SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated September 12, 2003
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TURKCELL ILETISIM HIZMETLERI A.S.
Turkcell Plaza
Mesrutiyet Caddesi No.153
34430 Tepebasi
Istanbul, Turkey
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(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F: |X| Form 40-F: |_|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
Yes: |_| No: |X|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes: |_| No: |X|
Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes: |_| No: |X|
Enclosures: Press release dated September 12, 2003 - Turkcell revises
financials for the second quarter of 2003
Press release dated September 12, 2003 - Turkcell provides
update on Regulatory Environment
[GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
TURKCELL REVISES FINANCIALS FOR THE SECOND QUARTER OF 2003
Istanbul, Turkey: September 12, 2003--Turkcell (NYSE:TKC, ISE: TCELL), the
leading provider of mobile communications services in Turkey, has today
announced a revision to its preliminary results announcement for the second
quarter of 2003 distributed on August 14, 2003.
As Turkish macro economic indicators improved significantly in 2003 and Turkcell
has generated taxable income for four consecutive quarters, the management
believes that it is more likely than not that certain deferred tax assets will
be realized as management is now confident of making reasonable forecasts on
taxable income and related tax matters for the coming one-year period in the
current economic and political environment of Turkey.
As a result of these developments in the second quarter of 2003, management
changed its judgement regarding the realizability of the deferred tax assets and
related valuation allowance requirements. Therefore, Turkcell reported the
impact of this change in judgement in the second quarter of 2003. The impact of
the change on net income was US$40.7 million and the net income figure for the
second quarter 2003 is revised to US$73.2 million.
Announced and revised figures are compared in the table attached for your
information.
www.turkcell.com.tr
About Turkcell
Turkcell is the leading GSM operator in Turkey with approximately 17.2 million
postpaid and prepaid customers as of June 30, 2003. Turkcell had revenues of US$
1,074.8 million as of June 30, 2003. Turkcell provides high-quality wireless
telephone services throughout Turkey and has coverage of 100% of the towns with
more than 10,000 inhabitants. At the end of 1999, Turkcell became the first GSM
operator in Turkey to be awarded the prestigious ISO 9001 certificate for the
quality of its service. Turkcell is the only NYSE listed company in Turkey.
1
For further information please contact:
Turkcell Citigate Dewe Rogerson
Investors: Europe
---------- ------
Koray Ozturkler, Investor Relations Kate Delahunty
Tel: +90 212 313 1500 Tel: +44 20 7282 2934
Email: koray.ozturkler@turkcell.com.tr Email: kate.delahunty@citigatedr.co.uk
Mehmet Sezgin, Investor Relations
Tel: + 90 212 313 1290 United States
Email: mehmet.sezgin@turkcell.com.tr -------------
Victoria Hofstad/Patrick Hughes
investor.relations@turkcell.com.tr Tel: +1 212 688 6840
Email: victoria.hofstadqcitigatedr-ny.com
Media: patrick.hughes@citigatedr-ny.com
------
Zuhal Seker, Corporate Communications
Tel: + 90 212 313 2330
Email: zuhal.seker@turkcell.com.tr
Bahar Erbengi, Corporate Communications
Tel: + 90 212 313 2309
Email: bahar.erbengi@turkcell.com.tr
Internet: www.turkcell.com.tr
2
TURKCELL ILETISIM HIZMETLERI A.S.
