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Golden Telecom

November 5, 2003

Revenue growth and strategic acquisitions. Golden Telecom reports results for the third quarter of 2003

MOSCOW, Russia (November 5, 2003)— Golden Telecom, Inc.’s (NASDAQ: “GLDN”) consolidated revenue in the third quarter of 2003 was $90.1 million and consolidated net income was $12.5 million.

 

Here are some of the highlights for the third quarter 2003 vs. the third quarter 2002:

 

  • Consolidated revenues of $90.1 million – up 95%
  • Consolidated operating income of $18.3 million – up 173%
  • Consolidated net income of $12.5 million – up 60%
  • Consolidated net cash flow from operations of $17.4 million – up 83%
  • Consolidated EBITDA1 of $29.4 million - up 110%
  • Total business segment revenues of $90.1 million – up 18%
  • Total business segment EBITDA1 of   $29.7 million – up 15%

(Business segment information is defined as the results of Golden Telecom, Inc. plus the results of 100% of Sovintel and a number of non-consolidated regional joint ventures for all periods referenced.)

 

Alexander Vinogradov, Chief Executive Officer and President of Golden Telecom, Inc. commented: “Our third quarter numbers confirm strong growth in customer demand for our services, both in Moscow and in regional cities, with exceptional quarter-on-quarter revenue growth of 12%.

 

On August 20, 2003, we announced the signing of a share exchange agreement to acquire Comincom and Combellga. All necessary regulatory approvals have been received and we expect this transaction to close later this year. We invite all shareholders to join us on November 28, 2003 for the special meeting of shareholders which will decide whether to approve this transaction. This acquisition represents a major step forward for our company, and will help us meet our objective of solidifying and extending our position as the leading voice, data, and Internet service provider in Russia and the Commonwealth of Independent States (CIS).”

 

Stan Abbeloos, Chief Operating Officer of Golden Telecom, Inc. said: “We saw another quarter of strong revenue growth from our Business and Corporate Services business unit, and the Carrier and Operator Services business unit made a strong recovery from the second quarter. We added 456 new corporate customers in the third quarter, bringing the total to 9,215 as of September 30, 2003. We signed up 22 new multi-tenant business centers.

 

Regional demand for our services continues to strengthen, prompting us to undertake the construction of a fiber optic link from Moscow to Nizhny Novgorod, a high traffic route for us. We find that on average, our long-distance capacity requirements double every eighteen to twenty-four months. This cable will allow us to reduce our costs, and will enable us to be less dependent on incumbent operators. Constructing this fiber optic link with the mobile operators, Mobile Telesystems and VimpelCom allows us to acquire essentially the same capacity that we would have, if we had built the cable alone, at approximately one-third of the cost that we would have otherwise incurred.”

DRAFT

 


David Stewart, Chief Financial Officer of Golden Telecom, Inc. noted: “Our balance sheet remains strong and for the first three quarters of 2003 our cash flow from operations exceeded our capex by $20.3 million. We ended the quarter with cash of $54.9 million, virtually unchanged from the end of the previous quarter. During the quarter we paid $15.3 million relating to the acquisition of Sibchallenge and received $12.3 million from stock option exercises. We consolidated one month of the operations of Sibchallenge in Krasnoyarsk this quarter, which added $0.6 million to consolidated revenues after intercompany transactions.”

 

 

More Third Quarter 2003 Results (amounts in millions, except per share data):

 

 

3Q03

 3Q02

3Q03

vs 3Q02

2Q03

3Q03

vs 2Q03

Consolidated revenues

$90.1

$46.3

95%

$80.7

12%

Operating income

$18.3

$6.7

173%

$17.5

5%

Income tax

$5.5

$1.7

224%

$4.8

15%

Effective income tax rate

31%

18%

 

29%

 

Net income

$12.5

$7.8

60%

$11.9

5%

Net income per share (fully diluted)

$0.43

$0.32

34%

$0.42

2%

EBITDA1

$29.4

$14.0

110%

$28.0

5%

EBITDA1 margin

33%

30%

 

35%

 

Diluted weighted average shares

29.1

24.7

18%

28.3

3%

Capital expenditure, excluding acquisitions

$15.0

$6.5

131%

$16.0

-6%

 

 

About Golden Telecom (www.goldentelecom.com)

Golden Telecom, Inc., NASDAQ: “GLDN” is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the CIS.  The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay networks in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod and Krasnoyarsk and via intercity fiber optic and satellite-based networks – including 150 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

