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News

2008 Financial Results under IFRS

15.06.2009

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Ekaterinburg – July 15, 2009 – Uralsvyazinform (RTS: URSI/URSIP) the leading carrier of fixed-line and mobile services in the Urals region, Russia presents the audited consolidated financial statements for the year ended December 31, 2008 prepared under International Financial Reporting Standards (IFRS). The financial statements were audited by KPMG (ZAO).

Revenue increased by 3.9% as compared to 2007 and amounted to RUB 40.7 bln. For most, revenues were driven by mobile services and data/Internet services.

  • Revenue from mobile services totaled RUB 13.2 bln. (+5.5% on 2007), being 32.2% of overall revenues.
  • Revenues from telegraph services, data transmission and Internet amounted to RUB 5.2 bln (+49.6%), climbing 12.9% of overall revenues.

Operating expenses increased by 6.2% and totaled RUB 35.9 bln, mainly due to the growth in interconnection charges (+11.4%), and depreciation and amortization (+17.8%). Wages and salaries expense decreased by 0.7% as a result of staff reduction and structural developments.

Operating profit amounted to RUB 6.5 bln (+3.6% on 2007). EBITDA increased by 6.4%. EBITDA margin increased from 33.1% to 33.9%. Net profit totaled RUB 2.5 bln (+10.4%).

Financial highlights 2008-2007

in Ruble million

Financial 2008 2007 Change, %
Revenues 40,691 39,147 +3.9%
EBITDA 13,792 12,961 +6.4%
EBITDA margin 33.9% 33.1% -
Operating profit 6,481 6,257 +3.6%
Operating margin 15.9% 16.0% -
Net profit 2,535 2,297 +10.4%
Net margin 6.2% 5.9% -
Net debt 26,596 25,883 +2.8%

[1] EBITDA is calculated as a sum of profit before income tax less depreciation and amortization and interest payable (net).
[2] Margins are calculated as respective indicator divided by revenue
[3] Net debt is calculated as a sum of long-term and current financial lease obligations less cash & cash equivalents.

To view complete accounting statements of Uralsvyazinform as of 2008 under IFRS click here click here (document in Russian)

Please download full PDF version to continue with Financial Overview 2008. Financial Overview 2008.

For additional information, please contact IR department on tel. +7 343 379 1219, +7 343 379 1859 or e-mail: [email protected].
The most recent company information is also available from this website and www.skrin.ru (complex disclosure information system) or URSI_RU page in Bloomberg system and URSI.RTS page in Reuters system.