“ACCELERATED PERFORMANCE ON SEQUENTIAL PRICE
ADJUSTMENTS; GUIDANCE UPGRADED”
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL):
- Please note that all financial data is consolidated and
comprises that of Turkcell Iletisim Hizmetleri A.S. (the “Company”,
or “Turkcell”) and its subsidiaries and associates (together
referred to as the “Group”), unless otherwise stated.
- We have four reporting segments:
- "Turkcell Turkey" which comprises our telecom, digital services
and digital business services related businesses in Turkey (as used
in our previous releases in periods prior to Q115, this term
covered only the mobile businesses). All non-financial data
presented in this press release is unconsolidated and comprises
Turkcell Turkey only figures, unless otherwise stated. The terms
"we", "us", and "our" in this press release refer only to Turkcell
Turkey, except in discussions of financial data, where such terms
refer to the Group, and except where context otherwise
requires.
- “Turkcell International” which comprises all of our telecom and
digital services related businesses outside of Turkey.
- “Techfin” which comprises all of our financial services
businesses.
- “Other” which mainly comprises our non-group call center and
energy businesses, retail channel operations, smart devices
management and consumer electronics sales through digital channels
and intersegment eliminations.
- In this press release, a year-on-year comparison of our key
indicators is provided and figures in parentheses following the
operational and financial results for September 30, 2022 refer to
the same item as at September 30, 2021. For further details, please
refer to our consolidated financial statements and notes as at and
for September 30, 2022, which can be accessed via our website in
the investor relations section (www.turkcell.com.tr).
- Selected financial information presented in this press release
for the third quarter and nine months of 2021 and 2022 is based on
Turkish Accounting Standards (TAS) / Turkish Financial Reporting
Standards (TFRS) figures in TRY terms unless otherwise stated.
- In the tables used in this press release totals may not foot
due to rounding differences. The same applies to the calculations
in the text.
- Year-on-year and quarter-on-quarter percentage comparisons
appearing in this press release reflect mathematical
calculation.
NOTICE
We are publishing financial statements as of September 30, 2022
prepared in accordance with Turkish Accounting Standards/Turkish
Financial Reporting Standards (“TAS”/“TFRS”) only. These standards
are issued by the Public Oversight Accounting and Auditing
Standards Authority (“POA”) and are in full compliance with
IAS/IFRS Standards. In an announcement published by the POA on
January 20, 2022, it is stated that TAS 29 “Financial Reporting in
Hyperinflationary Economies” does not apply to TFRS financial
statements as of December 31, 2021. Since then and as of the
preparation date of our latest consolidated financial statements,
no new statement has been made by the POA about TAS 29 application.
Consequently, no TAS 29 adjustment was made to our consolidated
financial statements.
Financial statements prepared in accordance with IFRS should
apply IAS 29 “Financial Reporting in Hyperinflationary Economies”
as of September 30, 2022. In this context, financial statements
prepared in accordance with IFRS and TFRS would have significant
differences and would not be comparable as of September 30, 2022.
We intend to publish IFRS financial statements, compliant with IAS
29 to the extent that it remains applicable, as of the year ending
December 31, 2022.
Although we have not prepared a detailed comparison of
differences between IFRS (unadjusted according to IAS 29) and TFRS,
we have noted in our past financial statements that the most
significant differences have appeared in the lines Other Operating
Income/Expense, Finance Income/Expense, and Investment Activity
Income/ Expense. In the past, revenue, net income and EBITDA have
generally not differed. While no assurance can be given that this
will be the case for Q3 2022, we are not at present aware of
changes that would cause other significant differences, other than
those resulting from the application of IAS 29.
FINANCIAL HIGHLIGHTS
TRY million
Q321
Q322
y/y%
9M21
9M22
y/y%
Revenue
9,354
14,662
56.7%
25,729
37,835
47.1%
EBITDA1
4,030
5,990
48.7%
10,802
15,322
41.8%
EBITDA Margin (%)
43.1%
40.9%
(2.2pp)
42.0%
40.5%
(1.5pp)
EBIT2
2,212
3,593
62.4%
5,586
8,360
49.7%
EBIT Margin (%)
23.6%
24.5%
0.9pp
21.7%
22.1%
0.4pp
Net Income
1,429
2,396
67.6%
3,647
5,057
38.7%
THIRD QUARTER HIGHLIGHTS
- Financial performance accelerated on solid results:
- Group revenues up 56.7% year-on-year on the back of the strong
ARPU performance and larger subscriber base of Turkcell Turkey as
well as contribution of international operations, digital business
services, and techfin business
- EBITDA up 48.7% year-on-year leading to an EBITDA margin of
40.9%; EBIT up 62.4% year-on-year resulting in an EBIT margin of
24.5%
- Net income up 67.6% year-on-year
- Free cash flow3 generation of TRY2.0 billion; net leverage4
level at 1.0x; short FX position of US$19 million
- Strong operational performance continued:
- Turkcell Turkey subscriber base up by 1 million quarterly net
additions; 2.2 million total net additions in the first nine months
of 2022
- 422 thousand quarterly mobile postpaid net additions; postpaid
subscriber base share at 66.5%
- 506 thousand quarterly prepaid subscriber net additions backed
by increased tourism activity
- 68 thousand fiber net additions
- 240 thousand new fiber homepasses in line with our annual
expansion plan in Q322
- Mobile ARPU5 ramped up 48.5% year-on-year mainly on the back of
sequential price adjustments throughout the year and successful
upsell performance; residential fiber ARPU growth of 26.5%
year-on-year
- Data usage of 4.5G users at 17.1 GB in Q322; smartphone
penetration at 87%
- Digital channels’ share6 in sales at 22.8%
- We upgraded our guidance7 for 2022. Accordingly, we now target
revenue growth of 47%-48% up from above 40%, an EBITDA of ~TRY21
billion compared to ~TRY20 billion, and operational capex over
sales ratio8 of ~20% which was 20%-21% previously.
