Sistema JSFC  |
|
| Compilation Date: | 16 May 08 |
Company Overview
 General Info | |
| Full Company Name | Sistema Joint Stock Financial Corporation |
| Industrial Group | Telecommunications |
| Number of Employees | 90,000 |
| 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, 730-6089, 629-2741 / (495) 730-0330, 201-4877 |
| e-mail | info@sistema.ru |
| Internet Home Page | www.sistema.ru |
| Registrar | JSC "Reestr" |
| Auditor | Closed JSC "Audit-Guarantee-M", Deloitte & Touche |
| Financial Adviser | n. a. |
| Legal Adviser | n. a. |
|
| Corporate Management |
| Chairman of the Board | Vladimir Evtushenkov | | President | Alexander Goncharuk |
| Price Highlights | |
| Price per Common Share, USD | 1.391449 |
| YTD Price Change, % | -15.92 |
| P/E Ratio | 10.1602 |
| Market Capitalization, USD | 13,473,995,850 |
| Common Shares in Free Float, % | 23.40 |
| 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 oil companies in Bashkortostan (28.17% in Novoil, 25.52% in Ufimsky NPZ, 22.43% in Ufaneftekhim, 25.00% in ANK Bashneft, 24.87% in Ufaorgsintez, and 18.57% in Bashnefteproduct) for USD599.7 million. Sistema owns Bashkortostan’s oil companies through Sistema-Invest. In 2006 the company invested USD2.5 billion in development of subsidiaries. In 2007 Sistema plans to invest USD3 billion. The company has ratings by Standard & Poor's (BB-), Fitch Rating (BB-), and Moody’s Investors Service (B1). |
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 | 62.13 | 62.13 | | DR Holders | 19.00 | 19.00 | | Other shareholders | 4.40 | 4.40 | | Alexander Leyviman | 2.73 | 2.73 | | Alexander Goncharuk | 2.00 | 2.00 | | Evgeny Novitsky | 1.88 | 1.88 | | Alexander Gorbatovsky | 1.78 | 1.78 | | Dmitry Zubov | 1.31 | 1.31 | | Levan Vasadze | 0.30 | 0.30 | | Alexey Buyanov | 0.20 | 0.20 | | Nikolai Mikhailov | 0.16 | 0.16 | | Vyacheslav Kopiev | 0.05 | 0.05 | | Sergey Drozdov | 0.02 | 0.02 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| JSC "Region" | 100.00 | | JSC "Sistema Finance Investments" | 100.00 | | JSC "Sistema-Ural" | 100.00 | | VAST Ltd. | 100.00 | | JSC "Medsi Holding" | 100.00 | | JSC "Concern RTI Systems" | 100.00 | | Closed JSC "Sistema Telecom" | 99.99 | | JSC "Far-Eastern Credit Bank" | 98.65 | | Closed JSC "Sistema-Hals" | 96.26 | | JSC "Sistema Mass Media" | 95.23 | | JSC "Detsky Mir" | 70.53 | | JSC "Sistema-Hals" | 69.40 | | JSC "Moscow Bank of Reconstruction and Development" | 66.40 | | JSC "Sistema-Invest" | 65.00 | | JSC "Sitronics" | 60.00 | | Closed JSC "Olympic Sistema" | 54.00 | | Closed JSC "Videofon MV" | 51.00 | | Shyam Telelink Ltd. | 51.00 | | JSC "COMSTAR-United TeleSystems" | 36.43 | | JSC "Moscow Chamber of Finance" | 36.13 | | JSC "Mobile TeleSystems" | 31.92 | | JSC "Bashkirnefteproduct" | 8.23 |
| 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 | 0.632515 | 8,100,000 | n. a. | 11 Aug 04 | 1.323708 | n. a. | | 2004 / com | 0.91468 | 9,650,000 | 14 May 05 | 29 Aug 05 | 2.146421 | 130.668571 | | 2005 / com | 1.06148 | 9,650,000 | 12 May 06 | 31 Dec 06 | 1.916753 | 0.8735 | | 2006 / com | 1.8696 | 9,650,000 | 11 May 07 | 29 Aug 07 | 1.997323 | 1.409052 |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| Sistema JSFC | AFKC | RU000A0DQZE3 | MICEX | | Sistema JSFC | SIST | RU000A0DQZE3 | Moscow SE | | Sistema JSFC | AFKS | RU000A0DQZE3 | RTS Classic | | Sistema JSFC | AFKSG | RU000A0DQZE3 | RTS T+0 | | 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 | US OTC | | Sistema JSFC GDR | KO71 | US48122U2042 | XETRA |
| Price Chart |
|
|
| 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 | 1.06 | 01 Apr 07 | | | RusIndex 100 | 0.98 | 01 Apr 07 | | | RusIndex Services | 5.51 | 01 Apr 07 | | | RusIndex Telecommunications | 15.32 | 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 |
