http://www.morningstar.com/earnings/45250896-vimpelcom-ltd-adr-vip-q3-2012.aspx

VimpelCom Ltd ADR VIP
Q3 2012 Earnings Call Transcript

Transcript Call Date 11/14/2012

Operator: Good day, ladies and gentlemen and welcome to the VimpelCom Third Quarter 2012 Investor and Analyst Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference Alex Tramont of FTI Consulting. Ma'am, you may begin.

Alexandra Tramont - VP, FD: Thank you. Good afternoon, ladies and gentlemen, and welcome to VimpelCom's conference call to discuss the Company's third quarter 2012 financial and operating results.

Before getting started, I would like to remind everyone that forward-looking statements made on this conference call involve certain risks and uncertainties. These statements relate in part to; one, the timing of a dividend authorization; two, the Company's plans to optimize costs in Russia and Italy and to rollout it’s LTE network in Russia; and three, the Company's expected future debt position and refinancing plans.

Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including the risks detailed in; one, the Company's earnings release and presentation announcing third quarter 2012 results; two, the Company's annual report on Form-20-F; and three, other recent public filings made by the Company with the SEC. Certain amounts and percentages that are used here have been subject to rounding adjustments, as a result certain numerical figures shown as totals including in tables may not be exact arithmetic aggregations of the figures that precede or follow them. Please note that the actual financial results of the third quarter of 2012 are not added in.

If you have not received a copy of the third quarter 2012 financial and operating results press release, please contact Invest 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 would like to turn the call over to Jo Lunder, Chief Executive Officer of VimpelCom. Jo, please go ahead.

Jo Lunder - CEO: Thank you. Good afternoon for those in Europe and good morning to our guest from United States. Welcome to our third quarter earnings release presentation. Let me start by introducing the members of our team sitting with me 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.

In the third quarter VimpelCom continued to deliver on its strategic priorities as defined by the Company’s Value Agenda for 2012 and 2014, with profitable organic growth in almost all business units. The Group recorded a 3% organic growth in revenues year-on-year reaching $5.7 billion. Excluding the impact of reduction of MTRs in Italy, the organic growth would have been 5% organically. EBITDA increased 8% compared to the same period last year leading to a margin of 44%. This is the highest margin we have achieved since the combination with Wind Telecom in April 2011.

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