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”). All non-financial data is unconsolidated and comprises
Turkcell only figures. The terms "we", "us", and "our" in this press
release refer only to the Company, except in discussions of financial
data, where such terms refer to the Group, and where context otherwise
requires.
-
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 March 31, 2014 refer to the same item as at
March 31, 2013. For further details, please refer to our consolidated
financial statements and notes as at and for March 31, 2014, which can
be accessed via our website in the investor relations section (www.turkcell.com.tr).
-
Please note that selected financial information presented in this
press release for the first and fourth quarters of 2013, and first
quarter of 2014, both in TRY and US$, is based on IFRS figures.
-
In the tables used in this press release totals may not foot due to
rounding differences. The same applies for the calculations in the
text.
HIGHLIGHTS OF THE FIRST QUARTER OF 2014
-
Group revenues grew by 6% to TRY2,855 million (TRY2,688 million)
-
Group EBITDA1 increased by 10% to TRY887 million (TRY808
million), while the EBITDA margin rose to 31.1% (30.0%)
-
Group net income declined to TRY359 million (TRY566 million),
adversely impacted by devaluation of UAH against US$ in Ukraine
-
Mobile business revenues in Turkey were at TRY2,205 million (TRY2,201
million) with a 30.2% (29.4%) EBITDA margin
-
Mobile broadband revenues rose by 26% to TRY400 million (TRY319
million)
-
Voice revenues2 declined by 3% to TRY1,537 million
(TRY1,585 million), due to regulatory decisions
-
Revenues of subsidiaries3 grew by 33% to TRY650 million
(TRY488 million), while EBITDA increased by 38% to TRY222 million
(TRY161 million)
Excluding the impact of MTR cuts effective as of July 1, 20134:
-
Turkcell Group revenues would be TRY2,955 million on 10% growth.
-
Mobile business revenues in Turkey would be TRY2,305 million on 5%
growth, with a 3% rise in voice revenues.
-
Group EBITDA would be TRY886 million on 10% growth.
(1) EBITDA is a non-GAAP financial measure. See page 11 for the
reconciliation of EBITDA to net cash from operating activities.
(2)
Voice revenues include outgoing, incoming, roaming and other (comprising
almost 1% of Turkcell Turkey) revenues.
(3) Including eliminations.
(4)
The adjusted figures are non-IFRS measures.
(*)For further details,
please refer to our consolidated financial statements and notes as at
and for March 31, 2014 which can be accessed via our web site in the
investor relations section (www.turkcell.com.tr).
COMMENTS FROM CEO, SUREYYA CILIV
“In the first quarter of 2014, Turkcell Group revenues rose 6% to TRY2.9
billion, while EBITDA grew by 10% to TRY887 million. Meanwhile, EBIT
increased by 9% to TRY488 million, while net income, adversely impacted
by devaluation in Ukraine, realized at TRY359 million.
Turkcell’s mobile business revenues in Turkey, negatively affected by
regulatory decisions and increased competition, remained flat, whereas
mobile broadband grew by 26%.
Our subsidiaries’ revenues grew by 33%, continuing their strong
contribution to Group revenues. Consequently, their contribution to
group revenues and EBITDA rose to 23% and 25%, respectively. Revenues of
Turkcell Superonline, continuously investing in the fiber broadband
business, grew by 38% year on year. Meanwhile, revenues from our
Ukrainian business rose by 24% in TRY terms, while being flat in USD
terms due to devaluation of the local currency. We believe in the future
potential of Ukraine. We sincerely hope for a normalization of the
current political situation, and advancing a fast mobile internet
infrastructure that will add value to its economy.
We are celebrating the 20th anniversary of Turkcell in Turkey
this year. Over the past 20 years, we have taken confident steps in our
transformation from “a GSM operator to a communications and technology
company”. We have provided 43.2 Mbps mobile broadband and 1,000 Mbps
fiber broadband speed in a first for Turkey, thereby making information
accessible anytime and anywhere, ranking us among the world's foremost
players. And with investments of over TRY23 billion in our
infrastructure, innovative services and social responsibility projects,
we have created more value for the economy and for our customers. With
this pioneering vision, we will continue our efforts to carry Turkey and
all other markets that we operate in forward. And so we thank all of our
customers, employees, business partners, board of directors and
shareholders, who are always beside us.”
OVERVIEW OF TURKCELL TURKEY
Competition in the first quarter of the year, which is seasonally slow,
and historically aggressive, has increased through bundled offers with
greater data incentives. Following the ICTA decision on a higher minimum
limit on onnet voice and SMS tariffs and the extension of this decision
on campaigns1, both of which apply only to Turkcell, the
competitors increased their focus on market share gain. Furthermore, the
ICTA decision on decreasing the maximum SMS price by 20%2
which came into effect this quarter, along with lower MTR rates since
July 2013, have decreased unit prices in the market compared to a year
ago, pressuring profitability. Thus far, in April, we observed that the
competition has continued at an increasing pace with a decrease in some
offer prices.
In this environment, as part of our strategy of profitable growth, we
remained focused on expanding our postpaid customer base and increasing
smartphone penetration. Accordingly, our postpaid customers grew by 93
thousand quarterly net additions to 14.1 million and 40.5% of the total
base, while we recorded a 389 thousand decline in our customer base,
mainly from among price-sensitive prepaid customers. Meanwhile, our
smartphone base expanded by 711 thousand to 10.3 million, corresponding
to 32% penetration, despite the macro challenges and regulatory change
that abolished the availability of installments on credit card payments
for handsets. This was achieved through our contracted offers and
promotion of our affordable T40 model.
Overall, despite the challenges discussed above, in the first quarter,
we recorded a topline and EBITDA performance in line with our full year
guidance.
1: Decision date is 7 January 2014
2: Decision date is 23 September
2013 (Decreased from TRY 0.4154/SMS to TRY 0.3325/SMS)
FINANCIAL AND OPERATIONAL REVIEW OF THE FIRST
QUARTER 2014
The following discussion focuses principally on the developments and
trends in our business in the first quarter of 2014 in TRY terms.
Selected financial information presented in this press release for the
first and fourth quarters of 2013, and the first quarter of 2014, both
in TRY and US$ is based on IFRS figures.
Selected financial information for the first and fourth quarters of
2013, and the first quarter of 2014, both in TRY and in US$ prepared in
accordance with IFRS and in TRY prepared in accordance with the Capital
Markets Board of Turkey’s standards are also included at the end of this
press release.
Financial Review of Turkcell Group
|
Profit & Loss Statement (million TRY)
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Total Revenue
|
|
2,688.4
|
|
2,883.6
|
|
2,855.2
|
|
6.2%
|
|
(1.0%)
|
|
Direct cost of revenues1
|
|
(1,687.3)
|
|
(1,851.3)
|
|
(1,742.3)
|
|
3.3%
|
|
(5.9%)
|
|
Direct cost of revenues1/revenues
|
|
(62.8%)
|
|
(64.2%)
|
|
(61.0%)
|
|
1.8pp
|
|
3.2pp
|
|
Depreciation and amortization
|
|
(360.4)
|
|
(481.6)
|
|
(399.6)
|
|
10.9%
|
|
(17.0%)
|
|
Gross Margin
|
|
37.2%
|
|
35.8%
|
|
39.0%
|
|
1.8pp
|
|
3.2pp
|
|
Administrative expenses
|
|
(128.9)
|
|
(152.0)
|
|
(142.1)
|
|
10.2%
|
|
(6.5%)
|
|
Administrative expenses/revenues
|
|
(4.8%)
|
|
(5.3%)
|
|
(5.0%)
|
|
(0.2pp)
|
|
0.3pp
|
|
Selling and marketing expenses
|
|
(425.0)
|
|
(510.4)
|
|
(483.1)
|
|
13.7%
|
|
(5.3%)
|
|
Selling and marketing expenses/revenues
|
|
(15.8%)
|
|
(17.7%)
|
|
(16.9%)
|
|
(1.1pp)
|
|
0.8pp
|
|
EBITDA2
|
|
807.6
|
|
851.5
|
|
887.3
|
|
9.9%
|
|
4.2%
|
|
EBITDA Margin
|
|
30.0%
|
|
29.5%
|
|
31.1%
|
|
1.1pp
|
|
1.6pp
|
|
EBIT3
|
|
447.2
|
|
369.9
|
|
487.7
|
|
9.1%
|
|
31.8%
|
|
Net finance income / (expense)
|
|
129.3
|
|
149.7
|
|
(303.3)
|
|
(334.6%)
|
|
(302.6%)
|
|
Finance expense
|
|
(37.4)
|
|
(89.7)
|
|
(551.9)
|
|
n.m
|
|
515.3%
|
|
Finance income
|
|
166.7
|
|
239.4
|
|
248.6
|
|
49.1%
|
|
3.8%
|
|
Share of profit of associates
|
|
68.6
|
|
75.8
|
|
73.6
|
|
7.3%
|
|
(2.9%)
|
|
Other income / (expense)
|
|
(0.3)
|
|
(35.6)
|
|
(3.5)
|
|
n.m
|
|
(90.2%)
|
|
Monetary gains / (losses)
|
|
53.5
|
|
72.5
|
|
64.5
|
|
20.6%
|
|
(11.0%)
|
|
Non-controlling interests
|
|
4.4
|
|
(7.9)
|
|
200.7
|
|
n.m
|
|
n.m
|
|
Income tax expense
|
|
(137.1)
|
|
(119.5)
|
|
(160.2)
|
|
16.8%
|
|
34.1%
|
|
Net Income
|
|
565.6
|
|
504.9
|
|
359.5
|
|
(36.4%)
|
|
(28.8%)
|
(1) Including depreciation and amortization expenses.
(2) EBITDA is
a non-GAAP financial measure. See page 11 for the reconciliation of
EBITDA to net cash from operating activities.
(3) EBIT is a
non-GAAP financial measure and is equal to EBITDA minus depreciation and
amortization expenses.
Revenue grew by 6.2% year-on-year, mainly due to:
-
8.5% rise in mobile broadband and services revenues in Turkey to
TRY668.3 million (TRY616.2 million), constituting 30.3% (28.0%) of
mobile business revenues in Turkey
-
25.6% increase in mobile broadband revenues to TRY400.3 million
(TRY318.7 million), despite the tough competitive environment
where, particularly, data incentives were increased
-
33.4% growth in revenues of subsidiaries to TRY650.3 million (TRY487.6
million) with an increasing contribution to the topline of 22.8%
(18.1%)
-
37.6% rise in Turkcell Superonline revenues to TRY279.7 million
(TRY203.3 million)
Direct cost of revenues grew by 3.3% to TRY1,742.3 million
(TRY1,687.3 million), while as a percentage of revenues declining to
61.0% (62.8%). This was mainly due to lower interconnect costs as a
result of MTR cuts. Meanwhile, there was an increase in depreciation and
amortization expenses and other cost items as a percentage of revenues.
The table below presents the interconnect revenues and costs of Turkcell
Turkey:
|
Million TRY
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Interconnect revenues
|
|
305.6
|
|
253.2
|
|
253.7
|
|
(17.0%)
|
|
0.2%
|
|
as a % of revenues
|
|
13.9%
|
|
11.3%
|
|
11.5%
|
|
(2.4pp)
|
|
0.2pp
|
|
Interconnect costs
|
|
(299.4)
|
|
(238.6)
|
|
(241.4)
|
|
(19.4%)
|
|
1.2%
|
|
as a % of revenues
|
|
(13.6%)
|
|
(10.7%)
|
|
(11.0%)
|
|
2.6pp
|
|
(0.3pp)
|
Administrative expenses as a percentage of revenues rose by 0.2pp
to 5.0% (4.8%) year-on-year in Q114, driven mainly by increased bad debt
expenses (0.4pp) as opposed to the decline in other cost items (0.2pp).
