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Financial Corporation "Sistema"

October 7, 2005

Sistema announces financial and operating results for the six months ended June 30, 2005

Moscow, Russia – October 7, 2005 – Sistema (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, today announced its unaudited reviewed consolidated US GAAP financial results for the six months ended June 30, 2005.

 

HIGHLIGHTS

 - Consolidated revenues grew 38% to US$ 3.35 billion

 - OIBDA[*] increased 27% to US$ 1.42 billion

 - Operating income up 22% to US$ 941.3 million

 - Net income grew 33% to US$ 227.7 million

 - Total consolidated assets increased 57% to US$ 11.57 billion

 - 150% increase in shareholders’ equity following successful IPO on London Stock Exchange in February

 

Vladimir Evtushenkov, President and Chief Executive Officer of Sistema, commented on the half year results: “This set of results is the first one reflecting the company’s performance post-IPO, and we would like it to be viewed as evidence of our ability to deliver on our promises to investors. Our businesses, both existing and newly-acquired, exhibited solid growth in the first half of 2005, and we are seeing further improvement in the fundamentals of our portfolio. The strength of Sistema has always been in the combination of solid business planning and effective execution, and we intend to continue capitalizing on this going forward. We have already consummated several successful transactions in the third quarter of the year, and are moving in line with our strategy for the remainder of the year.”

 

FINANCIAL SUMMARY

 (US$ millions)

 

H1 2005

 

H1 2004

 

Growth

FY 2004

     

Revenues

 

3,355.0

 

2,428.0

 

38%

5,711.3

 

Operating income

Margin

941.3

28%

772.1

32%

22%

-

1,664.7

29%

Net Income

227.7

171.0

33%

411.2

OIBDA

Margin

1,421.9

42%

1,119.9

46%

 

27%

-

2,464.6

43%

 

FINANCIAL AND OPERATING REVIEW

Sistema’s consolidated revenues increased by 38% year-on-year to US$ 3.35 billion in the six-month period ended June 30, 2005, from US$ 2.43 billion in the same period of 2004. Revenue growth in existing businesses was US$ 671.7 million, or 28%. The consolidation of Kvazar-Micro, Uzdunrobita, Gorizont-RT and others contributed a total of US$ 255.2 million to the increase.

Over the reporting period the company continued to diversify its business, both in terms of industries, and geographically. The Telecommunications segment represented 79.9% of total aggregated revenues for the period, compared with 86.9% in the same period of last year, while the share of the Technology segment increased to 12.7% from 3.4%. The revenues derived from Ukraine were US$ 691.9 million vs. US$ 345.3 million in the previous reporting period.

Consolidated OIBDA increased by 27% year-on-year to US$ 1.42 billion from US$ 1.12 billion for the six month period of 2004. The OIBDA margin decreased to 42% for the six months ended June 30, 2005, compared to 46% for the same period of 2004, both through a slight decrease in margins for the Telecommunications segment, and the growth of share of lower-margin segments in total revenues.

Sistema’s operating income increased by 22% to US$ 941.3 million from US$ 772.1 million in the previous year. MTS contributed US$ 788.6 million, or 84%, of the Group’s aggregated operating income in the six-month period ended June 30, 2005, vs. 91% in the first half of 2004.

Group net income increased by 33% year on year to US$ 227.7 million for the six months ended June 30, 2005, from US$ 171.0 million for the six months ended June 30, 2004, with net income margin slightly declining to 6.8% from 7.0%.

Throughout the reporting period, Sistema continued to optimize its debt portfolio. Our total long-term indebtedness amounted to US$ 3.03 billion as at June 30, 2005, compared to US$ 1.74 billion as at the same date last year, while current debt declined to US$ 529.9 million from US$ 747.7 million. The ratio of total debt to annualized OIBDA as of June 30, 2005, stood at 1.25x vs. 1.11x at the end of the first half of the previous year.

Over the first half of 2005, Sistema invested US$ 981.5 million in capital expenditures (excluding acquisitions), which is a 51% increase compared with US$ 650.3 in the first six months of 2004.

