вторник, января 19, 2010
We have set the tentative date for our Q4 and FY 2009 financial results on April 1, 2010. We will confirm the date closer to the event.
You can view the latest information on our upcoming events here
понедельник, июня 01, 2009
Per requests from our followers, we have compiled additional information about the changes in our Balance Sheet in Q1 2009.
In 2007-2008, FASB recommended changes to how certain equity investments were recognized. Beginning from Q1 2009, MTS was required to apply EITF D-98 ("Classification and measurement of redeemable securities") to fulfill our obligations under US GAAP accounting. The addition of "Redeemable non-controlling interests" line item supersedes Minority Interest (as of 31 Dec 2008 roughly $23.5mln), and the changes in the figures simply relates to the retroactive application of Topic D-98. In the case of MTS, both of these items referred to our stakes in K-Telecom (MTS Armenia) and Dagtelecom, a small regional player acquired in 2006.
As it relates to MTS, the changes are as follows:
- As of 31 Dec 2008, we arrive at the total sum of $143.7 mln in Redeemable non-controlling interests, of which $102 mln relates to our 20% non-controlling interest in K-Telecom (MTS Armenia) and $42 mln relates to our 25.01% redeemable non-controlling interest in Dagtelecom;
- As of 31 Mar 2009, the sum equals $100.5 million due to the fact that the option on Dagtelecom was exercised, compelling MTS to buy back the remaining interest in Dagtelecom.
To give you a sense of how this works, the Dagtelecom transaction and quarterly revaluation of K-Telecom prompted the following reconciliation:
- decrease in Additional Paid-in Capital of $41.4 mln (due to Dagtelecom non-controlling interest revaluation) and
- decrease in Retained Earnings of $78.8 mln (due to K-Telecom non-controlling interest revaluation)
For detailed information, please review the following excel sheet.