DOCSLIB.ORG

Financing Technology Entrepreneurs & Smes in Developing Countries: Challenges and Opportunities

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

+ innovation & entrepreneurship FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND OPPORTUNITIES FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND UKRAINE OPPORTUNITIES Country Study AN infoDev PUBLICATION PREPARED BY Roberto Zavatta Economisti Associati SRL in collaboration with Zernike Group BV Meta Group SRL June 2008 Information for Development Program www.infoDev.org www.infoDev.org FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND UKRAINE OPPORTUNITIES Country Study AN infoDev PUBLICATION PREPARED BY Roberto Zavatta Economisti Associati SRL in collaboration with Zernike Group BV Meta Group SRL June 2008 Information for Development Program www.infoDev.org ©2008 The International Bank for Reconstruction and Development/ The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: [email protected] All rights reserved The findings, interpretations and conclusions expressed herein are entirely those of the author(s) and do not necessarily reflect the view of infoDev, the Donors of infoDev, the International Bank for Reconstruction and Development/The World Bank and its affiliated organizations, the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development/The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to infoDev Communications & Publications Department, 2121 Pennsylvania Avenue NW; Mailstop F 5P-503, Washington, D.C. 20433, USA; telephone: 202-458-4070; Internet: www.infodev.org; Email: [email protected]. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: [email protected]. Cover design by Patricia Hord Graphic Design, Inc. Typesetting by The Word Express, Inc. TabLE of Contents Abbreviations and Acronyms v Executive Summary 1 I. Introduction 3 II. The Country Background 5 II.1 The ICT/ICTE Sector 5 II.2 Policy and Institutional Framework 7 II.3 The Financial Sector 10 Iii. Issues Related to Financing of Ict/icte SME 13 III.1 SME Financing Needs – The Demand Side 13 III.2 Issues in Accessing Financing – The Supply Side 13 III.3 The Financing Gap – Nature and Severity 15 IV. Conclusions and Recommendations 17 IV.1 Introduction 17 IV.2 Measures Aimed at Facilitating Access to Equity Financing 17 IV.3 Measures Aimed at Facilitating Access to Bank Financing 18 IV.4 Improving the Interactions between Supply and Demand 18 AnneXes Annex A – The ICT/ICTE Sector 21 Annex B – Salient Features of Financing Institutions 25 Annex C – List of Entities Interviewed 27 Annex D – Profiles of SME Financing Organizations 29 Annex E – Profiles of ICT/ICTE SME 33 iv Financing Technology Entrepreneurs & SMEs in Developing Countries: Challenges and Opportunities ABBREVIATIONS AND ACRONYMS BPO Business process outsourcing ISP Internet Service Provider CGF Credit Guarantee Fund IT Information Technology CRM Customer Relationship Management MNC Multinational Corporation EBRD European Bank for Reconstruction and NBU National Bank of Ukraine Development NCCR National Commission on EC European Commission Communication Regulation EDP Electronic Data processing SECO Swiss State Secretariat for Economic ERP Enterprise Resource Planning Affairs EU European Union SME Small and Medium Enterprise FMO The Netherlands Development Finance TOR Terms of Reference Company UMLP Ukraine Micro Lending Programme GTZ German Development Cooperation UNDP United Nations Development Program Agency USAID United States Agency for International IC Integrated Circuit Development ICT Information and Communication VAS Value-added Services Technology VC Venture Capital ICTE ICT Enabled VoIP Voice over Internet Protocol IFC International Finance Corporation WTO World Trade Organization IFI International Financial Institutions Exchange Rates US$ 1 = UAH 5.22046 (average 2006) EUR 1 = UAH 6.55945 (average 2006) Abbreviations and Acronyms v vi Financing Technology Entrepreneurs & SMEs in Developing Countries: Challenges and Opportunities of hardware equipment. About 40,000–50,000 EXecutive people are involved in the ICT/ICTE industry. Summary The banking industry dominates the Ukrainian financial system. As of today, there are 173 com- Ukraine is becoming an increasingly important mercial banks active, with total assets in excess of player in the global Information and US$70 billion. Lending