EquityStory.RS, LLC-News: PJSC MegaFon / Key word(s): Quarter Results/9
Month figures
PJSC MegaFon: In Q3 2019 MegaFon increased its revenue by 1.4% y-o-y (news
with additional features)
2019-11-14 / 10:00 MSK
The issuer is solely responsible for the content of this announcement.
*In Q3 2019 MegaFon increased its revenue by 1.4% y-o-y*
*14 November 2019*
PJSC "MegaFon" ("MegaFon" or the "Company" and, together with its
consolidated subsidiaries, the "Group"), a pan-Russian operator of digital
opportunities, announces its financial[1] and operating results for Q3 2019.
*Key results for Q3 2019*[2]
- Revenue increased by 1.4% y-o-y[3] to RUB 90.0 billion
- OIBDA increased by 15.8% y-o-y to RUB 39.0 billion[4]
- OIBDA Margin was 43.3%[5]
- Net profit was RUB 3.2 billion[6]
- CAPEX decreased by 37.2% y-o-y to RUB 11.6 billion
- Net debt decreased since last quarter to RUB 350.3 billion
- The number of mobile subscribers in Russia as of 30 September 2019
increased by 0.1% y-o-y to 75.3 million
- The number of data service users in Russia as of 30 September 2019
increased by 6.2% y-o-y to 34.2 million
In Q3 2019 MegaFon unveiled a number of new products for its clients. These
included providing its clients with a single point of access for wireless
services, home internet and MegaFon TV via its convergeant product called
"Obyedinyai! (Unite!)", as well as implementing a flexible system for
increasing cashbacks on its "Vklyuchaisya!" ("Connect!") tariffs.
The transformation of MegaFon's retail network through the introduction of
"new generation" stores, focused on the provision of top quality client
service and a unique customer experience, is proceeding well and showing
promising initial results. The daily average number of clients visiting the
upgraded stores in Q3 2019 is up 20%, and the daily average revenue for such
stores in Q3 2019 is up between 30% and 40%, in each case as compared with
the corresponding figures prior to the stores' transformation.
Total revenue from sales of equipment and accessories is up 36.5% y-o-y. The
suppliers which are the most popular with Russian consumers are
Huawei/Honor, Samsung, Xiaomi, and Apple. Demand for new Apple models at the
end of the quarter was three times higher than the year before[7], and the
order backlog for the new models before their launch date in September 2019
was up 20% y-o-y compared to the order backlog in September 2018 for the
prior year's new models.
MegaFon continues working on reducing its leverage and using part of its
profits to pay down the debt. (As a reminder, the Company's leverage
increased as a result of a series of buy-backs of its shares and GDRs during
2018 and the first half of 2019.) As a result, the Company's net debt had
decreased to RUB 350.3 billion by the end of the reporting period. This
enabled MegaFon to reduce the Net debt/LTM OIBDA ratio from 2.88x at the end
of Q2 2019 to 2.80x at the end of Q3 2019.
MegaFon continues the roll-out of LTE and LTE Advanced networks. At the same
time CAPEX in the quarter was lower than the year before because of the
completion of major projects for the upgrade of the billing platform and
financial software on which the Company had been working in 2018.
*Gevork Vermishyan, the Group's Chief Executive Officer, commented on the
quarter results as follows*:
« We continue implementing our strategy of digital
transformation expanding the MegaFon ecosystem through new
partnerships, digital products and services.
At the same time competition in the industry remains tight.
This has had the effect of slowing our rate of growth in
certain areas. However, we are taking steps to ameliorate the
effects of competition and believe that ultimately our
strategies will be successful.
In Q3 2019 we have undertaken a number of new initiatives to
improve our clients' experience. First, we have developed a
convergeant product called "Obyedinyai! (Unite!)" which gives
our clients a single point of access for wireless services,
home internet and MegaFon TV. The Company continues to
actively analyse customer preferences using new information
derived from interaction with customers as well as its
existing expertise in Big Data. This, among other things, has
enabled us to launch unique tariffs with cashback features and
we are already seeing the positive impact of this initiative.
Additionally, our efforts to raise the levels of customer
service in our retail network have resulted in solid growth in
sales volumes.
For our B2X clients we have created a cloud solution called "A
platform for business" for small and medium-size companies, a
logistics platform called "MegaFon Cargo" to automate tracking
shipments of any size, and a solution based on our Big Data
technology called "Smart Index" which significantly increases
efficiencies in the planning of outdoor advertising. We also
developed a solution based on our digital platform for
ecological monitoring which enables manufacturing companies to
carry out online analysis of air and water quality relating to
their operation.
