print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

April 22, 2010

Sitronics announces fourth quarter 2009 financial results and audited full year 2009 financial results

Moscow, Russia – April 22, 2010 – JSC SITRONICS (‘SITRONICS’ or ‘the Group’) (LSE: SITR), the leading provider of technology solutions in Russia and the CIS, today announced its consolidated US GAAP financial results for the fourth quarter and financial results for the full year ended December 31, 2009.

Fourth quarter highlights

- Consolidated revenues of US$ 398.8 million

- Telecommunication Solutions revenues of US$ 208.3 million; Information Technologies revenues of US$ 120.9 million; and Microelectronics revenues of US$ 64.8  million

- Adjusted OIBDA profit of US$ 54.0 million and adjusted OIBDA margin of 13.5%

- US$ 73.0 million of one-off costs arising from provisions for accounts receivable and impairment of inventories, fixed assets and investments

- Total OIBDA loss of US$ 19.0 million

- Net loss attributable to SITRONICS of US$ 37.3 million

- US$ 389 million of contracts secured since the announcement of third quarter financial results on December 3, 2009 to date, and US$ 979 million of contracts secured since the beginning of 2009 to date.

Full year highlights

- Consolidated revenues of US$ 1,024.2 million

- Telecommunication Solutions revenues of US$ 579.0 million; Information  Technologies revenues of US$ 221.5 million; and Microelectronics revenues of US$ 208.1 million  

- Adjusted OIBDA profit of US$ 101.1 million and adjusted OIBDA margin of 9.9%

- US$ 94.4 million of one-off costs arising from provisions for accounts receivable and impairment of inventories, fixed assets and investments

- Total OIBDA profit of US$ 6.7 million

- Net loss attributable to SITRONICS of US$ 119.1 million including a US$ 26.2 million net loss from discontinued operations

- Total assets of US$ 1.9 billion

- US$ 147.2 million of operating cash flow

- 49.1% year on year reduction in cash outflows on capital expenditure to US$ 91.7 million and US$ 55.5 million of free cash flow

Sergey Aslanian, President of SITRONICS, commented: “We continued to outperform the market in 2009 and firmly established the Group as one of the leading Russian and international technology companies. We have continued to work closely with both the Russian and other governmental organisations, and have also expanded our presence in key vertical sector markets and extended our geographical footprint.

“We have made provisions and written down assets, in order to fully reflect the deterioration in market conditions in 2009. When excluding these factors, our underlying OIBDA margin increased year on year to 10%, in line with our focus on higher margin businesses that are less capital intensive. We also generated free cash flow as a group following the optimisation of our cost base and the reduction in our capital expenditure budgets.

“We have renegotiated US$ 780 million of debt during the year and increased the proportion of long term debt to over 50% with an overall weighted average borrowing cost of less than 9%. Furthermore, we anticipate that a debt for equity swap will be executed this year with our majority shareholder, Sistema, in order to reduce our borrowing levels.

“Moving forward, we have a pipeline of US$ 979 million of contracts secured since the beginning of 2009, of which approximately US$ 546 is expected to be booked in 2010. We do therefore expect to continue to outperform the market and deliver low double digit revenue growth in 2010 with a stable OIBDA margin when compared with the full year adjusted margin in 2009.”

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer