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We filed a lawsuit for the cancellation of this aforementioned decision. There has been no progress in this case yet. Benefiting from higher-quality communications provided by the widest spectrum in 3G, Turkcell will continue to offer seamless communications services to its customers with by far the most extensive coverage amongst its peers. In , we continued to develop and improve the coverage and capacity of our network.

In urban areas, we increased both coverage and capacity by placing network infrastructure in commercial sites such as shopping malls, business complexes and entertainment centers. We became the first mobile operator extending 3G coverage to all of the districts of Turkey. We began using 3G Small Cells such as Femto, pico and micro - solutions to further enhance our coverage at some places where signal penetration problems may exist due to thick concrete walls, coated glass windows, basement floors, etc.

Quality of Service. The Turkcell Network is currently above the standards set by the statement. Dropped calls are calls that are terminated involuntarily and are measured by using the ratio of total dropped calls during the most congested hour of network traffic during the relevant time period to the traffic intensity in that congested hour.

Using such industry standard for dropped calls, our dropped call rate for our 2G network has further decreased below 0. Turkcell also provides high quality services through its 3G network. In a short time, we have succeeded in reducing the 3G dropped call rate below the 2G network. The rate of service quality is being enhanced all the time due to investments in our 2G and 3G network to improve the quality and capacity of the network.

Table of Contents We have started to offload data traffic by increasing the percentage of small cells in the network for improving customer satisfaction. Together with Turkcell Superonline, we have also implemented WiFi offload integrated with the Turkcell 3G network to further enhance the customer experience.

We are the only operator in Turkey that can increase its carrier number up to 4, due to our A-type license agreement. We use this feature to increase our capacity and provide services to a larger number of subscribers. In , we continued to increase the number of carriers with the advantage of an A-type license 2x20 MHz and we have sufficient bandwidth to serve our current and projected short-term subscriber base and we currently meet the capacity requirements of both our 2G and 3G subscribers.

Network Evolution. We have already achieved a speed of Today, all of our base stations support EDGE technology. Turkcell, together with Ericsson and Qualcomm Technologies, Inc. The speed of the Carrier Aggregation technique combines different frequency bands making it possible to reach very high speeds. During the tests, we reached speeds of up to Mbps in a lab environment a record speed for Turkey on a mobile network and up to Mbps, with prototype LTE A modems.

During , Turkcell continued to work on 4G technology as the next step in the network evolution path of mobile broadband services including field trials and network infrastructure readiness activities. Turkcell joined NGMN 5G work groups along with other global mobile operators to define the requirements of a 5G network during Backhaul bandwidth capacities were increased for wide coverage of Also fiber to the site applications have been started for 4G readiness of sites with very high traffic.

We have deployed and continue to develop our GPRS network to provide the speed and reliability to meet the demand of our businesses and consumers. We have an intelligent network and other service platforms enabling our services and we also provide secure and controlled access to the network for the content and service providers to provide messaging and data services.

This infrastructure is being improved to open up more capabilities on the network for the application and content providers. New infrastructure also contains a portal where subscribers buy services, receive promotions and enroll for campaigns easily. Network Operations. Network Maintenance. We have entered into several system service agreements. Under these agreements, our mobile communications network, including hardware repair and replacement, software and system support services, consultation services and emergency services are serviced by local providers.

We have regional operation units with qualified Turkcell staff that operate and maintain our network in Turkey. Table of Contents f. Site Leasing. Once a new coverage area has been identified, our technical staff determines the optimal base station location and the required coverage characteristics. The area is then surveyed to identify BTS sites.

In urban areas, typical sites are building faces and rooftops. In rural areas, masts and towers are usually constructed. Our technical staff also identifies the best means of connecting the base station to the network. Once a preferred site has been identified and the exact equipment configuration for that site determined, we start the process of site leasing and obtaining necessary regulatory permits.

Site leasing processes and construction of the masts or towers is performed by Kule Hizmet ve Isletmecilik A. We lease the sites and towers based on the agreed tariffs and also buy antenna space and provide maintenance and management services from Global Tower. Turkcell Business Continuity Management identifies potential threats, their impact and provides a framework for building resilience with the ability to create an effective response that safeguards the interests of our key stakeholders, their reputation, brand and value-creating activities.

Turkcell BCMS is assisted by the coordinators and business continuity virtual team. Regular BCM training and awareness programs are carried out throughout the organization. Our aim is to ensure the continuity of the call, messaging, internet and societal security services at acceptable predefined levels following disruptive incidents. They are regularly exercised to guarantee the operation of time-sensitive business activities in case of business disruptions.

This certificate demonstrates our commitment to provide reliable products and services to our customers with the scope of the business continuity management activities comprising voice, messaging, internet and social security services. Sales and Marketing. We design our sales and marketing strategy around subscriber needs and expectations.

We try to ensure the loyalty of our subscribers by providing offers, campaigns and our advanced service delivery platforms. Table of Contents a. Sales Channel. Our nationwide distribution channel is an important asset that helps us differentiate ourselves from our competitors and achieve our sales targets. We sell postpaid and prepaid services to subscribers through our distribution network.

Our exclusive retail network consists of powerful retail dealers with good locations, modern designs and superior after-sales service. TIMs lead the market with their user-friendly atmosphere, new products and services and dedicated employees. Our non-exclusive dealer network provides us with a high penetration of Turkcell products and services in Turkey. They also facilitate the Turkcell brand and offer awareness in this competitive channel.

We are working on attracting our customers to all of our channels through digital channels and by co-branding. Sales Management develops strong relationships with and promotes brand loyalty among dealers through a variety of support and incentive programs. The technological development projects commenced in , coupled with merchandising services, point-of-purchase POP materials and channel specific campaigns, help to support the sales efforts in all of our sales channels.

With the objective of coordinating all sales processes, working closely with more customers and improving effectiveness and efficiency, corporate customers are managed directly by these sales channels. The main aim of this activity is to provide mobile services to strategic and large enterprises and medium and small businesses in order to meet their communication requirements and also to support these solutions with retention and acquisition programs and tariffs.

Table of Contents b. We believe that technology-empowered innovation will define how the lives of every individual, every company and the world will prosper in the future. As a result, we believe that consumers will make Turkcell the most beloved brand and reward us with leadership and loyalty. In , we remained focused on understanding the needs of each consumer segment thoroughly and offered to them tailored solutions comprising our value offers: superior coverage, 3G speed and mobile technologies, more advantages, outstanding and extensive service quality, and leadership in social responsibility.

We lend our power to our customers by enabling them to be more connected to life with simple communications solutions ready at their fingertips. Turkcell brand communications continued to be harmonized in different forms of media, such as television, internet, outdoor events, etc.

In , our aim is to revitalize the brand DNA to accelerate our pace of innovation and to further improve our superior performance. We will further improve brand image via transforming those advancements into communication. Customer Services. Our goal is to sustain a continuous relationship with the customer through customer satisfaction. We continuously ask our customers how satisfied they are with the service they experience and for any suggestions through near real-time mobile surveys. We aim to achieve operational excellence throughout all customer touch points by continuously improving and simplifying processes and services.

We also offer customer service at face-to-face communication centers named TIMs and Turkcell stores. Table of Contents Furthermore, meeting the service needs of our customers online is crucial for us. We also respond to customer requests on social media platforms, both proactively and reactively via deliberately-established corporate customer service accounts. Customer services via web chat, e-mail and SMS chat for specific customer segments are progressing with a high-volume experience.

In addition, we offered Turkcell Forum and proactive web chat capabilities to our customers in For corporate customers, account managers are assigned for exclusive service. An account manager is the single point of contact and provides proper solutions in response to customer needs.

In order to provide segmented customer service, we design and make improvements for all of the customer processes throughout all channels for different customer segments as well as monitor the quality of service provided. In addition to the operational targets, we aim to achieve excellent customer satisfaction. We evaluate the performance of our service providers with the help of satisfaction surveys and make our service providers aware of any deficiencies and offer suggestions as to how to improve their service to our customers.

International and Domestic Subsidiaries. A component of our strategy has been to grow or improve our business in both international and domestic markets. International expansion and, in particular, continued strong operations in the countries in which we are currently present is important for us. We believe these operations will provide additional value to us in the future and will continue to serve an important role in our goal to be a leader in communications and technology.

While continued improvement of our current operations is a key priority, we may further expand and increase our presence in key emerging markets in the region, such as the C. Through such investments, we intend not only to transfer our technological know-how and marketing expertise, but also to maximize economies of scale and group synergy.

Our international and domestic endeavors will continue in We will continue to selectively seek and evaluate new investment opportunities both in our main and adjacent communication and technology business areas as well as the businesses outside of the scope of our core business.

Our interest in Astelit was previously held through our wholly owned subsidiary, Turktell Uluslararasi Yatirim Holding A. The company is highly motivated to keep its innovation leadership in marketing and sales. Astelit is currently evaluating its options with respect to the disposition of its assets in Crimea.

Furthermore, the current military and political crisis in the Eastern part mainly in Donetsk and Luhansk and with Russia remains unresolved, which could lead us to evaluate our options in the Eastern region. Astelit is dedicated to further developing innovations in the market. Astelit is in the process of obtaining consents. Astelit submitted a bid of UAH 3. The associated costs will increase our Ukrainian financing needs, which could in turn require us to consider new sources of funding or the extension of existing sources.

Table of Contents Astelit. According to this draft plan, the mobile termination rates will decrease to UAH 0. This regulatory change may have a positive effect on our business in Ukraine. This regulation, in terms of possible retail price control mechanisms in the future requiring further legislative changes , may have a positive impact on our business.

Belarusian Telecom. For more information, see Note 25 Other non-current liabilities to our Consolidated Financial Statements. Belarusian Telecom had exclusive and non exclusive sales points. Table of Contents dominant market players.

Turkcell Kuzey Kibris. The license fee was financed by Turkcell Kuzey Kibris through internal and external funds. The project is the only direct connection in the Turkish Republic of Northern Cyprus, aside from the Telecommunication Authority. Turkcell Kuzey Kibris applied for a right of way to major municipalities and the Ministry of Transportation in order to establish a national fiber optic infrastructure.

These recent price regulations have a substantial adverse effect on our business. Regulatory authorities have started working on Mobile Number Portability as well. Implementation of Mobile Number Portability may have an additional adverse effect on our business. Turkcell Europe. Besides providing advantageous offers to those who call. Table of Contents Turkey from Germany, Turkcell Europe always aimed to provide its customers in Turkey and Germany with a unique user experience.

