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Svyazinvest

November 24, 2004

SiberiaTelecom: 1H 2004 IAS financials

SiberiaTelecom (RTS ticker: ENCO/ENCOP, ????: STKM/STKMP, ADR: SBTLY), the major telecom operator in the Siberian Federal District, released its interim 1H 2004 IAS financials (unaudited).

 

Consolidated financials include assets, liabilities and operating results of the Company and its subsidiaries, the largest of which are Yeniseytelecom (100%) and Baikalvestcom (100%).

 

Key FY 2003 and 1H 2004 IAS financials (RUR mln):

 

2003

1H2004

Income

17,718.3

10,403.0

EBITDA

4,824.0

3,088.7

EBITDA margin

27.2%

29.7%

Opex

14,730.8

8,298.2

Income from core activities

2,987.4

2,104.7

Operating margin

16.9%

20.2%

Income before taxation and minority interest

2,782.6

1,639.3

Net profit

1,883.0

1,082.7

Net margin

10.6%

10.4%

Ø    The Company’s 1H 2004 IAS consolidated revenue amounted to RUR 10,403 mln.

LD and ILD (28.1% and 24%, respectively), as well as mobile telecommunication services (16.8%) account for the bulk of the Company’s revenue mix. Another significant line item, the Company’s services to Russian operators, amounted to RUR 719.9 mln. Revenues from new services (Internet, ISS, ISDN) accounted for RUR 410.1 mln.

Company IAS revenue mix in FY 2003 and 1H 2004 (RUR mln):

Line item

2003

revenue mix, %

1H 2004

revenue mix, %

 

 

LD traffic

5,460.1

30.8

2,924.5

28.1

 

ILD traffic

927.0

5.2

485.0

4.7

 

Local traffic

4,233.0

23.9

2,500.7

24.0

 

Installation and connection fees

1,195.1

6.7

555.2

5.3

 

Telegraph services

219.7

1.2

113.0

1.1

 

Mobile telecommunication services

2,299.3

13.0

1,747.3

16.8

 

Radio and TV broadcasting

57.5

0.3

33.0

0.3

 

Data transfer and telematic services

166.2

0.9

84.2

0.8

 

New services (Internet, ISS, ISDN)

596.5

3.4

410.1

3.9

 

Rent of channels

294.0

1.7

82.5

0.8

 

Services to Russian operators

776.7

4.4

719.9

6.9

 

Othertelecom services

976.2

5.5

505.5

4.9

 

Other services

516.9

2.9

241.9

2.3

 

Total

17,718.3

100.0

10,403.0

100.0

 

Ø    The company’s 1H 2004 IAS expenses stood at RUR 8,298.2 mln.

Wages, salaries, other benefits, payroll taxes, interconnection charges, depreciation and amortization, materials, repairs, maintenance and utilities expenses, other opex (SG&A, insurance, rent, consulting and advertising expenses) account for the bulk of the Company’s expenses.

Company IAS expenses structure in FY 2003 and 1H 2004 (RUR mln):

Line item

2003

expenses structure, %

1H 2004

expenses structure, %

 

 

Wages, Salaries, Other Benefits and Payroll Taxes

(5,913.0)

40.1

(3,462.6)

41.7

 

Depreciation and Amortization

(1,836.6)

12.5

(984.0)

11.9

 

Materials, Repairs, Maintenance and Utilities

(1,772.9)

12.0

(925.0)

11.1

 

Taxes Other than Income Tax

(292.6)

2.0

(178.1)

2.1

 

Interconnection Charges

(2,645.2)

18.0

(1,606.3)

19.4

 

Bad Debts (Expense) /Reversal

(390.8)

2.7

(149.9)

1.8

 

Loss on Disposal of Property, Plant and Equipment

(253.5)

1.7

(86.6)

1.0

 

Other Operating Expenses

(1,626.3)

11.0

(905.6)

10.9

 

Total

(14,730.8)

100.0

(8,298.2)

100.0

 

Ø    EBITDA stood at RUR 3,088.7 mln in 1H 2004, EBITDA margin – 29.7%.

Ø    Profit from core activities amounted to RUR 2,104.7 mln, profit margin from core activities – 20.2%.; profit before taxes totaled RUR 1,639.3 mln.

Ø    Consolidated net profit reached RUR 1,082.7 mln in 1H 2004, net profit margin stood at 10.4%.

Siberia Telecom’s 1H 2004 IAS consolidated financials (balance sheet, statement of cash flows) can be viewed at the corporate website https://www.sibirtelecom.ru/investor/finance.php(in Russian) and https://www.sibirtelecom.ru/english/investors/financial.php (in English).

For the record:

Key unconsolidated operating and financial results (RAS):

 

1H 2004

1H 2003

Chg., %

Major financial indicators (mln RUR)

 

 

Revenue

8,874

6,929

28.1

Expenses

7,282

5,406

34.7

EBITDA

2,540

2,007

26.5

EBITDA margin

28.6%

29.0%

 

Sales profit

1,592

1,523

4.5

Operating margin

17.9%

22.0%

 

Profit before taxes

1,059

938

12.9

Net profit

729

651

11.9

Net margin

8.2%

9.4%

 

Major operating indicators

 

 

Number of fixed line customers, th

3,680

3,486

5.6

Number of cellular subscribers*, th

678

298

127.6

LD and ILD traffic (outgoing paid), mln min

953

842

13.2

Internet traffic on dial-up lines, mln min

711

529

34.5

Efficiency indicators

 

 

LD / ILD traffic per line, min

256

241

6.0

Revenue per line, RUR

2,379

1,985

19.8

Revenue per employee, RUR th

184

139

32.4

Lines per employee

77.5

70.1

10.5

·         including subsidiaries

 

 

 

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