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Sitronics Sitronics


JSC Sitronics (earlier Scientific center concern) integrates the hi-tech enterprises of AFK "Sistema", owns a number of the technology companies of Russia, Ukraine, the Czech Republic and Greece which work in the field of telecommunication and information technologies and microelectronics.

RTI - 100%

10000 employees in 2008



+ Sitronics


For March, 2013 Sitronics is deprived of any managerial functions. "It possesses about 37% of the NVision Group system integrator and also 78% of stocks of JSC NIIME i Mikron and some other assets, but all of them are under operational management of RTI, - explains ComNews source. – As for the current staff of Sitronics, in general, they prepare that the company will find new life: strategy is developed, are looked for the space for office and new employees. Most of former employees left – this process began even last fall".

According to ComNews source, in March, 2013 AFK studies a possibility of the redemption of Sitronics from RTI. And Sitronics will continue life as independent "subsidiary" of AFK. "The management considered that there is no sense to bury a good brand", - says a source. At this RTI will redeem from Sitronics microelectronic assets (Mikron, JV with Rusnano and also some other). Will purchase RTI and a share in NVision, kotorya as a result of reorganization it appeared in ownership of Sitronics.

As a result of receiving money for these assets the debt load on Sitronics considerably will decrease. According to intention of the management of System, updated Sitronics will receive its share in JSC Navigation-Information Systems (NIS GLONASS) from parent company and will be focused on navigation services. Also Sitronics reserves 48% of the Greek producer of telecommunication equipment of Intracom Telecom and some other assets.

Board of Directors

  • Boev Sergey - since July, 2009 the chairman of the board of directors Sitronics, the vice president of AFK "Sistema", the head of the Business unit "High technologies and the industry";
  • Denis Muratov is a nonexecutive director

On June 30, 2009 shareholders of Sitronics elected the structure of Board of Directors of the company in number of 11 people. So, members of council became: * Anton Abugov is a senior vice president of AFK "Sistema", the head of a complex of strategy and development;

  • Yuval Almog is the chairman of the board of directors of Coral Group;
  • Sergey Aslanyan is the president of Sitronics;
  • Anatoly Ballo is a board member, the vice-chairman of the "Development Bank and Foreign Economic Activity (Vnesheconombank)" State corporation;
  • Alexey Buyanov is the senior vice president of AFK "Sistema", the head of a complex of finance and investments;
  • Dmitry Gayev is a chief SUE Moscow Metro;
  • Denis Muratov is the board member of Sitronics;
  • Kirill Poltevsky is the director of the department of strategy of the Business unit "High technologies and the industry" of AFK "Sistema";
  • David Hidasheli is the executive vice president of a complex of external relations of AFK "Sistema";
  • Nihad Hurem is senior vice president on development of new products and technologies of Sitronics.

Performance Indicators


The Sitronics group announced financial results for 2011 financial year. The consolidated revenue of the company in comparison with 2010 increased by 26% to $1475 million. The indicator of OIBDA was $97.1 million, a margin of OIBDA of 6.6%. Net loss of group in 2011 is measured by $86.7 million.

Sergey Aslanyan, the president Sitronics said that since the beginning of December, 2011 the company received contracts for the amount $538 million so the next financial year can become more impressive. Since the beginning of 2011 the total amount of contracts of Sitronics was $1817.9 million.

The proportion of long-term debts to a total debt of group made 44% as of December 31, 2011 in comparison with 29% for the end of 2010.

Revenue of the direction of telecommunication solutions in 2011 grew by 4% in annual terms to $545.5 million. Revenue of the direction of microelectronics made $316.4 million, growth in a year – 24%.

As for IT department Sitronics,Sitronics IT companies, revenue from the direction of information technologies made $492.6 million in 2011 that is 39% more, than the previous year. The net profit of Sitronics IT decreased for the last financial year almost three times and was $4.9 million instead of $14.2 the previous year. The indicator of OIBDA was $21.7 million instead of $29.1 million in 2010 financial year. OIBDA margin – 4.4% instead of 8.24%.

In revenue of Sitronics IT of 24% 41% - for sales of telecommunication integration solutions were the share of infrastructure solutions and system integration. Another 35% - on business consulting and IT outsourcing.

Capitalization of Sitronics on the London Stock Exchange for the end of April – $124.1 million. Capitalization of Sitronics on the London Stock Exchange for the beginning of March, 2011 - $143.2 million,


2010 Sitronics finished with net loss, though reduced it by 2.6 times to $45.6 million. But revenue of the company in a year grew by 14% to $1,166 billion, OIBDA increased by 15.8 times to $105.6 million therefore profitability according to OIBDA increased from 0.7 to 9.1%[1].

The president of Sitronics Sergey Aslanyan who promised to bring the company to profitability at the end of 2008, explained that the achievement of this purpose is hindered a high duty ($483 million) and costs for production organization of microchips of 90 nanometers in size — the joint project with Rusnano.

Recovery of business of Sitronics goes quicker, than it was expected, the analyst of Uralsib Konstantin Belov notes (predicted OIBDA at the end of 2010 at the level of $76-86 million). Sitronics leaves crisis state, analysts of Rye, Man & Gor Securities agree. But the debt load remains high, Belov notes. It can prevent the company to support at the same time generation of a cash flow and to invest in start of new products, he adds.

Best of all IT services were on sale the Majority of large contracts traditionally is signed in the IV quarter, the vice president of Sitronics Irina Lanina notes. Besides, many clients defroze the IT budgets and the effect of pent-up demand worked, Lanina adds. According to her, projects with other "subsidiaries" of AFK "Sistema" — SAP implementation in Bashneft, the contract with MTS for delivery of licenses of Oracle and also contracts with Sberbank in Russia and in Ukraine and Svyazinvest became main growth drivers, she says.

  • IFRS, 9 months 2010: revenue – $682.5 million, net loss – $64.8 million.
  • Revenue of Sitronics in the III quarter 2010 almost did not change in comparison with the same period of 2009, and in comparison with the II quarter decreased by 16.6%; the company is still unprofitable. Sitronics has a heavy debt ($745.1 million), and the most part of investments goes on long-term projects.
  • Net losses of JSC Sitronics were reduced according to the results of the I quarter 2010 by 1.6 times, having made 28.4 million dollars * the Consolidated revenue grew by 22% and made 190.8 million dollars (US GAAP).

Revenue in a segment of information technologies grew by 73% and made 33.5 million dollars, in a microelectronics segment - to 44.6 million dollars (+54%), revenue in a segment of telecommunication solutions made 107.5 million dollars (+2%).

OIBDA indicator in the I quarter 2010 was 7.4 million dollars against a negative indicator in the amount of 6.9 million dollars the previous year.

S. Aslanyan reported to RBC that the company intends to become profitable in 2011. According to him, Sitronics developed the appropriate program on reaching of the company profitability.

"We make all efforts to make it in 2010, but, most likely, it will be difficult therefore in 2011 we are going to reach profitability", - he noted.

Business directions

Telecommunication Solutions

Revenue in 2007 made $ 569.8 million.

The head  is Pavel Pavlovsky.

This direction became the pro-parent of modern Sitronics. In 1993 in the Czech Republic the STROM telecom company  — the supplier of inexpensive solutions for gradual digitization of analog networks of telecom operators was created. In 1995 the company received the first order abroad  — from MGTS (Moscow City Telephone Network). In the mid-nineties in Russia paid a license fee for phone without whether the subscriber used phone. At the same time there were offers on change of this disadvantage. "STROM telecom" on the basis of data collection from stations developed for MGTS a settlement system on the basis of the valid minutes of telephone conversation. This portfolio was gradually complemented with a system for downloading of data from digital stations, and soon "Sitronics of TS" began to release stations.

In 1998 "STROM telecom" purchased the Czech company "Tesla" owning the plant for equipment manufacturing. In 2002 "STROM telecom" was absorbed by AFK "Sistema" and entered "Scientific center Concern. In 2006 telecommunication business of Sitronics was complemented with the Greek producer Intracom Telecom which 51% AFK "Sistema" purchased from Intracom Holdings.


Information Technologies

Revenue in 2007 made $ 763.3 million.

The head  is Vladimir Yasinsky.

"Sitronics Information Technologies (till June, 2008 worked under a brand Kvazar-micro) renders services in management and technology consulting, implementation of enterprise management systems, system integration, software development, distribution, service and training.


Sale of distribution business

In April, 2009 the company sold seven legal entities which are engaged in distribution of a computer hardware in Russia, the CIS countries and the Baltics and also in Hungary and the Czech Republic. About 70% of revenues of division "Sitronics information technologies" (being Kvazar-micro) and 30% of all revenues of Sitronics company in 2008 — $611 million were the share of distribution. Distribution business seriously suffers because of crisis and feels the big need for working capital, the president of Sitronics Sergey Aslanyan said. Besides this business had very low profitability — on average in the market of 2%, the vice president of the company Irina Lanina added. According to her, the IT department of Sitronics will concentrate on system integration now.