Financell is incorporated under the laws of The Netherlands and has its registered address in The Netherlands. It is established as an intermediate financing company that is wholly owned by Turkcell. Financell will borrow funds from third party lenders with or without a Turkcell guarantee to fund other Turkcell subsidiaries. Turkcell Global Bilgi. In , Turkcell Global Bilgi completed its transition from call center to contact center as Turkcell Global Bilgi started to manage customer contacts at every channel.

Since then, in addition to providing services to Turkcell, Turkcell Global Bilgi offers services to companies in various sectors from the public sector to finance, energy and the retail sector. Under the current. To date, actual turnover has exceeded that amount. Inteltek is the domestic market leader and is ranked among the most prominent operators in the international gaming sector.

Inteltek intends to continue to explore business opportunities both in Turkey and abroad in betting or adjacent businesses. Turkcell Superonline. It also has authorization to provide satellite communication services, infrastructure operating services, internet services and wired broadcasting services, and mobile virtual network operating services.

Established to be an innovative telecom service operator and with its extensive international connectivity, Turkcell Superonline offers its international and national clients wholesale voice termination international leased data lines, internet access, telehouse and infrastructure services. Furthermore, Turkcell Superonline is in the retail broadband market, bringing fiber optics to residences. Turkcell Superonline provides fast communication technology with its own fiber optic infrastructure in Turkey and provides telecommunication solutions to individuals and corporations in the areas of voice, data and TV.

We believe that Turkcell Superonline differentiates itself through its steadfast commitment to the quality of after-sale services. Turkcell Superonline supplies corporations with industry-leading service-level agreements utilizing its professional technical support personnel and highly qualified team of consultants. Turkcell Superonline increased its home passes to around 2.

It also raises internet access speed and quality in residential, corporate, and wholesale segments via peering connections. Turkcell Superonline plays a major role in delivering transit data traffic and telecommunications services between Europe, CIS, Asia and the Middle East. Turkcell Superonline aims to continue to invest in and expand its own fiber optic network and further utilize the group synergy created with Turkcell. Global Tower. Global Tower, founded in , is a wholly owned subsidiary of Turkcell and the leading technology infrastructure operator in Turkey.

Its Ukraine branch, UkrTower, was founded in Table of Contents and rooftop site leasing. The main goal of Global Tower in targeted markets is to increase cost efficiency by sharing sites and services. Many of the most famous radio and TV channels of Turkey have placed their transmitters in Global Tower sites. From the day it was established, Global Tower has achieved a rapid and persistent growth and aims to continue its growth by providing high-quality and efficient services.

Turkcell Teknoloji. Equity Accounted Investments. We hold a Below is a description of the businesses currently held by Fintur. Fintur indirectly owns Kcell offers mobile telephony services in Kazakhstan and had approximately A-Tel was involved in marketing, selling and distributing our prepaid systems. It acted as our only dealer for Muhabbet Kart a prepaid card , and received dealer activation fees and simcard subsidies for the sale of Muhabbet Kart.

In addition to the sales of simcards and scratch cards through an extensive network of newspaper kiosks located throughout Turkey, we had entered into several agreements with A-Tel for the sale of campaigns and for subscriber activations. Since , the business cooperation between us and A-Tel provided important support to our sales and marketing activities.

Potential Investments. Our efforts to selectively seek and evaluate new investment opportunities continue. These opportunities may include the purchase of new licenses and the acquisition of existing companies as well as alternative business models such as management contracts, marketing partnerships or other forms of cooperation both inside and.

Table of Contents outside of Turkey, focusing on communications, technology and adjacent and new business opportunities. In addition, we may provide services in related areas and also consider investing or increasing our investments in business areas outside of the scope of our core business. Our international expansion strategy focuses on key emerging markets, mainly in Eastern Europe, the Balkans, the Middle East and Africa.

We will continue to selectively seek and evaluate new international investment opportunities. In the context of our evaluation of potential investment opportunities within the regions we target for international expansion strategy, Turkcell has, from time to time, considered opportunities in countries in the C. We may participate in additional public tenders for new licenses or the privatization of public telecom companies as well as in private sale transactions in emerging markets to pursue investment opportunities in line with our growth strategy.

Furthermore, we may evaluate expanding into other Western European countries where there is a sizeable Turkish community through wholesale partnerships or alternative cooperative business models. TSIC holds a license issued by the U. Services and revenues have yet to commence.

It generated no gross revenues or net profits related to this service in Turkcell Superonline generated no gross revenues or net profits related to this service in Although it is difficult to do with a reasonable degree of certainty, we have concluded that our Iranian business partners described in this section may be owned or controlled indirectly by the Government of Iran.

Furthermore, we understand that the U. We, and our affiliates, intend to continue the activities described in this section in The Electronic Communications Law No. The duties of the ICTA, which may be exercised in a manner that is adverse to our operations and our financial results, include those described below. The ICTA has the authority to grant licenses and set fees in the electronic telecommunications industry. According to the Electronic Communications Law, the principles and procedures relating to the notification and granting of usage rights shall be determined by the ICTA through secondary regulations.

The Electronic Communications Law establishes legal principles and broad policy lines that the ICTA must follow, some of which are stated below:. Creation and protection of a free and efficient competitive environment. Protection of consumer rights and interests. Protection of the objectives of development plans and Government programs as well as the strategies and policies set by the Ministry. Ensuring non-discrimination among subscribers, users and operators under fair conditions.

Ensuring the conformity of electronic communications systems to international norms. Protection of information safety and communication confidentiality. Agreements for interconnection are publicly available, but precautions are taken by the ICTA to protect commercial secrets of the parties. In accordance with Law No. Turk Telekomunikasyon A.

The Cabinet of Ministers Decision No. Pursuant to the Electronic Communications Law, operators may freely determine the tariffs they apply in compliance with the relevant legislation and the ICTA arrangements. In the event of determination of the significant market power. Table of Contents of the operator, the ICTA may determine the method of the approval, tracking and auditing of the tariffs.

It may also determine the lower and upper limit of the tariffs and principles and procedures of the application of the same. According to the law:. According to this regulation, the ICTA may intervene in the structure of our tariffs or may impose certain criteria relating to the revision of our tariffs.

Additional requirements for service quality must be fulfilled. If the operators fail to reach these requirements more than once, this may result in the imposition of penalties. The results of quality measurements can also be publicly available. Table of Contents d. The ICTA retains the right to impose fines in the event an operator: submits incorrect or misleading documents or fails to submit documents as requested by the ICTA; does not submit such documents in a timely manner; does not permit inspection or audits to be made by the ICTA; uses unpermitted equipment or equipment not complying with standards or alters technical features of equipment; or does not pay fees arising from its use of licenses and frequencies or does not comply with the provisions of license agreements, telecommunications licenses and general authorizations or the legislation.

The ICTA is authorized to impose sanctions and precautions as well as administrative fines. Regulation on Authorization regarding the Electronic Communications Sector. Regulatory changes in Turkey to introduce and promote WIMAX nationwide could have a material adverse effect on our business and results of operations.

In the long term they could have the effect of driving down prices and shifting traffic patterns for in-city as well as long-distance calls in Turkey, potentially having an adverse effect on our mobile telecommunications business. While we do not object to the substance of mobile number portability, we do, however, believe that our rights under our license agreement should remain protected or, if they are violated, we should be justly compensated.

We applied for the correction of the decision and this process is still pending. Turkish Competition Law and the Competition Authority. In , the Competition Law No. It is an autonomous authority with administrative and financial independence established to ensure effective competition in markets for goods and services. The ICTA can apply to the Competition Board if it determines that agreements regarding access, network interconnection and roaming violate the Competition Law. Any person or legal entity may file a complaint with the Competition Board.

The Competition Board can take necessary measures to prevent violations and may impose fines on those who are liable for such prohibited practices. The Law No. The Law, increasing the number of metropolitan cities from 16 to 30, dissolves the legal entity of villages and special provincial administrations in cities where there are metropolitan municipalities.

By the amendment of the Law for Metropolitan Municipalities, the number of metropolitan municipalities increased and the borders of some metropolitan municipalities were extended. After this amendment, the ICTA increased our coverage obligations, defined in our concession agreement, by its decision, based on this law amendment.

The ICTA has therefore imposed a heavy. Table of Contents financial burden on us, which requires us to make material capital expenditures. There has been no progress in the case yet. With this regulation, mobile operators will be obliged to pay additional certificate fees according to the scale of charges, from governorships or municipalities, such as a site selection certificate.

This may lead to additional certificate fees and operational costs, such as permission processes for implementation of base stations, which may take longer. The existing zoning law in Turkey requires mobile operators to obtain construction certificates for all existing and new base stations, resulting in the shutdown of some stations for which certification cannot be obtained.

In Turkey, nearly half of the premises were built illegally without any permission. As a result, some municipalities started taking legal action such as affixing seals to suspend the construction or demolition orders against base stations, negatively affecting our coverage, quality of service and customer experience.

We have also taken legal action requesting nullity of those acts. In addition, studies for altering zoning laws regarding procedures for building certifications are being prioritized. Law no. In addition, the new law raises the existing fines for not removing content as requested by the court. The law also introduces URL-based blocking of websites which requires new capital as well as operating expenditures for all internet access providers.

GSM Licensing in Turkey. The terms of license agreements are governed by the Authorization Regulation, and it provides that the ICTA approve the transfer of licenses to third parties, ensure continuation of services in the event of cancellation of a license and approve the investment plans submitted by licensees. However, suspension or. Table of Contents takeover of facilities under these circumstances is subject to the payment of compensation to the operator.

The ICTA can also inspect such licensee and nullify its license if the licensee has materially failed to comply with the terms of its license. The ICTA may also terminate licenses in cases of gross negligence or non-payment of the authorization fee. The licensee is responsible for installing telecommunications equipment in conformance with international signalization systems and numbering plans. Furthermore, the licensee is obligated to make the necessary investments to offer the licensed service, including the design of the service, the making of financial investments and the installation and operation of the facility required for the service.

Upon the expiry of a license, including termination, the facilities and immovables of the licensee, in operating condition, will be transferred by the licensee in accordance with the license agreement. In addition, we must pay annual contributions in an amount equal to 0. Our license also permits us to establish customer service centers, sign contracts with subscribers and market our services to subscribers.

