Fusionieren Telekom und Siemens?

Umbau schreitet voran! Juhuuu!

09.07.2007 12:38
Telekom will Bereich Richtfunk an Ericsson abgeben
Die Deutsche Telekom  (Nachrichten/Aktienkurs) will ihren Bereich Richtfunk an den schwedischen Telekomausrüster Ericsson   (Nachrichten/Aktienkurs) abgeben. Der Konzern sei sich mit Ericsson weitgehend über die Auslagerung des Geschäftsfelds einig, sagte ein Telekom-Sprecher am Montag in Bonn der dpa-AFX. Für sein Angebot will die Telekom auf die Leistungen von Ericsson zurückgreifen. Zu finanziellen Details machte der Sprecher keine Angaben.

Den Bereich Richtfunk, dessen Leistungen vor allem Großkunden nutzen, zählt die Telekom nicht zum Kerngeschäft. Nach Einschätzung von Experten liegt der jährliche Umsatz im zweistelligen Millionenbereich. Bei Ericsson war zunächst niemand für eine Stellungnahme erreichbar./mur/sk
http://www.finanznachrichten.de/...ichten-2007-07/artikel-8567322.asp


 

Würde mich nicht wundern, wenn die
Deutsche Telekom ihre langfristigen
Ziele nicht nur einhält, sondern
auch noch erhöht! 19 Milliarden Gewinn?
--> Kein Problem, dank der Auslandsgeschäfte!  

http://www.finanznachrichten.de/...ichten-2007-07/artikel-8567125.asp

--| Sobald wir die 13,75 nachhaltig hinter uns lassen, beginnt die Aufwaertsreallye!

09.07.2007 12:13
Deutsche Telekom: Halten - Bodenbildung !
Chartanalyse der Deutsche Telekom (Nachrichten/Aktienkurs) - Aktie

Die Deutsche Telekom Aktie befindet sich seit Oktober 2006 in der Phase einer Bodenbildung. Trotz eiinem Ausbruchversuch nach oben, hat es die Deutsche Telekom Aktie nicht geschafft den Bereich der Bodenbildung nachhaltig zu verlassen. Aufgrund des ausgeprägten Abwärtstrends entsteht grundsätzlich erst nach Abschluss einer umfassenden Bodenbildung eine Trend- und somit eine Stimmungsänderung. Bis zum jetzigen Zeitpunkt liegt dieser Abschluss jedoch noch nicht vor. Voraussetzung hierfür wäre der signifikante Ausbruch der Aktie (> 3%) aus dem Bereich der Bodenbildung (Kauf-Kurse ab 14,42 € unter Beachtung der Indikatorenanalyse). Bis zu diesem Zeitpunkt bleibt die Deutsche Telekom Aktie unter Beachtung des nächsten Stop-Kurses vorerst eine Halteposition.


http://www.finanznachrichten.de/...ichten-2007-07/artikel-8567125.asp
 

http://aktien.wallstreet-online.de/informer/...0.1.0&thread_page=2631

Deutsche Telekom "buy"

Monday, July 09, 2007 2:57:02 AM ET
Dresdner Kleinwort Wasser.

LONDON, July 9 (newratings.com) - Analyst Ulrich Rathe of Dresdner Kleinwort maintains his "buy" rating on Deutsche Telekom (DTE.ETR). The target price is set to €16.50.

In a research note published on July 6, the analyst mentions that the telco pricing index for June, published by the German Federal Statistics Office, indicates that the fixed pricing environment has stabilized. Moreover, the decline in mobile prices is decelerating, with a controlled reduction in prices rather than a price war, the analyst says.
 

Privat ist nicht gleich besser

Anzeige  Nach dem realsozialistischen Kollaps galt die Eigentumsfrage als historisch gelöst. Privateigentum und Wettbewerb hatten sich als überlegene Form des Wirtschaftens durchgesetzt. Nun ging es auch den Restbeständen staatlichen Unternehmertums an den Kragen: „Privat ist besser“, war das Motto der Stunde. Folglich wurde das Tafelsilber – Telekom, Post, Bahn, Energieversorgung – geputzt und in Teilen verkauft. Der Widerstand gegen den Ausverkauf war gering. Zu schlecht war die Leistungsbilanz der Staatsbetriebe.

Über ein Jahrzehnt nach der großen Privatisierungswelle ist es an der Zeit, Bilanz zu ziehen. Eigentlich wäre das Aufgabe der Bundesregierung. Doch ein amtlicher Privatisierungsbericht lässt auf sich warten. Was also hat das privatwirtschaftliche Fitnessprogramm für vermeintlich marode Staatsmonopolisten gebracht?

Effiziente private Unternehmensführung und mehr Wettbewerb sollten sich zuallererst auf den Geldbeutel der Verbraucher auswirken. Der durch Monopolpreise geschröpfte Bürger sollte endlich entlastet werden. Ohne Quersubventionierung, öffentliche Defizitabdeckung, Schonarbeitsplätze, Bürokratie und nicht marktkonforme Löhne könnten die Preise bald tieffliegen.

Und tatsächlich tanzten die Preise. Telefonieren und Internetsurfen sind billiger geworden. Sparsame Kunden telefonieren heute für einen Cent im Festnetz. Pakete und Päckchen sind hingegen um fast 30 Prozent teurer als zur Jahrtausendwende. Im Bahn- Nahverkehr stiegen die Preise in den letzten sieben Jahren um mehr als ein Fünftel. Für den Strom zahlen wir europäische Spitzenpreise, wobei die Industrie deutlich weniger entrichtet als private Haushalte. Diese Umverteilung bei den Preisen zugunsten der Unternehmen ist dem privatisierungsbedingten Wegfall der Quersubventionierung geschuldet.

Ob die Preise klettern oder fallen, ist weniger eine Frage des Eigentums als der Marktmacht. Während der deutsche Telekommunikationsmarkt der wettbewerbsintensivste in Europa ist, tummeln sich auf dem Energiemarkt ganze vier Konzerne. Bei Post und Bahn herrscht Nischenwettbewerb. Die konkurrierenden Lizenznehmer der Deutschen Post AG halten nur neun Prozent des Briefmarktes. Im Regionalverkehr liegt der Marktanteil der DB-Konkurrenz bei 13 Prozent. Ungeklärt ist bis heute, ob sich natürliche Monopole überhaupt in funktionsfähige Wettbewerbsmärkte überführen lassen.

Dort, wo Preise purzeln, tragen die Beschäftigten die Hauptlast der Liberalisierung. Bei der Telekom verloren in den letzten zehn Jahren 100 000 Mitarbeiter ihren Job. Die Bahn strich seit der Bahnreform über 150 000 Arbeitsplätze, die Stromwirtschaft etwa 90 000. Bei der Post kostete die Marktöffnung jeden zweiten heimischen Job. Zwar schufen die Mitbewerber der Staatsriesen neue Arbeitsplätze, der Saldo bleibt jedoch negativ. Die Löhne sinken, da bei Weihnachts- und Urlaubsgeld sowie Zulagen gekürzt wird. Darüber hinaus verschlechtern sich die Arbeitsbedingungen.

Der Jobabbau mag die Subventionierung verdeckter Arbeitslosigkeit gestoppt haben. Aus der gesamtwirtschaftlichen Vogelperspektive sieht die Welt aber ganz anders aus: Personalabbau und Prekarisierungsstrategien verlagern betriebliche Modernisierungskosten auf die Gesellschaft. Die Steuerzahler finanzieren den heutigen realen Kombilohn – Arbeitseinkommen plus Hartz IV - und somit flächendeckendes Lohndumping. Darüber hinaus stehen Beschäftigungsniveau, Löhne und Arbeitsbedingungen in einem engen Verhältnis zur Qualität der Dienstleistungen.

