Revenue History (million LVL) Capital expenditure (million LVL)
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1 I N T E R I M R E P O R T 2 1 J a n u a r y J u n e 2 1
2 O P E R A T I O N A L R E V I E W Lattelekom Group is the leading telecommunications operator in Latvia. The company provides a large variety of telecommunications services, from fixed telecommunications to data transmission, leased lines and Internet. The Company has 4,423 employees. Lattelekom services 731,891 subscriber lines throughout the country. Lattelekom was established on January 14, % of Lattelekom shares are owned by the government of the Republic of Latvia, but 49% by international telecommunications consortium TILTS Communications. 9% of TILTS Communications shares are owned by Finnish company Sonera Holdings B.V., but 1% by International Finance Corporation. Pursuant to the laws of the Republic of Latvia Lattelekom has exclusive rights to provide fixed telecommunications services in Latvia. It is anticipated that the term of monopoly will expire on January 1, 23. Lattelekom subsidiary Lattelekom Sakaru Sistémas Ltd. provides a wide range of customer premises equipment, from telephones to PBXs. In April this year Lattelekom launched a new brand Verdi Informåcijas Sistémas un konsultåcijas (Verdi). The new brand stands for a wide range of IT services, from business consultancy to e-business solutions, network applications and system integration services. Lattelekom have got two more brands Apollo and Directory Inquiries 118 which stand for Internet services (the former) and directory inquiry services (the latter). In total Lattelekom has invested over 37 million Ls in the modernisation of telecommunications network. During the period under review the main attention has been focused on the modernisation of telecommunications and development of internet and data services. Financial results. Lattelekom has assessed operational performance of the group during the first half of according to the un-audited interim financial statements of the group which are based on International Accounting standards. In comparison with the same period of the previous year, consolidated revenue has grown by 7% to LVL 72. million, while the net profit figure decreased by LVL.2 million or 2%. Net profit was lower mainly due to the revision of the useful lives of some categories of fixed assets. Considering the growing competition in the telecommunications sector, the operations of Lattelekom in the interim period were quite successful. Revenue from domestic telephone services grew by 7% to LVL 47.5 million, while revenue from international telephone services decreased by 2% to LVL 13.3 million. The main reason of the decrease is the activities of the providers of voice over internet services. For the past two years there were no increases in the tariffs of the regulated services, and for some services tariffs were lowered. The volume of domestic and international traffic was essentially the same as during the first six months of the previous year with the exception of traffic to domestic mobile networks which grew by 28 % and Internet dial-up traffic which increased by half. Overall there was a 4% increase in customer traffic minutes. Revenue from other services increased by 21% to LVL 11.2 million. Within this figure the fastest growth was achieved in internet and data services, sales of customer telecommunications equipment and IT related services. EBITDA (earnings before tax, interest, depreciation and losses from disposal of assets) grew by LVL 4. million and reached EBITDA margin of 47% (45% during the same period of 2). The growth of EBITDA was restricted by over one million lats higher interconnection fees paid to domestic mobile operators and an increase in other operating costs of LVL.9 milllion driven by costs of goods sold to customers. Profit from operations for the first six months of was LVL 11.2 million compared to LVL 12.3 million during the corresponding period of 2. Operating profit was affected by LVL 5.3 million higher depreciation charge due to further capital investments and revision of useful lives of some categories of fixed assets. Such revision was necessary because of the fast pace of technological development in telecommunications sector, and the depreciation rates were benchmarked against those used by other telecommunications operators in the region. Consolidated financial expenses and income for the period resulted in an income of LVL.6 million (LVL.9 million in the first half of 2). This includes income from Lattelekom s 23% ownership share in Latvijas Mobilais Telefons (LMT), consolidated using equity method. 1
