FINTUR
Turkcell holds a 41.45% stake in Fintur Holdings BV. Fintur has focused on GSM investments in growing markets of relatively low penetration rates, such as Azerbaijan, Kazakhstan, Moldova and Georgia.
| FINTUR | 2009 | 2010 | y/y % chg |
| Subscriber (million) | |||
| Kazakhstan | 7.2 | 8.9 | 23.6% |
| Azerbaijan | 3.8 | 4.0 | 5.3% |
| Moldova | 0.7 | 0.9 | 28.6% |
| Georgia | 1.9 | 2.0 | 5.3% |
| TOTAL | 13.6 | 15.9 | 16.9% |
| Revenue (US$ million) | |||
| Kazakhstan | 863 | 1.013 | 17.4% |
| Azerbaijan | 501 | 504 | 0.6% |
| Moldova | 63 | 67 | 6.3% |
| Georgia | 175 | 152 | (13.1%) |
| Other* | 3 | 1 | (66.7%) |
| TOTAL | 1,605 | 1,737 | 8.2% |
| (*) Includes intersegment eliminations | |||
| (US$ million) | 2009 | 2010 | y/y % chg |
| Fintur's contribution to Turkcell Group's net income | 119.6 | 153.0 | 27.9% |
Fintur's subscriber base continued to grow in 2010. The overall subscriber number rose by 16.9% to 15.9 million, mainly as a result of strong growth in Kazakhstan. Fintur's consolidated revenue increased by 8.2% to US $1,737 million in 2010, mainly driven by a 17.4% increase in the revenues of our Kazakhstan operation, along with strong subscriber acquisitions and an improved macroeconomic environment. We account for our investment in Fintur using the equity method. Fintur's contribution to income was US $153.0 million in 2010.
