443 https 10.10.20.93
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VimpelCom announces fourth quarter and annual 2005 financial and operating results

  • 52% year-on-year increase in total operating revenues 
  • 76% year-on-year increase in net income 
  • 53% year-on-year increase in OIBDA
  • approximately 48.5 million subscribers as of today including 3.4 million subscribers in the CIS outside of Russia 

Moscow and New York (April 18, 2006) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), a leading provider of wireless telecommunications services in Russia and Kazakhstan, with newly acquired operations in Ukraine, Uzbekistan and Tajikistan, today announced its financial and operating results for the fourth quarter of 2005 and year ended December 31, 2005.

During the fourth quarter of 2005 the Company continued its rapid growth, improving financial results and establishing a platform for successful operations going forward. VimpelCom's consolidated financial statements are attached.

Commenting on today's announcement, Alexander Izosimov, Chief Executive Officer of VimpelCom, said, "2005 was another great year for VimpelCom. The Company again saw strong revenue growth in excess of 50%, leading to over $3 billion turnover, record OIBDA margin of 49% and 76% growth in net income. We passed the 45 million subscriber mark by adding a record 19 million customers last year.

During 2005 we went through a major realignment of our strategy in Russia, focusing much more on revenue growth and enhancing value of the existing subscriber base. To that end, restaging of our Beeline brand and non-price driven marketing strategy were important elements in achieving our positive results last year. Strong marketing strategy, excellence in execution and a relentless focus on efficiency, are the cornerstones for our future growth in Russia."

Mr. Izosimov concluded, "In 2005 we also continued with our CIS expansion strategy and entered the extremely important market of Ukraine as well as Tajikistan. Presence in these markets, combined with our expanding operations in Kazakhstan and recent entry into Uzbekistan, brings our total license footprint to approximately 232 million people and creates a further growth opportunity."

The principal results of operations with comments are presented in the following tables. All definitions are presented in Attachment A. The condensed consolidated financial statements of VimpelCom are presented in Attachment B. Reconciliation of each of OIBDA, OIBDA margin, ARPU and SAC to the most directly comparable U.S. GAAP financial measures appear in Attachment C.

As discussed in the Company's Annual Report on Form 20-F for the year ended December 31, 2004 and our subsequent quarterly earnings releases, the Company restated its historical financial statements for periods ending on and prior to September 30, 2004 to reflect guidance from the United States Securities and Exchange Commission contained in a letter to the accounting industry in February 2005 with respect to accounting for depreciation of leasehold improvements. In addition, starting with the first quarter of 2005 our earnings releases reflect changes made by the Company to the estimated useful life of its GSM Russian telecommunications licenses as well as a reclassification of revenues generated by the Company's value added services. In its subscriber reporting, starting with the second quarter of 2005, the Company decided to combine its advance payment subscribers with its prepaid subscribers (see "Definitions"). The earlier reported financial statement information and subscriber information that is incorporated in this press release, including for the fourth quarter and full year 2004, were recalculated accordingly.

 

Key Subscriber Statistics

  As of
Dec. 31, 2005
As of
Dec. 31, 2004
Change,
Y-on-Y
(%)
As of
Sept. 30, 2005
Change
Q-on-Q
(%)
Russia 43,096,700 25,724,600 67.5% 38,401,100 12.2%
Kazakhstan 2,050,300 858,700 138.8% 1,652,000 24.1%
Ukraine 256,800 n/a -- n/a --
Tajikistan 26,500 n/a -- n/a --
Total 45,430,300 26,583,300 70.9% 40,053,100 13.4%
% of prepaid a) 96.9% 95.8% -- 96.7% --
Active subscribers b) 37,999,500 n/a -- 33,789,700 12.5%
% of active subscribers 83.6% n/a -- 84.4% --
Churn (quarterly) 8.3% 5.7% -- 8.8% --

a) Including advance payment subscribers. Numbers for December 31, 2004 were recalculated in accordance with the Company's practice as discussed above.
b) Active subscribers are defined as those who in the last three months made a chargeable transaction.

