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Rostelecom  |
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| Compilation Date: | 29 Jul 10 |
Company Overview
 General Info | |
| Full Company Name | JSC "Rostelecom" |
| Industrial Group | Telecommunications |
| Number of Employees | 20,165 |
| Registration Date | 23 Sep 93 |
| Registered Address | 15, Dostoevskogo St., Sankt-Peterburg, 191002 |
| Main Office | 14, 1 Tverskaya-Yamskaya St., Moscow, 125047 |
| Telephone / Fax | (499) 972-8283, 973-9920 / (499) 972-8222 |
| e-mail | info@rostelecom.ru rostelecom@rostelecom.ru |
| Internet Home Page | www.rt.ru |
| Registrar | JSC "United Registration Company" |
| Auditor | Closed JSC "KPMG" |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Evgeniy Yurchenko | | General Director | Aleksandr Provotorov |
| Price Highlights | |
| Price per Common Share, USD | 3.720375 |
| YTD Price Change, % | -25.23 |
| P/E Ratio | 35.1609 |
| Market Capitalization, USD | 2,711,023,572 |
| Common Shares in Free Float, % | 40.00 |
| Operations Summary | |
Rostelecom is the national provider of domestic long-distance and international telecommunications in Russia. The company owns and operates the country’s most extensive and technologically advanced nationwide fiber-optic backbone network (about 150,000 km in lengths), which enables Rostelecom to provide voice, data and IP services to business and residential customers across the entire Russian Federation and to domestic and international operators. The company has nine branches, including seven regional branches and two branches in Moscow. Rostelecom’s business has centered on providing international and domestic long-distance telephone services (“ILD” and “DLD”) to its broad base of customers. Now, along with its traditional telephony services, Rostelecom provides high-tech telecommunications services, including intelligent network services (INS), video conferencing, high speed Internet access, deployment of virtual private networks (VPN) among others. Rostelecom has established direct international connections with over 150 network operators in 68 countries, participates in 25 international cable systems and cooperates with 600 international operators and companies. The company’s Corporate Strategy for 2009-2013 adopted by the Board of Directors in 2008 is aimed at transforming Rostelecom into a leading single-source operator providing a wide range of telecommunications and information services to individuals, corporate customers and telecommunications operators in Russia and abroad. In 2008, Rostelecom’s capital investments amounted to RUR 7.8 billion. In 2009 the company plans to invest into development RUR 8.7 billion. Rostelecom’s public free float is comprised of the remaining 49.33% of ordinary shares and 100% of preferred shares. A level II ADR program was launched in 1998 with a listing on the NYSE. The company’s securities are also listed on the major Russian exchanges – the RTS and MICEX and also trade on the London and Frankfurt Stock Exchanges. The company has ratings by Standard & Poor's (BB). |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 728,696,320 | 0.0025 RUR | | Preferred Share | 242,831,469 | 0.0025 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| JSC "Telecommunications Investment Company" | 50.67 | 38.00 | | Closed JSC "The National Depository Center" | 12.04 | 25.95 | | State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" | 30.00 | 22.50 | | Closed JSC "ING Bank (Eurasia)" | 5.33 | 4.52 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| Closed JSC "Moscow Centre of New Telecommunication Technologues" | 100.00 | | Closed JSC "Vestelcom" | 100.00 | | Close JSC "Zebra Telecom" | 99.99 | | JSC "RTComm.RU" | 99.51 | | Closed JSC "Globus-Telecom" | 94.92 | | Close JSC "Kostars Insurance Company" | 86.67 | | Closed JSC "Inkom" | 54.38 | | Closed JSC "Globalstar - Space Telecommunication" | 51.00 | | JSC "Delovaya Set" | 43.50 | | JSC "MMTS-9" | 36.86 | | TverTelecom Ltd. | 26.00 | | Closed JSC "Rustel" | 25.00 | | JSC "Svyazintek" | 19.00 | | Closed JSC "TV-Inform" | 10.50 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 1994 / com | n. p. | 140,062,560 | - | - | - | - | | 1994 / pref | 0.109291 | 46,687,520 | 26 May 95 | 31 Dec 95 | n. a. | n. a. | | 1995 / com | n. p. | 700,312,800 | - | - | - | - | | 1995 / pref | 0.080464 | 233,437,600 | 30 Apr 96 | 31 Dec 96 | n. a. | n. a. | | 1996 / com | n. p. | 700,312,800 | - | - | - | - | | 1996 / pref | 0.079798 | 233,437,600 | 30 May 97 | 31 Dec 97 | 7.605341 | 0.041453 | | 1997 / com | 0.000004 | 700,312,800 | 08 May 98 | 31 Dec 98 | 0.000001 | 0.000001 | | 1997 / pref | 0.000028 | 233,437,600 | 08 May 98 | 31 Dec 98 | 0.000002 | 0.000012 | | 1998 / com | n. p. | 700,312,800 | - | - | - | - | | 1998 / pref | n. p. | 233,437,600 | - | - | - | - | | 1999 / com | 0.005842 | 700,276,141 | 05 May 00 | 31 Dec 00 | 3.558161 | 0.002077 | | 1999 / pref | 0.028739 | 233,358,300 | 05 May 00 | 31 Dec 00 | 5.833419 | 0.047898 | | 2000 / com | 0.005421 | 728,696,320 | 08 May 01 | 31 Dec 01 | neg | 0.006278 | | 2000 / pref | 0.014078 | 242,831,469 | 08 May 01 | 31 Dec 01 | neg | 0.041405 | | 2001 / com | 0.00672 | 728,696,320 | 12 Apr 02 | 31 Dec 02 | 3.698999 | 0.007701 | | 2001 / pref | 0.028807 | 242,831,469 | 12 Apr 02 | 31 Dec 02 | 5.284187 | 0.059703 | | 2002 / com | 0.018592 | 728,696,320 | 25 Apr 03 | 31 Dec 03 | 62.669748 | 0.015526 | | 2002 / pref | 0.043608 | 242,831,469 | 25 Apr 03 | 31 Dec 03 | 48.984149 | 0.056613 | | 2003 / com | 0.031417 | 728,696,320 | 10 May 04 | 15 Dec 04 | 132.232319 | 0.015332 | | 2003 / pref | 0.116393 | 242,831,469 | 10 May 04 | 15 Dec 04 | 163.249652 | 0.081806 | | 2004 / com | 0.050915 | 728,696,320 | 05 May 05 | 15 Dec 05 | 24.859416 | 0.028148 | | 2004 / pref | 0.103756 | 242,831,469 | 05 May 05 | 15 Dec 05 | 16.881712 | 0.072073 | | 2005 / com | 0.059454 | 728,696,320 | 04 May 06 | 15 Dec 06 | 125.343118 | 0.02652 | | 2005 / pref | 0.141537 | 242,831,469 | 04 May 06 | 15 Dec 06 | 99.436836 | 0.081021 | | 2006 / com | 0.06055 | 728,696,320 | 26 Apr 07 | 15 Dec 07 | 82.32097 | 0.0082 | | 2006 / pref | 0.121137 | 242,831,469 | 26 Apr 07 | 15 Dec 07 | 54.882133 | 0.035168 | | 2007 / com | 0.073076 | 728,696,320 | 21 Apr 08 | 31 Oct 08 | 48.544788 | 0.006231 | | 2007 / pref | 0.146194 | 242,831,469 | 21 Apr 08 | 31 Oct 08 | 32.363397 | 0.051402 | | 2008 / com | 0.066149 | 728,696,320 | 13 Apr 09 | 31 Oct 09 | 9.839983 | 0.007497 | | 2008 / pref | 0.099255 | 242,831,469 | 13 Apr 09 | 31 Oct 09 | 4.920149 | 0.197817 | | 2009 / com | 0.045142 | 728,696,320 | 06 May 10 | 31 Oct 10 | 30.219534 | 0.00919 | | 2009 / pref | 0.06772 | 242,831,469 | 06 May 10 | 31 Oct 10 | 15.107019 | 0.032051 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| Rostelecom | RTKM | RU0008943394 | MICEX | | Rostelecom | RTKM | RU0008943394 | RTS Classic | | Rostelecom | RTKMG | RU0008943394 | RTS T+0 | | Rostelecom ADR | RTL | US7785291078 | Berlin Stock Ex | | Rostelecom ADR | RTL | US7785291078 | Frankfurt SE | | Rostelecom ADR | RKMD | US7785291078 | London SE | | Rostelecom ADR | ROSYY | US7785291078 | US OTC | | Rostelecom ADR | RTL | US7785291078 | XETRA | | Rostelecom pref | RTKMP | RU0009046700 | MICEX | | Rostelecom pref | RTKMP | RU0009046700 | RTS Classic | | Rostelecom pref | RTKMPG | RU0009046700 | RTS T+0 |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| Level 2 ADR | 12 Feb 98 | 1: 6 | 778529107 | J. P. Morgan |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| MT-RusIndex | 0.40 | 01 Sep 97 | | | RusIndex 100 | 0.37 | 01 Sep 97 | | | RusIndex Services | 1.74 | 10 Feb 99 | | | RusIndex Telecommunications | 7.71 | 01 Sep 97 | |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| No bonds issued. |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| No bonds issued. |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| No bonds issued. |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 29.38 | 30.25 | 29.50 |