Selling and marketing expenses as a percentage of revenues grew
by 1.1pp to 16.9% (15.8%) year-on-year in Q114 due to increased selling
expenses (1.0pp), frequency usage fee (0.4pp) and other cost items
(0.5pp) as opposed to the decrease in marketing expenses (0.8pp).
EBITDA increased by 9.9% to TRY887.3 million (TRY807.6 million)
year-on-year, while the EBITDA margin climbed to 31.1% (30.0%). While
selling and marketing, as well as administrative expenses increased by
1.1pp and 0.2pp as a percentage of revenues, respectively, the direct
cost of revenues (excluding depreciation and amortization) decreased by
2.4pp.
The EBITDA of subsidiaries improved by 37.9% to TRY221.8 million
(TRY160.9 million) with the higher EBITDA of both Turkcell Superonline
and Astelit.
Net finance expense was at TRY303.3 million (net finance
income of TRY129.3 million), due to the increase in translation losses
to TRY508.6 million (TRY0.6 million) partially netted off with the
increase in interest income recorded on time deposits.
In Q114, Astelit recorded a translation loss of TRY464.0 million,
stemming from the devaluation of the UAH against the US$ during the
quarter. Meanwhile, BeST recorded TRY48.7 million, Turkcell Superonline
recorded TRY10.9 million and other group companies recorded TRY2.1
million translation losses, while Turkcell Turkey recorded a translation
gain of TRY17.1 million.
Share of profit of equity accounted investees comprising our
share in the net income of unconsolidated investees Fintur and A-Tel,
rose by 7.3% year-on-year to TRY73.6 million (TRY68.6 million).
Income tax expense details in Q114 are presented in the table
below:
|
Million TRY
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Current Tax expense
|
|
(138.7)
|
|
(166.7)
|
|
(174.0)
|
|
25.5%
|
|
4.4%
|
|
Deferred Tax Income/expense
|
|
1.6
|
|
47.2
|
|
13.8
|
|
762.5%
|
|
(70.8%)
|
|
Income Tax expense
|
|
(137.1)
|
|
(119.5)
|
|
(160.2)
|
|
16.8%
|
|
34.1%
|
Net income fell by 36.4% to TRY359.5 million (TRY565.6 million)
in Q114, mainly due to higher translation losses recorded during the
quarter following the devaluation of the UAH against the US$ (for
details, please see the Astelit section).
(*)EBITDA is a non-GAAP financial measure. See page 11 for the
reconciliation of EBITDA to net cash from operating activities.
Total debt as of March 31, 2014 increased to TRY3,515.5 million
(US$1,605.4 million) from TRY3,014.6 million (US$1,666.7 million) as of
March 31, 2013 in consolidated terms. The debt balance of Ukraine
(including intra-group debt) was TRY1,433.2 million (US$654.5 million),
while that of Belarus was TRY1,351.0 million (US$617.0 million) and of
Turkcell Superonline was TRY757.7 million (US$346.0 million).
TRY2,752.9 million (US$1,257.1 million) of our consolidated debt is at a
floating rate, while TRY2,151.9 million (US$982.7 million) will mature
within less than a year. (Please note that the figures in parentheses
refer to US$ equivalents).
Cash flow analysis: Capital expenditures, including
non-operational items, amounted to TRY340.4 million in Q114, of which
TRY230.2 million was related to Turkcell Turkey, TRY69.7 million to
Turkcell Superonline, TRY15.0 million to Astelit and TRY6.6 million to
BeST. The major cash outflow items in this quarter were capex and
other items including corporate tax payment, frequency usage fee payment
and the change in net working capital.
|
Consolidated Cash Flow (million TRY)
|
|
Q113
|
|
Q413
|
|
Q114
|
|
EBITDA1
|
|
807.6
|
|
851.5
|
|
887.3
|
|
LESS:
|
|
|
|
|
|
|
|
Capex and License
|
|
(199.5)
|
|
(818.5)
|
|
(340.4)
|
|
Turkcell
|
|
(117.1)
|
|
(500.2)
|
|
(230.2)
|
|
Turkcell Superonline
|
|
(59.2)
|
|
(172.1)
|
|
(69.7)
|
|
Ukraine2
|
|
(6.1)
|
|
(61.2)
|
|
(15.0)
|
|
Investment & Marketable Securities
|
|
(2.4)
|
|
1.7
|
|
(22.7)
|
|
Net interest Income/ (expense)
|
|
129.9
|
|
208.7
|
|
205.4
|
|
Other
|
|
(1,063.2)
|
|
197.7
|
|
(973.2)
|
|
Net Change in Debt
|
|
(60.4)
|
|
(15.2)
|
|
103.8
|
|
Cash generated
|
|
(388.0)
|
|
425.6
|
|
(139.8)
|
|
Cash balance
|
|
6,610.9
|
|
8,128.9
|
|
7,989.1
|
(1) EBITDA is a non-GAAP financial measurement. See page 11 for the
reconciliation of EBITDA to net cash from operating activities.
(2)
The impact from the movement of reporting currency (TRY) against US$ is
included in this line.
Operational Review in Turkey
|
Summary of Operational data
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Number of total subscribers (million)
|
|
34.9
|
|
35.2
|
|
34.8
|
|
(0.3%)
|
|
(1.1%)
|
|
Postpaid
|
|
13.5
|
|
14.0
|
|
14.1
|
|
4.4%
|
|
0.7%
|
|
Prepaid
|
|
21.4
|
|
21.2
|
|
20.7
|
|
(3.3%)
|
|
(2.4%)
|
|
ARPU, blended (TRY)
|
|
21.0
|
|
21.3
|
|
21.0
|
|
-
|
|
(1.4%)
|
|
Postpaid
|
|
36.4
|
|
36.5
|
|
36.3
|
|
(0.3%)
|
|
(0.5%)
|
|
Prepaid
|
|
11.5
|
|
11.3
|
|
10.8
|
|
(6.1%)
|
|
(4.4%)
|
|
ARPU (Average Monthly Revenue per User), blended (US$)
|
|
11.7
|
|
10.5
|
|
9.5
|
|
(18.8%)
|
|
(9.5%)
|
|
Postpaid
|
|
20.4
|
|
18.0
|
|
16.3
|
|
(20.1%)
|
|
(9.4%)
|
|
Prepaid
|
|
6.4
|
|
5.6
|
|
4.8
|
|
(25.0%)
|
|
(14.3%)
|
|
Churn (%)
|
|
8.5%
|
|
6.7%
|
|
7.8%
|
|
(0.7pp)
|
|
1.1pp
|
|
MOU (Average Monthly Minutes of usage per subscriber), blended
|
|
238.8
|
|
257.5
|
|
254.6
|
|
6.6%
|
|
(1.1%)
|
Subscribers of our mobile business in Turkey declined by 389
thousand in Q114, mainly due to losses in the prepaid segment due to an
intensely competitive environment. Yet, we continued to expand our
postpaid subscriber base by 93 thousand net additions with our continued
focus on contracting and switches from prepaid to postpaid segment. As a
result, the share of our postpaid subscribers in the total subscriber
base increased to 40.5% (38.6%).
