Business model

How We Create Value

Our primary source of revenue is from subscriber payment. We have designed our revenue structure to mitigate exposure to credit risk and support a stable cash flow. Our business model is built around our growth and reinvestment strategy. We are always seeking to strengthen our market position by reinvesting our cash flow back into the business.

Markets,
suppliers,
partners

Equipment market

Technology and
software market

Financial markets

Labour market

Key products
and services

Wireless services

Wireline services

Sales of equipment
and accessories

76.8m

subscribers

Retail customers

Corporate customers

Government customers

Telecom operators

OUR PRIMARY SOURCE OF REVENUE IS FROM SUBSCRIBER PAYMENT.
We have designed our revenue structure to mitigate exposure to credit risk and support a stable cash flow.

42.2%

OIBDA margin

RUB
70.2bn

CAPEX

Our business model is built around our growth and reinvestment strategy. We are always seeking to strengthen our market position by reinvesting our cash flow back into the business

FREE CASH
FLOW

RUB
50.0bn

Dividends

Because of our determination that investors should receive an appealing return, we also distribute a significant portion of cash in the form of dividends