DJ ROSTELECOM PJSC: ROSTELECOM ANNOUNCES ITS IFRS FINANCIAL AND OPERATING RESULTS FOR THE SECOND QUARTER OF 2018
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ROSTELECOM PJSC (RKMD) ROSTELECOM PJSC: ROSTELECOM ANNOUNCES ITS IFRS FINANCIAL AND OPERATING RESULTS FOR THE SECOND QUARTER OF 2018 02-Aug-2018 / 13:10 MSK Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. rostelecom announces its ifrs financial and operating results for the SECOND quarter of 2018 PAY-TV SUBSCRIBER BASE EXCEEDED 10 MILLION USERS Moscow, Russia - August 2, 2018 - Rostelecom PJSC (MOEX: RTKM, RTKMP; OTCQX: ROSYY), Russia's national telecommunications operator, today announces its consolidated financial results for the second quarter of 2018 prepared in accordance with IFRS[1],[2]. KEY ACHIEVEMENTS - Revenue grew by 3% year-on-year in the second quarter of 2018 with average annual revenue growth of 5% over the last four quarters; - The digital segment's[3] contribution to total revenue reached 53%; - Pay-TV subscriber base exceeded 10 million users; - 1 million clients use Rostelecom's mobile communication services; - Consistently high growth rates in FTTx Broadband clients (+7%) and in IPTV subscribers (+11%), while ARPU continues to grow in our core broadband and IPTV segments; - Increase in revenues from VAS and cloud services amounted to 34% in the second quarter of 2018, as a result of "Smart City" projects, and the promotion of cloud services and data centre services. SECOND QUARTER 2018 FINANCIAL HIGHLIGHTS - Revenue grew by 3% to RUB 77.4 billion compared to the second quarter of 2017; - OIBDA[4] of RUB 23.7 billion; - OIBDA margin of 30.6%; - Net profit increased by 9% to RUB 3.1 billion compared to the second quarter of 2017; - CAPEX[5] increased by 16% to RUB 14.4 billion (18.7% of revenue) from RUB 12.5 billion (16.6% of revenue) in the second quarter of 2017; - Consolidated Free Cash Flow (FCF) improved to RUB (0.8) billion[6] compared to RUB (1.6) billion in the second quarter of 2017; - Net debt[7] increased by 7% since the beginning of the year and amounted to RUB 193.5 billion, resulting in a Net Debt/OIBDA ratio of 2.0x. Key figures for 2Q 2018, RUB mln RUB million 2Q 2018 2Q 2017 % change, y-o-y Revenue 77,365 75,166 3% OIBDA 23,659 24,599 (4%) OIBDA margin % 30.6% 32.7% - Operating Income 8,342 11,304 (26%) Operating margin % 10.8% 15.0% - Net Income 3,094 2,826 9% % of revenue 4.0% 3.8% - Capital Expenditure 14,442 12,451 16% % of revenue 18.7% 16.6% - Net debt 193,497 185,463 4% Net debt/ annualised OIBDA 2.0 1.9 - FCF (832) (1,644) +RUB 812 million FIRST HALF YEAR 2018 FINANCIAL HIGHLIGHTS ? Revenue increased by 5% to RUB 153.6 billion compared to the first half of 2017; ? OIBDA increased by 1% year-on-year to RUB 46.9 billion compared to the first half of 2017; ? OIBDA margin of 30.5% compared to 31.7% in the first half of 2017; ? Net profit increased by 16% to RUB 7.0 billion compared to the first half of 2017; ? CAPEX decreased by 2% year-on-year to RUB 29.6 billion (19.3% of revenue) from RUB 30.2 billion (20.7% of revenue) in the first half of 2017; ? Free Cash Flow (FCF) of RUB (6.7) billion compared to RUB (4.0) billion in the first half of 2017; Key figures for 1HY 2018, RUB mln RUB million 1HY 2018 1HY 2017 % change, y-o-y Revenue 153,568 145,602 5% OIBDA 46,852 46,168 1% OIBDA margin % 30.5% 31.7% Operating Income 16,699 19,397 (14%) Operating margin % 10.9% 13.3% Net Income 6,958 5,976 16% % of revenue 4.5% 4.1% Capital Expenditure 29,567 30,165 (2%) % of revenue 19.3% 20.7% Net debt 193,497 185,463 4% Net debt/ annualised OIBDA 2.0 1.9 FCF (6,680) (3,953) -RUB 2,727 million Mikhail Oseevsky, President of Rostelecom, commented: "The Q2 2018 results came in line with our expectations. Rostelecom has gained momentum: revenue has been growing at a solid average annual rate of 5% in the last 12 months. Our digital segment, which currently accounts for 53% of our top-line, has contributed significantly to this growth. Our growth engine is delivering and we are also increasing our competitive positions in the key pay-TV and broadband segments, thanks to a growing subscriber base and higher ARPU. This was achieved by promoting new services such as "Smart Home" video surveillance, where we saw the subscriber base grow three-fold in the reporting period. Higher demand for cloud services, data