SISTEMA PUBLICFINANCIAL CORPORATION FINANCIAL
RESULTS Q1 2024
July 2024
STEADY GROWTH OF CONSOLIDATED REVENUE DUE TO HIGH DIVERSIFICATION OF INVESTMENT PORTFOLIO
CONSOLIDATED REVENUE, RUB bn
272,9
Q1 2024
Adj. OIBDA²,
RUB bn
218,9
Q1 2023¹
272,9 | REVENUE GROWTH LEADERS |
Q1 2024 YoY | |
+24,7% | |||||||
+68% | +62% | +49% | |||||
Q1 2024 | |||||||
Hospitality | Property | IT | |||||
development
69,7
Q1 2024
NET FINANCIAL LIABILITIES OF THE CORPORATE CENTRE³, RUB bn
268,6
65,0
Q1 2023
258,1268,6
69,7+7,2%
Q1 2024
+4,1%
OIBDA GROWTH LEADERS
Q1 2024 YoY
+605%
+410%
+138%
31 March 2024
31 Mar. 2023 | 31 Mar. 2024 |
31 Mar 2024 / 31 Mar 2023 | Property | Hospitality | Forestry |
development
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Q1 2024 financial results
- The Group's revenue for Q1 2023 was adjusted for discontinued operations.
- OIBDA was adjusted for a one-off profit from gainful acquisition of hotel assets and discontinued operations in Q1 2023; for one-offnon-cash effects from profit/losses of associated companies,
impairment of financial and non-financial assets in Q1 2023 and Q1 2024 | 3 |
- Hereinafter, the results of the Corporate Centre are presented based on management accounting. Numbers may not add up due to rounding.
HIGHLIGHTS IN Q1 2024 AND AFTER THE REPORTING DATE
Annual General Meeting of shareholders of Sistema approved payment of dividends for 2023 in the amount of RUB 5,018m, i.e. RUB 0.52 per ordinary share.
In order to refinance its debt portfolio, Sistema successfully placed two bond issues to a record amount of RUB 24bn. The bonds have variable coupons tied to the key rate of the Russian Central Bank and
RUONIA.
The spread for bonds tied to RUONIA was 240 b.p., the maturity is 4 years. The spread for bonds tied to the key rate was 220 b.p., the maturity is 4.25 years.
At the end of April, the Group's bank organised an IPO, raising RUB 11.5bn. Its market capitalisation at the start of trading was RUB 86.6bn.
The property development asset demonstrated a massive growth of operating indicators in Q1 2024. Sales of real estate grew 2.6-fold YoY to 189,000 sq m; the average price of housing increased by 29% to RUB 283,000 per sq m.
The healthcare asset opened a family medical centre in Mitino, Moscow. The clinic will receive over 144,000 patients per year; 39 doctors of different specialities will provide quality medical care to adults and children within walking distance from their homes in a broad range of nosologies.
In March 2024, a 60% stake in the Gorno-Altaysk airport was sold for RUB 2.4bn.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Q1 2024 financial results
4
FINANCIAL REVIEW FOR Q1 2024
CONSOLIDATED REVENUE, RUB bn
+24,7% | 2,1 | 1,2 | 5,3 | 272,9 | |||||
8,8 | 6,4 | 4,1 | 2,2 | ||||||
218,9 | 23,9 | ||||||||
Q1 | Telecom | Property | Agriculture | Forestry | IT | Healthcare | Hospitality | Other assets, | Q1 |
2023¹ | develop. | net | 2024 |
Adj. OIBDA², RUB bn
+7,2%
65,0 | 1,4 | 2,2 | 0,2 | 1,5 | (0,2) | 0,4 | 0,3 | (1,1) | 69,7 | |||
Q1 | Telecom | Property | Agriculture | Forestry | IT | Healthcare | Hospitality | Other assets, | Q1 | |||
2023 | develop. | net | 2024 |
The Group's consolidated revenuegrows steadily. In Q1 2024, the growth was 24.7% YoY.
The Group's adjusted OIBDAamounted to RUB 69.7bn in Q1 2024, having increased by 7.2% YoY².
