Sistema PublicFinancial : Press release 4Q&FY 2023

Revenue

1,045.9 RUB

bn

12M 2023

OIBDA 1

266.2 RUB

bn

12M 2023

Net loss

(5.3) RUB

bn

12M 2023

In 2023, Sistema's consolidated revenue grew by 16.8% YoY and amounted to RUB 1,045.9bn.

The Group's OIBDA for 12M 2023 was RUB 266.2bn. The absolute values of the Group's OIBDA in 2022-2023 were impacted by the performance of the forestry asset in 12M 2023 and recognition of a one-off gain from the profitable acquisition of development and construction assets in 2022. Without the impact of these factors, the Group's OIBDA 2023 grew by 3.1% YoY.

In 2023, net losses amounted to RUB 5.3bn due to a conservative approach used by the Group when creating reserves for financial investments in Sistema's consolidated financial results. Adjusted for this impact, income would be RUB 6.2bn.

The Group's capital expenditures totaled RUB 149.3bn in 2023.

Net financial liabilities of the Corporate Centre² equaled RUB 247.7bn. The cash balance of Corporate Centre was RUB 18bn.

Key events in Q4 2023 and after the reporting period:

Sistema's Board of Directors approved a dividend policy for 2024-2026, which sets the target dividend amount for 2024, at least RUB 0.52 per ordinary share (+27% to the dividend amount paid in 2023). In 2025-2026, the recommended amount of dividends may be increased by 25%- 50% vs the previous year, taking into account all factors influencing the Corporation's financial position.

In case of significant reduction of the Corporate Centre's external debt, the Board of Directors may recommend that up to 50% of Sistema's net cash flow for the reporting year be allocated for dividend payout.