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Q3 2012 Investor Relation Presentation

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  • 1. Q3 2012INVESTOR PRESENTATIONNovember 2012
  • 2. Disclaimer This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of AFI Development Plc (the "Company") or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This communication is only being distributed to and is only directed at (1) qualified institutional buyers (within the meaning of Rule 144A of the United States Securities Act of 1933, as amended (the "Securities Act") or (2) accredited investors (as defined in Rule 501(a) of Regulation D adopted pursuant to the Securities Act). Any person who is not a "qualified institutional buyer" or "accredited investor" should not act or rely on this document or any of its contents. This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Companys control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Companys present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Companys expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. The information contained in this document is provided as at the date of this document and is subject to change without notice. 2
  • 3. AFI Development at Glance Market Cap, as of US$ 0.54 bn •Full cycle real estate •Strong liquidity position with November 19, 2012 developer around US$ 71.8 mn in cash as Price per share, as US$ 0.52 September 30, 2012 of 19 November, •Focus on unique large FINANCIAL 2012 BUSINESS scale commercial and STABILITY •Secured financing for on-going residential projects projects NAV(Equity), US$ 1.619bn September 30, 2012 •Primary market: •Low leverage: Debt/Total assets* Moscow, Russia is 26% NAV per share, US$ 1.55 September 30, 2012 •Active on the market for Portfolio Value** US$ 2.4 bn 11years •16 completed projects with total c. 570K sqm of space Portfolio Value breakdown** •Admitted to LSE in 2007 Land Bank HISTORY (Tickers: AFID.IL; TRACK •Impeccable credit history Projects and Pipeline AFRB.LN). Received RECORD 2% under premium listing in 2010 •Market reputation for high development AFIMALL 27% 48% quality and professional •Free float – 35% property management •Substantial income generating •Strong global brandProjects close portfolio. Major projectto completion AFIMALL (p.10) 8% •Affiliate of Africa Israel Group (65% owner) , a Income BRAND PORTFOLIO •1 project close to completion Producing major conglomerate with 15% (p.14), 4 project under global focus on real development (p.15) **Gross Value according to JLLs valuation as of June 30, estate, construction and 2012 and BV of land bank and pipeline projects infrastructure •Pipeline and land bank (p.19) * Debt represents long-term and short-term loans 3
  • 4. Key Projects in Moscow Current Portfolio Yielding Assets / Trading Stock Value (JLL): US$ 1.5 bn GLA: 174.5K sqm AFIMALL City Aquamarine II Berezkovskaya Plaza SPA* (excl. hotels)Ownership:50% *Outside of NOI stab.: US$ 196.7 mn Moscow (AFID share) GSA: 1.4K sqm H2O Four Winds Plaza Spa* Price psqm: 13K – 15K Number of keys: 568 keys Tverskaya Aquamarine Paveletskaya, 1 Plazas Ib&II Hotel Projects close to completion Value(JLL): US$ 193.7 mn GLA: 51K sqm NOI stab. Aquamarine III (AFID share): US$ 21 mn Development Projects Value(JLL): US$ 668.6 mn GLA: 227 K sqm NOI stab. US$ 145 mn Otradnoe Pochtovaya (AFID share): GSA: 501.2K sqm CF from sale: US$ 1.9bn Tverskaya Plazas Kosinskaya Pipeline and Land Bank Value(JLL): US$ 211 mn BV: Others (as of 30.06.12): US$ US$ 37 mn Other OtherNote: the NOI projections are “forward looking statements” based on JLL valuation assumptions and Company estimations and they can be projects not realized due to factors beyond the Companys control including, among realized or 4others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the priceof our shares or GDRs, financial risk management and the impact of general business and global economic conditions
