DOCSLIB.ORG

APPROVED by the Annual General Shareholders' Meeting of OJSC

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
APPROVED by the Annual General Shareholders' Meeting of OJSC APPROVED by the Annual General Shareholders’ Meeting of OJSC Rostelecom June 14, 2012 Minutes #1 dated June 18, 2012 ANNUAL REPORT FOR THE LONG-DISTANCE AND INTERNATIONAL TELECOMMUNICATIONS OPEN JOINT STOCK COMPANY ROSTELECOM BASED ON YEAR 2011 RESULTS President of OJSC Rostelecom s/s A. Yu. Provorotov Chief Accountant of OJSC Rostelecom s/s R.A. Frolov April 27, 2012 Moscow, 2012 ANNUAL REPORT CONTENTS OJSC ROSTELECOM AT A GLANCE ............................................................................................................. 4 THE CHAIRMAN’S STATEMENT ..................................................................................................................... 5 THE PRESIDENT’S MESSAGE ........................................................................................................................ 6 CALENDAR OF 2011 EVENTS ......................................................................................................................... 8 THE COMPANY’S POSITION IN THE INDUSTRY ......................................................................................... 10 THE COMPANY AND THE BOARD OF DIRECTORS’ REVIEW OF THE YEAR 2011 ................................ 15 GUARANTEE OF HIGH QUALITY COMMUNICATION SERVICES ........................................................... 16 DEVELOPING RETAIL RELATIONSHIPS .................................................................................................. 17 RUSSIAN OPERATORS MARKET .............................................................................................................. 17 TRADITIONAL TELEPHONY SERVICES ................................................................................................... 17 DATA TRANSMISSION AND TELEMATIC SERVICES .............................................................................. 19 MOBILE SERVICES ..................................................................................................................................... 22 LEASED LINE SERVICES ........................................................................................................................... 22 BROADCASTING AND TELEVISION .......................................................................................................... 24 INTELLIGENT NETWORK SERVICES........................................................................................................ 24 COOPERATION WITH GOVERNMENT ENTITIES .................................................................................... 25 THE SOCHI 2014 OLYMPIC WINTER GAMES .......................................................................................... 27 ELECTRONIC GOVERNMENT PROJECT ................................................................................................. 28 OPERATING AND FINANCIAL RESULTS .................................................................................................. 32 ENERGY RESOURCES USED ................................................................................................................... 33 COMPANIES WITHIN THE ROSTELECOM GROUP ................................................................................. 34 THE COMPANY’S DEVELOPMENT PRIORITIES AND PLANS ................................................................... 36 TELECOMMUNICATIONS NETWORK OF OJSC ROSTELECOM ............................................................... 38 TELECOMMUNICATION NETWORK DEVELOPMENT DUE TO THE REORGANIZATION ..................... 38 COMMUNICATION NETWORK ................................................................................................................... 39 REALIZATION OF INVESTMENT PROGRAMS ......................................................................................... 42 RISK MANAGEMENT ...................................................................................................................................... 45 CORPORATE GOVERNANCE ........................................................................................................................ 57 SHARE CAPITAL ......................................................................................................................................... 59 GENERAL MEETING OF SHAREHOLDERS .............................................................................................. 64 THE BOARD OF DIRECTORS .................................................................................................................... 65 THE PRESIDENT AND THE MANAGEMENT BOARD ............................................................................... 71 THE AUDITING COMMISSION ................................................................................................................... 74 SOCIAL RESPONSIBILITY .......................................................................................................................... 75 THE COMPANY’S SIGNIFICANT TRANSACTIONS ................................................................................... 80 DATA ON THE ACTUAL EXECUTION RESULTS OF LAWS AND REGULATIONS OF THE PRESIDENT AND THE GOVERNMENT OF THE RUSSIAN FEDERATION ...................................................................... 81 CONTACT INFORMATION ............................................................................................................................. 86 2 ANNUAL REPORT CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report for OJSC Rostelecom (hereafter referred to as Rostelecom or the company) summarizing the results of 2011(hereafter referred to as the Annual Report) are so-called forward- looking statements. Those forward-looking statements include, but are not limited to: • The management’s assessment of the company’s future operation and financial results, as well as forecasts of the present value of future cash flows and related factors; • The company’s plans to participate in the charter capital of other organizations; • The company’s anticipated capital expenditures and plans to construct and modernize its network; • The company’s expectations as to the growth of demand for its services and plans relating to the expansion of its range of services and their pricing; • The company’s plans with respect to improving its corporate governance practices; • The company’s expectations as to its position in the telecommunications market and the development of the market segments within which the company operates; • Economic outlook and expected industry trends; • The company’s expectations as to the regulation of the Russian telecommunication industry and assessment of the impact of regulatory initiatives on the company’s activity; • Other statements regarding matters that are not of historical fact. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include: • Risks relating to changes in political, economic, and social conditions in the Russian Federation as well as changes in global economic conditions; • Risks relating to Russian legislation, legal control, and taxation, including laws, regulations, decrees and decisions governing the Russian telecommunication industry, securities industry, as well as currency and exchange controls relating to Russian entities and their official interpretation by regulatory bodies; • Risks relating to the company’s operations, including the achievement of the anticipated results, levels of profitability and growth, ability to create and meet demand for the company’s services, including their promotions, and the ability of the company to remain competitive in a Russian liberalized telecommunications market; • Technological risks associated with the functioning and development of telecommunication infrastructure, technological innovations, and the convergence of technologies; • Other risks and uncertainties. For a more detailed discussion of these and other factors, see this Annual Report and the company’s other public documents. Most of these factors are beyond the company’s control or prediction, Given these and other uncertainties, readers are cautioned not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The Company does not undertake any obligations to release publicly any revisions to these forward-looking statements (which are made as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable laws. 3 ANNUAL REPORT OJSC ROSTELECOM AT A GLANCE Now considered Russia’s leading telecommunications provider, long-distance and international telecommunications Open Joint Stock Company Rostelecom (hereinafter referred to as OJSC Rostelecom, Rostelecom or the Company), was originally organized in the form of a national telecommunications company in Russia. The Company has existed in its current form since April of 2011, when national long-distance operator Rostelecom consolidated with interregional telecommunication companies OJSC Center Telecom, OJSC North-West Telecom, OJSC UTK, OJSC Volga Telecom, OJSC Uralsvyazinform, OJSC Sibirtelecom, OJSC Far East Telecom and OJSC Dagsvyazinform (hereinafter referred to as ITCs and Dagsvyazinform). The newly merged company decided to continue operating under the brand Rostelecom, which, according
Load more

Recommended publications
  • Annual Report 2011
    possibilities ANNUAL REPORT 2011 CONTENTS About the company ............................................................................... 2 Key financial & operational highlights ............................................. 12 Key events of 2011 & early 2012 ...................................................... 14 Bright upside potential from the reorganization ............................. 18 Strong market position ................................................................... 20 Up in the “Clouds” ........................................................................... 22 Chairman’s statement ........................................................................ 24 Letter from the President ................................................................... 26 Strategy .............................................................................................. 28 M&A activity ........................................................................................ 31 Corporate governance ........................................................................ 34 Board of Directors & committees .................................................... 34 Management Board & committees ................................................. 37 Internal Audit Commission ............................................................. 40 Remuneration of members of the Board of Directors and the Management Board ............................................................. 40 Dividend policy ................................................................................
    [Show full text]
  • PROVISIONALLY APPROVED by the Board of Directors of OJSC Rostelecom May 19, 2014 Minutes No 01 Dated May 22, 2014
    PROVISIONALLY APPROVED by the Board of Directors of OJSC Rostelecom May 19, 2014 Minutes No 01 dated May 22, 2014 APPROVED by the Annual General Shareholders’ Meeting of OJSC Rostelecom June 30, 2014 Minutes No___ dated June __, 2014 ANNUAL REPORT OPEN JOINT STOCK COMPANY LONG-DISTANCE AND INTERNATIONAL TELECOMMUNICATIONS ROSTELECOM BASED ON YEAR 2013 RESULTS President of OJSC Rostelecom s/s S.B. Kalugin Acting Chief Accountant of OJSC Rostelecom s/s N.V. Lukashin May 22, 2014 Moscow, 2014 ANNUAL REPORT TABLE OF CONTENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ....................................... 3 INFORMATION CONTAINED IN THIS ANNUAL REPORT .............................................................................. 4 ROSTELECOM AT A GLANCE ......................................................................................................................... 5 THE PRESIDENT’S MESSAGE ......................................................................................................................... 6 2013 HIGHLIGHTS ............................................................................................................................................ 8 OPERATING AND FINANCIAL RESULTS ...................................................................................................... 10 COMPANY’S POSITION IN THE INDUSTRY ................................................................................................. 12 COMPANIES IN ROSTELECOM GROUP ......................................................................................................
