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Russian Company Guide

CenterTelecom

CenterTelecom
Compilation Date:	30 Jun 17

Company Overview	Shares Information	Stock Market	Key Financial Characteristics	Production Overview
General Info Corporate Management Price Highlights Operations Summary	Charter Capital Structure Major Shareholders Equity Positions in Other Companies Dividends History	Instruments on Exchanges Price Chart Participation in DR Programs Weightings in Indices	Balance Sheet P&L Account Key Ratios	Production Capacity

Company Overview

General Info
Full Company Name	JSC "Central Telecommunication Company"
Industrial Group	Telecommunications
Number of Employees	52,730
Registration Date	23 Jul 97
Registered Address	23, Proletarskaya St., Khimki, Moscow Region, 141400
Main Office	2, Bld., 6, Degtyarny Per., GSP-3, Moscow, 125993
Telephone / Fax	(095) 209-3434, 209-5721, 793-2654 / (095) 209-3007
e-mail	info@centertelecom.ru kalin@centertelecom.ru
Internet Home Page	www.centertelecom.ru
Registrar	JSC "United Registration Company"
Auditor	Ernst & Young
Financial Adviser	n. a.
Legal Adviser	n. a.

Corporate Management
Chairman of the Board	Aleksandr Kiselev
General Director	Vaagn Martirosyan

Price Highlights
Price per Common Share, USD	0.957575
YTD Price Change, %	n.t.
P/E Ratio	n.a.
Market Capitalization, USD	n.a.
Common Shares in Free Float, %	39.72

Operations Summary

CenterTelecom (formerly Moscow Regional Elektrosvyaz) serves the central European region of Russia, which is the most densely populated area of the country, holding about 20% of the total population. Although it began its operation as regional postal authority in 1886, the company currently operates as a joint stock company. On December 1, 2002, 16 telecommunications operators of the central European region of Russia were amalgamated into CenterTelecom according to the restructuring program of telecom giant Svyazinvest. After the merger, all regional operators became branches of CenterTelecom. Combining regional telecom companies into CenterTelecom made it one of the biggest fixed-line telecom operators in Russia. As of April 1, 2005, the company operates more than 6.8 million installed access lines and 3 million broadcasting points. CenterTelecom provides a wide range of telecommunications services, including traditional telephone services, Internet, IP telephony, data transmission, wave and cable television, and wired and VHF radio broadcasting. The company also leases lines and other resources, as well as providing connection to a general purpose network for other telecom operators. CenterTelecom is planning to implement fiber-optic lines, SDH networks, and advanced wireless access systems in all regions it covers. In 2004, the company’s regional market share was 91% in local communications, 85% in long-distance telecommunications, and 64% in new services (IP, VPN, Internet and others). In 2004, CenterTelecom’s capital investments were RUR9.4 billion, of which 73% is debt capital. In 2005, the company plans to invest about RUR3.8 billion in its development. Also, CenterTelecom intends to install 597,000 access lines and increase telephones by 360,000.

Shares Information

Type of Share	Shares Outstanding	Nominal Value
Charter Capital Structure
Information is not available yet.

Name	% of Voting Stock	% of Charter Capital
Major Shareholders
JSC "Telecommunications Investment Company"	n. a.	38.02
Closed JSC "Citibank"	n. a.	12.28
UBS AG	n. a.	10.72
Natural Persons	n. a.	8.79
Closed JSC "Depository Clearing Company"	n. a.	8.24
Russian Federal Property Fund	n. a.	7.19
ING Bank	n. a.	6.79
Natural Persons - CenterTelecom Employees	n. a.	3.73
Closed JSC "The National Depository Center"	n. a.	2.67
Deutsche Bank Ltd.	n. a.	1.32
J.P. Morgan International Capital Corp.	n. a.	0.99
Closed JSC "Promsvyazbank"	n. a.	0.93
ENR Holdings Ltd.	n. a.	0.47
Closed JSC "Oskoltelecom"	n. a.	0.34
Closed JSC "Bank Societe Generale Vostok"	n. a.	0.29
Legal entities	n. a.	0.21

Name	% of Charter Capital
Equity Positions in Other Companies
JSC "Russian Telecommunication Network"	100.00
Closed JSC "ATS"	100.00
MobilCom Ltd.	100.00
Teleport-Ivanovo Ltd.	100.00
Closed JSC "Telecom-R"	100.00
Telecom-Stroy Ltd.	100.00
Telecom-Terminal Ltd.	100.00
Closed JSC "Vladimir Teleservice"	100.00
Tver-Telecom Ltd.	85.00
Svyaz-Service-Irga Ltd.	70.00
Vladimirsky Taxophon Ltd.	51.00
Closed JSC "Telecom of Ryazan Region"	50.90
JSC "RINFOTELS Telecommunication Company"	26.00
JSC "Komset"	5.17

