OREANDA-NEWS. On 22 April 2008 XXI Century Investments Public Limited, Ukraine's leading real estate investment, development and property management company, reported its final results for the year ended 31 December 2007.
 
Financial Highlights
 
 • Revenue increased by 61.3% to US\\\\$20.2 million (2006: US\\\\$12.6 million)
 
 • Rental income increased by 59%
 
 • Profit from operations increased by 747% to US\\\\$1.4 billion for the year ended 31 December 2007 (2006: US\\\\$164.9 million) due to the increase of US\\\\$1.4 billion in the fair value of investment properties
 
 • Profit before tax increased by 723.7% to US\\\\$1.4 billion (2006: US\\\\$167.3 million)
 
 • Fair value of investment property increased by 351.7% to US\\\\$2.1 billion for the year ended 31 December 2007 (2006: US\\\\$453.7 million)
 
 • NAV target of US\\\\$1.8 billion, announced in January 2008, has been met, based on Jones Lang LaSalle's portfolio valuation appraisal, a fair value of net assets of US\\\\$1.822 billion achieved at the end of 2007
 
 • Debut Eurobond issue successfully placed in May 2007, raising US\\\\$175 million at a coupon of 10% and repayable in 2010, to finance existing portfolio and acquire further assets in Ukraine in accordance with the Company's strategy and to reduce existing debt
 
 
Operational Highlights
 
   •Opening of Kvadrat Perova shopping centre in March 2008, the largest shopping centre on the left bank of the Dnipro river in Kyiv and the first hypermarket gallery format shopping and entertainment complex that XXI Century has delivered
 
    •19 new attractive sites and projects in major cities throughout Ukraine acquired for a total purchase price of US\\\\$98.2 million including:
 
    - the Brovarsky Business Centre project in Kyiv, to be developed into a modern property of approximately 137,700 sqm on the left bank of the Dnipro river, with excellent visibility and transportation connections;
 
    - the partnership with one of the leading developers in Kharkiv, which provided the Company with a strong local presence in the second-largest city in Ukraine and increased the portfolio by six attractive assets in all segments of real estate, including two operating business centres covering approximately 19,200 sqm;
 
    - the Sevastopol mixed-use project, a Kvadrat shopping centre and residential complex located in a densely populated, prestigious district of the largest city in Crimea which covers approximately 91,000 sqm; and
 
    - the Crimea Logistics Centre, a modern logistics and warehouse complex of approximately 100,000 sqm and the seventh warehouse project in the Company's portfolio
 
    •Portfolio value increased to US\\\\$2.03 billion at the end of 2007 (31/12/06: US\\\\$489 million)
 
    - Approximately 70% of the growth in value is attributable to project development on 33 assets which were included in the Company's portfolio at the end of the first six months of 2007
 
    •Over 40% of the Company's portfolio value attributable to projects in preconstruction, construction, or operating stages
 
Mr Lev Partskhaladze, Chairman of the Board, commented:
 
"I am very pleased to announce these outstanding results which run in parallel with the successful execution of our strategy - identifying and seizing market opportunities, and then maximising growth through a concentrated effort to accelerate projects through the development cycle.
 
We believe that Ukraine's real estate market will continue to grow in all segments, reflecting the strong dynamics of the Ukrainian economy. We are confident that XXI Century is well positioned to continue to capitalise on the opportunities available in our country."