Russian golf industry overview 2011
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Russian golf
industry overview
2011
Contents
Introduction.................................................................. 1
Russia’s golf industry: Key trend..................................... 2
Supply..................................................................... 2
Current supply.................................................... 2
Building the concept........................................... 4
Demand............................................................. 5
Golf club returns................................................. 6
Findings............................................................. 7
Statistical information (2010)........................................ 8
Supply of golf services.............................................. 8
Returns................................................................... 9
Overview of existing and projected golf clubs................10
Golf club location maps................................................15
Services of Ernst & Young in the golf industry...............17
Contacts.....................................................................17
Introduction This is an overview of the findings of our first survey to explore key trends in Russia’s golf industry and its prospects for growth. Our analysis identified that new golf courses are built in Russia each year. The operating performance of Russian golf clubs is moving back towards levels existing prior to the recent economic crisis . We thank the management of the golf clubs Tseleevo, Don, Dunes, Moscow Golf Club in Krylatskoye and Stary Oskol for their cooperation in providing information for this overview. We hope that this summary will be of interest and use to you. Should you wish to participate in a future survey, or have suggestions for improvement or other information you would like to see included, we invite you to contact Anastasia Stepanenko or Olga Fazullina at +7 (495) 755.9700 by telephone or E-mail: Anastasia.Stepanenko@ru.ey.com; Olga.Fazullina@ru.ey.com. Olga Arkhangelskaya Anastasia Stepanenko Partner, Head of the Real Manager, Hospitality and Estate Group in the CIS Leisure Advisory Services Russian golf industry overview 2011 1
Russia’s golf industry:
Key trends
Golf has not yet become a common leisure and sporting In recent years, the domestic golf industry has seen
activity in Russia and the domestic golf industry is still at its a positive trend, receiving a stronger backing from the
early stages. Due to hefty membership fees and additional Russian Ministry of Sports, Tourism and Youth Policy, which
spending on golf equipment and gear, golf remains an has worked closely with the Russian Ministry of Education
expensive, elite sport. Consequently, most golf clubs are and Science to promote children’s and youth golf in Russia.
located in the vicinity of Moscow where the most solvent
Golf business is greatly dependent on the overall economic
demand exists, represented by individuals and companies
growth of the host region and country. The global liquidity
with sufficient disposable time and income to enjoy this
crunch caused a slowdown in business activity resulting in
leisure sport.
a decrease in corporate events held on the premises of golf
The availability of quality golf services remains resorts. At the same time, the golf industry is less
underdeveloped in Russia, the demand exceeding the supply. susceptible to market fluctuations regarding capital intensity
As a result, a significant portion of Russian golfers prefer and ultimate returns.
major international golf resorts in Spain, Portugal, Finland,
Poland, China and Korea.
A world-class golf industry means eight to ten courses available within reach.
Supply
Current supply Where a golf club is part of a major residential development
(estate), it is often perceived as an image component
contributing to the overall prestige of the estate and the
Based on the most recent information, a total of 18 golf
value of residential properties within it, while not being the
clubs totaling 216 holes operate in eight of Russia’s 83
highest-return component.
regions.
As opposed to private clubs, in semi-private clubs one-off
According to public sources and interviews with developers,
guests are allowed to play for a ‘green fee’1. Members are
another 30 clubs (483 holes) are currently on the agenda for
entitled to play an unlimited number of games on the course
development. Most of them are elite clubs with champion
and have priority over non-member guests. Any new
golf courses of 18 holes. Major projects are described in the
member wishing to join a private club must be proposed by
table beginning on page 12.
existing members.
Generally, golf clubs are segmented according to the degree
The fundamental difference between public clubs and
of access (open/ limited ) and available infrastructure (see
private/semi-private elite clubs is their public accessibility as
graphical outline on page 3).
public facilities use no membership schemes.
he amount of money a club charges a one-off visitor
T
1
to play the golf course.
