Ukrtelecom bottom line triples in 1H15

Ukrtelecom bottom line triples in 1H15



27 липня 2015 года
Конкорд Капитал

Укртелеком (UTLM)


Ukraine's leading fixed line telecom and Internet operator Ukrtelecom (UTLM UK) reported a 2% yoy increase in net revenue to UAH 3,314 mln in 1H15. The growth was fueled by its improved Internet segment (+5% yoy to UAH 718 mln) and the value of services provided to international operators (+48% yoy to UAH 464 mln). Revenue at its local voice segment dropped 3% yoy to UAH 1,375 mln, while revenue at its long-distance voice segment plunged 40% yoy to UAH 127 mln.

The company’s EBITDA slid 21% yoy in 1H15 as a result of significant cost savings due to falling headcount (-10% in employee and social costs to UAH 1,272 mln). That was offset by a 4.4x jump in unidentified “other operating costs” (to UAH 467 mln).

As a result, Ukrtelecom’s 1H15 bottom line surged 206% yoy to UAH 142 mln, mainly due to a 46% decrease in D&A expenses and 4x jump in “other incomes." Ukrtelecom’s net debt increased 6% YTD to UAH 2,157 mln as of end-1H15, and its net debt-to- LTM EBITDA ratio amounted to 1.9x.

Источник: Конкорд Капитал

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