  • 5. Portfolio Overview Track record* (sqm)  Delivered OFFICE  Under construction  Company track record – more than 570K sqm of commercial 78,206 HOTEL and residential space 48,795  Current portfolio – c. 2 mn sqmRESIDENTIAL 78,419  Active projects under development – c. 1.2 mn sqm  AFIMALL is the flagship yielding asset with 338,9K sqm GBA OFFICE RETAIL  Aquamarine III delivery will add 78K sqm of high quality 99,617 346,648 office stock to the Company yielding portfolio*total gross area of projects shown inclusive of shares owned by partners and projects sold,exclusive of pipeline and land bank projects  Current portfolio value – US$ 2.4 bn**  Current MV of yielding properties – US$ 1.5 bn***  Selection of attractive pipeline projects provides with wide opportunities for future development **Gross Value according to JLLs valuation as of June 30, 2012 and BV of land bank and pipeline projects *** Based on JLL valuation as for June 30, 2012 5
  • 6. SECTION 1Company Update
  • 7. Company Update in Q2 2012 Projects Update in Q3 2012 AFIMALL: OPERATIONAL UPDATE:  The success of marketing campaign was reflected in the increasing footfall to the current monthly average c. 38 K visitors per day on average base  Second stage of parking construction (additional 600 parking lots) has been delivered and put into operations. Total 1279 parking lots are now available for visitors. Construction of the remaining parking units is progressing as planned and the full parking is expected to become operational in phases during the remainder of the year  The Company finalized the agreement with VTB bank on the disposal of parking space in the underground parking. The parties estimate the eventual number of parking spaces transacted at 643. The consideration for the deal is expected to result with net CF of US$ 54,5 mn TVERSKAYA PLAZAS: DEVELOPMENT UPDATE:  The Company has received a Land Lease Certificate for the Plaza IC (2-ya Brestskaya street), which is a final milestone in securing rights. The next step is to proceed with documentation in order to start a construction  The company has repaid the Tverskaya loan facility with Sberbank in the amount of US$ 70 mn in August 2012 ODINTSOVO (OTRADNOE):  The Company has finalized a project documentation on foundation reinforcement and obtained all technical conditions (water, electricity) KOSINSKAYA:  The Company is completed preliminary tender with general contractors and negotiations with major banks regarding debt financing have been started 7
  • 8. Gross Asset ValueGross Asset Value The Gross Value of the portfolio of properties did not change during Q3 2012. However, the 5.8% rouble appreciation versus the U.S. dollar in Q3 2012 resulted in an accounting loss (valuation loss of investment property) of US$73.2 million for this quarter Revaluation effect in 3Q 12 Valuation gain US$ mn BS value BS value BS value BS value (loss) 31/12/11 31.03.2012 30.06.2012 30.09.2012 3Q12Investment Property under Development 984 1,042 769 769 (13) TVZ Plaza IV 165 183 165 165 (0) TVZ Plaza IIa 35 37 32 32 (3) TVZ Plaza IB 24 24 TVZ Plaza IC 116 123 119 119 (2) TVZ Plaza II 77 87 OZE Phase III 178 191 194 194 (6) Kosinskaya 146 153 102 102 (1) Tverskaya Zastava Mall - - - - - Pochtovaya 213 214 141 141 (1) Other 30 30 17 17 (0)Investment property 1,404 1,453 1,443 1,443 (60) AFIMALL 1,160 1,205 1,160 1,160 (45) W4W office 138 142 138 138 (7) Other 106 106 146 145 (8)Trading property and Trading property under 207 217 139 142development Other 141 145 139 142 Botanic Garden 66 72 - - -Hotels 90 102 91 100Total Assets 2,684 2,814 2,442 2,454 (73) 8 * Plaza 1b & II were reclassified from investment property under development to investment property during Q2 2012
  • 9. SECTION 2Projects Update
  • 10. AFIMALL City Project Highlights KEY ADVANTAGES  The largest mall in the city center  Best quality construction and fit-out  Attractive consumer target group, employed by worldwide institutional companies in the surrounding offices  Good transport accessibility – metro station underneath, 100 m distance to the Third Transport Ring PROJECT HIGHLIGHTS (as of September 2012)Ownership 100%Land area 4.4 ha in the unique business districtGBA, sqm 338,925GLA, sqm 107,142Parking units, # 2,035*Forecast NOI*(stab.) US$ 132.7 mnAverage rent per sqm pa US$ 1,254 per sqm paMarket Value (JLL as of 30.06.2012) US$ 1,160 mnSpace leased 77% * Additional 643 parking lots are classified as trading property under development  Moscow City existing office space is almost 500K sq m with 170K of residential  Around 1m sqm of office space and 320K of residential expected to be constructed by 2015  as for now it’s only 34% of total Moscow city construction has been put into operation (JLL report, June 2012) 10
  • 11. AFIMALL City Operational SummaryOPERATION: The footfall has increased in Q3 compare to Q2 and reached c. 38 K visitors per day on average Average base rental rate - US$ 1,254* psm pa The Company is testing various tariff schemes in order to increase the amount of visitors that use AFIMALL’s parking. One of the schemes is free parking in the evening during the working days Availability of the parking is actively promoted through various media channels The marketing campaign is in progressAFIMALL PARKING: Second stage of parking construction (additional 600 parking lots) has been delivered and put into operation. Total 1279 parking lots are now available for visitors Daily average footfall in AFIMALL (‘000 visitors) 45 The Company finalized the agreement with VTB bank on the disposal of parking 40 38К space in the underground parking. The parties estimate the eventual number of 35 parking spaces transacted at 643. The consideration for the deal is expected to 30 result with net CF of US$ 54,5 mn 25*(after indexation and before discounts provided) 20 15NEXT STEPS ON TRACK TO PROJECT PROMOTION 10 5 Improve operations at AFIMALL 0 get permission documents for the whole underground parking by the end of 2012 Increase occupancy level and number of visitors Stabilize tenant mix through reduction of tenants rotation 2012 11
  • 12. Yielding Properties Paveletskaya, bld. Four Winds Tverskaya Plaza AquamarineBuilding AFIMALL Four Winds Berezkovskaya H2O Tvesrkaya Plaza II Plaza Spa Kalinina TOTAL 1 Fitness and Retail Ib HotelOwnership 100% 50% 74% 99.1% 100% 50% 100% 100% 100% 50% 100%Location Moscow Moscow Moscow Moscow Moscow Moscow Moscow Moscow Moscow Kavkaz KavkazGBA, sqm * 338,925 31,000 11,612 16,512 10,698 4,925 5,700 2,095 11,130 25,000 9,526 462KGLA, sqm 107,142 21,950 10,250 14,085 8,996 4,726 5,510 1,913 159 keys 274 keys 134 keys 174KParking lots (total), # 2,035*** 