| ASSETS, of which | 76,703 | 76,745 | 77,540 | 2,610.97 | 2,537.19 | 2,628.61 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 43,982 | 45,298 | 44,945 | 1,497.15 | 1,497.55 | 1,523.64 |
|---|
| | Fixed Assets | 39,586 | 40,249 | 40,012 | 1,347.51 | 1,330.63 | 1,356.41 |
| | Intangible Assets | 3,875 | 3,743 | 3,653 | 131.91 | 123.74 | 123.84 |
| | Other Assets | 521 | 1,306 | 1,280 | 17.73 | 43.18 | 43.39 |
| Current Assets, of which | 32,721 | 31,447 | 32,595 | 1,113.82 | 1,039.64 | 1,104.97 |
|---|
| | Inventories | 459 | 432 | 430 | 15.62 | 14.28 | 14.58 |
| | Accounts Receivable | 10,133 | 8,751 | 9,393 | 344.93 | 289.31 | 318.42 |
| | Cash | 11,992 | 6,996 | 9,964 | 408.21 | 231.29 | 337.78 |
| | Other Current Assets | 10,137 | 15,268 | 12,808 | 345.06 | 504.76 | 434.19 |
| OWNER'S EQUITY, of which | 59,425 | 61,197 | 61,784 | 2,022.83 | 2,023.17 | 2,094.48 |
|---|
| | Charter Capital | 100 | 100 | 100 | 3.4 | 3.31 | 3.39 |
| | Reserves | 40 | -177 | -168 | 1.36 | -5.85 | -5.7 |
| | Retained Earnings | 59,285 | 61,274 | 61,852 | 2,018.06 | 2,025.72 | 2,096.78 |
| LIABILITIES, of which | 17,278 | 15,548 | 15,756 | 588.14 | 514.02 | 534.13 |
|---|
| | Long-Term Debt | 117 | 0 | 0 | 3.98 | 0 | 0 |
| | Short-Term Debt | 13 | 140 | 160 | 0.44 | 4.63 | 5.42 |
| | Accounts Payable | 11,206 | 10,478 | 10,295 | 381.45 | 346.4 | 349 |
| | Other Liabilities | 5,942 | 4,930 | 5,301 | 202.27 | 162.99 | 179.7 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 24.87 | 31.75 | 29.88 |
| Sales | 66,629 | 65,510 | 14,937 | 2,679.3 | 2,063.37 | 499.95 |
| Production Costs | 59,809 | 61,246 | 14,100 | 2,405.06 | 1,929.07 | 471.94 |
| Operating Profit | 6,820 | 4,264 | 837 | 274.25 | 134.3 | 28.02 |
| Other Income | 9,253 | 413 | -103 | 372.08 | 13.01 | -3.45 |
| Income Before Taxes | 16,073 | 4,677 | 734 | 646.33 | 147.31 | 24.57 |
| Net Income | 12,182 | 3,456 | 579 | 489.87 | 108.85 | 19.38 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 08 | 31 Dec 09 | 31 Mar 10 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 3.18 | 1.77 | 1.74 |
| P/S | 2.39 | 1.73 | 1.74 |
| P/E | 13.08 | 32.75 | 35.16 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 126.75 | 102.75 | 103.64 |
| Net Profit Margin, % | 18.28 | 5.28 | 4.96 |
| ROA, % | 17.55 | 4.25 | 3.96 |
| ROE, % | 22.81 | 5.40 | 4.96 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 7.81 | 6.53 | 6.78 |
| Assets Turnover | 0.96 | 0.80 | 0.80 |
| Inventory Turnover | 158.95 | 138.57 | 142.74 |
| Liabilities Turnover | 4.16 | 3.76 | 3.72 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.77 | 0.80 | 0.80 |
| Debt Ratio | 0.23 | 0.20 | 0.20 |
| Equity/Debt | 3.44 | 3.94 | 3.92 |
| Current Liquidity | 2.20 | 2.37 | 2.41 |
| Quick Liquidity | 2.17 | 2.33 | 2.38 |
Production Overview
| Production |
| Product | Measure | 2007 | 2008 | 2009 | Units |
|---|
| DLD traffic | 1,000,000 | 10,174.8 | 10,228 | 9,186.1 | min | | ILD traffic (incoming) | 1,000,000 | 3,062.2 | 3,306 | 3,458.2 | min | | ILD traffic (outgoing) | 1,000,000 | 1,820.1 | 2,024 | 1,751.6 | min |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Information is not available yet. |
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