VEON Ltd. · NASDAQ:VEON
VEON — VimpelCom — Q1 2012 Earnings Presentation
77 slides from VEON's earnings presentation, May 15, 2012
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 May 2012 Commission File Number 1-34694 VimpelCom Ltd. (Translation of regi
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: May 15, 2012 By: /s/ Jeffrey David Mc Ghie Name: Je
Slide 3: Strong organic revenue and EBITDA growth in 1Q12
Table of Contents STRONG ORGANIC REVENUE AND EBITDA GROWTH IN 1Q12 KEY RESULTS AND DEVELOPMENTS IN 1Q12* • Organic Revenue growth of 6% YoY; revenues of USD 5.6 billion • Organic EBITDA growth of 5% YoY; EBITDA of USD 2.3 billion • Total mobile subscriber base increased 12% YoY to 209 million • Orga
Slide 4: Organic growth revenue and EBITDA (pro forma)
Table of Contents ORGANIC* GROWTH REVENUE AND EBITDA (PRO FORMA) Revenue EBITDA FX and FX and Business Units Organic others Reported Organic Others Reported Russia 11% -3% 8% 9% -3% 6% Europe & NA 0% -5% -5% -2% -4% -6% Ukraine 3% 0% 3% -2% 0% -2% Africa & Asia 9% -5% 4% 12% -7% 5% CIS 9% -1% 8% 2%
Slide 5: Strategic update and main events
Table of Contents STRATEGIC UPDATE AND MAIN EVENTS • VimpelCom’s subsidiary OTH submitted formal notice of arbitration against Algerian Government • Significant part of 2012 debt maturities refinanced by bonds issued in March and April • Sale of controlling interest in GTEL Mobile Vietnam • Final di
Slide 6: VimpelCom Group – financial and operating results 1Q12
Table of Contents VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS 1Q12 • Organic Revenue growth of 6% YoY; Revenues of USD 5.6 billion • Organic EBITDA growth of 5% YoY; EBITDA of USD 2.3 billion • Total mobile subscriber base increased 12% YoY to 209 million • Net cash from operating activities w
Slide 7: Financial performance overview pro forma 1Q12
Table of Contents FINANCIAL PERFORMANCE OVERVIEW PRO FORMA 1Q12 Total operating revenues in the first quarter 2012 increased by 3% YoY, with a strong USD 48 million change in profit for the period attributable to non-controlling interest, performance across most business units. Overall organic reven
Slide 8: Statement of financial position & cash flow (actual)
Table of Contents STATEMENT OF FINANCIAL POSITION & CASH FLOW (ACTUAL) USD mln 1Q12 4Q11 QoQ Total assets 56,121 54,039 4% Shareholders’ equity 14,343 14,037 2% Gross debt 28,591 26,876 6% Net debt 24,339 24,373 0% 1Q12 1Q11 YoY Net cash from operating activities 1,607 1,017 58% Net cash used (in)/f
Slide 9: Business units performance in 1Q12
Table of Contents BUSINESS UNITS PERFORMANCE IN 1Q12 • Russia • Europe and North America • Africa & Asia • Ukraine • CIS VimpelCom Ltd. 1Q 2012 | 7
Slide 10: Business unit Russia – financial and operating results
Table of Contents BUSINESS UNIT RUSSIA – FINANCIAL AND OPERATING RESULTS • Double-digit total Revenue growth of 11% • Continued strong Revenue growth in Mobile and Fixed broadband • EBITDA increase of 9% YoY; reversal of previously negative trend • EBITDA margin of 41.3% • Operational excellence pro
Slide 11: Russia key indicators
Table of Contents RUSSIA KEY INDICATORS RUB mln 1Q12 1Q11 YoY Total operating revenues 67,022 60,334 11% Total operating expenditures 39,364 34,939 13% EBITDA 27,658 25,395 9% EBITDA margin 41.3% 42.1% Capex 6,140 9,486 -35% Capex / revenues 9% 16% Mobile Mobile total operating revenues 55,576 50,06
Slide 12: Business unit Europe & NA – Italy
Table of Contents BUSINESS UNIT EUROPE & NA – FINANCIAL AND OPERATING RESULTS ITALY • Relative outperformance continues in Italy with 3% underlying Revenue growth, excl. MTR impact • EBITDA declines 2% YoY with stable result in mobile offset by decrease in fixed • Solid subscriber growth across all
Slide 13: Italy key indicators