Assets estimated at $50 million, but the transaction was cashless, Lanina told. Distribution business is sold to offshore Melrose Holding, the under control board member and the ex-president of Sitronics Utkin. At this offshore in 2004 Sitronics purchased 51% Kvazar-micro for $28 million. In February, 2008 the company agreed about the redemption of the remained 49% of Kvazar two tranches: $116.9 million (a part of the amount is paid with 3.07% of stocks of Sitronics) for 36% in March and $50 million for the remained 13% in July. Then rebranding of Kvazar began. But Sitronics remained owes Melrose of $50 million which undertook to pay within two years. Now the company decided to pay off the former president with distribution business.

These assets will be renamed into Kvazar-micro again, Utkin told Vedomosti. He does not exclude that in 2009 income from distribution of a computer hardware can drop by 50%, but hopes that there will be enough experience of its command to stand in a difficult economic situation.

Microelectronic solutions

Revenue in 2007 made $ 217.2 million.

The head  is Gennady Krasnikov.

Microelectronic business of Sitronics causes the greatest number of disputes around the company. It is created based on scientific research institute of molecular electronics and the Mikron plant (city of Zelenograd), one of the largest centers of production of electronics in Russia. Mikron conducts the history since 1964. Then, on the areas of the Komponent plant the first line on release of packageless planar bipolar n-p-n of the transistor is organized and started. From 1966 to 1970 on Micron for the first time in the country also analog integrated circuits of mass application were developed and created digital. Further at the plant the element base is made for a computer Elbrus-2, chips for providing the Mars-Venus program, a number of products for defense industry.

In 1991 on Micron the prototype of color 100  mm of the LCD display is developed. Soon Mikron acquired the right of an independent exit to foreign markets and began serial delivery of crystals of integrated circuits for Samsung company.

In  2001 "NIIME and Mikron" was a part of Scientific center concern, after renamed into Sitronics, having become head enterprise of the Microelectronic Solutions business direction. Also the Voronezh plant of semiconductors VZPP-Mikron is a part of this direction.

At the end of 2007 on Micron installation of the clean room and a production line for release of chips of EEPROM technology for 180-nanometer technology process was finished.

In December, 2008 it was announced plans of re-equipment of 180-nanometer production up to 90 nanometers. The amount of required investments  — $ 150 million. For their attraction Sitronics conducts negotiations with Rusnano state corporation.

In May, 2009 Sitronics is going to announce the tender for the choice of equipment suppliers for creation of production of chips with a topological size of 65-45 nanometers. Its start is planned in 2012.

Consumer services and goods

Revenue in 2007 made $ 69.3 million.

The head  is Sergey Urezchenko

Provides services in contract manufacturing of electronics for the companies telecommunication and IT markets and also for third-party producers of consumer electronics. Together with ZTE Corporation (People's Republic of China) in 2008 in China Sitronics created the SITRONICS-ZTE Ltd enterprise. on production of telecommunication equipment, communication systems and terminal equipment.

At the end of 2008 Sitronics stopped assembly of consumer electronics, and in April, 2009 decided to suspend temporarily construction of the plant in China for the joint venture with ZTE in which the Russian company possesses 51% of stocks.

Venture fund in Armenia

The government of Armenia and Sitronics company at the end of 2009 – the beginning of 2010 will create venture fund, the CEO of the Armenian fund "Incubator of the Enterprises" Bagrat Engibaryan reported. The authorized capital of fund will be $40 million, during two – three years it can increase to $70-80 million, the fund has no name yet.

The vice president of Sitronics Sergey Urezchenko confirmed to CNews given [1]. Negotiations on the investment attraction in fund are now conducted with world institutes of development, Urezchenko specifies. At the same time Sitronics does not apply neither for a controlling stake of fund, nor for management of it that "not frighten off external investors".

According to the head of department of information and high technologies of the Ministry of Economics of Armenia Vach Kirakosyanyana, from $3 to $6 million will leave authorized capital of venture fund on creation of sowing fund for creation of projects on initial stage. The projects selected by venture fund will be to be implemented at the radio-electronic plant "Mars". It was constructed in 1988 – 94 for production of printed circuit boards and radio engineering, however now production lines of the plant are not loaded, and technologies, by Kirakosyanyana's recognition, became outdated.

In 2003 the Mars plant was transferred to Russia within debt restructuring of Armenia, Rosimushchestvo estimated it at $56 million. In 2008 the plant passed under management of Sitronics. This summer the prime minister of Armenia Tigran Sargsyan noted positive shifts in work of the enterprise: repayment of debts on the salary and tax payments and also debt restructuring of Mars before the government of Armenia (about $0.5 million) began.

