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Golden Telecom announces a 28% year-on-year increase in revenues compared to 2005 and a 35% increase in net income (excluding cost of Stock Appreciation Rights1 (“SARs”)
15 Mar 2007
MOSCOW, Russia (March 15, 2007) — Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), today announced its financial and operating results for the fourth quarter and twelve months ended December 31, 2006.
Commenting on today’s announcement, Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, said, “The fourth quarter concluded a great year for our Company. The strategy we embarked upon last year 1
has already started to bear fruit. Our revenues grew by 28% when compared to 2005. During the same period our EBITDA2 grew 23% without costs of SARs. If we compare 4Q06 with 4Q05, the revenue growth was 43% while our EBITDA without cost of SARs grew by 41%. In the fourth quarter of 2006 approximately 39% of our revenues came from the regions, where our business grew by 46% compared to the fourth quarter of 2005. At the same time we continue to grow in our core market – Moscow, where our revenues increased by 41%. Both in Moscow and in the regions our revenues are growing more than twice the market rate.”
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Golden Telecom Inc.
Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Golden Telecom, Inc., Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia , the CIS and other promising emerging markets.
Golden Telecom Inc. is a leading independent fixed-line communications operator in Russia. The company provides, via its own infrastructure, complex telecommunications and internet services in Russia and several CIS countries. Listed on US NASDAQ. In Q1 2008, VimpelCom acquired 100% of the oustanding share capital of Golden Telecom.
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