9M 2016 financial highlights

  • Revenue for 9M 2016, including proceeds from the sale of trading properties, reached US$114.4 million (58% increase year-on-year):
    • Rental and hotel operating income declined 14% year-on-year to US$61.6 million, mainly due to the rouble depreciation 

    • AFIMALL City contribution stood at US$48.2 million (9M 2015: US$54.6 million), down 12% year-on-year

    • Sale of residential contributed US$52.7 million

  • Gross profit increased by 11% year-on-year to US$38.6 million (9M 2015: US$34.8 million),  reflecting management focus on efficiency and cost control
  • Net loss for 9M 2016 amounted to US$55.7 million, against a loss of US$20.7 million in 9M 2015, largely due to valuation losses in H1 2016
  • Total gross value of portfolio of properties remained stable at US$1.41 billion
  • Cash, cash equivalents and marketable securities as of 30 September 2016 stood at US$20.4 million

9M 2016 operational highlights

  • At Odinburg, all of the pre-sold apartments in Building 1 have now been delivered to customers. The number of sale contracts signed amounted to 699 (97% of total) in Building 1 and 332 (47% of total)  in Building 2 as of 21 November 2016
  • At the AFI Residence Paveletskaya residential development, the main construction phase and pre-sales of residential units which started in December 2015 continue to plan;  118 units (“flats” and “apartments”[1] )  have been pre-sold to date
  • AFIMALL City has managed to retain the majority of its tenants (despite large number or lease expirations in 2016) and welcomed several new retailers to the Mall during the third  quarter
    • NOI declined declined to US$37.8 million in 9M 2016, from US$41.0 million in 9M 2015, mainly due to the rouble depreciation 

 [1] At AFI Residence Paveletskaya there are two types of residential units: fully residentially zoned units referred to as “flats” and commercially zoned units that, according to common market practice in Russia, are sold and referred to as “apartments” and can be used for permanent residence.

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