OREANDA-NEWS. Sistema (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 fourth quarter and full year ended December 31, 2006. 
 

FULL YEAR HIGHLIGHTS
• Consolidated revenues up 43,1% year on year to US$ 10,9 billion
• OIBDA up 36% year on year to US$ 4 billion
• Operating income up 41,3% year on year to US$ 2,7 billion
• Net income up 69% year on year to US$ 903,3 million
• Total consolidated assets up 53,8% year on year to US$ 20,1 billion
• Earnings per share up 67,4% year on year to US$ 94,4
• US$ 1,060 million raised through successful initial public offering and listing on London Stock Exchange of Comstar UTS in February 2006

FOURTH QUARTER HIGHLIGHTS
• Consolidated revenues up 56,4% year on year to US$ 3,4 billion
• OIBDA up 52,5% year on year to US$ 1 billion
• Operating income up 68,3% year on year to US$ 640,2 million
• Net income down 7% year on year to US$ 93,2 million
• US$ 432,1 million raised through successful initial public offering and listing on London Stock Exchange of Sistema Hals in November 2006
• Acquisition of a blocking stake of 25% plus one share in Svyazinvest for US$ 1,3 billion in December 2006
• Bitel write-off by MTS in the amount of US$ 150 million

Alexander Goncharuk, President and Chief Executive Officer of Sistema, commented: "Sistema Group companies delivered solid operational results in 2006. We have expanded margins while maintaining high growth rates in our non-telecom businesses. Our operational performance was supplemented by a number of sizable transactions, including the strategic acquisition of a 25 per cent plus one share stake in Svyazinvest, IPOs of Comstar UTS and Sistema Hals. We have made significant efforts to realign our Group telecom operations and focus our priorities on consistently delivering on our targets in the future".