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LSR Group announces financial results for the -2-

DJ LSR Group announces financial results for the full year 2020

PJSC LSR Group (LSRG) 
LSR Group announces financial results for the full year 2020 
22-March-2021 / 17:00 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 announces financial results for the full year 2020 
 
  - Adjusted EBITDA reached RUB 27,376 million 
  - A decline of net debt/adjusted EBITDA to 0.6x compared to 1.1x as at the end of 2019 
 
St. Petersburg, Russia - 22 March 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 audited consolidated 
IFRS results for the full year ended 31 December 2020. 
FY2020 Financial Highlights: 
 
  - Operating cash flow of RUB 22,430 million[1]; 
  - Cash balance of RUB 85,798 million[2] compared to RUB 66,859 as at the end of 2019; 
  - Revenue reached RUB 118,052 million; 
  - Adjusted EBITDA totaled RUB 27,376 million; 
  - Profit for the year amounted to RUB 12,025 million; 
  - EPS reached RUB 120,0; 
  - Net debt decreased by 26% YoY to RUB 16,830 million[3] (total debt: RUB 102,628 million); 
  - Net debt/adjusted EBITDA[4] ratio decreased to 0.6x from 1.1x as at the end of 2019; 
  - Land bank valued at RUB 276 billion and totaled 8,226 sqm. 
 
Other FY 2020 Highlights: 
 
  - 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 net sellable area of 830 
    th. sqm. The whole project could be completed by 2034; 
  - In March 2021, LSR Group completed the placement of RUB 5 billion of its Series 001P-06 exchange-traded bonds with 
    a coupon rate of 8.0%. 
 
 
 
 
 
 
Andrey Molchanov, CEO of PJSC LSR Group, commented: 
 
"We faced a new reality in 2020 caused by the coronavirus pandemic. Economic uncertainties, volatility of the rouble 
and low deposit rates have increased the attractiveness of real estate for capital preservation, while historically low 
mortgage rates have helped many Russian families to improve their living conditions. In such environment, we saw a high 
demand for our product offering thanks to the functional layouts of our apartments and higher stage of completion of 
our projects. 
 
As a result, we demonstrated strong operating and financial performance in 2020. We improved our liquidity position 
thanks to strong operating cash flow and reduced our net debt by 26% to RUB 16.8bn. This also allowed us to replenish 
our land bank with new high-quality acquisitions, increasing the net sellable area to 8.2 million square meters, which 
should be enough for about 6 years of active development. 
 
This year we will continue to focus on strengthening our position in all regions of our presence in order to generate 
additional value for our shareholders." 
 
FINANCIAL SUMMARY 
RUB m                                                                             2020    2019 
Revenue                                                                           118,052 110,438 
Adjusted EBITDA                                                                   27,376  21,037 
Operating Profit                                                                  22,745  16,624 
Profit for the year                                                               12,025  7,469 
Cash flows from operations               before income taxes and interest paid[5] 22,430  24,748 
Amortisation and depreciation                                                     1,920   1,898 
Total debt                                                                        102,628 89,619 
Net debt[6]                                                                       16,830  22,760 
Net debt/ adjusted EBITDA                                                         0.61    1.08 

FINANCIAL RESULTS BY SEGMENT

REAL ESTATE DEVELOPMENT AND CONSTRUCTION

St. Petersburg

2020   2019 
Completed ('000 sqm)           410    416 
New contract sales ('000 sqm)  518    461 
Revenue (RUB m)                55,385 41,786 
Adjusted EBITDA (RUB m)        18,312 12,077 
Operating profit (RUB m)       17,303 11,449 

Moscow

2020   2019 
Completed ('000 sqm)           152    286 
New contract sales ('000 sqm)  183    241 
Revenue (RUB m)                31,593 31,927 
Adjusted EBITDA (RUB m)        6,695  5,128 
Operating profit (RUB m)       4,542  2,800 

Yekaterinburg

2020  2019 
Completed ('000 sqm)           110   132 
New contract sales ('000 sqm)  125   116 
Revenue (RUB m)                9,036 7,714 
Adjusted EBITDA (RUB m)        1,895 1,843 
Adjusted EBITDA margin %       21%   24% 
Operating profit (RUB m)       1,747 1,660 
Operating profit margin %      19%   22% 

BUILDING MATERIALS

2020   2019 
Crushed granite, '000 m3     6,934  7,416 
Sand, '000 m3                7,193  8,240 
Ready-mix concrete, '000 m3  947    1,142 
Bricks, million units        296    305 
Aerated concrete, '000 m3    1,814  1,413 
Revenue (RUB m)              17,823 17,593 
Crushed granite              3,615  3,830 
Sand                         1,409  1,767 
Ready-mix concrete           3,346  4,367 
Bricks                       3,080  2,986 
Aerated concrete             5,652  3,942 
Adjusted EBITDA (RUB m)      3,440  3,056 
Crushed granite              109    427 
Sand                         386    373 
Ready-mix concrete           337    504 
Bricks                       715    549 
Aerated concrete             1,911  962 
Adjusted EBITDA margin %     19%    17% 
Crushed granite              3%     11% 
Sand                         27%    21% 
Ready-mix concrete           10%    12% 
Bricks                       23%    18% 
Aerated concrete             34%    24% 
Operating profit (RUB m)     2,333  1,960 
Crushed granite              (20)   286 
Sand                         347    332 
Ready-mix concrete           329    493 
Bricks                       222    (5) 
Aerated concrete             1 599  746 
Operating profit margin %    13%    11% 
Crushed granite              (1%)   7% 
Sand                         25%    19% 
Ready-mix concrete           10%    11% 
Bricks                       7%     - 
Aerated concrete             28%    19% 

***

The complete consolidated financial statements of LSR Group for 2020 are available at https://www.lsrgroup.ru/en/ investor-relations/financial-reports.

***

For further information, please visit www.lsrgroup.ru or contact:

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 Leningrad Region, Moscow and Moscow region and Yekaterinburg. As of 31 December 2020 (according to Knight Frank), the net sellable area of projects in LSR Group's real estate portfolio amounts to 8.2 million m2 with the market value of RUB 276 billion.

In accordance with its audited IFRS consolidated financial statements for 2020, LSR Group reported revenue of RUB 118.1 billion, Adjusted EBITDA of RUB 27.4 billion and Net Profit of RUB 12.0 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

Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" the negative of such terms or other similar expressions. The Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations. -----------------------------------------------------------------------------------------------------------------------

[1] Adjusted cash flow from operations before income taxes and interest paid, including cash in escrow accounts received during the reporting period

[2] Cash balance, including cash in escrow accounts

[3] Including cash in escrow accounts

[4] Including cash in escrow accounts

(MORE TO FOLLOW) Dow Jones Newswires

March 22, 2021 12:00 ET (16:00 GMT)

DJ LSR Group announces financial results for the -2-

[5] Adjusted cash flow from operations before income taxes and interest paid, including cash in escrow accounts received during the reporting period

[6] Including cash in escrow accounts -----------------------------------------------------------------------------------------------------------------------

ISIN:           US50218G2066 
Category Code:  FR 
TIDM:           LSRG 
LEI Code:       25340067LEEMJ79K8X43 
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:   95989 
EQS News ID:    1177338 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------ 
 

(END) Dow Jones Newswires

March 22, 2021 12:00 ET (16:00 GMT)

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