Description of the market and risks. Implementation experience: North-West Telecom OJSC Central Telegraph
Possible factors that may adversely affect marketing activities The issuer, are, above all, the problems associated with competition in the communications market.
Competitors are likely to:
· Tariff rebalancing, increasing competition between fixed-line operators and operators cellular communication in all regional markets;
Entering regional markets (first of all, to the regional centers of the Northwestern Federal District of the Russian Federation, then to the regional centers of the Northwestern Federal District of the Russian Federation) large companies, which previously worked only in the St. Petersburg market, will intensify competition throughout the entire territory of the Issuer's activities;
· Active promotion by competitors of their services in the most dynamic markets (telephony, Internet access and data transmission) will lead to increased impact on all client segments of the Issuer;
· Absorption by competitors of developed companies in regional markets will lead to increased competition throughout the territory of the Issuer's activities;
· Active construction of own infrastructure by telecom operators leads to lower prices for network resources (communication channels) and exacerbates the competitive situation in the market of communication services.
Telephony:
In the segment "Population" there is competition in the market for the provision of local telephone services from cellular operators. Mobile operators promote additional (non-voice) services with discounts and bonuses for voice traffic.
In connection with the introduction of a time-based payment system for local telephone connections, the risk of subscribers refusing from wired communication services in favor of services provided by mobile operators.
To retain subscribers, the Issuer offered a range of additional tariff plans with different volumes of included local traffic, and also developed a number of package offers for users of several services at more attractive rates.
In the "Corporate Clients" segment, there is significant competition from alternative operators that provide a wider range of related telephony services via flexible system discounts, as a result of which there may be a risk of a decrease in the Issuer's share in the "Corporate Clients" segment.
The Issuer plans to retain the number of subscribers by segments by:
managing the cost and pricing of local and intrazonal communication services,
service packaging,
· formation of complex offers of communication services, focused on various segments of corporate clients.
Internet access and data transfer:
Internet access services are one of the most dynamically developing areas of the communications industry, despite some recent slowdown in growth rates.
This market is characterized by strong competition, both in the segment "People" and in the segment "Corporate clients". It should be noted that the Issuer, as an operator with a developed own infrastructure, has a clear competitive advantage.
In the market of broadband access in the "Population" segment, operators of home networks and cable TV are currently actively developing. Cellular operators seek to actively promote services mobile Internet, their capabilities are expanding with the introduction of 3G networks.
Since the beginning of 2006, the Issuer has been providing broadband access services for the population under the Avangard trademark. The Issuer is constantly increasing its subscriber base and holds a leading position in the market of the Northwestern Federal District of the Russian Federation in this segment, and therefore there is a risk of a response from alternative operators aimed at maintaining market positions, including by lowering prices.
Since 1.12.2007, the Issuer has been providing broadband access to the Internet for legal entities under the brand name "Alliance-PRO Internet".
The Issuer practices expanding the range of speeds of unlimited tariff plans, systematically increasing speeds on existing tariff plans, reducing the cost of providing Internet access, introducing additional services and services. Along with this, the Issuer is making efforts to actively attract new users by expanding the geography of services, developing, modifying and adapting existing products and services, implementing outbound telemarketing, organizing the provision of comprehensive services, introducing special corporate customer retention programs, and providing corporate customers with a range of services ( including the creation of IP VPN), the implementation of a customer loyalty program.
Investment risks
In 2006, the Issuer's Board of Directors approved the "Risk Management Regulations" in order to integrate risk management procedures into integrated system. The purpose of the functioning of the Issuer's risk management system is to reduce the likelihood of occurrence of events leading to losses. The Regulation defines the tasks of the Issuer's risk management system, levels of the risk management system and disclosure of information about the system and assessment of its functioning.
In 2008, OJSC NWTelecom introduced a risk management system (RMS), the main objectives of which are to improve the efficiency of managing threats and opportunities and increase the Issuer's capitalization.
The executive bodies of the RMS (the commission and the working group on risk management) developed the Risk Management Program at NWTelecom (hereinafter referred to as the Program).
In accordance with the Program, a system for reporting on the progress and results of the implementation of approved risk management action plans has been introduced:
· event owners report quarterly on RMS activities to the respective risk owners;
· owners of risks quarterly report on the course of their management to the risk management commission;
department internal audit The issuer conducts an audit of the risk management process once every six months and makes recommendations to the commission on the necessary adjustments to the work on the RMS.
The Issuer's summary risk assessment is formed on the basis of risk reports. Risk reports serve to monitor the effectiveness of risk management and, along with the conclusion of the internal audit department on the audits carried out, are the basis for considering the issue of amending the current Risk Management Program.
From the point of view of the impact of risk on the results of the Issuer's activities, all risks are divided into:
significant;
moderate;
· insignificant.
Control over the implementation of action plans for managing significant risks is exercised by the Board of Directors. Control of moderate and non-material risks is the responsibility of risk owners and event owners.
To manage risks, risk management action plans have been developed that include one or both of the following types:
· Plan for preventive impact on risk (influence on the causes of risk or risk-forming factors);
· Plan for the subsequent impact on the risk event (impact on the consequences of the risk).
Key Risk Indicators ( key indicators KRI efficiency).
Industry risks
The impact of a possible deterioration in the situation in the issuer's industry on its activities and fulfillment of obligations under securities is described. The most significant, in the opinion of the issuer, possible changes in the industry are given (separately on the domestic and foreign markets), as well as the intended actions of the issuer in this case.
The Issuer operates only in the North-Western Federal District Russian Federation(hereinafter RF or Russia).
1. Changes in industry legislation
Phenomena and processes taking place in the communications and informatization industry are in a state of continuous movement, and therefore, the current industry legislation requires constant changes and additions. The main risk of the Issuer associated with constantly changing industry legislation is the ambiguous interpretation of regulatory legal acts (amendments and additions to them) that establish methods and mechanisms state regulation, including state regulation of tariffs for communication services, interconnection services and traffic transmission services.
2. Growth of competition in the industry.
The communication services market of the North-Western Federal District of the Russian Federation is characterized by growing competition, both from alternative fixed-line operators and from cellular mobile operators.
The growth of competition from cellular mobile operators is due to:
· reduction of prices for intra-network long-distance connections by cellular communication operators;
· provision of intra-network roaming at the price of a local connection;
provision of mobile Internet access services;
activation of the activities of telecom operators in terms of promoting services in the market segment " corporate clients" (in view of the saturation of the market in the market segment "population");
landing of zonal traffic of cellular operators over more than low prices through own networks and/or networks of alternative operators to the local level.
