VEON Ltd. · NASDAQ:VEON
VEON — VimpelCom — Q2 2011 Earnings Presentation
80 slides from VEON's earnings presentation, Sep 7, 2011
Slide 1: Form 6-K Report of Foreign Private Issuer
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the month of September 2011 Commission File Number 1-34694 VimpelCom Ltd. (Translation o
Slide 2: Signatures
Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VIMPELCOM LTD. (Registrant) Date: September 7, 2011 By: /s/ Jeffrey David McGhie Name
Slide 3: VimpelCom delivers solid revenue and subscriber growth in 2Q11
Table of Contents VIMPELCOM DELIVERS SOLID REVENUE AND SUBSCRIBER GROWTH IN 2Q11 INTERIM DIVIDEND 2011 OF USD 0.45 PER SHARE KEY RESULTS AND DEVELOPMENTS* — Total mobile subscriber base increased 11% YoY, reaching 193 million — Pro forma revenue increased 9% YoY to USD 6.0 billion — Pro forma EBITDA
Slide 4: Strategic progress and integration update
Table of Contents STRATEGIC PROGRESS INTEGRATION UPDATE — Closed acquisition of Wind Telecom on April 15 — Launched integration of Wind Telecom immediately following the close of the transaction — Strengthened presence in Far East of Russia through acquisition of NTC and new 2G licenses — Expected s
Slide 5: VimpelCom Group – financial and operating results
Table of Contents VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS — Total mobile subscriber base increased by 11% YoY to 193 million — Revenues up 9% YoY to USD 6.0 billion driven by 3% organic growth and favorable forex — EBITDA stable at USD 2.4 billion — Net income increased 42% to USD 312 mill
Slide 6: Financial performance overview
Table of Contents FINANCIAL PERFORMANCE OVERVIEW Total net operating revenues in the second quarter 2011 increased by 9% YoY, CAPEX increased 41% to 1.0 billion US dollars. This is within our planned 21% with strong performance across all business units and favorable foreign CAPEX to revenue range f
Slide 7: Cash flows and interim dividend
Table of Contents CASH FLOWS USD mln Actual Actual 2Q11 2Q10 YoY YTD11 YTD10 YoY Net cash from operating activities 1,231 1,001 23% 2,235 1,804 24% Net cash used in/(from) investing activities 1,010 -67 2,205 -75 Net cash used in/(provided) financing activities -948 191 -2,079 928 The net cash from
Slide 8: Business units performance
Table of Contents BUSINESS UNITS PERFORMANCE — Russia — Europe and North America — Africa and Asia — Ukraine — CIS 6
Slide 9: Business Unit Russia – financial and operating results
Table of Contents BUSINESS UNIT RUSSIA – FINANCIAL AND OPERATING RESULTS — Improved market position, with more than 2 million mobile net additions — Strengthened presence in Far East of Russia through acquisition of NTC and new 2G licenses — Strong growth of fixed broadband and continued expansion o
Slide 10: Business Unit Europe & North America – Italy
Table of Contents BUSINESS UNIT EUROPE & NORTH AMERICA FINANCIAL AND OPERATING RESULTS ITALY — Continued relative outperformance in the Italian market — Solid growth of fixed broadband coupled with an increase in ARPU — Strong growth of mobile Internet revenues, up 33% to EUR 56 million — Total reve
Slide 11: Canada and key indicators
Table of Contents · The performance of WIND’s mobile business remained positive in the second base to over 2.1 million. Finally in the dual-play market Infostrada grew its quarter with a 7% increase in subscribers, reaching 20.6 million, reflecting customer base by 16% to almost 1.7 million. 280 tho
