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21 May 2008 16:21
21 May 2008
The following amendment has been made to the 'Unaudited Interim Consolidated Financial Statements As Of 31 March 2008' announcement released on 20 May 2008 at 0700 under RNS No 8221U
The first bullet point in 'Key Highlights' has been amended to read "Profit before tax US$6.75 million (loss of US$280,000 in three months to 31 March 2007)"
All other details remain unchanged.
The full amended text is shown below.
MIRLAND DEVELOPMENT CORPORATION PLC ("MirLand"/the "Company")
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 MARCH 2008
MirLand Development Corporation, one of the leading international residential and commercial property developers in Russia, today announces its interim consolidated financial statements for the three months to 31 March 2008.
Since the announcement of our preliminary results the Company has continued to make good progress and is pleased to report the following:
Key Highlights
Profit before tax US$6.75 million (loss of US$280,000 in three months to 31 March 2007)
29% increase in total assets to US$674.2 million (31 December 2007: US$521.4 million)
Rental and property management revenues increased to US$4.5 million (US$1.5 million in three months to 31 December 2007) following additional progress in the refurbishment, expansion and letting of the Hydro and MAG office properties in Moscow and the Yarolslavl shopping centre, which was successfully opened in April 2007
The Company has entered into an agreement with the city of Penza having won the tender for the acquisition of circa 5.3 Ha of land for US$4.25 million
Plans towards developing a 25,000 sqm shopping centre on the site are being successfully progressed. Located in south east Russia, Penza has a population of over 500,000 and an undersupply of high quality retail facilities
The Saratov shopping centre premises have been substantially pre-let and the Company anticipates that it will open during 2009.
Nigel Wright, Chairman, commented:
"MirLand has demonstrated considerable success in the letting of its completed projects and continues to make strong progress on the growth of its development programme and advancement of its existing projects."
For further information:
|
MirLand Development Corporation plc Roman Rozental roman@mirland-development.com |
+7 499 130 31 09 |
|
Financial Dynamics Dido Laurimore / Rachel Drysdale dido.laurimore@fd.com / rachel.drysdale@fd.com |
+44 20 7831 3113 |
|
|
|
|
|
31 March
|
|
31 December
|
||
|
|
|
|
|
2008
|
|
2007
|
|
2007
|
|
|
|
|
|
Unaudited
|
|
Audited
|
||
|
|
|
|
|
U.S. dollars in thousands
|
||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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NON-CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
Investment properties
|
|
|
|
238,100
|
|
75,933
|
|
227,030
|
|
Investment properties under construction
|
|
|
|
103,002
|
|
92,412
|
|
87,963
|
|
Long-term loan
|
|
|
|
15,179
|
|
-
|
|
14,829
|
|
Advances on acquisition of subsidiaries
|
|
|
|
1,796
|
|
1,000
|
|
1,080
|
|
Deferred expenses
|
|
|
|
958
|
|
-
|
|
796
|
|
Long-term receivables and prepayments
|
|
|
|
20,672
|
|
-
|
|
12,891
|
|
Financial derivative
|
|
|
|
1,089
|
|
-
|
|
-
|
|
Deferred taxes
|
|
|
|
986
|
|
1,143
|
|
214
|
|
Fixed assets, net
|
|
|
|
5,350
|
|
1,748
|
|
4,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
387,132
|
|
172,236
|
|
349,669
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories of buildings under construction
|
|
|
|
113,023
|
|
76,194
|
|
103,980
|
|
Trade and other receivables
|
|
|
|
6,289
|
|
10,337
|
|
7,537
|
|
Short-term loans
|
|
|
|
18,948
|
|
-
|
|
7,692
|
|
Restricted bank deposits
|
|
|
|
71,210
|
|
71,330
|
|
71,406
|
|
Cash and cash equivalents
|
|
|
|
