Etalon Group Limited (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces that its Chief Financial Officer, Boris Svetlichny, will resign from his position for family reasons. Mr. Svetlichny will remain a member of the Company’s Board of Directors, and will continue to carry out his duties as a member of the Audit Committee.
Mr. Svetlichny’s resignation from the post of CFO is effective from 1 August 2016. Etalon Group CEO Anton Evdokimov will take control over financing strategy, budgeting, accounting, and finance team management. Etalon Group’s Head of Corporate Investments and IR Kirill Bagachenko will oversee capital markets, M&A, IFRS reporting, as well as investor relations duties. The Company’s experienced finance team remains intact, ready to carry out day-to-day business activities, and will ensure continuity in implementation of the duties previously held by Mr. Svetlichny.
Commenting on the personnel changes, Etalon Group President Viacheslav Zarenkov said: “During his time as CFO, Boris Svetlichny made important contributions to Etalon Group’s successful development. He oversaw the implementation of key projects such as further improvements to our budgeting process, reporting, and a cost optimisation programme. Each of these has helped strengthen the Company and make us more efficient. I am sure that with his deep knowledge of Etalon Group’s business, Boris will continue to provide valuable contributions to the Company as a member of the Board of Directors and Audit Committee. I am also confident that our longstanding management team will ensure continuity following Boris’s resignation. Etalon Group is proud to have a best-in-class reputation on the financial markets, and going forward we will continue to adhere to our financing strategy.”
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 28-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 million sqm. Etalon Group's CAGR for deliveries in 2010-2015 was 19%.
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 2015 was RUB 7,397 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 5,000 people, and its nationwide sales and marketing network covers 37 Russian cities.
As of 31 December 2015, Etalon Group's portfolio comprised 28 projects, with a total of 2.72 million sqm of unsold net sellable area. JLL valued this portfolio at RUB 104,384 million.
For the year ended 31 December 2015, Etalon Group's new contract sales totalled 385 ths sqm, or RUB 35,080 million. Deliveries in 2015 totalled 502 ths sqm.
The Company recorded revenue of RUB 42.4 billion and EBITDA of RUB 7.7 billion for the year ended 31 December 2015.
Etalon Group Limited's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.