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Segezha Group 2020 ANNUAL REPORT PUBLIC JOINT STOCK FINANCIAL CORPORATION //sistema.com СONTENT 02 SISTEMA SISTEMA PROFILE Sistema overview – 4 / Investment portfolio – 6 / CEO’s statement – 8 / Strategic overview – 10 ABOUT THIS REPORT This annual report was approved by the General Annual Meeting of Sistema PJSFC on 26 June 2021 (Minutes No.1-21, dated 30 June 2021). This annual report presents information on business operations of Sistema Public Joint 14 RESULTSPERFOMANCE Stock Financial Corporation and its portfolio companies in 2020. Key events at the corporation in 2020 and after reporting period – 16 / Financial overview for 2020 – 21 / The annual report of Sistema PJSFC for the year 2020 has been prepared in compliance Shareholders’ equity – 25 / Report on dividends declared (accrued) on Sistema shares – 26 with Federal Law on Joint Stock Companies, Federal Law on Securities Market, Bank of Russia Regulation on Disclosure by Issuers as amended. Unless specifically noted otherwise, all financial performance indicators in this annual report are based on consolidated financial statements under IFRS. Certain immaterial discrepancies in percentage calculations and in arithmetic operations of addition in tables and charts in this annual report are attributable to rounding. You may access other annual reports of the Corporation at its official website, ASSETS www.sistema.com, in Information Disclosure and Investors & Shareholders. 28 KEY ASSETS' PERFOMANCE МТС – 30 / Ozon – 38 / Segezha Group – 44 / Etalon Group – 56 / MEDSI – 64 / Steppe Agroholding – 76 / Binnopharm Group – 84 / JSC BPGC – 90 / Business Nedvizhimost – 98 / Cosmos Hotel Group – 104 / Other assets – 110 / Funds – 122 DISCLAIMER Certain statements in this annual report may contain assumptions or projections 134 GOVERNANCECORPORATE GOVERNANCE regarding forthcoming or expected events related to Sistema PJSFC or its portfolio companies. Statements of this nature may be expressed by using the words “expect,” Corporate governance system – 136 / Remuneration policy applied to board members and senior management – 156 / “estimate,” “intend,” “will,” “could,” negations of such words, as well as similar Risk management – 159 expressions. These statements are only predictions, and actual events or results may differ materially. ПSistema PJSFC does not commit to reviewing these statements in order to correlate them with actual events and circumstances that may occur after the above-mentioned date or to highlight the events that were not expected to occur when this annual report was prepared. Many factors could cause the actual results of Sistema PJSFC or its portfolio companies to differ materially from those set forth in our projections or forward-looking statements, including, among others, macroeconomic conditions, our competitive environment, country-specific risks of operating in Russia, rapid technological and market changes in the industries where Sistema PJSFC and its portfolio companies operate, the impact of the COVID-19 pandemic on the 168 SUSTAINABILITY SUSTAINABILITY MANAGEMENT macroeconomic situation in the markets where Sistema PJSFC and its portfolio companies operate and on their financial performance, as well as many other risks Management system – 170 / Key ESG areas – 174 / Social investing and operations of Sistema Charitable Foundation – 180 specifically related to Sistema and its operations. 182 ANNEXES //sistema.com SISTEMA PROFILE PERFOMANCE KEY ASSETS' PERFOMANCE CORPORATE GOVERNANCE SUSTAINABILITY MANAGEMENT 0101 ANNEXES //sistema.com ANNUAL REPORT / 2020 4 . Sistema overview Market “THE FIRST position Assets WELL-KNOWN 276 INVESTMENT Sistema is the largest publicly traded investment company BRAND IN RUSSIA” in Russia. Founded in 1993, Sistema is today represented Top- across over 15 high-potential sectors of the Russian economy AWARDS OVERVIEW through its portfolio companies that serve over 150 million consumers. Sistema’s investment portfolio includes mostly Russian companies in such sectors as telecommunications, RESULTS 2020 forestry, agriculture, healthcare, real estate and electronic >15 25 Sectors Largest Russian commerce, and others companies by The Corporation’s shares trade on Moscow Exchange (ticker: revenue (RBC) AFKS) and on London Stock Exchange in the form of global “THE BEST PRIMARY depositary receipts (ticker: SSA). One GDR represents OFFERING IN THE 20 ordinary shares. Тop- COMMUNICATIONS INVESTMENT PORTFOLIO INVESTMENT МТS NYSE: MBT, MOEX: MTSS SEGMENT” Sistema’s series 001P-15 bond 20 issue for RUB 10 bn. Strategy Public Russian Cbonds Awards 2020 companies in Forbes Global 2000 50.02% Sistema’s strategic goal is to create long-term growth of rating shareholder value by boosting returns on investments Ozon in existing assets and reinvesting available cash in new NASDAQ and MOEX: OZON investment projects to diversify its portfolio and increase overall returns on investment. 