Table of Contents ITALY KEY INDICATORS* Euro mln 1Q12 1Q11 YoY Total operating revenues 1,346 1,351 0% Total operating expenditures 859 854 1% EBITDA 487 496 -2% EBITDA margin 36.2% 36.8% Capex 193 146 32% Capex / revenues 14% 11% Mobile Total revenues 983 982 0% Subscribers (‘000) 21,132 20,279 4%
Slide 14: Canada
Table of Contents CANADA During 1Q 2012, WIND Mobile continued its “Value Plus” strategy execution adding • Companies that are successful in growing their market share to greater than 10% primarily postpaid subscribers while carefully managing pre-paid economics for both organically (i.e. other than
Slide 15: Business unit Africa & Asia – financial and operating results
Table of Contents BUSINESS UNIT AFRICA & ASIA - FINANCIAL AND OPERATING RESULTS • Organic Revenue growth of 9% YoY; Revenues of USD 927 million, with currency devaluation in local markets adversely impacting Revenues in USD • Organic EBITDA growth of 12% YoY; EBITDA of USD 424 million • EBITDA margi
Slide 16: Africa & Asia key indicators
Table of Contents AFRICA & ASIA* KEY INDICATORS USD mln 1Q12 1Q11 YoY Total operating revenues 927 891 4% Total operating expenditures 503 487 3% EBITDA 424 404 5% EBITDA margin 45.7% 45.3% Capex 69 76 -9% Capex / revenues 7% 9% Mobile Subscribers (‘000) 86,273 72,234 19% * Africa & Asia operations
Slide 17: Business unit Ukraine – financial and operating results
Table of Contents BUSINESS UNIT UKRAINE – FINANCIAL AND OPERATING RESULTS • Total Revenue growth of 3% YoY to UAH 3.1 billion; growth in both mobile and fixed-line Revenue continued • Mobile subscriber base increased 2% YoY to almost 25 million • Fixed residential broadband subscriber base grew 96%
Slide 18: Business unit CIS – financial and operating results
Table of Contents BUSINESS UNIT CIS – FINANCIAL AND OPERATING RESULTS • Organic Revenue growth of 9% YoY; Revenue of USD 379 million • Mobile data Revenue growth of 80% to USD 28 million • Mobile subscribers up 28% to 20.7 million • Fixed broadband subscribers more than doubled • Organic EBITDA grow
Slide 19: CIS key indicators
Table of Contents CIS* KEY INDICATORS USD mln 1Q12 1Q11 YoY Total operating revenues 379 351 8% Total operating expenditures 218 192 14% EBITDA 161 159 1% EBITDA margin 42.5% 45.3% Capex 61 73 -16% Capex / revenues 16% 21% Mobile Mobile subscribers (‘000) 20,716 16,168 28% – of which mobile broadban
Slide 20: Conference call information
Table of Contents CONFERENCE CALL INFORMATION On May 15, 2012, the Company will host an analyst & investor conference call on its first quarter 2012 results. The call and slide presentation may be accessed at http://www.vimpelcom.com 2:00 pm CET investor and analyst conference call US call-in number
Slide 21: Disclaimer
Table of Contents DISCLAIMER This press release 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 financial performance objectives, development
Slide 22: Content of the attachment tables
Table of Contents CONTENT OF THE ATTACHMENT TABLES Attachment A VimpelCom Ltd Interim Financial Statements 21 Attachment B Country units key indicators CIS and Africa & Asia 24 Attachment C Reconciliation Tables 27 Average Rates of Functional Currencies to USD Attachment D WIND Telecomunicazioni gro
Slide 23: Attachment A: Interim consolidated statements of income
Table of Contents ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME (ACTUAL) (In millions of USD, except per share amounts) 1Q12 1Q11 Service revenues 5,436 2,672 Sale of equipment and accessories 133 66 Other revenues 50 2 Tot
Slide 24: Attachment A: Statement of financial position
Table of Contents ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (ACTUAL) 31 March 31 December 2012, 2011, (In millions of USD) unaudited audited Assets Non-current assets Property and equipment 15,572 15,165 Inta
Slide 25: Attachment A: Statements of cash flows
