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Turkcell Iletisim Hizmetleri: Second Quarter 2013 Results

ISTANBUL, August 22, 2013 /PRNewswire/ --

  • Please note that all financial data is consolidated and comprises that of Turkcell Iletisim Hizmetleri A.S., (the "Company", or "Turkcell") and its subsidiaries and associates (together referred to as the "Group"). All non-financial data is unconsolidated and comprises Turkcell only figures. The terms "we", "us", and "our" in this press release refer only to the Company, except in discussions of financial data, where such terms refer to the Group, and where context otherwise requires.
  • 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 June 30, 2013 refer to the same item as at June 30, 2012. For further details, please refer to our consolidated financial statements and notes as at and for June 30, 2013 which can be accessed via our web site in the investor relations section ( http://www.turkcell.com.tr).
  • Please note that selected financial information presented in this press release for the second quarter of 2012, and the first and second quarters of 2013, both in TRY and US$ is based on IFRS figures.
  • In the tables used in this press release totals may not foot due to rounding differences. Same applies for the calculations in the text.

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HIGHLIGHTS OF THE SECOND QUARTER OF 2013

  • Turkcell Group maintained its consistent growth trend, posting double-digit revenue and EBITDA growth year-on-year
  • Group revenues grew by 11% to TRY2,855 million (TRY2,565 million) reaching historically the highest quarterly revenue
  • Group EBITDA 1 rose by 12% to TRY869 million (TRY779 million), while Group EBITDA margin was at 30.4% (30.4%)
  • Turkcell Turkey revenues increased by 8% to TRY2,318 million (TRY2,149 million):
  • Voice revenues 2 rose by 4% to TRY1,664 million (TRY1,603 million)
  • Mobile broadband and services revenues grew by 20% to TRY653 million (TRY546 million), while as a percentage of revenues ramping up 3pp to 28% (25%)
  • Mobile broadband revenues increased by 42% to TRY340 million (TRY240 million)
  • Turkcell Turkey's EBITDA rose by 9% to TRY698 million (TRY643 million), while EBITDA margin improved to 30.1% (29.9%)  
  • Subsidiaries sustained their growth momentum with double-digit revenue and EBITDA growth year-on-year
  • Revenues of subsidiaries 3 grew by 29% to TRY537 million (TRY416 million)
  • EBITDA of subsidiaries 3 improved by 25% to TRY171 million (TRY136 million)
  • Turkcell Group net income rose by 4% to TRY556 million (TRY534 million), the growth of which was limited by a higher depreciation and amortization and impairment expenses classified under other expense item as well as lower monetary gain year-on-year    

COMMENTS FROM CEO, SUREYYA CILIV

"Turkcell Group continued its double digit growth in the second quarter of the year. Consolidated revenues grew by 11% to TRY2.9 billion, while EBITDA increased to TRY869 million on 12% growth, EBIT increased to TRY502 million on 15% growth, and net income rose by 4% to TRY556 million on a year-on-year basis.

The revenues of Turkcell Turkey rose by 8% year-on-year. Our voice revenues increased by 4%, and mobile broadband revenues by 42%. Turkcell Superonline, which introduced Turkey to fiber broadband, and has reached approximately 500 thousand subscribers, grew by 37%, increasing its EBITDA margin to 26%. Meanwhile, our Ukraine operation increased its revenues by 12% in US$ terms and marked a new milestone with its 32% EBITDA margin.

As Turkcell, we continue to provide unique customer experience with a focus on innovation and operational excellence in line with our strategic priorities. We believe that we can create even more value for our customers considering the strong potential in mobility, internet, smartphone and application, and continue our investments accordingly.

We thank all of our customers, employees, business partners and shareholders for their contribution to our success."

(1) EBITDA is a non-GAAP financial measure. See page 12 for the reconciliation of EBITDA to net cash from operating activities.

(2) Voice revenues include outgoing, incoming, roaming and other (comprising almost 2% of Turkcell Turkey) revenues.

(3) Including eliminations.

OVERVIEW OF TURKCELL TURKEY

The market share oriented competition continued to result in volatility in prices and unstable competitor behavior in the first half of 2013.

Early in the second quarter, competitors sustained their aggressiveness regarding their mobile number portability (MNP) offers of high volume all direction minutes. This strategy has resulted in higher off-net usage and interconnect costs, pressuring market profitability. In May, we did witness some improvement in pricing in the form of upward movements, termination of certain aggressive offers and reduced incentives. However it has not yet turned into an overall improvement trend, given the volatility of the prices and the market share focus of our competitors.

In this environment, as Turkcell Turkey, we have remained focused on innovation and operational excellence targeted at superior customer experience and value creation. Duly, with our value focus, our postpaid subscriber base rose by 293 thousand in the second quarter to 13.8 million (reaching 40% of our total subscribers), corresponding to a 1.2 million year-on-year increase. As a result, the postpaid segment contribution to our revenues rose by 2pp year-on-year to 67%. Meanwhile, our total subscriber base decreased by 191 thousand to 34.7 million, due to prepaid segment losses.

On the terminal front, Turkcell continued to lead the smartphone market with its wide device portfolio and diverse offers. We increased the number of smartphones on our network by 620 thousand in the second quarter (1,325 thousand in the first half) to 7.6 million, corresponding to penetration of 24%. Meanwhile, second quarter growth in the smartphone market decelerated compared to the first, due to the recent depreciation of TRY against USD and EUR. This led to a partial rise in smartphone prices, thereby curbing market growth.

As indicated in our first quarter announcement, the Information and Communication Technologies Authority (ICTA) board took the decisions in March and April 2013 to increase the lower limit to be applied on our on-net voice tariffs to 0.0535 TRY/min; set the lower limit of 0.0073 TRY/SMS on our on-net SMS tariffs, and decrease SMS termination rates (for Turkcell from 0.0170 TRY/SMS to 0.0043 TRY/SMS) for all operators, effective as of July 1, 2013.