Our license is not exclusive and is not transferable without the approval of the ICTA. Table of Contents Our license subjects us to a number of conditions. It may be revoked in the event that we fail to meet any of these conditions. Our license requires that we meet coverage and technical criteria. This coverage requirement excludes coverage met through national roaming and installation sharing arrangements with other GSM systems and operators. Upon the request of the ICTA, we may also be required, throughout the term of our license, to cover at most two additional areas each year.

Except in the event of force majeure, we must pay a late performance penalty of 0. As of today, we have met and surpassed all coverage obligations. The license agreement regulates our ability to determine our tariff for GSM services. Although we believe the tariff structure in our license will, in most instances, permit adjustments designed to offset devaluations of the Turkish Lira against the U. Dollar, any such devaluation that we are unable to offset will require us to use a larger portion of our revenue to service our non-Turkish Lira foreign currency obligations.

Additionally, in the event that the ICTA were to establish maximum tariffs at levels below those that would enable us to adjust our rates to offset devaluations, this could have a material adverse effect on our business, consolidated financial condition, results of operations or liquidity. We believe that, pursuant to our license agreement, we can determine our tariffs freely, provided that they remain within the framework of the applicable maximum price limit. Table of Contents Communications Law, in the event of determination of the significant market power of the operator, the ICTA may determine the lower and upper limit of the tariffs and principles and procedures of the application of the same.

Based on such Article, the ICTA may take a similar decision which will have an effect on our future tariffs. With the same board resolution, the ICTA linked the mobile termination rates to minimum on-net voice levels with a parameter of 1. As a result, our minimum on-net price level has been decreased to TRY 0. The table below shows the current on-net prices and MTR rates:. Minimum on-net voice price. Minimum on-net SMS price. Voice MTR. Table of Contents The maximum tariffs set by the ICTA constitute the highest rates we may charge for the services included in these customized service packages.

Generally, the maximum tariffs set by the ICTA for particular services are set higher than the standard tariffs determined by the ICTA for those services. Although the Concession Agreement includes a provision regarding only the increase of the maximum tariffs, the ICTA has decreased the maximum tariff since , which has negatively affected our tariff structure.

The table below shows the evolution of maximum tariffs on voice and SMS:. We filed lawsuits for the cancellation and stay of execution of some of the aforementioned decisions of the ICTA. For the other lawsuits, the appeal process and the correction of the decision process are pending. The ICTA has in the past intervened and may again intervene with the charging period, impacting the prices we charge for our tariffs. The usage behavior and our financial results will be adversely affected if the ICTA intervenes on charging periods.

The license agreement creates a mechanism for an ongoing relationship between us and the ICTA. The ICTA may suspend our operations for a limited or an unlimited period if necessary for the purpose of public security or national defense, including war and general mobilization. During suspension, the ICTA may operate our business, but we are entitled to any revenues collected during such suspension, and our license term will be extended by the period of any suspension.

The license agreement makes no provision for the payment of consideration to us for delivery of the system on such termination. In the event of a termination of our license, our right to use allocated frequencies and to operate the GSM system ceases. Upon the expiration of the license agreement, initially scheduled to occur in , without renewal, we must transfer to the ICTA, or an institution designated by the ICTA, without consideration, the network management center, the gateway exchanges, and the central subscription system, which are the central management units of the GSM network.

The ICTA may renew the license, taking into account the legislation then currently in effect. Under our license agreement, any dispute arising from or under our license shall be brought before the License Coordination Committee. If the dispute is not settled within 30 days before the License Coordination Committee, it shall be referred to the parties.

If the dispute is not resolved by the parties within 15 days, then it shall be settled by an arbitral tribunal in accordance with ICC Rules. The governing law of any arbitration is Turkish law and any such arbitration shall be conducted in English. Disputes relating to national security or public policy shall not be subject to arbitration proceedings. Authorization of 3G Licenses. The 3G License Agreement has provisions that are generally similar to those contained in our license agreement relating to 2G.

Attributable to:. Equity holders of the Company. Non-controlling interest. Basic and diluted earnings per share. Consolidated Statement of Financial Position Data at period end. Cash and cash equivalents. Total assets. Long-term debt 4. Total debt 5. Total liabilities. Share capital. Consolidated Cash Flows Data. Net cash generated by operating activities.

Other Financial Data. Dividends declared or proposed 6 7. Dividends per share declared or proposed 7. Gross margin 8. Capital expenditures. Table of Contents. Non-IFRS measures. Adjusted EBITDA is a non-GAAP financial measure that we have defined as net cash from operating activities adjusted to exclude the effects of the net change in assets and liabilities, finance income, finance costs, income tax expense, other operating income and expense.

Our management views adjusted EBITDA as a key indicator each month to monitor our cash generation ability and liquidity position. Net income is generally considered by our management as the main indicator for our operating performance. We believe adjusted EBITDA, among other measures, facilitates liquidity comparisons from period to period and management decision making. It also facilitates liquidity comparisons from company to company.

Adjusted EBITDA as a liquidity measure eliminates potential differences caused by variations in capital structures affecting interest expense , tax positions such as the impact of changes in effective tax rates on periods or companies and the age and book depreciation of tangible and intangible assets affecting relative depreciation expense.

We also present adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the liquidity of other mobile operators in the telecommunications industry in Europe, many of whom present adjusted EBITDA when reporting their results. Some of these limitations are:. Net decrease in assets and liabilities. Net cash from operating activities.

The following table presents selected operational data:. Operating Results. Industry Data. Turkcell Data 2. Churn 6. Churn refers to our mobile subscribers in Turkey that are both voluntarily and involuntarily disconnected from our network. Exchange Rate Data. For the convenience of the reader, this annual report presents translations of certain Turkish Lira amounts into U. Dollars at the relevant Turkish Lira exchange rate for purchases of U. Dollars at exchange rates at the reporting date.

Income and expenses for each statement of profit or loss except foreign operations in hyperinflationary economies including comparatives are translated to U. The income and expenses of foreign operations in hyperinflationary economies are translated into USD at the exchange rate as of the reporting date. Prior to translating the financial statements of foreign operations in hyperinflationary economies Republic of Belarus , their financial statements for the current period are restated to account for changes in the general purchasing power of the local currency.

The restatement is based on relevant price indices at the reporting date. As stated in the annual monetary and exchange rate policy announcements of the CBRT, which have been published since , the foreign exchange rate is not a policy tool or target; it is determined by the supply and demand conditions in the market. These rates may differ from the actual rates used in preparation of our Consolidated Financial Statements and other information appearing herein.

Average 1. Period End. Source: CBRT. No representation is made that Turkish Lira or the U. Dollar amounts as presented in this annual report could have been or could be converted into U. Dollars or Turkish Lira, as the case may be, at any particular rate. Changes in the exchange rate between Turkish Lira and U. Dollars could affect our financial results.

B Capitalization and Indebtedness. Not applicable. C Reasons for the Offer and Use of Proceeds. D Risk Factors. The following is a discussion of those risks that we believe are the principal material risks faced by our Company and its subsidiaries. No assurance can be given that risks that we do not believe to be material today will not prove to be material in the future. Consequently, the risks described below should not be considered to be exhaustive.

The majority of our revenue comes from our operations in Turkey. Competition in this market and certain regulatory actions that limit our ability to respond effectively to competitive pressures may adversely affect the growth of our business and our financial condition. The majority of our revenue comes from our operations in Turkey and, thus, the growth and development of our business is mainly dependent on the development of the Turkish mobile telecommunications and broadband markets.

In this market, we currently face intensifying competition from two other mobile operators, Vodafone Telekomunikasyon A. Continued price and higher incentive-driven competition has, and will continue to, put pressure on our prices, market shares and profitability, as well as our liquidity. If the competition further intensifies, or the market slows or develops in unexpected ways, this could harm our business and financial condition. In addition, regulatory interventions, which have often favored our competitors, have increased competition.

Competition in the mobile market may also be affected by regulatory actions in other areas, such as banking and tax. For example, new regulations banning credit card installment plans for handsets or the inability of providing contracted bundled campaigns may have a negative impact on our ability to drive forward our revenues from existing and new customers.

Any precautionary measures taken by the government as a response to the current account deficit, such as additional taxes on imported handsets, may have a negative impact on smartphone penetration in the market and have an adverse impact on our revenues and profitability.

The increase in smartphone penetration in our bundled offers is an important part of our strategy, and thus such regulations may adversely affect the execution of this strategy and our financial condition. Our competitive position may be adversely impacted if we fail to provide converged services on a timely basis relative to our competitors.

These have had an impact on our revenues which may in the future be material. Reduced demand for our core services of voice, messaging and data could significantly impact our growth and profitability. With respect to terminals, there is an increasing emphasis in the Turkish market on terminal bundled campaigns.

Increased demand for terminal bundled campaigns has led and may continue to lead to higher working capital requirements and bad debt expense. In addition, our competitive position is dependent on certain distributors for products, such as terminals, and the failure of any of our distributors to supply products to our distribution channel, and at the level of quality we require, may adversely affect our business and financial condition.

We are expecting a major step forward in the development of telecommunications in Turkey with the deployment of 4G networks. The auction for the 4G license is planned to be held in If we are not successful in the pursuit of such a license, or if one were to be owned or operated by a competitor, we could find ourselves at a competitive disadvantage in this key market.

These factors together with macroeconomic factors are likely to continue to result in changes in consumer behavior that have and may continue to adversely affect our revenues and expenses. Our growth strategy is partly dependent on new investment opportunities, which could affect our business and financial condition, and the return on our investments cannot be guaranteed.

In addition to growing our existing business as a leading communications and technology company, our strategy for growth involves selectively seeking and evaluating new investment opportunities and participating in those meeting our criteria.

These opportunities may be in the area of mobile or fixed telecommunications and services, including as an MVNO or in a marketing partnership with a local operator. In addition, we may provide services in related areas and also consider investing or increasing our investments in business areas outside of the scope of our core business.

New investments may not achieve expected returns or returns that are in line with those of our core business, which may cause high value erosion. In many of the markets and businesses in which we have invested or may invest, it may take several years and significant investments to achieve desired profitability, if at all. In addition, if an asset in which we have invested does not provide the expected returns, we may need to make further investment or we may consider disposal at a sale price that may be below carrying value or liquidation.

As further described below, operations in many of these countries are subject to economic, political and other risks. Furthermore, for acquisitions outside of Turkey, current and future E. Table of Contents legal and regulatory actions, targeting certain countries, local companies and individuals may curtail our ability to do business in affected countries and may impede our exercise of control.