Telecommunications

Revenues from the Telecommunications segment grew by 27% year-on-year to US$ 2.68 billion from US$ 2.11 billion. This growth does not include the revenues of MTU-Intel and Golden Line, which in the first half of 2005 were accounted for in the Media segment. Following the management decision to include these two businesses in Comstar United TeleSystems, in 2006 their results will again be included in the results of the Telecommunications segment.    

MTS revenues grew by 31% or US$ 546.1 million to US$ 2,293.6 million, reflecting continued subscriber growth in Russia and the CIS. MGTS demonstrated a 36% growth in the top line to US$ 308.3 million from US$ 226.3 million in the first six months of 2004. The company’s operating income increased by 125% to US$ 104.4 million from US$ 46.5 million for the same period of 2004. MGTS’ growth was driven by further increases in regulated tariffs, continued growth in unregulated value-added services, and the effects of the monetization of social benefits allowing the company to significantly improve its collection ratios.

Combined revenues of Comstar, MTU-Inform and Telmos, united under the umbrella of Comstar UTS, grew by 9% to US$ 114.2 million from US$ 105.0 million in the first half 2004, with operating income increasing by 13% to US$ 29.3 million from US$ 26.0 million. The revenues of MTU-Intel and Golden Line (accounted for in the Media segment) demonstrated growth of 36% to US$ 51.3 million from US$ 37.7 million in the first half of 2004, while their operating income expanded by 59% to reach US$ 5.2 million.

Technology

Technology became Sistema’s fastest-growing segment in the first half of 2005, with its revenues more than quintupling in the period to US$ 426.5 million from US$ 83.0 million in the first half of 2004, and operating income growing by more than 8 times to US$ 109.9 million from US$ 13.2 million. The acquisition of Kvazar-Micro contributed US$ 178.4 million to the increase in revenues, while organic growth came mainly from the telecommunications equipment and software business (320% growth to US$ 166.1 million from US$ 39.5 million) and the consumer electronics business (271% growth to US$ 59.0 million from US$ 15.9 million). The revenues of the semiconductor design and manufacturing business remained virtually unchanged at US$ 27.3 million; however, the business line became the second-largest contributor to the segment’s operating income with operating income of US$ 12.0 million.

Insurance

Revenues for the Insurance segment increased by 59.7% year-on-year to US$ 197.9 million from US$ 123.9 million on the back of a 57.2% increase in gross premiums written to US$ 317.9 million from US$ 202.2 million in the first six months of 2004 and enhanced returns on the investment portfolio managed by Allianz-ROSNO Asset Management. Operating income for the segment more than doubled to US$ 13.6 million from US$ 4.9 million as a result of continued improvements in operating efficiencies.

Banking

The Banking segment revenues grew by 68% year-on-year to US$ 45.8 million from US$ 27.3 million in the first six months of 2004. The growth in revenues was primarily attributable to interest on loans to customers, which increased by 58%. However, operational costs increased at a higher rate due to the increase in loan servicing cost, which reduced operational margin to 6.9% from 25.6% in the first six months of 2004.

Real Estate

Revenues in the real estate business are recognized upon completion of development projects. Revenues for the six-month period ended June 30, 2005 decreased by US$ 13.0 million, to US$ 10.9 million, which represents a 54% decline compared to the same period in 2004. The reason for the decrease is the continued construction of real estate projects during the six months ended June 30, 2005, which resulted in no sales of completed premises in that period. Consequently, operating income for the period decreased to US$ 3.2 million, from US$ 7.9 million in the same period of 2004.

Retail

Revenues for the Detsky Mir business increased by 49.7%, to US$ 45.2 million, for the six-month period ended June 30, 2005 from US$ 30.2 million for the six-month period ended June 30, 2004. The increase was mostly generated by revenues of our new retail outlets. The other reason is consolidation of companies previously not included in our consolidated financial statements, such as NeuKoln with revenues of US$ 3.4 million and DM-Orel previously accounted for by the equity method with revenues of US$ 1.3 million. Operating income during the reporting period increased to US$ 3.8 million, compared with US$ 2.2 million in the six-month period ended June 30, 2004.