Slide 12: Business Unit Africa & Asia – financial and operating results
Table of Contents BUSINESS UNIT AFRICA & ASIA - FINANCIAL AND OPERATING RESULTS — Subscriber base surpassed the 74 million mark — Net operating revenues increased 5% YoY — EBITDA grew 8% YoY, reflecting revenue growth and focus on cost optimization — Strong EBITDA margin of 42.9% In the second quart
Slide 13: Africa & Asia key indicators
AFRICA & ASIA KEY INDICATORS USD mln 2Q11 2Q10 YoY YTD11 YTD10 YoY Revenues 949 901 5% 1,840 1,748 5% Total operating expenditures 542 524 3% 1,029 1,000 3% EBITDA 407 377 8% 811 748 8% EBITDA margin 42.9% 41.8% 44.1% 42.8% Capex 97 94 3% 173 245 -29% Capex / revenues 10% 10% 9% 14% For details per
Slide 14: Business Unit Ukraine – financial and operating results
Table of Contents BUSINESS UNIT UKRAINE – FINANCIAL AND OPERATING RESULTS — Ukraine continued to deliver stable growth in mobile subscribers and revenues — Strong growth in fixed residential broadband — Improved operating margins through synergy realization and cost control Overall, Kyivstar continu
Slide 15: Business Unit CIS – financial and operating results
Table of Contents BUSINESS UNIT CIS* – FINANCIAL AND OPERATING RESULTS — Continued strong growth in revenues and subscribers — Increased usage of voice and data traffic — Successful rollout of 2G and 3G networks Overall, the CIS business continues to deliver strong operational and financial EBITDA m
Slide 16: CIS key indicators
CIS KEY INDICATORS USD mln 2Q11 2Q10 YoY YTD11 YTD10 YoY Net operating revenues 389 336 16% 740 631 17% Total operating expenditures 214 175 22% 440 297 48% EBITDA 175 161 9% 334 300 11% EBITDA margin 45.0% 47.9% 45.2% 47.6% Capex 132 71 87% 205 103 99% Capex / revenues 34% 21% 28% 16% Mobile Mobile
Slide 17: Conference call information
Table of Contents CONFERENCE CALL INFORMATION The Company’s management will discuss second quarter 2011 results during a conference call and slide presentation on September 7, 2011 at 9:30 am CET (3:30 am US ET) for Europe-based shareholders and analysts, and 3:00 pm CET (9:00 am US ET) for the US-b
Slide 18: About VimpelCom Ltd / Disclaimer
Table of Contents DISCLAIMER This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include those relating to the benefits and synergies from the Company’s transaction with Wind Tel
Slide 19: Content of the attachment tables
Table of Contents CONTENT OF THE ATTACHMENT TABLES Attachment A VimpelCom Ltd Financial Statements 16 Attachment B Country units key indicators CIS and Asia & Africa 19 Attachment C Reconciliation Tables 22 Average Rates of Functional Currencies to USD Attachment D Wind Italy condensed financial sta
Slide 20: Attachment A: Consolidated statements of income
Table of Contents ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS VIMPELCOM LTD UNAUDITED CONSOLIDATED STATEMENTS OF INCOME USD (000) Three months ended Six months ended June 30 June 30 2011 2010 2011 2010 Operating revenues Service revenues 5,394,292 2,584,855 8,067,431 4,787,484 Sales of equipmen
Slide 21: Attachment A: Consolidated balance sheets