Table of Contents ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (ACTUAL) (In millions of USD) 1Q12 1Q11 Operating activities Profit after tax 354 520 Tax expense 239 129 Profit/(loss) from discontinued operations — — Pr
Slide 26: Attachment B: Country units key indicators
Table of Contents ATTACHMENT B: COUNTRY UNITS KEY INDICATORS AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL ALGERIA DZD bln 1Q12 1Q11 YoY Total operating revenues 34.3 32.0 7% EBITDA 20.6 19.0 8% EBITDA margin 60.0% 59.4% Capex (USD) 10 4 150% Capex / revenues (USD) 2% 1% Mobile Subscribers (‘000) 17,6
Slide 27: SEA (consolidated)
SEA (CONSOLIDATED) USD mln 1Q12 1Q11 YoY Total operating revenues 22.8 10.0 128% EBITDA (6) (3) EBITDA margin n.a. n.a. Mobile Subscribers (‘000) 4,554 1,307 248% VimpelCom Ltd. 1Q 2012 | 24
Slide 28: CIS business unit: country detail
Table of Contents CIS BUSINESS UNIT: COUNTRY DETAIL KAZAKHSTAN KZT mln 1Q12 1Q11 YoY Total operating revenues 28,237 26,850 5% EBITDA 12,706 13,637 -7% EBITDA margin 45.0% 50.8% Capex (USD) 13 10 23% Capex / revenues (USD) 7% 6% Mobile Subscribers (‘000) 8,364 6,987 20% ARPU (KZT) 1,049 1,174 -11% M
Slide 29: Georgia and Kyrgyzstan
Table of Contents GEORGIA GEL mln 1Q12 1Q11 YoY Total operating revenues 26.7 21.2 26% EBITDA 6 4 44% EBITDA margin 22.1% 19.2% Capex (USD) 3 7 -62% Capex / revenues (USD) 17% 59% Mobile Subscribers (‘000) 875 611 43% ARPU (GEL) 10 11 -9% MOU 216 147 47% KYRGYZSTAN KGS mln 1Q12 1Q11 YoY Total operat
Slide 30: Reconciliation of consolidated EBITDA (pro forma)
Table of Contents ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (PRO FORMA) USD mln 1Q12 1Q11 Unaudited pro forma EBITDA 2,311 2,285 Depreciation (727) (730) Amortization (532) (665) Impairment (loss)/gain 6 23 Loss on disposals of non-current assets (43) (1
Slide 31: Reconciliation of consolidated EBITDA (actual)
Table of Contents ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (ACTUAL) USD mln 1Q12 1Q11 Unaudited EBITDA 2,311 1,203 Depreciation (727) (423) Amortization (532) (143) Impairment (loss)/gain 6 — Loss on disposals of non-current assets (43) (10) EBIT 1,015
Slide 32: Reconciliation of consolidated net debt (actual)
Table of Contents ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT (ACTUAL) USD mln 1Q12 4Q11 Net debt 24,339 24,373 Cash and cash equivalents 4,033 2,325 Long-term and short-term deposits 219 178 Gross debt 28,591 26,876 Interest accrued related to financial lia
Slide 33: Attachment E: Definitions
Table of Contents ATTACHMENT E: DEFINITIONS EBITDA and EBITDA Margin are non-GAAP financial measures. VimpelCom calculates EBITDA as profit for the period before depreciation, amortization, impairment loss, finance costs, income tax expense and the other line items reflected in the reconciliation ta
Slide 34: 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 35: 1Q 2012 Presentation
Table of Contents 1Q 2012 Presentation th Amsterdam, May 15 , 2012 Jo Lunder CEO 1
Slide 36: 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 financial performance objectives, development p
Slide 37: Key results 1Q12
Table of Contents Key results 1Q12 Revenues * EBITDA * EBITDA margin Total mobile subscriber (USD billion) (USD billion) (%) Base * (million) 5.6 2.3 41.1 209 (+6% organic) (+5% organic) (+12%) Net income Net cash from operating Business unit highlights (USD million) activities (USD billion) Russia:
Slide 38: Strategic update and main events
Table of Contents Strategic Update and Main Events • Algeria OTH submitted a formal Notice of Arbitration against the government of the People’s Democratic Republic of Algeria VimpelCom still open to finding an amicable resolution with the Algerian government • Significant part of 2012 debt maturiti
Slide 39: Business Units Performance
Table of Contents Business Units Performance 5
Slide 40: Russia Performance 1Q12