2 Russian golf industry overview 2011
Growth of the golf industry is driven by: Constraints to growth:
• High returns on diversified assets • A land plot of an adequate size is difficult to find
• Growing popularity of golf as a sport • Comprehensive golf facilities require considerable
investment
• Growing demand for golf clubs as a venue
for corporate events • There are regulatory limitations on construction
and use of water resources
Key parameters of golf clubs
Golf clubs
Access Infrastructure
Golf resort and
Golf Golf club within
Private Semi-private Public Golf club residencial
resort residential estate estate
Source: Ernst & Young
All private clubs have complex selection • Priority registration for club tournaments
procedures. Sometimes, the application has • Access to a variety of events held for members by
to be reviewed by the general council and the club and its partners
approved by the chairman before one can • Priority use of the club’s premises and infrastructure
become a member. Member benefits may for private (corporate) events or tournaments free
of rent
vary from club to club.
• The ability to store golf equipment on the club’s
Key benefits may include premises
the following: • Free parking on the club’s premises
• Free use of the golf course • Access to the club’s premises and services for the
member’s guests (no advance registration is required
• Free use of the practice course and an unlimited
for three or fewer guests)
number of balls
• Special prices for the member’s guests.
• The ability to pre-book game start times
Russian golf industry overview 2011 3
Building the concept
The following factors contribute to a successful golf club: A golf resort would normally offer quality conference facilities
to clients who desire to hold their corporate events and
• Sufficient area (at least 30 hectares)
business negotiations in a relaxed atmosphere.
• Diverse landscape
Spa centers of various sizes can also be a good addition to
• A course of 18 holes suitable for international a golf club. Importantly, experts believe that spa centers are
championships more attractive to investors when they operate within a hotel,
and their rate of return can be 15% higher compared with
• Convenient transport access:
a stand-alone scenario. A spa facility may contribute 10-12%
—— location in proximity to a big city will secure corporate or more to overall income.
demand;
Based on domestic and international practices, combining the
—— close to main thoroughfares; golf club with a hospitality component is also a good idea. In
—— convenient access to airports and railway stations; such a scenario, a significant portion of demand will be for
—— relatively close to other golf courses (within one-hour hotel rooms and suites with kitchenettes. Long-stay hotels,
drive or less); aparthotels and serviced apartments can also be feasible
within a golf resort. Most golf clubs (77%) are independently
• Additional services (conference rooms, restaurants/bars,
managed by their owners and form a separate operating unit,
equestrian facility, spa, hotel, etc).
while the remaining components of the resort are managed
by international hotel operators.
Key components of a golf resort
Apartments/ Golf course
Specialty
Casino detached Trout farm
store
houses
Golf resort
Tennis Hotel infrastructure Restaurant Helipad
courts
Miniature Fitness
Aparthotel SPA center Stalls
golf center
Source: Ernst & Young
4 Russian golf industry overview 2011
Demand
Golf is becoming more popular each year. However, entrance Key criteria for golfers choosing a golf club are t he quality
and membership fees are high and many golfers would of the course and services, additional offerings and
rather pay a one-off green fee instead of joining the club. infrastructure, convenient location and transport access.
According to the Russian Golf Association, there are roughly
Local demand for golf services is of a variable, seasonal
2,000 registered golfers in Russia. Another 5,000 guests
nature. With the climatic diversity of Russia’s regions, the
play golf three times a year or more on a green-fee basis.
average playing season is 180-190 days (180 days in
The business elite accounts for the major part of the clients Moscow and the Moscow Region).
of international golf clubs. A similar trend is seen in Russia.
The following are the major annual golf • Ronald McDonald House
tournaments in Russia: • Deloviye Ludy Cup
• Women’s Golf Championship
• Russia’s Open Professional Championship (part of the
Professional Golf Association Tournament) • Golf Style Cup
• President’s Cup • Golf Digest Cup
Structure of demand for golf resort services2
Clients
Demand
Business demand Golf demand Leisure demand for events
Roughly 35%
Roughly 10% (15% actually Roughly 30% Roughly 25%
play golf)
Source: Ernst & Young
Business demand is generated by visitors seeking a certain business environment in order to discuss business issues. Golf demand means demand for golf
2
as a sport. Leisure demand primarily relates to demand for recreation and leisure on the club’s premises. Demand for events is represented by corporate
or private clients holding conferences, meetings, trainings and functions on the club’s premises.