These factors create the risk of replacing fixed-line communications with cellular communications and slowing down the growth rates of the Issuer's income.
Increased competition appears to be the most significant risk in the long term.
3. Dependence on the Federal Tariff Service (FTS of Russia) in setting regulated tariffs for communication services for subscribers and dependence on Roskomnadzor in setting prices for interconnection and traffic transmission services for operators.
In accordance with Federal Law No. 147-FZ of August 17, 1995 (as amended on December 25, 2008) "On Natural Monopolies", tariffs for the services of public telecommunication operators recognized as natural monopolies are subject to regulation by the state bodies of the Russian Federation.
State regulation of the telecommunications industry introduces risks and uncertainties common to all Interregional Companies of Svyazinvest OJSC (hereinafter referred to as Interregional Companies) associated with changes in tariffs for communication services for users and prices for interconnection services and traffic transmission for operators.
Thus, there is a risk for the Issuer of untimely changes in tariffs, which reduces its competitiveness and may adversely affect the profitability of operations and, accordingly, the ability of the Issuer to fulfill obligations under securities.
4. Selecting the Issuer as a universal telephone service operator using payphones.
According to federal law№ 126-ФЗ "On Communications" dated July 7, 2003 (as amended on April 29, 2008), hereinafter referred to as the Federal Law "On Communications", the provision of universal communication services is guaranteed in the Russian Federation, which include:
telephone services using payphones;
· services for data transmission and provision of access to the Internet using public access points.
Universal communication services are provided by the universal service operator (USO), the recognized winner in tenders for the right to provide universal communication services (UUS) in accordance with the decision of the tender commission (in accordance with the Rules for holding a tender for the right to provide universal communication services, approved by the Decree of the Government of the Russian Federation of 22 April 2005 N 248).
The provision of universal services implies the provision of a minimum volume of telecommunications services in all settlements.
Requirements for the provision of universal telephone services using payphones are defined by Article 57, paragraph 2 of the Federal Law "On Communications":
the time during which a user of communication services reaches a payphone without using vehicle, should not exceed one hour;
· Each settlement should have at least one pay phone providing free access to emergency operational services.
In 2006-2007 The issuer is recognized as the winner in open competitions for the right to provide universal telephone services using payphones. The number of installed payphones is given in the table.
* UUS - Universal Telephone Services
Losses caused by the provision of universal communication services are determined as the difference between the Issuer's income from the provision of universal communication services and the costs incurred by him in the provision of these services, and are subject to compensation in an amount not exceeding the amount of compensation for losses established in the agreement on the conditions for the provision of universal communication services concluded according to the results of the competition.
There are risks of refusal to receive compensation for the Issuer's losses in connection with the provision of universal telephone services using pay phones or receiving compensation not in full from the universal service reserve due to:
· Violation of deadlines for the implementation of agreements on the organization of universal communication services; untimely commissioning of payphones due to the long period of obtaining permits for the use of radio frequencies;
· non-compliance with the requirements of normative acts for the organization of accounting for income and expenses for universal communication services;
Accounting for expenses for the provision of universal communication services in an incomplete amount:
l Poorly organized accounting;
l Legislative restrictions on the allocation of expenses (mismatch between depreciation periods and the duration of contracts).
5. Licensing
Changing license terms individual services communications may entail the need to reallocate resources and change the Issuer's plans for the provision of these services.
6. Implementation social projects
Increasing the scope of projects social significance and special projects carried out by the Issuer within the framework of federal and regional targeted programs (program for the provision of universal communication services, provision of a closed numbering system (Order of the Ministry of Information and Communications No. 142 dated November 17, 2006) - increasing the level of digitalization) spectrum and improving the quality of telecommunications services provided, may lead to a reduction in funding for part of the payback projects that form the investment program. lead to a decrease in the return on the Issuer's investment programs and a shortfall in income in future periods.
Risks associated with a possible change in prices for raw materials, services used by the issuer in its activities, and their impact on the activity of the issuer and the fulfillment of obligations under securities:
There are risks associated with an increase in the cost of equipment, electricity and other services that are necessary for the implementation of activities, which may lead to an increase in the cost of the Issuer's services and, as a result, a decrease in the profitability of operations and the possibility of the Issuer fulfilling obligations under securities.
Risks associated with a possible change in prices for the issuer's products and/or services (separately in the domestic and foreign markets), and their impact on the issuer's activities and performance of obligations under securities:
In accordance with Federal Law No. 147-FZ dated August 17, 1995 "On Natural Monopolies", the Issuer is a natural monopoly and its activities are subject to regulation government bodies RF.
The list of regulated services was approved by Decree of the Government of the Russian Federation of October 24, 2005 No. 637:
1. Forwarding internal written correspondence (postcards, letters, parcels).
2. Transmission of an internal telegram.
3. Provision of a long-distance telephone connection to a subscriber (user) of a fixed telephone network for the transmission of voice information, facsimile messages and data.
4. Distribution of all-Russian television and radio programs.
5. Providing access to the local telephone network, regardless of the type of subscriber line (wire line or radio line) of the fixed telephone network.
6. Provision of a local telephone connection to a subscriber (user) of a fixed telephone network for the transmission of voice information, facsimile messages and data (except payphones).
7. Provision to the subscriber for permanent use of the subscriber line, regardless of its type.
8. Provision of an intrazonal telephone connection to a subscriber (user) of a fixed telephone network for the transmission of voice information, facsimile messages and data.
State regulation of the telecommunications industry introduces into the Issuer's activities risks and uncertainties associated with changes in tariffs for communication services for users and prices for connection services and traffic transmission for operators.
Changes in regulated tariffs for the services of operators - natural monopolists occur in accordance with the parameters of the socio-economic development forecast of the Russian Federation, approved by the Government of the Russian Federation, and require approval by the state authorities of the Russian Federation, therefore, it may lag behind changes in the real economic situation and changes in operator costs.
Thus, for the Issuer there is a risk of refusal to change tariffs or untimely change of tariffs, which reduces its competitiveness and may adversely affect the profitability of activities and, accordingly, the ability of the Issuer to fulfill obligations under securities.
Tariffs for non-regulated communication services are set by the Issuer independently, taking into account consumer properties, quality and cost of the service, market conditions (supply and demand ratios, tariffs for communication services offered by competitors).
