Vimpelcom Q3 sales fall 3% on forex, weak Italian market

Nieuws Algemeen Wereld 14 NOV 2012
Vimpelcom Q3 sales fall 3% on forex, weak Italian market
Vimpelcom reported third-quarter revenues down 3 percent from a year earlier to USD 5.75 billion, hurt by the stronger dollar and weaker market in Italy. EBITDA fell 2 percent to USD 2.53 billion, and the margin improved to 44.0 percent from 42.2 a year ago. On an organic basis, excluding the currency effects, sales rose 3 percent and EBITDA was up 8 percent, supported by growth in the operator's home market Russia and the CIS. Net profit jumped to USD 538 million from USD 189 million a year ago due to fewer forex losses. Capex was down 31 percent to USD 829 million, helping operating cash flow improve 4 percent to USD 2.0 billion. Net debt was at 2.4 times EBITDA. Vimpelcom said it expects capex over the full year at around 19 percent of revenues. Vimpelcom said it has postponed any decision on a dividend until the court case against its shareholders by Russian regulator FAS is resolved. The company called an AGM for late December but said this could be delayed if the court injunctions are not lifted later this month.

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