 

Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include our planned fiber optic link from Moscow to Nizhny Novgorod, and the timing of our planned acquisition of Comincom and Combellga. It is important to note that such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in these statements.  Such risks and uncertainties include, but are not limited to, the completion of additional networks which may affect our capital expenditure, our ability to consummate the acquisition of Comincom and Combellga, our ability to efficiently integrate acquired companies, and political, economic and regulatory developments in Russia, Ukraine and Kazakhstan and increasing competition that may limit growth opportunities. Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company’s filings with the U.S. Securities and Exchange Commission including the Company’s quarterly reports on Form 10-Q and periodic reports on Form 8-K filed during 2003, and the Company’s annual report on Form 10-K for the year ended December 31, 2002.

 


FOR MORE INFORMATION, CONTACT:

Public Relations:

Anna Chin Go Pin

DRAFT

e-mail: achin@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

Investor Relations:

Tom Adshead

e-mail: tadshead@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9331

www.goldentelecom.com

 

 

 

 


Golden Telecom, Inc.

Condensed, Consolidated Statements of Operations (unaudited)

(Amounts in millions, except per share data)

 

 

 

 

Three Months Ended:

 

Nine Months Ended:

 

 

 

 

 

9/30/02

 

 

 

9/30/03

 

 

 

 

9/30/02

 

 

 

9/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

 

46.3

 

$

 

90.1

 

 

$

 

     121.9

 

$

 

249.2

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access and network services (excluding

depreciation and amortization)

 

 

21.5

 

 

 

44.9

 

 

 

 

54.5

 

 

 

121.6

 

 

Selling, general and administrative (excluding

depreciation and amortization)

 

 

10.8

 

 

 

15.8

 

 

 

 

30.7

 

 

 

42.6

 

 

Depreciation and amortization

 

 

7.3

 

 

 

11.1

 

 

 

 

19.6

 

 

 

32.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

6.7

 

 

 

18.3

 

 

 

 

17.1

 

 

 

52.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (losses) of ventures

 

3.3

 

 

 

 

 

 

 

3.8

 

 

 

 

 

Foreign currency gain (loss)

 

(

0.1

)

 

(

0.1

)

 

 

(

0.6

)

 

 

 

 

Interest expense, net

 

(

0.2

)

 

(

0.1

)

 

 

(

0.3

)

 

(

0.9

)

 

Minority interest

 

(

0.2

)

 

(

0.1

)

 

 

(

0.4

)

 

(

0.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense

 

 

2.8

 

 

(

0.3

)

 

 

 

2.5

 

 

(

1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9.5

 

 

 

18.0

 

 

 

 

19.6

 

 

 

51.7

 

Income taxes

 

 

1.7

 

 

 

5.5

 

 

 

 

3.8

 

 

 

14.5

 

Income before cumulative effect of a change in accounting principle

$

 

 

7.8

 

 

$

 

12.5

 

 

$

 

 

15.8

 

 

$

 

37.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of a change in accounting principle

 

 

 

 

 

 

 

 

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

 

7.8

 

$

 

12.5

 

 

$

 

16.8

 

$

 

37.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Income before cumulative effect of a               

    change in accounting principle

$

 

 

0.32

 

 

$

 

0.44

 

 

$

 

 

0.69

 

 

$

 

1.35

 

    Cumulative effect of a change in accounting

    principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.04

 

 

 

 

 

 

Basic earnings per share

$

 

0.32

 

$

 

0.44

 

 

$

 

0.73

 

$

 

1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - basic

 

 

24.3

 

 

 

28.2

 

 

 

 

23.2

 

 

 

27.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Income before cumulative effect of a

    change in accounting principle

$

 

 

0.32

 

 

$

 

0.43

 

 

$

 

 

0.67

 

 

$

 

1.32

 

    Cumulative effect of a change in accounting

    Principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.04

 

 

 

 

 

 

Diluted earnings per share

$

 

0.32

 

$

 

0.43

 

 

$

 

0.71

 

$

 

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - diluted

 

 

24.7

 

 

 

29.1

 

 

 

 

23.6

 

 

 

28.3

 

 

 

 

 

Golden Telecom, Inc.

