Etalon Group Announces Management Change

21 February 2020

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces that after 6.5 years of successful work with the Company, Kirill Bagachenko, the Chief Financial Officer and a member of the Board of Directors, has decided to step down in order to take a career break. In order to ensure a smooth transition, Kirill will continue to support Etalon Group as an advisor to the Chairman of the Board of Directors. Kirill’s successor as CFO will be Ilya Kosolapov, who joined the Etalon Group team in October 2019. The Board of Directors has elected Etalon Group Executive Director and Head of the Moscow Business Maxim Berlovich as the new Chairman of its Strategy Committee. The Director for Corporate Investments Petr Kryuchkov will chair the Information Disclosure Committee.

Etalon Group CEO Gennadiy Shcherbina said:

“I want to thank Kirill for his many years of successful contributions to Etalon Group’s development! He has played a direct role in the Company’s transformation from a major regional player into one of the largest developers in Russia that is achieving new operating performance records with every passing year. I also welcome the appointment of Ilya Kosolapov, who has extensive experience in all areas of financial management relevant to us.”

Outgoing Chief Financial Officer Kirill Bagachenko commented:

“I am grateful to the shareholders, the Board of Directors and the CEO of the Company for the support that I have felt every day in my work! I am confident that Ilya Kosolapov is the ideal candidate to lead Etalon Group’s financial function. I wish him and the entire team of professionals at Etalon Group every success in achieving their ambitious goals!”

Newly appointed Chief Financial Officer Ilya Kosolapov added:

“I joined Etalon Group in October 2019 and was impressed with the professional level of the team. I believe that the Company has everything in place to continue to strengthen its leading position in the Russian development and construction market, as well as to be an example of transparency and openness for shareholders and all other stakeholders.”


Ilya Kosolapov

Ilya has over 15 years of experience in financial management. Prior to joining Etalon Group, Ilya worked as executive director responsible for finance and development, and as a member of the investment committee of Sistema Asia Capital management company, which runs the Sistema Asia Fund (SAF) venture capital fund. Starting in 2015, Ilya served for three years as Chief Financial Officer of the Indian telecommunications operator Sistema Shyam Teleservices Limited (MTS India). Prior to that, Ilya held various positions in the fields of corporate finance, investment and treasury at Sistema PJSFC and its portfolio companies, such as MTS and Segezha Group. Ilya holds a master's degree in finance from the Plekhanov Russian University of Economics.

Petr Kryuchkov

Petr has 10 years of experience in the field of corporate finance and capital markets. Petr has been the Director of Corporate Investments at Etalon Group since 2018. Prior to that, he worked for two years as the head of the Company’s capital markets division. Before joining Etalon Group, Petr was involved in project finance activities, as well as developing a strategy for the implementation of large projects in the shipbuilding industry. Petr has bachelor’s and master’s degrees with honours in corporate finance from the St Petersburg State University of Economics and Finance, and also has a diploma in Law.

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

Etalon Group IR Team

T: +44 20 8123 1328


Sam VanDerlip
T: +44 207 002 7859

About Etalon Group

Founded in 1987, Etalon Group is one of Russia’s largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. With a more than 30-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has commissioned 7 million sqm of real estate.

The Company is vertically integrated, which helps it to control costs, quality and timing, as well as maintain best-in-class profitability. Etalon Group employs over 5,000 people, and its nationwide sales and marketing network covers 58 Russian cities.

In 2019, Etalon Group acquired and consolidated 100% in Leader-Invest, one of Moscow’s largest residential developers by size of land bank and number of projects currently available for sale.

Etalon Group’s total assets, including the aforementioned consolidation and 100% ownership of ZIL-Yug project, comprise 53 projects under development, completed residential and commercial properties, as well as a construction and maintenance division, with total unsold NSA of 4.0 million sqm. Knight Frank valued the Company’s total assets at RUB 206,071 million as of 31 December 2018.

For the year ended 31 December 2019, Etalon Group’s new contract sales totalled 630 ths sqm, or RUB 77,627 million. Deliveries in 2019 amounted to 622 ths sqm.

The Company recorded revenue of RUB 72.3 billion and EBITDA of RUB 5.7 billion for the year ended 31 December 2018.

Etalon Group’s GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011 and on the Level 1 List of Moscow Exchange since 31 January 2020 under the ticker ETLN.