“DIGITAL TRANSFORMATION HAS PAVED THE WAY FOR 28.5% TOP-LINE
GROWTH”
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 three reporting segments:
- "Turkcell Turkey" which comprises all
of our telecom related businesses in Turkey (as used in our
previous releases, 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 related businesses outside of
Turkey.
- “Other subsidiaries” which is mainly
comprised of our information and entertainment services, call
center business revenues, financial services revenues and
inter-business eliminations.
- In this press release, a year-on-year
comparison of our key indicators is provided and figures in
parentheses following the operational and financial results for
June 30, 2017 refer to the same item as at June 30, 2016. For
further details, please refer to our consolidated financial
statements and notes as at and for June 30, 2017, which can be
accessed via our website in the investor relations section
(www.turkcell.com.tr).
- Selected financial information
presented in this press release for the second quarter and half
year 2016 and 2017 is based on IFRS figures in TRY terms unless
otherwise stated.
- In accordance with our strategic
approach and IFRS requirements, Fintur is classified as ‘held for
sale’ and reported as discontinued operations as of October 2016.
Certain operating data that we previously presented with Fintur
included has been restated without Fintur.
- 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.
SECOND QUARTER HIGHLIGHTS
- The past two years’ digital
transformation strategy reflected in strong operational and
financial results
- Record customer gains, ARPU growth and
further traction in digital services:
- Strong year-on-year total subscriber
net additions of 2.1 million in Turkey
- Mobile ARPU1 uplift of 13.7%
year-on-year; decline in mobile churn rate to 4.2%
- Mobile multiplay customer share reaches
46.7%, while multiplay with TV customers on the fixed side rises to
40.5%
- Data and digital services revenues up
78.6%
- Data usage of 4.5G users reaches 5.9GB
in June
- Highest revenue and EBITDA2 growth of
the past 10 years with all time high revenue and EBITDA:
- Group revenues and EBITDA up 28.5% and
41.6%, respectively leading to 3.1pp improvement in EBITDA margin
to 33.8%, the highest second quarter level since 2008
- Turkcell Turkey revenues up 26.4% with
EBITDA margin of 34.1%; including consumer finance company,
Turkcell Turkey revenues up 29.7% with EBITDA margin of 34.4%;
- Turkcell International revenues up
26.5% with EBITDA margin of 25.6%
- Other subsidiaries’ revenues,
comprising information and entertainment services, call center
services and financial services revenues, up 74.7% with increased
consumer finance company contribution
- Group net income up 69.2% to TRY704
million mainly on solid operational performance
- 4.5G license payments completed with
TRY1.5 billion final installment paid on April 26th
- TRY3 billion dividend approved at the
General Assembly of May 25th
- TRY100 million of consumer finance
company receivables securitized in April and preparations for the
second asset-backed security issuance in progress
- Given the strong first half
performance, we revised our full year guidance for revenue growth
from 16%-18% to 21%-23%, for EBITDA margin from 32%-34% to 33%-35%,
while maintained our full year guidance for capex3 over sales;
capex over sales targeted at 19%-20%4
FINANCIAL HIGHLIGHTS
TRY million Q216 Q217
y/y % H116 H117 y/y
% Revenue 3,358 4,316 28.5% 6,583
8,369 27.1% Turkcell Turkey 3,008 3,803 26.4% 5,936
7,366 24.1% EBITDA2 1,029 1,457 41.6% 2,031 2,857 40.7% Turkcell
Turkey 923 1,298 40.6% 1,839 2,567 39.6% EBITDA Margin 30.7% 33.8%
3.1pp 30.8% 34.1% 3.3pp Net Income 416 704
69.2% 979 1,163 18.8%
(1) Excluding M2M(2) EBITDA is a non-GAAP financial measure. See
page 13 for the explanation of how we calculate Adjusted EBITDA and
its reconciliation to net income.(3) Excluding license fee(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 2016 filed with
U.S. Securities and Exchange Commission, and in particular, the
risk factor section therein.
For further details, please refer to our consolidated financial
statements and notes as at and for June 30, 2017 which can be
accessed via our web site in the investor relations section
(www.turkcell.com.tr).
COMMENTS BY KAAN TERZIOGLU, CEO
Digital transformation has paved the way for 28.5% top-line
growth
Our digital transformation began in 2015, and marking a turning
point on this journey, the launch of 4.5G in our home country
Turkey on April 1, 2016, opened the door to a truly and
comprehensively digitalized world. Our customers’ appreciation and
enthusiasm in embracing our products since then have confirmed the
validity of our digital-focused business model. Today, we celebrate
our results, which we see as a milestone for both our company and
our industry, by ringing the closing bell at the NYSE where we have
been listed for 17 years.
Encouraged by our customers’ demand, we revise our target
upwards
Turkcell Group has registered its record high revenue and EBITDA
growth of the past ten years. Group revenues rose 28.5% to TRY4.3
billion, while EBITDA1 increased 41.6% to TRY1.5 billion, achieving
a 33.8% EBITDA margin. Net income rose to TRY704 million on 69.2%
yearly growth. Our solid financial results on the back of a larger
customer base, rising data demand, and higher usage of our products
and services on our fast and superior network, prompt us to revise
our guidance upwards to 21% - 23% for revenue growth and 33%-35%
for EBITDA margin2.
With our digital services, our customers are reshaping how
they experience life
With our digital services, we had aimed to transform Turkcell
from a network provider into a services-focused experience provider
that offers more than voice and data. Our customers increasingly
prefer Turkcell services as they transform their ways of
interacting, watching, listening, reading, doing business,
accessing news and entertainment, and saving their memories. This
increasing demand encourages us as we move forward.
