2 8
, 2014
:
................................................................................ 3
: ................................................................... 3
I. ... 4
I.1. .................................. 4
" " .
............................................................................................................. 6
I.2. ....................................... 9
............................................. 10
. .................................. 12
I.4. ........................ 17
.
............................................................................................................. 21
II. ................................................................ 28
II.1.
................................................................................................................ 28
........................ 30
,
- ()
(
(), , ())
2 8 2014 . 16 .
, .
, , -
c , .
,
.
:
1. .
""
.
" ". .
"" . . . ,
.
,
" . " . .
, .
.
2.
-
, ""
, . ""
. . .
,
. , .
3.
... - .
.. -
" " . ,
" ". -
. ,
.
-
.
4. .
. .
. ,
"", ""
- " "
. . . ,
"" ,
( " ")
.
. .
, , .
-
, .
.
I.
I.1.
:
""
(2 );
. ,
;
(2 );
.
"" . (2 );
.
- (2 );
- Startup Villag 2014,
"" (3 );
XVI
"-2014" (4 );
-
,
. (4 );
.
(5 );
,
, I
2014 . (5 );
"
2020 ." "
",
. (5 );
.
,
" ", " Riverside"
... . (6 );
,
. (6 ).
, , ,
.
, 4 -
,
. , . , .
. .
-
( . , . ,
. ). ).
,
. , ,
:
(9 );
"" (10 );
(11 ).
" " .
, .
. ,
, .
. ,
. - "
. ",
. , .
(, ,
, , ) 9
.
. , ,
,
(
).
2 .
" "
. .
""
(
.
).
, 2012 . ""
. . , ,
" . ", . . 3
,
,
.
,
. " ".
. ""
. . , .
. . ,
.
, 2013 . "" .
( . ) " "
. ,
.
. ,
. ,
"" ""
40 .,
.
, ,
" . ".
, .
. .
.., , 23
.
( 14 ..),
.
, .
() "" . .
,
" " . , " "
"" . .
2001 .
. ,
"" (
. , . . ,
"", . )
,
.
.
2002 . . .
2005 . " ", ""
2008 . ,
, ,
. , 135 . .
. . .
. .
, . "",
- . - " " (
G2 Capital Partners) .
. . , G2 CapitalPartners
,
.
, 2009 . .
" ".
, . ,
. , -,
. .
MorganStanley.
.
: -,
, 2013 . ,
,
.
. ,
. -,
. . ,
.
, .
"Lev Leviev Group" (
) . .
"" "".
. . " ".
. -.
. . , .
.
, .
. , " "
. . , .
, ,
, . .
. .
, ,
. . ,
. . ,
,
.
I.2.
:
.
" ",
" " (. , "", 2 );
.
" ",
. (. ,
"", 2 );
.
. (3 );
.
. (3 );
. ,
-
(4 )1;
. "-1"
TF1, 3 (4 );
- .
- . (4 );
.
, ,
. (4 );
. 405
- . (5
);
,
. . - (5 );
. .
. (5 );
. (5-6 )2;
,
. ,
(6 )3;
. 389
.
(6 ).
,
VI (11 ) . XXI-
(, 16 ). ,
(20- ).
, .
, , :
- (9 );
" " (10 );
(11 );
( , 11 );
()
(12 ).
30 .. ()
5 . .,
- .. 6
. ., -
.. .
70-
. . . ,
. 25 .
. ,
.
3
.
2013. 20 .. ,
.
4 -.
,
.
, -
"" ,
( 0,5 .),
. 14 ,
, 13 , - .
"" . ,
""
,
- . ,
"" , -,
.
, .
.,
. , .
. , . 5,
.
,
. ,
" ", ,
. .
166 .
, (40 ),
(83 ), ,
- (43 ). "
", . 126 32
.
5
, . 17,5 . 10 .
,
. 2011. .
.. , ,
., , "
, ", ,
. .
, 20 ., ,
. . 2011.
. 17,5 . . . ,
, .
2012 . ""
. ., , "" ,
10 .
2012. .
,
. .
.
. .
, 12 ,
.
, . .
,
"" . ,
. .
- () ,
. ,
( 4 ) . ..
. . .
,
. .
, , , .
. , .
.
. .
. .
. ,
,
.
"" . , ,
"" . ,
. , ,
.
"",
, .
(2
);
... .
(2 );
,
(2 );
- .
(2 );
, -
. (2 );
, .
" " (3 );
,
-
(3 );
,
,
(3 );
...
" "
(3 );
" "
.
. (3 );
- .
. (4 );
. ,
(4 );
.
. 45 .
(4 );
... .
" "
(4 );
"" ,
(4 );
... . ,
45 .
- 2018 .
- ,
(4 );
2013 .,
(5 )6;
(4 );
- . ,
" "
- .
(4 );
. ,
(5 ).
-
.
- . ,
..
, , .
,
. . 20 ..
. -
,
.
, " "
, . .
, . -
, ,
6
- .
-.
.
(24-25 ..), 3 .. , .
. , .
4 ..,
. -,
. ,
. 5 ,
.
. . ,
, .
, , ,
. .
, . ,
.
" " . .
,
.
.
, , ,
" " "" ( ,
)
. .
" ", . .
, " " ""
, .
, 7,
. . .
. ,
, - ""
, .
.
120 156 , .
, "" 84
. , 30
, ,
"" " ".
, , .
" "
" . ",
.
" ",
. , , ,
, " ",
.
, ,
. 2015 . ,
, , . .
, ,
,
.
, .
. . ,
"" .
. ,
. .
,
,
, , ..
, .
, , . ,
. ,
. .