Media

Media revenues excluding MTU-Intel and Golden Line increased by 108% to US$ 42.2 million during the six-month period ended June 30, 2005 compared to US$ 20.3 million in the six-month period ended June 30, 2004, primarily due to an increase in print distribution revenues. In addition, our Media subholding commenced operations in Ukraine through its direct subsidiaries, Maxima Kiev and Lingway, which contributed US$ 1.7 million and US$ 13.5 million in revenues. Operating loss (excluding operating income generated by MTU-Intel and Golden Line) expanded during the period to US$ 5.0 million from US$ 2.0 million in the six-month period ended June 30, 2004.

 

ACQUISITIONS AND DIVESTITURES

In wireless telecommunications, MTS’ acquisitions included a 74% stake in Mobile TeleSystems Komi (cash consideration equivalent US$ 1.2 million), a 51% stake in Barash Communication Technologies, Inc. (“BCTI”) with operations in the Republic of Turkmenistan for a consideration of US$ 28.2 million, and an additional 24% stake in Gorizont-RT in the Far East of Russia for a cash consideration of US$ 13.5 million, increasing its voting power in the company to 100%. The company also acquired a 75% stake in Sweet-Com LLC, a holder of 3.5GHz radio frequency allocation for the Moscow region, for a cash consideration of US$ 2 million.

Sistema acquired an additional 20% stake in Telmos for a cash consideration of US$ 8.5 million, bringing its voting power to 100%, and an additional 5% stake in Mezhregionalny Transit Telecom (MTT), a nationwide transit traffic operator, for a cash consideration of US$ 6.4 million, bringing the Group’s voting interest to 50%

In the Banking segment, Sistema acquired a further 13% stake in MBRD for US$ 10 million in cash and promissory notes, increasing its voting power to 99%. We contributed a further US$ 20.9 million to the share capital of MBRD in June 2005, by purchasing 130,000 newly issued shares of MBRD’s common stock in a closed subscription.

Technology acquisitions included a further 53% stake in Kvant, a personal computers and components manufacturer located in Zelenograd for a total consideration of US$ 6.0 million, increasing Sistema’s voting power to 88%.

Our Radio and Space Technology business, Concern RTI Systems, acquired a 54% stake in MTU Saturn which operates in the business of design and installation of electric systems for a cash consideration of US$ 1.5 million. We also purchased a 51% stake in Yaroslavl Radio Plant, producer of commercial payload for satellites and professional communications facilities, for a cash consideration of US$ 6.1 million.

In the first half of 2005 Sistema’s ownership interest in Intourist decreased to 72% from its previous level of 91% as a result of an additional share issue, whereby the Moscow City Government subscribed to additional shares in exchange for a 40% stake in the Cosmos Hotel, a 1,000-room hotel complex in Moscow, and Sistema paid the equivalent of US$47.7 million for the remainder of the newly-issued shares.

 

RECENT EVENTS

In August 2005, in line with its expansion and development strategy, Sistema Mass Media acquired Esta group, a leading Russian cable television operator in MMDS standard which provides services to 217,000 customers, for US$ 8.6 million.

In August and September 2005, for a total of US$ 3.0 million, Detsky Mir acquired a retail network operating under the brand Vyrastai-ka, S-Toys, a children’s toys wholesale company, and Chudo-Ostrov Neva, a children’s goods retailer based in St. Petersburg, which, along with the opening of new stores, brought the total number of store in the Detsky Mir chain to 33.

In September 2005, Comstar UTS completed the purchase of 45% stake in Metrokom, a leading alternative fixed line operator in St. Petersburg for a total cash consideration of US$ 22.5 million which included the refinancing of a loan previously obtained by the company.

During August and September 2005, Sistema acquired minority shareholdings in six energy companies in the Republic of Bashkortostan: 25% in OAO ANK Bashneft, 28.17% in OAO Novoil, 25.52% in OAO Ufimsky NPZ, 22.43% in OAO Ufaneftekhim, 24.87% in OAO Ufaorgsintez and 18.57% in OAO Bashnefteproduct. This group of transactions in the energy sector represents a purely financial investment. 

In August 2005, trading of Sistema’s common shares on the Moscow Stock Exchange commenced, and they have also been included in the calculation of the Exchange’s technical index.