An important step towards the next stage in the development of
our ecosystem and new service offerings was the completion of
our investment in a social commerce joint venture in Russia
and the CIS, in which our partners are Alibaba Group, the
global e-commerce player, Mail.Ru Grop, the leading internet
and IT company in Russia, and the Russian Direct Investments
Fund. We believe that by uniting the expertise of all these
stakeholders the joint venture will create a platform which
provides unprecedentedly beneficial trading terms for
enterpreneurs, consumers and internet users in Russia and the
CIS.
A key objective of ours remains the provision of a high speed
and reliable communication service for our clients.
Accordingly, we continue to invest heavily in our
infrastructure development and innovations. And MegaFon is
actively preparing for the implementation of the new 5G
standard in Russia which will raise to a new level the
technological development of not only our business but the
country as a whole.
MegaFon continues to execute successfully on its strategy
aimed at providing new digital opportunities for end users,
clients and the whole of society.»
*Nikita Orlov, the Group's Chief Financial Officer, commented on the quarter
financial results as follows:*
« In Q3 we produced good results, with total revenue continuing
to grow and reaching approximately RUB 90 billion. Our service
revenue y-o-y was negatively impacted by two factors: the fact
that the Company's service revenue in 2018 received a one-off
boost as a result of increased consumption during the FIFA
World Cup 2018 and the scrapping of domestic roaming fees in
Russia in Q3 of last year. Without those two factors our
service revenue would have grown y-o-y.
MegaFon continues to demonstrate operational efficiency. OIBDA
including the impact of IFRS 16 is up 15.8% y-o-y, to RUB 39
billion. We are gradually reducing the Company's leverage,
which increased following the buy-back of our shares and GDRs.
Our net debt decreased by more than RUB 10 billion over the
quarter.»
*Financial results
(In millions of RUB, except as indicated)*
*Excluding IFRS 16
impact*
*Q3 2019 *Q3 2018 *Q3 *Q3 2019* *Q3 2019/
* * 2019/ Q3 2018*
Q3 2018*
Revenue 89,991 88,733 1.4% 89,991 1.4%
Wireless
Services 71,236 72,298 (1.5%) 71,236 (1.5%)
Including
data
revenue 27,242 26,110 4.3% 27,242 4.3%
Wireline
Services 7,670 8,314 (7.7%) 7,670 (7.7%)
Sales of
equipment
&
accessorie
s 11,085 8,121 36.5% 11,085 36.5%
OIBDA 38,970 33,654 15.8% 33,670 0.0%
OIBDA
Margin 43.3% 37.9% 5.4 p.p. 37.4% (0.5 p.p.)
Net profit 3,202 7,744 (58.7%) 3,973 (48.7%)
Net profit (5.1
Margin 3.6% 8.7% p.p.) 4.4% (4.3 p.p.)
CAPEX 11,607 18,478 (37.2%) 11,607 (37.2%)
CAPEX / (7.9
Revenue 12.9% 20.8% p.p.) 12.9% (7.9 p.p.)
*Excluding IFRS 16
impact*
*9m 2019* *9m *9m *9m 2019* *9m 2019/
2018*[8] 2019/ 9m 2018*
9m 2018*
Revenue 255,759 247,137 3.5% 255,759 3.5%
Wireless
Services 209,616 205,003 2.3% 209,616 2.3%
Including
data
revenue 80,395 74,033 8.6% 80,395 8.6%
Wireline
Services 20,810 22,664 (8.2%) 20,810 (8.2%)
Sales of
equipment
&
accessori
es 25,333 19,470 30.1% 25,333 30.1%
OIBDA 113,100 96,481 17.2% 97,633 1.2%
OIBDA
Margin 44.2% 39.0% 5.2 p.p. 38.2% (0.8 p.p.)
Net
profit 8,326 19,935 (58.2%) 10,778 (45.9%)
Net
profit (4.8
Margin 3.3% 8.1% p.p.) 4.2% (3.9 p.p.)
CAPEX 35,994 43,196 (16.7%) 35,994 (16.7%)
CAPEX / (3.4
Revenue 14.1% 17.5% p.p.) 14.1% (3.4 p.p.)