Before these decisions came into effect, on June 24, the ICTA board announced a decrease in voice termination rates of 20% for all operators. Accordingly, the lower limit to be applied on Turkcell's on-net voice tariffs declined to 0.0428 TRY/min.

The table below presents the aforementioned changes in the minimum onnet prices and MTRs for Turkcell:

    TRY kurus                   Before  Current Change %
    Minimum onnet voice price *  3.13    4.28     37%
    Minimum onnet SMS price *      -     0.73      -
    Voice MTR                    3.13    2.50    (20%)
    SMS MTR                      1.70    0.43    (75%)

Regarding the lower limit increase on our on-net voice and SMS tariffs, we have taken all possible immediate steps, including necessary tariff revisions.

The aforementioned decisions on MTR and the lower limit to be applied on on-net pricing are expected to negatively impact our financials and operational performance. However, we expect our strong first half Group performance, and foreseen higher contribution from our subsidiaries in the second half, to partially offset this impact. As a result, we maintain our guidance range for 2013**.

(*)Minimum onnet voice and SMS prices apply only for Turkcell.

(**)This estimate is based on our current expectations regarding market conditions in the second half of the year for each of our different businesses. No assurance can be given that actual results will be consistent with such expectations.

FINANCIAL AND OPERATIONAL REVIEW OF THE SECOND QUARTER 2013

The following discussion focuses principally on the developments and trends in our business in the second quarter of 2013 in TRY terms. Selected financial information for the second quarter of 2012, and the first and second quarters of 2013, both in TRY and US$ prepared in accordance with IFRS and in TRY prepared in accordance with the Capital Markets Board of Turkey's standards is also included at the end of this press release.

Financial Review of Turkcell Group

    Profit & Loss Statement (million TRY)   Q212      Q113      Q213     y/y %   q/q %
    Total Revenue                          2,565.1   2,688.4   2,855.2   11.3%   6.2%
    Direct cost of revenues(1)            (1,572.3) (1,687.3) (1,771.3)  12.7%   5.0%
    Direct cost of revenues1/revenues      (61.3%)   (62.8%)   (62.0%)  (0.7pp)  0.8pp
    Depreciation and amortization          (343.1)   (360.4)   (366.8)   6.9%    1.8%
    Gross Margin                            38.7%     37.2%     38.0%   (0.7pp)  0.8pp
    Administrative expenses                (122.6)   (128.9)   (129.0)   5.2%    0.1%
    Administrative expenses/revenues       (4.8%)    (4.8%)    (4.5%)    0.3pp   0.3pp
    Selling and marketing expenses         (434.3)   (425.0)   (452.5)   4.2%    6.5%
    Selling and marketing
    expenses/revenues                      (16.9%)   (15.8%)   (15.8%)   1.1pp     -
    EBITDA(2)                               779.0     807.6     869.2    11.6%   7.6%
    EBITDA Margin                           30.4%     30.0%     30.4%      -     0.4pp
    EBIT                                    435.9     447.2     502.4    15.3%   12.3%
    Net finance income / (expense)          105.0     129.3     138.8    32.2%   7.3%
    Finance expense                        (44.5)    (37.4)    (30.6)   (31.2%) (18.2%)
    Finance income                          149.5     166.7     169.4    13.3%   1.6%
    Share of profit of associates           65.6      68.6      60.0    (8.5%)  (12.5%)
    Other income / (expense)                 3.9      (0.3)    (20.8)      -    6833.3%
    Monetary gains / (losses)               39.3      53.5      20.3    (48.3%) (62.1%)
    Non-controlling interests                7.4       4.4       1.5    (79.7%) (65.9%)
    Income tax expense                     (122.9)   (137.1)   (145.9)   18.7%   6.4%
    Net Income                              534.2     565.6     556.3    4.1%   (1.6%)

(1) Including depreciation and amortization expenses.

(2) EBITDA is a non-GAAP financial measure. See page 12 for the reconciliation of EBITDA to net cash from operating activities.

(*)Please note that selected financial information presented in this press release for the second quarter of 2012, and the first and second quarters of 2013, both in TRY and US$ is based on IFRS figures.

Revenue rose by 11% year-on-year to TRY2,855.2 million (TRY2,565.1 million) driven mainly by an 8% growth in Turkcell Turkey's revenues and a 29% increase in subsidiaries' revenues.

  • Turkcell Turkey voice revenue increased by 4% to TRY1,664 million (TRY1,603 million), while mobile broadband and services revenues rose by 20% to TRY653 million (TRY546 million).
  • Mobile broadband revenues grew by 42% and reached TRY340 million (TRY240 million)
  • Mobile broadband and services revenues constituted 28% (25%) of Turkcell Turkey revenues.
  • The share of subsidiaries' revenues in group revenues increased to 19% (16%). In particular, Turkcell Superonline grew its revenues by 37% to TRY223 million (TRY162 million), while Astelit's revenues increased by 12% to US$112 million ( US$100 million).

Compared to the previous quarter, group revenues rose by 6%, mainly due to the higher voice and mobile broadband and services revenues of Turkcell Turkey as well as increased revenues from group companies.

Direct cost of revenues rose by 12.7% to TRY1,771.3 million (TRY1,572.3 million) year-on-year, while as a percentage of revenues rising to 62.0% (61.3%) on a consolidated basis. This was driven mainly by the increase in interconnect costs (1.3pp) and other cost items (0.2pp), as opposed to the decrease in depreciation and amortization (0.5pp) and network related costs (0.3pp).

Direct cost of revenues included tax expense of TRY14 million in Q213 in relation to the ICTA decision dated September 26, 2012 enabling users of mobile lines without subscription to register those lines under their names at no charge.

Compared to the previous quarter, direct costs as a percentage of revenues declined 0.8pp to 62.0% from 62.8% in Q113, due mainly to the decrease in depreciation and amortization (0.5pp), network related costs (0.2pp) and other cost items (0.6pp) as opposed to the increase in interconnect costs (0.5pp).

The table below presents the interconnect revenues and costs of Turkcell Turkey:

    Million TRY           2012      Q212    Q113    Q213    y/y %   q/q %
    Interconnect revenues  1,098.1   254.6   305.6   345.8   35.8%   13.2%
    as a % of revenues      12.6%    11.8%   13.9%   14.9%   3.1pp   1.0pp
    Interconnect costs    (1,125.5) (273.5) (299.4) (330.9)  21.0%   10.5%
    as a % of revenues     (12.9%)  (12.7%) (13.6%) (14.3%) (1.6pp) (0.7pp)

Administrative expenses as a percentage of revenues decreased 0.2pp to 4.5% (4.8%) in Q213. This was driven mainly by the decrease in various cost items (0.5pp) as opposed to the increase in bad debt expenses (0.3pp). Compared to the previous quarter, administrative expenses as a percentage of revenues fell by 0.2pp driven by the decrease in wages and salaries (0.1pp) and legal follow-up expenses (0.1pp)

Selling and marketing expenses as a percentage of revenues decreased 1.1pp to 15.8% (16.9%) in Q213 due to the fall in selling expenses (0.9pp) and marketing expenses (0.7pp), as opposed to the rise in other cost items (0.5pp). On a quarter-on-quarter basis, selling and marketing expenses as a percentage of revenues stayed broadly flat at 15.8%.

EBITDA* rose by 11.6% to TRY869.2 million (TRY779.0 million) in Q213, while the EBITDA margin stayed broadly flat at 30.4% (30.4%). The 1.3pp rise in the direct cost of revenues (excluding depreciation and amortization) as a percentage of revenues was offset by a 1.1pp decrease in selling and marketing expenses and 0.2pp decline in administrative expenses.

The EBITDA margin increased by 0.4pp to 30.4% in Q213 from 30.0% in Q113, driven mainly by the 0.2pp decrease in direct cost of revenues (excluding depreciation and amortization) and 0.2pp decrease in administrative expenses.

The EBITDA of subsidiaries improved by 25% to TRY171 million (TRY136 million) while their contribution to Group EBITDA increasing to 20% (18%) with the improved EBITDA of Turkcell Superonline and Astelit in Q213 year-on-year. Compared to the previous quarter, EBITDA of subsidiaries increased 6%.

Net finance income climbed up to TRY138.8 million in Q213 compared to TRY105.0 million in Q212 driven mainly by the translation gain  of TRY12 million recognized in Q213 as opposed to the translation loss of TRY18 million of Q212. The depreciation of TRY against US$ and EUR in Q213, led to a positive impact on net finance income.

Compared to the previous quarter, net finance income increased by 7% due mainly to the translation gain of TRY12 million as opposed to the translation loss of TRY1 million recognized in Q113.

(*)EBITDA is a non-GAAP financial measure. See page 12 for the reconciliation of EBITDA to net cash from operating activities.

Share of profit of equity accounted investees comprising our share in the net income of unconsolidated investees Fintur and A-Tel, fell by 8.5% year-on-year to TRY60.0 million (TRY65.6 million) due mainly to the decrease in net income of Fintur. Quarter-on-quarter, our share in the net income of unconsolidated investees declined 12.5 % to TRY60.0 million from TRY68.6 million due to the decline in net income of Fintur.

Income tax expense increased 18.7% to TRY145.9 (TRY122.9 million) in Q213 year-on-year. The taxation charge rose 6.4% compared to Q113. Of the total tax charge, TRY149.6 million comprised the current tax charges, while 3.7 million of deferred tax income was recorded.

    Million TRY                  Q212    Q113    Q213    y/y %  q/q %
    Current Tax expense         (138.1) (138.7) (149.6)  8.3%    7.9%
    Deferred Tax Income/expense  15.2     1.6     3.7   (75.7%) 131.3%
    Income Tax expense          (122.9) (137.1) (145.9)  18.7%   6.4%

Net income rose by 4.1% to TRY556.3 million (TRY534.2 million) in Q213 driven by higher EBITDA of TRY869.2 million (TRY779.0 million) and net finance income of TRY138.8 million (TRY105.0 million) as opposed to the increase in depreciation and amortization expenses to TRY366.8 million (TRY343.1 million), deterioration in other expense item mainly due to impairment recognized on Aks TV and T-Medya and lower monetary gain.

In May 2013, the Savings Deposit Insurance Fund ("SDIF") announced that it had taken over the management of Aks TV and T-Medya against its overdue receivables from Cukurova Group. In Aks TV we hold a direct ownership of of 4.57% while our shareholding in T-Medya is 4.52%. In addition T-Medya owns majority of Aks TV.  This takeover is considered a triggering event for an impairment test, which was conducted as of June 30, 2013. Accordingly, the carrying amounts of Aks TV and T-Medya were reduced by TRY15.9 million and TRY9.5 million, respectively and a total impairment loss of TRY25.4 million was recognized. As a result, the carrying amounts of Aks TV and T-Medya on our balance sheet as at June 30, 2013 are TRY8.3 million and TRY8.9 million, respectively.

Net income declined by 1.6% to TRY556.3 million compared to TRY565.6 million in Q113. Higher EBITDA in Q213 was mainly offset by lower monetary gain and increased other expense item.

Total debt as of June 30, 2013, was TRY3,120 million ( US$1,621 million) in consolidated terms. The debt balance of Ukraine was TRY1,278 million ( US$664 million), Belarus was TRY1,026 million ( US$533 million) and Turkcell Superonline was TRY615 million ( US$319 million).

TRY2,161 million ( US$1,123 million) of our consolidated debt is at a floating rate, while TRY1,619 million ( US$841 million) will mature within less than a year. As of June 30, 2013, our debt/annual EBITDA ratio in TRY terms increased to 91%. (Please note that the figures in parentheses refer to US$ equivalents).