The overall subscriber growth in 2005 - approximately 19 million new additions - was the highest ever recorded by the Company. On a percentage basis, growth was lower than a year ago - 70.9% in 2005 vs. 132.4% in 2004 - which is natural given the high penetration rate in Russia and our very large subscriber base.

Based on independent research, VimpelCom estimates its subscriber market share in Russia at 34.3% at the end of 2005, compared to an estimated 34.6% at the end of 2004. Based on information released by its competitor in Kazakhstan, VimpelCom's subsidiary KaR-Tel estimates its subscriber market share in Kazakhstan at 37.2% at the end of 2005 as compared with 31.8% estimated at the end of 2004.

The annual churn rate in the past two years was stable at approximately 30% (30.4% in 2005 and 29.6% in 2004). As the Russian marketplace continues to mature and the Company shifts its focus from customer acquisition to customer loyalty and qualitative improvement of its subscriber base, a targeted retention of high-value subscribers is one of VimpelCom's key priorities.

Key Consolidated Financial and Operating Indicators

  Three months ended Year ended
Dec. 31,
2005
Dec. 31,
2004 *)
Change
(%)
Dec. 31,
2005
Dec. 31,
2004 *)
Change
(%)
Total operating revenues (US$,000) 910,421 624,907 45.7% 3,211,118 2,113,002 52.0%
OIBDA (US$,000) 419,692 284,339 47.6% 1,571,310 1,026,721 53.0%
OIBDA margin 46.1% 45.5% -- 48.9% 48.6% --
Gross margin (US$,000) 757,443 515,328 47.0% 2,668,700 1,755,014 52.1%
Gross margin percentage 83.2% 82.5% -- 83.1% 83.1% --
Net income (US$,000) 151,748 83,742 81.2% 615,131 350,396 75.6%
Net income per share (US$) 2.97 1.87   12.05 8.50  
Net income per ADS (US$) 0.74 0.47   3.01 2.13  
ARPU (US$)**) 7.1 9.0 -21.1% 7.5 10.1 -25.7%
MOU (min)**) 106.5 97.3 9.5% 101.4 96.5 5.1%
SAC (US$) 13.8 12.3 12.2% 13.1 13.9 -5.8%

*) These numbers were restated in accordance with the Company's newly adopted accounting practice as specified in VimpelCom's Annual Report on Form 20-F for the year ended December 31, 2004. These numbers also reflect changes made by the Company to the estimated useful life of its GSM Russian telecommunications licenses as well as revenues generated by the Company's value added services.
**) Calculated on the basis of our total number of subscribers.

Significant improvements in VimpelCom's financial and operating results in the fourth quarter and full year 2005, as compared with the fourth quarter and full year 2004, were achieved largely as a result of continued subscriber growth combined with the effects of economies of scale, stable ARPU in the course of 2005 and efficient cost control. A positive effect also came from the Company's continued efforts to enhance the quality of its subscriber base. In the fourth quarter of 2005 we recorded a 2.3% increase in total operating revenues compared with the third quarter of 2005 in spite of the seasonal decline in usage and roaming revenue.

The fourth quarter of 2005 was considered by the market as the last quarter of rapid subscriber growth in Russia. In order to use this opportunity and attract valuable subscribers, the Company increased its investments in dealer commissions and advertising but avoided large-scale price-based promotions. Such actions helped lead to large subscriber growth in the fourth quarter of 2005, second only to the fourth quarter of 2004. Consequently, we experienced an increase in total subscriber acquisition expenses and a decline in OIBDA, net income and the corresponding margins for the fourth quarter of 2005 as compared with the third quarter of 2005. However, this seasonal deterioration in margins in the fourth quarter of 2005 was less pronounced than in the fourth quarter of 2004 due to the above mentioned factors.

SAC remains low as the Company does not subsidize handsets. During 2005 SAC varied in the range between $11 and $14, while the average 2005 SAC of $13.1 was slightly lower than the $13.9 reported for 2004.

