Vimpelcom Reports Q2 Profit of $573M
AMSTERDAM -- KEY RESULTS AND DEVELOPMENTS IN 2Q13
"VimpelCom Ltd" ("VimpelCom", "Company" or "Group") (VIP), a leading global provider of telecommunications services, today announces operating and financial results for the quarter ended June 30, 2013.
JO LUNDER, CHIEF EXECUTIVE OFFICER, COMMENTS:
"VimpelCom continued to report positive organic revenue growth in the second quarter, despite the negative impact of regulatory and governmental measures, driven by strong performances in our Russia and CIS units. EBITDA on an organic basis fell by 1% due to the MTR cuts in Italy and certain one-off charges. Underlying organic EBITDA growth, excluding these effects, would have been 3% YoY. Mobile data revenues have again been strong in the quarter, increasing by 37% year-on-year in both Russia and Italy. Operational cash flow, defined as EBITDA minus CAPEX, increased 12% year-on-year to USD 1.6 billion, increasing the operational cash flow generated in the last twelve months to 26% of revenues. These are solid results in the context of increasing competitive intensity and regulatory pressures in several of our markets. I remain confident that VimpelCom will deliver on its strategic objectives as a result of our continuing focus on operational excellence, cost control and customer excellence."