BiP, our first and leading global product on this digital
transformation journey, has been downloaded over 14.7 million times
globally; it serves as a platform for over one million voice and
video call minutes per day on average. BiP has established a
partnership with the third largest game developer in Europe, Orange
Games, and launched the “Game on BiP” platform, enriching its
content. Our digital music platform, fizy was the channel on which
Turkey’s megastar Tarkan premiered his new album. Tarkan fans were
not only able to listen to the album for the first time, but also
watch his concerts live over fizy. Over 6 million songs on average
are streamed daily on fizy, which had been the most downloaded
application on AppStore. Our digital magazine application,
Dergilik, has brought a breath of fresh air to the sector; in June
alone, over 2.1 million magazines were read on this platform,
greatly exceeding the print format. Users of our TV platform TV+
have reached 1.5 million. In line with our aim of transforming the
small-screen video viewing experience, average per user viewing
duration on the TV+ OTT app has risen to 51 min from 7 min prior to
the 4.5G launch thanks to our technology, offerings and content.
Meanwhile, lifebox, our personal cloud app, which is now also on
Apple TV, has been downloaded over 4.9 million times. Our customers
have used 110 thousand GB of data in June to upload over 110
million files.
Highest net customer add of the past six years
Our innovative approach to digital services has positively
impacted customer satisfaction and loyalty, strengthening customer
retention. Further, we recorded the highest quarterly net customer
add of the past six years of 757 thousand, reaching 34.2 million
mobile customers. The share of postpaid customers has reached 53.2%
in total thanks to the highest net postpaid add of the past five
years. Our fiber customers rose by 32 thousand this quarter to 1.1
million, whereby total fixed broadband customers exceeded 2
million.
The share of multi-play customers in the mobile segment using
voice, data and digital services reached 46.7%3. Meanwhile, the
share of multi-play customers with TV on the fixed side reached
40.5%4. These figures, which indicate that our customers want to
see Turkcell in more areas of their lives, and our expanding
customer base, give us confidence in the sustainability of
double-digit growth going forward.
Data usage on 4.5G, a pillar of our growth, has reached
5.9GB
This quarter, we continued to invest in the 4.5G network, the
building block of our growing digital services and attractive
offerings, and have reached a population coverage of 83.79%. Data
consumption of 4.5G users reached 5.9GB in June, and total per
capita data consumption increased by 69% year-on-year to 4.1GB.
Rising smartphone penetration on our network has been another
factor enabling us to achieve these figures. In fact, this quarter,
we have already reached the 70% smartphone penetration target set
for year-end 2018.
Moreover, we provide our customers financing options via
Financell, a part of Turkcell Group, facilitating their access to
the latest technology. Financell, which has provided over 3.7
million loans to date, has become Turkey’s largest consumer finance
company in terms of the number of loans extended. As part of our
responsible financing practices, the number of loan protection and
life insurance policies bundled with Financell credit has reached
600 thousand.
The goal of making technology accessible not only underlies
Financell, but also our T-series smartphones, the latest and most
advanced of which is T80 and the compatible Turkcell VR headset.
Virtual reality applications, which are among the technologies set
to shape the future, will be accessible to our customers with these
two devices.
In a landmark development in our techfin field, Paycell has now
been granted an e-money license by banking regulator the BRSA.
Thus, in addition to the distinctive payment solutions Paycell
already offers, it can now extend its new generation payment card.
Our aim is to have 10 million Paycell card users within a three
year timeframe.
Serving the highest technology to the populations most in
need
We continue to use the latest technologies enabled by digital
services on 4.5G for those in who are most in need. With
technology, we support the education of children with special
needs, help entrepreneurs raise project funding, introduce coding
and programming to large segments of society and help disabled
individuals fully realize their potential.
In this context, we also serve Turkey’s Syrian refugee
population with our “Hello Hope” mobile application, which has
reached 468 thousand users since its launch in September 2016.
Previously recognized by the GSMA for best use of mobile technology
in humanitarian and emergency situations, “Hello Hope” received yet
another award from the World Summit for Information Society (WSIS)
led by the International Telecommunications Union (ITU), the UN
body for the telecommunications industry. Additionally, “Hello
Hope” was selected among fourteen inspirational projects globally
by the UNESCO-Pearson Initiative for Literacy.
Glad to have delivered our commitment to our shareholders
with the dividend distribution decision
Our shareholders voted in favor of a 3 billion TL dividend
distribution at the General Assembly on May 25, 2017. We are
pleased to have met our commitment to our shareholders and
distributing nearly 54% of our net income since 2010, in line with
our dividend policy. We will continue to work with the same
discipline to sustain our solid financial and operational results
and maintain our strong balance sheet, which has made this decision
possible.
Inspired by the success story in Turkey, we now aim at the
global digital market
We became a pioneer in the Turkish financial market with our
listing on both the BIST and NYSE seventeen years ago. Today,
institutional and individual investors from 52 countries trust
Turkcell. We continue to work tirelessly every day to merit this
trust with our transformation, which has been inspirational not
only in Turkey, but also in the international telecoms arena.
Our goal now is to extend our digital know-how, which grew with
the loyalty and demand of our customers in Turkey, on a global
scale. We have enhanced our digital products and services, and our
digital-focused business model, in order to offer them
globally.
We would like to congratulate the Turkcell team and all of our
stakeholders for their contribution to our success, and to thank
our Board of Directors for providing continued guidance and
support. We would also like to express our gratitude to our
customers, who have been with us throughout this success story.
