DJ LSR Group reports its operating results for the 4Q and FY 2020
PJSC LSR Group (LSRG)
LSR Group reports its operating results for the 4Q and FY 2020
25-Jan-2021 / 10:00 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.
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LSR Group reports its operating results
for the fourth quarter and twelve months of FY 2020
The Group's sales increased by 12% YoY in monetary terms due to strong performance in St. Petersburg where sales up 27%
YoY
St. Petersburg, Russia - 25 January 2021 - 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 fourth quarter and the twelve months ended 31 December 2020.
FY 2020 Highlights:
- New contract sales increased by 12% YoY, reaching RUB 95 billion, or 826 th. sqm;
- Average price per sqm increased by 14% YoY reaching RUB 129,000;
- Share of mortgage sales amounted to 64%, up from 47% in 2019;
- Completions reached 672 th. sqm of net sellable area;
- New 787 th. sqm of net sellable area launched in the reporting period;
- Solid performance of building materials segment in line with the Company's expectations.
Key events during and after the reporting period:
- In July, Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of PJSC LSR Group at 'B+' with a
Stable Outlook;
- In July, Moody's Investor Service has affirmed PJSC LSR Group's B1 corporate family rating and B1-PD probability of
default rating with a Stable Outlook;
- In August, LSR Group's Board of Directors established Sustainability Committee to enhance its sustainability
efforts;
- In September, LSR Group received the status of a member of the Association for the promotion of creation of
standards and rules for Ecological construction "Green Building Council";
- In September, the Company received rights for land reclamation and further development of the northern part of
Vasilevskiy Island in St. Petersburg to develop a business class residential complex with the residential area of
around 800 th. sqm. The whole project could be completed by 2034;
- In October, for the first time the Company distributed dividends for 1H2020 in amount of RUB 2,061 million or RUB
20 per ordinary share, according to the decision of EGM and updated dividend policy;
- In October and November, the Company repurchased 2,331,819 exchange-traded bonds of the Series 001P-01 and
1,689,117 exchange-traded bonds of the Series 001P-02 in accordance with the previously announced public
irrevocable offer.
Andrey Molchanov, CEO of PJSC LSR Group, commented:
"We delivered strong operating results for 2020, which were in line with our plans. Our sales increased by 12% in
monetary terms, thanks to our unique product offering as well as a state-backed mortgage rate subsidy programme.
I am particularly pleased with the results in St. Petersburg, where sales were up 12% in square meters and 27% in
monetary terms compared to the previous year. Our projects Tsvetnoy Gorod and Civilization demonstrated notable sales
growth year-on-year in both the third and the fourth quarters, continuing to enjoy a high demand from customers.
Our further focus on profitability in the Moscow business-unit helped us to achieve solid sales in monetary terms
despite a planned decline in square meter sales. In particular, we are pleased with the sales of our flagship project
ZILART, where we recently launched two new buildings of premium segment and which was justly recognized as the best
residential complex in Russia last year.
Overall, the results achieved and our leading position in the market allow us to look with confidence at the business
prospects in 2021".
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Full version of the press release is available in PDF-format (link below) and on www.lsrgroup.ru
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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 RUB 110.4
billion, Adjusted EBITDA of RUB 21.0 billion and Net Profit of RUB 7.5 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
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ISIN: US50218G2066
Category Code: TST
TIDM: LSRG
LEI Code: 25340067LEEMJ79K8X43
OAM Categories: 2.2. Inside information
Sequence No.: 92183
EQS News ID: 1162858
End of Announcement EQS News Service
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