All reports
- Annual Report 2011
- Annual Report 2011 Part 1
- Annual Report 2011 Part 2
- Annual Report 2011 Part 3
- Annual Report 2011 Part 4
- 2011 YE Results - confcall
- Preliminary FR 2011
- 3Q 2011 FS
- 3Q Results - confcall
- 3Q Results - audio
- 1H 2011 FS
- 1H 2011 Results - confcall
- 1H 2011 Results - audio
- 1Q 2011 FS
- Annual Report 2010
- 2010 Year End Results
AFI DEVELOPMENT PLC RESULTSFOR THE YEAR END 2011
Financial Highlights
- Revenues for the year 2011, including net proceeds from the sale of trading properties, increased by 79% year-on-year to US$134 million driven by higher rental income. The contribution of AFIMALL City was US$65 million. Revaluation gain (before tax) in 2011 was US$269 million, compared to US$76 million in 2010. The revaluation gain was mainly driven by the launch of AFIMALL City shopping mall operations, the acquisition of the 25% stake in AFIMALL as well as general improvement in the Moscow real estate and investments markets during the year.
- Net profit for the year 2011 was US$172 million compared to US$26 million in 2010, driven by revaluations and increased rental activity which resulted in US$45 million NOI, representing a 78% increase compared to 2010 .Strong cash position with US$84.8 million in cash and cash equivalents as at 31 December 2011.
- Asset Value, based on the valuation of our projects portfolio independently verified by Jones Lang LaSalle LLC, is US$2.68 billion as at 31 December 2011, up 25% from US$2.15 billion as at 31 December 2010.
- Net Asset Value (after taking into account portfolio valuation and project level loans and excluding cash and other assets and liabilities) is US$1.9 billion as at 31 December 2011, up 8% from US$1.7 billion as at December 2010.
- During 2011 the Company received US$ 49 million VAT reimbursements from the Russian tax authorities on VAT previously incurred during project construction.
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