activities have steadily Communication Technology/ Information and increased over the past few years, particularly long- Communication Technology Enabled (ICT/ICTE) term loans (above one year), which represent a industry. This is mainly due to: (i) the availability of considerable share of the banks’ assets (about US$37 a large pool of highly qualified human resources; billion). The banking industry is very fragmented, (ii) a fast growing outsourcing of ICT services in the and the largest institutions have recently passed past few years; and (iii) the proliferation of software under the control of foreign banks. Few banks offer houses and ICT/ICTE service providers. As of credit schemes for Small and Medium-sized 2006, more than 1,000 enterprises have been active Enterprises (SMEs). These schemes have most often in this line of business. One-third of these are been developed through the Ukraine Micro Lending primarily involved in the outsourcing segment. In Program, which is an International Financial addition, there are at least 600 dealers of hardware Institution (IFI) sponsored facility that provides and packaged software, about 50–100 manufactur- refinancing and technical assistance. Ukraine hosts a ers and assemblers, about 300 Internet service relatively developed venture capital industry, which providers, and about 3,000 cybercafés. Most has mobilized nearly US$1.0 billion. Most facilities Ukrainian ICT/ICTE firms are very small. The are development-oriented operations financed by relatively few medium and large-sized firms are IFIs (EBRD, IFC, SECO, FMO, etc.) or foreign- principally Multinational Corporation (MNC) affili- owned schemes. Ukrainian’s venture capital (VC) ates and foreign-owned firms. This is especially true firms tend to focus on well-established enterprises of hardware assemblers and dealers, and software that have reached a certain point of development: outsourcing companies. most of deals are in the range of US$3.0 to 10.0 million. Except for one small technology-oriented Ukraine can count on a solid outsourcing industry, fund, all other VC firms appear to be little interested which likely encompasses about 300 major players. in the ICT/ICTE industry. Less than ten out of 200 Ukrainian professionals are especially versed in fields transactions closed in the past decade were related to such as software engineering and automation. enterprises in this sector. Therefore, outsourcing activities tend to concentrate on the areas of R&D, software testing, application Evidence from the fieldwork suggests that Ukrainian developments, infrastructure software, etc. ICT/ICTE enterprises face severe obstacles in Traditional Business Process Outsourcing activities, accessing financing. This financing gap is evident for such as customer centers and back office services, are enterprises that are at the development or first comparatively less developed. Due to the large degree expansion stages, and for amounts ranging from of informality that prevails, precise data on the US$50,000 to above US$1.0 million. It is particu- turnover of the ICT/ICTE industry is difficult to larly severe in the US$100,000–500,000 range. The estimate. In 2006, it was estimated to be around main factors that describe this situation can be US$2.0 billion, with the bulk in hardware manufac- summarized as follows: turing and sales, and about one-third related to software development and other ICT/ICTE services. ■ Financing Policies: Banks tend to have very Software and IT services comprise most of the conservative attitudes. SME-lending schemes, exports, which in 2006 amounted to US$0.5–0.6 although expanding, still have a limited diffu- billion. Ukraine also exported US$100 million worth sion. Venture capitalists are oriented toward late- Executive Summary 1 stage deals and ‘established’ operators, and with envisaged to reduce the gap, and to facilitate access few exception are not interested in the ICT/ to financing for small hi-tech firms. ICTE industry; ■ Limited Diffusion of Alternatives: Financing First, concrete actions should be aimed at increasing instruments such as credit guarantees and leasing the amount and the accessibility of equity financing are still in their infancy. There are few business in order to reduce the dependence
Recommended publications
  • REQUIEM for DONBAS Three Essays on the Costs of War in Ukraine

