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Vimpelcom posts USD 1 bln loss in Q3 on Uzbekistan provision
2015-11-06 09:06:00| Telecompaper Headlines
(Telecompaper) Vimpelcom reported a net loss of USD 1.005 billion for the third quarter, versus a profit of USD 105 million a year earlier, due to a provision of USD 900 million for possible damages from the pending investigation into its Uzbekistan activities. Underlying results were also under pressure from negative currency effects and difficult economic conditions in some of the Russian company's markets. Revenues fell 31 percent to USD 2.442 billion, and EBITDA was down 96 percent to USD 58 million. On an organic basis excluding currency effects, Vimpelcom said revenues were up 2 percent, while EBITDA excluding one-time items was down just 1 percent. The new CEO Jean-Yves Charlier said the company was sticking to its financial targets as the transformation programme started earlier this year makes progress. The company will give more details on its strategy at the full-year results penetration next year, he said. For 2015, Vimpelcom forecasts service revenue flat to a single-digit decline, the underlying EBITDA margin flat to minus 1 percent point, and capital expenditure excluding licence fees at 18-20 percent of revenue. In the first nine months of the year, service revenue was flat, the underlying EBITDA margin fell 1.2 percent points to 41.3 percent, and capital expenditure nearly halved to USD 1.137 billion, or 15.5 percent of revenue. Operating cash flow in the nine months was down 23 percent year-on-year to USD 1.887 billion, but Vimpelcom said it will pay a dividend of USD 0.035 per share in December.
Tags: posts
loss
usd
provision
Norway Police Arrests Ex-Chief Of Russia's Vimpelcom
2015-11-05 15:38:53| Telecom - Topix.net
Norwegian police say they have arrested the former chief of Russian telecoms provider Vimpelcom, which is embroiled in corruption allegations concerning its activities in Uzbekistan. In a statement on November 5, police said Jo Lunder, a Norwegian national who was CEO and a board member of Vimpelcom between 2001 and last April, was detained late on November 4 at the Oslo airport as he flew in from London.
Tags: police
norway
arrests
russias
Deloitte to probe Telenor's Vimpelcom stake
2015-11-05 01:00:00| Total Telecom industry news
External review to look at Norwegian telco's governance structure, board's conduct regarding Vimpelcom's Uzbek investment.
Tags: probe
stake
deloitte
telenors
VimpelCom $900 Million Bribe Provision Is Gauge for Rivals
2015-11-04 09:37:14| Appliances - Topix.net
VimpelCom set aside almost twice its Uzbek earnings before interest, taxes, depreciation and amortization last year. Dutch, Swedish, Swiss and U.S. authorities have spent years probing graft allegations connected to the three European phone companies' contract wins in Uzbekistan.
Tags: million
provision
gauge
rivals
Vimpelcom takes USD 900 mln charge for Uzbek investigation
2015-11-03 08:46:00| Telecompaper Headlines
(Telecompaper) Vimpelcom announced it will take a provision of USD 900 million to cover potential liabilities in the investigation into its Uzbekistan activities. Vimpelcom said it was still in talks with the authorities on resolving the case and there was no assurance as to the final cost to the company. The Securities and Exchange Commission and Department of Justice in the US where Vimpelcom is listed and the Public Prosecutor (Openbaar Ministerie) of the Netherlands where Vimpelcom is based are investigating how Vimpelcom obtained its operating licence in Uzbekistan. The company is suspected of paying bribes to a close relative of Uzbek president Islam Karimov, in exchange for access to Uzbekistan's telecommunications market. Vimpelcom has been in talks with the authorities on settling case since early this year.
Tags: charge
takes
usd
investigation
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