Dies gilt besonders für personalintensive Dienste. Im Bahnverkehr erhöhen Personalabbau und Arbeitsverdichtung die Unfallgefahr. Wenn Zustellerbezirke vergrößert werden, erreichen Briefe nur noch verspätet ihre Empfänger. In den Call-Centern sinkt mit Billiglöhnen die Kundenfreundlichkeit. Ein unzureichend qualifiziertes Wartungspersonal gefährdet die Versorgungsqualität der Kraftwerke. Die Versorgungsqualität ehemals öffentlicher Dienste ist aber auch abhängig von der Investitionsbereitschaft. Kritisch wird es, wenn ein brutaler Preiswettbewerb die Investitionsanreize senkt. Die Infrastrukturen ehemals natürlicher Monopole bedürfen immer wieder großer Modernisierungsinvestitionen. Hinzu kommt, dass erst ab einer bestimmten Netz- und Betriebsgröße überhaupt Größen- und Verbundvorteile entstehen. Folglich ist der Kapitaleinsatz für Newcomer sehr hoch. Ohne Aussicht auf temporäre Monopolprofite investieren weder die Exmonopolisten noch die Frischlinge. Die volkswirtschaftlichen Kosten unterbliebener Investitionen sind aber höher als die Effizienzverluste aus überhöhten Preisen. Umgekehrt bremst die Focussierung auf die Marktmacht allein ebenfalls die Investitionsbereitschaft.

Unter dem Strich überzeugt die bisherige Privatisierungsbilanz nicht. Eine billige, flächendeckende und qualitativ hochwertige Versorgung mit öffentlichen Gütern konnte durch die Marktöffnung der letzten Jahre nicht erreicht werden. Von der Entwicklung der Löhne und Arbeitsbedingungen ganz zu schweigen. Dies muss keine Frage des Eigentums sein. Möglicherweise können die gewünschten Ziele auch durch ein Mehr an Wettbewerb erzielt werden: Vor allem bedarf es aber einer besseren Regulierung: Mindestlöhne, Tariftreueklauseln sowie soziale und ökologische Vergabekriterien können die Gefahr eines reinen Preis- und Kostenwettbewerbs beschränken. Die Überwachung dieser Standards erfordert jedoch ein engmaschiges Regulierungsnetz. Qualität und Umfang der Leistungen müssen vertraglich festgelegt werden. Dadurch entstehen hohe Transaktionskosten. Zudem ist Regulierung immer auch korruptionsanfällig.

Wenn der Regulierungsaufwand aber ins Unendliche steigt und die gewünschten Ergebnisse ausbleiben, dann stellt sich die Eigentumsfrage neu.
http://www.tagesspiegel.de/meinung/...elekom-Post-Bahn;art141,2335421

Der Autor ist Chefökonom des Deutschen Gewerkschaftsbundes.  

Bundesregierung weist Kritik in Staatsfonds-Debatte zurück - HB

17:25 09.07.07  

BERLIN (Dow Jones)--Die Bundesregierung wehrt sich in der Debatte über die Abwehr ausländischer Staatsfonds gegen den Vorwurf, sie verrate nur wenige Wochen nach dem G-8-Gipfel wichtige Beschlüsse von Heiligendamm. "Die Beschlüsse von Heiligendamm gelten. Sie sind auch unsere Priorität und Zielsetzung", sagte der G-8-Verhandlungsführer von Bundeskanzlerin Angela Merkel, Bernd Pfaffenbach, laut Vorabmeldung in einem Interview mit dem "Handelsblatt" (HB/Dienstagausgabe). Der Weltwirtschaftsgipfel hatte sich in seiner Schlusserklärung gegen den wachsenden weltweiten Investitions-Protektionsmus ausgesprochen.

"Wir müssen uns kritisch anschauen, was in verschiedenen Ländern an Abschottungsmaßnahmen gegen ausländische Investitionen unternommen wird", verteidigte Pfaffenbach Überlegungen in der Bundesregierung, ob man auch deutsche Konzerne schützen müsse. Pfaffenbach ist eins von drei Mitgliedern einer Arbeitsgruppe, die mögliche Abwehrmaßnahmen prüfen soll.

Die Bundesregierung nehme die Aktivitäten von staatskontrollierten Unternehmen oder Staatsfonds "sehr ernst", betonte der Wirtschaftsstaatssekretär. "Aber in Deutschland haben wir nur den Schutz für den Rüstungssektor. Wir sind eines der liberalsten Länder in Bezug auf die hier geltenden Investitionsbedingungen und wollen unserem Image nicht schaden. Wir wollen unverändert eine Politik, die das Vertrauen in den Standort Deutschland stärkt", sagte Merkels G-8-Sherpa.

 

schon mal aufgefallen, dass trotz scheinbar guter Nachrichten die Telekom (wenn diese überhaupt mal steigt) abverkauft wird. Wenn der DAX sinkt, ist die Telekom immer an erster Stelle mit dabei, wenn es im DAX nach oben geht wird an letzter Stelle ordentlich gebremst. Ein Laden mit zuviel Beamten von anderen Beamten noch zusätzlich reglementiert - was will man da anderes erwarten ???

Wie kommst Du überhaupt auf die Möglichkeit einer Kursverdoppelung in den nächsten 2 Jahren ? Was soll denn dafür alles passieren - wir können froh sein, wenn die DTE nicht noch unter dem heutigen Börsenwert geführt wird.

 

sorry solarparc, mit den 100% (Kursverdoppelung !!!) in 2 Jahren meint ich natürlich knitzebrei. Deswegen an ihn die Frage, was seiner Ansicht nach alles hierfür passieren muß.
 

http://www.bb-live.de/...kat=22&artikel=108455791&red=1&ausgabe=40600

Steinbrück will «Schlüsselbranchen» vor Investoren schützen

Berlin (dpa) - Bundesfinanzminister Peer Steinbrück (SPD) will Unternehmen in «Schlüsselbranchen» vor ausländischen Übernahmen schützen. Dabei soll nicht nur das Engagement ausländischer Staatsfonds begrenzt werden, sondern auch das von privaten Investoren. Als schützenswerte Schlüsselbranchen nannte Steinbrück Banken, Energie, Logistik, Post und Telekommunikation.

Deutschland habe ein Interesse daran, «in wichtigen Bereichen große Player (Unternehmen) zu haben, die auf dem Inlandsmarkt und auch auf dem Auslandsmarkt eine große Rolle spielen«, sagte Steinbrück am Donnerstagabend auf einer SPD-Veranstaltung in Berlin. Dies betreffe unter anderem solche Bereiche wie Verkehr, Telekommunikation, Logistik oder Energie.

«Ich habe kein Interesse daran, dass zum Beispiel die Deutsche Telekom in eine Lage hineinkommt, wo sie auseinander genommen und zerlegt wird und sich plötzlich bei vielen anderen Investoren, möglicherweise ausländischen Finanzinvestoren, wiederfindet.» Deutschland benötige solche Unternehmen wie die Deutsche Telekom. Derselben Auffassung sei er bei der Deutschen Bahn oder bei der Post.

Wenn die Bundesregierung vermeiden wolle, dass zentrale Industrien von ausländischen Staatsfonds oder privaten Kapitalgebern übernommen werden, müsse sie eine aktive Industriepolitik betreiben, bekräftigte Steinbrück im «Handelsblatt». Steinbrück verwies darauf, dass Länder wie Italien, Frankreich oder Spanien ihre Industriepolitik «viel selbstverständlicher und pragmatischer» ausübten als Deutschland.

Schon seit längerem gibt es in der Regierung Sorge vor dem wachsenden Einfluss ausländischer Staatsfonds vor allem aus China, Russland und einigen arabischen Ländern. Allein China verfügt über Devisenreserven von rund 1200 Milliarden US-Dollar mit steigender Tendenz. Die Gelder werden teils für den Kauf westlicher Unternehmen benutzt.

Steinbrück hatte allerdings erst kürzlich vor Schnellschüssen aus der Hüfte gewarnt und erklärt, er sehe keinen akuten Handlungsbedarf Die Debatte habe eine «schrille Tonlage» erreicht, hatte er am Mittwoch gesagt. Kanzlerin Angela Merkel (CDU) hatte zuletzt betont, dass bei Unternehmensverkäufen in einem bestimmten Rahmen über rechtliche Maßnahmen nachgedacht werden müsse. Im Gespräch ist eine Ausweitung des Außenwirtschaftsgesetzes über den Rüstungssektor hinaus auf Branchen wie Telekommunikation, Energie und Post. Auch Häfen, Flughäfen und Schienennetze könnten geschützt werden.

