DAX+0,93 % EUR/USD-0,46 % Gold-0,97 % Öl (Brent)+1,30 %

Turkcell Iletisim Hizmetleri Third Quarter 2019 Results

Nachrichtenquelle: Business Wire (engl.)
31.10.2019, 16:31  |  196   |   |   

Turkcell Iletisim Hizmetleri (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 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 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. Turkcell Ödeme ve Elektronik Para Hizmetleri A.Ş., our subsidiary responsible for payment services, was previously reported under Turkcell Turkey but with effect from the first quarter of 2019 is now included in “Other Subsidiaries”. We made this change due to the fact that its non-group revenues, which are not telco related, and consumer finance business related revenues now comprise the majority of its total revenues. All figures presented in this document for prior periods have been restated to reflect this change.
  • 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, 2019 refer to the same item as at September 30, 2018. For further details, please refer to our consolidated financial statements and notes as at and for September 30, 2019, 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 2018 and 2019 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. On December 12, 2018, Turkcell signed a binding agreement and on April 2, 2019 completed the transfer of its shares in Fintur to Sonera Holding B.V., the majority shareholder of 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.

FINANCIAL HIGHLIGHTS

TRY million

Q318

Q319

y/y%

9M18

9M19

y/y%

Revenue

5,799

6,587

13.6%

15,666

18,453

17.8%

EBITDA1

2,393

2,839

18.6%

6,549

7,673

17.2%

EBITDA Margin (%)

41.3%

43.1%

1.8pp

41.8%

41.6%

(0.2pp)

EBIT2

1,418

1,641

15.7%

3,548

4,031

13.6%

EBIT Margin (%)

24.4%

24.9%

0.5pp

22.6%

21.8%

(0.8pp)

Net Income

241

801

231.9%

1,157

2,491

115.3%

THIRD QUARTER HIGHLIGHTS

  • Solid set of financial results delivered:
    • Revenues of TRY6,587 million, up 14% year-on-year and 43% on two-year cumulative basis
    • Turkcell Turkey revenues up 15% to TRY5,652 million
    • EBITDA of TRY2,839 million, up 19% leading to an EBITDA margin of 43.1%
    • EBIT of TRY1,641 million, with a strong EBIT margin of 24.9%
    • Net income more than tripled to TRY801 million on the back of strong operational profitability
    • Leverage at 1.0x on 0.8x year-on-year improvement
  • Strong operational momentum continued:
    • Mobile subscriber quarterly net additions of 526 thousand on 503 thousand postpaid net additions
    • Mobile ARPU3 growth of 17.6% year-on-year, like-for-like ARPU4 growth of 20.1%
    • Superbox5 subscribers at 217 thousand, on 88 thousand quarterly net additions
    • All time high residential fiber ARPU growth of 19.8% year-on-year
    • Multiplay with TV subscriber ratio6 at 52.2% on 4.7pp year-on-year rise
    • 4.5G users’ data usage at 10GB in Q319
    • 19.6 million 4.5G compatible smartphones on our network, up 0.7 million quarter-on-quarter
  • TRY1,010 million of dividends to be distributed on October 31
  • 2019 Group guidance7 reiterated; revenue growth target of 17%-19%, EBITDA margin target of 39%-41% and operational capex over sales ratio8 of 16%-18%

(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) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.
(3) Excluding M2M
(4) The ARPU of customers who have stayed with Turkcell for at least 14 months
(5) Superbox subscribers are included in mobile subscribers
(6) Multiplay subscribers with TV: Fiber internet + IPTV users & fiber internet + IPTV + fixed voice users
(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 2018 filed with U.S. Securities and Exchange Commission, and in particular, the risk factor section therein.
(8) Excluding license fee

For further details, please refer to our consolidated financial statements and notes as at and for September 30, 2019 which can be accessed via our website in the investor relations section (www.turkcell.com.tr).

COMMENTS BY MURAT ERKAN, CEO

We have concluded a quarter of continued profitable growth on strong operational performance. We are achieving the positive results of our strategy, which we reviewed towards further customer centricity. Accordingly, while gaining over half a million new subscribers, the average revenue per user has also increased both in mobile and fixed broadband.

Our consolidated revenues were TRY6.6 billion, while EBITDA1 reached TRY2.8 billion, delivering a 43.1% EBITDA margin. Net income more than tripled that of last year’s, reaching TRY801 million. With these results, we generated TRY18.5 billion in revenues on a 17.8% yearly increase and TRY7.7 billion in EBITDA on 17.2% growth in the first nine months. These results conform to our plans and we reiterate our 2019 full year guidance2; revenue growth target of 17%-19%, EBITDA margin target of 39%-41% and an operational capex to sales ratio3 of 16%-18%.

Our postpaid subscriber base grew by over half a million

We have set a new record in postpaid subscriber acquisition with our innovative offers responding to customer needs. As a result, our subscriber base increased by 526 net mobile subscriber additions. Total postpaid subscribers reached 19.4 million, to 56% of the total. Our strategy of satisfying customer hearts and minds by delivering unique, artificial intelligence-backed offers has underpinned this success.

Having one of the widest frequency bands and fastest mobile networks in the world enables us to offer the latest technology products such as Superbox4. Turkcell remains the first and only operator in Turkey capable of providing an FWA product offering fiber-like speed over a mobile network. Superbox subscribers increased by 88 thousand this quarter at an accelerated pace, reaching 217 thousand in total. Furthermore, our fixed broadband subscribers reached 2.2 million with 29 thousand net fiber subscriber additions. Multiplay with TV+ users5 rose to 52.2% of fiber residential subscribers.

Upsell to higher tariffs on increasing data demand per user, demand for digital services and increasing postpaid subscriber base have all reflected to ARPU levels. Mobile ARPU6 rose 17.6% yearly to TRY45.5, while fiber residential ARPU recorded all-time-high growth of 19.8%, reaching TRY68.4.

We are taking firm steps in three key strategic focus areas

We believe that achievements in three strategic areas defined in early 2019 will be the drivers of meeting our long-term targets. New services in corporate solutions, expansion of and partnerships for Paycell services, the expansion of Financell’s target customer segment and the advancement of digital services with differentiating features confirm our leadership in these areas.

In digital business solutions, a key focus area, we serve the digital transformation of both private and public sector companies on our strong network and through our analytical capabilities. In this regard, we have further invested in our data center business, a major pillar of our infrastructure. We have planned the inauguration of Turkey’s largest data center in Ankara for November 1st, 2019. This environmentally friendly green building on 12 thousand m2 white space will enhance our data center portfolio. With rising data storage capacity, we aim to serve Turkey’s digital transformation with our services.

The fifth city hospital, to which we provide integrated information technologies infrastructure within the framework of our digital business solutions, has commenced operations this quarter. Located in Bursa, the hospital is built on advanced technological infrastructure, enabling communication between medical devices. We proudly deliver Turkcell quality to city hospitals’ digital infrastructure, powered by our Hospital Information Management Systems software.

This quarter, we have also launched a new business model that enables our corporate customers to lease smartphones. Taking this model one-step further, we now also offer financing for corporates through Financell for their smart device and other technology needs, advancing their “digital transformation”.

Our innovate service in tech-fin, Paycell, is now advanced with new integrations. Meanwhile, our meal card investment, Paye Kart, is now an accepted payment alternative across a wider network. Welcome at over 7 thousand locations, Paye Kart also serves as a travel card for İstanbul. Having accomplished the integration of istanbulkart into Paycell, we have expanded the benefits of both products.

Total financing provided by Financell for consumers purchasing technological products on Turkcell sales channels has cumulatively reached TRY14 billion. Accordingly, we have enabled some 5 million individuals to satisfy their technology needs.

We continue our innovative digital services approach

Our communication and life platform BiP, so far downloaded 39.8 million times, is equipped with new feature that differentiate it from the competition. With the latest advancement, BiP users can make voice and video calls on alternative devices through the web even when if their phones are unavailable.

Continued focus on a robust financial structure

Financial markets have been mild and rather positive amid the macroeconomic rebalancing in the third quarter. In this environment, we have continued to strengthen our balance sheet with prudent financial management and cash generated through operations. As at the end of September, the leverage ratio improved by 0.8x year-on-year, down to 1.0x, widening the gap between ourselves and the peer group.

We aim to implement our sustainability approach across our entire business

Reflecting the sustainability focus of our business model, we have registered another first for Turkey with the wider use of the portable solar site. This environmentally friendly site is used for quality communication in those regions of seasonal population that lack a significant energy supply. With our investment in renewable energy technologies, we now have a capacity of producing around 480 MWh of electricity per annum though alternative energy sources.

We will announce our 3-year plans in London

We plan to announce and discuss our three-year targets, which we recently reviewed, as well as our strategic priorities on November 12, 2019 in London at the Turkcell Capital Markets Day.

We thank all our colleagues for the part they have played in our success, along with our Board of Directors for their unyielding trust and support. We also express our gratitude to our customers and business partners, who have remained with us throughout our 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 2018 filed with U.S. Securities and Exchange Commission, and in particular, the risk factor section therein.
(3) Excluding license fee
(4) Superbox subscribers are included in mobile subscribers
(5) Multiplay subscribers with TV: Fiber internet + IPTV users & fiber internet + IPTV + fixed voice users
(6) Excluding M2M

FINANCIAL AND OPERATIONAL REVIEW

Financial Review of Turkcell Group

Profit & Loss Statement (million TRY)

Quarter

Nine Months

Q318

Q319

y/y%

9M18

9M19

y/y%

Revenue

5,799.2

6,586.9

13.6%

15,666.2

18,453.4

17.8%

Cost of revenue1

(2,769.9)

(3,081.8)

11.3%

(7,250.5)

(8,830.6)

21.8%

Cost of revenue1/Revenue

(47.8%)

(46.8%)

1.0pp

(46.3%)

(47.9%)

(1.6pp)

Gross Margin1

52.2%

53.2%

1.0pp

53.7%

52.1%

(1.6pp)

Administrative expenses

(162.1)

(186.8)

15.2%

(475.2)

(562.3)

18.3%

Administrative expenses/Revenue

(2.8%)

(2.8%)

-

(3.0%)

(3.0%)

-

Selling and marketing expenses

(365.2)

(353.8)

(3.1%)

(1,126.1)

(1,170.3)

3.9%

Selling and marketing expenses/Revenue

(6.3%)

(5.4%)

0.9pp

(7.2%)

(6.3%)

0.9pp

Net impairment losses on financial and contract assets

(109.3)

(125.7)

15.0%

(265.4)

(217.5)

(18.0%)

EBITDA2

2,392.8

2,838.7

18.6%

6,549.0

7,672.6

17.2%

EBITDA Margin

41.3%

43.1%

1.8pp

41.8%

41.6%

(0.2pp)

Depreciation and amortization

(975.1)

(1,197.7)

22.8%

(3,001.0)

(3,641.7)

21.3%

EBIT3

1,417.7

1,640.9

15.7%

3,548.0

4,030.9

13.6%

EBIT Margin

24.4%

24.9%

0.5pp

22.6%

21.8%

(0.8pp)

Net finance income / (costs)

(868.7)

(521.2)

(40.0%)

(1,668.5)

(1,513.3)

(9.3%)

Finance income4

2,113.2

(82.2)

(103.9%)

3,038.1

252.6

(91.7%)

Finance costs4

(2,981.8)

(439.1)

(85.3%)

(4,706.6)

(1,765.9)

(62.5%)

Other income / (expense)

(123.0)

(92.8)

(24.6%)

(186.6)

(218.4)

17.0%

Non-controlling interests

(39.9)

1.9

n.m

(78.5)

(32.2)

(59.0%)

Share of profit of equity accounted investees

(0.4)

1.6

n.m.

(0.4)

3.4

n.m.

Income tax expense

(144.4)

(229.2)

58.7%

(456.7)

(551.9)

20.8%

Discontinued operations

-

-

-

-

772.4

n.a.

Net Income

241.4

801.3

231.9%

1,157.2

2,490.9

115.3%

(1) Excluding 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.
(4) Fair value loss and interest expense regarding derivative instruments and the respective fair value gain and interest income regarding derivative instruments are represented on a net basis. Starting from Q219, interest income on financial assets and interest expenses for financial liabilities, both measured at amortized cost, are represented on a net basis. Historical periods were restated to reflect this change.

Revenue of the Group rose 13.6% year-on-year in Q319 mainly driven by the strong ARPU performance of Turkcell Turkey on the back of rising data and digital services usage of subscribers and upsell efforts.

Turkcell Turkey revenues, comprising 86% of Group revenues, rose 15.2% to TRY5,652 million (TRY4,907 million).

- Data and digital services revenues grew by 21.9% to TRY3,806 million (TRY3,123 million).

  • Rising number and data consumption of 4.5G subscribers, increased digital services usage along with upsell to higher ARPU offerings were the main drivers of revenue growth on the mobile side.
  • The main drivers on the fixed front were the increased ratio of multiplay subscribers with TV, upsell efforts and price adjustments.

- Equipment revenues rose to TRY470 million (TRY419 million).

- Wholesale revenues rose to TRY327 million (TRY320 million) on the back of increased carrier traffic.

Turkcell International revenues, at 8% of Group revenues, rose 23.8% to TRY525 million (TRY424 million), mainly driven by the strong ARPU performance of lifecell and BeST on the back of rising mobile data revenues.

Other subsidiaries' revenues, comprising 6% of Group revenues, which includes information and entertainment services, call center revenues and revenues from financial services were at TRY409 million (TRY468 million).

- We completed the sale of our shares in Azerinteltek, our sports betting business in Azerbaijan, as of January 11, 2019. We received the transfer of proceeds on December 27, 2018 and transferred control of the subsidiary. We did not report any revenues in the first nine months of 2019 in relation to Azerinteltek operations.

- Our contract with Spor Toto to carry out sports betting operations in Turkey has ended as of August 28, 2019.

- Our consumer finance company’s revenues were at TRY218 million (TRY252 million) in Q319. Revenues were impacted by the decline in the consumer loan portfolio, from TRY4.8 billion as of Q318 to TRY2.7 billion as of Q319, due mainly to the installment limitation on consumer loans for telecom devices.

Cost of revenue (excluding depreciation and amortization) decreased to 46.8% (47.8%) as a percentage of revenues in Q319. This was mainly driven by the decline in consumer finance business cost of funding (1.5pp) and Universal Project costs (1.0pp) despite the rise in other cost items (1.5pp) as a percentage of revenues. Please note that Universal Project is aimed at covering unserved rural areas and realized at cost.

Administrative expenses were at 2.8% (2.8%) as a percentage of revenues in Q319.

Selling and marketing expenses declined to 5.4% (6.3%) as a percentage of revenues in Q319. This was mainly driven by the decline in selling expenses (1.2pp), despite the rise in other cost items (0.3pp) as a percentage of revenues.

Net impairment losses on financial and contract assets increased to TRY126 million (TRY109 million) in Q319.

EBITDA1 grew by 18.6% year-on-year in Q319 leading to an EBITDA margin of 43.1% (41.3%). This was driven by the increased share of telecommunications services revenues and effective opex management.

- Turkcell Turkey’s EBITDA rose by 16.8% to TRY2,392 million (TRY2,048 million) leading to an EBITDA margin of 42.3% (41.7%).

- Turkcell International EBITDA2 increased to TRY236 million (TRY151 million) leading to an EBITDA margin of 45.0% (35.5%).

- The EBITDA of other subsidiaries grew by 8.3% to TRY211 million (TRY195 million).

Depreciation and amortization expenses increased by 22.8% in Q319 year-on-year.

Net finance expense decreased to TRY521 million (TRY869 million) in Q319. This was mainly driven by lower net foreign exchange losses after hedging despite lower interest income on bank deposits compared to Q318. Please note that the Group started to apply hedge accounting as of July 1, 2018 for existing participating cross currency swap and cross currency swap transactions, in accordance with the IFRS 9 hedge accounting requirement. Please see the IFRS report for details.

See Appendix A for details of net foreign exchange gain and loss.

Income tax expense increased 58.7% year-on-year in Q319. Please see Appendix A for details.

Net income of the Group ramped up to TRY801 million (TRY241 million) in Q319. This was mainly driven by a solid operational performance and lower net FX losses after hedging. Please note that, we booked a provision of TRY128 million for wireless tax related to 2018 and 2019 fiscal years in Q319 which had after tax net income impact of TRY116 million.

Total cash & debt: Consolidated cash as of September 30, 2019 increased to TRY10,975 million from TRY10,687 million as of June 30, 2019. Excluding the FX swap transactions for TRY borrowing, 72% of our cash is in US$, 17% in EUR and 11% in TRY.

Consolidated debt as of September 30, 2019 declined to TRY20,675 million from TRY22,062 million as of June 30, 2019 mainly driven by debt repayments of the consumer finance business and the impact of FX on foreign currency denominated debt. Please note that TRY1,544 million of our consolidated debt is comprised of lease obligations.

