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In the first half of 2013 LSR Group generated RUB 27,508m of revenues and RUB 5,280m of EBITDA

28 August 2013

• Sales revenue increased by 21%, up to RUB 27,508m
• EBITDA increased by 13%, up to RUB 5,280m
• EBITDA margin was 19%
• Total comprehensive income increased by 289%, up to RUB 1,000m
• Earnings per share amounted to RUB 8.94
• Net debt/EBITDA ratio was 2.77

Aleksandr Vakhmistrov, CEO and Chairman of the Executive Committee of LSR Group comments:

In 1H 2013, LSR Group delivered strong financial results with 21% revenue growth, 13% EBITDA growth and 289% growth of total comprehensive income.

The performance of our real estate development business reflects increased amount of completions and transfers in accordance with the construction schedule. In 1H 2013, in all regions of operations we transferred to our customers 135 th m2, up 56% year-on-year.

Backed by solid demand for new housing we started pre-sales of about 500 th m2 in all regions of operations during the reported period. As a result, our new contract sales amounted to 283 th m2, up 43% year-on-year. The value of the new contracts for the sale of apartments and other premises was RUB 23.2bn, up 35% as compared to 1H 2012.
Insufficient housing stock per capita, growth of personal income and further development of mortgage lending remain the key drivers behind the growing demand for real estate. In 1H 2013, the number of mortgage sales in all regions of operations increased by 37% as compared to 1H 2012. We are currently selling approximately one third of apartments in the mass market segment through mortgages.

Our construction business also delivered strong results in 1H 2013. In St. Petersburg revenue increased by 42%, EBITDA – by 30%. Our construction business unit in Moscow recorded 29% revenue and 10% EBITDA growth, in Yekaterinburg – 85% revenue and 242% EBITDA growth. During the reported period we transferred to our customers 371 th m2 of housing, up 16% year-on-year.

In building materials business we would like to mention the following key events: launch of the 2nd production line to manufacture clinker ceramic items at our new brick plant near St. Petersburg and completion of the reinforced concrete production complex in Gatchina, the Leningrad region.

In June 2013, we put into operation the 2nd production line to manufacture clinker ceramic items at our new brick plant in the Leningrad region. The annual capacity of this new advanced line is up to 25 million clinker ceramic items or up to 40 million regular facing bricks. The total capacity of the plant is now up to 160 million bricks per annum. In March 2013, the 1st production line, put into operation in December 2012 has achieved 100% capacity utilization ratio.

We have also completed construction of a full-scale manufacturing complex to produce reinforced concrete items in Gatchina, the Leningrad region. The production capacity of this complex is 330 th m3 while the total capacity of our reinforced concrete business unit which includes another two facilities in St. Petersburg stands at 540 th m3. As a result of this investment project we closed down three obsolete factories located within the city limits. In accordance with our redevelopment strategy the land plots previously occupied by the production facilities will be used for residential construction.

We believe there are good perspectives for further development of our business in 2H 2013. In the real estate development business they are primarily attributed to the launch of new projects to the market - in all regions of operations we plan to start pre-sales of about 190 th m2. We also expect growth of demand for our building materials coming from residential and infrastructure segments.

Full version of the press-release is available in pdf-format>>

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 2012 (according to Cushman & Wakefield Russia), the net sellable area of the projects in LSR Group’s real estate portfolio is equal to 8.7m m2 with the market value of RUB 120bn. In 2012, the sales revenue of LSR Group amounted to RUB 61,122m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.

For more information please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
Fax: +7 812 458 83 72
E-mail: press@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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