    REQUIEM for DONBAS Three Essays on the Costs of War in Ukraine

    JOHANNES KEPLER UNIVERSITY LINZ Altenberger Str. 69 4040 Linz, Austria www.jku.at, DVR 0093696 REQUIEM FOR DONBAS Three Essays on the Costs of War in Ukraine By Artem Kochnev A Doctoral Thesis submitted at Department of Economics to obtain the academic degree of Doctor of Philosophy in the Doctoral Program “PhD Program in Economics” Supervisor and First Examiner Second Examiner em. Univ-Prof. Dr. Michael Landesmann Dr. habil. rer. soc. oec. Robert Stehrer May 2020 Abstract The thesis investigates short- and long-term effects of war on the economy of Ukraine. Specifically, it discusses the impact of separatists’ control and subsequent adverse trade policies on the real economy, responses of stock market investors to battle events, and the effect of conflict intensity on reform progress and institutional change in Ukraine. The thesis finds that the impact of war on the economy is most pronounced on the real economy of the war-torn regions. Whereas separatists’ control caused a decline in economic activity by at least 38%, the thesis does not find evidence supporting that the impact of conflict intensity on asset prices and institutional change in Ukraine was linear in parameters. The thesis explains the lack of the linear relationship between asset price move- ments and conflict intensity by investors’ inattention caused by information overload during the early stages of the conflict. Regarding the possible relationship between con- flict and institutional change, the thesis argues that it was electoral competition, not the conflict dynamics, that had an impact on the decision-making process of the policymak- ers in Ukraine.
  • Download PDF Dossier

    Download PDF Dossier

    Halberd Bastion Pty Ltd ABN: 88 612 565 965 58 Latrobe Terrace, Brisbane Queensland, Australia, 4064 [email protected] Research Dossier: VEON (VimpelCom) Headquarters Netherlands Company Name VEON Ltd. Ownership Type Publicly Traded Company Ownership/Controlling Entities Telenor Group Website https://veon.com/ Company Overview VEON, previously known as VimpelCom, is an international communications and technology company driven by a vision to unlock new opportunities for our customers as they navigate the digital world. Present in some of the world's most dynamic markets, VEON provides more than 235 million customers with voice, fixed broadband, data and internet services. VEON offers services to customers in 13 markets including Russia, Italy, Algeria, Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, Kyrgyzstan, Tajikistan, Armenia, Georgia, and Laos. VEON operates under the “Beeline”, “Kyivstar”, “WIND 3”, “Jazz”, “banglalink”, and “Djezzy” brands. VEON is headquartered in Amsterdam, the Netherlands, and is traded on the NASDAQ Global Select Market and Euronext Amsterdam under the symbol "VEON". Groups Under Direction The company maintains a significant controlling stake in 1 group companies globally. Group companies are those maintaining a parent relationship to individual subsidiaries and/or mobile network operators. Global Telecom Holding Headquarters: Netherlands Type: Publicly Traded Company, Subsidiary Subsidiaries The company has 8 subsidiaries operating mobile networks. Beeline Armenia Country: Armenia 3G Bands:
  • Reforms in Ukraine After Revolution of Dignity