centers and information security solutions is also contributing to our top-line and is coming from corporate and government clients. We are strengthening our competences in the key growing areas, including cyber security business stream, which is why we acquired Solar Security, a technological leader in target monitoring and information security operational management. Solar Security will make a substantial contribution to this strength and will allow us to boost our presence in the market thanks to its reputation for delivering a reliable and trustworthy suite of services and products. Solar Security will evolve into Russia's national cybersecurity operator which will cover three key areas, including "Services", "Brand new products" and "Full-scale cybersecurity solutions". We continue to successfully implement the Russian government's state projects of high strategic importance. Public funding enabled us to further expand the number of high-speed connections in Russian healthcare centres and across remote areas during the second quarter. We also successfully delivered the video surveillance of the Unified State Exam, which contributed over RUB 1 billion of revenue. Serving as regional sponsor to World Cup 2018 has had a significantly marketing contribution for Rostelecom. We were deploying Wi-Fi spots in the majority of sites, provided the Organisation Committee and FIFA with video conferencing services, arranged for steady Internet connection in the stadiums and launched a number of remarkable promotion campaigns during the World Cup. We did our best to ensure comfort and provide high quality services for fans from all over the world, to maintain our reputation of one of the leading digital providers. In June this year the AGM approved that 100% of net income would be distributed across shareholders at RUB 5.05 per a preferred and ordinary share, which resulted in a high level of dividend yield. We strongly believe that consistent implementation of our robust business development strategy will pave the way for further attractive dividend payments." Sergei Anokhin, Senior Vice-President and Chief Financial Officer, added: "Rostelecom's results for the second quarter of 2018 reflect our confident outlook for future developments of the digital segment. We expect our performance to continue to improve across all key financial indicators. We therefore confirm our full year forecast for revenue growth, and anticipate an increase of more than 2%. OIBDA margin is expected to be above 31.5% in 2018 with CAPEX of RUB 60-65 billion, excluding the implementation of government programmes." KEY OPERATING HIGHLIGHTS 1) The total number of Internet subscribers grew by 2% to 13.0 million in the second quarter of 2018 compared to the corresponding period of last year; ? The B2C subscriber base grew by 1% to 12.0 million, whilst the number of subscribers connected by fibre optic increased by 6% year-on-year to 7.9 million (66% of the subscriber base); 2) The number of pay-TV subscribers grew by 5% to 10.0 million households compared to the corresponding period of last year; ? The number of IPTV subscribers increased by 11% to 5.1 million; 3) The number of MVNO subscriber base reached 1 million users, a more than two-fold increase within 1 year; 4) The number of local telephony subscribers decreased by 8% to 18.3 million. Number of 2Q 2018 2Q 2017 % change, 1Q 2018 % change, subscribers y-o-y y-o-y (million): Internet access 13.0 12.8 2% 12.9 0.1% B2C: Broadband 12.0 11.8 1% 12.0 0.03% B2B: Broadband 1.0 0.9 2% 1.0 2% + VPN Pay TV 10.0 9.5 5% 9.9 1% Incl. IPTV 5.1 4.6 11% 5.0 2% MVNO 1.0 0.5 107% 0.9 10% subscribers Local telephony 18.3 19.9 (8%) 18.7 (2%) services KEY EVENTS RELATING TO 2Q 2018 AND AFTER THE END OF THE REPORTING PERIOD Business news ? Rostelecom continues to develop and expand its range of services: - Rostelecom's "Smart Home" video surveillance service was upgraded with 5 new detectors and safety actuators, and customers now also have the option to buy smart periphery online. Users now have access to smarter solutions to further automate their households to increase comfort and security;
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DJ ROSTELECOM PJSC: ROSTELECOM ANNOUNCES ITS IFRS -2-
