Vimpelcom revenues up 1% in Q4, EBITDA improves 10%

News Wireless Russian Federation 6 MRT 2013
Vimpelcom revenues up 1% in Q4, EBITDA improves 10%
Vimpelcom reported a slowdown in revenue growth in the fourth quarter, with sales up just 1 percent year-on-year to USD 5.95 billion. Sales in its home market Russia were up 4 percent to USD 2.37 billion, but its Europe and North America division, which includes Italian operator Wind, posted sales down 8 percent to USD 1.78 billion. Excluding currency effects, revenues were up 3 percent. 

Group EBITDA was still up 10 percent to USD 2.45 billion, helped by lower provisions, and the net result improved to a profit of USD 801 million versus a loss of USD 381 million in Q4 2011. The result included an impairment charge of USD 382 million on Wind Canada and a fair value adsjustment of USD 606 million on the increased stake in Russian retailer Euroset. Capex was down 56 percent from a year earlier to USD 1.63 billion, and operating cash flow rose 24 percent to USD 2.30 billion. 

Vimpelcom said its board will decide on a new dividend policy in Q2, when it also expects to announce the final dividend for 2012 and a possible extraordinary dividend from the proceeds of a conversion. The company reiterated its targets for 2013-2105 for revenue and EBITDA CAGR of around mid-single digit, net debt of less than 2 times EBITDA in 2015 and capex excluding licences below 15 percent of revenues by the end of the period. 

Categories:

Mobile

Companies:

Wind,  Euroset,  Vimpelcom

Regions:

Global

Countries:

Russian Federation

Tags:

Voice services, Financial figures, Internet Access

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