373.0) |
(429.9) |
(576.6) |
(1,778.5) |
|
| Other Operating Income / (Expense) | (366.9) |
(523.3) |
(20.2) |
(45.2) |
(370.0) |
|
| Net impairment loses on financial and contract assets | (79.5) |
(349.6) |
(64.1) |
(106.7) |
(271.2) |
|
| Operating profit before financing costs | 1,241.5 |
5,772.3 |
2,192.1 |
2,090.9 |
7,351.9 |
|
| Finance costs | (65.8) |
(3,251.2) |
(247.4) |
(4,413.0) |
(6,492.9) |
|
| Finance income | (316.0) |
2,119.5 |
(111.8) |
2,643.6 |
3,592.0 |
|
| Share of profit of equity accounted investees | (5.2) |
(13.8) |
(2.1) |
63.6 |
90.1 |
|
| Income before tax and non-controlling interest | 854.5 |
4,626.8 |
1,830.7 |
385.0 |
4,541.1 |
|
| Income tax expense | 447.6 |
(387.2) |
(401.6) |
999.7 |
490.2 |
|
| Income from continuing operations before non-controlling interest | 1,302.0 |
4,239.6 |
1,429.1 |
1,384.7 |
5,031.3 |
|
| Discontinued operations | - |
- |
- |
- |
- |
|
| Non-controlling interests | - |
(2.5) |
(0.0) |
(0.1) |
(0.2) |
|
| Net income | 1,302.0 |
4,237.1 |
1,429.1 |
1,384.6 |
5,031.1 |
|
| Net income per share total | 0.60 |
1.94 |
0.65 |
0.63 |
2.30 |
|
| Other Financial Data | ||||||
| Gross margin |
|
|
|
|
|
|
| EBITDA(*) | 3,243.0 |
12,270.3 |
4,029.8 |
4,211.6 |
15,013.8 |
|
| Total Capex | 2,884.7 |
9,078.9 |
2,216.6 |
4,297.4 |
11,479.4 |
|
| Operational capex | 1,904.2 |
5,391.6 |
1,379.2 |
2,686.3 |
7,629.8 |
|
| Licence and related costs | 9.3 |
42.8 |
- |
- |
- |
|
| Non-operational Capex | 971.2 |
3,644.6 |
837.4 |
1,611.1 |
3,849.6 |
|
| Consolidated Balance Sheet Data (at period end) | ||||||
| Cash and cash equivalents | 11,860.6 |
11,860.6 |
12,321.8 |
18,628.7 |
18,628.7 |
|
| Total assets | 51,498.4 |
51,498.4 |
57,307.2 |
70,682.6 |
70,682.6 |
|
| Long term debt | 16,353.7 |
16,353.7 |
19,168.1 |
27,929.7 |
27,929.7 |
|
| Total debt | 21,586.4 |
21,586.4 |
24,804.6 |
36,778.1 |
36,778.1 |
|
| Total liabilities | 30,713.5 |
30,713.5 |
35,390.3 |
48,120.4 |
48,120.4 |
|
| Total shareholders’ equity / Net Assets | 20,784.9 |
20,784.9 |
21,917.0 |
22,562.3 |
22,562.3 |
|
| (*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 18 For further details, please refer to our consolidated financial statements and notes as at |
||||||
TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY Million) |
||||||
| Quarter Ended | Year Ended | Quarter Ended | Quarter Ended | Year Ended | ||
2020 |
2020 |
2021 |
2021 |
2021 |
||
| Consolidated Statement of Operations Data | ||||||
| Turkcell Turkey | 6,058.7 |
22,822.9 |
7,050.3 |
7,689.4 |
27,223.5 |
|
747.3 |
2,542.4 |
915.3 |
1,286.4 |
3,750.1 |
||
| Fintech | 225.3 |
845.2 |
281.5 |
329.9 |
1,075.7 |
|
| Other | 840.9 |
2,893.3 |
1,107.1 |
885.9 |
3,871.2 |
|
| Total revenues | 7,872.2 |
29,103.7 |
9,354.2 |
10,191.5 |
35,920.5 |
|
| Direct cost of revenues | (5,572.8) |
(20,336.1) |
(6,428.7) |
(7,095.4) |
(25,230.0) |
