LenSpetsSMU issues its statements for 2009 according to the Russian Accounting Standards

09.03.2010

CJSC SSMO LenSpetsSMU, the main real estate developer in Etalon-LenSpetsSMU Group, has issued its financial statements for 2009 according to the Russian Accounting Standards (RAS). The results of the accounting period turned out to be the best according to many indices over the company’s lifespan.

The company’s assets reached the level of 40.5 billion rub, and the leverage ratio in the asset value decreased from 16.2% in 2008 (6.2 billion rub) to 11.2% in 2009 (4.5 billion rub). At the same time the amount of equity increased from 1.7 billion rub to 2.9 billion rub (+70%) in one year.

The decrease in Construction in Progress was caused by a considerably large volume of projects commissioned and delivered in 2009 (by CJSC SSMO LenSpetsSMU – 284 thousand m2), which was followed by writing-off of the prime cost of these projects to the P&L statement. Thus, the revenue in 2009 amounted to 9.7 billion rub which is twice as much as the same index in 2008.

Index

2009

2008

Change, %

Assets, thousand rub

40 458 784

37 982 530

+6.5

Construction in progress, thousand rub

9 493 922

15 306 510

-38.0

Cash & cash equivalents, thousand rub

1 312 820

21 746

+5937.1

Credits and loans, thousand rub

4 523 905

6 162 885

-26.6

Net debt, thousand rub

3 211 085

6 141 139

-47.7

Equity, thousand rub

2 912 524

1 713 660

+70.0

Net debt / Equity

1.1х

3.6х

-

Credits and loans / Assets

11.2%

16.2%

-

Revenue, thousand rub

9 740 319

4 788 879

+103.4

Gross profit, thousand rub

2 730 193

1 861 719

+46.6

Net profit, thousand rub

1 198 864

144 261

+731.0

Gross margin

28.0%

38.9%

-

Net margin

12.3%

3.0%

-

The statements are available on the company’s financial website.

CONTACT DETAILS:

Natalia Menzel, Head of Public Relations

tel. (812) 348-21-25, e-mail: menzel_n@lenspecsmu.ru

Viktor Vasenev, Deputy CFO

tel. (812) 348-09-95, e-mail: vasenev_v@lenspecsmu.ru