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May 2012
Q1 2012
INVESTOR PRESENTATION
This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of AFI Development Plc (the "Company") or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document.
This communication is only being distributed to and is only directed at (1) qualified institutional buyers (within the meaning of Rule 144A of the United States Securities Act of 1933, as amended (the "Securities Act") or (2) accredited investors (as defined in Rule 501(a) of Regulation D adopted pursuant to the Securities Act). Any person who is not a "qualified institutional buyer" or "accredited investor" should not act or rely on this document or any of its contents.
This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions.
Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document.
The information contained in this document is provided as at the date of this document and is subject to change without notice.
2
Disclaimer
1. AFI Development at glance 4
2. Key Moscow projects 5
3. Portfolio overview 6
4. Company update
a. Main events during 2012 8
5. Projects update
a. AFIMALL City project highlights 11
b. AFIMALL City Operational Summary 12
c. Yielding Properties 13
d. Property under construction
e. Projects next for development 17
f. Pipeline and land bank 20
6. Q 1 2012 Financial Results
a. Income Statement 21
b. Loans and Cash Position 22
c. Balance Sheet 23
3
Contents
Portfolio market breakdown*
•Full cycle real estate developer
•Focus on unique large scale commercial and residential projects
•Primary market: Moscow, Russia
BUSINESS
•Active on the market for 11years
•Admitted to LSE in 2007 (Tickers: AFID.IL; AFRB.LN). Received premium listing in 2010
•Free float – 36.3%
HISTORY
•Strong global brand
•Affiliate of Africa Israel Group (63.7% owner) , a major conglomerate with global focus on real estate, construction and infrastructure
BRAND
•Strong liquidity position with around US$104.1 mn in cash as of March 31, 2012
•Secured financing for on-going projects
•Low leverage: Debt/Total assets* is 24%
FINANCIAL STABILITY
•10 completed projects with total c. 500K sqm of space
•Impeccable credit history
•Market reputation for high quality and professional property management
TRACK RECORD
•Substantial income generating
portfolio. Major project
AFIMALL (p.11) completed in
Q1 2011
•2 projects close to completion (p.15), 3 project next for development (p.18)
•Pipeline and land bank (p.20)
PORTFOLIO
4
* Latest JLL report as of 31 December, 2011
Market Cap, as of
May 21, 2012
US$ 0.52 bn
Market Cap,
12months average
US$ 0.67 bn
Price per share, as
of 21 May, 2012
US$ 0.50
NAV(Equity),
March 31, 2012
US$ 1.94 bn
NAV per share,
March 31, 2012
US$ 1.85
Portfolio MV* US$ 2.7 bn
* Debt represents long-term and short-term loans
AFI Development at Glance
Land Bank
15%
Income
Producing
Projects
12%
AFIMALL
43%
Projects
Under
Construction
7%
Next for
Development
23%
Current Portfolio
5 Note: the NOI projections are “forward looking statements” based on JLL valuation assumptions and Company estimations and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of
competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk
management and the impact of general business and global economic conditions
Key Projects in Moscow1
Yielding Assets / Trading Stock
Projects close to completion
Development Projects
Pipeline and Land Bank
Value (JLL): US$ 1.5 bn
GLA: 169.9K sqm
NOI stab.(AFID share) US$ 165.8 mn
GSA: 2.2Ksqm
Price psqm: 13K – 15K
Value(JLL): US$ 191.1 mn
GLA: 51.9K sqm
NOI stab.(AFID share): US$ 24.8 mn
Value(JLL): US$ 625.6mn
GLA: 100.2K sqm
NOI stab.(AFID share): US$ 99.7 mn
GSA: 607.1K sqm
CF from sale: US$ 2.3 mn
Value(JLL): US$ 399.1 mn
GBA upon completion: 559.6K sqm
Ownership:50%
AFIMALL City
Aquamarine Complex
Four Winds
H2O Office
AFIMALL City Berezkovskaya Aquamarine II
