TMCnet News
Mobile TeleSystems Announces Financial Results for the First Quarter Ended March 31, 2016MOSCOW, May 19, 2016 /PRNewswire/ -- Mobile TeleSystems PJSC ("MTS" NYSE: MBT; MOEX: MTSS), the leading telecommunications provider in Russia and the CIS, today announces its unaudited IFRS financial results for the three months ended March 31, 2016. (Logo: http://photos.prnewswire.com/prnh/20121115/AQ14468LOGO ) Key Financial Highlights of Q1 2016
Key Corporate and Industry Highlights
Commentary Mr. Andrei Dubovskov, President and CEO, commented, "We are pleased to announce the beginning of another successful year for MTS. Group revenue increased nearly 8% to over RUB 108 bln as we continue to execute on our 3D strategy. We continue to see sustained demand for data throughout our key markets, which continues to drive growth in both Russia and Ukraine. Macroeconomic factors and competitive issues continue to impact our performance in many ways, but in sum, our group revenue performance continues to pace the market." Mr. Dubovskov continued, "Despite continued macroeconomic volatility and increased competition, Group Adjusted OIBDA was roughly stable year-over-year at RUB 41.3 bln. While we see weakness in a number of our foreign subsidiaries due to macroeconomic issues or strategic developments, year-over-year growth in Russia OIBDA drove the group performance." Mr. Vasyl Latsanych, Chief Marketing Officer, commented, "For the year, total revenue in Russia increased by 6.5% to RUB 96.3 bln. Our mobile business revenue grew 6.6% as we see a continuation of trends that had previously defined our growth, in particular stronger data usage due to both the growth of customer usage and migration to data plans as smartphone penetration increased to 50.3%. The implementation of our retail strategy in Russia in the face of increased competitor behavior has led to higher handset sales and a 3.7% growth in subscribers as we focus more on sales through our proprietary retail channels." Mr. Latsanych continued, "In our fixed-line business, revenue increased slightly by 0.3% to RUB 15.4 bln. Growth continues to be driven by our increasing market share in B2C markets, in particular in Moscow where our broadband and pay-tv market shares continue to increase." "In Ukraine, revenue for the period improved by nearly 5% to UAH 2.8 bln. The obvious driver is data consumption, which is rising as we have rolled out 3G to 19 regional centers in Ukraine. We see strong take-up of traditional voice tariffs now being offered under the Vodafone brand with revised pricing on international calling." "Among our foreign subsidiaries, we note that revenue in Armenia fell year-over-year by over 16% as macroeconomic factors continue to impact usage of services such as international calling and roaming. In Turkmenistan, revenue also declined roughly 6% due to a slight decline in the active user base and macroeconomic-driven factors. In Uzbekistan, however, we continue to see strong revenue growth as we further develop our business in the market." Mr. Alexey Kornya, Vice President, Finance and Investments and Chief Financial Officer, further commented, "Group net income for the period increased 33.3% year-over-year to RUB 14.5 bln. In addition to OIBDA trends, primary factors here include a non-cash FOREX gain for the period of RUB 2.3 bln, due to ruble appreciation vis-à-vis our non-ruble denominated debt and the fact that we had reserves related to cash balances held in distressed banks in Ukraine in Q1 2015." "Free cash flow for the period amounted to RUB 20.5 bln, an increase of 37% year-over-year for the period. CAPEX spending of RUB 18 bln, or 28% lower than Q1 in 2015, was a key factor, as cash flows from operations was relatively stable. As we guided in March, we aim to reduce overall CAPEX spending this year to RUB 85 bln, which will support free cash flow this year." "In Q1, the Board of Directors confirmed the Company's new dividend policy and recommended dividend payments for 2015 fiscal year. Under the new dividend policy, management sets a target payout of RUB 25.0 - 26.0 per ordinary MTS share (RUB 50.0 - 52.0 per ADR) per calendar year and guarantees a minimum payout of RUB 20.0 per ordinary MTS share (or RUB 40.0 per