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OFFON

SISTEMA PUBLICFINANCIAL CORPORATION

(AFKS)
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Sistema PJSFC: Sistema announces financial results for the fourth quarter and FY 2020

04/08/2021 | 03:02am EDT
Sistema PJSFC (SSA) 
Sistema PJSFC: Sistema announces financial results for the fourth quarter and FY 2020 
08-Apr-2021 / 10:00 MSK 
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 
(MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Sistema announces financial results for the fourth quarter and FY 2020 
 
Moscow, Russia - 8 April 2021 - Sistema PJSFC ("Sistema", the "Corporation", or together with its subsidiaries and 
affiliates, the "Group") (LSE: SSA, MOEX: AFKS), a Russian publicly traded investment company, today announces its 
unaudited consolidated financial results in accordance with International Financial Reporting Standards (IFRS) for the 
fourth quarter of 2020 (4Q 2020) and its audited consolidated financial results in accordance with IFRS for the full 
year ending 31 December 2020 (FY 2020). 
 
FY 2020 FINANCIAL HIGHLIGHTS 
 
  ? Consolidated revenue[1] grew by 5.7% year-on-year to RUB 691.6 billion. 
  ? Adjusted OIBDA[2] increased by 5.5% year-on-year to RUB 236.3 billion. 
  ? Adjusted OIBDA margin remained flat year-on-year at 34.2%. 
  ? Adjusted net profit attributable to Sistema was RUB 16.0 billion. 
 
4Q 2020 FINANCIAL HIGHLIGHTS 
 
  ? Consolidated revenue increased by 6.9% year-on-year to RUB 193.4 billion. 
  ? Adjusted OIBDA increased by 6.1% year-on-year to RUB 56.2 billion. 
  ? Adjusted OIBDA margin decreased by 0.2 p.p. year-on-year to 29.1%. 
  ? Adjusted net profit attributable to Sistema was RUB 20.9 billion. 
 
KEY GROUP HIGHLIGHTS IN 4Q 2020 
 
  ? IPO of Ozon[3]. In November 2020 Ozon held an IPO of American Depositary Shares (ADSs) on the NASDAQ and obtained a 
    listing of its ADSs on Moscow Exchange. Total proceeds to the company, including the greenshoe as well as proceeds 
    from a parallel private placement in which Sistema invested USD 67.5 million, totalled approximately USD 1.25 
    billion. Following completion of the IPO, fulfilment of the private placement agreement and conversion of 
    convertible loans previously provided to Ozon, Sistema's total stake in Ozon stood at 33.1%[4]. 
  ? Debt capital markets programme. In November 2020 the Corporation completed a secondary placement of series 001P-04 
    exchange-traded bonds. The Corporation repurchased RUB 4.3 billion of bonds out of a total RUB 6.5 billion in the 
    issue through a tender offer, and subsequently placed all of the repurchased bonds through a secondary placement 
    with an annual coupon rate of 6.35% at 100.15% of the nominal value. Also in November 2020 Sistema placed RUB 5 
    billion of series 001?-16 bonds with a put option after 2.25 years and a coupon rate of 6.10% per annum, and RUB 14 
    billion of series 001?-17 bonds with a put option after 4.5 years and a coupon rate of 6.75% per annum. 
  ? Extension of Sistema's buyback programme. In December 2020 Sistema announced an extension of the Corporation's 
    buyback programme to 31 December 2021. Launched on 17 September 2019, the programme provides for the repurchase of 
    up to RUB 3.0 billion worth of the Corporation's ordinary shares by a wholly owned subsidiary of Sistema. The 
    maximum number of Shares to be repurchased under the Programme is capped at 300 million. As of 8 April 2021, 120.6 
    million shares had been repurchased for a total of RUB 1.6 billion. 
  ? MTS stock buyback. As part of MTS's programme to repurchase up to RUB 15 billion of shares, Sistema's wholly owned 
    subsidiary Sistema Finance S.A. sold 14,534,801 ordinary shares of PJSC MTS for a total consideration of RUB 4.8 
    billion to LLC Bastion, a wholly owned subsidiary of MTS. 
 
CORPORATE EVENTS AFTER THE END OF THE REPORTING PERIOD 
 
  ? Development of the pharmaceuticals business. In February 2021 Sistema and its financial partner, VTB Group ("VTB"), 
    contributed their 56.2% stake in OJSC Sintez to the equity of Binnopharm Group LLC. At the same time, Sistema, VTB 
    and a consortium of investors consisting of the Russia-China Investment Fund (a fund established by the Russian 
    Direct Investment Fund and China Investment Corporation) and major Middle East funds contributed an 85.6% stake in 
    JSC Alium to the equity of Binnopharm Group LLC. As a result, the effective stake of Sistema together with VTB in 
    Binnopharm Group is 79%, and the investor consortium holds 15.8%. In March 2021 Group acquired a 32.4% stake in 
    Sintez from JSC National Immunobiological Company, controlled by State Corporation Rostec. 
 
