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May 17, 2004

"UTK" PJSC releases 1Q2004 Performance Results according to Russian Accounting Standards

"UTK" PJSC generated 1Q04 revenue of USD 133 mln which is up 47,8% compared to the same period last year. In addition, revenues from sale of telecom services stood at USD 130 mln which is up 47,7% over 1Q03, including:

  • local telephony accounting for 37,9%, including urban telephony - for 30,1% (up 41,1% to USD 39,2 mln), rural telephony - for 7,8% (up 58,9% to USD 10,2 mln),
  • long-distance telephony accounting for 42,9%, including domestic long-distance telephony - for 35,9% (up 33,9% to USD 46,7 mln) and international long-distance telephony - for 7% (up 22,5% to USD 9,1mln),
  • value-added services (Internet, ISDN, intelligent network, IP-telephony, VPN-services, CTV services and ? call-centers) accounting for 4,9% (up 107,1% to USD 6,4 mln), revenue from Internet is up 78,5% standing at USD 3,9 mln,
  • other services (channel rent and traffic transmission, wired radio, radio communication, radio broadcasting, paging and others) accounting for 14,2% (up 113,6% to USD 18,5 mln).

Operating expenses stood at USD 107 mln (up 57,4%), including:

  • salaries and wages - 30,6% (34,1% in 1Q03),
  • payments to ??? "Rostelecom" - 15,7% (13,6%),
  • taxes and social expenses - 10,7% (12,2%),
  • depreciation charges - 14,8% (11,1%),
  • material costs - 7,4% (9,4%),
  • other operating costs - 20,8% (19,5%).

In 1Q04 growth rate of expenses outpaced the growth rate of sales due to increase of depreciation charges (as a result of a 112.5%-increase of the fixed assets put into service and usage of the accelerated depreciation instrument in the framework of lease financing) and changes in payment procedures to OAO 'Rostelecom".

EBITDA parameter rose by 42% reaching USD 42 mln, operating profit determined USD 26 mln (+18,2%). EBITDA margin rate stood at 31,3%. Pre-tax profit amounted to USD 4 mln (down 71,4%), net profit - to USD 2 mln (down 81,8%). Profit reduction resulted from growth of expenses on external debt service, growth of bad debt reserves (from July 1,2003 reduced rates used by the Company's branches "Kubanelectrosvyaz", "Rostovelectrosvyaz" and "Electrosvyaz" of Stavropol Territory" were cancelled which resulted in increase of the share of the Company's not refunded expenditures for provision of services at reduced rates) and tax expenses growth (due to property tax growth resulted from a 69%-increase of the Company's fixed assets) in the structure of other operating costs.

Number of basic telephones rose by 54.8 ths sets (up 22,8%). ?hus, as of April 01,2004 "UTK" PJSC operates 3,662 ths basic telephone sets, including 2,738 ths sets in urban TN and 884 ths sets - in USDal TN.

The volume of long-distance traffic for 1Q04 stood at 494 mln minutes (+15,4%), including 467 mln minutes of long-distance domestic traffic (+15,7%) and 27 mln minutes of long-distance international traffic (+10,4%). Internet traffic for the reporting period reached 61.3 ths Gb (up 67%), connect time via switched access to Internet was 5.5 mln hours (up 45%).

1Q04 capex was USD 70,3 mln (up 265%), fixed assets put into service stood at USD 40,8 mln (+135,6%). Automatic telephone exchanges with total installed capacity of 87.6 ths lines (+118.9%) were put into operation. Digitization level of UTK network rose by 14% reaching 49,1% at the end of 1Q04, including 57,1% - in urban TN.

In 1Q04 the length of long-distance telephone channels rose by 539.8 thousand ch/km standing at 11,959.3 ths ch/km, including those formed using digital transmission systems which rose by 604.7 ths ch/km and stood at 9,709.6 ths ch/km (81,2% of the total length). During 1Q04 UTK intra-zonal networks added 153 km to its fiber-optic lines, and their total length as of April 1, 2004 stood at 5,829.1 km.

Average number of the Company's employees on pay-roll is decreasing in conformity to plan; as of April 1, 2004 it was 39 767 people (a 3,7%-decrease compared to 01.04.2003). Tariff revenue per one line rose by 22% standing at USD 1,207 number of lines per one employee was up 13,2% reaching 91.1 lines.




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