Turkcell itself, as well as certain of its key employees notably those who are E. Some of the countries and companies in which we have contemplated making investments and in which we may from time to time consider opportunities, such as Iran, Libya and Syria, and certain individuals involved in such companies, have been the specific targets of such laws and regulations. In the same vein, jurisdictions in which we have invested may from time to time come under sanctions, as has been the case in Crimea.

Investors may be reticent to invest in a company doing business in such countries or other countries that may be at risk due to the political instability. These factors could have an adverse effect on the demand for our shares. Regulatory decisions and changes in the regulatory environment could adversely affect our business and financial condition. We operate in an industry that is subject to extensive regulation, in Turkey and the other countries in which we operate. Compliance with new and existing laws and regulations has had and is likely to continue to have a significant impact on the ways in which we do business.

This may include but is not limited to the impact on our ability to set our pricing and offer new and existing services, on customer use of our services, the way we handle, process and store customer data, the terms of our subscriber contracts, the way we can communicate with customers and our ability to obtain and maintain licenses.

Furthermore, the laws, regulations, regulatory orders and licenses under which we operate are subject to interpretation and enforcement by regulators with which we are not always in agreement. Complying with regulations may be costly, and failure to comply may lead to significant penalties, adverse publicity and the loss of licenses and could adversely affect our business and financial condition.

Pricing is one of the key areas in which we are subject to regulation. The actions of the ICTA and the Ministry of Transport, Maritime Affairs and Communications in our voice, SMS, data, value added services, roaming and interconnection pricing have, and will continue to, negatively affect our pricing and our ability to design and launch campaigns and offers. Consequently, these actions have and will continue to adversely affect our business and financial condition.

For instance, by linking the mobile termination rates to our retail tariff, the ICTA has indirectly increased the minimum retail tariff to be applied by Turkcell and set the minimum retail price for SMS, applicable to both tariffs and campaigns, as well as reduced voice and SMS mobile termination rates, which adversely affected and is likely to continue to adversely affect our competitive position and our financial condition.

In addition, the ICTA may in certain markets determine that we are an operator with significant market power and as a result impose certain constraints on us, while imposing less stringent ones on other mobile and fixed telecom players in the market, both of which may adversely affect our business and financial condition. Additionally, in Northern Cyprus there have been regulatory changes regarding mobile termination rates and price caps which could affect our business performance.

For example, as a result of the amendment of the Law for Metropolitan Municipalities, the number of metropolitan municipalities increased and the borders of some metropolitan municipalities were extended. After this amendment, the ICTA increased our coverage obligations, defined in our concession agreement, by its decision, based on this amendment.

This decision imposed a heavy financial burden on us by requiring material capital expenditures. Therefore, we filed a lawsuit for the cancellation of this decision. Table of Contents has been no progress in this case yet. If another increase in the number of metropolitan municipalities or borders occurs, we may face additional coverage obligations. We may also be required to share infrastructure or operate through a common infrastructure with our competitors, and to offer national roaming to their subscribers, which could adversely affect our ability to use our network to maintain a competitive edge.

Furthermore, current and proposed regulations may affect our business by limiting our ability to obtain and maintain the necessary licenses for our operations, which could affect our business plan and expectations. In the area of consumer protection, new regulations have been enacted that could limit our marketing and advertising activities, allow certain forms of advertising by competitors that could weaken our brand image, or limit our flexibility to respond to customer needs immediately.

Any downturn in the economy and instability in the political environment in Turkey and internationally may have an adverse effect on our business and our financial condition. With a substantial portion of our revenues, assets and business derived from and located in Turkey, and denominated in Turkish Lira, adverse developments in the Turkish market are likely to have a material adverse effect on our business and financial condition.

In our view, the biggest threats to the global economy, including Turkey, in , are sustainability of economic growth, sustainability of current low energy prices, which have generally benefitted the Turkish economy and current account balance, uncertainty regarding U.

The Turkish economy grew uninterruptedly for twenty quarters in a row and grew by 2. If the Turkish economy slows or develops in unexpected ways, this may have an adverse impact on our operations and financial condition. The performance of the Turkish economy may be affected by domestic and regional political developments.

Turkey will enter into an electoral period, with parliamentary elections in We hold interests in several companies that may expose us to various economic, business, political, social, financial, liquidity, regulatory and legal risks and may not provide the benefits that we expect, and our pursuit of acquisition opportunities may increase these risks.

Our investments in subsidiaries and associated companies within Turkey and internationally could expose us to economic, political, social, financial, regulatory and legal risks. These risks have affected and could adversely affect our result of operations and the value of certain companies in which we have invested in our financial statements.

Turkcell Group has investments in Azerbaijan, Belarus, Georgia, Kazakhstan, Moldova, the Turkish Republic of Northern Cyprus and Ukraine and has operations or business activities that involve other emerging markets. We are also exploring new investment opportunities, primarily in emerging markets. Our current and potential future activities in these countries include operating mobile communications networks and routing cables. We may also transfer data through such countries.

Legal systems, including telecommunications regulations, institutions, commercial practices and economies in emerging markets tend to be relatively underdeveloped and some of these countries may also suffer from relatively high rates of fraud and corruption. Furthermore, through our subsidiaries in Turkey and internationally, we engage in businesses outside of the scope of our core mobile business.

These other businesses are subject to risks that are in some respects different from those of our mobile business. Table of Contents In some countries, we hold our investments with another shareholder or local government and in some cases we are a non-controlling shareholder. In these cases, we may consider exiting, or alternatively increasing our investment and our stake in order to take control. Furthermore, some of the countries in which we have businesses or would consider investing, and the companies and individuals that we come into contact with, may be the target of E.

There can be no assurance that political, legal, economic, social or other actions or developments in these countries or involving such companies and individuals will not have an adverse impact on our investments and businesses in these countries.

In this regard, we have and are likely to continue to experience issues in some of our international businesses that adversely affect our Company. Recent issues include the following:. Our operations in Ukraine may be adversely affected by military actions, political instability, civil unrest and economic problems in that country in Due to increased political instability in the Crimea region, providing services remained a significant challenge throughout and we were eventually obliged to discontinue these services during the fourth quarter.

After evaluating our alternatives, we impaired our assets in the Crimea region down to their scrap value, while retaining our license and frequency rights. Astelit is currently evaluating its options with respect to the disposal of its assets in Crimea.

Furthermore, the current military and political crisis in the Eastern part mainly in Donetsk and Luhansk and with Russia remains unresolved, similar to the situation in Crimea and could lead us to evaluate our options in the Eastern region. We are unable to predict the likely course or duration of these events, or the extent of the adverse impact that they have had and are likely to have on the telecommunications market dynamics and composition, our investment in Ukraine and our operations there.

In November , the National Bank of Ukraine announced a fixed rate foreign exchange regime based on interbank foreign exchange. Furthermore, the National Bank of Ukraine, among other measures, continues to impose certain restrictions on the processing of client payments by banks and on the purchase of foreign currency on the inter-bank market.

The National Bank of Ukraine increased its discount rate from The move was aimed at tightening liquidity conditions to curb devaluation in the UAH. There is a further currency devaluation risk as the country is suffering from continuing instability as noted above, and has a large current account deficit and high external funding needs.

Any further depreciation of the UAH will lead to a foreign exchange loss. We have been unable to hedge this exposure to the UAH. Our development strategy in Ukraine may lead us to increase our investment there, which will further increase our country and currency risk exposure. After bidding the highest offer among three bidders retained for the three licenses, Astelit was awarded the license for the first lot. The associated costs will increase our.

There can be no assurance that we will be able to develop a 3G network on commercially reasonable terms, that we will not experience delays in developing our network and that competing licensees will not get to market before us one bidder has already begun tests , in each case harming our competitive position. This could have an adverse effect on the value of our investment there.

The economic situation is fragile in Belarus. The BYR depreciated against the U. Devaluation risks still remain, as limited currency reserves, high debt repayments and the current account deficit coupled with the close ties to the currently troubled Russian Economy puts the recent BYR stabilization at risk and creates inflationary and devaluation pressure.

Corruption is an area of concern in emerging markets and can lead to reputational risk, losses, significant fines and sanctions against affected companies and their personnel and may extend to controlling persons. With respect to Kcell, through our representation on the Fintur board, we remain vigilant about such allegations, however there can be no assurance that such issues will not be substantiated or that new allegations will not arise.

More generally, there can be no assurance that other acts of corruption will not occur or be alleged in respect of any of our activities, including but not limited to those of the Fintur companies. Turkcell has received and responded to a request from the U. We are subject to laws such as the U.

Foreign Corrupt Practices Act, which prohibit corrupt payments to governmental officials or certain payments or remunerations to customers. Violations of these laws and regulations could result in fines, criminal sanctions against us, our officers or our employees and could adversely affect our business in affected countries.

Such violations or allegations of violations may also adversely affect our reputation, our revenue or our overall financial performance. In addition to the foregoing, the new Turkish Commercial Code and related legislation may require us to provide new capital or other financial support to certain of our controlled subsidiaries, which may divert resources from other needs.

Our international and Turkish subsidiaries may not benefit us in the way we expect for the reasons cited above, as well as other reasons, including general macroeconomic conditions, poor management and legal, regulatory or political obstacles. For many of these subsidiaries, we do not expect to achieve desired levels of profitability in the near or mid-term, and we may be required to record impairments. We may also in response to such conditions consider increasing, restructuring or exiting certain of our investments.

Furthermore, in addition to investing in our international operations, we also engage in business through roaming agreements in a number of countries. In international markets in which duopoly markets exist, such as the United Arab Emirates, Tunisia or the Maldives, operators tend to increase their roaming prices despite the overall trend of declining roaming prices in the world, which could increase our roaming costs.

Table of Contents We are exposed to foreign exchange rate risks and risks relating to our cash balance management that could significantly affect our results of operation and financial position. We are exposed to foreign exchange rate risks because our income, expenses, assets and liabilities are denominated in a number of different currencies, primarily Turkish Lira, U.

In particular, a substantial majority of our debt obligations and equipment expenditures are currently, and are expected to continue to be, denominated in U. Dollars, while the revenues generated by our activities are denominated in other currencies, in particular the Turkish Lira, Ukrainian Hryvnia, Belarusian Ruble, Azerbaijani Manat and Euro. In addition, we are exposed to such currency mismatches with respect to certain capital expenditures and off-balance sheet obligations, in particular our obligations in respect of universal service for the installation of infrastructure in uncovered areas of Turkey, a service that we have contracted to provide for an amount in TRY, but which requires expenditures in foreign currencies.

