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LSR Group

March 11, 2010

Update on strategy

LSR Group (LSE: LSRG; MICEX, RTS: LSRG) approved the program of the company’s high-priority activities – “Lead the Growth”, aimed at growth of LSR Group operations in the period of construction sector recovery.

Igor Levit, CEO, member of the Board of Directors of OJSC LSR Group, comments:

“We believe that the lowest point of the economic recession is already in the past, and our main task now is to capitalize on opportunities from the real estate development and construction market recovery for further growth of our business. Even though there is still uncertainty about the recovery level and timing, we should be well-prepared, so that to fully use the opportunities of a new period in the economical cycle to develop our business and to further strengthen our market positions”.

Lead the Growth main actions:

Real Estate Development and Construction

1. Launch construction and start pre-sales in a number of development projects in St Petersburg including: 34 Deputatskaya, 5 Kovensky, Smolny Kvartal, Avrora, Vostok.

2. Identify land plots in Moscow and Yekaterinburg for strategic land bank expansion; purchase selected land plots in St Petersburg subject to unique location and attractive prices

3. Complete feasibility study on launch of new development projects in the Moscow region

4. Increase sales and marketing activity

5. Work with partner banks on increase of mortgage offering at company’s development projects

Building Materials

1. Identify attractively priced acquisition targets for building materials and aggregates production division

2. Revise capex plan for modernization projects which were suspended during downturn

3. Seek project financing for the brick plant project in St Petersburg and complete feasibility study on construction of a new brick plant in the Moscow region (site has been secured)

4. Prepare a process plan for the re-launch of mothballed capacity

At the same time the company will still have strict working capital policy and control debt level and debt maturity profile to ensure stability of the business.

 

 

 

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