3 Revenue History (million LVL) Capital expenditure (million LVL) Net profit (million LVL) EBITDA (million LVL) Net profit of the group for the six months period to 3 June was LVL 11.1 million (LVL 11.3 million for the same period of 2). Consolidated net cash flow from operating activities increased by LVL 2.8 million or 12% compared to the same period last year. Lattelekom was able to finance internally all capital expenditure projects during the period under review and to slightly reduce the level of borrowings. Investments in network development. During the first half of capital investments were continued in modernisation of telecommunications network and improvement of the quality of services. LVL 19.2 million have been invested during the interim period, and the total forecast expenditure for the whole year is close to LVL 6. million. At the end of June 55.2% of all customer lines were connected to the digital network. At the end of 2 the digitalisation rate was 52.2%. By the end of Lattelekom plans to increase the share of digital lines to 67%. Considerable work has been done in Riga, Gulbene and Smiltene. The preparations have started in Liepåja, Saldus, LimbaΩi, Valka, Jékabpils and Balvi regions for the cut-over of the networks to digital system scheduled for the next year. During the first half of the optical cable trunk line was built between Ventspils and Kuldîga and the construction of optical access network continued in Ventspils. Major capital investment projects in will be modernisation and expansion of exchanges in Riga as well as several regional modernisation projects in Ogre, Daugavpils, Madona and Aizkraukle regions and town of Gulbene. The construction of optical cable trunk lines Saulkrasti LimbaΩi Rüjiena, Gulbene Madona, Riga Baldone Bauska and Riga Salaspils Ogre will be continued. New services and products. During the first six months of Lattelekom has launched 27 new services and products. ISDN services provide versatility of application, which is why these services have become very popular lately. During the first six months of this year Lattelekom has launched another two ISDN-series services ISDN Office and Economy ISDN, which are targeted at small/medium companies and residential customers. In April this year Lattelekom reduced the ISDN installation charge by nearly 3% making the service even more affordable. On May 1, Lattelekom introduced new payphone tariffs which included a 12.5% cut of the basic tariff of local calls, a 3% cut of the basic tariff of national calls and a 1 santim increase of the connection fee. Simultaneously with this Lattelekom also made amendments to the payphones tariff system so that the tariffs were the same all over the country. In April this year Lattelekom introduced a new tariff plan International call tariff plan, which will benefit those customers who make frequent calls to a specific country. Internet and data transmission services. Although the growth in E-commerce has been lower than anticipated, Lattelekom is continuing with its policy of developing new data services. The company has kept the promise, which it made at the end of last year and launched Collocation Centre. The Collocation Centre has been designed to host the customers IT equipment. It complies with the recognised technical standards and provides direct access to Lattelekom data network. 2
4 Waiting list ( ) Total number of customer lines ( ) As of April this year Lattelekom offers a new Internet service Home DSL (digital subscriber line). Home DSL is targeted at residential customers and equals Ultra DSL that is targeted at business customers. Home DSL allows to download information at a speed of up to 256 Kbit/s, whereas the upload speed is up to 64 Kbit/s. As of May this year customers in Rîga, Ventspils, Daugavpils, Jelgava, Liepåja, Césis and Valmiera can access Internet services, which are based on DSL technology. In May Lattelekom launched its first Apollo E-kiosk which allows a 24h public access to the Internet services including , news, on-line shopping, Internet banking, etc. Payment is made by using a normal Lattelekom telecard. The target audience of the service is customers who do not have direct access to the Internet. In April Lattelekom launched the second broadband Internet connection, which connects Lattelekom and Ebone (one of the leading ISP in Europe) networks. With the launch of the said connection Lattelekom now has two Internet connections with the total capacity of over 11 Mbit/s. Lattelekom supports the Rîga 8 anniversary event. In Spring Lattelekom signed a partnership agreement with Rîga 8 Agency according to which Lattelekom will provide financial support for the Rîga 8th anniversary festivities, whereas Directory Inquiries and Apollo will provide a detailed account of the Rîga 8 anniversary events. To commemorate the event Lattelekom has also issued a special Rîga 8 telecard that is the first three dimensional telecard in the world. Customer Services. In May Lattelekom started the reorganisation of customer services to increase the efficiency of operations and improve the quality of customer services. Reorganisation of customer services shall be completed by the end of this year. From now on customer service will be provided over the phone on calling the toll-free Customer Services Helpdesk on 844. In conjunction with partners Lattelekom is developing a chain of stores where customers can buy a large variety of telecommunications products and apply for Lattelekom services. Lattelekom starts implementation of a new billing system. In June Lattelekom started preparing the ground for the introduction of a new billing system, which will allow to improve the quality of customer services. The new billing system will provide public access to information regarding billing and various Internet services. It will also fuel the development of new products and allow to introduce new tariffs and various discount schemes more efficiently. The new billing system will be fully introduced by the end of 22. 3