? The ability to archive video footage for 14 and 30 days is now included in the "Smart Home" video surveillance service; - Further enhancements were made to the functionality of Rostelecom's 4Game option of the "Gaming" tariff plan; ? In B2B/G segments, Rostelecom increased product functionality and expanded its product offering for "Hosted PBX", "Web conferencing", "Managed communication services", "National Wi-Fi", "Virtual Data Centre", and "Information security"; - Special offers within the MVNO project were launched, including: ? 2 successful promotional campaigns aimed at increasing demand for communication services (offered through the "Mobile gifts" and "Compliment" promotions); ? New clients are offered a special 20% discount when switching to Rostelecom and they can keep existing phone numbers (the "Welcoming" offer); ? The traffic in Interactive TV applications was reset; ? Brand-new convergent products were launched in Saint-Petersburg, Komi Republic and Chelyabinsk; ? A number of roaming options were introduced for clients using Rostelecom services when travelling. The initiatives listed above helped increase Rostelecom's subscriber base to 1 million users; ? Rostelecom continues to grow its digital segment: ? During the second quarter of 2018, the pay-TV subscriber base surpassed 10 million users; - The Company has gained around 70% of new subscriptions in the IPTV market in the second quarter of 2018[8]; - Rostelecom successfully delivered the video surveillance of the Unified State Exam, which contributed over RUB 1 billion of revenue; ? The "Smart Home" video surveillance client base tripled over the reporting period; - Sales of Rostelecom's Antivirus service doubled in the last 12 months, with the number of users growing at an equivalent rate; ? Rostelecom launched pilot sites for a new generation 5G network located in Innopolis in the Republic of Tatarstan and the State Hermitage museum in Saint-Petersburg; these launches were added to the 5G network in Skolkovo in Moscow in the first quarter of 2018; ? Rostelecom signed/renewed a number of large contracts, including agreements with Roseestr (The Federal Service for State Registration, Cadastre and Cartography), Federal Treasury, Moscow Center for Education Quality of the Education Department of the city of Moscow, Gazprombank, State Firefighter Service of the Tulskaya region and other; ? Rostelecom's loyalty programme was awarded two prizes at the 2018 Loyalty Awards Russia ceremony; ? As part of FIFA World Cup 2018: - Rostelecom provided videoconferencing services for the Russian Organising Committee office and FIFA headquarters in Zurich. The service was also delivered in hosting cities, including in the International Exhibition Centre, FIFA headquarters, and at stadiums and operational centres; - Rostelecom set up W-Fi networks for fans in 5 participating hosting cities; - The Company arranged a ticket lottery for "Bonus" programme users, and a "Football Mania" campaign for its clients; ? Rostelecom broadcasted the "Match! Ultra" TV channel within its TV package offering (the channel was 100% dedicated to World Cup); - Rostelecom's provided Internet access across 8 FIFA World Cup 2018 stadiums, including in Kaliningrad, Nizhny Novgorod, Samara, Saransk, Rostov-on-Don, Volgograd, Sochi, Ekaterinburg; ? Voice interconnects were upgraded so as to allow for 90% transmission of the Tele2 Russia DLD traffic through Rostelecom's network; ? The revenue from O2O project (the infrastructure operator) increased by 2.3 times; ? More than 20% of partnering operators were connected to the Operator's personal account; ? Rostelecom negotiated with the management of TIC (IRAN), OmanTel (Oman), Afgantelecom (Afghanistan), Gmobile (Mongolia) on further cooperation development and strengthening Rostelecom's positions as the key transit operator in the regions; Other News ? The AGM approved the Company's dividend payout, which amounted to RUB 14.050 bln, or 100% of 2017 net income in accordance with IFRS. This is to be paid in cash, and rewarded as follows: - RUB 5.05 per Class A preferred share[9]; - RUB 5.05 per ordinary share[10]. ? Rostelecom offered an electronic voting option to its investors at the AGM; ? Analytical Credit Rating Agency (ACRA) affirmed AA(RU) credit rating with a stable outlook; ? National Media Group and Rostelecom launched a JV to produce and acquire content, launch joint TV channels and promote owned and external