Churn Rate refers to voluntarily and involuntarily disconnected
subscribers. In Q114, our churn rate decreased to 7.8% (8.5%). The rate
in Q113 was impacted by the ICTA decision enabling users of mobile lines
without subscription to register those lines under their names. Each
subscription line registered due to this decision had to be recorded as
a churn and also as an acquisition in operators’ records. Excluding the
impact of this decision, the churn rate would have been 7.9% in Q113.
The rate increased 1.1pp quarter-on-quarter driven by increased
competition.
ARPU in TRY terms stayed flat year-on-year at TRY21.0 (TRY21.0),
including the impact of the MTR cuts. Excluding this impact, blended
ARPU would have increased by 4.8% to TRY22.0.
MoU increased 6.6% year-on-year to 254.6 minutes (238.8 minutes)
driven by higher incentives and greater package utilization.
OTHER DOMESTIC AND INTERNATIONAL OPERATIONS
Astelit revenues remained nearly flat at US$99.0 million (US$99.2
million), while registering 13.5% growth in local currency terms
year-on-year, mainly driven by a larger customer base and increased
mobile data revenues. Furthermore, Astelit registered double-digit
EBITDA growth of 12.5% to US$31.5 million (US$28.0 million), while
operational profitability improved by 3.7pp to 31.9% (28.2%).
Astelit’s three-month active subscribers increased by 122 thousand
during the quarter to 9.3 million. ARPU (3 months active) fell by 12.2%
to US$3.6 (US$4.1) given the impact of currency devaluation. MoU
decreased by 9.9% to 167.1 minutes (185.4 minutes), mainly driven by
changes in consumer behavior.
A challenging macroeconomic and political environment continues in
Ukraine. Following the decision of the National Bank of Ukraine to adopt
a floating currency regime in February, US$/UAH increased by 37% during
the quarter. While Astelit’s operational performance remained intact and
uninterrupted, the devaluation has adversely impacted our consolidated
financial statements through Astelit’s FX-denominated debt with a
TRY464.0 million translation loss, having a net income effect of
TRY255.4 million.
Further currency devaluation coupled with increasing inflation, and
decreasing consumer confidence in Ukraine, may put some pressure on
Astelit’s operational and financial performance over the coming quarters.
|
Astelit
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Number of subscribers (million)1
|
|
11.1
|
|
12.6
|
|
12.5
|
|
12.6%
|
|
(0.8%)
|
|
Active (3 months)2
|
|
8.2
|
|
9.2
|
|
9.3
|
|
13.4%
|
|
1.1%
|
|
MOU (minutes)
|
|
185.4
|
|
172.0
|
|
167.1
|
|
(9.9%)
|
|
(2.8%)
|
|
ARPU (Average Monthly Revenue per User), blended (US$)
|
|
3.0
|
|
3.1
|
|
2.6
|
|
(13.3%)
|
|
(16.1%)
|
|
Active (3 months)
|
|
4.1
|
|
4.1
|
|
3.6
|
|
(12.2%)
|
|
(12.2%)
|
|
Revenue (million UAH)
|
|
792.5
|
|
912.8
|
|
899.5
|
|
13.5%
|
|
(1.5%)
|
|
Revenue (million US$)
|
|
99.2
|
|
114.2
|
|
99.0
|
|
(0.2%)
|
|
(13.3%)
|
|
EBITDA (million US$)3
|
|
28.0
|
|
35.2
|
|
31.5
|
|
12.5%
|
|
(10.5%)
|
|
EBITDA margin
|
|
28.2%
|
|
30.8%
|
|
31.9%
|
|
3.7pp
|
|
1.1pp
|
|
Net loss (million US$)
|
|
(14.9)
|
|
(2.4)
|
|
(213.1)
|
|
n.m
|
|
n.m
|
|
Capex (million US$)
|
|
3.4
|
|
26.8
|
|
6.9
|
|
102.9%
|
|
(74.3%)
|
(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.
(3) EBITDA is a non-GAAP financial measurement. See page
11 for the reconciliation of Euroasia’s EBITDA to net cash from
operating activities. Euroasia holds a 100% stake in Astelit.
(*)
Astelit, in which we hold a 55% stake through Euroasia, has operated in
Ukraine since February 2005.
Turkcell Superonline continued its robust financial performance
with revenue and EBITDA growth of 37.6% and 34.2%, respectively. The
EBITDA margin of 26.7% (27.3%) was impacted by increased selling and
marketing expenses compared to a year ago.
During the quarter, FTTH subscriber base1 expanded with 44
thousand net additions. Residential segment revenues grew by 51.2% while
corporate segment revenues rose by 33.5% with further synergies at the
group level year-on-year. Accordingly, the share of residential and
corporate segment revenues in total revenues reached 65% (62%).
Meanwhile, the share of non-group revenues reached 77% (74%).
