“Megaphone” postponed payment of dividends due to the threat of a new fall of the ruble – RBC

Photo: Oleg Yakovlev / RBC

Company “MegaFon” has reported on progress in the first three months of 2015. Consolidated revenues of the operator in the first quarter decreased YoY by 1.2% and amounted to 73.98 billion rubles. The fall is due primarily to the fact that this year, unlike last, there is the Olympics, explained RBC Financial Officer Gevorg Vermishyan. During the period of the competition and subscribers actively use voice communication and data transfer, he said. But net profit compared with the same period last year, increased by 2.4% – to 7.4 billion rubles. “This is the result of good management of currency risks,” – says Vermishyan. The company received more interest on deposits and reduced mortgage payments, parts translated from dollars into rubles, said the representative of “Megaphone” Yulia Dorokhin, without revealing figures.

Sales gadgets fall

The revenue of “Megaphone” of equipment sales year by the year slipped by 9.7% and amounted to 4.4 billion rubles. For comparison, in the fourth quarter of 2014, when the Russians were saving savings from devaluation, the sale of equipment and accessories operator earned 7.2 billion rubles. Executive Director of “MegaFon” Michael Dubin says the fall in consumer activity after excessive demand at the end of last year. In RETAIL salons operator marks a decrease in traffic of visitors, in addition, demand has shifted from the segment of expensive devices in more affordable price range, he said.

In anticipation of the new weakening of the ruble, ” MegaFon “has decided to split the payment of dividends for 2014 in two parts. While the board of directors approved the payment to shareholders only 10 billion rubles. against 40 billion rubles. according to the results of 2013. The second part of payments for 2014 is scheduled for December, the final amount of the dividend the Board of Directors will determine the 28th of October. In total payout will be at the level of the previous year, says Vermishyan. “We have a good position in terms of liquidity, but most of it is denominated in dollars, – he explains. – The ruble, which is now strengthened, even theoretically can bounce down in the second half of the year. And it would have negative consequences if the dividends are paid at the same time in the middle of the year ».

The indicator OIBDA« MegaFon »in the first quarter was down year on year by 1.7% – to 31.9 billion rubles. The subscriber base of the operator at the same time increased by 3.3% and amounted to 73 million people, and revenues from mobile data services – by 10.4% to 17.8 billion rubles.

Capital investment company, compared with the same period last year, decreased by 3.1% to 8 billion rubles. “We continue to invest in network development, expanding the capacity and coverage of LTE, but at a slower pace than before. Most of CAPEX dollars, and it is necessary to be certain conservatism “- explains Vermishyan.

Sensitive digits

In its quarterly reporting “MegaFon” does not lead the traditional operator indicators ARPU (average revenue per user) and MOU (the average number of minutes of talk time per subscriber). Instead, the company is the first to demonstrate just ARPDU (Average Revenue per User data services per month) and DSU (the average number of data services per mobile subscriber per month). Changes Vermishyan explains that ARPU – «complex index”, which combines revenue from voice, data and other services. Now, when the share block tariff increases, it has ceased to be representative and can not be compared with its competitors, says the manager. According to him, the company has decided to show the drivers that shape the market.

ARPDU «MegaFon” for the year increased by 4.3% – from 207 rubles. up to 216 rubles. DSU has increased by 28.1% – up to 2.5 GB 3,2Gb.

The number of mobile Internet users among the operator’s subscribers increased by 5% – up to 27.26 million people, accounting for about 39% of the total subscriber base in Russia. The share of data revenues in total revenues of mobile companies is 27.9% – plus 2.9% year on year.

That hide the operator ARPU and MOU, may be due to the fact that the voice services becoming less popular, and competition enters the sector data, said partner AC & amp; M-Consulting Anton Pogrebinsky. At the same time, he noted that ARPU, really mixed indicator, but MOU provides a clear view of the consumption of voice services and count it without the operator’s data can not be.

Financial analyst “Finam” Timur Nigmatulin noted that “MegaFon” – a public company, but rates depend not only on results but also on the quality of information disclosure. “The fact that they do not disclose data on the MOU, – a negative factor. It is difficult to explain why the “MegaFon” has reduced the quality of information disclosure. Perhaps there is the negative dynamics, “- said the expert.