(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) We started to capitalize the frequency usage fees of lifecell in Q418 in accordance with IFRS16. The change was implemented retrospectively for 2018; impact regarding previous quarters of 2018 was booked in Q418. We started to capitalize the frequency usage fees of BeST in Q219 in accordance with IFRS16. The impact regarding Q119 was also booked in Q219. These changes positively impacted Turkcell International EBITDA.

Consolidated debt breakdown excluding lease obligations:

- Turkcell Turkey’s debt was at TRY15,911 million, of which TRY9,321 million (US$1,647 million) was denominated in US$, TRY5,814 million (EUR940 million) in EUR, TRY204 million (CNY258 million) in CNY and the remaining TRY572 million in TRY.

- Our consumer finance company had a debt balance of TRY2,154 million, of which TRY1,139 million (US$201 million) was denominated in US$, and TRY601 million (EUR97 million) in EUR with the remaining TRY414 million in TRY.

- The debt balance of lifecell was TRY1,063 million, all denominated in UAH.

  • TRY783 million of lease obligations is denominated in TRY, TRY18 million (US$3 million) in US$, TRY160 million (EUR26 million) in EUR and the remaining balance in other local currencies (please note that the figures in parentheses refer to US$ or EUR equivalents).

TRY11,072 million of our consolidated debt is set at a floating rate. Excluding consumer finance business borrowings, TRY6,321 million of consolidated debt will mature within less than a year.

Net debt as of September 30, 2019 was at TRY9,700 million with a net debt to EBITDA ratio of 1.0 times. Excluding consumer finance company consumer loans, our telco only net debt was at TRY6,975 million with a leverage of 0.7 times.

Turkcell Group has a long FX position of US$155 million as at the end of Q319. (Please note that this figure takes into account advance payments and hedging, but excludes FX swap transactions for TRY borrowing. Derivatives (VIOP) and forward transactions are included).

Capital expenditures: Capital expenditures, including non-operational items, amounted to TRY1,618 million in Q319. In Q319 and in 9M19, operational capital expenditures (excluding license fees) at the Group level were at 15.0% and 15.3% of total revenues, respectively.

Capital expenditures (million TRY)

Quarter

Nine Months

Q318

Q319

9M18

9M19

Operational Capex

905.8

989.9

2,494.5

2,829.5

License and Related Costs

87.2

0.4

412.4

1.6

Non-operational Capex (Including IFRS15 & IFRS16)

272.5

627.5

2,502.6

1,947.1

Total Capex1

1,265.5

1,617.9

5,409.5

4,778.3

(1) Breakdown of capex for Q318 has been restated

Operational Review of Turkcell Turkey

Summary of Operational Data

Q318

Q219

Q319

y/y%

q/q%

Number of subscribers (million)

37.8

36.8

37.3

(1.3%)

1.4%

Mobile Postpaid (million)

19.0

18.9

19.4

2.1%

2.6%

Mobile M2M (million)

2.5

2.5

2.5

-

-

Mobile Prepaid (million)

15.9

15.0

15.0

(5.7%)

-

Fiber (thousand)

1,331.3

1,426.4

1,455.7

9.3%

2.1%

ADSL (thousand)

917.6

798.2

758.9

(17.3%)

(4.9%)

Superbox (thousand)1

19.1

129.8

217.4

n.m.

67.5%

Cable (thousand)

-

20.3

33.0

n.a.

62.6%

IPTV (thousand)

581.5

653.2

683.4

17.5%

4.6%

Churn (%)2

 

 

 

 

 

Mobile Churn (%)3

2.2%

2.0%

2.5%

0.3pp

0.5pp

Fixed Churn (%)

1.8%

2.1%

2.1%

0.3pp

-

ARPU (Average Monthly Revenue per User) (TRY)

 

 

 

 

 

Mobile ARPU, blended

36.2

38.1

42.5

17.4%

11.5%

Mobile ARPU, blended (excluding M2M)

38.7

40.7

45.5

17.6%

11.8%

Postpaid

50.8

54.3

60.8

19.7%

12.0%

Postpaid (excluding M2M)

58.1

61.8

69.3

19.3%

12.1%

Prepaid

18.9

17.8

19.4

2.6%

9.0%

Fixed Residential ARPU, blended

55.3

64.2

66.2

19.7%

3.1%

Residential Fiber ARPU

57.1

66.1

68.4

19.8%

3.5%

Average mobile data usage per user (GB/user)

5.4

6.6

8.1

50.0%

22.7%

Mobile MoU (Avg. Monthly Minutes of usage per subs) blended

372.6

416.2

420.6

12.9%

1.1%

(1) Superbox subscribers are included in mobile subscribers.
(2) Presentation of churn figures has been changed to demonstrate average monthly churn figures for the respective quarters.
(3) In Q117, our churn policy was revised to extend from 9 months to 12 months (the period at the end of which we disconnect prepaid subscribers who have not topped up above TRY10). Additionally, under our revised policy, prepaid customers who last topped up before March will be disconnected at the latest by year-end.

