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Hals-2008-Eng.Pdf Annual Report, 2008 Creating foundation for further development Table of contents Disclaimer 4 Part 4 Corporate overview 6 PORTFOliO and STATUS OF THE PROJECTS, Key events in 2008 8 OVERVIEW OF BUSINESS PERFORMANCE 56 Portfolio and status of the projects 58 Overview of business performance 78 Part 1 LETTERS FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE PRESidENT – Part 5 CHaiRMan OF THE ManaGEMENT BOARD 10 INFORMATION FOR SHAREHOldERS, REPORTS ON CORPORATE GOVERNANCE AND SOCIAL Letter from the Chairman of the Board of Directors 12 RESPONSIBILITY 80 Letter from the President – Chairman of the Management Board 14 Information for shareholders 82 Corporate governance report 88 Corporate social responsibility 102 Part 2 MiSSION and STRATEGY, RESULTS AND MAJOR OBJECTIVES 18 Part 6 CONSOlidaTED Financial STATEMENTS FOR 2008 108 Mission and strategy 20 Review of results and major objectives 22 Part 7 AppEndiXES 156 Part 3 REviEW OF Financial RESulTS Report on compliance with the Corporate Governance Code AND REAL ESTATE MARKET 24 of the FCSM 158 Review of financial results for 2008 26 Information on major and interested party transactions 168 Overview of real estate market 40 Event calendar 171 Glossary 172 Contact information 176 Feedback 177 to table of contents Sistema-Hals Annual Report 2008 Sistema-Hals Annual Report 2008 Disclaimer This annual report has been prepared based on the in- The Company neither confirms nor guarantees that the formation available to the Open Joint Stock Company results indicated in these projection statements will be Sistema-Hals (hereinafter, Sistema-Hals or the Company) achieved. Sistema-Hals accepts no responsibility for any and its subsidiaries (hereinafter, Sistema-Hals Group or losses that may be incurred by any individual or legal en- the Group) as at the issue date. tity by their reliance on the projection statements. Each particular projection statement represents one of the nu- This annual report includes certain projection statements merous developments scenarios and should not be treat- with respect to the Group’s operations, economic indica- ed as the most probable one. tors, financial position, results of operating and develop- ment activities, its plans, projects and expected results, In particular, other factors that may affect the Company’s as well as the trends related to real estate prices, costs, activity include the possibility of deriving profit from proj- estimated expenses, development prospects, and other ects sale, the effect of exchange rate changes, activities similar factors and economic projections with respect to of the government authorities in the Russian Federation, the industry and markets, starting and completion dates including changes in tax, and other laws and regulations. of certain projects, preservation of certain projects or dis- This list of significant factors is not exhaustive. When con- posal of certain projects or their shares. sidering projection statements, the above factors should be carefully considered and taken into account, in par- Words such as «intends», «strives», «projects», «ex- ticular, the economic, social and legal obligations of the pects», «estimates», «plans», «considers», «assumes», Group’s activities. «may», «should», «will», «continues» and other words with similar meanings usually indicate the projection na- Except for cases directly provided for by the applicable ture of the statement. laws, the Company does not assume any obligations to publish updates and amendments to the projection state- These projection statements, due to their specific nature, ments, based on either new information or subsequent involve inherent risks and uncertainty, and there is a risk events. that the assumptions, expectations, intentions and other projection statements may never come to life. In the light of the above risks, uncertainties and assumptions, the Company notifies that the actual results may differ signifi- cantly from the indicated, directly or indirectly, in the said projection statements that are effective only at the date of this annual report. 