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VimpelCom's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Certain amounts and percentages that are used here have been subject to rounding adjustments. As a result, certain numerical figures shown as total including in tables may not be exactly arithmetic aggregations of the figures that proceed or follow them. If you have not received a copy of the second quarter 2012 financial and operating results release, please contact investor relations at +31207977234 and it will be forwarded to you. In addition, the earnings release and the earnings presentation, each of which includes reconciliations of non-GAAP financial measures presented on this conference call can be downloaded from the VimpelCom website.

At this time, I’d like to turn the call over to Jo Lunder, Chief Executive Officer of VimpelCom. Please go ahead.

Jo O. Lunder

Thank you. Good morning to those in Europe and good morning to our guests from the United States and welcome to our second quarter earnings presentation. Let me start by introducing the members of the team here in Amsterdam. We have Henk van Dalen, our Chief Financial Officer, who will be covering the financials in detail and Gerbrand Nijman, our Head of Investor Relations.

The Group performance led to a 4% organic growth in revenue year-on-year, reaching $5.7 billion. Excluding FX impacts, EBITDA increased 8% compared to the same period last year, leading to a margin of 43.2%. We’re pleased with the continued positive developments in Russia, which experience double-digit EBITDA growth in local currency in the second quarter. Likewise Africa and Asia and CIS also saw the double-digit organic growth in EBITDA.

2012 remains a transition year in Ukraine as the negative effect from the movements to bundled tariff plans is expected to persist for the remainder of the year. In Italy we’re facing a challenging regulatory and economic environment, thus our operations there continue to outperform the market and win as further strengthens its market share in both mobile and fixed.

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