B.G. Shpynev , A.V. Tashchilin, A.P. Potekhin, V.I. Kurkin, A.V.
NORTH- WEST TELECOM Investment Week St. Petersburg November 2003 OPEN JOINT-STOCK COMPANY A.V....
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Transcript of NORTH- WEST TELECOM Investment Week St. Petersburg November 2003 OPEN JOINT-STOCK COMPANY A.V....
NORTH-WEST
TELECOM
NORTH-WEST
TELECOM
Investment Week St. Petersburg November 2003
OPEN JOINT-STOCK COMPANY
A.V. ShalaginDeputy General ManagerEconomics and Finance Director
North-Western Federal District North-Western Federal District
Ñàí êò-Ï åòåðáóðã è Ë ÎÑàí êò-Ï åòåðáóðã è Ë Î
Àðõàí ãåëüñê
Âî ëî ãäàÂî ëî ãäà
Êàëèí èí ãðàäÊàëèí èí ãðàä
Ì óðì à í ñêÌ óðì àí ñê
Í àðÿí -Ì àðÍ àðÿí -Ì àð
Ï åòðî çàâî äñêÏ åòðî çàâî äñê
Ï ñêî âÏ ñêî â
Ñû êòû âêàðÑû êòû âêàð
Â.Í î âãî ðî äÂ.Í î âãî ðî ä
Area
1.7MIO sq. km
9.8% of RF
Area
1.7MIO sq. km
9.8% of RF
Population
14.3 MIO people
9.9% of RF
Population
14.3 MIO people
9.9% of RF
City population
82%
City population
82%
Income
3800 roubles/month/person
Income
3800 roubles/month/person
CORPORATE REORGANIZATION IN 2001-2002 CORPORATE REORGANIZATION IN 2001-2002
OJSC North-West Telecom
OJSC Artelecom
OJSC Artelecom
OJSC Murman Electrosvyaz OJSC Murman Electrosvyaz
OJSC Cherepovets-electrosvyaz
OJSC Cherepovets-electrosvyaz
OJSC Novgorodtelecom
OJSC Novgorodtelecom
OJSC Electrosvyazof Vologda Oblast OJSC Electrosvyazof Vologda Oblast
OJSC Electrosvyaz of the Republic of
Karelia
OJSC Electrosvyaz of the Republic of
Karelia
OJSC Electrosvyazof Kaliningrad
Oblast
OJSC Electrosvyazof Kaliningrad
Oblast
OJSC Electrosvyazof Pskov Oblast
OJSC Electrosvyazof Pskov Oblast
OJSC PTN OJSC PTN
OJSC SPb Telegraph OJSC SPb
Telegraph
OJSC SPb MMT
OJSC SPb MMT
REORGANIZATION PLANNED FOR 2004 REORGANIZATION PLANNED FOR 2004
ОАО «Северо-ЗападныйТелеком»
OJSC Lensvyaz
OJSC Lensvyaz
OJSC Svyaz of the Republic
of Komi
OJSC Svyaz of the Republic
of Komi
OJSC North-West Telecom
Main Main telecommunications telecommunications
operator in the operator in the North-West of RFNorth-West of RF
DYNAMICS OF INDUSTRY INDICES DYNAMICS OF INDUSTRY INDICES
419419 490490Receipts per employee, thousand roubles/year
336336
117117109109
125125Lines per employee, units
2002 2003(planned )
2004(forecasted )
Annual growth
20-25%0
4
8
12
16
2001 2002 2003 2004Years Years
Rece
ipts
, b
illio
n r
ou
ble
s R
ece
ipts
, b
illio
n r
ou
ble
s
13,613,6
8,18,110,110,1
12,212,2
DYNAMICS OF RECEIPTSDYNAMICS OF RECEIPTS
forecasted
planned
STRUCTURE OF RECEIPTS STRUCTURE OF RECEIPTS
LONG-DISTANCE AND INTERNATIONAL
COMMUNICATION
LONG-DISTANCE AND INTERNATIONAL
COMMUNICATION
44%44% 47,8%47,8%
4%4%4,2%4,2%
LOCAL COMMUNICATION
LOCAL COMMUNICATION
ISDN, INTELLIGENT DATA NETWORKS,
INTERNET
ISDN, INTELLIGENT DATA NETWORKS,
INTERNET
OTHER OTHER
DYNAMICS OF PROFIT, billion roubles DYNAMICS OF PROFIT, billion roubles
2002 2003(planned )
2004(forecasted )
2,62,6
0,30,3
2,82,8
0,80,8
3,33,3
1,11,1Net profit Net profit
Profit from sales Profit from sales
CAPITAL INVESTMENT, billion roubles
CAPITAL INVESTMENT, billion roubles
2002 2003(planned )
2004(forecasted)
1,71,71,71,7 3,03,03,03,04,04,04,04,0
COMPANY’S POSITION AMONG INTER-REGIONAL COMPANIES COMPANY’S POSITION AMONG INTER-REGIONAL COMPANIES
*according to the data of OJSC Svyazinvest for the 1st half of 2003
0,730,73Financial stability ratio Financial stability ratio 1
