OREANDA-NEWS. September 21, 2009. Sistema (the “Group”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, announced its unaudited consolidated US GAAP financial results for the second quarter ended June 30, 2009, reported the press-centre of Sistema

Second quarter highlights
Consolidated revenues up 56.0% quarter on quarter to US 4,242.3 million and up 13.1% quarter on quarter to US 3,074.9 million, excluding results of the Oil & Energy business unit

Consolidated OIBDA up 37.7% quarter on quarter to US 1,196.6 million with OIBDA margin of 28.2% and up 14.9% quarter on quarter to US 998.6 million with OIBDA margin of 32.2%, excluding results of the Oil & Energy business unit

Consolidated net income attributable to the Group of US 246.2 million, including gains from foreign exchange of US 401.5 million, compared to US 395.5 million net loss in the first quarter

The Oil & Energy business unit contributed US 1,167.4 million to the Group’s consolidated revenues and US 198.0 million to Sistema’s OIBDA following its consolidation in the second quarter.
 
Key corporate highlights in the second quarter and after the end of the reporting period
In August 2009, Sistema Board of Directors agreed to the acquisition of its 50.91% stake in Comstar UTS by MTS for US 1.272 billion

In August 2009, Sistema placed RUB 20 billion second series five-year bond with a put option exercisable in three years, with an annual coupon rate set at 14.75%

In August 2009, Comstar UTS completed the first stage of the reorganization of its regional business through the merger of seven of its largest subsidiaries into CJSC Comstar-Regions

In July 2009, MTS placed its fifth ruble bond totaling RUB 15 billion which matures in 2016 and carries a 14.25% coupon rate

In August 2009, SSTL reached 1.9 million subscribers under MTS brand

In May 2009, Sistema signed supplemental agreements for acquisition of a controlling stake in Bashkir Oil and Energy Group for RUB 66.8 billion with no further payments being made

In April Sistema signed an agreement with VTB Bank to sell a controlling stake in Sistema-Hals
In April 2009, SITRONICS opened a subsidiary in New Delhi, India.
 
Leonid Melamed, President and Chief Executive Officer of Sistema, commented: “In the second quarter of 2009, Sistema Group has delivered a set of results, which demonstrate the resilience of our businesses when faced with challenging market conditions and the effectiveness of undertaken measures to optimise our operations. The goal is to fully realise our growth potential. We remain focused on implementing our key tasks: the integration of telecommunications assets and the strengthening of our leadership position within the industry; further increase in the operating efficiency of our oil companies and the creation of an attractive investment asset; the minimisation of the impact of the crisis on our consumer sector companies, including through search for strategic partnerships; as well as the expansion of opportunities for private-state partnerships and effective participation in national scale projects.”