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Key Financial Highlights

Sales Gross Profit
Sales Gross Profit
EBITDA Net Income
Ebitda Net Income

 

Key Financial Highlights and Ratios            
                   
  2004 2005 2006 2007 2008   2006 2007 2008
  RR MM RR MM RR MM RR MM RR MM   USD MM USD MM USD MM
                   
Revenues 12 695 22 139 42 046 59 149 35 635   1 546 2 313 1 434
Revenue from sales of appartments 7 181 13 375 29 986 50 421 23 230   1 103 1 972 935
square meters recognized in revenue from sales of apartments     769 1 048 409   769 1 048 409
Gross Profit (1) 1 181 2 620 9 780 17 844 9 219   360 698 371
EBITDA recurring (5) 1 410 1 987 13 217 23 980 -26 454   486 937 -1 065
EBITDA from core activities (6)     8 456 14 604 3 062   312 571 124
Profit before tax 697 1 172 11 405 21 480 -29 352   419 839 -1 182
Net profit 504 564 8 100 17 885 -28 181   298 698 -1 134
                   
EPS Show Graph
0.04 USD 0.04 USD 0.65 USD 1.46 USD -2.29 USD   0.65 USD 1.46 USD -2.29 USD
Total Assets 20 189 44 268 65 654 126 282 142 327   2 494 5 151 4 850
Long-term Debt 3 300 9 200 10 040 10 460 8 393   381 427 286
Short-term Debt 3 994 9 066 13 983 24 180 31 742   531 986 1 081
Gross Debt 7 293 18 266 24 024 34 640 40 135   912 1 413 1 367
Cash and Aquivalents 566 701 1 134 17 056 3 153   43 695 108
Net Debt 6 728 17 565 22 889 17 584 36 982   869 718 1 259
Equity 979 1 877 9 931 50 339 19 958   377 2 052 682
Net Interest 409 413 1 131 1 723 1 822   42 67 73
                   
Ratios (definitions)                  
                   
  2004 2005 2006 2007 2008   2006 2007 2008
  RR MM RR MM RR MM RR MM RR MM   USD MM USD MM USD MM
Gearing (3) Show Graph
6,87x 9,36x 2,30x 0,35x 1,85x   2,30x 0,35x 1,85x
Adjusted Gearing (2) na na na na na   0,10x 0,06x na
Net Debt/EBITDA recurring Show Graph
4,77x 8,84x 1,73x 0,73x -1,40x   1,79x 0,77x -1,18x
recurring EBITDA/Net Interest Show Graph
3,45x 4,81x 11,69x 13,92x -14,52x   11,69x 13,89x -14,59x
recurring EBITDA Margin, % 11% 9% 31% 41% -74%   31% 41% -74%
EBITDA from core activities / sq metres recognized in revenue from sales of apartments, ths.$/RR/sqm na na 10 996 13 935 7 487   406 545 303
Gross Profit Margin, % 9% 12% 23% 30% 26%   23% 30% 26%
Net Profit Margin, % 4% 3% 19% 30% -79%   19% 30% -79%
Gross Debt/Equity 7,45x 9,73x 2,42x 0,69x 2,01x   2,42x 0,69x 2,00x
                   
Trading Data              
               
Price (31/12/07)       USD 30,5      
Market Cap       USD 15037MM      
               
Price (01/06/08)       USD 31,3      
Market Cap       USD 15431MM      
               
Price (17/02/10)       USD 4,87      
Market Cap       USD 2400,91MM      
               
Weighted average number of shares for the year ended 31 December 2008       490MM(ORD)      
               
               
Note:
(1) exluding income from disposals of development rights;
(2) Net Debt devided by CBRE portfolio value available for 1 January 2007. Not available for FY04, FY05 as no CBRE independent valuation was made at those dates;
(3) Calculated as NET Debt devided by equity;
 
Note: The Group's Consolidated Financial Statements have been audited by KPMG in Russian roubles and available on demand. For presentation purposes, however, certain financial information from the consolidated financial statements have been converted into US$ at the average RR/US$ exchange rates of the Central Bank of Russian Federation (FY08:24,8639; FY07: 25,5798; FY06: 27.19) for the income statements items and at the closing balance sheet RR/US$ exchange rates (31 December 2008: 29,3804; 31 December 2007: 24,5462; 31 December 2006: 26.33) for the balance sheet items. The above US$ equivalent figures are provided for information purposes only and do not form part of the audited consolidated financial statements of the Group.
 
(5) Note: EBITDA recurring represents net profit for the year attributable to shareholders of the Company before income tax expense, interest income, interest expense and depreciation and amortization. EBITDA is not a measure of financial performance under IFRS. You should not consider it an alternative to net profit for the year as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Our calculation of EBITDA may be different from the calculation used by other companies and therefore comparability may be limited. We believe that EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions of subsidiaries and other investments and our ability to incur and service debt. While depreciation and amortization are considered operating costs under IFRS, these expenses primarily represent non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods.
Reconciliation of EBITDA to net profit for the year attributable to shareholders of the Company is as follows for the periods indicated:
 
@RATE 24,8639 25,5798 27,19
2 008  2 007  2 006 
MM USD MM USD MM USD
Income from operations (1 134) 698 298          
Add: Depreciation and amortisation 44 31 25          
Add: Income tax expenses (48) 141 122          
Add: Interest expenses 93 81 50          
Less: Interest income (20) (14) (8)          
EBITDA (1 065) 937 486          
                 
Note: (6) Adjusted EBITDA from development activities represents net profit/loss for the year before income tax expenses, interest income, interest expense, depreciation, foreign exchange gain, foreign exchange loss, impairment losses and gain from sale of development rights.
@RATE 24,8639 25,5798 27,19
2 008 2 007 2 006
MM USD MM USD MM USD
Net (Loss)/profit for the year (1 134) 698 298          
Depreciation and amortisation 44 31 25          
Income tax expenses (48) 141 122          
Interest expenses 93 81 50          
Interest income (20) (14) (8)          
Impairment losses on non-financial assets and inventory write down 967 3 (57)          
Impairment losses on financial assets 103   --          
FOREX loss 119 12 (13)          
Income from sale of dev rights -- (372) (105)          
Gain on available of sale assets -- (9) --          
Adjusted EBITDA 124 571 312          
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