LSR Group’s Revenue Up by 36% and EBITDA Up by 60% in 2008 according to Russian Accounting Standards

16 February 2009

The Board of LSR Group reviewed and took note of the consolidated non-audited RAS-based financial statements of OJSC LSR Group for 2008.

The financial results of LSR Group for 2008 compared to 2007 according to its consolidated non-audited RAS-based statements are as follows:

• Revenue grew by 36% to reach RUB 48.5 billion
• EBITDA was up by 60% to reach RUB 15.2 billion.
• Net profit increased by 24% to RUB 6 billion.

   2007  2008   Change, %
  Revenue  35,801  48,532  36%
  EBITDA  9,462  15,155  60%
  Net profit  4,864  6,018  24%


1. RAS-based financial statements include the consolidated balance sheet and income statement prepared in accordance with the Russian AccountingStandards pursuant to the rules approved by Order of the RF Ministry of Finance No.112 dated 30 December 2006.

2. The principles used to prepare RAS-based financial statements differ from the IFRS reporting principles. LSR Group plans to publish its consolidated audited IFRS-based statements in April 2009.

3. The Company draws attention to a change in the EBITDA calculation algorithm used in the financial statements for 2008 and 2007 for the purpose of providing comparative data.  EBITDA in the above statements is calculated as follows: net profit + accrued profit tax + net finance expense + depreciation and amortization.

Notes to editors:

OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction — from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.
LSR Group has operations and offices in a number of cities in the Leningrad region, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany.
In 2007, the sales revenues of LSR Group (according to the IFRS-based financial statements) were US$ 1,403 million.
LSR Group is a public company, with its GDRs listed and traded on the London Stock Exchange and its shares listed and traded on MICEX and RTS.
In 2007, LSR Group was awarded ‘The Company of the Year’ National Award in the ‘Construction’ category.

For more details please contact:
Press Service, LSR Group
+7 (812) 314-1044


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