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Recent news06.08.2009 |
|
Indicator |
H1 2009 |
IH1 2008 |
Change, % |
|
Revenue, Rub, mln |
13,374.9 |
12,947.4 |
3.3 |
|
Revenue from telecom services, Rub, mln |
12,741.7 |
12,292.5 |
3.7 |
|
Operatingexpenses, Rub, mln |
10,481.0 |
10,235.3 |
2.4 |
|
EBIT, Rub, mln |
2,893.9 |
2,712.0 |
6.7 |
|
Operating profit including compensation for losses incurred from the provision of universal telecom services, Rub, mln1 |
3,420.1 |
3,071.4 |
11.3 |
|
Tax before profit, Rub, mln |
2,712.2 |
2,349.3 |
15.4 |
|
OIBDA, Rub, mln 2 |
5,326.8 |
4,850.9 |
9.8 |
|
OIBDA margin, % 3 |
39.8% |
37.5% |
2.4 |
|
EBITDA, Rub, mln 4 |
6198.0 |
5,089.3 |
21.8 |
|
EBITDA margin, % 5 |
46.3% |
39.3% |
7 |
|
Net profit, Rub, mln |
2,227.1 |
1,763.1 |
26.3 |
|
Net profit margin,% |
16.7% |
13.6% |
3.1 |
1EBIT earnings and expenses were heavily impacted by the accounting policy used to record expenses for provision of universal telecom services in operating expenses and compensation for losses incurred from provision of universal telecom service in other gains.
2OIBDA is calculated as the amount of profit derived from sales and depreciation of fixed assets.
3OIBDA margin is calculated as OIBDA/revenue.
4EBITDA is calculated as profit before tax, interest payable, depreciation of fixed assets, lease payment expenses adjusted for interest receivable.
5 EBITDA margin is calculated as EBITDA/revenue.
The positive higher profit trend is attributable to a faster pace of operating revenue (3.7%) compared with expenses (2.4%).
The positive higher revenue trend is mainly attributable to the provision of dedicated Internet access and the provision of local voice telephony.
The main driver behind broadband Internet access revenue is an increase in the subscriber base. In 2009 VolgaTelecom has pursued an aggressive policy aimed at raising the number of subscribers. Specifically, unlimited tariffs were introduced in a number of regions, while the existing tariff plans have been constantly revised with a view to enhancing speed and increasing the limit. As a result of this set of measures, against the backdrop of rising competition, VolgaTelecom has managed to boost the number of connections (both among households and corporate clients). The subscriber base of broadband Internet users rose by 70% year-on-year to 914,000 ports.
The main reason for the crease in local voice telephony revenue was attributable to tariff indexation effective March 1, 2009. This factor, combined with the marketing campaign aimed at lowering the installation cost kept local voice revenue strong against the backdrop of a saturated traditional fixed-line telephony market.
Revenue breakdown, Rub, mln
|
|
H1 2009 |
H1 2008 |
Change, % |
|
Intrazonal telephony |
2,266.1 |
2,406.5 |
- 5.8 |
|
Local voice telephony |
5,692.0 |
5,492.6 |
3.6 |
|
Cellular, wire broadcasting, television |
370.2 |
337.9 |
9.6 |
|
Mobile (cellular) telephony |
168.7 |
190.9 |
- 11.6 |
|
Telegraphic, datacom and telematic services |
2,927.1 |
2,361.5 |
23.9 |
|
incl. datacom and ISP |
2,860.9 |
2,289.3 |
25.0 |
|
Interconnect and traffic transmission |
1,317.1 |
1,502.5 |
-12.3 |
|
Other core services |
0.46 |
0.55 |
-16.2 |
|
Outsourcing and agency fees |
254.8 |
276.2 |
-7.8 |
|
Non-core services |
378.4 |
378.6 |
-0.1 |
Mobile replacement, and also a decline in the consumption of telecom services, due to the influence of the global economic downturn, impacted the reduction of revenue from intrazonal telephony compared with the year-earlier period. Specifically, compared with the previous period in 2008 there was a decline in the number of outgoing F2F and F2M calls both in the household and corporate client segments.
VolgaTelecom’s expenses in the first six months of 2009 increased by 2.4% compared with the year-earlier period, which is less than the 0.9% increase in revenue and was part of the company’s anti-crisis strategy which aimed to boost cash flows.
Expense breakdown, Rub, mln
|
|
H1 2009 |
H1 2009 |
Change, % |
|
Depreciation of fixed assets |
2,432.9 |
2,138.9 |
13.7 |
|
Payrollexpenses |
3,146.4 |
3,178.9 |
- 1.0 |
|
Social insurance contributions |
760.3 |
764.3 |
- 0.5 |
|
Material expenses |
890.3 |
917.9 |
- 3.0 |
|
Interconnect expenses |
1,092.2 |
1,232.4 |
- 11.4 |