Moscow, Russia - March 4, 2022 - Rostelecom PJSC (MOEX: RTKM, RTKMP; OTCQX: ROSYY), Russia's largest integrated digital company, today announces its consolidated financial results for the fourth quarter and the full year of 2021 prepared in accordance with IFRS.
FOURTH QUARTER 2021 KEY FINANCIAL HIGHLIGHTS- Revenue grew by 3% to RUB 168.3 billion compared to 4Q 2020:
- OIBDA up by 10% to RUB 49.1 billion;
- OIBDA margin up by 1.9 p.p. to 29.2%;
- Net profit of RUB 0.5 billion compared to net loss of RUB (1.5) billion in 4Q 2020;
- CAPEX[3] excluding state programmes increased by 18% to RUB 42.5 billion (25.3% of revenue) compared to 4Q 2020;
- FCF of RUB 15.9 billion compared RUB 19.6 billion in 4Q 2020;
- Revenue increased by 6% to RUB 580.1 billion;
- OIBDA grew by 13% to RUB 218.8 billion;
- OIBDA margin improved by 2.2 p.p to 37.7%;
- Net profit increased by 26% to RUB 31.8 billion;
- CAPEX excluding state programs increased by 11% to RUB 118.7 billion (20.5% of revenue);
- FCF increased by 43% to RUB 32.5 billion;
- Net Debt[4] including lease liabilities increased by 8% since the beginning of the year to RUB 505.2 billion, resulting in a Net Debt/OIBDA ratio of 2.3x.
RUB million | 4Q 2021 | 4Q 2020 | change, y-o-y |
Revenue | 168,332 | 163,009 | 3% |
OIBDA | 49,116 | 44,491 | 10% |
OIBDA margin % | 29.2% | 27.3% | - |
Operating Income | 8,009 | 7,295 | 10% |
Operating margin % | 4.8% | 4.5% | - |
Net Income | 0.450 | (1,507) | - |
% of revenue | 0.3% | (0.9%) | - |
Capital Expenditure excl. state programs | 42,548 | 36,162 | 18% |
% of revenue | 25.3% | 22.2% | - |
Net debt | 505,197 | 466,035 | 8% |
Net debt/ annualised OIBDA | 2.3 | 2.4 | - |
FCF | 15,938 | 19,644 | (3,706) |
RUB million | 2021 | 2020 | change, y-o-y |
Revenue | 580,092 | 546,889 | 6% |
OIBDA | 218,814 | 194,050 | 13% |
OIBDA margin % | 37.7% | 35.5% | - |
Operating Income | 73,707 | 68,965 | 7% |
Operating margin % | 12.7% | 12.6% | - |
Net Income | 31,832 | 25,363 | 26% |
% of revenue | 5.5% | 4.6% | - |
Capital Expenditure excl. state programs | 118,740 | 107,139 | 11% |
% of revenue | 20.5% | 19.6% | - |
Net debt | 505,197 | 466,035 | 8% |
Net debt/ annualised OIBDA | 2.3 | 2.4 | - |
FCF | 32,499 | 22,659 | 9,840 |
Fixed services business
Number of subscribers (million): | 4Q 2021 | 4Q 2020 | change, y-o-y |
FIBRE-BASED SERVICES | |||
Internet access | 10.8 | 10.4 | 4% |
B2C: Broadband | 9.8 | 9.5 | 4% |
B2B/G: Broadband | 0.7 | 0.6 | 10% |
B2B/G: Broadband + VPN | 1.0 | 0.9 | 10% |
IPTV | 6.4 | 6.1 | 5% |
Hosted PBX | 0.218 | 0.160 | 37% |
TRADITIONAL SERVICES | |||
Local telephony services | 12.5 | 14.0 | (11%) |
B2C | 9.9 | 11.3 | (12%) |
B2B/G | 2.6 | 2.7 | (6%) |
Broadband xDSL | |||
B2C: Broadband xDSL | 2.5 | 3.0 | (15%) |
B2B/G: Broadband xDSL | 0.2 | 0.2 | (17%) |
Cable TV | 4.5 | 4.7 | (6%) |
ARPU[5] (RUB): | 4Q 2021 | 4Q 2020 | change, y-o-y |
FIBRE-BASED SERVICES | |||
Internet access | 380 | 377 | 1% |
B2C: Broadband | 2,868 | 2,764 | 4% |
B2B/G: Broadband | 4,066 | 4,298 | (5%) |
B2B/G: Broadband + VPN | 306 | 307 | (0,3%) |
IPTV | 907 | 1,108 | (18%) |
Hosted PBX | |||
TRADITIONAL SERVICES | |||
Local telephony services | 223 | 227 | (2%) |
B2C | 575 | 585 | (2%) |
B2B/G | |||
Broadband xDSL | 462 | 450 | 3% |
B2C: Broadband xDSL | 1,527 | 1,324 | 15% |
B2B/G: Broadband xDSL | 191 | 186 | 3% |
Cable TV | 380 | 377 | 1% |
Mobile business
4Q 2021 | 4Q 2020 | change, y-o-y | |
Data Traffic, incl. MVNO,Pb | 1,856 | 1,442 | 29% |
Churn, % | (8.05%) | (8.09%) | 0.04 p. p. |
Growth of active Internet users, % | 17.6% | 20.0% | (2.4 p. p.) |
Subscriber base, mln | 47.5 | 46.6 | 2% |
- The total number of fibre optic broadband internet subscribers among households grew by 4% to 9.8 million in the fourth quarter of 2021 compared to the corresponding period of 2020; ARPU grew by 1% to RUB 380.
- The total number of fibre optic broadband internet and VPN subscribers in B2B and B2G increased by 10% year-on-year to 0.7 million; ARPU was up by 3% to RUB 2,868.
- The number of IPTV users grew by 5% to 6.4 million users compared to the corresponding period of last year, with average ARPU of RUB 306;
- The number of active mobile Internet users grew in 4Q 2021 by 17.6% compared to the corresponding period of 2020. The mobile Internet data traffic growth reached 29%; at the same time, cellular customer base churn was 8.05%.The mobile subscriber base grew by 2% to 47.5 million users in 2021.
Press-release on 4q 2021 financial results
[1] Here and below, please refer to Attachment 1 of this statement for a full definition of OIBDA.
[2] Here and below Free Cash Flow ("FCF") is calculated as net cash from operating activity minus CAPEX, plus proceeds from selling fixed assets and intangible assets, plus interest received, plus subsidy from government.
[3] Here and below, capital expenditure ("CAPEX") comprises cash spent on fixed assets and intangible assets.
[4] Here and below, Net Debt is calculated as long-term and short-term loans and borrowings, (a) plus long- and short-term lease liabilities, (b) minus cash and cash equivalents, and (c) minus other financial assets.
[5] Average revenue per user
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OAO Rostelecom published this content on 04 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2022 06:45:05 UTC.