    Reforms in Ukraine After Revolution of Dignity

    REFORMS IN UKRAINE AFTER REVOLUTION OF DIGNITY What was done, why not more and what to do next This publicaon was produced with financial Responsibility for the informaon and views set out assistance from the EBRD-Ukraine Stabilisaon and in this publicaon lies enrely with the authors. The Sustainable Growth Mul-Donor Account, the EBRD makes no representaon or warranty, express donors of which are Denmark, Finland, France, or implied, as to the accuracy or completeness of the Germany, Italy, Japan, the Netherlands, Norway, informaon set forth in the publicaon. The EBRD Poland, Sweden, Switzerland, the United Kingdom, has not independently verified any of the informaon the United States of America and the European contained in the publicaon and the EBRD accepts Union, the largest donor. The views expressed herein no liability whatsoever for any of the informaon can in no way be taken to reflect the official opinion contained in the publicaon or for any misstatement of the EBRD or any donor of the account. or omission therein. The publicaon remains the property of the EBRD. REFORMS IN UKRAINE AFTER REVOLUTION OF DIGNITY What was done, why not more and what to do next Editors Ivan Miklos Pavlo Kukhta Contents Foreword 4 Introducon What was done, why not more and what to do next: Ukrainian reforms aer the Revoluon of Dignity 7 Chapter 1 Polical economy of reforms: polical system, governance and corrupon 10 Chapter 2 Macroeconomic policies 35 Chapter 3 Rule of law 48 Chapter 4 Energy policy 75 Chapter 5 Business environment 87 Chapter 6 Land reform 101 Chapter 7 Privasaon and SOE reform 112 Chapter 8 Healthcare reform 132 Chapter 9 Ukraine and the European Union 144 Annex 1 Report on reforms in 2016-17 162 Annex 2 The role of the government and MPs in reform implementaon in Ukraine 167 About SAGSUR (Strategic Advisory Group for Support of Ukrainian Reforms) 173 Glossary of terms 174 Foreword Foreword | 4 Foreword Maeo Patrone and Peter M.
  • Impact of Political Course Shift in Ukraine on Stock Returns

    Impact of Political Course Shift in Ukraine on Stock Returns

    IMPACT OF POLITICAL COURSE SHIFT IN UKRAINE ON STOCK RETURNS by Oleksii Marchenko A thesis submitted in partial fulfillment of the requirements for the degree of MA in Economic Analysis Kyiv School of Economics 2014 Thesis Supervisor: Professor Tom Coupé Approved by ___________________________________________________ Head of the KSE Defense Committee, Professor Irwin Collier __________________________________________________ __________________________________________________ __________________________________________________ Date ___________________________________ Kyiv School of Economics Abstract IMPACT OF POLITICAL COURSE SHIFT IN UKRAINE ON STOCK RETURNS by Oleksii Marchenko Thesis Supervisor: Professor Tom Coupé Since achieving its independence from the Soviet Union, Ukraine has faced the problem which regional block to integrate in. In this paper an event study is used to investigate investors` expectations about winners and losers from two possible integration options: the Free Trade Agreement as a part of the Association Agreement with the European Union and the Custom Union of Russia, Belarus and Kazakhstan. The impact of these two sudden shifts in the political course on stock returns is analyzed to determine the companies which benefit from each integration decisions. No statistically significant impact on stock returns could be detected. However, our findings suggest a large positive reaction of companies` stock prices to the dismissal of Yanukovych regime regardless of company`s trade orientation and political affiliation.
  • Office of the United Nations High Commissioner for Human Rights

    Office of the United Nations High Commissioner for Human Rights

    Office of the United Nations High Commissioner for Human Rights Report on the human rights situation in Ukraine 15 April 2014 TABLE OF CONTENTS Page I. EXECUTIVE SUMMARY …………………………………………………. 3 I. INTRODUCTION ……………………………………………………. 6 A. Context B. Universal and regional human rights instruments ratified by Ukraine C. UN human rights response D. Methodology III. UNDERLYING HUMAN RIGHTS VIOLATIONS ……………………… … 10 A. Corruption and violations of economic and social rights B. Lack of accountability for human rights violations and weak rule of law institutions IV. HUMAN RIGHTS VIOLATIONS RELATED TO THE MAIDAN PROTESTS ……………………………………………………… 13 A. Violations of the right to freedom of assembly B. Excessive use of force, killings, disappearances, torture and ill-treatment C. Accountability and national investigations V. CURRENT OVERALL HUMAN RIGHTS CHALLENGES ……………… 15 A. Protection of minority rights B. Freedom of expression, peaceful assembly and the right to information C. Incitement to hatred, discrimination or violence D. Lustration, judicial and security sector reforms VI. SPECIFIC HUMAN RIGHTS CHALLENGES IN CRIMEA …………….. 20 VII. CONCLUSIONS AND RECOMMENDATIONS ………………………….. 22 A. Conclusions B. Recommendations for immediate action C. Long-term recommendations Annex I: Concept Note for the deployment of the UN human rights monitoring mission in Ukraine 2 | P a g e I. EXECUTIVE SUMMARY 1. During March 2014 ASG Ivan Šimonović visited Ukraine twice, and travelled to Bakhchisaray, Kyiv, Kharkiv, Lviv, Sevastopol and Simferopol, where he met with national and local authorities, Ombudspersons, civil society and other representatives, and victims of alleged human rights abuses. This report is based on his findings, also drawing on the work of the newly established United Nations Human Rights Monitoring Mission in Ukraine (HRMMU).
  • Weeklyoverview

