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Svyazinvest

May 7, 2004

SiberiaTelecom sums up 1Q 2004 results

Siberia Telecom’s 1Q 2004 results are as follows:

 

- Revenue from sale of goods (work and services) totaled Rub 4,403 mln, i.e. 128.9% against the same period last year (Rub 3,415 mln);

 

- Sales profit reached Rub 875 mln, or 98.1% against the year-earlier period (Rub 892 mln);

 

- Pre-tax profit stood at Rub 498 mln, or 82.4% against the year-earlier period (Rub 604 mln);

 

- Net profit amounted to Rub 339 mln, or 77.6% against the year-earlier period (Rub 437 mln).

 

The company’s cost structure is as follows:

 

- Payroll – 32.9%;

- Social deductions – 11.3%;

- Depreciation of fixed assets –13.2%;

- Tangible costs, electric power – 7.1%;

- Payables to Rostelecom – 16.1%;

- Otherexpenses – 19.3%.

 

A 139.8% rise in the company’s 1Q 2004 expenditure exceeded the increase in profit (128.9%), which is in line with the company’s approved budget and driven by the following factors:

- introduction of a new LD settlement system with Rostelecom, effective August 2003;

- accelerated depreciation methods applied to equipment purchased under leasing contracts.

This fact and also a jump in expenditure due to payables due (110% compared with the same period last year) took a toll on the company’s 1Q 2004 profit margins against the year-earlier period).

The telecom operator plans to achieve a 124% growth in revenue/expenditure in 2004.

Siberia Telecom’s LD traffic totaled 455,443,000 minutes in 1Q 2004, or 114.1% against the same period last year (399,228,000 minutes).

The telecom operator’s ILD traffic equaled 22,797,000 minutes in 1Q 2004, or 110.9% against the same period last year (20,565,000 minutes).

 

 

 

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