DJ ROSTELECOM PJSC: ROSTELECOM ANNOUNCES ITS IFRS FINANCIAL AND OPERATING RESULTS FOR THE THIRD QUARTER AND NINE MONTHS OF 2019
ROSTELECOM PJSC (RKMD)
ROSTELECOM PJSC: ROSTELECOM ANNOUNCES ITS IFRS FINANCIAL AND OPERATING
RESULTS FOR THE THIRD QUARTER AND NINE MONTHS OF 2019
07-Nov-2019 / 09:02 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 THIRD quarter and NINE MONTHS OF 2019
Q3 2019 DIGITAL SEGMENT[1] GROWTH OF 13% CONTRIBUTING 59% OF TOTAL REVENUE;
NET PROFIT UP 12%; MORE THAN TWOFOLD INCREASE IN FCF[2]
Moscow, Russia - November 7, 2019 - Rostelecom PJSC (MOEX: RTKM, RTKMP;
OTCQX: ROSYY), the largest digital service provider in Russia, today
announces its consolidated financial results for the third quarter and nine
months of 2019 prepared in accordance with IFRS[3].
KEY ACHIEVEMENTS
- Revenue grew by 5% year-on-year in the third quarter of 2019;
- Digital segment increased by 13% in the third quarter, while its
contribution to total revenue reached 59%;
- OIBDA[4] grew by 2% in the third quarter of 2019;
- Net profit increased by 12% and reached RUB 6.4 billion in the third
quarter of 2019;
- Free Cash Flow (FCF) increased by 116% to RUB 7.3 billion in the third
quarter of 2019.
THIRD QUARTER 2019 FINANCIAL HIGHLIGHTS
- Revenue grew by 5% to RUB 83.7 billion compared to the third quarter of
2018;
- OIBDA up by 2% to RUB 27.9 billion;
- OIBDA margin stood at 33.3% compared to 34.4% the third quarter of 2018;
- Net profit increased by 12% to RUB 6.4 billion compared to the third
quarter of 2018;
- CAPEX[5] decreased by 1% to RUB 16.1 billion (19.2% of revenue) from RUB
16.3 billion (20.6% of revenue) in the third quarter of 2018;
- FCF improved more than twofold to RUB 7.3 billion compared to the third
quarter of 2018;
- Net debt[6] increased by 10% since the beginning of the year to RUB
205.1 billion, resulting in a Net Debt/OIBDA ratio of 1.9x.
Key figures for 3Q 2019, RUB mln
RUB million 3Q 2019 3Q 2018 change, y-o-y
Revenue 83,727 79,414 5%
OIBDA 27,896 27,328 2%
OIBDA margin % 33.3% 34.4% -
Operating Income 10,455 10,934 (4%)
Operating margin % 12.5% 13.8% -
Net Income 6,412 5,703 12%
% of revenue 7.7% 7.2% -
Capital Expenditure 16,081 16,325 (1%)
% of revenue 19.2% 20.6% -
Net debt 205,053 203,347 1%
Net debt/ annualised OIBDA 1.9 2.0 -
FCF 7,261 3,368 3,893
NINE MONTHS OF 2019 FINANCIAL HIGHLIGHTS
? Revenue increased by 4% to RUB 242.6 billion compared to the nine months
of 2018;
? OIBDA increased by 9% year-on-year to RUB 81.4 billion compared to the
nine months of 2018;
? OIBDA margin grew by 1.4 p.p. to 33.6% compared to the nine months of
2018;
? Net profit increased by 29% to RUB 16.4 billion compared to the nine
months of 2018;
? CAPEX[7] increased by 17% to RUB 53.7 billion (22.1% of revenue) from
RUB 45.9 billion (19.7% of revenue) in the nine months of 2018;
? FCF improved to RUB 4.1[8] billion compared to RUB (3.3) billion in the
nine months of 2018.
Key figures for 9M 2019, RUB mln
RUB million 9M 2019 9M 2018 change, y-o-y
Revenue 242,554 232,982 4%
OIBDA 81,440 74,863 9%
OIBDA margin % 33.6% 32.1% -
Operating Income 29,920 27,633 8%
Operating margin % 12.3% 11.9% -
Net Income 16,362 12,661 29%
% of revenue 6.7% 5.4% -
Capital Expenditure 53,667 45,892 17%
% of revenue 22.1% 19.7% -
Net debt 205,053 203,347 1%
Net debt/ annualised OIBDA 1.9 2.0 -
FCF 4,066 (3,312) 7,378
Mikhail Oseevskiy, President of Rostelecom, commented:
We delivered robust topline and operational growth in the third quarter of
2019. Our digital segment grew by 13% and is closing in on an almost 60%
contribution to Group revenue. Total revenue across the Group grew by 5%,
in-line with our strategic objective. Smart City projects, cloud services,
data centers and cyber security contributed significantly to this strong
performance, adding to our core business streams of broadband and Pay TV.