(1) EBITDA is a non-GAAP financial measure. See page 13 for the
explanation of how we calculate Adjusted EBITDA and its
reconciliation to net income.(2) 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 2016 filed with U.S. Securities and
Exchange Commission, and in particular, the risk factor section
therein.(3) Share among mobile voice users excluding subscribers
who have not used their lines in the last 3 months(4) Multiplay
customers with TV: Internet + TV users & internet + TV + voice
users
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss
Statement(million TRY)
Quarter Half Year Q216
Q217 y/y % H116
H117 y/y % Revenue 3,358.1
4,316.0 28.5% 6,583.5 8,368.6
27.1% Cost of revenue1 (2,236.9) (2,783.9) 24.5% (4,255.7)
(5,400.6) 26.9%
Cost of revenue1/Revenue
(66.6%) (64.5%) 2.1pp (64.6%)
(64.5%) 0.1pp Depreciation and amortization (567.1)
(617.0) 8.8% (1,021.9) (1,245.4) 21.9%
Gross Margin
33.4% 35.5% 2.1pp 35.4% 35.5%
0.1pp Administrative expenses (175.8) (183.8) 4.6% (354.5)
(383.6) 8.2%
Administrative expenses/Revenue (5.2%)
(4.3%) 0.9pp (5.4%) (4.6%) 0.8pp
Selling and marketing expenses (483.2) (508.3) 5.2% (964.4) (972.9)
0.9%
Selling and marketing expenses/Revenue (14.4%)
(11.8%) 2.6pp (14.6%) (11.6%)
3.0pp EBITDA2 1,029.3 1,457.0
41.6% 2,030.8 2,856.9 40.7% EBITDA
Margin 30.7% 33.8% 3.1pp 30.8%
34.1% 3.3pp EBIT3 462.2
840.0 81.7% 1,008.9 1,611.5
59.7% Net finance income / (costs) 21.8 95.8 339.4% 188.0
(50.8) (127.0%) Finance costs (140.7) (146.1) 3.8% (195.7) (494.2)
152.5% Finance income 162.5 241.9 48.9% 383.7 443.4 15.6% Other
income / (expense) 13.8 (36.8) (366.7%) 2.7 (33.1) n.m
Non-controlling interests (11.6) (11.0) (5.2%) (22.5) (23.8) 5.8%
Income tax expense (62.2) (183.9) 195.7% (205.6) (341.2) 66.0%
Discontinued operations (7.9) - n.m 7.3 - n.m
Net Income
416.1 704.1 69.2%
978.8 1,162.6 18.8%
(1) Including depreciation and amortization expenses.(2) EBITDA
is a non-GAAP financial measure. See page 13 for the explanation of
how we calculate Adjusted EBITDA and its reconciliation to net
income.(3) EBIT is a non-GAAP financial measure and is equal to
EBITDA minus depreciation and amortization expenses.
Revenue of the Group rose by 28.5% year-on-year in Q217.
This growth came mainly from the strong ARPU performance of
Turkcell Turkey on the back of solid data and digital services
growth, and customer base expansion.
Turkcell Turkey revenues, at 88% of Group revenues, rose by
26.4% to TRY3,803 million (TRY3,008 million).
- Mobile data revenues grew by 65.1% to
TRY1,462 million (TRY886 million) due to rising smartphone
penetration, increased data users and higher data consumption.
- Fixed data revenues rose by 27.8% to
TRY326 million (TRY255 million) on increased users, higher
consumption and price increases.
- Digital services revenues grew by
178.8% to TRY692 million (TRY248 million). This growth comes mainly
from TV+, our digital publishing service Dergilik, music platform
fizy, personal cloud service lifebox and other mobile
services.
- Overall data and digital services
revenues, comprising 65% of Turkcell Turkey revenues, rose by 78.6%
to TRY2,480 million (TRY1,389 million).
- Wholesale revenues grew by 40.6% to
TRY144 million (TRY102 million) on increased carrier traffic.
- We reported revenues of TRY22 million
originating from our Universal Service Project, which is aimed at
building and operating infrastructure in unserved rural areas.
Contractually, this project is financed by the Universal Service
fund on a net cost basis.
Turkcell International revenues, constituting 6% of Group
revenues, rose by 26.5% to TRY258 million (TRY204 million), driven
mainly by the increase in lifecell and BeST revenues.
Other subsidiaries' revenues, at 6% of Group revenues, which
includes information and entertainment services, call center
revenues and revenues from financial services grew by 74.7% to
TRY255 million (TRY146 million). The consumer finance company’s
revenues, which reached TRY141 million (TRY30 million) in Q217 were
the main driver of this growth.
Cost of revenue declined to 64.5% (66.6%) as a percentage
of revenues in Q217. This was mainly driven by the decline in
depreciation and amortization expenses (2.6pp), radio expenses
(1.7pp), treasury share (1.3pp), interconnect costs (0.9pp) and
other cost items (0.6pp), despite the increase in consumer finance
company funding costs (1.5pp), and GSM related equipment costs
(3.5pp).
Administrative expenses declined to 4.3% (5.2%) as a
percentage of revenues in Q217.
Selling and marketing expenses dropped to 11.8% (14.4%)
as a percentage of revenues in Q217, due to the decline in
marketing expenses (1.3pp), prepaid subscriber frequency usage fees
(0.8pp) and other cost items (0.5pp).
EBITDA1 rose by 41.6% year-on-year in Q217 leading
to an EBITDA margin of 33.8% (30.7%) on a 3.1pp improvement. Cost
of revenue (excluding depreciation and amortization) rose by 0.4pp,
while administrative expenses and selling and marketing expenses
declined by 0.9pp and 2.6pp, respectively.
- Turkcell Turkey’s EBITDA grew by 40.6%
to TRY1,298 million (TRY923 million) with an EBITDA margin
improvement of 3.4pp to 34.1% (30.7%).
- Turkcell International EBITDA rose by
24.5% to TRY66 million (TRY53 million), which resulted in an EBITDA
margin of 25.6% (26.0%).
- The EBITDA of other subsidiaries rose
by 75.1% to TRY93 million (TRY53 million) with the increasing
contribution of our consumer finance company.
Net finance income of TRY96 million (TRY22 million) was
reported in Q217, which rose year-on-year mainly due to the
positive impact of the change in the fair value of cross currency
swap transactions.
