CJSC SSMO LenSpetsSMU issues statements Q2 2011 according to Russian Accounting Standards

26.07.2011

CJSC SSMO LenSpetsSMU, the main real estate developer in Etalon Group, has issued its financial statements for Q2 2011 according to Russian Accounting Standards.

In comparison with the same period in 2010 the company’s assets remained at approximately the same level (38.1 bn rub.), the credits and loans increased on 116.5%, whereas the leverage ratio in the asset value remained unchanged. The amount of net debt increased in a year from 3.1 bn rub. to 8.6 bn rub. At the same time the amount of equity increased from 4.0 bn rub. to 9.7 bn rub. (+141.4%) for the same period.

The revenue for 6M2011 amounted to 10.0 bn rub., 1.7 times as much as the same index for 6M2010.

The gross margin for the reporting period is 46.6% and the net margin stands at 26.9% (35.8% and 20.5% for 6M2010, respectively).

Index

Q2 2011

Q2 2010

Change, %

Assets, thousand rub

38 106 463

38 197 667

-0.2

Construction in progress, thousand rub

10 724 767

8 582 590

+25.0

Cash and cash equivalents, thousand rub

732 416

1 238 815

-40.9

Credits and loans, thousand rub

9 318 023

4 303 158

+116.5

Net debt, thousand rub

8 585 607

3 064 343

+180.2

Capital and reserves, thousand rub

9 654 705

4 000 121

+141.4

Net debt / Equity

0.9х

0.8х

-

Credits and loans / Assets

24.5%

11.3%

-

Revenue, thousand rub

9 994 531

5 731 074

+74.4

Gross profit, thousand rub

4 658 848

2 049 270

+127.3

Net profit, thousand rub

2 686 912

1 175 869

+128.5

Gross margin

46.6%

35.8%

-

Net margin

26.9%

20.5%

-

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

CONTACT DETAILS:

Ksenia Savchuk, Senior PR-manager

tel. (812) 348-21-25, e-mail: Kseniya.Savchuk@etalongroup.com

Viktor Vasenev, Deputy CFO

tel. (812) 348-09-95, e-mail: Viktor.Vasenev@etalongroup.com