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Svyazinvest

September 12, 2002

Unaudited financial results of OJSC Rostelecom for 1H 2002 conducted in accordance with International Accounting Standards

   During the first six months of 2002 domestic long-distance traffic volume rose by 14%, international outgoing traffic by 11% compared to the same period a year ago;

·        Revenues were up 12.8% on the year-earlier period, reaching Rub 12,520.8 mn;

·        Operating profits surged by 67% year-on-year and stood at Rub 1.9 bn

·        EBITDA reached Rub 5.4 bn, up 29% year-on-year. The EBITDA margin rose to 43% for the six months of 2002, com pared to 38% a year ago.

·        Net profit stood at Rub 762 mn, which was 2% lower than for the first six months of 2001, primarily due to foreign exchange losses and deferred taxation. 

Key financial indicators for 1H 2002 

CONSOLIDATED PROFIT & LOSS STATEMENT

 

Not adjusted for inflation

 

Consumer Price Index

1.2205

1.0330

% change

Rub mn

6 months 2001

6 months 2002

 

Revenue

11,098

12,521

12.8%

Operating expenses

(9,952)

(10,609)

6.6%

Depreciation

(3,074)

(3,525)

14.7%

EBITDA

4,219

5,437

28.8%

Operating profit

1,146

1,912

66.6%

Non-operating income (loss), total

1,302

(432)

n/a

Foreign exchange gain/(loss), net

354

(703)

n/a

Income before tax and minority interest

2,448

1,480

-39.6%

Current tax charge

(1 138)

(735)

-35.4%

Deferred tax benefit / (charge)

719

268

-62.7%

Net profit

1,580

762

-51.8%

EBITDA Margin, %

38%

43%

 

EBIT Margin, %

10%

15%

 

Net Margin, %

14%

6%

 

 

All absolute numbers, as well as comparatives in the press release are not adjusted for inflation. Rostelecom management believes that such presentation properly reflects the dynamics of the Company's financial results For your convenience all inflation indices used to de-inflate the numbers of the financial statements are given in every table of the press release in strict correspondence with specific periods and dates. 

CONSOLIDATED BALANCE SHEETS 

Mn/Rub

Not adjusted for inflation

 

CPI

1,0911

1,0000

 

 

 

31.12.2001

30.06.2002

% change

ASSETS

Non-current assets

56,106

58,863

4.9%

 

Fixed assets

54,443

56,882

4.5%

Current assets

12,732

15,534

22.0%

 

Cash and cash equivalents

1,930

3,623

87.7%

Total assets

68,838

74,397

8.1%

SHAREHOLDER EQUITY AND LIABILITIES

Shareholder equity

42,349

46,605

10.1%

Minority interest

1,676

2,131

27.1%

Current liabilities

13,765

13,957

1.4%

 

Current portion of interest-bearing notes

5,828

5,968

2.4%

Non-current liabilities

11,048

11,704

5.9%

 

Interest bearing notes – net of current portion

948

795

-16.2%

 

Deferred taxation

9,771

10,385

6.3%

Total liabilities

24,813

25,661

3.4%

Total shareholders’ equity, minority interest and liabilities

 

68,838

74,397

8.1%

Net Debt

2,033

488

-76.0%

 

Revenues 

Domestic Long Distance (DLD) Services 

During the first six months of 2002 DLD traffic increased by 14% year-on-year. Traffic from subscribers increased by 1%, reaching 585.2 mn min, while traffic from operators was up 18%. Volume of DLD traffic from operators was 2,746.8 mn min.  

Revenue from DLD services grew by 40% and amounted to Rub 4,182 mn. Revenues from subscribers surged by 14%, reaching RUB 1,581 mn. Revenues from operators increased by 64% to RUB 2,601 mn, while revenues from regional operators were 78% due to a 15% traffic increase and an average 56% rise in the line settlement rate.  

International Long-Distance (ILD) Services provided to Russian subscribers and operators 

Outgoing ILD traffic volumes rose by 11% over a year ago. Subscribers traffic decreaed by 17% to 171 mn min along with revenues that also dropped by 17%, totaling Rub 1,649 mn. Outgoing ILD traffic from operators surged by 28% to 412 mn min, while revenues from operators increased by 27%, reaching Rub 2,302 mn. 

Revenues from international operators

For the first time in several years Rostelecom saw an increase in incoming international traffic - traffic rose by 3.5% over the year-earlier period to 426 mn min. 

The decline in revenues from international operators amounted to 4% due to an reduction in international settlement rates. At the same time charges by international operators fell by 8% compared to the first six months of 2001. 

TRAFFIC AND REVENUE DYNAMICS

 

 

Not adjusted to inflation

 

CPI

1.2205

1.0330

 

 

 

1H 2001

1H 2002

% change

DLD traffic 

 

Traffic, mn min

2,915

3,332

14.3%

 

Revenue, mn Rub

2,982

4,182

40.2%

 

 

 

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