OJSC «North-West Telecom» has summarized the results of its activities for 2003 according to IAS . The consolidated financial statements of OJSC «North-West Telecom» were audited by independent Auditor «Ernst & Young Vneshaudit».
Revenues from the main activity of North-West Telecom JSC for 2003 amount RUR 12,38 bln. That is 15% higher than similar period of the previous year.
Operating income amount RUR 1,18 bln., that is 4% higher than similar period of the previous year.
EBITDA for 2003 year amount RUR 2,3 bln.
EBITDA margin – 18,6 %.
North-West telecom JSC net profit amount RUR 394,34 mln., that is 16% less compare with the previous year (RUR 473,6 mln.)
Comment to North - West Telecom performance results according to IAS for 2003 year Deputy General director – Chief financial officer Venera Khusnutdinova said:
«The net profit decreasing for 2003 year, compare with 2002 is specified by changing in Company’s accounting record. We are not designed to support IAS N 29, «Financial reporting in hyperinflationary», so we didn’t charge extra of profit from changing of RUR purchasing factor, that was RUR 130 mln. in 2002».
According to CFO Venera Khusnutdinova deference between net profit of North - West Telecom JSC for 2003 according to IAS (RUR 394,34 mln.) and according to RAS (RUR 837,48 mln.) depends of more value amortized deduction according to accounting record of IAS (RUR 1,9 bln. and RUR 1,01 bln. thereafter).
The full version of North-West Telecom JSC consolidated financial statement for 2003 according to IAS is placed on the corporate web site in Investor and shareholders section.
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