5 CONDENSED FINANCIAL STATEMENTS ( U N A U D I T E D ) Accounting Policies The consolidated interim financial statements of Lattelekom Group are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2. Parent and Group comparative data for January - June 2 are the same as the subsidiary was established in August 2. These interim financial statements should be read in conjunction with the 2 annual financial statements available at Condensed Income Statement January-June January-June Full Year 2 2 LVL LVL LVL Revenue 72,17 67, ,526 Other operating income ,92 Payments to other telecommunications operators (9,624) (8,55) (17,287) Employee costs (12,432) (13,122) (26,83) Depreciation and amortisation (1) (23,272) (17,927) (36,741) Management and technology transfer fees (929) (1,185) (2,351) Other operating expenses (15,499) (14,558) (28,698) Losses on disposal of assets (7) (27) (535) Total operating expenses (61,826) (55,549) (112,442) Operating profit 11,163 12,329 26,4 Net financial income including share of result of associates ,37 Profit before tax 11,794 13,246 28,41 Income tax (2) (685) (1,929) (4,724) Net profit 11,19 11,317 23,317 Earnings per share (in LVL) (1) Effective from 1 January the useful economical lives of certain categories of property, plant and equipment have been reappraised and depreciation rates adjusted accordingly. If the previous depreciation rates had been applied then the depreciation charge would have been LVL million for the six months period of (LVL million less). (2) For the first six months period corporate income tax expenses were LVL million, and deferred tax income of LVL million was calculated for decrease in deferred tax liabilities. Breakdown of Revenue by Service January-June January-June Full Year 2 2 LVL LVL LVL International telephone services 13,337 13,622 26,626 Domestic telephone services 47,57 44,323 9,311 Other telecommunications services 11,173 9,181 19,589 Total revenues 72,17 67, ,526 4
6 Condensed Balance Sheet 3 June 3 June 31 December 2 2 LVL LVL LVL ASSETS Non current assets 239, , ,69 Current assets Inventories 3,753 3,929 2,85 Receivables and prepayments 22,297 2,97 2,1 Cash and deposits 12,461 3,652 1,457 38,511 28,551 33,263 Total assets 278, , ,953 EQUITY AND LIABILITIES Capital and reserves Ordinary share capital 146,79 146,79 146,79 Reserves 7,818 3,91 3,91 Retained earnings / (accumulated losses) 16,691 (2,51) 9,49 17, , ,479 Non current liabilities 72,156 82,341 81,238 Current liabilities Trade and other payables 2,93 17,273 27,736 Borrowings 15,5 7,183 8,5 35,593 24,456 36,236 Total equity and liabilities 278, , ,953 Condensed Statement of Changes in Equity Ordinary share Reserves Retained earnings/ Total capital (accumulated losses) LVL LVL LVL LVL Balance at 1 January 2 146,79 (9,917) 136,162 Transfers 3,91 (3,91) Net profit for the period 11,317 11,317 Balance at 3 June 2 146,79 3,91 (2,51) 147,479 Balance at 1 January 146,79 3,91 9,49 159,479 Transfers (3) 3,98 (3,98) Net profit for the period 11,19 11,19 Balance at 3 June 146,79 7,818 16,691 17,588 (3) In accordance with Latvian law On the Annual Accounts of Companies undistributable reserve of LVL million has been created corresponding to the share of increase in the net assets of associated undertaking, as well as a statutory reserve of LVL 1.22 million according the law On Limited Liability Companies. At the annual general meeting held on 8 March, shareholders decided to postpone decision on distribution of year 2 profit until the approval of the Modernization plan by the Board of Directors. 5
7 Condensed Cash Flow Statement January-June January-June Full Year 2 2 LVL LVL LVL Cash flow from operating activities Operating profit 11,163 12,329 26,4 Adjustments for: Depreciation and amortisation 23,272 17,927 36,741 Loss on disposal of assets Foreign exchange difference (63) Operating profit before working capital changes 34,45 3,426 63,221 Changes in working capital (5,37) (3,67) (39) Tax paid (2,67) (1,394) (1,66) Net cash interest expenses including dividends received (18) (1,783) (3,721) Net cash from operating activities 26,473 23,642 57,855 Net cash used in investing activities (23,219) (13,478) (39,954) Net cash used in financing activities (1,25) (11,993) (12,925) Net increase / (decrease) in cash and cash equivalents 2,4 (1,829) 4,976 Cash and cash equivalents at beginning of period 1,457 5,481 5,481 Cash and cash equivalents at end of period 12,461 3,652 1,457 Statistics January-June January-June Full Year 2 2 Key financial indicators EBITDA (LVL ) 34,55 3,463 63,28 EBITDA margin 47% 45% 46% Operating margin 15% 18% 19% Capital expenditure (LVL ) 19,154 9,477 43,79 Operational Total number of telephone lines ( ) Waiting list customers ( ) Digitalization rate 55.2% 45.2% 52.2% Staff at period end 4,423 4,818 4,335 6
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