Together with the plant institutes of materials science, mathematical machines and automated control systems which will be united in scientific research institute were taken by Sitronics. According to Kirakosyanyan, based on Mars and scientific research institute the special economic zone with the simplified taxation and a customs regime will be created. Within a zone project development of Sitronics and venture fund will be performed. The zone will be scientific and technical character, Urezchenko from Sitronics says. It will use the existing capacity of the Armenian innovation enterprises in the high-tech sphere and also a possibility of the Armenian diaspora in the USA. Within a zone Sitronics will create the exhibition center, working laboratories and a zone of high technologies.

The research supervisor of the innovation institute at MIPT Yury Ammosov reminds that the Russian IT companies already have an experience of transfer of a part of business to Armenia, in particular, the Vested Developed company placed in this country of offshore programmers. But, according to the expert, so far Sitronics only reached the agreement on attraction of anchor investments from the World Bank, IFC and the government of the United Arab Emirates. "Anchor investments are money on the basis of which it is possible to begin to do fund, but their receiving does not mean creation, - Ammosov adds. - Obligations on anchor investments come rather easily because in case of failure (from 6 months to 1 year) they can be recalled without effects".


The largest consumers of many products and services of Sitronics are the enterprises of "parent" AFK "Sistema". Could not debug MTS more than a year and the zapustitbillingovy system developed by Sitronics. They say, the staff of operator rewrote software more than half. Besides, MTS "strongly strained" when Kvazar-micro (subsidiary of Sitronics) implemented it the ERP system. Also MTS is the largest consumer of the sim cards which are released on Micron.



The agreement with "Rusat Infrastructure solutions" about development of the "smart" cities

Rusatom Infrastrukturnye resheniya LLC (enters into ROSATOM State Corporation) and JSC Sitronics will integrate practices in the field of development of the digital industry of the cities. The companies announced it on May 15, 2019 in connection with the signed agreement of intent to develop joint projects. As the perspective directions of cooperation implementation of digital platforms and elements of "The smart city" at improvement of the public territory, creation of technology infrastructure and DPC, including on the basis of the principles of public-private partnership, and others are considered. Joint pilot projects in a number of regions are going to start this year.

"Rusat Infrastructure solutions" coordinates advanced technologies of Rosatom for digitalization and urban governance. Distinctive feature of approach of Rosatom — a support on methodology of the thrifty and smart city — Lean Smart City which essence — in continuous improvement of processes in municipalities that allows to involve effectively city services, quicker to react to requests of citizens and business.

The Thrifty Smart City project of Rosatom is already implemented in the city of the Sarovenizhegorodsky region based on a single integration platform which collects, integrates and analyzes data from all sources of city data, flexibly interacts with the existing digital infrastructure and allows to integrate into uniform smart system new structural blocks, digital services. One of basic elements of the platform — functionality "the active citizen" who allows city administration to receive a feedback and quickly to solve the current problems, involving inhabitants in process of creation of the "smart" and comfortable urban environment.

As integrator of solutions on the Smart City direction, our company it is interested in selection of best practices and technological solutions in the field of digitalization and creation of the comfortable urban environment which will be demanded at replication of our technology of "The thrifty smart city" in the Russian cities — Ksenia Sukhotina, the CEO of Rusatom Infrastrukturnye resheniya LLC noted.

The expert office "Sitronics" acts as the driver of implementation of national projects and creations of digital infrastructure of regions. Within implementation of national projects Sitronics is ready to adapt technologies of Rosatom for local needs of regions, declared in the company.

Sitronics also intends to continue to develop an ecosystem of technology partners among whom — not only state corporations, but also institutes of development, industry associations, the technology companies and local players. Earlier Sitronics signed agreements on strategic cooperation on medicine the directions "smart city", "digital state administration", "digital", "digital education" and HOUSING AND PUBLIC UTILITIES"smart" with Kaluga, Novosibirsk and Republic of Ingushetia.

Partnership with IPCHAIN

Sitronics increases base of technology partners, including in the field of protection of the intellectual rights: On April 10, 2019 the company officially became the project participant of IPChain — the decentralized network of transactions with the rights and intellectual property items developed by specialists of Association. Earlier Rospatent and Intellectual Property Rights Court joined IPChain network.

The distributed register of IPChain allows to build in a new way interaction of the state and the industries — to pass from model of public services which does not allow to achieve very high speeds of creation and an output of intellectual products to the market, to model of continuous interaction of market participants in the mode of "real time".

As the operator of the project IPChain, Sitronics accumulates the intellectual rights and technology developments for further use by other market participants. Developing partner base, Sitronics involves in implementation of national projects on digitalization of technology partners, works with clusters of state corporations and considers different types of cooperation with the companies of different level of a maturity — from startups to global players.