Selling, general and administrative expenses ("SG&A") for the year 2005, as a percentage of total operating revenues, improved slightly to 33.8%, as compared with the 34.1% reported for 2004, notwithstanding an additional expense related to the introduction of the universal service fund (USF) in May 2005. SG&A in the fourth quarter of 2005, as a percentage of total operating revenues, was 36.9%, similar to figures reported for the fourth quarters of 2004 and 2003. In absolute numbers, SG&A for the year 2005 increased as compared with the previous year primarily due to a substantially higher sales volume. In addition to this, revenue growth and business expansion in 2005 caused an increase in network maintenance costs connected with further network development.

The 2005 ARPU was $7.5, a 25.7% decline from $10.1 reported for 2004. However, the bulk of this decline appeared in the first quarter of 2005 when ARPU declined $1.7, from $9.0 in the fourth quarter of 2004 to $7.3 in the first quarter of 2005. This decline came as a residual effect of the December 2004 promotional campaign. On the other hand, the decline in ARPU between the first quarter of 2005 ($7.3) and the fourth quarter of 2005 ($7.1) was the lowest ever recorded by the Company, which can be considered as a positive development.

In 2005, VimpelCom's capital investments for purchase of property and equipment totaled $1,635.3 million. $314.5 million was spent on acquisitions of new entities.

The Company's management will discuss its fourth quarter and annual 2005 results during a conference call and slide presentation on April 18, 2006 at 6:30 pm Moscow time (10:30 am ET in New York). The call and slide presentation may be accessed via webcast at the following URL address http://www.vimpelcom.com. The conference call replay and the slide presentation webcast will be available through April 25, 2006 and May 18, 2006, respectively. The slide presentation will also be available for download on VimpelCom's website http://www.vimpelcom.com.

VimpelCom is a leading international provider of mobile telecommunications services in Russia and Kazakhstan, with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The VimpelCom Group's license portfolio covers approximately 232 million people. Geographically it covers 78 regions in Russia (with 136.5 million people, representing 94% of Russia's population) as well as the entire territories of Kazakhstan, Ukraine, Tajikistan and Uzbekistan. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".

 

This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the Company's strategic and development plans and developments in the telecommunications market. These and other forward-looking statements are based on management's best assessment of the Company's strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen developments from competition, governmental regulation of the wireless telecommunications industries in Russia and the CIS, general political uncertainties in Russia and the CIS and general economic developments in Russia and the CIS, the Company's ability to continue to grow its overall subscriber base, continued volatility in the world economy and other factors. As a result of such risks and uncertainties, there can be no assurance that the effects of competition or current or future changes in the political, economic and social environment or current or future regulation of the Russian and CIS telecommunications industries will not have a material adverse effect on the VimpelCom Group. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2004 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

 

For more information, please contact:

Valery Goldin
VimpelCom (Moscow)
Tel: 7(495) 974-5888
Investor_Relations@vimpelcom.com
Peter Schmidt/Michael Polyviou
Financial Dynamics
Tel: 1(212) 850-5600
mpolyviou@fd-us.com



-Definitions and tables are attached -

Attachment A: Definitions

 

Subscriber is an authorized user of cellular services, using one SIM card (GSM) with one or several selective numbers or one handset (DAMPS) with one selective number. The number of subscribers includes employees using cellular services and excludes guest roamers and users of test SIM cards (GSM) or handsets (DAMPS).

Prepaid subscribers are those subscribers who pay for their services in advance1).

Churn rate is defined as the total number of subscribers disconnected from our network within a given period of time expressed as a percentage of the midpoint of subscribers in our network at the beginning and end of that period. Contract subscribers are disconnected if they have not paid their bills for 2 months and prepaid subscribers are disconnected 6 months after their services have been blocked. We typically block a prepaid subscriber's service in two cases: (1) their balance drops to $0 or below, and (2) an account shows no chargeable activity within 6 months. The Company retains the right to change its disconnect policy to reflect changes in business or regulatory environment.