Table of Contents ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS VIMPELCOM LTD UNAUDITED CONSOLIDATED BALANCE SHEETS USD (000) June 30, December 31, 2011 2010 Assets Current assets: Cash and cash equivalents 3,190,214 885,125 Trade accounts receivable, net of allowance for doubtful accounts 2,725,
Slide 22: Attachment A: Consolidated statements of cash flows
Table of Contents ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS VIMPELCOM LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS USD (000) Six months ended June 30, 2011 2010 Operating activities Net cash provided by operating activities 2,235,411 1,804,243 - Investing activities Purchases
Slide 23: Attachment B: Country units key indicators
Table of Contents ATTACHMENT B: COUNTRY UNITS KEY INDICATORS AFRICA AND ASIA BUSINESS UNIT: COUNTRY DETAIL ALGERIA DZD bln 2Q11 2Q10 YoY YTD11 YTD10 YoY Revenues 34 33 5% 66 63 5% EBITDA 20 18 11% 39 35 11% EBITDA margin 59.2% 56.4% 59.3% 56.2% Capex (USD mln) 10 n.a. n.a. 14 45 -69% Capex / revenue
Slide 24: CIS business unit: country detail
Table of Contents CIS BUSINESS UNIT: COUNTRY DETAIL KAZAKHSTAN KZT mln 2Q11 2Q10 YoY YTD11 YTD10 YoY Net operating revenues 29,530 27,054 9% 56,380 50,609 11% EBITDA 14,414 15,449 -7% 28,028 28,470 -2% EBITDA margin 48.8% 57.1% 49.7% 56.3% Capex (USD mln) 68 26 164% 79 32 148% Capex / revenues (USD)
Slide 25: Georgia and Kyrgyzstan
Table of Contents GEORGIA GEL mln 2Q11 2Q10 YoY YTD11 YTD10 YoY Net operating revenues 25 21 21% 46 40 16% EBITDA 6 3 100% 10 5 100% EBITDA margin 23.9% 14.4% 21.6% 12.6% Capex (USD mln) 9 9 -4% 16 13 18% Capex / revenues (USD) 56% 77% 58% 59% Mobile Subscribers (‘000) 712 466 53% ARPU (GEL) 11.4 14
Slide 26: Attachment C: Reconciliation tables
Table of Contents ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* USD mln Pro forma 2Q11 2Q10 YTD 2011 YTD 2010 EBITDA 2,371 2,368 4,628 4,583 Adjustment for certain non-operating items 8 3 10 5 Depreciation (892) (722) (1,731) (1,474) Amortization (342) (379)
Slide 27: Reconciliation of consolidated EBITDA (continued)
Table of Contents ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (CONTINUED) USD mln Actual 2Q11 2Q10 YTD 2011 YTD 2010 EBITDA 2,184 1,260 3,391 2,300 Adjustment for certain non-operating items 8 2 10 3 Depreciation (829) (377) (1,305) (729) Amortization (292
Slide 28: Reconciliation of net debt and average rates
Table of Contents ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT USD mln 2Q10 3Q10 4Q10 1Q11 2Q11 Net debt 3,865 3,970 4,740 4,840 24,104 Cash and cash equivalents (2,353) (2,467) (885) (1,858) (3,190) Long - term and short-term deposits (115) (56) (36) (592) (
Slide 29: Attachment E: Definitions
Table of Contents ATTACHMENT E: DEFINITIONS EBITDA is a non-U.S. GAAP financial measure. EBITDA is defined as earnings before interest, tax, depreciation and amortization. VimpelCom calculates EBITDA as operating income before depreciation, amortization and impairment loss and includes certain non-o
Slide 30: Definitions (continued)
Table of Contents Broadband subscribers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access
Slide 31: 2Q 2011 Presentation
Table of Contents 2Q 2011 Presentation Jo Lunder, CEO Amsterdam, September 7, 2011
Slide 32: Disclaimer
Table of Contents Disclaimer This presentation contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to the Company's strategy, development plans and anticipated per
Slide 33: Key messages
