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Summary Financials

"Consolidated Summary P&L Statement"
TL millions 2018 Q1 2018 Q2 2018 Q3
Revenues 4,686 4,951 5,396
EBITDA 1,972 1,968 2,267
Margin 42% 40% 42%
Operating Profit (a) 1,094 1,058 1,305
Margin 23% 21% 24%
Financial Income/Expense, net(b) (d) -919 -2,139 -5,077
FX & Hedging Gain/Loss, net(c) -811 -2,144 -4,586
Interest Income/Expense, net(c) -86 -171 -186
Other Financial Income/Expense, net (d) 46 -35 14
Tax Expense (d) -65 212 926
Profit (d) 110 -870 -2,846
Margin 2% -18% -53%


(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 at Q3’18.  Consequently, the changes were made starting from 1 January 2018. Consequently, the changes were applied 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 2018 Q1 2018 Q2 2018 Q3
Intangible Assets 9,308 9,332 9,679
Tangible Assets (a)  8,964 9,004 14,147
Other Assets (b) (f) 7,680 7,821 8,931
Cash and Equivalents 3,979 4,304 6,187
Total Assets    29,930 30,461 38,945
Share capital 3,260 3,260 3,260
Reserves, Retained Earnings and Other Equity Items(f) 1,730 973 2,262
Interest Bearing Liabilities (c) (f) 17,467 19,060 24,713
Other Liabilities (d) (e) 7,473 7,168 8,709
Total Equity and Liabilities    29,930 30,461 38,945

 

(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, Other Current Assets and Deferred Tax Asset. 

(c) Includes short-term and long-term borrowing and short-term and long-term obligations  under finance leases

(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.

* 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 H1 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 9M financial statements and footnotes.

Consolidated Summary Cash Flow Statement
TL millions 2018 Q1 2018 Q2 2018 Q3
Cash Flow from Operating Activities 624 1,826 3,183
Cash Flow from Investing Activities -772 -689 -1,141
CAPEX -616 -724 -1,161
Other Investing Activities -156 35 19
Cash Flow from Financing Activities (a) -46 -661 -341
Net Change in Cash Position (b) -194 476 1,701

(a) Includes currency translation differences

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

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