Problems with bonus payment to managers

In March, 2013 it became known that managers of JSC Sitronics - former and present - are going to submit a claim to the company. In 2010 "phantom" stocks on which three years in a row had to be charged payments were assigned to them. Two payments – in 2010 and 2011 - were made, and the third - for 2012 - is still not performed, despite existence of all necessary documents. In total it is about 56 million rubles.

One of the former managers of Sitronics told about emergence of problems with payment of compensations of ComNews. So far participants were limited to mailing of letters to the president of JSC Sitronics Alexey Shavrov and the chairman of the board of directors of the company Alexander Goncharuk.

The program of a long-term financial incentive of employees of JSC Sitronics was adopted on initsiativeafk System by Board of Directors of joint stock company at the beginning of 2010. The solution was issued as the annex to the employment contract and signed by each participant of the program within which in 2010 and 2011 "phantom" actions, not held for sale were assigned to employees of Sitronics. In 2012 in connection with the restructuring of an action happening in the company were not assigned to workers. However the Board of Directors made the decision on repayment and payment in 2012 of the remained "phantom shares" at the price of date of completion of delisting of the GDR of Sitronics from the London Stock Exchange (LSE).

Delisting of the company took place at the end of August, 2012. Cost redeemed from the stock market at that time was $0.92 for one GDR (corresponded to 50 stocks of Sitronics), in 2007 when the company went public, one GDR cost $12. Delisting of actions was preceded by a number of the organizational measures for restructuring of all hi-tech business of System which brought in result to the fact that from under operational management of Sitronics almost all assets were displaid: management of them was assigned to JSC RTI created by System at the beginning of 2011 (84.6% of stocks belong to AFK, another 15.4% were redeemed by Bank of Moscow). Thus RTI was consolidated by 100% of stocks of Sitronics.

Payments of compensations for "phantom" actions had to take place till February 28, 2013. The Board of Directors of Sitronics made such decision in December, 2012, and on January 30, 2013 the president of the company Sergey Aslanyan signed the relevant order. However already on February 1, having worked in the company more than five years, Aslanyan left it. Its place was taken by Alexey Shavrov.

The new management did not begin to hurry with obligation fulfillment before employees. "In it there is no evil will, - one more of the former top managers of Sitronics who also did not receive due to it compensation is sure. - Just new operational management for lack of income does not want to take the responsibility on accomplishment of any payment commitments".

The source in the company told the reporter of ComNews that payments are delayed because of purely technical issues, connected, including, with need of renewal of accounts. "It is connected with the current situation in the company which key managers left", - he explained.

As one of participants of the program told ComNews, originally it concerned about 60 people, but as all had different conditions, at the moment holders of "phantom" actions there were about 40 people. "Legally they are divided into several groups: someone still works in Sitronics, someone came to other work, someone else could not find any peace therefore if case comes to court, there will be, probably, several class actions, - tells ComNews source. – But nevertheless it would not be desirable to bring to court as for all of us Sitronics is not the worst joint years and exclusively positive experience".

Nevertheless if the problem is not solved during the second half of March, submission of the claim nevertheless will take place. "Now the initiative group is in permanent contact with lawyers", - assured the reporter of ComNews a source.

"In this situation the probability of collecting the third tranche of payments is very high as earlier the company acknowledged legality of payments, - the head of corporate practice of the legal group "Yakovlev and Partners" Vladislav Dobrovolsky argues. - Anyway the court will investigate the legal nature of payments: if it is an award, and society to the employee has proved, proved claims, then the dispute can be resolved for benefit of the employer as the role of the specific employee is called into question. But, generally speaking, by default, employees are recognized as fair if other is not proved. If under the agreement the company regardless of circumstances is obliged to pay to the employee the specified amount, then probably the court will make the decision for benefit of claimants".

Yury Urlichich is appointed the CEO

In June, 2013 to replace Alexey Shavrov directing the company three months the former chief designer of the GLONASS system Yury Urlichich comes. Less than in a week before the Board of Directors of AFK discussed and took into consideration the new development strategy of Sitronics provided by a command under the leadership of Shavrov. To this strategy AFK have no questions, Belous says: Shavrov left at own will. It was confirmed by the person close to Sitronics[2].