Our mobile subscriber base rose to 34.4 million on 526 thousand quarterly net additions in Q319 on the back of customized offers leveraging big data analysis. Our postpaid subscribers grew on 503 thousand quarterly net additions to 56.3% (54.5%) of our total mobile subscriber base.
On the fixed front, our subscriber base was at 2.2 million as of Q319. We registered 124 thousand annual and 29 thousand quarterly net additions to our fiber subscribers. Superbox, our fixed wireless access product, continued its strong momentum and reached 217 thousand subscribers on 88 thousand quarterly net additions. IPTV subscribers reached 683 thousand on 30 thousand quarterly and 102 thousand annual net additions. Turkcell TV+ mobile application was downloaded 14.3 million times as of Q319.
In Q319, our average monthly mobile churn rate was at 2.5%, while our average monthly fixed churn rate was at 2.1%. The regulatory change in registration of the prepaid lines led to closure of lines with no resident permit and impacted the mobile churn rate by 0.1pp.
Mobile ARPU (excluding M2M) rose by 17.6% year-on-year in Q319 mainly driven by favorable customer mix, upsell efforts on increased data consumption, price adjustments and higher revenue generating subscriber acquisitions.
We registered all time high residential fiber ARPU growth of 19.8% in Q319 year-on-year, mainly on upsell performance and price adjustments along with higher revenue generating subscriber acquisitions. Multiplay subscribers with TV4, reaching 52.2% of total residential fiber subscribers, also contributed to ARPU growth.
Average mobile data usage per user rose 50% in Q319 year-on-year on the back of increased number and higher data consumption of 4.5G users along with the contribution of rich digital offerings. Accordingly, the average mobile data usage of 4.5G users reached 10GB in Q319.
The number of 4.5G compatible smartphones on our network continued to increase in Q319 and reached 19.6 million on 0.7 million quarterly additions comprising 85% of total smartphones on our network.

(4) Multiplay subscribers with TV: Fiber internet + IPTV users & fiber internet + IPTV + fixed voice users

TURKCELL INTERNATIONAL

lifecell1 Financial Data

Quarter

Nine Months

Q318

Q319

y/y%

9M18

9M19

y/y%

Revenue (million UAH)

1,367.1

1,528.6

11.8%

3,851.6

4,425.9

14.9%

EBITDA (million UAH)

610.0

810.5

32.9%

1,678.6

2,424.9

44.5%

EBITDA margin (%)

44.6%

53.0%

8.4pp

43.6%

54.8%

11.2pp

Net income / (loss) (million UAH)

(185.6)

(338.3)

82.3%

(570.5)

(898.7)

57.5%

Capex (million UAH)

835.3

547.7

(34.4%)

5,072.1

1,255.5

(75.2%)

Revenue (million TRY)

275.0

346.4

26.0%

650.7

946.5

45.5%

EBITDA (million TRY)

115.0

183.6

59.7%

283.6

517.4

82.4%

EBITDA margin (%)

41.8%

53.0%

11.2pp

43.6%

54.7%

11.1pp

Net income / (loss) (million TRY)

(34.8)

(76.4)

119.5%

(93.9)

(192.5)

105.0%

(1) Since July 10, 2015, we hold a 100% stake in lifecell.

lifecell (Ukraine) revenues rose 11.8% year-on-year in Q319 in local currency terms, on the back of increased mobile data revenues with rising data consumption and penetration of 4.5G users. EBITDA in local currency terms increased to UAH811 million on 32.9% year-on-year growth, leading to an EBITDA margin of 53.0%. Please note that starting from Q418, lifecell started to capitalize its radio frequency usage costs in accordance with IFRS16. The overall impact, including the retrospective adjustments for previous quarters of 2018, was booked in Q418.

In Q319, lifecell revenues in TRY terms rose 26% year-on-year, while its EBITDA increased to TRY184 million with an EBITDA margin of 53.0%.

lifecell Operational Data

Q318

Q219

Q319

y/y%

q/q%

Number of subscribers (million)2

10.1

9.2

9.0

(10.9%)

(2.2%)

Active (3 months)3

7.6

6.8

6.9

(9.2%)

1.5%

MOU (minutes) (12 months)

145.8

147.4

150.1

2.9%

1.8%

ARPU (Average Monthly Revenue per User), blended (UAH)

45.0

53.1

56.1

24.7%

5.6%

Active (3 months) (UAH)

59.3

72.5

74.7

26.0%

3.0%

(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 subscriber base increased to 6.9 million during the quarter on the back of attractive offers and strong retention focus. lifecell’s 3-month active ARPU grew 26.0% year-on-year in Q319 mainly driven by increased data consumption of its subscribers. Meanwhile, lifecell continued upsell efforts and attracted high ARPU generating subscribers by leveraging the quality of its 4.5G and 3G networks and attractive digital services, which also contributed to the strong ARPU performance.

lifecell continued to expand its 4.5G subscriber base in Q319. Accordingly, the share of 3-month active 4.5G users in total mobile data users exceeded 45% and led to higher data consumption. Average data consumption per user grew by 59% year-on-year with the increasing number and rising data consumption of 4.5G users. During the quarter, lifecell continued its leadership of the Ukrainian market in smartphone penetration, which had reached 79% as at the end of Q319.

lifecell continued its focus on increasing the penetration of its digital services within its customer base and enrich its digital product portfolio. In Q319, lifecell launched its digital authentication service Mobile ID facilitating access to electronic platforms and enabling digital signature for electronic documents.

BeST1

Quarter

Nine Months

Q318

Q319

y/y%

9M18

9M19

y/y%

Number of subscribers (million)

1.6

1.5

(6.3%)

1.6

1.5

(6.3%)

Active (3 months)

1.2

1.1

(8.3%)

1.2

1.1

(8.3%)

Revenue (million BYN)

32.2

35.3

9.6%

92.0

100.9

9.7%

EBITDA (million BYN)

5.5

9.6

74.5%

15.2

28.1

84.9%

EBITDA margin (%)

17.1%

27.2%

10.1pp

16.5%

27.8%

11.3pp

Net loss (million BYN)

(8.5)

(8.0)

(5.9%)

(28.8)

(25.3)

(12.2%)

Capex (million BYN)

4.9

11.6

136.7%

38.3

42.8

11.7%

Revenue (million TRY)

87.1

97.6

12.1%

209.1

271.2

29.7%

EBITDA (million TRY)

14.0

26.5

89.3%

34.8

76.0

118.4%

EBITDA margin (%)

16.1%

27.2%

11.1pp

16.6%

28.0%

11.4pp

Net loss (million TRY)

(23.2)

(22.1)

(4.7%)

(64.7)

(67.7)

4.6%

(1) BeST, in which we hold an 80% stake, has operated in Belarus since July 2008.

