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North-West Telecom

June 3, 2010

North-West Telecom releases 2009 IFRS results

North-West Telecom JSC summed up its 2009 business results in accordance with the International Financial Reporting Standards (IFRS.) The audit of its financial reporting was done by CJSC PricewaterhouseCoopers Audit.

According to IFRS, the revenue of North-West Telecom grew by 5.5% in 2009 compared to the previous year, reaching RUR 26,566 million. The operating costs were RUR 26,288 million, which is 13.5% higher than in 2008.

As a result, the operating income grew by 2.7% in 2009 reaching RUR 4,718 million.

Over 50% of N.W.Telecom’s revenue consist of revenues from local access, which were RUR 13,407 million in 2009, or 4% higher than the last year’s level.

The revenue from the data transmission network and Internet services increased by 20% to make RUR 5,322 million. In particular, the proportion of new services (telegraph communication network, data transmission network, and telematic services) in the revenue continues to grow: it reached 20.0% in 2009 against 18.4% in 2008, which indicates a higher level of the N.W.Telecom business diversification.

The EBITDA* according to IFRS was RUR 10,963 million in 2009, which is 14.0% higher than in the similar period of the last year, with the EBITDA margin increasing by 3.1 p.p. to 41.3%.

The net income of North-West Telecom according to IFRS was RUR 2,592 million in 2009, or 1.2% higher than in 2008.

As in the last year, North-West Telecom prepared the annual reporting according to IFRS long before the annual meeting of the shareholders, thus providing the Company shareholders with a high-quality and understandable tool for appraisal of N.W.Telecom activity in 2009 and for passing well-considered resolutions at the forthcoming annual meeting of the shareholders.

The consolidated financial reporting of JSC North-West Telecom for 2009 and related notes are presented on the corporate website of N.W.Telecom in the “Economy and Finance” section.

*The EBITDA index is calculated by the formula “profit in the reporting period “ + “profit tax” + “depreciation   and amortization” + “financial expenses” – “interest”.

 

 

 

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