Income tax expense increased 195.7% year-on-year in Q217.
Please see Appendix A for details.
Net income of the Group rose by 69.2% to TRY704 million
(TRY416 million) year-on-year in Q217. This was mainly driven by
solid growth in EBITDA.
Turkcell Turkey’s net income increased by 60.1% to TRY661
million (TRY413 million) in Q217, mainly due to factors explained
above with respect to the rise in Group net income.
Total cash & debt: Consolidated cash as of June 30,
2017 declined to TRY4,995 million from TRY6,451 million as of March
31, 2017, mainly due to payment of the final intallment of the 4.5G
license fee and first installment of the dividend payment. TRY3,006
million (US$857 million) of consolidated cash was denominated in
US$, TRY965 million (EUR241 million) in EUR and TRY1,023 million in
TRY and other local currencies.
Consolidated debt as of June 30, 2017 increased to TRY11,197
million from TRY10,730 million as of March 31, 2017. This was
mainly due to the increased debt portfolio of our consumer finance
company.
- Turkcell Turkey’s debt was TRY7,863
million, of which TRY3,466 million (US$988 million) was denominated
in US$, TRY4,066 million (EUR1,016 million) in EUR and the
remaining TRY331 million in TRY.
- The debt balance of lifecell was TRY533
million, denominated in UAH.
(1) EBITDA is a non-GAAP financial measure. See page 13 for the
explanation of how we calculate Adjusted EBITDA and its
reconciliation to net income.
- Our consumer finance company had a debt
balance of TRY2,797 million, of which TRY177 million (US$51million)
was denominated in US$, and TRY533 million (EUR133 million) in EUR
(Please note that the figures in parentheses refer to US$ or EUR
equivalents).
TRY6,483 million of our consolidated debt is set at a floating
rate, while TRY4,042 million will mature within less than a
year.
Net debt as of June 30, 2017 was at TRY6,203 million with a net
debt to EBITDA ratio of 1.1 times. Excluding consumer finance
company consumer loans, our telco only net debt was at TRY2.7
billion with a leverage of 0.5 times.
Turkcell Group’s short position was at US$203 million as at the
end of Q217 within our comfort zone which is below US$500 million
advised by our Board considering the size of our operations and
balance sheet. (Please note that this figure takes into account
advance payments and the impact of hedging).
Cash flow analysis: Capital expenditures, including
non-operational items amounted to TRY773 million in Q217. The cash
flow item noted as “other” in Q217 included payment of the final
installment of the 4.5G license fee (TRY1,535 million) and the
negative impact of the change in other working capital (TRY195
million). The cash flow item noted as “other” in Q216 included
payment of the second installment of the 4.5G license fee (TRY1,323
million), advance payments for fixed asset purchases (TRY915
million) and the negative impact of the change in other working
capital (TRY2 million).
In Q217 and H117, operational capital expenditures (excluding
license fees) at the Group level were at 16.7% and 15.0% of total
revenues, respectively.
Consolidated Cash Flow (million TRY) Quarter
Half Year Q216 Q217
H116 H117 EBITDA1 1,029.3
1,457.0 2,030.8 2,856.9 LESS: Capex and
License (879.6) (773.3) (1,618.0) (1,344.7) Turkcell Turkey (801.6)
(698.1) (1,477.0) (1,231.5) Turkcell International2 (71.0) (67.6)
(132.7) (102.6) Other Subsidiaries2 (7.0) (7.6) (8.3) (10.6) Net
interest Income/ (expense) 45.9 139.1 217.4 150.0 Other (2,240.1)
(1,729.3) (2,925.9) (2,720.4) Net Change in Debt 3,291.5 450.5
3,146.3 1,000.4
Cash generated / (used) 1,247.0
(456.0) 850.6 (57.8) Cash balance before
dividend payment 3,769.4 5,994.5 3,769.4
5,994.5 Dividend paid - (1,000.0)
- (1,000.0) Cash balance after dividend
payment 3,769.4 4,994.5
3,769.4 4,994.5
(1) EBITDA is a non-GAAP financial measure. See page 13 for the
explanation of how we calculate adjusted EBITDA and its
reconciliation to net income.(2) The impact from the movement of
reporting currency (TRY) against local currencies of subsidiaries
in other countries is included in these lines.
Operational Review of Turkcell Turkey
Summary of Operational data Q216
Q117 Q217 y/y % q/q
% Number of subscribers (million) 34.5
35.8 36.6 6.1%
2.2% Mobile Postpaid (million) 16.8 17.7 18.2 8.3% 2.8%
Mobile M2M (million) 2.0 2.1 2.2 10.0% 4.8% Mobile Prepaid
(million) 15.8 15.7 16.0 1.3% 1.9% Fiber (thousand) 965.4 1,085.5
1,117.5 15.8% 2.9% ADSL (thousand) 675.2 879.6 907.1 34.3% 3.1%
IPTV (thousand) 303.0 402.0 436.0 43.9% 8.5%
Churn (%)
Mobile Churn (%)1 8.0% 5.0% 4.2% (3.8pp) (0.8pp) Fixed churn (%)
5.1% 5.2% 4.8% (0.3pp) (0.4pp)
ARPU (Average Monthly Revenue per
User) (TRY) Mobile ARPU, blended 25.7 28.8 29.1 13.2% 1.0%
Mobile ARPU, blended (excluding M2M) 27.1 30.5 30.8 13.7% 1.0%
Postpaid 37.7 41.7 42.0 11.4% 0.7% Postpaid (excluding M2M) 42.3
47.0 47.3 11.8% 0.6% Prepaid 13.3 14.3 14.6 9.8% 2.1% Fixed
Residential ARPU, blended (TRY) 51.3 53.1 52.7 2.7% (0.8%)
Average mobile data usage per user (GB/user) 2.3
3.0 3.9 69.6% 30.0%
Mobile MOU (Avg. Monthly
Minutes of usage per subs) blended 323.5
323.7 345.0 6.6% 6.6%
(1) 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 will be disconnected at the latest by
year-end. Please note that figures for prior periods have not been
restated to reflect this change in churn policy. The net mobile
subscriber addition figures and mobile churn rate for Q117 and Q217
disclosed in this document have been positively impacted by this
change.
