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LSR Group

March 13, 2020

LSR Group announces financial results for the full year 2019

— A decrease in net debt of 25% YoY amid strong operating cash flow generation

— Land bank value increased to RUB 207 billion, with the sqm value up 15% YoY

PJSC LSR Group («LSR» or the «Company») (LSE: LSRG; MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, today announces its audited consolidated IFRS results for the full year ended 31 December 2019.

FY2019 Financial Highlights:

· Operating cash flow of RUB 24,748 million[4];
· Cash balance of RUB 66,859 million[5];
· Land bank valued at RUB 207 billion and totaled 7,579 sqm with a 15% year-on-year increase in assessed value per sqm to RUB 27.3 thousand;
· Net debt/ adjusted EBITDA ratio amounted to 1.08 in 2019;
· Net debt decreased by 25% year-on-year to RUB 22,760 million[6] (total debt: RUB 89,619 million);
· Revenue reached RUB 110,438 million;
· Adjusted EBITDA totaled RUB 21,037 million, with an adjusted EBITDA margin of 19%;
· Profit for the year amounted to RUB 7,469 million.

Other FY 2019 Highlights:

· New contract sales reached RUB 84 billion, or 817 th. sqm;
· Completions reached 834 th. sqm of net sellable area, in line with the project schedule;
· New 835 th. sqm of net sellable area launched in the reporting period;
· Solid performance of building materials segment, with sales mainly in line with 2018 results, as per management expectations;
· In June, LSR Group launched sales of apartments in a new business-class residential estate ‘Morskaya Naberezhnaya’ in St. Petersburg, with a living space of just over 512 th. sqm;
· In June, in line with LSR’s strategy to diversify its development assets in the Moscow region, the Company sold its stake in its ZILYUG redevelopment project;
· In July, The Company sold its 100% interest in its subsidiary LLC LSR. Reinforced Concrete. This disposal represents another step towards the realisation of LSR Group’s strategy to optimise its building materials business segment;
· In August, LSR Group expanded its sales portfolio with a new project — Zapovedny Park, a comfort class residential complex with a residential area slightly over 90,000 sqm;
· In October, Fitch Ratings upgraded LSR’s Long-Term Issuer Default Rating (IDR) to ‘B+’, outlook stable;
· In November, LSR Group acquired LLC «H+H» Russian business of H+H International A/S.

Andrey Molchanov, CEO of PJSC LSR Group, commented:

«LSR Group continues to demonstrate strength of its business and its market position as Russia’s leading real estate developer.

Our sound financial position was further supported by strong operating cash flow generation of RUB 24.7 billion, driven by solid sales and cash collections.

With a substantial cash balance of RUB 66.9 billion, and the ability to develop a significant part of our current land bank without switching to escrow-backed sales, we secured a smooth transition to new legislative environment and expect the LSR Group to profit from new opportunities in light of ongoing market consolidation.

I am delighted to report a 15% increase in the sqm value of our land bank, now strengthened with new acquisitions that help further diversify and support our market offering.

We entered 2020 with optimism, clarity and financial strength while continuing to execute our strategy, thus securing leading market position in our key segments and regions.»

Full version of the press release 

For further information please contact:

Igor Tsoy 
Director of Investor Relations and Sustainable Development

Media Relations

LSR Group Press Service
Tel.: +7 812 333-11-11



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