DJ LSR Group reports its operating results for the nine months of 2020
PJSC LSR Group (LSRG)
LSR Group reports its operating results for the nine months of 2020
20-Oct-2020 / 10:30 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 nine months of 2020
New contract sales increased by 38% YoY in St. Petersburg leading to
the Group's sales growth of 16% YoY.
St. Petersburg, Russia - 20 October 2020 - 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 third quarter and nine months ended 30 September
2020.
9M 2020 Highlights:
? New contract sales increased by 16% YoY to RUB 66 billion, or 590 th.
sqm;
? Average price per sqm increased by 8% YoY reaching RUB 124,000;
? Share of mortgage sales amounted to 64% compared to 48% in 9M 2019;
? Completions reached 200 th. sqm of net sellable area, in line with the
projects schedule;
? New 585 th. sqm of net sellable area launched in the reporting period;
? Solid performance of the building materials segment, in line with
management expectations.
3Q 2020 Highlights:
? New contract sales increased by 48% YoY to RUB 29 billion (244 th. sqm);
? Average price per sqm increased by 13% YoY reaching RUB 130,000;
? Share of mortgage sales amounted to 72%;
? Completions reached 28 th. sqm of net sellable area;
? New 118 th. sqm of net sellable area launched in 3Q 2020.
Events during and after reporting period:
? In September, the Company received rights for land reclamation and
further development of 143 hectares of the northern part of Vasilevskiy
Island in St. Petersburg. The Company plans to develop a business class
residential complex with an outstanding view and enhanced infrastructure
facilities. The residential area would account to approximately 700 th.
sqm. The project schedule includes three to four years of land
reclamation, while the whole project could be completed by 2034;
? In September, the EGM approved a dividend payment of RUB 2,061 million
or RUB 20 per ordinary share for 1H 2020 according to the revised dividend
policy;
? In October, the Company announced public irrevocable offer to purchase
its Series 001P-01 and Series 001P-02 bonds in an aggregate quantity of up
to 5,000,000 and 3,333,333 bonds respectively.
Andrey Molchanov, CEO of PJSC LSR Group, commented:
"We delivered excellent results in the first nine months of the year,
especially in the third quarter. Our achievements during this period were
facilitated by the government mortgage rate subsidy program, as well as by
our exceptional product offering.
During the third quarter, we recorded a 48% growth in new contract sales in
monetary terms with an increase observed across all regions of our presence.
Furthermore, we almost doubled this figure in St. Petersburg, where we saw
an increase of 73% in sqm sales and 15% growth in an average price. A
variety of our mass-market projects and distinctive features of offered
apartments succeeded to meet customer demand, with particularly strong sales
in our flagship projects Tsvetnoy Gorod and Civilization.
Overall, given the government's initiatives to prolong the subsidy program
until 1 July 2021, our own competitive edge and strong financial position,
we remain optimistic about our business prospects."
***
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 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 and real estate
development and construction. LSR Group's main operations are located in St.
Petersburg and the Leningrad Region, Moscow and the Moscow region and
Yekaterinburg. As at 31 December 2019 (according to Knight Frank), the net
sellable area of projects in LSR Group's real estate portfolio amounts to
7.6 million m2 with the market value of RUB 207 billion.
In accordance with its audited IFRS consolidated financial statements for
2019, LSR Group reported revenue of RUB110.4 billion, Adjusted EBITDA of
RUB21.0 billion and Net Profit of RUB7.5 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]
ISIN: US50218G2066
Category Code: TST
TIDM: LSRG
LEI Code: 25340067LEEMJ79K8X43
OAM Categories: 2.2. Inside information
Sequence No.: 86185
EQS News ID: 1141803
End of Announcement EQS News Service
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=f69150ed01d3088b34284c75345c9309&application_id=1141803&site_id=vwd&application_name=news
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October 20, 2020 04:30 ET (08:30 GMT)