142 300 126 72 78 - - 15 - 15Ocupancy rate, % 77% 100% 94% 100% 92% 99% 98% 72%Average rent, $/sq m 1,245 1,428 549 251 254 540 1,403 1,036 ADR 192 ADR 105 -Market rent, US$, (JLL) 1,152 1,279 550 286 320 540 2,000 2,500 ADR 244 ADR 120 ADR 121Class Retail Office A Office B Office B Office B Street retail Street retail Street Hotel Hotel Hotel12 months Forward E, 72.5 30.7 3.3 3.6 2.5 1.5 2.8 0.9 3.0 4.3 2.1 127US$ mn**MV(AFID share),US$ 1,160 138 29.4 28.9 19 18 32 9 45 31 23 1,531mn**CAP Rate 30.6.12 - JLL 10% 10% 12% 13% 13.75% 9% 9%,13% 9%, 12.5% 9.5% 13% 13% * Including parking area ** Based on JLL valuation as of 30.06.2012 *** Additional 643 parking lots are classified as trading property under development 12
  • 13. Property under Construction
  • 14. Ozerkovskaya III KEY ADVANTAGES  Located in Zamoskvorechye, Moscow’s prestigious business area within the Garden Ring  3-rd phase of Ozerkovskaya Embankment development site  4 Class A office buildings comprising one complex ACTUAL PLAN:PROJECT HIGHLIGHT 100 % of share  The Company has delivered the project in Q2 2012; received commissioning certificate in August 2012Year of construction 2012  The company works on refinancing construction loan facilityOwnership 50% with lower interest rate payments and more favorable termsLocation MoscowGBA 78.6K TARGETS:GLA 51.1KParking units 557  To get a ownership certificate in Q4 2012MV UD$ 387.3 mn  To reduce current interest rate for the loan facility(JLL valuation, as for 30.06.2012)  Proceed with lease up/saleMV, AFID share only US$ 193.7 mn(JLL valuation, as for 30.06.2012)Loan Balance US$ 24.2 mn(30.06.2012) 14
  • 15. Projects under Development
  • 16. Projects under Development (1/2) Projects under Development DESCRIPTION: PARAMETERS DATA • Convenient access to the main motorways, close proximity to nearest metro station Type Retail • Unique concept for accommodation of small Land plot, Ha 8haKOSINSKAYA shops, offices, warehouses and retails CURRENT PLAN: • Project documentation on foundation GBA, sqm 111.7K reinforcement issued GLA, sqm 89.7K • The company obtained all technical conditions (water, radio, electricity) Outstanding investment costs US$ 56mn • Negotiations with potential anchor tenants are in process Stab. NOI (JLL est.) US$ 22.7K TARGETS: MV(JLL as f 30.06.2012) US$ 102.3 mn • Finalize negotiation regarding bank financing • Finalize construction DESCRIPTION: PARAMETERS DATA • Located on 32 ha site in the town of Odintsovo, one Type Residential of the newest and most environmentally clean areas bordering Moscow Land plot, Ha 31.8 • Project includes multifunctional infrastructure with GBA, sqm 703.3K schools, kindergardens and sports facilities forOTRADNOE children GSA/GLA, sqm 436K/37K • Construction permit received; tender for main constructor has been issued Phase I: CURRENT PLAN: GSA/GLA, sqm 142K/7,5K • Construction site is fully mobilized. Renovation can be start shortly in Q1 2013 Parking units, # 2,053 • The Company is providing tender with general Outstanding investment US$ 871 mn contractors (Based on JLL, 30.06.12) • Negotiations with major banks concerning debt financing have been started Expected CF from Sales US$ 1.3 bn TARGETS: (Based on JLL, 30.06.12) • Start renovation in Q1 2013 MV(JLL as f 30.06.2012) US$ 108.5 mn 16