Period	Payment per Share, USD	Number of Shares	Ex-Date	Payment Date	Payout Ratio, %	Dividend Yield, %
Dividends History
1995 / com	2.70015	451,601	n. a.	31 Dec 96	n. a.	n. a.
1995 / pref	10.8006	154,658	n. a.	31 Dec 96	n. a.	n. a.
1995 / pref.B	6.0765	12,372	n. a.	01 May 96	n. a.	n. a.
1996 / com	2.5167	451,601	16 May 97	31 Dec 97	n. a.	798.952381
1996 / pref	13.4224	154,658	14 May 97	31 Dec 97	n. a.	n. a.
1996 / pref.B	6.942	12,372	16 May 97	01 May 97	n. a.	n. a.
1997 / com	0.000727	451,601	27 Mar 98	31 Dec 98	0.001543	0.119255
1997 / pref	0.004001	154,658	27 Mar 98	31 Dec 98	0.002906	n. a.
1997 / pref.B	6.734048	12,372	27 Mar 98	01 May 98	0.39133	n. a.
1998 / com	0.814814	451,601	24 Mar 99	31 Dec 99	2.25346	1,894.916279
1998 / pref	3.925922	154,658	24 Mar 99	31 Dec 99	3.718353	20,899.238754
1998 / pref.B	2.187363	12,372	26 Mar 99	01 May 99	0.165729	n. a.
1999 / com	1.42044	451,601	11 May 00	31 Dec 00	6.300399	1,420.44
1999 / pref	5.823804	154,658	11 May 00	31 Dec 00	8.846458	17,128.835294
1999 / pref.B	2.884268	12,372	11 May 00	01 May 00	0.350482	n. a.
2000 / com	1.096566	451,601	13 Apr 01	31 Dec 01	6.350804	995.972707
2000 / pref	4.847672	154,658	13 Apr 02	31 Jul 01	9.614898	12,673.651895
2000 / pref.B	2.460625	12,372	04 Apr 01	01 May 01	0.390413	n. a.
2001 / com	0.000818	463,973,000	17 Apr 02	31 Dec 02	9.307358	0.348089
2001 / pref	0.002443	154,658,000	17 Apr 02	04 Aug 02	9.264011	2.660778
2001 / pref.B	0.001218	12,372,000	19 Apr 02	01 May 02	0.369568	n. a.
2002 / com	0.003259	1,578,006,833	04 May 03	31 Dec 03	199.749034	1.220696
2002 / pref	0.006793	525,992,822	04 May 03	23 Aug 03	138.77167	4.116991
2003 / com	0.004501	1,578,006,833	22 Apr 04	31 Dec 04	137.72695	1.268016
2003 / pref	0.00977	525,992,822	22 Apr 04	10 Aug 04	99.63582	3.947329
2004 / com	0.002215	1,578,006,833	12 May 05	29 Aug 05	neg	0.76898
2004 / pref	0.002658	525,992,822	12 May 05	29 Aug 05	neg	1.290119
2005 / com	0.002555	1,578,006,833	11 May 06	20 Dec 06	neg	0.526842
2005 / pref	0.004744	525,992,822	11 May 06	27 Aug 06	neg	1.031393
2006 / com	0.008086	1,578,006,833	03 May 07	20 Dec 07	16.927167	1.102248
2006 / pref	0.015125	525,992,822	03 May 07	17 Aug 07	10.553713	2.589794
2007 / com	0.012074	1,578,006,833	07 May 08	31 Dec 08	13.410174	1.357953
2007 / pref	0.02847	525,992,822	07 May 08	25 Aug 08	10.539532	4.612631
2008 / com	0.008125	1,578,006,833	17 Apr 09	31 Dec 09	12.332318	6.120326
2008 / pref	0.015833	525,992,822	17 Apr 09	05 Aug 09	8.010164	17.882348
2009 / com	0.015777	1,578,006,833	05 May 10	31 Dec 10	19.882311	2.607833
2009 / pref	0.031429	525,992,822	05 May 10	24 Aug 10	13.201672	6.789407
9M10 / com	0.016687	1,578,006,833	17 Sep 10	11 Jan 11	12.919224	1.923218
9M10 / pref	0.036628	525,992,822	17 Sep 10	11 Jan 11	9.452584	5.371878

