PJSC LSR Group (LSRG)
PJSC LSR Group: LSR Group reports its operating results for the first half
of 2019
17-Jul-2019 / 12:00 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 reports its operating results for the first half of 2019
New contract sales up 6% YoY in RUB terms
with an 18% YoY increase in average price per sqm
St. Petersburg, Russia - 17 July 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
operating results for the second quarter and the first half ended 30 June
2019.
1H 2019 Highlights[1]:
? New contract sales reached RUB 38 billion, up 6% year-on-year, or 368
th. sqm;
? Average price per sqm increased by 18% year-on-year reaching RUB
114,000.;
? Share of mortgage sales amounted to 48%;
? Completions reached 160 th. sqm of net sellable area, up 31%
year-on-year, in line with the project schedule;
? New 603 th. sqm of net sellable area launched in the reporting period;
? In line with LSR's strategy to diversify its development assets in the
Moscow region, the Company sold a 50% stake in its ZILYUG redevelopment
project;
? Launched sale of apartments in a new business-class residential estate
'Morskaya Naberezhnaya' in St. Petersburg. Located in a 34-hectare land
plot, the residential complex has a total area of 886 th. sqm, with a
living space of just over 503 th. sqm;
? Signed a strategic partnership agreement with PJSC Rostelecom to promote
smart information services in the construction industry.
Andrey Molchanov, CEO of PJSC LSR Group, commented:
"LSR Group has delivered strong set of results in the first six months of
2019 underlying strengths of our businesses and product offering.
In the reporting period, our new contract sales increased by 6% year-on-year
to RUB 38 billion or 368 thousand square meters. This mainly reflects the
success of our Moscow business and our well-structured offer that meets
customer demand.
A great deal of forward planning has been carried out since the new housing
legislation was introduced last year and LSR has successfully risen to the
challenge and responded to its demands. As a result of these efforts, LSR is
well placed for a smooth transition to operate in the new regulatory
environment.
Looking ahead, we believe we are well positioned to execute on our strategy
and maintain our leading market positions in key regions."
***
The Company's operating results for the first six months of 2019 will be
discussed during the conference call in August 2019. Dial in details will be
provided prior to the call.
***
Full version of the press release is available in PDF-format (link below)
and on www.lsrgroup.ru [1]
For more information please contact:
Igor Tsoy
Director of Investor Relations and Sustainable Development
E-mail: IR@lsrgroup.ru
About LSR Group:
PJSC LSR Group is one of Russia's leading residential real estate developers
and building materials producers. Founded in 1993, the business of LSR Group
is concentrated in the three largest regions of Russia - Moscow, St.
Petersburg and Yekaterinburg. The main business areas of the Company are
real estate development and construction and production of building
materials. LSR Group carries out projects in all segments of residential
real estate market: mass market, business and elite.
In accordance with its audited IFRS consolidated financial statements for
2018, LSR Group had revenue of RUB146.4 billion, Adjusted EBITDA of RUB36.4
billion and Net Profit of RUB16.2 billion. As of 31 December 2018 (according
to Knight Frank), the net sellable area of projects in LSR Group's real
estate portfolio amounted to 7.8 million m2 with a market value of RUB186
billion.
Ordinary shares of the Company are traded on the Moscow Exchange (MOEX:
LSRG) and GDRs representing its ordinary shares are traded on the London
Stock Exchange (LSE: LSRG).
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 operating results 1H 2019
Document: http://n.eqs.com/c/fncls.ssp?u=SYIEMLNLCN [2]
ISIN: US50218G2066
Category Code: IR
TIDM: LSRG
LEI Code: 25340067LEEMJ79K8X43
OAM Categories: 2.2. Inside information
Sequence No.: 13709
EQS News ID: 842483
End of Announcement EQS News Service
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2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0fbe076539240eeab8ea59472a3b99ba&application_id=842483&site_id=vwd&application_name=news
(END) Dow Jones Newswires
July 17, 2019 06:00 ET (10:00 GMT)
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