Cash flow analysis: Capital expenditures including non-operational items amounted to TRY355.3 million in Q213, of which TRY208.0 million was related to Turkcell Turkey, TRY20.6 million to Astelit, TRY73.1 million to Turkcell Superonline and TRY29.4 million to BeST. The other cash flow item mainly relates to corporate tax payment and change in working capital.

    Consolidated Cash Flow (million TRY)   Q212     Q113      Q213
    EBITDA(1)                             779.0     807.6    869.2
    LESS:
    Capex and License                    (326.9)   (199.5)  (355.3)
    Turkcell                             (166.5)   (117.1)  (208.0)
    Ukraine(2)                            (15.4)    (6.1)    (20.6)
    Investment & Marketable Securities     10.3     (2.4)    (8.1)
    Net interest Income/ (expense)        122.4     129.9    127.0
    Other                                (307.0)  (1,063.2) (157.4)
    Net Change in Debt                   (284.0)   (60.4)    (83.3)
    Cash generated                        (6.2)    (388.0)   392.1
    Cash balance                         6,041.3   6,610.9  7,003.0

(1) EBITDA is a non-GAAP financial measurement. See page 12 for the reconciliation of EBITDA to net cash from operating activities.

(2) The appreciation of reporting currency (TRY) against US$ is included in this line.

Operational Review in Turkey

    Summary of Operational data             Q212  Q113  Q213  y/y %  q/q %
    Number of total subscribers (million)   34.7  34.9  34.7    -    (0.6%)
    Postpaid                                12.6  13.5  13.8   9.5%   2.2%
    Prepaid                                 22.2  21.4  20.9  (5.9%) (2.3%)
    ARPU, blended (TRY)                     20.7  21.0  22.3   7.7%   6.2%
    Postpaid                                37.7  36.4  37.9   0.5%   4.1%
    Prepaid                                 11.3  11.5  12.2   8.0%   6.1%
    ARPU (Average Monthly Revenue per
    User), blended (US$)                    11.5  11.7  12.1   5.2%   3.4%
    Postpaid                                21.0  20.4  20.6  (1.9%)  1.0%
    Prepaid                                  6.3   6.4   6.6   4.8%   3.1%
    Churn (%)                               8.2%  8.5%  8.6%  0.4pp  0.1pp
    MOU (Average Monthly Minutes of usage
    per subscriber), blended                250.4 238.8 269.3  7.5%  12.8%

Subscribers of Turkcell Turkey stood at 34.7 million by the end of the second quarter, 191 thousand lower compared to the first quarter, due to the losses in the prepaid segment.  We expanded our postpaid subscriber base by 293 thousand on a quarterly basis, reaching 13.8 million through our operational excellence and value creation focus.  Accordingly, our postpaid subscriber share in the total further improved, reaching 39.8% (36.3%).    

Churn Rate refers to voluntarily and involuntarily disconnected subscribers. According to the ICTA decision discussed under the direct cost of revenues section (page 6), each mobile line registered has to be recorded as a churn and also as an acquisition in operators' records. This practice had an increasing impact on our actual churn rate which rose to 8.6% (8.2%) year-on-year. Excluding the impact of this decision, our churn rate would have been 8.1%.

MoU increased 7.5% to 269.3 minutes year-on-year driven by higher incentives and higher package utilizations.

ARPU rose 7.7% to TRY22.3 year-on-year driven by the rise in the share of postpaid subscribers along with higher voice and mobile data usage. Postpaid ARPU stayed broadly flat year-on-year at TRY37.9 (TRY37.7) due to the dilutive impact of switches from the prepaid segment. The increase in prepaid ARPU of 8.0% to TRY12.2 (TRY11.3) was driven by higher package penetration. Meanwhile, the quarter-on-quarter rise in ARPU of both the postpaid and prepaid segments was driven mainly by seasonality.

OTHER DOMESTIC AND INTERNATIONAL OPERATIONS

Astelit sustained its strong execution in Q213 registering double digit revenue growth of 12.4% to USD112.5 million ( USD100.1 million). This was mainly driven by subscriber growth accompanied by an increase in mobile data and other value-added service revenues. Further, with a focus on business efficiency and operational profitability, Astelit achieved double digit EBITDA growth of 18.2% to USD35.8 million ( USD30.3 million) recording its historic highest EBITDA margin of 31.8% (30.3%). Compared to the previous quarter, revenues increased 13.4% while EBITDA rose 27.9% due mainly to seasonality. Stable macroeconomic environment prevailed in Q213 also helped the solid performance of Astelit.

Registered subscribers grew by 1.4 million to 11.5 million (10.1 million) year-on-year. With the contribution of the regional growth strategy aimed at new subscriber acquisitions,  Astelit increased its three month active subscribers by 1.2 million to 8.6 million (7.4 million) year-on-year.

ARPU declined by 2.2% to US$4.5 (US$4.6) in Q213 year-on-year, mainly due to new subscriber acquisitions with lower ARPU. Compared to the previous quarter, ARPU increased by 9.8% to US$4.5 from US$4.1 mainly on account of seasonality, higher usage of mobile data and price increases in certain offers. On the other hand, MoU decreased to 184.4 minutes (192.8 minutes) due to lower usage by new subscribers.

    Astelit                                Q212   Q113  Q213   y/y %   q/q %
    Number of subscribers (million)(1)     10.1   11.1  11.5   13.9%   3.6%
    Active (3 months)(2)                   7.4    8.2    8.6   16.2%   4.9%
    MOU (minutes)                         192.8  185.4  184.4 (4.4%)  (0.5%)
    ARPU (Average Monthly Revenue per
    User), blended (US$)                   3.4    3.0    3.3  (2.9%)   10.0%
    Active (3 months)                      4.6    4.1    4.5  (2.2%)   9.8%
    Revenue (million UAH)                 799.5  792.5  898.9  12.4%   13.4%
    Revenue (million US$)                 100.1   99.2  112.5  12.4%   13.4%
    EBITDA (million US$)(3)                30.3   28.0  35.8   18.2%   27.9%
    EBITDA margin                         30.3%  28.2%  31.8%  1.5pp   3.6pp
    Net loss (million US$)                (10.6) (14.9) (9.5) (10.4%) (36.2%)
    Capex (million US$)                    8.4    3.4   10.6   26.2%  211.8%

(1) We may occasionally offer campaigns and tariff schemes that have an active subscriber life differing from the one that we normally use to deactivate subscribers and calculate churn.