TV channels; ? Rostelecom acquired 100% of the share capital of Solar Security, a technological leader in target monitoring and information security (IS) operational management. Solar Security will evolve into Russia's national cybersecurity operator which will cover three key areas, including "Services", "Brand new products" and "Full-scale cybersecurity solutions". OPERATING REVIEW Revenue analysis Revenue structure by services RUB million 2Q 2Q 2017 % change, 1HY 2018 1HY % change 2018 2017 y-o-y Broadband 19,65 17,589 12% 38,836 35,096 11% 3 TV services 8,488 6,809 25% 16,663 13,452 24% Fixed telephony 17,71 19,763 (10%) 36,000 40,162 (10%) 7 Wholesale 19,39 20,225 (4%) 38,794 37,536 3% services 5 Rent of 2,386 2,367 1% 4,682 4,770 (2%) channels Interconnect 7,913 8,958 (12%) 16,288 15,701 4% and traffic transit services VPN 5,723 5,627 2% 11,247 10,652 6% Rent and 3,374 3,273 3% 6,577 6,414 3% maintenance of telecommunicati ons infrastructure VAS and cloud 7,470 5,555 34% 14,707 9,449 56% services Other 2,836 3,538 (20%) 5,446 6,796 (20%) telecommunicati ons services Other 1,805 1,686 7% 3,122 3,111 0.4% non-telecommuni cations services Total 77,36 75,166 3% 153,568 145,60 5% 5 2 Revenue structure by customer segments RUB million 2Q 2Q % change, 1HY 1HY 2017 % change 2018 2017 2018 y-o-y Residential 34,36 33,756 2% 68,447 67,723 1% customers 1 Corporate 28,10 25,897 9% 55,121 49,249 12% customers / 9 Government customers Operators 13,70 14,343 (4%) 27,690 26,333 5% 4 Other 1,192 1,169 2% 2,310 2,297 1% Total 77,36 75,166 3% 153,568 145,602 5% 5 In the second quarter of 2018, revenue increased by 3% to RUB 77.4 billion, compared to the second quarter of 2017, as a result of the following factors: ? a 34% increase in revenue from VAS and cloud services, mainly due to proceeds from the development of "Smart City" projects, data-centres and the promotion of cloud services; ? a 25% increase in revenue from pay-TV services due to growth in the IPTV subscriber base, higher ARPU, as well as the application of new IFRS standards; ? a 12% rise in revenue from broadband services due to an increased number of subscribers, higher ARPU, as well as the application of new IFRS standards; In the first half of 2018, revenue increased by 5% to RUB 153.6 billion, compared to the first half of 2017, as a result of the following factors: ? a 56% increase in revenue from VAS and cloud services, mainly due to proceeds from the video surveillance services provided during the presidential election in Russia, as well as the development of "Smart City" projects, data-centres and the promotion of cloud services; ? a 11% rise in revenue from broadband services due to an increased number of subscribers, higher ARPU, as well as the application of new IFRS standards; ? an 24% increase in revenue from pay-TV services due to growth in the IPTV subscriber base, higher ARPU, as well as the application of new IFRS standards; ? a 3% rise in revenue from wholesale services, due to higher revenue from interconnect and traffic transit services and VPN in the first quarter of 2018; Operating income analysis Operating expenses structure RUB million 2Q 2Q % 1HY 1HY % 2018 2017 cha 2018 2017 change, nge y-o-y , y-o -y Personnel costs (23,21 (22,46 3% (46,937 (46,37 1% (excluding the 0) 2) ) 9) option programme) Option programme (920) 436 - (1,678) 430 - related expenses Depreciation, (14,39 (13,73 5% (28,475 (27,20 5% Amortization and 7) 1) ) 1) impairment losses Interconnection (13,63 (13,54 1% (27,776 (24,32 14% charges 2) 7) ) 2) Materials, (6,057 (5,682 7% (12,395 (11,86 4% repairs and ) ) ) 5) maintenance, utilities Gain on the 976 642 52% 1,394 796 75% disposal of PPE and intangible assets Impairment loss (1,629 (841) 94% (2,803) (1,497 87% of financial ) ) assets measured at amortized cost Other operating 3,415 3,233 6% 6,994 6,365 10% income