77,599
|
|
191,304
|
|
117,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
287,069
|
|
349,165
|
|
308,373
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
674,201
|
|
521,401
|
|
658,042
|
|
|
|
|
|
31 March
|
|
31 December
|
||
|
|
|
|
|
2008
|
|
2007
|
|
2007
|
|
|
|
|
|
Unaudited
|
|
Audited
|
||
|
|
|
|
|
U.S. dollars in thousands
|
||||
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
|
Equity attributable to equity holders of the parent:
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
1,036
|
|
1,036
|
|
1,036
|
|
Share premium
|
|
|
|
359,803
|
|
359,803
|
|
359,803
|
|
Employee equity benefits reserve
|
|
|
|
6,682
|
|
2,929
|
|
6,199
|
|
Retained earnings
|
|
|
|
101,231
|
|
30,489
|
|
96,629
|
|
Currency translation reserve
|
|
|
|
18,059
|
|
3,229
|
|
9,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
486,811
|
|
397,486
|
|
472,818
|
|
Minority interests
|
|
|
|
25
|
|
25
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
486,836
|
|
397,511
|
|
472,843
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Debentures, net
|
|
|
|
63,796
|
|
-
|
|
62,088
|
|
Financial derivative
|
|
|
|
-
|
|
-
|
|
50
|
|
Long-term loans from banks
|
|
|
|
19,399
|
|
16,989
|
|
15,873
|
|
Other long-term liabilities
|
|
|
|
12,966
|
|
22,467
|
|
12,739
|
|
Deferred taxes
|
|
|
|
6,781
|
|
3,030
|
|
5,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,942
|
|
42,486
|
|
95,868
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Accounts payable and accruals
|
|
|
|
9,204
|
|
4,981
|
|
11,145
|
|
Short-term loans from banks
|
|
|
|
72,669
|
|
74,624
|
|
76,696
|
|
Income tax payable
|
|
|
|
2,550
|
|
1,799
|
|
1,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84,423
|
|
81,404
|
|
89,331
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
187,365
|
|
123,890
|
|
185,199
|
|
|
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
|
|
674,201
|
|
521,401
|
|
658,042
|
|
19 May 2008
|
|
|
|
|
|
Date of approval of the
financial statements
|
|
Moshe Morag
CEO
|
|
Roman Rozental
CFO
|
|
|
|
|
|
Three months ended
31 March
|
|
Year ended
31 December
|
||
|
|
|
|
|
2008
|
|
2007
|
|
2007
|
|
|
|
|
|
Unaudited
|
|
Audited
|
||
|
|
|
|
|
U.S. dollars in thousands
|
||||
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental income from investment properties
|
|
|
|
3,958
|
|
1,352
|
|
10,446
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from managing and consulting fees
|
|
|
|
547
|
|
189
|
|
1,977
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
4,505
|
|
1,541
|
|
12,423
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of investment properties
|
|
|
|
(1,493)
|
|
-
|
|
82,138
|
|
|
|
|
|
|
|
|
|
|
|
Total income
|
|
|
|
3,012
|
|
1,541
|
|
94,561
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
(1,732)
|
|
(203)
|
|
(6,384)
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
(4,760)
|
|
(3,668)
|
|
(26,706)
|
|
|
|
|
|
|
|
|
|
|
|
Registration of land lease
|
|
|
|
-
|
|
-
|
|
(5,469)
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs
|
|
|
|
(3,822)
|
|
(1,325)
|
|
(8,703)
|
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
|
|
|
14,050
|
|
3,375
|
|
23,004
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before tax expense
|
|
|
|
6,748
|
|
(280)
|
|
70,303
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense
|
|
|
|
2,146
|
|
980
|
|
5,423
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the year attributable to the equity holders of the parent
|
|
|
|
4,602
|
|
(1,260)
|
|
64,880
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share (in U.S. dollars per share):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
0.044
|
|
(0.010)
|
|
0.627
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
0.044
|
|
(0.010)
|
|
0.627
|
|
|
|
Attributable to equity holders of the company
