OREANDA-NEWS. July 18, 2012. TMM Real Estate Development PLC (FRA: TR61) ("TMM" or the "Company") announces publication of its consolidated financial statements as at 31st December 2011 and for the year then ended. The financial statements were prepared according to IFRS and audited by Ernst & Young Cyprus Limited.

Larysa Chyvurina, TMM Company's CFO: "The drop in revenue booked in 2011 reflects the lower volume of project completions during the year.  Yet, the company continued active development of its projects and with extension of TMM's credit line limit with JSC Oschadbank by over USD 60 million in the second half of 2011, TMM was able to accelerate construction of Sonyachna brama residential complex, its largest project in Kyiv.  The second phase of the project with the total sellable area of 48 thousand sq m is scheduled for completion in 2012 with the respective pre-sales to be booked as revenue for the period. We also believe that the unique mortgage program launched by JSC Oschadbank for the apartment buyers in TMM's projects under construction will positively affect the demand and sales in 2012."

Key Financial Highlights:

USD  thousands, unless otherwise indicated

2011

2010

2009

Revenue

47,307

51,268

42,217

 

 

 

 

Gross profit

5,803

11,504

16,530

Gross margin, %

12.3%

22.5%

39.2%

 

 

 

 

Operating profit / (loss)

-4,725

4,968

-13,636

Operating margin, %

-10.0%

9.7%

-32.3%

 

 

 

 

Profit / (loss) before tax

-19,095

3,815

-16,720

 

 

 

 

Profit / (loss) for the year

-19,489

17,033

-14,278

 

 

 

 

Total assets

377,072

374,248

356,765