21 Jun 2019 07:30
21 June 2019
Etalon Group Delivers Schastye v Tsaritsyno Project
ETALON GROUP PLC ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, announces that it has completed the Schastye v Tsaritsyno project in the south of Moscow. The project has a total NSA of 7 ths sqm, including 5.7 ths sqm of residential area. The building consists of three sections of 10, 13 and 16 storeys, and includes underground parking.
Schastye v Tsaritsyno is a modern comfort-class project located in Tsaritsyno, an environmentally healthy area with a wide range of infrastructure. Numerous green spaces can be found within the vicinity of the residential complex, including Sosenki Park, Arshinovskiy Park, the Biryulevskiy Municipal Forest and the Tsaritsyno Museum-Reserve. The complex is easily accessible, with a convenient exit to Proletarsky prospect and Kashirskoye shosse. The nearest metro station, Tsaritsyno, is only 900 metres away. The project has enjoyed strong demand, with nearly all apartments sold upon delivery of the building.
The Schastye v Tsaritsyno project became part of Etalon Group's portfolio following Etalon's acquisition of a controlling stake in Leader-Invest in February 2019. All NSA sold at the Schastye v Tsaritsyno project from 19 February 2019 onward will be included in Etalon Group's consolidated financial results starting from 1H 2019.
With the completion of the Schastye v Tsaritsyno project, Etalon Group has now delivered 124 ths sqm of NSA since the beginning of 2019.
This and other recent announcements are available on the Etalon Group website: http://www.etalongroup.com/investors/news
Etalon Group IR Team
T: +44 20 8123 1328
E: info@etalongroup.com
EM
Sam VanDerlip
T: +44 7554 993 032
T: +7 499 918 3134
E: vanderlip@em-comms.com
About Etalon Group
Founded in 1987, Etalon Group has become one of Russia's largest development and construction corporations. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas, where it operates through its Etalon Invest and Etalon LenSpetsSMU subsidiaries. With a more than 30-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry; since its inception, Etalon Group has commissioned 6.3 million sqm.
Etalon Group's traditionally conservative approach managing its financial position, solid cash generation and strict working capital management have enabled the company to maintain a secure liquidity position: net cash as of 31 December 2018 was RUB 2.2 billion.
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as to demonstrate best-in-class profitability. Etalon Group employs over 5,000 people, and its nationwide sales and marketing network covers 58 Russian cities.
In February 2019 Etalon Group acquired 51% of the shares of Leader-Invest, one of Moscow's largest residential developers in terms of land bank and number of projects currently available for sale.
As of 31 December 2018, Etalon Group's assets comprised 76 projects, including 40 Leader-Invest projects and a construction and maintenance division, with a total of 3.4 million sqm of unsold net sellable area. Knight Frank valued the Company's total assets under management at RUB 186,908 million.
For the year ended 31 December 2018, Etalon Group's new contract sales totalled 628 ths sqm, or RUB 68,731 million. Deliveries in 2018 amounted to 479 ths sqm.
The Company recorded revenue of RUB 72.3 billion and EBITDA of RUB 5.7 billion for the year ended 31 December 2018.
Etalon Group's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.