BeST revenues grew 9.6% year-on-year in Q319 in local currency terms, mainly driven by mobile data revenue growth on the back of increased number of data users and their increased consumption. Revenue growth was supported by equipment sales as well. BeST’s EBITDA rose by 74.5% to BYN9.6 million year-on-year in Q319 leading to an EBITDA margin of 27.2%. Please note that we started to capitalize the frequency usage fees of BeST starting from Q219 in accordance with IFRS16.

In Q319, BeST’s revenues in TRY terms rose by 12.1% year-on-year, which led to an EBITDA margin of 27.2%.

BeST continued to expand 4G coverage, which translated into increased penetration of services within its customer base. Accordingly, 4G users reached 51% of the 3-month active subscriber base, which continued to support mobile data consumption and digital services usage. In Q319, the average monthly data consumption of subscribers rose by 58% year-over-year to 6.9GB. Meanwhile, BeST also continued to expand the penetration of its digital services, which translated into higher ARPU growth and increased loyalty. Music and TV services have been the main drivers of digital revenue growth. Subscribers who use at least one digital service comprised 26% of the 3-month active subscriber base.

Kuzey Kıbrıs Turkcell2 (million TRY)

Quarter

Nine Months

Q318

Q319

y/y%

9M18

9M19

y/y%

Number of subscribers (million)

0.5

0.5

-

0.5

0.5

-

Revenue

45.6

55.7

22.1%

134.3

155.2

15.6%

EBITDA

16.0

21.4

33.8%

47.3

57.3

21.1%

EBITDA margin (%)

35.0%

38.4%

3.4pp

35.2%

36.9%

1.7pp

Net income

8.7

16.4

88.5%

24.0

29.4

22.5%

Capex

18.9

11.1

(41.3%)

42.2

34.7

(17.8%)

(2) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has operated in Northern Cyprus since 1999.

Kuzey Kıbrıs Turkcell revenues grew by 22.1% year-on-year in Q319 mainly driven by mobile data and voice revenue growth. EBITDA increased by 33.8%, leading to an EBITDA margin of 38.4%.

Fintur: 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.

On December 12, 2018, Turkcell signed a binding agreement and on April 2, 2019 completed the transfer of its shares in Fintur to Sonera Holding B.V., the majority shareholder of Fintur. The final value of the transaction was EUR352.9 million. As the conditions precedent required for the share transfer were completed within Q119, TRY772 million profit generated from the transaction is reflected in the Q119 financial statements.

We booked a provision of TRY60 million in Q219 for recognition of liability in relation to the Kcell Share Purchase Agreement regarding past Kcell transaction.

Turkcell Group Subscribers
Turkcell Group subscribers amounted to approximately 48.5 million as of September 30, 2019. 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, cable and IPTV subscribers of Turkcell Turkey, and the mobile subscribers of lifecell and BeST, as well as those of Kuzey Kıbrıs Turkcell and lifecell Europe.

Turkcell Group Subscribers

Q318

Q219

Q319

y/y%

q/q%

Mobile Postpaid (million)

19.0

18.9

19.4

2.1%

2.6%

Mobile Prepaid (million)

15.9

15.0

15.0

(5.7%)

-

Fiber (thousand)

1,331.3

1,426.4

1,455.7

9.3%

2.1%

ADSL (thousand)

917.6

798.2

758.9

(17.3%)

(4.9%)

Superbox (thousand)1

19.1

129.8

217.4

n.m.

67.5%

Cable (thousand)

-

20.3

33.0

n.a.

62.6%

IPTV (thousand)

581.5

653.2

683.4

17.5%

4.6%

Turkcell Turkey subscribers (million)2

37.8

36.8

37.3

(1.3%)

1.4%

lifecell (Ukraine)

10.1

9.2

9.0

(10.9%)

(2.2%)

BeST (Belarus)

1.6

1.5

1.5

(6.3%)

-

Kuzey Kıbrıs Turkcell

0.5

0.6

0.5

-

(16.7%)

lifecell Europe3

0.2

0.2

0.2

-

-

Turkcell Group Subscribers (million)

50.3

48.2

48.5

(3.6%)

0.6%

(1) Superbox subscribers are included in mobile subscribers.
(2) Subscribers to more than one service are counted separately for each service.
(3) 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. Turkcell Europe was rebranded as lifecell Europe on January 15, 2018.

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

Q318

Q219

Q319

y/y%

q/q%

9M18

9M19

y/y%

GDP Growth (Turkey)

2.3%

(1.5%)

n.a

n.a

n.a.

