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COMSTAR-UTS  |
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| Compilation Date: | 28 Aug 08 |
Company Overview
 General Info | |
| Full Company Name | JSC "COMSTAR-United TeleSystems" |
| Industrial Group | Telecommunications |
| Number of Employees | 20,000 |
| Registration Date | 15 Jun 99 |
| Registered Address | Bld. 2, 27, Smolenskaya-Sennaya Sq., Moscow, City of Moscow, 119121 |
| Main Office | Bld. 2, 27, Smolenskaya-Sennaya Sq., Moscow, City of Moscow, 119121 |
| Telephone / Fax | (495) 956-0000, 950-0227 / (495) 956-0707, 950-0233 |
| e-mail | info@comstar-uts.ru ir@comstar-uts.ru |
| Internet Home Page | www.comstar-uts.ru |
| Registrar | JSC "Reestr" |
| Auditor | Deloitte & Touche |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
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| Corporate Management |
| General Director | Sergey Pridantsev |
| Price Highlights | |
| Price per Common Share, USD | 7.622 |
| YTD Price Change, % | -37.41 |
| P/E Ratio | 73.2161 |
| Market Capitalization, USD | 3,185,545,235 |
| Common Shares in Free Float, % | 35.00 |
| Operations Summary | |
JSC “Comstar-United TeleSystems” (Comstar) is the leading combined telecommunications operator in Russia and the Commonwealth of Independent States, offering fixed-line services to corporate and residential clients and other telecom operators. The Group combines technology platforms, services, an international management team, and international values of reliability, entrepreneurship, and top customer service in its mission to become a truly world-class telecommunications operator. The Group combines traditional fixed-line communications, provided by an incumbent operator in Moscow, MGTS, with multi-service value-added solutions, provided by its alternative operators in Moscow, regions, CIS and Eastern Europe under the brand Comstar. Comstar’s Communications products and solutions include voice, data and broadband internet, payTV, Wi-Fi and a number of value-added services to corporate and residential subscribers and other operators using the Group’s combined networks. The Group’s services are offered across three core and well-recognized brands, Comstar, Comstar Direct, and MGTS. Today, Comstar is an integrated Group with four operating units covering its core product offerings and geographic markets. The operating companies are: MGTS, Comstar Direct, Comstar Moscow, Comstar Regions and International. In 2006, the Group became a publicly listed company. Its successful initial public offering (IPO) on the London Stock Exchange (LSE) in February 2006 raised USD976 million.
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Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 417,940,860 | 1.00 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| Deutsche Bank | 45.80 | 45.80 | | Sistema Joint Stock Financial Corporation | 36.43 | 36.43 | | Closed JSC "United TeleSistems" | 13.75 | 13.75 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| AnTel Metrocom Ltd. | 100.00 | | Comstar One Ltd. | 100.00 | | Closed JSC "Conversiya-Svyaz" | 100.00 | | Digital Telephone Networks South Ltd. | 100.00 | | Close JSC "Intersvyas-Service" | 100.00 | | Inter-TV Media Ltd. | 100.00 | | JSC "M-Telecom Holding" | 100.00 | | Closed JSC Telecommunicational Company "OVERTA" | 100.00 | | Strategy Ltd. | 100.00 | | Unitel Ltd. | 100.00 | | Comstar-Ukraine Ltd. | 99.00 | | JSC "Tyumenneftegazsvyaz" | 75.13 | | Callnet Enterprises Ltd. | 75.10 | | JSC "Moscow City Telephone Network" (MGTS) | 55.73 | | Closed JSC "COMSTAR-Direct" | 51.82 | | Telecommunication Investment Joint-Stock Company (Svyazinvest) | 25.00 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2000 / com | 2,459.88 | 23,021 | n. a. | 31 Jul 01 | n. a. | n. a. | | 2001 / com | 2,967.288152 | 23,021 | n. a. | 18 Oct 02 | n. a. | n. a. | | 2002 / com | n. p. | 23,021 | - | - | - | - | | 2003 / com | n. p. | 23,021 | - | - | - | - | | 2004 / com | 0.095934 | 23,021,000 | 15 May 03 | 01 Oct 05 | 2.900586 | n. a. | | 2005 / com | 0.005532 | 417,940,860 | 12 May 06 | 30 Sep 06 | 2.183642 | 0.001185 | | 2006 / com | 0.005834 | 417,940,860 | 16 May 07 | 26 Aug 07 | 2.955365 | 0.000698 | | 2007 / com | 0.006395 | 417,940,860 | 22 May 08 | 29 Aug 08 | 6.09984 | 0.000525 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| COMSTAR-UTS | CMST | RU000A0H1BE9 | Moscow SE | | COMSTAR-UTS | CMST | RU000A0H1BE9 | RTS Classic | | COMSTAR-UTS | CMSTG | RU000A0H1BE9 | RTS T+0 | | COMSTAR-UTS GDR | C8R1 | US47972P2083 | Berlin Stock Ex | | COMSTAR-UTS GDR | C8R1 | US47972P2083 | Frankfurt SE | | COMSTAR-UTS GDR | CMST | US47972P2083 | London SE | | COMSTAR-UTS GDR | JSTKY | US47972P1093 | US OTC | | COMSTAR-UTS GDR | C8R1 | US47972P2083 | XETRA |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| GDR Reg S sponsored | 07 Feb 06 | 1: 1 | 47972P208 | Deutsche Bank | | GDR 144 A sponsored | 07 Feb 06 | 1: 1 | 47972P109 | Deutsche Bank |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| Does not constitute to any indices. |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| No bonds issued. |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| No bonds issued. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| No bonds issued. |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 26.35 | 24.54 | 23.50 |