Description of the issuer's actions in case of unfavorable development of the market situation in order to minimize these risks:
As part of the actions in the event of adverse market conditions, the Issuer plans to take the following actions:
optimize the structure production costs;
· revise the investment program in the direction of reduction;
adjust the marketing policy taking into account the specific situation on the market;
· change the structure of the services provided in order to maximize profits.
As part of tactical actions, the Issuer plans to carry out the following activities:
*Triple Play is a concept of telephony, Internet access and interactive television organized through a single connection to a multiservice data transmission network.
Regional risks
Describes the risks associated with the political and economic situation in the country (countries) and region in which the issuer is registered as a taxpayer and/or carries out its main activity, provided that the main activity of the issuer in such country (region) brings 10% or more of income for last completed reporting period preceding the end date of the last reporting quarter.
The Issuer operates in the Russian Federation.
The main country risks are political and economic risks. Russia continues economic reforms and the development of legal, tax and administrative infrastructure that would meet the requirements market economy. The stability of the Russian economy will largely depend on the progress of these reforms, as well as on the effectiveness of the measures taken by the Government in the sphere of the economy, financial and monetary policy.
Currently political situation in the country is stable, while the economic situation in Russia, starting from the second quarter of 2008, shows a slowdown in growth rates. The Russian economy is subject to market fluctuations and slowdowns in the global economy. The decline in oil prices, the liquidity crisis contributes to the withdrawal of capital of non-resident investors from Russia, the reduction of the trade balance of the Russian Federation, the reduction of the country's international reserves and the devaluation of the ruble.
The global crisis led to instability in the capital markets, a significant deterioration in liquidity in the banking sector, and tighter credit conditions within Russia. Despite the stabilization measures taken by the Government of the Russian Federation to ensure liquidity and refinance foreign loans of Russian banks and companies, there is uncertainty about the possibility of access to sources of capital, as well as the cost of capital, which may affect financial position, results of operations and economic prospects of Russian enterprises.
General country risks are also characteristic of the North-Western Federal District of the Russian Federation (NWFD), the region where OJSC NWTelecom carries out its main activities. There is a risk that regional authorities will cut funding for telephony programs in their regions.
The deterioration of the economic situation in the Northwestern Federal District entails a reduction in the number of industrial enterprises operating in the region and Agriculture of all forms of ownership, the growth of unemployment, the decline in the effective demand of the population.
The expected actions of the issuer in case of a negative impact of changes in the situation in the country (countries) and region on its activities are indicated.
The existing negative trends in the economy may lead to a slowdown in the implementation of the Issuer's investment program, a reduction in the increase in the volume of communication services provided by the Issuer in the Okrug, and a slowdown in the growth rate of the revenue base. In this case, the Issuer plans to fulfill obligations under securities at the expense of income from operating activities, and, if necessary, at the expense of short-term loans from commercial banks.
Despite the global financial crisis, in 2009 the Standard & Poor's rating agency confirmed the Issuer's long-term credit rating at the same level: the international credit rating was affirmed at 'BB-', with a 'Stable' outlook; the national rating of the Issuer was confirmed at the same level - "ru АА-". Against the backdrop of a decrease in both country and corporate credit ratings, maintaining the Issuer's credit rating at the same level confirms the Issuer's creditworthiness.
The risks associated with possible military conflicts, the introduction of a state of emergency and strikes in the country (countries) and region in which the issuer is registered as a taxpayer and/or carries out its main activities are described.
The likelihood of military conflicts, the introduction of a state of emergency and strikes in the country and region in which the Issuer is registered as a taxpayer and operates is assessed as insignificant in order to consider these risks as circumstances that can significantly affect the Issuer's activities.
In the event of possible military conflicts, the introduction of a state of emergency and strikes, the Issuer is most likely to be promptly subordinate to the power and military structures of the Russian Federation, as it provides a vital and state-important function of providing telecommunications services.
Describes the risks associated with the geographical features of the country (countries) and the region in which the issuer is registered as a taxpayer and/or carries out its main activities, including increased risk of natural disasters, possible termination of transport links due to remoteness and/or inaccessibility, etc. .P.
The risks associated with the geographical features of the region, including the increased risk of natural disasters, the possible termination of transport communications due to remoteness and inaccessibility, are assessed as minimal.
Financial risks
Negative changes in the monetary policy in the country, the exchange rate and an increase in interest rates on funds attracted by the Issuer, as well as a significant increase in inflation rates may lead to an increase in the Issuer's costs and, therefore, adversely affect financial results activities. In addition, one cannot completely exclude the possibility of changes in the composition and professional level of the Issuer's managers, which may adversely affect the effectiveness of the adopted management decisions, including those related to the implementation of hedging in order to reduce the adverse effects of the impact of the above risks.
The Issuer is exposed to the following financial risks:
1. Currency risks:
Decrease in world commodity prices, incl. for oil, may lead to a weakening of the ruble exchange rate against the dual-currency basket (a reference point for the exchange rate policy of the Central Bank of Russia). A significant increase in exchange rates may increase the Issuer's costs, which may lead to a decrease in reserves and / or a decrease in the ability to service debts.
In the context of the devaluation of the ruble that occurred at the end of 2008 in the first half of 2009, the ruble cost of servicing the debt portfolio increased. As of September 30, 2009, the Issuer's foreign currency liabilities amounted to about USD 210 million and EUR 3.6 million. The main risks on foreign currency debt lie in the dollar portfolio.
Since the beginning of 2009, the Issuer's losses due to exchange rate differences amounted to about 200 million rubles.
Measures to reduce currency risk
Based on the market value of currency risk hedging, as well as taking into account the Issuer's plans to generate free cash flow during 2009, it is advisable to use various risk reduction instruments for currency payments during 2009-2012.
In order to mitigate currency risks on payments in 2009, on June 10, 2009 free cash in the amount of USD 33 million was converted at the rate of RUB 30.90/USD, of which USD 22 million was placed in short-term bank notes. These funds will be used to repay foreign currency debt according to the payment schedule in July 2009 January 2010. Thus, eliminated currency risks on debt payable in 2009.
In order to hedge currency risks on currency debt of 2010 in accordance with the decision of the Issuer's Board of Directors, a series of forward transactions were concluded with CJSC Citibank on 09.07.2009 and 21.07.2009.
· Amount of transactions 93 324 175.84 US dollars;
· The value date (Deal date) and the forward rate are determined in accordance with the following schedule:
With regard to foreign currency debt, payments on which fall on 2011-2012, the Issuer will continue to monitor the market value of hedging instruments and, if a favorable situation arises, foreign exchange market enter into transactions to hedge the relevant risks. Also, work is currently underway to prepare the refinancing of a part of foreign currency debt with maturities in 2011-2012. in case of availability of long-term bank financing in rubles.
