UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April 2006
Commission File Number 1-14522
Open Joint Stock Company
“Vimpel-Communications”
(Translation of registrant’s name into English)
10 Ulitsa 8-Marta, Building 14, Moscow, Russian Federation 127083
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): .
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): .
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ¨ No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| OPEN JOINT STOCK COMPANY | ||||
| “VIMPEL-COMMUNICATIONS” | ||||
| (Registrant) | ||||
| Date: April 19, 2006 | By: | /s/ Alexander V. Izosimov | ||
| Name: | Alexander V. Izosimov | |||
| Title: | Chief Executive Officer and General Director | |||
VimpelCom
Presentation of 4Q And Annual 2005 Financial and Operating Results
April 18, 2006
April 18, 2006
Disclaimer
This presentation contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate, in part, to the Company’s strategy and development plans, such as growth in Russia and the CIS in terms of subscribers, revenues and operating coverage area as well as our proposal to acquire Kyivstar. The forward-looking statements are based on management’s best assessment of the Company’s strategic and financial position, and future market conditions and trends in Russia and the CIS. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of risks and uncertainties relating to developments from competition, governmental regulations of the wireless telecommunications industry, general political uncertainties in Russia and the CIS, general economic developments in Russia and the CIS, and/or litigation by third parties or our shareholders (including Telenor). The actual outcome may also differ materially if the VimpelCom Group is unable to (i) comply with the terms of its licenses and frequencies, (ii) obtain sufficient funding and/or (iii) obtain all necessary corporate approvals relating to the business of VimpelCom and its subsidiaries (including approval of the budget, funding, specific transactions, and operational and other issues by VimpelCom and its subsidiaries), and other factors. There can be no assurance that these risks and uncertainties will not have a material adverse effect on the VimpelCom Group, that the VimpelCom Group will be able to meet its capital investment plans, that it will be able to continue to expand and grow its subscriber base in Russia and the CIS, that the Company will acquire Kyivstar, or that the Company will be successful in integrating its acquired CIS operations into the VimpelCom Group. There can be no assurance that the pending litigation relating to our acquisition of URS will not have an adverse result on the Company or that other actions taken by VimpelCom or URS will not be challenged by third parties or our shareholders (including Telenor). If any such challenges are successful, including if they were to lead to the possible unwinding of the URS acquisition or other transactions or the payment of damages, such challenges could have a material adverse effect on the Company, its operations and its financial condition. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2004 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
| 2 |
|
Welcome Remarks
Alexander Izosimov, Chief Executive Officer
VimpelCom’s Strategy
Extract value from existing operations
Increase revenue market share
Increase loyalty focusing on high-end subscriber segments Increase market share in business/Hi-value segment Stimulate traffic usage and up-sell / cross-sell VAS
Complete the regional growth phase in Russia
Capture remaining organic growth Utilize unified business model:
Brand, tariffs and products Network rollout & operations Customer Service IT, Billing and Reporting Organizational structure
Apply tailored strategy for each region
Continue with the CIS expansion
Develop the acquired assets
Selective acquisitions and green field opportunities in the CIS
Industrial approach utilizing synergies with existing VimpelCom operations
Ensure cost efficiency
| 4 |
|
Russia and CIS License Footprint
Spreads over 11 time zones
Moscow
Population: 17.0 mln.
Northwest
Population: 14.0 mln.
Urals
Population: 18.3 mln.
Central
Population: 21.0 mln.
Ukraine
Population: 48.5 mln. Launched: Nov.2005
South
Population: 22.9 mln.
Volga
Population: 25.3 mln.
Kazakhstan
Population: 15.0 mln. Launched: Sept. 2004
Uzbekistan
Population: 26.0 mln. Launched: Jan. 2006
Tajikistan
Population: 6.8 mln. Launched: Dec. 2005
Siberia
Population: 15.3 mln.
Far East
Population: 11.4 mln.
In commercial operation
Other licensed regions Unlicensed territories
Ukraine
Uzbekistan
kazakhstan
Russia
5
Strong Subscriber Growth
Subscribers in Russia, mln.
51.2%
58.9%
67.2%
77.0%
86.6%
125.76
111.74 97.60 85.56 74.35
Subscribers in Kazakhstan, mln.