Russian golf industry overview 2011 5
Golf club returns
In Russia, golf is associated with the prestige and high social Additional services, such as stores selling golf equipment
standing of players, reflected in the size and structure of and supplies, restaurants, bars, hotels, and detached
entrance and membership fees. Such fees are significantly houses, can help increase the profit margin.
higher in Moscow and adjacent areas compared with other
Comparing costs and expenses of stand-alone golf clubs and
regions.
comprehensive resorts, the latter are much better positioned
Green fees paid for single rounds, tournament fees, annual owing to the synergy of all components and amenities.
membership fees and fees for the use of practice areas form
Before the 2008 financial crisis, golf resort projects were
the basis of a golf club’s revenue sources.
funded by selling houses and apartments at the earliest
Longer payback periods are typical of the golf industry stage of construction. In the time of crisis and in the
compared with other types of commercial real estate, following years, it has become feasible, in the first place, to
resulting in lower rates of return on investment. The reasons invest in the construction of the core component, normally
are the significant cost of the creation, maintenance, design the golf club and relevant infrastructure. Moving forward
and architecture of golf courses and specialized and auxiliary with an aggressive schedule to construct the main image
staff (up to 70 staff members; 40 staff members on component can enhance the sale of the residential
average). component. The image factor has contributed to the value
of residential properties in the vicinity of a golf course both
before and after the crisis.
Income and expense structure
Income Expenses Profit margin
Golf club 66% — golf 27% — golf 30%
34% — other income 73% — other expenses
Golf resort 77% — infrastructure utilization 78% — infrastructure utilization 75%
23% — golf 22% — golf
A golf club can help increase the value
of residential properties by an average of 15-20%
Potential implementation
scheme of a golf resort Before the crisis After the crisis
project
Sale of off-plan residential Construction of golf club and hotel
properties (min. infrastructure*)
Construction financed
from the sale of residential Sale of residential properties
properties
* minimum sufficient infrastructure
Source: Ernst & Young
6 Russian golf industry overview 2011Findings
Driven by the growing popularity of golf as a sport, the potential steady return from a golf club helps promote
Russia’s golf industry. With potential buyers of country properties becoming more interested in this sport and
active rest, developers increasingly build golf courses in luxury housing communities.
In the meantime, there are also constraints to the growth of the golf industry in Russia such as difficulties
in finding a land plot of adequate size, the high capital intensity of golf projects, regulatory limitations on
construction and use of water resources, lack of experienced and qualified staff and red tape. Although these
issues are factors for golf facilities in all markets, in Russia they are particularly acute because of the early
stage of development of golf as a leisure sport. It can be a time and money consuming process to obtain all
resources and documents required for the construction of a golf resort.
Russian golf industry overview 2011 7Statistical information
(2010)
Supply of golf services in Russia
Breakdown of golf courses Breakdown of golf courses
by membership type by number of holes
18 holes
50%
Private
Public 56%
22%
9 holes 3 holes
38% 6%
Semi-private
6 holes
22% 6%
Golf courses in the Russian federal districts (FD)
Central FD 13% 17%
North-Western FD 1% 8%
Volga FD 2% 3%
Far-Eastern FD 3%
Southern FD 1% 4%
Urals FD 1%
Siberian FD
North Caucasus FD
0 5 10 15 20 25 30
Existing Projected
8 Russian golf industry overview 2011The number of golf courses in Russia
Club number Hole number
35 800
30 700
600
25
500
20
400
15
300
10
200
5 100
0 0
1987 1990 2000 2010 2015
Clubs at the beginning of the year New clubs Total hole number on the market
Returns
Average green fee Average entrance fee Average membership
US$ US$ fee per annum
US$
160 120,000 12,000 11,254
134 104 936
140
100,000 10,000
120
80,000 8,000
100
80 64 60,000 6,000
60 38 034
40,000 4,000 3,279
40
20,000 2,000
20
0 0 0
Moscow Other regions Moscow Other regions Moscow Other regions
Russian golf industry overview 2011 9Overview of existing
and projected golf clubs
Major golf clubs in Russia
Name No. on Nearest Address Number Total area Area of Infrastructure Since
the map city of holes (hectares) golf course
(hectares)
Le Meridien Moscow Moscow Region, 18 120 N/A Hotel, detached houses, 1993
Moscow 1 Krasnogorsk club house, restaurants,
Country Club District, Nakhabino bars, conference room,
business center,
swimming pool, sauna,
spa, equestrian facility,
beach
Pestovo golf Moscow Moscow Region, 18 200 76,53 Restaurant, club house, 2006
and yacht club 2 Mytishchy District, yacht club, swimming
Rumyantsevo, pool, shopping area,
Nikolskaya street, fitness center, equestrian
estate 1, building 1 facility
Tseleevo golf Moscow Moscow Region, 18 400 N/A Detached houses, 2008
and polo club 3 Dmitrovskoye club house, restaurant,
Highway, 47th km equestrian facility,
of Moscow Ring ski facility, helipad
Road
Moscow Golf Club Moscow Moscow, 18 N/A 55 Swimming pool, bath, 2004
in Krylatskoye 4 Krylatskaya str., 2 sauna, fitness center,
billiards, tennis courts,
club house, massage
room, tanning bed
Agalarov Golf & Moscow Moscow Region, 18 320 70 Hotel, restaurant, bar, 2010
Country Club 5 Istra District, fishing, spa, club house,
Obushkovo business center,
Country District, swimming pool, hamam,
villages of sauna, gym, billiards,
Voronino and bowling alley, beach,
Zakharovo, tennis courts, helipad,
Novorizhskoye mooring for boats,
Highway, 24th km guarded parking area,
of Moscow Ring shopping area
Road
Pirogovo Moscow Moscow Region, 9 100 N/A Ownership residences, 2007
6 Ostashkovskoye restaurant, club house,
Highway, beach, hockey pitch, mini
Klyazminskoye soccer pitch, tennis
Reservoir courts, mini farm, yacht
club, mooring for motor
boats and yachts, sailing
school, boat house for
winter storage with an
adjacent dock and slipway
for launching boats
Tiger Moscow Moscow, 5 N/A 2.5 Guarded parking area, 2008
7 Proektiruemy lane car wash, office and
5217, 2 warehouse facilities,
cafés
10 Russian golf industry overview 2011Name No. on Nearest Address Number Total area Area of Infrastructure Since
the map city of holes (hectares) golf course
(hectares)
Moscow City Moscow Moscow, 9 N/A 22 Restaurant, bar, 1987
Golf Club 8 Dovzhenko str., 1 conference facility,
fitness center, beauty
salon, ice stock rink
Golf club Moscow Moscow, 9 N/A 27,4 Golf academy, children’s 2010
in Kurkino 9 Kurkino, sports school, fitness
(Devyatka) Yurovskaya str., center, shopping area,
41 golf school, club house,
swimming pool, sauna,
restaurant, bar,
conference room, parking
area. A hotel and
apartments are projected.
Dunes St. St. Petersburg, 18 N/A 18 Hotel, detached houses, 1997
10 Petersburg Primorskoye club house, restaurants,
Highway, 38th km bars, health resort,
equestrian facility, beach,
rink, tennis courts,
volleyball court,
badminton, skateboards,
bikes, inline skates,
crossbow and airgun
shooting, beauty salon,
gym, swimming pool,
sauna, bath
Don Rostov- Rostov-on-Don, 18 500 110 Restaurant, club house, 2008
11 on-Don Starocherkasskaya shopping area
Imenie Togliatti Togliatti, 6 N/A N/A Club house, conference 2008
12 Komzin str., 6 (v) facility, sauna, restaurant,
bar, shopping area
Stary Oskol Stary Oskol Stary Oskol, 9 N/A 10 Hotel, parking area, 2005
13 Molodiozhny miniature golf course,
prospect, 6 fitness center, swimming
pool, club house,
restaurant
Kazan Kazan Kazan, 30km 9 420 54 Detached houses, club 2006
14 house, restaurant, tennis