*Financial results, Russia only*[9]
*(In millions of RUB, except as indicated)*
*Excluding IFRS 16
impact*
*Q3 2019 *Q3 2018* *Q3 *Q3 2019* *Q3 2019/
* 2019/ Q3 2018*
Q3 2018*
Revenue 88,499 87,329 1.3% 88,499 1.3%
Wireless
Services 69,754 70,904 (1.6%) 69,754 (1.6%)
Including
data
revenue 26,578 25,556 4.0% 26,578 4.0%
Wireline
Services 7,661 8,305 (7.8%) 7,661 (7.8%)
Sales of
equipment
&
accessori
es 11,084 8,120 36.5% 11,084 36.5%
OIBDA 37,958 33,247 14.2% 32,701 (1.6%)
OIBDA
Margin 42.9% 38.1% 4.8 p.p. 37.0% (1.1 p.p.)
Net
profit 3,182 8,178 (61.1%) 3,949 (51.7%)
Net
profit (5.8
Margin 3.6% 9.4% p.p.) 4.5% (4.9 p.p.)
Excluding IFRS 16
impact
*9m 2019 *9m *9m *9m 2019* *9m 2019/
* 2018*[10] 2019/ 9m 2018*
9m 2018*
Revenue 251,648 243,434 3.4% 251,648 3.4%
Wireless
Services 205,535 201,328 2.1% 205,535 2.1%
Including
data
revenue 78,565 72,570 8.3% 78,565 8.3%
Wireline
Services 20,783 22,638 (8.2%) 20,783 (8.2%)
Sales of
equipment
&
accessorie
s 25,330 19,468 30.1% 25,330 30.1%
OIBDA 110,586 95,470 15.8% 95,246 (0.2%)
OIBDA
Margin 43.9% 39.2% 4.7 p.p. 37.8% (1.4 p.p.)
Net profit 8,457 21,262 (60.2%) 10,891 (48.8%)
Net profit (5.3
Margin 3.4% 8.7% p.p.) 4.3% (4.4 p.p.)
*Revenue*
Total revenue in Q3 2019 increased by 1.4% y-o-y to RUB 89,991 million.
Revenue from Russia remained the major component, accounting for over 98.3%
of total revenue.
In Q3 2019 MegaFon's wireless service revenue decreased by 1.5% y-o-y to RUB
71,236 million, while data revenue increased by 4.3% y-o-y to RUB 27,242
million. The decrease in wireless revenue is largely a result of the one-off
increase in the consumption of wireless services during the FIFA World Cup
2018, which included the provision of services related to the World Cup
infrastructure, as well as voice, SMS and data transfer services, and
MegaFon TV and other VAS-services. In addition to that, the summer holiday
season revealed the negative impact on the Company's financial statements of
the scrapping of domestic roaming fees in Russia which took place at the end
of 2018.
The continuing growth in data revenue has been sustained by MegaFon's
ongoing upgrading of its "Vklyuchaisya!" ("Connect!") tariff line with new
technological offers and partner services aimed at stimulating data
consumption.
In Q3 2019 wireline service revenue decreased by 7.7% y-o-y to RUB 7,670
million. The main reason for the y-o-y decrease was that Q3 2018 included
significant one-off revenue from the provision of telecom infrastructure for
the FIFA World Cup.
Revenue from sales of equipment and accessories in Q3 2019 increased by
36.5% y-o-y to RUB 11,085 million, as a result of an increase in sales of
smartphones, including those in the high-end price range, such as Samsung
and the new model of Apple smartphone launched in September, as well as
marketing initiatives aimed at promoting purchases of Honor and Huawei
smartphones. Also, the increase in revenue was helped by MegaFon's opening
of "new-generation" retail outlets focused on the provision of top quality
client service and a unique customer experience.
*OIBDA and OIBDA Margin*
OIBDA in Q3 2019 including the impact of the adoption of IFRS 16 increased
by 15.8% y-o-y to RUB 38,970 million. Organic OIBDA in Q3 2019 remained
stable y-o-y at RUB 33,670 million. Last year OIBDA included the one-off
positive impact of the FIFA World Cup. Accordingly, matching the Q3 2018
OIBDA level in Q3 2019 is a good result for MegaFon and was achieved
principally by the reduction of certain expenses, e.g. frequency charges and
selling costs.
