ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the appointment of Ivan Bogatov as the Company’s Head of Operations in Moscow.
Following several years of rapid expansion, Etalon Group's operations in the Moscow Metropolitan Area (“MMA”) are now equal in scale to the Company’s home city of St Petersburg. In line with the updated strategy announced this year, the Company aims to continue growing the size of its operations in the MMA, which will be the direct responsibility of the new head of Etalon Group’s Moscow branch.
Mr Bogatov brings substantial real estate development expertise, having worked in the construction industry for more than 20 years. He has previously headed up a number of large construction companies in Moscow and the Moscow region, including Glavstroy Development and Urban Group. During this time, he has been responsible for the strategic and operational management of companies with significant project portfolios, including some in excess of 4 mln sqm.
Etalon Group President Viacheslav Zarenkov said:
“The appointment of Ivan Bogatov strengthens further our management team – his substantial experience in the development business makes him an excellent addition to our Company’s leadership. In particular, his arrival will give a new impetus for the continued growth of our business in Moscow, and will help us to deliver on the ambitious strategic goals we have set for ourselves.”
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 Etalon LenSpetsSMU subsidiaries. With a 30-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 5.5 million sqm.
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 debt as of 31 December 2016 was RUB 7.8 billion.
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 5 thousand people, and its nationwide sales and marketing network covers 52 Russian cities.
As of 31 December 2016, Etalon Group's portfolio comprised 35 projects, with a total of 2.82 million sqm of unsold net sellable area. JLL valued this portfolio at RUB 115,818 million.
For the year ended 31 December 2016, Etalon Group's new contract sales totalled 496 ths sqm, or RUB 47,443 million. Deliveries in 2016 amounted to 420 ths sqm.
The Company recorded revenue of RUB 49.0 billion and EBITDA of RUB 7.3 billion for the year ended 31 December 2016.
Etalon Group’s GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.