Our mobile customer base grew by 757 thousand quarterly net
additions, reaching 34.2 million in total, on the back of our value
propositions focused on a richer customer experience. Our postpaid
customer base expanded by 503 thousand quarterly net additions
reaching 53.2% (51.6%) of our total mobile customer base.
Meanwhile, we registered 253 thousand quarterly net additions to
our prepaid customers. On a year-on-year basis our mobile customer
base expanded by 1.6 million net additions.
Our fixed customer base exceeded 2 million customers on 60
thousand quarterly net additions, of which 32 thousand were fiber
and 28 thousand were ADSL customers. Fixed customer base grew by
384 thousand net additions year-on-year. IPTV customers reached 436
thousand on 34 thousand quarterly and 133 thousand annual net
additions. Total TV users including OTT TV only customers exceeded
1.5 million. Turkcell TV+ mobile application has been downloaded
4.2 million times as of July 2017.
Mobile churn declined 3.8pp year-on-year with our value focused
customer strategy, value propositions that led to increased
customer retention and attractiveness of our digital services.
Fixed churn rate fell 0.3pp year-on-year with actions taken to
reduce involuntary churn of customers.
Mobile ARPU (excluding M2M) grew by 13.7% year-on-year driven
mainly by our upsell efforts, a favorable change in customer mix
and increased data and digital services usage enabled by our 4.5G
network. The increased share of triple play customers, who use
voice, data and digital services combined, to 46.7%1 contributed to
the ARPU rise as well.
Fixed residential ARPU rose by 2.7% year-on-year with the
increase in multiplay customers with TV2 to 40.5% of total
residential fiber customers, along with upsell efforts and price
increases.
Average mobile data usage per user rose by 69.6% year-on-year on
the back of strong demand for data and digital services offerings.
Average mobile data usage of 4.5G users was at 5.9GB in June.
Smartphones on our network reached 21.5 million with 1.0 million
quarterly net additions resulting in a penetration of 70%. 4.5G
enabled smartphones reached 61% of the total smartphones.
(1) Share among mobile voice users excluding subscribers who
have not used their lines in the last 3 months(2) Multiplay
customers with TV: Internet + TV users & internet + TV + voice
users
TURKCELL INTERNATIONAL
lifecell* Financial Data Quarter
Half Year Q216 Q217 y/y%
H116 H117 y/y% Revenue
(million UAH) 1,152.2 1,173.3 1.8%
2,284.8 2,353.5 3.0% EBITDA (million UAH)
304.1 303.6 (0.2%) 660.2 623.3 (5.6%)
EBITDA margin
26.4% 25.9% (0.5pp) 28.9% 26.5%
(2.4pp) Net income / (loss) (million UAH) 1,178.3 (94.0)
(108.0%) 1,110.7 (231.9) (120.9%)
Capex (million UAH)
562.5 443.9 (21.1%)
1,019.4 681.5 (33.1%) Revenue
(million TRY) 131.0 157.8 20.5% 259.5 317.6 22.4%
EBITDA
(million TRY) 34.5 40.8 18.3%
74.9 84.1 12.3% EBITDA margin 26.4% 25.9%
(0.5pp) 28.9% 26.5% (2.4pp)
Net income / (loss) (million
TRY) 128.6 (12.6)
(109.8%) 120.2 (31.3)
(126.0%)
(*) Since July 10, 2015, we hold a 100% stake in lifecell.
lifecell registered a 1.8% rise in revenues in Q217 in
local currency terms on a year-on-year basis driven mainly by
mobile data revenue growth on the back of rising 3G data users and
their increased consumption on the 3G+ network. Overall revenue
growth was impacted by the MTR cut from UAH0.23/min to UAH0.15/min,
effective as of January 1, 2017. lifecell’s EBITDA in local
currency terms was nearly flat leading to an EBITDA margin of
25.9%, which has been impacted by a higher operational leasing
expense post tower related sale and leaseback transactions
lifecell’s revenues in TRY terms rose by 20.5%, while EBITDA
increased by 18.3% year-on-year in Q217.
lifecell* Q216 Q117
Q217 y/y% q/q % Number of
subscribers (million)1 12.9 12.3
12.3 (4.7%) - Active (3 months)2 9.7 8.9 8.4
(13.4%) (5.6%)
MOU (minutes) (12 months) 138.9
127.2 126.7 (8.8%) (0.4%) ARPU
(Average Monthly Revenue per User), blended (UAH) 29.3
31.9 31.7 8.2% (0.6%) Active (3 months)
(UAH) 38.2 43.3 45.5 19.1% 5.1%
(1) 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.(2)
Active subscribers are those who in the past three months made a
revenue generating activity.
(*) Since July 10, 2015, we hold a 100% stake in lifecell.
lifecell continued its leadership in geographical coverage in
Ukraine expanding its 3G+ network. The number of three-month active
3G data users reached 3.5 million, while data consumption per user
almost doubled in Q217 on a year-on-year basis. Meanwhile, lifecell
maintained its leadership in the market in terms of smartphone
penetration, which reached 63% as at the end of Q217. Moreover,
during the quarter lifecell introduced BiP-gaming, fizy radio
platform and lifebox service, while enabling calls from BiP to
lifecell GSM customers.
lifecell’s three-month active subscriber base declined to 8.4
million, mainly due to the declining multiple SIM card usage trend
in the country. Blended ARPU (3-month active) rose by 19.1%
year-on-year in Q217 mainly with rising mobile data consumption and
the increased number of customers with higher ARPU tariffs.