In Q3 2019 OIBDA Margin increased by 5.4 p.p. y-o-y to 43.3%. Virtually all
of this increase resulted from the adoption of IFRS 16. MegaFon's organic
OIBDA Margin decreased slightly by 0.5 p.p. y-o-y to 37.4%. The main reason
for the decrease in the organic OIBDA Margin was the increase in low-margin
sales of equipment and accessories.
*Net profit*
Net profit in Q3 2019 including the impact of IFRS 16 was RUB 3,202 million.
Eliminating the negative impact of IFRS 16 in the amount of RUB 771 million,
organic Net profit was RUB 3,973 million. The increase in finance costs[11]
resulting from the additional loans raised to finance the Tender Offer for
shares and GDRs completed in September 2018, the Mandatory Offer completed
in Q1 2019 and the buy-back of shares from the remaining non-affiliated
shareholders completed in Q2 2019 had a significant impact on Net profit.
Net profit also was negatively affected by the amortisation of the
investment in the billing platform which was upgraded during the last year
and the beginning of the current year.
*CAPEX*
CAPEX in Q3 2019 of RUB 11,607 million was a decrease of 37.2% y-o-y, mainly
because significant expenditures were made last year on the billing platform
upgrade and network extension and improvement. The major investment projects
in Q3 2019 remained the continued roll-out of LTE and LTE Advanced and other
networks: approximately 3,000 new base stations have been put into operation
in Q3 2019, of which approximately 2,200 are LTE / LTE Advanced base
stations.
*Free Cash Flow to Shareholders*[12]
Free cash flow to shareholders in Q3 2019 decreased by RUB 4,157 million
y-o-y to RUB 10,069 million. The decrease is mainly due to the increase in
finance costs resulting from the additional debt financing which was
required to carry out the share and GDR buy-backs.
*Net debt*
Net debt decreased from RUB 360,601 million as of 30 June 2019 to RUB
350,290 million as of 30 September 2019. MegaFon's Net debt/LTM OIBDA ratio
was 2.49x and its Net debt/LTM OIBDA ratio without the impact of IFRS 16 was
2.80x.
*EPS*
Basic and diluted EPS decreased from RUB 14 per share for Q3 2018 to RUB 7
per share for Q3 2019 as a result of the decrease in Net profit.
*New accounting standards*
Effective from 1 January 2019 MegaFon adopted the new accounting standard
IFRS 16 'Leases'. The standard requires lessees to present right-of-use
assets and lease liabilities on the balance sheet for all leases (with
limited exceptions). As a result of this MegaFon's operating expenses for Q3
2019 decreased by RUB 5,300 million, while its finance costs and
depreciation increased - all of which decreased the Company's Net profit by
RUB 771 million in Q3 2019, net of tax.
On transitioning to IFRS 16 MegaFon recognised a right-of-use asset and a
lease liability in respect of its operating leases - both in the amount of
RUB 88,679 million as at 1 January 2019.
The Company continues to fine tune its information systems to streamline the
accounting for leases under IFRS 16. The effects of the transition to IFRS
16 are unaudited and certain management estimates and calculations may be
subject to change up till the date of the issuance of the Company's 2019
annual financial statements.
*Wireless subscribers in Russia as of*
*30 Sep 2019 * *30 Sep 2018* *Change*
Number of wireless 75,325 75,234 0.1%
subscribers (K)
of which data service 34,165 32,185 6.2%
users (K)
Share of data service 45.4% 42.8% 2.6 p.p.
users
The Russian wireless subscriber base increased by 0.1% y-o-y to 75.3 million
users as of 30 September 2019.
The data service user base in Russia increased by 6.2% y-o-y to 34.2 million
at 30 September 2019 as a result of MegaFon's continued marketing
initiatives and the development of the "Vklyuchaisya!" ("Connect!") tariff
line and other products to attract data consuming subscribers. The share of
data service users continued to grow and reached 45.4% of the overall
subscriber base in Russia.
*Data operating indicators in Russia*
*Q3 2019 *Q3 *Q3 2019/ *9m *9m 2018 *9m 2019/
* 2018 * Q3 2018 * 2019 * * 9m 2018*
ARPDU 260 265 (1.9%) 260 256 1.6%
(RUB)
DSU (MB) 12,158 9,232 31.7% 11,445 8,855 29.2%
ARPDU decreased in Q3 2019 by 1.9% y-o-y to RUB 260 as a result of a number
of promotional initiatives which were undertaken during the period such as
increasing the amount of data services available under the "Vklyuchaisya!"