18.3%
21.6%
25.3%
31.0%
36.5%
2.72
3.21
3.77
4.65
5.42
4Q04 1Q05 2Q05 3Q05 4Q05
4Q04 1Q05 2Q05 3Q05 4Q05
Subscribers in Russia
Penetration
Subscribers in Kazakhstan
Penetration
Source: VimpelCom, independent sources, competitors’ data
| 6 |
|
Strong Growth in Russian Regions and Kazakhstan
Subscribers, (‘000)
19,106
859 484
1,102
1,510
2,642 3,415
4,244
4,851
22,630
1,131 585
1,532
1,850 3,087
3,892
4,882
5,672
26,601
1,402 732
1,926
2,076 3,609
4,785
5,554
6,518
31,177
1,652 1,013
2,365
2,327
4,245
6,073
6,243
7,259
35,838
2,050 1,172
2,994
2,671
4,778
6,808
7,157
8,208
4Q04 1Q05 2Q05 3Q05 4Q05
Central Volga South Siberia Northwest Ural Far East Kazakhstan
| 7 |
|
Market Share
Subscriber Market Share in Russia
36% 35%
35% 35% 35%
35% 35% 35%
34% 34%
18% 19% 19% 19% 18%
11% 12% 11% 12% 12%
4Q04 1Q05 2Q05 3Q05 4Q05
MTS
VimpelCom
MegaFon
Others
Subscriber Market Share in Kazakhstan
80% 60% 40% 20% 0%
66%
62% 62%
60% 60%
37% 36% 37% 35% 32%
3% 3% 3% 2% 3%
4Q04 1Q05 2Q05 3Q05 4Q05
K’Cell
KarTel
Others
Source: VimpelCom, independent sources, competitors’ data
| 8 |
|
Operating Highlights
Strong financial results with 2005 total revenues over $3.2 billion and OIBDA exceeding $1.5 billion Consecutive quarter-on-quarter revenue increases since 3Q1999 48.5 million subscribers as of April 18, 2006, including 3.4 million in the CIS
Operations cover five countries: Russia, Kazakhstan, Ukraine, Tajikistan and Uzbekistan Signs of ARPU stabilization in Russia in 2005 Brand “Beeline” named as the most valuable Russian brand by Interbrand Group
9
Continued Excellent Performance
Revenue, $ mln.
+52.0%
3211.1
2113.0 1329.7 768.5
2002 2003 2004 2005
Net Income, $ mln.
+75.6%
615.1
350.4 228.8 126.8
2002 2003 2004 2005
OIBDA, $ mln.
+53.0%
1571.3
1026.7 613.2 322.2
OIBDA Margin
48.6% 48.9% 46.1%
41.9%
2002 2003 2004 2005
2002 2003 2004 2005
10
Key Subscriber Statistics
(‘000) 31 Dec 05 31 Dec 04 YtY 30 Sep 05 QtQ
Russia 43,097 25,724 68% 38,401 12% Kazakhstan 2,050 859 139% 1,652 24% Ukraine 257 n/a n/a n/a n/a Tajikistan 26 n/a n/a n/a n/a
Total 45,430 26,583 71% 40,053
% of prepaid * 97% 96% — 97% —
Active subscribers** 37,999 n/a — 33, 790 12%
% of active subs.** 83.6% n/a — 84.4% —
Churn (quarterly) 8.3% 5.7% — 8.8% —
*) Including advance payment subscribers; the 31 Dec 04 data were recalculated
**) Active subscribers are defined as those who in the last three months made a chargeable transaction
11
Key Financial Figures
($ mln) 4Q05 * 4Q04 YtY 3Q05 QtQ
Total Revenues (excl. in/co) 910.4 624.9 45.7% 890.3 2.3%
Russia 859.2 590.6 45.5% 842.2 2.0% Kazakhstan 49.2 34.3 43.4% 48.1 2.3% Ukraine 2.0 n/a n/a n/a n/a
Gross Margin 83.2% 82.5% — 82.9%
OIBDA 419.7 284.3 47.6% 450.0 -6.7%
OIBDA Margin 46.1% 45.5% — 50.5% —
OIBDA Russia 404.1 271.6 48. 8% 431.4 -6.3% OIBDA Kazakhstan 17.0 12.7 33.9% 18.5 -8.1% OIBDA Ukraine -1.4 n/a n/a n/a n/a
Net Income 151.7 83.7 81.2% 194.9 -22.2%
Net Income Margin 16.7% 13.4% — 21.9% —Russia 153.2 84.1 82.2% 196.6 -22.1% Kazakhstan 2.5 -0.4 — -1.7 —Ukraine -4.0 n/a n/a n/a n/a
SG&A 335.7 231.1 45.3% 283.9 18.2%
% of total revenues 36.9% 37.0% — 31.9% —incl. sales and marketing expenses 119.5 90.0 32.8% 93.1 28.4%
D&A 182.5 112.4 62.4% 152.5 19.7%
% of Total Revenues 20.0% 18.0% — 17.1% —
Capex (excl. acquisitions) 679.8 466.2 45.8% 261.7 159.8%
