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26 Apr, 2010 08:45

Sistema posts FY 2009 net income of $1.6 billion

Russian technology, consumer, energy and financial services conglomerate, Sistema, has posted a FY 2009 net income of $1.6 billion under US GAAP.

The FY bottom line compares with a FY 2008 net income of 62 million, with FY 2009 consolidated OIBDA rising 25% year on year to $6.8 billion with FY revenues rising 16.7% to $18.8 billion.

For 4Q 2009 Sistema posted a net income of $176.8 million, comparing with a 4Q 2008 net loss of $713 million, with 4Q @009 consolidated OIBDA rising 93% year on year to $1.6 billion, as 4Q revenues rose 65% year on year to $6.4 billion.

The company noted the contribution from its oil and energy business unit which included a a gain from the acquisition of the Bashkir Oil and Energy assets. Sistema Chief Executive Officer, Leonid Melamed, hailed the results, during the economic downturn of late 2008 and 2009, as laying the basis for future growth.

“2009 was a defining year for us. We completed a number of large-scale transactions which have significantly reshaped Sistema’s investment portfolio. As a result, we not only kept what we believe to be our most promising assets in the portfolio, but also transformed cash flow streams at Sistema, strengthened our financial position and increased shareholder value of the Company. We are effectively managing our debt position, and we have significantly optimised our debt maturity profile and currency structure of the portfolio. This has allowed us to look with confidence towards investing into our growth areas. We expect that in the near future our investment portfolio, which consists of oil, telecommunications, infrastructure and consumer assets will be optimally structured and will continue to create value.”

Sistema has also announced that it has completed the purchase of a 49% stake in Russian oil producer, Russneft, for an undisclosed sum not exceeding $100 million. The company has stated previously that it was looking to increase its energy assets.