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Moscow, Russia - October 4, 2007 - Sistema (the "Group") (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, today announced its unaudited consolidated US GAAP financial results for the six months ended June 30, 2007.
FIRST HALF YEAR HIGHLIGHTS
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Consolidated revenues up 36.1% year on year to US$ 5.9 billion
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OIBDA up 34.6% year on year to US$ 2.2 billion and OIBDA margin of 36.9%
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Operating income up 41.8% year on year to US$ 1.4 billion and operating margin of 24.2%
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Net income nearly tripled year on year to US$ 877.1 million
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Total assets up 29.9% year on year to US$ 22.5 billion
Alexander Goncharuk, President and Chief Executive Officer of Sistema, commented: "The 36% year on year increase in group revenues for the first six months of 2007 demonstrates the continued rapid growth, expansion and market share gains across our businesses. The non-telecommunications businesses in the group now account for more than a quarter of our total revenues, and our non-listed subsidiaries more than doubled their revenues year on year during the first half of 2007, following healthy organic growth and scale acquisitions. Group net income nearly tripled year on year, and reflected significantly improved operating profitability levels and the positive contribution of the investments that we have made. After the end of the period, we have now acquired a 10% stake in the Indian telecommunications operator Shyam Telelink.This acquisition is in line with our strategy to extend our footprint into exciting new high growth markets. We remain well positioned in our domestic markets, and have continued the regional expansion of our banking and retail networks through MBRD and Detsky Mir, respectively."
FINANCIAL SUMMARY
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(US$ millions) |
Jan - June 2007
(unaudited) |
Jan - June 2006
(unaudited) |
Year on Year Growth |
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Revenues |
5,905.9 |
4,340.1 |
36% |
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OIBDA |
2,179.4 |
1,619.4 |
35% |
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Operating income |
1,427.9 |
1,007.1 |
42% |
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Net income |
877.1 |
310.1 |
183% |
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Basic and diluted earnings per share (US$) |
93.7 |
32.2 |
191% |
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Total assets |
22,464.2 |
17,292.7 |
30% |
Conference call information
Sistema management will host a conference call today at 10 am (New York time) / 3 pm (London time) / 4 pm (CET) / 6 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 7138 0820
US: +1 718 354 1361
A replay will then be available for 7 days after the conference call. To access the replay, please dial:
UK/International: +44 (0)20 7806 1970
US: +1 718 354 1112
PIN number: 6881544#
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