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Net profit Volgatelekoma for 1 half of 2009 according to IFRS increased by 7% to 1.845 billion rubles

Sep 22nd, 2009 | By admin | Category: Company News

VolgaTelecom has summed up activity for 1 half of 2009 in accordance with IFRS, under which the reporting period:

• proceeds from the sale of the company amounted to 16 112 million rubles (2.2% to level 1 half of 2008);

• Profit from operations - 3 427 million rubles (13,5%);

• Profit before tax amounted to 2 347 million rubles (0.4%);

• EBITDA of the company has reached 7 055 million rubles (12,1%);

• indicator OIBDA - 7 140 million rubles (14,0%);

• Net income - 1 845 million rubles (7.1%);

• net debt amounted to 12 603 million rubles (down by 2 746 million rubles for the period).

relative performance Volgatelekoma for 1 half of 2009:

• EBITDA margin - 43,8% (3,9 percentage points);

• OIBDA margin - 44,3% (4,6 percentage points);

• net profit margin - 11.5% (0.6 percentage points);

• the number of lines per employee - 265 lines (14.9%);

• Revenue per employee - 506 thousand rubles (12,1%).

Sales revenue:

By type of income, million rubles 6 months of 2009 6 months of 2008 growth rate,%
local telephone service 5 673 5 468 3,7
Services telegraphic communication network, data network and telematic services (Internet ) 2 928 2 360 24,1
Intrazone telephone 2 271 2 404 -5,5
mobile radio services (cellular) communications 2 201 2 272 -3,1
Services connection and traffic 2 029 2 232 -9,1
Services mobile radio, wire broadcasting, radio, television 370 338 9,5
Other sales (non-core activities ) 350 356 -1,7
Services and support agency 255 277 -7,9
Other services (core activities) 35 57 -38, 6
TOTAL (sales revenue): 16 112 15 764 2,2

According to the report of the company, changes in sales revenue was due to the following factors:

- Increased revenues from services dedicated Internet access (broadband). The main driver of revenue growth is the increase in broadband subscriber base: in the 2 quarter of 2009 VolgaTelecom withdrawn completely unlimited tariff plans (without thresholds of consumption external traffic), existing conventional - unlimited tariff plans revised to improve speed, increase the limit.

- Increased revenues from local telephony services to current payments.

Reduced revenues from cellular services due to the crises of the world and Russia's economy, which resulted in reducing the use of voice traffic subscribers across all market segments, the migration of subscribers to more economical prices that, in general, has led to a decrease in growth of income. The growth of cellular subscribers over the reporting period amounted to 2,2%, the number of subscribers amounted to 3 623 thousand, noted in the announcement of the company.

Dynamics to reduce intra-traffic, projected on the basis of the observed trends in recent years, mobile substitution, resulting in crisis and the redistribution of traffic between cellular and fixed networks, was below the projected level, allowing the public to reduce the loss of revenue for services zonal communication.

The growth rate of operating expenses in 1 half of 2009 amounted to 99,5%, and the total dropped to 12 685 million rubles, which was due to the following factors:

- the costs of materials, repair and maintenance of 172 million rubles. in the same period in 2008 as part developed by the company of anti-crisis measures.

- reducing the cost of services operators to 1 770 million rubles (reduction to the same period of 2008 - 6%).

- Reduction of other costs.

Costs:

by type of expenditure, mln. 6 months of 2009 6 months of 2008 growth rate,%
Personnel costs 4 341 4 283 1,4
Depreciation and amortization 3 713 3 242 14,5
Fee operators 1 770 1 883 -6,0
Materials repair and maintenance, utilities 1269 1341 -5,4
Other operating expenses 1 592 1 996 -20, 2
Total operating expenses 12 685 12 745 -0,5


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