Der Finanzminister warnte erneut davor, das Briefmonopol der Deutschen Post zum 1. Januar 2008 abzuschaffen, ohne dass andere EU- Länder mitziehen. Er sei für die weitere Liberalisierung, aber nur «unter der Voraussetzung, alle anderen machen auch mit».  

Sistema Announces Financial Results for Three Months Ended March 31, 2007

11:25 10.07.07  

MOSCOW--(BUSINESS WIRE)--Sistema (the Group)
(LSE: SSA), the largest private sector consumer services company in
Russia and the CIS, today announced its unaudited consolidated US GAAP
financial results for the three months ended March 31, 2007.


FIRST QUARTER HIGHLIGHTS

Consolidated revenues up 44% year on year to US$ 2.7 billion

OIBDA up 58% year on year to US$ 1.1 billion with increased margin
of 40.5%

Operating income up 87% year on year to US$ 728.5 million with
increased margin of 27%

Net income up more than five fold year on year to US$ 745.9 million

US$ 356.4 million raised through SITRONICS initial public offering
in February 2007

Completion of sale of 49.2% stake in ROSNO insurance joint venture
for US$ 750 million in February 2007

Alexander Goncharuk, President and Chief Executive Officer, commented: The
44% revenue growth generated in the first quarter of 2007 demonstrates
our solid performance across all business lines, and particularly in the
telecommunications segment. The non-telecommunications businesses now
account for almost a quarter of total revenues. We have successfully
combined this growth with a more than five fold year on year increase in
net income, which reflects our focus on maximizing shareholder value
creation through improved operational performance and selective asset
realizations. Specifically, we have been able to realize our investment
in ROSNO through the sale of our 49.2% stake for US$ 750 million. The
IPO of SITRONICS was another important milestone in the development of
our Group. We are well positioned for continued growth in all of our
business areas and remain focused on enhancing our competitive position
and profitability in each segment.

FINANCIAL SUMMARY1

(US$ millions)


Q1 07

Q1 06


Year on Year Growth

Q4 06

Quarter on Quarter Change

Revenues

2,706.0

1,882.4

43.8%

3,218.6

-15.9%


OIBDA2

OIBDA Margin


1,095.5

40.5%

692.7

36.8%

58.2%

992.730.8%

10.4%


Operating income

Operating Margin


728.5

26.9%

388.9

20.7%

87.3%

634.1

19.7%

14.9%



Net income


Net income Margin






745.93


27.6%





129.5


6.9%





476.1%





2.94


0.1%





-




OPERATING REVIEW


Sistemas consolidated revenues increased by
44% year on year in the first quarter of 2007 as a result of the healthy
performance by the Groups
Telecommunications and non-telecommunications operations. The
non-telecommunications businesses accounted for 24% of Group
consolidated revenues in the first quarter, compared to 19% for the
corresponding period of 2006. The organic year on year growth in the
first quarter (excluding businesses acquired or divested since the end
of the first quarter of 2006) was 38%.


Group OIBDA increased by 58% year on year in the first quarter and by
10% quarter on quarter compared to the fourth quarter of 2006. The Groups
OIBDA margin increased from 36.8% in the first quarter of 2006 to 40.5%
in the first quarter of 2007. MTS showed particularly strong growth and
expanded its OIBDA margin by 5.4 percentage points year on year to
51.9%, as a result of improving efficiency levels. Comstars
adjusted5 OIBDA margin was up quarter on
quarter from an underlying level of 33% in the fourth quarter of 2006 to
40%, due to the positive effect of the introduction of new tariffs at
MGTS and the benefits of the restructuring on Comstar Moscows
margin. The first quarter profitability levels were however adversely
impacted by the delaying of some key projects at SITRONICS until later
in 2007.


Group operating income was up 87% year on year and by 15% quarter on
quarter. The Group operating margin increased in the first quarter to
26.9%, from 20.7% a year ago, and from 19.7% in the fourth quarter of
2006.


Consolidated depreciation and amortization expenses increased by 21%
year on year from US$ 303.8 million to US$ 367.0 million due to the
growth in the Groups fixed and intangible
asset base over the past twelve months, and the previously announced
accelerated depreciation of analogue equipment by MGTS.


Selling, general and administrative expenses rose by 32% year on year
from US$ 339.6 million to US$ 447.7 million, due to the growth in
advertising expenses in the telecommunications businesses and the
overall increase in wage expenses.


The effective tax rate decreased from 40.2% in the first quarter of 2006
to 32.0% in the first quarter of 2007, largely as a result of the change
in the functional currency of MTS with effect from January 1, 2007. The
change eliminated the difference between the accounting treatment of
foreign exchange gains on MTS US
Dollar-denominated debt under US GAAP and the Russian tax code.


Sistemas share in the net income of the
affiliated Bashkir oil companies amounted to US$ 21.5 million in the
first quarter of 2007.


The growth in net income before US$ 99.4 million of discontinued
operations resulted from the organic growth in the telecommunications
segment and was partly offset by the decrease in net income reported by
the technology segment. The sale of the Groups
stake in ROSNO contributed an additional US$ 522.9 million of net
proceeds after tax to the total net income for the first quarter of
2007. As a result, net income increased more than five fold year on year.


Telecommunications6




(US$ millions)




Q1 07




Q1 06




Year on Year Growth




Q4 06




Quarter on


Quarter


Change





Revenues




2,067.1




1,534.2




35%




2,096.3




-1%




OIBDA




1,081.4




708.2




53%




942.3




15%




Operating Income




743.1




404.9




84%




606.8




23%




Net Income




227.3




128.6




77%





69.87





226%




The Telecommunications segment, which comprises MTS, the largest mobile
phone operator in Russia and the CIS, and Comstar UTS, the leading
combined telecommunications operator in the CIS, generated 35% year on
year revenue growth in the first quarter of 2007. The segment accounted
for 76% of the Groups consolidated revenues
in the quarter, compared to 81% a year ago. The growth was primarily
organic, with the exception of US$ 5.7 million of revenue generated by
businesses acquired after the end of the first quarter of 2006 by
Comstar (DG Tel and Technologic Systems in Ukraine, Cornet and Callnet
in Armenia, and Astelit in Russia) and MTS (Dagtelecom). MTS continued
to be the main contributor to the segment revenues and accounted for 84%
of the segments year on year growth in the
quarter.


MTS added 1.3 million subscribers during the quarter and had 74.2
million subscribers by the end of the first quarter of 2007. The Company
generated 35% year on year revenue growth to US$ 1.7 billion, which
reflected a year on year increase in average monthly service revenue per
Russian subscriber (ARPU)
from US$ 6.6 to US$ 8.2. Russian subscribers
monthly Minutes of Use (MOU) increased by 14% year on year to 134. MTS
consolidated OIBDA rose by 51% year on year to US$ 0.9 billion, largely
as a result of optimized marketing and advertising spending. MTS was
also able to decrease the cost of customer acquisition on a sequential
basis in the first quarter, with subscriber acquisition costs (SAC)
falling from US$ 29.1 in the fourth quarter of 2006 to US$ 26.2 in the
first quarter of 2007.


Comstar UTS generated 32% year on year revenue growth to US$ 328.9
million, reflecting healthy organic revenue growth driven by the high
customer demand for the unlimited tier of the tariff plans introduced by
MGTS from February 2007, the positive impact of the introduction of Calling
Party Pays, and the healthy development of
the Comstar Direct broadband Internet and double-play offerings. Comstar
Direct announced in April that it had become the first operator in
Moscow to pass the 400,000 subscriber milestone, and increased its
subscriber base by 11% quarter on quarter. Comstar UTS reported a 23%
year on year increase in OIBDA to US$ 133.9 million in the first quarter.


Segment OIBDA was up 53% year on year, with an increased combined OIBDA
margin of 52.3% in the first quarter, up from 46.2% a year ago and 45.0%
in the fourth quarter of 2006. This increase in margin primarily
reflected the increased operating profitability at MTS as a result of
the restructuring program implemented from May 2006. Segment net income
for the first quarter increased by 77% year on year.


MTS provided updated guidance for the full year 2007 in May. MTS stated
that it expects its revenues to grow by no less than 22% in 2007 and its
OIBDA margin for the full year to be at least 50%. MTS announced in
April 2007 that it had been awarded third generation (3G) licenses for
the entire territory of Russia and Uzbekistan. MTS is currently
forecasting capital expenditure of up to US$ 1 billion up until the end
of 2009 on network deployment and the commercial launch of 3G services.


Technology




(US$ millions)




Q1 07




Q1 06




Year on Year Growth






Revenues




310.8




239.6




30%






OIBDA




-11.6




21.0




-






Operating Income




-24.9




19.7




-






Net Loss/Income




-23.0




5.6




-






The Technology segment comprises SITRONICS, which is a leading provider
of telecommunications, IT and microelectronic solutions in Russia and
the CIS, with a growing presence in other EEMEA emerging markets.
SITRONICS generated 30% year on year revenue growth in the first quarter
and accounted for 11% of Group revenues for the quarter, compared to 9%
for the same period of 2006.


SITRONICS reported a negative OIBDA and a net loss in the first quarter.
The first quarter profitability levels were adversely impacted by the
deferral of some key customer projects until later in 2007. The increase
in the cost base was due to the higher level of fixed costs following
the scaling up of operations, the increase in research and development
costs related to new products that were due to be implemented during the
period but have been delayed, and the ongoing expansion into the Middle
East and Africa.


The Companys revenue streams are largely
dependent on scale contracts which tend to weight more to the second
half of the year and SITRONICS has won a number of new public and
private sector contracts during the first half of 2007. In addition, the
delayed MGTS and MTS projects are now expected to commence during the
second half of 2007 and run into 2008. New contracts have been secured
with the Russian Federal Agency of Industry, Wateen Telecom in Pakistan,
Telecom Srbija in Serbia, CALLAX in Germany, BTC Mobile in Bulgaria, a
World Bank-funded project in Ukraine, and National Machinery Import &
Export Corporation in China.


SITRONICS completed its Initial Public Offering on the London Stock
Exchange in February 2007 and raised US$ 356.4 million of net proceeds.


Real Estate




(US$ millions)




Q1 07




Q1 06




Year on Year Growth






Revenues




34.5




15.7




119%






OIBDA




7.0




0.3




-






Operating Income




4.1




-0.4




-






Net Income/Loss




4.7




-5.8




-






Revenues for the Real Estate segment, which comprises Sistema Hals, a
leading Moscow-based real estate development, management and investment
company, more than doubled year on year in the first quarter. The Segments
OIBDA margin increased from 2% in the first quarter of 2006 to 20% in
the first quarter of 2007, primarily due to the growth of revenue from
operating activities and a decrease in operating expenses. The net loss
in the first quarter of 2006 was therefore reversed into a net profit in
the first quarter of 2007. The real estate development division remained
one of the primary growth drivers of the business and accounted for 46%
of segment revenues for the quarter, compared to 37% for the
corresponding period of 2006. The growth in revenues primarily resulted
from the construction of the Siemens Tower project, Yartsevskaya, 27V, a
residential building with 29,910 square meters of gross built area
(GBA), located in the western part of Moscow, and the sale of land plots
at Avrora residential development in the Moscow region. Additionally,
Sistema Hals recognized US$ 3.5 million in revenues from the partial
completion of the Siemens Tower project. Revenues in the project
construction management division more than doubled year on year to US$
8.9 million in the first quarter of 2007. The asset management division
increased revenues by 81% year on year to US$ 6.4 million in the first
quarter of 2007, primarily as a result of an increase in the number of
houses sold within the asset restructuring program and the growth in
rental revenues.


Sistema Hals announced the results of an independent valuation of its
real estate property and projects in March 2007. The valuation was
carried out by Cushman and Wakefield Styles & Riabokobylko (C&WS&R), and
indicated that the value of the Sistema Hals portfolio had increased by
35% between June 30, 2006 and January 1, 2007 to US$ 2.0 billion.


Sistema Hals signed an agreement with the X5 Retail Group, Russia 's
largest grocery retailer, in March 2007 for the opening of branches of
the Perekrestok supermarket chain in two of Sistema Hals retail &
leisure centers in Moscow and in several regional malls.


Banking




(US$ millions)




Q1 07




Q1 06




Year on Year Growth






Revenues




79.8




44.1




81%






OIBDA




10.5




9.0




16%






Operating Income




9.3




8.7




7%






Net Income




4.4




5.9




-27%






The Banking segment comprises the Moscow Bank for Reconstruction and
Development (MBRD), which provides corporate and retail banking services
in Russia, and its subsidiaries. Segment revenues almost doubled year on
year in the first quarter. The banks loan
portfolio grew by 59% year on year to US$ 1.6 billion as at March 31,
2007 and interest income received from the retail banking operations
increased to US$ 13.9 million in the first quarter of 2007. The bank
increased its interest income from non-Sistema clients following the
expansion of its retail business with the opening of 5 mini-offices in
the first quarter of 2007. The banks retail
network included a total of 13 branches and 112 mini-offices as at the
end of the quarter. Leasing activities contributed US$ 6.1 million to
the segments revenue in the first quarter
of 2007.


Retail




(US$ millions)




Q1 07




Q1 06




Year on Year Growth






Revenues




86.9




56.0




55%






OIBDA




-5.0




-2.9




-






Operating Income




-7.0




-3.1




-






Net Loss




-8.5




-5.0




-






The Retail segment comprises Detsky Mir, one of the largest childrens
goods retail store chains in Russia. Total revenues grew by 55% year on
year, whilst retail revenues, which accounted for 89% of total revenues
in the period, increased by 149% year on year to US$ 77.0 million.
Wholesale and rental revenues represented the remaining share of total
revenues.


Detsky Mir reported a net loss in the quarter, which was largely due to
the significant expansion of the retail store network undertaken in the
fourth quarter of 2006 and the fact that the first quarter is a
seasonally weaker period of the year.


The first quarter saw a significant expansion in the network of retail
outlets, which increased by 28 stores to 67 in total, while the
aggregate retail space doubled year on year to 117 thousand square
meters.


Additionally, 7 new outlets were added to the retail store network since
the end of the quarter. As at July 10, 2007, Detsky Mirs
retail network consisted of 74 retail outlets, with total retail space
of 133 thousand square meters, located in 36 Russian cities.


Media




(US$ millions)




Q1 07




Q1 06




Year on Year Growth






Revenues




26.9




19.8




36%






OIBDA




5.0




3.7




-






Operating Income




1.3




0.1




-






Net Loss




-0.2




-1.7




-






The Media segment, which comprises the Groups
pay-TV, advertising, print and other media operations, generated 36%
year on year revenue growth in the first quarter. Stream-TV, one of the
largest providers of pay-TV services in Russia, which was acquired in
February 2006, contributed US$ 19.2 million in revenues for the first
quarter of 2007, compared to US$ 12.1 million in the first quarter of
2006.


The Stream-TV subscriber base grew by 4% quarter on quarter to 1.66
million subscribers by the end of the quarter, including 1.56 million
pay-TV customers, 86,000 Internet and 9,700 telephony subscribers. The
Maxima Group, an advertising agency, which operates in Russia, Ukraine,
Kazakhstan and Belarus, contributed US$ 7.4 million to segment revenues,
primarily due to the growth in its Ukrainian subsidiary and the increase
in print advertising revenues.


The increase in segment operating income reflected the growth in the
subscriber base and Stream-TV ARPU.