The TRY depreciated by 8. The Belarusian Ruble depreciated against the U. There was no major change in the Azerbaijani Manat against the U. Dollar in However, the Azerbaijani Manat depreciated against the U. Sudden increases in inflation or the devaluation of these currencies or other currencies in which we generate revenue, have had, and may continue to have, an adverse effect on our consolidated financial condition or liquidity.

In the current economic environment and considering the fragile economic conditions in Belarus and the current situation in Ukraine, there is a possibility of further devaluation. There are no tools to hedge foreign exchange rate risks effectively due to restricted and undeveloped financial markets in these countries.

Dollars and Euros, on the other, have had and may have an unfavorable impact on us. We may enter into derivative transactions to manage the risk with respect to the Turkish Lira; however, these transactions have a cost and do not fully cover all of our risks. When we translate our results of operations and financial position into U. Dollars for the purpose of preparing our financial statements that are expressed in U.

Dollars, the dollar amounts will vary in accordance with applicable exchange rates. Reduction in cash generated from operations and increased capital needs may increase our borrowing requirements, which may increase our financing costs and our exposure to the risks associated with borrowing. We continue to experience challenging macroeconomic, regulatory and competitive conditions in our markets that may reduce cash generated from operations, and we may continue to face increased capital needs to finance our technological and geographic expansion.

In , this may include significant additional capital expenditure requirements with respect to the 3G license in Ukraine and with respect to 4G in Turkey, if we are successful in our pursuit of a 4G license. Furthermore, depending on the result of our general assembly meetings in , we may pay a dividend for the first time in several years. In addition, an increase in the volume of assigned contracted receivables has resulted in and may continue to result in higher working capital requirements.

These pressures have in the past reduced, and may continue to reduce, our liquidity. Reduced liquidity may lead to an increase in our borrowing requirements. Borrowing by Turkcell group companies. Table of Contents exposes us to interest rate risk and possibly increases interest expense, obligates us to meet certain covenants and exposes us to financial risks if covenants are not satisfied or if additional financing is required, each of which could have a material adverse effect on our consolidated financial condition and results of operations.

Furthermore, no assurance can be given that we will continue to have access to financing on terms that are satisfactory to us. The remainder of our debt portfolio pays interest at floating rates, which has been favorable in the current interest rate environment, but would expose us to increased costs if rates increase further. In June , we engaged in a forward start collar agreement for some portion of our debt which is due in and exposed to interest rate risk.

The collar hedges variable interest rate risk for the period between and Some of the borrowing agreements entered into or guaranteed by Turkcell have financial covenants that the borrower is required to observe. Furthermore some of our borrowing agreements contain cross default clauses under which a default by a group company could constitute an event of default under certain of our borrowings.

A company in our Group has defaulted, and others may in the future default on their financial covenants and payment obligations. For example, we cannot ensure that our subsidiary in Belarus will be able to meet its payment obligations. It may default on its debt obligations if it fails to generate sufficient cash flow or otherwise obtain funds necessary to make required payments on its debt obligation.

Since that date, our Board of Directors has not acted to approve or reached a consensus for the extension of repayment dates. Accordingly, as a result of the event of default, SCM has the right to demand immediate loan repayment, although it has not perfected any pledges in connection with this loan.

There can be no assurance that we will not have to make similar payments in the future, which could adversely affect our business and results of operation. As noted above, our development strategy in Ukraine may lead us to increase our investment there, which will further increase our exposure. Table of Contents Limitations on spectrum as a scarce resource in mobile telecommunication systems, alleged health risks with BTS and dependence on suppliers for network equipment may adversely affect our ability to maintain operational excellence.

Spectrum limitations and frequency costs may adversely affect our ability to provide services to our subscribers and the cost to us of providing such services. The loss of, or failure to renew, our licenses could have a material adverse effect on our business and financial condition.

Those licenses have also specified radio spectrum. The spectrum is a continuous range of frequencies within which the waves have certain specific characteristics. The number of subscribers that can be accommodated on a mobile network is constrained by the limited amount of spectrum allocated to the operator of the network and is also affected by subscriber usage patterns and network infrastructure. As our subscriber base and their demand for mobile services such as voice and data grow and as we offer a greater number of services, we will require additional capacity.

In addition, if we fail to obtain additional frequencies at a reasonable cost, the competitive coverage advantage of our Company may be adversely impacted. The cost of obtaining new frequencies has increased significantly in recent years and is expected to continue to increase.

This has had and is likely to continue to have an adverse impact on our cost of providing service and results of operations. In that case, Avea would be able to begin UMTS services immediately from the E-GSM band, whereas Turkcell and Vodafone would only begin after extensive technical works regarding spectrum clearance are done.

Consequently, the competitive coverage advantage of Turkcell may be adversely impacted. Consistent with the nature of terminal technology development, traffic on the 2G network is expected to shift to the 3G network. However, 3G terminal penetration is the key factor in providing the expected shift in traffic from 2G to 3G. In addition, 3G coverage depends on the deployment of the 3G network, which will certainly take time to achieve, compared to the coverage level of the 2G network.

As a result, Turkcell may have difficulties in releasing MHz band for future technologies. The next step in the development of telecommunications in Turkey is the deployment of 4G networks. We have not received an official notification from the Ministry yet.

The cost of 4G network development and the quality of services including data speed and quality of coverage depend on the band and the width of frequency range given to an operator. New network development requires significant financial investments and there can be no assurance that we will be able to develop 4G networks on commercially reasonable terms, that we will not experience delays in developing our networks or that we will be able to meet all of the license terms and conditions or that we will be granted such licenses at all.

We could also face increased costs due to the increase in frequency spectrum usage fees with this technology. We may encounter difficulties in maintaining our service quality and differentiating our service if there are unfavorable license terms and conditions, if we are obliged to use equipment from certain manufacturers or share infrastructure with other operators. We are aware of allegations that there may be health risks associated with the effects of electromagnetic signals from BTS and from mobile handsets.

While we believe that there is currently no substantiated link between exposure to electromagnetic signals at the level transmitted by our BTS and mobile handsets and long term damage to health, the actual or perceived health risks of mobile communications devices could adversely affect us through a reduction in subscribers, reduced usage per subscriber, increased difficulty in obtaining sites for base stations and exposure to potential liability.

Furthermore, we may not be able to obtain insurance with respect to such liability on commercially reasonable terms. In recent years, legal proceedings have been brought against mobile operators seeking the removal of base station sites for health reasons. In addition, the Turkish Supreme Court overruled the decisions of some local courts, finding that a base station in question could have negative effects on human health over the long term.

If the number of those cases increases or if new regulations were to result, these could have a material adverse effect on our operations and financial results. Such legal proceedings may make it more difficult for us to establish and maintain such sites. Furthermore, there are conflicting and confusing reports in the media about the health effects of BTS. These reports have even caused local residents in certain regions to form large protests in strong objection to the BTS sites.

Such obstacles have made it increasingly difficult to build new BTS sites and maintain our existing sites. Furthermore, there are zoning limitations related to our BTS that require operators to obtain construction permits and certificates, which may be costly and may have an adverse effect on our operating results. A draft zoning law in Turkey may require mobile operators to obtain certifications for all existing and new BTS, which may result in significant compliance costs and closing of BTS for which certification cannot be obtained, negatively impacting our financial condition.

Any difficulty in maintaining or building BTS due to health concerns and our inability to obtain the required permission and certificates, may negatively impact the quality of our network, including our ability to expand and upgrade it, and affect our operational performance. In relation to our fiber business, there is an obligation to get permission for excavations from authorized municipalities or institutions.

In some areas, excavations may have to be stopped due to the high cost of tariffs requested from municipalities. Our investment plans may be affected due to excavations being banned during certain seasons within the administrative boundaries of municipalities. In some cases, we could face the risk that, although we get the approval of the Ministry, institutions under the Ministry do not recognize these approvals and do not give permission to excavate.

In addition, the new Metropolitan law has increased the number of metropolitan municipalities and in some cases, the size of their territory was increased, which may have the effect of increasing our coverage obligations and the number of BTS required to meet them. Related regulatory actions in the future are likely to increase our costs and affect results of operations, in many cases, adversely.

We are dependent on certain suppliers for network equipment and for the provision of data and services. The failure of any of our suppliers to supply equipment to us, and at the level of quality we require, may have an adverse effect on our business and financial condition. Like all operators, we purchase our mobile communications network equipment, from a limited number of major suppliers.

There can be no assurance that we will be able to obtain equipment from one or more alternative suppliers on a timely basis in the event that any current supplier for any reason, including that the technological requirements for our increasingly advanced infrastructure are too complex, is unable or unwilling to satisfy our demands. This could also affect our competitive position, if our suppliers stay behind technological developments compared to the suppliers of our competitors.

Table of Contents Adverse economic conditions have negatively affected and may continue to affect our domestic and international suppliers, leading to a contraction in their business, which in turn may lead to a decrease in the quality of the services that they render to us and adversely affect timely delivery of such services, negatively impacting our business and operations. In addition, our existing and new license agreements or new regulations may require us to purchase network equipment from specified suppliers or bring certain specifications regarding our existing suppliers.

Equipment from these suppliers may not always be compatible with our existing equipment or the supplier may fail to integrate it, and our employees may not be familiar with the technical specifications and maintenance requirements of equipment from these suppliers. Furthermore, if our suppliers fail to meet the requirements, we may end up violating the terms of our license agreements. These factors could also have a material adverse effect on our business and financial condition.

These ongoing disputes may lead to further regulatory or legal actions, and affect the ownership and control of our shares. Our principal shareholders are Sonera Holding B. Turkcell Holding A. According to public filings a Schedule 13D filed in November , Alfa and TeliaSonera entered into an agreement regarding a possible consolidation of their holdings in Turkcell in a new company. In a recent Schedule 13D filing, Alfa has deleted references to this agreement.

This dispute and other disputes have effectively blocked shareholder decision-making on important corporate matters, and could have an adverse effect on the ability of our management to execute business decisions and take other actions. We cannot predict how the resolution of this dispute will affect our Company, whether other disputes will be resolved and whether our shareholders will be able to achieve agreement on matters regarding the operation of our Company.

The shareholding structure and the ongoing disputes have adversely affected our company in a number of ways and present a number of risks, including in particular:. Our Articles of Association contain quorum and majority requirements, at various levels, for shareholder meetings and decisions. Failure to achieve a quorum or the required majority vote can block decisions that require shareholder approval. We have had difficulty convening shareholder meetings and numerous items submitted to our shareholders have not been approved, including the distribution of dividends, the approval of our dividend policy, the election of independent board members, the release of directors for actions taken and the approval of financial statements.