BeST* Quarter Half Year
Q216 Q217 y/y%
H116 H117 y/y% Number of
subscribers (million) 1.6 1.6 - 1.6
1.6 - Active (3 months) 1.1 1.2
9.1% 1.1 1.2 9.1%
Revenue (million BYN)
23.8 27.6 16.0% 46.9 51.6
10.0% EBITDA (million BYN) 0.8 1.8 125.0% 1.1 0.5 (54.5%)
EBITDA margin 3.2% 6.6% 3.4pp
2.4% 1.0% (1.4pp) Net loss (million BYN)
(12.8) (9.3) (27.3%) (22.5) (22.7) 0.9%
Capex (million BYN)
1.7 2.2 29.4%
5.1 5.1 - Revenue (million TRY)
34.8 52.3 50.3% 67.5 98.4 45.8%
EBITDA (million TRY)
1.1 3.4 209.1% 1.7 1.0
(41.2%) EBITDA margin 3.2% 6.6% 3.4pp 2.5% 1.0% (1.5pp)
Net loss (million TRY) (18.6) (17.7)
(4.8%) (32.3) (43.3) 34.1% Capex
(million TRY) 2.6 3.5 34.6% 7.4
9.3 25.7%
(*)BeST, in which we hold an 80% stake, has operated in Belarus
since July 2008.
BeST revenues rose by 16.0% year-on-year in Q217 in local
currency terms, driven mainly by growth in voice and data revenues.
BeST recorded a 3.4pp EBITDA margin improvement to 6.6% (3.2%),
mainly driven by top-line growth and better operational expense
management. BeST’s revenues in TRY terms rose by 50.3% year-on-year
in Q217.
BeST continued to offer 4G services to its customers in Minsk,
Vitebsk and Grodno in partnership with becloud. The increase in 4G
users led to higher total data consumption and increased data
revenues. Furthermore, in accordance with Turkcell’s global digital
services strategy, BeST continued to increase the penetration of
its digital services within its customer base.
Kuzey Kıbrıs Turkcell (million TRY)* Quarter
Half Year Q216 Q217
y/y% H116 H117
y/y% Number of subscribers (million) 0.5
0.5 - 0.5 0.5 - Revenue 33.7
40.0 18.7% 66.1 76.3 15.4%
EBITDA 12.8 15.2
18.8% 24.1 28.3 17.4% EBITDA margin
38.0% 38.1% 0.1pp 36.4% 37.1% 0.7pp
Net income 10.9
9.7 (11.0%) 17.0 17.3 1.8% Capex
4.4 4.2 (4.5%) 7.3 7.8
6.8%
(*) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has
operated in Northern Cyprus since 1999.
Kuzey Kıbrıs Turkcell revenues grew by 18.7% year-on-year
in Q217, reflecting mobile data growth on the back of increased
data consumption. EBITDA rose by 18.8% leading to an EBITDA margin
of 38.1% (38.0%).
Fintur has operations in Azerbaijan, Kazakhstan, Moldova
and Georgia, and we hold a 41.45% stake in the company. In
accordance with our strategic approach and IFRS requirements,
Fintur is classified as ‘held for sale’ and reported as
discontinued operations as of October 2016*.
(*)For further details, please refer to our consolidated
financial statements and notes as at and for June 30, 2017, which
can be accessed via our web site in the investor relations section
(www.turkcell.com.tr).
Turkcell Group Subscribers
Turkcell Group subscribers amounted to approximately 51.4
million as of June 30, 2017. This figure is calculated by taking
the number of subscribers of Turkcell Turkey and each of our
subsidiaries. It includes the total number of mobile, fiber, ADSL
and IPTV subscribers of Turkcell Turkey, and the mobile subscribers
of lifecell and BeST, as well as those of Kuzey Kıbrıs Turkcell and
Turkcell Europe.
Turkcell Group Subscribers Q216
Q117 Q217 y/y % q/q
% Mobile Postpaid (million) 16.8 17.7 18.2
8.3% 2.8% Mobile Prepaid (million) 15.8 15.7 16.0
1.3% 1.9% Fiber (thousand) 965.4 1,085.5 1,117.5 15.8% 2.9% ADSL
(thousand) 675.2 879.6 907.1 34.3% 3.1% IPTV (thousand) 303.0 402.0
436.0 43.9% 8.5%
Turkcell Turkey subscribers
(million)1 34.5 35.8 36.6
6.1% 2.2% Ukraine 12.9 12.3 12.3 (4.7%) - Belarus 1.6
1.6 1.6 - - Kuzey Kıbrıs Turkcell 0.5 0.5 0.5 - - Turkcell Europe2
0.3 0.3 0.4 33.3% 33.3%
Turkcell Group Subscribers (million)
49.8 50.4 51.4
3.2% 2.0%
(1) Subscribers to more than one service are counted separately
for each service.(2) The “wholesale traffic purchase” agreement,
signed between Turkcell Europe GmbH operating in Germany and
Deutsche Telekom for five years in 2010, had been modified to
reflect the shift in business model to a “marketing partnership”.
The new agreement between Turkcell and a subsidiary of Deutsche
Telekom was signed on August 27, 2014. The transfer of Turkcell
Europe operations to Deutsche Telekom’s subsidiary was completed on
January 15, 2015. Subscribers are still included in the Turkcell
Group Subscriber figure.
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting,
along with certain macroeconomic indicators, are set out below.