H2O Four Winds
Aquamarine
Hotel Paveletskaya, 1
Aquamarine III
Tverskaya
Plazas
Kosinskaya Botanic
Garden
Otradnoe
Pochtovaya,
Phase I
Paveletskaya,
Phase # II
Kalinina Hotels*
Other
projects
Plaza Spa*
Berejkovskaya
Paveletskaya, 1
Tverskaya Plazas
Otradnoe
*Outside of Moscow
Kosinskaya
Pochtovaya, Phase I
Botanic Garden
Paveletskaya,
Phase # II
Other
*Outside of Moscow
1 - all data presented as of 31.12.2011
Portfolio Overview
Track record* (sqm)
*total gross area of projects shown inclusive of shares owned by partners
and projects sold, exclusive of pipeline and land bank projects
Market Value breakdown**
** MV according to JLL’s valuation as of December 31, 2011
Current portfolio MV – US$ 2.7 bn**
Current MV of yielding properties – US$ 1.5 bn**
Selection of attractive pipeline projects provides with wide opportunities for
future development
Company track record – c. 400K sqm of commercial and residential space
Current portfolio – up to 2 mn sqm
Active pipeline projects– c. 1.2 mn sqm
AFIMALL is the flagship yielding asset with 166K sqm GBA operation
started in Q1 2011
Aquamarine III delivery will add 79K sqm of high quality office stock to the
Company yielding portfolio in H1 2012
6
Delivered
Under construction
Land Bank
15%
Income
Producing
Projects
12%
AFIMALL
43%
Projects Under
Construction
7%
Next for
Development
23%
retail
174,802
office
102,376
residential
69,783
hotel
36,130
office
78,647
hotel
12,665
SECTION 1
Company Update
Company Update during Q1 2011
8
AFIMALL CITY
- The Company reimbursed US$ 21 mn on AFIMALL City share buy-out VAT, which was recognized as
revaluation gain in Q4 2011
- Management received positive decision from tax authorities to reimburse VAT on parking buy-out (expected in
Q2 2012)
- Company put part of the parking into operation (600 parking lots) in February 2012, completion of the rest of the
parking is expected by the year end
PLAZA SPA ZHELEZNOVODSK (KALININA HOTEL)
- The project team conducted soft opening of the Hotel in May 2012; grand opening is scheduled for July 2012
TVERSKAYA PLAZAS
- Following the non-binding agreement between AFI Development and the City of Moscow, the City is progressing
with renewing and reapproving the Company development rights and leasehold interests in land plots at the Plaza
Ic (part of Plaza I), Plaza IIa and Plaza IV projects
ODINTSOVO PROJECT
- Management significantly progressed on an approval of the project documentation from State Expertize
Commission
- Ultimate approval to obtain construction permit is expected in the next few months
OZERKOVSKAYA III
- The Company progressed towards construction completion in shell&core in H1 2012; grand opening is
scheduled for this summer
- A permit to start operations is expected to be received in Q2 2012
- Company is in continuous negotiations with potential tenants/buyers for the project
MANAGEMENT UPDATE
- The Company has established an employee share option plan operated by the Board of Directors, which grants
Company shares as an incentive to the Senior Management Team
Main Targets for 2012
9
AFIMALL CITY
- Improve operations in AFIMALL
- Settle the agreement on disposition of 665 parking units to VTB bank
- Reimburse VAT on parking buy-out in the amount of US$ 20 mn
- Finalize parking construction by the end of 2012
- Increase occupancy level and number of visitors
- Introduce aggressive advertising campaign
- Secure refinancing for AFIMALL on favorable terms ( low interest rate and principal amortization)
OZERKOVSKAYA III
- Complete construction of Ozerkovskaya III and proceed with lease up/sale
- Upon completion and partial lease of the project the Company aimed to refinance the loan facility in US$ with lower interest rate payment
TVERSKAYA PLAZAS
- Complete the process with the City regarding the renewal and re-approval of the Company development rights and leasehold interests in land plots at the Plaza Ic, Plaza IIa and Plaza IV