According to experts, the ability of the Government and the Central Bank of Russia to maintain a stable exchange rate of the ruble will depend on many economic factors, including: the cost of the situation in the commodity markets and capital markets, the level of inflation and the maintenance of foreign exchange reserves at a sufficient level. In the event of a sharp change in the exchange rate in order to minimize the negative impact, the Issuer has the opportunity to reduce the share of foreign exchange liabilities, focusing on suppliers with whom settlements are made in Russian rubles.
A significant devaluation of the ruble may have a negative impact on the Issuer's profitability indicators, since in this case, the increase in tariffs may not be sufficient to compensate for the drop in the volume of services in kind.
Proposed actions of the issuer in the event of a negative impact of changes in the exchange rate and interest rates on the activity of the issuer.
In the event of a significant devaluation of the ruble and the emergence of inflationary risks, the Issuer may take the following measures to reduce them:
Optimize (reduce) costs;
Review the investment program;
Take action to increase turnover accounts receivable.
The Issuer's exposure to risks associated with changes in the exchange rate of foreign currencies is moderate.
Market risks are characterized by the following factors:
1. Possible adverse trends in the economy and economic conditions in Russia.
adverse financial or economic conditions are likely to result in a decrease business activity consumers of the Issuer's products and, accordingly, their demand for communication services. In addition, buyers may be partially or completely unable to pay for the Issuer's services received. In such conditions, non-monetary methods (counter deliveries, bills of exchange, etc.) can be used as payment, which will also Negative influence on the financial position and liquidity of the Issuer.
In addition, necrosis is possible Money Issuer on bank accounts in the event of a crisis in the banking system of Russia and / or individual banks.
In order to reduce possible losses in the event of a crisis in the Russian banking system, the Issuer intends to make efforts aimed at maintaining a high level of current liquidity, the formation of free lending limits in commercial banks, the formation of a portfolio of liabilities with a long average maturity and a uniform service schedule. The Issuer uses attraction instruments aimed at domestic and western financial market participants (syndicated loans). At the same time, funds are stored in banks with a high degree of reliability.
2. Changes in interest rates.
Changes in the monetary policy in the country may lead to increased inflation, higher interest rates on borrowed funds used by the Issuer, and, accordingly, a significant increase in costs.
In conditions of high volatility of interest rates in the Russian and international financial markets, the Issuer is exposed to the risk of possible losses due to an increase in the cost of servicing financial obligations.
Depending on the nature of changes in interest rates, the following subtypes of credit risks can be distinguished:
· general interest rate risk - the risk of rising or falling interest rates on all investments in one or more currencies, regardless of their maturity and credit rating;
· the risk of changes in the structure of the interest rate curve - the risk of changes in rates for shorter investments compared to longer ones (or vice versa), possibly not associated with a change in the general level of interest rates;
· credit spread risk - the risk of changes in rates on investments with certain credit ratings compared to rates on investments with other ratings, possibly not related to changes in the general level of interest rates.
The Issuer uses both floating and fixed instruments. interest rate, which made it possible to extend the term of borrowings and expand the circle of potential investors. However, given the high volatility of interest rates in the Russian and international financial markets, the Issuer is exposed to the risk of possible losses in the event of an increase in the cost of servicing financial obligations. An interest rate swap agreement (an exchange of interest payments for a certain, predetermined notional amount on a certain date) can be used as a possible instrument for hedging interest risks.
As of September 30, 2009, the share of liabilities with a floating interest rate is 52.9% (at the same time, the share of liabilities without restrictions on the maximum interest rate is 35.97%).
Currently, the LIBOR rate continues to remain at low levels. It is expected that in the context of the developing crisis in the US real sector, rates will remain at minimum level for quite a long time. In addition, with the development of the financial crisis, there is a risk that the bank will refuse to use LIBOR as a base for calculating interest rates and switch to calculating rates based on average cost funding of creditor banks. Under these circumstances, hedging the floating LIBOR rate is inappropriate.
Interest rate on the 5th bond issue in the amount of 3 billion rubles. was determined during the placement in May 2008 at the level of Mosprime + 2.12%, but according to the provisions of the Prospectus for the issue of bonds, the maximum rate on the loan cannot exceed 15% per annum, which limits the maximum risk of losses.
In order to reduce interest rate risk in the current unfavorable market conditions, the Issuer will mainly attract new debt financing at a fixed interest rate.
In the event of a negative impact of changes in interest rates on activities, the Issuer may take the following measures to reduce them:
Use of hedging instruments (interest rate swap);
limiting the share of liabilities with a floating interest rate;
· revision of the investment program.
3. Fluctuations in the price environment for the Issuer's services.
The Issuer's commercial activities are significantly affected by fluctuations in prices for communication services (except for tariffs regulated by the antimonopoly authorities of the Russian Federation), sales of which form the Issuer's income.
4. Possible changes in the composition and professional level of the Issuer's managers, as a result of which the effectiveness of the adopted and ongoing management decisions may decrease.
Influence of inflation on payments on securities, critical, in the opinion of the issuer, inflation values, as well as the proposed actions of the issuer to reduce the specified risk.
Inflation in Russia according to the data of the Federal Service state statistics(Rosstat) amounted to:
According to the Issuer critical level inflation, at which the Issuer may have difficulty in fulfilling its obligations under securities, is significantly higher than the inflation rate forecast for the coming years, and amounts to 30-40% per annum.
An increase in the rate of price growth may lead to both a decrease in the consumption of communication services and an increase in the Issuer's costs (for example, due to an increase in prices for energy resources), the cost of borrowed money and lead to lower profit margins.
The above risks form the liquidity risk, i.e. the probability of a loss due to a lack of funds within the required time frame and, as a result, the Issuer's inability to fulfill its obligations. The occurrence of such a risk event may result in fines, penalties, damages business reputation etc.
Liquidity risk is managed by the Issuer by planning cash flows, analysis of planned and actual cash flows for the company as a whole, as well as in the context of branches.
In order to reduce liquidity risks, the Issuer maintains the volume of free bank credit limits at the level of at least 2.0 billion rubles, forms a loan portfolio with an average debt maturity of more than 2 years and a smoothed repayment schedule.
Indicators financial reporting of the issuer most susceptible to change as a result of the influence of the specified financial risks (risks, the probability of their occurrence and the nature of changes in the reporting).
