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million 40 Number of subscribers % 120 30 Penetratioin rate (right scale) 90 20 60 10 30 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2006 2007 2008 2009 2010 0 7
Growth(%) 50 45 40 35 30 25 20 15 10 5 0 45.1 23.0 23.1 Celluar Mobile : Growth of Subscribers 2001-2009 31.3 32.7 19.5 18.9 2001 2002 2003 2004 2005 2006 2007 2008 2009 9.7 8
Malaysia Mobile Data Services Revenue 2009(RM 3.1billion) Mobile Internet 22.1% Messaging 77.9% 9
Celluar Technology Lanched in Malaysia Year 2010 2005 Maxis, 2006 Celecom, 2006 Maxis, 2006 DiGi, 2004 DiGi, 2004 DiGi, 2009 U Mobile, 2008 Celecom, 2006 Maxis, 2006 Maxis, 2005 Celecom, 2005 Maxis, 2009 DiGi, 2009 2000 1995 1990 MRCB Telecommunications(TM TOUCH 013), 1995 Multiara Telecommunications(DGI 1800), 1995 Sapura Digital(ADAM 017), 1995 Maxis,1995 Celecom,1995 Mobilecom, 1993 Celecom, 1989 1985 Altur 450(TM),1985 1980 1G 2G 2.5G 2.75G 3G 3.5G HSPA Celluar Technology 10
8 7 3G Subscriptions 2006-2009 7.35 No.of Subscriptions(million) 6 5 4 3 2 1 0.43 1.56 4.37 0 2006 2007 2008 2009 11
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Year Otr Number of Porting Request( 000) Successful Porting( 000) Gender Percentage share of hand phone user base 2005 2006 2007 2008 13
60 50 Male Female 40 30 20 10 0 2005 2006 2007 2008 Percentage share of and phone user base(%) Payment plan 14
Monthly income category Percentage of hand phone user base(%) 2007 2008 2008 2007 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 15
SMS per day Percentage share of and phone user base 16
Activities the Internet through hand phone Percentage share of those who accessing Internet through hand phones(%) Multiple response question Information Entertainment Catting/email Others 35.2% 42.1% 3.1% 49% 17
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Percentage(%) 120 100 80 60 40 20 0 19.8 39.5 2001 Celluar Mobile Phone by Market Share 2003-2009 22.2 36.1 24.5 35.2 27.2 31.5 40.5 41.7 40.3 41.5 41.6 40.0 39.6 0.8 24.4 2002 2003 2004 2005 2006 2007 2008 2009 27.5 31.0 2.9 25.5 31.7 34.2 Maxis Celcom DIGI U Mobile No. of subscribers (million) 15 10 5 0 19.8 2001 Celluar Mobile Phone Sbuscribers by Service Provider 2003-2009 2002 2003 2004 2005 2006 2007 2008 2009 Maxis Celcom DIGI U Mobile 19
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MVNO 21
MVNO 22
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1992 Consolidation in 2003 2003-Today Telekom Cellular Celcom MobiKom TM Touch merged with Celcom Celcom DIGI Maxis Time TIMECel merged with Maxis DIGI.Com Maxis 24
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Axiata 60000 50000 40000 30000 20000 10000 0 Nov 24 2009 Net profit/(loss) Share price 52-week high 52-week low PE valuation Dividend yield Issued share capital Estimated free float Nov 2009 Nov 2008 Nov 2007 Nov 24 Sept 17. 2010 Nov 30. 2009 Historical Prospective Nov 24 2010 (RM4.5mil) RM 3.1 mil RM 4 mil RM 4.49 RM 4.66 RM 2.97 13.61 times 14.48 times N/A 8.445 bil 35% Nov 24 4.49 4.6 4.4 4.2 4 3.8 3.6 3.4 3.2 3.0 27
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REVENUE RM (Billion) EBITDA RM (Billion) PATAMI RM (Billion) SUBSCRIBERS RM (Billion) BLENDED ARPU RM BLENDED MOU (Mins) 1.3 1.5 2.5 2.8 5.6 6.5 9.8 10.1 5.7 5.5 205 205 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 *Minutes of use/sub/month 30
PATAMI (RM Million) +22.6% +2.0% +19.0% 1,294 1,540 336 357 367 404 412 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 FY08 FY09 *Excluding holding company rechange og RM23 million In FY09 31