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Notification of Rostelecom Annual General
    NOTIFICATION OF EXTRAORDINARY GENERAL SHAREHOLDERS’ MEETING NOTIFICATION OF ROSTELECOM EXTRAORDINARY GENERAL SHAREHOLDERS’ MEETING DEAR SHAREHOLDER! Notice is hereby given that Open Joint Stock Company Long-distance and International Telecommunications Rostelecom (hereinafter referred to as OJSC Rostelecom or the Company), located at 15 Dostoevskogo st., St. Petersburg, 191002, Russia, has decided to convene and conduct the Company’s Extraordinary General Shareholders’ Meeting in the form of absentee voting (hereinafter referred to as the Meeting or EGM), in compliance with Article 16 of the Company’s Charter, Article 65 of the Federal Law On Joint-Stock Companies No. 208-FZ dated December 26, 1995 and the decision of the Company’s Board of Directors dated May 15, 2013. The deadline for accepting voting ballots: June 26, 2013. Postal address for mailing voting ballots: OJSC “Obyedinennaya Registratsionnaya Kompaniya” (“United Registration Company”, the company running the register of the Company’s shareholders), 30 ulitsa Buzheninova, Moscow 107996, Russia. The list of persons who have the right to attend the Meeting is determined according to the register of the Company’s shareholders as of May 15, 2013. The Meeting Agenda: 1. Reorganization of the Company in the form of merger with and into the Company of Open Joint Stock Company Svyazinvest, Open Joint Stock Company NATIONAL TELECOMMUNICATIONS, Open Joint Stock Company National Cable Networks, Open Joint Stock Company St. Petersburg Cable Television Company, Closed Joint Stock Company
    [Show full text]
  • Global Pay TV Fragments
    Global pay TV fragments The top 503 pay TV operators will reach 853 million subscribers from the 1.02 billion global total by 2026. The top 50 operators accounted for 64% of the world’s pay TV subscribers by end-2020, with this proportion dropping to 62% by 2026. Pay TV subscribers by operator ranking (million) 1200 1000 143 165 38 45 800 74 80 102 102 600 224 215 400 200 423 412 0 2020 2026 Top 10 11-50 51-100 101-200 201+ Excluded from report The top 50 will lose 20 million subscribers over the next five years. However, operators beyond the top 100 will gain subscribers over the same period. Simon Murray, Principal Analyst at Digital TV Research, said: “Most industries consolidate as they mature. The pay TV sector is doing the opposite – fragmenting. Most of the subscriber growth will take place in developing countries where operators are not controlled by larger corporations.” By end-2020, 13 operators had more than 10 million pay TV subscribers. China and India will continue to dominate the top pay TV operator rankings, partly as their subscriber bases climb but also due to the US operators losing subscribers. Between 2020 and 2026, 307 of the 503 operators (61%) will gain subscribers, with 13 showing no change and 183 losing subscribers (36%). In 2020, 28 pay TV operators earned more than $1 billion in revenues, but this will drop to 24 operators by 2026. The Global Pay TV Operator Forecasts report covers 503 operators with 726 platforms [132 digital cable, 116 analog cable, 279 satellite, 142 IPTV and 57 DTT] across 135 countries.
    [Show full text]
  • Maximising Availability of International Connectivity in Developing Countries: Strategies to Ensure Global Digital Inclusion Acknowledgements
    REGULATORY AND MARKET ENVIRONMENT International Telecommunication Union Telecommunication Development Bureau Place des Nations Maximising Availability CH-1211 Geneva 20 OF INTERNATIONAL CONNECTIVITY Switzerland www.itu.int IN DEVELOPING COUNTRIES: STRATEGIES TO ENSURE GLOBAL DIGITAL INCLUSION ISBN: 978-92-61-22491-2 9 7 8 9 2 6 1 2 2 4 9 1 2 Printed in Switzerland Geneva, 2016 INCLUSION GLOBAL DIGITAL TO ENSURE STRATEGIES CONNECTIVITY IN DEVELOPING COUNTRIES: OF INTERNATIONAL AVAILABILITY MAXIMISING Telecommunication Development Sector Maximising availability of international connectivity in developing countries: Strategies to ensure global digital inclusion Acknowledgements The International Telecommunication Union (ITU) would like to thank ITU experts Mike Jensen, Peter Lovelock, and John Ure (TRPC) for the preparation of this report. This report was produced by the ITU Telecommunication Development Bureau (BDT). ISBN: 978-92-61-22481-3 (paper version) 978-92-61-22491-2 (electronic version) 978-92-61-22501-8 (EPUB) 978-92-61-22511-7 (MOBI) Please consider the environment before printing this report. © ITU 2016 All rights reserved. No part of this publication may be reproduced, by any means whatsoever, without the prior written permission of ITU. Table of Contents 1 Introduction and background 1 2 The dynamics of international capacity provision in developing countries 2 2.1 The Global context 2 2.2 International capacity costs 3 2.3 Global transit 4 3 International connectivity provision 5 3.1 Ways and means of enabling international
    [Show full text]
  • Investor Presentation
    Investor Presentation May 2012 www.rt.ru Disclaimer By attending any meeting where this presentation is made, or by reading any part of this presentation, you acknowledge and agree to be bound by the following: This presentation has been prepared by OJSC Rostelecom (the “Company”). This presentation is strictly confidential to the recipient, may not be distributed to the press or any other person, and may not be reproduced in any form, in whole or in part. The Company has included its own estimates, assessments, adjustments and judgments in preparing certain market information herein, which have not been verified by an independent third party. Market information included herein is, therefore, unless otherwise attributed exclusively to a third party source, to a certain degree subjective. While the Company believes that its own estimates, assessments, adjustments and judgments are reasonable and that the market information prepared by the Company appropriately reflects the industry and the markets in which it operates, there is no assurance that the Company’s own estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is confidential and does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction.
    [Show full text]
  • Any to Any MPLS for Mobile Backhaul
    OCT 2015 VOL. 17 ● NO. 5 ● ISSUE 160 VIP Voices Telkom: Planning for Healthy Development Tech Forum Service Quality Management in PTN and IP RAN Special Moblie Backhaul Topic Any to Any MPLS for Mobile Backhaul Joddy Hernady, senior vice president of Synergy Department at Telkom Indonesia Enrique Blanco, Global CTO of Telefonica 05 CONTENTS ZTE TECHNOLOGIES OCT 2015 VIP Voices Telkom: Planning for Healthy Development 05 Reporters: Liu Yang and Zhang Ying Rostelecom Armenia Focuses on IPTV Services 10 Reporters: Liu Yang and Zhang Ying Joddy Hernady, senior vice president of Synergy Department at Telkom Indonesia DirecTV: Combining Pay-TV with Internet 13 Services to Win More Market Share Reporters: Liu Yang and Zhang Ying Telkom is the largest telecom services company in Indonesia. Joddy Hernady, senior vice president of Synergy Department at Telkom Indonesia, talked in the interview about Telkom’s investment strategy, development priorities, smart city deployment and Tech Forum main challenges in Indonesia. He also shared with us his expectations for the future cooperation between Telkom and ZTE and his views on global telecom trends. Service Quality Management in PTN and 16 IP RAN By Liu Aihua Special Topic: Mobile Backhaul Any to Any MPLS for Mobile Backhaul 19 By Cui Yanyun Introducing SDN into IP RAN 23 By Feng Zhijian Intelligent Backhaul Management 25 and Optimization By Zheng Pan Packet-Based Backhaul for Small Cell 10 27 By Zhang Yongjian, Zou Kaipu and Ma Xin 01 ZTE TECHNOLOGIES OCT 2015 19 ZTE TECHNOLOGIES Advisory Committee
    [Show full text]
  • Dish TV (DSTV.BO) Initiation of Coverage  Initiating with Buy: Satellite Success
    Asia Pacific India Cable & Satellite (GICS) Media - General (Citi) Company 2 May 2010 32 pages Equity Dish TV (DSTV.BO) Initiation of coverage Initiating with Buy: Satellite Success Buy; Target Price of Rs48 — Digitalization of India's cable & satellite market has Buy/Medium Risk 1M reached an inflexion point, driven by acceleration in DTH market growth. We Price (29 Apr 10) Rs35.60 believe Dish TV is well positioned to benefit from its (a) first-mover advantage, (b) Target price Rs48.00 strong distribution/infrastructure, (c) lower cost base, and (d) attractive fixed price Expected share price return 34.8% content tie-ups. We initiate coverage with Buy (1M) and DCF based TP of Rs48. Expected dividend yield 0.0% DTH subscriber growth on a roll; Dish TV is the leader — We expect the DTH sub Expected total return 34.8% base to double over next 2 yrs to ~32m driven by: (a) investments by 6 corporates Market Cap Rs37,858M resulting in category growth, (b) shift from analog cable, and (c) increase in new US$850M subs from cable dark areas. Dish TV is the market leader with ~7m subs. Strategic focus shifts to profitability — (a) Dish has changed its focus – mix of calibrated growth & profitability v/s pure growth earlier. (b) While the market will Price Performance (RIC: DSTV.BO, BB: DITV IN) follow, we believe Dish’s superior cost controls stand out – the closest local peer's staff costs are 2.5x, despite similar revenues. (c) Scale benefits and fixed programming agreements will drive better payback – we expect contribution/sub to increase ~60% over FY10-FY12E.
