The largest digital services provider in Russia

Rostelecom releases its 2002 Full Year IAS results

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Moscow, June 19, 2003: Rostelecom (NYSE: ROS; RTS: RTKM), Russia's national long-distance telecommunications operator, today announced audited results for the full year ended December 31, 2002 in accordance with International Financial Reporting Standards (IAS):

  • Revenue for the full year 2002 increased 0.3% to USD 844.9* million
  • Domestic long-distance traffic rose 15.5% versus 2001
  • International outgoing traffic grew by 14.1%, while incoming traffic increased by 12% in 2002
  • Including bad debt expense and additional depreciation** Rostelecom reported 2002 EBITDA*** of USD 327.1 million compared to USD 294.5 million in 2001, operating profit of USD 74.5 million versus USD 56.3 million in 2001, and net profit of USD 37.2 million compared to USD 116.8 million in 2001
  • EBITDA excluding provisions for bad debt grew 20.2% to USD 353 million, as cost reductions produced an increase in the underlying EBITDA margin (excluding provisions) from 34.9% to 41.8%
  • Operating profit excluding bad debt provision and additional depreciation amounted to USD 125.3 million, a 125.5% increase over 2001