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Summary Financials

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Consolidated Summary P&L Statement
TL millions 2018 Q1 2018 Q2
Revenues 4,686 4,951
EBITDA 1,972 1,968
Margin 42% 40%
Operating Profit (a) 1,094 1,058
Margin 23% 21%
Financial Income/Expense, net(b) -986 -2,163
FX & Hedging Gain/Loss, net(c) -879 -1,932
Interest Income/Expense, net(c) -86 -172
Other Financial Income/Expense, net -21 -59
Tax Expense -51 216
Profit 56 -889
Margin 1% -18%

(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.

Consolidated Summary Balance Sheet
TL millions 2018 Q1 2018 Q2
Intangible Assets 9,308 9,332
Tangible Assets (a)  8,964 9,004
Other Assets (b) 7,685 7,861
Cash and Equivalents 3,979 4,304
Total Assets    29,936 30,501
Share capital 3,260 3,260
Reserves, Retained Earnings and Other Equity Items 1,707 815
Interest Bearing Liabilities (c) 17,496 19,258
Other Liabilities (d) (e) 7,473 7,168
Total Equity and Liabilities    29,936 30,501

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

(b) Major items within Other Assets are Trade Receivables, Due from Related Parties, 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)

* 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 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. Please kindly find the impact of IFRS 9 change on 2018 H1 at financial footnotes.

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

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

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