Stock Market

Type of Instrument	Ticker	ISIN	Market
Instruments on Exchanges
CenterTelecom	ESMO	RU0009075840	MICEX-RTS Class
CenterTelecom	CTLK	RU0009075840	MOEX
CenterTelecom	ESMOG	RU0009075840	RTS T+0
CenterTelecom ADR	T2T	US15548M1080	Berlin Stock Ex
CenterTelecom ADR	T2T	US15548M1080	Frankfurt SE
CenterTelecom ADR	CRMUY	US15548M1080	US OTC
CenterTelecom ADR	T2T	US15548M1080	XETRA
CenterTelecom pref	ESMOP	RU0009075857	MICEX-RTS Class
CenterTelecom pref	CTLKP	RU0009075857	MOEX
CenterTelecom pref	ESMOPG	RU0009075857	RTS T+0

Price Chart

Prices

Volumes

Performance Table

DRs
FSE: ADR
US OTC : ADR

Indices
RusIndex Telecommunications
MT RusIndex
RTS Index
RusIndex 100
MICEX Index

Technical Analysis
Moving Average
Period (days)
Trend


	Year	Month	Day
From:
To:

Level	Effective Date	Underlying Share Ratio	CUSIP	Depositary Bank
Participation in DR Programs
Level 1 ADR	04 Sep 01	1: 25	15548M108	Morgan Guarantee Trust

Name	Weight	Inclusion Date	Notes
Weightings in Indices
Does not constitute to any indices.

Fixed Income Instruments

Issue #/ Tranche #	Registration Number	Registration Date	Period	Par Value, RUR	Issue Volume, RUR thnd	Number of Coupons	Coupon Period	Guarantee
Issue Parameters
1	4-01-00194-A	17 Oct 01	732	1,000	600,000	5	91
2	4-02-00194-A	25 Jun 02	1,003	1,000	600,000	6	216
3	4-03-00194-A	11 Oct 02	2,756	500	5,699	0	0
4	4-04-00194-A	11 Oct 02	2,786	1,000	260	0	0
5	4-05-00194-A	11 Oct 02	2,786	500	2,698	0	0
6	4-06-00194-A	11 Oct 02	2,756	1,000	70	0	0
7	4-07-00194-A	11 Oct 02	1,235	3,600	1,796	0	0
8	4-08-00194-A	11 Oct 02	1,234	1,500	749	0	0
9	4-09-00194-A	11 Oct 02	1,235	1,500	749	0	0
10	4-10-00194-A	11 Oct 02	1,735	1,500	750	0	0
11	4-11-00194-A	11 Oct 02	1,735	1,500	75	0	0
12	4-12-00194-A	11 Oct 02	1,735	1,500	300	0	0
13	4-13-00194-A	11 Oct 02	1,735	1,500	750	0	0
14	4-14-00194-A	11 Oct 02	366	50	4,000	0	0
15	4-15-00194-A	11 Oct 02	975	50	10,635	0	0
16	4-16-00194-A	11 Oct 02	1,674	6,000	2,100	0	0
17	4-17-00194-A	11 Oct 02	1,705	4,000	276	0	0
18	4-18-00194-A	01 Aug 03	1,095	1,000	2,000,000	6	183	Bassian Invest
19	4-19-00194-A	29 Jun 04	1,830	1,000	7,000,000	10	182	Telecom Terminal
20	4-20-00194-À	15 Jun 06	1,820	1,000	3,000,000	10	182

Issue #/ Tranche #	Coupon #	Start Coupon Period	End Coupon Period	Coupon, %
Coupons
1	1	16 Nov 01	19 Feb 02	22.00
1	2	19 Feb 02	21 May 02	21.50
1	3	21 May 02	19 Nov 02	20.50
1	4	19 Nov 02	20 May 03	18.00
1	5	20 May 03	18 Nov 03	18.00
2	1	23 Jul 02	22 Oct 02	20.00
2	2	22 Oct 02	22 Apr 03	20.00
2	3	22 Apr 03	22 Oct 03	18.00
2	4	22 Oct 03	21 Apr 04	18.00
2	5	21 Apr 04	21 Oct 04	16.00
2	6	21 Oct 04	21 Apr 05	16.00
18	1	16 Sep 03	17 Mar 04	12.35
18	2	17 Mar 04	16 Sep 04	12.35
18	3	16 Sep 04	18 Mar 05	12.35
18	4	18 Mar 05	16 Sep 05	12.35
18	5	16 Sep 05	17 Mar 06	12.35
18	6	17 Mar 06	15 Sep 06	12.35
19	1	17 Aug 04	16 Feb 05	13.80
19	2	16 Feb 05	18 Aug 05	13.80
19	3	18 Aug 05	17 Feb 06	13.80
19	4	17 Feb 06	19 Aug 06	13.80
19	5	19 Aug 06	18 Feb 07	13.80
19	6	18 Feb 07	20 Aug 07	13.80
19	7	20 Aug 07	19 Feb 08	13.80
19	8	19 Feb 08	20 Aug 08	13.80
19	9	20 Aug 08	19 Feb 09	13.80
19	10	19 Feb 09	21 Aug 09	13.80
20	1	05 Sep 06	06 Mar 07	8.09
20	2	06 Mar 07	04 Sep 07	8.09
20	3	04 Sep 07	04 Mar 08	8.09
20	4	04 Mar 08	02 Sep 08	8.09
20	5	02 Sep 08	03 Mar 09	9.30
20	6	03 Mar 09	01 Sep 09	9.30
20	7	01 Sep 09	02 Mar 10	9.30
20	8	02 Mar 10	31 Aug 10	9.30
20	9	31 Aug 10	01 Mar 11	9.30
20	10	01 Mar 11	30 Aug 11	9.30

Issue #/ Tranche #	Start Placement Date	End Placement Date	Placement Price, %	Volume Placed, RUR thnd	Maturity date	Offer Date	Offer price, %	Status	Issue Placement Registration Date
Primary Market
1	16 Nov 01	16 Nov 01	100.00	600,000	18 Nov 03			redeemed	10 Dec 01
2	23 Jul 02	23 Jul 02	100.00	600,000	21 Apr 05	24 Apr 03	100.00	redeemed	15 Aug 02
3	30 Nov 02	30 Nov 02	100.00	5,699	17 Jun 10			redeemed	14 Jan 03
4	30 Nov 02	30 Nov 02	100.00	260	17 Jul 10			redeemed	14 Jan 03
5	30 Nov 02	30 Nov 02	100.00	2,698	17 Jul 10			redeemed	14 Jan 03
6	30 Nov 02	30 Nov 02	100.00	70	17 Jun 10			redeemed	14 Jan 03
7	30 Nov 02	30 Nov 02	100.00	1,793	18 Apr 06			redeemed	14 Jan 03
8	30 Nov 02	30 Nov 02	100.00	749	17 Apr 06			redeemed	14 Jan 03
9	30 Nov 02	30 Nov 02	100.00	749	18 Apr 06			redeemed	14 Jan 03
10	30 Nov 02	30 Nov 02	100.00	750	31 Aug 07			redeemed	14 Jan 03
11	30 Nov 02	30 Nov 02	100.00	75	31 Aug 07			redeemed	14 Jan 03
12	30 Nov 02	30 Nov 02	100.00	300	31 Aug 07			redeemed	14 Jan 03
13	30 Nov 02	30 Nov 02	100.00	750	31 Aug 07			redeemed	14 Jan 03
14	30 Nov 02	30 Nov 02	100.00	1,134	01 Dec 03			redeemed	14 Jan 03
15	30 Nov 02	30 Nov 02	100.00	10,635	01 Aug 05			redeemed	14 Jan 03
16	30 Nov 02	30 Nov 02	100.00	2,094	01 Jul 07			redeemed	14 Jan 03
17	30 Nov 02	30 Nov 02	100.00	272	01 Aug 07			redeemed	14 Jan 03
18	16 Sep 03	17 Sep 03	100.00	2,000,000	15 Sep 06	19 Sep 05	101.50	redeemed	14 Oct 03
19	17 Aug 04	31 Aug 04	100.00	5,622,595	21 Aug 09	16 Nov 06	100.00	redeemed	12 Oct 04
20	05 Sep 06	05 Sep 06	100.00	3,000,000	30 Aug 11	04 Sep 08	100.00	redeemed	17 Oct 06

