Sistema JSFC  |
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| Compilation Date: | 03 Feb 12 |
Company Overview
 General Info | |
| Full Company Name | Sistema Joint Stock Financial Corporation |
| Industrial Group | Financial, Insurance & Real Estate |
| Number of Employees | 100,000 |
| Registration Date | 16 Jul 93 |
| Registered Address | 1 Bld., 17/8/9 Prechistenka St., Moscow, 119034 |
| Main Office | 13, Mokhovaya St., Moscow, 125009 |
| Telephone / Fax | (495) 730-0599, 730-6600, 203-2672 / (495) 730-0330, 201-4877 |
| e-mail | info@sistema.ru ir@sistema.ru |
| Internet Home Page | www.sistema.ru |
| Registrar | JSC "Reestr" |
| Auditor | Closed JSC "Audit-Guarantee-M", Deloitte & Touche, Closed JSC "Gorislavtsev & Co. Audit" |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Vladimir Evtushenkov | | President | Mikhail Shamolin |
| Price Highlights | |
| Price per Common Share, USD | 0.853792 |
| YTD Price Change, % | 16.76 |
| P/E Ratio | 6.4043 |
| Market Capitalization, USD | 8,389,625,326 |
| Common Shares in Free Float, % | 19.00 |
| Operations Summary | |
Joint Stock Financial Corporation Sistema (Sistema) is the largest, non-resource holding company concentrated in high-tech technologies and service industries. Sistema directly owns and actively manages a diversified portfolio of assets in varied sectors, including: telecommunications (MTS, Comstar United Telesystems and others), electronics (Sitronics, STROM Telecom, Kvazar-Micro through Scientific Center Concern), insurance (ROSNO), real estate and construction (Sistema-Hals), finance and securities (MBRD Commercial Bank), international travel (Intourist) and commerce (the Detsky Mir group of companies). Sistema’s key strategies are to invest in long-term projects and to raise their capitalization on Russian and international financial markets by working with Russian and Western financial institutions. Seven years ago, Sistema spun off an independent company, Sistema Telecom, to manage its telecom assets. Sistema Telecom brings together more than 50 communications operators with consolidated sales of USD4.62 billion; Sistema Telecom is active in all major segments of the telecom market, including fixed and mobile telephony, Internet and data transfer, traffic transit, tracking and paging. MobileTelesystems, the largest cellular operator in Eastern and Central Europe, has been developed by Sistema management for last nine years. Furthermore, ROSNO Insurance Company, joined by Allianz AG and Sistema, has leading positions in the Russian insurance market. In August 2005, Sistema bought stakes in six companies of fuel and energy complex of Republic of Bashkortostan: ANK Bashneft- production, Ufaneftechim, Novoil, Ufaorgsintez, Ufimsky NPZ - refinery, Bahskirnefteproduct - downstream. The group is included in top-10 of the Russian companies in terms of oil production of oil (11.7 mln tones in 2008), in top-5 in terms of refining (21 mln tones in 2008), ranks fourth in terms of oil reserves after Surgutneftegaz, Tatneft and Rosneft (310 mln tones at the beginning of 2008). Sistema’s capital expenditures in the years ended December 31, 2007 and December 31, 2008 were USD 3,062.5 million and USD 4,270.9 million respectively. The company has ratings by Standard & Poor's (BB), Fitch Rating (BB-) and Moody’s Investors Service (Ba3). In February 2005 Sistema has been listed on the London Stock Exchange (LSE). The company’s securities are also traded on the Russian Trading System (RTS), Moscow Interbank Currency Exchange (MICEX) and Moscow Stock Exchange (MSE).
