Group revenue slightly improved to TRY9.0 billion mainly due to increasing mobile internet revenues and the higher contribution of Group companies, despite the negative impact of regulatory decisions in Turkey.
Turkcell Turkey's revenue was TRY8.0 billion, which included higher mobile internet revenues, up 74% to TRY454 million and a higher postpaid subscriber base, despite the negative impact of significant regulatory changes. The share of mobile internet and service revenues in Turkcell Turkey's revenues increased by 4 percentage points to 20%.
Topline contribution of subsidiaries increased to 11% in 2010, mainly due to strong revenue growth of 33% to TRY335.1 million at Superonline.
EBITDA contribution of subsidiaries improved to 9% in 2010 from 5% in 2009, mainly due to the significantly improved operational performance of Superonline and Astelit.
Despite challenging market conditions and regulatory changes, Group EBITDA margin was maintained at 33%, while Group EBITDA was at TRY2.9 billion.
Group net income increased by 4% to TRY1.8 billion.
Turkcell's capital expenditures totaled TRY18 billion since inception and TRY1.7 billion in 2010.
* EBITDA is a non-GAAP financial measure. See page 14-15 of 2010 Press Release at http://www.turkcell.com.tr/c/docs/announcements/ announcements_2011_0223_Q4_2010_press_release.pdf for the reconciliation of EBITDA to net cash from operating activities. Please note, however, that following the publication of the reconciliation in our Q4 2010 results on February 23, 2011, we have made changes to the manner in which we account for the impact of changes in foreign exchange rates in our statement of cash flows for 2010. As a result, we expect to revise our presentation of prior periods, including the Q4 2010 reconciliation.