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Etalon Reports 6M2013 IFRS and 3Q2013 Operating Results Etalon Group Limited ("Etalon Group" or the "Company"), one of Russia's largest and longest-established residential real estate developers, announces its consolidated interim IFRS financial statements for the six months ended 30 June 2013 and its unaudited operating results for the three months ended 30 September 2013 based on management accounts. 6M 2013 Financial Highlights: -- Consolidated revenue for the first half of 2013 increased 37% year-on-year (y-o-y) to RUB 16,635 million from 12,157 million in 6M 2012; -- Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 30% y-o-y to RUB 4,198 million in 6M 2013 from RUB 3,218 million in 6M 2012; -- Profit for the period grew 31% y-o-y to RUB 3,098 million, compared to RUB 2,369 million in 6M 2012; -- Etalon Group's net debt as of 30 June 2013 was a low RUB 1,076 million. 3Q 2013 and 9M 2013 Operating Highlights: -- New contract sales during 3Q 2013 were 93 thousand sqm and RUB 8.2 billion, representing y-o-y increases of 24% and 47%, respectively; -- The number of new contracts increased 26% y-o-y to 1,752 in 3Q 2013; -- Average prices increased 19% y-o-y to RUB 88 thousand per sqm in 3Q 2013, driven by an improved product mix, including the growing share of Tsar's Capital; -- Cash collections for 9M 2013 came to RUB 17.7 billion, up 21% y-o-y from RUB 14.6 billion in 9M 2012; -- Average down payment was 70% (significantly above the average of 50% envisaged by the Company's business model); -- The share of mortgage contracts was 21% for 3Q 2013, up from 13% in 3Q 2012; -- The share of Moscow Metropolitan Area (MMA) contracts in 3Q 2013 new sales reached 24%, compared to 13% in 3Q 2012; -- Etalon Group has launched sales at three new projects so far in 2013, including the Company's flagship Moscow development Etalon City, helping to significantly increase the diversity of the project mix compared to 3Q 2012. 3Q Operating Results Change, Change, 3Q 2013 3Q 2012 % 9M 2013 9M 2012 % --------------------- -------- -------- -------- -------- -------- -------- New sales, sqm 92,755 75,102 24% 246,278 221,983 11% New sales, mn RUR 8,152 5,563 47% 20,821 16,324 28% Number of contracts 1,752 1,390 26% 4,754 3,963 20% Average price, RUR/sqm 87,887 74,073 19% 84,543 73,537 15% --------------------- -------- -------- -------- -------- -------- -------- Mortgage Contract Developments 3Q 2013 2Q 2013 1Q 2013 4Q 2012 3Q 2012 -------------------- -------- -------- -------- -------- -------- Share of mortgages 21% 23% 1