Etalon Group Limited (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces that Andrew Howat has joined the Board of Directors as an Independent Non-Executive Director, effective from 1 March 2015. Andrew Howat will replace Robert Paul King, who resigned effective 28 February 2015, on Etalon Group’s Board of Directors.
Etalon Group President Viacheslav Zarenkov said:
“I would like to thank Robert for his contribution to Etalon Group’s Board of Directors, and I wish him the best of luck in his next ventures. At the same time, I am happy to welcome Andrew to Etalon Group’s Board of Directors. I am sure that Andrew’s experience will strengthen further our corporate governance, which we believe is a key element to building value for all of Etalon Group’s stakeholders.”
Andrew Howat has 30 years of experience in international finance, banking and investment businesses. He worked as a senior Director at ING Bank in the Corporate Banking and Financial Markets divisions from 1997 to 2004. More recently Andrew was Managing Director of Butterfield Fulcrum in Guernsey until 2012. This role had a strong focus on corporate governance, supervisory, regulatory and technical matters associated with the administration and management of listed & unlisted offshore company structures. Mr. Howat has served as a Non-Executive Director on the boards of a number of property companies investing in UK, Russian and European-wide commercial and residential property since 2005.
Mr. Howat is British and a Guernsey resident, and is a member of the Institute of Directors. He is also a Chartered member of the Chartered Institute for Securities & Investment.
This and other recent announcements are available on the Etalon Group website: www.etalongroup.com/investors/news/
Etalon Group IR Team
T: +44 20 8123 1328
T: +44 7554 993 032
T: +7 499 918 3134
About Etalon Group
Founded in 1987 by Viacheslav Zarenkov, Etalon Group has become one of Russia's largest development and construction corporations. The Company focuses on middle class residential real estate in the Moscow and St. Petersburg metropolitan areas, where it operates through Etalon Invest and LenSpetsSMU subsidiaries. With a 27-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry.
Since its inception, Etalon Group has commissioned 4.5 million sqm. The Company is currently implementing its post-IPO construction programme, which is on track to achieve fourfold growth in construction volumes (from 209 ths sqm to 800 ths sqm). Etalon Group's CAGR for deliveries in 2010-2014 was 29%.
Etalon Group's strong reputation among consumers supports its pre-sales business model, which helps the Company to minimise external financing needs for on-going projects while maintaining a secure liquidity position: net cash as of 30 June 2014 was USD 10 million.
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as to demonstrate best-in-class profitability. Etalon Group employs over 4,500 people, and its nationwide sales and marketing network covers 36 Russian cities.
As of 31 December 2013, Etalon Group's portfolio comprised 28 projects, with a total of 3.44 million sqm of unsold net sellable area. Jones Lang LaSalle valued this portfolio at USD 2,727 million, a 15% increase in the market value from YE 2012.
For the year ended 31 December 2014, Etalon Group's new contract sales totalled 457 ths sqm, or RUB 39,961 million. Deliveries in 2014 totalled 580 ths sqm.
The Company recorded revenue of RUB 39.9 billion and EBITDA of RUB 9.4 billion, with an EBITDA margin of 24% for the year ended 31 December 2013.
Etalon Group Limited's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.