ADR). As part of the company's long-stated ambition to equalize semi-annual payments, the Board recommended a dividend payment of 14.01 rubles per share (or 28.02 per ADR) based on full-year 2015 financial results. In accordance with the new dividend policy, the Board will review proposals for an interim dividend in Fall 2016, which combined with our upcoming proposed payment would translate to 25 to 26 rubles per share." "Likewise, the Board has tasked management to consider the advisability of a share repurchase program as an additional way to create further shareholder value. As part of such a program, the Group could allocate up to RUB 30 bln to be spent over the next three years on the repurchase of shares." "By the end of the period, total debt stood at RUB 317 bln, a significant decrease from Q4 2015, but largely due to ruble appreciation in relation to our non-ruble denominated debt as well as some amortized payments in Q1. Our net debt/LTM Adjusted OIBDA declined slightly to 1.1x, a comfortable level for the Company and very low in relation to our peers. We remind investors that 97% of our non-ruble debt position is currently covered by a combination of hedges, short-term deposits and stable long-term investments, all of which are denominated in US dollar or Euro." Additional Information MTS continues to see sustained macroeconomic volatility in its markets of operations that may impact the financial and operational performance throughout the Group. Conference Call The conference call will start today at: 18:00 hrs (Moscow time) 16:00 hrs (London time) 11:00 hrs (US Eastern time) To take part in the conference call, please dial one of the following telephone numbers and quote the confirmation code, 1448760 From Russia + 7 495 213 0978 From the UK: + 44(0)20 3427 1906 From the US: + 1212 444 0896 The conference call will also be available at: http://www.mtsgsm.com/news/reports/ via audio webcast. A replay of the conference call will be available for seven days on the following telephone numbers: From the US: +1 347 366 9565 PIN 1448760 From the UK: +44(0)20 3427 0598 PIN 1448760 This press release provides a summary of some of the key financial and operating indicators for the period ended December 31, 2015. For full disclosure materials, please visit http://www.mtsgsm.com/resources/reports/. Financial Summary RUB mln Q1'16 Q1'15 y-o-y Q4'15 q-o-q Revenues 108,090 100,182 7,9% 113,325 -4,6% Adjusted OIBDA 41,279 41,309 -0,1% 43,495 -5,1% - margin 38,2% 41,2% -3,0pp 38,4% -0,2pp Operating profit 21,031 19,163 9,7% 18,876 11,4% - margin 19,5% 19,1% 0,4pp 16,7% 2,8pp Net profit 14,507 10,887 33,3% 7,135 103,3% - margin 13,4% 10,9% 2,5pp 6,3% 7,1pp Russia Highlights RUB mln Q1'16 Q1'15 y-o-y Q4'15 q-o-q Revenues[1] 96,302 90,423 6,5% 102,537 -6,1% - mobile 71,132 70,521 0,9% 74,928 -5,1% - fixed 15,369 15,319 0,3% 15,513 -0,9% - integrated services 2,492 n/a n/a 876 184,5% -sales of goods 10,700 6,258 71,0% 13,840 -22,7% OIBDA 38,583 38,171 1,1% 41,116 -6,2% - margin 40,1% 42,2% -2,1pp 40,1% 0,0pp Net profit 15,000 9,109 64,7% 11,817 26,9% - margin 15,6% 10,1% 5,5pp 11,5% 4,1pp Ukraine Highlights UAH mln Q1'16 Q1'15 y-o-y Q4'15 q-o-q Revenues 2,71 2,631 4,9% 2,405 14,8% Adjusted OIBDA 803 1,238 -35,1% 885 -9,3% - margin 29,1% 47,0% -17,9pp 36,8% -7,7pp Net profit 275 1,096 -74,9% 412 -33,3% - margin 10,0% 41,6% -31,6pp 17,1% -7,1pp Armenia Highlights AMD mln Q1'16 Q1'15 y-o-y Q4'15 q-o-q Revenues 14,151 16,921 -16,4% 16,481 -14,1% Adjusted OIBDA 5,618 8,147 -31,0% 7,629 -26,4% - margin 39,7% 48,1% -8,4pp 46,3% -6,6pp Net profit/(loss) 239 2,420 -90,1% (17,119) n/a - margin 1,7% 14,3% -12,6pp n/a n/a Turkmenistan Highlights TMT mln Q1'16 Q1'15 y-o-y Q4'15 q-o-q Revenues 67 72 -6,4% 75 -10,3% OIBDA 24 26 -7,7% 28 -16,0% - margin 35,5% 36,0% -0,5pp 37,9% -2,4pp Net profit 11 12 -5,8% 15 -25,7% - margin 16,8% 16,7% 0,1pp 20,3% -3,5pp Uzbekistan Highlights UZS mln Q1'16 Q1'15 y-o-y Q4'15 q-o-q Revenues 85,241 19,292 341,8% 82,384 3,5% OIBDA 5,731 (38,819) n/a 2,583 121,9% - margin 6,7% n/a n/a 3,1% 3,6pp Net loss (12,507) (41,853) n/a (22,071) n/a - margin n/a n/a n/a n/a n/a Belarus Highlights BYR bln Q1'16 Q1'15 y-o-y Q4'15 q-o-q Revenues 1,489 1,174 26,8% 1,542 -3,4% Adjusted OIBDA 681 640 6,4% 700 -2,8% - margin 45,7% 54,5% -8,8pp 45,4% 0,3pp Net profit 397 478 -17,0% 513 -22,6% - margin 26,7% 40,7% -14,0pp 33,3% -6,6pp CAPEX Highlights RUB mln FY 2015 3M 2016 Russia[2] 79,619 16,490 - as % of rev 20.4% 17.1% Ukraine[3] 12,427 1,590 - as % of rev 44.1% 19.9% Armenia 1,371 99 - as % of rev 15.2% 4.6% Turkmenistan 500 34 - as % of rev 9.8% 2.4% Uzbekistan 2,195 157 - as % of rev 47.6% 7.1% Group 96,111 18,371 - as % of rev 22.3% 17.1% For further information, please contact in Moscow: Learn more about MTS. Visit the official blog of the Investor Relations Department at www.mtsgsm.com/blog/ and follow us on Twitter: JoshatMTS Mobile TeleSystems PJSC ("MTS" - NYSE:MBT; MOEX:MTSS) is the leading telecommunications group in Russia, Central and Eastern Europe. We provide wireless Internet access and fixed voice, broadband and pay-TV to over 100 million customers who value high quality of service at a competitive price. Our wireless and fixed-line networks deliver best-in-class speeds and coverage throughout Russia, Ukraine, Armenia, Turkmenistan, Uzbekistan and Belarus. To keep pace with evolving customer demand, we continue to grow through innovative products, investments in our market-leading retail platform, mobile payment services, e-commerce and IT solutions. For more information, please visit: www.mtsgsm.com . Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," and the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not undertake or intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically the Company's most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, governmental regulation of the telecommunications industries and other risks associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks. Group (RUB mln) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating profit 19,163 22,501 27,319 18,876 21,031 Less: Gain from reentrance in Uzbekistan - - - - Add: Provision for cash balances deposited in distressed Ukrainian banks 1,698 - - - - Add: Loss from impairment of goodwill in Armenia - - - 3,516 - Adjusted operating profit 20,861 22,501 27,319 22,392 21,031 Add: D&A 20,448 20,221 20,700 21,103 20,248 Adjusted OIBDA 41,309 42,722 48,019 43,495 41,279 Russia (RUB mln) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating profit 21,091 23,728 27,275 23,481 21,599 Add: D&A 17,080 17,517 17,252 17,634 16,984 OIBDA 38,171 41,245 44,527 41,115 38,583 Ukraine (RUB mln) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating profit 693 1,190 1,675 1,158 795 Add: Provision for cash balances deposited in distressed Ukrainian banks 1,698 - - - - Adjusted operating profit 2,391 1,190 1,675 1,158 795 Add: D&A 1,344 1,107 1,358 1,390 1,557 Adjusted OIBDA 3,735 2,297 3,032 2,548 2,351 Armenia (RUB mln) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating profit/ (loss) 436 412 680 (3,122) 120 Add: Loss from impairment of goodwill in Armenia - - - 3,516 - Adjusted operating profit 436 412 680 394 120 Add: D&A 623 525 626 656 737 Adjusted OIBDA 1,059 937 1,306 1,050 857 Turkmenistan (RUB mln) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating profit 252 237 326 330 278 Add: D&A 205 165 203 209 232 OIBDA 458 402 529 538 510 Uzbekistan (RUB mln) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating loss (2,134) (1,373) (1,404) (1,163) (607) Add: D&A 1,209 917 1,275 1,228 760 OIBDA (925) (455) (128) 65 154
Group Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating margin 19.1% 21.9% 23.7% 16.7% 19.5% Add: Provision for cash balances deposited in distressed Ukrainian banks 1.7% - - - - Add: Loss from impairment of goodwill in Armenia - - - 3.1% - Adjusted operating margin 20.8% 21.9% 23.7% 19.8% 19.5% Add: D&A 20.4% 19.7% 18.0% 18.6% 18.7% Adjusted OIBDA margin 41.2% 41.6% 41.7% 38.4% 38.2% Russia Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating margin 23.3% 25.2% 26.2% 22.9% 22.4% Add: D&A 18.9% 18.6% 16.6% 17.2% 17.6% OIBDA margin 42.2% 43.7% 42.8% 40.1% 40.1% Ukraine Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating margin 8.8% 20.2% 22.5% 16.7% 9.9% Add: Provision for cash balances deposited in distressed Ukrainian banks 21.5% - - - - Adjusted operating margin 30.2% 20.2% 22.5% 16.7% 9.9% Add: D&A 17.0% 18.8% 18.2% 20.0% 19.5% Adjusted OIBDA margin 