  • 17. Projects under Development (2/2) Projects next for Development DESCRIPTION: PARAMETERS DATA • Located in one of Moscow’s most central Type Office neighborhoods near Belorussky rail terminal, on the intersection with Tverskaya Street TVERSKAYA PLAZAS Land plot(total), Ha 1.95 • Excellent access both by public and private transport GBA, sqm 169.7K CURRENT STATUS: • Design stage GLA, sqm 107.2K • The Company has received the land Lease Plaza Ic: 24.2K/7.0K Certificates for the Plaza IC (2-ya Brestskaya) • The negotiations with City on developments rights Plaza IIa 7.6K for other two Plazas (IV and IIa) are in process Plaza IV: 68.4K Parking Units, # 1.8K Outstanding investment costs US$ 357 mn MV(JLL as f 30.06.2012) US$ 315.5 mn DESCRIPTION:  The project is located in the Moscow Central District PARAMETERS DATA on the Yauza river bank; total site area is 5.65 ha Type Residential  Attractive neighborhood which benefits from the Land plot, Ha 5.65ha developed social infrastructure; transport, shops and POCHTOVAYA cultural amenities GBA, sqm 170.3K CURRENT PLAN: GSA/GLA, sqm 57.6K/37.2K  Based on the best-use concept the Company plans to develop the project as a residential complex with # of parking spaces 1,8K total GBA of 170K sqm. GZK is on place Outstanding investment costs US$ 288 mn TARGETS:  Finish design in 2013 Average price US$ 6K MV (JLL as f 30.06.2012) US$ 140.0 mn 17
  • 18. Pipeline and Land Bank GBA upon completion Project Type Land (ha) BV(as of 30.09.2012) (sqm) Park Plaza Kislovodsk Hotel resort 5.3 40,000 10,000 Versailles, Kislovodsk Hotel resort 0.6 11,762 9,000 Ruza Mixed use 387 n/a 4,000 St. Petersburg Mixed use 3.7 n/a 2,000 Paveletskaya, II Mixed use 4.0 106,250 11,500 TOTAL 158,012 37,000Extensive land bank  Land bank – projects currently put on holdLand bank strategy  Activate projects upon securing required financing and evaluation of demand level from prospective tenants/buyer  Full flexibility regarding future development in various cycles of the economy – the major competitive advantage for the CompanyNote: MV upon completion and GBA upon completion are “forward looking statements” based on JLL valuation assumptions and they can be realized or not realized due to factors beyond the Companys control including, amongothers, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in theprice of our shares or GDRs, financial risk management and the impact of general business and global economic conditions 18
  • 19. SECTION 3Q3 2012 Financial Results
  • 20. Balance Sheet & Income Statement 30.09.2012 30.06.2012 31.03.2012 Changing # NARRATIVE US$ mn US$ mn US$ mn US$ mn % Q1 2012 Q2 2012 Q3 2012 9M 2012 (1) Investment property 1443.1 1443.1 1452.9 0.0 0% # ITEM (000) 9M 2011 Investment property under development 769.0 769.0 1042.0 0.0 0% Actual Actual Actual Actual (2) (3) Property, plant and equipment 101.4 95.0 104.3 6.4 7% (1) Construction consulting/management services 1.5 0.3 0.4 2.2 0.8 (4) Long-term loans receivable 0.0 0.0 0.0 0.0 13% (2) Rental income 35.3 36.8 37.4 109.5 83.2 (5) VAT recoverable 0.9 1.1 6.2 (0.2) (16%) (3) Sale of residential 3.5 4.1 4.8 12.3 14.8 (6) Goodwill 0.2 0.2 0.2 0.0 0% (4) TOTAL REVENUE 40.3 41.1 42.6 124.1 98.7 (8) Inventory of real estate 0.0 0.0 72.0 (9) Non-current assets 2314.7 2308.4 2677.6 6.3 0% (5) Other income 2.5 2.2 0.5 5.2 0.5(11) Trading properties 2.8 6.0 10.4 (3.2) (53%) (6) Operating expenses (16.3) (19.0) (18.3) (53.5) (48.6)(12) Trading properties under construction 139.5 132.7 134.1 6.8 5% (7) Administrative expenses (3.4) (9.9) (3.0) (16.3) (13.3)(13) Inventory 1.6 1.2 1.3 0.4 30% (8) Cost of sales of residential (1.9) (3.2) (3.7) (8.8) (9.4)(14) Short-term loans receivable 0.8 0.8 0.9 0.0 1% (9) Other expenses (0.2) (0.1) (1.2) (1.6) (2.6)(15) Trade