JSC Open Investments
JSC Open Investments: publishes 2011 audited IFRS results
JSC Open Investments / Key word(s): Final Results/Final Results THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA JSC OPIN AUDITED RESULTS FOR THE FULL YEAR ENDED DECEMBER 31, 2011 (18 April 2012) Joint Stock Company ‘Open Investments’ (JSC ‘OPIN’ or the ‘Company’) (BLOOMBERG: MICEX – OPIN.RM), the first publicly traded real estate developer in Russia, has today published its IFRS audited results for the full year 2011. The document contains audited financial statements and independent auditor’s report. Highlights – Revenue for the year 2011 increased by 79% year-on-year to US$270.2 mln, 83% of which came from sales of residential real estate in three main projects: Pavlovo 2 – US$181.8 mln; Pestovo – US$ 26.0 mln and Martemyanovo – US$17.1 mln. – In 2011 the Company recognised a US$110.4 mln gain in fair value of investment property (land bank) as opposed to a loss of US$457.1 mln in 2010. The valuation in 2011 was verified by the independent valuer and adjusted downward by the Company based on a more conservative reporting approach. – EBITDA for the year 2011 was US$86.9 mln, or 32% of total revenue as opposed to a negative US$570.4 mln in 2010 (result of loss in fair value of investment property in 2010). – Net income for the year was US$32.4 mln in comparison to a loss of US$524.6 mln in 2010. The main drivers of net income growth were increased sales of residential property and gain in fair value of investment property. – The Company managed to decrease its short-term liabilities by 26% from US$558.8 mln in 2010 to US$415.4 mln in 2011 due to restructuring of debt portfolio resulting in extension of maturities on several loans and decrease in advances received from customers resulting from more rapid sales of residential property. – Net asset value as at 2011 year end was US$1,018.4 mln or 3% down from 2010. Despite the increase in net asset value driven by gross profit and a gain in fair value of investment property, it was offset by a negative currency translation difference, which occurred due to the difference between functional and presentation currency. – The Company’s cash balance as at December 31, 2011 was US$21.5 mln. The full version of the report is available on the corporate website and can be downloaded at http://www.opin.ru/upload/iblock/a01/vswdtgqhvdpixhmknlrd%20wydrbnyyhf%20pcxm%20frtwyoao%202011%20wx..pdf For further information, please contact: Investors: Media: About OPIN Established in 2002, JSC OPIN is one of the leading real estate development companies operating in Russia. OPIN is focused on the development of master-planned multi-format residential communities and the operation of high-quality commercial properties in Moscow and the Moscow Region. Having completed nearly 200,000 sq. m of commercial space and 500 ha of developed master-planned communities, today OPIN is a well-recognised brand in the domestic market, known for the market-leading quality of the projects it delivers. Through its property expertise and successful track record, the Company’s strategic goal is to become a platform for the consolidation of assets in the real estate industry in Russia. The Company’s majority shareholder is ONEXIM Holdings Ltd, a major private investment group in the CIS region with a diversified portfolio of assets in mining, real estate, financial services, media, energy production and high-tech. In November 2004 OPIN was successfully admitted to the RTS stock exchange and since then has carried out six secondary public offerings, raising nearly US$2 billion. Further details can be found on the OPIN website at www.opin.ru End of Corporate News 18.04.2012 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | JSC Open Investments | |
Tverskoy blvr, 13/1 | ||
123104 Moscow | ||
Russia | ||
Phone: | + 7 495 363 22 11 | |
E-mail: | info@opin.ru | |
Internet: | www.opin.ru | |
ISIN: | RU000A0DJ9B4 | |
End of News | EquityStory.RS, LLC News-Service |
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