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Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 9,650,000,000 | 0.09 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| Vladimir Evtushenkov | 64.18 | 64.18 | | Deutsche Bank Ltd. | 19.00 | 19.00 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| Closed JSC "Invest-Svyaz" | 100.00 | | VAST Ltd. | 100.00 | | Closed JSC "Binnofarm" | 100.00 | | JSC "Medsi Holding" | 100.00 | | JSC "Region" | 100.00 | | JSC "Sistema Finance Investments" | 100.00 | | JSC "Detsky Mir" | 100.00 | | Sistema Telecom Ltd. | 99.99 | | JSC "Concern RTI Systems" | 96.90 | | JSC "Moscow Bank of Reconstruction and Development" | 76.29 | | Shyam Telelink Ltd. | 73.71 | | JSC "Intourist" | 66.20 | | JSC "Sistema-Invest" | 65.00 | | JSC "Sitronics" | 63.00 | | M2M Telematics Ltd. | 51.00 | | Closed JSC "Videofon MV" | 51.00 | | JSC "Bashneft" | 50.90 | | JSC "RussNeft Oil and Gas Company" | 49.00 | | JSC "Mobile TeleSystems" | 31.90 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| 2002 / com | n. p. | 8,100,000 | - | - | - | - | | 2003 / com | 0.632735 | 8,100,000 | n. a. | 11 Aug 04 | 1.324169 | n. a. | | 2004 / com | 0.913866 | 9,650,000 | 14 May 05 | 29 Aug 05 | 2.144511 | 13,055.231429 | | 2005 / com | 1.06148 | 9,650,000 | 12 May 06 | 31 Dec 06 | 1.916753 | 87.350036 | | 2006 / com | 1.8696 | 9,650,000 | 11 May 07 | 29 Aug 07 | 1.997323 | 140.905151 | | 2007 / com | 0.01017 | 9,650,000,000 | 16 May 08 | 27 Aug 08 | 6.243435 | 0.614502 | | 2008 / com | n. p. | 9,650,000,000 | - | - | - | - | | 2009 / com | 0.001788 | 9,650,000,000 | 13 May 10 | 25 Aug 10 | 1.049912 | 0.2268 | | 2010 / com | 0.00898 | 9,650,000,000 | 17 May 11 | 24 Aug 11 | 9.432117 | 8.004227 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| Sistema JSFC | AFKS | RU000A0DQZE3 | MICEX-RTS Class | | Sistema JSFC | AFKS | RU000A0DQZE3 | MICEX-RTS Main | | Sistema JSFC | SIST | RU000A0DQZE3 | MSE | | Sistema JSFC GDR | KO71 | US48122U2042 | Berlin Stock Ex | | Sistema JSFC GDR | KO71 | US48122U2042 | Frankfurt SE | | Sistema JSFC GDR | SSA | US48122U2042 | London SE | | Sistema JSFC GDR | JSFCY | US48122U1051 | PORTAL | | Sistema JSFC GDR | afks042 | US48122U2042 | RTS Global | | Sistema JSFC GDR | KO71 | US48122U2042 | XETRA |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| GDR Reg S sponsored | 11 Feb 05 | 1: 20 | 48122U204 | Deutsche Bank | | GDR 144 A sponsored | 11 Feb 05 | 1: 20 | 48122U105 | Deutsche Bank |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| MT-RusIndex | 1.04 | 01 Apr 07 | | | RusIndex 100 | 0.97 | 01 Apr 07 | | | RusIndex Services | 4.89 | 01 Apr 07 | |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| 1 | 4-01-01669-À | 21 Feb 08 | 1,820 | 1,000 | 6,000,000 | 10 | 182 | Sistema Finance Invesments | | 2 | 4-02-01669-À | 03 Feb 09 | 1,820 | 1,000 | 20,000,000 | 10 | 182 | Sistema Finance Invesments | | 3 | 4-03-01669-A | 27 Oct 09 | 2,548 | 1,000 | 19,000,000 | 14 | 182 | Sistema Finance Invesments | | 4 | 4-04-01669-A | 27 Jan 11 | 1,820 | 1,000 | 19,500,000 | 10 | 182 | |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| 1 | 1 | 13 Mar 08 | 11 Sep 08 | 9.45 | | 1 | 2 | 11 Sep 08 | 12 Mar 09 | 9.45 | | 1 | 3 | 12 Mar 09 | 10 Sep 09 | 19.00 | | 1 | 4 | 10 Sep 09 | 11 Mar 10 | 19.00 | | 1 | 5 | 11 Mar 10 | 09 Sep 10 | 9.75 | | 1 | 6 | 09 Sep 10 | 10 Mar 11 | 9.75 | | 1 | 7 | 10 Mar 11 | 08 Sep 11 | 9.75 | | 1 | 8 | 08 Sep 11 | 08 Mar 12 | 9.75 | | 1 | 9 | 08 Mar 12 | 06 Sep 12 | 9.75 | | 1 | 10 | 06 Sep 12 | 07 Mar 13 | 9.75 | | 2 | 1 | 18 Aug 09 | 16 Feb 10 | 14.75 | | 2 | 2 | 16 Feb 10 | 17 Aug 10 | 14.75 | | 2 | 3 | 17 Aug 10 | 15 Feb 11 | 14.75 | | 2 | 4 | 15 Feb 11 | 16 Aug 11 | 14.75 | | 2 | 5 | 16 Aug 11 | 14 Feb 12 | 14.75 | | 2 | 6 | 14 Feb 12 | 14 Aug 12 | 14.75 | | 2 | 7 | 14 Aug 12 | 12 Feb 13 | n. a. | | 2 | 8 | 12 Feb 13 | 13 Aug 13 | n. a. | | 2 | 9 | 13 Aug 13 | 11 Feb 14 | n. a. | | 2 | 10 | 11 Feb 14 | 12 Aug 14 | n. a. | | 3 | 1 | 03 Dec 09 | 03 Jun 10 | 12.50 | | 3 | 2 | 03 Jun 10 | 02 Dec 10 | 12.50 | | 3 | 3 | 02 Dec 10 | 02 Jun 11 | 12.50 | | 3 | 4 | 02 Jun 11 | 01 Dec 11 | 12.50 | | 3 | 5 | 01 Dec 11 | 31 May 12 | 12.50 | | 3 | 6 | 31 May 12 | 29 Nov 12 | 12.50 | | 3 | 7 | 29 Nov 12 | 30 May 13 | n. a. | | 3 | 8 | 30 May 13 | 28 Nov 13 | n. a. | | 3 | 9 | 28 Nov 13 | 29 May 14 | n. a. | | 3 | 10 | 29 May 14 | 27 Nov 14 | n. a. | | 3 | 11 | 27 Nov 14 | 28 May 15 | n. a. | | 3 | 12 | 28 May 15 | 26 Nov 15 | n. a. | | 3 | 13 | 26 Nov 15 | 26 May 16 | n. a. | | 3 | 14 | 26 May 16 | 24 Nov 16 | n. a. | | 4 | 1 | 22 Mar 11 | 20 Sep 11 | 7.65 | | 4 | 2 | 20 Sep 11 | 20 Mar 12 | 7.65 | | 4 | 3 | 20 Mar 12 | 18 Sep 12 | 7.65 | | 4 | 4 | 18 Sep 12 | 19 Mar 13 | 7.65 | | 4 | 5 | 19 Mar 13 | 17 Sep 13 | 7.65 | | 4 | 6 | 17 Sep 13 | 18 Mar 14 | 7.65 | | 4 | 7 | 18 Mar 14 | 16 Sep 14 | 7.65 | | 4 | 8 | 16 Sep 14 | 17 Mar 15 | 7.65 | | 4 | 9 | 17 Mar 15 | 15 Sep 15 | 7.65 | | 4 | 10 | 15 Sep 15 | 15 Mar 16 | 7.65 |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| 1 | 13 Mar 08 | 13 Mar 08 | 100.00 | 6,000,000 | 07 Mar 13 | 16 Mar 09 | 100.00 | outstanding | 31 Mar 08 | | 2 | 18 Aug 09 | 18 Aug 09 | 100.00 | 20,000,000 | 12 Aug 14 | 17 Aug 12 | 100.00 | outstanding | 28 Aug 09 | | 3 | 03 Dec 09 | 03 Dec 09 | 100.00 | 19,000,000 | 24 Nov 16 | 29 Nov 12 | 100.00 | outstanding | 08 Dec 09 | | 4 | 22 Mar 11 | 22 Mar 11 | 100.00 | 19,500,000 | 15 Mar 16 | | | outstanding | 24 Mar 11 |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 30.25 | 30.48 | 31.88 |
| ASSETS, of which | 1,270,751.36 | 1,344,310.44 | 1,361,714.69 | 42,011.04 | 44,109.11 | 42,720.39 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 857,010.65 | 900,093.72 | 940,132.54 | 28,332.77 | 29,533.61 | 29,494.31 |
|---|
| | Fixed Assets | 582,787.36 | 580,271.64 | 623,319.69 | 19,266.95 | 19,039.7 | 19,555.1 |
| | Intangible Assets | 134,455.66 | 149,199.61 | 150,548.98 | 4,445.1 | 4,895.49 | 4,723.1 |
| | Other Assets | 139,767.63 | 170,622.46 | 166,263.86 | 4,620.72 | 5,598.41 | 5,216.11 |
| Current Assets, of which | 413,740.71 | 444,216.73 | 421,582.15 | 13,678.27 | 14,575.51 | 13,226.09 |
|---|
