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North-West Telecom

December 15, 2010

North-West Telecom releases its performance results for 9 months of 2010 according to the IFRS

North-West Telecom is releasing its performance results for 9 months of 2010 according to the International Financial Reporting Standards (IFRS). The interim consolidated financial reports are unaudited.

In accordance with the IFRS, the sales proceeds for 9 months of 2010 rose 7.2 % as against 9 months of 2009 and reached 21,065 million rubles.

At the same time, operating expenses for 9 months of 2010 increased only 2.3% on a year-to-year basis to 18,838 million rubles. Thus, during 9 months of 2010 NWT’s incomes grew more than three times faster than expenses.

The operating profit for 9 months of 2010 amounted to 5,775 million rubles, 32.5% up as compared with the same period of the past year.

The growth of proceeds is due mainly to the rise in incomes from data transmission and telematic services (Internet) and local communication services, which rose by 15.4% and 6.2% respectively on a year to year basis. In absolute terms, the incomes from data transmission and telematic services (Internet) amounted to 4,644 million rubles and the incomes from local communication services to 10,617 million rubles.

Incomes from individual customers account for more than 50% of the Company’s aggregate incomes.

EBITDA* for 9 months of 2010 amounted to 10,807 million rubles, 22% up as compared with the same period of 2009; the EBITDA margin rose by 6.2 percentage points to 51.3%.

OIBDA** for 9 months of 2010 amounted to 10,830 million rubles, 15.1% up as compared with the same period of 2009; the OIBDA margin rose by 3.5 percentage points to 51,4%.

NWT’s net profit for 9 months of 2010 is equal to 4,037 million rubles, increasing by 82.3% on a year-to-year basis. The net profit margin rose by 7.9 percentage points to 19.2%.

According to Deputy General Manager – Economics and Finance Director Venera Khusnutdinova, “In 2010 NWT improved considerably its financial and economic performance as the result of the Company’s adequate and fast responses to the market challenges”.

The full text of North-West Telecom’s unaudited consolidated financial reports for 9 months of 2010 is available on the corporate web-site, Economics and Finance section .

*EBITDA = “Earnings (losses) before taxes from continuing activity for the accounting period” + “depreciation and amortization” + “Financial expenses” – “interest incomes on financial assets” – “interest incomes on pension plan assets”.

**OIBDA = “Operating income” + “depreciation and amortization”.

 

 

 

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