At the beginning of 2013 AFK decided to revive Sitronics which carried out delisting with LSE by then and transferred capital assets in parent concern RTI (release of microelectronics) and NVision Group, 50% plus 0.5 stocks of which are owned by RTI (IT-Business and development of telekomresheniye). The idea consisted in selecting the assets which are not relating to defense industry from RTI and to transfer to Sitronics, the main owner of System Vladimir Yevtushenkov told in January, 2013 to the Kommersant newspaper. In particular, to Sitronics it was going to tell:

But restructuring dragged on and the team of specialists employed under it stands idle idle, the person, close to Sitronics, explains, connecting with it and Shavrov's leaving. Sitronics did not receive the promised assets yet. And the debt needs to be serviced, the interlocutor of Vedomosti adds. For the end of 2012 the short-term debt of Sitronics made $214.2 million, and long-term — $297 million Year the company completed with an operating loss in $37 million.

The decision on transfer of assets is essentially made, but terms are not approved yet, the people close to Sitronics and RTI Group say. "System" intends to save a brand of Sitronics.

2012: Disbandment of Sitronics management company

Till fall of 2012 the company consisted of four business directions: "Telecommunication Solutions", Information technologies, Microelectronic Solutions, "Consumer Services and Goods".

The Greek Intracom Telecom and also producers of microelectronics (NIIME and the Mikron plant, VZPP-Mikron, Quantum, Kvazar-micro - the Sitronics Information Technologies brand), consumer electronics (Sitronics), industrial electronics were a part of Sitronics the Czech company Sitronics TS (before STROM Telecom) (Elaks, Elion). JSC Sitronics serviced more than 3.5 thousand clients and had representations and branches in 32 countries, performed export to 62 countries of the world.

In Kazan the subsidiary company – Sitronics Tatarstan LLC works.

In 2012 as a result of reorganization actually stops existence Sitronics management company. Its assets are divided between the companies which are a part of AFK "Sistema" RTI and "NVision Group", and the number of employees was by the end of the year laid off till 10-15 people. With reference to a source in RTI the newspaper "Vedomosti" reported about it.

During reorganization the division of Sitronics on release of microelectronics (the Zelenograd plant "Mikron") passed into RTI, and Sitronics Information Technologies companies (IT service) and "Sitronics Telecommunication solutions" (production of telecommunication systems) were a part of NVision Group. Also passed a part of employees of UK "Sitronics" to work into these companies, reports the edition. Integration of an ICT assets of AFK "Sistema" and NVision will affect about 2800 employees Sitronics which as it is supposed, will enter into staff of NVision till January, 2013.

  • JSC Sitronics announced that JSC RTI in accordance with the terms of the voluntary offer completed and completely paid acquisition of 3,476,219,122 ordinary shares of the company (including actions, the rights to which are certified by depositary receipts) that makes about 36.411% of authorized capital SITRONICS. The voluntary offer of RTI on acquisition up to 36.926% of ordinary shares SITRONICS at minority shareholders was received by the company on March 13, 2012, and the term of participation in the voluntary offer expired on May 22, 2012.

Thus, the general share of ownership of RTI in SITRONICS reached 99.485% of a total quantity of ordinary shares SITRONICS. Further RTI it intends to begin the procedure of forced redemption of stocks provided by the Russian legislation for the purpose of acquisition of the remained 0.515% of ordinary shares SITRONICS. The beginning of the procedure of delisting of stocks and depositary receipts of the company from the Russian stock exchanges and the London Stock Exchange, respectively also intends to discuss RTI about SITRONICS.

On August 23, 2012 the RTI completed consolidation of Sitronics, having compulsorily redeemed 0.52% of shares from minority shareholders. In the same day delisting of Sitronics from the London stock exchange came to the end.

The Greek company asset of Intracom telecom on December 14, 2012 again initiated the option for the redemption Sitronics of the remained 49% of stocks of the company. The first time initiation took place in 2010, then any decision was not made. Later Intracom telecom stated that it is ready to sell the share not less, than for 160 million dollars. Negotiations are conducted.

  • The Sitronics management company after the transaction with NVision Group selling two assets and on transfer of the direction of microelectronics to RTI is almost completely defunct, this TAdviser became known on December 19, 2012 from the source close to the participating companies of transactions.

So, TAdviser knew that from the staff list in more than 220 people, in Sitronics now about ten officially work, the others are reduced or left independently. The vice president Sitronics on corporate communication Irina Lanina confirmed to TAdviser the intentions to leave the company: "Yes, on December 29, 2012 my last working day here".

In the company there is its head – Sergey Aslanyan. According to the source, so far the legal entity is not liquidated. "The company has very many debts of which it is possible to get rid in the bankruptcy help. When it occurs – it is unknown, but the probability of such scenario is", - continued a source.

