Investor Presentaiton
Revised Capex & Opex plans due to FX translation effect
2015 budget review with average RUB/USD rate of 70 vs 45 resulted in:
Maintenance
capex:
Expected up to RUB 1.5-1.7 bln in
2015
Operating expenses
RUB bln
Personnel expenses
Capex related to new data center, IT-architecture
unification and other projects:
Expected up to RUB 2.2-2.4 bln in 2015
Operating expenses
+23-27%
1.3 12.8-13.2
+10-13%
10.4
1.2
|
5.4
0.2
0.4
5.9-6.1
2014
FX rate
change
Organic
growth
2015
2014
FX rate
Organic
2015
change
growth
■ The growth rate for personnel
expenses is expected to be
below inflation at 10-13%
■
Expected total Opex growth
rate revised up to 23-27%
due to revision of IT-expenses
and professional services
Importantly, the business is hedged on the revenue side as FX denominated revenue growth driven by
translation effect is expected to more than offset cost expansion
☑ EXCHANGE
MOSCOW
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