0,110,11Absolute liquidity ratio Absolute liquidity ratio 1
1,191,19Current liquidity ratio Current liquidity ratio 2
250,2150,21Profit from sales per employee (thousand roubles)
Profit from sales per employee (thousand roubles)
INDEX INDEX VALUE VALUE POSITION POSITION
OJSC NWT’S SHARE OF THE SERVICES MARKET
OJSC NWT’S SHARE OF THE SERVICES MARKET
DATA TRANSMISSION SERVICES AND INTERNET 14%DATA TRANSMISSION SERVICES AND INTERNET 14%
DATA TRANSMISSION AND LEASE OF COMMUNICATION CHANNELS 57%DATA TRANSMISSION AND LEASE OF COMMUNICATION CHANNELS 57%
LOCAL TELEPHONE COMMUNICATION 59%LOCAL TELEPHONE COMMUNICATION 59%
LONG-DISTANCE AND INTERNATIONAL COMMUNICATION 62%LONG-DISTANCE AND INTERNATIONAL COMMUNICATION 62%
INCREASING THE INVESTMENT ATTRACTIVENESS IN 2002-2003
INCREASING THE INVESTMENT ATTRACTIVENESS IN 2002-2003
July 2003 – the first holders of 1July 2003 – the first holders of 1stst level ADR are registered. level ADR are registered. ADR are issued against 2,313,000 deposited ADR are issued against 2,313,000 deposited
shares (0.3% of all common shares)shares (0.3% of all common shares)
July 2003 – the first holders of 1July 2003 – the first holders of 1stst level ADR are registered. level ADR are registered. ADR are issued against 2,313,000 deposited ADR are issued against 2,313,000 deposited
shares (0.3% of all common shares)shares (0.3% of all common shares)
The financial reports prepared according The financial reports prepared according to the international standards are disclosed to the publicto the international standards are disclosed to the public
The financial reports prepared according The financial reports prepared according to the international standards are disclosed to the publicto the international standards are disclosed to the public
Four committees are formed in the Board of Directors:Four committees are formed in the Board of Directors:Remuneration and Reporting CommitteeRemuneration and Reporting Committee
Corporate Management CommitteeCorporate Management CommitteeBudget CommitteeBudget Committee
Corporate Finance and Investment CommitteeCorporate Finance and Investment Committee
Four committees are formed in the Board of Directors:Four committees are formed in the Board of Directors:Remuneration and Reporting CommitteeRemuneration and Reporting Committee
Corporate Management CommitteeCorporate Management CommitteeBudget CommitteeBudget Committee
Corporate Finance and Investment CommitteeCorporate Finance and Investment Committee
22ndnd place in the competition held place in the competition held by RTS in 2002 – The Best Corporate Site by RTS in 2002 – The Best Corporate Site
22ndnd place in the competition held place in the competition held by RTS in 2002 – The Best Corporate Site by RTS in 2002 – The Best Corporate Site
MEASURES TO INCREASE THE INVESTMENT ATTRACTIVENESS
MEASURES TO INCREASE THE INVESTMENT ATTRACTIVENESS
A long-term programme of increasing
the capitalization and connections with investors
A long-term programme of increasing
the capitalization and connections with investors
Preparing and adopting the Corporate
Behaviour Code
Preparing and adopting the Corporate
Behaviour Code
Undergoing the shares listing
at the western stock exchange
(2nd level ADR) )
Undergoing the shares listing
at the western stock exchange
(2nd level ADR) )