(2) Active subscribers are those who in the past three months made a transaction which brought revenue to the Company.

(3) EBITDA is a non-GAAP financial measurement. See page 12 for the reconciliation of Euroasia's EBITDA to net cash from operating activities. Euroasia holds a 100% stake in Astelit.

(*) Astelit, in which we hold a 55% stake through Euroasia, has operated in Ukraine since February 2005.

Turkcell Superonline continued to deliver a solid performance in all segments in the second quarter of 2013 posting revenue growth of 37.3% and a nominal EBITDA increase of 77.9% year-on-year. Operational profitability continued to improve as the EBITDA margin reached 26.1% on a year-on-year increase of 6.0pp driven by growth in the more profitable residential and corporate business lines. Meanwhile, the decrease in EBITDA margin of 1.2pp compared to the previous quarter was driven by increased marketing activities which meant further subscriber acquisition and retention.

In Q213, with the continued investment in fiber network, Turkcell Superonline increased its home passes to 1.5 million while fiber subscribers rose to approximately 500 thousand. Turkcell Superonline will sustain its focus on increasing incity coverage and take-up rate.

Residential segment revenues rose by 59.5% mainly due to the increased FTTH subscriber base in Q213. Corporate segment revenues grew by 36.8% as a result of rising synergies achieved at the Group level

and integrated solutions offered.  The share of residential and corporate segment revenues in total revenues increased to 62% (57%).

The share of non-group revenues increased to 75% (68%) as Turkcell's share in Turkcell Superonline's business continued to decline. Turkcell Superonline continued to build a healthy composition of revenues.

    Turkcell Superonline (million TRY)  Q212   Q113   Q213   y/y %   q/q %
    Revenue                            162.2  203.3  222.7   37.3%   9.5%
    Residential                         49.1   72.1   78.3   59.5%   8.6%
    % of revenues                      30.3%  35.5%  35.2%   4.9pp  (0.3pp)
    Corporate                           44.0   54.6   60.2   36.8%   10.3%
    % of revenues                      27.1%  26.9%  27.0%  (0.1pp)  0.1pp
    Wholesale                           69.1   76.6   84.2   21.9%   9.9%
    % of revenues                      42.6%  37.7%  37.8%  (4.8pp)  0.1pp
    EBITDA (1)                          32.6   55.6   58.0   77.9%   4.3%
    EBITDA Margin                      20.1%  27.3%  26.1%   6.0pp  (1.2pp)
    Capex                              109.0   59.2   73.1  (32.9%)  23.5%
    FTTX subscriber                    342.3  464.9  498.8   45.7%   7.3%

(1)EBITDA is a non-GAAP financial measure. See page 12 for the reconciliation of EBITDA to net cash from operating activities.

(*)Turkcell Superonline is our wholly-owned subsidiary, providing fiber broadband.

Fintur continued to improve its market position in Q213, adding approximately 2.4 million net subscribers year-on-year, thereby increasing its total subscriber base to 21.5 million, driven mainly by growth in Kazakhstan. Fintur's consolidated revenue increased slightly to US$508 million ( US$505 million) in Q213 on a year-on-year basis, while revenues rose by 7% quarter-on-quarter from US$473 million in Q113 mainly due to the impact of seasonality.

We account for our investment in Fintur using the equity method. Fintur's contribution to net income decreased from TRY77 million to TRY60 million, while its contribution in US$ terms declined from US$43 million to US$33 million in Q213 year-on-year. Fintur's contribution to Turkcell's net income was US$38 million in Q113.

    Fintur                            Q212   Q113   Q213    y/y %   q/q %
    Subscribers (million)             19.1   21.4   21.5    12.6%   0.5%
    Kazakhstan                        11.7   13.8   14.1    20.5%   2.2%
    Azerbaijan                        4.3    4.4     4.4    2.3%    0.0%
    Moldova                           1.1    1.3     1.2    9.1%   (7.7%)
    Georgia                           2.0    1.9     1.8   (10.0%) (5.3%)
    Revenue (million US$)             505    473     508    0.6%    7.4%
    Kazakhstan                        299    286     306    2.3%    7.0%
    Azerbaijan                        149    136     149      -     9.6%
    Moldova                            20     18     20       -     11.1%
    Georgia                            37     33     34    (8.1%)   3.0%
    Other(1)                           -      -      (1)      -       -
    Fintur's contribution to Group's
    net income                         43     38     33    (23.3%) (13.2%)
  1. Includes intersegment eliminations

(*) We hold a 41.45% stake in Fintur which has interests in Kazakhstan, Azerbaijan, Moldova, and Georgia.

Turkcell Group Subscribers amounted to approximately 69.5 million as of June 30, 2013. This figure is calculated by taking the number of subscribers of Turkcell and each of our subsidiaries and unconsolidated investees. It includes the total number of mobile subscribers of Turkcell Turkey, Astelit and BeST, as well as of our operations in the Turkish Republic of Northern Cyprus (" Northern Cyprus"), Fintur and Turkcell Europe. Turkcell Group subscribers rose by 3.7 million year-on-year, due to Fintur's increased subscriber base, and the contribution of Astelit. Please note that BeST's subscribers base declined by 0.2 million year-on-year in line with its churn policy and value focus approach.