47.3% 38.9% 40.7% 36.7% 29.4% Armenia Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating margin 19.8% 20.1% 26.9% n/a 5.6% Add: Loss from impairment of goodwill in Armenia - - - 155.0% - Adjusted operating margin 19.8% 20.1% 26.9% 17.4% 5.6% Add: D&A 28.3% 25.7% 24.8% 28.9% 34.2% Adjusted OIBDA margin 48.1% 45.8% 51.7% 46.3% 39.7% Turkmenistan Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating margin 19.8% 22.0% 24.3% 23.4% 19.4% Add: D&A 16.1% 15.4% 15.1% 14.8% 16.2% OIBDA margin 36.0% 37.4% 39.4% 38.1% 35.6% Uzbekistan Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Operating margin - - - n/a n/a Add: D&A - - - 61.1% 34.1% OIBDA margin - - - n/a 6.9% *** As of Dec 31, As of Mar 31, RUB mln 2015 2016 Current portion of LT debt and of finance lease obligations 54,346 46,273 LT debt 282,435 259,968 Finance lease obligations 11,231 10,650 Total debt 348,012 316,891 Less: Cash and cash equivalents 33,464 44,389 ST investments 49,840 30,961 LT deposits 30,677 28,886 Effects of hedging of non-ruble denominated debt 18,174 14,636 Net debt 215,857 198,019 Free cash-flow can be reconciled to our consolidated statements of cash flow as follows: For the three For the three months ended months ended RUB mln Mar 31, 2015 Mar 31, 2016 Net cash provided by operating activities 39,115 39,076 Less: Purchases of property, plant and equipment (21,886) (13,656) Purchases of intangible assets[4] (3,539) (4,715) Proceeds from sale of property, plant and equipment 1,291 1,153 Investments in associates - (1,326) Free cash flow 14,981 20,532
Nine months Three months Twelve months ended ended Mar 31, ended RUB mln Dec 31, 2015 2016 Mar 31, 2016 A B C = A + B Net operating profit 68,696 21,031 89,727 Add: Impairment of goodwill in Armenia 3,516 - 3,516 Add: D&A 62,024 20,248 82,272 LTM ADJUSTED OIBDA 134,236 41,279 175,515 Attachment C MOBILE TELESYSTEMS CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) AS OF MARCH 31,2016 AND AS OF DECEMBER 31,2015 (Amounts in millions of RUB) As of March 31, As of December 31, 2016 2015 NON-CURRENT ASSETS: Property, plant and equipment 292 949 302 662 Investment property 363 364 Intangible assets 107 925 109 064 Investments in associates 8 938 9 299 Deferred tax assets 8 668 9 287 Other non-financial assets 503 480 Other investments 32 884 34 667 Accounts receivable (related parties) 3 424 3 335 Other financial assets 20 228 25 203 Total non-current assets 475 882 494 361 CURRENT ASSETS: Inventories 12 583 14 510 Trade and other receivables 36 060 34 542 Accounts receivable (related parties) 5 975 6 326 Short-term investments 30 961 49 840 VAT receivable 9 792 9 815 Income tax assets 4 468 5 190 Assets held for sale 826 549 Advances paid and prepaid expenses, other current assets 4 080 4 781 Cash and cash equivalents 44 389 33 464 Total current assets 149 134 159 017 Total assets 625 016 653 378 EQUITY: Equity attributable to equity holders 165 415 160 115 Non-controlling interests 7 568 8 256 Total equity 172 983 168 371 NON-CURRENT LIABILITIES: Borrowings 269 256 292 168 Deferred tax liabilities 28 036 27 346 Provisions 2 713 2 565 Other financial liabilities 654 676 Other non-financial liabilities 4 234 4 342 Total non-current liabilities 304 893 327 097 CURRENT LIABILITIES: Borrowings 45 663 53 701 Provisions 10 373 7 863 Trade and other payables 56 301 57 756 Accounts payable (related parties) 1 558 1 809 Income tax liabilities 1 379 831 Other financial liabilities 8 054 9 778 Other non-financial liabilities 23 812 26 172 Total current liabilities 147 140 157 910 Total equity and liabilities 625 016 653 378 MOBILE TELESYSTEMS CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015 (Amounts in millions of RUB except per share amount) Three months ended Three months ended March 31, 2016 March 31, 2015 Service revenue 97 327 93 810 Sales of goods 10 763 6 372 108 090 100 182 Cost of services (34 598) (32 372) Cost of goods (9 746) (4 686) Selling, general and administrative expenses (23 667) (22 295) Depreciation and amortization expense (20 248) (20 448) Other operating income/expense 499 (516) Operating share of the profit of associates 701 996 Provision for cash balances deposited in distressed Ukrainian banks - (1 698) Operating profit 21 031 19 163 