and other receivables 76.0 75.5 91.8 0.5 1%(16) Cash and cash equivalents 71.8 128.1 104.1 (56.3) (44%) (10) TOTAL EXPENSES (19.3) (30.0) (25.6) (74.9) (73.4)(16) Current assets 292.5 344.3 342.7 (51.8) -15% (11) GROSS PROFIT 21.0 11.2 17.0 49.2 25.4(17) TOTAL ASSETS 2607.2 2652.7 3020.2 (45.5) -2%(18) Equity (12) Impairement of prepayment for investments - - - - -(19) Share capital 1.0 1.0 1.0 0.0 0% (13) Valuation gains on investment property 1.1 (173.5) (73.2) (245.7) 198.5(20) Share premium 1763.4 1763.4 1763.4 0.0 - (14) Negative goodwill - - - - -(21) Translation reserve (153.7) (192.2) (112.5) 0.0 (20%) (15) Impairement loss for trading property and hotels - (65.4) - (65.4) (2.7)(22) Retained earnings 8.2 43.6 285.4 0.0 (81%) (16) - - - - -(25) TOTAL EQUITY 1619.0 1615.9 1937.3 3.1 0% (17) RESULTS FROM OPERATING ACTIVITIES 22.1 (227.7) (56.2) (261.9) 221.2(26) Minority interest (3.1) (2.9) 3.8 (18) Finance income 2.1 1.9 2.1 6.2 5.4(26) Liabilities (19) Finance expense (15.9) (17.7) (13.4) (47.1) (28.5)(27) Trade and other payables 36.5 35.1 38.4 0.0 4% (20) FX Gain/( Loss) 7.8 (11.1) 17.1 13.8 (2.4)(28) Long-term loans and borrowings 648.5 570.5 620.4 0.0 14%(29) Deferred tax liabilities 126.4 141.9 150.9 0.0 (11%) (21) Impairement of financial asset - - - - -(30) Advances from investors 0.0 0.0 0.0 0.0 (22) Net finance income/(costs) (6.1) (26.8) 5.7 (27.1) (25.5) Deferred income 23.0 21.8 24.2 0.0 (23) PROFIT BEFORE INCOME TAX 16.0 (254.6) (50.5) (289.1) 195.7(31) Non-current liabilities 834.4 769.3 834.0 0.0 8%(32) Short-term loans and borrowings 20.0 130.7 102.0 0.0 (85%) (24) Current income tax (0.3) (1.2) (1.5) (3.0) (12.1)(33) Trade and other payables 137.6 140.9 143.8 0.0 (2%) Deffered income tax (7.8) 7.2 16.1 15.5 (35.4)(34) Income tax payable (0.7) (1.1) (0.7) 0.0 n/a (25) PROFIT (LOSS) 7.9 (248.5) (35.9) (276.6) 148.2(35) Current liabilities 156.9 270.4 245.1 0.0 (42%) • Revenues for the three months to 30 September 2012, including net proceeds from the sale(36) TOTAL LIABILITIES 988.2 1036.8 1082.9 0.0 (5%) of trading properties, increased by 3,6% quarter-on-quarter to US$42,6 million, driven by higher rental income. The contribution from AFIMALL City was US$20.1 million.(37) TOTAL EQUITY AND LIABILITIES 2607.2 2652.7 3020.2 (45.5) (2%) • Gross profit for the three months to 30 September 2012 was US$17,0 million compared to gross profit of US$11,2 million for the Q2 2012, driven by stronger revenues. • The Gross Value of the portfolio of properties did not change during Q3 2012. However, rouble appreciation versus the dollar in Q3 2012 by 5.8% resulted in accounting loss (valuation loss of investment property) of US$73.2 million in this quarter 20
  • 21. Loans and Cash Position as of Sep 30, 2012 Balance as of Sep- Principal 30, 2012 Available Project Lending bank Nominal Interest rate amortization until Currency (US$ mn) (US$ mn) 31/12/12 (US$ mn) 3-month LIBOR + RCB $309 - - USD 6,7% AFIMALL (Refinance) RCB $222 $128 9.5% - RUBTotal AFIMALL $532Ozerkovskaya III (50%) Sberbank $21 - 13.0% $4,4 RUBKalinina Hotel Sberbank $20 - 6.75% $0,03 RUB 3-month LIBOR +Four Winds (50%) Nordea Bank $81 - $1 USD 4,5%Total/Blind interest rate 653 7.8% 21
  • 22. Contact InformationRegistered officeAFI DEVELOPMENT PLC25 Olympion St., Omiros & Araouzos Tower,3035 , Limassol, Cyprus.Tel: +357 25 340 058Principal office of operating subsidiaryAFI RUS16 A Berezhkovskaya Embankment, building 5,Moscow, 121059,Russian Federation.Tel: +7 495 796 99 88http://investors.afi-development.ru 22