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VolgaTelecom

August 3, 2004

OJSC “VolgaTelecom” casts the total for the 1-st half year of 2004

Nizhny Novgorod, August 2004: By the results of the activity for the 1-st half year of 2004 OJSC “VolgaTelecom” proceeds amounted to 8 723 million rubles (the rate of growth vs. the appropriate period of 2003 is 137,2 %). The Company’s communication services income was 8 525 million rubles (the rate of growth - 138,3%). The rate of growth of expenses for ordinary operations for the 1-st half year of 2004 was 134% and the total expenses amounted to 6 338 million rubles.

Sales profit increased to 2 385 million rubles with the rate of growth of 146 % and the balance-sheet profit to 1 374 million rubles, the rate of growth – 123,1%. OJSC “VolgaTelecom” net profit for the report period amounted to 969 million rubles (the rate of growth - 122,5%). Sales profit cost-efficiency was 37,6 %; balance-sheet profit cost-efficiency increased to 21,7 %, and net profit cost-efficiency was 15,3 %.

For the report period the number of lines per an employee increased to 85 lines (the rate of growth - 113,1 %). Revenue per an employee - 176,5 thousand rubles (the growth - 144,3 %), expenses per an employee - 128,2 thousand rubles. Revenue per a line by the results of the 1-st half year of 2004 amounted to 2 058 rubles (the rate of growth - 127,6%). Prime cost per a ruble of revenue decreased vs. the last year indicator by 2,2% and amounted to 0,73 ruble.

OJSC “VolgaTelecom” is a part of “Sviayzinvest” holding and is one of the largest interregional communication operators in Russia. Within the terms of communication industry restructuring carried out by the holding on November 30, 2002 11 regional communication enterprises of Privolzhskyi Federal district were affiliated to OJSC “VolgaTelecom”. OJSC “VolgaTelecom” authorized capital is 1 639 764 970 rubles. It is divided into 245 969 590 ordinary shares and 81 983 404 preferred shares with the face value of 5 rubles each. The major shareholder is OJSC “Sviayzinvest” – 38% of the charter capital. The Company’s shares are traded at RTS and MICEX. Since 1997 the program of American Depositary Receipts of level I is effective, the ADRs are circulating at Frankfurt and Berlin stock exchanges and at OTC market in the USA.

The Company’s proceeds in 2003 amounted to 14,7 billion rubles, net profit – about 2 billion rubles. The installed capacity of the merged company - 4,5 million lines.

 

 

 

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