(1) EBITDA is a non-GAAP financial measure. See page 16 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 Turkish Financial Reporting Standartds
(TFRS) 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) Starting from Q421, we have revised the definition of our
net debt calculation to include "financial assets” reported under
current and non-current assets. We believe that these assets are
highly liquid and can be easily converted to cash without
significant change in value. (5) Excluding M2M (6) 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. (7)
Please note that this paragraph contains forward-looking statements
based on our current estimates and expectations regarding market
conditions for each of our different businesses. No assurance can
be given that actual results will be consistent with such estimates
and expectations. For a discussion of factors that may affect our
results, see our Annual Report on Form 20-F for 2021 filed with
U.S. Securities and Exchange Commission, and in particular, the
risk factors section therein. (7) 2022 guidance figures are based
on TFRS, and do not include the effects of a likely adoption of
inflationary accounting in accordance with IAS 29. (8) Excluding
license fee
For further details, please refer to our consolidated financial
statements and notes as at September 30, 2022 via our website in
the investor relations section (www.turkcell.com.tr).
COMMENTS BY CEO, MURAT ERKAN
Growth accelerated with price adjustments
In the third quarter of the year, inflation pressures based on
increased energy and commodity prices due to geopolitical tension
and challenging macroeconomic conditions stood out. Nevertheless,
it was also observed that in this period consumer spending
strengthened, demand accelerated, and recovery of the market
increased. Additionally, rising mobility in the summer period, the
tourism sector, which even exceeded its pre-pandemic level, and the
back-to-school period accelerated our operations. In addition to an
expanding subscriber base, consistent price increases and upsell
efforts, we achieved an accelerated quarterly performance with the
contribution of digital business services, techfin, and our
international operations. Group revenues accelerated and rose 56.7%
year-on-year to TRY14.7 billion. Meanwhile, despite higher
electricity and personnel costs reflecting the minimum wage
increase, EBITDA1 rose by 48.7% to TRY6.0 billion, with an EBITDA
margin of 40.9% thanks to focused cost management. With the
contribution of our dynamic and prudent risk management, net profit
increased by 67.6% year-on-year to TRY2.4 billion.
With the strong seasonality effect thanks to the higher number
of tourists, the differentiated value proposition offered to our
customers, and our focus on the corporate front, we achieved 928
thousand net additions, recording 422 thousand postpaid and 506
thousand prepaid subscriber net additions. In the mobile segment,
we continued price increases in September in line with our focus on
inflationary pricing, and since the price increases are followed by
competitors, we continued to rationalize the market. Mobile blended
ARPU2 accelerated in the third quarter and increased by 48.5%
year-on-year thanks to our successful upsell efforts and the
increasing contribution of price adjustments. Furthermore, with the
contribution of rationalization in the market and thanks to our
analytical competencies, brand strength and strong network, the
average monthly mobile churn rate remained limited to 1.9%.
We continued our fiber investments at full speed in order to
provide our customers with fast and seamless internet, and
delivered our fiber service to 711 thousand new homepasses in the
first 9 months of the year. With new rollouts and increasing demand
during the back-to-school period, we gained 68 thousand fiber
customers. The high-speed fiber internet packages that we offer to
meet the increasing speed needs of our customers were welcomed. The
number of our subscribers using speeds of 100 Mbps and above
doubled year-on-year. Additionally, residential fiber ARPU growth
increased by 26.5% year-on-year, driven mainly by weak price
adjustments and long-term contracts on the fixed side.
With our focus on the expansion of our digital services, the
number of standalone paid users increased 1.2 million year-on-year
to 4.8 million. OTT TV reached 932 thousand paid subscribers with
its big screen strategy, while IPTV’s paid subscribers exceeded 1.2
million with increasing fiber rollouts. According to the ICTA, TV+
was the only platform that increased its market share in the second
quarter. With the contribution of our end-to-end tailored projects
to meet the digitalization needs of companies, the revenues of our
digital business services increased by 107.1% year-on-year and
exceeded TRY1 billion. Data center, cloud storage, and business
applications services remained other verticals contributing to
growth, with their revenues doubling compared to last year.
Reaching 7.3 million users3 in the techfin segment, Paycell's
transaction volume tripled year-on-year, with the increasing
contribution of our POS solutions. Thus, Paycell revenues
accelerated and rose 105.4% year-on-year. As part of Paycell's
growth strategy, we established Paycell Europe in October, in
cooperation with Solaris, one of the leading financial solution
providers in Europe in the field of neo-banking. We will begin with
international money transfer services in the first phase,
thereafter aiming to diversify our services with many innovative
and end-to-end finance solutions such as digital wallet,
investment, card and loan intermediation.
We share Togg's excitement to become a global brand
Turkey's global technology brand Togg’s Gemlik Technology Campus
was opened on October 29th, to coincide with Republic Day in
Turkey. As Turkcell, we have been honored to support our global
mobility brand Togg since day one, with our experience, knowledge
and vision. We not only support Turkey’s automobile project,
designed within the mobility ecosystem to become the new living
space, but also work to create an integrated value with our digital
services. As a first example of this, Paycell will provide all
payment services in Togg's digital ecosystem, with its strong and
dynamic infrastructure.
We are revising our guidance upwards
As we enter the last months of the year, we are faced with a
difficult period in which inflationary pressures will increase.
These pressures oblige us to maintain our focused pricing strategy.
Considering our strong first nine-month performance and our
expectations4 for the remainder of the year, we revise our year-end
consolidated revenue growth guidance to 47%-48% with EBITDA of
around TRY21 billion. We expect an operational CAPEX (excluding
license fees) to sales ratio of ~20%.
I extend my thanks to our entire team for its contribution to
our successes, and to our Board of Directors for their support in
realizing our strategy, which is the key to our achievements. We
also express our gratitude to our customers and business partners
for remaining with us on our journey.
(1) EBITDA is a non-GAAP financial measure. See page 16 for the
explanation of how we calculate Adjusted EBITDA and its
reconciliation to net income. (2) Excluding M2M (3) 3-month active
(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
2021 filed with U.S. Securities and Exchange Commission, and in
particular, the risk factors section therein. 2022 guidance figures
are based on TFRS, and do not include the effects of a likely
adoption of inflationary accounting in accordance with IAS 29.
