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Vimpelcom posts Q4 loss on Canada, Ukraine writedowns

2014-03-06 09:10:00| Telecompaper Headlines

(Telecompaper) Vimpelcom reported a net loss of USD 2.660 billion for the fourth quarter, versus a profit of USD 195 million a year earlier, as the company wrote down the value of its investments in Ukraine and Canada. Revenues fell 7 percent to USD 5.554 billion, while EBITDA dropped a slower 3 percent to USD 2.372 billion, helping the margin increase to 42.7 percent. Sales were down in all its divisions apart from the CIS, due to regulatory and macroeconomic pressures, negative currency effects and tough competition in markets like Italy. On an organic basis, quarterly revenues were down 4 percent in Russia, 10 percent lower in Italy, 9 percent less in Ukraine and 8 percent lower in Africa and Asia. Over the full year 2013, Vimpelcom increased capex 3 percent to USD 4.233 billion or 19 percent of revenues, as it focused on expanding its broadband networks. The capex-sales ratio is expected to increase further in 2014 to 21 percent, as the roll-out of 3G and 4G continues in key markets. Operating cash flow fell 5 percent to USD 5.386 billion in 2014, and the net debt ratio increased slightly to 2.3x EBITDA. The company reiterated its plan to sharply reduce dividends until the debt ratio drops to 2.0. Vimpelcom also maintained its outlook issued in January for stable revenues and EBITDA this year and net debt around 2.3x EBITDA at year-end.

Tags: canada posts loss ukraine

Telcos don't own customers, they earn them - Vimpelcom

2014-02-28 01:00:00| Total Telecom industry news

Russian operator encourages operators to partner with Internet, content firms, but complains about uneven regulation.

Tags: them customers earn telcos

UPDATE 2-Russian mobile firm Vimpelcom slashes dividend, spooking investors

2014-01-29 07:50:23| Telecom - Topix.net

Vimpelcom, Russia's third biggest mobile operator, said it would slash its dividend to pay down debt piled up in an aggressive expansion drive, marking an unexpected policy shift that spooked shareholders.

Tags: mobile update firm investors

Vimpelcom cuts dividends as growth slows

2014-01-28 14:14:00| Telecompaper Headlines

(Telecompaper) Vimpelcom announced it will not pay a final dividend for 2013 and reduce dividends for 2014, as it focuses on debt reduction and investment in the face of difficult economic and regulatory conditions in its markets. The company paid an interim dividend of USD 0.45 per share in 2013 and previously pledged a pay-out of USD 0.80 per share annually. From 2014, it aims to pay an annual dividend of USD 0.035 per share until its reduces net debt to less than two times annual EBITDA. The announcement was made at a strategy meeting with analysts in London where Vimpelcom updated its medium-term targets and issued new guidance for 2014. This year it targets stable revenue and EBITDA, net debt at around 2.3x EBITDA by year-end, and capex excluding licences at 21 percent of revenue. At the same meeting a year ago, it issued forecasts for the period 2013-2015 of a mid single-digit CAGR in revenue and EBITDA, net debt below 2x EBITDA by the end of 2015, and capex, excluding licences, of less than 15 percent of revenues by 2015.

Tags: growth cuts dividends slows