    Weeklyoverview

    UKRAINIAN EQUITY MARKET:: WEEKLY OVERVIEW Parex Asset Management 5–6 JANUARY 2010 Republikas laukums 2a, Riga, Latvia, LV-1522 Lidiya Mudra, Financial Analyst Tel. 371 67010810 Fax. 371 67778622 http://www.parexgroup.com Email: [email protected] Equity Market The Ukrainian major exchanges started the year on a PFTS Index positive note, with PFTS index gaining 3.82% and UX 700 adding 5.09% during holiday-shortened trading week. PFTS In the metallurgical sector, the Financial Times has last week: informed that an unnamed Russian group is close to 650 buying control of the Ukrainian metallurgical +3.82% corporation Industrial Union of Donbas (IUD). According to FT, the “50%+2 shares” stake in the IUD 600 might be sold by the end of January for up to $2b. 06-Jan-10: Later in the week, Oleksandr Pilipenko, a vice 594.80 550 president within the IUD group, revealed in a Oct Nov Dec Jan statement that one of its new owners is Swiss-based steel trader Carbofer, itself co-owned by Russian below.) businessman Alexander Katunin. At the same time, In the agricultural sector, Ukraine's leading sugar PFTS index gained he did not name the others Mr. Katunin’s partners, producer Astarta Holding released 2009 operational 3.82% and UX revealing only that “none of the new owners would results. In 2009, Astarta produced more than 225ths added 5.09% during have more than a 20% stake”. There were given no tonnes of sugar (-4.5% y/y) that allowed the company the week figures for the value of the deal in the statement.
  • Humanitarian Bulletin

    Humanitarian Bulletin

    Humanitarian Bulletin Ukraine Issue 16 | 1 January – 28 February 2017 In this issue Humanitarian needs increasing P.1 Water, heating, power cuts P.1 HIGHLIGHTS High environmental and health risk P.2 A spike of hostilities increased humanitarian needs. African Swine Flu Outbreak P.8 Avdiivka, Ukraine: some 1,800 children were cut from education Government approves the during the conflict escalation in February. ©OCHA/O. Kuzikov Action Plan on reintegration of NGCA. Humanitarian Response Plan Heightened humanitarian needs in the east (HRP) remains severely underfunded. Insecurity peaked up again in late January across eastern Ukraine, generating additional Life-saving water facilities are civilian casualties and humanitarian needs in several locations. Since the beginning of the at risk of breaking down. year, OHCHR verified 111 civilian casualties (20 deaths and 91 injuries), compared to 51 in November-December 2016. Most casualties were caused by shelling from artillery, tanks and MLRS.1 Damage to houses and vital infrastructure, including electricity, water (with FIGURES knock on effect on the heating system), as well as schools and health facilities, was also People killed 9,621* widespread. These events further added to the suffering of already vulnerable people whose resources and resilience have been depleted by the protracted crisis. People wounded 22,420* People in need 3.8 m Insecurity peaked in late January, and, after a brief period of relatively lessened conflict (2017) during the second week of February, renewed clashes flared up on 16-18 February in People targeted 2.6 m Avdiivka–Yasynuvata area, with nearly all other major hotspots also witnessing a sharp (2017) increase of violence.