*) Acquisition in Tajikistan which was completed on December 29, 2005 had no material effect on our key financial figures
12
Operational Indicators
4Q05 4Q04 YtY 3Q05 QtQ
ARPU, Blended ($) 7.1 9.0 -21.1% 7.8 -9.0%
ARPU Russia 7.0 8.7 -19.5% 7.7 -9.1% ARPU Kazakhstan 9.1 15.6 -41.7% 10.5 -13.3% ARPU Ukraine 4.1 n/a n/a n/a n/a
MOU, Blended (min) 106.5 97.3 9.5% 109.3 -2.6%
MOU Russia 109.5 98.3 11.4% 111.6 MOU Kazakhstan 43.4 68.9 -37.0% 53.5 -18.9% MOU Ukraine 34.6 n/a n/a n/a n/a
SAC, Blended ($) 13.8 12.3 12.2% 11.4 21.1%
SAC Russia 14.0 12.1 15.7% 11.5 21.7% SAC Kazakhstan 11.4 19.1 -40.3% 10.0 14.0% SAC Ukraine 9.2 n/a n/a n/a n/a
13
Strong Balance Sheet
Assets and Liabilities, $’m ln
6,307
4,780
2,281
1,581 1,998 607
2003 2004 2005
Total Debt Total Assets
($’mln) 12/31/05 12/31/04 12/31/03
Cash and Cash Equivalents 364 306 Total Assets 6,307 4,780 2,281 Total Debt 1,998 1,581 607
- Short-term 421 190 215
- Long-term 1,577 1,391
Shareholder’s Equity 2,741 2,157
LTM OIBDA* 1,571 1,027
- LTM Depreciation and amortization * * 593 353 197
- LTM Operating income 978 674 416
LTM Interest 147 86 68
Debt/Equity 0.7 0.7 0.6 Debt/OIBDA * * * 1.3 1.5 1.0 OIBDA/Interest 10.7 12.0 9.0 Debt/Assets 0.3 0.3 0.3
* LTM OIBDA constitutes the sum of the lines: LTM Operating income and LTM Depreciation and amortization LTM stands for “last twelve months” to reporting date * * Includes Impairment of long-lived assets * * * In cases when OIBDA is part of financial ratios it is deemed to be calculated in accordance with the reconciliation tables herein
Source: VimpelCom
14
Net Operating Cash Flow vs CAPEX
Net Operating Cash Flow/Capex, $ mln
79.4%*
1,635.3
64.8%*
1,298.2 1,242.0
70.3%*
728.0 805.4 511.9
2003 2004 2005
Net Operating Cash Flow Capex
| * |
|
Net operating cash flow as % of Capex |
15
Latest Corporate Developments
Federal Anti-monopoly Committee supports VimpelCom in its dispute with the regulator over the licenses in the Far East VimpelCom made a proposal to Telenor and Alfa to purchase Kyivstar for $5 billion Discussions between VimpelCom,Telenor and Alfa on alternative ways to purchase Kyivstar are in progress Telenor filed three lawsuits against the Company aimed at invalidating the decision of the September 2005 EGM on Ukraine and unwinding our acquisition of “Ukrainian Radio Systems” (“URS”) The AGM date has been set for June 23, 2006
16
Summary
Strong financial performance with Y-o-Y revenue growth of 52%, OIBDA growth of 53% and net income growth of 76% Substantial increase in revenue market share in Russia Subscriber base grew to 45.4 million in 2005 with approximately 19 million net additions VimpelCom operates in 5 countries – Russia, Kazakhstan, Ukraine, Tajikistan and Uzbekistan -with license portfolio covering 232 million people Development opportunities in Russia and the CIS make VimpelCom a company with great growth potential
17
Questions And Answers
If you would like to ask a question, please press the star key followed by the digit one on your touch-tone telephone.
Due to time constraints, we ask that you limit yourselves to one question and one follow-up question.
If you are using a speakerphone, please make sure your mute button is turned off to allow your signal to reach the equipment.