courts, gym, spa, sauna
Pine Creek Ekaterinburg Sverdlovsk Region, 18 147.2 81.5 Golf academy, practice 2009
Golf Club 15 Sysert District field, club house, golf
villas, private residences,
guest houses
Russian golf industry overview 2011 11Projected golf clubs
Name No. on Nearest Address Number Total area Area of Infrastructure Since
the map city of holes (hectares) golf course
(hectares)
Links National Moscow Moscow Region, 18 500 N/A Golf academy, practice 2011
(Teleshovo 1 Dmitrov District, field, club house,
Links) 60th km of residential community
Moscow Ring Road
Forest Hills Moscow Moscow Region, 18 450 N/A Golf academy, practice 2011
Resort and 2 Dmitrov District, field, hotel, club house,
Golf Club 45th km of golf villas, private
Moscow Ring Road residences, swimming
pool, spa, tennis courts,
equestrian facility
Sorochany Moscow Sorochany, 9 N/A N/A Hotel, swimming pool, 2012
3 Dmitrovskoye spa, sauna, gym, tennis
Highway courts, biking and jogging
paths, volleyball court,
swimming pool, sauna
Nick Faldo Moscow Leningradskoye 27 244 244 Tennis courts, N/A
International 4 Highway, estate restaurants, bars, fitness
170-288 center, indoor golf center,
volleyball court, fitness
club, beauty salons,
swimming pool, sauna
Top Golf Moscow Troparevskaya str. 9 38.85 N/A Hotel, business center, N/A
5 cafés, bars, restaurants,
conference room, Internet
café, slot machine parlors,
parking area, fitness
center, bowling alley,
billiards, swimming pool,
tennis courts, jogging and
strolling paths, skiing
runs, club house
Putilkovo Moscow Putilkovo District N/A 300 N/A N/A N/A
6
Skolkovo Moscow Skolkovo N/A 26 N/A Business school Skolkovo, N/A
7 Innograd
Nizhniye Moscow Nizhniye Mnevniki 18 35 35 Detached houses, club N/A
Mnevniki 8 str., Teplichny farm house
Golf City Moscow Moscow Region, 27 968 272 Hotel, business center, 2015
9 Kievskoye restaurants, bars,
Highway, 80th km swimming pool, fitness
center, spa, tennis courts,
movies, childcare facility,
school, curling,
snowmobiles
Akatovo Moscow Novorizhskoye 18 9 250 53 Hotel, guest houses, N/A
(Blagodatnaya 10 Highway, 100th fitness centers with gyms,
Ruza) km swimming pools and spa
facilities, equestrian
facility, pistol club, yacht
club, football ground,
tennis courts, paintball,
volleyball and basketball
facilities, restaurants,
cafés, supermarkets,
school, childcare facility,
farm, parking areas
12 Russian golf industry overview 2011Name No. on Nearest Address Number Total area Area of Infrastructure Since
the map city of holes (hectares) golf course
(hectares)
Bunino Moscow Novorizhskoye 36 27 750 157 Hotel, guest houses, N/A
(Blagodatnaya 11 Highway, fitness center with a gym,
Ruza) 100th km swimming pool and spa,
equestrian facility, pistol
club, yacht club with a
boat house and station,
tennis courts,
restaurants, cafés,
supermarkets, parking
facilities
Dunes, St. Primorskoye 27 130 200 Detached houses, 2014
extension 12 Petersburg Highway, 38th km swimming pool
Tsarskoselsky St. Pushkin, 18 274 80 Hotel, detached houses, 2014
(Babolovsky 13 Petersburg Catherine’s Palace club house
Park)
Peterhof Lakes St. Peter’s Palace 18 86 76 Hotel, golf academy, 2015
Course 14 Petersburg District practice field, club house
Gatchina St. Gatchina N/A 560 160 N/A N/A
15 Petersburg
Bolshoye Moscow/ Tver Region, 27 1313 50 Radisson Hotel, detached 2012
Zavidovo 16 Tver Konakovo District, houses, residential
Novozavidovo community, yacht club,
rural area, village beach, equestrian facility,
of Shosha, 117th tennis court
km of Moscow Ring
Road
(Name pending) Kaliningrad Gagarin str. 18 569 N/A Detached houses 2015
17
Chkalovsky Kaliningrad Ring road district N/A N/A 24 Hotel, restaurant, spa N/A
18
Bagrationovsky Kaliningrad Ladushkin 18 160 160 N/A N/A
19
Amber Valley Svetlogorsk Svetlogorsk 18 250 N/A Hotel, detached houses, N/A
20 club house, equestrian
facility
Vinogradnaya Anapa Anapa, Vityazevo 18 1600 200 Detached houses, spa, 2014
Dolina 21 grape valley, sports and
fitness center,
