LenSpetsSMU issues RAS statements for 2010

09.03.2011

CJSC SSMO LenSpetsSMU, the main real estate developer in Etalon Group, has issued its financial statements for 2010 in line with the Russian Accounting Standards (RAS).

The company’s assets have reached 39.3 billion rub with long-term borrowing almost entirely representing credits and loans (9 253 184 thousand rub. of 9 253 790 thousand rub.). Net debt amounted to 6 914 976 thousand rub and the equity for the year increased from 2.9bn rub to 7.0bn rub (+139.3%).

The decrease in Construction in Progress was due to the large volume of projects commissioned and delivered during 2010 (213 thousand sq m by CJSC SSMO LenSpetsSMU). The following write-off of the projects’ prime cost to the P&L statement, pushed revenue to record levels of 16.7bn rub in 2010 (1.7 times more than 2009). During the same period, the company also managed to improve on its gross margin (40.3%) and net margin (24.3%) (against 28.0% and 12.3% respectively in 2009).

Index

2010

2009

Change, %

Assets, thousand rub.

39 278 243

40 458 784

-2.9%

Construction in progress, thousand rub.

8 056 702

9 493 922

-15.1%

Cash & cash equivalents, thousand rub.

2 338 814

1 312 820

+78.2%

Credits and loans, thousand rub.

9 253 790

4 523 905

+104.6%

Net debt, thousand rub.

6 914 976

3 211 085

+115.3%

Equity, thousand rub.

6 970 295

2 912 524

+139.3%

Net debt / Equity

1.0х

1.1х

-

Credits and loans / Assets

23.6%

11.2%

-

Revenue, thousand rub.

16 744 078

9 740 319

+71.9%

Gross profit, thousand rub.

6 749 222

2 730 193

+147.2%

Net profit, thousand rub.

4 074 270

1 198 864

+239.8%

Gross margin

40.3%

28.0%

-

Net margin

24.3%

12.3%

-

The statements are available in full 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