The main indicators of the Issuer's financial statements are profit and accounts payable that are most subject to the influence of the above financial risks. per revenue level financial risks have minimal impact. With the appearance of these risks, an increase in the cost of services rendered and a decrease in the Issuer's profit are possible, which, at least in part, can be offset by an increase in tariffs and a decrease in the volume of borrowed funds.
Legal risks
The Issuer is exposed to legal risks to the same extent as other organizations of the Russian Federation. The Issuer operates as a communications operator and does not export goods, works or services, therefore the legal risks associated with the Issuer's activities are described only for the domestic market.
Risks associated with changes in currency regulation:
The risks associated with the possibility of changing the currency regulation are currently considered by the Issuer as minimal due to the Government's policy of liberalization of currency regulation.
Risks associated with changes in tax legislation
The risks associated with the possibility of changes in tax legislation are currently considered as standard for ordinary economic activity Issuer. However, Russian tax legislation in some cases allows for the possibility of different interpretations of its norms and is subject to frequent changes. As a result, tax authorities may take a more assertive stance when interpreting tax legislation and tax calculations. As a result, the tax authorities may file claims for those transactions and accounting methods for which they have not previously filed claims. As a result, significant additional taxes, interest and penalties may be assessed. Tax audits may cover the three calendar years of activity immediately preceding the audit year.
The provisions of the legislation as a whole are interpreted by the Issuer correctly and the probability of maintaining the position in which the Issuer is located, in terms of compliance with the requirements of tax legislation, is high. At the same time, there is an equally high probability that the Issuer has taken a position in certain issues of interpreting the requirements of the legislation and accruing the corresponding tax liabilities, which may subsequently be considered by the state fiscal authorities as having no sufficient grounds. Thus, the Issuer assumes that there is a risk that the tax authorities may charge the Issuer with significant tax claims in relation to issues that allow for the possibility of an ambiguous interpretation of tax legislation, in particular, on the issues of determining revenue under contracts for connection and traffic transmission. It is not possible to determine the amount of claims for possible but not filed claims, as well as to assess the likelihood of an unfavorable outcome.
The Issuer's tax liabilities for the reporting and previous tax periods were properly calculated and fully reflected in financial statements Issuer.
Risks associated with changing the rules customs control and duties
Since a certain part of the equipment purchased by the Issuer for the provision of communication services is made from foreign-made components, a possible change in the rules of customs control and duties may bear certain risks for the Issuer associated with an increase in the cost of the acquired fixed assets.
Risks associated with changes in the requirements for licensing the issuer's core business or licensing the rights to use objects whose circulation is limited (including natural resources)
The main activity of the Issuer is subject to licensing in accordance with the current legislation.
The list of license conditions in accordance with the Federal Law "On Communications" is formed and updated annually by the Government of the Russian Federation. Thus, Decree of the Government of the Russian Federation of February 18, 2005 No. 87 "On approval of the list of names of communication services included in licenses and lists of license conditions" (as amended by Decree of the Government of the Russian Federation of January 24, 2008 N 23) establishes a list of names of communication services included in licenses , and lists of license terms.
Licensing conditions established in previously issued licenses are valid to the extent that they do not contradict the current regulatory legal acts.
Risks associated with changes in judicial practice on issues related to the issuer's activities (including licensing issues), which may adversely affect the results of its activities, as well as the results of ongoing litigations in which the issuer participates
A change in judicial practice on the issues of the Issuer's activities is possible due to the uncertainty of the specifics legal regulation certain types of services and conditions of economic activity of the communications industry, related to the entry into force on 01.01.2004 of the Federal Law "On Communications" dated 07.07.2003 No. 126-FZ and amendments to it, as well as with the entry into force of other regulatory legal acts. In addition, a change in judicial practice is also possible due to the development of the regulatory framework for state regulation of the Issuer's activities and the ambiguous interpretation of the current regulatory legal acts that establish methods and mechanisms for state regulation of activities in the field of communications. In this regard, despite the fact that the Issuer is currently not involved in litigation that could adversely affect the results of its financial and economic activities, there is a risk of qualitatively new types of litigation.
The possibility of unfavorable changes in the existing judicial practice on issues related to the possible qualification of the benefits received by the Issuer in connection with the gratuitous use of non-residential premises as an economic benefit and, accordingly, non-operating income of the Issuer (clause 2 of the Information Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation of December 22, 2005. No. 98)
Activity risks
Risks associated with ongoing litigation in which the Issuer is involved:
At present, the Issuer does not participate in legal proceedings as a defendant, in which, if the claim is satisfied, the existence of the Issuer would be endangered.
The issuer is a defendant in a number of arbitration proceedings. However, in the opinion of the Issuer, the results of these processes will not have a significant impact on the financial position of the Issuer. The exception is the litigation taking place in the Arbitration Court of St. Petersburg and the Leningrad Region, upon the Issuer's application to challenge the Decree of the Federal Antimonopoly Service for St. Petersburg dated November 12, 2008 No. 00 rubles) for making administrative offense, for which Art. 14.31 Administrative Code of the Russian Federation. At present, the definition Arbitration Court Petersburg and the Leningrad Region, the consideration of the case was scheduled for November 5, 2009 (By the decision of the Arbitration Court of St. Petersburg and the Leningrad Region of January 26, 2009, the decision and order of the OFAS dated September 1, 2008 in case No. K10-223 / 08 was declared illegal. By the decision of the Thirteenth Arbitration Appeal of May 18, 2009, the decision of the Arbitration Court of St. Petersburg and the Leningrad Region of January 26, 2009 was canceled. By the decision of the FAS SZO of August 12, 2009, the decision of the Arbitration Court of St. Petersburg and the Leningrad Region of January 26, 2009 was upheld).
There is a risk of bringing the Issuer to tax liability for committing a tax offense due to ambiguous interpretation of the tax legislation of the Russian Federation.
The Issuer's management believes that the tax authorities have no legal grounds for assessing additional taxes, charging penalties and imposing fines, and, if necessary, plans to defend their position in court.
Risks associated with the inability to renew the issuer's license to conduct a certain type of activity or to use objects whose circulation is limited (including natural resources):
The conditions for obtaining new licenses for telecom operators and the renewal of existing ones are determined by the federal executive body, whose functions are currently performed by the Ministry of Telecom and Mass Communications of the Russian Federation. The Ministry of Telecom and Mass Communications of the Russian Federation has the right to determine the method for issuing a license for certain types services and for certain territories of the Russian Federation - on competitive terms or based on the results of consideration of the application of the telecom operator.
