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Financial Corporation "Sistema"

November 21, 2012

Sistema announces unaudited financial results for the third quarter ended September 30, 2012

Moscow, Russia - November 21, 2012 - Sistema JSFC ("Sistema" or the "Company", together with its subsidiaries, "the Group") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces its unaudited consolidated US GAAP financial results for the third quarter ended September 30, 2012.

The Group's consolidated results for the third quarter of 2012 were impacted by a 10.2% year-on-year rouble depreciation against the US dollar. A non-cash one-off loss ("one-off") of US$ 213.3 million was also recognised relating to the impairment of long-lived assets in SSTL's operations in India.

KEY FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER

- Consolidated revenues of US$ 8.8 billion, up 1.0% YoY (underlying revenues up 11.3% YoY in rouble terms)

- Adjusted OIBDA up 10.4% YoY to US$ 2.4 billion, with an adjusted OIBDA margin of 27.6%

- Net income attributable to the Group without one-offs doubled YoY to US$ 653.2 million

- Net cash position at the Corporate Holding level amounted to US$ 152.0 million as of September 30, 2012, compared to net debt of US$ 433.2 million as of September 30, 2011 

KEY CORPORATE HIGHLIGHTS FOR THE THIRD QUARTER

- Sistema participated in the privatisation tender for a 100% ownership stake in SG-trans OJSC, Russia's largest independent provider of specialised railcars for transportation of liquefied petroleum gas, and submitted the leading bid of RUB 22.77 billion.

- The Board of Directors approved a placement of a new bond issue by public subscription, comprising series 01, 02 and 03 three-year unconvertible interest-bearing bonds.

- The Board of Directors approved a new composition for Sistema's Management Board in line with its development strategy.  

- MTS resumed its operations in Turkmenistan, having received the licences it requires to operate in the country having satisfied legal and technical conditions.

- RTI Group completed the acquisition of NVision Group.

- Sistema continued its buyback programme targeting the purchase of Sistema's GDRs and ordinary shares.

Mikhail Shamolin, President and Chief Executive Officer of Sistema, commented:

"In the third quarter all of our investments demonstrated significant growth resulting in excellent revenue and OIBDA growth for the Group. In particular our oil, telecom and high-tech investments had an excellent period characterised by improved operational performance and the completion of certain M&A transactions.

During the reporting period and in recent weeks, Sistema has continued to progress several transactions announcing its entry into the transportation sector, the possible acquisition of an oil trader, the completion of the Bashkirenergo divestment and MTS' participation in MTS Bank. These deals pursue a fundamental objective of diversifying the Group's portfolio, strengthening our return and securing long term growth opportunities. Importantly, with a substantial cash position of US$ 1.7 billion at the Corporate level, the proceeds from divestment and numerous other tools at our disposal, Sistema is well positioned to execute the aforementioned opportunities.

We have also made a number of changes at the holding level by structuring our investments into eight portfolios and attracting significant investment and industry expertise to different parts of the business. These changes are designed to enhance our investment approach and to allow Sistema to manage its assets more actively. As we look forward into 2013, Sistema is on track to deliver on its strategy, add exciting value accretive projects to its portfolio and reward shareholders through a progressive dividend story."

 

 

 

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