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Analysis of Investment Policy of Mobile and Fixed Operators of the Russian Federation for the Period 2009 - 2011 in Conditions of Financial and Economic Crisis (Russian Version)
Modern Telecommunications CJSC, Feb 2008, Pages: 36
Until 2009 Russian mobile and fixed operators invested heavily into the development of their networks using the capital from various sources, i.e. own profits, debt, and share capital.
With the outbreak of the global financial and economic crisis in the second half of 2008, the general economic situation in Russia started to deteriorate, while the conditions under which operators could raise credit for the development (upgrade) of the existing and roll-out of new telecommunications networks became substantially harder. All this had an inevitably negative impact on the telecommunications market as a whole and the investment policies (plans) of the RF mobile and fixed operators in particular.
The financial and economic crisis has not had any significant impact on the 2008 investment programs of the majority of the companies, since they were adopted in the pre-crisis period based on the high revenues (for new projects, also using the share capital), which were sufficient to cover both credit payments and further development.
Nevertheless in 2008 the crisis resulted in the reduction of CAPEX in specific investment areas, as well as in the extension of the roll-out terms for specific communications sites.
The investment programs of the absolute majority of telecom companies for 2009 and beyond were drastically revised, resulting in the reduction of capital investments for various lines of business, redistribution of assets, and in some cases in complete rejection of the previously adopted plans.
Changes in the investment policies of the telecommunications companies were caused primarily by the following:
- The impairment of credit raising conditions forcing the companies to implement their business plans using their own resources (profit, share capital);
the need to refinance debt (for example, in the 12 months of 2009 the “big three” Russian mobile operators will have to repay about $3 billion).
This analytical review provides a summary and analysis of the adopted (and published) investment programs (plans) of a number of the leading RF telecommunications companies for the period of 2009 – 2011, expert assessments of the market participants, as well as preliminary impact on these programs (plans) from the ongoing global financial and economic crisis.
This analytical review is a result of a desk research, conducted by Modern Telecommunications CJSC based on the materials from various open information sources as of February 2009.
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