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Financial Corporation "Sistema"

September 9, 2009

JSC SITRONICS. Unaudited financial results for the second quarter and first six months of 2009

MOSCOW, Russia – September 9, 2009 – JSC SITRONICS (‘SITRONICS’ or ‘the Group’) (LSE: SITR), a leading provider of telecommunication, information technology and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, today announced its unaudited consolidated US GAAP financial results for the second quarter and six months ended June 30, 2009.

The Group’s results for both 2008 and 2009 have been restated to reflect the sale of the distribution businesses on April 13, 2009 according to FASB Statement No. 144 (as amended) entitled “Accounting for impairment or disposal of long-lived assets”. The results of the discontinued distribution operations, including the impact of the disposal, are reported in the discontinued operations line of the Group’s financial statements for the second quarter and first six months of 2008 and 2009. 

Second quarter highlights

· Consolidated revenues of US$ 247.1 million

· Telecommunication Solutions revenues of US$ 140.6 million; Information  Technologies revenues of US$ 46.2 million; and Microelectronics revenues of US$ 57.0 million 

· OIBDA profit of US$ 21.0 million

· Net profit attributable to SITRONICS of US$ 1.0 million, when excluding US$ 27.6 million impact of sale of distribution business in April 2009

· Total assets of US$ 1.8 billion

Six month highlights

· Consolidated revenues of US$ 404.0 million

· Telecommunication Solutions revenues of US$ 246.2 million; Information  Technologies revenues of US$ 65.6 million; and Microelectronics revenues of US$  86.1 million 

· OIBDA profit of US$  14.1 million

· Net loss attributable to SITRONICS of US$ 40.8 million when excluding US$ 26.2 million impact of sale of distribution business in April 2009

· US$ 476.2 million of new contracts secured since the beginning of 2009

Sergey Aslanian, President of SITRONICS, commented: “The operating environment remained challenging throughout the first half of 2009 but our businesses have continued to outperform with revenues down less than 6% year on year in the second quarter at constant exchange rates. We have now won over US$ 476.2 million of new contracts since the beginning of the year”.

“The actions that we have taken to optimize our cost base have enabled us to deliver OIBDA margins of 8.5% in the second quarter and 3.5% for the half year and we generated operating free cash flow for the first six months of the year. When excluding the impact of the sale of our distribution business in April, we actually delivered a net profit in the second quarter.”

“We continue to expect to deliver a positive OIBDA result for the full year and we have now successfully refinanced or extended over US$ 300 million of our borrowings since the beginning of the year.”

 

 

 

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