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Summary Financials

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Consolidated Summary P&L Statement
TL millions 2018 Q1
Revenues 4,686
EBITDA 1,972
Margin 42%
Operating Profit (a) 1,094
Margin 23%
Financial Income/Expense, net(b) -986
FX & Hedging Gain/Loss, net -879
Interest Income/Expense, net -86
Other Financial Income/Expense, net -21
Tax Expense -51
Profit 56
Margin 1%

(a) Operating profit includes revenues, cost of sales, depreciation and amortization, selling and marketing expenses, administrative expenses, other operating income/(expense), and income/(expense) from investing activities, but excludes financial income/(expenses) presented in other operating income/(expenses) (i.e. FX gain/(loss), interest income /(expenses), and discount income/(expense) on receivables and payables), income on unconsolidated subsidiaries, and minority interest. 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 income /(expenses), discount income/(expense) on receivables and payables excluding financial borrowings which are presented in other operating income/(expenses). Net financial income/(expense) on CMB financial statements is different due to reclassification requirements of the POA/CMB since 2013 Q3 financial statements.

Consolidated Summary Balance Sheet
TL millions 2018 Q1
Intangible Assets (a)  9,263
Tangible Assets (b)  8,964
Other Assets (c) 7,730
Cash and Equivalents 3,979
Total Assets 29,936
Share capital 3,260
Reserves, Retained Earnings and Other Equity Items 1,707
Interest Bearing Liabilities (d) 17,496
Provision for Employee Termination Benefits 652
Other Liabilities (e) (f) 6,822
Total Equity and Liabilities 29,936

(a) Intangible assets excluding goodwill                                         
(b) Tangible assets include property, plant and equipment and investment property.         
(c) Major items within Other Assets are Trade Receivables,Due from Related Parties, Other Current Assets and Deferred Tax Asset.                                         
(d) Includes short-term and long-term borrowing and short-term and long-term obligations under finance leases                                      
(e) 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
(f) As of Q3'15, minority put option liability was terminated due to the acqusition of minority shares of Avea.

* 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 consolidated financial statements, are reclassified in property, plant and equipment

** 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 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. Please kindly find the impact of IFRS 9 change on 2018 Q1 at financial footnotes.

Consolidated Summary Cash Flow Statement
TL millions 2018 Q1
Cash Flow from Operating Activities 624
Cash Flow from Investing Activities -772
CAPEX -616
Other Investing Activities -156
Cash Flow from Financing Activities (a) -46
Net Change in Cash Position (b) -194

(a) Includes currency translation differences
(b) Blocked deposits are included in operating activities rather than net cash position

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