Licensing of activities in the field of rendering communication services is carried out by the Federal Service for Supervision in the Sphere of Communications, information technologies and mass communications (Roskomnadzor).
The conditions for extending the validity of licenses are the implementation by the licensee of its activities without violating license requirements, which is established by regular inspections of authorized supervisory bodies. In the case of carrying out activities related to the use of limited natural resource(of the radio frequency spectrum) it is possible to adopt decisions of the State Commission on Radio Frequencies that establish restrictions on the use of individual bands of the radio frequency spectrum or on the use of frequency bands on a competitive basis. Revision of frequency band allocation plans in accordance with the Federal Law "On Communications" is carried out at least once every ten years.
The licenses of OJSC NWTelecom for the main activity expire on different times in the range of 2010 - 2013 and can be extended after filing an application with Roskomnadzor.
OJSC NWTelecom has no guarantees that upon expiration of the validity period the licenses will be extended and that there will be no increase in obligations and/or reduction of rights under the terms of the extended licenses, which will be associated with an increase in costs and, possibly, a restriction in the area for the provision of communication services. If the Issuer fails to renew existing licenses or obtain updated licenses on comparable terms, it will be forced to reduce the volume of services provided, which will lead to a decrease in the number of subscribers. At the same time, the minimum period of validity of licenses for the right to provide communication services, which have the largest share in the Issuer's income structure, is five years, which reduces the risk of uncertainty regarding license renewal in the medium term.
The Issuer's management believes that in the future the existing licenses will be extended without additional costs in the normal course of business. Licensing conditions established in previously issued licenses are valid to the extent that they do not contradict the current regulatory legal acts.
Risks associated with the issuer's possible liability for debts of third parties, including the issuer's subsidiaries:
The Issuer did not issue guarantees for the obligations of third parties.
Risks of liability for the debts of subsidiaries are insignificant, since the Issuer does not have the right to give binding instructions for subsidiaries (such a right is not provided for either by the charters of subsidiaries or by agreements with them).
Risks associated with the possible loss of consumers, the turnover of which accounts for at least 10 percent of the total proceeds from the sale of the issuer's products (works, services): there are no such consumers.
Activity
The current situation in the market of the Northwestern Federal District (NWFD) is characterized by the following factors:
· High cellular penetration leads to the replacement of fixed-line services and a reduction in the number of subscriber lines. Fixed phone installations are declining. There is a decrease in consumption of local, zonal traffic due to overflow in the cellular network. SPS operators apply a policy of retaining subscribers by reducing tariffs for voice traffic and promoting additional services.
· The market for local telephony services has stabilized, mainly due to the growth of tariff revenues, the processes of migration of BtC subscribers to cellular networks are typical.
· The market for long-distance and zonal communication services is characterized by a regular decrease in retail tariffs; SPS operators are pursuing an active tariff policy. There is an overflow of zonal traffic from fixed networks to the networks of SPS operators and an overflow of mg/mn traffic in IP networks.
· The most dynamically developing market is Internet access services via leased channels and data transmission (VPN), demand exceeds supply. Cable TV operators, Internet providers and SPS operators demonstrate high activity in the Internet access market with the provision of additional services and various content. The growth of the subscriber base is ensured by both new connections and the replacement of dial-up access services with dedicated ones.
· Strengthening the processes of global convergence of services based on IMS networks, erasing the boundaries between the communication, information technology and mass media markets entails expanding the range of services included in the industry, ensuring the dynamic pace of development of the industry and intensifying competition for the provision of integrated solutions among companies that have not previously been were direct competitors.
OJSC North-West Telecom takes into account the following typical trends in the industry.
Industry Boundary Trends
Strengthening the processes of global convergence of services based on IMS networks, blurring the boundaries between the communications, information technology and mass media markets entails expanding the range of services included in the industry, ensuring the dynamic pace of development of the industry and intensifying competition for the provision of integrated solutions among companies that were not previously direct competitors. The changes will be driven by:
Changes in the conditions for the provision of telephone services:
Introduction of ten-digit numbering on local telephone networks
· Implementation of solutions based on Fixed-Mobile Convergence (FMC) technology on local telephony networks.
Completion of the liberalization process:
· Completion of the process of demonopolization of the market of long-distance communication services
Last Mile Demonopolization (LLU)
Changing the conditions for regulating inter-operator relations:
Regulation of the cost of connection and traffic transmission
Trends in the structure of demand
Main expected changes in the structure of demand:
· Increased demand in the segment "Population" for comprehensive services based on Triple Play, interactive services and applications
· Increasing demand in the "Organizations" segment for complex and inter-regional solutions
· Increasing demand for data transmission services and the Internet in the segment " Wholesale market"
Trends in the geography of demand
· The concentration of the highest growth rates in the consumption of new services in large and medium-sized cities ( regional centers), increased competition between operators in these markets
Gradual saturation of the St. Petersburg Internet market, shift of development to regional markets
Reducing the demand for communication services in rural areas, regions with a low standard of living
· Existence of unsatisfied demand for operator services in the northern regions of the Northwestern Federal District and in the Leningrad region.
Typical market development trends
segment "Population":
· Growth of penetration of Internet services among households (from 32.5% in 2007 to 60.3% in 2014, NWTelecom's forecast);
· Increasing demand for modern services will increase the number of households receiving a range of services (telephony + Internet + TV);
· Reducing the volume of consumption of traditional fixed-line telephony services due to traffic flow in the network mobile operators;
· The dynamic development of Internet services will lead to an increase in the share promising services in the structure of revenue from communication services;
The replacement of dial-up services with dedicated ones will receive further development, with dedicated connectivity becoming the standard for the mass market (B2C) and the basis for dialing standard solutions for the corporate segment (B2B);
Strengthening the processes of global convergence of services based on IMS networks, erasing the boundaries between the communication, information technology and mass media markets, the introduction of services for (B2C) based on a single package (Triple Play) will give rise to competition for providing integrated solutions among companies that were not previously direct competitors;
· Increasing the share of income from the population (B2C) in the structure of revenue through the active promotion of services of complex solutions based on Triple Play, providing interactive services and applications, the introduction of Fixed-Mobile Convergence (FMC) technologies will help maintain high growth rates.
Segment "Organizations":
· Increasing demand for integrated solutions from a single operator telephony, Internet and data transmission;
· Growth of demand for high-speed data transmission services;
· Growth in the need to combine remote offices of companies and business partners into a single corporate network (VPN);
· Increasing consumption of services mobile communications;
· The presence of unsatisfied demand for telephony services in the group "small and medium business".