Table of Contents Russia Performance 1Q12 Revenues EBITDA and EBITDA Margin CAPEX * (RUB billion) (RUB billion) (RUB billion) +11% YoY +9% YoY 65.2 69.6 71.0 67.0 60.3 `Mobile Fixed-line EBITDA EBITDA Margin CAPEX CAPEX / Revenue Highlights: • Double-digit Revenue growth of 11% • Continued strong Re
Slide 41: Italy Performance 1Q12
Table of Contents Italy Performance 1Q12 Revenues EBITDA and EBITDA Margin CAPEX * (EUR million) (EUR million) (EUR billion) Total Revenues flat YoY -2% YoY Revenue excluding Mobile incoming +3% YoY Excluding MTR cut +2.4% YoY 1,399 1,397 1,424 565 533 1,351 1,346 496 526 487 1.0 1.0 369 370 371 387
Slide 42: Africa & Asia Performance 1Q12
Table of Contents Africa & Asia * Performance 1Q12 Revenues EBITDA and EBITDA Margin CAPEX ** (USD million) (USD million) (USD million) +4% YoY +5% YoY 593 585 434 424 404 407 949 957 922 927 891 321 16% 16% 42.9% 45.7% 7% 45.3% 45.4% 34.8% 69 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 1Q 11 2Q 11 3Q 11 4Q 11 1Q
Slide 43: Ukraine Performance 1Q12
Table of Contents Ukraine Performance 1Q12 Revenues EBITDA and EBITDA Margin CAPEX * (UAH billion) (UAH billion) (UAH billion) +3% YoY -2% YoY EBITDA EBITDA Margin CAPEX CAPEX / Revenue Highlights: • Continued Total revenue growth of 3% YoY to UAH 3.1 billion; growth in both mobile and fixed-line re
Slide 44: CIS Performance 1Q12
Table of Contents CIS * Performance 1Q12 Revenues EBITDA and EBITDA Margin CAPEX ** (USD million) (USD million) (USD million) +8% YoY +1% YoY 198 626 614 430 419 389 175 171 351 379 161 44 159 39% 38% 39 41 36 41 16% 45.3% 45.0% 46.0% 40.8% 42.5% 348 386 380 342 310 61 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12
Slide 45: Financial Highlights
Table of Contents Financial Highlights Henk van Dalen CFO 11
Slide 46: 1Q12 Pro Forma Financial Performance
Table of Contents 1Q12 Pro Forma Financial Performance GROUP BUSINESS UNITS (USD million) 1Q12 1Q11 YoY Revenue EBITDA Revenues 5,619 5,481 3% FX and FX and Organic Reported Organic Reported EBITDA 2,311 2,285 1% others others Depreciation/ Russia 11% -3% 8% 9% -3% 6% Amortization/ -1,296 -1,382 -6%
Slide 47: 1Q12 Actual Financial Highlights
Table of Contents 1Q12 Actual Financial Highlights Consolidated financial highlights (Actual) (USD million) Actual 1Q12 1Q11 YoY Total operating revenues 5,619 2,740 105% EBITDA 2,311 1,203 92% EBITDA margin 41.1% 43.9% EBIT 1,015 627 62% Financial income and expenses (443) (126) 252% FX and Other 2
Slide 48: Debt, Cash and Ratios
Table of Contents Debt, Cash and Ratios Key Components Consolidated Cash and Net Debt Development Actual 1Q 2012 (USD million) March 31, (USD million) 2012 Cash, Cash Equivalents and 4,252 deposits Total Assets 56,121 4,252 28,591 26,876 (2,503) Gross Debt 28,591 24,373 (1,607) 872 670 31 24,339 -Sh
Slide 49: Debt Composition and Maturity Profile
Table of Contents Debt Composition and Maturity Profile Group Debt Maturity Schedule per May 2012 9.2 VimpelCom / OJSC WIND 5.6 OTH 3.3 2.1 2.4 1.3 1.6 1.0 1.5 Other information Debt Composition by Currency Actual During 1Q 12 OJSC completed a bond issue for RUB 35 billion (USD 1.2 billion) mainly t
Slide 50: Simplified legal / financing structure
Table of Contents Simplified legal / financing structure - per 31 March 2012 VimpelCom Ltd. VimpelCom Group VIP USD 2.2 bn OJSC Group USD 10.6 bn VimpelCom Wind Group USD 14.7 bn Amsterdam B.V. OTH Group USD 1.1 bn Gross debt USD 28.6 bn VimpelCom VimpelCom Amsterdam WIND Telecom Holdings B.V. Finan
Slide 51: Conclusion
Table of Contents Conclusion Jo Lunder CEO 17
Slide 52: Conclusion
Table of Contents Conclusion Strong performance across all our operations Turnaround successfully evolving in Russia Continued profitable growth in Africa & Asia, with impressive performance in Pakistan Operational excellence initiatives in Ukraine pointing to margin rebound Italy and CIS performing
Slide 53: Q&A
Table of Contents Q&A 19
Slide 54: Thank you!
