LSR Group reports its operating results for the first quarter of 2019

 

New contract sales increased by 22% YoY in RUB terms

with Moscow sales surging 90% YoY

 

St. Petersburg, Russia - 15 April 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 operating results for the first quarter ended 31 March 2019.

Q1 2019 Highlights:

• New contract sales reached RUB 19 billion, up 22% year-on-year, or 187 th. sqm;
• Average price per sqm increased by 20% year-on-year reaching RUB 113,000;
• Share of mortgage sales amounted to 49% compared to 54% in Q1 2018;
• Completions reached 40 th. sqm of net sellable area, up 160% year-on-year, in line with the project schedule;
• New 194 th. sqm of net sellable area launched in the reporting quarter, representing a 39% year-on-year increase;
• New contract sales in Moscow reflect robust year-on-year sales growth of 90%, underpinned by the performance of LSR's ZILART project (+86% year-on-year), while in Saint-Petersburg, new contract sales grew by 2% year-on-year, reflecting higher demand in the high-end residential complex "Russky Dom" (+61% year-on-year), as well as in the "Civilisation" residential complex (+52% year-on-year) and "Novaya Okhta" residential complex (+125% year-on-year);
• Solid performance by the Building Materials business segment: sales of ready-mix concrete and bricks grew by 14% year-on-year and 17% year-on-year, respectively

 

 

Andrey Molchanov, Chairman of the Board of Directors of PJSC LSR Group, commented:

"We have started the year with solid performance, which is down to our well-structured offer that meets market needs and customer requirements.

In the first quarter, our new contract sales grew by 22% year-on-year to RUB 19 billion or 187 thousand square meters. This mainly reflects the success of our ZILART project in Moscow, as well as the Company's strategic product offering. Our Building Materials business segment yet again demonstrated solid results, with an increase in sales of ready-mix concrete and bricks. 

Looking ahead, we believe we are well positioned to execute on our strategy and maintain our leading market positions in key regions."

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The Company's operating results for the first six months of 2019 will be discussed during the conference call in August 2019. Dial in details will be provided prior to the call.

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Full version of the press release is available in PDF-format (link below) and on

 

For more information please contact:

 

Igor Tsoy

Director of Investor Relations and Sustainable Development

E-mail:

 

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).