Turkcell Superonline has continued to invest in its fiber network,
increasing home passes2 to 1.8 million.
|
Turkcell Superonline (million TRY)
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Revenue
|
|
203.3
|
|
262.1
|
|
279.7
|
|
37.6%
|
|
6.7%
|
|
Residential
|
|
72.1
|
|
94.4
|
|
109.0
|
|
51.2%
|
|
15.5%
|
|
% of revenues
|
|
35.5%
|
|
36.0%
|
|
39.0%
|
|
3.5pp
|
|
3.0pp
|
|
Corporate
|
|
54.6
|
|
73.7
|
|
72.9
|
|
33.5%
|
|
(1.1%)
|
|
% of revenues
|
|
26.9%
|
|
28.1%
|
|
26.1%
|
|
(0.8pp)
|
|
(2.0pp)
|
|
Wholesale
|
|
76.6
|
|
94.0
|
|
97.8
|
|
27.7%
|
|
4.0%
|
|
% of revenues
|
|
37.7%
|
|
35.9%
|
|
35.0%
|
|
(2.7pp)
|
|
(0.9pp)
|
|
EBITDA 3
|
|
55.6
|
|
64.1
|
|
74.6
|
|
34.2%
|
|
16.4%
|
|
EBITDA Margin
|
|
27.3%
|
|
24.4%
|
|
26.7%
|
|
(0.6pp)
|
|
2.3pp
|
|
Capex
|
|
59.2
|
|
172.1
|
|
69.7
|
|
17.7%
|
|
(59.5%)
|
|
FTTH subscribers
|
|
464
|
|
570
|
|
614
|
|
32.3%
|
|
7.7%
|
(1) FTTH subscriber base refers to residential and corporate fiber
subscribers.
(2) Home passes figure refers to the total of home
passes and office passes figures.
(3) EBITDA is a non-GAAP
financial measure. See page 11 for the reconciliation of EBITDA to net
cash from operating activities.
(*)Turkcell Superonline is our
wholly-owned subsidiary, providing fiber broadband.
Fintur’s subscriber base decreased by 0.7 million year-on-year,
mainly due to KCell’s one-off clean up of database with the net effect
of 789 thousand subscribers. Fintur’s consolidated revenues declined by
8.7% mainly due to the decline in KCell’s revenues as a result of
devaluation of the Kazakhstani Tenge (KZT) against the US$ and the MTR
cut. Accordingly, Fintur’s contribution to net income decreased by 13.2%
to US$33 million (US$38 million) year-on-year.
|
Fintur
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Subscribers (million)
|
|
21.4
|
|
21.5
|
|
20.7
|
|
(3.3%)
|
|
(3.7%)
|
|
Kazakhstan
|
|
13.8
|
|
14.3
|
|
13.5
|
|
(2.2%)
|
|
(5.6%)
|
|
Azerbaijan
|
|
4.4
|
|
4.4
|
|
4.3
|
|
(2.3%)
|
|
(2.3%)
|
|
Moldova
|
|
1.3
|
|
1.0
|
|
1.0
|
|
(23.1%)
|
|
-
|
|
Georgia
|
|
1.9
|
|
1.8
|
|
1.8
|
|
(5.3%)
|
|
-
|
|
Revenue (million US$)
|
|
473
|
|
527
|
|
432
|
|
(8.7%)
|
|
(18.0%)
|
|
Kazakhstan
|
|
286
|
|
322
|
|
259
|
|
(9.4%)
|
|
(19.6%)
|
|
Azerbaijan
|
|
136
|
|
151
|
|
124
|
|
(8.8%)
|
|
(17.9%)
|
|
Moldova
|
|
18
|
|
20
|
|
17
|
|
(5.6%)
|
|
(15.0%)
|
|
Georgia
|
|
33
|
|
35
|
|
31
|
|
(6.1%)
|
|
(11.4%)
|
|
Fintur’s contribution to Group’s net income
|
|
38
|
|
37
|
|
33
|
|
(13.2%)
|
|
(10.8%)
|
(*) We hold a 41.45% stake In Fintur, which has interests in Kazakhstan,
Azerbaijan, Moldova and Georgia.
Turkcell Group Subscribers amounted to approximately 70.1
million as of March 31, 2014. This figure is calculated by taking the
number of subscribers of Turkcell and each of our subsidiaries and
unconsolidated investees. It includes the total number of mobile
subscribers of Turkcell Turkey, Astelit and BeST, as well as of our
operations in the Turkish Republic of Northern Cyprus (“Northern
Cyprus”), Fintur and Turkcell Europe. Turkcell Group subscribers
declined by 1.2 million during the quarter.
|
Turkcell Group Subscribers (million)
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
Turkcell
|
|
34.9
|
|
35.2
|
|
34.8
|
|
(0.3%)
|
|
(1.1%)
|
|
Ukraine
|
|
11.1
|
|
12.6
|
|
12.5
|
|
12.6%
|
|
(0.8%)
|
|
Fintur
|
|
21.4
|
|
21.5
|
|
20.7
|
|
(3.3%)
|
|
(3.7%)
|
|
Northern Cyprus
|
|
0.4
|
|
0.4
|
|
0.4
|
|
-
|
|
-
|
|
Belarus
|
|
1.0
|
|
1.2
|
|
1.3
|
|
30.0%
|
|
8.3%
|
|
Turkcell Europe
|
|
0.4
|
|
0.4
|
|
0.4
|
|
-
|
|
-
|
|
TURKCELL GROUP
|
|
69.2
|
|
71.3
|
|
70.1
|
|
1.3%
|
|
(1.7%)
|
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting, along with
certain macroeconomic indicators, are set out below.
|
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
US$ / TRY rate
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate
|
|
1.8087
|
|
2.1343
|
|
2.1898
|
|
21.1%
|
|
2.6%
|
|
Average Rate
|
|
1.7865
|
|
2.0302
|
|
2.2253
|
|
24.6%
|
|
9.6%
|
|
Consumer Price Index (Turkey)
|
|
2.6%
|
|
2.3%
|
|
3.6%
|
|
1.0pp
|
|
1.3pp
|
|
GDP Growth (Turkey)
|
|
2.9%
|
|
4.4%
|
|
n.a.
|
|
n.a.
|
|
n.a.
