Net profit/   2,334 (2,266)       - (7,299)  20,915      - 
           (loss) 
  attributable to 
          Sistema 
Adj. net profit /   2,598   3,363 (22.7%) (4,876)  26,541      - 
           (loss) 
  attributable to 
          Sistema 
 
 In 3Q 2020, Sistema's consolidated revenue grew by 9.6% year-on-year due to 
      increases in revenue across key assets. At MTS, revenue increased as a 
result of growth in mobile service revenue and the robust performance of the 
  Fintech, Media and B2B Digital & Cloud segments. Segezha Group saw revenue 
      increase amid growth in output and sales of paper and sawn timber, and 
   backed by rouble depreciation, while revenue growth at Agroholding Steppe 
   was largely driven by increased sales volumes in agricultural products in 
      the Crop Production and Agrotrading segments, higher grain prices, and 
 positive dynamics in the Dairy Farming segment. At Medsi, revenue increased 
 as a result of deferred demand for medical services, growth in revenue from 
        COVID-19 diagnostics and treatment, and the development of home care 
            services. 
 
  Adjusted OIBDA[4] rose by 14.0% year-on-year to RUB 71.7 billion backed by 
   increases in the adjusted OIBDA of subsidiaries including: MTS, following 
       revenue growth due to reduction of commercial and personnel expenses; 
 Segezha Group, driven by revenue increase as a result of an increase in the 
    share of higher-margin products and amid rouble depreciation; as well as 
            gains from the sale of Detsky Mir shares in September 2020. 
 
 Adjusted net profit decreased by 22.7% year-on-year and amounted to RUB 2.6 
            billion in 3Q 2020. 
 
 The Group's selling, general and administrative expenses (SG&A) declined by 
   10.5% year-on-year in 3Q 2020 mainly driven by a decline in the Corporate 
Centre's SG&A as a result of the high base effect - bonuses were paid out in 
  3Q 2019 due to the monetisation of assets, and the reduction of commercial 
            and personnel expenses at MTS. 
 
 CAPEX increased by 4.8% year-on-year and amounted to RUB 30.6 billion in 3Q 
   2020 due to increased investment by MTS in network development, growth in 
  the foreign currency component amid rouble depreciation, and the expansion 
            of production capacities at Segezha Group. 
 
OVERVIEW OF PORTFOLIO COMPANIES 
******************************* 
 
            MTS 
 
 LEADING TELECOMMUNICATIONS OPERATOR AND DIGITAL SERVICES PROVIDER IN RUSSIA 
 
      (RUB 3Q 2020     3Q  Change    9M     9M           Change 
million)[5           2019          2020   2019 
         ] 
Revenue    129,048 123,04    4.9% 366,3 349,04     5.0% 
                        5            86      2 
Adj.        58,804 57,435    2.4% 161,8 160,82     0.6% 
OIBDA[6]                             12      9 
Adj. OIBDA   45.6%  46.7%    (1.1 44.2%  46.1%     (1.9 
margin                      p.p.)                 p.p.) 
Operating   33,451 33,377    0.2% 85,85 89,018   (3.5%) 
profit                                9 
Adj. net     9,436  9,197    2.6% 24,81 22,626     9.7% 
profit                                2 
attributab 
le to 
Sistema[7] 
 
   In 3Q 2020, MTS's revenue grew by 4.9% year-on-year to RUB 129.0 billion, 
           primarily backed by an increase in mobile service, and the strong 
        performance of the Fintech, Media, and B2B Digital & Cloud segments. 
 
   In 3Q 2020, adjusted OIBDA increased by 2.4% year-on-year and amounted to 
       RUB 58.8 billion, driven by revenue growth and reduced commercial and 
        personnel expenses, and despite a fall in revenue from international 
            roaming. 
 
            Adjusted OIBDA margin amounted to 45.6% in 3Q 2020. 
 
    In 3Q 2020, adjusted net profit rose by 2.6% year-on-year largely due to 
        steady revenue from the core telecom business and lower net interest 
            expenses on the back of lower interest rates. 
 
     CAPEX. In 3Q 2020, capital expenditure grew year-on-year primarily as a 
result of increased investments in the network development and growth in the 
           foreign currency component of the capital expenditure amid rouble 
            depreciation. 
 
            OUTLOOK FOR 2020 
 
       MTS forecasts revenue growth of over 3% and OIBDA growth of up to 2%. 
   Capital expenditure will remain at the level of RUB 90 billion, including 
       the realised effect from the use of derivative financial instruments. 
 
            KEY EVENTS IN 3Q 2020 AND AFTER THE END OF THE REPORTING PERIOD 
 
     Russia's first 5G license. In July 2020, MTS was granted Russia's first 
      license for 5G operations in the 24.25-24.65 GHz mmWave band under the 
       5G/IMT-2020 standard. The license covers 83 Russian regions. Business 
    clients and large industrial enterprises will be the first to use the 5G 
            network. 
 
          Dividends. In September 2020, the Extraordinary General Meeting of 
   Shareholders approved dividends for 1H 2020 to the amount of RUB 8.93 per 
            ordinary share. 
 
 Credit rating upgrade. In September 2020, S&P upgraded its credit rating on 
            MTS to the BBB- investment grade. 
 
  Partnership with Spotify. MTS has announced a partnership with the Spotify 
 streaming service. As part of an exclusive offer, MTS subscribers receive a 
            free subscription to Spotify Premium for six months. 
 
            Forestry Holding Segezha Group 
 
            LEADING RUSSIAN VERTICALLY INTEGRATED FORESTRY HOLDING 
 
           (RUB million) 3Q 2020    3Q Change    9M    9M Change 
                                  2019         2020  2019 
     Revenue              18,966 13,74  38.0% 50,17 43,73  14.7% 
                                     5            7     8 
  Adj. OIBDA               5,079 2,469 105.8% 11,28 10,22  10.4% 
                                                  4     1 
  Adj. OIBDA               26.8% 18.0%    8.8 22.5% 23.4%   (0.9 
      margin                             p.p.              p.p.) 
   Operating               3,509   998 251.7% 6,612 6,126   7.9% 
      profit 
       Adj. net (loss) / (3,319)   247      - (5,38 4,302      - 
  profit attributable to                         3) 
                 Sistema 
 
 In 3Q 2020, Segezha Group's revenue rose by 38.0% year-on-year and amounted 
    to RUB 19.0 billion primarily due to a surge in the volumes of sales and 
      production of paper and sawn timber. The growth of the average FX rate 
           against the rouble year-on-year, - EUR by 20%, USD by 14% - had a 
            significant impact on the dynamics of export revenues. 
 
 Segezha Group's adjusted OIBDA increased more than twofold year-on-year and 
  amounted to RUB 5.1 billion in 3Q 2020 following the growth in revenue due 
 to increased share of higher-margin products, and amid rouble depreciation. 
 
    Adjusted OIBDA margin grew by 8.8 p.p. year-on-year to 26.8% in 3Q 2020. 
 
 Adjusted net loss amounted to RUB 3.3 billion in 3Q 2020, largely driven by 
 the negative effect of FX differences from the revaluation of the company's 
            FX-denominated debt. 
 
Paper output increased by 16.4% year-on-year to 102,710 tonnes[8] in 3Q 2020 
    primarily due to improved operating efficiencies and the postponement of 
            planned annual equipment maintenance works from 3Q to 4Q 2020. 
 
     Paper sales increased by 58.1% to 81,200 tonnes following the growth of 
production volumes and as a result of inventory reduction. Additional volume 
            was sold to existing customers. 
 
     The output volume of paper sacks declined by 1.0% year-on-year to 335.6 
        million units amid a fall in demand in the Russian market during the 
            COVID-19 pandemic. 
 
        Sales of paper sacks increased by 4.9% year-on-year to 358.9 million 
  units[9] due to an increase in sales volumes, on the back of a recovery in 
  demand from the European construction industry, following a downturn in 1H 
 2020 due to the COVID-19 pandemic. The recovery in demand has allowed for a 
            reduction in warehouse inventory. 
 
In 3Q 2020, birch plywood output amounted to 45,800 cu m, a decrease of 2.7% 
 year-on-year. Plywood sales volume declined by 21.1% year-on-year to 38,100 
      cu m in 3Q 2020 largely due to the weakening of demand within the main 
   sectors of plywood consumption during the COVID-19 pandemic. Revenue from 
 plywood sales remained flat compared with 3Q 2019 due to an increased share 
   of higher-margin products in sales to key markets, and the promotion of a 
            new plywood type in Australia, New Zealand and North America. 
 
Sawn timber output increased by 17.2% year-on-year to 325,600 cu m following 
     the acquisition of Karelian Wood Company LCC, a logging and woodworking 
  enterprise, in early 2020, and due to an increase in production volumes at 
         existing enterprises. Output was also significantly impacted by the 
 redistribution of production capacity at the Sokol PPM from glulam products 
    to sawn timber, due to the commissioning of a new splicing line. The new 
      line will increase glulam production capacity at the Sokol PPM by 20%. 
 
 In 3Q 2020, sales of sawn timber rose by 55.9% year-on-year to 339,300 cu m 
  on the back of the increase in output. Year-on-year growth was also driven 
 by an uneven distribution of revenue in the segment between 3Q and 4Q 2019. 
 
            KEY EVENTS IN 3Q 2020 AND AFTER THE END OF THE REPORTING PERIOD 
 
 Launch of a new technical powdered lignosulphonates production facility. In 
 August 2020, the Sokol PPM launched a new production facility for technical 
 powdered lignosulphonates, which are used in the production of black carbon 
  for cement manufacturing and road construction, with an annual capacity of 
            21,000 tonnes. 
 
        Launch of a new splicing line of glued products. In July 2020, a new 
   splicing line of glued products, with a capacity of 25 cu m per hour, was 
  launched at the Sokol Wood Processing Plant in the Vologda region. The new 

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