147.0 >150 mln NO 11 OUT OF Consumers 33.1% 725 GLOBAL 1 DIVERSIFIED 2020 Results FINANCIAL МOEX: Segezha Group COMPANIES MOEX: SGZH Sustainalytics ESG rating RUB FITCH AFKS 691.6 bln Revenue BB– 73.7% stable LSE: 77.2 Etalon Group RUB SSA LSE and MOEX3: ETLN 236.3 bln S&P Adjusted OIBDA BB 25.6% RUB stable 16.0 bln RUB Adjusted net income RAEX . bln '18 '19 '20 395 RUB ruAA– Investments in 2020 stable bln Market Capitalization, 1.421 1 Here and hereinafter results for 2020 are presented to reflect the divestiture of AGK Yuzhny. The results for 2019 have been restated to reflect the effect of the divestiture. SISTEMA 2 RUB bln Total assets Etalon’s GDRs started trading on Moscow Exchange from 03.03.2020. 5 //sistema.com ANNUAL REPORT / 2020 SISTEMA PROFILE PERFOMANCE МТS OZON SEGEZHA KEY ASSETS' Telecommunications Online retailer PERFOMANCE GROUP Forestry holding CORPORATE MOEX: MTSS / NYSE: MBT GOVERNANCE SUSTAINABILITY MANAGEMENT ANNEXES 50.02% 33.1% 73.7% ETALON MEDSI STEPPE Private healthcare Agroholding GROUP chain Real estate development LSE / MOEX: ETLN 25.6% 95.5% FUNDS BINNOPHARM BPGC OTHER Power grids company ASSETS GROUP Pharmaceuticals business 49.53% 90% 92.8% ELEMENT SISTEMA VENTURE High tech CAPITAL COSMOS HOTEL 43% 83% GROUP CONCEPT GROUP SISTEMA ASIA FUND Hospitality Retail 79% 91% 100% 49% EAST-WEST UNITED SISTEMA CAPITAL BANK S.A. PARTNERS GROUP Banking BUSINESS NEDVIZHIMOST Real estate ASSETS 70% SISTEMA CAPITAL MC 100% 100% OUR PJSFC SISTEMA 6 7 //sistema.com ANNUAL REPORT / 2020 SISTEMA PROFILE Ozon is another example of a business that became essential amid the new COVID reality. The company delivered exceptional growth, PERFOMANCE CEO’s increasing its GMV1 by over 140% during 2020 and significantly KEY ASSETS' PERFOMANCE expanding the number of active customers to 5.4 mln. Ozon did a great CORPORATE job in addressing the sharp rise in online consumer demand thanks to GOVERNANCE the expanded product mix, timely investments in last mile and fulfilment SUSTAINABILITY Statement infrastructure, and fast development of the marketplace. MANAGEMENT ANNEXES 2020 was a year of transformation for our business. We completed our exit from Detsky Mir, held a successful IPO of Ozon on the NASDAQ and obtained a listing of its ADSs on Moscow Exchange that crystalised the value of this asset and established a foundation for further expansion of For Sistema, 2020 was a year of both trials the business. Total proceeds of the company from the IPO and a parallel and inspiring achievements. In the face of private placement amounted to USD 1.25 bln. challenges created by the pandemic, our assets delivered robust performance, confirming the These transactions also testified to our capabilities to not only grow strength of our diversified portfolio and our high quality businesses, but also to take them to public markets. This has disciplined investment strategy. allowed thousands of retail investors – alongside some of the world’s largest and most sophisticated funds – to share in the success of our In 2020, the Corporation increased revenue market-leading portfolio companies. by 5.7% and adjusted OIBDA by 5.5%, thanks to contributions from MTS, Segezha Group, We also expanded our presence in the pharmaceuticals sector, Steppe and Medsi. combining our assets into Binnopharm Group, which is already one of Russia’s largest pharma producers and has the potential to become Drastic changes in consumer demand and a focus of consolidation in the industry. In 2020, Binnopharm Group behavior amid the pandemic affected many entities demonstrated an impressive performance. Their combined sectors where we have a presence, requiring revenue grew by 30.1% to RUB 21.4 bln, with an OIBDA margin of quick and decisive action. I am pleased that our 25.5%. This opens the way towards transforming the holding into a fast- portfolio companies overcame the challenges growing innovative operation, with a diversified product portfolio and resulting from the COVID-19 pandemic, and significant production and research potential. were able to quickly adjust their business models and adapt their products and services The Corporation continues to seek out new sources of growth, using the to the new reality, which is reflected in their significant dividend income received from our portfolio companies as an strong annual financial performance. investment resource. As part of this strategy, our joint venture with Sber has acquired a stake in Elektrozavod Group, which includes transformer MTS delivered robust growth due equipment production facilities in Moscow and Ufa, maintenance to both revenue growth
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