PJSC LSR Group (LSRG)
LSR Group announces financial results for the first half of 2019
St. Petersburg, Russia - 29 August 2019 - 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 consolidated IFRS results for the first six months ended 30 June 2019.
1H 2019 Financial Highlights:
Significant events after the end of the reporting period:
Andrey Molchanov, CEO of PJSC LSR Group, commented:
"In the first half of 2019, LSR Group once again demonstrated the strength of its business and its market position as Russia's leading real estate developer.
New contract sales increased by 6% year-on-year amounting to RUB 38 billion, while the average price per sqm was up 18% year-on-year to RUB 114,000. This growth was driven by our Moscow projects which generated solid returns on our long-term systematic investments. Thus, in Moscow, our new contract sales were up 28% year-on-year to 117 th. sqm, reaching RUB 16.6 billion in value, up 49% year-on-year, with the revenue increase of 108% year-on-year to RUB 14.5 billion. Our financial position was further bolstered by strong operating cash flow generation of RUB 12.9 billion on the back of robust sales dynamics, while our cash balance reached RUB 66.4 billion as at the end of the reporting period.
We are optimistic about the future and, with the status of strategically important developer, we will continue to execute on our strategy and focus on the development of our key segments and regions".
Full version of the press release is available in PDF-format (link below) and on www.lsrgroup.ru
For further information please contact:
Director of Investor Relations and Sustainable Development
About LSR Group:
PJSC LSR Group is one of Russia's leading residential real estate developers and building materials producers. Founded in 1993, the business of LSR Group is concentrated in the three largest regions of Russia - Moscow, St. Petersburg and Yekaterinburg. The main business areas of the Company are real estate development and construction and production of building materials. LSR Group carries out projects in all segments of residential real estate market: mass market, business and elite.
In accordance with its audited IFRS consolidated financial statements for 2018, LSR Group had revenue of RUB146.4 billion, Adjusted EBITDA of RUB36.4 billion and Net Profit of RUB16.2 billion. As of 31 December 2018 (according to Knight Frank), the net sellable area of projects in LSR Group's real estate portfolio amounted to 7.8 million m2 with a market value of RUB186 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).
 The year-on-year percentage change is provided for sales excluding parking lots
Document title: LSR Group announces financial results for the first half of 2019
|OAM Categories:||1.2. Half yearly financial reports and audit reports/limited reviews|
|EQS News ID:||865423|
|End of Announcement||EQS News Service|