Double digit subscriber growth of 12.9% in Belarus
At the end of September 2009 Velcom, the second largest mobile operator in Belarus, grew its subscriber base by 12.9% to 4.0 million customers compared to 3.5 million at the end of September 2008. Velcom’s market share declined from 44.7% at the end of September 2008 to 43.5% at the end of September 2009. The penetration rate in Belarus rose from 81.3% to 94.4% at the end of September 09.
Average minutes of use charged per subscriber decreased by 2.6% to 158.5 minutes in 3Q 09 compared to 3Q 08. ARPU amounted to EUR 6.2 in 3Q 09 compared to EUR 7.6 in the previous year. On a local currency basis, ARPU increased by 2.6% due to price increases.
Organic revenue growth in Belarus of 18.2%
Revenues fell by 6.4% from EUR 82.4 million in 3Q 08 to EUR 77. 1 million in 3Q 09 due to currency translation adjustments of EUR 20.3 million following the devaluation of the Belarusian Ruble in 2009, which offset the entire growth. On a local currency basis, revenue growth was 18.2% mainly due to a larger subscriber base.
Organic EBITDA growth excluding FX translation of 10.6%
In 3Q 09 EBITDA declined by 12.8% to EUR 36. 0 million compared to EUR 41.3 million in 3Q 08 due to currency translation effects. On a local currency basis, EBITDA increased 10.6% due to higher revenues.
The impairment related to the goodwill of Velcom in the amount of EUR 290.0 million led to an operating loss of EUR 271.3 million in 3Q 09. Excluding the impact of both the impairment and the currency translation in the amount of EUR 5.0 million, operating income grew by 7.3%.