The contribution from these new services is becoming more tangible and
visible and provides solid evidence of the company's steady digital
transformation.
Progress has also been made in increasing operational efficiency, including
through the optimisation of our real estate portfolio. An important element
of this process is the sale of excess real estate, as reflected in the third
quarter agreement to sell the premises of the historic Central Telegraph
building. The landmark property was sold for RUB 3.5 billion - the effect of
this major transaction will be reflected in the fourth quarter, and I would
like to recognise terrific work done by the Rostelecom team to complete this
process and deliver maximum value to our stakeholders in the current market
conditions.
Our achievements, including the on-going success and outstanding results by
Tele2 Russia enable us to record a two-digit growth in profits and a more
than twofold increase in FCF, which forms the basis for our dividend
calculations.
In terms of Rostelecom's digital transformation, we are on track to
delivering on the approved strategic plan, having gained good momentum on
our key strategic initiatives and strengthening our leadership as a digital
partner for the society, business and the State."
Vladimir Kirienko, First Vice-President of Rostelecom, commented:
We continue to develop our smart digital services ecosystem and are
improving our product offering.
In the third quarter of 2019, Rostelecom launched 'Game Market [1]', a
platform which brings together more than 2,200 games developed by 48 Russian
and international developers. This launch increases our exposure to and
participation in the gaming ecosystem and to the gamer community, with our
key 'Game' tariff plan at the heart of our offer. We have also made
available to gamers the subscription to the cloud-based game platform GFN.RU
which is able to turn any computer into a powerful gaming machine for the
best gaming experience when it comes to popular online games. The GFN.RU
cloud platform has emerged in Russia thanks to cooperation of SAFMAR group
and NVIDIA (the US) - the global leader of Graphics Processing Units and
visual computing. Rostelecom became the only provider in Russia to offer its
clients the GNF.RU subscription at the same price as the vendor.
For its corporate clients, Rostelecom launched an M2M Control service, which
enables SIM cards on applications and sensors to be controlled remotely
within the M2M[9] system to help optimize business processes when
communicating with IoT[10] devices. Rostelecom's solution is essential when
it comes to streamlining production and optimising internal processes to
transition new digital technologies which helps optimize internal processes,
provide access to new services and technologies, reduce costs and increase
revenues for both large and SME businesses.
One successful example of realizing the potential of the Industrial Internet
was the joint project of Rostelecom and Rusagro to launch a smart farming
tool that facilitates control and management of harvesting processes. The
platform is built based on IoT technology which collects agronomic data from
sensors and RFID cards installed on agricultural equipment. The smart
farming tool covers the entire cycle from real-time monitoring of harvesting
processes to the transportation and transmission of agronomic data on to
Rusagro's automated information system via mobile networks.
Across the Russian regions, Smart City projects are becoming increasingly
popular (including among local governments) as they help create a better
living environment for citizens through the application of digital services
in everyday life, assisting with utilities management, road infrastructure,
education and healthcare. Some of these projects include the installation of
600 photo and video identification CCTV cameras across the city of
Bashkortostan, the implementation of a number of smart solutions in
Taganrog, making it the first Smart City in Southern Russia, and the
integration of a smart system in Yamal to control and optimise the waste
collection process through online monitoring of trash containers equipped
with sensors. We have delivered a number of similar projects across the
country, which has been accelerating our top-line due to its sustainable
double-digit growth in sales.
Sergey Anokhin, Senior Vice-President and Chief Financial Officer, added:
"Our strong third quarter results are in line with our budget plan in terms
of reaching targets around expanding the digital segment and improving
internal efficiencies. Our results and achievements for the nine months
provide us with sufficient visibility on year-end performance to confirm our
guidance for revenue and OIBDA for 2019. We expect both KPIs to grow by no
less than 3%. We also expect the CAPEX programme to be within the range of
(MORE TO FOLLOW) Dow Jones Newswires
November 07, 2019 01:02 ET (06:02 GMT)
DJ ROSTELECOM PJSC: ROSTELECOM ANNOUNCES ITS IFRS -2-
RUB 65-70 billion, taking into account RUB 7 billion of regulatory CAPEX and
excluding the implementation of state programs."
