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Svyazinvest

March 29, 2005

OAO North-West Telcom: 2004 financial results

North-West Telecom has released its 2004 financial performance indicators under RAS*

 

Based upon 2004 results, the company generated revenue of Rub 15.355.680 thousand, up 24,5% compared with the same period last year. A tariff hike for local telecom services delivered growth in revenue, which stood at Rub 2,048,852 thousand, a y-o-y surge of 16,6%. Moreover, the amount of revenue of Lensvyaz and Komisvyaz operators, integrated in 4Q2004, totaled Rub 970.436 thousand.

 

Revenue from telecom services went up 23,6% against on the year earlier period, to amount to Rub 14.799.309 thousand.

 

The cost of telephone services rendered totaled Rub 12.311.699 thousand.

 

The amount of net profit for 2004 reached Rub 1.343.183 thousand, a 62% increase against 2003. Net profit including merged companies consolidation since the beginning of the year was Rub 423.042 thousand.

 

EBITDA climbed 46,8% to Rub 3,691,335 thousand.

 

EBITDA profit margin rose by 3,6 p.p. and reached 24%.

 

OIBDA grew 18,2%, up to Rub 4,396,273 thousand.

 

Profit margin on OIBDA dropped 1,5 p.p. to 28,6%. This slump resulted from excess of costs over revenues: in 2004 costs went up 28,5%. Particularly, a 40% rise in depreciation costs was caused by installation of extensive capacity, Rostelecom costs increase by 32% is a result of revised settlement agreement, labor remuneration costs grew by 31%.

 

In 2005, the company seeks to provide excess of revenues over operating costs, which will allow to promote one of the major strategic tasks of NWT financial policy – to increase operating profit margin by not less than by 1 p.p. annually.

 

NWT capital investments in 2004 reached a total of Rub 4,7 bn (Rub 3,6 bn in 2003). Investments were allocated for network modernization and digitalization, waiting list reduction, zone networks expansion in the regions. In 2004 415 thousand of new lines were put into operation, of which 196 thousand were new lines and 219 thousand were lines for replacement. At the end of 2004 digitalization rate reached 48%. In 2005, 149 thousand more lines are to be made operational and 221 thousand of lines in service are to be digitalized.

 

To view OAO NWT’s 2004 balance sheet and profit and loss statement (unaudited), please, visit our corporate website, ‘Economics and Finance’ section.

 

*Data from Form 2 and SP for NWT (2003 includes NWT only, 2004 includes NWT, Lensvyaz and Komisvyaz from the 4th quarter), unaudited.

 

 

 

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