Currency exchange gain or (loss) 2 273 (3 509) Other (expenses)/income: Finance income 1 696 2 326 Finance costs (6 734) (6 048) Other expenses (686) (5) Total other expenses, net (5 724) (3 727) Profit before tax 17 580 11 927 Income tax expense (3 263) (1 938) Profit for the period 14 317 9 989 Loss for the period attributable to non-controlling interests 190 898 Profit for the period attributable to owners of the Company 14 507 10 887 Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations (8 174) (9 364) Net fair value (loss)/gain on financial instruments (1 605) (2 591) Other comprehensive (loss)/income (9 779) (11 955) Total comprehensive income/(loss) for the period 4 538 (1 966) Less comprehensive loss for the period attributable to the noncontrolling interests 688 744 Comprehensive income/(loss) for the period attributable to owners of the Company 5 226 (1 222) Weighted average number of common shares outstanding, in millions - basic 1 988 711 1 988 730 Earnings per share attributable to the Group - basic: 7,29 5,47 Weighted average number of common shares outstanding, in millions - diluted 1 990 178 1 989 951 Earnings per share attributable to the Group - diluted: 7,29 5,47 MOBILE TELESYSTEMS CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015 (Amounts in millions of RUB) Three months ended Three months ended March 31, 2016 March 31, 2015 Profit for the period 14 317 9 989 Adjustments for: Depreciation and amortization 20 248 20 448 Finance income (1 696) (2 326) Finance costs 6 734 6 048 Income tax expense 3 263 1 938 Currency exchange (gain)/loss (2 273) 3 509 Change in fair value of financial instruments (118) - Amortization of deferred connection fees (281) (287) Share of the profit of associates (63) (793) Inventory obsolescence expense 231 30 Allowance for doubtful accounts 398 711 Change in provisions 3 579 2 002 Other non cash items (754) (180) Movements in operating assets and liabilities:: Increase in trade and other receivables (5 431) (2 884) Decrease/(increase) in inventory 1 624 (123) Increase in VAT receivable (200) (247) Decrease in advances paid and prepaid expenses 535 986 Increase in trade and other paybles and other current liabilities 3 312 2 540 Dividends received 661 576 Income taxes paid (1 338) (1 679) Interest received 1 324 1 194 Interest paid (net of interest capitalised) (4 996) (2 337) Net cash provided by operating activities 39 076 39 115 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (13 656) (21 886) Purchases of intangible assets (net of purchases of 3G licences in Ukraine and 4G licenses in Russia) (4 715) (3 539) Purchases of 4G licenses in Russia/3G licences in Ukraine (2 570) (7 044) Proceeds from sale of property, plant and equipment and assets held for sale 1 153 1 291 Purchases of short-term investments (801) (21 390) Proceeds from sale of short-term investments 16 152 1 353 Purchase of other investments (31) (39 831) Proceeds from sale of other investments - 97 Investments in associates (1 326) - Net cash used in investing activities (5 794) (90 949) CASH FLOWS FROM FINANCING ACTIVITIES: Cash flows under capital transactions with related parties - 363 Loan principal paid (18 549) (6 429) Proceeds from loans 213 43 498 Repayment of notes (505) - Notes and debt issuance cost paid - (1 112) Finance lease principal paid (104) (143) Cash outflow under credit guarantee agreement related to foreign-currency hedge (1 034) - Other financing activities 2 - Net cash provided by financing activities (19 977) 36 177 Effect of exchange rate changes on cash and cash equivalents (2 380) (2 133) NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS: 10 925 (17 790) CASH AND CASH EQUIVALENTS, at beginning of period 33 464 61 566 CASH AND CASH EQUIVALENTS, at end of period 44 389 43 776 [1] Revenue, net of intercompany between mobile, fixed and integrated services [2] Excluding costs of RUB 3.4 bln related to the acquisition of a 4G license in Russia in 2015 and RUB 2.6 bln in 2016 [3] Excluding purchase of 3G license in Ukraine in the amount of RUB 7.0 bln in 2015 [4] Excluding purchases of 3G license in Ukraine in the amount of RUB 7.0 bln in Q1 2015 and 4G licenses in Russia in the amount of RUB 2.6 bln in Q1 2016 SOURCE Mobile TeleSystems (MTS) 
|