- Finalize restructuring of existing loan facility on Tverskaya Mall project
ODINTSOVO (OTRADNOE) PROJECT
- Decide on the further development of Odintsovo project
- Secure construction debt financing
PLAZA SPA ZHELEZNOVODSK (KALININA HOTEL)
- Conduct grand opening of Kalinina Hotel in July 2012
Projects Update
SECTION 2
AFIMALL City Project Highlights
* Valuation conducted by JLL as at December 31, 2011
Презентация матрешек
Close
KEY ADVANTAGES
The largest mall in the city center
Best quality construction and fit-out
Attractive consumer target group, employed by worldwide institutional
companies in the surrounding offices
Perfect tenant mix: Banana Republic, Inditex, H&M, X5
Good transport accessibility – metro station underneath, 100 m distance to
the Third Transport Ring
Surrounding offices and apartments GBA:
• Already completed – 1.1 mn sqm
• In mid-term GBA to reach – 1.6 mn sqm
• Total pipeline – over 2.5 mn sqm
Source: http://eng.citynext.ru
11
PROJECT HIGHLIGHTS (as March 2012)
Ownership 100%
Land area 4.4 ha in the unique business district
GBA, sqm 165,924
GLA, sqm 107,121
Parking units, # 2,700
Forecast NOI*(stab.) US$ 134 mn
Average rent per sqm pa US$ 1,278 per sqm pa
Market Value (JLL as of 31.12.2011)* US$ 1,160 mn
Space leased 77%
AFIMALL City Operational Summary
NEXT STEPS ON TRACK TO PROJECT PROMOTION
Settle the agreement on disposition of 665 parking units to VTB bank
Reimburse VAT on parking buy-out in the amount of US$ 20 mn
Finalize parking construction by the end of 2012
Introduce aggressive advertising campaign
Secure refinancing at favorable terms of interest and amortization
12
ACHIEVEMENTS
Operation:
AFIMALL NOI reached US$ 13.8 mn in Q1 2012 compared to US$ 10.7 mn in Q4 2011
Finance:
The Company reimbursed US$ 21 mn on AFIMALL City share buyout VAT
The Company successfully registered the mortgage provided by VTB over the premises of AFIMALL City(excl. parking). It results in 2% decrease of the interest rates charged on loans
AFIMALL parking:
Company put part of the parking buy-out into operation (600 parking lots) in February 2012
Management received positive decision from tax authorities to reimburse US$ 20 mn VAT on parking buy-out in AFIMALL (expected in Q2 2012)
The Company is continuing its negotiations with VTB Bank to dispose 665 parking spaces
The City of Moscow is progressing with its plan for the opening of additional metro
station which is also expected to have a significant positive effect on the number of
visitors in the Mall in the future
Daily average footfall in AFIMALL (‘000 visitors)
31.7K
0
5
10
15
20
25
30
35
2012
Yielding Properties2
13
13
2 - all data presented as of 31.12.2011
* JLL estimation
** Total MV dies not include Ozerkovskaya II residential (US 30 mn) and Four Winds Residential ( US 22 mn) value
*** offices and retail only
Property under Construction
Ozerkovskaya III
PROJECT HIGHLIGHTS (as of March 2012)
Ownership 50%
GBA,sqm* 78,647
GLA, sqm* 46,394
Parking, # lots* 551
Delivery H1 2012
Terminal Value
(JLL est.,31.12.2011)*
US$ 430.8 mn
Exp. NOI (JLL est.), pa* c. US$40.9mn
15
KEY ADVANTAGES
Located in Zamoskvorechye, Moscow’s prestigious business area
within the Garden Ring
3-rd phase of Ozerkovskaya Embankment development site
4 Class A office buildings comprising one complex
ACHIEVEMENTS
Construction:
Progressed towards completion in shell&core in H1 2012; grand opening is
scheduled for this summer
Permit to begin operations is expected to be received in Q2 2012
Operation Strategy:
The project has been put on the market for both lease up and sale; the
average market rate in this area is close to US$ 900 psm pa. The Company
has started aggressive marketing of the project
Finance:
Upon completion and partial lease of the project the Company aimed to
refinance the loan facility in US$ with lower interest rate payment.
