Sistema Announced Its Unaudited Financial Results
OREANDA-NEWS. On May 14, 2008 Sistema (the "Group") (LSE: SSA), the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, announced its unaudited consolidated US GAAP financial results for the fourth quarter and the twelve months ended December 31, 2007, reported the press-centre of Sistema.
FOURTH QUARTER HIGHLIGHTS
Consolidated revenues up by 27,0% year on year to US\\$ 4,1 billion
OIBDA up 48,5% year on year to US\\$ 1,5 billion and OIBDA margin of 36,1%
Operating income up 42,5% year on year to US\\$ 903,6 million and operating margin of 22,1%
Net income up to US\\$ 466,7 million
FULL YEAR HIGHLIGHTS
Consolidated revenues up 33,5% year on year to US\\$ 13,7 billion
OIBDA up 27,0% year on year to US\\$ 5,1 billion and OIBDA margin of 36,9%
Operating income up 21,7% year on year to US\\$ 3,3 billion and operating margin of 23,9%
Net income nearly doubled year on year to US\\$ 1,6 billion
Total assets up 40,6% year on year to US\\$ 28,4 billion
Alexander Goncharuk, President and Chief Executive Officer, commented: "The Group has demonstrated strong results and performance against almost all of our key indicators, including revenue and margin development. The results reflect the consistent implementation of our strategy, which was revised in 2007. While continuing to focus on strengthening the market leading positions of our telecommunication assets, we also accelerated the development of our unlisted businesses, which operate in the booming consumer services sectors of the Russian economy.
As a result, our non-public assets increased their overall share of Group revenues. We consolidated our position as the largest private sector consumer services company in Russia with significant growth potential and high profitability levels. At the same time, we continued to expand our footprint outside Russia. We have completed a number of strategic international acquisitions and have successfully entered the fast-growing Indian market, which offers immense growth opportunities in the telecommunications and other sectors. The outperformance in 2007 and the forward dynamics enable us to be optimistic about our prospects in 2008 and beyond".