CJSC SSMO LenSpetsSMU issues statements Q1 2010 according to Russian Accounting Standards

04.05.2010

CJSC SSMO LenSpetsSMU, the main real estate developer in Etalon-LenSpetsSMU Group, has issued its financial statements for Q1 2010 according to Russian Accounting Standards.

In comparison with the same period in 2009 the company’s assets remained at approximately the same level (38.3 bn rub.), whereas the leverage ratio in the asset value decreased from 17.2% in Q1 2009 (6.8 bn rub.) to 10.0% in Q1 2010 (3.8 bn rub.). The amount of net debt decreased in a year from 6.7 bn rub. to 2.6 bn rub. (-61.1%). At the same time the amount of equity increased from 1.7 bn rub. to 3.5 bn rub. (+103%) for the same period.

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) and in Q1 2010 (61 thousand m2), which was followed by a write-off of the prime cost of these projects to the financial result. Thus, the revenue in Q1 2010 amounted to 2.6 bn rub., 1.6 times as much as the same index in Q1 2009.

The gross margin for the reporting period is 34.8% and the net margin stands at 25.7%

Index

Q1 2010

Q1 2009

Change, %

Assets, thousand rub

38 324 982

39 361 426

-2.6

Construction in progress, thousand rub

7 678 869

13 343 217

-42.5

Monetary funds, thousand rub

1 210 340

59 266

+1942.2

Credits and loans, thousand rub

3 826 550

6 786 478

-43.6

Net debt, thousand rub

2 616 210

6 727 212

-61.1

Capital and reserves, thousand rub

3 513 816

1 729 854

+103.1

Net debt / Equity

0.7х

3.9х

-

Credits and loans / Assets

10.0%

17.2%

-

Revenue, thousand rub

2 617 662

1 653 919

+58.3

Gross profit, thousand rub

910 090

602 601

+51.0

Net profit, thousand rub

673 064

16 194

+4056.3

Gross margin

34.8%

36.4%

-

Net margin

25.7%

1.0%

-

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