PJSC LSR Group
LSR Group announces financial results for the full year 2020
PJSC LSR Group (LSRG)
LSR Group announces financial results for the full year 2020
St. Petersburg, Russia – 22 March 2021 – PJSC LSR Group (“LSR” or the “Company”) (LSE: LSRG; MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, today announces its audited consolidated IFRS results for the full year ended 31 December 2020. 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.“
FINANCIAL SUMMARY
FINANCIAL RESULTS BY SEGMENT REAL ESTATE DEVELOPMENT AND CONSTRUCTION St. Petersburg
Moscow
Yekaterinburg
BUILDING MATERIALS
***
The complete consolidated financial statements of LSR Group for 2020 are available at https://www.lsrgroup.ru/en/investor-relations/financial-reports.
*** For further information, please visit www.lsrgroup.ru or contact:
E-mail: IR@lsrgroup.ru About LSR Group: PJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials and real estate development and construction. LSR Group’s main operations are located in St. Petersburg and Leningrad Region, Moscow and Moscow region and Yekaterinburg. As of 31 December 2020 (according to Knight Frank), the net sellable area of projects in LSR Group’s real estate portfolio amounts to 8.2 million m2 with the market value of RUB 276 billion. In accordance with its audited IFRS consolidated financial statements for 2020, LSR Group reported revenue of RUB 118.1 billion, Adjusted EBITDA of RUB 27.4 billion and Net Profit of RUB 12.0 billion. Ordinary shares of the Company are traded on the Moscow Exchange (MOEX: LSRG) and GDRs representing its ordinary shares are traded on the London Stock Exchange (LSE: LSRG). Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as “expect”, “believe”, “anticipate”, “estimate”, “intend”, “will”, “could,” “may” or “might” the negative of such terms or other similar expressions. The Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations. [1] Adjusted cash flow from operations before income taxes and interest paid, including cash in escrow accounts received during the reporting period [2] Cash balance, including cash in escrow accounts [3] Including cash in escrow accounts [4] Including cash in escrow accounts [5] Adjusted cash flow from operations before income taxes and interest paid, including cash in escrow accounts received during the reporting period [6] Including cash in escrow accounts |
ISIN: | US50218G2066 |
Category Code: | FR |
TIDM: | LSRG |
LEI Code: | 25340067LEEMJ79K8X43 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 95989 |
EQS News ID: | 1177338 |
End of Announcement | EQS News Service |