|
|
US$ / UAH rate
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate
|
|
7.99
|
|
7.99
|
|
10.95
|
|
37.0%
|
|
37.0%
|
|
Average Rate
|
|
7.99
|
|
7.99
|
|
9.15
|
|
14.5%
|
|
14.5%
|
|
US$ / BYR rate
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate
|
|
8,670
|
|
9,510
|
|
9,870
|
|
13.8%
|
|
3.8%
|
|
Average Rate
|
|
8,627
|
|
9,282
|
|
9,697
|
|
12.4%
|
|
4.5%
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We believe
that EBITDA is a measurement commonly used by companies, analysts and
investors in the telecommunications industry that enhances the
understanding of our cash generation ability and liquidity position, and
assists in the evaluation of our capacity to meet our financial
obligations. We also use EBITDA as an internal measurement tool, and
accordingly, we believe that its presentation provides useful and
relevant information to analysts and investors. Our EBITDA
definition includes Revenue, Direct Cost of Revenue excluding
depreciation and amortization, Selling and Marketing expenses and
Administrative expenses, but excludes translation gain/(loss), finance
income, share of profit of equity accounted investees, gain on sale of
investments, income/(loss) from related parties, minority interest and
other income/(expense). EBITDA is not a measure of financial performance
under IFRS, and should not be construed as a substitute for net earnings
(loss) as a measure of performance, or cash flow from operations as a
measure of liquidity. The following table provides a reconciliation of
EBITDA, which is a non-GAAP financial measurement, to net cash from
operating activities, which we believe is the most directly comparable
financial measurement calculated and presented in accordance with IFRS.
|
Turkcell (million US$)
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
EBITDA
|
|
452.1
|
|
420.4
|
|
399.2
|
|
(11.7%)
|
|
(5.0%)
|
|
Income tax expense
|
|
(76.7)
|
|
(59.4)
|
|
(72.1)
|
|
(6.0%)
|
|
21.4%
|
|
Other operating income / (expense)
|
|
(0.6)
|
|
(16.9)
|
|
(2.1)
|
|
250.0%
|
|
(87.6%)
|
|
Financial income / (expense)
|
|
(16.3)
|
|
78.2
|
|
(16.2)
|
|
(0.6%)
|
|
(120.7%)
|
|
Net increase / (decrease) in assets and liabilities
|
|
(540.8)
|
|
26.5
|
|
(386.7)
|
|
(28.5%)
|
|
n.m
|
|
Net cash from operating activities
|
|
(182.3)
|
|
448.8
|
|
(77.9)
|
|
(57.3%)
|
|
(117.4%)
|
|
Turkcell Superonline (million TRY)
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
EBITDA
|
|
55.6
|
|
64.1
|
|
74.6
|
|
34.2%
|
|
16.4%
|
|
Income tax expense
|
|
(0.4)
|
|
35.3
|
|
(1.6)
|
|
300.0%
|
|
(104.5%)
|
|
Other operating income / (expense)
|
|
0.5
|
|
2.7
|
|
0.4
|
|
(20.0%)
|
|
(85.2%)
|
|
Financial income / (expense)
|
|
(14.4)
|
|
(18.4)
|
|
(18.3)
|
|
27.1%
|
|
(0.5%)
|
|
Net increase / (decrease) in assets and liabilities
|
|
(84.8)
|
|
15.2
|
|
(63.1)
|
|
(25.6%)
|
|
(515.1%)
|
|
Net cash from operating activities
|
|
(43.5)
|
|
98.9
|
|
(8.0)
|
|
(81.6%)
|
|
(108.1%)
|
|
Euroasia (million US$)
|
|
Q113
|
|
Q413
|
|
Q114
|
|
y/y %
|
|
q/q %
|
|
EBITDA
|
|
28.0
|
|
35.2
|
|
31.5
|
|
12.5%
|
|
(10.5%)
|
|
Other operating income / (expense)
|
|
0.9
|
|
(0.2)
|
|
0.8
|
|
(11.1%)
|
|
(500.0%)
|
|
Financial income / (expense)
|
|
(14.1)
|
|
(9.0)
|
|
(14.5)
|
|
2.8%
|
|
61.1%
|
|
Net increase / (decrease) in assets and liabilities
|
|
(13.6)
|
|
(27.4)
|
|
(1.3)
|
|
(90.4%)
|
|
(95.3%)
|
|
Net cash from operating activities
|
|
1.2
|
|
(1.4)
|
|
16.5
|
|
n.m
|
|
n.m
|
FORWARD-LOOKING STATEMENTS: 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. More generally, all statements other than
statements of historical facts included in this press release,
including, without limitation, certain statements regarding our
operations, financial position and business strategy may constitute
forward-looking statements. 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 2013 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.
ABOUT TURKCELL: Turkcell is the leading communications and
technology company in Turkey, with 34.8 million subscribers as of March
31, 2014. Turkcell is a leading regional player with its approximately
70.1 million subscribers in nine countries as of March 31, 2014. It has
become one of the first among the global operators to have implemented
HSPA+. It has achieved up to 43.2 Mbps speed using the Dual Carrier
technology, and is continuously working to provide the latest technology
to its customers. Turkcell Superonline, a wholly owned subsidiary of
Turkcell, is the first telecom operator to offer households fiber
broadband connection at speeds of up to 1,000 Mbps in Turkey. As of
December 2013, Turkcell’s population coverage is at 99.49% in 2G and
86.17% in 3G. Turkcell reported a TRY2.9 billion (US$1.3 billion)
revenue with total assets of TRY21.5 billion (US$9.8 billion) as of
March 31, 2014. 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
|
|
|
TURKCELL ILETISIM HIZMETLERI A.S.
