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© Turkcell Ileiisim Hizmetleri A.S. |
ISTANBUL (Turkey), Mar 11, 2010 -- (InPR) -- Highlights of the Fourth Quarter and Full Year 2009
Full Year 2009
• Intensifying challenges in the macroeconomic, competitive and regulatory environment negatively impacted the Group’s operational and financial performance in 2009. Group revenue increased by 1.0% to TRY8.9 billion (TRY8.8 billion).
− Turkcell Turkey grew its revenues by 1.9% to TRY8.0 billion (TRY7.9 billion) with an increasing contribution from mobile data revenue driven by 3G implementation.
− Turkcell’s Superonline Business successfully increased its revenues by 58% to TRY252 million (TRY160 million) and recorded a positive full year EBITDA* for the first time.
− However, the decrease in the contribution of our consolidated group subsidiaries, Astelit in Ukraine and Inteltek in Turkey, negatively impacted Group revenues.
• Group EBITDA* came in at TRY3.0 billion (TRY3.3 billion), while the EBITDA margin decreased by 3.5 percentage points to 33.3% (36.8%). This was mainly due to the increase in interconnection costs and legal provisions which impacted Turkcell Turkey.
• Group net income was TRY1.7 billion (TRY2.3 billion), down by 25.9% due to lower operational profitability, as well as the negative impact of the goodwill impairment
charges, fixed asset write‐offs, and legal payments and provisions in 2009 which totaled TRY381 million.
• Turkcell Board of Directors decided to recommend a cash dividend of approximately TRY859 million (approximately $561 million as of March 10) for the approval of the General Assembly.
Fourth Quarter 2009
• Revenue declined by 3.0% to TRY2.26 billion (TRY2.33 billion), mainly due to a reimbursement based on previously announced regulatory decisions as well as a
declining contribution from Group companies.
• EBITDA* declined by 11.5% to TRY682 million (TRY770 million), while the EBITDA margin decreased by 2.8 percentage points to 30.2% (33.0%) mainly due to the negative impact of increasing interconnection expenses and reimbursement in the fourth quarter, despite a 2.2 percentage point improvement in selling and marketing expenses.
• Net income decreased by 45.3% to TRY253 million (TRY462 million) mainly due to the negative impact of goodwill impairment charges, fixed asset write‐offs, and legal
payments and provisions totaling TRY256 million in the fourth quarter of 2009.
*EBITDA is a non‐GAAP financial measure. see pages 14‐15 for the reconciliation of EBITDA to net cash from operating
activities.
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 the year end 2009 refer to the same item in the year end of 2008 and figures in parentheses following the operational and financial results for the fourth quarter 2009 refer to the same item in the fourth quarter of 2008. For further details, please refer to our consolidated financial statements and notes as at and for the year ended December 31, 2009 which can be accessed via our web site in the investor relations section (www.turkcell.com.tr).
**Please note that the Communication and Technologies Authority in Turkey will be named as “the Telecommunications Authority” thereafter.
Comments from the CEO, Sureyya Ciliv
In 2009, Turkcell Group recorded revenues of TRY8.9 billion, EBITDA of TRY3.0 billion and net income of TRY1.7 billion. These results represent successful execution versus competition and the impact of challenging environment.
The severe economic contraction in our key markets, competitive and regulatory developments, goodwill impairment charges, fixed asset write‐offs and legal provisions
related to the Authorities’ decisions had a negative impact on our financial results.
Throughout the year, we responded to market challenges quickly in line with our customers’ expectations. We made further investments into technology and infrastructure, continually strengthening the positioning of Turkcell Group for the future. We believe we have achieved greater differentiation of our brand and value propositions during the year, providing our customers with increased advantages. Consequently, while the market contracted and the profitability declined severely, we have maintained our leadership position in Turkey and defended our operational profitability successfully.
In 2010, we remain very excited about the future potential of our Business despite significant challenges. We still believe we have built sustainable competitive advantages as a Group which will allow us to continue to outperform the competition.
I would like to thank all our employees, customers, Business partners and shareholders for their continued confidence in and contribution to Turkcell Group during this challenging year.
The full press release and financial statement is available on http://www.turkcell.com.tr/c/docs/announcements/announcements_2010_0310_Q4_2009_press_release.pdf
Source: Turkcell, March 10, 2010
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