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement (million
TRY)
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Revenue
9,354.2
14,662.5
56.7%
25,729.0
37,834.6
47.1%
Cost of revenue1
(4,611.1)
(7,454.4)
61.7%
(12,918.2)
(19,375.3)
50.0%
Cost of revenue1/Revenue
(49.3%)
(50.8%)
(1.5pp)
(50.2%)
(51.2%)
(1.0pp)
Gross Margin1
50.7%
49.2%
(1.5pp)
49.8%
48.8%
(1.0pp)
Administrative expenses
(219.3)
(393.8)
79.6%
(642.2)
(1,045.6)
62.8%
Administrative expenses/Revenue
(2.3%)
(2.7%)
(0.4pp)
(2.5%)
(2.8%)
(0.3pp)
Selling and marketing expenses
(429.9)
(683.7)
59.0%
(1,201.9)
(1,800.3)
49.8%
Selling and marketing
expenses/Revenue
(4.6%)
(4.7%)
(0.1pp)
(4.7%)
(4.8%)
(0.1pp)
Net impairment losses on financial and
contract assets
(64.1)
(140.4)
119.0%
(164.5)
(291.0)
76.9%
EBITDA2
4,029.8
5,990.3
48.7%
10,802.2
15,322.4
41.8%
EBITDA Margin
43.1%
40.9%
(2.2pp)
42.0%
40.5%
(1.5pp)
Depreciation and amortization
(1,817.6)
(2,397.7)
31.9%
(5,216.4)
(6,962.3)
33.5%
EBIT3
2,212.2
3,592.6
62.4%
5,585.8
8,360.1
49.7%
EBIT Margin
23.6%
24.5%
0.9pp
21.7%
22.1%
0.4pp
Net finance income / (expense)
(641.6)
(3,649.7)
468.8%
(3,499.4)
(10,064.9)
187.6%
Finance income
(170.3)
4.2
n.m
481.5
853.2
77.2%
Finance expense
(471.3)
(3,654.0)
675.3%
(3,980.9)
(10,918.0)
174.3%
Other operating income / (expense)
240.1
2,414.8
905.7%
2,053.8
5,772.0
181.0%
Investment activity Income / (expense)
22.1
526.1
2,280.5%
(10.6)
1,622.3
n.m
Non-controlling interests
(0.0)
(0.1)
n.m
(0.0)
(0.1)
n.m
Share of profit of equity accounted
investees
(2.1)
13.1
n.m
26.5
(61.5)
(332.1%)
Income tax expense
(401.6)
(501.1)
24.8%
(509.5)
(571.2)
12.1%
Net Income
1,429.1
2,395.8
67.6%
3,646.5
5,056.9
38.7%
(1) Excluding depreciation and amortization expenses. (2) EBITDA
is a non-GAAP financial measure. See page 16 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 56.7% year-on-year in Q322.
Turkcell Turkey’s expanding subscriber base and robust ARPU growth
reflecting the relentless focus on price adjustments and upsell
efforts as well as the contribution of international operations,
digital business services, and techfin business were the main
drivers of this growth.
Turkcell Turkey revenues, comprising 76% of Group revenues, rose
57.1% year-on-year to TRY11,076 million (TRY7,050 million).
- Consumer segment revenues grew 52.6% year-on-year on the back
of the price adjustments to reflect inflationary impacts, as well
as successful upselling performance, and growing subscriber
base.
- Corporate segment revenues rose 60.9% year-on-year, on the
back of strong momentum in digital business services revenues,
which grew 107.1% year-on-year.
- Standalone digital services revenues registered as part of
consumer and corporate segments grew 29.2% year-on-year in Q322
supported by the increased number of stand-alone paid users and
price adjustments of services. Similar to the first half of the
year, in Q322 the growth of digital services revenues was impacted
negatively due to a regulatory decision that amended the usage
conditions of our voicemail service, the revenues of which are
reported under digital services, as of December 1st, 2021.
Excluding this impact, growth would have been 57%.
- Wholesale revenues grew 106.8% to TRY1,026 million (TRY496
million), mainly due to positive impact of currency movements, as
well as the increased international carrier traffic and capacity
upgrades of customers.
Turkcell International revenues, comprising 11% of Group
revenues, rose 78.6% to TRY1,635 million (TRY915 million), with a
positive impact of currency movements as well as the slight
recovery in lifecell performance.
Techfin segment revenues, comprising 3% of Group revenues, rose
77.3% to TRY499 million (TRY281 million). This was driven by 105.4%
rise in Paycell revenues and 56.7% growth in finance company,
Financell. Please refer to the Techfin section for details.
Other subsidiaries' revenues, at 10% of Group revenues, mainly
including consumer electronics sales, call center revenues and
revenues from energy business, increased 31.2% to TRY1,453 million
(TRY1,107 million).
Cost of revenue (excluding depreciation and amortization)
rose to 50.8% (49.3%) as a percentage of revenues in Q322. This was
mainly due to the rise in radio expenses (2.2pp), mostly related to
increasing energy prices, employee expenses (0.6pp), and other cost
items (1.4pp) despite the decline in cost of goods sold (1.4pp) and
interconnection cost (1.3pp) as a percentage of revenues.
Administrative Expenses increased to 2.7% (2.3%) as a
percentage of revenues in Q322.
Selling and Marketing Expenses increased to 4.7% (4.6%)
as a percentage of revenues in Q322. This was mainly due to the
rise in employee expenses (0.3pp) despite the decline in selling
expenses (0.2pp) as a percentage of revenues.
Net impairment losses on financial and contract assets
increased to 1.0% (0.7%) as a percentage of revenues in Q322.
EBITDA1 rose by 48.7% year-on-year in Q322 leading to an
EBITDA margin of 40.9% (43.1%).
- Turkcell Turkey’s EBITDA rose 43.5% year-on-year to TRY4,759
million (TRY3,316 million) leading to an EBITDA margin of 43.0%
(47.0%).