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800,000,000 700,000,000 600,000,000 139,220,882 141,251,288 143,292,272 500,000,000 400,000,000 300,000,000 200,000,000 100,000,000 0 Airtel Reliance Vodafone Essar Tata IDEA BSNL Aircel Uninor MTS MTNL Loop Mobile Videocon Stel HFCL Etisalat 113,315,831 111,465,260 74,843,746 70,748,936 68,065,817 43,296,659 2010.7 139,220,882 113,315,831 111,465,260 74,843,746 70,748,936 68,065,817 43,296,659 6,873,798 5,582,683 4,947,938 2,947,228 2,777,396 1,423,043 851,887 30,023 115,325,053 113,774,409 76,943,342 72,735,921 70,357,652 44,906,679 2010.8 141,251,288 115,325,053 113,774,409 76,943,342 72,735,921 70,357,652 44,906,679 9,093,962 6,111,619 4,989,546 3,664,899 2,968,111 1,519,498 947,815 43,709 117,337,370 115,553,042 79,071,176 74,213,507 72,693,217 46,515,378 2010.9 143,292,272 117,337,370 115,553,042 79,071,716 74,213,507 72,693,217 46,515,378 11,267,660 6,638,470 5,024,692 4,482,272 2,983,899 1,642,272 1,022,944 56,583 73
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10.0 8.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0 76
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Industry Subscriber Net Additions 682 Mn 17 18 17 18 16 17 451 20 19 Mn 20 19 18 17 15 15 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Vodafone Customer Market Share (September, 2010) 17.2% Reliance Others 17.1% 11.6% TATA 4.4% 6.8% Aircer Aircel 10.9% Idea 21.3% Airtel 10.6% BSNL 682 Mn wireless subscribers at the end of September 2010 India, the world s fastest growing market, has fifteen service providers 85
Revenue EBITDA Net Profit 107,664 +20% 144,683 229,485 221,323 190,678 +33% 93,050 81,989 78,205 57,208 +80% 31,637 60,449 54,011 46,550 24,762 4,438 FY06 FY07 FY08 FY09 FY10 FY06 FY07 FY08 FY09 FY10 FY06 FY07 FY08 FY09 FY10 86
Margins 34.1% 31.5% 31.9% 32.4% % of Total Revenue 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 31.5% 11.8% 6.9% 15.7% 29.9% 14.3% 6.7% 17.6% 25.6% 27.2% 16.5% 6.9% 19.0% 14.6% 7.0% 18.8% 3QFY10 4QFY10 1QFY10 2QFY10 Network expenses - Increase in network cost due to expension of coverage & GSM launch - Opex of other new business like DTH, Vanco, etc SG&A expenses - Foused marketing & various cost control measures Staff cost Access charges & LF - MTC reduction - Expansion of fiber optic assets & increase in Pois 87
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won 13 circles with a spend of Rs. 8,585cr Geographical mix of top 3 metros, 4 B circles & 6 C circles 2G Circles 2G + 3G Circles Delhi & Mumbai Marginal capex for 3G upgrade on our EDGE GSM network 89
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No Operator Product Network 96
No Operator Market Share 97
Year Subscriber No Operator Network Number of Subscriber 98
No Type of Broadband Penetration No Provider Market Share 99
No Provider GSM/CDMA Service Speed No Sector Penetration 100
No Provider Acquirer Market Share 101
No Recipient Business Line Ownership 102
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Company PT. TELEKOMUNIKASI INDONESIA (TELKOM) 105
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No 2.3 GHz Spectrum No 3.3 GHz Spectrum No Recipient Share 107
No Purpose 2009 2010 2011( 108
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Contents 110
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Company Company PT. INTEGRA SOLUSINDO TELEMATIKA PT. BRAINCODE SOLUTION 112
Company PT. ARITA MOBILE INTERNATIONAL 113
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140,000,000 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 09. 12 6,640,000 21,667,200 31,393,000 55,436,100 10. 03 6,767,200 21,876,600 31,872,400 56,082,100 10. 06 6,783,200 22,573,200 32,091,400 56,514,500 1,115,163,300 116,598,300 117,962,300 119,663,300 5.8% 5.8% 5.8% 5.8% 18.8% 18.8% 19.1% 19.6% 27.3% 27.3% 48.1% 48.1% 27.2% 47.9% 27.0% 47.5% 10. 09 7,003,300 23,474,200 32,291,200 56,894,600 118
1,400 1,200 1,000 800 600 400 200 0 872 388 174 2006 1,154 1,200 1,056 956 543 579 610 475 348 286 226 180 2007 2008 2009 2010 NTT DoCoMo AU KDDI SOFTBANK Mobile 119
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8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 China Telecom China Mobile 60,434 62,856 65,273 67,673 10.8% 11.9% 12.7% 13.6% 89.2% 88.1% 87.3% 86.4% 10. 03 6,545 53,889 10, 06 7,452 55,404 10. 09 8,298 56,975 10. 12 9,198 58,475 139
600 500 400 39.2% 25.8% 34.1% 41.1% 47.7% 413.0 300 279.7 200 100 84.4 117.5 147.8 198.2 0 2007 2008 2009 2010 2011e 2012e 140
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China United Network Communications Group Company Limited 2 other promoters Public Shareholders 61.05% 0.01% 38.94% China United Network Communications Limited 100% 17.90% 82.10% China Netcom Group Corporation (BM) Limited China Unicom (BM) Limited Telefonica International. S.A.U. Others Public Shareholders 29.74% 41.27% 8.37% 20.82% China Unicom(Hong Kong) Limited 100% China United Network Communications Corporation Limited China Netcom Group Corporation (Hong Kong) Limited 100% 100% 100% 100% 100% 100% China Unicom (Hong Kong) Operations Limited China Unicom (Americas) Operations Limited China Unicom (Singapore) Operations Pte.,Ltd. China Unicom (Europe) Operations Limited China Unicom (Japan) Operations Limited 161
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Wireless core Network Bearer/Access Services/ Accessories Terminals Services UMTSS/GSM CDMA/GoTa TD/WiMAX LTE Microwave M2MRFID Mobile CN Fixed CN MS WDM/OTN NG-SDHMSTP Router/ BRAS/Switch iptn MDSN/DSL/ xpon VAS OSS/BSS iptv Surveillance ICT Power Handset Data Cards Fixed Wireless Terminal Fixed Terminal Network Rollout Customer Support Service Managed Service Professional Telocom Service Knowledge Service 168
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90 80 70 60 50 40 30 20 10-64 44 16 ARPU avg. Blackberry iphone ARPU avg. Incremental ARPU 183
2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200-2004 2005 2006 2007 2008 T-Mobile Vodafone eplus o2 184
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60,000,000 50,000,000 4.0% 4.6% 5.1% 5.4% 6.4% 7.3% 40,000,000 20.7% 20.5% 20.3% 20.5% 20.2% 19.5% 30,000,000 30.9% 30.9% 30.5% 30.4% 30.6% 30.2% 20,000,000 10,000,000 44.4% 44.4% 44.1% 43.7% 42.8% 43% 0 09T1 09T2 09T3 09T4 10T1 10T2 1,992,748 2,288,644 2,603,011 2,781,982 3,225,623 3,698,241 10,333,708 10,290,012 10,292,638 10,428,925 10,254,172 9,932,571 15,465,855 15,524,931 15,417,005 15,501,166 15,492,301 15,379,315 22,137,725 22,125,292 22,267,936 22,278,983 21,731,782 21,909,531 202
1600 1400 1200 100 800 600 400 200 0 1,442 1,108 749 2007 2008 2009 203
2,00 1,500 1,000 500 0 07 Q1 07 Q4 08 Q1 08 Q4 09 Q1 09 Q2 09 Q3 09 Q4 UMTS HSDPA 204
9,000 8,004 8,000 7,000 6,033 6,000 4,971 5,000 3,703 3,832 4,000 3,000 2,000 1,000 0 2005 2006 2007 2008 2009 205
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12000 10000 8000 6000 4000 2000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 16000 14000 12000 10000 8000 6000 4000 2000 0 2004 2005 2006 2007 2008 2009 221
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100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 4.2 4.2 1.4 9.5 5.7 3.2 5.9 10.9 5.9 5.2 7.1 11.6 6.7 5.9 7.3 8.3 6.7 7.5 80.6 74.2 70.1 67.8 65.2 2005 2006 2007 2008 2009 12.3 12.3 225
100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 3.0 3.7 5.0 5.6 7.1 8.4 17.7 18.2 18.0 18.3 17.4 16.9 34.1 33.8 32.3 31.8 31.8 32.3 43.4 43.3 43.8 43.3 42.4 41.5 2004 2005 2006 2007 2008 2009 226
100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 13.6 13.7 13.5 12.8 16.4 15.2 13.4 12.3 2.3 4.9 6.1 27.3 22.6 20.3 19.7 3.8 7.7 9.3 11.1 39.0 39.0 38.7 38.7 2005 2006 2007 2008 2009 227
5000 4000 3000 2000 1000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 25000 20000 15000 10000 5000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 228
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100% 75% 50% 25% 0% 70 30 2009 2008 234
Supplier assessment types Simplified assessment Purchase volume 1-10MSEK per year Qualifed assessment Purchase volume > 10MSEK per year Full audit New supplier with large portfolio, critical product odr service 235