In , and , due to lack of quorum, the annual general assemblies could not convene. No assurance can be given that quorum requirements will be met and that actions will be taken. Under the Capital Markets Law, the CMB has the power to take action against the Company, our Board members and our main shareholders in respect of the various governance issues that have arisen or to amend the Articles of Association without general assembly approval.

Under such powers, the CMB directly appointed all of the current members of our Board. Under Art. No assurance may be given regarding the impact of past or future CMB actions, future ICC actions, or any future legal actions against our Company, on the overall company strategy, convening of our general assembly or the distribution of dividends.

The related court decided to appoint Deloitte as the independent auditor of our Company. Regarding the year , our Board has agreed to present Deloitte for approval of the general assembly and in the meantime, Mr. If we are not able to comply with this requirement through approval by the general assembly in future, an auditor may be appointed for us by court order upon request of any shareholder or board member.

This situation may also lead to further regulatory and legal actions being taken in respect of our Company, the nature and effects of which we cannot predict. Ongoing disputes among the shareholders may affect the ownership and control of our shares, the demand for our shares and our ability to manage our business, and no assurance can be given that the interests of these shareholders will be aligned with those of our other shareholders. Table of Contents We face risks related to our dependence on IT systems and the products and services we provide through third party suppliers as well as our exposure to technological changes in the communications market, including in industries where we traditionally do not compete.

We are heavily dependent on IT systems, suppliers of IT services and our IT employees for the continuity of our business and we are continually upgrading and converting our IT systems. Although we devote significant resources to the development and improvement of IT and of security, backup and continuity systems, we could still experience IT and network failures and outages due to system deficiencies, human error, security breaches, terrorist or other destructive acts, natural disasters such as earthquakes and floods, unsuccessful migration to alternative or improved IT systems, or other factors.

We have, from time to time, experienced attempted cyber attacks of varying degrees of sophistication by unauthorized parties attempting to obtain access to our computer systems and networks. As of the date of this annual report, we believe that no such attacks have succeeded in obtaining access to our critical systems, although such attacks in practice may develop over long periods of time during which they can remain undetected.

Computer hackers routinely attempt to breach the security of technology products, services, and systems. In the event of such breaches, we could be exposed to potential liability, litigation, and regulatory action, as well as the loss of existing or potential customers, damage to our reputation, and financial loss. In addition, the cost and operational consequences of responding to breaches and implementing remediation measures could be significant.

These networks open up the possibility for IP-based services. However, once these services are introduced into the IP domain, the mobile network may be harmed by potential attacks. The threats on the mobile network can originate from external sources, such as the public internet, or internal sources, such as terminals connected to our mobile network. Despite our efforts in taking security issues very seriously, we could encounter successful attacks on our infrastructure, which could have an adverse effect on our operations, damage our reputation and affect our relationships with our customers.

Although we closely follow general technological trends in communications and technology, we may be unable to adapt to rapid technological changes in communications and information technology, which could result in higher capital expenditures and a greater possibility of commercial failure.

Rapid technological changes in communications and information technology are redefining the markets in which we operate and the products and services we offer, shortening product life cycles and facilitating the convergence of various segments, including in our core mobile communications and 3G businesses. If we fail to anticipate, invest in and implement new technologies with the levels of service and prices that customers demand or to respond effectively to technological changes, our business, financial condition and results of operations could be adversely affected.

In addition, such new technologies require significant capital expenditures and it is impossible to predict with any certainty whether the technology selected by us will be the most economical, efficient or capable of attracting customer usage, or whether such technologies will be developed according to anticipated schedules, will perform according to expectations or will achieve commercial acceptance.

Although we are following general technological trends in communications and technology, there can be no assurance that we will be able to develop new products and services that will enable us to compete efficiently. Our dependence on these third party providers to help us navigate the regulatory, security and business risks of industries where we traditionally do not compete adversely affects our business. The operation of our business depends, in part, upon the successful deployment of continually-evolving products and services, including for applications in industries other than telecommunications, such as TV, mobile financial services, mobile health and mobile education solutions, authentication solutions and entertainment and community services.

We are reliant upon third party providers to help us navigate risks relating to security, regulations and business in the industries where we do not traditionally compete. Our performance depends, to a significant extent, on the abilities and continued service of our key personnel. Competition for qualified telecommunications and technology personnel in Turkey and elsewhere is intense.

In addition, we depend on our dealers, distributors and their employees for the growth and maintenance of our customer base. The loss of the services or loyalty of key personnel could adversely affect our business and financial condition and could lead to breaches of confidentiality, particularly if a number of such persons were to join a competitor.

Our former Chief Executive Officer, Mr. Our Board is leading a search to find our new Chief Executive Officer. Our future success will be dependent upon the ability to identify and engage a suitable candidate within a reasonable time period and, thereafter, the ability of the new Chief Executive Officer to effectively transition into this role.

Failure to manage these transitions successfully could adversely affect our ability to compete effectively, which could impact our revenues, operations, or results of operations. We are involved in various claims and legal actions arising in connection with our business, which could have a material effect on our financial condition. We are subject to investigations and regular audits by governmental authorities in Turkey, including the Competition Board, the ICTA, tax authorities and certain other parties, and governmental authorities in other countries in which we have operations.

We are currently involved in various claims and legal actions with such authorities. We have set aside provisions for ongoing disputes based on applicable accounting standards. However, no assurance can be given that the provisions we set aside will be sufficient to cover our actual losses under these matters, and that new disputes will not arise under which we would face additional liabilities and reputational risk.

In particular, we have an ongoing dispute regarding the application of the Turkish Special Communication Tax. The tax authority has assessed a significant special communication tax and a related penalty against our company as a result of a tax investigation regarding the years to The tax amount assessed with respect to the Company is TRY Turkcell has filed 60 separate lawsuits before the. Table of Contents tax court for the cancellation of the tax and tax penalty demand.

After the lawsuits were filed, the Company applied for a settlement procedure. However, settlement has not been reached, and the lawsuits are still ongoing. While we intend to vigorously defend our rights and our position in this case, no assurance can be given regarding the outcome. If decided against us, these cases could have a material and adverse effect on our results of operations and our financial condition. Currently, we are under tax investigation for the year and there is a risk that we may incur a special communication tax and a penalty as a result of this investigation.

Although we maintain and regularly review our internal control over financial reporting, there are inherent limitations on the effectiveness of our controls. We maintain and regularly review internal control over our financial reporting. However, internal control over financial reporting has inherent limitations and there is no assurance that a system of internal control over financial reporting, including one determined to be effective, will prevent or detect all misstatements on a timely basis.

A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance regarding financial statement preparation and presentation. However, our controls have in the past suffered from these and lesser deficiencies and no assurance can be given that others will not emerge in the future.

A failure to detect or correct deficiencies and weaknesses in a timely manner could have an adverse effect on the accuracy of our financial reporting. A History and Development of the Company. Turkcell Iletisim Hizmetleri A. The address of our principal office is Turkcell Iletisim Hizmetleri A.

Our website address is www. We also operate under interconnection agreements with other operators that allow us to connect our networks with those operators to enable the transmission of calls to and from our GSM system. The 3G license agreement has similar provisions to the aforementioned 2G license agreement.

Table of Contents Our subscriber base has grown substantially since we began operations in In addition to our operations in Turkey, we have various international operations. B Business Overview. We provide high-quality mobile voice, broadband and other services over our mobile communications network and have developed the premier mobile brand in Turkey by differentiating ourselves from our competitors with our value offers, which include: superior and innovative technologies, more advantages, outstanding and extensive service quality, and being a leader in social responsibility.

We are in compliance with all of our license requirements in all material respects. As a digital standard, GSM offers a wide range of services that include voice, circuit switched data, packet data and fax, in addition to standard service offerings such as call barring, call forwarding, call waiting and roaming into areas serviced by other GSM carriers.

Both postpaid and prepaid subscribers are required to purchase a simcard in order to use the telecommunications service offered by Turkcell. GSM networks have traditionally been used exclusively as personal voice communications networks. Data communication in GSM networks has started with speeds of 9.

Currently, many advanced technology platforms are being developed to enable the provision of more sophisticated data services. The Turkish Mobile Market. The Turkish mobile market has growth potential with favorable demographics, relatively low penetration levels and continued economic growth.

According to a TUIK announcement, the Turkish population is young, with an estimated median age of 31, which is lower than elsewhere in Western Europe, and the majority of the population lives in urban areas. In addition, there were Avea is an operator majority-owned by Turk Telekom. Turk Telekom now holds The remaining Our vision is to ease and enrich the lives of our customers with leading communications and technology solutions.

We strive to build value for our customers, shareholders and employees. As a leading communications and technology company, our goal is to continue organic growth while selectively seeking and evaluating new investment opportunities. Deliver superior customer experience;. Grow our mobile internet business;. Drive adoption of mobile services;. Drive operations excellence and productivity; and.

Invest in future growth businesses. Customer Segmentation. Table of Contents The aims of the segmentation are:. We focus on segments, which are youth, professionals white collar, self-employed, blue collar, governmental workers subsegments , households disabled, farmers, housewives, retired, unemployed subsegments and premium, with differentiated GSM and non-GSM offers, as well as campaigns and co-branded activities with selected companies from other sectors to create added values to targeted segments.

We launched such packages to increase the retention of prepaid subscribers and the revenue generated from them. We currently provide high quality mobile voice, broadband and other services to subscribers throughout Turkey. Subscribers can choose between our postpaid and prepaid services. Voice services are the main services that we provide to our customers. Voice services consist of high quality GSM services on a prepaid and postpaid basis.

There are approximately Smartphones are an important component for the growth of our mobile broadband business. A wide variety of data offers are made available as part of our voice and terminal bundled campaigns, where terminals are provided by dealers and distributors, to increase 3G device penetration, create a unique terminal experience and enhance the broadband internet experience.

In particular campaigns, the dealer makes the handset sale to the. Table of Contents subscribers whose instalments will be collected by us based on the letter of undertaking signed by the subscriber. These campaigns contain a variety of 3G-enabled terminal devices such as feature phones, smartphones, 3G modems and tablets.

Turkcell launched its first Turkcell-branded handset, T10, the affordable Android smartphone joint campaign, to widen access to mobile broadband in Since then, Turkcell and our dealer channel introduced 6 additional T-series smartphone models and 1 tablet.