restaurants, shopping
area
Rayevsky Anapa Novorossiysk, 18 N/A 178 Hotel, detached houses, 2010
22 Rayevskaya, Lenin club house, winery,
str., 27 tasting room, shopping
center
Russian golf industry overview 2011 13Name No. on Nearest Address Number Total area Area of Infrastructure Since
the map city of holes (hectares) golf course
(hectares)
Black See Gelendzhik Krasnodar Region, 9 148.5 135 Ownership residences, 2011
Mountain 23 Gelendzhik yacht parking lot, hotel,
Golf Resort District, village of business center,
Mikhailovsky conference room,
Pereval equestrian facility,
restaurants, bars,
swimming pool, bridge
club, library, spa, fitness
club, tennis courts, bike
tracks, billiards, beach
Chudo-Dolina Goryachy Goryachy Klyuch, 18 200 200 Hotel, detached houses, N/A
24 Klyuch village of equestrian facility,
Bezymyanny hunting lodges, sport
shooting
Samarsky Samara Samara Region, 90 735 445 Hotel, detached houses, 2011
25 village of Syreyka club house, polo, fishing,
restaurant, tennis courts,
bank, dental services,
business center
Saratov Saratov Saratov 18 N/A N/A Hotel, restaurant, parking N/A
26 areas for motor boats,
snowmobiles and PWCs
(Name pending) Vladivostok Russky Island N/A 10,298 N/A Island Sky winter sport 2013
27 park, beach, diving center
Ples Ples Ples 18 125 N/A Hotel, detached houses, N/A
28 tennis courts, swimming
pool, health center,
beauty salon, beach, club
house, spa, helipad,
fitness club, playground,
volleyball courts, yacht
dock, parking area,
shopping area
Uglich Uglich On the bank of the 27 143 143 Hotel, detached houses, N/A
29 Volga, between equestrian facility,
the villages of restaurant, yacht club,
Derevenky and tennis courts
Cherkasovo
Golf Kazan, Kazan 30 km away from 18 N/A 420 Hotel, detached houses, N/A
extension 30 Kazan, Highway club house, restaurants,
М7, village of tennis courts, gym, spa,
Savinovo swimming pool, sauna,
mooring for yachts, ski
facility
Source: media
14 Russian golf industry overview 2011Golf club
location maps
Golf clubs in the vicinity of Moscow
1
3
2 3
2
4 6
9
1 6
10 11 5 4
7 8
7
5 8
7
9
7 Existing golf clubs
10 Projected golf clubs
Source: golf clubs and media
Russian golf industry overview 2011 15Golf clubs in the vicinity of St. Petersburg
10
12
14
13
10 Existing golf clubs
15
12 Projected golf clubs
Source: golf clubs and media
Golf clubs in other regions of Russia
19 20
18 17
29
16 28
13 14
21 30
11 12
22 26
23 25 15
24
27
11 Existing golf clubs 16 Projected golf clubs
Source: golf clubs and media
16 Russian golf industry overview 2011Services of Ernst & Young
in the golf industry
• Planning clubs and recreation facilities: feasibility studies for golf, hospitality, spa and other amenity components
• Investments: forecasting operating performance including residential and commercial development
• Fundraising: valuation and advisory
• Legal and tax advisory
Contacts
Olga Arkhangelskaya Anastasia Stepanenko
Partner, Head of the Manager
Real Estate Group in the CIS Tel: +7 (495) 662 9381
Tel: +7 (495) 755 9854 Anastasia.Stepanenko@ru.ey.com
Olga.Arkhangelskaya@ru.ey.com
Angelika Normann
Senior manager
Tel: +7 (495) 648 9667
Angelika.Normann@ru.ey.com
Russian golf industry overview 2011 17Ernst & Young Assurance | Tax | Transactions | Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young expands its services and resources in accordance with clients’ needs throughout the CIS. 3,500 professionals work at 17 offices in Moscow, St. Petersburg, Novosibirsk, Ekaterinburg, Kazan, Togliatti, Yuzhno-Sakhalinsk, Almaty, Astana, Atyrau, Baku, Kyiv, Donetsk, Tashkent, Tbilisi, Yerevan, and Minsk. For more information about our organization, please visit www.ey.com. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. © 2011 Ernst & Young (CIS) B.V. All Rights Reserved. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Ernst & Young can accept no responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate adviser.
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