Small portion of analytics

Russian business news magazine "Vedomosti" published small portion of MNOs financial analysis. http://www.vedomosti.ru/newspaper/article.shtml?2008/12/26/175603
The most interesting part of it below on picture. This is debts of MNOs before crisis according to their official financial reports.

You may see significant increase of Beeline debts after Golden Telecom and Corbina aquisition. Of course not all debts should be paid in 2009 but it is very hard to refinance debts in current situation. I think it is the answer on expenditures cuts in 2009. Beeline will have to spent almost all revenue on debts and there is no way for many new projects.

MTS and Megafon already refinanced part of their debts and able to compete for Beeline market share with aggressive strategies. They have already begun this - in the same article there is information about average minute cost (APPM) going down in MTS and Megafon while Beeline increased it.

Thanks, Denis.