Портал закупок Subscriprion
Choose apartment

Media center

Annual Financial Report 2011

02 April 2012

In the year ended 31 December 2011 LSR Group generated RUB 51,910m of revenue and 10,135m of EBITDA

Key financial highlights:

• Revenue RUB 51,910m
• EBITDA RUB 10,135m
• EBITDA margin 20%
• Operating profit RUB 7,855m
• Net profit RUB 2,432m
• Earnings per ordinary share RUB 24

Aleksandr Vakhmistrov, CEO of LSR Group commented:
2011 results are fully in line with our expectations. In 2011 we generated sales revenue of almost RUB 52 billion and EBITDA of approximately RUB 10 billion. Our Development and Construction business pision accounted for 57% of revenue and 60% of EBITDA, 43% of revenue and 40% of EBITDA were generated by our Building materials and aggregates pision. Thus, as we anticipated, the breakdown of our revenue and EBITDA between the two businesses is getting more balanced.
The financial results of our development business in 2011 reflect completions and transfers in accordance with our construction schedule. In 2011 we transferred to our customers 232 th m2 and our construction subsidiaries completed 644 th m2. In the course of the year we started pre-sales in several projects with a net sellable area of 280 th m2. This allowed us to increase supply of real estate and achieve growth of sales volume backed up by the favourable market environment. In all regions of our operations we signed new contracts for the sale of 340 th m2 with a total value of RUB 26 billion (up 91% year-on-year). In 2012 we plan to launch new projects with a net sellable area of 500 th m2.
Larger volume of construction works driven by the growing real estate market ensured increased demand for building materials. Thus, the financial results of our Building materials and aggregates business significantly exceeded the corresponding 2010 figures.
In 2011 we also improved our balance sheet. In particular, our Net debt/EBITDA ratio decreased to 3.3.
The company expanded rapidly in 2011, creating strong fundamentals for future growth. In the course of the year we conducted several attractive acquisitions of production facilities. In particular we acquired one of the leading manufacturers of facing bricks in the Moscow region as well as one of the top crushed granite producers in St. Petersburg, which made us No.1 company in Russia by gneiss granite reserves. We also acquired clay and lime-stone deposits in the Central Federal District which we intend to use as a raw materials source for our new cement plant. Experience gained during our cement plant project in the Leningrad region will allow us to implement the new one at a lower cost and within a shorter timeline. In summer 2011 we completed commissioning of our cement plant in Slantsy. In September we manufactured the first batches of cement which were consumed internally, in November we started to supply our cement to the open market.
We continued to acquire land plots and entered investment projects on attractive conditions in all regions of our operations. As of 31 December 2011, our real estate portfolio was comprised of the projects with a net sellable area of 8.4 million m2. Its market value increased by 20%, up to RUB 124 billion. As a result of our active expansion in the Moscow region we increased the share of our projects there more than twice as compared to 2010: from 4% to 10% in terms of net sellable area and from 8% to 21% in terms of market value. According to market experts, LSR Group now is the fourth largest developer in the Moscow region by total area of projects available for sale.
Last year we began a large scale programme aimed to improve efficiency of our land assets in St. Petersburg. The programme implies relocation of the existing manufacturing facilities from the land plots suitable for residential development to industrial zones. This programme will allow us to construct additional 750 th m2 of housing. It is an undisputed competitive advantage of our company as the deficit of land plots suitable for development within the city boundaries is increasing.
We continue to improve the company’s efficiency through consolidation of business units and centralization of certain functions at headquarters. These measures streamline our organization structure, make the company more client-oriented and lead to the increased sales. I believe that the company’s ability to achieve sustainable growth in highly volatile markets is explained to a large extent by the quality of its management team.

Annual Financial Report

Note 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. Nowadays LSR Group is one of the largest real estate development and building materials producing companies in Russia. 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 and the Leningrad region, Moscow and the Moscow region, Yekaterinburg and the Urals. As of 31 December 2011 (according to Cushman & Wakefield), 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 124.4bn.
In 2011, the sales revenues 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 CJSC MICEX.

For more information please contact:

LSR Group Press Service
+7 (812) 314-1044
LSR Group Investor Relations
+7 (812) 571-7850
«LSR Group» discloses information on the page on the Internet of LLC Interfax-TsRKI — the news agency accredited by the Central Bank of the Russian Federation to disclosure of information.
Information is available here.

© 2013-2021 LSR Group. All rights reserved.
Warning request

В вашей версии Internet Explorer работа данного сайта не поддерживается.
Обновите Internet Explorer до последней версии.

© 2007-2019 LSR Group

News subscribe

Комменты отключены в стилях




* required fields
Комменты отключены в стилях






The materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia, Canada, Japan or in any jurisdiction in which such offers or sales are unlawful. Any securities issued in connection with an offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any applicable securities laws of any state, province, territory, county or jurisdiction of the United States, Australia, Canada or Japan. Accordingly, unless an exemption under relevant securities laws is applicable, any such securities may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in or into the United States, Australia, Canada, Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in, the relevant jurisdiction. There will be no public offer of securities in the United States.

The materials are only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). In addition, in the United Kingdom, the materials are being made available only to, and are directed only at, Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or who are high net worth entities falling within Article 49(2)(a)-(d) of the Order and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which the materials relate is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the European Economic Area other than the United Kingdom, and will only be engaged with such persons. Other persons should not rely or act upon the materials or any of their contents.

If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this webpage. These materials must not be, released or otherwise forwarded, distributed or sent in or into the United States, Australia, Canada, Japan or any jurisdiction in which such offers or sales are unlawful. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from the United States, Australia, Canada or Japan.

Confirmation of understanding and acceptance of disclaimer

I warrant that I am not located in the United States and am not resident or located in Australia, Canada, Japan or any other jurisdiction where accessing these materials is unlawful, and I agree that I will not transmit or otherwise send any materials contained in this website to any person in the United States, Australia, Canada, Japan or any other territory where to do so would breach applicable local law or regulation.

I have read and understood the disclaimer set out above. I understand that it may affect my rights and I agree to be bound by its terms. I confirm that I am permitted to proceed to electronic versions of the materials.



We regret that, due to regulatory restrictions, we are unable to provide you with access to this section of our website.



You have indicated that you are located in the United States. These materials are not intended for, directed at or accessible by persons located in the United States. However, persons located in the United States that make the below certifications can access these materials. Please read the certifications below carefully and provide the information requested in order to access these materials. If you cannot make the below certifications, please exit this page.


“We are a “qualified institutional buyer” (a "QIB") as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Further, if we are acting as a fiduciary or agent for one or more investor accounts, (a) each such account is a QIB, (b) we have investment discretion with respect to each account, and (c) we have full power and authority to make the representations, warranties, agreements and acknowledgements herein on behalf of each such account.”

“We acknowledge that the materials relate to a transaction that is not subject to, or is only available in the United States pursuant to an exemption from, the registration requirements of the Securities Act.”

By clicking “I AGREE” below, you are certifying that the certifications and information provided are accurate and that you would like to access the materials. You agree that the materials you access are for your own use and will not be distributed to any person outside of your organisation.