Segment "Operators":
Exacerbation of competition in the market of network resources due to active construction by operators own networks communications and, accordingly, lower prices for the lease of network infrastructure;
· Consolidation of telecom operators into large holdings, which can significantly reduce the cost of providing services;
Decreased demand for local call initiation services (with the active development of broadband access)
· Strengthening the market positions of SPS operators by providing Internet services and reducing tariffs for long-distance/international and intrazonal calls.
General assessment of the performance results of OJSC NWTelecom.
The Issuer provides services of local and intrazonal telephone communication; access to the Internet; data network services; telematic services; intelligent communication network services and ISDN digital communication network services; MSS services; services for the lease of physical channels and communication paths; information and reference services. In addition, NWTelecom acts as a base operator whose network infrastructure is used by all alternative operators, including mobile operators.
The dynamics of the Issuer's market share, determined in accordance with the Methodology for determining the share of OJSC NW Telecom in the regional markets for telecommunications services in the Northwestern Federal District, is given in the table.
Conditions
The market factor influencing the Issuer and forming the conditions of behavior in the Issuer's market is competition.
At the moment, both the addition of wired telephones to mobile services is taking place, and there is a tendency to replace fixed-line communications with cellular ones. The introduction of a time-based call accounting system with the possibility of choosing a tariff plan, implemented in early 2007, intensified competition, forcing subscribers to think about the need for a fixed telephone. This may lead to an increase in the number of withdrawals of telephone sets and, as a result, a reduction in the subscriber base.
In order to minimize the risk of a reduction in the subscriber base when introducing a time-based call accounting system, the Issuer decided not to introduce the maximum tariff approved by Federal Service at tariffs as a limit, setting a reduced tariff in order to keep subscribers on an unlimited tariff plan, which is most beneficial for the Issuer. The distribution of the subscriber base by tariff plans stabilized by the end of 2007. Only from September 1, 2008, the Issuer increased the tariff on the unlimited tariff plan to the maximum for individuals. This made it possible to increase the Issuer's income in 2008 by RUB 161 million. In addition, in accordance with Order No. 299-с/4 of November 28, 2008 of the Federal Tariff Service of the Russian Federation, from March 1, 2009, the Issuer increased tariffs for local telephony services. The weighted average tariff change index for all tariff plans averaged 5.9% for the Company. This change will allow the Issuer to receive 526 million rubles in 2009. additional income ( additional income for 7 months of 2009 amounted to 350 million rubles).
There is also little competition from alternative operators in terms of installing telephones in new buildings. Alternative operators attract subscribers with the speed of resolving issues and the possibility of a one-time comprehensive provision of services.
The advantages of OJSC NWTelecom are its own developed infrastructure, which makes it possible to install telephones in any part of the city with the subsequent provision of a full list of modern telecommunication services.
Internet access services are one of the dynamically developing activities.
Dial-up access to the Internet is a service in which the company has a clear competitive advantage as an operator with a developed own infrastructure. The degree of presence of OJSC NWTelecom in the market of dial-up access services is a leader. A significant advantage of OJSC NWTelecom is the ability to provide dial-up access to the Internet under the Avans trademark on credit to any subscriber who has a telephone from OJSC NWTelecom without additional activation of this service by the subscriber (the ability to use it is registered by default). Due to the trend of overflow of subscribers of dial-up access to the Internet to dedicated access, the market for dial-up access services "collapses", competing operators cease their activities in this market. The slowdown of the Issuer's activity, due to its leading position, occurs at a slower pace.
The market for broadband access for individuals is currently actively developing alternative operators and home networks, in particular, in St. Petersburg Z-Telecom (Interzet, 114 thousand subscribers), TKT (Your Internet, 165 thousand subscribers), VimpelCom 112 thousand subscribers). In addition, mobile operators are serious about promoting mobile Internet services.
In addition, it should be noted that in future periods, integrated operators may influence the Issuer's activities. For example, the cellular communications operator OAO VimpelCom has strengthened its positions by merging with Golden Telecom, and now, under the single Beeline Business brand, it provides customers with a full range of communication services: from fixed to mobile.
The advantage of NWTelecom is the presence of its own networks, which provides almost 100% subscriber coverage with the technical ability to provide communication services. A PON network is being introduced, which makes it possible to provide not only dedicated access services for more high speeds than the existing ADSL infrastructure, but also a wide range of modern communication services.
The main strategy of OJSC NWTelecom aimed at leveling the factors
The strategy of NWTelecom to retain and increase its shares in the listed markets consists in:
· pursuing a policy of qualitative change in sales and service business processes using the philosophy of customer focus;
Improving the efficiency of work with large corporate clients through the introduction of the institute project manager responsible for the preparation and implementation of technical solutions;
formation of niche products that meet the basic needs of each of the segments;
Promotion of integrated solutions.
Methods used by OJSC NW Telecom and methods that the Issuer plans to use in the future to reduce the negative effect of factors and conditions affecting the Issuer's activities.
It is planned to use the main competitive advantages of the Issuer.
The main activities of the Issuer to develop competitive advantages are:
organization of strategic protection of their networks, both from unauthorized termination of a call, and unauthorized initiation of a call;
· effective use and development of network and infrastructure resources;
raising organizational effectiveness;
· a radical increase in the role of marketing and sales in decision-making;
· formation and provision of packages of integrated services with savings for clients;
· changing the principles of work in the segment "corporate clients" on the basis of long-term partnerships with the organization of an active model of "direct" sales.
Significant events/factors that may most adversely affect the possibility of OJSC NW Telecom getting the same or better results in the future, compared to the results obtained for the last reporting period, as well as the likelihood of such events (emergence of factors).
Possible factors and their degree of probability:
The probability of this step on the part of mobile operators is assessed as not high, since revenues from voice traffic in cellular networks occupy a significant part in the revenue structure, the decrease of which by this stage cannot be offset by income from other services.
Significant events/factors are described that may improve the performance of OJSC NW Telecom, and the likelihood of their occurrence, as well as the duration of their action.
· Development of a group of promising services based on broadband data transmission services;
· Retention of at least 48% of subscribers of local communication services on the "unlimited" tariff plan;
· The offer of services in the package.
The probability of occurrence of positive factors is estimated by the Issuer as high, the duration of their action depends on the general economic development of the Russian Federation and the regulation of the telecommunications sector.
