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Financial statements

TURKCELL ILETISIM HIZMETLERI A S financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data TURKCELL ILETISIM HIZMETLERI A S files with the SEC in its annual reports.

In TRY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

FY2015FY2017FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Revenue12,76914,28617,63221,29225,13769,503108,60093,487107,116
Cost of revenue7,7699,23711,35014,14617,08353,11286,13881,68184,418
Gross profit5,0005,0496,2827,1468,05416,39122,46211,80622,698
Research and development17589.9129133
General and administrative6257226456737801,7762,6582,5793,430
Operating income2,2472,1822,9324,3605,0338,99312,1012,9537,813
Interest expense8001,1349203,3642,0258,27521,30811,94919,932
Interest income7569625971,6772975,26611,5283,95812,664
Pre-tax income2,2032,0092,6102,6733,2905,4287,3173,2515,887
Income tax667423572495786920900-2,785-4,676
Income from continuing operations1,5361,5862,0382,1772,5044,2406,4176,03610,563
Net income to minority interests-16451.758.615630.25.640.19-1.58-21.8
Net income2,0681,4921,9792,0213,2464,5037,1356,88012,554
EBITDA5794,3855,5298,64810,08027,75143,28935,54939,112
EPS, basic1.661.201.591.652.643.433.273.155.75
EPS, diluted1.661.201.591.652.643.433.273.155.75

Balance sheet

FY2015FY2017FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Cash and equivalents2,9196,0524,7127,41910,23911,86130,60142,77649,979
Receivables3,2902,849
Inventory132104180178204459495541
Total current assets13,35114,06918,33719,33220,58348,56677,313102,546
Property, plant and equipment6,8218,1969,66511,11612,45843,24176,25971,49466,650
Lease right-of-use assets1,6501,7836,05810,3608,0546,136
Goodwill40259
Total assets31,60033,98242,76545,71551,498151,298234,989247,083
Accounts payable4,1023,6963,7884,1174,97711,04017,01820,606
Total current liabilities7,3599,22411,74012,65611,56528,26448,47657,728
Lease liabilities1,0271,1011,5223,3063,5951,656
Total liabilities15,53218,93726,71227,63230,71385,933125,611124,848
Total debt9,78112,53618,96520,30621,58660,41588,73784,084
Paid-in capital0.270.270.270.270.274.667.687.68
Retained earnings12,78111,31211,35913,20316,39244,63677,38687,119
Shareholders' equity16,01214,98915,92218,04620,78565,366109,372122,248
Minority interests56.655.913236.50.17-0.346.42-13
Total equity14,41916,06815,04516,05465,558110,566107,704109,378122,235
Total liabilities and equity31,60033,98242,76545,71551,498151,298234,989247,083

Cash flow statement

FY2015FY2017FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Net income1,9041,5442,0382,1773,2774,5087,1366,87912,532
Depreciation and amortization-1,6682,2032,5974,2885,04718,75831,18832,59631,299
Cash from operations1,9016073,1015,8309,02721,00061,64742,28141,721
Capital expenditures-2,135-2,572-2,937-2,961-3,195-8,481-18,058-15,381-14,217
Cash from investing-3,563-2,977-3,305-4,536-3,027-14,545-29,010-31,712-20,906
Debt issued4,8669,38124,10344,34129,06055,23043,15153,13962,690
Debt repaid-6,551-4,933-22,265-43,987-31,298-63,331-41,372-44,653-54,791
Share buybacks-65.6-94.6-10-25-0.86-50.8
Dividends paid-3,925-51.4-2,991-1,900-1,010-812-8,963-2,373-2,465
Cash from financing-4,8874,839-1,567-534-3,478-9,955-9,8773,3886,769
Exchange rate effect4366644301,947298-423-108
Free cash flow-234-1,9651642,8695,83112,51943,58826,90027,505
Interest paid1544359101,6582,0913,8446,0535,9437,356
Income taxes paid7511364926586111,5402,2771,336563

Key metrics

Worked out from the statements above. Latest values use fiscal 2023. No valuation: the share price is quoted in a different currency than the statements.

Profitability

MetricValueHow it is calculated
Gross margin21.2%Gross profit / revenue.
Operating margin7.3%Operating income / revenue.
EBITDA margin36.5%EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin5.5%Pre-tax income / revenue.
Net margin11.7%Net income / revenue.
FCF margin25.7%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin38.9%Cash from operations / revenue.
Effective tax rate-79.4%Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)10.8%Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)5.2%Net income / average total assets.
Return on invested capital (ROIC)4.0%Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue0.1%Research and development expense / revenue.
Capex / revenue13.3%Capital expenditures / revenue.
D&A / revenue29.2%Depreciation and amortization / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y14.6%Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y15.5%Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y38.1%Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y92.3%Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y11.5%Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y26.0%Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y164.5%Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y-4.6%Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y12.4%Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y10.0%EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y12.1%Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y35.2%Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y82.5%Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y40.7%Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y44.1%Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y82.5%EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y18.8%Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y28.4%Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y-1.3%Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y25.7%Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y48.2%Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y2.2%Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y30.0%Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y57.2%Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y11.8%Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y80.5%Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y50.3%Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y5.1%Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y68.7%Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y42.0%Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

MetricValueHow it is calculated
Current ratio1.78xCurrent assets / current liabilities.
Quick ratio0.87x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio0.87x(Cash + short-term investments) / current liabilities.
Debt / equity0.69xTotal debt / shareholders' equity. Not shown when equity is negative.
Debt / assets34.0%Total debt / total assets.
Liabilities / assets50.5%Total liabilities / total assets.
Net debtTRY 34.11BTotal debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA0.87xNet debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage0.39xOperating income / interest expense.
Working capitalTRY 44.82BCurrent assets - current liabilities.
Tangible book valueTRY 122.25BShareholders' equity - goodwill - intangible assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.44xRevenue / average total assets.
Fixed asset turnover1.55xRevenue / average property, plant and equipment.
Inventory turnover163xCost of revenue / average inventory.
Days inventory2 days365 x average inventory / cost of revenue.
Days payables81 days365 x average accounts payable / cost of revenue.
FCF conversion219.1%Free cash flow / net income, when net income is positive.
Capex / operating cash flow34.1%Capital expenditures / cash from operations, when that is positive.

Per share

MetricValueHow it is calculated
EPS, dilutedTRY 5.75Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basicTRY 5.75Net income per basic share, as reported (split-adjusted).
Payout ratio19.6%Dividends paid / net income, when net income is positive.
Dividends / FCF9.0%Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF0.2%Share buybacks / free cash flow, when free cash flow is positive.
What was TURKCELL ILETISIM HIZMETLERI A S's revenue in fiscal 2023?

TURKCELL ILETISIM HIZMETLERI A S reported revenue of TRY 107.12B for fiscal 2023, 14.6% higher than the year before.

Was TURKCELL ILETISIM HIZMETLERI A S profitable in fiscal 2023?

Yes. Net income was TRY 12.55B, a net margin of 11.7%.

How much free cash flow did TURKCELL ILETISIM HIZMETLERI A S generate in fiscal 2023?

Cash from operations of TRY 41.72B minus capital expenditures of TRY 14.22B left free cash flow of TRY 27.50B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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