22 August 2017

AFI Development PLC RESULTS FOR THE SIX MONTHS TO 30 JUNE 2017

Strong performance supported by growing contribution from residential segment

 

AFI Development, a leading real estate company focused on developing property in Russia,

today announces its financial results for the six months ended 30 June 2017.

 H1 2017 financial highlights

  •  Revenue for H1 2017 increased by 18% year-on-year to US$106.1 million,

including proceeds from the sale of trading properties:

    Rental and hotel operating income increased by 41% year-on-year to

US$56.1 million

    AFIMALL City contribution grew by 27% year-on-year to US$39.8

million (H1 2016: US$31.3 million)

    Sale of residential properties contributed US$49.8 million to total revenue

  •  Gross profit increased by 9% year-on-year to US$29.7 million (H1 2016: US$27.2

million)

  •  Net profit for H1 2017 amounted to US$7.9 million, compared to a loss of US$53.3

million in H1 2016

  •  Total gross value of portfolio of properties stood at US$1.49 billion (no change

compared to end-Q1 2017)

  •  Cash, cash equivalents and marketable securities as of 30 June 2017 amounted

to US$25.5 million (vs. US$29.6 million at end-Q1 2017)

 

H1 2017 operational highlights

  •  Construction and pre-sales at Bolshaya Pochtovaya and Botanic Garden,

launched in late Q1 2017, are progressing well. As of 16 August 2017, 13

apartments have been pre-sold at Bolshaya Pochtovaya and 40 at Botanic Garden

  •  At Odinburg, construction and marketing of Building 6 started during Q2 2017.

Delivery of apartments in Building 2 continued throughout the quarter. As of 16

August 2017, the number of sale contracts signed amounted to 717 (99% of total)

in Building 1, 594 (84% of total) in Building 2 and 7 (3% of total) in Building 6

 At the AFI Residence Paveletskaya residential development, construction works and pre-sale of apartments continue to plan; 270 residential units have been pre-sold as of 16 August 2017

  •  AFIMALL City continues to demonstrate NOI growth, from US$24.6 million in H1 2016 to US$29.4 million in H1 2017
  •  At the Aquamarine III office complex, a multi-year lease of circa 8,200 sq.m of office space was signed with Deutsche Bank in July 2017
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