KEY OPERATING HIGHLIGHTS
Number of subscribers 3Q 2019 3Q 2018 change 2Q 2019 change
(million):
Internet access 13.1 13.0 0.5% 13.0 0.3%
B2C: Broadband 12.0 12.0 0.2% 12.0 0.1%
B2B: Broadband + VPN 1.0 1.0 4% 1.0 3%
Pay TV 10.3 10.1 2% 10.2 1%
Incl. IPTV 5.5 5.1 7% 5.4 1%
MVNO subscribers 1.5 1.1 37% 1.3 9%
Local telephony services 16.1 17.8 (10%) 16.6 (3%)
ARPU[11] (RUB): 3Q 2019 3Q 2018 change 2Q 2019 change
Internet access
B2C: Broadband 396 379 4% 398 (0.6%)
B2B: Broadband + VPN 3,475 3,180 9% 3,510 (1%)
Pay TV (B2C) 248 240 3% 248 (0.2%)
Incl. IPTV 311 310 0.3% 315 (1%)
Blended ARPU[12] 536 521 3% 544 (1%)
Total subscriber base and ARPU
1) The total number of Internet subscribers among households grew by 0.2%
to 12.0 million in the third quarter of 2019 compared to the corresponding
period of last year; ARPU was up 4% year-on-year to RUB 396.
2) The total number of B2B Internet and VPN subscribers increased by 4%
year-on-year to 1.0 million; ARPU grew by 9% year-on-year to RUB 3,475.
3) The number of pay-TV subscribers grew by 2% to 10.3 million households
compared to the corresponding period of last year with average ARPU of RUB
248, up 3% year-on-year as well;
? The number of IPTV subscribers increased by 7% to 5.5 million, and ARPU
also reached RUB 311;
4) The number of MVNO subscribers increased by 37% and reached 1.5 million
users; MVNO sales have doubled thanks to the subscriber base growth;
5) The number of local telephony subscribers decreased by 10% to 16.1
million.
KEY EVENTS RELATING TO 3Q 2019 AND AFTER THE END OF THE REPORTING PERIOD
Business news
? Rostelecom continues to develop and expand its range of products and
services:
? Rostelecom launched 'Game Market [1]'; the 'Home Internet' users can now
subscribe to the NVIDIA Geforce Now (GFN.RU) online game platform which is
able to turn any computer into a powerful gaming machine. Rostelecom also
connected NVIDIA's servers to high-speed data transmission channels;
? The Wink platform is now available to all IPTV subscribers across the
country, providing current clients with the option of migrating to this
new offering;
? Rostelecom signed an exclusive agreement with Russia's most famous
English interpreter and voiceover artist Dmitry Puchkov (known by the
pseudonym Goblin);
? Rostelecom launched an M2M Control service, which enables businesses to
remotely control SIM cards on applications and sensors within the M2M
system and helps optimize business processes when communicating with IoT
devices;
? Rostelecom launched a new cyber-protection service package which
combines the managed information security service Solar MSS and the
Virtual Data Centre service;
? Rostelecom developed a web content filtering solution for Wi-Fi products
that blocks inappropriate or illegal content;
? Within its MVNO project, the Company introduced a fully convergent offer
which serves as a reliable platform to ensure seamless experience while
using Internet, TV, content, game services and indoor and outdoor video
surveillance; this resulted in a twofold growth of MVNO sales over the
year.
? Rostelecom continues to grow its digital segment:
? Rostelecom signed agreements with Rusagro, Russia's largest vertically
integrated agricultural holding company, to launch a control system to
manage the harvesting of grains based on the IoT technologies;
? Bashinofrmsvyaz, a subsidiary of Rostelecom, signed an agreement to
install 600 photo and video control CCTV system in Bashkortostan;
? As part of the development of Smart City projects, Rostelecom integrated
a smart system in Yamal to control and optimise the waste collection
process;
? Rostelecom became the only operator for Rosenergoatom's data
transmission network;
? As part of the 'Smart Home' ecosystem, Rostelecom has sold 116,000
cameras since the launch of the video surveillance service for households;
? As part of cybersecurity services:
? Sales grew almost two and half times in the third quarter of 2019;
? The product line was expanded through the launch of:
? the Solar Dozor 7 security solution which prevents leaks of
sensitive information through its innovative user behaviour analysis
feature;
? the Solar webProxy web-security Gateway;
? the commercial service to manage the vulnerabilities of the Qualys
network infrastructure in the Russian cloud environment;
? the Origin Event Inspection service which protects clients'
web-based applications from DDoS attacks.
