Moscow, Russia – 9 June 2022 – Sistema PJSFC (“Sistema”, the
“Corporation”, or together with its subsidiaries and affiliates
the “Group”) (LSE: SSA, MOEX: AFKS), a Russian publicly traded
investment company, announces its unaudited consolidated financial
results in accordance with International Financial Reporting
Standards (IFRS) for the first quarter of 2022 (1Q 2022) ending 31
March 2022.
1Q 2022 FINANCIAL RESULTS
Consolidated revenue grew by 26.2%
year-on-year to RUB 216.4 billion.
Adjusted OIBDA increased by 22.0%
year-on-year to RUB 69.4 billion.
Adjusted OIBDA margin was 32.1%.
KEY HIGHLIGHTS IN 1Q 2022 AND AFTER THE REPORTING
PERIOD
High level of dividend income. In May
2022, the Board of Directors of MTS recommended that the Annual
General Meeting of Shareholders approve a dividend payout for 2021
in the amount of RUB 66.3 billion.
In January 2022, Sistema received interim
dividends from Segezha Group for 9Ě 2021 in the amount of RUB 4.1
billion. In May 2022, the General Meeting of Shareholders of Segezha
Group approved final dividends for 2021 in the amount of RUB 10.0
billion.
Increased stake in the real-estate
business. In May 2022, Sistema increased its effective share in
Etalon Group to 48.8% with the acquisition of 72.9 million global
depositary receipts for RUB 4.5 billion.
Continuation of foreign listing. In
May 2022, Sistema received permission to continue trading in its
depositary receipts outside Russia until 13 May 2023.
In 1Q 2022, Sistema’s consolidated revenue
increased by 26.2% year-on-year to RUB 216.4 billion, driven
by revenue growth at key assets: at MTS, thanks to higher revenues
from telecommunication services and the development of smart targeted
advertising services; at Segezha Group, due to higher sales volumes,
positive pricing dynamics for key products, a positive impact from
ruble depreciation as well as the consolidation of assets acquired in
2021; at Steppe, primarily due to an increase in milk production and
sales as well as the aggressive development of niche crops trading;
at Medsi, due to increased patient flows, the opening of new clinics
and revenue from clinics acquired in late 2021. The consolidation of
Binnopharm Group’s results in Sistema’s financial statements from
25 June 2021 also had an impact on the Corporation’s revenue.
The Group’s adjusted OIBDA increased by 22.0%
year-on-year to RUB 69.4 billion in 1Q 2022 primarily as a result
of higher adjusted OIBDA at subsidiaries: at MTS, following revenue
growth in the telecom segment, higher margins and optimisation of
retail network expenses; at Segezha Group, due to a considerable
increase in revenue as well as improvements in operational and
production efficiency; at Steppe, mainly as a result of effective
sales of surpluses from the previous season’s record harvest and
improved performance in trading operations and in the Dairy segment.
Group SG&A expenses rose 28.2%
year-on-year in 1Q 2022, mainly on the back of an increase in SG&A
at MTS, Segezha Group and Steppe, as well as the consolidation of
Binnopharm Group’s results. SG&A at MTS increased as a result
of accruals under the updated options programme for management and
increased advertising expenses to develop the fintech segment and
other ecosystem products. SG&A at Segezha Group increased as a
result of revenue growth, as well as the consolidation of the assets
of the Novoeniseisk Wood-Chemical Complex and Inter Forest Rus. The
increase in SG&A at Steppe was mainly due to accruals under the
LTI programme.
Group capex increased by 38.5% to RUB 52.3
billion in 1Q 2022 mainly due to increased investments in telecom and
IT equipment at MTS.
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