SELECTED FINANCIALS
Announced on 14 August 2003 REVISED Differences
--------------------------- ---------------------- -----------------------
Quarter Half Quarter Half Quarter Half
Ended Ended Ended Ended Ended Ended
June 30, June 30, June 30, June 30, June 30, June 30,
2003 2003 2003 2003 2003 2003
Consolidated Statement of Operations Data
Revenues
Communication fees 567.2 1,043.1 567.2 1,043.1 - -
Monthly fixed fees 10.2 19.2 10.2 19.2 - -
Subscription fees - - - - - -
SIM card sales 4.0 8.3 4.0 8.3 - -
Call center revenues 1.6 3.2 1.6 3.2 - -
Other 0.7 1.0 0.7 1.0 - -
Total revenues 583.7 1,074.8 583.7 1,074.8 - -
Direct cost of revenues (363.6) (690.3) (363.6) (690.3) - -
------- ------- ------- ------- ---- ----
Gross profit 220.1 384.5 220.1 384.5 - -
General & administrative expenses (26.6) (48.8) (26.6) (48.8) - -
Selling & marketing expenses (57.7) (106.7) (57.7) (106.7) - -
------- ------- ------- ------- ---- ----
Income from operations 135.8 229.0 135.8 229.0 - -
Income (loss) from related parties , net 0.6 2.6 0.6 2.6 - -
Net interest expense (59.6) (119.8) (59.6) (119.8) - -
Other Income (expense) , net 3.6 6.6 3.6 6.6 - -
Equity in net income (loss) of
unconsolidated investees 4.3 6.5 4.3 6.5 - -
Minority interest 0.3 0.7 0.3 0.7 - -
Translation Gain/Loss (52.5) (53.6) (52.5) (53.6) - -
------- ------- ------- ------- ---- ----
Income (loss) before taxes 32.5 72.0 32.5 72.0 - -
Income tax benefit (expense) - - 40.7 40.7 40.7 40.7
------- ------- ------- ------- ---- ----
Net income ( loss ) 32.5 72.0 73.2 112.7 40.7 40.7
======= ======= ======= ======= ==== ====
Net income ( loss ) per share 0.00006 0.00014 0.00015 0.00023
Other Financial Data
EBITDA 217.9 450.2 217.9 450.2 - -
EBITDA margin 37.3% 41.9% 37.3% 41.9%
Consolidated Balance Sheet Data (at
period end)
Cash and cash equivalents 443.8 443.8 443.8 443.8 - -
Total assets 3,327.2 3,327.2 3,378.7 3,378.7 51.5 51.5
Long term debt 830.6 830.6 830.6 830.6 - -
Total debt 1,034.9 1,034.9 1,034.9 1,034.9 - -
Total liabilities 1,923.7 1,923.7 1,934.5 1,934.5 10.8 10.8
Total shareholders' equity/Net Assets 1,403.5 1,403.5 1,444.2 1,444.2 40.7 40.7
[GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
TURKCELL PROVIDES UPDATE ON REGULATORY ENVIRONMENT
Istanbul, Turkey: September 12, 2003--Turkcell (NYSE:TKC, ISE: TCELL), the
leading provider of mobile communications services in Turkey, today provides the
following update on the regulation of mobile telecommunications in Turkey.
The Telecommunication Authority, regulator of telecommunication services in
Turkey, announced that it has designated Turkcell an "operator holding
significant market power" in the mobile telecommunications services market.
Turkcell was also given the same title in the mobile call termination services
market along with another operator.
The Access and Interconnection Regulation, established by the Telecommunications
Authority in May 2003, imposes more stringent requirements on operators
designated as "operators holding significant market power." They will be
required to provide access to any requesting operator at a price based on cost.
There may also be additional requirements going forward, including one to allow
competitors access to their base stations, switches and other equipment as well
as some additional reporting obligations. However, the impact of these
requirements, implementation and timing as far as Turkcell is concerned is
currently unknown.
www.turkcell.com.tr
About Turkcell
Turkcell is the leading GSM operator in Turkey with approximately 17.2 million
postpaid and prepaid customers as of June 30, 2003. Turkcell had revenues of US$
1,074.8 million as of June 30, 2003. Turkcell provides high-quality wireless
telephone services throughout Turkey and has coverage of 100% of the towns with
more than 10,000 inhabitants. At the end of 1999, Turkcell became the first GSM
operator in Turkey to be awarded the prestigious ISO 9001 certificate for the
quality of its service. Turkcell is the only NYSE listed company in Turkey.
1
For further information please contact:
Turkcell Citigate Dewe Rogerson
Investors: Europe
---------- ------
Koray Ozturkler, Investor Relations
Tel: +90 212 313 1500 Kate Delahunty
Email: koray.ozturkler@turkcell.com.tr Tel: +44 20 7282 2934
Email: kate.delahunty@citigatedr.co.uk
Mehmet Sezgin, Investor Relations
Tel: + 90 212 313 1290
Email: mehmet.sezgin@turkcell.com.tr United States
-------------
investor.relations@turkcell.com.tr Victoria Hofstad/Jessica Wolpert
Tel: +1 212 840 0008
Media: Email: victoria.hofstadqcitigatedr-ny.com
------ jessica.wolpert@citigatedr-ny.com
Zuhal Seker, Corporate Communications
Tel: + 90 212 313 2330
Email: zuhal.seker@turkcell.com.tr
Bahar Erbengi, Corporate Communications
Tel: + 90 212 313 2309
Email: bahar.erbengi@turkcell.com.tr
Internet: www.turkcell.com.tr
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Turkcell Iletisim Hizmetleri A.S. has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
TURKCELL ILETISIM HIZMETLERI A.S.
Date: September 12, 2003 By: /s/ MUZAFFER AKPINAR
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Name: Muzaffer Akpinar
Title: Chief Executive Officer