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MegaFon Shows Strong 3Q Performance
18.11.2014 11:29
MegaFon Shows Strong 3Q Performance
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MegaFon (LSE: MFON), a leading Russian integrated telecommunications operator, has announced its unaudited consolidated financial results for the third quarter ended 30 September 2014.


Key highlights of the Third Quarter 2014


• Consolidated revenue grew by 4.5% y-o-y to RUB 81,066 million

      • OIBDA increased by 5.3% y-o-y to RUB 37,263 million

      • OIBDA margin grew to 46.0% versus 45.6% in Q3 2013

      • Net Profit decreased by 16.5% y-o-y to RUB 12,792 million

      • CAPEX increased by 31.4% y-o-y to RUB 14,268 million

      • Free Cash Flow amounted to RUB 25,415 million

      • Net Debt as of 30 September 2014 was RUB 140,283 million

      • The number of mobile subscribers grew by 4.7% y-o-y to 71.5 million as of 30 September 2014


Key Corporate events of the Third Quarter 2014


- In July , MegaFon completed the previously-agreed acquisition of a 50% interest in

      Euroset using the Company’s treasury shares, as permitted under the acquisition

      agreement. This transaction resulted in the extinguishing of a 0.6 billion US-dollar

      exposure and a reduction in future interest expense

      - Standard and Poor’s affirmed MegaFon’s rating at “BBB-“ and upgraded the national

      currency outlook to “stable”, recognizing the Company’s robust market position and

      credit quality

      - In October, pursuant to a mandatory put option MegaFon re-purchased at par c. RUB

      8.25 billion of its Series 05 ruble-denominated bonds, out of the total issue of RUB 10

      billion, placed in 2012


“MegaFon's performance in Q3 2014 is in line with our full-year guidance. Compared to a year earlier, our consolidated revenue has increased by 4.5% to 81.1 billion rubles, and the Company’s subscriber base has grown by 3.2 million to reach 71.5 million subscribers. Our continuing efforts to improve cost efficiency and reduce operating expenditures resulted in our OIBDA growing by 5.3% to 37.3 billion rubles. OIBDA margin in Q3 2014 increased 0.4 percentage points, to 46%,” said Ivan Tavrin, MegaFon’s Chief Executive Officer. 

Author: Mikhail Vesely

Tags: Megafon     

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