Key Russian Wholesale Providers
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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 ................................................................................ -
The Russia You Never Met
The Russia You Never Met MATT BIVENS AND JONAS BERNSTEIN fter staggering to reelection in summer 1996, President Boris Yeltsin A announced what had long been obvious: that he had a bad heart and needed surgery. Then he disappeared from view, leaving his prime minister, Viktor Cher- nomyrdin, and his chief of staff, Anatoly Chubais, to mind the Kremlin. For the next few months, Russians would tune in the morning news to learn if the presi- dent was still alive. Evenings they would tune in Chubais and Chernomyrdin to hear about a national emergency—no one was paying their taxes. Summer turned to autumn, but as Yeltsin’s by-pass operation approached, strange things began to happen. Chubais and Chernomyrdin suddenly announced the creation of a new body, the Cheka, to help the government collect taxes. In Lenin’s day, the Cheka was the secret police force—the forerunner of the KGB— that, among other things, forcibly wrested food and money from the peasantry and drove some of them into collective farms or concentration camps. Chubais made no apologies, saying that he had chosen such a historically weighted name to communicate the seriousness of the tax emergency.1 Western governments nod- ded their collective heads in solemn agreement. The International Monetary Fund and the World Bank both confirmed that Russia was experiencing a tax collec- tion emergency and insisted that serious steps be taken.2 Never mind that the Russian government had been granting enormous tax breaks to the politically connected, including billions to Chernomyrdin’s favorite, Gazprom, the natural gas monopoly,3 and around $1 billion to Chubais’s favorite, Uneximbank,4 never mind the horrendous corruption that had been bleeding the treasury dry for years, or the nihilistic and pointless (and expensive) destruction of Chechnya. -
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 ...................................................................................................... -
Strategies of Yota (Scartel) - 4G Operator in Russian Federation
Netra Pal Singh1 JEL: L11 2 Manisha Kaushik DOI: 10.5937/industrija41-4700 UDK: 621.39:339.13(470) ;005.21:621.39 Professional Paper Strategies of Yota (Scartel) - 4G Operator in Russian Federation Article history Received: 20 September 2013 Sent for revision: 20 October 2013 Received in revised form: 13 November 2013 Accepted: 17 November 2013 Available online: 26 November 2013 Abstract: Russian Federation is one of the high growth markets for telecom services which are expected to reach $48.5 billion by 2013. With the granting of 4G LTE licenses, it is expected that 4G market in Russian Federation will be dominated by four cellular operators, i.e., MTS, Beeline, and MegaFon, Rostelecom along with two new startups, i.e., Osnova Telecom and Red Tel- ecom. In addition, other companies such as Yota, Synterra, COMSTAR, Freshtel etc. are also operating in Russian WiMax & LTE telecom market to provide similar services. This paper is an attempt to analyze some of the pa- rameters of LTE turn Yota WiMax Telecom Operator in Russian Federation. The paper covers current achievements of Yota, its reach in Russian Federa- tion, its network size & technology, its services, expansion plans for future, strategies for survival (in question) in a highly competitive market of big com- panies, and its ultimate fate. Keywords: WiMax, Long Term Evolution (LTE), Yota, Russian Markets, MTS, Beeline, MegaFon, Rostelecom. Strategija Yota (Scartel) – 4G operatera u Ruskoj Federaciji Apstrakt: Ruska Federacija je jedno od brzo rastućih tržišta telekomunikacionih usluga za koje se očekuje da će dostići $ 48.5 milijardi dolara tokom 2013. -
Privatization in Russia: Catalyst for the Elite
PRIVATIZATION IN RUSSIA: CATALYST FOR THE ELITE VIRGINIE COULLOUDON During the fall of 1997, the Russian press exposed a corruption scandal in- volving First Deputy Prime Minister Anatoli Chubais, and several other high- ranking officials of the Russian government.' In a familiar scenario, news organizations run by several bankers involved in the privatization process published compromising material that prompted the dismissal of the politi- 2 cians on bribery charges. The main significance of the so-called "Chubais affair" is not that it pro- vides further evidence of corruption in Russia. Rather, it underscores the im- portance of the scandal's timing in light of the prevailing economic environment and privatization policy. It shows how deliberate this political campaign was in removing a rival on the eve of the privatization of Rosneft, Russia's only remaining state-owned oil and gas company. The history of privatization in Russia is riddled with scandals, revealing the critical nature of the struggle for state funding in Russia today. At stake is influence over defining the rules of the political game. The aim of this article is to demonstrate how privatization in Russia gave birth to an oligarchic re- gime and how, paradoxically, it would eventually destroy that very oligar- chy. This article intends to study how privatization influenced the creation of the present elite structure and how it may further transform Russian decision making in the foreseeable future. Privatization is generally seen as a prerequisite to a market economy, which in turn is considered a sine qua non to establishing a democratic regime. But some Russian analysts and political leaders disagree with this approach. -
OJSC Centertelecom
