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Commenting on the 6M 2013 financial results and 3Q 2013 operating results, Etalon Group President Viacheslav Zarenkov said: "I am very pleased to announce a strong set of financial results for the first half of 2013, as well as continued robust operating performance in the third quarter. We increased transfers to customers in the first half of the year by 45% y-o-y, which drove revenue from residential real estate up 47% to RUB 12,249 million in 6M 2013. "We have maintained tight control over costs, which increased at a slower pace than revenue. General and administrative expenses as a percent of revenue decreased from 9.8% in 6M 2012 to 8.3% for 6M 2013. Selleing expenses also fell from 3.2% of revenue in 6M 2012 to 2.8% in the first half of this year. "On the operations side, we have launched sales on three new projects this year, representing a total NSA of over 850 ths sqm that we expect to drive sales for several years to come. This is in line with our construction programme, and has helped us in 3Q 2013 to increase the number of contracts by 26%, new sales in sqm by 24% and new sales in rouble terms by 47% compared to 3Q 2012. "With sales for Galant, Tsar's Capital and Etalon City all underway, we have significantly diversified our portfolio and improved our product mix, helping us to reach higher average price per sqm of RUB 87,887 in the third quarter of 2013. We have seen strong demand for these new projects, and have ramped up sales quickly - Galant accounted for 5% of sales in 3Q 2013 after being launched at the end of the second quarter. "Looking ahead, the fourth quarter traditionally provides the greatest contribution to annual new contracts sales, and we are already 28% ahead of where we were in 9M 2012 with RUB 20.8 billion of new contract sales so far this year, compared to RUB 16.3 billion for 9M 2012. Cash collections have also seen strong year-on-year growth, up 21% to RUB 17.7 billion for the period. "Our financial position remains very strong with net debt of just RUB 1,076 million. "Finally, I want to underscore our commitment to best practice in corporate governance and information disclosure. We have already taken steps to ensure that our investors have a better understanding of how Etalon Group is performing through more regular visual updates and greater disclosure on operating and financial performance, as you can see in the Company presentation today." Updated accounting policy Etalon Group has adopted new accounting policies for revenue recognition relating to real estate development participation agreements (as defined by the Russian Federation Federal Law #214-FZ). Etalon Group expects real estate development participation agreements to become the most widespread legal form for transactions on Russia's primary residential real estate market in the coming years. The Company has introduced this new accounting policy to keep pace with this important