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FY2020 Financial Highlights:
Other FY 2020 Highlights:
Andrey Molchanov, CEO of PJSC LSR Group, commented:
“We faced a new reality in 2020 caused by the coronavirus pandemic. Economic uncertainties, volatility of the rouble and low deposit rates have increased the attractiveness of real estate for capital preservation, while historically low mortgage rates have helped many Russian families to improve their living conditions. In such environment, we saw a high demand for our product offering thanks to the functional layouts of our apartments and higher stage of completion of our projects.
As a result, we demonstrated strong operating and financial performance in 2020. We improved our liquidity position thanks to strong operating cash flow and reduced our net debt by 26% to RUB 16.8bn. This also allowed us to replenish our land bank with new high-quality acquisitions, increasing the net sellable area to 8.2 million square meters, which should be enough for about 6 years of active development.
This year we will continue to focus on strengthening our position in all regions of our presence in order to generate additional value for our shareholders.”
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