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Sistema PJSFC : Sistema announces financial -4-

04/08/2021 | 03:02am EDT

Utilisation grew in 4Q 2020 by 4 p.p. year-on-year to 54% for out-patient facilities and by 15 p.p. year-on-year to 113% for in-patient facilities due to deferred demand and restoration of previous activity levels for routine services amid additional revenue from COVID-19 diagnostics and treatment.

The average cheque grew by 29.9% year-on-year to RUB 3,200 in 4Q 2020 due to growth in the share of cost-intensive services for COVID-19 diagnostics (CT scans) as well as the higher average cheque for COVID-19 treatment at the Otradnoe hospital.

The decrease in floor space of 8.4% year-on-year was a result of the non-core assets optimisation programme. KEY EVENTS IN 4Q 2020 AND AFTER THE END OF THE REPORTING PERIOD

Network expansion. Construction of a new multifunctional centre on Michurinsky Prospekt, with more than 34,000 sq m of space, is nearing completion, with the opening planned for 2H 2021. The medical centre will include a CDC for children and adults, a daytime in-patient clinic, and a 24-hour in-patient clinic with a centre for high-tech surgery.

In October 2020 the Mariyno CDC opened with 4,400 sq m of space and a Smart500 neighbourhood clinic on ulitsa Aviatsionnaya in Moscow.

Active growth of installations of the SmartMed telemedicine app and use of digital services. Downloads of the SmartMed telemedicine app and usage of the service are actively growing. The share of appointments made using the app has reached 35-40% of the total. In 2020 the number of telemedicine consultations increased more than 10x year-on-year.

Increase in self-sufficiency. A project is being rolled out to centralise laboratory testing and substitute outsourcing. BUSINESS NEDVIZHIMOST RENTAL ASSETS WITH A UNIQUE POOL OF PROPERTIES

(RUB million)                      4Q 2020 4Q 2019 Change   2020  2019  Change 
Revenue                            2,172   2,261   (3.9%)   6,296 7,106 (11.4%) 
Adj. OIBDA                         1,102   1,047   5.2%     2,423 4,495 (46.1%) 
Adj. OIBDA margin                  50.7%   46.3%   4.4 p.p. 38.5% 63.3% (24.8 p.p.) 
Operating income                   978     901     8.6%     1,904 4,015 (52.6%) 
Net profit attributable to Sistema 633     1,108   (42.9%)  1,378 3,333 (58.7%) 

Revenue at Business Nedvizhimost in 4Q 2020 and in FY 2020 declined by 3.9% and 11.4% year-on-year, respectively, as a result of completion of commercial real estate sales programme in 2019.

In 4Q 2020 OIBDA increased by 5.2% year-on-year to RUB 1.1 billion, resulting in 4.4 p.p. growth in the OIBDA margin to 50.7%. OIBDA for the full year 2020 decreased to RUB 2.4 billion, with an OIBDA margin of 38.5%. The decline was predominantly due to a change in revenue structure in favour of lower-margin rental revenue. In 2020 OIBDA year-on-year dynamics was also affected by the impact of high base due to the sale of a non-core asset in Q2 2019.

Net profit at Business Nedvizhimost declined in 4Q and full year 2020. The full year result was impacted by the OIBDA decline and higher interest expenses as a result of growth of the loan portfolio.


Territoria project. In 2021, Business Nedvizhimost plans to open 19 flexible offices at the ATS buildings acquired from MGTS, with a total of approximately 8,000 individual workplaces. Territoria will become the first chain of co-working spaces with locations not only in central Moscow but also in densely populated residential districts outside the centre, allowing companies to select the best location for their business. The first Territoria co-working space opened in November 2020. BPGC ONE OF RUSSIA'S BIGGEST POWER GRID COMPANIES

(RUB million)                      4Q 2020 4Q 2019 Change      2020   2019   Change 
Revenue                            5,075   6,033   (15.9%)     19,733 20,931 (5.7%) 
OIBDA                              727     1,703   (57.3%)     4,381  6,205  (29.4%) 
OIBDA margin                       14.3%   28.2%   (13.9 p.p.) 22.2%  29.6%  (7.4 p.p.) 
Operating income                   30      1,011   (97.0%)     1,574  3,537  (55.5%) 
Net profit attributable to Sistema 19      725     (97.4%)     1,174  2,698  (56.5%) 

Revenue at BPGC in 4Q 2020 declined by 15.9% year-on-year to RUB 5.1 billion as a result of a decrease in power supply volumes and net supply of electricity due to usage reductions in the oil sector on the back of the OPEC+ agreement, and also due to a slowdown in economic activity in the region amid the pandemic. These same factors drove a 5.7% year-on-year revenue decline in the full year 2020 to RUB 19.7 billion.

In 4Q 2020 OIBDA amounted to RUB 0.7 billion. The year-on-year decrease resulted from the revenue decline, and also due to cost growth, including payments for Federal Grid Company (FGC) services, wage indexation, and repair expenses. The decrease was also significantly affected by creation of provisions for accounts receivable following non-payment by a certain number of counterparties. The decline in OIBDA to RUB 4.4 billion in 2020 year-on-year was affected by negative revenue dynamics amidst cost growth, which was partially offset by a reduction in expenditures from technical losses.

