Sitronics for the first time in four years, showed a profit

Controlled by AFK "System» IT-company "Sitronics" in the IV quarter of 2010 for the first time in four years, showed a profit. However, it managed to get largely through contracts with other "daughters" ROS.


In the IV quarter of 2010 "Sitronics" received a $ 19.2 million net profit — for the first time in four years. In October-December, as well as throughout the year, best selling IT-services — revenue in this segment increased by 50% to $ 181.5 million, revenue from sales of microchips has increased by 17% to $ 76.1 million, while sales of telecommunications equipment, on the contrary, decreased due to the slow recovery in demand in the telecommunications field, and also because of the financial crisis in Greece, where he works, "daughter" of "Sitronics» Intracom Telecom.

Most of the major contracts traditionally is in the IV quarter, the vice-president of "Sitronics" Irina Lanin. In addition, many customers thawed their IT-budgets and snapped pent-up demand, adds Lanin. According to her, the main drivers of growth were the projects with other "daughters" AFK "System" — the implementation of SAP in the "Bashneft", the contract with MTS for the supply of licenses Oracle, as well as contracts with Sberbank in Russia and Ukraine, and "Svyazinvest", says she said.

But the whole of 2010 "Sitronics" finished with a net loss, although it has reduced by 2.6 times to $ 45.6 million But the company's revenue for the year increased 14% to $ 1.166 billion, OIBDA increased 15.8-fold to $ 105, 6,000,000, so OIBDA margin increased from 0.7 to 9.1%.

The president of "Sitronics" Sergey Aslanyan, who promised to take the company to break even more in 2008, explained that hinder the achievement of this goal high debt ($ 483 million) and the cost of organizing the production of microchips measuring 90 nanometers — a joint project with the "RUSNANO".

Business Recovery "Sitronics" is faster than expected, says analyst "Uralsib" Konstantin Belov (OIBDA predicted by the end of 2010 at $ 76-86 million). "Sitronics" coming out of the crisis, analysts agree Rye, Man &Gor Securities. But the debt burden remains high, says Belov. This may prevent the company from time to support the generation of cash flow and invest in the launch of new products, he adds.

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