- Turkcell International EBITDA grew 87.6% year-on-year to
TRY846 million (TRY451 million), which resulted in an EBITDA margin
of 51.8% (49.3%) on 2.5pp improvement.
- Techfin segment EBITDA rose 32.5% to TRY230 million (TRY174
million) with an EBITDA margin of 46.1% (61.7%). Higher funding
cost of Financell compared to Q321 was the main factor behind the
year-on-year decline in EBITDA margin.
- The EBITDA of other subsidiaries was at TRY155 million (TRY88
million).
Depreciation and amortization expenses increased 31.9%
year-on-year in Q322.
Net finance expense increased to TRY3,650 million (TRY642
million) in Q322. This was driven mainly by higher FX losses
registered in relation to bank loans and bonds and borrowing costs
despite the positive impact of the fair value gains on derivative
instruments.
See Appendix A for details of net foreign exchange gain and
loss.
Net other operating income increased to TRY2,415 million
(TRY240 million) in Q322 mainly due to higher FX gains registered
on foreign currency cash, as well as interest income from time
deposits.
See Appendix A for details of net foreign exchange gain and
loss.
Net investment activity income was TRY526 million in Q322
compared to TRY22 million in Q321. This was driven mainly by the
fair value gains registered on currency-protected time deposits and
FX gain on financial investments.
Income tax expense increased to TRY501 million (TRY402
million) in Q322. A lower deferred tax expense of TRY16 million
(TRY214 million) was more than offset by a higher current tax
expense.
Please note that in Q322, we made use of the right introduced by
Law No. 7338, which allows the revaluation of properties and
depreciable economic assets under certain conditions. This resulted
in a slight positive impact on the deferred tax asset reported in
Q322. Please refer to our consolidated financial statements and
notes as at September 30, 2022 for details.
(1) EBITDA is a non-GAAP financial measure. See page 16 for the
explanation of how we calculate adjusted EBITDA and its
reconciliation to net income.
Net income of the Group rose 67.6% to TRY2,396 million
(TRY1,429 million) in Q322 on the back of strong operational and
financial performance as well as proactive financial risk
management.
Please note that in Q322, an impairment charge of TRY231 million
has been recognized on the assets of Ukraine in territories under
the control of Ukraine but not operating for more than 92 days and
those in territories invaded by Russia.
Total cash & debt: Consolidated cash as of September
30, 2022 increased to TRY24,344 million from TRY21,972 million as
of June 30, 2022. Our cash position was positively impacted by
currency movements during the quarter. Excluding FX swap
transactions, 55% of our cash is in US$, 17% in EUR, and 27% in
TRY.
Consolidated debt as of September 30, 2022 increased to
TRY51,922 million from TRY48,235 million as of June 30, 2022 mainly
due to the impact of currency movements and the new borrowings.
TRY3,108 million of our consolidated debt is comprised of lease
obligations. Please note that 49% of our consolidated debt is in
US$, 26% in EUR, 3% in CNY, 6% in UAH, and 16% in TRY.
Net debt1 as of September 30, 2022 was at TRY20,282 million with
a net debt to EBITDA ratio of 1.0 times. Excluding finance company
consumer loans, our telco only net debt was at TRY17,400 million
with a leverage of 0.9 times.
Turkcell Group had a short FX position of US$19 million as at
the end of the third quarter (Please note that this figure takes
hedging portfolio and advance payments into account). The short FX
position of US$19 million is in line with our FX neutral
definition, which is between -US$200 million and +US$200
million.
Capital expenditures: Capital expenditures, including
non-operational items, amounted to TRY3,898 million in Q322. In
Q322 and 9M22, operational capital expenditures (excluding license
fees) at the Group level were at 17.1% and 16.9% of total revenues,
respectively.
Capital expenditures (million
TRY)
Quarter
Nine Months
Q321
Q322
9M21
9M22
Operational Capex
1,379.2
2,513.0
4,944.6
6,406.4
License and Related Costs
-
-
-
-
Non-operational Capex (Including IFRS15
& IFRS16)
837.4
1,384.8
2,242.3
3,521.1
Total Capex
2,216.6
3,897.8
7,186.9
9,927.5
(1) Starting from Q421, we have revised the definition of our
net debt calculation to include "financial assets” reported under
current and non-current assets. We believe that these assets are
highly liquid and can be easily converted to cash without
significant change in value.
Summary of Operational Data
Q321
Q222
Q322
y/y %
q/q %
Number of subscribers (million)
39.3
40.6
41.6
5.9%
2.5%
Mobile Postpaid (million)
23.3
24.5
25.0
7.3%
2.0%
Mobile M2M (million)
3.2
3.6
3.8
18.8%
5.6%
Mobile Prepaid (million)
12.3
12.1
12.6
2.4%
4.1%
Fiber (thousand)
1,813.6
1,996.1
2,063.8
13.8%
3.4%
ADSL (thousand)
739.7
740.6
739.4
(0.0%)
(0.2%)
Superbox (thousand)1
613.6
640.3
676.4
10.2%
5.6%
Cable (thousand)
59.8
48.6
45.3
(24.2%)
(6.8%)
IPTV (thousand)
1,011.9
1,185.9
1,230.8
21.6%
3.8%
Churn (%)2
Mobile Churn (%)
1.9%
1.8%
1.9%
-
0.1pp
Fixed Churn (%)
1.4%
1.4%
1.5%
0.1pp
0.1pp
ARPU (Average Monthly Revenue per User)
(TRY)
Mobile ARPU, blended
52.9
63.2
77.5
46.5%
22.6%
Mobile ARPU, blended (excluding M2M)
57.5
69.5
85.4
48.5%
22.9%
Postpaid
65.0
76.5
92.7
42.6%
21.2%
Postpaid (excluding M2M)
74.2
88.6
107.9
45.4%
21.8%
Prepaid
29.9
36.4
47.3
58.2%
29.9%
Fixed Residential ARPU, blended
78.6
93.8
100.8
28.2%
7.5%
Residential Fiber ARPU
79.5
94.5
100.6
26.5%
6.5%
Average mobile data usage per user
(GB/user)
13.7
14.1
15.8
15.3%
12.1%
Mobile MoU (Avg. Monthly Minutes of
usage per subs) blended
559.2
560.3
560.5
0.2%
0.0%
(1) Superbox subscribers are included in mobile subscribers. (2)
Churn figures represent average monthly churn figures for the
respective quarters.
