LenSpetsSMU issues IFRS statements for 6M2010

23.09.2010

Main indices according to the results for 6M2010:

Total assets of LenSpetsSMU Group stand at 31.3 billion rub (-8.4% for 31.12.2009),

Financial debt (credits and loans) decreased by 11.7% – from 6.1 billion rub (31.12.2009) to 5.4 billion rub (30.06.2010), while the Net financial debt (credits and loans less cash, deposits, monetary funds and their equivalents) decreased by 0.9 % during the same period,

Equity attributable to majority shareholders of the Group increased by 38.8% over half a year from 6.4 billion rub to 8.9 billion rub, while the Total equity of the Group (incl. Minority interests) reached 10.0 billion rub,

Revenue for the first 6 months of 2010 stands 8.6 billion rub (-10.8% for 6M2009), while the Gross profit remained almost the same (the difference comprised less than 1%),

EBITDA decreased by 4.1% (3.7 billion rub in 1H2010 vs. 3.8 billion rub in 1H2009),

EBITDA margin increased from 39.9% in 1H2009 up to 42.9% in 1H2010,

Net profits increased by 17.6% from 2.2 to 2.5 billion rub.

In the first 6 months of 2010 Group's Financial debt decreased by 11.7% (from 6.1 billion rub up to 5.4 billion rub), while the ratio of Financial debt to Equity attributable to majority shareholders decreased from 0.94 to 0.60. Equity share in total assets of the Group during the same period increased from 18.8% to 28.5%.

Also, a positive trend was visible in EBITDA margin (42.9% in 1H2010 vs. 39.9% in 1H2009) and net profit margin (29.7% vs. 22.5%, respectively).

The ratio of financial debt to EBITDA as well as the ratio of EBITDA to Interest payable (calculated on an annual basis) remains the best in the industry – 0.89 and 7.71, respectively.

A slight decrease in Assets and Advances received on principal activity was caused by revenue recognition according to the full completion method for those projects commissioned and delivered in 2009 (324 thousand m2) and partially in 1H2010 (61 thousand m2).

Index

6M2010

2009

Change, %

Assets, thousand rub

31 337 272

34 226 826

-8.4%

Financial debt, thousand rub

5 365 315

6 078 828

-11.7%

Net financial debt, thousand rub

3 885 081

3 921 073

-0.9%

Advances received on principal activities, thousand rub

11 446 165

15 167 357

-24.5%

Equity attributable to majority shareholders, thousand rub

8 930 121

6 433 105

+38.8%

Financial debt / Equity attributable to majority shareholders

0.60

0.94

-

Financial debt / Assets

17.1%

17.8%

-

Equity attributable to majority shareholders / Assets

28.5%

18.8%

-

Index

6M2010

6M2009

Change, %

Revenue, thousand rub

8 557 867

9 593 341

-10.8%

Gross profit, thousand rub

3 982 640

4 017 929

-0.9%

Interest payable, thousand rub

390 478

415 409

-6.0%

Net profit, thousand rub

2 539 070

2 158 560

+17.6%

EBITDA, thousand rub

3 667 510

3 826 199

-4.1%

EBITDA margin

42.9%

39.9%

-

Net margin

29.7%

22.5%

-

Financial debt to EBITDA (annual basis)

0.89

1.02

-

EBITDA / Interest payable (annual basis)

7.71

9.14

-

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