Table of Contents Thank you! 20
Slide 55: For further information please contact Investor Relations
Table of Contents For further information please contact Investor Relations Claude Debussylaan 88 1082 MD Amsterdam The Netherlands T: +31 20 797 7200 E: Investor_Relations@vimpelcom.com www.vimpelcom.com 21
Slide 56: Appendices
Table of Contents Appendices 22
Slide 57: BU Russia: Operating Highlights
Table of Contents BU Russia: Operating Highlights Mobile subscribers ARPU and MOU (million) (RUR) (min) +5% YoY +2% YoY ARPU +17% YoY MOU 57.2 327 334 327 56.8 308 314 55.3 55.6 259 254 53.0 251 244 218 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 ARPU MOU Broadband subscribers Broadb
Slide 58: BU Europe & NA: Operating Highlights Italy
Table of Contents BU Europe & NA: Operating Highlights Italy Mobile subscribers ARPU and MOU (million) (EUR) (min) +4% YoY ARPU -5% YoY MOU +9% YoY 21.1 15.4 16.0 15.7 15.2 14.7 21.0 20.8 20.6 198 196 205 205 20.3 187 1 Q 11 2Q 11 3Q 11 4Q 11 1Q 12 1 Q 11 2Q 11 3Q 11 4Q 11 1Q 12 ARPU MOU Broadband s
Slide 59: FOREX Development
Table of Contents FOREX Development Average rates Closing rates Currency 1Q12 1Q11 YoY 1Q12 FY 11 Delta RUR 30.03 29.27 -2.5% 29.33 32.20 9.8% EUR 0.76 0.71 -6.3% 0.75 0.77 3.1% DZD 75.13 73.01 -2.8% 73.91 75.33 1.9% PKR 90.61 85.50 -5.6% 90.65 89.95 -0.8% BDT 82.78 71.39 -13.8% 81.79 81.83 0.1% UAH
Slide 60: Reconciliation Tables
Table of Contents Reconciliation Tables Reconciliation of consolidated EBITDA of VimpelCom Pro forma Actual USD million 1Q12 1Q11 1Q12 1Q11 Unaudited pro forma EBITDA 2,311 2,285 2,311 1,203 Depreciation (727) (730) (727) (423) Amortization (532) (665) (532) (143) Impairment (loss) / gain 6 23 6 - L
Slide 61: Reconciliation Tables
Table of Contents Reconciliation Tables Reconciliation of consolidated net debt of VimpelCom USD millions 1Q 12 4Q 11 Net debt 24,339 24,373 Cash and cash equivalents 4,033 2,325 Long - term and short-term deposits 219 178 Gross debt 28,591 26,876 Interest accrued related to financial liabilities 45
Slide 62: VimpelCom Ltd. Index sheet
Table of Contents VimpelCom Ltd. Index sheet Consolidated VIP Ltd. Consolidated 2 BU Russia Russia 3 BU Europe and North America Italy 4 BU Africa and Asia Algeria 5 Pakistan 6 Bangladesh 7 Sub Saharan Africa 15 SEA 16 BU Ukraine Ukraine 8 BU CIS Kazakhstan 9 Uzbekistan 10 Armenia 11 Tajikistan 12 G
Slide 63: VimpelCom Ltd. consolidated quarterly data
Table of Contents VimpelCom Ltd. (in USD millions, unless stated otherwise, unaudited) Consolidated Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 ACTUAL Total operating revenues 2,740 5,537 6,096 5,889 5,619 Gross margin 2,034 4,011 4,397 4,195 4,258 Gross margin, % 74.2% 72.4% 72.1% 71.2% 75.8% EBITDA 1,
Slide 64: Russia
Table of Contents Russia (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 2,064 2,329 2,397 2,274 2,225 Gross margin 1,458 1,630 1,654 1,526 1,556 Gross margin, % 70.6% 70.0% 69.0% 67.1% 69.9% Adjusted OIBDA 868 n.a.