Turkcell Turkey’s subscriber base continued to expand, reaching
41.6 million on 1.0 million net quarterly additions, by rising
tourism activity over the summer season, as well as our
customer-centric approach, and our offerings with rich value
propositions to our customers. This solid performance led us to
achieve a total of 2.2 million net additions in the first nine
months of the year.
On the mobile front, our subscriber base expanded to 37.5
million on 928 thousand quarterly net additions in Q322. We had
strong performance on both the prepaid and postpaid side in this
quarter. Our prepaid subscribers grew by 506 thousand quarterly net
additions supported by improved tourism activities. Meanwhile, we
registered 422 thousand quarterly net additions to the postpaid
subscriber base, supported by higher acquisitions both in the
consumer and corporate segments. Accordingly, our postpaid
subscribers reached 66.5% (65.5%) of our mobile subscriber base as
at the end of Q322.
On the fixed front, our subscriber base reached 2.8 million as
of Q322 with 63 thousand quarterly net additions. Reaping the
fruits of our focused fiber investments, our fiber subscriber base
expanded by 68 thousand quarterly and 250 thousand annual net
additions. Superbox, our fixed-wireless access offering, registered
36 thousand net additions in Q322, the highest performance since
Q420. Meanwhile, our IPTV subscriber base exceeded 1.2 million with
45 thousand net additions in Q322.
The average monthly mobile churn rate was at 1.9% in Q322.
Meanwhile, the average monthly fixed churn rate was 1.5%.
Our mobile ARPU (excluding M2M) rose 48.5% year-on-year mainly
on price adjustments, successful upsell performance, and higher
revenue generating subscriber acquisitions.
Our residential fiber ARPU growth was 26.5% year-on-year. This
was driven mainly by price adjustments and upsell to higher
tariffs, as well as increased IPTV penetration, at 66.5% in
Q322.
Average monthly mobile data usage per user rose 15.3%
year-on-year to 15.8 GB with the increasing number and data
consumption of 4.5G users. Accordingly, the average mobile data
usage of 4.5G users reached 17.1 GB in Q322.
Total smartphone penetration on our network reached 87% in Q322
on a 2.6pp year-on-year rise. 92.5% of those smartphones were 4.5G
compatible.
TURKCELL INTERNATIONAL
lifecell1 Financial Data
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Revenue (million UAH)
2,159.2
2,370.9
9.8%
6,076.3
6,804.9
12.0%
EBITDA (million UAH)
1,224.0
1,417.6
15.8%
3,432.2
3,940.9
14.8%
EBITDA margin (%)
56.7%
59.8%
3.1pp
56.5%
57.9%
1.4pp
Net income / (loss) (million UAH)
173.8
381.6
119.6%
373.0
563.5
51.1%
Capex (million UAH)
713.7
639.6
(10.4%)
2,274.3
2,010.2
(11.6%)
Revenue (million TRY)
684.6
1,199.9
75.3%
1,809.1
3,447.5
90.6%
EBITDA (million TRY)
388.0
717.4
84.9%
1,021.9
1,997.6
95.5%
EBITDA margin (%)
56.7%
59.8%
3.1pp
56.5%
57.9%
1.4pp
Net income / (loss) (million
TRY)
54.9
195.0
255.2%
112.7
277.7
146.4%
(1) Since July 10, 2015, we hold a 100% stake in lifecell.
lifecell (Ukraine) revenues rose 9.8% year-on-year in
Q322 in local currency terms with an EBITDA margin of 59.8% on
3.1pp improvement. This was due mainly to the lower sales and
marketing expenses, which compensated for increasing energy
expenses. lifecell registered UAH382 million net income in
Q322.
lifecell revenues in TRY terms grew 75.3% year-on-year in Q322
mainly due to price adjustments and the positive impact of currency
movements. Meanwhile, lifecell’s EBITDA in TRY terms grew by 84.9%,
leading to an EBITDA margin of 59.8%.
lifecell Operational Data
Q321
Q222
Q322
y/y%
q/q%
Number of subscribers
(million)2
9.9
10.2
10.1
2.0%
(1.0%)
Active (3 months)3
8.9
8.4
8.2
(7.9%)
(2.4%)
MOU (minutes) (12 months)
180.6
160.7
148.8
(17.6%)
(7.4%)
ARPU (Average Monthly Revenue per
User), blended (UAH)
74.2
69.2
77.7
4.7%
12.3%
Active (3 months) (UAH)
83.0
82.8
95.4
14.9%
15.2%
(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.
lifecell’s three-month active subscribers continued to decline
to 8.2 million in Q322 due to the ongoing war in the country.
3-month active ARPU grew 14.9% year-on-year mainly on the back of
price adjustments. lifecell continued its leadership of the
Ukrainian market in smartphone penetration, which was 84.5% as at
the end of Q322.
lifecell continued to focus on ensuring the safety of its
employees and provide services to our customers in Ukraine.
Meanwhile, our network is largely operational. Around 9% of nearly
9 thousand sites are temporarily down on average. The conditions of
sites in occupied territories are unclear. Around 91% of our stores
are open nationwide as a daily average as of the end of September.
In Q322 daily top-ups are almost recovered to pre-war period
levels. Additionally, ICT systems, such as billing and CRM are
fully operational. The banking system in the country continues to
operate and day-to-day operations, including payments and
collections are exercised normally. lifecell’s cash position is
conducive to sustain its operations.
We continue to monitor the developments in Ukraine and the
potential impact on our operations. We oversee our action plans to
ensure the safety of our employees and maintain our operations.