Negotiations with banks are ongoing
TARGETS
Complete construction of Ozerkovskaya III and proceed with lease up/sale
* For 100% of the projects
Plaza Spa Zheleznovodsk (Kalinina Hotel)
16
PROJECT HIGHLIGHTS (as of March 2012)
Ownership 100%
GBA,sqm 12,665
# of keys 136
Delivery Q2 2012
Stabilized occupancy(JLL est.) 71%
Average Room Rate (Jll est.) US$ 136.7
Terminal Value
(JLL est.,31.12.2011)
US$ 26.2 mn
KEY ADVANTAGES
Located in Russia’s south region in the city of Zheleznovodsk,
popular resort destination
Inspired by the success of Plaza Spa Hotel in Kislovodsk
ACHIEVEMENTS
Construction:
Hotel construction is completed, minor fit-out works are ongoing
On May 14, 2012 the Company was granted a permit to start
operations of the complex
A soft opening of the hotel happened in May 2012 and the grand
opening will take place in July 2012
Finance:
The loan together with the expected VAT reimbursement is enough
to cover outstanding costs on the property development
TARGETS
Conduct grand opening of Kalinina Hotel in July 2012
Roll-up operations in cooperation with Plaza SPA management
Projects next for Development
Project GBA
(sqm) Apartments left/occupancy
GBA, sqm 703,317 * 231,680* 169,700*
GLA /GSA, sqm 436,494 residential and 37,504
commercial * 123,750 residential* 100,175 */7,070*
Parking 2,053* 1,904 lots * 588 lots*
Ownership 100% 100% 100%
Delivery design stage design stage design stage
Expected revenue /
outstanding
investment costs *
US$ 1,331 mn/ US$ 871 mn* US$ 807 mn/ US$ 334 mn* USD1,207 mn/ US$ 358 mn*
Details
• Located on 32 ha site in the
town of Odintsovo, one of the
newest and most
environmentally clean areas
bordering Moscow
• Project includes
multifunctional infrastructure
with schools, kindergardens
and sports facilities for
children
• Currently on-going concept
refinement and design
• The project is located in the
Moscow Central District on the
Yauza river bank; total site area is
4.5 ha
• Phased mixed use development
dominated by residential
component
• Located in one of Moscow’s most
central neighborhoods near
Belorussky rail terminal, on the
intersection with Tverskaya Street
Projects Next in Line for Development
* Based on valuation conducted by JLL as of December 31, 2011, excl. entrepreneur’s profit from investment costs
Odintsovo (Otradnoye)
18
Bolshaya Pochtovaya
Note: All pipeline projects projections are “forward looking statements” based on JLL valuation assumptions and Company estimates and they can be realized or not realized due
to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of
developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact
of general business and global economic conditions
Tverskaya Plazas
Extensive land bank Land bank – projects the Company is currently put on hold
Over 500 ha of land
Land bank strategy
Activate projects upon securing required financing and evaluation of demand level from prospective tenants/buyer
Full flexibility regarding future development in various cycles of the economy – the major competitive advantage for the
Company
Pipeline and Land Bank3
Project Type Land (ha) GBA upon completion
(sqm)
MV as of 31/12/2011, US$K
(JLL)
Kosinskaya Office 8.07 111,770 146,120
Botanic Garden Residential 3.2 173,300 68,300
Park Plaza Kislovodsk Hotel resort 5.3 40,000 10,000
Versailles, Kislovodsk Hotel resort 0.6 11,762 6,900
