CJSC SSMO LenSpetsSMU issues statements Q1 2011 according to Russian Accounting Standards

04.05.2011

CJSC SSMO LenSpetsSMU, the main real estate developer in Etalon-LenSpetsSMU Group, has issued its financial statements for Q1 2011 according to Russian Accounting Standards.

In comparison with the same period in 2010 the company’s assets remained at approximately the same level (38.4 bn rub.), the credits and loans increased on 143.9%, whereas the leverage ratio in the asset value increased from 0.7 in Q1 2010 to 1.0 in Q1 2011. The amount of net debt increased in a year from 2.6 bn rub. to 8.3 bn rub. At the same time the amount of equity increased from 3.5 bn rub. to 8.4 bn rub. (+143.9%) for the same period.

The revenue in Q1 2011 amounted to 5.5 bn rub., 2.1 times as much as the same index in Q1 2010.

The gross margin for the reporting period is 45.6% and the net margin stands at 26.6% (34.8% and 25.7% in Q1 2010, respectively).

Index

Q1 2010

Q1 2009

Change, %

Assets, thousand rub

38 392 419

38 324 982

+0.2

Construction in progress, thousand rub

7 976 687

7 678 869

+3.9

Cash and cash equivalents, thousand rub

1 005 309

1 210 340

-16.9

Credits and loans, thousand rub

9 332 273

3 826 550

+143.9

Net debt, thousand rub

8 326 964

2 616 210

-218.3

Capital and reserves, thousand rub

8 434 597

3 513 816

+140.0

Net debt / Equity

1.0х

0.7х

-

Credits and loans / Assets

24.3%

10.0%

-

Revenue, thousand rub

5 513 038

2 617 662

+110.6

Gross profit, thousand rub

2 513 237

910 090

+176.2

Net profit, thousand rub

1 464 304

673 064

+117.6

Gross margin

45.6%

34.8%

-

Net margin

26.6%

25.7%

-

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