Financial Highlights

PJSC OPIN’s financial performance for the year ended 31 December 2010 (in US$ ‘000 unless otherwise specified)*


 
31 December 2009 in US$ ‘000 31 December 2010 in US$ ‘000
Fixed assets 1 969 091 1 458 477
Current assets 377 519 272 306
Long-term loans and borrowings 300 207 117 225
Short-term loans and borrowings 102 077 228 207
Net assets value 1 580 480 1 049 612
Revenue 322 772 151 261
Gross loss 143 067 27 646
Loss from revaluation of assets 639 630 438 463
  • The decline in revenue in house and land plot sales, building contracts and property leasing is mainly attributable to the one-off sale of Lukino and Zavidovo projects in 2009, worth a total of $124.6m
  • The gross loss for 2010 is the result of recognised losses from writing down the book value of stocks (houses and land plots). If excluding these write-downs as a result of revaluation, gross profit would stand at $16m
  • The decline in current assets is due to some land plots and properties being reclassified as fixed assets based on a more conservative saleability outlook for the 12 months following the reporting date
  • The losses from revaluation largely resulting in a lower fixed assets value is due to the falling market value of land plots. This, in turn, reflects the management team’s adoption of a more conservative policy
  • The Company is finalising the debt restructuring exercise with a view to obtaining better terms for debt repayment from operating revenue



Pestovo
Situated 22 km from Moscow by Dmitrovskoye highway in the Mytischi District, the premium-class Pestovo estate sits on the scenic banks of Pestovo reservoir. The estate covers about 129 ha, of which 50 is woodland.
 
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