? Rostelecom continues to grow its cloud services segment:
? As part of the Virtual PBX offering, Rostelecom expanded global reach
to 400 cities;
? As part of the Virtual Data Centre offering:
? revenues grew by 75% in the third quarter of 2019;
? the service functionality was improved with the new agent data
backup option;
? Rostelecom launched a second data storage facility in Moscow in
order to increase reliability and facilitate complex client projects;
? The White Label partnership programme was enhanced by further
modifications to the cloud.rt.ru [2] cloud platform, including
through:
? additional information security settings;
? better flexibility of the orders life span settings and tariff
plans management;
? further customisation of the portal interface;
? Rostelecom started the commercial operation of 800 rack spaces at
the new Udomlya Data Centre;
? Rostelecom has been ranked first among data centre providers in
Russia by the number of its racks (6,686 units in total) according to
IKS Consulting;
? As part of the video surveillance service:
? Sales grew almost twofold in the third quarter of 2019;
? Rostelecom connected Gazprom Mezhregiongaz Stavropol to its video
surveillance and video analysis services which allowed to ensure
security and efficiency control across the company's 44 branches;
? Together with the Kursk region local administration, Rostelecom
launched a project to equip educational institutions with video
surveillance and video analysis products;
? Rostelecom implemented a pilot project to install the Yugorsky State
University with more than 500 cameras to provide video analysis
services, including facial recognition;
? Rostelecom successfully provided video surveillance for the single
election day;
? Starting from July 16, 2019 Rostelecom indexed tariff rates for the
regulated services of telephony and telegrams;
Other news
? Rostelecom and Dnevnik.ru launched a JV RTK-Dnevnik in order to
implement digital technologies in Russian schools;
? Central Telegraph PJSC, Rostelecom's subsidiary, has sold its properties
with an area of 35,198.7 square meters at 7, Tverskaya street, Moscow, for
RUB 3.5 billion;
? Rostelecom acquired Alliance Telecom [3] Group of Companies, one of the
largest Internet access and TV services providers across the Primorsky
region;
? Rostelecom acquired Prometey [4], a communications operator in St.
Petersburg;
? Fitch affirms Rostelecom's investment grade rating of 'BBB-'.
OPERATING REVIEW
Revenue analysis
Revenue structure by services
RUB million 3Q 2019 3Q change 9M 2019 9M 2018 Change
2018
Broadband 20,749 19,871 4% 62,146 58,707 6%
TV services 9,169 8,655 6% 27,724 25,318 10%
Fixed telephony 15,160 17,035 (11%) 46,632 53,035 (12%)
Wholesale 20,516 20,344 1% 61,962 59,138 5%
services
Rent of channels 2,464 2,394 3% 7,222 7,077 2%
Interconnect and 7,600 8,627 (12%) 23,979 24,916 (4%)
traffic transit
services
VPN 6,998 6,038 16% 20,342 17,285 18%
Rent and 3,454 3,284 5% 10,420 9,860 6%
maintenance of
telecommunication
s infrastructure
VAS and cloud 12,313 8,991 37% 28,891 23,698 22%
services
Other 3,739 2,626 42% 9,803 8,072 21%
telecommunication
s services
Other 2,081 1,892 10% 5,395 5,014 8%
non-telecommunica
tions services
Total 83,727 79,414 5% 242,554 232,982 4%
Revenue structure by customer segments
RUB million 3Q 2019 3Q change 9M 2019 9M2018 change
2018
Residential 34,509 33,983 2% 104,558 102,430 2%
customers
B2B / State 34,152 29,829 14% 92,329 85,082 9%
clients
Operators 13,800 14,333 (4%) 42,242 42,023 1%
Other 1,266 1,268 (0.2%) 3,425 3,448 (1%)
Total 83,727 79,414 5% 242,554 232,982 4%
In the third quarter of 2019, revenue increased by 5% to RUB 83.7 billion,
compared to the third quarter of 2018, as a result of the following factors:
? a 37% increase in revenue from VAS and cloud services, mainly due to the
proceeds from "Smart City" projects, the promotion of cloud services and
data centres;
? a 42% increase in revenue from other telecommunication services, mainly
due to growth in sales of video surveillance equipment and revenues for
mobile communications services;
? a 16% increase in revenue from VPN services, mainly due to higher demand
from state and corporate clients;
? a 4% increase in revenue from broadband services due to a higher number
of subscribers and higher ARPU;
? a 6% increase in revenue from pay-TV services due to growth in the IPTV
subscriber base and higher ARPU;
During the nine months of 2019, revenue increased by 4% to RUB 242.6
