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Svyazinvest

November 24, 2004

SiberiaTelecom: 1H 2004 IAS financials
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SiberiaTelecom (RTS ticker: ENCO/ENCOP, ????: STKM/STKMP, ADR: SBTLY), the major telecom operator in the Siberian Federal District, released its interim 1H 2004 IAS financials (unaudited).

Consolidated financials include assets, liabilities and operating results of the Company and its subsidiaries, the largest of which are Yeniseytelecom (100%) and Baikalvestcom (100%).

Key FY 2003 and 1H 2004 IAS financials (RUR mln):

	2003	1H2004
Income	17,718.3	10,403.0
EBITDA	4,824.0	3,088.7
EBITDA margin	27.2%	29.7%
Opex	14,730.8	8,298.2
Income from core activities	2,987.4	2,104.7
Operating margin	16.9%	20.2%
Income before taxation and minority interest	2,782.6	1,639.3
Net profit	1,883.0	1,082.7
Net margin	10.6%	10.4%

Ø The Company’s 1H 2004 IAS consolidated revenue amounted to RUR 10,403 mln.

LD and ILD (28.1% and 24%, respectively), as well as mobile telecommunication services (16.8%) account for the bulk of the Company’s revenue mix. Another significant line item, the Company’s services to Russian operators, amounted to RUR 719.9 mln. Revenues from new services (Internet, ISS, ISDN) accounted for RUR 410.1 mln.

Company IAS revenue mix in FY 2003 and 1H 2004 (RUR mln):

Line item	2003	revenue mix, %	1H 2004	revenue mix, %
Line item	2003	revenue mix, %	1H 2004	revenue mix, %
LD traffic	5,460.1	30.8	2,924.5	28.1
ILD traffic	927.0	5.2	485.0	4.7
Local traffic	4,233.0	23.9	2,500.7	24.0
Installation and connection fees	1,195.1	6.7	555.2	5.3
Telegraph services	219.7	1.2	113.0	1.1
Mobile telecommunication services	2,299.3	13.0	1,747.3	16.8
Radio and TV broadcasting	57.5	0.3	33.0	0.3
Data transfer and telematic services	166.2	0.9	84.2	0.8
New services (Internet, ISS, ISDN)	596.5	3.4	410.1	3.9
Rent of channels	294.0	1.7	82.5	0.8
Services to Russian operators	776.7	4.4	719.9	6.9
Othertelecom services	976.2	5.5	505.5	4.9
Other services	516.9	2.9	241.9	2.3
Total	17,718.3	100.0	10,403.0	100.0

Ø The company’s 1H 2004 IAS expenses stood at RUR 8,298.2 mln.

Wages, salaries, other benefits, payroll taxes, interconnection charges, depreciation and amortization, materials, repairs, maintenance and utilities expenses, other opex (SG&A, insurance, rent, consulting and advertising expenses) account for the bulk of the Company’s expenses.

Company IAS expenses structure in FY 2003 and 1H 2004 (RUR mln):

Line item	2003	expenses structure, %	1H 2004	expenses structure, %
Line item	2003	expenses structure, %	1H 2004	expenses structure, %
Wages, Salaries, Other Benefits and Payroll Taxes	(5,913.0)	40.1	(3,462.6)	41.7
Depreciation and Amortization	(1,836.6)	12.5	(984.0)	11.9
Materials, Repairs, Maintenance and Utilities	(1,772.9)	12.0	(925.0)	11.1
Taxes Other than Income Tax	(292.6)	2.0	(178.1)	2.1
Interconnection Charges	(2,645.2)	18.0	(1,606.3)	19.4
Bad Debts (Expense) /Reversal	(390.8)	2.7	(149.9)	1.8
Loss on Disposal of Property, Plant and Equipment	(253.5)	1.7	(86.6)	1.0
Other Operating Expenses	(1,626.3)	11.0	(905.6)	10.9
Total	(14,730.8)	100.0	(8,298.2)	100.0

Ø EBITDA stood at RUR 3,088.7 mln in 1H 2004, EBITDA margin – 29.7%.

Ø Profit from core activities amounted to RUR 2,104.7 mln, profit margin from core activities – 20.2%.; profit before taxes totaled RUR 1,639.3 mln.

Ø Consolidated net profit reached RUR 1,082.7 mln in 1H 2004, net profit margin stood at 10.4%.

Siberia Telecom’s 1H 2004 IAS consolidated financials (balance sheet, statement of cash flows) can be viewed at the corporate website https://www.sibirtelecom.ru/investor/finance.php(in Russian) and https://www.sibirtelecom.ru/english/investors/financial.php (in English).

For the record:

Key unconsolidated operating and financial results (RAS):

	1H 2004	1H 2003	Chg., %
Major financial indicators (mln RUR)
Revenue	8,874	6,929	28.1
Expenses	7,282	5,406	34.7
EBITDA	2,540	2,007	26.5
EBITDA margin	28.6%	29.0%
Sales profit	1,592	1,523	4.5
Operating margin	17.9%	22.0%
Profit before taxes	1,059	938	12.9
Net profit	729	651	11.9
Net margin	8.2%	9.4%
Major operating indicators
Number of fixed line customers, th	3,680	3,486	5.6
Number of cellular subscribers*, th	678	298	127.6
LD and ILD traffic (outgoing paid), mln min	953	842	13.2
Internet traffic on dial-up lines, mln min	711	529	34.5
Efficiency indicators
LD / ILD traffic per line, min	256	241	6.0
Revenue per line, RUR	2,379	1,985	19.8
Revenue per employee, RUR th	184	139	32.4
Lines per employee	77.5	70.1	10.5

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