    Turkcell Group Subscribers (million)  Q212   Q113   Q213   y/y %  q/q %
    Turkcell                              34.7   34.9   34.7     -    (0.6%)
    Ukraine                               10.1   11.1   11.5   13.9%   3.6%
    Fintur                                19.1   21.4   21.5   12.6%   0.5%
    Northern Cyprus                       0.4    0.4    0.4      -      -
    Belarus                               1.2    1.0    1.0   (16.7%)   -
    Turkcell Europe                       0.3    0.4    0.4    33.3%    -
    TURKCELL GROUP                        65.8   69.2   69.5   5.6%    0.4%

OVERVIEW OF THE MACROECONOMIC ENVIRONMENT

The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are set out below.

                                   Q212   Q113   Q213  y/y %  q/q %
    TRY / US$ rate
    Closing Rate                  1.8065 1.8087 1.9248 6.5%   6.4%
    Average Rate                  1.7913 1.7865 1.8427 2.9%   3.1%
    Consumer Price Index (Turkey)  0.4%   2.6%   1.3%  0.9pp (1.3pp)
    GDP Growth (Turkey)            2.9%   3.0%   n.a.  n.a.   n.a.
    UAH/ US$ rate
    Closing Rate                   7.99   7.99   7.99    -      -
    Average Rate                   7.99   7.99   7.99    -      -
    BYR/ US$ rate
    Closing Rate                  8.320  8.670  8.790  5.6%   1.4%
    Average Rate                  8.190  8.627  8.687  6.1%   0.7%

RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS:  We  believe that EBITDA is a measurement commonly used by companies ,  analysts and investors in the telecommunications industry that enhances the understanding of our cash generation ability and liquidity position ,  and assists in the evaluation of our capacity to meet our financial obligations. We also use EBITDA as an internal measurement tool ,  and accordingly ,  we believe that its presentation provides useful and relevant information to analysts and investors.  Our EBITDA definition includes Revenue ,  Direct Cost of Revenue excluding depreciation and amortization ,  Selling and Marketing expenses and Administrative expenses ,  but excludes translation gain/(loss) ,  finance income ,  share of profit of equity accounted investees ,  gain on sale of investments ,  income/(loss) from related parties ,  minority interest and other income/(expense). EBITDA is not a measure of financial performance under IFRS ,  and should not be construed as a substitute for net earnings (loss) as a measure of performance ,  or cash flow from operations as a measure of liquidity. The following table provides a reconciliation of EBITDA ,  which is a non-GAAP financial measurement ,  to net cash from operating activities ,  which we believe is the most directly comparable financial measurement calculated and presented in accordance with IFRS.

    Turkcell (million US$)               Q212    Q113    Q213   y/y %   q/q %
    EBITDA                               434.3   452.1  471.5   8.6%    4.3%
    Income tax expense                  (68.5)  (76.7)  (79.2)  15.6%   3.3%
    Other operating income / (expense)    1.6    (0.6)   0.4   (75.0%)    -
    Financial income                      0.4     4.3    2.1   425.0%  (51.2%)
    Financial expense                   (24.2)  (20.6)  (15.0) (38.0%) (27.2%)
    Net increase / (decrease) in assets
    and liabilities                     (111.3) (540.8) (82.9) (25.5%) (84.7%)
    Net cash from operating activities   232.3  (182.3) 296.9   27.8%     -
    Turkcell Superonline (million TRY)     Q212   Q113   Q213   y/y %   q/q %
    EBITDA                                 32.6   55.6   58.0   77.9%   4.3%
    Income tax expense                      -    (0.4)   2.6      -       -
    Other operating income / (expense)     0.9    0.5    0.3   (66.7%) (40.0%)
    Financial income                      (31.5)  1.7    1.7      -       -
    Financial expense                      28.8  (16.1) (13.7)    -    (14.9%)
    Net increase / (decrease) in assets
    and liabilities                       (30.7) (84.8) (54.3)  76.9%  (36.0%)
    Net cash from operating activities     0.1   (43.5) (5.4)     -    (87.6%)
    Euroasia (million US$)                 Q212   Q113   Q213  y/y %   q/q %
    EBITDA                                 30.3   28.0   35.8  18.2%   27.9%
    Other operating income / (expense)    (0.1)   0.9    0.1     -    (88.9%)
    Financial income                       0.3    1.3    0.7   133.3% (46.2%)
    Financial expense                     (13.4) (15.4) (15.8) 17.9%   2.6%
    Net increase / (decrease) in assets
    and liabilities                        1.7   (13.6)  12.2  617.6%    -
    Net cash from operating activities     18.8   1.2    33.0  75.5%  2650.0%

FORWARD-LOOKING STATEMENTS:    This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ,  Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. This includes in particular our targets for revenue ,  EBITDA and capex in 2013.   More generally ,  all statements other than statements of historical facts included in this press release ,  including ,  without limitation ,  certain statements regarding our operations ,  financial position and business strategy may constitute forward-looking statements.  In addition ,  forward-looking statements generally can be identified by the use of forward-looking terminology such as ,  among others ,  "will , " "expect , " "intend , " "estimate , " "believe" ,  "continue" and "guidance".

Although Turkcell believes that the expectations reflected in such forward-looking statements are reasonable at this time ,  it can give no assurance that such expectations will prove to be correct.  All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward looking statements ,  see our Annual Report on Form 20-F for 2012 filed with the U.S. Securities and Exchange Commission ,  and in particular the risk factor section therein. We undertake no duty to update or revise any forward looking statements ,  whether as a result of new information ,  future events or otherwise.

ABOUT TURKCELL:  Turkcell is the leading communications and technology company in  Turkey ,  with 34.7 million subscribers as of June 30 ,  2013. Turkcell is a leading regional player ,  with market leadership in five of the nine countries in which it operates with its approximately 69.5 million subscribers as of June 30 ,  2013. It has become one of the first among the global operators to have implemented HSPA+. It has achieved up to 43.2 Mbps speed using the Dual Carrier technology ,  and is continuously working to provide the latest technology to its customers. Turkcell Superonline ,  a wholly owned subsidiary of Turkcell ,  is the one and only telecom operator to offer households fiber broadband connection at speeds of up to 1 , 000 Mbps in  Turkey . As of June 30 ,  2013 ,  Turkcell population coverage is at 99.35% in 2G and 85.43% in 3G. Turkcell reported a TRY2.9 billion ( US$1.5 billion) revenue with total assets of TRY19.6 billion ( US$10.2 billion) as of June 30 ,  2013. It has been listed on the NYSE and the ISE since July 2000 ,  and is the only NYSE-listed company in  Turkey . Read more at http://www.turkcell.com.tr

                            TURKCELL ILETISIM HIZMETLERI A.S.