On October 5, 2005, Sistema announced the terms of the proposed consolidation of its fixed-line telecommunications operators under Comstar United TeleSystems. Sistema intends that Comstar UTS acquire and hold majority stakes in all of Sistema’s fixed-line businesses, including MTU-Inform, Telmos, MTU-Intel, Golden Line and MGTS. Comstar UTS will pay for these acquisitions in the form of newly issued shares. It is expected that post-merger the shareholder structure of Comstar UTS will be as follows: Sistema and its 100%-owned subsidiaries will own 79.3%, and MGTS and its 100%-owned subsidiary will own 20.7%.

Until 2005, Sistema has reported its financial results under US GAAP on a semiannual basis. Starting from second half of this year, we intend to move to quarterly reporting.

 

APPENDIX - NON-GAAP FINANCIAL MEASURES

This results statement includes financial information prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP), as well as other non-GAAP financial information. The non-GAAP financial information should be considered as an addition to, but not as a substitute for, information prepared in accordance with US GAAP. 

OIBDA is operating income before depreciation and amortization and the OIBDA margin is defined as OIBDA as a percentage of net revenues.  These measures are included in this results statement in order to provide additional information regarding the Group’s ability to meet future debt service payments, capital expenditure and working capital requirements, and as a metric to evaluate profitability.  OIBDA is not a measure of financial performance under US GAAP, and is not an alternative to net income as a measure of operating performance, or to cash flows from operating activities as a measure of liquidity.  While depreciation and amortization are considered operating costs under GAAP, these items primarily represent the non-cash current period allocation of costs arising from the acquisition or development of long term assets in prior periods. OIBDA is commonly used as a criterion for evaluation of operating performance by credit and equity investors and analysts. The calculation of OIBDA may be different from the calculation used by other companies and comparability may therefore be limited.  OIBDA can be reconciled to the Group’s consolidated statements as follows:

US$ thousands                                  H1 2005                     H1 2004                     FY 2004
Operating Income                                941,269                      772,058                      1,664,706
Add depreciation and amortization       480,590                      347,848                      799,885
OIBDA                                               1,421,859                   1,119,906                   2,464,591

 

SISTEMA JSFC AND SUBSIDIARIES - CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

US$ THOUSANDS

 H1 2005

 H1 2004

FY 2004

 

 

 

 

\ Sales

3,139,108

2,294,184

     5,392,827

Revenues from financial services

215,842

133,861

        318,459

 

 

 

 

TOTAL REVENUES

3,354,950

2,428,045

     5,711,286

 

 

 

 

Cost of sales exclusive of depreciation and amortization

(1,212,834)

(785,545)

   (2,020,124)

Financial services related costs exclusive of depreciation and amortization

(166,238)

(94,441)

      (201,631)

 

 

 

 

  TOTAL COST OF SALES

(1,379,072)

(879,986)

   (2,221,755)

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

(574,392)

(413,000)

   (1,009,716)

Depreciation and amortization

(480,590)

(347,848)

     (799,885)

Other operating expenses, net

(13,531)

(21,267)

(44,529)

Equity in net income of investees

34,356

6,114

        27,121

Gain/(loss) on disposal of interests in subsidiaries

(452)

-

2,184         

 

 

 

 

OPERATING INCOME

941,269

772,058

1,664,706

 

 

 

 

Interest income

35,712

9,616

         18,061

Interest expense, net of amounts capitalised

(122,491)

(108,068)

      (213,943)

Currency exchange and translation gain/(loss)

(12,157)

9,084

         12,620

 

 

 

 

Income from continuing operations before income tax, minority interests and cumulative effect of a change in accounting principle

842,333


682,690

 

   1,481,444

 

 

 

 

Income tax expense

(260,626)

(198,901)

      (445,731)

 

 

 

 

Income from continuing operations before minority interests and cumulative effect of a change in accounting principle

581,707


483,789

1,035,713

 

 

 

 

Minority interests

(354,052)

(277,333)

      (589,014)

 

 

 

 

Income from continuing operations before cumulative effect of a change in accounting principle

227,655


206,456

         446,699

 

 

 

 

 

 

 

 

Cumulative effect of a change in accounting principle (net of income tax effect of nil)

-


(35,472)

  (35,472)

 

 

 

 

NET INCOME

227,655

170,984

        411,227

 

Other comprehensive income/(loss):

 

 

 

 

 

Unrealized gain/(loss) on securities available for sale, net of income tax effect of nil

307

(2,050)

