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Press Releases > Financial Corporation "Sistema"  all about the company

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Financial Corporation "Sistema"

December 21, 2007

Sistema announces results for the Q3 and the 9 months ended September 30, 2007

Moscow, Russia - December 21, 2007 - Sistema (the "Group") (LSE: SSA), the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, today announced its unaudited consolidated US GAAP financial results for the third quarter and the nine months ended September 30, 2007.

 

HIGHLIGHTS FOR THE THIRD QUARTER

  • Consolidated revenues up 36.9% year on year to US$ 3.7 billion
  • OIBDA up 2.4% year on year to US$ 1.4 billion and OIBDA margin of 37.7%
  • Operating income of US$ 943.2 million and operating margin of 25.4%
  • Net income of US$ 228.2 million
  • Earnings per share of US cent 2.46

HIGHLIGHTS FOR THE NINE MONTHS OF 2007

  • Consolidated revenues up 36.4% year on year to US$ 9.6 billion
  • OIBDA up 19.8% year on year to US$ 3.6 billion and OIBDA margin of 37.2%
  • Operating income up 15.3% year on year to US$ 2.4 billion and operating margin of 24.7%
  • Net income up 36.4% year on year to US$ 1.1 billion
  • Total consolidated assets up 31.3% year on year to US$ 24.2 billion
  • Earnings per share up 40.8% year on year to US cent 11.85

Alexander Goncharuk, President and Chief Executive Officer of Sistema, commented: "We have delivered another quarter of strong revenue growth across our Group companies with US$ 9.6 billion in total revenues generated year to date. Our profitability has increased from the levels achieved in the first half of 2007 as we continue to focus on streamlining our operations and offering competitive products.

 

In line with our strategy of developing non-public fast-growing businesses we have further expanded our banking and retail networks and acquired a 48% stake in Dalcombank, which extended our presence to the Russia's Far East region. Our telecom companies have made a number of scale acquisitions in the Russian regions and the CIS both in the mobile and alternative telecoms segments.

 

We have also taken steps to increase the liquidity of our local shares by announcing a 1,000 times share split and the listing of our shares on the Moscow Interbank Currency Exchange (MICEX) in addition to RTS and MSE listings during the quarter.

 

We continue to be fully committed to executing on our strategy through profitable growth and development of our portfolio of non-listed companies in the existing business segments."

 

FINANCIAL SUMMARY

 

(US$ millions,
except per share amounts)


3Q 2007


3Q 2006

Year on Year Change


9m 2007


9m 2006

Year on Year Change

Revenues

3,707.7

2,708.0

36.9%

9,613.6

7,048.0

36.4%

OIBDA2

1,397.2

1,365.0

2.4%

3,576.5

2,984.4

19.8%

Operating Income

943.2

1,050.0

(10.2%)

2,371.1

2,057.1

15.3%

Net Income

228.2

500.0

(53.3%)

1,105.3

810.1

36.4%

Basic and diluted earnings per share (US cent)

2.46

5.21

(52.7%)

11.85

8.42

40.8%

 

Conference call information

Sistema management will host a conference call today at 9 am (New York time) / 2 pm (London time) / 4 pm (CET) / 5 pm (Moscow Time) to present and discuss the first half results.

 

The dial-in numbers for the conference call are:

 

UK/International:         +44 (0) 20 8609 0205

US:                              +1 703 621 9126

PIN number:                903615#

 

A replay will then be available for 7 days after the conference call. To access the replay, please dial:

 

UK/International:         +44 (0) 20 8609 0289

PIN number:                196881#

 

For further information, please visit http://www.sistema.com/ or contact:

 

Sistema Investor Relations                                                                Shared Value Limited

Laila Simanova                                                                                   Larisa Kogut-Millings

Tel: +7 495 730 66 00                                                                       Tel. +44 (0) 20 7321 5037

ir@sistema.ru                                                                                     sistema@sharedvalue.net

Sistema is the largest private sector consumer services company in Russia and the CIS, with over 80 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$ 9.6 billion for the first nine months of 2007, and total assets of US$ 24.2 billion as at September 30, 2007. Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the Russian Trading System (RTS) and the Moscow Interbank Currency Exchange (MICEX), and under the symbol "SIST" on the Moscow Stock Exchange (MSE).

 

 

 

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