Mobile-phone revenues should show a 4.1% y/y increase in 9M06, after a 4.9% increase in the first half of the
year. Subscription revenues (+9.2% y/y) will be higher thanks to the growing number of customers opting for
contracted services (37%, compared to 31.1% in 9M05). The total number of contract customers is projected to
rise to 1.78 million (27.5% y/y). Call revenues should be 1.6% lower y/y due to stiff competition. We also
expect 3% growth in interconnection revenues and a double-digit y/y increase in mobile data, internet, and VAS
revenues.
Total operating costs should be 1.3% lower y/y. In 2005, operating costs were burdened by extra costs related
to privatization (severance payments and consultancy costs).