  • Analysis of the Stock Market Anomalies in the Context of Changing the Information Paradigm

    EASTERN JOURNAL OF EUROPEAN STUDIES Volume 10, Issue 1, June 2019 | 239 Analysis of the stock market anomalies in the context of changing the information paradigm Kostyantyn MALYSHENKO*, Vadim MALYSHENKO**, Elena Yu. PONOMAREVA***, Marina ANASHKINA**** Abstract The present paper describes the results of a comprehensive research in the information efficiency of the Ukrainian stock market in the context of a financial paradigm transformation which causes a need to modify the EMH (efficient market hypothesis). The aim of the research is to identify the market inefficiencies (anomalies) that occur in the market and contradict the EMH provisions. The database used for the research is from both the world and the Ukrainian stock markets (from 2008 to 2013). Besides, the authors compiled their own event database on Ukrainian mass media data with clear formalization of the event evaluation, which excludes any judgmental approach. Both the standard statistical procedures and the authors’ event analysis become the instruments for the analysis. To randomize the research, an event date was shifted by 1-5 days with the reference to the emissions by the moving average method. The research becomes the basis for a new information paradigm, and the fourth form of information efficiency was justified. These changes underlaid the evaluation methodology for the arisen anomalies being the result of explicit or implicit collusion at the stock market of Ukraine. Keywords: anomalies of the stock market, information efficiency, event analysis, efficient market hypothesis (EMH), fractal market hypothesis (FMH), coherent market hypothesis (CMH) * Kostyantyn MALYSHENKO is Senior Researcher at the National Research Institute for Vine and Wine Magarach; e-mail: [email protected].
  • 1 Disclaimer

    1 Disclaimer

    Telenor – First Quarter 2008 Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Telenor Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation contains statements regarding the future in connection with Telenor’s growth initiatives, profit figures, outlook, strategies and objectives. In particular, the section ‘Outlook for 2008’ contains forward-looking statements regarding the Telenor Group’s expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. Kyivstar was deconsolidated from 29 December 2006, due to legal injunctions prohibiting Kyivstar’s management from providing financial information to Kyivstar’s international auditors and its shareholders, including Telenor.
  • THE INSTITUTIONAL FRAMEWORK: PFTS and UKRSE Finance

    THE INSTITUTIONAL FRAMEWORK: PFTS and UKRSE Finance

    Ya. V. Khomenko, K. A. Nesterenko, A. V. Bodnar Finance UDC 336.76(477)„1995/2011”-047.37 Ya. V. Khomenko, Dr. Hab (Economics) K. A. Nesterenko, A. V. Bodnar, Students majoring, Donetsk National Technical University THE INSTITUTIONAL FRAMEWORK: PFTS AND UKRSE In Ukraine today the stock market is a major source the average performance of a national market” [5]. Taking of funding for corporations. By its very nature it is a into account all these views it gets relevant to make asset mechanism to accumulate temporarily free funds from allocation decisions and stock market performance the population and business structures, allocate them to measurements on the bases of the stock indexes analysis. productive purposes and to ensure, therefore, the flexible In view of the abovementioned this paper is to flow of the capital among the sectors of the economy. answer the questions: how has the institutional framework The more reliable, sustainable and effective this of PFTS and UKRSE changed during the last ten years, mechanism is, the more likely it is to attract the necessary what problems does it have, and what has to be done to capital. solve these problems? This issue is approached by With the globalization the stock market becomes analyzing the evolution of institutional framework of PFTS more far-reaching. Prospective investors are more and UKRSE, the Ukrainian stock market’s 10-year interested in new areas for capital investment outside their development, by viewing and comparing with changes country. As Templeton maintains, „In London and New in the institutional framework. The database for research York share prices get out of line in value, but in other comprises the Law of Ukraine „On Securities and Stock places they get even further out of line.
  • Ukrainian Equity Market: Weekly Overview 25 - 29 October, 2010

