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Summary Financials

"Consolidated Summary P&L Statement"  
TL millions 2019 Q1
Revenues 5,403
EBITDA 2,655
Margin 49%
Operating Profit (a) 1,491
Margin 28%
Financial Income/Expense, net(b)(d) -1,276
FX & Hedging Gain/Loss, net(c) -825
Interest Income/Expense, net(c) -370
Other Financial Income/Expense, net(d) -81
Tax Expense(d) 95
Profit (d) 310
Margin 6%

(a) Operating profit includes revenues, cost of sales, depreciation, amortization and impairment expenses, marketing, sales and distribution expenses, general administrative expenses, research and development expenses, other operating income/(expense), and income/(expense) from investing activities, but excludes financial income/(expenses) presented in other operating income/(expenses) on CMB financial statements (i.e. FX gain/(loss), interest and rediscount income/(expense) on current accounts excluding bank borrowings). Reported operating profit on CMB financial statements is different due to reclassification requirements of the POA/CMB since 2013 Q3 financial statements.

(b) Net financial income/(expense) includes financial income/(expense) and FX gain/(loss), interest and discount income/(expense) on current accounts excluding bank borrowings which are presented in other operating income/(expenses) on CMB financial statements. Net financial income/ (expense) on CMB financial statements is different due to reclassification requirements of the POA/CMB since 2013 Q3 financial statements.

(c) As of Q2'18, income/expense from derivative interest payments, which were previously presented under FX & hedging gain/loss, started to be presented under interest income/expense item. As a result of this reclassification, TL 18 mn expense from derivative interest payments in Q1'18 presented under interest income/expense item in Q2’18.

(d) Bills, bonds and notes issued that were measured at amortized cost at Q1 and Q2 2018 are measured at fair value as of Q3’18. Consequently, the changes were reflected to 2018 Q1 and 2018 Q2 financial statements. For further details please see 2018 Q3 financial statements and footnotes.

Consolidated Summary Balance Sheet  
TL millions 2019 Q1
Cash and Equivalents 7,350
Tangible Assets (a)  14,052
Intangible Assets   9,684
Right of Use Assets 1,338
Other Assets (b)(f) 8,150
Total Assets    40,573
Share capital 3,260
Reserves, Retained Earnings and Other Equity Items(f) 4,632
Interest Bearing Liabilities (c) (f) 24,456
    Bank Borrowings and Bonds 23,342
    Lease Liabilities 1,114
Other Liabilities (d) (e) 8,225
Total Equity and Liabilities    40,573

(a) Tangible assets include property, plant and equipment and investment property.

(b) Major items within other assets are trade receivables, due from related parties, inventories, deferred tax asset, right of use and other current assets.

(c) Includes short-term and long-term borrowings and lease obligations.

(d) Major items within other liabilities are deferred tax Liability, trade payables, provisions, income tax payable, due to related parties, other current liabilities, provisions for employee termination benefits and minority put option liability.

(e) As of Q3’15, minority put option liability was terminated due to the acqusition of minority shares of Avea (renamed as TT Mobil as of May 2018)

(f) Bills, bonds and notes issued that were measured at amortized cost at Q1 and Q2 2018 are measured at fair value as of Q3’18. Consequently, the changes were reflected to 2018 Q1 and 2018 Q2 financial statements. For further details please see 2018 Q3 financial statements and footnotes.

* As of 2017 YE, Set-top boxes and and satellite receivers amounting to TL 49 mn for the year ended 31 December 2016 which were previously presented in inventory in other assets, are reclassified in property, plant and equipment in tangible assets during 2017.

"** IFRS 15 Adoption

Türk Telekom adopted IFRS 15 Revenue from Contracts with Customers with a date of initial application of 1 January 2018. The Group applied IFRS 15 using the cumulative effect method – by recognizing the cumulative effect of initially applying IFRS 15 as an adjustment to the opening balance of equity at 1 January 2018. Therefore, the previous periods were not restated. Please kindly find the reconciliation of IFRS 15 change on 2018 Q1, Q2, Q3, and Q4 financials at financial footnotes and "IFRS 15 Adoption reconciliation" tab.

IFRS 9 Adoption

The Group has initially adopted IFRS 9 Financial Instruments issued in July 2014 with a date of initial application of 1 January 2018. IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. For further details, please see 2018 FY financial statements and footnotes.

IFRS 16 Adoption

Türk Telekom adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of 1 January 2019. At transition to this standard, lease liabilities were measured at the present value of the remaining lease payments, whereas the right-of-use assets for most leases were recognized based on the amount equal to the lease liabilities, adjusted for any related prepaid and accrued lease payments previously recognized. The previous periods were not restated. Please kindly find the reconciliation of IFRS 16 change on 2019 Q1 financials at financial footnotes and "IFRS 16 Adoption reconciliation" tab.

Consolidated Summary Cash Flow Statement  
TL millions 2019 Q1
Cash Flow from Operating Activities 2,172
Cash Flow from Investing Activities -729
CAPEX -608
Other Investing Activities -121
Cash Flow from Financing Activities (a) 1,492
Net Change in Cash Position (b) 2,936

(a) Includes currency translation differences

(b) Blocked deposits are included in operating activities rather than net cash position​

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