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Requirements for all Purchasing caases Additional requirements General CR requirements Social/ethical requirement Quality and environmental management systems Substances Black list Banned substances Product Suppliers Design for environmnet Energy efficiency Recycling, end-of-life management Product an process documentation Specific substance Contractors Emissions, vehicle fleet, machines Recycling, end-of-life management Grey list Substances to be avoided 237
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34,580 34,530 34,215 5,520 5,410 5,080 9,620 9,590 8,870 4,400 4,180 3,790 2007 2008 2009 2007 2008 2009 241
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40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 2007 2008 2009 90.7 92.2 91.3 45.9 46.1 46.5 2007 2008 2009 243
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370 342 351 12,030 11,009 9,778 2007 2008 2009 67% 53% 45% 37% 2006 2007 2008 2009 4,845 5,230 5,410 13,665 13,530 13,415 2007 2008 2009 245
105.6 113.4 116.3 403.3 406.9 404.8 297.7 293.5 288.5 2007 2008 2009 2007 2008 2009 246
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100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% postpaid subscribers 2009-1 2009-2 2009-3 2009-4 2010-1 2010-2 2010-3 VODAFONE AVEA TURKCELL 285
prepaid subscribers 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2009-1 2009-2 2009-3 2009-4 2010-1 2010-2 2010-3 AVEA VODAFONE TURKCELL 286
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 18 33 45 82 67 55 Avea Vodafone Turkcell 3G Prepaid 3G Postpaid 100% 80% 40.0 22.4 29.1 60% 40% 20% 60.0 77.6 70.9 0% Avea Vodafone Turkcell Prepaid Postpaid 287
100% 80% 21.9 23.7 24.3 25.3 26.2 27.9 29.3 60% 40% 78.1 76.3 75.7 74.7 73.8 72.1 70.7 20% 0% 2009-1 2009-2 2009-3 2009-4 2010-1 2010-2 2010-3 Postpaid Prepaid 288
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Months Minutes 290
Months USD 291
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350 300 250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 299
60 50 35 30 40 30 20 25 20 15 10 10 5 0 07. 1Q 07. 3Q 08. 1Q 08. 3Q 09. 1Q 09. 3Q 0 300
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Virizon Wireless Organizational Chart Chairman & CEO Verizon Communications SVP &CTO VIP &CFO Verizon Wireless President & CEO EVP & COO CMO Verizon Communications VIP Corp. Commun. VP Business Dev. SVP Product Dev. VP Legal & Ext. Affairs VP Customer Service Ops. Presidnet West Area Presidnet N.E. Area Presidnet South Area Presidnet Midwest VP National Ent. Sales/Ops VP National Ent. Sales/Dist Presidnet Ent &Gov Mkts VP H. R. CIO VP West Area VP N.E. Area VP South Area VP Midwest 303
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100,000 80,000 60,000 40,000 20,000 0 Maxcom Nextel Iusacell/Unefo Movistar Telcel 2008.06 40 2,436 4,050 14,114 52,852 2009.09 56 2,910 3,565 16,462 58,360 2010.06 39 3,185 3,789 18,257 61,293 325
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Wireless Data Fixed Voice Wireless Broadband Wireless Voice Fixed Broadband Wireless Voice Video 330
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2.0% 15% 23% 47% 13% Wireless Voice Wireless Data Wireless Voice Wireless Data & Others Pay TV 333
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14.2% 11.3% 12.0% 12.4% 8.7% 9.5% 9.3% 9.8% 1T08 1T08 3T08 4T08 1T09 2T09 3T09 4T09 345
16.3% 14.8% 11.5% 11.9% 12.6% 13.3% 1T09 2T09 3T09 4T09 1T10 2T10 346
19% 12% 41% 53% 40% 35% 347
50% 40% 30% 20% 10% 0% 9% 12% 43.6% 15% 16% 17% 18% 21% 348
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Vivo & Claro Claro & Tim Tim & Oi 350
90 80 70 60 50 40 30 20 10 0 2001 2002 2003 2004 2005 2006 2007 2008 59 62 62 65 71 75 77 82 8 9 11 17 24 28 32 38 28 23 27 26 23 27 18 31 12 36 11 36 9 36 7 38 351
