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Ƚ Ɉ Ⱦ Ɉ Ȼ Ɉ Ƀ Ɉ Ɍ Ɑ ȽɈȾɈȼɈɃɈɌɑȬɌ OJSC VolgaTelecom annual statement 2006 CONTENTS ,&RPSDQ\SURÀOH 6 ,,*HQHUDO'LUHFWRU·VDGGUHVV 10 ,,,%DVLFHYHQWVLQ 12 ,95HVXOWVRIÀQDQFLDODQGHFRQRPLFDFWLYLWLHV 16 9,QYHVWPHQWSROLF\22 9,%XVLQHVVGHYHORSPHQW 24 9,,6XEVLGLDU\EXVLQHVVGHYHORSPHQW 30 9,,,+5UHODWLRQV 32 ,;6RFLDOSROLF\ 38 ;&RUSRUDWHJRYHUQDQFH 40 ;,%RDUGRIGLUHFWRUV0DQDJHPHQWERDUG$XGLWLQJFRPPLWWHH 44 ;,,'LYLGHQGSROLF\ 48 ;,,,6KDUHKROGHU·VHTXLW\DQGVHFXULWLHV 50 ;,9$FFRXQWLQJVWDWHPHQW$XGLWRSLQLRQ 54 ;9)LQDQFLDOVWDWHPHQW$XGLWRSLQLRQ««««««« 64 ;9,&RQWDFWLQIRUPDWLRQ 70 VOLGATELECOM Kirov Izhevsk Ioshkar Ola Nizhny Novgorod Cheboksary Saransk Ulyanovsk Samara Penza Orenburg Saratov GENERAL INFORMATION Full brand name: Open Joint Stock &RPSDQ\9ROJD7HOHFRP Location: 'RP6Y\D]L0*RUN\VTXDUH1L]KQ\1RYJRURGWKH5XVVLDQ)HGHUDWLRQ The date of state registration of the Company and the registration number: 'HFHPEHUȱ &HUWLÀFDWHRIOHJDOHQWLW\·VVWDWHUHJLVWUDWLRQVHULHVǙǜǛǙǙȱ LVVXHGRQ-XQH OJSC VolgaTelecom was registered in Uniform State Register of Legal Entities by the Inspection of Russia’s Ministry of Taxation for Nizhegorodskyi district of Nizhny Novgorod city on August 1, XQGHUWKHEDVLFVWDWHUHJLVWUDWLRQQXPEHU 6 Annual statement / 2006 VOLGATELECOM The Company was registered by Order of the IHGHUDOGLVWULFW head of administration of Nizhny Novgorod The majority of VDF population lives in towns FLW\ ȱ Ǽ RI 'HFHPEHU DV DQGFLWLHV7ZRFLWLHVZLWKSRSXODWLRQ Open Joint Stock Company Svyazinform of RYHUPLOOLRQSHRSOH1L]KQ\1RYJRURGDQG 1L]KQ\ 1RYJRURG REODVW 2-6& 1L]KHJRURG 6DPDUDDUHLQWKH&RPSDQ\·VFRYHUDUHD svyazinform) as a result of privatization of state enterprise of communication and IT Rossvyazinform and is the cessionary of all The region’s LWVULJKWVDQGREOLJDWLRQV macroeconomics Basing on the resolution of general meeting Year 2006 was marked by the growth of in of shareholders of OJSC Nizhegorodsvyazin dustrial production and the improvement of form of November 9, 2001 the Company was VRFLDOVLWXDWLRQLQ9)'6RZLWKWKHDYHUDJH UHRUJDQL]HGE\ZD\RIDIÀOLDWLRQWRLWRI2-6& growth of consumer cost by 8% the real in Kirovelectrosvyaz, OJSC Martelcom, OJSC come of VFD population grew by 18%, and Svyazinform of the Republic of Mordovia, WKH VDODU\ E\ ,Q WKH DYHUDJH OJSC Electrosvyaz of Orenburg oblast, OJSC ZDJHLQ9)'DFFRXQWHGIRU5857KH Svyazinform of Penza oblast, OJSC Svyazin growth of the production sector in VFD was form of Samara oblast, OJSC Saratovelec 6%, and direct capital investments grew by trosvyaz, OJSC Udmurt Telecom, OJSC Uly 12% which is higher than in Russia upon the anovskelectrosvyaz, and OJSC Svyazinform ZKROH RI&KXYDVK5HSXEOLF Such industries as machine manufacturing On June 28, 2002 general meeting of share and fuel and energy complex are the lead holders of OJSC Nizhegorodsvyazinform HUV LQ WKH VWUXFWXUH RI SURGXFWLRQ VHFWRU passed the resolution to rename the Com Agricultural sector, chemical industry and SDQ\LQWR2-6&9ROJD7HOHFRP light industry make a substantial input into the volume of industrial production of the 9ROJD )HGHUDO 'LVWULFW (OHFWULFSRZHU VXS The Volga Federal District ply industry is an important industry of VFD PDUNHW VSHFLDOL]DWLRQ /DUJH K\GURHOHFWULF