1,967

Change in fair value of interest rate swaps, net of income tax effect of US$ 245, net of taxes respectively

(776)

-

(257)

Translation adjustment (net of minority interest of US$ 4,530, US$ 5,893 and US$ 28,582 respectively and income tax effect of nil)

(11,798)

9,148

29,979

 

 

 

 

Comprehensive Income

215,388

178,082

442,916

 

 

 

 

Weighted average number of common shares outstanding

9,298,895

8,100,000

8,100,000

Earnings (loss) per share, basic and diluted:

 

 

 

Income from continuing operations before cumulative effect of a change in accounting principle

24.48

 

25.49

55.1

    Cumulative effect of a change in accounting principle

-

(4.38)

(4.38)

    Net income

24.48

21.11

50.77

 

SISTEMA JSFC AND SUBSIDIARIES - CONSOLIDATED BALANCE SHEETS

US$ THOUSANDS

 30 June 2005

 30 June 2004

31 Dec 2004

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

1,086,023

436,317

503,747

Short-term investments

1,193,214

217,298

207,293

Loans to customers and banks, net

509,687

236,788

379,310

Insurance-related receivables

184,506

119,955

130,278

Accounts receivable, net

407,679

245,899

327,921

Other receivables and prepaid expenses, net

768,270

516,334

583,074

Inventories

322,570

196,769

276,832

Deferred tax assets, current portion

83,521

60,770

73,592

 

 

 

 

Total current assets

4,555,470

2,030,130

2,482,047

 

 

 

 

Property, plant and equipment, net

4,952,791

3,775,378

4,435,215

Advance payments for non-current assets

314,504

105,810

181,281

Long-term receivables

4,473

836

4,513

Long-term investments

46,774

48,227

45,911

Investments in affiliated companies

264,821

132,067

206,520

Goodwill

223,737

73,340

174,341

Licenses, net

672,407

664,311

750,933

Other intangible assets, net

498,433

414,249

467,160

Debt issuance costs, net

28,337

16,370

27,267

Deferred tax assets

12,847

87,897

3,482

TOTAL ASSETS

11,574,594

7,348,615

8,778,670

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

501,939

307,110

361,016

Bank deposits and notes issued

320,106

227,494

326,861

Insurance-related liabilities

511,612

270,782

 344,460

Taxes payable

171,714

124,107

117,888

Deferred tax liabilities, current portion

10,018

16,603

22,071

Accrued expenses and other current liabilities

1,040,808

691,884

737,394

Short-term notes payable

77,137

155,966

221,103

Current portion of long-term debt

450,392

583,213

340,938

 

 

 

 

Total current liabilities

3,083,726

2,377,159

2,471,731

LONG-TERM LIABILITIES:

 

 

 

Capital lease obligations

963

3,628

3,412

Long-term debt

3,031,045

1,741,282

2,494,522

Subscriber prepayments, net of current portion

173,350

130,052

156,233

Deferred tax liabilities

215,435

296,665

218,620

Postretirement benefit obligation

20,235

11,923

16,226

 

 

 

 

Total long-term liabilities

3,441,028

2,183,550

2,889,013

 

 

 

 

Deferred revenue

127,115

122,444

130,913

 

 

 

 

TOTAL LIABILITIES

6,651,869

4,683,153

5,491,657

 

 

 

 

 

 

 

 

Minority interests in equity of subsidiaries

1,995,454

1,494,310

1,851,027

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

Share capital (9,650,000 shares with par value of 90 RUR  issued and outstanding as of June 30,2005, 8,100,000 shares issued and outstanding as of June 30,2004 and December 31, 2004

30,057

 

171

25,090

Additional paid-in capital

1,478,564

198,882

198,882

Retained earnings

1,383,307

949,080

1,164,404

Accumulated other comprehensive income

35,343

23,019

47,610

 

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

2,927,271

1,171,152

1,435,986

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

11,574,594

7,348,615

8,778,670

 

JSFC SISTEMA AND SUBSIDIARIES - CONSOLIDATED STATEMENTS OF CASH FLOWS

US$$ THOUSANDS

 

H1 2005

H1 2004

FY 2004

OPERATING ACTIVITIES:

 

 

 

Net income

227,655

170,984

411,227

 

 

 

 

