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CIS Credit Monitor: Vimpelcom
Vimpelcom (BB+/Ba2/NR): Q1 2009 US GAAP results
Vimpelcom, one of the top three Russian mobile telecommunications operators, published its H1 2009 US GAAP results and held a conference call with investors yesterday. The company’s operational performance was slightly above expectations on EBITDA and the bottom line due to improving market conditions and effective cost management. In Q2 2009 its bottom line turned positive from a Q1 2009 loss and the EBITDA margin improved to 50.6% from 48.1% and MOU and ARPU dynamics returned to positive zone. These were the first results from the company to consolidate Golden Telecom, which had quite a positive effect on profitability. Vimpelcom’s operating performance seemed to us more successful than that of MTS. However, the debt and liquidity situation of MTS remains better. Therefore we believe the premium between Vimpelcom and MTS Eurobonds remains justified.