SISTEMA PUBLICFINANCIAL CORPORATION FINANCIAL RESULTS 2Q 2023
August 2023
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Certain statements in this presentation may contain assumptions or forecasts in respect to forthcoming events within Sistema PJSFC or its
portfolio companies. The words "expect", "estimate", "intend", "will", "could" and similar expressions identify forward-looking statements.
We wish to caution you that these statements are only predictions and that actual events or results may differ materially.
We do not intend to update these statements to reflect events and circumstances occurring after the above-mentioned date or to reflect the occurrence of unanticipated events.
Many factors could cause Sistema's actual results to differ materially from those contained in our projections or forward-looking statements, including, among other things, deteriorating economic and credit conditions, our competitive environment, risks associated with the deterioration of the geopolitical situation, rapid technological and market change in the markets where Sistema operates and on the financial results of Sistema and its subsidiaries and associates, as well as many other risks specifically related to Sistema and its operations.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial Results 2Q 2023 | 2 |
DIVERSIFICATION OF INVESTMENT PORTFOLIO DRIVES UP
CONSOLIDATED REVENUE; CORPORATE CENTRE DEBT DECREASES CONSIDERABLY
CONSOLIDATED REVENUE,1 RUB bln
245.7
2Q 2023
ADJ. OIBDA,1 RUB bln
75.1
2Q 2023
NET CORPORATE CENTRE DEBT,2 RUB bln
215.3
2Q 2023
206,3 | 245,7 |
2Q 2022 | 2Q 2023 |
96,675,1
2Q 2022 | 2Q 2023 |
234,1 | 258,1 |
2Q 2022 | 1Q 2023 |
+19.1%
(22.3%)
215,3 |
2Q 2023 |
412,9 | 466,8 |
1H 2022 | 1H 2023 |
169,7157,6
1H 2022 | 1H 2023 |
(16.6%)
2Q 2023 / 1Q 2023
+13.1%
(7.1%)
REVENUE GROWTH LEADERS
2Q 2023 YoY
+166%
+103%
+49%
Hospitality | IT | Agribusiness |
asset | asset | asset |
OIBDA GROWTH LEADERS
2Q 2023 YoY
+306%
+22% | +8% | |||
Hospitality | Telecom | Healthcare | ||
asset | asset | asset |
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial Results 2Q 2023
(1) | The Group's 2Q 2022 financial results adjusted for (i) a one-off gain from the profitable acquisition of development assets and (ii) discontinued operations. | 3 |
(2) | Hereinafter, the results of the Corporate Centre are presented based on management accounts. Numbers may not add up due to rounding. | |
HIGHLIGHTS IN 2Q 2023 AND AFTER THE REPORTING DATE
Sistema paid out dividends for 2022 in the amount of RUB 3.9 billion (RUB 0.41 per share)
The development and construction asset grew property sales to RUB 20.6 billion (up 113% year-on-year) in 2Q 2023, mainly due to an increase in the offering of affordable housing in regional markets
The agribusiness asset acquired an agricultural enterprise in Stavropol Krai, adding 26 thsd hectares to its land bank
The pharmaceutical asset increased its retail drug sales by 30% in 1H 2023 thanks to its effective work with retailers
The first regular passenger route on the Moscow River using environmentally friendly vehicles - electric boats manufactured by the IT asset - was launched
Sistema's global depositary receipts were delisted from the London Stock Exchange on 17 May 2023.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial Results 2Q 2023
4
FINANCIAL REVIEW FOR 2Q 2023
CONSOLIDATED REVENUE, RUB bln
206,3 | +19,0 | +7,4 |
2Q | Telecom | Agribusiness |
2022 | asset | asset |
+5,9 | +4,2 | +2,1 | +1.5 | +1,1 | (4.7) | +2.9 |
Development | IT | Hospitality | Healthcare | Pharmaceutical | Forestry | Other |
asset | asset | asset | asset | asset | asset | assets, |
net |
245.7
+19.1%
2Q
2023
Telecom asset:revenue growth thanks to contributions from all business segments, primarily Telecom and Fintech. OIBDA growth was supported by increased consumption of financial services, a decrease in the cost of risk in the Fintech segment as well as and a rise in Telecom revenues.
Agribusiness asset:considerable revenue growth thanks to (1) higher export volumes in trading segments; (2) effective sales of crops left over from the previous year's harvest; (3) an increase in the gross milk yield.
Development and construction asset:increased revenue from
consolidation.2
Diversified IT asset:significant revenue growth driven by a new segment: the production of electric boats.
ADJ. OIBDA,
RUB bln
96,6 | (33,0) | +0,6 | +0.4 | +1.0 | +0,1 | (0.6) | (2.5) | ||||
63,6 | +11,2 | +0,1 | +1,2 | ||||||||
2Q | One-off | Adj. | Telecom | Agribusiness Development | IT | Hospitality | Healthcare Pharmaceutical | Forestry | Other | ||
2022 | effect1 | 2Q | asset | asset | asset | asset | asset | asset | asset | asset | assets, |
net | |||||||||||
2022 | |||||||||||
75.1 (22.3)%
+18.1%
2Q after one off
2023
Hospitality asset:improved performance driven in part by the acquisition of hotels in 2023.
Healthcare asset:improved performance thanks to organic business growth and the expansion of the private healthcare market.
Pharmaceutical asset:positive revenue trend driven by increased sales in the retail segment. Margins decreased owing to a change in the product mix.
Forestry asset:results were under pressure amid the structural transformation of the company's sales geography and a decrease in average sales prices, while the weakening of the ruble was a supporting factor. Efforts to reroute sales to alternative markets are ongoing.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial Results 2Q 2023
(1) | The effect of high-base in 2Q 2022, when a one-off gain (RUB 33 billion based on a valuation) was recognized from the profitable acquisition of development assets. | 5 |
(2) | The development and construction asset's financial results have been consolidated in Sistema's financial statements since 4 May 2022. | |
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Afk Sistema OAO published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 07:17:02 UTC.