("Connect!") line of products.
While these initiatives decreased ARPDU, at the same time DSU increased in
Q3 2019 by 2.9 gigabytes, or 31.7% y-o-y, to 11.9 gigabytes.
*For more information*
Media:
pr@megafon.ru +7 925 696-05-07
Investors:
ir@megafon.ru +7 495 926-20-12
*Notes to editors*
*PJSC "MegaFon" *is a pan-Russian operator of digital opportunities,
operating in all segments of the telecommunications markets in Russia, and
in the Republics of Abkhazia, South Ossetia and Tajikistan. MegaFon is a
recognised market leader in the provision of mobile data services, was the
first operator in Russia to launch commercial operation of a third
generation (3G) network, the first operator in the world to launch
commercial operation of an LTE Advanced (4G) data network and was the first
operator in Russia to complete a 5G international videocall. Additional
information about MegaFon and the products and services provided by the
Group can be found at http://www.megafon.ru.
*Disclaimers, statement regarding inside information and forward looking
statements*
The above discussion and analysis should be read in conjunction with the
Group's consolidated financial statements which are available for download
on the Group's website at: http://corp.megafon.com/investors/ [1]
Certain statements and/or other information included in this document may
not be historical facts and may constitute "forward looking statements"
within the meaning of Section 27A of the U.S. Securities Act of 1933 and
Section 2(1)(e) of the U.S. Securities Exchange Act of 1934, as amended. The
words "believe", "expect", "anticipate", "intend", "estimate", "plans",
"forecast", "project", "will", "may", "should" and similar expressions may
identify forward looking statements but are not the exclusive means of
identifying such statements. Forward looking statements include statements
concerning our plans, expectations, projections, objectives, targets, goals,
strategies, future events, future revenues, operations or performance,
capital expenditures, financing needs, our plans or intentions relating to
the expansion or contraction of our business as well as specific
acquisitions and dispositions, our competitive strengths and weaknesses, the
risks we face in our business and our response to them, our plans or goals
relating to forecasted production, reserves, financial position and future
operations and development, our business strategy and the trends we
anticipate in the industry and the political, economic, social and legal
environment in which we operate, and other information that is not
historical information, together with the assumptions underlying these
forward looking statements. By their very nature, forward looking statements
involve inherent risks, uncertainties and other important factors that could
cause our actual results, performance or achievements to be materially
different from results, performance or achievements expressed or implied by
such forward-looking statements. Such forward-looking statements are based
on numerous assumptions regarding our present and future business strategies
and the political, economic, social and legal environment in which we will
operate in the future. We do not make any representation, warranty or
prediction that the results anticipated by such forward-looking statements
will be achieved, and such forward-looking statements represent, in each
case, only one of many possible scenarios and should not be viewed as the
most likely or standard scenario. We expressly disclaim any obligation or
undertaking to update any forward-looking statements to reflect actual
results, changes in assumptions or in any other factors affecting such
statements.
*Schedule 1: Definitions*
*ARPDU (Average Monthly Revenue Per Data Services User)* is calculated for a
given period by dividing the Group's data services revenues for a given
period by the average number of its data services users during that period,
and further dividing the result by the number of months in that period.
*Capital Expenditures (CAPEX) *comprises the cost of purchases of new
equipment, new construction, acquisition of new or upgrades to software,
acquisition of spectrum and other intangible assets, and purchases of other
long-term assets, together with related costs incurred prior to the intended
use of the applicable assets, all accounted for as of the earliest time of
payment or delivery. Long-term assets obtained through business combinations
are not included in the calculation of capital expenditures.
*Data service user *is defined as a subscriber who has consumed any amount
of data traffic within preceding month.
*Diluted EPS* is calculated by adjusting both numerator and denominator in
the EPS calculation so as to reflect the effect of including the additional
shares that would have been outstanding if all options and other rights to
acquire shares had been converted into actual shares.
*DSU (Monthly Average Data Services Usage per User)* is calculated by
dividing the total number of megabytes transferred by our network during a
given period by the average number of data services users during such period
and dividing the result by the number of months in such period.
*EPS (Earnings per Share) *means an amount of the Group's profit allocated
to one share of its stock, and is calculated by dividing Net profit for a
reporting period by the weighted average number of shares outstanding during
the period. No earnings are allocated to treasury shares.