In , the domestically designed and produced smartphone T40 and the Turkcell-branded tablet were released and both of these devices brought dynamism to the market. The T50, which attracted great attention in the Turkish market, became the best selling smartphone in the market in the third quarter and was ranked number 1 in the SP hitlist published by GFK Market Research Company.

By providing a wide range of services, Turkcell enables users to remain connected wherever they are, via their mobile devices. From basic telecommunications services to social community services, Turkcell responds to the diverse needs of subscribers to help them connect to life. Consumer Products and Services. Consumer Product Management is focused on developing and managing products and services to address the diverse needs of both consumers and corporate customers, thereby enriching their lives.

TV, music, sports, and gaming, and enabling our customers to access information according to their needs. Turkcell seeks to differentiate itself by providing innovative and pioneering solutions in collaboration with its strong solution providers and various partnerships. Consumer Product Management offers various products and services, including but not limited to, call and balance management services and messaging options, government-related applications that provide information on schooling, court case statuses, financial transactions, educational services, cloud services and entertainment options such as sports, gaming, TV and music.

In addition, Turkcell has developed a number of Turkcell-branded mobile applications in-house. Turkcell App Market is a localized application store for users to download both free and paid mobile applications to their supported handsets. The most popular downloads among Turkcell applications include Hesabim, which is a multi-platform application for Turkcell subscribers allowing them to keep track of mobile usage, change user settings and TL top-ups. The remaining popular applications that users can download through App Market are Turkcell Music, which is a legal music platform to stream and download music, Gollercepte, which allows fans to follow their team and be updated on a wide variety of categories such as game scores and player transfers, and Akilli Depo, which is a cloud service that helps data storage.

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The mostly tournament dominated sector is the poker sector. The sea temperature is rarely below 16oC and rises to 30oC during the summer months. All banking facilities are catered for with some banks operating their own branches in London while others have arrangements with major UK banks.

Foreign investment is actively encouraged by the government and has led to numerous incentives to help foreign nationals. Some facilities available include exemptions on import duties, income tax and corporation tax up to 10 years in some cases. Tourism in all forms is actively rewarded by the government and in many cases, grants have been made available to assist in set-up costs.

Ercan currently serves as the sole airport in Northern Cyprus. However, renovations of the old Gecitkale airport are underway to deal with the increase in tourism. Established on Capital Nicosia. Area 3. Population In Turkish Northern Cyprus is known as "K. Legislative power is vested in the Legislative Assembly, composed of 50 deputies elected by universal suffrage for a period of five years.

Judicial power is exercised through independent courts. However, English is very widely used both by the Government and by the private sector. Communications with any Government Department may be made in English and is perfectly acceptable. Summertime is used and the clocks change on the same day as in the UK. Time in terms of when things get done is a bit more relaxed then in most European countries. So expect things to get done at a more gradual pace. Appointments are generally kept but might be a bit delayed.

Public telephone booths are available and telephone cards can be purchased from the Telecommunications Office. Visitors will usually phone from their hotel, or from the Telecommunications Office, which in Kyrenia is opposite the Post Office. The telephone codes for North Cyprus are listed below: The telephone country code for North Cyprus is 00 For example, to call the Kyrenia number Kyrenia xxxx from England, dial xxxx Most European countries may be dialed directly from North Cyprus.

The code for England is followed by the local number but omitting the first number 0. Codes for other countries are listed in the telephone directory. Both of these companies are based in Turkey and are Turkish companies. Visitors to the Island will be glad to know that these two companies have alliances with other companies world wide and thus as long as you have roaming service with your company in your country of residence you will most likely be able to use your Cell phone here.

The outgoing postal system is reliable. Incoming mail must be suffixed "Mersin, Turkey" and not "Northern Cyprus". The history of the postal service in Northern Cyprus will definitely be of interest to all philatelists. Stamps can be bought from post offices, many small shops and hotel receptions. Mail sent to Europe should arrive in seven days. You can take mail to the post office or alternatively there are small yellow post boxes, but these are not frequently emptied.

Many hotels will also post your mail if you leave it at reception. In the Turkish Republic of Northern Cyprus traffic flows from the left. International road and traffic signs are used. Power is supplied at volts and wall fittings are generally the U. Turkish Lira is used as the local currency. Exchanging all the currencies in banks, exchange offices and in hotels is possible.

Visa card, credit card, master and euro cards, checks etc Northern Cyprus hosts over plant specia of which 22 are endemic, species of birds, of which 7 are endemic, and 26 different species of reptile and amphibia. The two main reasons for this amazing diversity are, firstly, that Cyprus was not affected by the last ice-age which wiped out many species from areas further north , and secondly, that Cyprus forms a resting and nesting station for birds migrating between Africa and Eastern Europe.

Turkish Republic of Northern Cyprus has an intense Mediterranean climate with the typical seasonal rhythms strongly marked in respect of temperature, rainfall and weather generally. Hot, dry summers from mid-May to mid-October and rainy, rather changeable winters from mid-November to mid-March are separated by short autumn and spring seasons of rapid change in weather conditions.

The long narrow Besparmak mountain range, play an important part in the meteorology of Turkish Republic of Northern Cyprus. The predominantly clear skies and extensive sunshine give large seasonal and daily differences between temperatures of the sea and the interior of the island which also cause considerable local effects especially near the coast.

At Latitude 35 degrees north and Longitude 33 degrees east, Turkish Republic of Northern Cyprus has a change in day-length from 9. In summer the Turkish Republic of Northern Cyprus is mainly under the influence of a shallow trough of low pressure extending from the great continental depression centered over southwest Asia.

It is a season of high temperatures with almost cloudless skies. In winter, Turkish Republic of Northern Cyprus is near the track of fairly frequent small depressions which cross the Mediterranean Sea from west to east between the continental anti-cyclone of Eurasia and the generally low pressure belt of North Africa. Flora As Cyprus enjoys the Mediterranean climate the natural flora of the Island is rich and interesting to the botanist, as well as to the uninitiated.

The Summer visitors to the Island will be struck by the apparent barrenness of the plains and foothills which are frequently bare of trees for miles. This seeming infertility derives from the fact that the greater part of the lowland flora consist of winter annuals. The Island, being in the Eastern part of the Mediterranean, does not get enough rainfall in Summer. But the animals to be found in the island have a wide-spread origin.

In trying to describe the flora of the Island, it is advisable to look first at the forest trees. The most wide-spread species of forest trees, are natural pine, Cypress and oak. Eucalyptus varieties have also been introduced to the Island. Forests in the Island are confined to the Southern massif and the Kyrenia range. The Southern foothills of the Kyrenia range and most parts of the Island are covered with evergreen shrubs. These shrubs are mostly common in the coastal regions. Two of the commonest of these shrub varieties, particularly well developed in the Karpass area are: Juniperus Phoenicea and Pistacia Lentiscus.

In place the foeristically rich scrubs, cistus calycorome, lithospermin and lavandula occur. Though the lowlands are yellow and brunt in the Summer months, within a week of the beginning of the rainy season the fields and foothills are covered with new vegetation.

In Cyprus the autumn and winter annuals are very quickly followed by the spring flowers, so that one thinks that there are not two flowering seasons in the Island but one long flowering season. The first flowering plants are scillas, grape hyacinths, encus, calchicucun and narcissus serotinus, followed, at the new year, by one of the loveliest of the Cyprus endemics, Romulea tempskaya with its star like flower in colours varying from deep purple to pure white. Also in this season, cyclamen persicum presents a very beautiful scene at the foot of the Karpass and Kantara.

In march and April the wild anemones and the lilies of the field, with great variations in colour and form, begin to flower. The Southern slopes of the Kyrenia range present a magnificent view with blankety coverings of these flowers. Meanwhile, in cultivated fields near Myrtou Camlibel wild tulips are abundant; and in other parts of the lowlands, narcissus tazetta can be found in abundance.

At the end of April and the month of May, though the central plains are getting hot and dry the Northern slopes get a beautiful covering of flowers. Fauna The only large indigenous wild animal still in existence in the Island is the Mouflon, a variety of mountain sheep pecular to Cyprus. This animal is in a reservation in the Southern part of the Island and on the Troodos mountains.

The other indigenous animals are the hare, fox, hedgehog, rat and various kinds of bats. The Island had an unenviable reputation for her abundance of snakes. Numerous snakes can be seen in the hot summer months but they are by no means all poisonous. The only really poisonous snake in the Island is a species of viper. Most of the other snakes seen in the Island are not dangerous, especially the large black one which serves a very useful purpose in preying on rats and other vermin.

There are two kinds of lizards; and blind worms and chameleons are also to be found. The small gekko, with suckers on its feet is common in older houses. Two kinds of frogs, the green tree frog and the edible frog, are also common in the Island. On the bird life of Island one can say that Cyprus falls between two of the great bird migration routes, one from western Russia Southwards through Palestine to East Africa, and the other being the Balkan African route.

As a result of this position of the Island, many interesting birds are to be observed, especially during the times of Spring and Autumn passages. Of the indigenous species the largest are vultures and eagles. The Vulture, the most common scavenger, sails for hours on end in the air currents with scarcely a movement of its large wings. It is by far the most common of its species. The Black Vulture is present in relatively small numbers.

Of the eagles, two species may be seen and are not uncommon. Occasionally Spotted Eagles visit the Island. In the plains and open foothills larks, mainly the crested variety, are common. The small Black and White Cyprian Wheateater is conspicuous, especially in the foothill regions.

Flocks of pigeons nesting in forests and cliffs are common throughout the Island. Black Bellied Sand Grouse nest in small colonies in some of the more barren and stony parts of the Mesaoria plain. Along the coasts of the Island, Shag and Cormorant are to be seen together with numerous species of gulls. At river mouths and along the more rocky coasts small Red and Green Kingfishers can be sometimes be seen. During Winter numerous wild fowl visit the Island; snipe, woodcock, quail, many varieties of duck and occasional bustard geese.

Large number of finches and other small birds are also common Winter visitors. The seas around the Island are rich in a variety of small fish, some of them very beautifully coloured. Large fish, however, are not abundant. Of the local fish the most commonly caught are the red grey mullet, rock bream, gunard and sometimes larger fish as bonito, tunny and skate. In addition a variety of smaller fish are caught and may be observed exposed for sale.

Large spiders and centipedes exist but are not dangerous. The most dangerous invertebrate is perhaps the scorpion, which is not very common. There are numerous insects found in the Island, none of which are particularly dangerous to humans. In Summer many hornets are to be seen, but they are remarkably mild natured and do not generally sting unless greatly sting unless greatly provoked.