| ASSETS, of which | 93,217 | 113,627.9 | 116,839.01 | 3,537.59 | 4,630.34 | 4,971.5 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 81,457.63 | 90,519.75 | 90,637.27 | 3,091.32 | 3,688.68 | 3,856.62 |
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| | Fixed Assets | 38,928.3 | 46,800.29 | 47,118.94 | 1,477.33 | 1,907.11 | 2,004.91 |
| | Intangible Assets | 2,419.89 | 4,687.26 | 4,516.47 | 91.84 | 191.01 | 192.18 |
| | Other Assets | 40,109.43 | 39,032.2 | 39,001.86 | 1,522.15 | 1,590.56 | 1,659.53 |
| Current Assets, of which | 11,759.37 | 23,108.15 | 26,201.74 | 446.27 | 941.66 | 1,114.88 |
|---|
| | Inventories | 889.06 | 1,014.18 | 1,082 | 33.74 | 41.33 | 46.04 |
| | Accounts Receivable | 2,526.17 | 4,000.69 | 4,346.44 | 95.87 | 163.03 | 184.94 |
| | Cash | 3,600.03 | 4,412.12 | 6,084.75 | 136.62 | 179.79 | 258.91 |
| | Other Current Assets | 4,744.11 | 13,681.15 | 14,688.55 | 180.04 | 557.51 | 625 |
| OWNER'S EQUITY, of which | 54,464.82 | 70,083.68 | 72,501.95 | 2,066.94 | 2,855.91 | 3,084.96 |
|---|
| | Charter Capital | 629.78 | 586.5 | 561.69 | 23.9 | 23.9 | 23.9 |
| | Reserves | 42,421.48 | 57,903.78 | 59,566.2 | 1,609.9 | 2,359.58 | 2,534.54 |
| | Retained Earnings | 11,413.57 | 11,593.4 | 12,374.05 | 433.15 | 472.43 | 526.52 |
| LIABILITIES, of which | 38,752.17 | 43,544.22 | 44,337.06 | 1,470.65 | 1,774.43 | 1,886.54 |
|---|
| | Long-Term Debt | 883.5 | 21,872.91 | 21,837.58 | 33.53 | 891.32 | 929.19 |
| | Short-Term Debt | 20,496.36 | 2,539.29 | 2,433.68 | 777.84 | 103.48 | 103.55 |
| | Accounts Payable | 1,344.48 | 1,357.57 | 0 | 51.02 | 55.32 | 0 |
| | Other Liabilities | 16,027.83 | 17,774.45 | 20,065.8 | 608.26 | 724.31 | 853.8 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 27.16 | 25.58 | 24.25 |
| Sales | 30,415.46 | 39,941.38 | 10,108.78 | 1,120.25 | 1,562.39 | 416.96 |
| Production Costs | 24,020.42 | 27,534.15 | 7,167.15 | 884.71 | 1,077.05 | 295.62 |
| Operating Profit | 6,395.04 | 12,407.23 | 2,941.63 | 235.54 | 485.33 | 121.33 |
| Other Income | -417.52 | -5,243.05 | 147.65 | -15.38 | -205.09 | 6.09 |
| Income Before Taxes | 5,977.52 | 7,164.18 | 3,089.28 | 220.16 | 280.24 | 127.42 |
| Net Income | 2,239.82 | 1,120.05 | 1,311.25 | 82.5 | 43.81 | 54.09 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Unaudited | Unaudited | Audited | Unaudited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 06 | 31 Dec 07 | 31 Mar 08 |
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| Company Valuation Coefficients | |
|---|
| P/BV | 1.69 | 1.78 | 1.29 |
| P/S | 3.12 | 3.26 | 2.41 |
| P/E | 42.35 | 116.16 | 73.22 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 56.01 | 78.12 | 82.52 |
| Net Profit Margin, % | 7.36 | 2.80 | 3.29 |
| ROA, % | 3.19 | 1.07 | 1.13 |
| ROE, % | 6.48 | 1.98 | 2.10 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 12.86 | 12.07 | 9.49 |
| Assets Turnover | 0.43 | 0.38 | 0.34 |
| Inventory Turnover | 36.96 | 41.63 | 37.78 |
| Liabilities Turnover | 1.06 | 0.96 | 0.90 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.58 | 0.62 | 0.62 |
| Debt Ratio | 0.42 | 0.38 | 0.38 |
| Equity/Debt | 1.41 | 1.61 | 1.64 |
| Current Liquidity | 0.39 | 2.02 | 2.14 |
| Quick Liquidity | 0.36 | 1.93 | 2.05 |
Production Overview
| Production |
| Product | Measure | | 2005 | 2006 | Units |
|---|
| Alternative Segment | | | | | | | Access lines in use | 1 | n. a. | 629,183 | 630,966 | lines | | Access lines installed | 1 | n. a. | 581,398 | 601,598 | lines | | Subscribers | 1,000 | n. a. | 468.62 | 509.15 | subscriber | | Traditional Segment | | | | | | | Access lines in use | 1 | n. a. | 4,637,383 | 4,706,883 | lines | | Access lines installed | 1 | n. a. | 4,298,189 | 4,334,567 | lines | | Subscribers | 1,000,000 | n. a. | 3.62 | 3.64 | subscriber |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Traditional Segment | | | | | Access lines installed | 1 | 4,334,567 | lines | | Alternative Segment | | | | | Access lines installed | 1 | 601,598 | lines |
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