Corporate and Other




(US$ millions)




Q1 07




Q1 06




Year on Year Growth






Revenues


















Radars and Aerospace




70.3




21.4




229%






Tourism




48.6




26.0




87%






Pharmaceuticals




17.2




1.1




1,464%






Healthcare Services




5.4




3.5




54%






Other




8.5




7.5




13%






Total




150.0




59.5




152%







OIBDA



















Radars and Aerospace




12.4




1.7




-






Tourism




6.4




0.3




-






Pharmaceuticals




3.5




0.5




-






Healthcare Services




0.4




0.9




-






Other




-9.6




2.5




-






Total




13.1




5.9




-






Revenues for the Radars and Aerospace division, which comprises Concern
RTI Systems, more than tripled year on year in the quarter while OIBDA
increased more than six times year on year, as a result of an increase
in the volume of services performed under a number of government
contracts. OIBDA margin increased to 17.6% in the first quarter compared
to 7.9% in the first quarter of 2006. Concern RTI Systems is a supplier
of strategic missile defense systems, as well as information,
communication and navigation systems for a number of Russian Ministries
and Federal Agencies. RTI Systems deployed an early-warning space
control radar in Lechtusi, near St. Petersburg, during the first
quarter, and also completed the testing of the coastal over-the-horizon
surface wave radar.


The Tourism divisions revenues almost
doubled year on year in the first quarter of 2007 and the OIBDA margin
rose year on year to 13.2% from 1.2% in the same period of 2006. The
core tour operator business is complemented by a hotel business, a chain
of retail outlets and transportation services. Intourist served over
100,000 tourists in the first quarter of 2007.


The Pharmaceuticals divisions revenues for
the first quarter of 2007 increased almost 16 times and OIBDA rose 7
times year on year in the quarter, reflecting a number of strategic
transactions.


The Healthcare Services divisions revenues
increased 54.3% year on year. The division, which comprises the Medsi
and Medsi-II clinics, is developing into a leading private healthcare
provider in Russia with comprehensive medical care and a chain of
private clinics. Medsi acquired the American Hospital Group, a leading
medical centre for expatriates, located in Moscow, as well as
MedExpress, a chain of private healthcare facilities in Russia, after
the end of the quarter. As a result of these acquisitions, the network
of healthcare facilities has increased to over 20.


EQUITY IN NET INCOME OF ENERGY
COMPANIES


The results of Sistemas participation in
the equity of Bashkir Oil companies, which comprise exploration,
refining and trading operations, are included in the Equity
in net income of energy companies in the Republic of Bashkortostan
line in the consolidated statements of operations. Sistemas
share in the net income of the affiliated companies amounted to US$ 21.5
million in the first quarter of 2007. Sistema actively participates in
the development of these assets by holding three seats on each of the
Boards of Directors of the companies.


FINANCIAL REVIEW


Net cash provided by operating activities declined year on year to US$
214 million in the first quarter of 2007 from US$ 240 million in the
first quarter of 2006 largely as a result of an increase in the
portfolio of trading securities.


Net cash used in investing activities totaled US$ 378.0 million for the
first quarter of 2007 and included US$ 404.0 million of capital
expenditure, compared to US$ 864.7 million and US$ 393.8 million for the
corresponding period of 2006, respectively. The decrease in net cash
used in investing activities resulted primarily from the disposal of the
Rosno stake in the first quarter of 2007. The Group spent US$ 39.0
million on the acquisition of businesses during the first quarter of
2007 as described in the Acquisitions and Disposals section later in
this press release, compared to US$ 321 million in the first quarter of
2006.


Cash flow from financing activities amounted to US$ 703 million for the
quarter, which primarily reflects the net proceeds from the IPO of
SITRONICS in February.


Group cash balances totaled US$ 1.1 billion at the end of the period,
compared to US$ 502 million at December 31, 2006. Group net debt (debt
minus cash and cash equivalents) amounted to US$ 5.8 billion as at March
31, 2007, compared to US$ 6.3 billion as at December 31, 2006. The
proceeds from the sale of ROSNO and from the IPO of SITRONICS have
improved the cash position of the Group.


Standard & Poor's (S&P) Ratings Services revised its outlook rating on
Sistema in February 2007 from stable
to positive.
At the same time, S&P reaffirmed the 'BB-' long-term corporate credit
rating for the Group.


ACQUISITIONS AND DISPOSALS


Telecommunications


In March 2007, Comstar sold its 45% equity stake in ZAO Metrocom, an
alternative fixed-line telecommunications operator based in St.
Petersburg, to closed joint-stock company MCT. The shares were sold for
a total cash consideration of US$ 20 million.


Technology


In March 2007, SITRONICS acquired 3.3% of ordinary shares in VZPP-Micron
from BIPOLYAR LLC. As a result, SITRONICS now owns 100% of VZPP-Micron.
VZPP-Micron is a producer of electronic power supply control components
for customers in Russia and overseas, and is part of SITRONICS
Microelectronic Solutions division.


Real Estate


In March 2007, Sistema Hals acquired a 67.58% stake in the KAMELIYA
Health Resort in the city of Sochi, which is currently being renovated
as a multifunctional complex that will include a 5-star hotel, luxury
apartments and a full internal infrastructure.


Insurance


In February 2007, Sistema completed the sale of a 49.2% stake in ROSNO
to Allianz, Sistemas strategic partner in
ROSNO, for a total cash consideration of US$ 750.0 million, resulting in
a net gain from the disposal of US$ 521.9 million. Sistema remains a
minority shareholder in ROSNO with a 2.8% stake.


Media


Sistema Mass Media has finalised the acquisition of a 26% stake in JSC Digital
Broadcasting
previously Sistema Mass Media had owned 74% of the share capital of the
company. As a result of the deal, Sistema Mass Media has consolidated
its shareholding in the company, which is working to become a key player
in mobile broadcasting in DVB-H format.


Treasury Shares


In February 2007, Sistema purchased an additional 0.48% of its own
stock. Sistema acquired in total 284,243 ordinary shares (2.95% of
outstanding shares) for US $347.3 million. The acquired shares are
intended for the funding of share option program for the top management
and may also be used in connection with certain future acquisition
activities.


SIGNIFICANT EVENTS FOLLOWING THE END
OF THE REPORTING PERIOD


Telecommunications


In June 2007, the Annual General Meeting of shareholders (AGM)
of MTS approved the payment of annual dividend of RUR 9.67 per ordinary
share (approximately US$ 1.87 per ADR) for the year ended December 31,
2006, amounting to a total of RUR 19.3 billion (US$ 747.4 million).
Dividends are due to be paid before the end of 2007. The AGM elected the
new Board of Directors, including two independent directors. Following
the AGM, the Board elected Mr. Alexey Buyanov, Senior Vice President,
Chief Financial Officer of Sistema, as Chairman of the Board and Mr.
Sergey Drozdov, Senior Vice President, Head of Property of Sistema, as
Vice Chairman of the Board.


In June 2007, MTS acquired the remaining 26% stake in Uzdunrobita, the
leading mobile operator in Uzbekistan, from a private investor for $250
million. As a result of this transaction, MTS
ownership stake in Uzdunrobita has increased to 100%.


In June 2007, MTS announced that its Board of Directors approved an
employee remuneration program. The employee motivation and retention
program consists of two parts: a performance-based monetary award and a
phantom share program based upon MTS
American Depositary Receipts (ADRs). It will apply to up to 420 top- and
mid-level managers.


In June 2007, the MGTS AGM approved an annual dividend of approximately
RUR 1.3 billion, or approximately US$ 51.5 million, for the year ended
December 31, 2006, to holders of MGTS shares as at the record date of
May 12, 2007. The dividends of RUR 8.75 per ordinary share
(approximately US$ 0.34), and of RUR 39.77 per preferred share
(approximately US$ 1.54), are due to be paid by the end of 2007.


The Comstar AGM approved annual dividends of approximately RUR 62.7
million, or approximately US$ 2.4 million, for the year ended December
31, 2006, to be paid to holders of Comstar's shares as at the record
date of May 17, 2007. The dividends of RUR 0.15 per ordinary share, or
approximately US$ 0.0058 per Global Depositary Receipt, are due to be
paid within 60 days of the AGM approval.


In June 2007, Comstar signed a 5-year ruble-denominated credit facility
for RUR 26 billion (approximately US$ 1 billion) at a fixed annual
interest rate of 7.6% with the Savings Bank of the Russian Federation
(Sberbank). The credit line is expected to be used to finance Comstars
investment in the development of its telecommunications network
development and the refinancing of existing loan facilities.