65.0 % da populacaoatendida por banda large movel no Brasil 60.0 55.0 2008 2009 2010 by TELEBRASIL e Teleco Vivo Tim Claro Oi 25,000 20,000 15,000 10,000 5,000 0 2006 22,212 22,872 19,576 17,215 13,963 18,321 16,363 18,079 15,789 12,609 11,316 5,687 2007 2008 2009 2010 352
25000 20000 15000 10000 5000 0 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 Vivo Tim Ciaro Oi Bruto 19576 22212 22872 17215 18321 18079 13963 16363 15789 5687 11316 12609 Liquido 13854 15819 16363 12442 13147 13058 9988 11528 12016 5444 7633 9063 353
20 18 16 14 12 10 86 4 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 10 354
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Vivo Tim Oi 356
Vivo Tim Oi 22 13 11 13 11.6 8.5 1T09 2T09 3T09 4T09 1T10 2T10 357
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TELEFO NICA S.A. T 100% BRASILCEL, NV Q = % Quotas ON = % Acoes Ordlnarlas PN = % Acoes Preferenciais T = % Total ON PN T 38.41% 34.58% 35.89% ON PN T VIVO PRARICIPACOES S. A. T 73.27% T 84.78% PTELECOM BRASIL S.A. PORTELCOM PRARICIPACOES S.A. T 23.00% TBS CELULAR PRARICIPACOES LTDA 12.53% 0.11% 4.37% ON PN T T 100% T 15.22% 37.97% 9.36% 19.16% VIVO S. A. T 100% 361
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9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000-2001 2006 2007 2008 2009 Etisalat Du 4,534 5,520 6,372 7,285 7,741 915 2,498 3,477 383
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1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000-2007 2008 2009 832,515 1,201,853 1,404,405 303,882 559,004 690,424 385
800 700 600 500 400 300 200 100-2007 2008 2009 241 473 689 208 449 669 386
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Million 80 69.94 70 60 53.43 50 40 30 20 10 0 Sep-09 Ooc-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 Mobile subscribers Mobile Subscribers May-10 Jun-10 Jul-10 Aug-10 Sep-10 Mobile prenetration 82.19 63.93 % 403
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3000 2500 2000 1500 1000 500 0 2007 2008 2009 2010f 2011f 2012f 411
60 50 40 30 20 10 0 2006 2007 2008 2009 2010 412
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ECMS Free Float (28.97%) Mobinil telecommunicationis (51.03%) Orascom Telecom Holding SAE(20%) Orascom Telecom Holding SAE 28.78% of Mobinil Communications (34.6% of ECMS) Orange Group SA 71.25% of Mobinil Communications (36.4% of ECMS) 414
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25,000,000 20,000,000 211,530,000 213,383,561 216,500,000 219,000,000 15,000,000 10,000,000 50,000,000 0 10. 03 10, 06 Tele 2 15,400,000 16,513,000 Megafon 51,634,941 53,519,036 Vympelcom 52,188,487 50,895,839 MTS 69,083,271 69,419,565 10. 09 17,682,306 55,856,397 51,614,769 69,673,090 10. 12 19,000,000 57,000,000 51,900,000 69,800,000 426
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180 160 160 140 120 125 100 80 60 40 20 0 89 62 78 80 47 70 59 32.2 20.1 29.3 20.4 10.1 2007 2008 2009 2010F 2011F 2012F 2013F Mobile access Fixed access 428
70 60 62.9 50 40 35.2 30 20 10 10.8 17.9 0 2006 2007 2008 2009 120.0 100.0 80.0 60.0 40.0 USB modems 3G handsets Total of 3G subscribers Source : J son & Partners Consulting unit : million 20.0 0.0 2008 2009 2010F 2011F 2012F 2013F 2014F 429
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Voice revenue $billion VAS revenue, $billion 40 35 30 25 20 15 10 5 0 13% 1.4 9.1 14% 2.0 12.6 13% 2.8 17.9 15% 3.9 22.3 19% 3.9 16.7 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2005 2006 2007 2008 2009 Voice revenue VAS revenue VAS share 434
1% 27% 42% Messaging Mobile Internet Content Other VAS 30% 435
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17% 7% 30% MTS Vympelcom Megafon Tele 2 Others 24% 22% 437
10% Comstar Centertelecom Vympelcom ER-Telecom Volgatelecom North-West Telecom Uralsvayzinform Akado Sibirtelecom 7% 4% 5% 6% 6% 7% 10% 9% 8% 7% 438
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