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LSR Group reports its operating results for the fourth quarter and twelve months of FY 2021

25 January 2022

St. Petersburg, Russia  – 25 January 2022 – PJSC LSR Group (“LSR” or the “Company”) ( MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, today announces its operating results for the fourth quarter and the twelve months ended 31 December 2021.

LSR Group met its operating guidance for FY 2021. The Group’s sales reached 613 th. sqm, increasing to RUB 96bn in monetary terms.

4Q 2021 Highlights:

  • New contract sales amounted to RUB 29 billion, or 176 th. sqm;
  • Share of mortgage sales amounted to 67%, up from 65% in 4Q 2020;
  • Completions reached 292 th. sqm of net sellable area;
  • New 312 th. sqm of net sellable area launched in the reporting period.

FY 2021 Highlights:

  • New contract sales increased to RUB 96 billion, or 613 th. sqm;
  • Share of mortgage sales amounted to 66%, up from 64% in 2020;
  • Completions reached 640 th. sqm of net sellable area;
  • New 919 th. sqm of net sellable area launched in the reporting period;
  • Solid performance of building materials segment in line with the Company’s expectations.

 Key events during and after the reporting period:

  • In June, LSR Group launched a new residential complex in St. Petersburg, Oktyabrskaya Embankment. Its total area will be 252 th. sqm, residential – around 145 th. sqm. The project includes 11 buildings with view apartments, and the landscaping concept of the residential complex assumes a barrier-free environment;
  • LSR Group became the first Russian construction company to be included in the ESG rating of the independent European rating agency RAEX-Europe, taking 34th position with BBB (esg) level. This is the highest place among newcomers;
  • The international rating agency Fitch Ratings affirmed the long-term issuer default rating (IDR) of PJSC LSR Group in foreign currency at 'B+'. The rating outlook is Stable.

 Andrey Molchanov, CEO of PJSC LSR Group, commented:

“We are pleased with the achieved results in 2021. Our sales increased to RUB 96bn despite significant changes to the mortgage rate subsidy programme and rising interest rates in the second half of the year.

In St. Petersburg, our key city of presence, we optimized our offering and increased the share of sales in higher price segments. Sales in business class increased by 7% in square meters due to the excellent results of the Morskaya Embankment residential complex, while the launch of the new Neva Residence residential complex allowed us to almost triple the results in square meters of our elite segment.

Last year, we also replenished the land bank with new quality projects. In particular, we have strengthened our position in Moscow by acquiring the Wave business class project at Borisovskiye Prudy, as well as a new project in elite segment located in Soymonovsky proezd.

In St. Petersburg, among our valuable acquisitions were the territories of the Sevkabel and Liviz plants for the subsequent sale of business class projects. All in all, we maintain our leading position in the market and look forward into the future with confidence”.

Full version of the press release >>

 

For more information, please contact:
Department of Investor Relations and Sustainable Development
E-mail:
 IR@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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