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LSR Group  |
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| Compilation Date: | 16 May 08 |
Company Overview
 General Info | |
| Full Company Name | JSC "LSR Group" |
| Industrial Group | General Construction |
| Number of Employees | 15,000 |
| Registration Date | 14 Aug 06 |
| Registered Address | 36, Kazanskaya St., Sankt-Peterburg, 190031 |
| Main Office | 36, Kazanskaya St., Sankt-Peterburg, 190031 |
| Telephone / Fax | (812) 312-9937 / (812) 312-9937 |
| e-mail | bogacheva@lsrgroup.ru |
| Internet Home Page | www.lsrgroup.ru |
| Registrar | Closed JSC "Unified Registrar" |
| Auditor | Closed JSC "Audit-Service" |
| Financial Adviser | Close JSC "Region FK" |
| Legal Adviser | n. a. |
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| Corporate Management |
| Chairman of the Board | Dmitry Goncharov | | General Director | Igor Levit |
| Price Highlights | |
| Price per Common Share, USD | 75.60 |
| YTD Price Change, % | 8 |
| P/E Ratio | 18.2497 |
| Market Capitalization, USD | 7,104,401,657 |
| Common Shares in Free Float, % | 11.36 |
| Operations Summary | |
JSC "LSR Group" is a vertically integrated diversified company engaging in the production of building materials, real estate development and construction. Today LSR Group comprises companies engaging in the manufacture of building materials, extraction and processing of aggregates, provision of construction services, real estate development, and construction — from mass market large-panel housing to elite residential property built after designs by leading domestic and foreign architects. LSR Group includes two core areas: production of building materials, and real estate development and construction, and six business segments. LSR Group has companies and offices in St. Petersburg, Moscow, a number of cities in the Leningrad region, in Lithuania, Latvia, Estonia, Ukraine and Germany. In November 2007, LSR Group made an initial public offering (IPO) on the London Stock Exchange, RTS and MICEX. The company sold 12.5% of its shares at USD14.5 per GDR. At the offer price, the market capitalization for LSR Group was USD6.2 billion. The company has rating by Moody’s Investors Service (B1). LSR Group invested into capacity expansion and equipment modernization USD190 million in 2006 and USD255 million in 2007. |
Shares Information
| Charter Capital Structure |
| Type of Share | Shares Outstanding | Nominal Value |
|---|
| Common Share | 93,663,832 | 0.25 RUR |
| Major Shareholders |
| Name | % of Voting Stock | % of Charter Capital |
|---|
| Andrey Molchanov | 72.90 | 72.90 | | Hiuki Holding Ltd. | 9.09 | 9.09 |
| Equity Positions in Other Companies |
| Name | % of Charter Capital |
|---|
| Closed JSC "A Plus Estate" | 100.00 | | LSR-Control Company Ltd. | 100.00 | | Promstroymontazh Ltd. | 100.00 | | LSR-Invest Ltd. | 100.00 | | BaltStroyComplete Ltd. | 100.00 | | Closed JSC "Vertical" | 100.00 | | Closed JSC "Vsevologsk SMP" | 100.00 | | Closed JSC "Zarechye" | 100.00 | | LSR Europe GmbH | 100.00 | | New Quarter Ltd. | 100.00 | | Investproekt Ltd. | 100.00 | | Closed JSC "Kazanskaya Gold" | 100.00 | | JSC "Lenrechport" | 100.00 | | Closed JSC "Gatchinsky DSK" | 98.23 | | JSC "Granite-Kuznechnoe" | 95.09 | | Aeroc International AS | 90.00 |