5.0%

n.a.

n.a

Consumer Price Index (Turkey) (yoy)

24.5%

15.7%

9.3%

(15.2pp)

(6.4pp)

24.5%

9.3%

(15.2pp)

US$ / TRY rate

 

 

 

 

 

 

 

 

Closing Rate

5.9902

5.7551

5.6591

(5.5%)

(1.7%)

5.9902

5.6591

(5.5%)

Average Rate

5.5223

5.8478

5.6973

3.2%

(2.6%)

4.5313

5.6276

24.2%

EUR / TRY rate

 

 

 

 

 

 

 

 

Closing Rate

6.9505

6.5507

6.1836

(11.0%)

(5.6%)

6.9505

6.1836

(11.0%)

Average Rate

6.4356

6.5488

6.3389

(1.5%)

(3.2%)

5.3929

6.3218

17.2%

US$ / UAH rate

 

 

 

 

 

 

 

 

Closing Rate

28.30

26.17

24.08

(14.9%)

(8.0%)

28.30

24.08

(14.9%)

Average Rate

27.43

26.73

25.15

(8.3%)

(5.9%)

27.03

26.43

(2.2%)

US$ / BYN rate

 

 

 

 

 

 

 

 

Closing Rate

2.1121

2.0433

2.0743

(1.8%)

1.5%

2.1121

2.0743

(1.8%)

Average Rate

2.0408

2.0967

2.0639

1.1%

(1.6%)

2.0015

2.1025

5.0%

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 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

Nine Months

Q318

Q319

y/y%

9M18

9M19

y/y%

Adjusted EBITDA

2,392.8

2,838.7

18.6%

6,549.0

7,672.6

17.2%

Depreciation and amortization

(975.1)

(1,197.7)

22.8%

(3,001.0)

(3,641.7)

21.3%

Finance income

2,113.2

(82.2)

(103.9%)

3,038.1

252.6

(91.7%)

Finance costs

(2,981.8)

(439.1)

(85.3%)

(4,706.6)

(1,765.9)

(62.5%)

Other income / (expense)

(123.0)

(92.8)

(24.6%)

(186.6)

(218.4)

17.0%

Share of profit of equity accounted investees

(0.4)

1.6

n.m.

(0.4)

3.4

n.m.

Consolidated profit from continued operations before income tax & minority interest

425.6

1,028.6

141.7%

1,692.5

2,302.5

36.0%

Income tax expense

(144.4)

(229.2)

58.7%

(456.7)

(551.9)

20.8%

Consolidated profit from continued operations before minority interest

281.3

799.4

184.2%

1,235.7

1,750.6

41.7%

Discontinued operations

-

-

-

-

772.4

n.a.

Consolidated profit before minority interest

281.3

799.4

184.2%

1,235.7

2,523.0

104.2%

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 2019. 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 2018 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 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 5 countries – Turkey, Ukraine, Belarus, Northern Cyprus, Germany. 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 TRY6.6 billion revenue in Q319 with total assets of TRY45.5 billion as of September 30, 2019. 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

Q318

Q319

y/y%

9M18

9M19

y/y%

Turkcell Turkey

(1,818.4)

135.2

n.m

(2,846.1)

(460.8)

(83.8%)

Turkcell International

(80.6)

1.1

n.m

(123.6)

(34.5)

(72.1%)

Other Subsidiaries

(811.6)

78.1

n.m

(1,195.5)

(111.9)

(90.6%)

Net FX loss before hedging

(2,710.5)

214.4

n.m

(4,165.1)

(607.2)

(85.4%)

Swap interest income/(expense)1

(96.5)

(192.4)

99.4%

(319.7)

(514.8)

61.0%

Fair value gain on derivative financial instruments1

2,089.4

(354.6)

(117.0%)

3,094.9

120.1

(96.1%)

Net FX gain / (loss) after hedging

(717.6)

(332.6)

(53.7%)

(1,389.9)

(1,001.9)

(27.9%)

(1) Swap interest income / (expense) which was included in fair value gain on derivative financial instruments line in previous quarters has been presented separately.

Table: Income tax expense details

Million TRY

Quarter

Nine Months

Q318

Q319

y/y%

9M18

9M19

y/y%

Current tax expense

(178.3)

(146.2)

(18.0%)

(540.0)

(508.0)

(5.9%)

Deferred tax income / (expense)

33.9

(83.0)

(344.8%)

83.2

(43.9)

(152.8%)

Income Tax expense

(144.4)

(229.2)

58.7%

(456.8)

(551.9)

20.8%

 
TURKCELL ILETISIM HIZMETLERI A.S.
IFRS SELECTED FINANCIALS (TRY Million)
 
Quarter Ended Quarter Ended Quarter Ended Nine Months Nine Months
Sep 30, Jun 30, Sep 30, Sep 30, Sep 30,

2018

2019

2019

2018

2019

 
 
Consolidated Statement of Operations Data
Turkcell Turkey

4,907.5

5,260.8

5,652.4

13,345.1

15,746.5

Turkcell International

424.2

492.0

525.0

1,035.1

1,441.8

Other

467.6

438.3

409.5

1,285.9

1,265.1

Total revenues

5,799.2

6,191.1

6,586.9

15,666.2

18,453.4

Direct cost of revenues

(3,745.0)

(4,284.4)

(4,279.6)

(10,251.5)

(12,472.2)

Gross profit

2,054.3

1,906.8

2,307.3

5,414.7

5,981.1

Administrative expenses

(162.1)

(184.9)

(186.8)

(475.2)

(562.3)

Selling & marketing expenses

(365.2)

(413.4)

(353.8)

(1,126.1)

(1,170.3)

Other Operating Income / (Expense)

(123.0)

(73.8)

(92.8)

(186.6)

(218.4)

Net impairment loses on financial and contract assets

(109.3)

(21.4)

(125.7)

(265.4)

(217.5)

Operating profit before financing costs

1,294.7

1,213.2

1,548.2

3,361.4

3,812.5

Finance costs

(2,981.8)

(371.4)

(439.1)

(4,706.6)

(1,765.9)

Finance income

2,113.2

(200.4)

(82.2)

3,038.1

252.6

Share of profit of equity accounted investees

(0.4)

1.0

1.6

(0.4)

3.4

Income before tax and non-controlling interest

425.6

642.4

1,028.6

1,692.5

2,302.5

Income tax expense

(144.4)

(163.0)

(229.2)

(456.7)

(551.9)

Income from continuing operations before non-controlling interest

281.3

479.4

799.4

1,235.7

1,750.6

Discontinued operations

-

-

-

-

772.4

Non-controlling interests

(39.9)

