19 August 2014

AFI DEVELOPMENT PLC ANNOUNCED RESULTS FOR THE SIX MONTHS TO 30 JUNE 2014 - STRONG GROWTH IN RENTAL INCOME

  • Press Release

AFI Development, a leading real estate company focused on developing property in Russia, has today announced its financial results for the first six months of 2014 ended 30 June 2014.

H1 2014 financial highlights:
  • Revenues for the six months to 30 June 2014, including proceeds from the sale of trading properties, reached US$76.2 million:
    • Rental and hotel operating income grew 9% year-on-year to US$74.8 million
    • AFIMALL City contribution at US$56.6 million (H1 2013: US$48.0 million), up 18% year-on-year
  • Gross profit reached US$27.49 million in H1 2014
  • Net profit for H1 2014 was US$3.7 million
  • Gross value of portfolio of properties largely unchanged at US$2.5 billion, compared to US$2.4 billion at the end of Q1 2014
  • Cash, cash equivalents and marketable securities of US$123.4 million
H1 2014 operational highlights:
  • AFIMALL City operations continued to demonstrate positive dynamics with revenues rising 18% year-on-year to US$56.6 million
    • NOI was US$39.3 million for the six months, representing growth of 27% year-on-year
    • Average monthly footfall up 25% year-on-year in June 2014
    • Occupancy levels at 82% of total leasable area (end-2013: 79%)
  • Sales of apartments continue at Odinburg with 269 sale contracts signed (as of 19 August 2014)
  • General contractor for Tverskaya Plaza Ic to be appointed shortly
Commenting on today’s announcement, Lev Leviev, Executive Chairman of AFI Development, said:
“Whilst the second quarter of 2014 has been marked by political and macroeconomic uncertainty in Russia, we maintained our focus on delivering steady progress at our development projects and on continuously improving the operations of our completed properties. The 27% year-on-year increase in NOI generated by AFIMALL City is testament to the success of these efforts. At the same time, the sales of apartments at our Odinburg development are progressing well and construction at our Tverskaya Plaza Ic project is due to start imminently.”

 

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