Consolidated Statement Of Cash Flows
Turkcell İletişim Hizmetleri A.Ş. And Its Subsidiaries
Consolidated Statement Of Cash Flows For the year ended 31 December 2010
(Amounts expressed in thousands of US Dollars unless otherwise indicated except share amounts)
| Note | 2010 | 2009 | 2008 | |
| Cash flows from operating activities | ||||
| Profit for the year | 1,126,961 | 1,104,804 | 1,755,062 | |
| Adjustments for: | ||||
| Depreciation and impairment of fixed assets | 12 | 515,515 | 384,257 | 433,942 |
| Amortization of intangible assets | 13 | 241,839 | 206,421 | 245,985 |
| Net finance (income) | 10 | (237,628) | (254,582) | (393,671) |
| Income tax expense | 11 | 320,799 | 340,093 | 549,758 |
| Share of profit of equity accounted investees | (154,457) | (115,240) | (151,629) | |
| (Gain)/loss on sale of property, plant and equipment | 101 | 25,150 | (6,931) | |
| Gain on sale of subsidiary | - | - | (4,727) | |
| Unrealized foreign exchange gain and loss on operating assets | (5,847) | 88,572 | (228,033) | |
| Impairment losses on goodwill | 23,499 | 61,835 | - | |
| Provision for impairment of trade receivables | 18 | 126,257 | 75,379 | 68,550 |
| Deferred income | 26 | (77,854) | (2,966) | (3,293) |
| 1,879,185 | 1,913,723 | 2,265,013 | ||
| Change in trade receivables | 18 | (204,403) | (269,360) | (214,220) |
| Change in due from related parties | 33 | 28,752 | (20,312) | 2,124 |
| Change in inventories | 3,083 | (8,662) | (267) | |
| Change in other current assets | 19 | (29,389) | (37,099) | (27,208) |
| Change in other non-current assets | 16 | (29,011) | (21,272) | (10,704) |
| Change in due to related parties | 33 | (3,775) | (6,290) | (6,541) |
| Change in trade and other payables | 32,541 | 180,469 | 66,690 | |
| Change in other current liabilities | (96,118) | (115,306) | 206,537 | |
| Change in other non-current liabilities | 23 | (14,051) | (82,893) | 52,452 |
| Change in employee benefits | 25 | 2,690 | 942 | 5,773 |
| Change in provisions | 27 | (45,102) | 123,644 | 29,704 |
| 1,524,402 | 1,657,584 | 2,369,353 | ||
| Interest paid | (38,829) | (29,497) | (25,050) | |
| Income tax paid | (322,754) | (395,024) | (687,292) | |
| Dividends received | 99,759 | 83,543 | 89,235 | |
| Net cash generated by operating activities | 1,262,578 | 1,316,606 | 1,746,246 | |
| Cash flows from investing activities | ||||
| Acquisition of property, plant and equipment | (912,097) | (1,044,165) | (603,568) | |
| Acquisition of intangible assets | 12 | (132,827) | (723,507) | (193,219) |
| Proceeds from sale of property, plant and equipment | 13 | 8,506 | 4,471 | 16,693 |
| Proceeds from currency option contracts | 12,147 | 10,549 | 14,655 | |
| Payment of currency option contracts premium | (4,988) | (1,150) | (4,970) | |
| Acquisition of available-for-sale securities | (16,762) | (83,951) | (47,549) | |
| Proceeds from sale of available-for-sale securities | 70,528 | 32,015 | 78,542 | |
| Acquisition of subsidiary, net of cash acquired | - | - | (309,967) | |
| Interest received | 270,602 | 320,697 | 354,211 | |
| Net cash used in investing activities | (704,891) | (1,485,041) | (695,172) | |
| Cash flows from financing activities | ||||
| Proceeds from issuance of loans and borrowings | 1,071,777 | 1,692,866 | 601,000 | |
| Loan transaction costs | (12,100) | (14,357) | - | |
| Repayment of borrowings | (772,892) | (944,133) | (487,999) | |
| Change in non-controlling interest | 89 | - | 72,199 | |
| Proceeds from capital contribution | - | 4,570 | 18,202 | |
| Dividends paid | (590,541) | (744,380) | (556,973) | |
| Net cash used in financing activities | (303,667) | (5,434) | (353,571) | |
| Net decrease/(increase) in cash and cash equivalents | 254,020 | (173,869) | 697,503 | |
| Cash and cash equivalents at 1 January | 3,090,242 | 3,255,420 | 3,093,175 | |
| Effects of foreign exchange rate fluctuations on cash and cash equivalents | (47,995) | 8,691 | (535,258) | |
| Cash and cash equivalents at 31 December | 20 | 3,296,267 | 3,090,242 | 3,255,420 |
