Annual Results

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[{"type":"text","content":"\n RNS Number : 3053W Aisi Realty Public Limited 27 July 2009  \n \n27 July 2009                            \n\nAisi Realty Public Limited \n('Aisi' or 'the Company')\n\nFinancial Results for the year ended 31 December 2008\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 2008.  \n\nFinancial Summary\n\n\nInvestment portfolio valued by DTZ at $64.8 million as at 31 December 2008 (31 December 2007: $49 million)\n\n\nNet Asset Value was $82.5 million (31 December 2007: $116.1 million)\n\n\nNet Asset Value per share of $0.43 (31 December 2007: $0.70)\n\n\nUngeared balance sheet with no debt as at 31 December 2008\n\n\n\nOperational Summary\n\n\n\nConstruction of Brovary Logistics Center, Aisi's first commercial project, is 75% complete. Property due for completion and occupancy in Q4 2009 \n \n\n\n\nIn January 2009, signed agreement with the European Bank for Reconstruction and Development ('EBRD') for $34.4 million of project finance for Brovary Logistics Center\n\n\n\nNew Strategy\n\n\nImplemented new investment strategy focusing on two key developments in response to current challenging market conditions\n\n\nDevelopment of Bela Logistics Park, Odessa, to be phased. Bank loan facility of $65 million, currently undrawn, to be restructured accordingly \n\n\n\nCommenting on the results, Beso Sikharulidze, executive director of Aisi, said: 'This has been a challenging period for Aisi as the global credit crunch disrupted the good operational progress we made during the year. However, we have refocused our growth strategy, remain debt-free and intend to complete our first commercial project in the fourth quarter of this year, which should start generating cash in Q1 2010. As a result, we remain well-placed to t...

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