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Financial Corporation "Sistema"

September 12, 2007

Sitronics: unaudited financial results for the six months ended June 30, 2007

Moscow, Russia - September 12, 2007 - JSC SITRONICS ("Sitronics" or the "Group") (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, today announced its unaudited consolidated US GAAP financial results for the six months ended June 30, 2007.

SUMMARY

  • Consolidated revenues of US$ 638.3 million (US$ 681.7 million)
  • Sales to companies not affiliated with parent company Sistema up to 83.6% (78.3%) of total Group revenues
  • OIBDA loss of US$ 38.6 million (profit of US$ 70.3 million)
  • Net loss of US$ 79.8 million (profit of US$ 15.9 million)
  • Total assets up 11.6% year on year to US$ 1.7 billion (US$ 1.53 billion)



Evgeny Utkin, President of SITRONICS, commented: "As expected our results in the first half of the year continued to reflect difficult market conditions in the Telecommunications Solutions segment as we saw a number of key projects being delayed into 2008.

The full year 2007 revenue is expected now to be lower than previously anticipated and will come in at between US$ 1.6 billion and US$ 1.7 billion. OIBDA for the full year 2007 is expected, as a result, to be close to a break-even. OIBDA for the third quarter is expected to be positive and improve further in the fourth quarter.

Both IT Solutions and Microelectronic Solutions divisions continued to outperform. Our investments in Middle East and Africa also started to pay off as we see an increased pipeline of projects and a number of contracts have already been announced. We have successfully secured three WiMAX projects which are under way with dominant operators in Bahrain, Saudi Arabia and Montenegro. We have now established ourselves as a leading integrator of WiMAX solutions in the region.

We have diversified our customer base during the period with over 80% of revenues now generated from clients outside the Sistema Group. Looking forward our pipeline is strong and our outlook is positive."

 

 

 

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