Kamil Kalyon: Cemal, starting from your first question, the [discontinued] (ph) operations amount is TRY1.9 billion in the net income side. Regarding the revenue growth, in real terms, our revenue grew by 15% to TRY107 billion in 2023. Due to contracted nature of our business, the lagging impact of our sequential price adjustments became more visible starting from half of 2022 and it continued in 2023. Therefore, the price adjustments are the main motive regarding the revenue growth in the historical figures. Regarding your third question, inflation — our year-end inflation expectations are around 37%, and the average rate, our expectation is around 52% for the 2024. Normally, it’s really hard to, how can I say, it’s really hard to finalize the inflationary accounting principles or calculations for such a big company in a short term.
It’s really hard for us. Therefore, we would like to be in a safe mode in this regarding the especially real growth issue. Your expectation is a little bit correct. We say that it’s a high single digit, but as I said before, our aim would be arriving or reaching the double digit growth in 2024. Regarding your criticism, I would like to make some information about this issue, especially Capital Markets Board. Last week we had a telephone conversation, verbal conversation with Capital Markets Board, and they are very keen or they have very strict applications or prohibitions not to declare the amounts or the, for example, figures before the inflation adjustment. Therefore, we prepared our presentation regarding the — by taking into this account.
Therefore, if you need further information about any kind of figures regarding before inflation or after inflation, our team will be very happy to help you. Regarding the Ukraine question, would you like to say anything?
Ali Taha Koc: So we are expecting the legal procedures to continue and then I cannot, we cannot give a deadline but we will expect it’s going to be over in this year. But again, it is just a jurisdiction system. So we don’t know how long it’s going to take, but we are doing our best to make it as quick as possible.
Cemal Demirtas: Thank you. Regarding my first question, I understand that the historical figures, including Ukraine, you mentioned around TRY1.9 billion, right?
Kamil Kalyon: Yes.
Cemal Demirtas: But when I look at your financial statement, and it’s the numbers we see for the inflation accounting standards. But I see TRY1.97 billion, the net income, related to cash flow, Ukraine. But I am asking the historical figures, which might be lower than this number, because these numbers are all carried through the year-end. So in order to — and my reasoning is to compare with our full year numbers, nothing more than that. So it should be lower than TRY1.9 billion. So I just wanted to reiterate my question. Thank you.
Kamil Kalyon: Cemal, maybe we can provide the detailed information about this calculation after the call to you.
Cemal Demirtas: Okay, thank you. Thank you very much. It was very helpful and congratulations for the…
Kamil Kalyon: Because our figures are after inflation adjustment side and the discontinued operations. One figure we added, the historical values we will be giving it after the call.
Cemal Demirtas: Okay, thank you. Thank you very much.
Operator: The next question is from a line of [indiscernible] with Barclays. Please go ahead.
Unidentified Analyst: Hi, good evening. Thank you very much for the presentation and thank you for taking my question. I have just one quick question. Do you have any plans for the upcoming 2025 euro bond maturity and could you maybe share those with us? Thank you.
Kamil Kalyon: Yes, we have some plans because I think 2025 and 2026 would be a lot of — there will be a lot of movements in this year, for example, we are expecting this 5G issue, and we have some — the maturity of our euro bonds are expiring. Therefore, as I mentioned, we have around $1.7 billion dollar equivalent cash in our hands, and we have $120 million committed [life] (ph). That is very sufficient for us, for example, for the two years — maintaining our debt service for two years period. But this year, most probably, we are thinking to make some regarding the adequate case for this in order to recover this issue, we are diligently exploring a range of competitive and rational alternatives for the reissues of 2025 loan this year. This might be Sukuk or also again a conventional Eurobond site.
Unidentified Analyst: Sorry, could you please repeat what is the size of the committed lines?
Kamil Kalyon: The committed line is $120 million.
Unidentified Analyst: Okay, thank you.
Kamil Kalyon: You’re welcome.
Operator: The next question comes from the line of Campos, Gustavo with Jefferies. Please go ahead.
Gustavo Campos: Hello, thank you very much for the presentation. Congratulations on the results. Just wanted to, if you could provide some color on the — your working capital flows as of this fourth quarter of 2023, unadjusted tools from like the inflation, that would be very helpful. Thank you.
Kamil Kalyon: Yes, thank you very much for the question. We expect our loan portfolio to increase around TRY8 billion as of 2024 year-end. Accordingly, we might continue to see some pressure on the working capital side, yet we have the flexibility to adjust our management in other working capital items. Therefore, our maximizing or minimizing to using the working capital process is still ongoing. We take the relevant records about this issue.