The analyst of UK "Uraslsib" Konstantin Belov stated TAdviser of doubt that the company will be used for such actions. "Sitronics is included into AFK Sistema, and here already become effective reputational risks. Many daughters apply to banks for the loans, and similar actions very negatively can affect in the future investment support", - he told.

Earlier in the press it was reported that some part of employees Sitronics is admitted to NVision Group, a part passed to Asteros integrator, and a part is in free floating.

The Asteros of TAdviser reported that from Sitronics some top managers passed into the company: Alexander Krasovsky holds a position of the managing partner on business development now, earlier was the vice president for sales of Sitronics; Andrey Polonsky who was responsible for strategic and sales management at the end of 2012 already worked as the vice president for strategy and corporate development of Asteros.

Sergey Aslanyan did not announce the further plans to TAdviser.

It should be noted that the end of 2012 – the beginning of 2013 is time when big personnel changes in all group of AFK Sistema are possible. So, in February, 2013 the contract of the president of joint stock company Mtsandrey Dubovskov comes to an end.

2011: Sale to the company to RTI holding

  • On March 5, 2011 the Board of Directors of System made the decision on sale of 63.97% of Sitronics of RTI company,[1] told Vedomosti[1] the president of AFK Leonid Melamed resigning[1]. Thus, "hi tech concern in which there is money of the external partner (Bank of Moscow) and which, perhaps, also other potential partners will join is created". He did not disclose transaction details, having told that System sells the packet, and "will separately deal with the stocks of Sitronics which are traded on the market when the moment approaches".

Transaction amount is not determined, there is only "the general approach", assures a source, close to System. Capitalization of Sitronics on the London Stock Exchange at the time of the message made $143.2 million, i.e. the market value of a packet of System — $91.6 million. Stocks of Sitronics are not popular, the market belongs to perspectives of the company pessimistically, the analyst of Uralsib Konstantin Belov says. But, if System looks at the company with optimism, it is impossible to exclude also an award to the current capitalization, he assumes.

In terms of a credit profile of Sitronics any reorganization will be positive, the senior analyst of Moody's Investors Service Yulia Pribytkova considers: all changes will be directed to increase in the capital of the company and cost reduction. In February, 2011 Moody's delivered the rating of Sitronics of B3 on review because of weak financial performance of the company (see cutting) and ambiguities of its future. "System" supports this company, providing it with orders and the credits. The agency monitors whether this support after reorganization of assets of AFK will stop, Pribytkova notes.

Between RTI and Sitronics there are "noticeable synergies", Melamed told, and they can help to improve business of both companies. It is about synergy in the field of developments (Research and Development), distribution and marketing, he specified. This consolidation keeps within the new strategy of AFK — the corporation avoids operational management in subsidiary companies and it is necessary for management examination, the analyst of Gazprombank Anna Kurbatova considers. Consolidation of hi-tech business in one company will allow to carry out, according to her, more large-scale projects also to apply for bigger number of government contracts that is very important taking into account that the state — the main customer in the field of IT and microelectronics. At RTI, according to Kurbatova, high potential of growth due to expansion of the state defense order and projects in the field of "GLONASS". "System" should not share it with minority shareholders of Sitronics, Kurbatova notices.

One of the largest minority shareholders of Sitronics — JPMorgan Asset Management which collected 7.28% of its stocks. The redemption of minority shareholders can not be required as the final shareholder does not change, Belov from Uralsib warns.

  • In April, 2011 it became known that Sergey Sobyanin's Government began to implement in Moscow an intelligent transport system which should unload the city from traffic jams[1].

Sitronics won tender for development of the intelligent transport system (ITS), told Vedomosti several businessmen working in the field of transport. The company until the end of 2011 will develop the concept of ITS and will create uniform command center traffic, told a source, close to it.

6.257 billion rubles, said in the Moscow transport program will be selected for implementation of ITS in 2011 from the budget. Sitronics will receive this money at the end of 2011 when it already performs works, interlocutors of Vedomosti say.

The source, close to the mayor's office, tells that Sitronics will upgrade the existing management system for the traffic light movement "Start" (new traffic lights, detectors, the systems of video fixing will be purchased) and a management system for public transport (will equip the rolling stock of Mosgortrans with navigators). "If to call things by their proper names while it is only about upgrade of the existing system" — the partner of Strategy Partners Alexander Ovanesov says.

The contract with Moscow is comparable on volume to quarter revenue of Sitronics. Cooperation of Sitronics with Moscow began to develop only recently, Lanina says. Still the company had, in fact, only one large Moscow contract — with the subway on delivery of contactless travel cards (approximately for $100 million).