The OIBDA margin amounted to 14.3% in 4Q 2020 and 22.2% in the full year 2020.

BPGC's net profit in 4Q 2020 declined year-on-year on the back of the OIBDA decline and reduction in finance income. The decline in net profit in 2020 was primarily driven by OIBDA dynamics, and also by growth in amortisation expenses and reduction in finance income.


Modernisation of distribution networks. BPGC completed a key project, comprehensive reconstruction of distribution networks in the Ufa city district using Smart Grid technology. Under the project, 513 distribution points were reconstructed, 96.5 kilometres of cable lines were laid and 75,000 metering devices were installed. COSMOS HOTEL GROUP[15] ONE OF RUSSIA'S LEADING HOTEL MANAGEMENT COMPANIES

(RUB million)                               4Q 2020 4Q 2019 Change      2020    2019  Change 
Revenue                                     627     1,237   (49.3%)     2,516   5,034 (50.0%) 
Adj. OIBDA[16]                              (197)   185     -           (85)    1,251 - 
Adj. OIBDA margin 16                        (31.4%) 15.0%   (46.3 p.p.) (3.4%)  24.9% (28.2 p.p.) 
Operating loss                              (372)   (1,008) -           (1,893) (481) - 
Adj. net (loss) attributable to Sistema[17] (457)   (77)    -           (1,167) (238) - 

Revenue at Cosmos Hotel Group amounted to RUB 0.6 billion and RUB 2.5 billion in 4Q and the full year 2020, respectively. The revenue decline year-on-year was due to a sharp drop in occupancy caused by the COVID-19 pandemic: at the peak of the pandemic, most hotels closed their doors. Following the partial lifting of restrictions in 3Q and 4Q 2020, the significant decline in tourist flows continued to negatively impact the business.

Adjusted OIBDA in 4Q and the full year 2020 decreased on the back of the drop in revenue, despite that the hotels maintained an austerity regime in order to minimise losses during the pandemic.

The adjusted net loss was the result of negative adjusted OIBDA dynamics.

The share of revenue from hotels outside Russia in 4Q 2020 was 18.8%, versus 16.0% in 4Q 2019. For the full year this figure was in line with the prior year and was 22.9% versus 24.1% in 2019.

ADR[18] for the Group's hotel portfolio in 4Q 2020 declined by 25.6% year-on-year and stood at RUB 2,500. For 2020, ADR was RUB 3,600, in line with 2019, primarily as a result of hotels outside Russia as the EUR strengthened on average by 29% against the RUB.

RevPAR[19] across the hotel portfolio declined year-on-year from RUB 2,100 in 4Q 2019 to RUB 1,100 in 4Q 2020 and from RUB 2,400 in FY 2019 to RUB 1,300 in FY 2020, reflecting the dramatic decline in occupancy.

Average occupancy in the fourth quarter dropped by 19 p.p. to 44% on account of the substantial decline in demand for hotel services and the partial maintenance of restrictions on hotel and restaurant operations in 4Q 2020. For the FY 2020 occupancy stood at 36%, a 30 p.p. decline versus 2019. Corporate

(RUB million)                                4Q 2020  4Q 2019 Change  FY 2020  FY 2019  Change 
Adj. OIBDA[20]                               (12,203) (8,474) -       (20,714) (16,867) - 
Adj. net profit/(loss)                       4,278    25,483  (83.2%) (16,853) 28,013   - 
Corporate Centre's financial liabilities[21] 190,425  189,160 0.7%    190,425  189,160  0.7% 

The Corporate Centre comprises Sistema and companies that control and manage Sistema's interests in its subsidiaries and associates.

In 4Q 2020 the Group's SG&A[22] to revenue ratio rose year-on-year from 3.9% to 4.9%, impacted by growth of expenses and payment of bonuses related to monetisations and capital markets transactions, and also due to the resumption of the LTI programme previously suspended in 2018.

The Corporate Centre's financial liabilities increased by 0.7% year-on-year to RUB 190.4 billion due to issuance of RUB-denominated debt.

As of 31 December 2020 RUB-denominated bonds accounted for 66% of the Corporate Centre's financial liabilities.

In December 2020, the Group and Sberbank Investments LLC ("SberInvest"), invested in authorized capital of Megapolis-Invest LLC ("Megapolis-Invest") f RUB 11.0 billion and RUB 3.5 billion, respectively. Additionally, SberInvest provided Megapolis-Invest with debt financing of RUB 10.2 billion. As of 31 December 2020, Megapolis-Invest received these cash funds, however the ownership of SberInvest in the company was not registered in Unified State Register. After the registration of the ownership in 2021, the Group's share in the authorized capital of the Megapolis-Invest amounted to 75.86%. In December 2020, Megapolis-Invest acquired a 64.37% share in Elektrozavod JSC and 100% in Elektrokombinat LLC ("Elektrozavod Group") from certain private investors for RUB 24.7 billion.

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Financials (USD)
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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