MOSCOW -- Mobile TeleSystems OJSC (NYSE: MBT - News), today announces its consolidated US GAAP financial results for the three months ended March 31, 2009.
Key Financial Highlights of Q1 2009
- Consolidated revenues down 24.0% y-o-y to $1,809.0 million
due to local currency depreciation and seasonal factors
- Consolidated OIBDA(1) down 29.3% to $831.5 million y-o-y
with 46.0% OIBDA margin due to currency depreciation and investments in
mono-brand retail network
- Consolidated net loss of $57.7 million due to $462.4
non-cash FOREX losses through US GAAP translation of
US dollar-denominated debt
Key Corporate and Industry Highlights
- Acquisition of mobile retailer Telefon.Ru
- Agreement with management team affiliated with Svyaznoy, the
leading Russian mobile phone retailer, to oversee MTS distribution
network
- Launch of 3G in Armenia
- Acquisition of mobile retailer Eldorado
- Placement of a 15 billion ruble bond
- Placement of new syndicated loan facility to restructure
$630 million loan due in Q2 2009
- Announcement of recommended dividend payment for FY 2008 of
RUB 39.40 billion ($1.16 billion) or RUB 20.15 per ordinary share
($2.96 per ADR(2)) that comes to 60% of US GAAP net income
Additional Developments
- MTS continues to see sustained macroeconomic volatility in
its markets of operations that may impact the financial and operational
performance throughout the Group.
Mr. Mikhail Shamolin, President and CEO of MTS, commented: "In spite of the volatile macroeconomic situation in Russia and the CIS, MTS demonstrated year-over-year revenue growth in national currencies in all of its markets of operation with the exception of Ukraine, where growth dynamics were inline with the market's overall performance. The changes in the foreign exchange rates impacted our US dollar-denominated results that led to a decline in the Company's main US dollar-based financial indicators, however, the stable financial position of MTS allows us to continue to execute on our business development strategy."
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