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
Employee
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
equity
|
|
|
|
Currency
|
|
|
|
|
|
|
|
recognized
|
|
|
|
|
Share
|
|
Share
|
|
benefits
|
|
Retained
|
|
translation
|
|
|
|
Minority
|
|
Total
|
|
income
|
|
|
|
|
capital
|
|
premium
|
|
reserve
|
|
earnings
|
|
reserve
|
|
Total
|
|
interests
|
|
equity
|
|
(expenses)
|
|
|
|
|
U.S. dollars in thousands
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2008
|
|
1,036
|
|
359,803
|
|
6,199
|
|
96,629
|
|
9,151
|
|
472,818
|
|
25
|
|
472,843
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
-
|
|
-
|
|
-
|
|
4,602
|
|
-
|
|
4,602
|
|
-
|
|
4,602
|
|
4,602
|
|
|
Share-based payment
|
|
-
|
|
-
|
|
483
|
|
-
|
|
-
|
|
483
|
|
-
|
|
483
|
|
-
|
|
|
Foreign currency translation adjustments
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,908
|
|
8,908
|
|
-
|
|
8,908
|
|
8,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2008 (unaudited)
|
|
1,036
|
|
359,803
|
|
6,682
|
|
101,231
|
|
18,059
|
|
486,811
|
|
25
|
|
486,836
|
|
13,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2007
|
|
1,000
|
|
329,028
|
|
2,348
|
|
31,749
|
|
2,402
|
|
366,527
|
|
25
|
|
366,552
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares
|
|
36
|
|
30,775
|
|
-
|
|
-
|
|
-
|
|
30,811
|
|
-
|
|
30,811
|
|
-
|
|
|
Loss for the period
|
|
-
|
|
-
|
|
-
|
|
(1,260)
|
|
-
|
|
(1,260)
|
|
-
|
|
(1,260)
|
|
(1,260)
|
|
|
Share-based payment
|
|
-
|
|
-
|
|
581
|
|
-
|
|
-
|
|
581
|
|
-
|
|
581
|
|
-
|
|
|
Foreign currency translation adjustments
|
|
-
|
|
-
|
|
-
|
|
-
|
|
827
|
|
827
|
|
-
|
|
827
|
|
827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2007 (unaudited)
|
|
1,036
|
|
359,803
|
|
2,929
|
|
30,489
|
|
3,229
|
|
397,486
|
|
25
|
|
397,511
|
|
(433)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2006
|
|
1,000
|
|
329,028
|
|
2,348
|
|
31,749
|
|
2,402
|
|
366,527
|
|
25
|
|
366,552
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares
|
|
36
|
|
30,775
|
|
-
|
|
-
|
|
-
|
|
30,811
|
|
-
|
|
30,811
|
|
-
|
|
|
Profit for the year
|
|
-
|
|
-
|
|
-
|
|
64,880
|
|
-
|
|
64,880
|
|
-
|
|
64,880
|
|
64,880
|
|
|
Share-based payment
|
|
-
|
|
-
|
|
3,851
|
|
-
|
|
-
|
|
3,851
|
|
-
|
|
3,851
|
|
-
|
|
|
Foreign currency translation adjustments
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,749
|
|
6,749
|
|
-
|
|
6,749
|
|
6,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2007
|
|
1,036
|
|
359,803
|
|
6,199
|
|
96,629
|
|
9,151
|
|
472,818
|
|
25
|
|
472,843
|
|
71,629
|
|
|
|
|
Three months ended
31 March
|
|
Year ended
31 December
|
||
|
|
|
2008
|
|
2007
|
|
2007
|
|
|
|
Unaudited
|
|
Audited
|
||
|
|
|
U.S. dollars in thousands
|
||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Profit before the tax expense
|
|
6,748
|
|
(280)
|
|
70,303
|
|
Adjustments for:
|
|
|
|
|
|
|
|
Finance costs
|
|
3,822
|
|
1,325
|
|
8,703
|
|
Interest paid
|
|
(1,653)
|
|
(1,082)
|
|
(6,881)
|
|
Finance income
|
|
(14,050)
|
|
(3,375)
|
|
(23,004)
|
|
Interest received
|
|
804
|
|
-
|
|
10,343
|
|
Fair value adjustments of investment properties
|
|
1,493
|
|
-
|
|
(82,138)
|
|
Share-based payments expense
|
|
483
|
|
581
|
|
3,851
|
|
Addition to residential projects for sale under construction
|
|
(3,603)
|
|
-
|
|
(22,003)
|
|
Depreciation of fixed assets
|
|
149
|
|
6
|
|
287
|
|
Increase in trade and other receivables
|
|
(5,465)
|
|
(307)
|
|
(3,067)
|
|
Increase (decrease) in accounts payable and accruals and in provision to service provider
|
|
(2,104)
|
|
295
|
|
6,347
|
|
Income taxes paid
|
|
(1,167)
|
|
(810)
|
|
(1,169)
|
|
|
|
|
|
|
|
|
|
Net cash flows used in operating activities
|
|
(14,543)
|
|
(3,647)
|
|
(38,428)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Additions to fixed assets
