CJSC SSMO LenSpetsSMU Q3 2010 RAS statements released

22.10.2010

CJSC SSMO LenSpetsSMU, the main real estate developer in Etalon-LenSpetsSMU Group, has issued its financial statements for Q3 2010 according to Russian Accounting Standards.

The company’s assets remained at approximately the same level (39.3bn rub.) versus the assets value as of Dec. 31, 2009. The share of debt in total asset value increased from 11.2% in 2009 (4.5bn rub.) to 13.5% in Q3 2010 (5.3 bn rub.). The amount of net debt increased from 3.2 bn rub. to 3.6 bn rub. (+11.5%). During the same period the amount of equity increased from 2.9bn rub. to 4.8bn rub. (+64.8%).

Revenue for 9M 2010 amounted to 9.4bn rub. (50.6% over the same period in 2009), with a gross profit of 3.5bn rub (+128.3%) and net profit of 1.9bn rub. (+294.9%).

The gross margin for the reported period is 37.2% and the net margin stands at 20.3%

Index

30.09.2010

31.12.2009

Change, %

Total assets, thousand rub

39 269 728

40 458 784

-2.9

Ongoing construction, thousand rub

8 473 494

9 493 922

-10.7

Cash & cash equivalents, thousand rub

1 716 055

1 312 820

+30.7

Credits and loans, thousand rub

5 296 582

4 523 905

+17.1

Net debt, thousand rub

3 580 527

3 211 085

+11.5

Equity, thousand rub

4 800 381

2 912 524

+64.8

Net debt / Equity

0.7х

1.1х

-

Credits and loans / Total assets

13.5%

11.2%

-

Index

9М 2010

9М 2009

Change, %

Revenue, thousand rub

9 375 630

6 223 655

+50.6

Gross profit, thousand rub

3 483 615

1 525 849

+128.3

Net profit, thousand rub

1 904 356

482 245

+294.9

Gross margin

37.2%

24.5%

-

Net margin

20.3%

7.7%

-

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