Utel Announces 1997 Profits of $33 Million and Revenues of $300 Million.KYIV, Ukraine--(BUSINESS WIRE)--Feb. 12, 1998--Utel, Ukraine's leading provider of international and long-distance telephone services, today announced that the company generated more than US $33 million in profits in 1997, up from US $27.4 million in 1996. Revenues reached more than US $300 million, compared to revenues of approximately US $263 million in 1996. Utel's final 1997 annual report, including independently audited financials, will be published by the company next month. Utel's finances, bookkeeping bookkeeping, maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. and accounting procedures are conducted according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). (Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) standards. The company's annual audit is performed by the international accounting firm Coopers & Lybrand. A fifth consecutive year of profitable performance by Utel has placed the privately-held "closed joint-stock company joint-stock company A rare type of business organization characterized by some features of a partnership and some features of a corporation. Shares are transferrable and the company is assessed taxes according to corporate tax rates. " into the top 15 most profitable companies in Ukraine, according to the Kyiv-based investment publication Ukrainian Top 100 (October, 1997). Utel's shareholders include Ukrainian state telecommunications corporation UkrTelecom (51%) and international telecommunications conglomerates AT&T (19.5%), Deutsche Telekom Deutsche Telekom AG (ISIN: DE0005557508, FWB: DTE, NYSE: DT, LSE: DEU, TYO: 9496 ) (abbreviated DTAG) is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Germany and in the EU. (19.5%), and PTT (1) (Postal, Telegraph & Telephone) The governmental agency responsible for combined postal, telegraph and telephone services in many European countries. (2) See push-to-talk. PTT - Post, Telephone and Telegraph administration Telecom (Netherlands) (10%). According to today's announcement, Utel paid more than US $21 million in profit and value-added taxes to the Government of Ukraine, and an additional US $158 million to state-owned UkrTelecom in access and transmission fees. In 1997, Utel's digital switches handled 40% of all telecommunications traffic in Ukraine, representing 1.46 billion conversation minutes, an increase of 22% over 1996. Today, the company maintains direct links with 46 telecommunications operators in 42 countries, enabling Ukrainian customers to call virtually every country in the world. Utel's total investment in Ukraine's telecommunications infrastructure reached US $160 million as of December 31, 1997, according to today's announcement. In 1996, Utel completed a national network of digital long-distance exchanges, fully integrating all regional centers of Ukraine with the global network. Last year, Utel installed CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. 7 systems and high speed Integrated Services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. Data Network (ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. ) facilities at the company's long-distance exchanges in Ivano-Frankivsk, Lutsk, Odessa, Mykolayiv, Rivne, Ternopil, Cherkasy, and L'viv. Utel also expanded its fiber-optic network, commissioned CCS7 signalling to 16 international destinations, and launched ISDN services to Austria, Belarus, Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , Denmark, Italy, France, and Switzerland. In 1997, Utel expanded Ukraine's national telecommunications network A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. by more than 43,000 ports and almost 31,000 new subscriber lines. Working with UkrTelecom and the Ukrainian State Committee on Communications, Utel constructed, leased, and tested local exchanges in Donetsk, Mariupol, L'viv, and Odessa. Utel has consistently introduced high quality telecommunications services to businesses in Ukraine. Currently, Utel serves more than 3,300 business with more than 6,300 Premium Business Service lines. The company plays an important role in both the development of the Ukrainian telecommunications infrastructure and the integration of Ukraine into the world economy. In 1997, Utel's international telephone station in Kyiv handled almost 100 percent of Ukraine's international traffic. Last year, Utel's call completion rate for incoming international calls was 43.8%, an improvement of 1.4% over the previous year. The outgoing international call completion rate approached world standards at 51.4%, an increase of 2.7% over 1996. Utel's future plans to expand its range of services include the introduction of Internet services, toll free "800" services, video-conferencing and other new technologies to the Ukrainian telecommunications market. Utel's mission is to deliver value to its shareholders and to improve telecom service and technology for Ukraine as well as individuals and businesses throughout the country. A team of 1,700 employees, led by an international management group, works to achieve this mission every day. Utel management includes Olexiy Marynchuk, President; Robert Simmons, Vice President/Finance; Harry Visser, Vice President/Business Operations; Karl-Heinz Rinkens, Vice President/Operation and Maintenance; Anatoly Stetsenko, Vice President/Network Planning, Strategy and Quality; and, Oleksandr Chernyshov, Vice President. For more information, please contact Utel press officer Arkadiy Polyak at 044 229-8622 (tel.), 044 229-8373 (fax). CONTACT: Utel Arkadiy Polyak, 38-044 229-8622 Paul Nathanson, 202/466-6210 |
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