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View Annual Report 1 2014 ANNUAL REPORT a step ahead ANNUAL REPORT 2014 3 29.6 2007 39.4 2008 30.7 2009 30.0 2010 30.4 2011 30.2 2012 2014 38.4 2013 ANNUAL 51.2 2014* REPORT Dividends (RUB bln) * Outlook MTS OJSC is the leading telecommunications operator in Russia Just the Facts 2 and the CIS. The Main Outcomes for 2014 3 MTS OJSC helps people communicate and get information in all 1. About the Company regions of Russia, Armenia, Belarus, Ukraine, Uzbekistan and Turkmenistan. 2014 Highlights 6 Background 8 MTS OJSC is successfully achieving the objective of The President’s Message to the Shareholders 12 strengthening leadership and maintaining high business CONTENTS The Board Chairman’s Message 16 efficiency. In 2014, MTS OJSC presented the Company’s new development 2. Business Review strategy for 2014–2016, which focuses on three key areas: Market Position of the Company 20 “data”, “differentiation” and “dividends”. Our Strategy 22 New business strategy is a timely response of MTS to the Report of the Board of Directors 24 changes in telecom market, growth the customers’ needs Operating Results 26 and expectations, as well as a logical continuation of the “3i” strategy, which has completely accomplished its task. We 3. Information for the Shareholders and Investors have completed the planned integration stages, launched Corporate Governance 56 MTS transformation processes required for the development Information for the Shareholders 112 in mobile and fixed Internet markets, managed not just to The Company’s 2014 Financial Results 126 introduce the innovations in their pure form, but to use an Risk Factors 130 innovative approach to the development of tariff plans. The new strategy elaborates the existing strategic objectives of MTS and focuses on topical aspects which are of fundamental importance 4. Social Responsibility for a global telecommunications player: increasing penetration Human Resources and Social Policy 134 of mobile Internet services, diversification of the Company’s Corporate Social Responsibility 142 services, improving operational efficiency and, consequently, Consumption of Power Resources 151 increasing shareholder payout. Interaction with the Stakeholders 152 Glossary 153 Additional Company Details 154 * In this Annual Report, the terms “MTS”, the “Company”, and the “Group” shall refer to the group of companies consisting of MTS OJSC and its subsidiaries; MTS OJSC shall mean Mobile TeleSystems Open Joint Stock Company. The indicators contained in this Annual Report are as of December 31,2014, unless other periods or dates are expressly indicated. 2 ANNUAL REPORT 2014 3 The Main OuTcomes fOr 2014 RUB 410.8 billion – revenue of MTS Group in 2014 393 minutes per month Financial Non-financial were used by MTS subscribers in Russia in 2014 – 2014 FOR indicators indicators more than by the subscribers of other Big Three operators Consolidated revenue The LTE network of MTS expanded to JUST THEJUST FACTS million subscribers – 74.6 410.8 BRUB. MTS has the largest mobile subscriber base in Russia 76 regions of Russia 3.1% growth vs. 2013 OIBDA The length of GPON optical 76 constituent entities of the Russian THE MAIN OUTCOMES links in Moscow has reached Federation 175.5 BRUB. 40,000 km are covered by MTS LTE network 3% growth vs. 2013 OIBDA margin million Moscow 3.5 million Moscow households 3.5 households 42.7% connected to the Internet connected to the Internet using GPON using GPON Based on the results of 2014, 4,245 outlets Consolidated net income in various regions from Kamchatka to Kaliningrad comprise MTS has the lowest churn BRUB. among the Big Three operators MTS retail chain 51.8 42.4% — Net income margin MTS Ukraine has won a license to provide penetration of smartphones in MTS network in 2014 third-generation (3G) 12.6% connectivity through an open tender CONSTITUENT ENTITIES 76 RUB. bln OF THE RUSSIAN FEDERATION 2014 year About the 410.8 ARE COVERED BY MTS LTE NETWORK Consolidated revenue Company 17 + 3.1% 2013 year Consolidated revenue growth 1. vs. 2013 + 0,3% OIBDA growth in 2014 175.5 RUB bln. 2014 Highlights 6 Background 8 The President’s Message to the Shareholders 12 The Board Chairman’s Message 16 6 ANNUAL REPORT 2014 7 2014 HIGhLiGhTs 4 Presentation of the new 3D strategy, the main focus of which is “data”, “differentia- 2 Joint charity project of MTS and Konstantin Khabenskiy Foundation “The Mowgli February tion” and “dividends” October Generation” was awarded the Prize of Stanislavsky Theatre The execution of the loan agreement with Citibank Europe PLC (Citibank) and MTS signed an agreement with Sberbank of Russia on the non-revolving credit 12 the Swedish Export Credit Corporation (SEK) amounting to USD 300 million 27 facility amounting to RUB 50 billion with maturity in September 2021, and the March (RUB 10.9 billion). This credit line has been extended under the guarantee of Ex- October extension of the loan agreement amounting to RUB 20 billion to September 2017 port Credit Agency of Sweden (EKN). from July 2015. Launch of LTE network in the Republic of Tatarstan, the Primorsky Territory, the Sverdlovsk Region, St. Petersburg, the Leningrad Region, the Republic of Adygea, January– 12 Launch of satellite TV project under the MTS brand. the Komi Republic, the Tver Region, the Stavropol Territory, the Novgorod Region, March November and the Republic of Dagestan. 