In June 2007, MGTS received preliminary approval from the Federal
Service for Tariffs (FST) for the optimized structure of its combined
tier of tariff plans for regulated voice services.


In June 2007, Comstar announced the appointment of Sergey Pridantsev as
President and Chief Executive Officer with effect from June 13, 2007.
Mr. Pridantsev is the former General Director of CenterTelecom, a
provider of fixed-line telecommunications services in the Central
Federal District of Russia.


In June 2007, Comstar announced acquisition of a 25% minority stake in
its Ukrainian subsidiary, Comstar-Ukraine for a total cash consideration
of US$ 0.9 million. Following the closing of this transaction, Comstar
became the 100% owner of Comstar-Ukraine.


In April 2007, the Extraordinary General Meeting of Svyazinvest
shareholders elected Sergei Shchebetov (Chairman of the Comstar Board of
Directors) and Anton Abugov (First Vice President and Head of Strategy
and Development at Sistema) to the Svyazinvest Board of Directors.


Real Estate


In June 2007, Sistema Hals announced the adoption of a stock option
program for members of its Board of Directors and Management Board. The
program will provide both stock options and stock bonuses. Stock options
entitle participants to acquire a specific number of shares in Sistema
Hals, at a price determined and agreed in advance. Stock bonuses come in
the form of shares granted to participants free of charge in return for
their contribution to the development of the company.


Technology


In June 2007, SITRONICS announced the approval by its AGM of the Companys
annual report and annual financial statements for 2006, as well as the
allocation of 5% of the Companys net profit
to set up a reserve fund. The AGM also approved the proposal of the
Board of Directors not to pay an annual dividend for the year ended
December 31, 2006.


On June 29, 2007, SITRONICS through its 100% owned subsidiary Sitronics
Finance S.A. redeemed US$ 200 million of outstanding Eurobond Notes due
2009.


Banking


In May 2007, the Moscow Bank for Reconstruction and Development signed
an agreement with the Dresdner Bank for a US$ 50 million credit line for
2 years.


Corporate & Other


In June 2007, Sistema announced results of its AGM. The AGM approved an
annual dividend of RUR 48.0 per ordinary share, or approximately US$ 1.9
per GDR, for the year ended December 31, 2006. The dividends of RUR
463.2 million or approximately US$ 17.9 million, represents
approximately 2% of Sistemas US GAAP
consolidated net income for the full year 2006, and is due to be paid
within 60 days of the date of AGM approval on June 30, 2007.


In June 2007, Sistema announced that it intends to purchase its own
stock through a wholly owned subsidiary Sistema Finance Investments at a
price of US$ 1,350 per share for a total amount of up to US$ 150
million. The acquired shares are intended for the funding of this share
option program and may also be used in connection with certain future
acquisition activities.


Conference call information


Sistema management will host a conference call today at 10 am (New York
time) / 3 pm (London time) / 4 pm (CET) / 6 pm (Moscow Time) to present
and discuss the first quarter results.


The dial-in numbers for the conference call are:

UK/International: + 44 20 7138 0836
US: + 1 718 354 1172

A replay will then be available for 7 days after the conference call. To
access the replay, please dial:

UK/International: + 44 20 7806 1970
US: + 1 718 354 1112

PIN number: 8074290#

For further information, please visit www.sistema.com


Sistema is the largest private sector consumer services company in
Russia and the CIS, with over 75 million customers. Sistema develops and
manages market-leading businesses in selected service-based industries,
including telecommunications, technology, insurance, banking, real
estate, retail and media. Founded in 1993, the company reported revenues
of US$ 2.7 billion for the first quarter of 2007, and total assets of
US$ 21.6 billion as at March 31, 2007. Sistemas
shares are listed under the symbol SSA
on the London Stock Exchange, under the symbol AFKS
on the Russian Trading System (RTS), and under the symbol SIST
on the Moscow Stock Exchange (MSE).


Some of the information in this press release may contain projections
or other forward-looking statements regarding future events or the
future financial performance of Sistema. You can identify forward
looking statements by terms such as expect,
believe, anticipate,
estimate, intend,
will, could,
may or might
the negative of such terms or other similar expressions. We wish to
caution you that these statements are only predictions and that actual
events or results may differ materially. In addition, there is no
assurance that the new contracts entered into by our subsidiaries
referenced above will be completed on the terms contained therein or at
all. We do not intend to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the
occurrence of unanticipated events. Many factors could cause the actual
results to differ materially from those contained in our projections or
forward-looking statements, including, among others, general economic
conditions, our competitive environment, risks associated with operating
in Russia, rapid technological and market change in our industries, as
well as many other risks specifically related to Sistema and its
operations.





SISTEMA JSFC AND SUBSIDIARIES








CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)








(Amounts in thousands of U.S. dollars)











Jan - Mar 2007




Jan - Mar 2006




Oct - Dec 2006

























Sales




2,630,463




1,845,084




3,138,455






Revenues from financial services




75,493




37,289




80,183

























TOTAL REVENUES




2,705,956




1,882,373




3,218,638

























Cost of sales, exclusive of depreciation and amortization shown
separately below




(1,147,397)




(803,622)




(1,548,968)






Financial services related costs, exclusive of depreciation and
amortization shown separately below




(31,329)




(20,908)




(37,943)

























TOTAL COST OF SALES




(1,178,726)




(824,530)




(1,586,911)

























Selling, general and administrative expenses




(447,695)




(339,608)




(608,115)






Depreciation and amortization




(367,026)




(303,784)




(358,565)






Other operating expenses, net




(23,757)




(42,209)




(64,095)






Equity in net income of investees




36,511




16,658




13,178






Net gain on disposal of interests in subsidiaries and affiliates




3,216




-




20,011

























OPERATING INCOME




728,479




388,900




634,141

























Interest income




20,752




17,902




17,659






Interest expense, net of amounts capitalized




(99,963)




(74,643)




(98,217)






Change in fair value of derivative financial instruments




13,500




-




(60,000)






Currency exchange and translation gain




31,821




27,665




62,260






Bitel liability and investments write-off




-




-




(320,000)

























Income before income tax and minority interests




694,589




359,824




235,843

























Income tax expense




(221,931)




(144,746)




(207,031)

























Equity in net income/(loss) of energy companies in the Republic of
Bashkortostan




21,521




57,185




(11,514)

























Income before minority interests




494,179




272,263




17,298

























Minority interests




(271,188)




(148,633)




(16,206)

























Income from continuing operations before extraordinary gain




222,991




123,630




1,092

























Income from discontinued operations




960




5,848




1,825

























Gain on disposal of discontinued operations




521,963




-




-

























NET INCOME




745,914




129,478




2,917









SISTEMA JSFC AND SUBSIDIARIES






CONSOLIDATED BALANCE SHEETS (UNAUDITED)






(Amounts in thousands of U.S. dollars)









March 31,


2007





December 31,


2006


















ASSETS

























CURRENT ASSETS:












Cash and cash equivalents


$


1,138,649


$


501,706




Short-term investments




966,442




554,157




Loans to customers and banks, net




1,602,870




1,290,082




Accounts receivable, net




966,139




1,069,706




Prepaid expenses, other receivables andother current assets,
net




1,031,229




917,551




VAT receivable




408,721




450,703




Inventories and spare parts




711,678




661,568




Deferred tax assets, current portion




193,409




195,672




Assets of discontinued operations




-




946,866


















Total current assets




7,019,137




6,588,011

















Property, plant and equipment, net




7,970,522




7,412,468




Advance payments for non-current assets




321,894




305,846




Investments in affiliates




1,155,376




1,108,647




Investments in shares of Svyazinvest




1,390,302




1,390,302




Other investments




122,500




122,500




Goodwill




519,030




504,166




Licenses, net




450,211




452,372




Other intangible assets, net




1,202,211




1,222,676




Loans to customers and banks, net of current portion




650,751




464,490




Debt issuance costs, net




78,960




80,220




Deferred tax assets, net of current portion




93,956




73,623




Other non-current assets




571,375




465,917


















Total non-current assets




14,527,088




13,603,227


















TOTAL ASSETS


$


21,546,225


$


20,191,238







SISTEMA JSFC AND SUBSIDIARIES






CONSOLIDATED BALANCE SHEETS (UNAUDITED)