Table of Contents Key messages Second quarter results • Solid revenue and subscriber growth • Solid performance in all Business Units • Long-term financing secured • Delivering synergies ahead of plan in Kyivstar • Integration of Wind Telecom and VimpelCom well on track • Interim dividend 2011 of US
Slide 34: Group Highlights
Table of Contents Group Highlights Jo Lunder, CEO 4 © VimpelCom Ltd 2011
Slide 35: Organizational Structure
Table of Contents Organizational Structure Management team with strong track records Group Executive Board Jo Lunder CEO Khaled Bichara Henk van Dalen President and COO CFO Philip Tohme Khaled Bichara CTO Acting CCO Business Unit Management Elena Ossama Ahmed Igor Dmitry Shmatova Bessada Abou Doma L
Slide 36: 2Q11 Highlights
Table of Contents 2Q11 Highlights Key Results and Developments Strategic Progress • Mobile subscribers 193 million, up 11% YoY* • Acquisition Wind Telecom closed • Total fixed-line subs 5 million, up 22% YoY* • Strengthened position in Far East of Russia • Revenues of USD 6.0 billion, up 9%YoY* • St
Slide 37: Financial Highlights
Table of Contents Financial Highlights Henk van Dalen, CFO 7 © VimpelCom Ltd 2011
Slide 38: 2Q11 Actual Financial Highlights
Table of Contents 2Q11 Actual Financial Highlights Consolidated financial and operating highlights (USD million) USD mln Actual 2Q11 2Q10 YoY Net operating revenues 5,532 2,642 109% EBITDA 2,184 1,260 73% EBITDA margin 39.5% 47.7% Net income attributable to VimpelCom Ltd. 239 335 -29% EPS, basic (US
Slide 39: 2Q11 Pro Forma Financial Highlights
Table of Contents 2Q11 Pro Forma Financial Highlights Revenues EBITDA (USD million) (USD million) +9% YoY Stable YoY EBITDA EBITDA Margin CAPEX Highlights: (USD million) • Revenues grew 9% YoY to USD 6.0 billion driven by organic growth (3%) and favorable forex • EBITDA stable at USD 2.4 billion, du
Slide 40: Debt, Cash and Ratios
Table of Contents Debt, Cash and Ratios Consolidated Cash and Net Debt Development Key Components Actual H1 2011 (USD million) June 30, (USD million) 2011 Cash and Cash Equivalents 3,190 Total Assets 58,873 Gross Debt 27,392 -Short-term 1,637 -Long-term 25,756 Shareholders' equity 16,111 Gross Debt/
Slide 41: Debt Composition and Maturity Profile
Table of Contents Debt Composition and Maturity Profile Group Debt Maturity Schedule as of June 30, 2011, Actual (USD million) 9,621 5,116 2,454 2,251 1,968 1,408 1,500 1,276 1,242 1,000 2HY 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2011 WIND Italy VIP/OJSC Other Debt Composition by Cur
Slide 42: Interim Dividend 2011 Declared
Table of Contents Interim Dividend 2011 Declared Interim dividend 2011 of USD 733 million, USD 0.45 per share • The record date for the Company’s shareholders entitled to receive the interim dividend has been set for December 1, 2011 Dividend guideline* • Aim to pay at least USD 0.80 per common shar
Slide 43: Business Units Performance
Table of Contents Business Units Performance Khaled Bichara, President and COO 13 © VimpelCom Ltd 2011
Slide 44: BU Russia: Financial Highlights
Table of Contents BU Russia: Financial Highlights Revenues EBITDA and EBITDA Margin (RUR billion) (RUR billion) +6% YoY -7% YoY 64.3 64.5 65.2 61.7 60.4 Mobile Fixed-line EBITDA EBITDA Margin CAPEX Highlights: (RUR billion) • Mobile subscribers 55.3 million, up 9% YoY • Revenues RUR 65.2 million, up