Thank you for your interest in VimpelCom For more information visit www.vimpelcom.com or contact Investor_Relations@vimpelcom.com
18
Reconciliation tables of non-U.S. GAAP measures to their most directly comparable U.S. GAAP financial measures
Reconciliation of OIBDA and OIBDA Margin (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Dec.31, 2005 Dec.31, 2004
Reconciliation of OIBDA to operating income
OIBDA 419,692 284,339 1,571,310 1,026,721
Impairment loss — — — (7,354) Depreciation (143,425) (81,971) (451,152) (281,129) Amortization (39,040) (30,454) (142,126) (64,072)
Operating Income 237,227 171,914 978,032 674,166
Reconciliation of OIBDA margin to operating income as percentage of total operating revenues
OIBDA margin 46.1% 45.5% 48.9% 48.6%
Less: Impairment loss — — — (0.3%) Less: Depreciation as % of total operating revenues (15.7%) (13.1%) (14.0%) (13.4%) Less: Amortization as % of total operating revenues (4.3%) (4.9%) (4.4%)
Operating income as % of total operating revenues 26.1% 27.5% 30.5% 31.9%
20
Reconciliation of OIBDA and OIBDA Margin in Russia (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep. 30, 2005 Dec.31, 2005 Dec.31, 2004
Reconciliation of OIBDA to operating income
OIBDA 404,113 271,647 431,423 1,508,045 1,009,001
Impairment loss — — — — (7,354) Depreciation (135,740) (78,567) (112,964) (430,511) (276,943) Amortization (27,998) (21,815) (26,045) (104,861) (52,599)
Operating Income 240,375 171,265 292,414 972,673 672,105
Reconciliation of OIBDA margin to operating income as percentage of total operating revenues
OIBDA margin 47.0% 46.0% 51.2% 49.7% 48.8%
Less: Impairment loss — — — — 0.4% Less: Depreciation as % of total operating revenues (15.7%) (13.3%) (13.4%) (14.1%) (13.4%) Less: Amortization as % of total operating revenues (3.3%) (3.7%) (3.1%) (3.5%) (2.5%)
Operating income as % of total operating revenues 28.0% 29.0% 34.7% 32.1% 32.5%
21
Reconciliation of OIBDA and OIBDA Margin in Kazakhstan (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep. 30, 2005 Dec.31, 2005 Dec.31, 2004
Reconciliation of OIBDA to operating income
OIBDA 16,979 12,692 18,534 64,665 17,721
Impairment loss — — — — — Depreciation (7,655) (3,404) 5,036 (20,611) (4,187) Amortization (8,245) (8,639) 8,473 (34,468) (11,473)
Operating Income 1,079 649 5,025 9,586 2,061
Reconciliation of OIBDA margin to operating income as percentage of total operating revenues
OIBDA margin 34.2% 37.0% 38.6% 36.5% 39.3%
Less: Impairment loss — — — — — Less: Depreciation as % of total operating revenues (15.4%) (9.9%) (10.5%) (11.6%) (9.3%) Less: Amortization as % of total operating revenues (16.6%) (25.2%) (17.6%) (19.5%) (25.4%)
Operating income as % of total operating revenues 2.2% 1.9% 10.5% 5.4% 4.6%
22
Reconciliation of OIBDA and OIBDA Margin in Ukraine (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep. 30, 2005 Dec.31, 2005 Dec.31, 2004
Reconciliation of OIBDA to operating income
OIBDA (1,400) n/a n/a (1,400) n/a
Impairment loss — n/a n/a — n/a Depreciation (0,030) n/a n/a (0,030) n/a Amortization (2,797) n/a n/a (2,797) n/a
Operating Income (4,227) n/a n/a (4,227) n/a
Reconciliation of OIBDA margin to operating income as percentage of total operating revenues
OIBDA margin (71.1%) n/a n/a (71.1%) n/a
Less: Impairment loss — n/a n/a — n/a Less: Depreciation as % of total operating revenues (1.5%) n/a n/a (1.5%) n/a Less: Amortization as % of total operating revenues (142.0%) n/a n/a (142.0%) n/a
Operating income as % of total operating revenues (214.6%) n/a n/a (214.6%) n/a
23
Reconciliation of SAC (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of SAC to selling, general and administrative expenses
Selling, general and administrative expenses 335,666 231,064 283,856 1,085,807 720,127
Less: General and admin. expenses 216,163 141,025 190,745 702,193 454,050
