Rus News Journal

System has increased discount

AFK bargains on 35 % more cheaply the daughters

AFK System has increased a separation at cost from the affiliated companies. Now discount AFK to cost of actives of corporation is estimated in 35-50 %. A management Systems repeatedly promised to solve this question, however to make it, the company should go on radical measures. Analysts name as possible scenarios sharp increase in dividends or allocation of telecommunication actives in the separate company.

today AFK System declares financial results on US GAAP for the second quarter 2008. Under the forecast interrogated daily analysts, the company gain will make 4,219 mlrd dollars against 3,2 mlrd year before. The Net profit will grow twice, to 265 million dollars, indicator OIBDA will reach 1,5 mlrd dollars against 1,1 mlrd in the second quarter 2007. We expect enough ambiguous results, - analyst FK " speaks; Uralsib Konstantin Belov. - MTS has shown good results for the second quarter 2008, and from not telecommunication daughters AFK we do not wait for anything especially good - they will bring the quite good contribution to a turn, but from - for their low or negative profitability profitableness most Systems it will appear enough low .

the Basic problem Systems analysts consider the big discount AFK to its cost daughters . Discount of actions Systems concerning its papers bargaining daughters has increased to 35 from 30 % for the last three months and 25 % from the beginning of year - the analyst " writes in the report; the Capital Renaissance Alexander Kazbegi. According to Nadezhdy Golubevoj from UniCredit Aton, yesterday in 18. 00 Moscow time discount with which bargained System to it to daughters Has increased to 49 %, however it has been connected by that the auctions on Nju - Jorksky stock exchange have not opened yet and MTS has not had time to fall together with all market. If to count discount as of closing of stock exchanges on September, 15th discount makes about 35 %. the Market waits for liquidity crisis, and at Systems the consolidated debt loading makes nearby 8 mlrd dollars at capitalisation in 7,8 mlrd dollars, - tells g - zha Golubeva. - the Most part of this loading are debts daughters but System anyway answers on them. Thus from all affiliated companies essential money is generated only by MTS .

in the Summer of last year Alexander Goncharuk occupying then a post of the president Systems has declared that the holding bargains with 28 - percentage discount concerning cost of the actives, and has promised to correct a situation within a year. One of the measures directed on increase of appeal AFK System for investors, there was a division disbandment System a Telecom holding operating telecommunication actives. In the autumn of last year this department has stopped the existence. In July of this year it has been declared the next re-structuring, by called to optimise structure AFK. The corporation declared creation three business - units which are responsible for management by affiliated companies. Business - unit Telecommunication actives is responsible for working out and realisation of telecommunication strategy of corporation, business - unit Consumer actives - for consumer sector development, and business - unit High technologies and the industry supervises the questions connected with highly technological and venture projects AFK System .

Also in the summer of this year board of directors AFK has approved updating dividendnoj politicians. The barrier on dividendnym to payments has increased with 2 to 40 % from net profit. An analyst Three Dialogue Evgenie Golosnoj considers that to System it is necessary to dare at cardinal steps to solve a discount problem: Partially this problem can be solved, if the corporation approves really big dividends that will allow to show to investors its potential not public daughters however can be necessary and more cardinal decisions, for example, allocation of telecommunication actives in the separate company . In AFK System yesterday from comments have refrained.