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Dear colleagues, shareholders, clients and partners!
At present Mirax Group is one of the leading developing companies in Russian real – estate market. We are one of the best-known developers with unique and flagship projects in commercial and residential segments.
Subject to difficult situation on financial markets all over the world, we would like to express total openness and transparency to our clients, investors, partners and mass – media.
Our aim is to be the first source of important information about the company and real situation on the market.
We would like to present you a new section of our corporate website – Investor Relations, it contains all sort of financial information: annual reports, key financial figures, credit portfolio, ratings, analytic reports, events, general trends of the real estate market, information about corporate governance and structure.
Loyalty of our clients has always been our main asset. And we must say that in a current situation – loyalty and trust of our clients and partners are the core value.
We are looking forward to solve problems, achieve personal and business objectives and develop the highest degree of trust.
We are sure that our fruitful collaboration will continue in the future.
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05/03/2009 Mirax Group has completed restructuring of CLN2011 with put and call option on March, 20th
On March, 4, 2009, holders of Mirax Group's credit linked notes
announced that they accept new restructuring terms by voting "in favor"
during the meeting, which took place in London.
Credit Linked Notes were issued in March 2007 with maturity date 20th
of March 2011 and put and call option on 20th of March 2009.
The new terms include, a partial payment of the principal amount, the
new put and option date, and an increased interest rate, among others.
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17/02/2009 Fitch Downgrades Mirax Group to 'C'
Fitch Ratings has downgraded Mirax Group Holding B.V's (Mirax)
Long-term foreign and local currency Issuer Default Ratings (IDRs) to
'C' from 'CCC' and downgraded its National Long-term rating to 'C(rus)'
from 'CCC(rus)'. The Short-term foreign currency IDR is 'C'. All the
ratings remain on Rating Watch Negative (RWN).
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11/02/2009 MIRAX GROUP presents 2008 estimates and the development strategy for 2009
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09/12/2008 MIRAX GROUP announces results for the first half 2008
MIRAX Group announces interim consolidated financial statements for the first 6 months 2008 ended June 30, 2008.
During the first 6 months The Group has shown significant growth achieving total assets $3,5 billion.
According to the document, revenue has reached $976 million (end of
2007 - $1,3 billion), net income - $443 million ( $437 mln. in 2007),
EBITDA - $587mln.
" We are pleased with the Groups performance in the first half and in
particular, with nearly 100% growth in revenues, against 2007 results."
- said Dmitry Lutsenko, Member of the Board of Directors MIRAX Group -
" Consolidated Financial Statements for 2008 we are planning to present
by the Autumn 2009".
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28/11/2008 MIRAX GROUP pays off the first coupon of the third Credit Linked Notes issue
28 November, MIRAX GROUP pays off the first coupon of CLN 2010 on the amount of $6 750 000.
“
Thus the Corporation is fulfilling its obligations to pay off the
coupons on outstanding bonds in 2008” – said Alexander Paperno, Deputy
of the Chairman of the Management Board, Financial Director of the
Corporation. Next payment of the coupon is planned on 19 March 2009.
The
third issue of CLN took place on 28 of May 2008 at total value $100 000
000 among Russian and foreign investors. Coupon interest rate is 13,
5%. Lead arranger and book runner of the issue is Renaissance Capital.
Senior co-lead manager is Promsvyazbank.
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01/11/2008 MIRAX hold up-date meetings with foreign investors
Top management of MIRAX GROUP hold several meetings with foreign investors on 27 of October in London and 29 of October in New York. Meetings which had been organised with the support of Credit Suisse were meant to discuss current situation on Russian financial and real estate market, to highlight 1,2,3 Q 2008 financial results, project's portfolio, and to present crisis management strategy and measures applied by the top management of the GROUP. The meeting was intended for executives from banks and other financial institutions that already had invested in MIRAX GROUP.
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23/10/2008 D. Lutsenko hold a press lunch
On 21 of October 2008 Member of the Board of Directors of Mirax Group Dmitry Lutsenko hold a press lunch with main foreign journalists and information agencies that have editorials in Russia. Key financial figures for 1, 2, 3Q 2008 were announced, Dmitry Lutsenko have expressed the vision of Corporation on the current situation on the real-estate market and stated transparency and openness to public.
Read the whole article by Christian Lowe, Thomson Reuters here
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15/10/2008 MIRAX Pays Off Credit Obligations for $50 Million
On October 15, 2008, MIRAX GROUP paid off its credit of $50 million with OJSC Promsvyazbank.
The payment was made on schedule as stipulated in the contract. The credit was repaid out of MIRAX GROUP’s free cash position. Thus, as of today, the Corporation’s credit obligations maturing until the end of this year equal $50 million. The payment of the remaining credits will be effected before the end of December 2008, in accordance with MIRAX’s schedule of credit obligations performance.
“According to US GAAP financial reports of the Corporation, the ratio of Debt/EBITDA for MIRAX GROUP is currently a little over 1. It is the lowest ratio of all the Russian developer companies among the top 10 market players. Taking into account the payment of credit obligations and the company’s conservative financial policy, the ratio is going to decrease. This allows us to avoid refinancing our credit obligations in the current market situation and feel stable during the liquidity crisis in the Russian and international financial market”, said Dmitry Lutsenko, member of MIRAX GROUP's Board of Directors.
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09/10/2008 Renaissance Capital reports on MIRAX GROUP
After the meeting of top management of Mirax Group with great number of experts and analytics on 9th of October, Renaissance Capital has published their report on external debt and financial situation of the company.
According to analytics, Mirax Group was quick to realize and acknowledge the market has changed, and has already put all its early-stage projects on hold, and will survive the crisis with fewer losses.
«We estimate that, even if project valuations are slashed by half, Mirax’s capital structure is still sound. Its total debt of $870 million will not, under that assumption, exceed 25-30% of its project value» is said in the report.
Also there is an analysis of key financial figures, credit portfolio and restructuring of payment terms with suppliers.
Independent analytics have not presented any forecasts, explaining that the current situation on the market is difficult and unpredictable.
Please, find a full version of the report below.
Download .pdf
Download the shorthand tooked during the meeting of top management of MIRAX GROUP with investors on 09 October 2008.
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