North-West Telecom has summarized its performance for the 1st half of 2005 according to the International Accounting Standards (IAS). The interim consolidated financial statements are not audited and are presented in the volume of the balance sheet, profits and losses account and notes. These statements do not contain all of the disclosures required in accordance with the IAS, but their volume is sufficient to get an idea of the financial position and performance of the Company for 6 months of 2005.
It is for the first time that JSC North-West Telecom publishes its statements for 6 months according to the IAS. It has never produced such statements before.
These non-audited consolidated financial statements do not contain information on the comparable data provided in the financial statements for 6 months of 2004. For comparison purposes, JSC NWT provides financial data for the whole of 2004.
In accordance with the IAS, the incomes from the core business for the 1st half of 2005 exceeded RUR 9 912.9 million. (RUR 15 407,4 million for the year 2004).
The EBITDA for the 1st half of 2005 amounted to RUR 2 911 million (RUR 3 659 million for the year 2004). As the growth of revenue outpaced the expenses, the EBITDA profit rate reached 29.4% (total for year 2004 - 23,7% )
The net profit in accordance with the IAS for the 1st half of 2005 was equal to RUR 1 026 million.
According to the Chief financial officer, Venera Khusnutdinova, ôthe provision of interim statements for the half of the year according to the IAS is another step towards corporate transparency, provision of full information on the activity of the company to other shareholders and the investment community. OJSC NWT is committed to follow this practice in the effort to comply with international corporate governance standardsö.