(MORE TO FOLLOW) Dow Jones Newswires
November 07, 2019 01:02 ET (06:02 GMT)
billion, compared to the nine months of 2018, as a result of the following
factors:
? a 22% increase in revenue from VAS and cloud services, mainly due to the
proceeds from "Smart City" projects, the promotion of cloud services and
data centres;
? a 6% increase in revenue from broadband services due to a higher number
of subscribers and higher ARPU;
? a 18% increase in revenue from VPN services, mainly due to higher demand
from state and corporate clients;
? a 10% increase in revenue from pay-TV services due to growth in the IPTV
subscriber base and higher ARPU;
Operating income analysis
Operating expenses structure
RUB million 3Q 2019 3Q 2018 change 9M 2019 9M change
2018
Personnel costs (25,151 (22,615) 11% (75,222) (71,2 6%
) 30)
Depreciation, (16,274 (15,141) 7% (47,970) (43,6 10%
Amortization and ) 16)
impairment
losses
Interconnection (14,529 (14,691) (1%) (43,477) (42,4 2%
charges ) 67)
Materials, (5,999) (6,010) (0.2%) (18,297) (18,4 (1%)
repairs and 05)
maintenance,
utilities
Gain on the 1,031 947 9% 2,455 2,341 5%
disposal of PPE
and intangible
assets
Impairment loss (783) (778) 1% (2,936) (3,90 (25%)
of financial 5)
assets measured
at amortized
cost
Other operating 4,474 3,686 21% 12,698 10,70 19%
income 0
Other operating (16,041 (13 878) 16% (39,885) (38,7 2%
expenses ) 67)
Total operating (73,272 (68,480) 7% (212,634 (205, 4%
expenses ) ) 349)
In the third quarter of 2019, operating expenses increased by 7% compared to
the corresponding period of 2018 and amounted to RUB 73.3 billion, largely
due to the following factors:
? an 11% increase (of RUB 2.5 bln) in personnel costs, mainly due to a
lower comparative base in the third quarter of 2018 driven by the
write-off of certain liabilities and an increase in the number of
employees within the digital business segments, including in the newly
acquired companies;
? a 16% increase (of RUB 2.0 bln) in other operating expenses, mainly due
to the implementation of Smart City projects, as well as the supply of
equipment under the B2B/G projects;
? a 7% increase (of RUB 1.1 bln) in depreciation, amortization and
impairment losses, due to higher payments associated with new objects and
intangible assets following the acquisition of additional software and
content;
? a 21% increase (of RUB 0.8 bln) in other operating income, mainly due to
the increased volume of services within the "Bridging the digital divide"
project;
During the nine months of 2019, operating expenses increased by 4% compared
to the corresponding period of 2018 and amounted to RUB 212.6 billion,
largely due to the following factors:
? a 10% increase (of RUB 4.3 bln) in depreciation, amortization and
impairment losses, due to a reduced effect from revised terms of useful
life and higher payments associated with new objects and intangible assets
following the acquisition of additional software and content;
? a 6% increase (of RUB 4.0 bln) in personnel costs, mainly due to a lower
comparative base in the third quarter of 2018 driven by a write off of
certain liabilities and an increase in the number of employees within the
digital business segments, including in the newly acquired companies;
? a 2% increase (of RUB 1.0 bln) in interconnection charges, partly due to
additional sub-contractual payments to other operators in the second
quarter of 2019 as part of state contracts, contributing to the increase
in corresponding revenues;
? a 19% increase (of RUB 2.0 bln) in other operating income, partly due to
the increased volume of services as part of the "Bridging the digital
divide";
? a 25% decrease (by RUB 1.0 bln) in impairment loss of financial assets
measured at amortized cost, partly due to the high base effect of 2018
driven by significant one-off accruals.
Operating profit in the third quarter decreased by 4% year-on-year to RUB
10.5 billion and increased by 8% year-on-year to RUB 29.9 billion for the
nine months of 2019.
OIBDA for the third quarter and nine months of 2019 increased by 2%
year-on-year to RUB 27.9 billion and by 9% year-on-year to RUB 81.4 billion
respectively. OIBDA dynamics were driven by revenue growth and the
above-mentioned factors, affecting operating expenses. The OIBDA margin
stood at 33.3% in the third quarter of 2019 compared to 34.4% in the
corresponding period of 2018. The OIBDA margin increased by 1.4 p.p. to
33.6% during the nine months of 2019 compared to the corresponding period of
2018.
