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Rostelecom

May 14, 2002

Rostelecom announced its full-year 2001 IAS results

Rostelecom released its operating and financial IAS results audited by Arthur Andersen for the year ended December 31, 2001

 

The consolidated financial statements incorporate the results of OJSC “Rostelecom”(“Rostelecom”) and its subsidiary ?JSC “RTK-Leasing”.

The Company reached Rbl 4.37* bn net income in 2001 compared to Rbl 1.6 bn loss in 2000.

  • Domestic long-distance traffic volumes grew by 25%, international long-distance - by 15%;
  • Sales went up by 7.7% compared to 2000 and amounted to Rbl 24.47 bn;
  • EBITDA increased by 27%, reaching Rbl 9,3 bn;
  • Operating profit was at Rbl 2.26 bn — almost 33% up year-on year;
  • The Company reached Rbl 4.37 net income compared to Rbl 1.6 bn loss in 2000.

Total sales were 7.7% up year-on-year, with revenues from subscribers in Moscow growing by 2%, revenues from local operators for long-distance traffic transit showing a 33% growth year-on-year, proceeds from international operators declining by 17% due to worldwide downward trend in international settlement rates, and other revenues growing by 8%.

An increase in the linear part of the Integral Settlement Rate (IST) used by Rostelecom for settlements with regional operators for domestic long-distance traffic transit represents an important event of the year – linear part of the IST was raised by 25% as of July 1, 2001 and by another 25% as of January 1, 2002.

Operating expenses went up by 5%, amounting to Rbl 21.5 bn. Administration costs decreased by 18%. Personnel expenses were 4% up year-on-year accompanied by staff reductions – from 37 000 at the beginning of the year to 32 000 by the year end – and simultaneous compensation growth.

The amount of outstanding debt decreased from USD 368 mn to USD 255 mn as of the end of 2001. In addition the Company held a number of successful negotiations on restructuring its obligations to foreign and domestic creditors.

As a result, in March 2002, the Company fully repaid its debt to Telecom-Italia ahead of schedule. Same month an agreement was reached with Sberbank of Russia on rescheduling Rbl 200 mln (USD 6.5 mln) worth of obligations.

Currently the Company is finalizing negotiations on restructuring over USD 100 mln of its debt to the Ministry of Finance of the Russian Federation.

 

Rostelecom Headquarters
Address: 14, 1st Tverskaya-Yamskaya street, Moscow, 125047, Russia

 

 

 

Phone: +7 (095) 972–82–83
Fax: (095) 787–28–50

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