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66 VimpelCom / Annual Report 2007 Years ended December 31, 2007 2006 2005 2004 2003 Armenia ARPU: Total service revenues $91,970 $10,451 $– $– $– Less: Connection fees 279 – – – – Service revenue used to calculate ARPU 91,691 10,451 – – – Average number of subscribers (‘000) 457 409 – – – Armenia average revenue per subscriber per month $16.7 $17.0 $– $– $– Average number of registered subscribers (‘000) 490 445 – – – Armenia average revenue per registered subscriber per month $15.6 $15.7 $– $– $– Georgia ARPU: Total service revenues $1,468 $– $– $– $– Less: Connection fees 20 – – – – Service revenue used to calculate ARPU 1,448 – – – – Average number of subscribers (‘000) 17.8 – – – – Georgia average revenue per subscriber per month $7.4 $– $– $– $– Average number of registered subscribers (‘000) 25.0 – – – – Georgia average revenue per registered subscriber per month $5.3 $– $– $– $– us to estimate the expected volatility, life of the options, risk free rate and our expected dividend yield. Modifications to one or more of these inputs could change the fair value of the option, which in turn would change our reported stock-based compensation expense and our estimated liability to settle these options. Recent Accounting Pronouncements In September 2006, the FASB issued FASB statement No. 157, or SFAS No. 157, Fair Value Measurements. The standard provides guidance for using fair value to measure assets and liabilities. The standard applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. The standard does not expand the use of fair value in any new circumstances. SFAS No. 157 is effective for fiscal years beginning after November 15, 2007. Management does not believe that the impact of adopting SFAS No. 157 will have a material impact on our results of operations or financial position. In February 2007, the FASB issued FASB statement No. 159, or SFAS No. 159, The Fair Value Option for Financial Assets or Financial Liabilities. The standard permits entities to choose to measure many financial instruments and certain other items at fair value. The statement is expected to expand the use of fair value measurement. SFAS No. 159 shall be effective as of the beginning of each reporting entity’s first fiscal year that begins after November 15, 2007 but earlier adoption is allowed under certain conditions. Management does not believe that the impact of adopting SFAS No. 159 will have a material impact on our results of operations or financial position in 2008. In December 4, 2007, the FASB issued SFAS No. 141(R), or SFAS No. 141(R), «Business Combinations», and SFAS No. 160, or SFAS No. 160, «Accounting and Reporting of Noncontrolling interest in Consolidated Financial Statements, an amendment of ARB No. 51». These new standards will significantly change the financial accounting and reporting of business combination transactions and noncontrolling (or minority) interests in consolidated financial statements. We will be required to adopt SFAS No. 141(R) and 160 on January 1, 2009, and early adoption and retroactive application are prohibited. We have not yet determined the effect that the adoption of SFAS 141(R) and 160 will have on our consolidated financial statements. In June 2007, the Emerging Issues Task Force reached a consensus on EITF Issue No. 06-11, or EITF No. 06-11, Accounting for Income Tax Benefits of Dividends on Share-Based Payment Awards. EITF No. 06-11 provides that companies are required to recognize the tax benefits of dividends on unvested share-based payments in equity and reclassify those tax benefits from additional paid-in capital to the income statement when the related award is forfeited (or is no longer expected to vest). The Issue is effective for dividends declared in fiscal years beginning after December 15, 2007. The impact of adopting EITF Issue No. 06-11 is not expected to have a material impact on our results of operations or financial position. In December 2007, the Emerging Issues Task Force reached a consensus on EITF Issue No. 07-01, or EITF No. 07-01, Accounting for Collaborative Arrangements. EITF No. 07-01 provides that an entity should consider all relevant facts and circumstances when evaluating whether an arrangement is a collaborative arrangement. The issue is effective for annual periods
eginning after December 15, 2008. The impact of adopting EITF Issue No. 07-01 is not expected to have a material impact on our results of operations or financial position. On December 21, 2007, the SEC staff issued Staff Accounting Bulletin No. 110, or SAB 110, which, effective January 1, 2008, amends and replaces Question 6 of Section D.2 of SAB Topic 14, Share- Based Payment. SAB 110 expresses the views of the SEC staff regarding the use of a «simplified» method in developing an estimate of expected term of «plain vanilla» share options in accordance with FASB Statement No. 123(R). SAB 110 extends the use of the «simplified» method for «plain vanilla» awards in certain situations. Management does not expect that the impact of adopting SAB 110 will have a material impact on our results of operations or financial position. Related Party Transactions We have entered into transactions with related parties and affiliates. Off-Balance Sheet Arrangements We did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results ВымпелКом / Годовой отчет 2007 of operations, liquidity, capital expenditures or capital resources that is material to investors. Additional Reconciliations of Non-U.S. GAAP Financial Measures (Unaudited) ARPU is a non-U.S. GAAP financial measure. ARPU is used to measure the average monthly services revenue on a per subscriber basis. ARPU is calculated as service revenue generated by subscribers, including roaming revenue and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, divided by the average number of our subscribers for the period and divided by the number of months in that period. We believe that ARPU provides useful information to investors as it is a main indicator of the performance of our business operations. We believe that ARPU provides management with useful information concerning usage and acceptance of our services. Non-U.S. GAAP financial measures should not be viewed separately or as an alternative to other figures reported under U.S. GAAP. Reconciliation of ARPU to service revenue and connection fees, the most directly comparable U.S. GAAP financial measures, is presented below. 67
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Contents Содержание Вы
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Группа компаний «В
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ВымпелКом / Годовой
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ОСНОВНЫЕ ФИНАНСОВЫ
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Статистические дан
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37,999,483 TOTAL ACTIVE SUBSCRIBERS
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Alexander Izosimov Chief Executive
Page 16 and 17: VimpelCom’s major corporate devel
Page 18 and 19: - Extract maximum value from the Ru
Page 20 and 21: «ВымпелКом» - стрем
Page 22 and 23: ВымпелКом / Годовой
Page 24 and 25: Our Credo: Innovation and Creativit
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Page 28 and 29: Jo Lunder Chief Executive Officer,
Page 30 and 31: Vladimir A. Filippov Vice President
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