Ruza Mixed use 387 n/a 3,922**
St. Petersburg Mixed use 3.7 n/a 1,850
Paveletskaya, II Mixed use 4.0 106,250 47,800
Boryspol Residential 130.7 n/a 13,500
Tverskaya Plazas(Ib, II) Mixed use 116,526 100,700
TOTAL 559,608 399,092
* Valuation by JLL as at 31.12.11
** Value presented as a BS value as at 31.12.11
19
Note: MV upon completion and GBA upon completion are “forward looking statements” based on JLL valuation assumptions and they can be realized or not realized due to factors beyond the Company's control including, among
others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of
our shares or GDRs, financial risk management and the impact of general business and global economic conditions
3 - all data presented as of 31.12.2011
Q1 2012 Financial Results
SECTION 3
Income Statement
21
21
Revenues for the three months to 31 March 2012 to US$20.0
mn, driven by higher rental income. The contribution from
AFIMALL City was US$21.7 million
Results from operating activity for the three months to 31
March 2012 was US$ 22.1 mn compared to US$4.4 mn for the
three months to 31 March 2011. The increase was mainly due
to higher rental activity, which was the result of AFIMALL
City start of operations
Net profit for the three months to 31 March 2012 was US$7.9
mn compared to US$16.7 mn for the three months to 31 March
2011. The reduction is mainly due to the increase in finance
expenses
Finance expenses for the three months to 31 March 2012
amounted to US$15.9 mn compared to US$3.9 mn for the three
months to 31 March 2011. The increase was mainly due to
finance expenses related to AFIMALL City, which were
capitalized for most of Q1 2011 and additional loan facilities
drown down during Q2 2011 – Q1 2012 (for the acquisition of
25% city share and the underground parking)
1/1/12-
31/03/2012
1/1/11-
31/03/2011
US$' 000 US$' 000 US$ mn %
Revenue 36,847 15,596 21,251 136%
Rental income 35,307 15,314 19,993 131%
Construction consulting/management services 1,540 282 1,258 446%
Other income 122 59 63 107%
Operating expenses (16,277) (10,308) (5,969) 58%
Administrative expenses (3,358) (3,158) (200) 6%
Other expenses (246) (1,925) 1,679 -87%
17,088 264 16,824 6373%
Profit on disposal of investments in subsidiaries 2,337 -
Valuation gain on investment property 1,068 -
Net proceeds from sale of trading properties 3,463 7,116 (3,653) -51%
Carrying value of trading properties sold (1,891) (3,001) 1,110 -37%
Profit on disposal of trading properties 1,572 4,115 (2,543) -62%
0
Results from operating activities 22,065 4,379 17,686 404%
0
Finance income 9,918 16,634 (6,716) -40%
Finance costs (15,971) (3,877) (12,094) 312%
Net finance income (6,053) 12,757 (18,810) -147%
Profit before income tax 16,012 17,136 (1,124) -7%
Tax expense (8,139) (476) (7,663) 1610%
Profit for the period 7,873 16,660 (8,787) -53%
Profit attributable to: 0
Owners of the Company 7,888 16,458 (8,570) -52%
Non-controlling interests (15) 202 (217) -107%
Profit for the period 7,873 16,660 (8,787) -53%
Earnings per share
Basic and diluted earnings per share (cent) 0.75 1.57
NARRATIVE Changing
Loans and Cash Position as of Dec 31, 2011
22
Gross balance of the bank loan portfolio (as of March 31, 2012) – US$ 703.6 mn
Total cash balance (as of March-31, 2012) – US$ 104.1 mn
Max debt
limit
Balance as of
March-31, Maturity