OJSC CenterTelecom Audit Report on Financial Statements for the Year Ending December 31, 2007 March 2008 TRANSLATION OF ORIGINAL RUSSIAN VERSION Central Telecommunication Company OJSC Explanatory Notes to Financial Statements for 2007 Comparative data (RUR thousand unless otherwise stated) AUDIT REPORT - OJSC CENTERTELECOM CONTENTS PAGE Independent auditor's report on financial statements of OJSC CenterTelecom 3 Appendices 1. Financial statements of OJSC CenterTelecom for the period from 1 January, 5 2007 through December 31, 2007, including: Balance Sheet Profit and Loss Statement Statement of Changes in the Shareholders' Equity Statement of Cash Flows Appendix to Balance Sheet Explanatory Notes to Financial Statements TRANSLATION OF ORIGINAL RUSSIAN VERSION 2 Central Telecommunication Company OJSC Explanatory Notes to Financial Statements for 2007 Comparative data (RUR thousand unless otherwise stated) INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS OF CENTERTELECOM OJSC To the shareholders of OJSC CenterTelecom DETAILS OF THE AUDITING FIRM Name: ERNST AND YOUNG LLC Address: Russia 115035, Moscow, Sadovnicheskaya naberezhnaya, 77, building 1 Certificate of an entry made to the Uniform State Register of Legal Entities Concerning a Legal Entity Registered Before July 1, 2002; date of entry: December 05, 2002, series 77, No. 007367150, registered by the Moscow Registration Chamber State Institution on June 20, 2002, No. 108.877, Main Registration No. 1027739707203. Audit License No. E002138, approved by Order No. 223of the Russian Ministry of Finance dated September 30, 2002 for a term of five years, prolonged by Order No.573 of the Russian Ministry of Finance dated September 17, 2007 until September 30, 2012. Membership of an accredited professional auditors' association - ERNST & YOUNG LLC is a member of Non-profit Partnership «The Institute of Professional Accountants of Russia» («IPAR»). -
Vimpelcom Ltd
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F Registration Statement Pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 OR ⌧ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2012 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 OR Shell Company Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-34694 VIMPELCOM LTD. (Exact name of registrant as specified in its charter) Bermuda (Jurisdiction of incorporation or organization) Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands (Address of principal executive offices) Jeffrey D. McGhie Group General Counsel & Chief Corporate Affairs Officer Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands Tel: +31 20 797 7200 Fax: +31 20 797 7201 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered American Depositary Shares, or ADSs, each representing one common share New York Stock Exchange Common shares, US$ 0.001 nominal value New York Stock Exchange* * Listed, not for trading or quotation purposes, but only in connection with the registration of ADSs pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 1,628,199,135 common shares, US$ 0.001 nominal value. -
Peterstar?” the Story Seemed Curious Since Just the Day Before It Was Announced in the Media That Mr
1 SUCCEEDING IN THE RUSSIAN TELECOMMUNICATION ENVIRONMENT The Feb 27, 2001 (p. 11) edition of the St. Petersburg Times included a startling story titled “End of the Road for PeterStar?” The story seemed curious since just the day before it was announced in the media that Mr. Sergei Kuznetsov, general director of PeterStar had been made the acting general director of Rostelecom pending almost certain share approval from the shareholders at their meeting scheduled for March 11, 2001. ZAO PeterStar was founded in October 1992 at the dawn of the emergence of the free markets and Perestroika in Russia. PeterStar was formed with the participation of Leningrad City Telephone Network2. Before 1992 all communication services in Russia were controlled directly by the Ministry of Communications without making any distinction between postal services, TV and radio broadcasting and telecommunications. In 1992, the government split up these three sectors while the whole telecommunications sector was restructured, 79 regional telephone companies which provide local services, six local trunk network operators which provide toll switching and one long-distance and international services provider Rostelecom were created. In 1992-93, more than 4000 licenses were granted to private operators. These operators have primarily focused on value added services such as digital overlay networks (Sovintel, Comstar, Combellga, PeterStar), cellular services (Moscow Cellular Communications, Mobile TeleSystems, Vympelcom, Delta Telecom, Northwest GSM etc.) and paging services. These licenses were meant to be the pillars on which the new Russian telecommunication industry was to be built. All these players have been helped by the fact that the existing networks did not posses the necessary technical, human and financial resources to satisfy the growing demand for value added services. -
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. -
Who Governs the Russian Economy? a Cross-Section of Russia's Largest Corporations
Kari Liuhto & Peeter Vahtra Who governs the Russian economy? A cross-section of Russia's largest corporations Electronic Publications of Pan-European Institute 12/2009 ISSN 1795 - 5076 Who governs the Russian economy? A cross-section of Russia's largest corporations 1 Kari Liuhto2 and Peeter Vahtra3 12/2009 Electronic Publications of Pan-European Institute http://www.tse.fi/pei 1 We wish to thank the following Finnish research foundations which have made it possible to conduct this report and numerous earlier studies linked with the theme; Emil Aaltonen Foundation, Foundation for Economic Education, Jenny and Antti Wihuri Foundation, The Marcus Wallenberg Economic Foundation and The Paulo Foundation. 2 Kari Liuhto is Professor in International Business and Director of the Pan-European Institute at the Turku School of Economics. His research interests include EU-Russia economic relations, energy relations in particular, foreign investments into Russia and the investments of Russian firms abroad, and economic policy measures of strategic significance. Liuhto has worked as an expert in several Russia-related projects funded by both Finnish institutions and foreign ones, such as the European Commission, the European Parliament, the United Nations, and the World Bank. 3 Peeter Vahtra is a Research Fellow at the Pan-European Institute at the Turku School of Economics. His areas of research expertise include Russia’s energy policy, FDI to and from Russia and Russia’s economic policy. Kari Liuhto and Peeter Vahtra PEI Electronic Publications 12/2009 www.tse.fi/pei __________________________________________________________________________________________ Contents 1. The state has increased its ownership in big business, but left small and medium-sized companies untouched 2 2. -
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. -
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 .............................................................................................................