                          CMB SELECTED FINANCIALS (TRY Million)

                        Quarter    Quarter    Quarter
                         Ended      Ended      Ended    Half Ended Half Ended
                        June 30,  March 31,   June 30,   June 30,   June 30,
                          2012       2013       2013       2012       2013

    Consolidated
    Statement of
    Operations Data
    Revenues
    Communication fees    2,366.5    2,430.6    2,585.1    4,547.4    5,015.7
    Commission fees on
    betting business         32.2       54.3       50.9       67.4      105.2
    Monthly fixed fees       22.7       20.2       19.3       47.2       39.5
    Simcard sales             9.1        6.4        7.3       15.2       13.7
    Call center
    revenues and other
    revenues                134.6      176.9      192.6      269.7      369.5
    Total revenues        2,565.1    2,688.4    2,855.2    4,946.9    5,543.6
    Direct cost of
    revenues            (1,570.3)  (1,685.7)  (1,769.8)  (3,060.1)  (3,455.5)
    Gross profit            994.8    1,002.7    1,085.4    1,886.8    2,088.1
    Administrative
    expenses              (122.6)    (129.0)    (128.9)    (240.7)    (257.9)
    Selling &
    marketing expenses    (434.3)    (425.0)    (452.5)    (837.1)    (877.5)
    Other Operating
    Income / (Expense)      243.8      211.6      398.5      120.9      610.1
    Operating profit
    before financing
    and investing
    costs                   681.7      660.3      902.5      929.9    1,562.8
    Income from
    investing
    activities                1.4        5.3        9.9       23.0       15.2
    Expense from
    investing
    activities              (7.5)      (1.5)     (31.1)     (14.0)     (32.6)
    Share of profit of
    equity accounted
    investees                65.6       68.6       60.0      115.1      128.6
    Income before
    financing costs         741.2      732.7      941.3    1,054.0    1,674.0
    Finance income         (97.6)          -          -      204.1          -
    Finance expense        (31.3)     (86.3)    (258.9)     (69.9)    (345.2)
    Monetary
    gain/(loss)              39.3       53.5       20.3       79.8       73.8
    Income before tax
    & non-controlling
    interest                651.6      699.9      702.7    1,268.0    1,402.6
    Income tax expense    (123.2)    (137.4)    (146.1)    (228.8)    (283.5)
    Income before
    non-controlling
    interest                528.4      562.5      556.6    1,039.2    1,119.1
    Non-controlling
    interest                  7.4        4.4        1.5       12.1        5.9
    Net income              535.8      566.9      558.1    1,051.3    1,125.0

    Net income per
    share                    0.24       0.26       0.25       0.48       0.51

    Other Financial
    Data

    Gross margin            38.8%      37.3%      38.0%      38.1%      37.7%
    EBITDA(*)               779.0      807.6      869.2    1,481.7    1,676.8
    Capital
    expenditures            326.9      199.5      355.3      579.8      554.8

    Consolidated
    Balance Sheet Data
    (at period end)
    Cash and cash
    equivalents           6,041.3    6,610.9    7,003.0    6,041.3    7,003.0
    Total assets         17,329.8   18,829.8   19,522.9   17,329.8   19,522.9
    Long term debt          696.0    1,401.5    1,500.9      696.0    1,500.9
    Total debt            3,128.6    3,014.6    3,120.0    3,128.6    3,120.0
    Total liabilities     5,546.6    5,573.2    5,771.3    5,546.6    5,771.3
    Total
    shareholders'
    equity / Net
    Assets               11,783.1   13,256.6   13,751.6   11,783.1   13,751.6

    ** For further details, please refer to our consolidated
    financial statements and notes as at 30 June 2013 on our
    web site.
    *** In accordance with the CMB announcement dated June 7, 2013 with
    respect to financial statements and note formats, there have been
    several changes in the presentation and classification of CMB
    financials. For comparison purposes, the financial statements of the
    previous period also have been classified in the same format. These
    classifications have no impact on the previous period equity or net
    profit. Please refer to CMB report note 24 for details of
    classifications on CMB financial statements.
                                    TURKCELL ILETISIM HIZMETLERI A.S.

                                  IFRS SELECTED FINANCIALS (TRY Million)

                           Quarter    Quarter    Quarter
                            Ended      Ended      Ended    Half Ended Half Ended
                           June 30,  March 31,   June 30,   June 30,   June 30,
                             2012       2013       2013       2012       2013

    Consolidated
    Statement of
    Operations Data
    Revenues
    Communication fees       2,366.5    2,430.6    2,585.1    4,547.4    5,015.7
    Commission fees and
    revenue on betting
    business                    32.2       54.3       50.9       67.4      105.2
    Monthly fixed fees          22.7       20.2       19.3       47.2       39.5
    Simcard sales                9.1        6.4        7.3       15.2       13.7
    Call center revenues
    and other revenues         134.6      176.9      192.6      269.7      369.5
    Total revenues           2,565.1    2,688.4    2,855.2    4,946.9    5,543.6
    Direct cost of
    revenues               (1,572.3)  (1,687.3)  (1,771.3)  (3,063.6)  (3,458.6)
    Gross profit               992.8    1,001.1    1,083.9    1,883.3    2,085.0
    Administrative
    expenses                 (122.6)    (128.9)    (129.0)    (240.7)    (257.9)
    Selling & marketing
    expenses                 (434.3)    (425.0)    (452.5)    (837.1)    (877.5)
    Other Operating
    Income / (Expense)           3.9      (0.3)     (20.8)      (2.6)     (21.1)

