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North-West Telecom

September 18, 2008

North-West Telecom summing up results for 1st half, 2008, according to IAS

OJSC North-West Telecom has summed up its business results for the 1st half of 2008 in accordance with the International Accounting Standards (IAS). The consolidated interim financial statements are unaudited and presented as comprising the balance sheet, profit and loss statement, cash flow statement, equity flow statement, and notes to the statements.

In accordance with IAS, the revenue grew by 4.3% in the first half of 2008 compared to the 1st half of 2007, to make RUR 12,455 million. The costs increased by 15% to make RUR 10,654 million.

The highest growth was shown by the earnings from the new services (Internet and data transmission.) By the results of the first half of 2008, they reached RUR 2,207 million, which is 45.8% higher than in the similar period of the last year. The high growth rates of earnings from the new services indicate the successful implementation of North-West Telecom’s strategy to enhance its position on the market of broadband Internet access services, which is supported both by mass promotion of the services to individuals under the @vangard trademark and by the enhanced position in the corporate segment.

The net profit of OJSC North-West Telecom according to IAS was RUR 2,036 million in the 1st half of 2008, which is 21.7% higher than in the 1st half of 2007.

EBITDA* was RUR 5,774.9 million in the first half of 2008, increasing by 22.1% compared to the 1st half of the last year. The EBITDA margin grew by 6.9 points against the similar period of the last year, and reached 46.4%.

 

*The EBITDA index is calculated by the formula “Net Profit” + "Wear and Amortization” – “Interest Earnings” + “Interest Costs” + “Profit Tax

 

The full text of the unaudited consolidated financial statements of OJSC North-West Telecom according to IAS for the 6 months of 2008 is presented on the Company’s website in the «Economy and Finance» section.

 

 

 

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