DGAP-News: JSC Open Investments: publishes 2011 audited IFRS results

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JSC Open Investments: publishes 2011 audited IFRS results

18.04.2012 / 15:29

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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY
OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA

JSC OPIN

AUDITED RESULTS FOR THE FULL YEAR ENDED DECEMBER 31, 2011

(18 April 2012) Joint Stock Company 'Open Investments' (JSC 'OPIN' or the
'Company') (BLOOMBERG: MICEX - OPIN.RM), the first publicly traded real
estate developer in Russia, has today published its IFRS audited results
for the full year 2011. The document contains audited financial statements
and independent auditor's report.

Highlights:

- Revenue for the year 2011 increased by 79% year-on-year to US$270.2
mln, 83% of which came from sales of residential real estate in three
main projects: Pavlovo 2 - US$181.8 mln; Pestovo - US$ 26.0 mln and
Martemyanovo - US$17.1 mln.

- In 2011 the Company recognised a US$110.4 mln gain in fair value of
investment property (land bank) as opposed to a loss of US$457.1 mln in
2010. The valuation in 2011 was verified by the independent valuer and
adjusted downward by the Company based on a more conservative reporting
approach.

- EBITDA for the year 2011 was US$86.9 mln, or 32% of total revenue as
opposed to a negative US$570.4 mln in 2010 (result of loss in fair
value of investment property in 2010).

- Net income for the year was US$32.4 mln in comparison to a loss of
US$524.6 mln in 2010. The main drivers of net income growth were
increased sales of residential property and gain in fair value of
investment property.

- The Company managed to decrease its short-term liabilities by 26% from


US$558.8 mln in 2010 to US$415.4 mln in 2011 due to restructuring of
debt portfolio resulting in extension of maturities on several loans
and decrease in advances received from customers resulting from more
rapid sales of residential property.

- Net asset value as at 2011 year end was US$1,018.4 mln or 3% down from
2010. Despite the increase in net asset value driven by gross profit
and a gain in fair value of investment property, it was offset by a
negative currency translation difference, which occurred due to the
difference between functional and presentation currency.

- The Company's cash balance as at December 31, 2011 was US$21.5 mln.

The full version of the report is available on the corporate website and
can be downloaded at
http://www.opin.ru/upload/iblock/a01/vswdtgqhvdpixhmknlrd%20wydrbnyyhf%20p
cxm%20frtwyoao%202011%20wx..pdf

For further information, please contact:

Investors:
Stanislav Joukov +7 495 363 2211 ext. 2388

Media:
Anna Rogova +7 495 363 2211 ext. 2513

About OPIN

Established in 2002, JSC OPIN is one of the leading real estate development
companies operating in Russia.

OPIN is focused on the development of master-planned multi-format
residential communities and the operation of high-quality commercial
properties in Moscow and the Moscow Region. Having completed nearly 200,000
sq. m of commercial space and 500 ha of developed master-planned
communities, today OPIN is a well-recognised brand in the domestic market,
known for the market-leading quality of the projects it delivers. Through
its property expertise and successful track record, the Company's strategic
goal is to become a platform for the consolidation of assets in the real
estate industry in Russia.

The Company's majority shareholder is ONEXIM Holdings Ltd, a major private
investment group in the CIS region with a diversified portfolio of assets
in mining, real estate, financial services, media, energy production and
high-tech.

In November 2004 OPIN was successfully admitted to the RTS stock exchange
and since then has carried out six secondary public offerings, raising
nearly US$2 billion.

Further details can be found on the OPIN website at www.opin.ru


End of Corporate News

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Language: English
Company: JSC Open Investments
Tverskoy blvr, 13/1
123104 Moscow
Russia
Phone: + 7 495 363 22 11
E-mail: info@opin.ru
Internet: www.opin.ru
ISIN: RU000A0DJ9B4


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