Slide 45: BU Russia: Operating Highlights
Table of Contents BU Russia: Operating Highlights Mobile subscribers ARPU and MOU (RUR million) (RUR) (min) +9% YoY - 1% YoY ARPU +11% YoY MOU 55.3 343 330 333 327 308 53.0 51.6 52.0 244 50.9 219 222 228 218 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 ARPU MOU Broadband subscribers B
Slide 46: BU Europe & NA: Financial Highlights Italy
Table of Contents BU Europe & NA: Financial Highlights Italy Revenues* EBITDA* and EBITDA Margin (EUR million) (EUR million) -1% YoY reported -5% YoY reported +1% YoY organic Stable YoY organic 556 557 534 496 526 366 341 408 369 370 1,046 1,021 1,038 982 1,029 39% 41% 37% 37% 38% Q2 10 Q3 10 Q4 10
Slide 47: BU Europe & NA: Operating Highlights Italy
Table of Contents BU Europe & NA: Operating Highlights Italy Mobile subscribers ARPU and MOU (EUR million) (EUR) (min) +7% YoY -7% YoY Broadband subscribers Broadband ARPU (EUR million) (EUR) +18% YoY +5% YoY 17 © VimpelCom Ltd 2011
Slide 48: BU Africa & Asia: Financial and Operating Highlights
Table of Contents BU Africa & Asia: Financial and Operating Highlights Revenues EBITDA and EBITDA Margin (USD million) (USD million) +5% YoY +8% YoY 949 385 404 407 910 895 377 901 891 337 45.3% 41.8% 42.3% 42.9% 37.7% Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 EBITDA EBITDA Margin
Slide 49: BU Ukraine: Financial and Operating Highlights
Table of Contents BU Ukraine: Financial and Operating Highlights Revenues EBITDA and EBITDA Margin (UAH billion) (UAH billion) +7% YoY +9% YoY EBITDA EBITDA Margin CAPEX Highlights: (UAH million) • Mobile subscribers 24.7 million, up 3% YoY • Revenue UAH 3.3 million, up 7% YoY, driven by -14% YoY st
Slide 50: BU CIS: Financial and Operating Highlights
Table of Contents BU CIS * : Financial and Operating Highlights Revenues EBITDA and EBITDA Margin (USD million) (USD million) +16% YoY +9% YoY 389 336 362 362 351 Mobile Fixed-line EBITDA EBITDA Margin CAPEX Highlights: (USD million) • Mobile subscribers 17.5 million, up 27% YoY • Revenues USD 389 m
Slide 51: Global Scope, Local Excellence
Table of Contents Global Scope, Local Excellence Jo Lunder, CEO 21 © VimpelCom Ltd 2011
Slide 52: VimpelCom Today
Table of Contents VimpelCom Today Revenue Emerging market exposure Russia Italy Other Mobile subs (million) 192 28% 38% Population covered Attractive USD Balanced (million) 864 Emerging 22.6bn* Revenue Markets Base Countries 19 Exposure 34% Emerging 750 ** Market PoP Broadband/Data revenue Financial
Slide 53: Expected Synergies Reaffirmed
Table of Contents Expected Synergies Reaffirmed Current status Communicated (USD billion) Next phase Target First phase Secured 35% Approx. NPV of USD2.5bn First phase 65% • Savings through harmonization current price levels • Cost benchmarking Next phase • Implement best practices on global categor
Slide 54: Three Strategic Clusters Recognized
Table of Contents Three Strategic Clusters Recognized I II III A Algeria A Canada Kazakhstan Russia Armenia, Tajikistan, Georgia B Vietnam B Ukraine Laos Cambodia Pakistan Italy Bangladesh Burundi CAR Zimbabwe Uzbekistan, Kyrgyzstan Increase Profit and Cash Growth Engine Develop New Business • Large
Slide 55: Value Agenda 2012-2014