*Free Cash Flow to Shareholders* means cash from operating activities, less
cash paid for purchases of property, equipment and intangible assets and
interest paid, increased by proceeds from sales of property and equipment
and interest received. It is a financial measure which should be considered
as supplementary but not as an alternative to the information provided in
the Group's financial statements.
*Group* means PJSC "MegaFon" together with its consolidated subsidiaries.
Previously, the Group had consolidated the financial position and the
results of operations of its subsidiary, Mail.Ru Group Limited ("Mail.Ru"),
from the beginning of 2017. As of June 2018, the Group concluded that it no
longer had the ability to direct relevant activities of Mail.Ru, and
therefore no longer had control over that company. Accordingly, the Group
ceased to consolidate the financial position and the results of operations
of Mail.Ru, with effect from the end of Q2 2018.
*Net debt *means the difference between (a) cash, cash equivalents, and
principal amount of deposits and (b) principal amount of loans and
borrowings less unamortised debt issuance fees. It is a financial measure
which should be considered as supplementary but not as an alternative to the
information provided in the Group's financial statements.
*Net profit* is profit for the period attributable to equity holders of the
Group.
*Organic Net profit* is Net profit, and organic Net profit Margin is Net
profit Margin, in each case excluding the impact of IFRS 16 adoption.
MegaFon adopted this new IFRS standard, effective 1 January 2019. For
convenience of use, throughout the financial year 2019, MegaFon will be
presenting its financial results "as reported", i.e. including the impact of
IFRS 16, and "organically", i.e. excluding the impact of the adoption of
IFRS 16.
*OIBDA (Operating Income Before Depreciation and Amortisation)* is a
financial measure not defined by IFRS, should be considered as supplementary
and not as an alternative to the information provided in the financial
statements of the Group. OIBDA Margin means OIBDA as a percentage of
revenue. OIBDA and OIBDA Margin are widely used by investors, analysts and
rating agencies as a measure to evaluate and compare current and future
operating performance and to determine the value of companies within the
telecommunications industry. However, the Group's definition of OIBDA and
OIBDA Margin may not be directly comparable to similarly named financial
measures and disclosures by other companies.
*Organic OIBDA *is OIBDA, and organic OIBDA Margin is OIBDA Margin, in each
case excluding the impact of IFRS 16 adoption.
*LTM OIBDA* means last twelve months OIBDA.
*Wireless Subscriber* is defined as each SIM card that is activated in our
billing system or has had at least one chargeable traffic event (that is,
use of voice, VAS or data transfer services) within the preceding three
months, whether chargeable to the subscriber or to a third party (for
example, interconnection charges payable by other operators). Where an
individual person holds more than one SIM card, each SIM card is included as
a separate subscriber.
[1] . Based on the interim unaudited condensed consolidated financial
statements for 9 months 2019 reviewed by JSC KPMG.
[2] . See Schedule 1 for definitions of the terms used. Due to rounding
actual numbers and calculations for financials and KPIs may differ from
those set forth in this release.
[3] . Year over year ("y-o-y") stands for the same periods in the current
and previous year on a quarterly basis.
[4] . OIBDA is shown including the positive impact of IFRS 16. Organic OIBDA
remained stable y-o-y at RUB 33.7 billion.
[5] . OIBDA Margin is shown including the positive impact of IFRS 16.
Organic OIBDA Margin was 37.4%.
[6] . Net profit is shown including the impact of IFRS 16. Organic Net
profit was RUB 4.0 billion.
[7] . The volume of sales of new Apple models in the 20 days following their
launch in September 2019 was compared to the volume of sales in the 20 days
following the launch of last year's models in September 2018.
[8] . The amounts are presented as reported results from continuing
operations grossed up for the intragroup amounts between the Group and
Mail.Ru Group.
[9] . ?xcluding mutual settlements with "TT mobile" CJSC, "AQUAFON-GSM" CJSC
and "OSTELEKOM" CJSC.
[10] . The amounts are presented as reported results from continuing
operations grossed up for the intragroup amounts between the Group and
Mail.Ru Group.
[11] . This is shown without taking into account the effect of the IFRS 16
implementation.
[12] . This is shown without taking into account the effect of the IFRS 16
implementation.
Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=EJCRUCTFSK [2]
Document title: MegaFon Q3 2019 Interim condensed IFRS Financial Statements
2019-11-14 MSK Dissemination of a Corporate News, transmitted by
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November 14, 2019 02:00 ET (07:00 GMT)