(Amounts in thousands of U.S. dollars)









March 31,


2007





December 31,


2006


















LIABILITIES AND SHAREHOLDERS EQUITY

























CURRENT LIABILITIES:












Accounts payable


$


936,755


$


868,378




Bank deposits and notes issued, current portion




1,084,396




961,595




Taxes payable




181,670




148,849




Deferred tax liabilities, current portion




66,791




48,885




Subscriber prepayments, current portion




477,317




552,997




Derivative financial instruments




170,816




184,316




Accrued expenses and other current liabilities




1,097,607




988,810




Short-term loans payable




1,504,651




1,296,778




Current portion of long-term debt




277,328




280,427




Liabilities of discontinued operations




-




869,534


















Total current liabilities




5,797,331




6,200,569

















LONG-TERM LIABILITIES:












Long-term debt, net of current portion




5,198,544




5,296,017




Subscriber prepayments, net of current portion




127,645




136,861




Bank deposits and notes issued, net of current portion




129,154




65,200




Deferred tax liabilities, net of current portion




288,183




287,125




Postretirement benefits obligation




16,352




16,391




Deferred revenue




130,712




129,120


















Total long-term liabilities




5,890,590




5,930,714


















TOTAL LIABILITIES




11,687,921




12,131,283

















Minority interests in equity of subsidiaries




4,072,794




3,459,245

















Commitments and contingencies




-





















Puttable shares of SITRONICS




80,000




80,000

















SHAREHOLDERS EQUITY:












Share capital (9,650,000 shares issued and 9,365,757 outstanding
with par value of 90 Russian Rubles)




30,057




30,057




Treasury stock (284,243 shares with par value of90 Russian
Rubles)




(347,068)




(347,068)




Additional paid-in capital




2,428,972




2,196,475




Retained earnings




3,241,600




2,499,302




Accumulated other comprehensive income




351,949




141,944


















TOTAL SHAREHOLDERS EQUITY




5,705,510




4,520,710


















TOTAL LIABILITIES AND SHAREHOLDERS
EQUITY


$


21,546,225


$


20,191,238







SISTEMA JSFC AND SUBSIDIARIES






CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THREE MONTHS ENDED
MARCH 31, 2007, 2006 (UNAUDITED)






(Amounts in thousands of U.S. dollars)









2007




2006




CASH FLOWS FROM OPERATING ACTIVITIES:












Net income


$


745,914


$


129,478




Adjustments to reconcile net income to net cash provided by
operations:












Depreciation and amortization




367,026




304,805




(Gain)/Loss on disposals of property, plant and equipment




(1,257)




(600)




Profit recognized by the percentage-of-completion method on real
estate developed for sale




(9,963)




(2,800)




Gain from discontinued operations




(522,923)




-




Gain on disposal of interests in subsidiaries and affiliates




(3,216)




-




Currency exchange and translation gain




(31,821)




(23,085)




Minority interests




271,188




154,678




Equity in net income of investees




(58,032)




(73,798)




Deferred income tax benefit




(15,552)




(37,129)




Debt issuance cost amortization




6,830




6,500




Change in fair value of a derivative financial instrument




(13,500)




-




Amortization of connection fees




(23,533)




(23,086)




Provision for doubtful accounts receivable




28,745




37,610




Allowance for loan losses




995




-




Inventory obsolescence expense




-




4,644

















Changes in operating assets and liabilities, net of effects from
purchase of businesses:












Trading securities




(236,462)




(93,577)




Loans to banks




(219,665)




(139,775)




Insurance-related receivables




-




(49,651)




Accounts receivable




74,824




(188,304)




Prepaid expenses, other receivables and other current assets




(127,050)




29,062




VAT receivable




41,982




36,543




Inventories and spare parts




(40,146)




(55,054)




Accounts payable




40,413




(63,539)




Insurance-related liabilities




-




119,643




Taxes payable




(115,989)




35,122




Subscriber prepayments




(61,363)




31,696




Accrued expenses and other liabilities




116,429




100,309




Postretirement benefits obligation




(39)




265

















Net cash provided by operations




213,835




239,957

















CASH FLOWS FROM INVESTING ACTIVITIES:












Purchases of property, plant and equipment




(332,657)




(320,034)




Purchases of intangible assets




(71,360)




(73,812)




Purchases of businesses, net of cash acquired




(39,000)




(320,698)




Proceeds from disposals of subsidiaries, net of cash disposed




636,683




-




Purchases of long-term investments




(5,479)




-




Proceeds from sale of long-term investments




20,000




-




Purchases of other non-current assets




(105,551)




-




Purchases of short-term investments




(212,306)




(124,965)




Proceeds from sale of short-term investments




10,973




109,705




Proceeds from sale of property, plant and equipment




1,357




662




Net increase in loans to customers




(280,629)




(135,507)

















Net cash used in investing activities




(377,969)




(864,649)




CASH FLOWS FROM FINANCING ACTIVITIES:












Proceeds from/(principal payments on) from short-term borrowings, net




208,800




(113,725)




Net increase/(decrease) in deposits from customers




70,954




(14,427)




Net increase in bank promissory notes issued




157,027




22,732




Proceeds from capital transactions of subsidiaries




356,463




1,032,917




Proceeds from long-term borrowings, net of debt issuance costs




76,950




452,264




Principal payments on long-term borrowings




(159,112)




(84,572)




Principal payments on capital lease obligations




(7,713)




(1,504)




Purchase of treasury stock




-




(50,892)

















Net cash provided by financing activities


$


703,369


$


1,242,793

















Effect of exchange rate changes on cash and cash equivalents




1,033




934

















INCREASE IN CASH AND CASH EQUIVALENTS


$


540,268


$


619,035




CASH AND CASH EQUIVALENTS, beginning of the period




598,381




482,647




CASH AND CASH EQUIVALENTS, end of the period


$


1,138,649


$


1,101,682




SISTEMA JSFC AND SUBSIDIARIES


SEGMENTAL BREAKDOWN FOR THREE MONTHS ENDED MARCH 31 2007, 2006
(UNAUDITED)


(Amounts in thousands of U.S. dollars)




For the three months


ended March 31, 2007





Telecommunications




Technology




Banking




Mass Media




Real


Estate





Retail




Corporate and Other




Total













































Net sales to external customers (a)




2,064,895




282,227




75,500




20,357




30,705




86,846




145,426




2,705,956






Intersegment sales




1,856




28,596




4,339




6,587




3,797




7




4,603




49,785






Income from equity affiliates




38,312




13




-




2,060




-




-




-60




40,325






Interest income




10,485




5,565




-




46




7,157




-164




14,462




37,551






Interest expense




(50,850)




(8,907)




-




(1,230)




(2,121)




(2,715)




(40,057)




(105,880)






Net interest revenue (b)




-




-




10,468




-




-




-




-




10,468






Depreciation and amortization




(338,234)




(13,338)




(1,174)




(3,712)




(2,883)




(2,041)




(5,643)




(367,025)






Operating income




743,132




(24,928)




9,294




1,317




4,109




(7,029)




7,410




733,305






Income tax expense




(205,039)




(1,726)




(4,422)




(37)




(3,803)




(1,228)




(11,770)




(228,025)






Income/(loss) before minority interests




494,236




(26,468)




4,873




(285)




9,591




(8,528)




(2,829)




470,590






Investments in affiliates




301,285




-




-




8,748




2,628




-




858,122




1,170,783






Segment assets




13,688,740




1,982,743




3,439,731




371,916




967,347




298,990




4,056,517




24,805,984






Indebtedness (c)




3,867,884




586,878




438,598




26,028




363,891




138,423




1,556,717




6,978,419






Capital expenditures




309,420




16,281




4,246




7,158




60,802




6,512




16,071




420,490








For the three months


ended March 31, 2006





Telecommunications




Technology




Banking




Mass Media




Real


Estate





Retail




Corporate and Other




Total













































Net sales to external customers (a)