Table of Contents Value Agenda 2012-2014 Stakeholder Value Drive Profitable Growth Increase Reduce Costs and Increase Capital Free Cash Flow Realize Synergies Efficiency YoY Attractive Dividend Yield Unified, Disciplined and Accountable Business Performance Culture Build World-Class Organization, Go
Slide 56: Conclusion
Table of Contents Conclusion Second quarter results • Solid revenue and subscriber growth • Solid performance in all Business Units • Long-term financing secured • Delivering synergies ahead of plan in Kyivstar • Integration of Wind Telecom and VimpelCom well on track • Interim dividend 2011 of USD
Slide 57: Q&A
Table of Contents Q&A Amsterdam, September 2011
Slide 58: Thank you
Table of Contents Thank you Amsterdam, September 2011
Slide 59: Contact Information
Table of Contents Contact Information Please find herewith all contact details of VimpelCom’s Investor Relations team: Gerbrand Nijman Investor_Relations@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam) Marine Babayan Russia, Ukraine and CIS Investor_Relations@vimpelcom.com Tel: +7 495 974 5888 (Mosc
Slide 60: Appendices
Table of Contents Appendices 30 © VimpelCom Ltd 2011
Slide 61: A track record of delivering results
Table of Contents A track record of delivering results 2011: Chief Executive Officer of VimpelCom Ltd 2010 -2011: Chairman of the Board of Directors 2002-2011: Member of VimpelCom Board of Directors 2003-2005: Chairman of the Board of OJSC VimpelCom 1999 -2003: CEO of OJSC VimpelCom and General Dire
Slide 62: FOREX Development
Table of Contents FOREX Development Average rates Closing rates Currency YTD11 YTD10 YoY YTD11 FY2010 Delta RUR 28.62 30.07 5.1% 28.08 30.48 8.5% EUR 1.40 1.32 -6.2% 1.45 1.34 -7.5% DZD 72.47 74.19 2.4% 72.06 74.29 3.1% PKR 85.40 84.81 -0.7% 85.97 85.67 -0.4% BDT 72.37 69.66 -3.7% 74.15 70.60 -4.8%
Slide 63: Reconciliation Tables
Table of Contents Reconciliation Tables Reconciliation of consolidated EBITDA of VimpelCom USD mln Pro forma 2Q11 2Q10 YTD 2011 YTD 2010 EBITDA 2,371 2,368 4,628 4,583 Adjustment for certain non- operating items 8 3 10 5 Depreciation (892) (722) (1,731) (1,474) Amortization (342) (379) (700) (765) I
Slide 64: Reconciliation Tables (continued)
Table of Contents Reconciliation Tables Reconciliation of consolidated EBITDA of VimpelCom (continued) USD mln Actual 2Q11 2Q10 YTD 2011 YTD 2010 EBITDA 2,184 1,260 3,391 2,300 Adjustment for certain non-operating items 8 2 10 3 Depreciation (829) (377) (1,305) (729) Amortization (292) (117) (393) (
Slide 65: Reconciliation of consolidated net debt
Table of Contents Reconciliation Tables Reconciliation of consolidated net debt of VimpelCom USD mln 2Q10 3Q10 4Q10 1Q11 2Q11 Net debt 3,865 3,970 4,740 4,840 24,104 Cash and cash equivalents (2,353) (2,467) (885) (1,858) (3,190) Long - term and short -term deposits (115) (56) (36) (592) (99) Long -
Slide 66: VimpelCom Ltd. 2Q11 Fact Book
Table of Contents VimpelCom Ltd. 2Q11 Fact Book BU Russia Russia BU Europe and North America Italy BU Africa and Asia Algeria Pakistan Bangladesh Sub Saharan Africa SEA BU Ukraine Ukraine BU CIS Kazakhstan Uzbekistan Armenia Tajikistan Georgia Kyrgyzstan
Slide 67: Russia
Table of Contents Russia (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 1,919 2,042 2,099 2,102 2,064 2,329 Gross margin 1,450 1,530 1,560 1,503 1,458 1,630 Gross margin, % 75.6% 74.9% 74.3% 71.5% 70.6% 70.0%
Slide 68: Italy