Adjustments to reconcile net income to net cash provided by operations:

 

 

 

Depreciation and amortization

480,590

347,848

799,885

Loss on disposal of property, plant and equipment

15

4,983

1,551

Long-term investments impairment

-

-

3,070

Loss on disposal of interests in subsidiaries

-

-

1,862

Cumulative effect of a change in accounting principle

-

35,472

35,472

Minority interests

354,052

277,333

589,014

Equity in net income of investees

(34,356)

(6,114)

(27,121)

Deferred income tax benefit

(41,873)

(16,321)

(58,903)

Provision for doubtful accounts receivable

30,704

13,908

29,809

Allowance for loan losses

(444)

(2,260)

13,810

Inventory obsolescence charge

1,752

7,269

5,868

 

 

 

 

Changes in operating assets and liabilities, net of effects from purchase of businesses:

 

 

 

Trading securities

(353,315)

56,851

27,142

Loans to banks

(89,839)

25,969

(25,661)

Insurance-related receivables

(54,228)

(50,100)

31,111

Accounts receivable

(106,221)

(55,189)

(101,567)

Other receivables and prepaid expenses

(183,817)

67,302

(3,929)

Inventories

(37,483)

(44,157)

(112,269)

Accounts payable

132,664

20,314

54,110

Insurance-related liabilities

167,152

89,796

51,985

Taxes payable

53,310

6,965

(1,997)

Accrued expenses, subscriber prepayments and other liabilities

37,647

(5,699)

171,966

Postretirement benefit obligation

801

3,333

7,636

 

 

 

 

Net cash provided by operations

584,766

948,487

1,904,071

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

Purchase of property, plant and equipment

(836,849)

(582,274)

(1,498,098)

Purchase of intangible assets

(136,276)

(55,566)

(164,577)

Purchase of businesses, net of cash acquired

(55,405)

(26,046)

(338,906)

Proceeds from disposal of subsidiaries, net of cash disposed

-

-

649

Purchase of long-term investments

(68,108)

(30,312)

(76,217)

Purchase of short-term investments

(687,515)

(36,430)

(142,696)

Proceeds from sale of short-term investments

54,909

30,000

187,500

Proceeds from sale of property, plant and equipment

2,500

2,582

7,807

Net (increase)/decrease in loans to customers

(40,094)

53,569

(39,898)

 

 

 

 

Net cash used in investing activities

(1,766,838)

(644,477)

(2,064,436)

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

(Principal payments on)/proceeds from short-term borrowings, net

(143,966)

(142,001)

(263,981)

Net (decrease)/increase in deposits from customers

(16,257)

58,785

150,876

Net increase/(decrease) in bank promissory notes issued

2,709

(5,039)

12,838

Proceeds from grants

-

1,857

3,285

Proceeds from capital transactions of subsidiaries

-

-

9,445

Proceeds from long-term borrowings, net of debt issuance costs

878,724

359,299

1,458,082

Principal payments on long-term borrowings

(236,494)

(419,323)

(868,347)

Principal payments on capital lease obligations

(5,017)

(4,436)

(7,924)

Payments to shareholders of subsidiaries

-

-

(108,165)

Dividends paid

-

-

(5,162)

Proceeds from issuance of common stock

1,284,649

-

-

 

 

 

 

Net cash provided by/(used in) financing activities

1,764,348

(150,858)

380,947

 

 

 

 

INCREASE IN CASH AND CASH EQUIVALENTS

582,276

153,152

220,582

 

 

 

 

CASH AND CASH EQUIVALENTS, beginning of the period

503,747

283,165

283,165

 

 

 

 

CASH AND CASH EQUIVALENTS, end of the period

1,086,023

436,317

503,747

 

 

 

 

CASH PAID DURING THE PERIOD FOR:

 

 

 

Interest, net of amounts capitalized

96,286

113,863

265,779

Income taxes

274,969

189,470

487,447

 

 

 

 

NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

Property, plant and equipment contributed free of charge

3,322

8,002

13,597

Equipment acquired through vendor financing

2,533

659

20,714

Equipment acquired under capital leases

2,568

3,121

6,393

 


 

[*]OIBDA is operating income before depreciation and amortization. See Appendix for full definition of OIBDA and its reconciliation to operating income.

 

 

 

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