| Dividends History |
| Period | Payment
per Share,
USD | Number
of Shares | Ex-Date | Payment
Date | Payout
Ratio, % | Dividend
Yield, % |
|---|
| Information is not available yet. |
Stock Market
| Instruments on Exchanges |
| Type of Instrument | Ticker | ISIN | Market |
|---|
| LSR Group | LSRG | RU000A0JPFP0 | MICEX | | LSR Group | LSRG | RU000A0JPFP0 | RTS Classic | | LSR Group | LSRGG | RU000A0JPFP0 | RTS T+0 | | LSR Group GDR | 3LSA | US50218G2066 | Berlin Stock Ex | | LSR Group GDR | 3LSA | US50218G2066 | Frankfurt SE | | LSR Group GDR | LSRG | US50218G2066 | London SE | | LSR Group GDR | LSRGL | US50218G1076 | US OTC | | LSR Group GDR | 3LSA | US50218G2066 | XETRA |
| Price Chart |
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| Participation in DR Programs |
| Level | Effective
Date | Underlying
Share Ratio | CUSIP | Depositary Bank |
|---|
| GDR Reg S | 15 Nov 07 | 5: 1 | 50218G206 | Deutsche Bank | | GDR 144 A | 15 Nov 07 | 5: 1 | 50218G107 | Deutsche Bank |
| Weightings in Indices |
| Name | Weight | Inclusion Date | Notes |
|---|
| Does not constitute to any indices. |
Fixed Income Instruments
| Issue Parameters |
Issue #/
Tranche # | Registration
Number | Registration
Date | Period | Par
Value,
RUR | Issue
Volume,
RUR thnd | Number
of
Coupons | Coupon
Period | Guarantee |
|---|
| 1 | 4-01-55234-E | 18 Sep 06 | 521 | 1,000 | 1,000,000 | 3 | 182 | |
| Coupons |
Issue #/
Tranche # | Coupon # | Start
Coupon Period | End
Coupon Period | Coupon, % |
|---|
| 1 | 1 | 16 Oct 06 | 22 Mar 07 | 11.00 | | 1 | 2 | 22 Mar 07 | 20 Sep 07 | 10.00 | | 1 | 3 | 20 Sep 07 | 20 Mar 08 | 10.00 |
| Primary Market |
Issue #/
Tranche # | Start
Placement
Date | End
Placement
Date | Placement
Price, % | Volume
Placed,
RUR thnd | Maturity
date | Offer
Date | Offer
price, % | Status | Issue
Placement
Registration
Date |
|---|
| 1 | 16 Oct 06 | 16 Oct 06 | 100.00 | 1,000,000 | 20 Mar 08 | 22 Mar 07 | 100.00 | redeemed | 02 Nov 06 |
Key Financial Characteristics
| Balance Sheet |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| RUR/USD Exchange rate | 28.79 | 26.35 | 24.54 |
| ASSETS, of which | 22,021.19 | 38,769.8 | 95,728.25 | 764.8 | 1,471.31 | 3,900.93 |
|---|
| Fixed Assets and Other Non-current Assets, of which | 8,669.19 | 13,426.35 | 44,517.5 | 301.08 | 509.53 | 1,814.09 |
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| | Fixed Assets | 8,124.59 | 10,628.93 | 17,816.2 | 282.17 | 403.37 | 726.01 |
| | Intangible Assets | 24.27 | 576.34 | 0 | 0.84 | 21.87 | 0 |
| | Other Assets | 520.33 | 2,221.08 | 26,701.3 | 18.07 | 84.29 | 1,088.08 |
| Current Assets, of which | 13,352 | 25,343.45 | 51,210.77 | 463.72 | 961.78 | 2,086.84 |
|---|
| | Inventories | 8,324.94 | 13,960.55 | 32,973.13 | 289.13 | 529.8 | 1,343.66 |
| | Accounts Receivable | 3,675.84 | 8,901.48 | 9,206.58 | 127.66 | 337.81 | 375.17 |
| | Cash | 776.33 | 1,609.41 | 8,706.23 | 26.96 | 61.08 | 354.78 |
| | Other Current Assets | 574.89 | 872.02 | 324.83 | 19.97 | 33.09 | 13.24 |