OIBDA is a non-U.S. GAAP financial measure. OIBDA, previously referred to as EBITDA by the Company, is defined as operating income before depreciation, amortization and the one-time write-down of AMPS/D-AMPS related assets in the Samara region of $7,354 thousand in the second quarter of 2004. The Company believes that OIBDA provides useful information to investors because it is an indicator of the strength and performance of our business operations, including our ability to finance capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation, amortization and the one-time write-down of AMPS/D-AMPS related assets in the Samara region of $7,354 thousand in the second quarter of 2004, are considered operating costs under U.S. GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Our OIBDA calculations are commonly used as bases for some investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the wireless telecommunications industry. OIBDA should not be considered in isolation as an alternative to net income, operating income or any other measure of performance under U.S. GAAP. OIBDA does not include our need to replace our capital equipment over time. Reconciliation of OIBDA to operating income, the most directly comparable U.S. GAAP financial measure, is presented below in the tables section.

OIBDA margin is OIBDA expressed as a percentage of total operating revenues. Reconciliation of OIBDA margin to operating income as a percentage of total operating revenues, the most directly comparable U.S. GAAP financial measure, is presented below in the tables section.

Gross margin is defined as total operating revenues less service costs and cost of handsets and accessories sold.

Gross margin percentage is gross margin expressed as a percentage of total operating revenues.

Each ADS represents 0.25 of one share of common stock. This ratio was established effective November 22, 2004. Previously each ADS represented 0.75 of one share of common stock.

ARPU (Monthly Average Revenue per User), a non-U.S. GAAP financial measure, is calculated for each month in the relevant period by dividing the Company's service revenue during that month, including roaming revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, by the average number of the Company's subscribers during the month. Reconciliation of ARPU to service revenues and connection fees, the most directly comparable U.S. GAAP financial measure, is presented below in the tables section. The Company believes that ARPU provides useful information to investors because it is an indicator of the performance of the Company's business operations and assists management in budgeting. The Company also believes that ARPU provides management with useful information concerning usage and acceptance of the Company's services. ARPU should not be viewed in isolation or an alternative to other figures reported under U.S. GAAP.

MOU (Monthly Average Minutes of Use per User) is calculated for each month of the relevant period by dividing the total number of minutes of usage for incoming and outgoing calls during that month (excluding guest roamers) by the average number of subscribers during the month.

SAC (Average Acquisition Cost Per User), a non-U.S. GAAP financial measure, is calculated as dealers' commissions, advertising expenses and handset subsidies for the relevant period divided by the number of new subscribers added during the relevant period. Reconciliation of SAC to selling, general and administrative expenses, the most directly comparable U.S. GAAP financial measure, is presented below in the tables section. The Company believes that SAC provides useful information to investors because it is an indicator of the performance of the Company's business operations and assists management in budgeting. The Company also believes that SAC assists management in quantifying the incremental costs to acquire a new subscriber. SAC should not be viewed in isolation or as an alternative to other figures reported under U.S. GAAP.


1) This definition is broader than the one historically used by the Company as it includes advance payment subscribers previously (until the second quarter of 2005) presented in our operating statistics under the line "contract subscribers".
 

Attachment B: VimpelCom financial statements

 

Open Joint Stock Company "Vimpel-Communications"
Condensed Consolidated Statements of Operations


  Three months ended
December 31,
Years ended
December 31,
2005 2004 2005 2004
(In thousands of US dollars, except per share (ADS) amounts)

Operating revenues:

 
  Service revenues US$900,916 US$612,720 US$3,175,221 US$2,070,720
Sales of handsets and accessories 7,507 11,002 30,478 38,711
Other revenues 1,998 1,185 5,419 3,571
Total operating revenues 910,421 624,907 3,211,118 2,113,002
 
Operating expenses:  
  Service costs 145,764 100,283 514,124 327,403
Cost of handsets and accessories sold 7,214 9,296 28,294 30,585
Selling, general and administrative expenses 335,666 231,064 1,085,807 720,127
Depreciation 143,425 81,971 451,152 281,129
Amortization 39,040 30,454 142,126 64,072
Impairment of long-lived assets - - - 7,354
Provision for doubtful accounts 2,085 (75) 11,583 8,166
Total operating expenses 673,194 452,993 2,233,086 1,438,836
 
