2008 FINANCIAL RESULTS
Tuesday, April 07, 2009
2008 was a successful year for MTS.
Our Group revenues grew 24.2% to over $10.2 billion US dollars year-over-year in 2008 as we generated strong, profitable growth in each of our markets of operations. We were successful in delivering on our profitability goal of a 50% OIBDA margin for the year, an indication that we are controlling costs where possible in what is both a volatile economic situation and an industry that is undergoing potentially profound change.
In the current environment, currency volatility is a pre-eminent short-term risk for MTS; it impacts both our clients’ consumption patterns and our results through translation policies, not to mention financial and cash-management practices. As such, we feel it is prudent to address our business unit performance in terms of local currency to demonstrate the true performance of our operations.
The materials we produce and circulate to the investment community – the press release, the presentation and our historical financial statements – will now feature local currency results, as well as the USD translation.
For full disclosure materials please visit http://www.mtsgsm.com/resources/reports/.