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Press releases | Archive 2003

RBC reports audited financial results for 2002

Moscow, June 17, 2003 - Today OAO RBC Information Systems (RTS: RBCI; MICEX: RU14RBCI4001)), a media and IT-company, reported full-year financial results in accordance with IAS, based on the auditor's report prepared by KPMG for the year ended December 31, 20021.

Consolidated key figures Full year

$'000 20012 2002 % Change % of Revenue 2002
Revenue 18 508 29 151 58 -
Gross profit 10 296 15 884 54 54
Operating income 7 523 11 409 52 39
EBITDA 8 604 13 752 - 47
Net income 6 880 9 207 34 32

1 RBC consolidated financial statements for 2001 and 2002 are available at www.rbcinfosystems.com
2 All comparatives as of and for the year ended December 31, 2001 have been restated by applying the change in the consumer price index to December 31, 2002.

Total revenue reached $29.151m in 2002, which is 58 percent more as compared to the previous year ($18.508m). The net profit of the company increased 34 percent from $6.880m in 2001 to $9.207m in the period under review.

Revenue from the media business, consisting of information and advertising services, was $15.412m in 2002, an increase of 44 percent from $10.737m reported in the previous year. Revenue from information services was up 12 percent from $2.273m in 2001 to $2.542m in 2002. Revenue from advertising services demonstrated significant growth of 52 percent from $8.464m in 2001 to $12.870 last year, driven by the increased popularity of RBC's media resources and an inflow of advertisers. IT services delivered $13.739m in 2002, an increase of 77 percent as compared to the previous year, as RBC continued to expand its own product range and offerings of products of leading international software vendors. Media and IT services accounted for 53 and 47 percent respectively in the total revenue mix.

The company's gross profit reached $15.884m in 2002, which is 54 percent more as compared to $10.296m in 2001. Operating income grew 52 percent from $7.523m in 2001 to $11.409m in 2002. EBITDA increased from $8.604m in 2001 to $13.752m in the period under review. EBITDA margin, or EBITDA divided by total revenue, reached 47 percent.

RBC shareholder equity considerably grew from $9.440m as of the end of 2001 to $31.745m as of the end of 2002, primarily due to additional funds raised as a result of an IPO conducted in Russia in April 2002.

Cautionary note regarding forward-looking statements

Some of the information in this press release may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. It is possible that the company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm's future results, see "Risk Factors" in the company's IPO Circular on www.rbcinfosystems.com. RBC assumes no obligation to update any forward-looking information contained in this document.

Press and investor contacts:
Egor Timofeev
Tel: +7 (495) 363-1111
Email: pr@rbc.ru
Web: www.rbcholding.com