This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

VimpelCom's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Our Asia and Africa business units witnessed strong subscriber growth of 19% exceeding the 86 million mark. Net income for the quarter reached $318 million. VimpelCom has not only delivered good revenue and EBITDA growth, but we have also delivered a solid cash flow generation with net cash from operating activities of $1.6 billion.

The cash flow targets combined with profitable growth are fundamental KPIs for our company on which we’re measuring our performance and again I am satisfied with the progress and the results we’re delivering in the first quarter.

Moving on to the strategic effect and some main recent events, as you all know our Orascom Telecom holding has submitted a formal notice or arbitration against the Government of Algeria. However, regardless of this notice, we would like to reiterate that we remain open and in discussions with the Algerian Government to finding a mutually beneficial resolution to the solution in Algeria. Recently, we also refinanced the significant part to our debt maturing in 2012 with the issuing of bonds in March and in April in Russia and Italy.

In the late April, VimpelCom announced the sale of its controlling interest in GTEL Mobile in Vietnam. This action reflects the company’s ongoing strategic portfolio analysis which is a core component of VimpelCom’s value agenda. The portfolio review is aimed at focusing on allocating capital to those markets were the company seize the best opportunities to generate shareholder value.

Also in April, the Russian Antimonopoly Service named VimpelCom as a third-party in its claim to validate Telenor’s February purchase of 234 million VimpelCom preferred shares from Weather II. In late April, a Russian court issued an injunction that prohibit VimpelCom from exercising certain specific shareholder rights in OJSC VimpelCom during the [tendency] of this case. However, the injunction does not prohibit VimpelCom from exercising its shareholder rights to approve dividend payments and to reelect the current OJSC Board members.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs