Etalon Group Board of Directors Meeting Results

12 November 2017

The Board of Directors of ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, held a meeting in Limassol, Cyprus. At this meeting, the Board declared an interim dividend for 1H 2017, and approved changes to the Company’s management structure.


The Board of Directors declared an interim dividend for 1H 2017 of 4 US cents per ordinary share/GDR. This will mark the first dividend distribution under the Company’s updated dividend policy, and represents 58% of Etalon Group’s consolidated net profit for the period (based on the official Central Bank of Russia exchange rate on the date of the Board of Directors meeting). The ex-dividend date for holders of the Company's Global Depositary Receipts ("GDRs") was set as 16 November 2017, and the record date is 17 November 2017. Dividends are to be paid on 13 December 2017.

Management structure update

At its meeting, the Board of Directors also decided to appoint Dmitry Kashinskiy as First Vice President and Chief Operating Officer of the Company. Dmitry has also been appointed as the Chaiman of Etalon Group’s newly-created Management Board, which will consist of:

  • Dmitry Kashinskiy, Chairman, First Vice President and Chief Operating Officer
  • Kirill Bagachenko, Vice President and Deputy CEO
  • Gennadiy Shcherbina, Vice President and Head of St Petersburg Operations
  • Viktoria Tsitrina, Chief Legal Officer
  • Victor Vasenev, Chief Financial Officer 

Commenting on the newly-created Management Board, Etalon Group President and CEO Viacheslav Zarenkov said: “With this decision, the Board aims to develop further Etalon Group’s management structure in line with best practices, and to create a leadership make-up with clear divisions of responsibilities. Dmitry Kashinskiy’s appointment will give him primary responsibility for day-to-day operational management of Etalon Group, while I will continue to serve as the Company’s President and CEO, with a focus on execution of Etalon Group’s long-term development strategy.”

This and other recent announcements are available on the Etalon Group website:

Etalon Group IR Team

T: +44 20 8123 1328


Sam VanDerlip
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.