1,531,486




171,015




37,289




16,288




13,384




56,003




56,908




1,882,373






Intersegment sales




2,695




68,546




6,834




3,480




2,365




5




2,615




86,540






Income from equity affiliates




16,690




7




-




-




-




-




(39)




16,658






Interest income




11,347,




836




-




-




67




995




459




13,704






Interest expense




(48,430)




(3,850)




-




(560)




(1,458)




(1,422)




(22,742)




(78,462)






Net interest revenue (b)




-




-




(9,032)




-




-




-




-




(9,032)






Depreciation and amortization




(303,251)




(1,275)




(326)




(3,519)




(612)




(230)




(4,385)




(313,598)






Operating income/(loss)




404,917




19,688




8,706




132




(351)




(3,100)




1,502




431,494






Income tax expense




(109,219)




(14,191)




(2,411)




(836)




(1,554)




(339)




(16,196)




(144,746)






Income/(loss) before minority interests




272,918




42,656




6,295




(1,765)




(6,023)




(4,588)




(23,402)




286,091






Investments in affiliates




222,215




-




17,749




487




960




-




706,824




948,235






Segment assets




10,894817




884,099




1,552,524




257,456




418,063




154,541




2,169744




16,331,244






Indebtedness (c)




3,121,238




240,763




210,000




219,490




214,857




73,043




1,596,912




5,676,303






Capital expenditures




355,031




12,879




6,000




8,356




6,054




127




3,733




392,180






(a) Interest
income and expenses of the Banking segment are presented as revenues
from financial services in the Groups
consolidated financial statements.


(b) The Banking
segment derives a majority of its revenue from interest. In addition,
management primarily relies on net interest revenue,


not the gross revenue and expense amounts, in managing that segment.
Therefore, only the net amount is disclosed.


(c) Represents
the sum of short-term and long-term debt


Attachment A


Non-GAAP financial measures. This press release includes
financial information prepared in accordance with accounting principles
generally accepted in the United States of America, or US GAAP, as well
as other financial measures referred to as non-GAAP. The non-GAAP
financial measures should be considered in addition to, but not as a
substitute for, the information prepared in accordance with US GAAP.


Operating Income Before Depreciation and Amortization (OIBDA) and
OIBDA margin. OIBDA represents operating income before depreciation
and amortization. OIBDA margin is defined as OIBDA as a percentage of
our net revenues. Our OIBDA may not be similar to OIBDA measures of
other companies; is not a measurement under accounting principles
generally accepted in the United States and should be considered in
addition to, but not as a substitute for, the information contained in
our consolidated statement of operations. We believe that OIBDA provides
useful information to investors because it is an indicator of the
strength and performance of our ongoing business operations, including
our ability to fund discretionary spending such as capital expenditures,
acquisitions of mobile operators and other investments and our ability
to incur and service debt. While depreciation and amortization are
considered operating costs under generally accepted accounting
principles, these expenses primarily represent the non-cash current
period allocation of costs associated with long-lived assets acquired or
constructed in prior periods. Our OIBDA calculation is commonly used as
one of the bases for investors, analysts and credit rating agencies to
evaluate and compare the periodic and future operating performance and
value of companies within the wireless telecommunications industry.
OIBDA can be reconciled to our consolidated statements of operations as
follows:









Jan-March 2007





Jan-March 2006





Oct-Dec


2006






















Operating Income




728,479




388,900




634,141











































Depreciation and Amortization




(367,026)




(303,784)




(358,565)











































OIBDA




1,095,505




692,684




992,706




1 ROSNO is accounted for as a discontinued
operation for all periods presented. Thus, here and further, ROSNOs
financial results are excluded from all the captions presenting the Groups
consolidated results from continuing operations.


2 See Attachment A for definitions and
reconciliation of OIBDA and OIBDA margin to their most directly
comparable US GAAP financial measures.


3 During the three months ended March 31,
2007, the Groups investments in Svyazinvest
and Permskie Motory were recorded at cost, due to the unavailability of
financial information for the respective period.


4 Net income for the three months ended
December 31, 2006 includes a charge to non-operating expenses of US$ 170
million, net of minority interest of US$ 150 million, related to the
Bitel liability and investment write-offs.


5 Adjusted for the impact of the US$ 62.1
million stock bonus awards in the three months ended December 31, 2006.


6 Here and further, in the comparison of
period to period results of operations, in order to analyze changes,
developments and trends in revenues by reference to individual segment
revenues, revenues are presented on an aggregated basis, which is
revenues after the elimination of intra-segment (between entities in the
same segment) transactions, but before inter-segment (between entities
in different segments) eliminations, unless accompanied by the word consolidated.
Amounts attributable to individual companies, where appropriate, are
shown prior to both intra-segment and inter-segment eliminations.
SITRONICS and Sistema Hals
financial results may differ from respective standalone values due to
certain reclassifications and adjustments.


7 Net income for the three months ended
December 31, 2006 includes charges to non-operating expenses of US$ 170
million, net of minority interest of US$ 150 million, related to the
Bitel liability and investment write-offs.
 

10.07.2007

Der Mobilfunkprovider Phone House hat die Deutsche Telekom  mit der Abwicklung seiner Rechnungen beauftragt. Der Vertrag sei kürzlich abgeschlossen worden und die Rechnungen würden seit zwei Monaten von der Telekom-Tochter T-Systems abgewickelt, sagte eine Sprecherin des Mobilfunkanbieters am Dienstag in Münster. Neben dem Druck und Versand der Rechnungen umfasst der Auftrag die Speicherung von Kunden- und Verbindungdaten.


   Zum finanziellen Umfang und der Laufzeit des Auftrags machten T-Systems und Phone House zunächst keine Angaben. Der Mobilfunkanbieter gehört zur britischen Carphone Warehouse-Gruppe  und beschäftigt 850 Mitarbeiter. Derzeit hat die Gesellschaft nach eigenen Angaben über 1,5 Millionen Kunden./mur/he
 

Hungary has 10.15 million mobile subscribers in May

Published: Friday 29 June 2007 | 05:45 PMCET

Hungary had a total of 10.15 million mobile subscriptions (active SIM cards) at end-May, with pre-paid subscriptions accounting for 63.6 percent, according to data from the national regulator.
T-Mobile Hungary accounted for 44.33 percent of total subscriptions at end-May, followed by Pannon with 34.53 percent and Vodafone Hungary with 21.14 percent.
Mobile phone penetration in Hungary was 100.9 percent at end-May.

http://aktien.wallstreet-online.de/informer/....10.1.0&thread_page=22
 

http://www.ariva.de/telefonica%20eo%201-aktie

Wieso steigt die Telefonica schon
wieder Richtung Höchstkurse, während
die DTAG noch immer am Rande der
Teifststände rumkriecht?

Auch bei der Marktkapitalisierung
könnte sich die DTAG eine Scheibe
von der Telefonica abschneiden ;-)

http://www.ariva.de/chart/...0&zoom.x=0&zeitvon=0&zeitraum=8&go=upper

 

Was sind das denn für Gerüchte?

"Spekulationen, die Deutsche Telekom könne für Premiere bieten, trieben die Aktien des Bezahlfernsehsenders an die Spitze des MDax. Eine solche Übernahme halten Analysten aber für höchst unwahrscheinlich, schließlich dürfe die Telekom gar keinen Fernsehsender betreiben. Der Premiere-Titel kosteten 19,14 Euro und damit 1,1 Prozent mehr als am Vorabend."

http://www.ftd.de/boersen_maerkte/marktberichte/...nleger/224054.html

--> Die DTAG könnte höchstens Interesse an den Rechten für die FB Bundesliga haben, die sie über T-Oonline im Netz verbreiten. Internet-TV ist eh die Zukunft, bals gibt es in jedem Haushalt TV-Geräte, die gleichzeitig ins Internet können. Dann ist es egal, ob man sich im TV Filme aus dem Internet oder von den Sendern ansieht...

Die Telekom wird auf jeden Fall der große Gewinner dieser Entwicklung sein, wenn sie sich rechtzeitig poitionieren. Die Kabel sind verlegt und werden wohl bald Milliarden wert sein ;-)