| OWNER'S EQUITY, of which | 3,016.18 | 5,143.45 | 42,965.57 | 104.75 | 195.19 | 1,750.85 |
|---|
| | Charter Capital | 31.04 | 28.41 | 26.45 | 1.08 | 1.08 | 1.08 |
| | Reserves | 1,389.29 | 2,700.32 | 32,127.31 | 48.25 | 102.48 | 1,309.19 |
| | Retained Earnings | 1,595.85 | 2,414.73 | 10,811.8 | 55.42 | 91.64 | 440.58 |
| LIABILITIES, of which | 19,005.01 | 33,626.35 | 52,762.67 | 660.04 | 1,276.12 | 2,150.08 |
|---|
| | Long-Term Debt | 1,501.12 | 8,727.62 | 13,344.49 | 52.13 | 331.21 | 543.79 |
| | Short-Term Debt | 5,641.2 | 5,734.94 | 10,740.61 | 195.92 | 217.64 | 437.68 |
| | Accounts Payable | 10,708 | 17,861.5 | 11,782.26 | 371.89 | 677.84 | 480.13 |
| | Other Liabilities | 1,154.68 | 1,302.29 | 16,895.31 | 40.1 | 49.42 | 688.48 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| P&L Account |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
|---|
| | RUR mn | RUR mn | RUR mn | USD mn | USD mn | USD mn |
| Average RUR/USD Exchange rate | 28.30 | 27.16 | 25.58 |
| Sales | 15,291.27 | 21,083.94 | 35,855.5 | 540.53 | 776.55 | 1,402.56 |
| Production Costs | 14,421.54 | 18,452.47 | 21,468.54 | 509.79 | 679.63 | 839.78 |
| Operating Profit | 857.9 | 2,631.47 | 14,386.96 | 30.33 | 96.92 | 562.77 |
| Other Income | -681.66 | -874.71 | -1,889.72 | -24.1 | -32.22 | -73.92 |
| Income Before Taxes | 188.07 | 1,756.76 | 12,497.24 | 6.65 | 64.7 | 488.85 |
| Net Income | 111.46 | 1,099.55 | 9,184.38 | 3.94 | 40.5 | 359.27 |
| Financial data standard | IAS | IAS | IAS | IAS | IAS | IAS |
| Audited | Audited | Audited | Audited | Audited | Audited |
| Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Key Ratios |
| | 31 Dec 05 | 31 Dec 06 | 31 Dec 07 |
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| Company Valuation Coefficients | |
|---|
| P/BV | n.a. | n.a. | 3.74 |
| P/S | n.a. | n.a. | 4.67 |
| P/E | n.a. | n.a. | 18.25 |
| Company Efficiency Coefficients | |
|---|
| Sales/Employee, USD thnd | 0.00 | 51.77 | 93.50 |
| Net Profit Margin, % | 0.73 | 5.22 | 25.61 |
| ROA, % | 1.03 | 3.62 | 13.37 |
| ROE, % | 7.52 | 27.00 | 36.92 |
| Turnover Coefficients | |
|---|
| Receivables Turnover | 8.47 | 3.34 | 4.54 |
| Assets Turnover | 1.41 | 0.69 | 0.52 |
| Inventory Turnover | 3.74 | 1.90 | 1.43 |
| Liabilities Turnover | 0.82 | 0.80 | 0.82 |
| Capital Structure Coefficients | |
|---|
| Equity Ratio | 0.14 | 0.13 | 0.45 |
| Debt Ratio | 0.86 | 0.87 | 0.55 |
| Equity/Debt | 0.16 | 0.15 | 0.81 |
| Current Liquidity | 0.80 | 1.06 | 2.17 |
| Quick Liquidity | 0.30 | 0.48 | 0.77 |
Production Overview
| Production |
| Product | Measure | | 2006 | 2007 | Units |
|---|
| Aerocrete | 1,000 | n. a. | 525 | 555 | cub meters | | Brick | 1,000,000 | n. a. | 256.5 | 289 | units | | Macadam | 1,000 | n. a. | n. a. | 4,275 | cub meters | | Ñoncrete | 1,000,000 | n. a. | 1.2 | 1.6 | cub meters | | Sand | 1,000,000 | n. a. | n. a. | 13.5 | cub meters | | Window | 1,000 | n. a. | 61 | n. a. | sq. m |
| Capacity |
| Product | Measure | Capacity | Units |
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| Information is not available yet. |
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