Night flying moths are particularly abundant. Today the most frequently seen animals are the fox, Cyprian hare and rabbit, long-earned hedgehod, Cyprian shrew and six species of bat. Occasionally dolphins are seen swimming south from Turkey. Caretta Marine turtles begin their lives on land, where they emerge from eggs, after days incubation in the sand.

On reaching the sea, they swim frantically out to offshore waters where they remain for the rest of their lives, the only exception being when adult females come ashore to lay their eggs. It is estimated that only one hatchling in two thousand will survive to maturity. When they are years old, and meters in length, adult males and females migrate to waters off nesting beaches to feed and mate. During a nesting season a female lays nests, each containing around eggs. She may nest every years usually returning to the same beach.

Some theories suggest that turtles return to nest on the beach where they hatched. It is not known how long marine turtles live, but estimates are in the region of years. Two species of marine turtle nest on Mediterranean beaches, the loggerhead, Caretta caretta, and the green turtle, Chelonia mydas. Both of these nest in Northern Cyprus. The total Mediterranean populations of these two species are estimated at green and logghead females nesting annually.

It possible b estimate how many males a juveniles there are. These species are both endangered, especially the green turtle, with Cyprus and Turkey being the only known nesting sites. In , with increasing awareness of the plight of marine turtles in the Mediterranean, the Society for the Protection of Turtles in North Cyprus contacted Glasgow University for assistance. Student volunteers work alongside volunteers from these non-governmental organizations and the local Department of Environmental Protection.

Throughout the coastline N. Cyprus 80 beaches are monitored from may through until October since m sandy beaches support some turtle activity. Cyprus runs from] May until early August with hatching occurring from late July until late September.

At the heart of the North Cyprus coast, the medieval harbour of Kyrenia is one of the most beautiful in the Mediterranean. The harbour is framed by the majestic Kyrenia Castle which houses the remains of one of the oldest ancient ships salvaged from the sea. A visit to Bellapais Abbey is also a must.

The old walled city of Famagusta is a must for every visitor to the island. With its rambling alleyways and arcades, it feels as though time has stood still. Famagusta has witnessed a sensational makeover during recent years and is fast becoming one of the most desirable areas for investment, both commercial and private. The 12th century BC Salamis ruins tell a story of a bygone era and the ancient amphitheatre is still used for concerts and events to this day.

One of the largest villages in the North, İskele is fast building a name for itself as an up and coming area, with wonderful golden beaches and lovely restaurants in close proximity. İskele is also home to the recently opened Anfora Shopping Centre.

Over 1 million sqft, making it the largest single retail unit in Northern Cyprus that includes a hypermarket, cinema and bowling alley as well as cafes and restaurants. A delight to behold with an amazing array of fish restaurants ranged around its harbour, you can be sure the catch of the day is fresh every morning. Combine this with the soon to be developed Big Old Bazaar — a giant shopping and entertainment complex with 1, stores, stands, stages and attractions, the whole family can enjoy all the pleasures of this beautiful village.

Clothing and shoes, gift and furniture shops, supermarkets, banks and restaurants - all under one roof. The sandy shores and clear blue waters of Bafra are second to none in any part of the world. It is also closely situated to one of the largest yacht marinas in the Mediterranean, which is currently under construction and will accommodate in excess of berths. The Karpaz Peninsula is a land where time stands still. Undisturbed nature in all its beautiful glory with ancient towns, basilicas, ruins and tombs — Karpaz is a wonderful experience.

Karpaz Gate Marina, an exclusive new development that will open up the stunning, undiscovered Karpaz peninsula of Northern Cyprus, is progressing well. Once completed, Karpaz Gate Marina will become the most important maintenance centre in this part of the Mediterranean and, as a result, is expected to become a highly popular marina destination in the eastern Mediterranean. KGM is designed for yachts anywhere between 7 and 65 metres in length. The inner basin of the Marina will encompass six floating pontoons, while its dry docks will be amongst the largest in the East Mediterranean.

Among the extensive list of services to be provided by Karpaz Gate are water sports, laundry and dry cleaning, tourist arrangements, dining, port entry open 24 hours, yacht maintenance, VIP access to the resort, and a shuttle service. The location will also host all the top-class yachting facilities one would expect from a modern marina including workshops, 24 hour fuel and security, a travel lift, golf cars, diving centre, and internet.

Connecting the resorts and marine is the Promenade with shops, bars, and restaurants among its list of attractions. The proud owners of the first 18 hole golf course in Northern Cyprus, that spans some 6, yards, carved from a natural forest of Umbrella Pines and Olive trees amongst others, welcome you to a truly memorable golfing experience.

Whether you want to practice your swing at the 30 bay driving ranges or brush up on your skills with the help of a qualified instructor at the golf academy, complete the day by dining at the elegant restaurant or enjoy a drink at the clubhouse bar. Following the Ottoman conquest in the 16th century, it was transformed into a mosque with the addition of two minarets.

Built in the 18th century as a cloister of Dervish brotherhood, it houses an ethnographical museum. Weapons used during period and those captured from the Greeks can be seen here. It is the most impressive Gothic monument in North Cyprus. It overhangs citrus gardens which stretch out to the sea below. A truly magnificent view! The name comes from the combination of the French words 'belle' and 'pais' meaning "beautiful peace".

It has also been called Abbey de la Pais the Abbey of Peace. It was founded during the Lusignan reign by the Augustinians in Hugh III, a Lusignan king, financed the majority of the construction. Hugh IV was even more attached to Bellapais, adding magnificent apartments and living there between and Durell, who admired the oriental Mediterranean, in his book "Bitter Lemons", gives us a beautiful description of Cyprus in the fifties, and reveals the second attraction of the village: "the tree of idleness".

The marina is surrounded by old Venetian houses, restaurants and taverns. It attracts numerous colourful fishing boats as well as elegant yachts. Girne was founded by the Myceneans towards BC. As a result of excavations at the site, it is thought that the original castle was built in the 9th Century AD by the Byzantines to defend Girne against Arab raids. Later additions were constructed by the Lusignans and the castle was further strengthened by the Venetians.

An interesting fact about the castle is that in al its history, the caste was never taken by assault. It sank in a storm around the year BC, less than a mile off the coast of Girne. The ship was raised from the sea bed by a team of experts in , reassembled, and treated with a preservative before being put on display.

Also in the museum is the cargo carried by the ship on its last voyage, including wine amphorae, 9, almonds, 29 millstones, 4 wooden spoons, 4 jars of oil, 4 salt pots, and 4 casks of alcohol. Hilarion which were used as observation and defence posts. Hilarion, the best preserved of the three, was used as a summer residence by the kings of Cyprus.

Its crenellated walls look as if they were cut in the rock. Its square tower shelters a small tavern. Built in the 10th Century during the Byzantine period, used in the middle ages by the Lusignans and destroyed later in the 15th Century by the Venetians, Buffavento Castle is only accessible after quite a sportive walk. Those courageous enough will not be dissapointed by the spectacular view. It used to be a prison, escape castle and hideaway.

Situated at the beginning of the Karpas peninsula, the Kantara castle has an unsurpassed view on both north coast and the Mesaoria plain towards Gazimagusa. It was built in the 11th century BC by Achaean and Anatolian settlers who were soon joined by the refugees who finally abandoned Enkomi-Alasia in BC.

Salamis is a great site. The most impressive remains are the theatre and the gymnasium. The others are the palaestra vast exercise ground with marble columns , the sudatorium or sweating room and the calderium. The excavations are scattered over a square mile of scrub and acacia.

It is said that the drama which inspired Shakespeare took place in Famagusta. It is a replica, with yellow stones, of the Reims Cathedral in France. They were built on the foundations of earlier Roman and Hellenistic structures. In the 12th Century, a Byzantine church was erected on the site of the earlier Christian basilica.

The famous statue of Aphrodite, the Greek Goddess of Love, was discovered here. Soli was a great city, founded in the 6th Century BC. It was at its most importance during the Roman occupation of Cyprus, and was destroyed during the Arab invasion in the 7th Century. A Swedish archaeological expedition excavated the Roman amphitheatre in and an early Christian Basilica and mosaics came to light during the later work by Canadian teams. Much work remains to be done over the huge site. In spring, the light breezes scatter the white orange blossoms from which you can smell the fragrance around the town, while in other seasons the golden oranges and lemons shine on the trees.

It is an ideal picnic spot for those who want to escape from the noise and rush of city life and to spend the day in the peace and quiet of the natural surroundings. The Turkish Republic of Northern Cyprus can be reached by air and by sea. You may choose the most convenient way for you.

Although there are no direct flights to the Turkish Republic of Northern Cyprus, travelling to the northern part of the island is no longer a problem. Besides, there are charter flights to Turkish Cyprus. As mentioned above, all the aircrafts flying to Turkish Cyprus are to touch down in Turkey. Usually the stopover lasts for an hour, and passengers remain in the aircraft, however sometimes the airline company changes the aircraft.

In this case passengers are required to wait in the transit lounge and obtain a boarding pass of their ongoing flight to Northern Cyprus. It will take you approximately an hour to get from Turkey to North Cyprus. If you travel by sea, the voyage may take you from 2. Ferry-boats and sea-buses connect operate regularly between Kyrenia and Famagusta, towns in Northern Cyprus, and Turkey. Sea-busses are faster and travel between the island and Turkey almost every day. Ferry boats can take more passengers and cargo, but go slower.

A trip by a ferry boat can take up to hours. The sea trips may be certainly not pleasant in winter. Although there are no direct flights to the Turkish Republic of Northern Cyprus from other countries North Cyprus has direct air links only with Turkey , travelling to the northern part of the island is no longer a problem.

Usually the stopover lasts for an hour, and passengers remain in the aircraft Cyprus Turkish Airlines. Sometimes the airline company changes the aircraft for example, Turkish Airlines. If you are travelling from Turkey, you can choose from number of scheduled flights from Istanbul, Izmir, Ankara, Adana and Antalya.

Charter flights are available at weekends and on public holidays. While arriving in Northern Cyprus, all the planes descend at two national airports of the Turkish Republic of Northern Cyprus : generally at Ercan Airport situated near Nicosia , more rarely at Gecitkale Airport Famagusta , as the latter is commonly used for military purposes.

To get details on timetable, prices and flight booking please contact airlines offices or visit their web sites. You may also contact travel agencies for more information. Nevrez Bulv. Ordu Cad. You need JavaScript enabled to view it.

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