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Uralsvyazinform

April 8, 2010

Uralsvyazinform reports the audited full year 2009 RAS financial and operating results

Uralsvyazinform reports the audited unconsolidated financial and operating results for the year ended December 31, 2009 prepared under Russian Accounting Standards (RAS).

- Revenues increased by 0.4% on 2008 and totaled RUR 40.7 bln. The revenue growth is mainly due to revenue gains in fixed-line services (+2.4%) and Internet service providing (+25.3%).

- EBITDA[1] increased by 15.7% on 2008. EBITDA margin totaled 37.9%. Operating margin — 20.4%

- Net profit increased by 51.9% to RUR 4.1 bln Net margin totaled 10.0%.

- Subscriber base totaled 9.4 million including 5.7 million in mobile/GSM.

Financial highlights

Financial

2009

2008

Change, %

Revenues, RUR mln

40,744.0

40,581.0

+0.4%

Costs, RUR mln

32,412.2

33,456.4

–3.1%

EBITDA, RUR mln

15,471.2

13,367.6

+15.7%

EBITDA margin

37.9%

32.9%

 

Operating profit, RUR mln

8,331.9

7,124.6

+16.9%

Operating margin

20.4%

17.6%

 

Profit before income tax, RUR mln

5,406.8

4,146.4

+30.4%

Net profit, RUR mln

4,068.9

2,677.9

+51.9%

Net margin

10.0%

6.6%

 

For information:
[1] EBITDA is calculated as a sum of pre-tax profit, interest payable, depreciation and amortization, leasing payments less interest receivable.

To view complete accounting statements of Uralsvyazinform as of 2009 under RAS please visit corporate web site www.ir.u-tel.ru.

Overview of business

Local Services

 

31.12.2009

31.12.2008

Change, %

Installed capacity, thous. lines

4,219.3

4,288.4

–1.6%

 

 

30.12.2009

30.12.2008

Change, %

Subsciber base, thous. lines, incl:

3,722.4

3,722.6

0.0%

Residents

3,177.8

3,167.7

+0.3%

Organizations

544.6

555.0

–1.9%

Revenues from local services increased by 2.4% on 2008 and totaled RUR 10,454.4 mln. Revenues from local calls increased by 4.5% (+RUR 401.0 mln.) including RUR 41 mln. gain on raised quantity of fixed-line subscribers and RUR 360.0 mln. gain on changing of subscribers’ charge for fixed-line services.

The local revenues by types of services (including radio access CDMA, DECT), RUR mln:

 

2009

2008

Change, %

Line installation

146.5

282.5

–48.1%

Local calls provision (monthly payment and call charges), including:

9,294.2

8,893.3

+4.5%

Line charge

5,512.0

5,243.7

+5.1%

Unlimited calls charge

2,006.8

1,971.3

+1.8%

Time-based charge

1,248.2

1,148.2

+8.7%

Combined charge

527.2

530.1

–0.5%

Other local services (contracts redrawn, etc.)

463.3

483.7

–4.2%

Line and cable rentals

550.0

550.4

–0.1%

Payphone calls

1.4

5.2

–73.1%

Total

10,455.4

10,215.1

+2.4%

The revenues from local services in terms of customer mix:

- residents — 73.4 % (72.2% as of 2008);

- organizations — 26.6% (27.8%).

Internet

 

2009

2008

Change, %

Broadband internet subscribers, thous.

756.1

541.2

+39.7%

Traffic, mln min

605.9

1,328.3

–54.4%

Traffic TB, incl

95,624.5

23,182.9

+312.5%

dedicated channels

95,537.7

22,824.2

+318.6%

õDSL

94,057.0

22,370.9

+320.4%

Revenues from Internet service providing and data transmission, RUR mln:

 

2009

2008

Change, %

Revenues from Internet services

5,089.2

4,062.5

+25.3%

Dial-up services

274.0

550.3

–50.2%

Broadband, incl

4,815.2

3,512.2

+37.1%

õDSL

4,697.9

3,359.4

+39.8%

Data transmission

1,036.6

829.7

+24.9%

VoIP

198.5

153.9

+29.0%

Other telematic services

34.4

29.5

+16.6%

Total

6,358.7

5,075.6

+25.3%

Intrazone services

Outbond traffic, mln min

2009

2008

Change, %

Intrazone call, incl.

2,041.7

2,292.5

–10.9%

Fixed-to-fixed

489.5

545.5

–10.3%

Fixed-to-mobile

1,552.2

1,747.0

–11.2%

Revenues from intrazone communication services, RUR mln:

 

2009

2008

Change, %

Revenues from intrazone services, incl.

4,557.2

5,026.4

–9.3%

Fixed-to-fixed calls

1,220.0

1,402.4

–13.0%

Fixed-to-mobile calls

2,666.0

2,987.8

–10.8%

Rental for Intrazone channels

587.9

545.5

+7.8%

Other

83.3

90.7

–8.2%

The intrazone revenues in terms of customer mix:

- Residents — 37.9% (39.6% as of 2008);

- Organizations — 62.1% (60.4%).

GSM Mobile services

Revenues from mobile services decreased by 0.8% and totaled RUR 12,998.9 mln. At the same time revenues for 4Q09 increased by 1.7% on 3Q09 results.

As of 2009 ARPU totaled RUR 189 (RUR 202 in 2008).

At the moment Uralsvyazinform holds leading position on highly competitive Urals region market of mobile services with 5.7 mln GSM subscribers.

Revenues and expenses review

Generally as of 2009 revenues totaled RUR 40,744 mln (+0.4% on 2008), revenues from telecom services reached RUR 39,575.4 mln. (+0.8%).

The structure of revenues from telecom services in 2009:

Index, RUR mln

2009

Weight in revenues

2008

Weight in revenues

Change (2009/2008), %

Revenues from telecom services, incl.

39,575.4

100.0%

39,277.7

100.0%

+0.8%

Intrazone services

4,557.2

11.5%

5,026.4

12.8%

–9.3%

Local urban services

9,470.9

23.9%

9,264.7

23.6%

+2.2%

Local rural services

984.4

2.5%

950.5

2.4%

+3.6%

Documentary services

136.3

0.3%

172.2

0.4%

–20.8%

Wired radio

280.2

0.7%

262.3

0.7%

+6.8%

Radio communication, radio and TV broadcasting

261.2

0.7%

233.1

0.6%

+12.1%

Mobile services

12,998.9

32.8%

13,103.7

33.4%

–0.8%

Internet and non-regulated data transmission services

6,358.7

16.1%

5,046.1

12.8%

+26.0%

incl. Internet

5,089.2

12.9%

4,062.5

10.3%

+25.3%

Revenues from interconnection and transfer of traffic

4,517.6

11.4%

5,211.8

13.3%

–13.3%

Other revenues

10.0

0.0%

6.9

0.0%

+44.9%

Revenue gains were mostly based on the following:

- Increased revenues from Internet service providing and non-regulated data transmission as a result of increased number of Internet subscribers and data transmission services.

- Increased revenues from fixed-line services as a result of increased charges for line and calls from 01.03.2009.

Revenues from interconnection and transfer of traffic totaled RUR 4,517.6 mln. (–13.3% as of 2008).

Operating expenses amounted to RUR 32,412.2 mln (–3.1% on 2008 ã.). The expenditure structure is as follows:

Index, RUR mln

2009

Weight in revenues

2008

Weight in revenues

Change (2009/2008), %

Wages

6,374.5

19.7%

7,345.7

22.0%

–13.2%

Social tax expense

1,351.9

4.2%

1,475.1

4.4%

–8.4%

Depreciation

6,079.9

18.8%

5,254.1

15.7%

+15.7%

Telecom service providers

5,662.6

17.5%

5,838.6

17.5%

–3.0%

Materials

2,028.8

6.3%

2,199.1

6.6%

–7.7%

Third party services

2,663.6

8.2%

3,283.4

9.8%

–18.9%

Other expenses, incl:

8,250.9

25.3%

8,060.3

24.0%

+2.3%

Leasehold

439.0

1.4%

421.1

1.3%

+4.2%

Universal service fund expense

415.8

1.3%

404.6

1.2%

+2.8%

Rental payments

1,587.9

4.9%

1,947.0

5.8%

–18.4%

Total

32,412.2

100.0%

33,456.4

100.0%

–3.1%

As of 2008, expenses structure is characterized by lower share of personnel expenses, decreased rental payments, expenses on operators’ services in connection with call termination and provision of Internet services.

Wages decreased by 13.2% and contributed 19.7% (22.0% as of 2008). This was a result from company structure optimization. An increase in depreciation of RUR 825.8 mln is due to the putting in operation of fixed assets.

Repairs and maintenance (categorized under Third party services) totaled RUR 2,663.6 mln.

Other expenses were mainly driven by leaseholds (+4.2%).

Thus, as of 2009 EBITDA totaled RUR 15,471.2 mln. (+15.7%), operating profit — RUR 8 331.9 mln. (+16.9%), pre-tax profit — RUR 5,406.8 mln. (+30.4%), net profit — RUR 4,068.9 mln. (+51.9%).

Arrearage

Index,RUR mln

2009

2008

Change (2009/2008), %

Long-term loans

13,263.2

15,363.4

–13.7%

Short-term loans

7,335.5

8,560.8

–14.3%

Total

20,598.7

23,924.2

–13.9%

Cash assets

1,581.3

1,059.0

+49.3%

Short-term investments

2,995.7

1,502.1

+99.4%

Total

4,577.0

2,561.1

+78.7%

Investments

The investments as of 2009 amounted to RUR 4,233.9 mln. (+42,4% on 2008)

Item

2009

2008

Invesments, RUR mln

4,234

9,980

Fixed-line telephony

4%

22%

New services, incl. mobile

41%

37%

Data transmission network and infrastructure

34%

20%

IT

10%

8%

Other, incl.

11%

13%

Repairs and construction

6%

5%

Total

100%

100%

 

 

 

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