BeST1
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Number of subscribers (million)
1.5
1.5
-
1.5
1.5
-
Active (3 months)
1.1
1.1
-
1.1
1.1
-
Revenue (million BYN)
35.1
38.2
8.8%
110.2
107.4
(2.5%)
EBITDA (million BYN)
9.3
11.9
28.0%
27.9
31.8
14.0%
EBITDA margin (%)
26.4%
31.1%
4.7pp
25.4%
29.6%
4.2pp
Net loss (million BYN)
(8.2)
(5.1)
(37.8%)
(24.2)
(21.7)
(10.3%)
Capex (million BYN)
18.8
22.9
21.8%
46.8
56.1
19.9%
Revenue (million TRY)
119.3
267.3
124.1%
350.6
647.9
84.8%
EBITDA (million TRY)
31.5
83.1
163.8%
89.2
192.4
115.7%
EBITDA margin (%)
26.4%
31.1%
4.7pp
25.4%
29.7%
4.3pp
Net loss (million TRY)
(28.0)
(35.9)
28.2%
(77.0)
(126.0)
63.6%
(1) BeST, in which we hold an 80% stake, has operated in Belarus
since July 2008.
BeST revenues increased 8.8% year-on-year in Q322 in
local currency terms. This was driven mainly by the rise in voice
and data revenues, supported by price increases and upselling
performance despite the decline in handset sales revenues. BeST’s
EBITDA was at BYN11.9 million in Q322 with an EBITDA margin of
31.1% on a 4.7pp improvement. The decline in lower margin handset
sales had a positive impact on EBITDA margin. BeST’s revenues in
TRY terms grew by 124.1% year-on-year in Q322 and EBITDA margin was
at 31.1%.
BeST provides LTE services in 6 regions through over 3.9
thousand sites to its customers at the end of Q322. BeST maintained
to its leadership in the market in terms of 4G geographical
coverage which has reached 88.5% in Q322. BeST has also continued
to increase the penetration of 4G services. Accordingly, 4G
subscribers comprised 77% of the 3-month active subscriber base as
of Q322. Meanwhile, the average monthly data consumption of
subscribers rose 16.4% year-on-year to 15.9 GB.
Kuzey Kıbrıs Turkcell2 (million
TRY)
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Number of subscribers (million)
0.5
0.6
20.0%
0.5
0.6
20.0%
Revenue
81.7
125.4
53.5%
216.5
325.3
50.3%
EBITDA
34.7
48.3
39.2%
85.9
129.9
51.2%
EBITDA margin (%)
42.4%
38.5%
(3.9pp)
39.7%
39.9%
0.2pp
Net income
20.7
26.0
25.6%
42.8
68.8
60.7%
Capex
19.1
32.7
71.2%
47.6
97.8
105.5%
(2) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has
operated in Northern Cyprus since 1999
Kuzey Kıbrıs Turkcell revenues grew 53.5% year-on-year in
Q322, driven by higher data, handset sales, and voice revenues
backed by increased mobility. The EBITDA of Kuzey Kıbrıs Turkcell
rose 39.2% year-on-year leading to an EBITDA margin of 38.5%.
TECHFIN
Paycell Financial Data (million
TRY)
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Revenue
118.8
244.0
105.4%
328.9
606.7
84.5%
EBITDA
55.1
109.0
97.8%
158.0
271.1
71.6%
EBITDA Margin (%)
46.4%
44.7%
(1.7pp)
48.1%
44.7%
(3.4pp)
Net Income
36.3
75.6
108.3%
106.4
190.8
79.3%
Paycell saw another quarter of strong performance registering
105.4% year-on-year revenue growth in Q322. This solid performance
resulted mainly from the continued demand for digital payments
which we addressed with a diverse product portfolio of mobile
payment services. Paycell’s EBITDA rose 97.8% year-on-year, leading
to an EBITDA margin of 44.7% in Q322. The growth is sustained by
successful performance in all verticals, where increased POS
solutions volume have a slight negative impact on EBITDA
margin.
The transaction volumes across Paycell’s product portfolio
continued to rise in Q322. The quarterly transaction volume
(non-group) of Pay Later service doubled year-on-year to TRY979
million, which was utilized by 3-month active Pay Later users of
4.6 million in Q322. Meanwhile, Paycell card transactions increased
to TRY2.4 billion, which was fourfold that of Q321. The transaction
volume of total POS solutions accelerated to TRY4.0 billion with a
quarterly increase of 37% where Android POS devices reached almost
15 thousand. Overall, the total transaction volume across all
services reached TRY10.4 billion tripling year-on-year, which
derived from an increase in 3-month active users to 7.3 million and
their increased usage.
Financell Financial Data (million
TRY)
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Revenue
162.9
255.3
56.7%
424.5
666.9
57.1%
EBITDA
119.6
123.1
2.9%
291.5
362.0
24.2%
EBITDA margin (%)
73.4%
48.2%
(25.2pp)
68.7%
54.3%
(14.4pp)
Net income
61.8
72.4
17.2%
225.1
216.9
(3.6%)
Financell registered strong year-on-year revenue growth of 56.7%
in Q322 mainly due to greater loan portfolio and higher average
interest rate on the loan portfolio compared to the same period of
the last year and increase in insurance revenues. Meanwhile,
Financell reported EBITDA growth of 2.9% year-on-year, resulting in
an EBITDA margin of 48.2%. The decline in the EBITDA margin was
mainly due to the increase in funding costs, higher interest rates,
and lower receivable sales compared to the same quarter of last
year.
The loan portfolio of Financell increased to TRY2.9 billion as
of the end of Q322. Although the installment limitation on consumer
loans for telecom devices still limits the growth of the loan
portfolio, higher lending to corporate customers and greater
mobility supported the loan portfolio. Accordingly, Financell has
provided loans to over 19 thousand corporate customers to date.
Financell’s cost of risk has slightly increased from 1.0% in Q222
to 1.3% in Q322, mainly due to expansion in the loan portfolio and
a lower amount of receivable sales.
Turkcell Group Subscribers
Turkcell Group registered subscribers amounted to approximately
53.8 million as of September 30, 2022. This figure is calculated by
taking the number of subscribers of Turkcell Turkey, and of each of
our subsidiaries. It includes the total number of mobile, fiber,
ADSL, cable and IPTV subscribers of Turkcell Turkey, and the mobile
subscribers of lifecell, BeST and Kuzey Kıbrıs Turkcell.