2014 HIGHLIGHTS 29 The acquisition of 10.82% stake in Ozon Holdings, a leading Russian e-commerce 20 MTS completed the payout of interim dividend for the first half of 2014: total pay- April company, as a result of additional issue of shares for USD 75 million. November ments amounted to RUB 12.812 billion. MTS is the only Russian telecom brand which has been ranked for the seventh time among top 100 leading brands of BRANDZ™, formed by leading international UMS – a joint venture of Uzbekistan and MTS – launched a mobile network in 21 research agency Millward Brown Optimor, and has been ranked 9th among top 1 Uzbekistan. May 10 global telecom brands. During the year, the brand value grew by 14.5% to December USD 12.18 billion. Launch of LTE networks in 25 regions of Russia: the Leningrad Region, the Re- public of Adygea, the Komi Republic, the Tver Region, the Stavropol Territory, the MTS and VimpelCom signed an agreement on large-scale partnership for joint Novgorod Region, the Arkhangelsk Region, the Ryazan Region, the Republic of 19 development and operation of LTE networks in 36 regions of Russia. April – Bashkortostan, the Mari El Republic, the Chelyabinsk Region, the Irkutsk Region, December June the Republic of Dagestan, the Belgorod Region, the Vologda Region, the Murmansk Region, the Kaluga Region, the Republic of Khakassia, the Republic of Buryatia, the Republic of Sakha (Yakutia), the Altai Territory, the Tomsk Region, the Volgograd Region, the Samara Region, and the Saratov region. MTS completed the acquisition of three regional assets of the SMARTS Group: 30 Penza-GSM CJSC, SMARTS-Ufa CJSC, and SMARTS-Ivanovo CJSC. The transaction December amounted to RUB 3.1 billion, including net debt. 31 MTS OJSC and the Republic of Uzbekistan executed a settlement agreement. Ac- July cording to the agreement, MTS OJSC received 50.01% of UMS shares in Uzbekistan. 11 MTS Group completed its dividend payout as at the end of 2013: the total payments August amounted to RUB 49.2 billion. 8 ANNUAL REPORT 2014 9 BackGrOund MTS OJSC was established as Mobile TeleSystems Closed Joint-Stock Company by Moscow City Telephone Network Open Joint Stock Company (MGTS), Deutsche Telekom (DeTeMobil), Siemens and several other shareholders in October 1993. Four Russian companies owned 53% stock, while two German companies held 47%. Late 1996, JSFC Sistema bought out the Russian shareholders’ stake, and DeTeMobil bought the remaining stake from Siemens. BACKGROUND At the time of merger, Mobile TeleSystems CJSC Russian cities: St. Petersburg, Kazan, Sochi and had an extensive cellular network and provid- Yekaterinburg. ed the communications services to more than In the fall of 2008, MTS entered into an 1 million subscribers in 15 regions of the Russian agreement for exclusive strategic non-corporate Federation. The Company’s active growth from partnership with Vodafone in order to expand the 5 thousand subscribers at the beginning of 1996 marketing and technological capabilities of both was attributable both to the obtaining of licenses companies. The four-year partnership agreement and development of own networks, and the acqui- covered the territory of Russia, Ukraine, Uzbeki- sition / take-over of the regional operators. stan, Turkmenistan and Armenia. In 2000, Mobile TeleSystems CJSC and Russian In 2009, MTS OJSC acquired the controlling Telephone Company CJSC merged to form Mobile stake in COMSTAR-UTS OJSC, one of the leading TeleSystems Open Joint Stock Company. The same fixed line operators, and Eurotel OJSC, a backbone year, the Company entered the world stock mar- provider, thus obtaining the possibility to pro- kets. Since June 30, 2000, the stocks of MTS OJSC vide data services using both wired and wireless have been traded on the New York Stock Exchange technologies. as American Depositary Shares ( MBT index). In March 2013, MTS OJSC acquired 25% +1 By early 2004, mobile services had been pro- share of MTS-Bank PJSC. Our Company entered vided in 58 regions, the subscriber base amounted into a five-year agreement with MTS-Bank on to 13.5 million people, or 37% of the cellular joint development of loan product MTS Money. market. The rapid increase in the number of the It is expected that by 2017 the share of financial DVB-C), video services, comprehensive solutions of MTS OJSC. MTS Group provides integrated Company’s subscribers was attributable to the services in the Company’s net income will amount for offices, combining fixed and mobile communi- mobile and fixed telephony services, long- distance launch in late 2002 of the first tariff plans without to at least 5%, and MTS expects to become for its cations.
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