OREANDA-NEWS. November 28, 2007. OAO RTM's (RTS: RTMC) operating margin, not adjusted for net gain from fair value adjustments on investment property, demonstrated in the first half of 2007 significant 63.2% growth from 24.8% in the corresponding period of 2006, the company's press-service reports. 

The growth of the operating margin was driven primarily by enhanced management of the group's existing properties by the LLC RTM Management incorporated at the end of 2006. Another factor for the operating margin to improve was commissioning of new properties.

As a consequence, the net debt of OAO RTM fell by 15.5% to US$ 204.8m.

OAO RTM financial highlights in 1H 2007:
• Sales revenue grew by 390% year-on-year to US$ 24.98m;
• Operating profit amounted to US$ 103.9 m, net income – US$ 85.2m;
• Total assets increased by 42.8% to US$ 711.5m;
• Long-term financial debt increased from 65.3% at the beginning of 2007 to 69.0% of total debt;
• Equity grew by more than 120% to US$ 318.9 m with its share increased from 28.1% at the beginning of the year to 44.8% of total assets.

OAO BDO Unicon performed the audit of the 1H 2007 interim consolidated financial statements of OAO RTM in accordance with International Financial Reporting Standards (IFRS).

"In the first half of 2007 we carried out OAO RTM's initial public share offering, RTM consolidated its 75% interest in LLC ReMa Immobilien, which owns 18 retail premises in Moscow and leases it to BILLA supermarket chain; we commissioned new shopping centers in Tula and St. Petersburg; initiated new construction of shopping and entertainment centers in a number of cities" — said Eduard Vyrypaev, CEO. "The results for the first half of 2007 reflect the successful continuation of RTM's strategy to increase its presence on the rapidly growing retail property market in Russian regions."