Turkcell Group Subscribers
Q321
Q222
Q322
y/y%
q/q%
Turkcell Turkey subscribers
(million)1
39.3
40.6
41.6
5.9%
2.5%
lifecell (Ukraine)
9.9
10.2
10.1
2.0%
(1.0%)
BeST (Belarus)
1.5
1.5
1.5
-
-
Kuzey Kıbrıs Turkcell
0.5
0.6
0.6
20.0%
-
Turkcell Group Subscribers
(million)
51.2
52.8
53.8
5.1%
1.9%
(1) Subscribers to more than one service are counted separately
for each service.
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting,
along with certain macroeconomic indicators, are set out below.
Quarter
Nine Months
Q321
Q222
Q322
y/y%
q/q%
9M21
9M22
y/y%
GDP Growth (Turkey)
7.9%
7.6%
n.a
n.a
n.a
12.1%
n.a
n.a
Consumer Price Index
(Turkey)(yoy)
19.6%
78.6%
83.5%
63.9pp
4.9pp
19.6%
83.5%
63.9pp
US$ / TRY rate
Closing Rate
8.8433
16.6690
18.5038
109.2%
11.0%
8.8433
18.5038
109.2%
Average Rate
8.5212
15.5996
17.8817
109.8%
14.6%
8.1477
15.7864
93.8%
EUR / TRY rate
Closing Rate
10.3135
17.5221
17.9232
73.8%
2.3%
10.3135
17.9232
73.8%
Average Rate
10.0656
16.7104
18.0379
79.2%
7.9%
9.7550
16.7562
71.8%
US$ / UAH rate
Closing Rate
26.58
29.2549
36.5686
37.6%
25.0%
26.58
36.5686
37.6%
Average Rate
26.87
29.2549
35.3497
31.6%
20.8%
27.51
31.1243
13.1%
US$ / BYN rate
Closing Rate
2.5083
2.5235
2.4803
(1.1%)
(1.7%)
2.5083
2.4803
(1.1%)
Average Rate
2.5088
2.6634
2.5585
2.0%
(3.9%)
2.5591
2.6446
3.3%
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We
believe Adjusted EBITDA, among other measures, facilitates
performance comparisons from period to period and management
decision making. It also facilitates performance comparisons from
company to company. Adjusted EBITDA as a performance measure
eliminates potential differences caused by variations in capital
structures (affecting interest expense), tax positions (such as the
impact of changes in effective tax rates on periods or companies)
and the age and book depreciation of tangible assets (affecting
relative depreciation expense). We also present Adjusted EBITDA
because we believe it is frequently used by securities analysts,
investors and other interested parties in evaluating the
performance of other mobile operators in the telecommunications
industry in Europe, many of which present Adjusted EBITDA when
reporting their results.
Our Adjusted EBITDA definition includes Revenue, Cost of Revenue
excluding depreciation and amortization, Selling and Marketing
expenses, Administrative expenses and Net impairment losses on
financial and contract assets, but excludes finance income and
expense, other operating income and expense, investment activity
income and expense, share of profit of equity accounted investees
and minority interest.
Nevertheless, Adjusted EBITDA has limitations as an analytical
tool, and you should not consider it in isolation from, or as a
substitute for analysis of our results of operations, as reported
under TFRS. The following table provides a reconciliation of
Adjusted EBITDA, as calculated using financial data prepared in
accordance with TFRS to net profit, which we believe is the most
directly comparable financial measure calculated and presented in
accordance with TFRS.
Turkcell Group (million TRY)
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Adjusted EBITDA
4,029.8
5,990.3
48.7%
10,802.2
15,322.4
41.8%
Depreciation and amortization
(1,817.6)
(2,397.7)
31.9%
(5,216.4)
(6,962.3)
33.5%
EBIT
2,212.2
3,592.6
62.4%
5,585.8
8,360.1
49.7%
Finance income
(170.3)
4.2
n.m
481.5
853.2
77.2%
Finance expense
(471.3)
(3,654.0)
675.3%
(3,980.9)
(10,918.0)
174.3%
Other operating income / (expense)
240.1
2,414.8
905.7%
2,053.8
5,772.0
181.0%
Investment activity Income / (expense)
22.1
526.1
2,280.5%
(10.6)
1,622.3
n.m
Share of profit of equity accounted
investees
(2.1)
13.1
n.m
26.5
(61.5)
(332.1%)
Consolidated profit before income tax
& minority interest
1,830.7
2,869.9
56.8%
4,156.1
5,628.2
35.4%
Income tax expense
(401.6)
(501.1)
24.8%
(509.5)
(571.2)
12.1%
Consolidated profit before minority
interest
1,429.1
2,395.8
67.6%
3,646.6
5,056.9
38.7%
NOTICE: This release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and the Safe
Harbor provisions of the US Private Securities Litigation Reform
Act of 1995. This includes, in particular, our targets for revenue,
EBITDA and capex for 2022. More generally, all statements other
than statements of historical facts included in this press release,
including, without limitation, certain statements regarding the
launch of new businesses, our operations, financial position and
business strategy may constitute forward-looking statements. In
addition, forward-looking statements generally can be identified by
the use of forward-looking terminology such as, among others,
"will," "expect," "intend," "estimate," "believe", "continue" and
“guidance”.
Although Turkcell believes that the expectations reflected in
such forward-looking statements are reasonable at this time, it can
give no assurance that such expectations will prove to be correct.
All subsequent written and oral forward-looking statements
attributable to us are expressly qualified in their entirety by
reference to these cautionary statements. For a discussion of
certain factors that may affect the outcome of such forward looking
statements, see our Annual Report on Form 20-F for 2021 filed with
the U.S. Securities and Exchange Commission, and in particular the
risk factors section therein. We undertake no duty to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
The Company makes no representation as to the accuracy or
completeness of the information contained in this press release,
which remains subject to verification, completion and change. No
responsibility or liability is or will be accepted by the Company
or any of its subsidiaries, board members, officers, employees or
agents as to or in relation to the accuracy or completeness of the
information contained in this press release or any other written or
oral information made available to any interested party or its
advisers.
