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PJSC LSR Group (LSRG)
PJSC LSR Group: LSR Group announces financial results for the full year 2018
19-March-2019 / 11:29 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
LSR Group announces financial results for the full year 2018
Solid top line performance and significant net debt reduction
driven by strong cash flow generation
St. Petersburg, Russia - 19 March 2019 - PJSC LSR Group ("LSR" or the
"Company") (LSE: LSRG; MOEX: LSRG), one of the leading real estate
developers and building materials producers in Russia, today announces its
audited consolidated IFRS results for the full year ended 31 December 2018.
FY2018 Financial Highlights:
? Operating cash flow of RUB 30,248 million, a nine-fold increase
year-on-year;
? Land bank valued at RUB 186 billion with a 10% year-on-year increase in
assessed value per sqm to RUB 23.7 thousand;
? Net debt/ adjusted EBITDA ratio decreased from 1.17 in 2017 to 0.83 in
2018;
? Net debt decreased by 30% year-on-year to RUB 30,290 million (total
debt: RUB 86,088 million);
? Sales revenue increased by 6% year-on-year to RUB 146,376 million;
? Adjusted EBITDA totaled RUB 36,400 million, remaining at the same level
as in 2017, with an adjusted EBITDA margin of 25%;
? Profit for the year up 2% year-on-year to RUB 16,230 million;
? Earnings per share increased by 3% year-on-year to RUB 159.33
Other Highlights:
? New contract sales totaled 1,002 th. sqm, up 44% year-on-year, reaching
RUB 93 billion in value, an increase of 38% year-on-year.[1]
? Total completions of 1,009 th. sqm of net sellable area, of which 144
th. sqm were completions relating to the ZILART project in Moscow.
? January 2019 sales volume reached RUB 5.3 billion, increasing by 38%
compared to January last year, while February sales amounted to RUB 6.5
billion.
? The sale of 100% of LSR. Construction - Moscow and the sale of 100% of
JSC PO Barrikada, a reinforced concrete production facility in the
Leningrad region. The assets disposal reflects the Company's strategy to
refocus efforts on a more profitable business.
? The only Russian construction company to release a Sustainability Report
in line with international GRI guidelines. In February 2019, LSR Group
became the first Russian real estate developer to join the UN Global
Compact. The move reflects LSR's focus on aligning sustainable long-term
growth with the highest levels of ethics.
? Approval of a new Long-Term Motivation Programme for key employees aimed
at helping LSR Group achieve its long-term financial and strategic
objectives, while aligning the core management team's interests with those
of LSR's shareholders.
? Maxim Sokolov appointed CEO of the Company, with Andrey Nesterenko
appointed as Independent Director, increasing the number of independent
directors on the Board from three to four, thus, forming a majority
representation.
Andrey Molchanov, Chairman of the Board of Directors of PJSC LSR Group,
commented:
"2018 was a milestone year for us - not only did LSR Group celebrate its
25th anniversary, we also delivered a solid set of results on the back of
record high new contract sales of over one million square meters valued at
RUB 93 billion. Other key highlights included a more profitable product mix
and strong cash collections. Our strong financial position was bolstered by
a 30% reduction in net debt to RUB 30.3 billion, and a net debt/ adjusted
EBITDA ratio of 0.83. We are also delighted to report a 10% increase in the
value per square metre of our landbank, as a result of a higher quality
portfolio.
We are looking ahead to 2019 with optimism given our strategic product
offering, the strength of our balance sheet and our flexible capital
resources which will help us capture growth and new development
opportunities."
Full version of the press release is available in PDF-format (link below)
and on www.lsrgroup.ru
For further information please contact:
Igor Tsoy
Director of Investor Relations and Sustainable Development
E-mail: IR@lsrgroup.ru
About LSR Group:
PJSC LSR Group is a real estate development and building materials company
founded in 1993 and operating in a number of complementary market segments.
Its core business areas are production of building materials, real estate
development and prefab construction. LSR Group's main operations are located
in St. Petersburg, Moscow and Yekaterinburg. As of 31 December 2018
(according to Knight Frank), the net sellable area of projects in LSR
Group's real estate portfolio amounts to 7.8 million m2 with the market
value of RUB 186 billion. LSR Group reported sales revenue of RUB 146,376
million (IFRS) in 2018. LSR Group is a public company, with its GDRs traded
on the London Stock Exchange and its ordinary shares traded on the Moscow
Exchange. www.lsrgroup.ru [1]
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[1] The year-on-year percentage change is provided for sales excluding
parking lots
Attachment
Document title: LSR Group announces financial results for the full year 2018
Document: http://n.eqs.com/c/fncls.ssp?u=SJQYBRLSET [2]
ISIN: US50218G2066
Category Code: ACS
TIDM: LSRG
LEI Code: 25340067LEEMJ79K8X43
OAM Categories: 1.1. Annual financial and audit reports
Sequence No.: 7855
EQS News ID: 789031
End of Announcement EQS News Service
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2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=867ca344c197c0baf71ba081278f8c31&application_id=789031&site_id=vwd&application_name=news
(END) Dow Jones Newswires
March 19, 2019 06:29 ET (10:29 GMT)
