"UTK" PJSC 2003 business-plan provides for a total revenue of RUR 13 267.5 mln which is up 26% compared with 2002. Revenues from core activity (sale of telecom services) are to be increased by 29,6 % reaching RUR 13011.5 mln, including local telephony - RUR 5341 mln (a 39.4% increase)), long-distance telephony - RUR 6576 mln (+20,6%), value-added services - RUR 459 mln (+58,4%). Thus, the Company plans the following 2003 revenue structure from telecom services: local telephony - 41%, long-distance telephony - 50,5%, value-added services - 3,5%, other telecom services (wire radio broadcasting, wireless communication, radio communication, satellite communication, etc.) - 5%.
Considerable revenue growth from traditional services will result from putting into service the planned capacity of 513 281 lines (a 37.2% growth), increase in number of basic telephone sets by 244 596 numbers (+47,4%) ?nd, of course, by the Company's every effort to raise teledensity in the Southern Federal District (by 7% to 20.4 telephones per 100 inhabitants) and to reduce number of applications for telephone installation. 2003 total installed capacity is to be 3 836 453 lines, 92.7% of them to be equipped.
Total operating costs according to "UTK" PJSC 2003 budget will stand at RUR 9430.62 mln planning a 19.82% increase over the previous year, including wages and salaries - RUR 4060.09 mln, material expenses - RUR 903.14 mln, depreciation - RUR 1063.79 mln, payments to "Rostelecom" - RUR 1387.32 mln, other costs - RUR 2016.29 mln.
We expect preponderance of revenues growth rate over costs (5.6%) and decrease of prime cost share in 1 ruble of earnings by 3.4%.
Operating profit in 2003 is to reach RUR 3836.8 mln (+42,3%), pre-tax profit - RUR 1861.2 mln (-21,8% in actual values of accounting reports; + 37,4% under comparable conditions*), net profit - RUR 1262 mln (-21,35%; + 53%*), EBITDA** - RUR 3404.8 mln (+4,8%; +47,1%*). EBITDA margin in 2003 will stand at 25,7%, last year's index was 30.9% (23.4% under comparable conditions*).
In 2003 "UTK" PJSC will retain its positive dynamics in terms of business efficiency that proves the Company's development strategy be true.
| Index |
Actual
2002 |
Plan
2003 |
change
% |
| Revenue per 1 line, RUR |
3 291 |
3 918 |
19,1% |
| Revenue from sale of telecom services per 1 line, RUR |
3 127 |
3 843 |
22,9% |
| Operating profit per 1 line |
840 |
1 133 |
34,9% |
| Revenue per 1 employee, RUR ths |
248,4 |
308,0 |
24,0% |
| Operating profit per employee, RUR ths |
63,4 |
89,1 |
40,5% |
| Number of lines per employee |
75,5 |
78,6 |
4,1% |
When planning revenue structure the Company gives preference to growth of value-added services share. In 2003 "UTK" PJSC plans considerable development of data transmission multi service networks. Amount of contract for equipment delivery exceeds 15.8 mln USD. Total number of ports exceeds 18.7 ths ports. 10 thousand of them are for switched access including 8 thousand universal access ports which allow to provide DialUp, ISDN-DialUp, IP-telephony services via one and the same port. Over 8 thousand ports are for access via assigned lines including 1.5 thousand xDSL ports and 3.5 thousand Ethernet ports. Multi-service network development is based on IP MPLS technology as being most productive for providing VPN services in the territory of the Southern Federal District .
Besides, the Company plans to build call-centers in Krasnodar, Rostov, Volgograd and to provide ISDN, IP-telephony and intelligent services to wider range of customers.
Level of local telephone networks digitization is to be increased by 10.4% in 2003 thus totaling in 49%. The length of long-distance telephone channels is to rise by 1724.7 ths ch/km including those formed using digital transmission systems - by 1737.4 ths ch/km. Length of transmission lines is to be increased by 2098 km (+13,6%), including 2008 km (+46,2%) of fiber-optic transmission lines..
These lines of the Company's development are supported by 2003 plan of capital construction, which provides for RUR 4879.8 mln of capital investments and RUR 5264.6 mln of basic assets to be put into operation. In 2003 the Company source of finance will include own funds and debt capital. Share of own funds will stand at 34.2 %, borrowed funds and debt capital - 65.8%. 2003 capex breakdown in terms of project types will be the following: business development - 74%, reconstruction and infrastructure maintenance - 25%.
* excluding profit gained from selling "Kuban-GSM" stake in 2002.
** In "UTK" PJSC EBITDA is calculated as sum total of pre-tax profit, depreciation charges and interest payable.
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