On April 26, 2017, Arricano Real Estate Plc, the leading developer and network operator of shopping malls in Ukraine, published its consolidated financial results for 2016. Arricano owns and manages five completed shopping malls with a total rentable area of 147,800 sq.m., 49.9% of shares of Assofit and land plots for three more objects under development.

On April 26, 2017, Arricano Real Estate Plc, the leading developer and network operator of shopping malls in Ukraine, published its consolidated financial results for 2016. Arricano owns and manages five completed shopping malls with a total rentable area of 147,800 sq.m., 49.9% of shares of Assofit and land plots for three more objects under development.

Arricano notes that by the relative general stabilization of the market in 2016, the company's current revenues increased by 13.3% in the reporting currency, i.е. in the US dollars, compared to 2015. The increase in operating profit has made 21.6% less income from revaluation of the investment property and provisions for impairment of assets.

As of December 31, 2016, the company's borrowed funds remain low at the project stage, at that the loan-to-value ratio of investment property makes 28.5%, compared to 37.4% in 2015. The occupancy rate of areas demonstrates the positive dynamics: in 2016, the total occupancy of retail spaces has increased to 98.3% compared to 96.2% in 2015.

Mykhailo Merkulov, CEO of Arricano, notes: "The growth of efficiency parameters of the company is the result of the system activity of the team, focus on strategic goals, search of non-standard solutions and innovative approaches. Experience shows that even when the market does not grow, timely managerial decisions can generate revenue growth, the increase of the total real value of the company's portfolio and the increase of the net asset value. "

The company notes that in 2016 the economic conditions remained difficult. In such conditions, the team focused on achievement of operational and strategic tasks, on search and implementation of innovative approaches and development of the service model of business by working with tenants and partners.

These methods of corporate management have contributed to the improvement of business processes, including those in management of cash, the company's stable focus on control over reduction of the cost base, reduction of loan portfolio, monitoring of implementation of the budget which led to the increase of indicators of the company's profitability.

Rupert Cottrell, chairman of the Arricano’s board, notes the overall positive dynamics of the company's development: "Despite the objective difficulties, the unstable political and economic situation in the country, the company continues to demonstrate double-digit growth in the corporate financial parameters in 2016. And these are significant indicators of development for international financial reporting. "