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

The company owns marketable land plots, mainly, for individual house construction, in the Narofominsk district just 27 km from the Moscow Ring Road and near Martemianovo village.