FINANCIAL
RESULTS
Q4 AND FULL YEAR 2024
April 2025
STEADY GROWTH OF FINANCIAL INDICATORS DUE TO HIGH DIVERSIFICATION OF INVESTMENT PORTFOLIO
CONSOLIDATED
REVENUE,
RUB bn
1,231.6
12M 2024
Adj. OIBDA²,
RUB bn
330.0
12M 2024
NET FINANCIAL LIABILITIES OF THE CORPORATE CENTRE³, RUB bn
315.4
31 December 2024
1045,6
12M 2023¹
278,4
12M 2023
288,7
30 Sep 2024
1231,6
12M 2024
330,0
12M 2024
315,4
31 Dec 2024
+17.8% 306,0
Q4 2023¹
+18.5%
59,6
Q4 2023
+9.3%
31 Dec 2024 /
30 Sep 2024
REVENUE GROWTH LEADERS
12M 2024 YoY
+48%
343,3 | +12.2% | +21% | ||||||
+16% | ||||||||
Q4 2024 | ||||||||
Development | Healthcare | Telecom | ||||||
asset | asset | asset |
+40.3%
OIBDA GROWTH LEADERS
83,6
12M 2024 YoY
Q4 2024 | +89% |
+56%
+13%
Development Agricultural Healthcare
assetassetasset
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial results for Q4 and FY 2024
- The Group's revenue for Q4 2023 and 12M 2023 was adjusted due to the revision of the percentage of completion for certain long-term contracts of the Group companies.
- The Group's OIBDA for Q4 2023 and 12M 2023 was adjusted due to the revision of the percentage of completion for certain long-term contracts of the Group companies, completion of allocation of the final acquisition cost of businesses acquired in 2023, one-off gainful acquisition of property development and cosmetic assets, accruals related to the LTI
programme of portfolio companies, one-off effects of profit/losses of associated companies, impairment of financial and non-financial assets, and other one-off gains and expenditures. The Group's OIBDA for Q4 2024 and 12M 2024 was adjusted for one-off gainful acquisition of other assets, one-off effects from gains/losses of associated companies | 3 | |
and impairment of financial and non-financial assets. | ||
(3) | The Corporate Centre's net financial liabilities are calculated on the basis of management accounts as borrowings less cash and cash equivalents and part of investments in financial assets at the Corporate Centre level. |
HIGHLIGHTS IN 2024 AND AFTER THE REPORTING DATE
In 2024, Sistema paid RUB 4.9bn in dividends for 2023, i.e. RUB 0.52 per ordinary share.
At the end of April 2024, the Group's bank had an IPO, raising RUB 11.5bn. Its market capitalisation at the start of trading was RUB 86.6bn.
Sistema completed the merger of the top mineral water producers. In addition to increasing its stake in the manufacturer of Yessentuki and Narzan mineral water, the Corporation added one more strong brand, Arkhyz Vita, to its portfolio.
As part of the redomiciliation process, the shareholders of the property development asset at an extraordinary meeting approved the establishment of the company's head office in a special administrative district on Oktyabrsky Island (the Kaliningrad region) within a period of up to 15 months.
The general meeting of the marketplace at the end of December 2024 approved the redomiciliation of the company from Cyprus to Russia.
The Bank of Russia has approved the resolution to register an additional issue of ordinary shares of the timber asset to be placed through private subscription. The maximum volume of the additional issue is set at 62.76bn shares at a placement price of RUB 1.8 per share. The additional issue will be made in favour of Sistema and a number of external investors.
In March 2024, a 60% stake in the Gorno-Altaysk airport was sold for RUB 2.4bn.
In Q1 2025, Sistema successfully placed
a RUB 12bn bond issue with a fixed monthly coupon of 24% p.a. (yield to maturity: 26.82%) and a put option in 1 year and 1 month.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial results for Q4 and FY 2024
4
FINANCIAL REVIEW FOR Q4 2024
CONSOLIDATED REVENUE, RUB bn
11,1 | 2,8 | +12.2% | (6,6) | 5,9 | |||
23,2 | 0,9 | ||||||
306,0 | |||||||
Q4 | Telecom | Development | Healthcare | Pharma | Agricultural | Other |
2023¹ | asset | asset | asset | asset | asset | assets, |
net |
Adj. OIBDA, RUB bn
+40.3%
59,6 | 2,3 | (1,0) | 0,1 | 0,6 | 5,7 | 16,3 | |||
Q4 | Telecom | Development | Healthcare | Pharma | Agricultural | Other | |||
2023² | asset | asset | asset | asset | asset | assets, | |||
net |
343,3
Q4
2024
83,6
Q4
2024³
The Group's consolidated revenueis up 12.2% YoY, to RUB 343.3bn.
