Moscow – Etalon Group Limited (“Etalon Group” or the “Company”) (LSE: ETLN), one of Russia’s largest and oldest residential real estate developers, announces that it has today published its 2011 Annual Report and Accounts (the "2011 Annual Report").
The 2011 Annual Report is now available to view or download in a pdf format from the Etalon Group website at www.etalongroup.com and a copy has been submitted to the National Storage Mechanism, which will shortly be available for inspection at http://www.morningstar.co.uk/uk/.
The Etalon Group IR Team said:
“We are proud to present today Etalon Group’s first annual report and accounts. The year 2011 was very successful for Etalon from many perspectives:
“Operations grew at a fast pace, with new contract sale higher by 27% and deliveries up by 57%.
“We made important progress on increasing our footprint in the Moscow Metropolitan Area, with the MMA share in Etalon Group’s landbank increasing from 35% to 45% by the end of the year.
“On the financial side, our profitability remains one of the highest in the sector, with a 36% EBITDA margin – and our balance sheet remains very strong with net cash of USD 167 million (including bank deposits and short term investments) at the end of 2011.
“Taken together, these factor position Etalon Group well to benefit from quality land bankingopportunity in Russia.”
Etalon Group IR Team
T: +44 (0) 20 8123 1328
T: +7 495 363 2845
About Etalon Group
Founded in 1987, Etalon Group is one of Russia's largest residential real estate developers. The Company operates in both the St. Petersburg and Moscow Metropolitan Areas.
Etalon Group has a strong portfolio focused on large-scale residential complexes, with a dominant position in the "comfort class" (lower middle class and upper economy class) price segment, providing high quality living at affordable prices. The Company's portfolio comprised 31 projects, as of 31 December 2011, with a total of 3.25 million sqm of unsold net sellable area ("NSA") in the St. Petersburg and Moscow Metropolitan Areas. For the year ended 31 December 2011, the Company recorded revenues of RUB 22.7 billion (USD 774 million) and EBITDA of RUB 8.2 billion (USD 279 million), with an EBITDA margin of 36%.
Since 20 April 2011, Etalon Group Limited has had its GDRs traded on the Main Market of the London Stock Exchange.