CMB SELECTED FINANCIALS (TRY Million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
12 Months Ended
|
|
3 Months Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
March 31,
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Operations Data
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Communication fees
|
|
2,430.6
|
|
2,545.3
|
|
10,242.8
|
|
2,496.0
|
|
Commission fees on betting business
|
|
54.3
|
|
73.1
|
|
230.4
|
|
76.2
|
|
Monthly fixed fees
|
|
20.2
|
|
18.2
|
|
75.9
|
|
16.7
|
|
Simcard sales
|
|
6.4
|
|
7.2
|
|
29.8
|
|
6.5
|
|
Call center revenues and other revenues
|
|
176.9
|
|
239.8
|
|
829.0
|
|
259.8
|
|
Total revenues
|
|
2,688.4
|
|
2,883.6
|
|
11,407.9
|
|
2,855.2
|
|
Direct cost of revenues
|
|
(1,685.7)
|
|
(1,848.9)
|
|
(7,058.9)
|
|
(1,740.9)
|
|
Gross profit
|
|
1,002.7
|
|
1,034.7
|
|
4,349.0
|
|
1,114.3
|
|
Administrative expenses
|
|
(128.9)
|
|
(152.0)
|
|
(550.3)
|
|
(142.1)
|
|
Selling & marketing expenses
|
|
(425.0)
|
|
(510.4)
|
|
(1,843.6)
|
|
(483.1)
|
|
Other Operating Income / (Expense)
|
|
211.5
|
|
35.3
|
|
907.9
|
|
255.9
|
|
Operating profit before financing and investing costs
|
|
660.3
|
|
407.6
|
|
2,863.0
|
|
745.0
|
|
Income from investing activities
|
|
5.3
|
|
8.9
|
|
30.2
|
|
4.9
|
|
Expense from investing activities
|
|
(1.5)
|
|
(15.3)
|
|
(58.1)
|
|
(10.8)
|
|
Share of profit of equity accounted investees
|
|
68.6
|
|
75.8
|
|
297.3
|
|
73.6
|
|
Income before financing costs
|
|
732.7
|
|
477.0
|
|
3,132.4
|
|
812.7
|
|
Finance income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Finance expense
|
|
(86.3)
|
|
85.1
|
|
(383.2)
|
|
(556.7)
|
|
Monetary gain/(loss)
|
|
53.5
|
|
72.5
|
|
176.9
|
|
64.5
|
|
Income before tax and non-controlling interest
|
|
699.9
|
|
634.6
|
|
2,926.1
|
|
320.5
|
|
Income tax expense
|
|
(137.4)
|
|
(120.0)
|
|
(592.4)
|
|
(160.6)
|
|
Income before non-controlling interest
|
|
562.5
|
|
514.6
|
|
2,333.7
|
|
159.9
|
|
Non-controlling interest
|
|
4.4
|
|
(7.9)
|
|
(3.4)
|
|
200.7
|
|
Net income
|
|
566.9
|
|
506.7
|
|
2,330.3
|
|
360.6
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
|
|
0.26
|
|
0.23
|
|
1.06
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
37.3%
|
|
35.9%
|
|
38.1%
|
|
39.0%
|
|
EBITDA(*)
|
|
807.6
|
|
851.5
|
|
3,544.5
|
|
887.3
|
|
Capital expenditures
|
|
199.5
|
|
818.5
|
|
1,822.3
|
|
340.4
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheet Data (at period end)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
6,610.9
|
|
8,128.9
|
|
8,128.9
|
|
7,989.1
|
|
Total assets
|
|
18,829.8
|
|
21,255.6
|
|
21,255.6
|
|
21,480.5
|
|
Long term debt
|
|
1,401.5
|
|
1,528.5
|
|
1,528.5
|
|
1,363.5
|
|
Total debt
|
|
3,014.6
|
|
3,332.5
|
|
3,332.5
|
|
3,515.5
|
|
Total liabilities
|
|
5,573.2
|
|
6,544.8
|
|
6,544.8
|
|
6,478.1
|
|
Total shareholders’ equity / Net Assets
|
|
13,256.6
|
|
14,710.8
|
|
14,710.8
|
|
15,002.4
|
|
|
|
|
|
|
|
|
|
|
|
** For further details, please refer to our consolidated financial
statements and notes as at 31 March 2014 on our web site.
|
|
|
|
|
|
TURKCELL ILETISIM HIZMETLERI A.S.
IFRS SELECTED FINANCIALS (TRY Million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
12 Months Ended
|
|
3 Months Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
March 31,
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Operations Data
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Communication fees
|
|
2,430.6
|
|
2,545.3
|
|
10,242.8
|
|
2,496.0
|
|
Commission fees on betting business
|
|
54.3
|
|
73.1
|
|
230.4
|
|
76.2
|
|
Monthly fixed fees
|
|
20.2
|
|
18.2
|
|
75.9
|
|
16.7
|
|
Simcard sales
|
|
6.4
|
|
7.2
|
|
29.8
|
|
6.5
|
|
Call center revenues and other revenues
|
|
176.9
|
|
239.8
|
|
829.0
|
|
259.8
|
|
Total revenues
|
|
2,688.4
|
|
2,883.6
|
|
11,407.9
|
|
2,855.2
|
|
Direct cost of revenues
|
|
(1,687.3)
|
|
(1,851.3)
|
|
(7,063.9)
|
|
(1,742.3)
|
|
Gross profit
|
|
1,001.1
|
|
1,032.3
|
|
4,344.0
|
|
1,112.9
|
|
Administrative expenses
|
|
(128.9)
|
|
(152.0)
|
|
(550.3)
|
|
(142.1)
|
|
Selling & marketing expenses
|
|
(425.0)
|
|
(510.4)
|
|
(1,843.6)
|
|
(483.1)
|
|
Other Operating Income / (Expense)
|
|
(0.3)
|
|
(35.6)
|
|
(58.9)
|
|
(3.5)
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before financing costs
|
|
446.9
|
|
334.3
|
|
1,891.2
|
|
484.2
|
|
Finance costs
|
|
(37.4)
|
|
(89.7)
|
|
(204.6)
|
|
(551.9)
|
|
Finance income
|
|
166.7
|
|
239.4
|
|
759.9
|
