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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
press@lsrgroup.ru
www.lsrgroup.ru
 
LSR Group Investor Relations
+7 (812) 571-7850
ir@lsrgroup.ru
www.lsrgroup.ru
 
«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.



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