The Group's adjusted OIBDAin Q4 2024 reached RUB 83.6bn, up 40.3% YoY³.
The telecommunications assetcontinues demonstrating high growth rates on the back of strong results of all of its business segments. The main drivers: the positive effect of growth in revenues from communication services; Fintech results due to higher interest rates; and revenues from the advertising segment.
The property development asset:revenue growth due to record sales and higher average price per square metre.
The healthcare asset:an upward trend due to increased utilisation and efficiency of medical centres and the opening of new clinics in Moscow, the Moscow region and other Russian regions.
The pharmaceutical asset:growth in revenue and OIBDA as a result of increased sales in the retail segment.
The agricultural asset:revenue reduction due to optimisation of trading segments; OIBDA growth due to an increase in gross milk yield and milk sales, as well as the effect of consolidation of land assets.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial results for Q4 and FY 2024
(1) | The Group's revenue for Q4 2023 was adjusted due to the revision of the percentage of completion for certain long-term contracts of the Group companies. | ||
(2) | The Group's OIBDA for Q4 | 2023 was adjusted due to the revision of the percentage of completion for certain long-term contracts of the Group companies, completion of allocation of the final acquisition cost of businesses acquired in 2023, accruals related to the LTI | 5 |
programme of portfolio companies, one-off effects of profit/losses of associated companies, impairment of financial and non-financial assets, and other one-off gains and expenditures. | |||
(3) | The Group's OIBDA for Q4 | 2024 was adjusted for one-off gainful acquisition of other assets, one-off effects from gains/losses ofassociated companies and impairment of financial and non-financial assets. |
CORPORATE CENTRE'S
NET FINANCIAL LIABILITIES
NET FINANCIAL LIABILITIES | CORPORATE CENTRE'S DEBT | DEBT REPAYMENT SCHEDULE |
OF THE CORPORATE CENTRE¹ | STRUCTURE | As of 31 December 2024 |
As of 31 December 2024 | ||
As of 31 December 2024 |
RUB 315.4bn
- Bank loans and other
● RUB bonds | ● Local bonds with a put option² ● Loans and other borrowings |
The Corporate Centre's net debt¹ increased by 9.3% QoQ to RUB 315.4bn as of the end of Q4 2024 due to investments made, including in the timber asset.
As of 31 December 2024, RUB-denominatedfinancing accounted for 100%of the Corporate Centre's financial liabilities.
The share of loans in the debt portfolio decreasedfrom 54% at the end of Q3 2024 to 46% at the end of Q4 2024 due to repayment of a portion of the loans.
The weighted average rate of the bond portfolio was 14.8% p.a.
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial results for Q4 and FY 2024
- The Corporate Centre's net financial liabilities are calculated on the basis of management accounts as borrowings less cash and cash equivalents and part of investments in financial assets at the Corporate Centre level.
(2) | RUB bond series 001P-01/02/04/05/07/08/10/12/13/15/17/19/24, in 2025; series 001P-09/18/20/21/22/23, in 2026; series 001Р-06/11/14/16/26/27, in 2027; 001Р-28/29/30/31, in 2028. | 6 |
GROUP'S NET CONSOLIDATED FINANCIAL LIABILITIES
NET CONSOLIDATED FINANCIAL | ANALYSIS OF THE GROUP'S NET CONSOLIDATED FINANCIAL LIABILITIES¹, | ||||
LIABILITIES1, RUB bn | RUB bn | 1,335.2 | 1,315.3 | ||
67,5 | |||||
19,9 | |||||
As of 31 December 2024 | 92,8 | ||||
136,7 | |||||
RUB 1,315.3bn | 132,5 | ||||
288,7 | |||||
597,1 | |||||
30 Sep 2024 | 31 Dec 2024 |
33,5 | ● Other |
22,2 | |
90,3 | ● Pharmaceutical asset |
129,9 | |
144,6 | ● Agricultural asset |
● Timber asset | |
315,4 | ● Property development asset |
● Corporate Centre | |
579,4 | ● Telecommunications asset |
STRUCTURE OF CONSOLIDATED FINANCIAL LIABILITIES
- Bank loans and other
- RUB bonds
- Eurobonds
1%
3%
96%
2%
4%
● Other
● CNY
94%
● RUB
47%
53%
51%
- Short-term
- Long-term
49%
30 Sep 2024 | 31 Dec 2024 | 30 Sep 2024 | 31 Dec 2024 |
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION | Financial results for Q4 and FY 2024
- The net consolidated financial liabilities are calculated as the Corporate Centre's borrowings, finance leases and total borrowings of portfolio companies less cash and cash equivalents of the Corporate Centre and
portfolio companies, and less a portion of investments in financial assets at the Corporate Centre level. | 7 |
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