Key Financial Characteristics

		31 Dec 08	31 Dec 09	30 Sep 10	31 Dec 08	31 Dec 09	30 Sep 10
Balance Sheet
		RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
RUR/USD Exchange rate					29.38	30.25	30.52
ASSETS, of which		49,588.23	53,673	56,263	1,687.98	1,774.43	1,843.74
Fixed Assets and Other Non-current Assets, of which		42,865.73	47,264	47,959	1,459.15	1,562.55	1,571.62
	Fixed Assets	35,885.96	41,774	40,655	1,221.56	1,381.05	1,332.26
	Intangible Assets	2.37	5,248	4,940	0.08	173.5	161.88
	Other Assets	6,977.4	242	2,364	237.51	8	77.47
Current Assets, of which		6,722.5	6,409	8,304	228.83	211.88	272.12
	Inventories	923.15	486	578	31.42	16.07	18.94
	Accounts Receivable	4,525.25	3,891	4,188	154.04	128.64	137.24
	Cash	506.3	900	3,033	17.23	29.75	99.39
	Other Current Assets	767.8	1,132	505	26.14	37.42	16.55
OWNER'S EQUITY, of which		22,531.11	25,782	29,392	766.96	852.35	963.18
	Charter Capital	6,312	6,900	6,900	214.86	228.11	226.11
	Reserves	929.35	4	-1,290	31.64	0.13	-42.27
	Retained Earnings	15,289.76	18,878	23,782	520.46	624.11	779.34
LIABILITIES, of which		27,057.12	27,891	26,871	921.02	922.08	880.56
	Long-Term Debt	9,116.72	11,836	7,468	310.33	391.3	244.73
	Short-Term Debt	1,779.75	5,622	8,408	60.58	185.86	275.53
	Accounts Payable	5,955.83	5,415	5,637	202.74	179.02	184.72
	Other Liabilities	10,204.82	5,018	5,358	347.37	165.9	175.58
Financial data standard		RAS	IAS	IAS	RAS	IAS	IAS
Unaudited			Audited	Unaudited	Unaudited	Audited	Unaudited
Non-consolidated			Consolidated	Consolidated	Non-consolidated	Consolidated	Consolidated

	31 Dec 08	31 Dec 09	30 Sep 10	31 Dec 08	31 Dec 09	30 Sep 10
P&L Account
	RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
Average RUR/USD Exchange rate				24.87	31.75	30.26
Sales	33,715.16	0	30,039	1,355.73	0	992.61
Production Costs	26,351.2	0	20,868	1,059.62	0	689.57
Operating Profit	7,363.96	0	9,171	296.12	0	303.05
Other Income	-3,317.47	0	-1,324	-133.4	0	-43.75
Income Before Taxes	4,046.49	0	7,847	162.72	0	259.3
Net Income	2,585.49	0	6,168	103.97	0	203.82
Financial data standard	RAS		IAS	RAS		IAS
Unaudited		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
Non-consolidated		Non-consolidated	Consolidated	Non-consolidated	Non-consolidated	Consolidated

	31 Dec 08	31 Dec 09	30 Sep 10
Key Ratios
Company Valuation Coefficients
P/BV	n.a.	n.a.	n.a.
P/S	n.a.	n.a.	n.a.
P/E	n.a.	n.a.	n.a.
Company Efficiency Coefficients
Sales/Employee, USD thnd	25.81	0.00	25.11
Net Profit Margin, %	7.67	0.00	20.53
ROA, %	5.75	0.00	14.81
ROE, %	12.87	0.00	29.54
Turnover Coefficients
Receivables Turnover	9.14	0.00	9.82
Assets Turnover	0.75	0.00	0.72
Inventory Turnover	36.99	0.00	74.63
Liabilities Turnover	1.35	0.00	1.47
Capital Structure Coefficients
Equity Ratio	0.45	0.48	0.52
Debt Ratio	0.55	0.52	0.48
Equity/Debt	0.83	0.92	1.09
Current Liquidity	0.80	0.54	0.56
Quick Liquidity	0.69	0.50	0.52

Production Overview

Product	Measure	2004	2005	2006	Units
Production
Access lines in use	1	6,298,611	6,300,000	6,609,951	lines
Rural telephone network	1	n. a.	n. a.	923,444	lines
Urban telephone network	1	n. a.	n. a.	5,686,507	lines
Access lines installed	1	6,798,128	6,847,373	6,983,115	lines
Rural telephone network	1	n. a.	n. a.	1,025,639	lines
Urban telephone network	1	n. a.	n. a.	5,957,476	lines
Digitalisation rate (Rural telephone network)	1	17	17.1	22	%
Digitalisation rate (Urban telephone network)	1	54	53.9	58	%
DLD traffic	1,000	2,811,155	2,820,364	n. a.	min
ILD traffic	1,000	197,760	189,441	n. a.	min
Telephone switches	1	8,558	26	n. a.	units
Telephones	1	6,229,916	6,420,338	6,546,977	units

Product	Measure	Capacity	Units
Capacity
Access lines installed	1	6,847,373	lines

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