Condensed, Consolidated Balance Sheets

(Amounts in millions)

 

 

 

 

 

 

12/31/02

 

 

 

9/30/03

 

 

 

 

 

 

(audited)

 

 

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

59.6

 

$

 

54.9

 

 

Accounts receivable, net

 

 

42.2

 

 

 

53.3

 

 

VAT receivable

 

 

4.0

 

 

 

11.5

 

 

Prepaid expenses and other assets

 

 

21.6

 

 

 

25.4

 

 

 

Total current assets

 

 

127.4

 

 

 

145.1

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

166.1

 

 

 

188.8

 

Goodwill, net

 

 

71.7

 

 

 

71.7

 

Intangible assets, net

 

 

56.0

 

 

 

62.2

 

Restricted cash and other assets

 

 

14.6

 

 

 

11.2

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

 

435.8

 

$

 

479.0

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

 

43.9

 

$

 

49.6

 

 

VAT payable

 

 

4.4

 

 

 

8.8

 

 

Debt maturing within one year and current capital lease obligations

 

 

10.8

 

 

 

3.5

 

 

Other current liabilities

 

 

11.9

 

 

 

15.1

 

 

 

Total current liabilities

 

 

71.0

 

 

 

77.0

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt and capital lease obligations

 

 

29.7

 

 

 

4.8

 

Other liabilities

 

 

25.4

 

 

 

28.2

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

126.1

 

 

 

110.0

 

 

 

 

 

 

 

 

 

 

 

 

Minority interest

 

 

2.2

 

 

 

2.5

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Common stock

 

 

0.3

 

 

 

0.3

 

 

Additional paid-in capital

 

 

446.2

 

 

 

468.0

 

 

Accumulated deficit

 

(

139.0

)

 

(

101.8

)

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

307.5

 

 

 

366.5

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

 

435.8

 

$

 

479.0

 

 

 

 

 


 

Golden Telecom, Inc.

Condensed, Consolidated Statements of Cash Flows (unaudited)

(Amounts in millions)

 

 

 

 

Nine Months Ended:

 

 

 

 

 

9/30/02

 

 

 

9/30/03

 

 

 

 

 

 

 

 

 

 

NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES

$

 

28.8

 

 

 

63.1

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Purchase of property, equipment and intangible assets

 

(

16.6

)

 

(

42.8

)

 

Acquisitions, net of cash acquired

 

(

5.4

)

 

(

15.3

)

 

Cash received from escrow account

 

 

3.0

 

 

 

 

 

Restricted cash

 

 

1.9

 

 

 

0.4

 

 

Proceeds from investments available for sale

 

 

11.0

 

 

 

 

 

Purchase of investments available for sale

 

(

2.0

)

 

 

 

 

Loan received from equity investee

 

 

10.0

 

 

 

 

 

Other investing

 

 

4.0

 

 

 

2.1

 

 

 

 

 

 

 

 

 

 

 

 

NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES

 

 

5.9

 

 

(

55.6

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

Repayments of debt

 

(

9.0

)

 

(

31.1

)

 

Net proceeds from exercise of employee stock options

 

 

3.8

 

 

 

20.3

 

 

Other financing

 

(

1.2

)

 

(

1.4

)

 

 

 

 

 

 

 

 

 

NET CASH USED BY FINANCING ACTIVITIES

 

(

6.4

)

 

(

12.2

)

 

 

 

 

 

 

 

 

 

Effects of exchange rate changes on cash and cash equivalents

 

(

0.2

)

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

28.1

 

 

(

4.7

)

Cash and cash equivalents at beginning of period

 

 

37.4

 

 

 

59.6

 

 

 

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

 

65.5

 

$

 

54.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 Golden Telecom, Inc.

Line-of-Business Statistics (unaudited)

(Amounts in millions)

               

The following table presents our consolidated segment information for the last five quarters.

Consolidated Segment Information

 

 

 

 

 

 

Revenue

9/30/02

12/31/02

3/31/03

6/30/03

9/30/03

Business and Corporate Services

$20.3

$39.3

$39.0

$43.6

$46.7

Carrier and Operator Services

18.3

28.3

29.8

26.8

32.9

Consumer Internet Services

5.2

6.2

7.1

7.2

7.2

Mobile Services

3.3

3.1

3.2

3.6

3.6

Corporate and Eliminations

(0.8)

(0.1)

(0.7)

(0.5)

(0.3)

     Total Consolidated Revenue

$46.3

$76.8

$78.4

$80.7

$90.1

 

 

 

