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SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION

(AFKS)
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Sistema PublicFinancial : Presentation 1Q 2021

06/15/2021 | 03:08am EDT

Sistema PJSFC Financial Results 1Q 2021

Vladimir Chirakhov

President

Vladimir Travkov

Vice President for Finance

DISCLAIMER

Certain statements in this presentation may contain assumptions or forecasts in respect to forthcoming events within Sistema PJSFC or its portfolio companies. The words "expect", "estimate", "intend", "will", "could" and similar expressions identify forward-looking statements. We wish to caution you that these statements are only predictions and that actual events or results may differ materially.

We do not intend to update these statements to reflect events and circumstances occurring after the above-mentioned date or to

reflect the occurrence of unanticipated events. Many factors could cause Sistema's actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, deteriorating economic and credit conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, impact of COVID-19 pandemic on macroeconomic situation on the markets of presence and financial results of Sistema and its subsidiaries and associates, as well as many other risks specifically related to Sistema and its operations.

2

FINANCIAL REVIEW

3

STRONG PACE OF BUSINESS GROWTH, SUCCESSFUL CAPITAL MARKETS TRANSACTIONS, NEW DIVIDEND POLICY AND PROGRESS IN ESG

Results of portfolio companies

  • Revenue and adj. OIBDA in 1Q 2021 increased significantly year-on-year due to strong results at MTS, Segezha Group, Agroholding Steppe ("Steppe") and Medsi.

Consolidated revenue1

Adj2 OIBDA

RUB bln

RUB bln

+8.4%

+6.1%

Key events

- With the aim of creating a unified pharmaceutical holding, in

February 2021 Sistema and financial partner VTB contributed

their 56.2% stake in OJSC Sintez to the equity of Binnopharm

Group. Concurrently, Sistema, VTB and an investor consortium

consisting of the Russia-China Investment Fund (created by

RDIF and CIC) and leading Mideast funds (the "Consortium")

158,2

171,5

1Q 2020

1Q 2021

53,756,9

1Q 2020

1Q 2021

contributed an 85.6% stake in JSC Alium to the equity of

Binnopharm Group.

- In March 2021 Sistema acquired a 32.4% stake in JSC Sintez

from JSC National Immunobiological Company, controlled by

Rostec Corporation, and in May 2021 contributed this stake to

the authorised capital of LLC Binnopharm Group. As a result,

Binnopharm Group's ownership stake in JSC Sintez totalled

88.6%.

- The IPO of Segezha Group took place in April 2021 on Moscow

Exchange, with a market capitalisation of RUB 125.5 bln, a free

float of 23.9% and Sistema's stake stands at 72.0%5.

- In May 2021 the Board of Directors adopted an Environmental

Policy and a Human Rights Policy.

- In May 2021 the Board of Directors approved a new dividend

policy for 2021-2023 aimed at steady growth of dividend

payments.

Consolidated assets leading by

revenue growth year-on-year Net Corporate Centre financial liabilities3,4

RUB bln

22,7%

+2.3%

27,1%

190,6

183,7

195,0

39,6%

1Q 2020

4Q 2020

1Q 2021

  1. Hereinafter results for 1Q 2020 are presented to reflect the divestiture of AGK Yuzhny.
  2. Hereinafter please see Appendix A of the financial results press release for 1Q 2021.
  3. Based on management accounts.
  4. Including total volume of borrowing with the exception of cash and cash equivalents at the Corporate Centre level.
  5. Taking into account the partial exercise of the over-allotment option in connection with stabilisation procedure after the IPO of Segezha Group PJSC and the exercise of the option by

Mikhail Shamolin, President of Segezha Group PJSC.

4

FINANCIAL REVIEW: 1Q 2021

Revenue: 1Q 2021

RUB bln

+8.4%

1,9

1,3

0,3

-0,6

171,51

3,9

6,5

158,2

Revenue 1Q

MTS

Segezha

Steppe

Medsi

Other assets,

BPGC

Revenue 1Q

2020

Group

net

2021

Adj. OIBDA: 1Q 2021

RUB bln

+6.1%

2,4

0,5

0,3

-0,9

-2,2

1

56,9

3,3

53,7

Скорр. OIBDA 1 кв.

МТС

Segezha Group

А/х "Степь"

Медси

БЭСК

Прочие

2

Скорр. OIBDA

Adj.

MTS

Segezha

Steppe

Medsi

BPGC

Other

Adj.

2020г

активы,

1 кв. 2021г.

OIBDA

Group

нетто

OIBDA

assets, net

1Q 2020

1Q 2021

MTS: growth of revenue due to increased consumption of core telecom and financial services, higher handset and accessory sales and a positive contribution from enterprise digital and cloud solutions as well as media products. Adj. OBDA grew on the back of revenue, despite a significant reduction in revenue from international roaming.

Segezha Group: strong revenue and OIBDA growth as a result of increases in sawn timber and plywood prices amidst a recovery in demand from the construction sector, implementation of measures to control growth of production costs and weakening of the rouble.

Steppe: significant increase in revenue and OIBDA in the Field Crop and Agrotrading segments on the back of successful sales of remainders from last year's harvest, expansion of export volumes of agricultural products and an increase in global wheat prices; positive dynamics in the Dairy Farming segment as a result of an increase in gross milk yield; an increase in revenue in the Sugar & Grocery Trading segment.

Medsi: an increase in revenue and OIBDA due to recovery in demand for routine medical care amidst continued demand for services related to COVID-19, development of home and telemedicine services.

BPGC: the negative revenue dynamic was due to reduction in capacity and net supply as a result of a decrease in energy consumption in the oil sector following the OPEC+ agreement; OIBDA decline following revenue and an increase in costs, including expenses for services provided by Federal Grid Company (FCG).

1Numbers may not add up due to rounding

2Group OIBDA in 1Q 2021 was impacted by reflection of the Group's share in the decrease of Ozon's net loss in the amount of RUB 0.1 bln (1Q 2021 net loss was RUB 2.3 bln, 1Q 2020 net loss was RUB 2.4 bln)

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Afk Sistema OAO published this content on 15 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2021 07:07:04 UTC.


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Capitalization 3 885 M 3 885 M -
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EV / Sales 2022 1,19x
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Number of Analysts 9
Last Close Price 0,41 $
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Managers and Directors
Vladimir Sanasarovich Chirakhov President, Chief Executive Officer & Director
Vladimir Petrovich Evtushenkov Chairman
Vladimir Semenovich Shukshin VP, Head-Information Technologies & Security
Ali Mussayevich Uzdenov Chief Investment Director
Roger Llewelyn Munnings Independent Director