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Russia’s business response to financial crisis
1. The Academy of Budget and Treasury of the
Ministry of Finance of the Russian Federation
Giricheva Ekaterina,
1WE3
2. • Company Overview
• Crisis:
• Before
• During
• Now
• Strategy
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
3. Company Overview
Key Milestones:
• 1992 - registered as joint stock company
• November 1996 - First Russian company since
1903 to list on NYSE
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
5. Operating in:
• Russia
• Ukraine
• Kazakhstan
• Uzbekistan
• Tajikistan total
• Georgia population of
• Armenia about 345
• Kyrgyzstan million
• Vietnam
• Cambodia
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
6. Before the crisis 2007
•All-time records in key financial parameters
• Armentel stake increased to 100%
• Reached an agreement on GTI acquisition
• Awarded with 3G license
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
8. 2008
Acquisitions:
• 100% of Golden Telecom
• 49.9% in Euroset, the
largest mobile retailer in
Russia and the CIS
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
9. 2009
New acqusitions
Vietnam
Cambodia
(90% of (40% in the joint
Sotelco) venture GTEL-Mobile )
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
11. VAS market revenue 2009
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
12. Revenue 2009-2010
(USD mln)
•Stability of the core business
+13.1%
2,309 2,231
1,973
1Q 09 4Q 09 1Q 10
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
13. Financial highlights 2010
• 2.535 - bn operating revenue
in 1Q10
• 1.205 - mln OIBDA* in 1Q10
• 412 - mln USD in 1Q10
* - Operating Income Before Depreciation and Amortization
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
14. Latest changes: April 2010
• VimpelCom and Kyivstar merged into a new
entity VimpelCom Limited
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3
15. Strategy
Freeze M&A programme
Strenghthen business segment
Develop internet access business
Expand into new business areas
Drive investment efficiency
The Academy of Budget and Treasury, Ekaterina Giricheva, 1WE3