OREANDA-NEWS. February 15, 2012. Joint Stock Company Open Investments (JSC OPIN or the Company) (BLOOMBERG: MICEX - OPIN.RM), the first publicly traded real estate developer in Russia, today announces its sales results for the year ended 31 December 2011 in its key development projects Pavlovo, Pestovo and Martemyanovo.

Highlights:

For 2011 the Company signed 301 contracts for 37,200 sq. m of residential real estate and 3,500 sotkas (35 hectares) of land all totalling USD 150.7 million. In Q4 the total of 68 contracts were signed totalling USD 30.0 million and accounting for 20% of the annual volume. Out of total contracted revenue Pavlovo brought USD 82.2 million, Pestovo USD 35.7 million and Martemyanovo USD 32.8 million

Significantly increased the number of mortgage deals. During the year the Company signed 57 mortgage contracts totalling USD 20.6 million, which represented 14% of total 2011 sales, or more than seven times increase from the previous year. Share of mortgage deals in Q4 2011 accounted for 21% (21 contracts signed) of total sales for the quarter and was equal to USD 6.8 million

For 2011 share of contracts with deferred payment terms (on average equal to six months) was 19% dropping by 25% in 2010

Total cash collected was USD 135.6 million

Operational Update:

In total in three residential communities during 2011 the Company signed 301 contracts with total contracted revenue of USD 150.7 million, which is 125% higher than in 2010.

Units

Project

Total unsold as of 31.12.2011

Signed for 6m 2011

Signed for 6m 2010

Total signed in 9m 2011

Total signed in 9m 2010

Total signed 12m 2011

Total signed 12m 2010

% of change 2011/2010

Pavlovo

154

74

25

129

40

178

70

>2х

Pestovo

145

34

12

48

15

55

19

>2х

Martemyanovo

91

42

34

56

42

68

51

+33%

TOTAL

390

150

71

233

97

301

140

> 115%

Contracted Revenue, USD ’000

Project

Revenue for 6m 2011

Revenue for 6m 2010

Total revenue for 9m 2011

Total revenue for 9m 2010

Total revenue 12m 2011

Total revenue 12m 2010

% of change in revenue 9m 2011/9m 2010

Pavlovo

35 593

18 792

63 812

24 583

82 187

34 087

>2x

Pestovo

19 191

7 384

31 215

9 072

35 710

13 302

>2x

Martemyanovo

20 946

13 155

25 675

15 874

32 773

19 470

+68%

TOTAL

75 730

39 331

120 702

49 529

150 671

66 859

+1 25 %

Mortgage sales

 

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Mortgaged deals

4%

3%

5%

22%

21%

14%

Cash deals

96%

97%

95%

78%

79%

86%

Contracts with differed payment terms

 

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Deferred payment

44%

27%

24%

15%

13%

19%

Cash on delivery

56%

73%

76%

85%

87%

81%

Total cash collected

Current projects

Collected in 2011

Including Contracted in 2011

Pavlovo

72,028

69,780

Pestovo

33,107

28,985

Martemyanovo

30,422

32,738

TOTAL

135,557

131,503