|
|
(165)
|
|
(648)
|
|
(3,373)
|
|
Additions to investment properties
|
|
(3,499)
|
|
(4,627)
|
|
(36,056)
|
|
Additions to investment properties under construction
|
|
(9,374)
|
|
(11,910)
|
|
(62,658)
|
|
Interest capitalized in investment properties under construction
|
|
-
|
|
(1,410)
|
|
(2,016)
|
|
Loans granted
|
|
(10,617)
|
|
-
|
|
(22,238)
|
|
Advance on acquisition of subsidiary
|
|
(796)
|
|
(1,000)
|
|
(1,080)
|
|
Acquisition of subsidiaries, net of cash acquired
|
|
-
|
|
(15,900)
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash flows used in investing activities
|
|
(24,451)
|
|
(35,495)
|
|
(127,421)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Proceeds from issuance of shares by the Company
|
|
-
|
|
30,811
|
|
30,811
|
|
Advances received on account of IPO
|
|
-
|
|
-
|
|
1,053
|
|
Accrued expenses on account of loan
|
|
(123)
|
|
-
|
|
(767)
|
|
Proceeds from issuance of bonds
|
|
-
|
|
-
|
|
61,756
|
|
Proceeds from long-term borrowings
|
|
-
|
|
2,707
|
|
-
|
|
Proceeds from short-term borrowings
|
|
-
|
|
279
|
|
-
|
|
Repayment of long-term borrowings from banks
|
|
(765)
|
|
-
|
|
-
|
|
Acquisition of minority
|
|
(757)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash flows (used in)/provided by financing activities
|
|
(1,645)
|
|
33,797
|
|
92,853
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(40,639)
|
|
(5,345)
|
|
(72,996)
|
|
Net foreign exchange differences on cash and cash equivalents
|
|
480
|
|
63
|
|
(5,832)
|
|
Cash and cash equivalents at beginning of period
|
|
117,758
|
|
196,586
|
|
196,586
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
77,599
|
|
191,304
|
|
117,758
|
|
|
|
Three months ended
31 March
|
|
Year ended
31 December
|
||
|
|
|
2008
|
|
2007
|
|
2007
|
|
|
|
Unaudited
|
|
Audited
|
||
|
|
|
U.S. dollars in thousands
|
||||
|
|
|
|
|
|
|
|
|
Non-cash transactions:
|
|
|
|
|
|
|
|
Payables included for investment properties under construction
|
|
-
|
|
3,425
|
|
1,638
|
|
|
|
|
|
|
|
|
|
Reclassification of inventories of land to inventories of buildings under construction
|
|
-
|
|
76,194
|
|
62,192
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
Residential
|
|
Total
|
|
|
|
Unaudited
|
||||
|
Three months ended 31 March 2008:
|
|
U.S. dollars in thousands
|
||||
|
|
|
|
|
|
|
|
|
Segment revenues
|
|
4,505
|
|
-
|
|
4,505
|
|
|
|
|
|
|
|
|
|
Segment results
|
|
(1,042)
|
|
(265)
|
|
(1,307)
|
|
|
|
|
|
|
|
|
|
Unallocated expenses
|
|
|
|
|
|
(2,173)
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
|
|
(3,480)
|
|
|
|
Commercial
|
|
Residential
|
|
Total
|
|
|
|
Unaudited
|
||||
|
Three months ended 31 March 2007:
|
|
U.S. dollars in thousands
|
||||
|
|
|
|
|
|
|
|
|
Segment revenues
|
|
1,541
|
|
-
|
|
1,541
|
|
|
|
|
|
|
|
|
|
Segment results
|
|
29
|
|
(209)
|
|
(180)
|
|
|
|
|
|
|
|
|
|
Unallocated expenses
|
|
|
|
|
|
(2,150)
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
|
|
(2,330)
|
|
|
|
Commercial
|
|
Residential
|
|
Total
|
|
|
|
Audited
|
||||
|
Year ended 31 December 2007:
|
|
U.S. dollars in thousands
|
||||
|
|
|
|
|
|
|
|
|
Segment revenues
|
|
12,423
|
|
-
|
|
12,423
|
|
|
|
|
|
|
|
|
|
Segment results
|
|
69,872
|
|
(1,314)
|
|
68,558
|
|
|
|
|
|
|
|
|
|
Unallocated expenses
|
|
|
|
|
|
(12,556)
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
56,002
|
NOTE 4:- SEGNIFICANT EVENTS DURING THE REPORTED PERIOD
Following the announcement, on 3 April 2008, Tamiz signed an agreement with the city of Penza, which indicates that all the rights to the land shall be transferred to Tamiz, for the amount of $ 4.25 million. The above amount was paid by the Company on 11 April 2008. The Company intends to build a shopping center on the land.
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