Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAFRB.L Regulatory News (AFRB)

  • There is currently no data for AFRB

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Fourth Quarter 2015 Trading Update

7 Mar 2016 07:00

RNS Number : 1817R
AFI Development PLC
07 March 2016
 

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

 

 

AFI DEVELOPMENT PLC

("AFI DEVELOPMENT" OR "THE COMPANY")

FOURTH QUARTER 2015 TRADING UPDATE 

London, 7 March 2016 - AFI Development, a leading real estate company focused on developing property in Russia, today provides a fourth quarter 2015 trading update.

Based on preliminary indications of valuation results received from an independent appraiser (Jones Lang LaSalle), the Company expects to record a net valuation loss on investment properties, investment properties under development and trading property under development during the fourth quarter of 2015 of circa US$522 million before taxes (after the impact of the foreign exchange on the assets value). In particular, the valuation of the AFIMALL City was decreased from US$990 million to US$686 million, incurring a potential valuation loss of US$276 million (net after the impact of the forex on the asset value). Estimated loss after tax for the fourth quarter of 2015, including foreign exchange loss, will be circa US$470 million. AFI Development expects the fourth quarter results to be affected by an equity deduction in the amount of circa US$470 million.

The valuation loss and impairment reflect a decrease in the value of the Company's projects due to continuously challenging macroeconomic environment in Russia and respective depressed condition of the real estate market (in Q4 2015 there was further deterioration in the rouble/dollar exchange rate and the oil prices). AFI Development expects the gross value of its portfolio of properties to decrease from circa US$1.97 billion recorded at end-September 2015 to circa US$1.4 billion at year-end.

It should be noted that the figures presented in this update are estimates based on preliminary data. The preparation of the Company's annual financial statements is currently underway and remains subject to a review by KPMG, the Company's auditor. The final figures in AFI Development's audited financial statements may differ from the information stated above.

- ENDS -

 

For further information, please contact:

 

AFI Development, +7 495 796 9988

Ilya Kutnov

 

Citigate Dewe Rogerson, London +44 20 7638 9571

David Westover

Sandra Novakov

Marina Zakharova de Calero

 

 

About AFI Development

 

AFI Development is one of the leading real estate development companies operating in Russia. Established in 2001, AFI Development is a publicly traded subsidiary of Africa Israel Investments Ltd.

AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction and quality of customer service.

 

AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market. The Company's existing portfolio comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favorable return.

 

AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTSSUEFMFMSEDD
Date   Source Headline
12th Feb 20207:00 amRNSApproval of Application for Squeeze Out
28th Jan 20202:31 pmRNSSubmission of Application for Squeeze Out to CySEC
23rd Jan 20207:00 amRNSProposed Delisting Of GDRs And B Ordinary Shares
14th Jan 20207:50 amRNSIncreased Offers & Intention To Procure Delisting
20th Dec 20194:41 pmRNSLevel of Acceptances Update
19th Dec 20192:16 pmRNSPosting Of Revised Offer Document
17th Dec 20197:00 amRNSResult of Annual General Meeting
26th Nov 20197:00 amRNSResults for the nine months to 30 September 2019
19th Nov 20194:13 pmRNSPosting of Offer Document
19th Nov 20194:04 pmRNSNotice of AGM
19th Nov 20193:17 pmRNSAFI Development Notice of 9M 2019 Results
25th Oct 20196:25 pmRNSOffer for AFI Development Plc
16th Oct 20191:55 pmRNSNotification Of Major Interest In Shares
27th Aug 20197:00 amRNSHalf-year Report
16th Aug 201911:58 amRNSAFI Development Plc - Notice of H1 2019 Results
26th Jul 20194:41 pmRNSSecond Price Monitoring Extn
26th Jul 20194:36 pmRNSPrice Monitoring Extension
26th Jun 20192:21 pmRNSPARTIAL REPAYMENT OF AFIMALL CITY LOAN
28th May 20197:00 amRNS1st Quarter Results
21st May 20191:10 pmRNSAFI Development PLC - Notice of Q1 2019 Results
20th May 20194:45 pmRNSAgreement On Partial Repayment Of Sanatoria Loans
30th Apr 20193:57 pmRNSAnnual Financial Report
26th Apr 201910:10 amRNSEMPLOYMENT CONTRACT WITH MR LEV LEVIEV
23rd Apr 20197:00 amRNSAFI DEVELOPMENT AGREES TO SELL BUILDING 3
16th Apr 20194:40 pmRNSSecond Price Monitoring Extn
16th Apr 20194:35 pmRNSPrice Monitoring Extension
16th Apr 20193:56 pmRNSPRELIMINARY STATEMENT OF RESULTS FOR 2018
8th Apr 20199:37 amRNSNotice of Results
7th Feb 201912:07 pmRNSSecond Price Monitoring Extn
7th Feb 201912:02 pmRNSPrice Monitoring Extension
21st Dec 20189:22 amRNSAFI Development PLC - Result of AGM
18th Dec 201810:32 amRNSAFI Development - Change to the Board of Directors
12th Dec 20184:41 pmRNSSecond Price Monitoring Extn
12th Dec 20184:36 pmRNSPrice Monitoring Extension
21st Nov 20189:22 amRNSAFI Development - Notice of Annual General Meeting
20th Nov 20182:11 pmRNSAFI Development - Changes to the Board
20th Nov 20187:00 amRNSAFI Development Plc - Announcement of Q3 Results
13th Nov 20184:18 pmRNSAFI Development: Notification of Q3 2018 Results
30th Aug 20189:47 amRNSCHANGES IN THE BOARD OF DIRECTORS
30th Aug 20187:00 amRNSCHANGES IN THE BOARD OF DIRECTORS
30th Aug 20187:00 amRNSRESULTS FOR THE SIX MONTHS TO 30 JUNE 2018
16th Aug 201810:06 amRNSNOTIFICATION OF H1 2018 FINANCIAL RESULTS
29th Jun 20183:04 pmRNSPUBLICATION OF 2017 NON-FINANCIAL REPORT
24th May 20187:00 amRNS1st Quarter Results
18th May 20186:01 pmRNSNotification of Q1 2018 Results
23rd Apr 20184:46 pmRNSPublication of annual report 2017
17th Apr 20183:42 pmRNSAnnual Financial Report - Replacement
17th Apr 20187:01 amRNSNew management appointment
29th Mar 20181:16 pmRNSNOTIFICATION OF 2017 ANNUAL RESULTS
18th Jan 201811:41 amRNSLOAN RESTRUCTURING AGREEMENT REACHED WITH VTB BANK

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.