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Other operating (13,56 (11,91 14% (25,193 (22,53 12% expenses 9) 1) ) 2) Total operating (69,02 (63,86 8% (136,86 (126,2 8% expenses 3) 2) 9) 05) In the second quarter of 2018, operating expenses increased by 8% compared to the corresponding period of 2017 and amounted to RUB 69.0 billion, largely due to the following factors: ? a 14% increase (of RUB 1.7 billion) in other operating expenses, partly related to equipment supplies for B2B/G projects and further promotion of Rostelecom's services; ? a change in allowance for the option programme (by RUB 1.4 billion) due to similar accruals later in 2017 as well as reversal of reserves under previous option programme in the second quarter 2017; ? a 94% increase (of RUB 0.8 billion) in impairment loss of financial assets measured at amortized cost, mainly due to increased cost on potential credit losses; ? a 5% increase (of RUB 0.7 billion) in depreciation, amortization and impairment losses, mainly due to new IFRS standards application; In the first half of 2018, the operating expenses increased by 8% compared to the corresponding period of 2017 and amounted to RUB 136.9 billion due to the following factors: ? a 14% increase (of RUB 3.5 bln) in interconnection charges, mainly due to higher expenditure on interconnect and traffic transit services in the first quarter of 2018, as a result of an increase in corresponding income; ? a 12% increase (of RUB 2.7 bln) in other operating expenses, mainly due to organizing of the video surveillance of Russia's presidential election in the first quarter of 2018, equipment supplies for B2B/G projects, as well as the promotion of services; ? a change in allowance for the option programme (by RUB 2.1 billion) due to later similar accruals in 2017 as well as reversal of reserves under previous option programme in the second quarter 2017; ? a 87% increase (of RUB 1.3 bln) in the impairment loss of financial assets measured at amortized cost, mainly due to one-off write-offs from the previous periods. Operating profit decreased by 26% year-on-year to RUB 8.3 billion in the second quarter of 2018, compared to the corresponding period of 2017. Operating profit decreased by 14% year-on-year to RUB 16.7 billion in the first half of 2018. OIBDA for the second quarter of 2018 decreased by 3.8% year-on-year to RUB 23.7 billion. OIBDA for the first half of 2018 increased by 1.5% to RUB 46.9 billion. The OIBDA margin stood at 30.6% in the second quarter of 2018 compared to 32.7% in the corresponding period of 2017. The OIBDA margin was at 30.5% in the first half of 2018 compared to 31.7% in the corresponding period of 2017. Net Income Analysis In the second quarter of 2018, profit before tax decreased by 1% to RUB 4.5 billion, compared to the corresponding period in 2017. In the first half of 2018, profit before tax increased by 9% to RUB 9.4 billion. This dynamics was influenced by the following factors: ? lower operating profit; ? improved associated companies' financial results, mainly from the joint venture with Tele2 Russia; ? lower financial expenses, mainly due to a higher base in the second quarter of 2017; The increase in profit before tax in the first half of 2018 mainly resulted from the following factors: ? lower financial expenses, mainly due to a higher base in the first half of 2018; ? improved associated companies' financial results, mainly from the joint venture with Tele2 Russia; Income tax in the second quarter of 2018 decreased by 19% to RUB 1.4 billion. Income tax in the first half of 2018 decreased by 7% to RUB 2.4 billion. The effective income tax rate was 32% in the second quarter of 2018, and 26% in the first half of 2018 compared to the 20% rate set by the Tax Code. A higher income tax rate in the second quarter of 2018 and the first half of 2018 was driven by the non-deductible expenses for taxation purposes. Net profit increased by 9% in the second quarter of 2018 and totalled RUB 3.1 billion, and by 16% to RUB 7.0 billion in the first half of 2018. Financial review Consolidated net operating cash flow in the second quarter of 2018 increased by 18%, to RUB 11.7 billion, compared to the corresponding period of 2017, and decreased by 19% to RUB 20.0 billion in the first half of 2018. The increase in consolidated net operating cash flow in the second quarter of 2018 was partly caused by changes in working capital, which was mainly driven by lower level of accounts payable. This decrease in accounts payable was due to an earlier annual bonuses payout, compared to 2017. A decrease in accounts receivables for retail and corporate customers was also a factor for changes in working capital. The decrease in consolidated net operating cash flow in the first half of 2018 is mainly due to changes in working capital, partly caused by an increase in