Sistema 1Q 20 - Resilient margins despite some operating headwinds
Sistema reported 1Q 20 results slightly ahead of the consensus with consolidated revenue up by 6.3% yoy and adjusted OIBDA up by 1.5% yoy. Corporate centre net debt increased from RUB 184 bn to RUB 191 bn due to investments in the German supermarket chain Real.Sistema is a telecommunications and technology investment group based in Russia. Co. invests in, and manages a range of companies which operate in the telecommunications, oil and energy, high technology, banking and other sectors. The main focus of Co.'s activities is service-based industries. Co.'s operations are organized along four segments: Telecommunications, Technology and Industry, Consumer Assets and Oil and Energy. Through its subsidiaries, Co.'s activities include: wireless telecommunications services , IT and systems integration, cable TV, manufacturing of radiotechnical equipment, oil, gas and energy production, banking activities, trading and investing and financing activities.
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