|
248.6
|
|
Monetary gain/(loss)
|
|
53.5
|
|
72.5
|
|
176.9
|
|
64.5
|
|
Share of profit of equity accounted investees
|
|
68.6
|
|
75.8
|
|
297.3
|
|
73.6
|
|
Income before taxes and minority interest
|
|
698.3
|
|
632.3
|
|
2,920.7
|
|
319.0
|
|
Income tax expense
|
|
(137.1)
|
|
(119.5)
|
|
(591.4)
|
|
(160.2)
|
|
Income before minority interest
|
|
561.2
|
|
512.8
|
|
2,329.3
|
|
158.8
|
|
Non-controlling interests
|
|
4.4
|
|
(7.9)
|
|
(3.4)
|
|
200.7
|
|
Net income
|
|
565.6
|
|
504.9
|
|
2,325.9
|
|
359.5
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
|
|
0.26
|
|
0.23
|
|
1.06
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
37.2%
|
|
35.8%
|
|
38.1%
|
|
39.0%
|
|
EBITDA(*)
|
|
807.6
|
|
851.5
|
|
3,544.5
|
|
887.3
|
|
Capital expenditures
|
|
199.5
|
|
818.5
|
|
1,822.3
|
|
340.4
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheet Data (at period end)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
6,610.9
|
|
8,128.9
|
|
8,128.9
|
|
7,989.1
|
|
Total assets
|
|
18,862.5
|
|
21,284.6
|
|
21,284.6
|
|
21,508.1
|
|
Long term debt
|
|
1,401.5
|
|
1,528.5
|
|
1,528.5
|
|
1,363.5
|
|
Total debt
|
|
3,014.6
|
|
3,332.5
|
|
3,332.5
|
|
3,515.5
|
|
Total liabilities
|
|
5,578.5
|
|
6,549.5
|
|
6,549.5
|
|
6,482.4
|
|
Total shareholders’ equity / Net Assets
|
|
13,284.0
|
|
14,735.1
|
|
14,735.1
|
|
15,025.6
|
|
|
|
|
|
|
|
|
|
|
|
** For further details, please refer to our consolidated financial
statements and notes as at 31 March 2014 on our web site.
|
|
|
|
|
|
TURKCELL ILETISIM HIZMETLERI A.S.
IFRS SELECTED FINANCIALS (US$ MILLION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
12 Months Ended
|
|
3 Months Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
March 31,
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Operations Data
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Communication fees
|
|
1,360.3
|
|
1,252.0
|
|
5,369.0
|
|
1,122.5
|
|
Commission fees on betting business
|
|
30.4
|
|
36.0
|
|
120.4
|
|
34.3
|
|
Monthly fixed fees
|
|
11.3
|
|
9.0
|
|
40.0
|
|
7.5
|
|
Simcard sales
|
|
3.6
|
|
3.6
|
|
15.6
|
|
2.9
|
|
Call center revenues and other revenues
|
|
98.9
|
|
117.0
|
|
430.4
|
|
116.8
|
|
Total revenues
|
|
1,504.5
|
|
1,417.6
|
|
5,975.4
|
|
1,284.0
|
|
Direct cost of revenues
|
|
(944.2)
|
|
(905.6)
|
|
(3,693.3)
|
|
(783.6)
|
|
Gross profit
|
|
560.3
|
|
512.0
|
|
2,282.1
|
|
500.4
|
|
Administrative expenses
|
|
(72.1)
|
|
(74.3)
|
|
(286.8)
|
|
(63.9)
|
|
Selling & marketing expenses
|
|
(237.7)
|
|
(250.7)
|
|
(964.1)
|
|
(217.1)
|
|
Other Operating Income / (Expense)
|
|
(0.2)
|
|
(16.9)
|
|
(29.2)
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before financing costs
|
|
250.3
|
|
170.1
|
|
1,002.0
|
|
217.9
|
|
Finance costs
|
|
(20.8)
|
|
(39.1)
|
|
(95.5)
|
|
(246.6)
|
|
Finance income
|
|
93.3
|
|
117.3
|
|
395.4
|
|
111.7
|
|
Monetary gain/(loss)
|
|
29.6
|
|
31.6
|
|
82.9
|
|
29.5
|
|
Share of profit of equity accounted investees
|
|
38.3
|
|
37.4
|
|
155.4
|
|
33.1
|
|
Income before taxes and minority interest
|
|
390.7
|
|
317.3
|
|
1,540.2
|
|
145.6
|
|
Income tax expense
|
|
(76.7)
|
|
(59.4)
|
|
(310.7)
|
|
(72.1)
|
|
Income before minority interest
|
|
314.0
|
|
257.9
|
|
1,229.5
|
|
73.5
|
|
Non-controlling interests
|
|
2.5
|
|
(3.9)
|
|
(1.3)
|
|
89.4
|
|
Net income
|
|
316.5
|
|
254.0
|
|
1,228.2
|
|
162.9
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
|
|
0.14
|
|
0.12
|
|
0.56
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
37.2%
|
|
36.1%
|
|
38.2%
|
|
39.0%
|
|
EBITDA(*)
|
|
452.1
|
|
420.4
|
|
1,858.0
|
|
399.2
|
|
Capital expenditures
|
|
110.3
|
|
360.3
|
|
853.8
|
|
155.4
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheet Data (at period end)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
3,655.0
|
|
3,808.7
|
|
3,808.7
|
|
3,648.3
|
|
Total assets
|
|
10,428.8
|
|
9,972.6
|
|
9,972.6
|
|
9,821.9
|
|
Long term debt
|
|
774.9
|
|
716.2
|
|
716.2
|
|
622.7
|
|
Total debt
|
|
1,666.7
|
|
1,561.4
|
|
1,561.4
|
|
1,605.4
|
|
Total liabilities
|
|
3,084.3
|
|
3,068.7
|
|
3,068.7
|
|
2,960.3
|
|
Total equity
|
|
7,344.5
|
|
6,903.9
|
|
6,903.9
|
|
6,861.6
|
|
|
|
|
|
|
|
|
|
|
|
* Please refer to the notes on reconciliation of Non-GAAP Financial
measures on page 11
|
|
|
|
|
|
|
|
** For further details, please refer to our consolidated financial
statements and notes as at 31 March 2014 on our web site.
|
|
|
Copyright Business Wire 2014