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Financial Corporation "Sistema"

December 2, 2010

Sitronics announces unaudited financial results for the third quarter and first nine months of 2010

Moscow, Russia – December 2, 2010 – JSC SITRONICS („SITRONICS” or „the Group”) (LSE: SITR), the leading provider of technology solutions in Russia and the CIS, today announced its unaudited consolidated US GAAP financial results for the third quarter and nine months ended September 30, 2010.

Third quarter highlights

- Consolidated revenues up 1% year on year to US$ 223.6 million

- Information Technologies revenues up 31% year on year to US$ 45.8 million; Microelectronics revenues up 28% year on year to US$ 73.5 million; and Telecommunication Solutions revenues down 24% year on year to US$ 95.2 million

- OIBDA up 51% year on year to US$ 17.5 million, with an increased margin of 7.8% and OIBDA profits for all three business divisions

- Net loss attributable to SITRONICS of US$ 9.4 million

- Total assets of US$ 1,810.3 million

- US$ 200.4 million of contracts secured since second quarter financial results announcement on September 10, 2010

Nine month highlights

- Consolidated revenues up 9% year on year to US$ 682.5 million

- Information Technologies revenues up 41% year on year to US$ 142.1 million; Microelectronics revenues up 25% year on year to US$ 179.4 million; and Telecommunication Solutions revenues down 10% year on year to US$ 335.5 million

- OIBDA nearly doubled year on year to US$ 50.8 million, with an increased margin of 7.4% and OIBDA profits for all three business divisions

- Net loss attributable to SITRONICS of US$ 64.8 million

Sergey Aslanian, President of SITRONICS, commented: “We continued to deliver sales growth and rising OIBDA profitability levels in both the third quarter and first nine months of the year, with more than 7% OIBDA margins for both periods. The growth was driven by the performance of our IT and Microelectronics segments, and we have secured more than US$ 200 million of contracts since the announcement of our second quarter results in September.

“We have also continued to make good progress with the implementation of our three year strategic development plan to establish, consolidate and extend our leading positions in the core vertical and geographical markets. We have further expanded our relationships with existing public and private sector clients, and have new contracts from new clients. The joint venture project to develop 90 nanometer manufacturing capability is proceeding according to plan and we will deliver the first prototype by the end of this year. The development of innovative and high quality technology solutions remains a strategic priority for both government and corporate organizations, which is why we are focusing on an increasing number of research and development projects that address high demand product and service areas.”

Conference call

SITRONICS management will host a conference call today at 4.00 PM Moscow local time, 1.00 PM London local time and 8.00 AM New York local time to present and discuss these results. Participants may dial the following numbers in order to access the call:

UK/ International: + 44 20 8515 2302

US: +1 480 629 9770

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

UK/ International: +44 207 154 2833

US: +1 303 590 3030

The replay access pin code is 4388056#

 

 

 

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