    Operating profit
    before financing
    costs                      439.8      446.9      481.6      802.9      928.5
    Finance costs             (44.5)     (37.4)     (30.6)    (102.8)     (68.0)
    Finance income             149.5      166.7      169.4      369.6      336.1
    Monetary gain               39.3       53.5       20.3       79.8       73.8
    Share of profit of
    equity accounted
    investees                   65.6       68.6       60.0      115.1      128.6
    Income before tax and
    non-controlling
    interest                   649.7      698.3      700.7    1,264.6    1,399.0
    Income tax expense       (122.9)    (137.1)    (145.9)    (227.7)    (283.0)
    Income before
    non-controlling
    interest                   526.8      561.2      554.8    1,036.9    1,116.0
    Non-controlling
    interests                    7.4        4.4        1.5       12.1        5.9
    Net income                 534.2      565.6      556.3    1,049.0    1,121.9

    Net income per share        0.24       0.26       0.25       0.48       0.51

    Other Financial Data

    Gross margin               38.7%      37.2%      38.0%      38.1%      37.6%
    EBITDA(*)                  779.0      807.6      869.2    1,481.7    1,676.8
    Capital expenditures       326.9      199.5      355.3      579.8      554.8

    Consolidated Balance
    Sheet Data (at period
    end)
    Cash and cash
    equivalents              6,041.3    6,610.9    7,003.0    6,041.3    7,003.0
    Total assets            17,365.9   18,862.5   19,553.7   17,365.9   19,553.7
    Long term debt             696.0    1,401.5    1,500.9      696.0    1,500.9
    Total debt               3,128.6    3,014.6    3,120.0    3,128.6    3,120.0
    Total liabilities        5,552.3    5,578.5    5,776.4    5,552.3    5,776.4
    Total shareholders'
    equity / Net Assets     11,813.6   13,284.0   13,777.3   11,813.6   13,777.3

    ** For further details, please refer to our
    consolidated financial statements and notes as at
    30 June 2013 on our web site.
                                      TURKCELL ILETISIM HIZMETLERI A.S.

                                    IFRS SELECTED FINANCIALS (US$ MILLION)

                              Quarter   Quarter   Quarter
                               Ended     Ended     Ended   Half Ended Half Ended
                              June 30, March 31, June 30,   June 30,   June 30,
                                2012     2013      2013       2012       2013

    Consolidated
    Statement of
    Operations Data
    Revenues
    Communication fees         1,320.4   1,360.3   1,401.5    2,541.3    2,761.8
    Commission fees and
    revenue on betting
    business                      18.0      30.4      27.8       37.7       58.2
    Monthly fixed fees            12.7      11.3      10.5       26.4       21.8
    Simcard sales                  5.1       3.6       4.0        8.5        7.6
    Call center
    revenues and other
    revenues                      75.0      98.9     104.1      150.6      203.0
    Total revenues             1,431.2   1,504.5   1,547.9    2,764.5    3,052.4
    Direct cost of
    revenues                   (876.9)   (944.2)   (959.3)  (1,711.9)  (1,903.5)
    Gross profit                 554.3     560.3     588.6    1,052.6    1,148.9
    Administrative
    expenses                    (68.4)    (72.1)    (69.8)    (134.6)    (141.9)
    Selling & marketing
    expenses                   (242.7)   (237.7)   (245.5)    (468.5)    (483.2)
    Other Operating
    Income / (Expense)             2.0     (0.2)    (10.9)      (1.6)     (11.1)

    Operating profit
    before financing
    costs                        245.2     250.3     262.4      447.9      512.7
    Finance costs               (24.5)    (20.8)    (15.4)     (57.5)     (36.2)
    Finance income                83.2      93.3      92.6      206.8      185.9
    Monetary gain                 21.3      29.6       8.7       44.2       38.3
    Share of profit of
    equity accounted
    investees                     36.6      38.3      32.4       64.1       70.7
    Income before tax
    and non-controlling
    interest                     361.8     390.7     380.7      705.5      771.4
    Income tax expense          (68.5)    (76.7)    (79.2)    (127.2)    (155.9)
    Income before
    non-controlling
    interest                     293.3     314.0     301.5      578.3      615.5
    Non-controlling
    interests                      4.1       2.5       0.8        6.7        3.3
    Net income                   297.4     316.5     302.3      585.0      618.8

    Net income per
    share                         0.14      0.14      0.14       0.27       0.28

    Other Financial
    Data

    Gross margin                 38.7%     37.2%     38.0%      38.1%      37.6%
    EBITDA(*)                    434.3     452.1     471.5      827.4      923.6
    Capital
    expenditures                 178.3     110.3     177.9      321.0      288.2

    Consolidated
    Balance Sheet Data
    (at period end)
    Cash and cash
    equivalents                3,344.2   3,655.0   3,638.3    3,344.2    3,638.3
    Total assets               9,613.0  10,428.8  10,158.8    9,613.0   10,158.8
    Long term debt               385.3     774.9     779.8      385.3      779.8
    Total debt                 1,731.9   1,666.7   1,620.9    1,731.9    1,620.9
    Total liabilities          3,073.5   3,084.3   3,001.1    3,073.5    3,001.1
    Total equity               6,539.5   7,344.5   7,157.8    6,539.5    7,157.8

    * Please refer to the notes on
    reconciliation of Non-GAAP
    Financial measures on page 12
    ** For further details, please refer to our consolidated
    financial statements and notes as at 30 June 2013 on our web
    site.

For further information please contact Turkcell Investor and International Media Relations Tel: +90-212-313-1888 investor.relations@turkcell.com.tr Corporate Communications: Tel: +90-212-313- 2321 Turkcell-Kurumsal-Iletisim@turkcell.com.tr

SOURCE Turkcell

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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