Rostelecom Generates 1H 2010 Net Profit of RUR 2.23 bln
OREANDA-NEWS. August 18, 2010. Rostelecom hereby announces its unaudited results for the first six months of
Rostelecom’s H1 2010 revenue amounted to RUR 28,467.7 mln, i.e. a 6.8% y-o-y decrease, which was mainly attributable to a decline in revenue from a number of traditional segments.
However, as a result of ongoing business diversification, Rostelecom managed to lift its revenues from high-tech value-added services, and accordingly, their proportion in total revenue compared to the same period last year. During the reporting period, datacom and intelligent network services (INS) amounted to 15.1% of Rostelecom’s total revenue while revenue from data transmission and telematic services (mainly Internet and VPN services) increased by 46.3% y-o-y, amounting to RUR 3,715.1 mn. It is noteworthy that revenue from VPN services amounted to RUR 1,275.1 mln, which implies a rise of 176% in y-o-y terms. INS revenue rose 11.1% y-o-y to RUR 580.4 mln.
Rostelecom’s operating expenses for the reporting period totaled RUR 25,258.3 mln, a 6.4% y-o-y decrease, which was mainly due to a reduction in direct costs.
Consequently, Operating Income before Depreciation and Amortization (OIBDA) remained relatively stable compared to the same period last year, amounting to RUR 5,789.7 mln, i.e. a 0.2% y-o-y increase.
The Company’s OIBDA margin was 20.3% compared to 18.9% in the first half of 2009.
Depreciation in the first half of 2010 increased 16.9% y-o-y to RUR 2,580.3 mln, owing to a higher level of investment in the expansion of the Company’s IP/MPLS network.
In the first half of 2010, operating profit decreased by 10.1% y-o-y to RUR 3,209.4 mln.
Other gains and losses for the first half of 2010 amounted to a net loss of RUR 342.5 mln compared to a net loss of RUR 575.8 mln a year ago. This decrease in overall net loss was mainly attributable to a foreign exchange loss.
Rostelecom’s H1 2010 net profit amounted to RUR 2,233.9 mln, which implies a 5.5% decrease y-o-y.
Report on financial results, RUR, mln |
| |||||
|
1H 2010 |
1H 2009 |
Change, % |
| ||
| ||||||
Revenue |
28,467.7 |
30,547.3 |
-6.8% |
| ||
Operating expenses, incl. |
(25,258.3) |
(26,975.9) |
-6.4% |
| ||
Depreciation |
(2,580.3) |
(2,206.9) |
16.9% |
| ||
OIBDA |
5,789.7 |
5,778.3 |
0.2% |
| ||
Operating profit |
3,209.4 |
3,571.4 |
-10.1% |
| ||
Results from other activities, incl. |
(342.5) |
(575.8) |
-40.5% |
| ||
(Loss) from forex rate differences |
(262.7) |
(447.9) |
-41.3 |
| ||
Deductions for appraisal reserves |
(111.6) |
(363.5) |
-69.3% |
| ||
Pres-tax profit |
2,866.9 |
2,995.6 |
-4.3% |
| ||
Income tax |
(633.0) |
(631.2) |
0.3% |
| ||
Net profit |
2,233.9 |
2,364.4 |
-5.5% |
| ||
|
|
|
|
| ||
Headline financial indicators |
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|
1H 2010 |
1H 2009 |
| |||
Operating margin, % |
11.3% |
11.7% |
| |||
OIBDA margin, % |
20.3% |
18.9% |
| |||
Net margin, % |
7.8% |
7.7% |
| |||
|
|
|
|
|
|
|
Consolidated balance sheet, RUR, mln | |||
|
1H 2010 |
1H 2009 |
Change, % |
ASSETS |
|
|
|
Non-operating assets, incl. |
44,781.1 |
46,155.2 |
3.1% |
Intangible assets |
0.4 |
0.4 |
0.0% |
Fixed assets |
26,239.5 |
27,840.7 |
6.1% |
Work in progress |
8,491.3 |
8,802.4 |
3.7% |
Investments in tangible assets |
342.9 |
288.7 |
-15.8% |
Long-term financial investments |
3,972.3 |
3,909.4 |
-1.6% |
Deferred tax assets |
- |
- |
N/A |
Other non-operating assets |
5,734.7 |
5,313.6 |
-7.3% |
Working assets, incl. |
29,593.1 |
30,176.7 |
2.0% |
Inventories |
378.6 |
454.7 |
20.1% |
VAT on purchased valuables |
145.1 |
50.8 |
-65.0% |
Accounts receivable |
8,060.4 |
10,714.2 |
32.9% |
Short-term financial investments |
14,858.2 |
7,846.1 |
-47.2% |
Cash on hand |
6,150.5 |
11,110.7 |
80.6% |
Other working assets |
0.3 |
0.2 |
-33.3% |
BALANCE |
74,374.2 |
76,331.9 |
2.6% |
|
|
|
|
LIABILITIES |
|
|
|
In-house funds |
59,456.3 |
60,159.4 |
1.2% |
Obligations, incl. |
14,917.9 |
16,172.5 |
8.4% |
Long-term obligations, incl. |
6,097.0 |
6,323.5 |
3.7% |
Credits and loans repayable in more than 12 months after reporting date |
3,319.2 |
3,350.9 |
1.0% |
Short-term obligations, incl. |
8,820.9 |
9,849.0 |
11.7% |
Credits and loans repayable within 12 months after reporting date |
549.0 |
543.3 |
-1.0 % |
BALANCE |
74,374.2 |
76,331.9 |
2.6% |
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