OREANDA-NEWS. On 04 May 2008 was announced, that the Board of Directors of OJSC "LSR Group" approved consolidated financial statements for the year ended 31 December 2007 prepared in accordance with IFRS for 2007. The independent audit of the financial statements was carried out by KPMG.

In 2007 LSR Group again recorded strong growth of financial results:

Revenue increased by 81% up to US\\$1 403 million
EBITDA increased by 132% up to US\\$309 million, and EBITDA margin increased by 5% from 17% to 22%.
Operating profit before the changes in fair value of investment property grew by 170% up to US\\$248 million
Changes in fair value of investment property was US\\$315 million
Net profit increased by 787% up to US\\$359 million
The market value of real estate property portfolio in accordance with DTZ valuation rose by 31.12.2007 to US\\$5.7 billion, which is 16% up on the figure for 30.06.2007 (approximately US\\$4.9 billion).

Comments of the Chief Executive Officer of OJSC "LSR Group" Igor Levit:

"We are pleased with the results for 2007 and our dynamic growth is a continuation of the positive performance that the company has demonstrated ever since it began. The financial results for last year again convincingly prove the strength of our strategy and the effectiveness of the integrated business model of the company, producing synergies from the combination of development, construction and the production of building materials. On this basis, and together with the new projects that we have in hand, we see significant opportunities for further growth of the Company in the interests of all its shareholders".