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34
VimpelCom / Annual Report 2007
Selected Financial Data
The following selected consolidated statement of financial data and
consolidated balance sheet data present a summary of VimpelCom’s
historical consolidated financial information at December 31, 2007, 2006,
2005, 2004 and 2003 and for the years then ended and are derived from
VimpelCom’s consolidated financial statements and their related notes,
which have been audited by Ernst & Young LLC. The selected financial
data set forth below should be read in conjunction with VimpelCom’s
consolidated financial statements and their related notes included
elsewhere in this annual report and the section of this annual report
entitled «Management’s Discussion and Analysis of Financial Condition
and Results of Operations.»
Years ended December 31,
2007 2006 2005 2004 2003
(In thousands of U.S. dollars, except per share and per ADR amounts)
Operating revenues:
Service revenues $7,161,833 $4,847,661 $3,175,221 $2,070,720 $1,269,927
Sales of handsets and accessories 6,519 19,265 30,478 38,711 55,765
Other revenues 6,528 2,931 5,419 3,571 3,961
Total operating revenues 7,174,880 4,869,857 3,211,118 2,113,002 1,329,653
Revenue based taxes (3,782) (1,879) – – –
Net operating revenues
Operating expenses:
7,171,098 4,867,978 3,211,118 2,113,002 1,329,653
Service costs 1,309,287 872,388 514,124 327,403 203,093
Cost of handsets and accessories 5,827 18,344 28,294 30,585 36,447
Selling, general and administrative expenses 2,206,322 1,503,615 1,085,807 720,127 467,655
Depreciation 1,171,834 874,618 451,152 281,129 162,769
Amortization 218,719 179,846 142,126 64,072 34,064
Impairment of long-lived assets – – – 7,354 –
Provision for doubtful accounts 52,919 21,848 11,583 8,166 9,228
Total operating expenses 4,964,908 3,470,659 2,233,086 1,438,836 913,256
Operating income
Other income and expenses:
2,206,190 1,397,319 978,032 674,166 416,397
Interest income 33,021 15,471 8,658 5,712 8,378
Net foreign exchange gain 72,955 24,596 7,041 3,563 (1,279)
Interest expense (194,839) (186,404) (147,448) (85,663) (68,246)
Other income (expenses) 3,029 (38,844) (5,853) (12,153) 3,045
Total other income and expenses
Income before income taxes, minority interest
(85,834) (185,181) (137,602) (88,541) (58,102)
and cumulative effect of change in accounting principle 2,120,356 1,212,138 840,430 585,625 358,295
Income tax expense
Minority interest in earnings (losses) of subsidiaries,
593,928 390,663 221,901 155,000 105,879
before cumulative effect of change in accounting principle
Income before cumulative effect of change in accounting
63,722 8,104 3,398 80,229 23,280
principle 1,462,706 813,371 615,131 350,396 229,136
Cumulative effect of change in accounting principle
Minority interest in cumulative effect of change
– (1,882) – – (379)
in accounting principle – – – – 52
Net income $1,462,706 $811,489 $615,131 $350,396 $228,809
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