20 May 2011. Etalon Group Limited (“Etalon Group” or the “Company”), one of Russia’s largest residential real estate developers, with a 23 year track record, today announces its unaudited results for the three months ended 31 March 2011, based on management accounts.
Q1 2011 Operating Results
| Q1 2011 | Q1 2010 | Change, % | |
| New sales contracts, sqm of NSA | 59,638 | 38,281 | 56% |
| New sales contracts, mn RUR | 4,158 | 2,568 | 62% |
| Transferred to customers, sqm of NSA | 53,093 | 48,154 | 10% |
2010 Quarterly summary
| Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | 2010 | |
| New sales contracts, sqm of NSA | 38,281 | 48,117 | 52,357 | 73,522 | 212,277 |
| New sales contracts, mn RUR | 2,568 | 3,208 | 3,478 | 4,852 | 14,106 |
| Transferred to customers, sqm of NSA | 48,154 | 55,438 | 82,243 | 64,876 | 250,711 |
Note: NSA stands for net sellable are
A conference call for analysts and investors will be held today at 14.00hrs UK/ 17.00hrs Moscow time. For details of the call, please contact Will Henderson at Financial Dynamics by telephone on +44 (0)20 7831 3113, or by email at will.henderson@fd.com.
Commenting on the results, Viacheslav Zarenkov, Chairman of Etalon Group, said: "In the first quarter of 2011 Etalon made solid progress with new sales, as evidenced by the robust operating results we are announcing today. These results are particularly pleasing when compared to a strong performance in the same period last year and because the first quarter is usually characterised by lower seasonal activity.
"We believe that the primary driver for the increase in new sales is the continued recovery in the residential mass market segment in our target cities, combined with the high level of consumer confidence associated with the Etalon brand and its long term track record in this market.
"We are pleased to be able to present such good news so shortly after our successful London IPO and are looking forward to putting the proceeds of that offering to work as soon as possible."
For further information:
Financial Dynamics - Financial Public Relations Adviser
London: +44 (0)20 7831 3113
Richard Sunderland
Stephanie Highett
Will Henderson: will.henderson@fd.com
Moscow: +7 (495) 795 06 23
Oleg Leonov
Maria Shiryaevskaya
About Etalon Group
Etalon Group is one of Russia's largest residential real estate developers. Since its original inception in 1987, the Company has built a leading position in the St. Petersburg Metropolitan Area, where it has recorded an 11% average annual market share of total residential completions in the private sector (excluding individual constructions) between 2000 and 2010. It also has a growing presence in the Moscow Metropolitan Area market.
Etalon Group has a strong portfolio focused on large-scale residential complexes, targeting the lower middle class and upper economy class price segments, providing high quality living at affordable prices. The Company's portfolio comprised 28 projects, as of 31 December 2010, with a total of 3.13 million sqm of unsold net sellable area ("NSA") in the St. Petersburg and Moscow Metropolitan Areas. For the year ended December 31 2010, the Company recorded revenues of RUB 20.3 billion (USD 669 Million) and EBITDA of RUB 6.9 billion (USD 227 Million), with an EBITDA margin of 34%.