| 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 | n. a. | | 1 | 4 | 10 Sep 09 | 11 Mar 10 | n. a. | | 1 | 5 | 11 Mar 10 | 09 Sep 10 | n. a. | | 1 | 6 | 09 Sep 10 | 10 Mar 11 | n. a. | | 1 | 7 | 10 Mar 11 | 08 Sep 11 | n. a. | | 1 | 8 | 08 Sep 11 | 08 Mar 12 | n. a. | | 1 | 9 | 08 Mar 12 | 06 Sep 12 | n. a. | | 1 | 10 | 06 Sep 12 | 07 Mar 13 | n. a. |
| 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 | | 31 Mar 08 |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 28.79 | 26.35 | 24.54 |
| ASSETS, of which | 376,932.05 | 530,473.89 | 696,850.5 | 13,090.85 | 20,131.48 | 28,396.66 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 264,133.03 | 361,085.06 | 475,333.69 | 9,173.34 | 13,703.18 | 19,369.85 |
|---|
| | Fixed Assets | 169,194.47 | 196,391.41 | 255,524.81 | 5,876.12 | 7,453.05 | 10,412.64 |
| | Intangible Assets | 52,756.87 | 57,880.18 | 79,917.15 | 1,832.25 | 2,196.55 | 3,256.62 |
| | Other Assets | 42,181.69 | 106,813.47 | 139,891.73 | 1,464.97 | 4,053.57 | 5,700.59 |
| Current Assets, of which | 112,799.02 | 169,388.83 | 221,516.81 | 3,917.51 | 6,428.31 | 9,026.81 |
|---|
| | Inventories | 13,904.66 | 17,432.62 | 19,145.84 | 482.91 | 661.57 | 780.19 |
| | Accounts Receivable | 47,679.96 | 80,201.34 | 135,365.99 | 1,655.93 | 3,043.64 | 5,516.16 |
| | Cash | 13,897.12 | 14,318.34 | 26,054.8 | 482.65 | 543.38 | 1,061.73 |
| | Other Current Assets | 37,317.28 | 57,436.52 | 40,950.18 | 1,296.03 | 2,179.72 | 1,668.72 |
| OWNER'S EQUITY, of which | 159,193.49 | 217,060.61 | 285,791.02 | 5,528.79 | 8,237.45 | 11,645.98 |
|---|
| | Charter Capital | 865.45 | 792.02 | 737.6 | 30.06 | 30.06 | 30.06 |
| | Reserves | 109,486.24 | 148,031.73 | 186,031.17 | 3,802.46 | 5,617.8 | 7,580.77 |
| | Retained Earnings | 48,841.81 | 68,236.86 | 99,022.26 | 1,696.28 | 2,589.59 | 4,035.16 |
| LIABILITIES, of which | 214,119.21 | 311,305.24 | 408,946.6 | 7,436.36 | 11,814.03 | 16,664.57 |
|---|
| | Long-Term Debt | 92,215.06 | 140,034.36 | 153,176.37 | 3,202.63 | 5,314.3 | 6,241.94 |
| | Short-Term Debt | 18,363.63 | 34,180.97 | 17,789.08 | 637.77 | 1,297.17 | 724.91 |
| | Accounts Payable | 17,126.86 | 22,882.16 | 31,251.21 | 594.82 | 868.38 | 1,273.49 |
| | Other Liabilities | 86,413.65 | 114,207.75 | 206,729.94 | 3,001.15 | 4,334.18 | 8,424.25 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 28.30 | 27.16 | 25.58 |
| Sales | 214,816.98 | 294,931.87 | 350,256.19 | 7,593.55 | 10,862.78 | 13,700.96 |
| Production Costs | 159,442.62 | 220,722.31 | 266,540.47 | 5,636.13 | 8,129.53 | 10,426.25 |
| Operating Profit | 55,374.36 | 74,209.56 | 83,715.72 | 1,957.42 | 2,733.25 | 3,274.7 |
| Other Income | -4,795.31 | -7,949.53 | 8,567.39 | -169.51 | -292.79 | 335.13 |
| Income Before Taxes | 50,579.05 | 66,260.03 | 92,283.11 | 1,787.92 | 2,440.46 | 3,609.83 |
| Net Income | 15,118.08 | 24,524.96 | 40,184.6 | 534.41 | 903.29 | 1,571.9 |
| Financial data standard | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| Company Valuation Coefficients | |
|---|
| P/BV | 2.12 | 1.55 | 1.37 |
| P/S | 1.54 | 1.18 | 1.17 |
| P/E | 21.94 | 14.17 | 10.16 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 83.45 | 120.70 | 152.23 |
| Net Profit Margin, % | 7.04 | 8.32 | 11.47 |
| ROA, % | 4.88 | 5.44 | 6.47 |
| ROE, % | 15.33 | 15.75 | 19.37 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 5.35 | 4.74 | 2.99 |
| Assets Turnover | 0.69 | 0.65 | 0.56 |
| Inventory Turnover | 19.99 | 18.98 | 19.01 |
| Liabilities Turnover | 1.18 | 1.12 | 0.95 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.42 | 0.41 | 0.41 |
| Debt Ratio | 0.57 | 0.59 | 0.59 |
| Equity/Debt | 0.74 | 0.70 | 0.70 |
| Current Liquidity | 1.03 | 1.10 | 1.07 |
| Quick Liquidity | 0.90 | 0.98 | 0.98 |
Production Overview
| Production |
| Information is not available yet. |
| Capacity |
| Product | Measure | Capacity | Units |
|---|
| Information is not available yet. |
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