OJSC VolgaTelecom basic licensed territory power stations on the Volga and Kama riv for providing communication services cov ers are located in the district; nuclear power ers 11 regions of the Volga Federal District LV UHSUHVHQWHG E\ %DODNRYR·V $SODQW ² WKH KHUHLQDIWHU9)' ZKLFKFRPSULVHVVXE ODUJHVWLQWKHUHJLRQ/DUJHLQYHVWPHQWSURM jects of the Russian Federation, including: ects are successfully realized in VFD, and also national priority projects: “Education”, UHSXEOLFV%DVKNRUWRVWDQ0DUL\(O ´+HDOWKFDUHµ´+RXVLQJµDQG´$JURLQGXVWULDO Mordovia, Tatarstan, Udmurtia, and Chu FRPSOH[GHYHORSPHQWµ vashia; REODVWV .LURY 1L]KQ\ 1RYJRURG Orenburg, Penza, Samara, Saratov and Uly anovsk, 3HUPDUHD WKHUHJLRQFRPSULVHV3HUP REODVW DQG .RPL3HUP\DN $XWRQRPRXV $UHD VFD territory is 1 038 thousand km2, which is equal to 7,27% of the Russian Federation WHUULWRU\WKRXVDQGSHRSOHDUHOLYLQJ KHUHRIWKHWRWDOSRSXODWLRQRI5XV VLD7KLVLVWKHVHFRQGRXWPDQ DIWHU&HQWUDO )HGHUDO'LVWULFW DQGWKHPRVWPXOWLQDWLRQDO Annual statement / 2006 7 VOLGATELECOM Russia’s telecommunica VFD telecommunications market is develop LQJDWKLJKUDWHV,QWKHDFWXDOYROXPH WLRQVLQGXVWU\WUHQGV of telecommunications services in the re The Company’s position in gions where OJSC VolgaTelecom is operating DPRXQWHGWRDERXW585ELOOLRQ2-6&9RO the industry gaTelecom’s share is 36% of all the revenues RIWHOHFRPVHFWRU Changes of the industry’s legislation relating WRWKHSULQFLSOHVRIORQJGLVWDQFHFRPPXQLF Telecommunications market in the sector of DWLRQ VHUYLFHV SURYLVLRQ WR HQGXVHUV DQG À[HGOLQH ORFDODQGLQWUDUHJLRQDO FRPPXQLFD also the principles of operators’ interaction tion was developing with damping of demand when rendering these services had material for services among new clients, improvement effect on the situation in telecommunications of competition with alternative operators and LQGXVWU\LQ$PHQGPHQWWRFODXVH PRELOHFRPPXQLFDWLRQFRPSDQLHV of Federal law “On communication” abolish ing payment for incoming calls to any phone The market of Internet wideband access ser ²´&DOOLQJ3DUW\3D\VµSULQFLSOH²FDPHLQWR YLFHVLVDFWLYHO\JURZLQJ5HGXFWLRQLQFRVWRI IRUFH $OVR WKH OLPLW SULFHV IRU FRQQHFWLRQ VHUYLFH DFFHVV DQG WUDIÀF FRVW HQFRXUDJHG DQGWUDIÀFWUDQVLWVHUYLFHVZHUHLQWURGXFHG WKHJURZWK7KHUHLVDVWDEOHWUHQGRIFKXUQ RI ,QWHUQHW GLDOXS DFFHVV XVHUV WRZDUGV ZLGHEDQGDFFHVVWHFKQRORJLHV THE COMPANY’S SHARE OF TELECOMMUNICATIONS SERVICES MARKET 100% Market share at 2006 end,%* 88,5%96,3% 68,4% 73,7% 0% Local intra-regional Internet services Dial-up telephony telephony via leased channel Internet services * market share was calculated with due account for: - preliminary estimates of telecommunications market segments volume; - adjustment of indicators for Internet services market by taking into account the development of connection technology via “home” networks which are highly fragmented. 