    Ukrainian Equity Market: Weekly Overview 25 - 29 October, 2010

    Ukrainian Equity Market: Weekly Overview 25 - 29 October, 2010 2A Republikas square, Riga, Latvia, LV-1010 Lidiya Mudra, Tel. +371 67010810, Fax +371 67778622 Financial Analyst www.citadeleam.lv [email protected] UX index added 2% during the week UX Index 2300 UX Motor Sich reports strong 3Q10 and 9m10 results last week: 2100 Luhanskteplovoz narrows its net loss to UAH 20.8m in +2.00% 9m10 1900 Ukrnafta substantially improves its financial results 29-Oct-10: 1,869.54 1700 Ukrtelecom ends 3Q10 with a loss Jul Aug Sep Oct Ukraine’s C/A gap narrows to $256m in September Last week the Ukrainian equity market witnessed a turning point in its negative trend. Based upon the results of five sessions Ukraine’s benchmark - the UX index - added 2%, trimming its monthly decline to 4.47%. In the machine-building sector, Motor Sich reported 3Q10 net sales of UAH 1.25b (+28.2% q/q and +1.9% y/y), EBITDA of UAH 432.6m (+42.5% q/q and +0.4% y/y) and net income of UAH 284.3m (+30.1% q/q and +8.1% y/y), thus posting EBITDA and net margins of a respective 34.7% (+4.8pp q/q but -0.5pp y/y) and 22.8% (+1.3pp q/q and +1.3pp y/y) and bringing its 9m10 net sales to UAH 3.23b (+29.4% y/y), EBITDA to UAH 1.02b (+24.9% y/y) and net earnings to UAH 0.71b (+37.1% y/y). Luhanskteplovoz issued 3Q10 financial results, posting net sales of UAH 334.2m (+64.5% q/q and +395% y/y), EBITDA of UAH 28.4m (vs.
  • Download Report (PDF)

    Download Report (PDF)

    Growth comes from truly 2009 report Annual Telenor understanding the needs of people, to drive relevant change Annual report 2009 www.telenor.com Contents Dear shareholder // 01 Report from the Board of Directors 2009 // 02 Financial Statements Telenor Group Consolidated Income Statement // 16 Consolidated Statement of Comprehensive Income // 17 Consolidated Statement of Financial Position // 18 Consolidated Statement of Cash Flows // 19 Consolidated Statement of Changes in Equity // 20 Notes to the Consolidated Financial Statements // 21 Telenor ASA Income Statement // 88 Statement of Comprehensive Income // 89 Statement of Financial Position // 90 Statement of Cash Flows // 91 Statement of Changes in Shareholders’ Equity // 92 Notes to the Financial Statements // 93 Responsibility Statement // 106 Auditor’s report for 2009 // 107 Statement from the Corporate Assembly of Telenor ASA // 108 Financial Calendar 2010 // 108 Norway Hungary Bangladesh Denmark Montenegro Thailand Sweden Serbia Pakistan Ukraine India Russia Malaysia Dear shareholder Telenor Group has strengthened its position as a leading global telecoms operator through 2009. We delivered solid results and strong operating cash flow in spite of challenging macro economic conditions. With 10 million net subscriber additions during the year the Telenor Group reached 174 million mobile subscribers world- wide. The announcement of our agreement with Altimo in October to establish VimpelCom Ltd, the listing of Grameenphone in November and the launch of opera- tions in India in December are key milestones for the Telenor Group this year. The main focus within the Telenor Group this year has marking the completion of the first phase of the been to secure market positions while scaling our Uninor launch activities.