.. " " (10%
, ).8
,
.
. , ,
.
, - .
, . .
,
1 ..,
8
28 ..
.9
. , ,
" "
, .
.
. .
.
. ,
. .
2012 .
,
. .
,
"" ,
.
, , .
""
-
. "
. ", .
, ""
..
""
"".
,
""10. , .
" . ",
.
I.4.
:
. ,
(2 );
9
. 11-16.03.2014.
-
, " ",
.
10
.. . ,
"" "",
, ,
268,5 . . . . (1 );
"" .
(2 );
. ,
50 . (2
);
, ,
8 (6 ) 29
(2 );
. (
),
- . ,
. (2 );
. ,
, 8 ,
(2 );
"" . ,
(2 );
"" " " ,
(3 );
.
(3 );
, (3 );
- . ,
1 ( 90 .) ,
(3 );
.. . ,
,
(3 );
, ,
(3 );
,
()
(3 );
()
..
(3 );
, 73,42%
88,7% (10,2 . 11,6
) . (3 -4 );
. ,
, ,
. (3 - 6 );
G 7 (5 );
.
. , (5 );
- ( -
- ),
" ", . (5 );
( - . )
(5 )11;
BALTOPS-2014 ("
") 6-
13 (6 );
. ,
,
11
, "
, , - ,
,
", .
,
.
12
"
, " (6 )12;
. (
2016 .) ,
(6 );
. (7 );
. ,
.
.
(7 );
- .
. , ,
60 . ,
(7 );
. ,
. (7 );
. ,
" ,
" (7
);
(8 );
. ,
,
(8 );
. ,
.
,
(8 );
(, , )
, . , "
- " (8
);
. 10- -
-
.
.
,
. ,
(7 - 9 ).
.
, .
()
, " "
,
.
1. .
. ,
.
( ..
) "" ""
( ),
( ),
.
,
.
:
"" ( , ,
2010 .),
(), "", . . .
,
,
.
,
. ,
. ,
(IFES), , " "
"1+1", . .
1 .
29 11 , ,
.
, .
, - ,
. .
. , . ,
. .
. .. ,
" ",
"" .
, .
,
-
, .
, .
. . ,
. . .
" " . .
, ,
. . ,
,
. " " .
1,5 - 3 .
,
,
,
2015 .
, .
. ,
- . . . .
,
.
,
.
,
. ,
, ,
,
, , ,
.
3. ,
. .
. . ,
,
"" -
. . . ,
""
,
( " ") .
,
" ". ,
. . ,
.
, .
. ,
,
. , .
. ,
- , ..
. ,
.
, .
( .. .. " ") .
, .
,
. , .
(
), . ,
,
2015 .
.
.. " " (
.. " " ).
. ..
" ",
. .
, , .
- (, ,
)
.
4. , ,
,
.
. .
,
. ,
.
- ,
, .
. , .
,
,
,
( ),
.
.
.
-
( ).
, .
, ,
, ,
, ,
.
,
. . ,
( .
8 . ).
, 25 .
.
( .. , . ,
. ),
. ,
. ,
( , )
,
,
( . ).
,
. . .
,
" ". ,
. , ,
.
. .
, .
, .
. "
" . . ,
, ""
.
,
. .
(
"" ), 9
, .
(
,
).
II.
II.1.
:
. ,
" "
- (2 );
"" . "
24", ,
"" .. 5%, 2017 . - 10% (2 );
, ""
" " -
- "" (2
);
"" . , ..
1-1,2 . (2 )13;
" " .
-
UCP . ,
Telegram (2 )14;
, "-
2020 ." 27 .
IT (3 )15;
13
, ,
.
12 .
14
30 .. - . , - UCP,
UCP ., UCP . .,
. .. -
., Telegram: Digital Fortress LLC,
Telegram LLC, Pictograph LLC. . , ,
Digital Fortress, Telegram Pictograph.
Telegram.
15
" " - ,
. , 1150,3 ., 1107,2
. - 324,3
1073,5 . .
.
""
"" " ",
"" (3 );
27 2015 . (3
);
"" "" ,
19,2% (4 )16;
,
"" ( ) (4 )17;
,
. (4 );
.
. (4 );
, ""
"" "- "
Turkish Airlines
(5 );
" " (),
"" (5 );
,
" " 200,88 .
"" .
(5 );
Mail.Ru Group
" " . - (6 );
12 . . 385
. (6 )18.
16
- " CIB",
Morgan Stanley.
17
-
.
, ,
" ", "" "".
-
"".
Altimo, 100% ..
LetterOne19,
LetterOne Telecom (L1) - .
, ,
, , .
LetterOne, 15 .
, LetterOne
" . ",
" . " ,
"" "" -20.
,
.
,
Altimo ( L1) . ,
" ".
, L1
, - ,
LetterOne.
L1 , " ",
,
. , ,
" " .
, L1
. , , ,
L1 Vimpelcom, 100%
Wind21,
18
-
, GPON, 5 .
.
19
2013. LetterOne 71,25% Altimo "-" CTF
Holdings 1,52% "" ., . ..
.. LetterOne 27,2% Altimo : ., .,
., . ..
20
. 5-10.11.2013.
21
Wind - Vimpelcom ltd.
2010. .. Wind
Telecom Italia Vodafone.
Hutchison Whampoa,
Three.
, Wind,
(10 .). 2013 .
Vimpelcom ltd
,
Wind. .
, Vimpelcom ltd ,
, , ,
Wind Three .
, , ,
, .
,
.. . .
, Hutchison Whampoa,
.
CITIC
.
, ,
22,
, .
" "
-
" . "
.
22