Competitors
Analysis of the competitive environment
The main competitors of OJSC NWTelecom:
Group 1 federal cellular operators (MegaFon, MTS, Vimpelcom)
Group 2 federal and regional fixed-line operators (Vympelcom, Transtelecom, Peterstar)
Group 3 local (local) operators (home networks, departmental operators)
Dynamics of development of competitors:
· Operators of cellular mobile communications - Megafon, MTS, Vimpelcom with an average annual growth of income of 107% with a gradual decrease in profitability to 104% in 2013.
· Operators of house networks, operators cable television- are characterized by increasing dynamics of development with an average annual growth rate of 146%, with a peak of development in 2008-2009.
· Alternative carriers. The pace of development corresponds to the development of services in which the operator specializes (Internet, operator relations)
Possible changes in business policy:
· Marketing: Creation of fixed-line networks by cellular operators, offer of favorable tariff plans, provision of Triple Play services by alternative operators, creation of alliances of small operators
Technological: Transition of all services to the IP level, development of Wi Fi, network convergence
· Regulatory: tighter control of the content of home networks, protest against the regulation of SPS operators
Possible moves by competitors
· Access to regional markets, activation of activities in regional and district centers of regions
· Active promotion of services in high-yield segments and capture of large clients of the Issuer
· Acquisition of developed companies in regional markets and competition across the entire geography of the Issuer's operations
Reduced competitor prices for zone termination/call initiation
Weaknesses of NWTelecom
Bringing new products to market is slower than competitors
The level of service of competitors is significantly higher
Lower customer loyalty than competitors
No significant differences in technological equipment however, the Company has a significant share of analogue equipment on the PSTN.
Main Factors Creating Competitive Advantage of OJSC NW Telecom
Population:
complex of modern services
Attractive rates
· high level service
technical availability of services
providing services in a package
Provision of services on credit (calculations upon the fact of services rendered at the end of the month)
brand awareness
Organizations:
a high level of service
Attractive rates
Providing a range of services from one operator
Availability of niche product offerings
Operators
Availability of own developed network infrastructure with the possibility of redundancy
Availability of a wide range of network resources and services
The most acute competition for the Issuer is:
· Universal operators in the corporate segment of users, primarily in St. Petersburg, regional and republican centers.
· Operators providing Internet access services and voice services over data transmission networks.
The successful actions of competitors are mainly characterized by the creation of a product value with distinctive properties for certain customer segments.
open Joint-Stock Company North-West Telecom is one of the largest telecommunications companies in Russia, the leading fixed-line operator in the North-West Federal District. OJSC NWTelecom provides a wide range of telecommunications services throughout the entire Northwestern Federal District. The area of the district exceeds 1.7 million square kilometers, the population is 13.5 million people. The Leningrad Regional Branch of OJSC North-West Telecom provides the Leningrad Region with a full range of telecommunications services. The area of the Leningrad region is 85.9 thousand square meters. km., population - 1.68 million people.
Customer requirements
The customer set the task of modernizing the telegraph equipment of 17 regional communication centers. It was required to decommission the obsolete equipment of telegraph substations and heterogeneous channel-forming voice-frequency telegraphy equipment. One of the conditions of the Customer was the organization of communication between the branch nodes not only according to the current scheme using PM channels, but also interaction over the built data transmission network (IP network) of the branch with the possibility of transferring the functions of monitoring and controlling the equipment of all 17 communication nodes to one from nodes.
Certain terms of reference Customer channel equipment capacity:
- From 2 to 15 TT systems (PM channels) per one regional communication center, for the entire branch 130 TT systems;
- From 10 to 80 subscriber telegraph lines per one regional communication center, 495 lines for the entire branch.
Solutions
TKS VECTOR-2000 equipment manufactured by LINTECH was chosen as a replacement for the old fleet of telegraph equipment.
The complete set of each set of TCS VECTOR-2000 for 17 branches of the branch includes:
- 1 BKTK telegraph channel switching unit of industrial design without redundancy, complete with modules;
- From 1 to 5 (depending on the capacity of the RSS) communication modules for 16 two-pole physical telegraph channels VTGA-2P-16 for connecting 4-wire telegraph subscriber lines;
- From 1 to 2 (depending on the capacity of the RSS) communication modules for the secondary multiplexing of CT channels for 8 four-wire TC channels VKTT-8 for connecting 4-wire TC channels;
- The BKTK unit was located in a standard 19” telecommunications cabinet existing at the site;
- 3 ADMINISTRATOR'S workstations for monitoring and managing the VECTOR-2000 TCS network were installed at three different nodes.
results
The reconstruction of the telegraph communication network of the branch allowed the Customer to receive the following benefits and advantages:
- Eliminate obsolete telegraph equipment.
- telegraph substations ATK-20.
- 130 tone telegraphy systems of various modifications (TT-12, TT-24, TT-48, TT-144, P-327, TGFM);
- Free up space.
The dimensions of the ATK-20 substation are 750x378x2600 mm, weight 400 kg.
Dimensions of one equipment rack - TT-144 225x600x2600 mm, weight 300 kg.
Block BKTK TKS VECTOR-2000 has a size of 440x176x510 mm, weight 20 kg. - Reduce equipment power consumption.
- Rejection of dedicated analog channels and transfer of internal telegraph traffic to the data transmission network (IP-network) of the branch.
- Reduce operating costs by several times.
- The operational staff has been reduced by reducing the technical and operational sections of the telegraph hub.
- The complexity of operation has been reduced due to the built-in functions for monitoring and checking equipment and communication channels, and the volume of specialized telegraph equipment has been reduced. In TCS VECTOR-2000, only VTGA and VCTT modules are specialized telegraph equipment. BKTK is an industrial computer, components for which can be purchased from almost any company that sells computer equipment.
- There are new opportunities that were absent before the reconstruction.
The functionality for monitoring and checking communication channels of the workstation of the ADMINISTRATOR of the TCS VECTOR-2000 is much wider compared to the old equipment. The built-in functions for monitoring the state of telegraph channels (built-in undulator) and the parameters of voice-frequency telegraphy signals (built-in spectrum analyzer) eliminate the need for measurements on the cross-counter with external control and measuring instruments.
In addition, TCS VECTOR-2000 allows automatic switching of channels according to pre-prepared schemes at all 17 nodes simultaneously, for example, for links of the "Uzor" type. In this case, the administrator needs to select only the desired scheme from the list and click the "Apply" button.
The possibility of remote monitoring and verification of equipment and communication channels allows one specialist to control the equipment and channels of all 17 branch nodes.
Implementation history
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