    [Show full text]
  • COVER SHEET for AUDITED FINANCIAL STATEMENTS SEC Registration Number 1 8 0 3 Company Name A
    COVER SHEET FOR AUDITED FINANCIAL STATEMENTS SEC Registration Number 1 8 0 3 Company Name A B S - C B N C O R P O R A T I O N A N D S U B S I D I A R I E S Principal Office (No./Street/Barangay/City/Town/Province) A B S - C B N B r o a d c a s t i n g C e n t e r , S g t . E s g u e r r a A v e n u e c o r n e r M o t h e r I g n a c i a S t . Q u e z o n C i t y Form Type Department requiring the Secondary License Type, If report Applicable A A F S COMPANY INFORMATION Company’s Email Address Company’s Telephone Mobile Number Number/s [email protected] (632) 3415-2272 ─ Annual Meeting Fiscal Year No. of Stockholders Month/Day Month/Day 7,985 09/24 December 31 CONTACT PERSON INFORMATION The designated contact person MUST be an Officer of the Corporation Name of Contact Person Email Address Telephone Mobile Number Number/s Ricardo B. Tan Jr. [email protected] (632) 3415-2272 ─ Contact Person’s Address ABS-CBN Broadcast Center, Sgt. Esguerra Avenue corner Mother Ignacia St. Quezon City Note: In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.
    [Show full text]
  • Regional Telecoms
    Global Equity Research Sector Flash Fixed-line telecoms Russia 28 August 2008 Regional telecoms TPs cut 7%-37% on tighter margins ● The regional telecoms’ non-consolidated RAS EBITDA margins lost 1pp-4pp y-o-y in 1H08 due to outpacing cost growth. Operating expenses (less depreciation) rose 8%-15% y-o-y in rubles (compared to top-line growth of 4%-8%), mainly driven by higher staff costs, interconnect payments and SG&A. As a result, four of the seven incumbents saw EBITDA decline 2%-7% y-o-y in rubles. ● We expect the underlying salary and interconnect cost increases to be reflected in the incumbents’ 1H08 IFRS results (due in September) despite the accounting differences. We reduce our 2008F EBITDA estimates for all the regional telecoms except Dalsvyaz by 5%- 15%, and now expect EBITDA margins of 28%-35% vs. our previous estimate of 32%-36%. ● We raise our projections for capex on acquisitions this year to reflect the companies’ spending on minority stakes in Hybrid Print Systems. We increase our 2008F capex/sales ratio for Centertelecom from 19% to 29%, as the company raised its 2008F capex guidance. ● We cut our 12-month TPs by 7%-37% due to lower operational forecasts and higher capex projections. We downgrade Centertelecom from Buy to Hold, following a 37% decrease in its 12-month TP to $0.49. We upgrade Southern Telecom from Sell to Hold due to the stock’s recent weakness, and maintain our Buy ratings for North-West Telecom, VolgaTelecom, Uralsvyazinform, Sibirtelecom and Dalsvyaz. ● Our top picks are Dalsvyaz and VolgaTelecom, given their upsides of 116% and 83%, respectively, to our new target prices and the fact that their 2008F EV/EBITDA multiples are below 3X.
    [Show full text]
  • Annual Report 2016 About This Report
    Annual Report 2016 About this Report This Annual Report was pre-approved by Rostelecom’s Board of Directors on 15 May 2017, Minutes No. 19 dated 15 May 2017. This Report has been prepared by PJSC Rostelecom (“Rostelecom” or the “Company”) and its subsidiaries (jointly, the “Group”), in line with Note 9 Subsidiaries to the Company’s consolidated financial statements prepared under the International Financial Reporting Standards (“IFRS”) for the year ended 31 December 2016. DISCLAIMER This Report contains certain “forward- » plans to improve the Company’s corporate » risks associated with changes in looking statements regarding future events”, governance practices; the political, economic and social as defined by the US federal securities laws, » the Company’s future position in environment in Russia and macroeconomic which are, therefore, regulated by these the telecommunications market and changes; laws, which provide for no liability for any act the outlook for the market segments in » risks associated with Russian laws, done or omitted in good faith. Such forward- which the Company operates; legislative reforms and taxation, including looking statements regarding future events » economic outlook and industry trends; laws, regulations, decrees and resolutions include (but are not limited to) the following: » potential regulatory changes and governing the Russian telecommunications assessments of the impact any laws or industry, activities related to placement » estimates of future operational and financial regulations may have on the
    [Show full text]