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Monday, May 14, 2007

Sitronics JSC Publishes Financial Results for 2006

MOSCOW, Russia - May 14, 2007 - JSC SITRONICS ("Sitronics" or "The Company") (LSE:SITR), a leading provider of telecommunications, IT and microelectronic solutions on the markets of Russia and the Commonwealth of Independent States and other emerging markets, today released its unaudited consolidated US GAAP financial results for the year ended December 31st, 2006.

Several highlights of the financial results for 2006:

• Consolidated revenues up 69% year on year to US$ 1.61 billion
• OIBDA[1] before non-recurring inventory write-down up 19% year on year to
• US$ 183.6 million with adjusted OIBDA margin of 11%
• Total assets almost triple to US$ 1.65 billion
• Sales to companies unaffiliated with the Sistema group up from 68% to 77% of total revenues
• Acquisition of 51.0% of Intracom Telecom for US$ 150.6 million
• Strategic alliances signed with STMicroelectronics and Cisco Systems
• US$ 200 million Eurobond placement
• Sale of 3.67% of share capital to EBRD for US$ 80 million

Commenting on the results President of SITRONICS, Evgeny Utkin said, "2006 was a year of fundamental and far reaching change for SITRONICS, as we increased the scale and reach of our operations through both organic expansion and major acquisitions. We have entered 35 new markets and more than doubled the number of countries in which we operate. We are now exporting our solutions to 60 countries around the world. We also launched a wide range of new products and services during 2006 and entered into alliances with some of the world's leading technology companies in order to enable the Group to benefit from continued growth.

"We made significant progress in further broadening and diversifying our customer base, while maintaining the integrated nature of our business and increasingly benefiting from the resulting synergies and economies of scale. Our operating businesses therefore ended the year with even stronger market positions.

"We also reorganized our capital structure during the year and successfully raised substantial loan financing ahead of our IPO, which was successfully completed after the end of the year." For the full report, please click here.