Operating income 237,227 171,914 978,032 674,166
 
Other income and expenses:  
  Interest income 4,152 1,624 8,658 5,712
Other income 6,248 5,787 18,647 7,412
Net foreign exchange loss 7,211 (948) 7,041 3,563
Interest expense (40,035) (33,957) (147,448) (85,663)
Other expense (6,125) (16,957) (24,500) (19,565)
Total other income and expenses (28,549) (44,451) (137,602) (88,541)
 
Income before income taxes and minority interest 208,678 127,463 840,430 585,625
 
Provision for income taxes 54,324 21,872 221,901 155,000
Minority interest in net earnings (losses) of subsidiaries 2,606 21,849 3,398 80,229
Cumulative effect of changes in accounting principles - - - -
Minority interest on cumulative effect of changes in accounting principles - - - -
 
Net income US$151,748 US$83,742 US$615,131 US$350,396
 
Net income per common share US$ 2.97 US$1.87 US$12.05 US$8.50
Net income per ADS equivalent US$0.74 US$0.47 US$3.01 US$2.13
Weighted average common shares outstanding (thousands) 51,023 44,834 51,066 41,224
 
Open Joint Stock Company "Vimpel-Communications"
Condensed Consolidated Balance Sheets
 
  December 31,
2005
December 31,
2004
(In thousands of US dollars)
Assets  
Current assets:
  Cash and cash equivalents US$363,646 US$305,857
Accounts receivable 144,197 119,566
Other current assets 453,582 371,999
Total current assets 961,425 797,422
 
Non-current assets
  Property and equipment, net 3,211,112 2,314,405
Telecommunication licenses and allocation of frequencies, net 826,948 757,506
Goodwill 477,495 368,204
Other intangible assets, net 196,356 212,595
Other assets 633,700 330,109
Total non-current assets 5,345,611 3,982,819
 
Total assets 6,307,036 4,780,241
 
Liabilities and shareholders' equity
Current liabilities:
  Accounts payable 544,961 345,187
Due to related parties 709 7,290
Customer advances and deposits 317,503 278,170
Deferred revenue 1,301 1,893
Ruble denominated bonds payable 104,230 -
Bank loans, current portion 278,537 115,111
Capital lease obligations, current portion 2,913 2,851
Equipment financing obligations, current portion 35,787 71,577
Accrued liabilities 133,411 103,246
Total current liabilities 1,419,352 925,325
 
Deferred income taxes 371,008 296,967
Bank loans, less current portion 1,540,043 1,240,199
Capital lease obligations, less current portion 751 5,004
Accrued liabilities, less current portion 10,802 6,837
Ruble denominated bonds payable - 108,113
Equipment financing obligations, less current portion 35,905 38,283
 
Minority Interest 188,626 2,380
 
Shareholders' equity 2,740,549 2,157,133
 
Total liabilities and shareholders' equity US$6,307,036 US$4,780,241
 
Condensed Consolidated Statements of Cash Flows
 
  Years ended
December 31,
2005 2004
(In thousands of US dollars)
 
Net cash provided by operating activities US$1,298,209 US$805,407
Proceeds from bank and other loans 864,418 1,064,927
Proceeds from issuance of ruble denominated bonds - 94,214
Repayment of rouble denominated notes - (94,214)
Payments of fees in respect of debt issue (19,669) (16,133)
Purchase of treasury stocks (18,374) -
Repayment of bank and other loans (374,682) (82,637)
Repayment of equipment financing obligations (92,077) (110,744)
Repayment of capital lease obligations - (857)
Net cash provided by (used in) financing activities 359,616 854,556
 
Purchase of property and equipment (1,178,470) (925,133)
Proceeds from sale of property and equipment 52,578 -
Purchase of Kar-Tel stock, net of cash acquired of US$7,556 - (344,414)
Sale of minority in consolidated subsidiaries 175,000 -
Purchase of DTI stock, net of cash acquired of US$382 - (73,689)
Purchase of SakhalinTelecomMobile, net of cash acquired US$6,835 (48,382) -
Purchase of SakhalinTelecom Limited (5,040) -
Sale of SakhalinTelecom Limited 4,968 -
Purchase of UkraineRadioSystems, net of cash acquired $625 (235,044) -
Purchase of Tacom, net of cash acquired $35 (11,065) -
Purchase of minority interest in consolidated subsidiaries (8,534) (12,884)
Purchase of intangible assets (16,453) (18,169)
Purchase of other assets (320,423) (142,964)
Net cash used in investing activities (1,590,865) (1,517,253)
 