Telecom asset:continued growth in all indicators due to telecom services, fintech, growth of the loan portfolio and commission fees, the advertising business, the media segment and sales of phones and accessories through its retail chain.
Property development asset:growth in all indicators due to record sales, including in regions, and increase of the average price per square meter.
Agricultural asset: growth of revenue thanks to higher export
volumes, efficient sales of the previous year's harvest in the Crop Farming segment and revenue growth in the Sugar and Groceries Trading segment.
Forestry asset:growth of revenue and OIBDA due to higher sales and increase in FX rates.
Healthcare asset:upward trend due to increase in the number of visits to medical centres and opening of new clinics in Russian regions.
Hospitality asset: growth of indicators thanks to efficient management of prices, occupancy and operational efficiency.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Q1 2024 financial results
(1) | The Group's revenue for Q1 2023 was adjusted for discontinued operations. | |
(2) | OIBDA was adjusted for a one-off profit from gainful acquisition of hotel assets and discontinued operations in Q1 2023; for one-offnon-cash effects from profit/losses of | 5 |
associated companies, impairment of financial and non-financial assets in Q1 2023 and Q1 2024 | ||
CORPORATE CENTRE'S NET FINANCIAL LIABILITIES
NET FINANCIAL LIABILITIES | CORPORATE CENTRE'S DEBT | DEBT REPAYMENT SCHEDULE | ||||||
OF THE CORPORATE CENTRE¹ | STRUCTURE | As of 31 March 2024 | ||||||
As of 31 March 2024 | ||||||||
30% | 30% | |||||||
As of 31 March 2024 | 48% | 52% | ||||||
268.6bn | ||||||||
26%
12%
2%
RUB | 2024 | 2025 | 2026 | 2027 |
● Bank loans and other | ||||
● RUB bonds | ● Local bonds with a put option² | ● Loans and other borrowings | ||
2028
Net debtof the Corporate Centre grew by 4.1% YoY to RUB 268.6bn at the end of Q1 2024.
As of 31 March, 2024, RUB-denominatedfinancing accounted for 100%of the Corporate Centre's financial liabilities.
The share of bonds in the debt portfolio decreasedfrom 69% at the end of Q4 2023 to 48% at the end of Q1 2024 due to an increase in the share of loans.
The weighted average rate of the bond portfolio was 10.24%.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Q1 2024 financial results | |
(1) "Net financial liabilities" means the total volume of borrowings less cash and cash equivalents at the Corporate Centre level. | 6 |
(2) RUB bond series 001Р-08/12/13/15/18, in 2024; series 001P-01/02/04/07/10/17/19/24, in 2025; series 001P-09/20/21/22/23, in 2026; series 001Р-06/11/14/16/26/27, in 2027; 001P-28, in 2028. |
GROUP'S NET CONSOLIDATED FINANCIAL LIABILITIES
NET CONSOLIDATED FINANCIAL LIABILITIES1, RUB bn
STRUCTURE OF CONSOLIDATED FINANCIAL LIABILITIES
969,0
1 137,8
49,5
As of 31 March 2024
1,137.8 bn
RUB
1%
37%
62%
● Bank loans and other ● RUB bonds
57,3
53,6
109,9
71,0
258,1
419,1
71,9
127,3
110,6
268,6
509,9
● Eurobonds
31 Mar. 202331 Mar. 2024
● Telecom ● Corporate Centre ● Property development ● Forestry ● Agriculture ● Other
2%
2%
96%
31 Mar. 2023
6%
1%
93%
31 Mar. 2024
● RUB
● USD
● Other
28% | 49% | ||
● Long-term | |||
72% | ● Short-term | ||
51% | |||
31 Mar. 2023 | 31 Mar. 2024 |
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Q1 2024 financial results
(1) Including financial liabilities of the Corporate Centre, finance leases and total borrowings of portfolio companies less cash and cash equivalents of the Corporate Centre and portfolio companies.
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Afk Sistema OAO published this content on 11 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2024 17:08:08 UTC.
