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CenterTelecom

September 3, 2010

CenterTelecom reports increase in net profit up to RUB4.155 billion for 1H 2010 based on IFRS results

Moscow, September 1, 2010 Ė CenterTelecom, the biggest telecommunications operator of Russia's Central Federal District, has summed up its unaudited operating results for the first six months of 2010 in accordance to IFRS.

Basic financial indicators, RUB million

 

1H 2010

1H 2009

Absolute deviation

Relative deviation, %

Revenues

19,976

18,212

1,764

9.69

Depreciation and amortization

(3,270)

(3,195)

(75)

2.35

Operating expenses (net)

(13,768)

(12,721)

(1,047)

8.23

Interest paid

(1,033)

(1,500)

467

-31.13

OIBDA

9,478

8,686

792

9.12

Operatingprofit

6,208

5,491

717

13.06

Profit before tax

5,214

3,875

1,339

34.55

Net profit attributable to shareholders of the parent company

4,156

2,927

1,229

41.99

Net profit for the reporting period

4,155

2,927

1,228

41.95

OIBDA margin

47.45%

47.69%

-

-

EBITDA[1]

9,458

8,461

997

11.78

EBITDA margin [2]

47.35%

46.46%

-

-

Net profit margin [3]

20.80%

16.07%

-

-

Net cash from core activities

7,896

8,122

(226)

-2.78

Net cash spent for investments

(3,330)

(2,143)

(1,187)

55.39

Net cash used in financing activities

(4,080)

(2,799)

(1,281)

45.77

 

 

As of June 30, 2010

As of December 31, 2009

Absolute deviation

Relative deviation, %

Fixed assets

47,379

47,264

115

0.24

Long term liabilities

12,030

15,929

(3,899)

-24.48

Current liabilities

13,284

11,962

1,322

11.05

Net debt [4]      

12,066

16,558

(4,492)

-27.13

Income structure for 1H 2010, RUB million

 

1H 2010

1H 2009

Relative deviation, %

Local telephony services

9,292

8,262

12.47

Intra-zone telephony services

2,757

2,869

-3.9

Interconnection and traffic transfer services

2,001

1,892

5.76

Data transmission and telematic services (Internet access)

3,652

2,998

21.81

Cooperation and agency services

526

533

-1.31

Payment for installation and connection

183

228

-19.74

Mobile telecommunications, wire broadcasting, radio and TV

375

351

6.84

Provision of telephone channels for use

203

194

4.64

Mobile telecommunications services

170

158

7.59

Telegraph communications network services

109

102

6.86

Other services

94

105

-10.48

Income from other sales

614

520

18.08

including income from lease of assets

432

376

14.89

Total

19,976

18,212

9.69

For the first half of 2010 CenterTelecom's revenues increased by 9.59% against the same period of 2009. Among key drivers of growth were:

- increase in the number of broadband Internet subscribers by 55.5% (1,404,208 users) against the comparable period of 2009 (902,739 users). It contributed to 21.81% growth of revenues from data transmission and telematic services (RUB3.652 billion) in comparison with 1H 2010.

- 12.47% rise in revenues from local telephone communications services to RUB9.292 billion against the same period of 2009. It was mainly caused by switch of the company's subscribers to time based billing; over 50% of these subscribers have switched to unlimited plans (it led to significant increase in ARPU). Another factor contributed to the rise in revenues from local telephony was an adjustment of tariffs (9.6% rise in tariffs in Russia's Central Federal District on the average) in February 2010.

CenterTelecomís operating expenses structure (net) in 1H 2010, RUB million

 

1H 2010

1H 2009

Relative deviation, %

Personnel costs

5,121

4,914

4.21

Depreciation and amortization

3,270

3,195

2.35

Material costs, repair, maintenance, public utility services

1,978

1,736

13.94

Expenses on telecommunications operatorsí services

1,567

1,418

10.51

Transport and postal services

677

555

21.98

Taxes except profit tax

458

433

5.77

Outsourced services and administrative expenses

239

225

6.22

Expenses related to agency services

492

466

5.58

Expenses on fire protection and security services

212

208

1.92

Reimbursement of losses from provision of universal telecommunications services

(1,483)

(1,450)

2.28

Charges to Universal Telecommunications Service Fund

196

178

10.11

Advertising expenses

209

97

115.46

Membership fees, expenses on charitable activities and trade union organizations

176

19

826.32

Other operating revenues

(166)

(64)

159.38

Other operating expenses

449

436

2.98

Rent payments

373

355

5.07

Total:

13,768

12,721

8.23

Vaagn Martirosyan, General Director, CenterTelecom, commenting on the company's results, said: "CenterTelecom demonstrates stable and strong operating results: the number of its broadband Internet services subscribers is growing, the company's net profit is increasing, and its debt burden is being reduced steadily."

CenterTelecomís IFRS unaudited consolidated financial statement for 1H 2010 is available at the company's web site.

[1] EBITDA is calculated as earnings before taxes minus depreciation minus net interest receivable (net).

[2] EBITDA margin is calculated as EBITDA/revenues.

[3] Net profit margin is calculated as profit for the reporting period/revenues.

[4] Net debt is calculated as a sum of long and short term liabilities on loans, borrowings and financial lease minus cash and cash equivalents.

 

 

 

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