Effect of exchange rate changes on cash and cash equivalents (9,171) 5,536
 
Net increase in cash 57,789 148,246
Cash and cash equivalents at beginning of year 305,857 157,611
 
Cash and cash equivalents at end of year US$363,646 US$305,857
 
Supplemental cash flow information
 
Cash paid during the period:
  Income tax $198,610 $177,705
Interest 140,809 80,490
Non-cash activities:
  Equipment acquired under financing and capital lease agreements US$12,628 US$14,216
  Accounts payable for equipment and other long-lived assets 367,380 211,378
Operating activities financed by sale of treasury stock 5,291 1,546
Accrued debt and equity offering costs 5,195 -
Accrued capital contributions costs - 2,082
Purchase of minority interest in VimpelCom-Region - 794,795
Acquisitions:
  Fair value of assets acquired 273,147 487,781
Difference between the amount paid and the fair value of net assets acquired 112,281 174,771
Cash paid for the capital stock (310,006) (426,041)
Liabilities assumed US$75,442 US$236,511
 

Attachment C: Reconciliation tables

Reconciliation of OIBDA to operating income (Unaudited)
(In thousands of US dollars)

  Three months ended Year ended
December 31,
2005
December 31,
2004
December 31,
2005
December 31,
2004
OIBDA 419,692 284,339 1,571,310 1,026,721
Impairment loss 0,000 0,000 0,000 (7,354)
Depreciation (143,425) (81,971) (451,152) (281,129)
Amortization (39,040) (30,454) (142,126) (64,072)
Operating income 237,227 171,914 978,032 674,166

 

Reconciliation of OIBDA margin to operating income as percentage of total operating revenues (Unaudited)

  Three months ended Year ended
December 31, 2005 December 31, 2004 December 31, 2005 December 31, 2004
OIBDA margin 46.1% 45.5% 48.9% 48.6%
Less:Impairment loss 0.0% 0.0% 0.0% (0.3%)
Less:Depreciation as a percentage of total operating revenue (15.7%) (13.1%) (14.0%) (13.4%)
Less:Amortization as a percentage of total operating revenue (4.3%) (4.9%) (4.4%) (3.0%)
Operating income as a percentage of total operating revenue 26.1% 27.5% 30.5% 31.9%

Reconciliation of SAC to selling, general and administrative expenses (Unaudited)
(In thousands of US dollars, except for SAC and subscriber amounts)

  Three months ended Year ended
December 31,
2005
December 31,
2004
September 30,
2005
December 31,
2005
December 31,
2004
Selling, general and administrative expenses 335,666 231,064 283,856 1,085,807 720,127
Less: General and administrative expenses 216,163 141,025 190,745 702,193 454,050
Sales and marketing expenses, including 119,503 90,039 93,111 383,614 266,077
advertising & marketing expenses 48,042 21,649 30,886 135,248 68,142
dealers' commission expense 71,461 68,390 62,225 248,366 197,935
New gross subscribers,'000 8,659 7,343 8,159 29,246 19,204
Subscriber Acquisition Cost (SAC) (US$) 13.8 12.3 11.4 13.1 13.9

 

Reconciliation of ARPU to service revenue and connection fees (Unaudited)
(In thousands of US dollars, except for ARPU and subscriber amounts)

  Three months ended Year ended
December 31, 2005 December 31, 2004 September 30, 2005 December 31, 2005 December 31, 2004
Service revenue and connection fees 900,916 612,720 881,841 3,175,221 2,070,720
Less: Connection fees 259 193 325 876 720
Less: Revenue from rent of fiber-optic channels 309 527 520 1,370 1,788
Service revenue used to calculate ARPU 900,348 612,000 880,996 3,172,975 2,068,212
Average number of subscribers,'000 42,426 22,764 37,709 35,393 16,986
Average revenue per subscriber per month (US$) 7.1 9.0 7.8 7.5 10.1
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