accounts receivables for one-off projects in the first quarter of 2018. Changes in tax payments / refunds had also an impact on consolidated net operating cash flow in the first half of 2018. Consolidated cash outflow for investments in non-current assets increased by 16% to RUB 14.4 billion in the second quarter of 2018. Excluding the state programmes, this figure increased by 3% to RUB 12.0 billion (15.5% of revenue). Consolidated cash outflow for investments in non-current assets decreased by 2% to RUB 29.6 billion in the first half of 2018. Excluding the state programmes, this figure decreased by 15% to RUB 24.5 billion (16.0% of revenue). These trends were driven by an uneven distribution of capital expenditure across the calendar year in accordance with the terms of signed contracts. Consolidated free cash flow improved in the second quarter of 2018 and totalled RUB (0.8) billion compared to RUB (1.7) billion in the corresponding period of 2017. Consolidated free cash flow in the first half of 2018 totalled RUB (6.7) billion compared to RUB (4.0) billion in the first half of 2017. As at June 30, 2018, the Group's total debt increased by 6% compared to the beginning of the year, and amounted to RUB 203.6 billion. Over 99% of the Group's total debt was rouble-denominated as at June 30, 2018. As at June 30, 2018, the Group's consolidated net debt amounted to RUB 193.5 billion. The net debt /OIBDA ratio stood at 2.0x for the past twelve months ended in the first half of 2018. OTHER INFORMATION: CONFERENCE CALL Rostelecom's management will hold a conference call and webcast today at 6.00 PM (Moscow), 5.00 PM (CET), 4.00 PM (UK) and 11.00 AM (NYT). To participate in the conference call, please dial: Russia: +7 495 646 9190 UK/ International: +44 (0)330 336 9411 USA: + 1 929 477 0324 Confirmation Code (ENG): 9118937 Confirmation Code (RUS): 9118897 A webcast of the conference call will only be available in English. To access the webcast please follow the link: https://webcasts.eqs.com/rostelecom20180802 [1]. A replay of the conference call will be available on the Company's website https://www.company.rt.ru/ir/results_and_presentations/financials/IFRS/2018/ 2/ [2] in due course. * * * APPENDICES 1) Reconciliation of OIBDA; 2) IFRS 9, 15 and 16 standards application; 3) Statement of Comprehensive Income for the first six months of 2018; 4) Statement of Cash Flows for the first six months of 2018; 5) Statement of Financial Position for the six three months of 2018. APPENDIX 1: RECONCILIATION OF OIBDA OIBDA is a non-U.S. GAAP and non-IFRS financial measure, which the Company defines as operating income before depreciation and amortisation as well as non-cash expenses. We believe that OIBDA provides useful information to investors because it is an indicator of the strength and performance of our business operations, including our ability to finance capital expenditures, acquisitions and other investments and our ability to incur and service debt. Non-cash expenses related to the long-term management incentive programme, implying accruals in personnel costs line starting from Q2, 2014, are not taken into account in the calculation of OIBDA. RUB million 1Q 2018 1Q 2017 % 1HY 2018 1HY 2017 % change, change, y-o-y y-o-y Operating 8,342 11,304 (26%) 16,699 19,397 (14%) income Plus 14,397 13,731 5% 28,475 27,201 5% amortisation Plus 920 (436) - 1,678 (430) - non-cash expenses related to the long-term management incentive programme OIBDA 23,659 24,599 (4%) 46,852 46,168 1% OIBDA 30.6% 32.7% 30.5% 31.7% margin, % APPENDIX 2: IFRS 9, 15 and 16 STANDARDS APPLICATION The Group initially adopted IFRS 9, 15 and 16 using the modified retrospective approach starting from the first quarter of 2018. The key changes related to the application of these standards are listed below: * Expenses related to the operating leases have been capitalized and are reflected in the accounting balance sheet under the title "Right-of-use assets (RoU)". The RoU related liabilities are reflected in relative balance lines under same titles; * The expenses related to the conclusion and implementation of contracts with customers have been capitalized and are reflected under "Revenue from Contracts with Customers"; * Assets for contracts with customers in arrears on payments for services
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