(14.3)

1.9

(78.5)

(32.2)

Net income

241.4

465.2

801.3

1,157.2

2,490.9

 
Net income per share

0.11

0.21

0.37

0.53

0.79

 
Other Financial Data
 
Gross margin

35.4%

30.8%

35.0%

34.6%

32.4%

EBITDA(*)

2,392.8

2,552.8

2,838.7

6,549.0

7,672.6

Total Capex

1,265.5

1,807.8

1,617.9

5,409.5

4,778.3

Operational capex

905.8

956.0

989.9

2,494.5

2,829.5

Licence and related costs

87.2

0.5

0.4

412.4

1.6

Non-operational Capex

272.5

851.3

627.5

2,502.6

1,947.1

 
 
Consolidated Balance Sheet Data (at period end)
Cash and cash equivalents

8,749.2

10,686.7

10,975.4

8,749.2

10,975.4

Total assets

45,404.1

45,611.9

45,515.0

45,404.1

45,515.0

Long term debt

14,955.1

14,558.5

12,903.9

14,955.1

12,903.9

Total debt

23,055.1

22,062.0

20,675.2

23,055.1

20,675.2

Total liabilities

30,513.2

28,281.3

28,084.2

30,513.2

28,084.2

Total shareholders’ equity / Net Assets

14,890.9

17,330.6

17,430.8

14,890.9

17,430.8

(*) 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 September 2019 on our web site

 
 
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,

2018

2019

2019

2018

2019

 
 
Consolidated Statement of Operations Data
Turkcell Turkey

4,907.5

5,260.8

5,652.4

13,345.1

15,746.5

Turkcell International

424.2

492.0

525.0

1,035.1

1,441.8

Other

467.6

438.3

409.5

1,285.9

1,265.1

Total revenues

5,799.2

6,191.1

6,586.9

15,666.2

18,453.4

Direct cost of revenues

(3,745.0)

(4,284.4)

(4,279.6)

(10,251.5)

(12,472.2)

Gross profit

2,054.3

1,906.8

2,307.3

5,414.7

5,981.1

Administrative expenses

(162.1)

(184.9)

(186.8)

(475.2)

(562.3)

Selling & marketing expenses

(365.2)

(413.4)

(353.8)

(1,126.1)

(1,170.3)

Other Operating Income / (Expense)

1,169.5

327.0

(163.7)

1,893.2

411.9

Operating profit before financing and investing costs

2,696.4

1,635.4

1,602.9

5,706.6

4,660.3

Net impairment loses on financial and contract assets

(109.3)

(21.4)

(125.7)

(265.4)

(217.5)

Income from investing activities

9.5

26.0

9.9

25.9

48.6

Expense from investing activities

(120.1)

(16.5)

(19.8)

(177.0)

(86.4)

Share of profit of equity accounted investees

(0.4)

1.0

1.6

(0.4)

3.4

Income before financing costs

2,476.1

1,624.4

1,468.9

5,289.7

4,408.4

Finance income

1,981.2

(259.4)

(96.5)

2,813.3

105.6

Finance expense

(4,031.7)

(722.6)

(343.9)

(6,410.5)

(2,211.5)

Income from continuing operations before tax and non-controlling interest

425.6

642.4

1,028.6

1,692.5

2,302.5

Income tax expense from continuing operations

(144.4)

(163.0)

(229.2)

(456.7)

(551.9)

Income from continuing operations before non-controlling interest

281.3

479.4

799.4

1,235.7

1,750.6

Discontinued operations

-

-

-

-

772.4

Income before non-controlling interest

281.3

479.4

799.4

1,235.7

2,523.0

Non-controlling interest

(39.9)

(14.3)

1.9

(78.5)

(32.2)

Net income

241.4

465.2

801.3

1,157.2

2,490.9

 
Net income per share

0.11

0.21

0.37

0.53

0.79

 
Other Financial Data
 
Gross margin

35.4%

30.8%

35.0%

34.6%

32.4%

EBITDA

2,392.8

2,552.8

2,838.7

6,549.0

7,672.6

Total Capex

1,265.5

1,807.8

1,617.9

5,409.5

4,778.3

Operational capex

905.8

956.0

989.9

2,494.5

2,829.5

Licence and related costs

87.2

0.5

0.4

412.4

1.6

Non-operational Capex

272.5

851.3

627.5

2,502.6

1,947.1

 
 
Consolidated Balance Sheet Data (at period end)
Cash and cash equivalents

8,749.2

10,686.7

10,975.4

8,749.2

10,975.4

Total assets

45,404.1

45,611.9

45,515.0

45,404.1

45,515.0

Long term debt

14,955.1

14,558.5

12,903.9

14,955.1

12,903.9

Total debt

23,055.1

22,062.0

20,675.2

23,055.1

20,675.2

Total liabilities

30,513.2

28,281.3

28,084.2

30,513.2

28,084.2

Total shareholders’ equity / Net Assets

14,890.9

17,330.6

17,430.8

14,890.9

17,430.8

 

Seite 1 von 2
Diesen Artikel teilen
Mehr zum Thema
Klicken Sie auf eines der Themen und seien Sie stets dazu informiert. Mehr Informationen hier.
EuroEUR5GFICap


0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Aus der Community
LUS Wikifolio-Index BITCOIN, ETHEREUM & GOLD Index Zertifikat Open-End (LASW)
Chart: arniarni
LUS Wikifolio-Index Performance von Kryptowährungen Index Zertifikat Open-End (LASW)
Chart: arniarni

Meistgelesene Nachrichten des Autors

Titel
Titel
Titel
Titel

Diskussionen zu den Werten

ZeitTitel
25.07.19