 

 

 

Operating Income

 

 

 

 

 

Business and Corporate Services

$1.6

$9.4

$10.6

$13.5

$12.5

Carrier and Operator Services

6.9

6.7

7.2

4.9

6.9

Consumer Internet Services

(1.3)

(0.9)

(0.5)

(0.5)

(0.8)

Mobile Services

1.2

0.8

1.1

1.6

1.7

Corporate and Eliminations

(1.7)

(1.7)

(1.2)

(2.0)

(2.0)

     Total Consolidated Operating Income

$6.7

$14.3

$17.2

$17.5

$18.3

 

 

 

 

 

 

Operating Margin %

14.5%

18.6%

21.9%

21.7%

20.3%

Business and Corporate Services

7.9%

23.9%

27.2%

31.0%

26.8%

Carrier and Operator Services

37.7%

23.7%

24.2%

18.3%

21.0%

Consumer Internet Services

-25.0%

-14.5%

-7.0%

-6.9%

-11.1%

Mobile Services

36.4%

25.8%

34.4%

44.4%

47.2%

 

Reconciliation of consolidated EBITDA1 to consolidated net income (unaudited)

(Amounts in millions)

 

 

 

 

Three Months Ended:

 

Nine Months Ended:

 

 

 

 

 

9/30/02

 

 

 

9/30/03

 

 

 

 

9/30/02

 

 

 

9/30/03

 

EBITDA1

 

 

14.0

 

 

 

29.4

 

 

 

 

36.7

 

 

 

85.0

 

 

Depreciation and amortization

 

 

7.3

 

 

 

11.1

 

 

 

 

19.6

 

 

 

32.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

6.7

 

 

 

18.3

 

 

 

 

17.1

 

 

 

52.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (losses) of ventures

 

3.3

 

 

 

 

 

 

 

3.8

 

 

 

 

 

Foreign currency gain (loss)

 

(

0.1

)

 

(

0.1

)

 

 

(

0.6

)

 

 

 

 

Interest expense, net

 

(

0.2

)

 

(

0.1

)

 

 

(

0.3

)

 

(

0.9

)

 

Minority interest

 

(

0.2

)

 

(

0.1

)

 

 

(

0.4

)

 

(

0.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense

 

 

2.8

 

 

(

0.3

)

 

 

 

2.5

 

 

(

1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9.5

 

 

 

18.0

 

 

 

 

19.6

 

 

 

51.7

 

Income taxes

 

 

1.7

 

 

 

5.5

 

 

 

 

3.8

 

 

 

14.5

 

Income before cumulative effect of a change in accounting principle

$

 

 

7.8

 

 

$

 

12.5

 

 

$

 

 

15.8

 

 

$

 

37.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of a change in accounting principle

 

 

 

 

 

 

 

 

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

 

7.8

 

$

 

12.5

 

 

$

 

16.8

 

$

 

37.2

 

 

 

 

 

 

 

Golden Telecom, Inc.

Line-of-Business Statistics (unaudited)

(Amounts in millions)

The following table presents our business segment2 information for the last five quarters.

Three months ended:

9/30/02

12/31/02

3/31/03

6/30/03

9/30/03

 

 

 

 

 

 

Business segment revenue:

 

 

 

 

 

     Business and Corporate Services

$39.0

$39.3

$39.0

$43.6

$46.7

     Carrier and Operator Services

29.4

28.2

29.9

26.9

32.9

     Consumer Internet Services

5.2

6.2

7.1

7.2

7.2

     Mobile Services

3.3

3.1

3.2

3.6

3.6

     Corporate and eliminations

(0.7)

(0.1)

(0.7)

(0.5)

(0.3)

          Total business segment revenue

76.2

76.7

78.5

80.8

90.1

 

 

 

 

 

 

Less: equity method ventures revenue

(34.7)

(1.1)

(1.2)

(1.1)

(1.2)

Affiliate adjustment

4.8

1.2

1.1

1.0

1.2

Consolidated revenue

$46.3

$76.8

$78.4

$80.7

$90.1

 

 

 

 

 

 

 

 

 

 

 

 

Business segment EBITDA1:

 

 

 

 

 

     Business and Corporate Services

$13.3

$14.0

$15.1

$18.0

$17.4

     Carrier and Operator Services

12.7

11.0

11.6

9.1

11.5

     Consumer Internet Services

(0.5)

(0.1)

