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• Sales revenue amounted to RUB 22,681m
• EBITDA amounted to RUB 4,666m
• EBITDA margin was 21%
• Operating profit amounted to RUB 2,306m
• Normalised operating profit amounted to RUB 3,450m
• Net profit amounted to RUB 257m
Aleksandr Vakhmistrov, CEO and Chairman of the Executive Committee of LSR Group comments:
The positive trends observed in the construction market during 2011 continued in 1H 2012.
The renewed activity of customers provided a significant boost to our housing sales in all regions of operations. In particular, in St. Petersburg our new contract sales exceeded the pre-crisis level already in 1Q 2012. During the reported period in all regions of operations we signed new contracts for the sale of 198 th m2, up 68% on 1H 2011. The total value of the contracts signed with our customers for the sale of apartments and other premises amounted to RUB 17.2bn, up 87% against 1H 2011. As part of our expansion strategy in the Moscow region we significantly increased the scope of our real estate development operations and signed new contracts with the customers for the sale of almost 40 th m2, up 375% against 1H 2011.
Mortgage lending remains one of the key drivers of the growing housing demand. In 1H 2012, approximately 30% of our sales in the mass market segment were financed through mortgages.
The financial results of our development business in 1H 2012 reflect transfers in line with our construction schedule and our sales of the previous years, according to IFRS. Thus, strong sales during the reported period are expected to push up the financial performance of our real estate development business in future.
In 1H 2012, building materials market saw positive trends both in terms of volumes and prices. As a result we increased our sales and profitability in all key product segments. In Q2 2012, our cement plant in Slantsy (Leningrad region) reached its full capacity. At the end of June 2012, we put into operation our brick plant in the Moscow region with an annual capacity of 70 million bricks. We expect that both facilities would contribute significantly to our financial results already in 2H 2012. Construction of our new brick plant in the Leningrad region is kept on schedule.
We believe there are good perspectives for further development of our business in 2H 2012. In real estate development we intend to start pre-sales in several large projects and continue to expand our operations in the Moscow region. We also expect further growth of building materials market driven by both residential construction and large infrastructure projects.
Notes to Editors:
OJSC 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, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow and Yekaterinburg.
As of 31 December 2011 (according to Cushman & Wakefield Russia), the net sellable area of the projects in LSR Group’s real estate portfolio is equal to 8.4m m2 with the market value of RUB 124bn.
In 2011, the sales revenue of LSR Group were RUB 51,910m (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.
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