LenSpetsSMU issues RAS statements for 2011

02.03.2012

CJSC SSMO LenSpetsSMU, the main real estate developer in Etalon Group, has issued its financial statements for 2011 in line with the Russian Accounting Standards (RAS).

The company’s assets have reached 42.6 billion rub with long-term borrowing almost entirely representing credits and loans (11 052 700 thousand rub. of 11 053 309 thousand rub.). Net debt amounted to 6 255 220 thousand rub and the equity for the year increased from 7.0 bn rub to 11.0bn rub (+61.6%). The leverage ratio in the asset is 1.0.

The decrease in Construction in Progress was due to the large volume of projects commissioned and delivered during 2011 (231 thousand sq m by CJSC SSMO LenSpetsSMU). The following write-off of the projects’ prime cost to the P&L statement, for all history of existence of the company pushed revenue to record levels of 17.4bn rub in 2011 (+3,8% to 2010). The Gross profit for 2011 amounted to 8.5 bn rub., 1.3 times as much as the same index for 2010.

The gross margin for the reporting period is 48.6% (40.3% for 2010).

Index

2011

2010

Change, %

Assets, thousand rub.

42 637 053

39 278 243

-8.6%

Construction in progress, thousand rub.

7 673 602

8 056 702

-4.8%

Cash & cash equivalents, thousand rub.

4 798 089

2 338 814

+105.2%

Credits and loans, thousand rub.

11 053 309

9 253 790

+19.4%

Net debt, thousand rub.

6 255 220

6 914 976

- 9.5%

Equity, thousand rub.

11 266 343

6 970 295

+61.6%

Net debt / Equity

0.6х

1.0х

-

Credits and loans / Assets

25.9%

23.6%

-

Revenue, thousand rub.

17 385 707

16 744 078

+3.8%

Gross profit, thousand rub.

8 451 357

6 749 222

+25.2%

Net profit, thousand rub.

4 298 550

4 074 270

+5.5%

Gross margin

48.6%

40.3%

-

Net margin

24.7%

24.3%

-

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

CONTACT DETAILS:

Elena Kazakova, Head of Public Relations

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

Elena Dykova, Lead economist of financial department

tel. (812) 348-42-73, e-mail: Elena.Dykova@etalongroup.com