(US$ mn) (US$ mn) (dd.mm.yy)
AFIMALL (construction
loan) VTB $288 $288 - 9.5% RUB 23.08.2013
AFIMALL 25% share
buyoutVTB $170 $170 - 9.5% RUB 23.08.2013
AFIMALL parking buyout VTB $136 $45 $91 10.78% RUB 23.08.2013
$504
Tverskaya Zastava Sberbank $280 $72 -(6-month LIBOR,
min 1,5% + 9,5%)$5 USD 16.08.2014
Ozerkovskaya III (50%) Sberbank $37 $29 $3 13.0% $8 RUB 17.06.2015
Kalinina Hotel Sberbank $20 $16 $4 6.75% $1 RUB 20.12.2014
Four Winds (50%) Nordea Bank $85 $83 -3-month LIBOR +
4,5%$4 USD 13.07.2018
Total/Average interest rate $704 9.28%
ProjectLending
bank
Available
(US$ mn)
Nominal
Interest rate
Principal
amortization
untill 31.12.2012
Currency
23
Balance Sheet
23
3/31/2012 12/31/2011
US$ mn US$ mn US$ mn %
(1) Investment property 1,452.9 1,403.6 49.3 4%
(2) Investment property under development 1,042.0 983.6 58.4 6%
(3) Property, plant and equipment 104.3 92.0 12.3 13%
(4) Long-term loans receivable 0.0 0.0 0.0 29%
(5) Inventory of real estate 72.0 66.2 5.8 9%
(6) VAT recoverable 6.2 5.4 0.8 15%
(7) Intangible assets 0.2 0.2 0.0 0%
(8) Non-current assets 2,677.6 2,551.0 126.6 5%
(9) Trading properties 10.4 11.1 -0.7 -6%
(10) Trading properties under construction 134.1 129.6 4.5 3%
(11) Inventory 1.3 0.7 0.6 94%
(12) Short-term loans receivable 0.9 0.8 0.1 15%
(13) Trade and other receivables 91.8 107.2 -15.4 -14%
(14) Income tax receivable 0.7 n/a n/a n/a
(15) Cash and cash equivalents 104.1 84.8 19.3 23%
(16) Current assets 343.3 334.1 9.2 3%
(17) TOTAL ASSETS 3,020.9 2,885.1 135.8 5%
(18) Equity
(19) Share capital 1.0 1.0 0.0 0%
(20) Share premium 1,763.4 1,763.4 0.0 0%
(21) Translation reserve -112.5 -178.5 66.0 -37%
(22) Retained earnings 285.4 277.5 7.9 3%
(23) Total equity attributable to owners of the Company 1,937.3 1,863.5 73.8 4%
(24) Non-controlling interest 3.8 3.9 -0.1 -2%
(25) TOTAL EQUITY 1,941.1 1,867.4 73.8 4%
(26) Liabilities
(27) Long-term loans and borrowings 620.4 528.1 92.3 17%
(28) Long-term amounts payable 38.4 71.6 -33.2 -46%
(29) Deferred tax liability 150.9 142.1 8.8 6%
(30) Deferred income 24.2 22.6 1.6 7%
(31) Non-current liabilities 834.0 764.5 69.5 9%
(32) Short-term loans and borrowings 102.0 99.0 3.0 3%
(33) Trade and other payables 143.8 154.1 -10.3 -7%
(34) Income tax payable n/a 0.2 n/a n/a
(35) Current liabilities 245.8 253.3 -7.4 -3%
(36) TOTAL LIABILITIES 1,079.8 1,017.7 62.1 6%
(37) TOTAL EQUITY AND LIABILITIES 3,020.9 2,885.1 135.8 5%
NARRATIVE # Changing
The company has a strong cash position presenting US$
104.1 mn in Q1 2012 compared US$ 84.8 mn, which is 23%
higher
Trade and other payables include payables due to the City on
AFIMALL parking
The Company loans totaled US$722.4 mn compared to
US$627.1 mn as at 31 December 2011. This increase of
approximately US$95 mn was due to the drawdown of the
first tranche of the loan by VTB Bank OJSC (for the
acquisition of parking space in AFIMALL City) and
appreciation of the Ruble versus the US Dollar, which
increased the US$ value of the Ruble denominated loans
Contact Information
Registered office AFI DEVELOPMENT PLC 25 Olympion St., Omiros & Araouzos Tower, 3035 , Limassol, Cyprus. Tel: +357 25 340 058 Principal office of operating subsidiary AFI RUS 16 A Berezhkovskaya Embankment, building 5, Moscow, 121059, Russian Federation. Tel: +7 495 796 99 88 http://investors.afi-development.ru
24