ABOUT TURKCELL: Turkcell is a digital operator
headquartered in Turkey, serving its customers with its unique
portfolio of digital services along with voice, messaging, data and
IPTV services on its mobile and fixed networks. Turkcell Group
companies operate in 4 countries – Turkey, Ukraine, Belarus, and
Northern Cyprus. Turkcell launched LTE services in its home country
on April 1st, 2016, employing LTE-Advanced and 3 carrier
aggregation technologies in 81 cities. Turkcell offers up to 10
Gbps fiber internet speed with its FTTH services. Turkcell Group
reported TRY14.7 billion revenue in Q322 with total assets of
TRY90.7 billion as of September 30, 2022. It has been listed on the
NYSE and the BIST since July 2000, and is the only NYSE-listed
company in Turkey. Read more at www.turkcell.com.tr.
Appendix A – Tables
Table: Net foreign exchange gain and loss details
Million TRY
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Net FX loss before hedging
(25.6)
(722.6)
2,722.7%
(1,401.3)
(3,450.9)
146.3%
Swap interest income/(expense)
(109.2)
(35.8)
(67.2%)
(333.2)
(156.0)
(53.2%)
Fair value gain on derivative financial
instruments
(105.3)
(10.1)
(90.4%)
699.5
814.5
16.4%
Net FX gain / (loss) after
hedging
(240.1)
(768.5)
220.1%
(1,035.0)
(2,792.4)
169.8%
Table: Income tax expense details
Million TRY
Quarter
Nine Months
Q321
Q322
y/y%
9M21
9M22
y/y%
Current tax expense
(187.6)
(484.6)
158.3%
(574.9)
(723.4)
25.8%
Deferred tax income / (expense)
(214.0)
(16.5)
(92.3%)
65.4
152.1
132.6%
Income Tax expense
(401.6)
(501.1)
24.8%
(509.5)
(571.2)
12.1%
TURKCELL ILETISIM HIZMETLERI A.S.TURKISH ACCOUNTING STANDARDS
SELECTED FINANCIALS (TRY Million) Quarter Ended
Quarter Ended Quarter Ended Nine Months
Nine Months
Sep 30,
Jun 30,
Sep 30,
Sep 30,
Sep 30,
2021
2022
2022
2021
2022
Consolidated Statement of Operations Data
Turkcell Turkey
7,050.3
9,376.9
11,075.7
19,534.2
28,402.3
Turkcell International
915.3
1,479.7
1,634.7
2,463.7
4,541.0
Techfin
281.5
414.0
499.1
745.9
1,265.9
Other
1,107.1
1,206.4
1,453.0
2,985.3
3,625.3
Total revenues
9,354.2
12,477.1
14,662.5
25,729.0
37,834.6
Direct cost of revenues
(6,428.7)
(8,907.5)
(9,852.1)
(18,134.6)
(26,337.6)
Gross profit
2,925.6
3,569.5
4,810.4
7,594.4
11,496.9
Administrative expenses
(219.3)
(348.1)
(393.8)
(642.2)
(1,045.6)
Selling & marketing expenses
(429.9)
(575.9)
(683.7)
(1,201.9)
(1,800.3)
Other Operating Income / (Expense)
240.1
1,863.1
2,414.8
2,053.8
5,772.0
Operating profit
2,516.5
4,508.6
6,147.8
7,804.1
14,423.1
Impairment losses determined in accordance with TFRS 9
(64.1)
(95.5)
(140.4)
(164.5)
(291.0)
Income from investing activities
23.9
797.0
526.1
61.5
1,622.3
Expense from investing activities
(1.9)
-
0.0
(72.1)
0.0
Share on profit of investments valued by equity method
(2.1)
(51.1)
13.1
26.5
(61.5)
Income before financing costs
2,472.3
5,159.0
6,546.6
7,655.5
15,693.0
Finance income
(170.3)
776.7
4.2
481.5
853.2
Finance expense
(471.3)
(4,153.4)
(3,654.0)
(3,980.9)
(10,918.0)
Income from continuing operations before tax and non-controlling
interest
1,830.7
1,782.3
2,896.9
4,156.1
5,628.1
Income tax expense from continuing operations
(401.6)
75.9
(501.1)
(509.5)
(571.2)
Income from continuing operations before non-controlling interest
1,429.1
1,858.2
2,395.8
3,646.6
5,056.9
Profit for the period
1,429.1
1,858.2
2,395.8
3,646.6
5,056.9
Non-controlling interest
0.0
(0.0)
(0.1)
0.0
(0.1)
Owners of the Parent
1,429.1
1,858.2
2,395.8
3,646.5
5,056.9
Net income per share from continuing operations
0.7
0.9
1.1
1.7
2.3
Other Financial Data
Gross margin
31.3%
28.6%
32.8%
29.5%
30.4%
EBITDA (*)
4,029.8
5,030.1
5,990.3
10,802.2
15,322.4
Total Capex
2,216.6
3,110.8
3,897.8
7,186.9
9,927.5
Operational capex
1,379.2
2,047.7
2,513.0
4,944.6
6,406.4
Licence and related costs
-
-
-
-
-
Non-operational Capex
837.4
1,063.1
1,384.8
2,242.3
3,521.1
Consolidated Balance Sheet Data (at period end)
Cash and cash equivalents
12,321.8
21,972.3
24,344.2
12,321.8
24,344.2
Total assets
57,307.2
84,545.2
90,655.4
57,307.2
90,655.4
Long term debt
19,168.1
35,010.4
37,700.3
19,168.1
37,700.3
Total debt
24,804.6
48,234.6
51,921.7
24,804.6
51,921.7
Total liabilities
35,390.3
60,711.1
65,123.7
35,390.3
65,123.7
Total shareholders’ equity / Net Assets
21,917.0
23,834.0
25,531.8
21,917.0
25,531.8
(*) Please refer to the notes on reconciliation of Non-GAAP
Financial measures on page 16.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221103005830/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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