Quarter Half Year Q216
Q117 Q217 y/y%
q/q% H116 H117
y/y% GDP Growth (Turkey) 5.3% 5.0%
n.a n.a n.a 4.9% n.a n.a
Consumer Price Index (Turkey) 1.8% 4.3%
1.5% (0.3pp) (2.8pp) 3.6% 5.9%
2.3pp US$ / TRY rate Closing Rate 2.8936 3.6386
3.5071 21.2% (3.6%) 2.8936 3.5071 21.2% Average Rate 2.8736 3.6665
3.5625 24.0% (2.8%) 2.8969 3.6145 24.8%
EUR / TRY rate
Closing Rate 3.2044 3.9083 4.0030 24.9% 2.4% 3.2044 4.0030 24.9%
Average Rate 3.2292 3.9012 3.9348 21.9% 0.9% 3.2232 3.9180 21.6%
US$ / UAH rate Closing Rate 24.85 26.98 26.10 5.0% (3.3%)
24.85 26.10 5.0% Average Rate 25.30 27.09 26.48 4.7% (2.3%) 25.53
26.78 4.9%
US$ / BYR rate Closing Rate 2.0053 1.8720 1.9336
(3.6%) 3.3% 2.0053 1.9336 (3.6%) Average Rate 1.9698
1.9109 1.8787 (4.6%) (1.7%) 2.0125
1.8948 (5.8%)
* The official currency of the Republic of Belarus has been
redenominated on July 1, 2016. As a result, BYR10,000 has become
BYN1 starting from 1 July 2016. Prior periods have been adjusted
accordingly for presentation purposes.
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 and Administrative expenses, 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.
Turkcell Group (million TRY) Quarter
Half Year Q216 Q217 y/y%
H116 H117 y/y%
Adjusted EBITDA 1,029.3 1,457.0 41.6%
2,030.8 2,856.9 40.7% Depreciation and
amortization (567.1) (617.0) 8.8% (1,021.9) (1,245.4) 21.9% Finance
income 162.5 241.9 48.9% 383.7 443.4 15.6% Finance costs (140.7)
(146.1) 3.8% (195.7) (494.2) 152.5% Other income / (expense) 13.8
(36.8) (366.7%) 2.7 (33.1) n.m
Consolidated profit from continued
operationsbefore income tax & minority interest
497.8 899.0 80.6% 1,199.6
1,527.6 27.3% Income tax expense (62.2) (183.9)
195.7% (205.6) (341.2) 66.0%
Consolidated profit from continued
operationsbefore minority interest
435.6 715.0 64.1% 994.0 1,186.4
19.4% Discontinued operations (7.9) - n.m 7.3 - n.m
Consolidated profit before minority
interest
427.7 715.0 67.2%
1,001.3 1,186.4 18.5%
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 in 2017 and for the medium term 2017 to 2019. More
generally, all statements other than statements of historical facts
included in this press release, including, without limitation,
certain statements regarding the launch and goals of our payment
card business, 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 2016 filed with
the U.S. Securities and Exchange Commission, and in particular the
risk factor section therein. We undertake no duty to update or
revise any forward looking statements, whether as a result of new
information, future events or otherwise.
The Company makes no representation as to the accuracy or
completeness of the information contained in this press release,
which remains subject to verification, completion and change. No
responsibility or liability is or will be accepted by the Company
or any of its subsidiaries, board members, officers, employees or
agents as to or in relation to the accuracy or completeness of the
information contained in this press release or any other written or
oral information made available to any interested party or its
advisers.
ABOUT TURKCELL: Turkcell is a converged telecommunication
and technology services provider, founded and headquartered in
Turkey. It serves its customers with voice, data, TV and
value-added consumer and enterprise services on mobile and fixed
networks. Turkcell launched LTE services in its home country on
April 1st, 2016, employing LTE-Advanced and 3 carrier aggregation
technologies in 81 cities. In 2G and 3G, Turkcell’s population
coverage is at 99.58% and 96.73%, respectively, as of June 2017. It
offers up to 1 Gbps fiber internet speed with its FTTH services.
Turkcell Group companies operate in 9 countries – Turkey, Ukraine,
Belarus, Northern Cyprus, Germany, Azerbaijan, Kazakhstan, Georgia,
Moldova – as of June 30, 2017. Turkcell Group reported a TRY4.3
billion revenue in Q217 with total assets of TRY31.9 billion as of
June 30, 2017. 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
This press release can also be viewed using the Turkcell
Investor Relation app, which can be downloaded
here for iOS,
and here for Android mobile
devices.