4 5 to table of contents Sistema-Hals Annual Report 2008 Sistema-Hals Annual Report 2008 Corporate overview Sistema-Hals Group is one of Russia’s largest develop- Since 1994, Sistema-Hals Group has completed about 40 Since 2006 the shares of Sistema-Hals OJSC are traded on The Company’s Global Depository Receipts are traded ment companies. The company was established in 1994 projects with a gross building area of about 340,000 sq. m, the Moscow Interbank Currency Exchange (ticker HALS) on the Main market of the London Stock Exchange since to consolidate and manage the assets of Joint-Stock including a Class A office building at Mokhovaya Street, and Moscow Stock Exchange (HALS), and from 2007 – November 2006 (HALS). Financial Corporation Sistema in the area of real estate a headquarters of the DaimlerChrysler automaker, the on the Russian Trading System stock exchange (HALS). and construction. Hals Tower office building, headquarters of the Pipe Metallurgical Company, MaMaison (Orco Property Group) Pursuing its development projects, Sistema-Hals over- international chain hotel, the Detsky Mir store in Kazan, STRUCTURE OF SISTEMA-HALS GROUP1 sees all phases of the property lifecycle starting from con- and a number of residential buildings in the Kuntsevo dis- cept development to management of finished projects. trict in Moscow. The main business areas of the Group include develop- ment, asset management (management and lease of real The Company’s clients include major Western and Russian estate facilities) and facility management (building main- corporations, among them Japan Airlines, Raiffeisenbank, tenance). Prior to December 2008, the Group also includ- Scandinavian Airlines, Western Union, AFK Sistema, ed Project and Construction Management business seg- Rosno, MGTS, Nafta-Moskva, Leasing Company Uralsib, ment.. Tchibo CIS, Worly Parsone International, Stealth Telecom, Trubond, Oscar Service, and others. Sistema-Hals has a diversified portfolio compring 104 projects and properties. The planned gross building area To obtain the industry expert assistance in 2007, the of projects amounts to about 4.5 million sq. m and about Group signed partnership agreements with the French 500 ha of underlying land plots. The gross building area of firm Apsys and the Saraya company in the Middle East, properties of the Company totals approximately190,000 which are among the largest companies engaged respec- sq. m and over 260 ha of land plots. tively in development and asset management in retail and in resort real estate. The Company’s portfolio includes Class A and B offic- es, shopping centers, elite residential, business class Currently, Sistema-Hals together with its partners is residential, cottages, mixed-use complexes and hotels. building the Leto Mall in St. Petersburg, the Leningradsky The Company’s portfolio is well diversified not only in Towers office complex in Moscow, the Kamelia resort com- terms of market segments, but also geographically. The plex in Sochi, and is also redeveloping MGTS properties. Group’s projects and properties are located in major cities In addition to that, the Company is in sole charge of the of Russia and Ukraine, such as Moscow, St. Petersburg, renovaion of the Central Detsky Mir store at Lubyanka, Kazan, Krasnoyarsk, Nizhny Novgorod, Sochi, Kiev, and Moscow. Yalta. Sistema-Hals is a socially responsible company and con- According to Cushman & Wakefield Stiles & Riabokobylko, ducts its business in accordance with principle industry an independent appraiser, the value of Sistema-Hals guidelines in the area of health promotion, environmental Group stakes in projects and properties stood at USD 2.05 protection, and occupational safety. billion as of January 1, 2009. 1 1 Organizator OOO and PSO Sistema-Hals, which formed the fourth business segment of the Group («Project and Construction Management»), were sold in December 2008. 6 7 to table of contents Sistema-Hals Annual Report 2008 Sistema-Hals Annual Report 2008 Key events in 2008 FEBruarY MAY JulY NOVemBer Appointment of Andrey Solovyev as Financial Director of Sistema-Hals signed a deal with the leading Italian archi- Sistema-Hals Group closed Central Detsky Mir at Lubyanka Sistema-Hals sold its stakes in PSO Sistema-Hals (51%) the Company. tectural bureau Giugiaro Architettura to design the interior for renovation and restoration. and Organizator OOO (51%). decorations of the apartment hotel on Milyutinsky Lane. Sistema-Hals completed the construction and opened a new athletic complex for the CSKA (Central Army Sport Club). Sistema-Hals completed construction of the first phase of the RWS – St. Petersburg Film Studio. March JUNE August DecemBer Sistema-Hals Group had the Kuntsevo-based Museum of Board of Directors at JSC Sistema-Hals elected Felix Sistema-Hals Group expanded its asset management Sistema-Hals announced changes in short-term strategic Military Glory renovated. Yevtushenkov as the Chairman of the Board and Sergey portfolio and aquired the Danilovsky Fort business center plans and crisis management program. Shmakov as President. (10, Novodanilovskaya Embarkment). Sistema-Hals sold complex of buildings on 8 March Street in Moscow. Sistema-Hals Group provided apartments for 29 families living in a dormitory on Lva Tolstogo Street, Khamovniki, Sistema-Hals sold 100% of the 22, Rochdelskaya Street Moscow. project. 8 9 to table of contents Sistema-Hals Annual Report 2008 Sistema-Hals Annual
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