Net Income Analysis
In the third quarter of 2019, profit before tax increased by 7% to RUB 7.8
billion, compared to the corresponding period in 2018, and by 23% to RUB
20.5 billion in the nine months of 2019.
These dynamics were influenced in the third quarter of 2019 by the following
factors:
? a more than threefold increase in the financial performance of
associated companies, mainly thanks to the performance of the Tele2 Russia
JV;
? higher finance costs, partly due to an increase in interest expenses.
These dynamics were influenced during the nine months of 2019 by the
following factors:
? more than a fourfold increase in the financial performance of associated
companies, mainly driven by the Tele2 Russia JV;
? higher operating profit;
? significant foreign exchange gains in the first quarter of 2019 due to
strengthened national currency;
? higher finance costs, partly due to an increase in interest expenses.
Income tax in the third quarter of 2019 decreased by 11% to RUB 1.4 billion
and increased by 3% in the nine months of 2019 to RUB 4.1 billion.
The effective income tax rate stood at 18% in the third quarter of 2019, and
at 20% in the nine months of 2019, compared to the 20% rate set by the Tax
Code.
Net profit totalled RUB 6.4 billion, an increase of 12% in the third quarter
of 2019, compared to the corresponding period last year. Net profit grew by
29% to RUB 16.4 billion in the nine-month period of 2019.
Financial review
Net operating cash flow in the third quarter of 2019 increased by 15% to RUB
20.9 billion, compared to the corresponding period of 2018. The increase in
net operating cash flow in the third quarter of 2019 was mainly due to the
changes in working capital, which was mainly driven by:
? a decrease in accounts receivables, due to collections from Russian
operators;
? a decrease in other assets, due to VAT payment adjustments.
Net operating cash flow in the nine months of 2019 increased by 32% and
amounted to RUB 50.5 billion, compared to the corresponding period of 2018.
The increase in net operating cash flow in the nine months of 2019 was due
to the change in working capital, which was mainly driven by the collection
of receivables for projects linked to the provision of high-speed
connections in Russian in the second quarter of 2019.
Cash outflow for investments in non-current assets decreased by 1% to RUB
16.1 billion (19.2% of revenue) in the third quarter of 2019. Excluding
state programmes, it decreased by 6% to RUB 13.3 billion (15.9% of revenue).
Cash outflow for investments in non-current assets increased by 17% to RUB
53.7 billion (22.1% of revenue) in the nine months of 2019. Excluding state
programmes, it increased by 6% to RUB 41.2 billion (17.0% of revenue). These
dynamics reflect an increase in capital expenditure on government-funded
programmes during the reporting period, as well as the uneven distribution
of expenditure during the calendar year according to the terms of the
concluded contracts.
Free cash flow in the third quarter of 2019 increased more than twofold to
RUB 7.3 billion compared to RUB 3.4 billion in the third quarter of 2018.
Free cash flow in the nine months of 2019 increased by RUB 7.4 billion and
totalled RUB 4.1 billion compared to RUB (3.3) billion in the nine months of
2018.
Free Cash Flow (RUB, billion)
As at September 30, 2019, the Group's total debt increased by 8% compared to
the beginning of the year and amounted to RUB 221.1 billion. Over 99% of the
Group's total debt was rouble-denominated as at September 30, 2019.
As at September 30, 2019, the Group's net debt increased by 10% compared to
the beginning of the year and amounted to RUB 205.1 billion. The net debt
/OIBDA ratio over the last 12 months stood at 1.9x as at September 30, 2019.
OTHER INFORMATION: CONFERENCE CALL
Rostelecom's management will hold a conference call and webcast today at
4.00 PM (Moscow), 2.00 PM (CET), 1.00 PM (UK) and 8.00 AM (NYT). To
participate in the conference call, please dial:
UK/ International: +44 (0) 330 336 9126
USA: +1 323-794-2590
Russia: +7 495 213 1767
Confirmation Code (ENG): 9390671
Confirmation Code (RUS): 9070120
A webcast of the conference call will only be available in English. To
access the webcast please follow the link:
https://webcasts.eqs.com/register/rostelecom20191107/ru.
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/2019/
3/ [5].
* * *
APPENDICES
(MORE TO FOLLOW) Dow Jones Newswires
November 07, 2019 01:02 ET (06:02 GMT)
© 2019 Dow Jones News