Table of Contents Italy (in EUR millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Total revenues 1,295 1,411 1,363 1,446 1,351 1,399 EBITDA 483 556 557 534 496 526 EBITDA margin 37.3% 39.4% 40.9% 37.0% 36.8% 37.6% Capital expenditures* 128 203
Slide 69: Algeria
Table of Contents Algeria (in USD millions, unless stated otherwise, unaudited) MOBILE Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 413 437 445 453 439 478 EBITDA 229 246 267 241 261 283 EBITDA margin 55.4% 56.3% 60.0% 53.3% 59.4% 59.2% Capital expenditures 48 -3 10 35 4 10
Slide 70: Pakistan
Table of Contents Pakistan (in USD millions, unless stated otherwise, unaudited) MOBILE Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 272 287 267 281 275 292 EBITDA 106 116 105 111 111 118 EBITDA margin 39.0% 40.4% 39.3% 39.6% 40.3% 40.4% Capital expenditures 25 37 33 48 45
Slide 71: Bangladesh
Table of Contents Bangladesh (in USD millions, unless stated otherwise, unaudited) MOBILE Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 100 114 121 122 126 128 EBITDA 42 31 23 31 45 55 EBITDA margin 42.0% 27.2% 19.0% 25.2% 35.7% 42.7% Capital expenditures 58 44 51 82 13 14 S
Slide 72: Ukraine
Table of Contents Ukraine (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 45 311 426 404 375 412 Gross margin 29 254 351 336 312 345 Gross margin, % 63.5% 81.7% 82.4% 83.2% 83.2% 83.7% Adjusted OIBDA 10 165 242
Slide 73: Kazakhstan
Table of Contents Kazakhstan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 160 184 197 194 183 203 Gross margin 123 145 156 152 139 150 Gross margin, % 77.2% 78.8% 79.1% 78.5% 75.7% 73.9% Adjusted OIBDA 89 10
Slide 74: Uzbekistan
Table of Contents Uzbekistan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 45 51 54 59 59 66 Gross margin 34 39 39 43 45 49 Gross margin, % 75.7% 76.3% 72.9% 72.7% 76.1% 74.2% Adjusted OIBDA 20 20 22 21 27 n.
Slide 75: Armenia
Table of Contents Armenia (in US$ millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 42 45 49 48 46 47 Gross margin 31 32 35 33 29 31 Gross margin, % 73.9% 71.2% 71.9% 69.3% 63.1% 67.0% Adjusted OIBDA 19 19 22 18 16 Adjus
Slide 76: Tajikistan
Table of Contents Tajikistan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 15 20 22 21 21 26 Gross margin 11 13 14 14 15 20 Gross margin, % 73.0% 64.7% 64.0% 67.3% 71.2% 75.0% Adjusted OIBDA 4 7 9 11 9 n.a. A
Slide 77: Georgia
Table of Contents Georgia (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 11 12 13 12 12 15 Gross margin 6 6 8 8 8 10 Gross margin, % 52.3% 53.0% 64.6% 66.1% 66.7% 64.2% Adjusted OIBDA 1 2 4 2 2 n.a. Adjusted O
Slide 78: Kyrgyzstan
Table of Contents Kyrgyzstan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 26 28 29 31 31 35 Gross margin 20 21 22 24 23 27 Gross margin, % 78.4% 77.8% 74.4% 76.8% 76.4% 76.7% Adjusted OIBDA 10 13 12 15 17 n.
Slide 79: Sub Saharan Africa (Telecel Globe)
Table of Contents Sub Saharan Africa (Telecel Globe) (in US$ millions, unless stated otherwise, unaudited) MOBILE Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 24 25 28 25 25 24 EBITDA 4 6 8 7 4 2 EBITDA margin 16.7% 24.0% 28.6% 26.6% 17.5% 7.5% Subscribers (‘000) 2,017 2,25
Slide 80: SEA
Table of Contents SEA (in US$ millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net operating revenues 4.4 5.5 5.0 6.9 10.0 17.8 Adjusted OIBDA -8.6 -8.1 -8.8 -9.8 -3.2 Adjusted OIBDA, % n.m. n.m. n.m. n.m. n.m. n.a. EBITDA -8.6 -8.1 -8.8 -9.8