Appendix A – Tables
Table: Translation gain and loss details
Million TRY Quarter Half Year
Q216 Q217 y/y %
H116 H117 y/y % Turkcell Turkey
(20.2) (45.1) 123.3% (27.1) (199.9) 637.6% Turkcell International
(4.0) 9.3 n.m (0.8) 2.4 n.m Other Subsidiaries 0.1 (7.4) n.m (1.5)
(3.2) 113.3%
Turkcell Group (24.1)
(43.3) 79.7%
(29.4)
(200.7) 582.7%
Table: Income tax expense details
Million TRY Quarter Half Year
Q216 Q217 y/y %
H116 H117 y/y % Current Tax
expense (37.0) (136.9) 270.0% (150.6) (233.0) 54.7% Deferred Tax
Income/expense (25.2) (47.0) 86.5% (55.0) (108.1) 96.5%
Income
Tax expense (62.2) (183.9)
195.7%
(205.6) (341.2) 66.0%
TURKCELL ILETISIM HIZMETLERI
A.S.IFRS SELECTED FINANCIALS (TRY Million)
Quarter Ended Quarter Ended Quarter
Ended Half Ended Half Ended June 30,
March 31, June 30, June 30, June 30,
2016 2017
2017 2016
2017 Consolidated Statement of
Operations Data Turkcell Turkey 3,008.2 3,562.7 3,802.9 5,935.7
7,365.6 Turkcell International 203.8 248.0 257.8 400.7 505.9 Other
146.1 241.9 255.3 247.1 497.1 Total revenues 3,358.1 4,052.6
4,316.0 6,583.5 8,368.6 Direct cost of revenues (2,236.9)
(2,616.6) (2,783.9) (4,255.7) (5,400.6) Gross
profit 1,121.2 1,436.0 1,532.1 2,327.8 2,968.0 Administrative
expenses (175.8) (199.8) (183.8) (354.5) (383.6) Selling &
marketing expenses (483.2) (464.6) (508.3) (964.4) (972.9) Other
Operating Income / (Expense) 13.8 3.6 (36.8)
2.7 (33.1) Operating profit before financing costs 476.0
775.2 803.2 1,011.6 1,578.4 Finance costs (140.7) (348.1) (146.1)
(195.7) (494.2) Finance income 162.5 201.5 241.9 383.7 443.4
Income
before tax and non-controlling interest 497.8 628.6 899.0 1,199.6
1,527.6 Income tax expense (62.2) (157.2) (183.9)
(205.6) (341.2) Income from continuing operations
before non-controlling interest 435.6 471.4 715.1 994.0 1,186.4
Discontinued operations (7.9) - - 7.3 - Non-controlling interests
(11.6) (12.8) (11.0) (22.5) (23.8) Net
income 416.1 458.6 704.1 978.8 1,162.6 Net income per share
0.19 0.21 0.32 0.44 0.53
Other Financial Data
Gross margin 33.4% 35.4% 35.5% 35.4% 35.5% EBITDA(*) 1,029.3
1,399.9 1,457.0 2,030.8 2,856.9 Capital expenditures 879.6 571.4
773.3 1,618.0 1,344.7
Consolidated Balance Sheet Data (at
period end) Cash and cash equivalents 3,769.4 6,450.5 4,994.5
3,769.4 4,994.5 Total assets 28,595.3 32,954.7 31,914.3 28,595.3
31,914.3 Long term debt 6,209.1 7,408.5 7,155.6 6,209.1 7,155.6
Total debt 7,307.2 10,730.1 11,197.4 7,307.2 11,197.4 Total
liabilities 13,245.5 16,418.3 17,713.1 13,245.5 17,713.1 Total
shareholders’ equity / Net Assets 15,349.8 16,536.4 14,201.2
15,349.8 14,201.2
(*) Please refer to the notes on reconciliation of Non-GAAP
Financial measures on page 13
(**) For further details, please refer to our consolidated
financial statements and notes as at 30 June 2017 on our web
site
TURKCELL ILETISIM HIZMETLERI
A.S.TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY
Million)
Quarter Ended Quarter
Ended Quarter Ended Half Ended Half Ended
June 30, March 31, June 30, June 30,
June 30, 2016
2017 2017
2016 2017
Consolidated Statement of Operations Data Turkcell
Turkey 3,008.2 3,562.7 3,802.9 5,935.7 7,365.6 Turkcell
International 203.8 248.0 257.8 400.7 505.9 Other 146.1
241.9 255.3 247.1 497.1 Total revenues 3,358.1
4,052.6 4,316.0 6,583.5 8,368.6 Direct cost of revenues (2,236.1)
(2,616.6) (2,783.9) (4,254.4) (5,400.6)
Gross profit 1,122.0 1,436.0 1,532.1 2,329.1 2,968.0 Administrative
expenses (175.8) (199.8) (183.8) (354.5) (383.6) Selling &
marketing expenses (483.2) (464.6) (508.3) (964.4) (972.9) Other
Operating Income / (Expense) 145.2 259.2 14.4
365.7 273.6 Operating profit before financing and investing
costs 608.2 1,030.8 854.4 1,375.9 1,885.1 Income from investing
activities (0.6) 10.8 (0.3) 8.6 10.6 Expense from investing
activities (6.1) (20.6) 4.6 (13.1) (16.0)
Income before financing
costs 601.5 1,021.0 858.7 1,371.4 1,879.7 Finance income - 61.3
141.1 - 202.4 Finance expense (103.4) (453.7) (100.8)
(171.0) (554.5) Income from continuing operations
before tax and non-controlling interest 498.1 628.6 899.0 1,200.4
1,527.6 Income tax expense from continuing operations (62.4)
(157.2) (183.9) (205.9) (341.2) Income from
continuing operations before non-controlling interest 435.7 471.4
715.1 994.5 1,186.4 Discontinued operations (7.9) - -
7.3 - Income before non-controlling interest 427.8
471.4 715.1 1,001.8 1,186.4 Non-controlling interest (11.6)
(12.8) (11.0) (22.5) (23.8) Net income 416.2
458.6 704.1 979.3 1,162.6 Net income per share 0.19 0.21
0.32 0.45 0.53
Other Financial Data Gross
margin 33.4% 35.4% 35.5% 35.4% 35.5% EBITDA(*) 1,029.3 1,399.9
1,457.0 2,030.8 2,856.9 Capital expenditures 879.6 571.4 773.3
1,618.0 1,344.7
Consolidated Balance Sheet Data (at
period end) Cash and cash equivalents 3,769.4 6,450.5 4,994.5
3,769.4 4,994.5 Total assets 28,572.9 32,954.7 31,914.3 28,572.9
31,914.3 Long term debt 6,209.1 7,408.5 7,155.6 6,209.1 7,155.6
Total debt 7,307.2 10,730.1 11,197.4 7,307.2 11,197.4 Total
liabilities 13,242.2 16,418.3 17,713.1 13,242.2 17,713.1 Total
shareholders’ equity / Net Assets 15,330.7 16,536.4 14,201.2
15,330.7 14,201.2
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170727006026/en/
TurkcellZeynel Korhan Bilek, +90 212 313 1888Investor
Relations and Merger & Acquisitions
Directorinvestor.relations@turkcell.com.tr
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