OREANDA-NEWS. October 22, 2009. TMM Company, a leading developer and construction company of Ukraine announces its consolidated results for the year ended 31 December 2008 prepared in accordance with IFRS and audited by Ernst & Young.

Financial results highlights

Revenues – USD 89.779 mln compared to USD 57.682 mln in 2007

Profit before tax – USD 20.757 mln compared to USD 26.116 mln in 2007

Net profit – USD 11.603 mln compared to USD 12.664 mln in 2007

Total assets – USD 402.041 mln compared to USD 452.124 mln in 2007 (due to USD/UAH rate changing to 1/7.7 as of 31 Dec 2008 from 1/5.05 as of 31 Dec 2007).

While comparing the 2008 results to those of 2007, the significant Ukrainian currency depreciation should be taken into account. The foreign exchange loss in 2008 amounted to USD 15.609 mln while in 2007 the loss was USD 1.743 mln.

The revenues from sale of residential and commercial property are recognized after the construction is complete and approved by the state commissioner. Thus, in 2008 TMM commissioned two residential complexes – premium-class Triumph in Kyiv and business-class Topaz in Zhytomyr – the pre-sales in which were reflected in 2008 statements.