The largest international companies were not invited to biddings, the top manager of the International road consortium complains (integrates developers of systems and the software for the transport sphere — the Singapore AA Traffic, the French STI and the British Verrus). Tender was closed, participants had to have permissions from the FSO, FSB for work with government routes, tells the source close to the mayor's office. The official of the mayor's office reminds that the structure of AFK "Sistema" — Navigation-Information Systems — prepared the feasibility statement for one of the main components of the new transport system — the uniform dispatching center for control of passenger transport and also is a federal operator of the GLONASS system necessary for his functioning.

  • In July, 2011 "the National Rating Agency" confirmed credit rating of JSC SITRONICS at the level of "A+" (high solvency, the first level), the forecast – Positive. The positive forecast of change of rating is caused by positive dynamics of financial performance at the end of 2010 and the predicted preserving of dynamics of growth in the current year, the continuing development of the customer base and partnership, start of new solutions practically in all main business segments. The forecast also considers the probability of improvement of a financial profile of the Company, providing additional opportunities for business development and further gain of positions in the segments in connection with process of consolidation of business with RTI (end is expected until the end of 2011).

2010: Creation Sitronics Tatarstan

On September 15, 2010 announced Sitronics opening in Kazan of subsidiary company – Sitronics Tatarstan LLC. CEO of Sitronics Tatarstan company Grigory Tamashevichus.

2009: Credit of the EBRD and option program

  • In July, 2009 AFK "Sistema" announced attraction at the European Bank for Reconstruction and Development (EBRD) of the three-year credit of €120 million. It is announced that the loan granted to the EBRD of AFK "Sistema" will be used on financing of high-tech projects Sitronics. Also AFK "Sistema" redeemed from the EBRD its share block in Sitronics – thus, the bank exercised the put option received in September, 2006 during the transaction on acquisition at AFK "Sistema" of 3.074% of stocks Sitronics. Transaction amount, according to two relatives to it of sources — about $87 million. Obligations will be refinanced for the credit account.

  • On July 29, 2009 managers of Sitronics company increased share blocks of the company as a result of the third stage of the option program.

The CEO of Sitronics Sergey Aslanyan became the owner of 0.687% of stocks (the former share, after payment of taxes on the 2nd option, made 0.436%), the CEO of "NIIME and Mikron" Gennady Krasnikov - 1.824% (1.726%), the vice president for corporate development Konstantin Khachaturov - 0.092% (0.058%), the senior vice president on development of new products and technologies Nihad Hurem - 0.479% (0.284%), the vice president for corporate property Oleg Scherbakov - 0.34% (0.2%).

Let's remind that within the option program the managers participating in it can acquire in 2007-2010 7.832% of shares of Sitronics four tranches at the price of 1 ruble for paper. Under the terms of the program participants exercise the right to stock acquisition in several tranches - on 16.7% in 2007, 2008, 2009. Participants of the option program have the right to acquire the rest in the amount of 49.9% of shares in 2010. Managers will be able to sell shares after 2010.

In total 23 managers participate in the option program of Sitronics. For start of the program in March, 2006 Sitronics founded Sitronics Management subsidiary company.

2008: A loss - $53 million

Devaluation of ruble prevented Sitronics to implement plans to become profitable at the end of 2008. Losses of the company from exchange differences in 2008 made $55 million, and net loss was reduced from $233.9 million to $53.9 million. Revenue grew by 23.5% to $2 billion, the indicator of OIBDA was $133.1 million (a loss in $101.1 million in 2007). Because of crisis Sitronics also three times will reduce capital costs in 2009 — to $60 million.

YearRevenue, $ one millionOperating profit, $ one millionNet profit, $ one million
20071,619-157.6 (loss)-233.9 (loss)
20082,000align= "Center"align= "Center" |-53.9 (loss)

Total number of employees Sitronics is over 10 thousand people, from them about 4.5 thousand are engaged in area of research and development.


The Sitronics company was created in December, 2002 as "Scientific center Concern which integrated the Russian microelectronic enterprise JSC NIIME i Mikron and the Czech producer of telecommunication equipment and the software of Strom Telecom.

In July, 2004 the controlling stake of the Ukrainian company "Kvazar-micro", one of the largest IT companies in Ukraine was purchased. On its base the business direction, engaged in IT services was created. In 2005 the assets entering "Scientific center Concern and also Kvazar-micro and Sitronics Ltd releasing consumer electronics under a brand of Sitronics were united in JSC Sitronics. In June, 2006 Sitronics purchased a controlling stake of the Greek company Intracom Telecom.

In February, 2007 Sitronics placed 17.55% of shares on the London Stock Exchange and attracted $356.4 million which were directed to implementation of new technologies and to development of the company.

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