Annual Financial Report

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n RNS Number : 9402O Aisi Realty Public Limited 07 July 2010  \n \n\n7 July 2010\nAisi Realty Public Limited\n(\"Aisi\" or \"the Company\")\nFinancial results for the year ended 31 December 2009\n \nAisi, a property investment company focusing on development projects and related investments in Ukraine, announces its audited results for the year ended 31 December 2009.\nA copy of the financial statements may also be found on the Company's website: www.aisicap.com\n \nEnquiries:\n\n\n\n\n \nAISI Realty Public Ltd\n\n\n\n\n\n\n\nBeso Sikharulidze\n\n\n+ 38 044 459 3000\n\n\n\n\n\n\n\n\n\n\n\n\nSeymour Pierce Limited\n\n\n\n\n\n\n\nNandita Sahgal / David Foreman\n\n\n+44 (0)20 7107 8000\n\n\n\n\n \n \n \nDirectors' Report\n \nThe Board of Directors presents its report and audited consolidated financial statements of Aisi Realty Public Limited (the Company) and its subsidiaries (the Group) for the year ended 31 December 2009.\n \nPrincipal activity\n \nThe principal activity of the Group, which is unchanged from last year, is the investment in real estate in major population centres in Ukraine, with a particular focus on the capital city, Kiev.\n \nReview of current position, future development and significant risks\n \nWhilst we have only one bank debt and numerous uncharged assets, the Group's financial position as presented in the financial statements is not considered satisfactory by the Directors, and they have been working on a number of strategic opportunities to make the Group's operations profitable.\nIn November and December of 2009, the Group received two disbursements totalling US$16m of the first tranche of the EBRD syndicated loan facility of up to US$34.4m which allowed the Group to complete the Brovary Warehouse, albeit with severe winter weather related delays. This is the only bank debt of the Group.\nWe have not been able to complete our pre-lease agreement with UVK as signed and announced in July 2009 on mutually acceptable terms. We have therefore placed the property into the leasing market and are pleased to report that we have commenced negotiations (some being at an advanced stage) with a number of international logistics operators, and expect a positive conclusion in the near future, which should provide improved visibility on the ongoing ...

More updates from Secure Property Development & Investment Plc