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Vimpelcom maintains outlook as Q2 revenues fall 11%
2014-08-06 09:11:00| Telecompaper Headlines
(Telecompaper) Vimpelcom reported second-quarter results lower, hurt by the difficult economic conditions in key markets such as Italy, Russia and Ukraine. Revenues fell 11 percent to USD 5.067 billion, and EBITDA was down 14 percent to USD 2.076 billion. On an organic basis, revenues fell 6 percent, with a 9 percent fall in Italy, Russia down 6 percent, Africa & Asia declining 4 percent and Ukraine 5 percent lower. Only the CIS region showed growth, with revenue up 4 percent year-on-year. Net profit plunged to USD 100 million from USD 573 million a year earlier, hurt by higher tax payments. Vimpelcom said it expects net profit to improve by USD 500 million this year due to lower interest payments after the refinancing of Wind and the sale of Djezzy in Algeria. The latter is still expected to close by year-end and the proceeds will be devoted to debt reduction. Net debt is expected to drop to 2.4 times EBITDA by year-end, from 2.6 at the end of June. Vimpelcom also maintained its outlook for a low to mid-single digit annual drop in revenue and EBITDA in 2014 and capital expenditure at 21 percent of revenue. In the first half of 2014, the company spent USD 1.743 billion on capital equipment up 26 percent from a year earlier, while operating cash flow fell over the same period by 29 percent to USD 2.421 billion. The company said the high investments are needed to support the growth in mobile data services. Mobile data revenue was up 19 percent year-on-year in Q2, while the total mobile customer base rose by 2 percent to 220.6 million.
Tags: fall
outlook
revenues
maintains
Vimpelcom names former Telefonica exec as new COO
2014-07-01 02:00:00| Total Telecom industry news
Rene Schuster joins Russian company, effective immediately; current operating chief to retire in December.
Vimpelcom cuts outlook as revenues fall 10% in Q1
2014-05-14 09:19:00| Telecompaper Headlines
(Telecompaper) Vimpelcom lowered its full-year outlook after reporting a weak set of first-quarter results. The company now expects a low to mid single digit decline in revenue and EBITDA this year, after previously forecasting stable results. As a result, net debt will be around 2.4x EBITDA, versus an earlier target fo 2.3x. Capital expenditure is expected to remain high, at 21 percent of revenue excluding licences. In the first quarter, revenue fell 10 percent year-on-year to USD 5.02 billion, hurt by negative currency effects and the difficult market conditions in Ukraine. On an organic basis, revenue was down 6 percent in Russia, 7 percent in Italy and Ukraine, and 1 percent in Africa and Asia, while growing 3 percent in the CIS states. Vimpelcom said it expects market conditions to remain difficult this year in its two largest markets, Russia and Italy. Group EBITDA fell 11 percent to USD 2.09 billion, and net profit plunged to USD 39 million from USD 408 million a year ago. Vimpelcom increased capex 24 percent to USD 736 million in Q1, while operating cash flow fell 23 percent to USD 1.35 billion. The group's mobile customer base was still up 3 percent year-on-year to 218 million, and all the business units posted double-digit growth in data revenues.
Vimpelcom does $2.64bn Djezzy deal
2014-04-22 02:00:00| Total Telecom industry news
Russian operator resolves issues in Algeria with sale of 51% stake in mobile operator to state-owned investment fund.
VimpelCom Sells 51% Djezzy Stake to Algeria to Reduce Debt
2014-04-18 20:59:36| Telecom - Topix.net
VimpelCom Ltd. agreed to sell a majority stake in its Algerian unit Djezzy to the North African country's government, providing it with $4 billion in cash and dividends that will allow it to cut debt.
Tags: reduce
debt
algeria
sells
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