Slide 65: Italy
Table of Contents Italy (in EUR millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total revenues 1,351 1,399 1,397 1,424 1,346 of which TLC Service Revenues 1,289 1,347 1,325 1,315 1,281 EBITDA 496 526 565 533 487 EBITDA margin 36.8% 37.6% 40.5% 37.4%
Slide 66: Algeria
Table of Contents Algeria (in USD millions, unless stated otherwise, unaudited) MOBILE Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 439 478 487 457 457 EBITDA 261 283 288 272 274 EBITDA margin 59.4% 59.2% 59.1% 59.5% 60.0% Capital expenditures 4 10 5 21 10 Subscribers (‘000) 15,5
Slide 67: Pakistan
Table of Contents Pakistan (in USD millions, unless stated otherwise, unaudited) MOBILE Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 275 292 281 286 286 EBITDA 111 118 116 119 121 EBITDA margin 40.3% 40.4% 41.3% 41.5% 42.3% Capital expenditures 45 52 55 109 24 Subscribers (‘000)
Slide 68: Bangladesh
Table of Contents Bangladesh (in USD millions, unless stated otherwise, unaudited) MOBILE Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 126 128 129 129 130 EBITDA 45 55 43 26 44 EBITDA margin 35.7% 42.7% 33.3% 20.3% 33.8% Capital expenditures 13 14 64 337 29 Subscribers (‘000) 20,
Slide 69: Ukraine
Table of Contents Ukraine (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 375 412 437 417 385 Gross margin 312 345 357 337 316 Gross margin, % 83.2% 83.7% 81.6% 80.9% 82.1% Adjusted OIBDA 204 n.a. n.a. n.a. n.a. Adju
Slide 70: Kazakhstan
Table of Contents Kazakhstan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 183 203 223 213 191 Gross margin 139 150 159 148 135 Gross margin, % 75.7% 73.9% 71.1% 69.4% 70.8% Adjusted OIBDA 93 n.a. n.a. n.a. n.a. Ad
Slide 71: Uzbekistan
Table of Contents Uzbekistan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 59 66 73 80 79 Gross margin 45 49 55 60 62 Gross margin, % 76.1% 74.2% 75.2% 75.1% 78.7% Adjusted OIBDA 27 n.a. n.a. n.a. n.a. Adjusted OIB
Slide 72: Armenia
Table of Contents Armenia (in US$ millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 46 47 51 46 39 Gross margin 29 31 34 32 28 Gross margin, % 63.1% 67.0% 67.0% 69.9% 72.2% Adjusted OIBDA 16 n.a. n.a. n.a. n.a. Adjusted OIBDA,
Slide 73: Tajikistan
Table of Contents Tajikistan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 21 26 29 25 21 Gross margin 15 20 22 19 16 Gross margin, % 71.2% 75.0% 75.0% 74.2% 74.5% Adjusted OIBDA 9 n.a. n.a. n.a. n.a. Adjusted OIBD
Slide 74: Georgia
Table of Contents Georgia (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 12 15 18 18 16 Gross margin 8 10 12 12 11 Gross margin, % 66.7% 64.2% 68.5% 65.5% 68.3% Adjusted OIBDA 2 n.a. n.a. n.a. n.a. Adjusted OIBDA, %
Slide 75: Kyrgyzstan
Table of Contents Kyrgyzstan (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 31 35 39 38 34 Gross margin 23 27 29 29 26 Gross margin, % 76.4% 76.7% 76.4% 75.9% 76.4% Adjusted OIBDA 17 n.a. n.a. n.a. n.a. Adjusted OIB
Slide 76: Sub Saharan Africa (Telecel Globe)
Table of Contents Sub Saharan Africa (Telecel Globe) (in US$ millions, unless stated otherwise, unaudited) MOBILE Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 25 24 21 24 22 EBITDA 4 2 7 -5 6 EBITDA margin 17.5% 7.5% 32.9% n.m. 28.1% Subscribers (‘000) 2,584 2,789 2,825 3,140 3,4
Slide 77: SEA
Table of Contents SEA (in US$ millions, unless stated otherwise, unaudited) CONSOLIDATED Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Total operating revenues 10.0 17.8 17.4 23.5 22.8 Adjusted OIBDA -3.2 n.a. n.a. n.a. n.a. Adjusted OIBDA, % n.m. n.a. n.a. n.a. n.a. EBITDA -3.2 -37.4 -15.2 -19.7 -6.0 EBI