0.4

0.4

0.2

     Mobile Services

1.8

1.6

1.8

2.3

2.4

     Corporate and eliminations

(1.5)

(1.5)

(1.0)

(1.8)

(1.8)

          Total business segment EBITDA1

25.8

25.0

27.9

28.0

29.7

 

 

 

 

 

 

Business segment depreciation and amortization:

 

 

 

 

 

     Business and Corporate Services

4.2

4.5

4.5

4.5

4.9

     Carrier and Operator Services

4.1

4.3

4.2

4.3

4.5

     Consumer Internet Services

0.8

0.8

0.9

0.9

1.0

     Mobile Services

0.6

0.8

0.7

0.7

0.7

     Corporate and eliminations

0.2

0.2

0.2

0.2

0.2

Total business segment depreciation and amortization

9.9

10.6

10.5

10.6

11.3

 

 

 

 

 

 

Business segment operating income

 

 

 

 

 

     Business and Corporate Services

9.1

9.5

10.6

13.5

12.5

     Carrier and Operator Services

8.6

6.7

7.4

4.8

7.0

     Consumer Internet Services

(1.3)

(0.9)

(0.5)

(0.5)

(0.8)

     Mobile Services

1.2

0.8

1.1

1.6

1.7

     Corporate and eliminations

(1.7)

(1.7)

(1.2)

(2.0)

(2.0)

          Total business segment operating income

15.9

14.4

17.4

17.4

18.4

 

 

 

 

 

 

Less: equity method ventures operating income (loss)

(9.2)

(0.1)

(0.2)

0.1

(0.1)

 

 

 

 

 

 

Consolidated operating income

6.7

14.3

17.2

17.5

18.3

 

 

 

 

 

 

  Equity in earnings (losses) of ventures

3.3

0.6

0.1

(0.1)

-

  Foreign currency gain (loss)

(0.1)

(0.6)

0.2

-

(0.1)

  Interest income (expense), net

(0.2)

(0.4)

(0.4)

(0.6)

(0.1)

  Minority interest

(0.2)

(0.1)

(0.1)

(0.1)

(0.1)

  Income taxes

(1.7)

(0.8)

(4.2)

(4.8)

(5.5)

 

 

 

 

 

 

NET INCOME

$7.8

$13.0

$12.8

$11.9

$12.5

 

 

 


 

The following table presents selected operating data3 related to our consolidated and non-consolidated ventures at and for the periods shown:

 

 

 

Three Months Ended:

 

 

 

 

3/31/03

 

 

 

6/30/03

 

 

 

9/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Points of presence

 

 

149

 

 

 

149

 

 

 

149

 

Total contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

Business and Corporate Services

 

 

34,928

 

 

 

38,111

 

 

 

68,5495

 

 

Carrier and Operator Services

 

 

535

 

 

 

588

 

 

 

689

 

Dial-up Internet access subscribers4

 

 

278,823

 

 

 

280,243

 

 

 

291,167

 

Total active cellular subscribers

 

 

35,308

 

 

 

36,314

 

 

 

36,861

 

Total employees – consolidated entities

 

 

1,753

 

 

 

1,812

 

 

 

2,117

 

Total employees – non-consolidated entities

 

 

116

 

 

 

127

 

 

 

132

 

 

 

 

Notes to data for Golden Telecom:

 

1.        EBITDA is defined as operating income plus depreciation and amortization. This measure is not defined by generally accepted accounting principles (GAAP) and is a measure of a company performance commonly used in the telecommunications industry, but should not be construed as an alternative to operating income/(loss) determined in accordance with GAAP as an indicator of operating performance or as an alternative to cash from operating activities determined in accordance with GAAP as a measure of liquidity. A reconciliation of EBITDA to net income is included in the press release.

 

2.        Business segment information is defined as the results of Golden Telecom, Inc. plus the results of 100% of Sovintel and a number of non-consolidated regional joint ventures for all periods referenced.

 

3.        MCT Corp. is not included in the operating data shown.

 

4.        Dial-up Internet subscribers is the number of users (or logins) who have logged on to the system during the month in question, regardless of whether they are enabled or disabled at month end. It specifically excludes “on-trial” users, free users and internal users.

 

5.        The total number of contracts in the third quarter includes Sibchallenge for the first time. Sibchallenge has approximately 30,000 contracts, which are predominantly residential.

 

 

 

 

 

 

 

 

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