8 Annual statement / 2006 9,,,VOLGATELECOM ǜǟǍǜǔǖnj Annual statement / 2006 9 GENERAL DIRECTOR’S ADDRESS $W\HDUHQG2-6&9ROJD7HOHFRPKDV become the leader among Svyazinvest group companies by the number of Inter net wideband access users, is ranked the VHFRQG E\ WKH YROXPH RI À[HG OLQH VXE scribers’ base and is the third by digitaliza WLRQOHYHO High level of competition encourages the Company to follow advanced trends of tele FRPPXQLFDWLRQV PDUNHW DQG DFWLYHO\ XWLO ize new technologies in order not to lose WKHOHDGHUVKLSSRVLWLRQ7KLVIDFWZRUNVWR ZDUGVGLYHUVLÀFDWLRQRIUHYHQXHVWUXFWXUH It is important to note that the revenues IURPQHZWHFKQRORJ\VHUYLFHVKDYHVLJQLI LFDQWO\LQFUHDVHG7KHPDMRUVKDUHLQWKHLU structure is data transfer and Internet ac FHVVVHUYLFHV0RUHRYHUWKHKLJKHVWJURZWK Dear shareholders, LVLQWKHVHFWRURI,QWHUQHWXVHUVZLWK$'6/ EDVHGDFFHVV,QWURGXFWLRQRQWKHPDUNHW of new trademark “J” in May 2006 contrib <HDUZDVXQLTXHO\ULFKLQUHIRUPV uted to the fact that their number grew 4,4 Enacted regulatory documents had ma terial effect both on OJSC VolgaTelecom WLPHVWR WUHQGDQGWKHLQGXVWU\DVDZKROH6KDS The achievement of these positions re ing of competitive market with a large TXLUHG WR FKDQJH PDUNHWLQJ SROLF\ HP number of players has offered the chal phases: in 2006 the Company reorganized lenges of introducing new technologies its marketing service, introduced on the DQG WDNLQJ G\QDPLF DFWLRQV LQ HQGXVHU market a line of demonstrative brands, UHODWLRQV 1HZ SULQFLSOHV RI PXWXDO VHW started to realize the projects of promoting tlements with operators, introduction of “CPP” principle have required from us the FRPSUHKHQVLYH VHUYLFHV 2XU LPPHGLDWH REMHFWLYH ² WR EXLOG XS VXEVFULEHU·V OR\ VROXWLRQVRIFUHDWLQJFOHDQFXWDQGHIÀF alty, to introduce on the market package LHQWLQWHUDFWLRQSDWWHUQV services, their perspectives seem to be far more advantageous than to provide each These factors had material effect on the Company’s operations in the past year, and VHUYLFHVHSDUDWHO\ we are presenting to you the document Active modernization of communication containing generalized results of activities networks, raising the level of digitalization of the entire collective of Open Joint Stock and implementation of new technologies &RPSDQ\9ROJD7HOHFRPLQ are the major challenges met currently by OJSC VolgaTelecom within the framework We are happy to state that the lines of ac tivities selected by us as the priority trends RI WHFKQLFDO LQIUDVWUXFWXUH GHYHORSPHQW Today the Company is actively building mul oriented to ensure dominance in key seg ment of communication services market, WLVHUYLFHQHWZRUNVEDVHGRQ1*1SODWIRUP the works are scheduled to be completed further network development and also LQ 8WLOL]DWLRQ RI WKLV WHFKQRO EXVLQHVVGLYHUVLÀFDWLRQKDYH\LHOGHGSRVLW ogy assumes the capability of providing LYHUHVXOWV 10 Annual statement / 2006 unlimited range of services, opens up value of our employees; in many ways ow ZLGHFDSDELOLWLHVWRGHYHORSPRUHÁH[LEOH ing to them it became possible to achieve approaches when forming the packages of considerable growth of the Company’s op VHUYLFHVDQGWDULIIUDWHV HUDWLQJHIÀFLHQF\DQGDVFRQVHTXHQFHWKH JURZWKRILWVVKDUHKROGHUYDOXH7KDWLVZK\ Steadily keeping leadership position in tele VolgaTelecom places special emphasis on communications market of the Volga region social policy, personnel development and OJSC VolgaTelecom in 2006 successfully LWVPRWLYDWLRQ,QWKH&RPSDQ\VXF continued to solve the tasks of communica cessfully realized the project “Personnel re tion infrastructure development and mod serve”, thousands of employees underwent HUQL]DWLRQ 7KH
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