Sales and marketing expenses, including 119,503 90,039 93,111 383,614 266,077 advertising & marketing expenses 48,042 21,649 30,886 135,248 68,142 dealers’ commission expenses 71,461 68,390 62,225 248,366 197,935
New gross subs, ‘000 8,659 7,343 8,159 29,246 19,204
SAC (US$) 13.8 12.3 11.4 13.1 13.9
24
Reconciliation of ARPU (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of ARPU to service revenue and connection fees
Service revenue and connection fees 900,916 612,720 881,841 3,175,221 2,070,720
Less: Connection fees 259 193 325 876 720 Less: Revenue from rent of fiber-optic channels 309 527 520 1,370 1,788 Service revenue used to calculate ARPU 900,348 612,000 880,996 3,172,975 2,068,212
Average number of subscribers (‘000) 42,426 22,764 37,709 35,393 16,986
ARPU (US$) 7.1 9.0 7.8 7.5 10.1
25
Reconciliation of SAC in Russia (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of SAC to selling, general and administrative expenses
Selling, general and administrative expenses 318,457 220,620 271,385 1,032,040 707,739
Less: General and admin. expenses 205,643 134,728 182,262 668,285 447,078
Sales and marketing expenses, including 112,814 85,892 89,123 363,755 260,661 advertising & marketing expenses 45,291 20,723 29,453 127,292 67,189 dealers’ commission expenses 67,523 65,169 59,670 236,463 193,472
New gross subs, ‘000 8,064 7,126 7,761 27,591 18,945
SAC (US$) 14.0 12.1 11.5 13.2 13.8
26
Reconciliation of ARPU in Russia (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of ARPU to service revenue and connection fees
Service revenue and connection fees 849,775 578,397 833,888 2,997,388 2,025,638
Less: Connection fees 259 193 325 876 720 Less: Revenue from rent of fiber-optic channels 309 527 520 1,370 1,788 Service revenue used to calculate ARPU 849,207 577,677 833,043 2,995,142 2,023,130
Average number of subscribers (‘000) 40,484 22,030 36,182 33,958 16,734
ARPU (US$) 7.0 8.7 7.7 7.4 10.1
27
Reconciliation of SAC in Kazakhstan (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of SAC to selling, general and administrative expenses
Selling, general and administrative expenses 14,764 10,444 12,471 51,322 12,388
Less: General and admin. expenses 8,434 6,297 8,483 31,822 6,972
Sales and marketing expenses, including 6,330 4,147 3,988 19,500 5,416 advertising & marketing expenses 2,420 926 1,433 7,626 953 dealers’ commission expenses 3,909 3,221 2,555 11,874 4,463
New gross subs, ‘000 556 217 398 1,616 259
SAC (US$) 11.4 19.1 10.0 12.1 20.9
28
Reconciliation of ARPU in Kazakhstan (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of ARPU to service revenue and connection fees
Service revenue and connection fees 49,668 34,323 48,282 176,924 45,082
Less: Connection fees — — — — —Less: Revenue from rent of fiber-optic channels — — — — —Service revenue used to calculate ARPU 49,668 34,323 48,282 176,924 45,082
Average number of subscribers (‘000) 1,818 735 1,527 1,404 716
ARPU (US$) 9.1 15.6 10.5 10.5 15.7
29
Reconciliation of SAC in Ukraine (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of SAC to selling, general and administrative expenses
Selling, general and administrative expenses 2,445 n/a n/a 2,445 n/a
Less: General and admin. expenses 2,086 n/a n/a 2,086 n/a
Sales and marketing expenses, including 359 n/a n/a 359 n/a advertising & marketing expenses 330 n/a n/a 330 n/a dealers’ commission expenses 29 n/a n/a 29 n/a
New gross subs, ‘000 39 n/a n/a 39 n/a
SAC (US$) 9.2 n/a n/a 9.2 n/a
30
Reconciliation of ARPU in Ukraine (Unaudited)
(Three months ended) (Year ended)
($ ‘000) Dec. 31, 2005 Dec. 31, 2004 Sep.30, 2005 Dec. 31, 2005 Dec. 31, 2004
Reconciliation of ARPU to service revenue and connection fees
Service revenue and connection fees 1,952 n/a n/a 1,952 n/a
Less: Connection fees — n/a n/a — n/a Less: Revenue from rent of fiber-optic channels — n/a n/a — n/a Service revenue used to calculate ARPU 1,952 n/a n/a 1,952 n/a
Average number of subscribers (‘000) 239 n/a n/a 239 n/a
ARPU (US$) 4.1 n/a n/a 4.1 n/a
31