| | Inventories | 34,400.91 | 45,746.24 | 51,992.41 | 1,137.29 | 1,501.01 | 1,631.13 |
| | Accounts Receivable | 215,849.18 | 124,416.56 | 140,688.98 | 7,135.97 | 4,082.32 | 4,413.77 |
| | Cash | 116,316.61 | 69,032.33 | 70,257.58 | 3,845.43 | 2,265.07 | 2,204.16 |
| | Other Current Assets | 47,174.02 | 205,021.59 | 158,643.17 | 1,559.57 | 6,727.11 | 4,977.03 |
| OWNER'S EQUITY, of which | 423,774.8 | 433,032.52 | 454,409.24 | 14,010 | 14,208.53 | 14,255.95 |
|---|
| | Charter Capital | 909.17 | 916.05 | 958.07 | 30.06 | 30.06 | 30.06 |
| | Reserves | 254,268.75 | 234,890.27 | 226,176.17 | 8,406.13 | 7,707.15 | 7,095.71 |
| | Retained Earnings | 168,596.88 | 197,226.2 | 227,275 | 5,573.81 | 6,471.33 | 7,130.19 |
| LIABILITIES, of which | 844,488.32 | 908,006.44 | 884,686.3 | 27,918.78 | 29,793.24 | 27,754.82 |
|---|
| | Long-Term Debt | 344,839.47 | 372,017.15 | 382,445.45 | 11,400.39 | 12,206.52 | 11,998.27 |
| | Short-Term Debt | 16,315.15 | 33,299.07 | 11,422.55 | 539.38 | 1,092.6 | 358.35 |
| | Accounts Payable | 42,834.79 | 54,117.83 | 65,241.41 | 1,416.12 | 1,775.7 | 2,046.79 |
| | Other Liabilities | 440,498.91 | 448,572.4 | 425,576.89 | 14,562.89 | 14,718.42 | 13,351.41 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 31.75 | 30.38 | 28.76 |
| Sales | 592,821.43 | 853,107.71 | 736,248.99 | 18,749.82 | 28,098.47 | 25,627.73 |
| Production Costs | 456,265.46 | 720,665.68 | 631,102.67 | 14,430.81 | 23,736.28 | 21,967.74 |
| Operating Profit | 136,555.97 | 132,442.03 | 105,146.32 | 4,319.01 | 4,362.19 | 3,659.99 |
| Other Income | -40,668.01 | -35,098.61 | -46,555.84 | -1,286.25 | -1,156.03 | -1,620.54 |
| Income Before Taxes | 95,887.96 | 97,343.42 | 70,662.47 | 3,032.75 | 3,206.16 | 2,459.66 |
| Net Income | 51,961.42 | 27,892.89 | 21,495.72 | 1,643.44 | 918.7 | 748.23 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Audited | Audited | Unaudited | Audited | Audited | Unaudited |
| Consolidated | Consolidated | Non-consolidated | Consolidated | Consolidated | Non-consolidated |
| Key Ratios |
| | 31 Dec 09 | 31 Dec 10 | 30 Sep 11 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 0.54 | 0.61 | 0.44 |
| P/S | 0.41 | 0.31 | 0.19 |
| P/E | 4.63 | 9.42 | 6.40 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 187.50 | 280.98 | 333.32 |
| Net Profit Margin, % | 8.77 | 3.27 | 2.91 |
| ROA, % | 4.62 | 2.13 | 2.23 |
| ROE, % | 16.60 | 8.71 | 8.68 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 2.89 | 7.94 | 7.81 |
| Assets Turnover | 0.53 | 0.65 | 0.77 |
| Inventory Turnover | 18.75 | 21.30 | 21.36 |
| Liabilities Turnover | 0.79 | 0.97 | 1.16 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.33 | 0.32 | 0.33 |
| Debt Ratio | 0.66 | 0.68 | 0.65 |
| Equity/Debt | 0.50 | 0.48 | 0.51 |
| Current Liquidity | 1.04 | 1.05 | 1.04 |
| Quick Liquidity | 0.95 | 0.94 | 0.91 |
Production Overview
| Production |
| Information is not available yet. |
| Capacity |
| Product | Measure | Capacity | Units |
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| Information is not available yet. |
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