PROGRESS IN ESG 
 
  ? Debut ESG financing. In November 2020 Sistema secured its first ESG financing from Sberbank. The RUB 10 billion 
    credit line includes an option to tie the interest rate on each loan to sustainability performance (Sustainability 
    Improvement Loan). Under the agreement Sistema committed to adopting its Environmental Policy and integrating 
    responsible investment principles into its investment process. The transaction was the first ESG loan agreement 
    between a Russian borrower and a Russian bank, and sets new standards for responsible investment in Russia. 
  ? Integration of ESG principles into portfolio management. In December 2020 the Board of Directors approved an 
    updated set of investment criteria that integrate ESG factors into the investment process, thus fulfilling one of 
    the KPIs under the Sberbank agreement. 
  ? Improved CDP rating. Sistema and MTS were both ranked among the top seven out of 29 Russian companies that 
    voluntarily disclosed climate data in line with the international CDP (formerly known as Carbon Disclosure Project) 
    reporting system in 2020. As a result, Sistema and MTS improved their positions in the global CDP rating to "B". 
 
Vladimir Chirakhov, President and Chief Executive Officer of Sistema, said: 
 
"In 2020 the Corporation increased revenue by 5.7% and adjusted OIBDA by 5.5%, thanks to contributions from MTS, 
Segezha Group, Steppe and Medsi. Our key consolidated portfolio companies overcame the challenges resulting from the 
COVID-19 pandemic, and were able to quickly adjust their business models and adapt their products and services to the 
new realities, which is reflected in their strong annual financial performance. MTS delivered strong growth due both to 
revenue growth in the core telecommunications segment as well as strong performance in other segments. Segezha Group 
achieved record revenue for the year and maintained a high level of profitability. Steppe delivered significant growth 
across its financial metrics as global grain prices increased and due to higher operational efficiency. Medsi grew 
revenue and OIBDA even despite the impact of restrictions on patient footfall in the first half of the year. 
 
"2020 was a year of transformation for our business. We completed our exit from Detsky Mir, held a successful IPO of 
Ozon that crystalised the value of this asset and established a foundation for the further expansion of the business. 
We also expanded our presence in the pharmaceuticals sector, combining our assets into Binnopharm Group, which is 
already one of Russia's largest pharma producers and has the potential to become a focus of consolidation in the 
industry. 
 
"The Corporation continues to seek out new sources of growth, using the significant dividend income received from our 
portfolio companies as an investment resource. As part of this strategy our joint venture with Sber has acquired a 
stake in Elektrozavod Group, which includes transformer equipment production facilities in Moscow and Ufa, maintenance 
divisions, research and design institutes, an engineering centre and land plots totalling 19 hectares in the centre of 
Moscow. Our ambition is to create a leading Russian producer of transformer equipment using the acquired production 
facilities." 
 
*** 
Conference call information 
 
Sistema's management will host a conference call today at 10:00 am (New York time) / 3:00 pm (London time) / 4:00 pm 
(CEST) / 5:00 pm (Moscow time) to present and discuss the 4Q and FY 2020 results. 
 
To participate in the conference call, please dial: 
Russia 
+7 495 283 98 58 
 
UK 
+44 203 984 9844 
 
US 
+1 718 866 4614 
 
Germany 
+49 30 25 555 323 
 
Sweden 
+46 10 551 30 20 
 
Conference ID: 657738 
 
Link to webcast: https://mm.closir.com/slides?id=657738 
 
Or quote the conference call title: "Sistema Fourth Quarter and Full Year 2020 Financial Results". 
 
A replay of the conference call will be available on Sistema's website www.sistema.com for at least seven days after 
the event. 
 
For further information, please visit www.sistema.com or contact: 
 
Investor Relations       Public Relations 
Nikolai Minashin         Sergei Kopytov 
Tel.: +7 (495) 730 66 00 Tel.: +7 (495) 228 15 32 
n.minashin@sistema.ru    kopytov@sistema.ru SISTEMA RESULTS REVIEW 
(RUB million)                           4Q 2020 4Q 2019 Change  FY 2020 FY 2019 Change 
Revenue                                 193,366 180,847 6.9%    691,626 654,303 5.7% 
Adj. OIBDA                              56,181  52,972  6.1%    236,340 224,016 5.5% 
Operating income                        22,581  7,476   202.1%  109,404 86,828  26.0% 
Net profit attributable to Sistema      17,516  7,682   128.0%  10,216  28,597  (64.3%) 
Adj. net profit attributable to Sistema 20,874  26,837  (22.2%) 15,998  53,379  (70.0%) 

(MORE TO FOLLOW) Dow Jones Newswires

April 08, 2021 03:01 ET (07:01 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
NASDAQ COMP. 0.10% 14052.342146 Delayed Quote.8.93%
OZON HOLDINGS PLC 1.10% 62.75 Delayed Quote.51.53%
SBERBANK 2.07% 289.03 End-of-day quote.6.61%
SISTEMA PUBLICFINANCIAL CORPORATION -0.39% 36.592 End-of-day quote.27.76%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.41% 75.765 Delayed Quote.3.10%
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Sales 2021 10 347 M - -
Net income 2021 327 M - -
Net Debt 2021 10 054 M - -
P/E ratio 2021 17,9x
Yield 2021 1,04%
Capitalization 4 591 M 4 588 M -
EV / Sales 2021 1,42x
EV / Sales 2022 1,31x
Nbr of Employees -
Free-Float 31,9%
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Managers and Directors
NameTitle
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
Robert Sedrakovich Kocharyan Independent Director
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