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INGRAD

September 7, 2005

JSC “Open investments” has announced financial results for 1H2005

JSC “Open investments” has announced financial results for 1H2005. According to consolidated financial statements prepared under IFRS in comparison with corresponding period of 2004 total revenues has increased 2.3 times and amounted to USD 32.7 million. During 1H2005 total assets has increased 1.5 times up to USD 382.6 million, non-current assets doubled to USD 302.5 million. Shareholders’ equity as compared with year 2004 results has increased by 15% and amounted to USD 209.9 million. As part of capital structure optimization strategy the Company continued to enhance financial leverage and improve maturity profile. The long-term debt of Open investments almost tripled and grew up to approximately USD78,2 million.

Since the beginning 2005 the Company has launched new business projects, such as development of cottage communities of Pestovo, Pavlovo-2, etc.

Sergey Bachin, CEO, commented on the semi-annual Company results as follows: “This year we celebrated our 3-year anniversary and achieved a new stage of development. The infrastructure projects have been one of our key priorities. In May we successfully won a public tender for developing a feasibility study of the Central Ring Road Project in Moscow region (CKAD). It promises to become one of the landmark infrastructure projects setting up the new standard for Public Private Partnership in Russia. In our new Pestovo cottage community, located on Dmitrovskoye highway 22 km from Moscow, we plan to start sales in September 2005. The Company will pursue new investment opportunities in other large cities of Russia”.

Denis Davidko, CFO, has summed up the Company’s financial achievements: “Shareholders capital is steadily growing at 30% per annum, with the 15% increase over the last half a year. In accordance with our capital structure optimization strategy we keep on enhancing financial leverage having raised two 5-year loans at favorable terms: Sberbank loan amounts to USD25 mln, and Rosbank loan amounts to USD50mln. We are working hard to achieve our target debt/equity ratio of 50%/50% within reasonable future”.

 

For additional information please contact with:

 

Public Relations Department,
Malyarova Irina. Tel +7 (095) 363-14-57/58,

e-mail:malyarovail@irdevelop.com

 

Capital markets and Investor relations Department

Goncharova Natalia. Tel +7 (095) 363-14-57/58,

e-mail: goncharovaNE@irdevelop.com

or Company web-site: www.open-investments.com

 

 

 

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