|
| Gross profit | 2,299.4 |
8,767.7 |
2,925.6 |
3,096.2 |
10,690.6 |
|
| Administrative expenses | (210.7) |
(749.6) |
(219.3) |
(276.8) |
(919.0) |
|
| Selling & marketing expenses | (400.8) |
(1,373.0) |
(429.9) |
(576.6) |
(1,778.5) |
|
| Other Operating Income / (Expense) | (578.5) |
1,543.4 |
240.1 |
4,355.8 |
6,409.6 |
|
| Operating profit before financing and investing costs | 1,109.4 |
8,188.5 |
2,516.5 |
6,598.6 |
14,402.7 |
|
| Net impairment loses on financial and contract assets | (79.5) |
(349.6) |
(64.1) |
(106.7) |
(271.2) |
|
| Income from investing activities | 4.5 |
167.8 |
23.9 |
402.6 |
464.1 |
|
| Expense from investing activities | (30.2) |
(31.5) |
(1.9) |
72.1 |
- |
|
| Share of profit of equity accounted investees | (5.2) |
(13.8) |
(2.1) |
63.6 |
90.1 |
|
| Income before financing costs | 999.1 |
7,961.4 |
2,472.3 |
7,030.2 |
14,685.7 |
|
| Finance income | (486.5) |
1,788.6 |
(170.3) |
2,569.6 |
3,051.1 |
|
| Finance expense | 341.9 |
(5,123.2) |
(471.3) |
(9,214.8) |
(13,195.7) |
|
| Income from continuing operations before tax and non-controlling interest | 854.5 |
4,626.8 |
1,830.7 |
385.0 |
4,541.1 |
|
| Income tax expense from continuing operations | 447.6 |
(387.2) |
(401.6) |
999.7 |
490.2 |
|
| Income from continuing operations before non-controlling interest | 1,302.0 |
4,239.6 |
1,429.1 |
1,384.7 |
5,031.3 |
|
| Discontinued operations | - |
- |
- |
- |
- |
|
| Income before non-controlling interest | 1,302.0 |
4,239.6 |
1,429.1 |
1,384.7 |
5,031.3 |
|
| Non-controlling interest | - |
(2.5) |
(0.0) |
(0.1) |
(0.2) |
|
| Net income | 1,302.0 |
4,237.1 |
1,429.1 |
1,384.6 |
5,031.1 |
|
| Net income per share from continuing operations | 0.60 |
1.94 |
0.65 |
0.63 |
2.30 |
|
| Other Financial Data | ||||||
| Gross margin |
|
|
|
|
|
|
| EBITDA(*) | 3,243.0 |
12,270.3 |
4,029.8 |
4,211.6 |
15,013.8 |
|
| Total Capex | 2,884.7 |
9,078.9 |
2,216.6 |
4,297.4 |
11,479.4 |
|
| Operational capex | 1,904.2 |
5,391.6 |
1,379.2 |
2,686.3 |
7,629.8 |
|
| Licence and related costs | 9.3 |
42.8 |
- |
- |
- |
|
| Non-operational Capex | 971.2 |
3,644.6 |
837.4 |
1,611.1 |
3,849.6 |
|
| Consolidated Balance Sheet Data (at period end) | ||||||
| Cash and cash equivalents | 11,860.6 |
11,860.6 |
12,321.8 |
18,628.7 |
18,628.7 |
|
| Total assets | 51,498.4 |
51,498.4 |
57,307.2 |
70,682.6 |
70,682.6 |
|
| Long term debt | 16,353.7 |
16,353.7 |
19,168.1 |
27,929.7 |
27,929.7 |
|
| Total debt | 21,586.4 |
21,586.4 |
24,804.6 |
36,778.1 |
36,778.1 |
|
| Total liabilities | 30,713.5 |
30,713.5 |
35,390.3 |
48,120.4 |
48,120.4 |
|
| Total shareholders’ equity / Net Assets | 20,784.9 |
20,784.9 |
21,917.0 |
22,562.3 |
22,562.3 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005540/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
Source:
FAQ
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