Key Figures
	2005	2006	2007	2008	2009	2010	2011
Continuing operations	RUB m	RUB m	RUB m	RUB m	RUB m	RUB m	RUB m
Revenues	13,086	21,111	35,838	49,813	51,024	49,950	51,910
EBITDA	1,933	3,625	7,897	13,178	14,732	8,687	10,135
EBITDA margin	15%	17%	22%	26%	29%	17%	20%
Changes in fair value of investment property	-	130	8,037	(16,143)	(1,752)	(36)	152
Impairment of goodwill	-	-	-	(391)	(79)	-	-
Reported net profit	263	1,101	9,180	(8,007)	4,590	1,742	2,432
Reported EPS	3.09 RUB	11.56 RUB	101.81 RUB	(87.30) RUB	50.33 RUB	17.76 RUB	23.93 RUB
Gross cash flow	2,014	3,790	7,942	13,335	15,235	9,035	9,469
Operating cash flow	(31)	557	(8,491)	4,373	3,470	(2,375)	7,738
Amortisation and depreciation	905	1,121	1,554	2,049	2,406	2,381	2,432
Total debt	7,149	14,478	24,151	36,874	39,541	31,703	38,922
Net debt	6,343	12,870	15,498	33,628	36,645	30,376	33,728
Net debt/ EBITDA	3.3.	3.5	2.0	2.6	2.5	3.5	3.3

 

Definitions:

Changes in fair value of investment property is a non-cash item representing increase (decrease) in fair value of our commercial real estate assets that we held as investment property. In accordance with our accounting policy we have our operationg business centres owned by us and land plots designated for development of investment property and owned by us revalued by independent international appraiser twice a year - for our annual and interim reports

EBITDA equals to normalised operating profit plus amortization of intangible assets and depreciation of property, plant and equipment.

EBITDA margin is calculated by dividing EBITDA by sales Earnings per share as defined in IAS 33 equals to net income divided by the average number of shares

 Gross cash flow represents operating profit before changes in working capital and provisions

Total debt calculated as the sum of non-current loans and borrowings, current loans and borrowings and bank overdraft

Net debt calculated as total debt minus cash and cash equivalents

Total debt/ EBITDA and Net debt/ EBITDA ratios are calculated on annualised basis