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May 12, 2003

Volga Telecom releases 2002 financial results

Nizhny Novgorod, May, 2003:  Based on the results of its 2002 financial results, Volga Telecom generated Rub 10.9, which is up 30.4% on 2001 performance.  The share of revenue attributable to telecom sales was up 31.7% compared with 2001, reaching Rub 10.6 million.

Expenses for main types of activity in 2002 decreased 7.6% and stood at 118.7%.  The total amount of expenses for the company's main types of activity stood at Rub 76,797 million in 2002.

Sales revenue for 2002 increased by 72% and reached Rub 3.1 and balance-sheet profit was up 58% to Rub 1.5 million.  The net profit of Volga Telecom stood at Rub 1.5 million (growth rate of 222.8%).  Balance sheet profit margin rose 25.5%, which is up 6.3% higher than the 2001 index (19.2%).  Net profit margin stood at 18.9%, up from 10.1% in 2001.

The average number of lines per employee increased by 12.1% in 2002 and stood at 69.8 lines.  Average revenue per employee rose by 38.5% and reached RUB 202,800.  Expenses per employee averaged RUB 144,200 (declining by 3.3% year-on-year).  ARPU for 2002 was Rub 2,906 (up 123.5% year-on-year).  Cost per each ruble of revenue decreased from 78.1% in 2001 to 71.1% in 2002 (91% growth rate).

The volume of capital investments in 2002 was Rub 3.5 billion (growth rate of 180.9%).  Traditionally, the company allocates a sizeable share of its capital investments to development of its local telephone network (67%). As a result, 403,500 new lines were entered into service over the past year (up 188.7% compared with 2001), of which 369,000 fell to the city network and 34,500 to the rural network.  Increase in main lines stood at 201,400, which is 215 higher than the same period one year ago.  Average number of lines based on the 2002 financial results of 2002 Volga Telecom was 3,744,000.

 

 

 

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