OREANDA-NEWS. July 27, 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 H1 2012 sales results in its key development projects Pavlovo 2, Pestovo, Martemyanovo and a new project Pestovo Life.

Highlights

For the first half 2012 the Company signed 99 contracts for 12.2 thousand sq. m of residential real estate and 1,200 sotkas (12 hectares) of land all totalling USD 47.5 million, which represented an decrease of USD 22.1 million or 32% in comparison with the same period last year. Out of total contracted revenue Pavlovo 2 brought USD 23.4 million, Pestovo USD 13.2 million and Martemyanovo USD 9.5 million. USD 1.4 million of revenue came from the sales of land plots in the new Pestovo Life community.

During the first six months the Company signed 19 mortgage contracts totalling USD 9.5 million, which represented 20% of H1 2012 deals.

Total cash collected was USD 40.3 million.

Units

Project

Total unsold as of 30.06.2012

Total signed in 3m 2012

Total signed in 3m 2011

Total signed in 6m 2012

Total signed in 6m 2011

% change 2012/2011

Pavlovo 2

113

32

28

52

69

-25%

Pestovo

136

8

12

15

33

-55%

Pestovo Life

94

 

 

8

 

n/a

Martemyanovo

107

10

13

24

41

-41%

TOTAL

450

50

53

99

143

-31%

Contracted Revenue, USD ’000

Project

Revenue for

3m 2012

Revenue for

3m 2011

Revenue for

6m 2012

Revenue for

6m 2011

% change in

3m 2012/

3m 2011

Pavlovo 2

13,457

8,929

23,392

31,529

-23%

Pestovo

6,984

6,739

13,164

18,760

-30%

Pestovo Life

 

 

1,363

 

n/a

Martemyanovo

4,820

5,707

9,556

20,322

-53%

TOTAL

25,261

21,376

47,475

69,611

-32%

Total cash collected

Project

Collected in H1 2012

Including Contracted in 2012

Current projects

 

 

Pavlovo 2

21,410

18,110

Pestovo

9,090

9,405

Pestovo Life

536

536

Martemyanovo

9,278

7,775

TOTAL

40,314

35,826