Reducing the time
of preparing and disclosing financial reports complying with international
standards
Reducing the time
of preparing and disclosing financial reports complying with international
standards
RATING DYNAMICS IN 2002-2003 RATING DYNAMICS IN 2002-2003
5,6 5,95,6 5,9
CCC/stable
B-/stableCCC/stable
B-/stable
Corporate management ratingCorporate management rating
International credit ratingInternational credit rating
Credit rating according to the Credit rating according to the national scale national scale
ru-BB-
ru-BBBru-BB-
ru-BBB
STANDARD & POOR’S
BONDED LOANS BONDED LOANS
• minimizing the value of borrowed capital• reducing the percentage of currency liabilities • ensuring investment funding • increasing the time for attracting resources in roubles
• minimizing the value of borrowed capital• reducing the percentage of currency liabilities • ensuring investment funding • increasing the time for attracting resources in roubles
Goals of issue :Goals of issue :
Areas of use :Areas of use :
Debt refinancing Debt refinancing Investment project financing
Investment project financing
PARAMETERS 1st issue 2nd issue Face value volume of the issue, MIO roubles
300 1500
Number of bonds, thousand pcs. 300 1500
Circulation period, years 2 4
Floatation method Public subscription
Periods of presenting bonds for retirement
3 months ,
3 months ,
6 months
in 2 years
Date of retirement
09.04.2004
8.10.2006 – 30% of the face value
8.03.2007 – 30% of the face value
8.10.2007 – 40% of the face value
KEY PARAMETERS OF LOANS KEY PARAMETERS OF LOANS
1st issue 1st issue
300300
57057020,8%20,8%20,8%20,8% 15001500
2nd issue 2nd issue 26402640
14,4%14,4%14,4%14,4%
- issue volume, MIO roubles .- issue volume, MIO roubles .
- demand volume, MIO roubles - demand volume, MIO roubles
- profitability , %- profitability , %
COMPARISON OF LOAN PARAMETERS COMPARISON OF LOAN PARAMETERS
STRUCTURE OF BOND REPAYMENT STRUCTURE OF BOND REPAYMENT
10%
12%
14%
16%
18%
20%
22%
Jul.02
Oct.02
Jan.02
Apr.03
Jul.03
Oct.03
Jan.04
Apr.04
Jul. 04
Oct. 04
Jan. 05
Apr. 05
Jul. 05
Oct. 05
Jan.06
Apr. 06
Jul. 06
Oct. 06
Jan.07
Apr. 07
Jul. 07
Oct. 07
Co
up
on
ra
tes
, % p
er
an
nu
m
0
100
200
300
400
500
600
700
Re
pa
ym
en
ts, M
IO r
ou
ble
s .
coupons of the first issue coupons of the first issue
coupons of the second issue coupons of the second issue
Stage-by-stage retirement of the second issue
Stage-by-stage retirement of the second issue
The coupon rate will be determined by the Board of
Directors
The coupon rate will be determined by the Board of
Directors
Retirement of the first issue
Retirement of the first issue
COMPARISON OF LOAN INDICES OF INTER-REGIONAL COMPANIES COMPARISON OF LOAN INDICES OF INTER-REGIONAL COMPANIES
12
12,5
13
13,5
14
14,5
15,0
14.01.2004
01.08.2004
17.02.2005
05.09.2005
24.03.2006
10.10.2006
28.04.2007
14.11.2007
01.06.2008
Pro
fita
bilit
y b
y t
he m
om
en
t of
reti
rem
en
t ,
%P
rofi
tab
ilit
y b
y t
he m
om
en
t of
reti
rem
en
t ,
%
Tsentrtelecom 3
Tsentrtelecom 2 MGTS 3
RTK Leasing Tsentrtelecom 2
Volgatelecom YuTK
Uralsvyazinform 3
Sibirtelecom
Volumes of loans Volumes of loans
Reduction of profitability of the 1st issue bonds
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
Retirement date Retirement date May 2002 October . 2003
NWT 2
Dalsvyaz
THANK YOU FOR YOUR
ATTENTION !
THANK YOU FOR YOUR
ATTENTION !